Liberty All-Star® Equity Fund September 2017 Update

Below is the September 2017 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE:USA)

Liberty All-Star Equity Fund		Monthly Update
	Ticker: USA	September, 2017
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 Capitol 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
	(29.1% of equity portfolio)
	(Rank from previous month)
1	Alphabet, Inc., Class C (1)	2.2%
2	Facebook, Inc., Class A (2)	2.1%
3	Visa, Inc., Class A (3)	2.1%
4	Salesforce.com, Inc. (4)	1.8%
5	Mondelez International, Inc., Class A (6)	1.7%
6	Adobe Systems, Inc. (5)	1.6%
7	Amazon.com, Inc. (7)	1.5%
8	The Priceline Group, Inc. (8)	1.5%
9	Halliburton Co. (18)	1.4%
10	Bank of America Corp. (11)	1.4%
11	Equinix, Inc. (9)	1.3%
12	State Street Corp. (13)	1.3%
13	Lowe's Companies., Inc. (15)	1.3%
14	Oracle Corp. (10)	1.2%
15	Chubb Ltd. (14)	1.2%
16	Starbucks Corp. (12)	1.2%
17	PayPal Holdings, Inc. (16)	1.2%
18	DowDuPont, Inc.	1.1%
19	Celgene Corp. (19)	1.0%
20	American Tower Corp. (17)	1.0%
	Holdings are subject to change.

Monthly Performance
Performance	NAV	Market Price	Discount
Beginning of month value	$6.48	$5.63	-13.1%
Distributions	–	–
End of month value	$6.65	$6.03	-9.3%
Performance for month	2.62%	7.10%
Performance year-to-date	16.25%	25.23%
The net asset value (NAV) of a closed-end fund is the market value of the underlying investments (i.e., stocks and bonds) in the Fund’s portfolio, minus liabilities, divided by the total number of Fund shares outstanding. However, the Fund also has a  market price; the value at which it trades on an exchange. If the market price is above  the NAV the Fund is trading at a premium. If the market price is below the NAV the Fund is trading at a discount. Performance returns for the Fund are total returns, which includes dividends, and are net of management fees and other Fund expenses. Returns are calculated assuming that a shareholder reinvested all distributions. Past performance cannot predict future investment results. Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information shown does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. Shareholders must be willing to tolerate significant fluctuations in the value of their investment. An investment in the Fund involves risk, including loss of principal. Sources of distributions to shareholders may include ordinary dividends, long-term capital gains and return of capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.
Net Assets at Month-End ($millions)
Total	$1,277.1
Equities	$1,248.6
Percent Invested	97.8%
Sector Breakdown (% of equity portfolio)*
Information Technology		23.4%
Financials		17.6%
Health Care		16.3%
Consumer Discretionary		12.1%
Energy		9.0%
Consumer Staples		6.9%
Industrials		5.9%
Materials		3.4%
Real Estate		2.9%
Utilities		1.3%
Telecommunication Services		1.2%
Total Market Value		100.0%
*Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).
New Holdings			Holdings Liquidated
Wells Fargo & Co.			M&T Bank Corp.
			Regions Financial Corp.

The Liberty All-Star Funds 
1-800-241-1850