<p>波士頓 --（商業資訊）-- 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>代碼：USA</p>
<p>2025 年 11 月月度更新</p>
<p><strong>投資策略：</strong></p>
<p>基金風格：大盤核心</p>
<p>基金策略：結合三位價值型和兩位成長型投資經理。所選經理展示了一致的投資理念、決策過程、關鍵人員的連續性以及與類似風格的經理相比，優於平均水平的長期業績。</p>
<p><strong>投資經理：</strong></p>
<p>價值型經理：</p>
<ul>
<li>Aristotle Capital Management, LLC</li>
<li>Fiduciary Management, Inc.</li>
<li>Pzena Investment Management, LLC</li>
</ul>
<p>成長型經理：</p>
<ul>
<li>Sustainable Growth Advisers, LP</li>
<li>TCW Investment Management Company</li>
</ul>
<p><strong>月末前 20 大持倉：</strong></p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td><em>(佔股票投資組合的 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>持倉可能會有所變動。</em></p>
<p><strong>月度表現：</strong></p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>表現</td>
<td>淨資產值</td>
<td>市場價格</td>
<td>折扣</td>
</tr>
<tr>
<td>月初價值</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>月末價值</td>
<td>$6.79</td>
<td>$6.13</td>
<td>-9.7%</td>
</tr>
<tr>
<td>月度表現</td>
<td>-0.17%</td>
<td>-0.16%</td>
<td></td>
</tr>
<tr>
<td>年初至今表現</td>
<td>8.02%</td>
<td>-2.48%</td>
<td></td>
</tr>
</tbody>
</table>
<p><strong>月末淨資產（百萬美元）：</strong></p>
<table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>總計</td>
<td>$2,023.6</td>
</tr>
<tr>
<td>股票</td>
<td>$2,023.2</td>
</tr>
<tr>
<td>投資比例</td>
<td>100.0%</td>
</tr>
</tbody>
</table>
<p><strong>行業分佈 *（佔股票投資組合的百分比）：</strong></p>
<table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>信息技術</td>
<td>25.3%</td>
</tr>
<tr>
<td>金融</td>
<td>18.9%</td>
</tr>
<tr>
<td>醫療保健</td>
<td>13.7%</td>
</tr>
<tr>
<td>非必需消費品</td>
<td>11.0%</td>
</tr>
<tr>
<td>工業</td>
<td>10.5%</td>
</tr>
<tr>
<td>通信服務</td>
<td>7.1%</td>
</tr>
<tr>
<td>材料</td>
<td>4.8%</td>
</tr>
<tr>
<td>必需消費品</td>
<td>4.8%</td>
</tr>
<tr>
<td>能源</td>
<td>2.0%</td>
</tr>
<tr>
<td>公用事業</td>
<td>1.4%</td>
</tr>
<tr>
<td>房地產</td>
<td>0.5%</td>
</tr>
<tr>
<td>總市場價值</td>
<td>100.0%</td>
</tr>
</tbody>
</table>
<p><em>* 基於標準普爾和 MSCI 全球行業分類標準（GICS）。</em></p>
<p><strong>新持倉：</strong></p>
<p>Arch Capital Group, Ltd.</p>
<p>Welltower, Inc.</p>
<p><strong>清算持倉：</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>封閉式基金的淨資產值（NAV）是基金投資組合中基礎投資（即股票和債券）的市場價值減去負債，再除以基金流通在外的總股份數。然而，基金也有市場價格；即其在交易所交易的價值。如果市場價格高於 NAV，則基金以溢價交易。如果市場價格低於 NAV，則基金以折扣交易。</em></p>
<p><em>基金的表現回報是總回報，包括股息，並且扣除了管理費和其他基金費用。回報是基於假設股東將所有分配再投資的計算。過去的表現不能預測未來的投資結果。</em></p>
<p><em>表現會隨着市場條件的變化而波動。當前表現可能低於或高於所示的表現數據。所示的表現信息不反映股東在基金分配或基金股份出售時需支付的税款扣除。股東必須願意承受投資價值的顯著波動。投資於基金涉及風險，包括本金損失。</em></p>
<p><em>對股東的分配來源可能包括普通股息、長期資本利得和資本回報。2025 年所有分配的最終來源確定將於年末後進行税務報告。實際金額和來源將取決於基金在其財政年度的投資經驗，並可能根據税收法規的變化而有所不同。根據當前估計，部分分配包括資本回報。這些估計可能與年末後股東 1099-DIV 表格中包含的最終税務分類不符。</em></p>
<p><em>所有數據截至 2025 年 11 月 30 日，除非另有説明。</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>來源：自由明星股票基金</p>

英偉達

微軟

<p>自由全明星股票基金 2025 年 11 月的更新強調了其大盤核心策略，結合了價值和成長型管理者。主要持股包括英偉達、微軟和 Alphabet。該基金的淨資產值（NAV）略微下降至 6.79 美元，市場價格為 6.13 美元，維持了-9.7% 的折扣。今年迄今為止的表現顯示淨資產值增長了 8.02%。行業配置以信息技術和金融業為主。新持股包括 Arch Capital 和 Welltower，而 CarMax 等則被清算。該基金的淨資產總額為 20.236 億美元，全部投資於股票</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>波士頓 --（商業資訊）-- 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>代碼：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>投資策略：</strong></p>
</div><p>Fund Style: Large-Cap Core</p>
<div class="lb-trans"><p>基金風格：大盤核心</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：結合三位價值型和兩位成長型投資經理。所選經理展示了一致的投資理念、決策過程、關鍵人員的連續性以及與類似風格的經理相比，優於平均水平的長期業績。</p>
</div><p><strong>Investment Managers:</strong></p>
<div class="lb-trans"><p><strong>投資經理：</strong></p>
</div><p>Value Managers:</p>
<div class="lb-trans"><p>價值型經理：</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>成長型經理：</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 大持倉：</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>(佔股票投資組合的 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>持倉可能會有所變動。</em></p>
</div><p><strong>Monthly Performance:</strong></p>
<div class="lb-trans"><p><strong>月度表現：</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>表現</td>
<td>淨資產值</td>
<td>市場價格</td>
<td>折扣</td>
</tr>
<tr>
<td>月初價值</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>月末價值</td>
<td>$6.79</td>
<td>$6.13</td>
<td>-9.7%</td>
</tr>
<tr>
<td>月度表現</td>
<td>-0.17%</td>
<td>-0.16%</td>
<td></td>
</tr>
<tr>
<td>年初至今表現</td>
<td>8.02%</td>
<td>-2.48%</td>
<td></td>
</tr>
</tbody>
</table>
</div><p><strong>Net Assets at Month-End ($millions):</strong></p>
<div class="lb-trans"><p><strong>月末淨資產（百萬美元）：</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>總計</td>
<td>$2,023.6</td>
</tr>
<tr>
<td>股票</td>
<td>$2,023.2</td>
</tr>
<tr>
<td>投資比例</td>
<td>100.0%</td>
</tr>
</tbody>
</table>
</div><p><strong>Sector Breakdown* (% of equity portfolio):</strong></p>
<div class="lb-trans"><p><strong>行業分佈 *（佔股票投資組合的百分比）：</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>信息技術</td>
<td>25.3%</td>
</tr>
<tr>
<td>金融</td>
<td>18.9%</td>
</tr>
<tr>
<td>醫療保健</td>
<td>13.7%</td>
</tr>
<tr>
<td>非必需消費品</td>
<td>11.0%</td>
</tr>
<tr>
<td>工業</td>
<td>10.5%</td>
</tr>
<tr>
<td>通信服務</td>
<td>7.1%</td>
</tr>
<tr>
<td>材料</td>
<td>4.8%</td>
</tr>
<tr>
<td>必需消費品</td>
<td>4.8%</td>
</tr>
<tr>
<td>能源</td>
<td>2.0%</td>
</tr>
<tr>
<td>公用事業</td>
<td>1.4%</td>
</tr>
<tr>
<td>房地產</td>
<td>0.5%</td>
</tr>
<tr>
<td>總市場價值</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>* 基於標準普爾和 MSCI 全球行業分類標準（GICS）。</em></p>
</div><p><strong>New Holdings:</strong></p>
<div class="lb-trans"><p><strong>新持倉：</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>清算持倉：</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>封閉式基金的淨資產值（NAV）是基金投資組合中基礎投資（即股票和債券）的市場價值減去負債，再除以基金流通在外的總股份數。然而，基金也有市場價格；即其在交易所交易的價值。如果市場價格高於 NAV，則基金以溢價交易。如果市場價格低於 NAV，則基金以折扣交易。</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>基金的表現回報是總回報，包括股息，並且扣除了管理費和其他基金費用。回報是基於假設股東將所有分配再投資的計算。過去的表現不能預測未來的投資結果。</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>表現會隨着市場條件的變化而波動。當前表現可能低於或高於所示的表現數據。所示的表現信息不反映股東在基金分配或基金股份出售時需支付的税款扣除。股東必須願意承受投資價值的顯著波動。投資於基金涉及風險，包括本金損失。</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>對股東的分配來源可能包括普通股息、長期資本利得和資本回報。2025 年所有分配的最終來源確定將於年末後進行税務報告。實際金額和來源將取決於基金在其財政年度的投資經驗，並可能根據税收法規的變化而有所不同。根據當前估計，部分分配包括資本回報。這些估計可能與年末後股東 1099-DIV 表格中包含的最終税務分類不符。</em></p>
</div><p><em>All data is as of November 30, 2025 unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>所有數據截至 2025 年 11 月 30 日，除非另有説明。</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>來源：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 月更新顯示，淨資產為 20.236 億美元。  
- 該基金投資於大型核心股票，主要由價值和增長風格的經理管理。  
- 11 月表現為淨值下降 0.17%，年初至今回報為 8.02%。  

Liberty All-Star® Equity Fund 2025 年 11 月月度更新 | 美國股票新聞