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Sept. 13, 2019, 8:36 p.m. EDT

Liberty All-Star(R) Equity Fund August 2019 Monthly Update

BOSTON, Sep 13, 2019 (GLOBE NEWSWIRE via COMTEX) -- Below is the August 2019 Monthly Update for the Liberty All-Star Equity Fund. (NYS:USA)

Liberty All-Star Equity Fund

Ticker: USA

Monthly Update, August, 2019

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

Macquarie Investment Management

Pzena Investment Management, LLC

Growth Managers:

Sustainable Growth Advisers, LP

TCW Investment Management Company

        Top 20 Holdings at Month-End
                (31.9% of equity portfolio)
        1       PayPal Holdings, Inc.               2.3%
        2       Visa, Inc.                          2.3%
        3       Adobe, Inc.                         2.1%
        4       Amazon.com, Inc.                    2.1%
        5       Alphabet, Inc.                      2.0%
        6       Microsoft Corp.                     1.9%
        7       salesforce.com, Inc.                1.8%
        8       Abbott Laboratories                 1.5%
        9       Facebook, Inc.                      1.5%
        10      Equinix, Inc.                       1.5%
        11      Halliburton Co.                     1.5%
        12      Danaher Corp.                       1.4%
        13      American International Group, Inc.  1.4%
        14      Home Depot, Inc.                    1.3%
        15      Capital One Financial Corp.         1.3%
        16      Mondelez International, Inc.        1.3%
        17      Bank of America Corp.               1.3%
        18      American Tower Corp.                1.2%
        19      Amgen, Inc.                         1.1%
        20      Lowe's Cos., Inc.                   1.1%
        Holdings are subject to change.

        Monthly Performance:
        Performance              NAV    Market Price Discount
        Beginning of month value $6.57  $6.38        -2.9%
        End of month value       $6.40  $6.13        -4.2%
        Performance for month    -2.59% -3.92%
        Performance year-to-date 17.62% 23.34%

        Net Assets at Month-End ($millions)
        Total                               $1,309.5
        Equities                            $1,317.1
        Percent Invested                    100.6%

        Sector Breakdown (% of equity portfolio)*
        Information Technology                        21.2%
        Financials                                    16.1%
        Health Care                                   15.1%
        Consumer Discretionary                        12.7%
        Industrials                                   8.4%
        Communication Services                        6.9%
        Consumer Staples                              6.0%
        Energy                                        5.7%
        Real Estate                                   4.1%
        Materials                                     2.8%
        Utilities                                     1.0%
        Total Market Value                            100.0%
        *Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).

New Holdings

Boston Scientific Corp.

Cabot Oil & Gas Corp.

Holdings Liquidated

Concho Resources, Inc.

Quest Diagnostics, 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.

All data is as of August 31, 2019 unless otherwise noted.

Liberty All-Star(R) Equity Fund





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