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Liberty All-Star® Equity Fund December 2024 Monthly Update

1. Fund focuses on large-cap core investments using diverse management styles. 2. Top holdings include Microsoft, NVIDIA, and Amazon, indicating tech focus. 3. NAV decreased by 5.31%, signaling potential market concerns. 4. Year-to-date performance remains strong at 14.06%, despite short-term drop. 5. High sector exposure in technology and financials reflects investment strategy.

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FAQ

Why Neutral?

Recent performance decline may concern investors, but strong year-to-date performance offers support.

How important is it?

The fund's management approach and performance can directly influence investor sentiment in US markets.

Why Short Term?

Immediate NAV changes could affect investor confidence, but long-term strategy remains intact.

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, /PRNewswire/ -- Below is the December 2024 Monthly Update for the Liberty All-Star Equity Fund (NYSE: USA). Liberty All-Star Equity FundTicker: USAMonthly Update, December 2024 Investment Approach:Fund Style: Large-Cap CoreFund 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 (35.0% of equity portfolio) 1 Microsoft Corp. 4.2 % 2 NVIDIA Corp. 3.7 % 3 Alphabet, Inc. 2.8 % 4 Amazon.com, Inc. 2.8 % 5 UnitedHealth Group, Inc. 2.0 % 6 ServiceNow, Inc. 1.9 % 7 Visa, Inc.  1.8 % 8 Meta Platforms, Inc. 1.8 % 9 Capital One Financial Corp. 1.5 % 10 S&P Global, Inc. 1.4 % 11 Fresenius Medical Care AG 1.3 % 12 Sony Group Corp. 1.2 % 13 Charles Schwab Corp. 1.2 % 14 Danaher Corp. 1.2 % 15 Booking Holdings, Inc. 1.1 % 16 Ecolab, Inc. 1.1 % 17 Berkshire Hathaway, Inc. 1.0 % 18 CVS Health Corp. 1.0 % 19 Baxter International, Inc. 1.0 % 20 Citigroup, Inc. 1.0 % Holdings are subject to change. Monthly Performance: Performance NAV Market Price   Premium/(Discount) Beginning of month value $7.34 $7.30 -0.5 % End of month value $6.95 $6.95 0.0 % Performance for month -5.31 % -4.79 % Performance year-to-date 14.06 % 20.67 % Net Assets at Month-End ($millions): Total        $2,007.0 Equities                $1,962.0 Percent Invested          97.8 % Sector Breakdown* (% of equity portfolio): Information Technology  23.7 % Financials                  20.0 % Health Care      15.3 % Consumer Discretionary    12.6 % Industrials            9.1 % Communication Services            6.6 % Consumer Staples      4.8 % Materials                          4.3 % Energy              1.8 % Utilities                1.3 % Real Estate      0.5 % Total Market Value        100.0 % *Based on Standard & Poor's and MSCI Global Industry Classification Standard (GICS). New Holdings:Allegion PLCBroadcom, Inc.Tyler Technologies, Inc. Holdings Liquidated:Edison InternationalGoldman Sachs Group, Inc.Home Depot, Inc.Omnicom Group, 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 2024 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 December 31, 2024 unless otherwise noted. Liberty All-Star® Equity Fund1-800-241-1850www.all-starfunds.com[email protected] SOURCE Liberty All-Star Equity Fund WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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