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Liberty All-Star(R) Equity Fund February 2017 Update

BOSTON, MA--(Marketwired - Mar 16, 2017) - Below is the February 2017 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

Liberty All-Star Equity Fund

Monthly Update

Ticker: USA

February, 2017

Investment Approach

Fund Style: Large-Cap Core

Fund Strategy: Combines three value-style and two growth-style

investment managers. Those selected demonstrate a consistent

investment philosophy, decision making process, continuity of key

people and above-average long-term results compared to managers

with similar styles.

Investment Managers:

Value Managers:

Aristotle Capitol Management, LLC

Delaware Investments

Pzena Investment Management, LLC

Growth Managers:

Sustainable Growth Advisers, LP

TCW Investment Management Company

Top 20 Holdings at Month-End

(29.5% of equity portfolio)

(Rank from previous month)

1

Facebook, Inc., Class A (1)

2.1%

2

Alphabet, Inc., Class C (2)

2.0%

3

Visa, Inc., Class A (4)

2.0%

4

Mondelez International, Inc., Class A (5)

1.9%

5

Salesforce.com, Inc. (3)

1.8%

6

Amazon.com, Inc. (6)

1.8%

7

The Priceline Group, Inc. (7)

1.7%

8

Starbucks Corp. (8)

1.6%

9

Adobe Systems, Inc. (9)

1.5%

10

Bank of America Corp. (10)

1.4%

11

Chubb Ltd. (12)

1.4%

12

Oracle Corp. (14)

1.3%

13

Equinix, Inc. (11)

1.3%

14

Lowe's Companies, Inc. (13)

1.3%

15

CVS Health Corp. (15)

1.2%

16

State Street Corp. (20)

1.1%

17

Intel Corp. (16)

1.1%

18

American Tower Corp. (22)

1.0%

19

Celgene Corp. (18)

1.0%

20

Archer-Daniels-Midland Co. (19)

1.0%

Holdings are subject to change.

Monthly Performance

Performance

NAV

Market Price

Discount

Beginning of month value

$6.27

$5.37

-14.4%

Distributions (Ex-Date February 15)

$0.13

$0.13

End of month value

$6.39

$5.44

-14.9%

Performance for month

4.35%

3.72%

Performance year-to-date

6.73%

7.95%

The net asset value (NAV) of a closed-end fund is the market value of the underlying investments (i.e., stocks and bonds) in the Fund's portfolio, minus liabilities, divided by the total number of Fund shares outstanding. However, the Fund also has a market price; the value at which it trades on an exchange. If the market price is above the NAV the Fund is trading at a premium. If the market price is below the NAV the Fund is trading at a discount.

Performance returns for the Fund are total returns, which includes dividends, and are net of management fees and other Fund expenses. Returns are calculated assuming that a shareholder reinvested all distributions. Past performance cannot predict future investment results.

Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information shown does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. Shareholders must be willing to tolerate significant fluctuations in the value of their investment. An investment in the Fund involves risk, including loss of principal.

Sources of distributions to shareholders may include ordinary dividends, long-term capital gains and return of capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time, available at http://www.all-starfunds.com/. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year.

Net Assets at Month-End ($millions)

Total

$1,210.8

Equities

$1,200.8

Percent Invested

99.2%

Sector Breakdown (% of equity portfolio)*

Information Technology

22.3%

Financials

19.5%

Health Care

14.5%

Consumer Discretionary

11.8%

Consumer Staples

9.2%

Energy

8.0%

Industrials

5.9%

Materials

3.4%

Real Estate

2.9%

Utilities

1.3%

Telecommunication Services

1.2%

Total Market Value

100.0%

*Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).

New Holdings

Holdings Liquidated

None

Texas Instruments, Inc.

Under Armour, Inc., Class A and Class C