Liberty All-Star® Equity Fund Declares Distribution

The Board of Trustees of Liberty All-Star Equity Fund (NYSE: USA) has declared a distribution of $0.17 per share payable on January 4, 2027 to shareholders of record on November 12, 2026. This distribution is in accordance with the Fund’s current distribution policy of paying distributions on its shares totaling approximately 10 percent of its net asset value per year, payable in four quarterly installments of 2.5 percent. A portion of the distribution may be treated as paid from sources other than net income, including but not limited to short-term capital gain, long-term capital gain and return of capital. The final determination of the source of all distributions in 2026 for tax reporting purposes, including the percentage of qualified dividend income, will be made after year-end.

The distribution will be paid in newly issued shares to all shareholders except those who are not participating in Liberty All-Star Equity Fund’s Dividend Reinvestment Plan and who elect to receive the distribution in cash. Shares will be issued at the lower of the December 11, 2026 net asset value per share or market value per share (but not less than 95% of market value). The market value of the Fund’s shares for this purpose will be the last sales price on the New York Stock Exchange.