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Liberty All-Star Equity Fund and Liberty All-Star Growth Fund are calling a joint shareholder meeting on August 26, 2026 to vote on several governance items. Equity Fund shareholders are asked to approve a new Portfolio Management Agreement with Loomis Sayles for the large cap growth sleeve, replacing Sustainable Growth Advisers at the same sub-advisory fee rate, which is paid by ALPS Advisors, Inc., not the Fund. Shareholders of both funds will also elect two Trustees or Directors to three-year terms. The Equity Fund estimates additional proxy solicitation costs of $315,000 tied to Securities and Exchange Commission requirements for closed-end fund sub-adviser changes.
Liberty All-Star Funds is soliciting proxies at a joint annual meeting on August 26, 2026 to vote on three proposals, including shareholder approval of a new Portfolio Management Agreement that moved a large-cap growth sleeve from Sustainable Growth Advisers to Loomis, Sayles & Company, L.P.
The Equity Fund's Board approved the new agreement effective June 15, 2026, recommended shareholders vote FOR Proposal 1, and disclosed incremental proxy solicitation costs of $315,000 borne by the Equity Fund. Record date for voting is June 11, 2026.
Liberty All Star Equity Fund's president, Mark T. Haley, bought additional fund shares in early June 2026. He made two open-market purchases of Shares of Beneficial Interest totaling 2,356 shares at prices around $5.81 per share. After these trades, he directly holds 175,056.336 shares, indicating a modest increase in his personal investment stake.
LIBERTY ALL STAR EQUITY FUND access person Robert Milas reported an open-market purchase of fund shares. He bought 1,700 Shares of Beneficial Interest at an average price of $5.8199 per share. Following this transaction, he directly owns 5,759.256 shares of the fund.
USA submitted a Form N-CEN annual report for registered investment companies. The filing lists a monthly average value of portfolio securities on loan of $74,676,830 and net income from securities lending of $213,150. It also reports aggregate brokerage commissions of $246,535 and itemized broker-level commission amounts for the reporting period.
Liberty All-Star Equity Fund reported net assets of $2,061,740,786 with NAV of $6.84 and a market price of $6.28, trading at a -8.2% discount as of December 31, 2025. For the year, shares valued at NAV returned 8.80% while market-price returns were -0.11%, and the Fund paid total distributions of $0.67 per share in 2025.
The Fund outperformed some long-term benchmarks on multi-year bases but trailed the Fund’s primary Lipper Large-Cap benchmark, which returned 15.31% for the year. The portfolio is multi-managed across five managers, concentrated in information technology (24.37%) and financials (19.33%), with the top 20 holdings representing 37.43% of net assets.
Liberty All-Star Equity Fund officer Erich Rettinger, who serves as Treasurer, purchased additional shares of the fund. On February 6, 2026, he bought 350 Shares of Beneficial Interest in a direct transaction at a price of $6.01 per share.
Following this purchase, Rettinger directly holds 350 shares of the fund. This filing records a relatively small insider buy, indicating an increase in his personal investment stake in the fund.
Liberty All-Star Equity Fund reported an insider share purchase by its President. On 12/30/2025, the officer acquired 1,600 shares of beneficial interest in a single open-market transaction at a price of $6.30 per share, as shown in Table I. Following this transaction, the reporting person directly beneficially owns 159,070.821 shares.
Liberty All-Star Equity Fund officer reports open-market share purchase. Assistant Secretary Sareena Khwaja-Dixon filed a Form 4 disclosing the purchase of 500 shares of beneficial interest in Liberty All-Star Equity Fund (ticker USA) on 11/21/2025.
The transaction was coded as a purchase and priced at $5.8573 per share. Following this transaction, the reporting person beneficially owns 500 shares, held in direct ownership form.
Mark T. Haley, President of Liberty All-Star Funds, reported a purchase of 1,000 shares of Liberty All Star Equity Fund (ticker: USA) on 10/01/2025 at $6.37 per share. After the transaction he beneficially owned 157,470.821 shares of beneficial interest, held directly. The filing is a standard Section 16 Form 4 reporting an officer purchase.