Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
AMD Shares Slide Despite Earnings Beat as Cautious Revenue Outlook Weighs on Stock 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
BOSTON, Oct. 16, 2017 -- Below is the September 2017 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE:USA)
| Liberty All-Star Equity Fund | Monthly Update | |
| Ticker: USA | September, 2017 | |
| 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 Capitol Management, LLC | ||
| Macquarie Investment Management | ||
| Pzena Investment Management, LLC | ||
| Growth Managers: | ||
| Sustainable Growth Advisers, LP | ||
| TCW Investment Management Company | ||
| Top 20 Holdings at Month-End | ||
| (29.1% of equity portfolio) | ||
| (Rank from previous month) | ||
| 1 | Alphabet, Inc., Class C (1) | 2.2% |
| 2 | Facebook, Inc., Class A (2) | 2.1% |
| 3 | Visa, Inc., Class A (3) | 2.1% |
| 4 | Salesforce.com, Inc. (4) | 1.8% |
| 5 | Mondelez International, Inc., Class A (6) | 1.7% |
| 6 | Adobe Systems, Inc. (5) | 1.6% |
| 7 | Amazon.com, Inc. (7) | 1.5% |
| 8 | The Priceline Group, Inc. (8) | 1.5% |
| 9 | Halliburton Co. (18) | 1.4% |
| 10 | Bank of America Corp. (11) | 1.4% |
| 11 | Equinix, Inc. (9) | 1.3% |
| 12 | State Street Corp. (13) | 1.3% |
| 13 | Lowe's Companies., Inc. (15) | 1.3% |
| 14 | Oracle Corp. (10) | 1.2% |
| 15 | Chubb Ltd. (14) | 1.2% |
| 16 | Starbucks Corp. (12) | 1.2% |
| 17 | PayPal Holdings, Inc. (16) | 1.2% |
| 18 | DowDuPont, Inc. | 1.1% |
| 19 | Celgene Corp. (19) | 1.0% |
| 20 | American Tower Corp. (17) | 1.0% |
| Holdings are subject to change. | ||
| Monthly Performance | |||
| Performance | NAV | Market Price | Discount |
| Beginning of month value | $6.48 | $5.63 | -13.1% |
| Distributions | – | – | |
| End of month value | $6.65 | $6.03 | -9.3% |
| Performance for month | 2.62% | 7.10% | |
| Performance year-to-date | 16.25% | 25.23% | |
| The net asset value (NAV) of a closed-end fund is the market value of the underlying investments (i.e., stocks and bonds) in the Fund’s portfolio, minus liabilities, divided by the total number of Fund shares outstanding. However, the Fund also has a market price; the value at which it trades on an exchange. If the market price is above the NAV the Fund is trading at a premium. If the market price is below the NAV the Fund is trading at a discount. Performance returns for the Fund are total returns, which includes dividends, and are net of management fees and other Fund expenses. Returns are calculated assuming that a shareholder reinvested all distributions. Past performance cannot predict future investment results. Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information shown does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. Shareholders must be willing to tolerate significant fluctuations in the value of their investment. An investment in the Fund involves risk, including loss of principal. Sources of distributions to shareholders may include ordinary dividends, long-term capital gains and return of capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year. | |||
| Net Assets at Month-End ($millions) | |||
| Total | $1,277.1 | ||
| Equities | $1,248.6 | ||
| Percent Invested | 97.8% | ||
| Sector Breakdown (% of equity portfolio)* | |||
| Information Technology | 23.4% | ||
| Financials | 17.6% | ||
| Health Care | 16.3% | ||
| Consumer Discretionary | 12.1% | ||
| Energy | 9.0% | ||
| Consumer Staples | 6.9% | ||
| Industrials | 5.9% | ||
| Materials | 3.4% | ||
| Real Estate | 2.9% | ||
| Utilities | 1.3% | ||
| Telecommunication Services | 1.2% | ||
| Total Market Value | 100.0% | ||
| *Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS). | |||
| New Holdings | Holdings Liquidated | ||
| Wells Fargo & Co. | M&T Bank Corp. | ||
| Regions Financial Corp. | |||
The Liberty All-Star Funds 1-800-241-1850
