Below is the November 2025 Monthly Update for the Liberty All-Star Equity Fund (NYSE:USA).

Liberty All-Star Equity Fund

Ticker: USA

Monthly Update, November 2025

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 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:

	(38.3% of equity portfolio)
1	NVIDIA Corp.	4.9%
2	Microsoft Corp.	4.7%
3	Alphabet, Inc.	4.3%
4	Amazon.com, Inc.	2.7%
5	Capital One Financial Corp.	2.1%
6	Broadcom Inc.	1.8%
7	Meta Platforms, Inc.	1.7%
8	Visa, Inc.	1.6%
9	Wells Fargo & Co.	1.4%
10	Charles Schwab Corp.	1.4%
11	Fresenius Medical Care AG	1.3%
12	ServiceNow, Inc.	1.3%
13	Sony Group Corp.	1.3%
14	S&P Global, Inc.	1.2%
15	CVS Health Corp.	1.2%
16	Parker-Hannifin Corp.	1.1%
17	UnitedHealth Group, Inc.	1.1%
18	Ferguson Enterprises, Inc.	1.1%
19	Synopsys, Inc.	1.1%
20	Booking Holdings, Inc.	1.0%

Holdings are subject to change.

Monthly Performance:

Performance	NAV	Market Price	Discount
Beginning of month value	$6.99	$6.31	-9.7%
Distributions (Ex-Date November 14^th)	$0.17	$0.17
End of month value	$6.79	$6.13	-9.7%
Performance for month	-0.17%	-0.16%
Performance year-to-date	8.02%	-2.48%

Net Assets at Month-End ($millions):

Total	$2,023.6
Equities	$2,023.2
Percent Invested	100.0%

Sector Breakdown* (% of equity portfolio):

Information Technology	25.3%
Financials	18.9%
Health Care	13.7%
Consumer Discretionary	11.0%
Industrials	10.5%
Communication Services	7.1%
Materials	4.8%
Consumer Staples	4.8%
Energy	2.0%
Utilities	1.4%
Real Estate	0.5%
Total Market Value	100.0%

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

New Holdings:

Arch Capital Group, Ltd.

Welltower, Inc.

Holdings Liquidated:

CarMax, Inc.

Commerce Bancshares, Inc.

Dexcom, Inc.

Trade Desk, Inc.

Zoetis, Inc.

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 final determination of the source of all distributions in 2025 for tax reporting purposes will be made after year end. 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. Based on current estimates a portion of the distributions consist of a return of capital. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholder 1099-DIV forms after the end of the year.

All data is as of November 30, 2025 unless otherwise noted.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251215298444/en/

Liberty All-Star® Equity Fund

1-800-241-1850

www.all-starfunds.com

libinfo@alpsinc.com

Liberty All-Star® Equity Fund November 2025 Monthly Update