Liberty All-Star Equity Fund: October 2025 Update

Liberty All-Star Equity Fund

Fund Code: USA

Investment Approach: The fund focuses on large-cap equities. The investment strategy combines three value style and two growth style investment managers. The selected managers have a consistent investment philosophy, decision-making process, and a history of delivering above-average long-term results within similar styles.

Investment Managers:

• Value Managers:
  • Aristotle Capital Management, LLC
  • Fiduciary Management, Inc.
  • Pzena Investment Management, LLC
• Growth Managers:
  • Sustainable Growth Advisers, LP
  • TCW Investment Management Company

Top 20 Holdings at Month-End: (39.3% of Capital Portfolio)

1. NVIDIA Corp. - %5.6
2. Microsoft Corp. - %4.9
3. Alphabet, Inc. - %3.8
4. Amazon.com, Inc. - %2.8
5. Capital One Financial Corp. - %2.1
6. Meta Platforms, Inc. - %1.7
7. Visa, Inc. - %1.6
8. ServiceNow, Inc. - %1.6
9. Fresenius Medical Care AG - %1.5
10. Wells Fargo & Co. - %1.5
11. Charles Schwab Corp. - %1.4
12. Ferguson Enterprises, Inc. - %1.4
13. Broadcom Inc. - %1.3
14. Sony Group Corp. - %1.2
15. S&P Global, Inc. - %1.2
16. UnitedHealth Group, Inc. - %1.2
17. Synopsys, Inc. - %1.2
18. CVS Health Corp. - %1.1
19. Humana, Inc. - %1.1
20. Booking Holdings, Inc. - %1.1

Portfolio values are subject to change.

Monthly Performance Report:

Beginning Month Value:

• NAV: $6.97
• Market Price: $6.34 (-%9.0)

Month-End Value:

• NAV: $6.99
• Market Price: $6.31 (-%9.7)

This month's performance: %0.29 (NAV), -%0.47 (Market Price)

Year-to-date performance: %8.20 (NAV), -%2.33 (Market Price)

Monthly Net Asset Value (million $):

• Total: $2,083.2
• Equities: $2,034.9
• Investment Ratio: %97.7

Sector Distribution (% of Equity Portfolio):

• Information Technology: %26.9
• Financial Services: %18.5
• Health Care: %13.7
• Consumer Discretionary: %11.2
• Industrials: %10.4
• Communication Services: %6.7
• Materials: %4.5
• Consumer Staples: %4.5
• Energy: %1.9
• Infrastructure: %1.4
• Real Estate: %0.3

New Holdings: Accenture Ltd., Oracle Corp.

Removed from Portfolio: BlackRock, Inc.

The net asset value (NAV) of a closed-end fund is the market value of the assets in the portfolio, after subtracting liabilities, divided by the total number of shares outstanding. However, the market price of the fund is the trading value on the exchange. If the market price is above NAV, the fund is trading at a premium. If the market price is below NAV, the fund is trading at a discount.

Fund performance returns include dividends and are calculated after management fees and other fund expenses. Past performance does not predict future investment results. Investment value may fluctuate with changes in market conditions.

Investors need to be prepared to tolerate significant fluctuations in the value of their investments. Distributions in 2025 may include ordinary dividends, long-term capital gains, and return of capital. The final determination of all distribution sources for tax reporting purposes will be made as of year-end.

Data is valid as of October 31, 2025, unless otherwise stated.