USA - Liberty All Star Equity Fund

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

Nothing on file yet. No large investor has reported a stake in this fund, and the fund has not announced a buy-back, a vote or a closing.

About this fund

• Run by ALPS Advisors, Inc. Part of the ALPS Advised Funds fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $2.02 billion of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.7% a year in management fees; 0.9% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 53 funds we follow that invest in shares, 6 charge a lower management fee and 4 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $0.67 a share. $0.05 of that was income; $0.62 came from gains. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $6.84. The shares traded at $6.28, about 8.2% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 7.4% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.67 in the fiscal year ended Dec 31, 2025; $0.71 in the year ended Dec 31, 2024; $0.61 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 0.91% a year in the fiscal year ended Dec 31, 2025; 0.9% a year in the year ended Dec 31, 2024; 0.93% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $2.06 billion at Dec 31, 2025; $2.01 billion at Dec 31, 2024; $1.87 billion at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: about 2% on top of its own money at Dec 31, 2025; 3% at Dec 31, 2024; 2% at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 301 million shares at Dec 31, 2025, up 9% from Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned -0.1%, counting payouts; the holdings +8.8%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +20.7%, counting payouts; the holdings +14.1%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +23.4%, counting payouts; the holdings +26.1%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -24.5%, counting payouts; the holdings -20.1%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +35.3%, counting payouts; the holdings +24%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +52%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $15,200 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: -4.8%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 46 funds that invest in shares with a fiscal year ending within six months of this one, 45 reported a higher share return for that year and 0 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (98%), the rest cash and short-term holdings. About 87% issued in the U.S.

1. NVIDIA Corp. - 5.7%
2. Alphabet, Inc. - 4.9%
3. Microsoft Corp. - 2.6%
4. Capital One Financial Corp. - 2.3%
5. Meta Platforms, Inc. - 2%
6. Cdw Corp/de - 2%
7. Visa, Inc. - 1.7%
8. Amazon.com, Inc. - 1.7%
9. Tesla, Inc. - 1.7%
10. Cash and short-term - 1.6%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →