Liberty All-Star® Equity Fund February 2025 Monthly Update

Investment Approach - The Liberty All-Star Equity Fund employs a large-cap core investment style, combining three value-style and two growth-style investment managers, focusing on consistent investment philosophy and above-average long-term results compared to peers [1]. Investment Managers - The fund's investment managers include Aristotle Capital Management, LLC, Fiduciary Management, Inc., Pzena Investment Management, LLC, Sustainable Growth Advisers, LP, and TCW Investment Management Company [3]. Top Holdings - The top 20 holdings represent 35.3% of the equity portfolio, with Microsoft Corp. at 4.0%, NVIDIA Corp. at 3.5%, and Amazon.com, Inc. at 2.6% [2]. Monthly Performance - The net asset value (NAV) at the beginning of February 2025 was $7.09, ending the month at$6.99, reflecting a performance decline of -1.41% for the month and a year-to-date performance of 3.03% [2][4]. Net Assets - As of the end of February 2025, the total net assets of the fund were $2,020.3 million, with$2,012.5 million invested in equities, indicating a 99.6% investment rate [4]. Sector Breakdown - The equity portfolio is diversified across sectors, with Information Technology at 22.4%, Financials at 20.6%, and Health Care at 16.0%, among others [4]. New and Liquidated Holdings - New holdings include Corebridge Financial, Inc., while liquidated holdings consist of American Tower Corp., Cie Generale des Etablissements Michelin SCA, JPMorgan Chase & Co., and Micron Technology, Inc. [5][6].