Liberty All-Star® Equity Fund January 2025 Monthly Update

Investment Approach - The Liberty All-Star Equity Fund employs a large-cap core investment style, utilizing a combination of three value-style and two growth-style investment managers, all of whom have demonstrated a consistent investment philosophy and above-average long-term results compared to peers [2][3]. Investment Managers - The fund is managed by five investment firms: Aristotle Capital Management, LLC; Fiduciary Management, Inc.; Pzena Investment Management, LLC; Sustainable Growth Advisers, LP; and TCW Investment Management Company [4]. Top Holdings - The top 20 holdings represent 35.2% of the equity portfolio, with Microsoft Corp. at 4.0%, NVIDIA Corp. at 3.3%, and Alphabet, Inc. at 2.9% among the largest positions [3]. Monthly Performance - The fund's net asset value (NAV) at the beginning of January 2025 was $6.95, increasing to $7.09 by the end of the month, reflecting a monthly performance of 4.46% [3][5]. - The market price at the end of January was $7.12, indicating a premium of 0.4% over the NAV [3]. Net Assets - As of the end of January 2025, the total net assets of the fund were approximately $2,046.9 million, with $2,041.1 million invested in equities, representing a 99.7% investment rate [5]. Sector Breakdown - The equity portfolio is diversified across various sectors, with Information Technology at 23.2%, Financials at 20.0%, and Health Care at 15.8% being the most significant sectors [5]. New Holdings - The fund added Air Products & Chemicals, Inc. to its holdings during January 2025 [6]. Liquidated Holdings - There were no holdings liquidated during the month [7]. Performance Returns - Performance returns for the fund are total returns, including dividends, and are net of management fees and other expenses, calculated assuming reinvestment of all distributions [8]. Distribution Sources - Sources of distributions to shareholders may include ordinary dividends, long-term capital gains, and return of capital, with estimates indicating a portion of distributions may consist of a return of capital [10]. Data Reference - All data is as of January 31, 2025, unless otherwise noted [11].