SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

January 13, 2010 13:26 ET

Liberty All-Star® Equity Fund Releases Tax Information

BOSTON, MA--(Marketwire - January 13, 2010) - Liberty All-Star Equity Fund (NYSE: USA) announces the final tax status for its 2009 distributions as follows:

                              Total Ordinary Dividends
                              ------------------------
                      Amount                            Long-Term
  Record     Payable   per                               Capital  Return of
   Date       Date    Share    Qualified  Non-Qualified   Gains    Capital
----------  -------- -------- -----------  -----------  ---------- -------
12/12/08*   01/02/09 $   0.10        5.77%        0.36%         --   93.87%
01/30/09    03/16/09 $   0.10        5.77%        0.36%         --   93.87%
05/08/09    06/22/09 $   0.06        5.77%        0.36%         --   93.87%
08/28/09    09/14/09 $   0.07        5.77%        0.36%         --   93.87%
12/18/09**  01/04/10 $   0.08          --           --          --      --

* Pursuant to Section 852 of the Internal Revenue Code, the taxability of this distribution will be reported in the Form 1099-DIV for 2009.

** Pursuant to Section 852 of the Internal Revenue Code, the taxability of this distribution will be reported in the Form 1099-DIV for 2010.

The tax designations of the distributions were previously reported to shareholders on a tentative book basis. The final tax designations are based upon tax reporting requirements and should be used by shareholders for tax return preparation.

ALPS Advisors, Inc. is the fund manager of the All-Star Equity Fund, a multi-managed, closed-end investment company with more than $979 million in net assets. The Fund's shares are listed on the New York Stock Exchange under the symbol USA.

The Liberty All-Star Equity Fund is a closed-end fund and does not continuously offer shares. The Fund trades in the secondary market, investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value.

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