<p>波士顿 --（商业资讯）-- 以下是自由明星股票基金（NYSE: USA）2025 年 11 月的月度更新。</p>
<p><strong>自由明星股票基金</strong></p>
<p>代码：USA</p>
<p>2025 年 11 月月度更新</p>
<p><strong>投资策略：</strong></p>
<p>基金风格：大盘核心</p>
<p>基金策略：结合三位价值型和两位成长型投资经理。所选经理展示了一致的投资理念、决策过程、关键人员的连续性以及与类似风格的经理相比，优于平均水平的长期业绩。</p>
<p><strong>投资经理：</strong></p>
<p>价值型经理：</p>
<ul>
<li>Aristotle Capital Management, LLC</li>
<li>Fiduciary Management, Inc.</li>
<li>Pzena Investment Management, LLC</li>
</ul>
<p>成长型经理：</p>
<ul>
<li>Sustainable Growth Advisers, LP</li>
<li>TCW Investment Management Company</li>
</ul>
<p><strong>月末前 20 大持仓：</strong></p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td><em>(占股票投资组合的 38.3%)</em></td>
<td></td>
</tr>
<tr>
<td>1</td>
<td>NVIDIA Corp.</td>
<td>4.9%</td>
</tr>
<tr>
<td>2</td>
<td>Microsoft Corp.</td>
<td>4.7%</td>
</tr>
<tr>
<td>3</td>
<td>Alphabet, Inc.</td>
<td>4.3%</td>
</tr>
<tr>
<td>4</td>
<td>Amazon.com, Inc.</td>
<td>2.7%</td>
</tr>
<tr>
<td>5</td>
<td>Capital One Financial Corp.</td>
<td>2.1%</td>
</tr>
<tr>
<td>6</td>
<td>Broadcom Inc.</td>
<td>1.8%</td>
</tr>
<tr>
<td>7</td>
<td>Meta Platforms, Inc.</td>
<td>1.7%</td>
</tr>
<tr>
<td>8</td>
<td>Visa, Inc.</td>
<td>1.6%</td>
</tr>
<tr>
<td>9</td>
<td>Wells Fargo &amp; Co.</td>
<td>1.4%</td>
</tr>
<tr>
<td>10</td>
<td>Charles Schwab Corp.</td>
<td>1.4%</td>
</tr>
<tr>
<td>11</td>
<td>Fresenius Medical Care AG</td>
<td>1.3%</td>
</tr>
<tr>
<td>12</td>
<td>ServiceNow, Inc.</td>
<td>1.3%</td>
</tr>
<tr>
<td>13</td>
<td>Sony Group Corp.</td>
<td>1.3%</td>
</tr>
<tr>
<td>14</td>
<td>S&amp;P Global, Inc.</td>
<td>1.2%</td>
</tr>
<tr>
<td>15</td>
<td>CVS Health Corp.</td>
<td>1.2%</td>
</tr>
<tr>
<td>16</td>
<td>Parker-Hannifin Corp.</td>
<td>1.1%</td>
</tr>
<tr>
<td>17</td>
<td>UnitedHealth Group, Inc.</td>
<td>1.1%</td>
</tr>
<tr>
<td>18</td>
<td>Ferguson Enterprises, Inc.</td>
<td>1.1%</td>
</tr>
<tr>
<td>19</td>
<td>Synopsys, Inc.</td>
<td>1.1%</td>
</tr>
<tr>
<td>20</td>
<td>Booking Holdings, Inc.</td>
<td>1.0%</td>
</tr>
</tbody>
</table>
<p><em>持仓可能会有所变动。</em></p>
<p><strong>月度表现：</strong></p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>表现</td>
<td>净资产值</td>
<td>市场价格</td>
<td>折扣</td>
</tr>
<tr>
<td>月初价值</td>
<td>$6.99</td>
<td>$6.31</td>
<td>-9.7%</td>
</tr>
<tr>
<td>分配（除息日 11 月 14 日）</td>
<td>$0.17</td>
<td>$0.17</td>
<td></td>
</tr>
<tr>
<td>月末价值</td>
<td>$6.79</td>
<td>$6.13</td>
<td>-9.7%</td>
</tr>
<tr>
<td>月度表现</td>
<td>-0.17%</td>
<td>-0.16%</td>
<td></td>
</tr>
<tr>
<td>年初至今表现</td>
<td>8.02%</td>
<td>-2.48%</td>
<td></td>
</tr>
</tbody>
</table>
<p><strong>月末净资产（百万美元）：</strong></p>
<table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>总计</td>
<td>$2,023.6</td>
</tr>
<tr>
<td>股票</td>
<td>$2,023.2</td>
</tr>
<tr>
<td>投资比例</td>
<td>100.0%</td>
</tr>
</tbody>
</table>
<p><strong>行业分布 *（占股票投资组合的百分比）：</strong></p>
<table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>信息技术</td>
<td>25.3%</td>
</tr>
<tr>
<td>金融</td>
<td>18.9%</td>
</tr>
<tr>
<td>医疗保健</td>
<td>13.7%</td>
</tr>
<tr>
<td>非必需消费品</td>
<td>11.0%</td>
</tr>
<tr>
<td>工业</td>
<td>10.5%</td>
</tr>
<tr>
<td>通信服务</td>
<td>7.1%</td>
</tr>
<tr>
<td>材料</td>
<td>4.8%</td>
</tr>
<tr>
<td>必需消费品</td>
<td>4.8%</td>
</tr>
<tr>
<td>能源</td>
<td>2.0%</td>
</tr>
<tr>
<td>公用事业</td>
<td>1.4%</td>
</tr>
<tr>
<td>房地产</td>
<td>0.5%</td>
</tr>
<tr>
<td>总市场价值</td>
<td>100.0%</td>
</tr>
</tbody>
</table>
<p><em>* 基于标准普尔和 MSCI 全球行业分类标准（GICS）。</em></p>
<p><strong>新持仓：</strong></p>
<p>Arch Capital Group, Ltd.</p>
<p>Welltower, Inc.</p>
<p><strong>清算持仓：</strong></p>
<p>CarMax, Inc.</p>
<p>Commerce Bancshares, Inc.</p>
<p>Dexcom, Inc.</p>
<p>Trade Desk, Inc.</p>
<p>Zoetis, Inc.</p>
<p><em>封闭式基金的净资产值（NAV）是基金投资组合中基础投资（即股票和债券）的市场价值减去负债，再除以基金流通在外的总股份数。然而，基金也有市场价格；即其在交易所交易的价值。如果市场价格高于 NAV，则基金以溢价交易。如果市场价格低于 NAV，则基金以折扣交易。</em></p>
<p><em>基金的表现回报是总回报，包括股息，并且扣除了管理费和其他基金费用。回报是基于假设股东将所有分配再投资的计算。过去的表现不能预测未来的投资结果。</em></p>
<p><em>表现会随着市场条件的变化而波动。当前表现可能低于或高于所示的表现数据。所示的表现信息不反映股东在基金分配或基金股份出售时需支付的税款扣除。股东必须愿意承受投资价值的显著波动。投资于基金涉及风险，包括本金损失。</em></p>
<p><em>对股东的分配来源可能包括普通股息、长期资本利得和资本回报。2025 年所有分配的最终来源确定将于年末后进行税务报告。实际金额和来源将取决于基金在其财政年度的投资经验，并可能根据税收法规的变化而有所不同。根据当前估计，部分分配包括资本回报。这些估计可能与年末后股东 1099-DIV 表格中包含的最终税务分类不符。</em></p>
<p><em>所有数据截至 2025 年 11 月 30 日，除非另有说明。</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNTEyMTUyOTg0NDRyMQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNTEyMTUyOTg0NDRyMQ"/></p>
<p>在 businesswire.com 查看源版本：https://www.businesswire.com/news/home/20251215298444/en/</p>
<p>自由明星®股票基金</p>
<p>1-800-241-1850</p>
<p>www.all-starfunds.com</p>
<p>libinfo@alpsinc.com</p>
<p>来源：自由明星股票基金</p>

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<p>自由全明星股票基金 2025 年 11 月的更新强调了其大盘核心策略，结合了价值和成长型管理者。主要持股包括英伟达、微软和 Alphabet。该基金的净资产值（NAV）略微下降至 6.79 美元，市场价格为 6.13 美元，维持了-9.7% 的折扣。今年迄今为止的表现显示净资产值增长了 8.02%。行业配置以信息技术和金融业为主。新持股包括 Arch Capital 和 Welltower，而 CarMax 等则被清算。该基金的净资产总额为 20.236 亿美元，全部投资于股票</p>

<p>BOSTON--(BUSINESS WIRE)--Below is the November 2025 Monthly Update for the Liberty All-Star Equity Fund (NYSE: USA).</p>
<div class="lb-trans"><p>波士顿 --（商业资讯）-- 以下是自由明星股票基金（NYSE: USA）2025 年 11 月的月度更新。</p>
</div><p><strong>Liberty All-Star Equity Fund</strong></p>
<div class="lb-trans"><p><strong>自由明星股票基金</strong></p>
</div><p>Ticker: USA</p>
<div class="lb-trans"><p>代码：USA</p>
</div><p>Monthly Update, November 2025</p>
<div class="lb-trans"><p>2025 年 11 月月度更新</p>
</div><p><strong>Investment Approach:</strong></p>
<div class="lb-trans"><p><strong>投资策略：</strong></p>
</div><p>Fund Style: Large-Cap Core</p>
<div class="lb-trans"><p>基金风格：大盘核心</p>
</div><p>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.</p>
<div class="lb-trans"><p>基金策略：结合三位价值型和两位成长型投资经理。所选经理展示了一致的投资理念、决策过程、关键人员的连续性以及与类似风格的经理相比，优于平均水平的长期业绩。</p>
</div><p><strong>Investment Managers:</strong></p>
<div class="lb-trans"><p><strong>投资经理：</strong></p>
</div><p>Value Managers:</p>
<div class="lb-trans"><p>价值型经理：</p>
</div><ul>
<li>Aristotle Capital Management, LLC</li>
<li>Fiduciary Management, Inc.</li>
<li>Pzena Investment Management, LLC</li>
</ul>
<div class="lb-trans"><ul>
<li>Aristotle Capital Management, LLC</li>
<li>Fiduciary Management, Inc.</li>
<li>Pzena Investment Management, LLC</li>
</ul>
</div><p>Growth Managers:</p>
<div class="lb-trans"><p>成长型经理：</p>
</div><ul>
<li>Sustainable Growth Advisers, LP</li>
<li>TCW Investment Management Company</li>
</ul>
<div class="lb-trans"><ul>
<li>Sustainable Growth Advisers, LP</li>
<li>TCW Investment Management Company</li>
</ul>
</div><p><strong>Top 20 Holdings at Month-End:</strong></p>
<div class="lb-trans"><p><strong>月末前 20 大持仓：</strong></p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td><em>(38.3% of equity portfolio)</em></td>
<td></td>
</tr>
<tr>
<td>1</td>
<td>NVIDIA Corp.</td>
<td>4.9%</td>
</tr>
<tr>
<td>2</td>
<td>Microsoft Corp.</td>
<td>4.7%</td>
</tr>
<tr>
<td>3</td>
<td>Alphabet, Inc.</td>
<td>4.3%</td>
</tr>
<tr>
<td>4</td>
<td>Amazon.com, Inc.</td>
<td>2.7%</td>
</tr>
<tr>
<td>5</td>
<td>Capital One Financial Corp.</td>
<td>2.1%</td>
</tr>
<tr>
<td>6</td>
<td>Broadcom Inc.</td>
<td>1.8%</td>
</tr>
<tr>
<td>7</td>
<td>Meta Platforms, Inc.</td>
<td>1.7%</td>
</tr>
<tr>
<td>8</td>
<td>Visa, Inc.</td>
<td>1.6%</td>
</tr>
<tr>
<td>9</td>
<td>Wells Fargo &amp; Co.</td>
<td>1.4%</td>
</tr>
<tr>
<td>10</td>
<td>Charles Schwab Corp.</td>
<td>1.4%</td>
</tr>
<tr>
<td>11</td>
<td>Fresenius Medical Care AG</td>
<td>1.3%</td>
</tr>
<tr>
<td>12</td>
<td>ServiceNow, Inc.</td>
<td>1.3%</td>
</tr>
<tr>
<td>13</td>
<td>Sony Group Corp.</td>
<td>1.3%</td>
</tr>
<tr>
<td>14</td>
<td>S&amp;P Global, Inc.</td>
<td>1.2%</td>
</tr>
<tr>
<td>15</td>
<td>CVS Health Corp.</td>
<td>1.2%</td>
</tr>
<tr>
<td>16</td>
<td>Parker-Hannifin Corp.</td>
<td>1.1%</td>
</tr>
<tr>
<td>17</td>
<td>UnitedHealth Group, Inc.</td>
<td>1.1%</td>
</tr>
<tr>
<td>18</td>
<td>Ferguson Enterprises, Inc.</td>
<td>1.1%</td>
</tr>
<tr>
<td>19</td>
<td>Synopsys, Inc.</td>
<td>1.1%</td>
</tr>
<tr>
<td>20</td>
<td>Booking Holdings, Inc.</td>
<td>1.0%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td><em>(占股票投资组合的 38.3%)</em></td>
<td></td>
</tr>
<tr>
<td>1</td>
<td>NVIDIA Corp.</td>
<td>4.9%</td>
</tr>
<tr>
<td>2</td>
<td>Microsoft Corp.</td>
<td>4.7%</td>
</tr>
<tr>
<td>3</td>
<td>Alphabet, Inc.</td>
<td>4.3%</td>
</tr>
<tr>
<td>4</td>
<td>Amazon.com, Inc.</td>
<td>2.7%</td>
</tr>
<tr>
<td>5</td>
<td>Capital One Financial Corp.</td>
<td>2.1%</td>
</tr>
<tr>
<td>6</td>
<td>Broadcom Inc.</td>
<td>1.8%</td>
</tr>
<tr>
<td>7</td>
<td>Meta Platforms, Inc.</td>
<td>1.7%</td>
</tr>
<tr>
<td>8</td>
<td>Visa, Inc.</td>
<td>1.6%</td>
</tr>
<tr>
<td>9</td>
<td>Wells Fargo &amp; Co.</td>
<td>1.4%</td>
</tr>
<tr>
<td>10</td>
<td>Charles Schwab Corp.</td>
<td>1.4%</td>
</tr>
<tr>
<td>11</td>
<td>Fresenius Medical Care AG</td>
<td>1.3%</td>
</tr>
<tr>
<td>12</td>
<td>ServiceNow, Inc.</td>
<td>1.3%</td>
</tr>
<tr>
<td>13</td>
<td>Sony Group Corp.</td>
<td>1.3%</td>
</tr>
<tr>
<td>14</td>
<td>S&amp;P Global, Inc.</td>
<td>1.2%</td>
</tr>
<tr>
<td>15</td>
<td>CVS Health Corp.</td>
<td>1.2%</td>
</tr>
<tr>
<td>16</td>
<td>Parker-Hannifin Corp.</td>
<td>1.1%</td>
</tr>
<tr>
<td>17</td>
<td>UnitedHealth Group, Inc.</td>
<td>1.1%</td>
</tr>
<tr>
<td>18</td>
<td>Ferguson Enterprises, Inc.</td>
<td>1.1%</td>
</tr>
<tr>
<td>19</td>
<td>Synopsys, Inc.</td>
<td>1.1%</td>
</tr>
<tr>
<td>20</td>
<td>Booking Holdings, Inc.</td>
<td>1.0%</td>
</tr>
</tbody>
</table>
</div><p><em>Holdings are subject to change.</em></p>
<div class="lb-trans"><p><em>持仓可能会有所变动。</em></p>
</div><p><strong>Monthly Performance:</strong></p>
<div class="lb-trans"><p><strong>月度表现：</strong></p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>Performance</td>
<td>NAV</td>
<td>Market Price</td>
<td>Discount</td>
</tr>
<tr>
<td>Beginning of month value</td>
<td>$6.99</td>
<td>$6.31</td>
<td>-9.7%</td>
</tr>
<tr>
<td>Distributions (Ex-Date November 14th)</td>
<td>$0.17</td>
<td>$0.17</td>
<td></td>
</tr>
<tr>
<td>End of month value</td>
<td>$6.79</td>
<td>$6.13</td>
<td>-9.7%</td>
</tr>
<tr>
<td>Performance for month</td>
<td>-0.17%</td>
<td>-0.16%</td>
<td></td>
</tr>
<tr>
<td>Performance year-to-date</td>
<td>8.02%</td>
<td>-2.48%</td>
<td></td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>表现</td>
<td>净资产值</td>
<td>市场价格</td>
<td>折扣</td>
</tr>
<tr>
<td>月初价值</td>
<td>$6.99</td>
<td>$6.31</td>
<td>-9.7%</td>
</tr>
<tr>
<td>分配（除息日 11 月 14 日）</td>
<td>$0.17</td>
<td>$0.17</td>
<td></td>
</tr>
<tr>
<td>月末价值</td>
<td>$6.79</td>
<td>$6.13</td>
<td>-9.7%</td>
</tr>
<tr>
<td>月度表现</td>
<td>-0.17%</td>
<td>-0.16%</td>
<td></td>
</tr>
<tr>
<td>年初至今表现</td>
<td>8.02%</td>
<td>-2.48%</td>
<td></td>
</tr>
</tbody>
</table>
</div><p><strong>Net Assets at Month-End ($millions):</strong></p>
<div class="lb-trans"><p><strong>月末净资产（百万美元）：</strong></p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>Total</td>
<td>$2,023.6</td>
</tr>
<tr>
<td>Equities</td>
<td>$2,023.2</td>
</tr>
<tr>
<td>Percent Invested</td>
<td>100.0%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>总计</td>
<td>$2,023.6</td>
</tr>
<tr>
<td>股票</td>
<td>$2,023.2</td>
</tr>
<tr>
<td>投资比例</td>
<td>100.0%</td>
</tr>
</tbody>
</table>
</div><p><strong>Sector Breakdown* (% of equity portfolio):</strong></p>
<div class="lb-trans"><p><strong>行业分布 *（占股票投资组合的百分比）：</strong></p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>Information Technology</td>
<td>25.3%</td>
</tr>
<tr>
<td>Financials</td>
<td>18.9%</td>
</tr>
<tr>
<td>Health Care</td>
<td>13.7%</td>
</tr>
<tr>
<td>Consumer Discretionary</td>
<td>11.0%</td>
</tr>
<tr>
<td>Industrials</td>
<td>10.5%</td>
</tr>
<tr>
<td>Communication Services</td>
<td>7.1%</td>
</tr>
<tr>
<td>Materials</td>
<td>4.8%</td>
</tr>
<tr>
<td>Consumer Staples</td>
<td>4.8%</td>
</tr>
<tr>
<td>Energy</td>
<td>2.0%</td>
</tr>
<tr>
<td>Utilities</td>
<td>1.4%</td>
</tr>
<tr>
<td>Real Estate</td>
<td>0.5%</td>
</tr>
<tr>
<td>Total Market Value</td>
<td>100.0%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>信息技术</td>
<td>25.3%</td>
</tr>
<tr>
<td>金融</td>
<td>18.9%</td>
</tr>
<tr>
<td>医疗保健</td>
<td>13.7%</td>
</tr>
<tr>
<td>非必需消费品</td>
<td>11.0%</td>
</tr>
<tr>
<td>工业</td>
<td>10.5%</td>
</tr>
<tr>
<td>通信服务</td>
<td>7.1%</td>
</tr>
<tr>
<td>材料</td>
<td>4.8%</td>
</tr>
<tr>
<td>必需消费品</td>
<td>4.8%</td>
</tr>
<tr>
<td>能源</td>
<td>2.0%</td>
</tr>
<tr>
<td>公用事业</td>
<td>1.4%</td>
</tr>
<tr>
<td>房地产</td>
<td>0.5%</td>
</tr>
<tr>
<td>总市场价值</td>
<td>100.0%</td>
</tr>
</tbody>
</table>
</div><p><em>*Based on Standard &amp; Poor's and MSCI Global Industry Classification Standard (GICS).</em></p>
<div class="lb-trans"><p><em>* 基于标准普尔和 MSCI 全球行业分类标准（GICS）。</em></p>
</div><p><strong>New Holdings:</strong></p>
<div class="lb-trans"><p><strong>新持仓：</strong></p>
</div><p>Arch Capital Group, Ltd.</p>
<div class="lb-trans"><p>Arch Capital Group, Ltd.</p>
</div><p>Welltower, Inc.</p>
<div class="lb-trans"><p>Welltower, Inc.</p>
</div><p><strong>Holdings Liquidated:</strong></p>
<div class="lb-trans"><p><strong>清算持仓：</strong></p>
</div><p>CarMax, Inc.</p>
<div class="lb-trans"><p>CarMax, Inc.</p>
</div><p>Commerce Bancshares, Inc.</p>
<div class="lb-trans"><p>Commerce Bancshares, Inc.</p>
</div><p>Dexcom, Inc.</p>
<div class="lb-trans"><p>Dexcom, Inc.</p>
</div><p>Trade Desk, Inc.</p>
<div class="lb-trans"><p>Trade Desk, Inc.</p>
</div><p>Zoetis, Inc.</p>
<div class="lb-trans"><p>Zoetis, Inc.</p>
</div><p><em>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.</em></p>
<div class="lb-trans"><p><em>封闭式基金的净资产值（NAV）是基金投资组合中基础投资（即股票和债券）的市场价值减去负债，再除以基金流通在外的总股份数。然而，基金也有市场价格；即其在交易所交易的价值。如果市场价格高于 NAV，则基金以溢价交易。如果市场价格低于 NAV，则基金以折扣交易。</em></p>
</div><p><em>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.</em></p>
<div class="lb-trans"><p><em>基金的表现回报是总回报，包括股息，并且扣除了管理费和其他基金费用。回报是基于假设股东将所有分配再投资的计算。过去的表现不能预测未来的投资结果。</em></p>
</div><p><em>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.</em></p>
<div class="lb-trans"><p><em>表现会随着市场条件的变化而波动。当前表现可能低于或高于所示的表现数据。所示的表现信息不反映股东在基金分配或基金股份出售时需支付的税款扣除。股东必须愿意承受投资价值的显著波动。投资于基金涉及风险，包括本金损失。</em></p>
</div><p><em>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 2025 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.</em></p>
<div class="lb-trans"><p><em>对股东的分配来源可能包括普通股息、长期资本利得和资本回报。2025 年所有分配的最终来源确定将于年末后进行税务报告。实际金额和来源将取决于基金在其财政年度的投资经验，并可能根据税收法规的变化而有所不同。根据当前估计，部分分配包括资本回报。这些估计可能与年末后股东 1099-DIV 表格中包含的最终税务分类不符。</em></p>
</div><p><em>All data is as of November 30, 2025 unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>所有数据截至 2025 年 11 月 30 日，除非另有说明。</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNTEyMTUyOTg0NDRyMQ" alt="" original-src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20251215298444r1&amp;sid=acqr8&amp;distro=nx&amp;lang=en"/></p>
<p>View source version on businesswire.com: https://www.businesswire.com/news/home/20251215298444/en/</p>
<div class="lb-trans"><p>在 businesswire.com 查看源版本：https://www.businesswire.com/news/home/20251215298444/en/</p>
</div><p>Liberty All-Star® Equity Fund</p>
<div class="lb-trans"><p>自由明星®股票基金</p>
</div><p>1-800-241-1850</p>
<div class="lb-trans"><p>1-800-241-1850</p>
</div><p>www.all-starfunds.com</p>
<div class="lb-trans"><p>www.all-starfunds.com</p>
</div><p>libinfo@alpsinc.com</p>
<div class="lb-trans"><p>libinfo@alpsinc.com</p>
</div><p>Source: Liberty All-Star Equity Fund</p>
<div class="lb-trans"><p>来源：自由明星股票基金</p>
</div>

Liberty All-Star® Equity Fund November 2025 Monthly Update | USA Stock News

- Liberty All-Star Equity Fund 2025 年 11 月更新显示，净资产为 20.236 亿美元。  
- 该基金投资于大型核心股票，主要由价值和增长风格的经理管理。  
- 11 月表现为净值下降 0.17%，年初至今回报为 8.02%。  

Liberty All-Star® Equity Fund 2025 年 11 月月度更新 | 美国股票新闻