Liberty All-Star® Equity Fund May 2026 Monthly Update

Key Terms

net asset value (NAV) financial

Net asset value (NAV) is the per-share value of an investment fund calculated by totaling the fund’s assets, subtracting its liabilities, and dividing the remainder by the number of outstanding shares. Think of it like a price tag on each share of a collective piggy bank: investors use NAV to see what each share is worth, to compare funds, and, for many funds, it’s the price at which shares are bought or redeemed.

closed-end fund financial

A closed-end fund is a pool of money collected from many investors to buy a diversified mix of stocks, bonds, or other assets, and it is managed by professionals. Unlike some investment options, its shares are bought and sold on stock exchanges at prices determined by supply and demand, which can be above or below the fund's actual value. This structure allows investors to buy or sell shares easily, but the value may fluctuate based on market conditions.

return of capital financial

Return of capital is when an investor receives money from their investment that is not considered profit or earnings but rather a portion of the original amount they invested. It’s similar to getting back part of your initial savings rather than gains from it. This matters because it can affect how much money an investor still has in the investment and may have tax implications.

global industry classification standard (gics) technical

The Global Industry Classification Standard (GICS) is a structured system that groups publicly traded companies into sectors, industry groups, industries and sub-industries based on their main business activity. Think of it like a library’s shelving system that puts similar books together so readers can find and compare them easily. Investors use GICS to compare companies apples-to-apples, build sector-focused portfolios, track market trends and align benchmarks or funds with specific parts of the economy.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

BOSTON--(BUSINESS WIRE)-- Below is the May 2026 Monthly Update for the Liberty All-Star Equity Fund (NYSE: USA).

Liberty All-Star Equity Fund
Ticker: USA
Monthly Update, May 2026

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:

	(38.2% of equity portfolio)
1	NVIDIA Corp.	5.3%
2	Microsoft Corp.	4.1%
3	Alphabet, Inc.	3.9%
4	Broadcom Inc.	2.7%
5	Amazon.com, Inc.	2.4%
6	Capital One Financial Corp.	2.2%
7	CDW Corp.	1.8%
8	Meta Platforms, Inc.	1.6%
9	Visa, Inc.	1.5%
10	Humana, Inc.	1.4%
11	Charles Schwab Corp.	1.3%
12	Booking Holdings, Inc.	1.2%
13	Accenture Ltd.	1.2%
14	Fresenius Medical Care AG	1.2%
15	Synopsys, Inc.	1.1%
16	Wells Fargo & Co.	1.1%
17	PNC Financial Services Group, Inc.	1.1%
18	Apple, Inc.	1.1%
19	Ecolab, Inc.	1.0%
20	Aramark	1.0%
Holdings are subject to change.

Monthly Performance:

Performance	NAV	Market Price	Discount
Beginning of month value	$6.48	$5.85	-9.7%
End of month value	$6.58	$5.84	-11.2%
Performance for month	1.54%	-0.17%
Performance year-to-date	1.66%	-1.72%

Net Assets at Month-End ($millions):

Total	$2,029.3
Equities	$2,014.8
Percent Invested	99.3%

Sector Breakdown* (% of equity portfolio):

Information Technology	28.5%
Financials	19.1%
Health Care	12.6%
Industrials	10.1%
Consumer Discretionary	9.6%
Communication Services	6.9%
Materials	4.8%
Consumer Staples	4.3%
Energy	1.9%
Real Estate	1.3%
Utilities	0.9%
Total Market Value	100.0%
*Based on Standard & Poor's and MSCI Global Industry Classification Standard (GICS).

New Holdings:
Autodesk, Inc.
KLA Corp.
Workday, Inc.

Holdings Liquidated:
SYSCO Corp.

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 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’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 May 31, 2026 unless otherwise noted.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260615803922/en/

Liberty All-Star® Equity Fund
1-800-241-1850
www.all-starfunds.com
libinfo@alpsinc.com

Source: Liberty All-Star Equity Fund