# Liberty All-Star Equity Fund (USA): Closed-End Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/usa for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: — · Asset class: Equity - Strategy: Actively Managed · Inception: 1986-10-24 The Liberty All-Star Equity Fund operates as a closed-end investment vehicle focused on equities. ALPS Advisers, Inc. serves as its principal manager, with co-management responsibilities shared among Aristotle Capital Management, LLC, Pzena Investment Management, LLC, Delaware Investments Fund Advisers, Sustainable Growth Advisers, LP, and TCW Investment Management Company. The fund's strategy involves allocating capital to public companies within the United States, specifically targeting a diverse array of sectors. Its primary focus is on large-capitalization stocks, embracing both value a... ## Key Facts | Metric | Value | |---|---| | Price | $5.96 | | Expense Ratio | 0.89% | | Market Value | $1.84B | | NAV | Not on file (no daily NAV for this closed-end fund) | | Holdings Count | — | | Distribution Yield (TTM) | 11.24% | | Annual Distribution (TTM) | $0.67 /share | | Distribution Frequency | Quarterly | | 52-Week Range | $5.40 – $6.43 | | Beta | 1.04 | ## Latest Distribution - Amount: $0.1700 /share - Ex-date: 2026-07-16 - Pay date: 2026-08-31 ## Frequently Asked Questions ### What does USA invest in? The Liberty All-Star Equity Fund operates as a closed-end investment vehicle focused on equities. ALPS Advisers, Inc. serves as its principal manager, with co-management responsibilities shared among Aristotle Capital Management, LLC, Pzena Investment Management, LLC, Delaware Investments Fund Advisers, Sustainable Growth Advisers, LP, and TCW Investment Management Company. The fund's strategy involves allocating capital to public companies within the United States, specifically targeting a diverse array of sectors. Its primary focus is on large-capitalization stocks, embracing both value and growth investment philosophies. To assess its performance, the fund compares its portfolio against the Lipper Large-Cap Core Mutual Fund Average, the Dow Jones Industrial Average, the NASDAQ Composite Index, and the S&P 500 Index. This U.S.-domiciled fund was established on October 31, 1986. ### What is the expense ratio of USA? Liberty All-Star Equity Fund (USA) charges an expense ratio of 0.89%. This is the annual fee deducted from fund assets to cover management and operations. ### How big is USA? Liberty All-Star Equity Fund (USA) has a market value of $1.84B: its share price times its shares outstanding. A closed-end fund trades above or below its net asset value, so its net assets differ from this figure. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is USA actively managed or an index fund? USA is actively managed: the manager selects holdings rather than tracking an index. Active funds typically charge higher expense ratios than index funds (USA's is 0.89%) in exchange for the discretion to over- or under-weight positions. ### When was USA launched? Liberty All-Star Equity Fund (USA) launched in October 1986 and is managed by the fund issuer. ### How has USA performed? USA's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon. ### Does USA pay a dividend? Liberty All-Star Equity Fund (USA) currently distributes little or no income. Trailing-twelve-month yield is 11.24%. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does USA pay dividends? Liberty All-Star Equity Fund pays dividends Quarterly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is USA's dividend yield? USA's trailing-twelve-month yield is 11.24%, calculated from the sum of dividends over the past year divided by the current price. ### When is USA's next ex-dividend date? The most recently announced ex-dividend date for USA was 2026-07-16. The next ex-date typically follows Quarterly; once announced it appears at the top of the dividend history table on this page. ### How much will USA's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.89% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does USA charge its expense ratio? The expense ratio is deducted in tiny daily slices from USA's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does USA cost more than a fund like VOO? USA is actively managed (current expense ratio 0.89%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether USA's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to USA? The Lower-Fee Alternatives card above lists closed-end funds following the same investment strategy as USA (0.89%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/usa - Distribution history: https://www.dividenddata.com/funds/usa/dividend - Holdings & diversification: https://www.dividenddata.com/funds/usa/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/usa/expenses - Peer comparison: https://www.dividenddata.com/funds/usa/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.