Banc of America Investment Advisors, Inc.
Boston, November 22, 2006 -- Liberty All-Star Equity Fund (USA) and Liberty All-Star Growth Fund (ASG) (the Funds) announced today that at a special meeting of shareholders held November 21, 2006, shareholders of each Fund voted to approve:
- The election of three additional trustees/directors, such persons to take office upon the completion of the transaction (the Closing), as
described in the proxy statement relating to this meeting (the Proxy Statement);
- A new Fund Management Agreement between each Fund and ALPS Advisers, Inc. (ALPS Advisers) to become effective upon the Closing, as described
in the Proxy Statement;
- New Portfolio Management Agreements for each Fund with ALPS Advisers and each of the current Portfolio Managers to become effective upon the
Closing, as described in the Proxy Statement; and
- A policy to permit each Fund and ALPS Advisers to enter into Portfolio Management Agreements in advance of shareholder approval, as described
in the Proxy Statement.
The Funds are a family of two closed-end, NYSE-listed, multi-manager equity funds. As of September 30, 2006, Liberty All-Star Equity Fund had net assets in excess of $1.3 billion and the Liberty All-Star Growth Fund, Inc. had net assets in excess of $150 million. Further information about the Funds may be found on-line at http://www.all-starfunds.com. Banc of America Investment Advisors, Inc. is an SEC-registered investment advisor and an indirect, wholly owned subsidiary of Bank of America Corporation.
ALPS Advisers
ALPS Advisers is a subsidiary of ALPS Holdings, Inc. (ALPS Holdings) of Denver, Colorado. Established in 1985, ALPS Holdings and its subsidiaries provide administration, distribution, accounting and transfer agency services for open-end and closed-end funds, as well as active distribution of Exchange-Traded Funds and closed-end funds. ALPS Holdings is a portfolio company of Lovell Minnick Partners LLC, a private equity firm focused on investments in the financial services industry.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 55 million consumer and small business relationships with more than 5,700 retail banking offices, nearly 17,000 ATMs and award-winning online banking with more than 20 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Global Fortune 500. Bank of America Corporation stock (BAC) is listed on the New York Stock Exchange.
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