[Form 4] LIBERTY ALL STAR EQUITY FUND Insider Trading Activity

Rhea-AI Filing Summary

Mark T. Haley, President of Liberty All-Star Funds, reported a purchase of 1,000 shares of Liberty All Star Equity Fund (ticker: USA) on 10/01/2025 at $6.37 per share. After the transaction he beneficially owned 157,470.821 shares of beneficial interest, held directly. The filing is a standard Section 16 Form 4 reporting an officer purchase.

Positive

• Officer purchase reported: Mark T. Haley acquired 1,000 shares on 10/01/2025 at $6.37, showing direct investment by management.
• Increased direct ownership: Beneficial ownership rose to 157,470.821 shares of beneficial interest, held directly.

Negative

• None.

Insights

Corporate Governance Expert

Insider purchase by a named officer increases alignment with shareholders but is routine in scale.

The Form 4 discloses a direct purchase of 1,000 shares at $6.37, increasing the reporting person’s direct beneficial ownership to 157,470.821 shares. As President and reporting officer, Mark T. Haley’s acquisition is a clear, reportable insider transaction that aligns his economic interests with other holders. The transaction appears ordinary and there are no derivative instruments or dispositions disclosed.

Securities Analyst

Transaction is a small-scale, routine officer buy with limited market impact based on disclosed amounts.

The filing shows a purchase (transaction code P) of 1,000 shares at $6.37 each, reported on 10/01/2025, with direct ownership reported. There is no indication of other compensation-related transfers, grants, or derivative activity. For investors, the data point confirms an insider purchase but does not, on its face, constitute a material change to ownership structure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

HALEY MARK T

(Last) (First) (Middle)

C/O LIBERTY ALL-STAR FUNDS

1290 BROADWAY, SUITE 1100

(Street)

DENVER CO 80203

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LIBERTY ALL STAR EQUITY FUND [ USA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Shares of Beneficial Interest	10/01/2025		P		1,000	A	$6.37	157,470.821	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Mark T. Haley	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Mark T. Haley report on Form 4 for USA?

He reported a purchase of 1,000 shares of Liberty All Star Equity Fund (USA) on 10/01/2025 at $6.37 per share, held directly.

How many shares does the reporting person own after the transaction?

157,470.821 shares of beneficial interest are reported as beneficially owned following the purchase.

What is the relationship of the reporting person to the issuer?

Mark T. Haley is listed as an officer (President) of Liberty All-Star Funds and filed this Form 4 as an individual reporting person.

Was the transaction a purchase, sale, or derivative event?

The transaction code is P, indicating a purchase of non-derivative securities (shares of beneficial interest).

Is there any derivative or option activity disclosed in this Form 4?

No. Table II for derivative securities contains no reported transactions in this filing.