\nBelow is the January 2026 Monthly Update for the Liberty All-Star Equity Fund (NYSE: USA).<\/p>\n
Liberty All-Star Equity Fund
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<\/b>Ticker: USA
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Monthly Update, January 2026<\/p>\n
Investment Approach:
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<\/b>Fund Style: Large-Cap Core
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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.<\/p>\n
Investment Managers: \nGrowth Managers:<\/p>\n Top 20 Holdings at Month-End:<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n (37.1% of equity portfolio)<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n1<\/p>\n<\/td>\n \nNVIDIA Corp.<\/p>\n<\/td>\n \n5.0%<\/p>\n<\/td>\n<\/tr>\n \n2<\/p>\n<\/td>\n \nAlphabet, Inc.<\/p>\n<\/td>\n \n4.5%<\/p>\n<\/td>\n<\/tr>\n \n3<\/p>\n<\/td>\n \nMicrosoft Corp.<\/p>\n<\/td>\n \n4.0%<\/p>\n<\/td>\n<\/tr>\n \n4<\/p>\n<\/td>\n \nAmazon.com, Inc.<\/p>\n<\/td>\n \n2.7%<\/p>\n<\/td>\n<\/tr>\n \n5<\/p>\n<\/td>\n \nCapital One Financial Corp.<\/p>\n<\/td>\n \n2.0%<\/p>\n<\/td>\n<\/tr>\n \n6<\/p>\n<\/td>\n \nMeta Platforms, Inc.<\/p>\n<\/td>\n \n1.8%<\/p>\n<\/td>\n<\/tr>\n \n7<\/p>\n<\/td>\n \nBroadcom Inc.<\/p>\n<\/td>\n \n1.6%<\/p>\n<\/td>\n<\/tr>\n \n8<\/p>\n<\/td>\n \nCharles Schwab Corp.<\/p>\n<\/td>\n \n1.6%<\/p>\n<\/td>\n<\/tr>\n \n9<\/p>\n<\/td>\n \nVisa, Inc.<\/p>\n<\/td>\n \n1.5%<\/p>\n<\/td>\n<\/tr>\n \n10<\/p>\n<\/td>\n \nWells Fargo & Co.<\/p>\n<\/td>\n \n1.3%<\/p>\n<\/td>\n<\/tr>\n \n11<\/p>\n<\/td>\n \nFresenius Medical Care AG<\/p>\n<\/td>\n \n1.3%<\/p>\n<\/td>\n<\/tr>\n \n12<\/p>\n<\/td>\n \nS&P Global, Inc.<\/p>\n<\/td>\n \n1.2%<\/p>\n<\/td>\n<\/tr>\n \n13<\/p>\n<\/td>\n \nSynopsys, Inc.<\/p>\n<\/td>\n \n1.2%<\/p>\n<\/td>\n<\/tr>\n \n14<\/p>\n<\/td>\n \nFerguson Enterprises, Inc.<\/p>\n<\/td>\n \n1.1%<\/p>\n<\/td>\n<\/tr>\n \n15<\/p>\n<\/td>\n \nCVS Health Corp.<\/p>\n<\/td>\n \n1.1%<\/p>\n<\/td>\n<\/tr>\n \n16<\/p>\n<\/td>\n \nBaxter International, Inc.<\/p>\n<\/td>\n \n1.1%<\/p>\n<\/td>\n<\/tr>\n \n17<\/p>\n<\/td>\n \nBooking Holdings, Inc.<\/p>\n<\/td>\n \n1.1%<\/p>\n<\/td>\n<\/tr>\n \n18<\/p>\n<\/td>\n \nMastercard, Inc.<\/p>\n<\/td>\n \n1.0%<\/p>\n<\/td>\n<\/tr>\n \n19<\/p>\n<\/td>\n \nAvery Dennison Corp.<\/p>\n<\/td>\n \n1.0%<\/p>\n<\/td>\n<\/tr>\n \n20<\/p>\n<\/td>\n \nParker-Hannifin Corp.<\/p>\n<\/td>\n \n1.0%<\/p>\n<\/td>\n<\/tr>\n Holdings are subject to change.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Monthly Performance:<\/b><\/p>\n \nPerformance<\/p>\n<\/td>\n \nNAV<\/p>\n<\/td>\n \nMarket Price<\/p>\n<\/td>\n \nDiscount<\/p>\n<\/td>\n<\/tr>\n \nBeginning of month value<\/p>\n<\/td>\n \n$6.84<\/p>\n<\/td>\n \n$6.28<\/p>\n<\/td>\n \n-8.2%<\/p>\n<\/td>\n<\/tr>\n \nDistributions (Ex-Date January 22nd)<\/p>\n<\/td>\n \n$0.18<\/p>\n<\/td>\n \n$0.18<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEnd of month value<\/p>\n<\/td>\n \n$6.65<\/p>\n<\/td>\n \n$6.06<\/p>\n<\/td>\n \n-8.9%<\/p>\n<\/td>\n<\/tr>\n \nPerformance for month<\/p>\n<\/td>\n \n0.11%<\/p>\n<\/td>\n \n-0.64%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPerformance year-to-date<\/p>\n<\/td>\n \n0.11%<\/p>\n<\/td>\n \n-0.64%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Net Assets at Month-End ($millions):<\/b><\/p>\n \nTotal<\/p>\n<\/td>\n \n$2,005.8<\/p>\n<\/td>\n<\/tr>\n \nEquities<\/p>\n<\/td>\n \n$2,019.9<\/p>\n<\/td>\n<\/tr>\n \nPercent Invested<\/p>\n<\/td>\n \n100.7%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Sector Breakdown* (% of equity portfolio):<\/b><\/p>\n \nInformation Technology<\/p>\n<\/td>\n \n23.8%<\/p>\n<\/td>\n<\/tr>\n \nFinancials<\/p>\n<\/td>\n \n19.9%<\/p>\n<\/td>\n<\/tr>\n \nHealth Care<\/p>\n<\/td>\n \n13.3%<\/p>\n<\/td>\n<\/tr>\n \nConsumer Discretionary<\/p>\n<\/td>\n \n10.8%<\/p>\n<\/td>\n<\/tr>\n \nIndustrials<\/p>\n<\/td>\n \n10.4%<\/p>\n<\/td>\n<\/tr>\n \nCommunication Services<\/p>\n<\/td>\n \n7.5%<\/p>\n<\/td>\n<\/tr>\n \nConsumer Staples<\/p>\n<\/td>\n \n5.4%<\/p>\n<\/td>\n<\/tr>\n \nMaterials<\/p>\n<\/td>\n \n5.3%<\/p>\n<\/td>\n<\/tr>\n \nEnergy<\/p>\n<\/td>\n \n1.8%<\/p>\n<\/td>\n<\/tr>\n \nUtilities<\/p>\n<\/td>\n \n1.2%<\/p>\n<\/td>\n<\/tr>\n \nReal Estate<\/p>\n<\/td>\n \n0.6%<\/p>\n<\/td>\n<\/tr>\n \nTotal Market Value<\/p>\n<\/td>\n \n100.0%<\/p>\n<\/td>\n<\/tr>\n *Based on Standard & Poor’s and MSCI Global Industry Classification Standard (GICS).<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n New Holdings: Holdings Liquidated: 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\u2019s 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.<\/i><\/p>\n 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.<\/i><\/p>\n 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.<\/i><\/p>\n 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 2026 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\u2019s 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\u2019s distributions) contained in shareholder 1099-DIV forms after the end of the year.<\/i><\/p>\n All data is as of January 31, 2026 unless otherwise noted.<\/i><\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260213495616\/en\/<\/a><\/span><\/p>\n \nLiberty All-Star\u00ae Equity Fund KEYWORDS:<\/b> United States North America Massachusetts<\/p>\n INDUSTRY KEYWORDS:<\/b> Asset Management Professional Services Finance<\/p>\n
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<\/b>Value Managers:<\/p>\n\n
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\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \n
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\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n
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<\/b>Motorola Solutions, Inc.<\/p>\n
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<\/b>SLB, Ltd.<\/p>\n<\/p>\n
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1-800-241-1850
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www.all-starfunds.com
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libinfo@alpsinc.com<\/a><\/p>\n
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