NPORT-EX 2 fp0070487_nportex.htm

Liberty All-Star^® Equity Fund Schedule of Investments

September 30, 2021 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (97.71%)
COMMUNICATION SERVICES (8.41%)
Entertainment (1.62%)
Netflix, Inc.(a)			27,438			$	16,746,509
Walt Disney Co.(a)			70,266				11,886,899
							28,633,408
Interactive Media & Services (5.40%)
Alphabet, Inc., Class A(a)			3,721				9,948,168
Alphabet, Inc., Class C(a)			13,802				36,786,608
Facebook, Inc., Class A(a)			118,910				40,356,865
Twitter, Inc.(a)			142,600				8,611,614
							95,703,255
Media (1.39%)
Comcast Corp., Class A			283,468				15,854,365
Omnicom Group, Inc.			119,755				8,677,448
							24,531,813
CONSUMER DISCRETIONARY (13.51%)
Auto Components (1.24%)
Cie Generale des Etablissements Michelin SCA(b)			269,529				8,274,540
Lear Corp.			87,154				13,637,858
							21,912,398
Automobiles (0.43%)
Ford Motor Co.(a)			534,293				7,565,589
Hotels, Restaurants & Leisure (1.52%)
Booking Holdings, Inc.(a)			6,411				15,218,881
Yum! Brands, Inc.			96,468				11,799,001
							27,017,882
Household Durables (3.17%)
Lennar Corp., Class A			103,300				9,677,144
Lennar Corp., Class B			2,500				193,975
Mohawk Industries, Inc.(a)			48,630				8,626,962
Newell Brands, Inc.			468,159				10,365,040
Sony Group Corp.(b)			247,123				27,326,862
							56,189,983
Internet & Direct Marketing Retail (2.42%)
Amazon.com, Inc.(a)			13,042				42,843,492
Multiline Retail (1.53%)
Dollar General Corp.			72,713				15,425,336
Dollar Tree, Inc.(a)			121,399				11,620,312
							27,045,648

See Notes to Schedule of Investments.

Liberty All-Star^® Equity Fund Schedule of Investments

September 30, 2021 (Unaudited)

			SHARES				VALUE
COMMON STOCKS (continued)
Specialty Retail (1.04%)
Home Depot, Inc.			24,980			$	8,199,935
TJX Cos., Inc.			67,744				4,469,749
Ulta Beauty, Inc.(a)			15,771				5,692,069
							18,361,753
Textiles, Apparel & Luxury Goods (2.16%)
Gildan Activewear, Inc.			245,055				8,946,958
NIKE, Inc., Class B			85,416				12,404,966
PVH Corp.(a)			97,564				10,028,603
Skechers U.S.A., Inc., Class A(a)			164,168				6,914,756
							38,295,283
CONSUMER STAPLES (2.48%)
Beverages (0.42%)
Coca-Cola Co.			142,000				7,450,740
Food & Staples Retailing (0.65%)
Costco Wholesale Corp.			18,216				8,185,359
Walgreens Boots Alliance, Inc.			71,000				3,340,550
							11,525,909
Food Products (0.36%)
Tyson Foods, Inc., Class A			81,000				6,394,140
Household Products (0.41%)
Procter & Gamble Co.			51,500				7,199,700
Personal Products (0.64%)
Unilever PLC(b)			209,272				11,346,728
ENERGY (3.53%)
Energy Equipment & Services (2.03%)
Baker Hughes Co.			457,914				11,324,213
Halliburton Co.			502,719				10,868,785
NOV, Inc.(a)			593,470				7,780,392
Schlumberger NV			200,105				5,931,112
							35,904,502
Oil, Gas & Consumable Fuels (1.50%)
Cabot Oil & Gas Corp.			330,000				7,180,800
Cenovus Energy, Inc.(c)			370,268				3,724,896
Exxon Mobil Corp.			128,092				7,534,372
Phillips 66			58,500				4,096,755

See Notes to Schedule of Investments.

Liberty All-Star^® Equity Fund Schedule of Investments

September 30, 2021 (Unaudited)

			SHARES				VALUE
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Royal Dutch Shell PLC, Class A(b)			91,039			$	4,057,608
							26,594,431
FINANCIALS (16.91%)
Banks (4.90%)
Bank of America Corp.			136,340				5,787,633
Citigroup, Inc.			212,596				14,919,987
Commerce Bancshares, Inc.			67,200				4,682,496
Cullen/Frost Bankers, Inc.			53,320				6,324,819
East West Bancorp, Inc.			46,300				3,590,102
JPMorgan Chase & Co.			131,458				21,518,360
Mitsubishi UFJ Financial Group, Inc.(b)(c)			650,000				3,854,500
PNC Financial Services Group, Inc.			44,200				8,647,288
Wells Fargo & Co.			374,483				17,379,756
							86,704,941
Capital Markets (3.89%)
Ameriprise Financial, Inc.			33,200				8,768,784
Charles Schwab Corp.			299,700				21,830,148
Goldman Sachs Group, Inc.			18,928				7,155,352
MSCI, Inc.			17,689				10,760,926
Northern Trust Corp.			87,915				9,478,116
S&P Global, Inc.			12,133				5,155,190
UBS Group AG			361,404				5,760,780
							68,909,296
Consumer Finance (1.76%)
American Express Co.			58,083				9,730,645
Capital One Financial Corp.			132,686				21,491,152
							31,221,797
Diversified Financial Services (2.28%)
Berkshire Hathaway, Inc., Class B(a)			83,925				22,906,490
Equitable Holdings, Inc.			371,413				11,008,681
Voya Financial, Inc.			105,990				6,506,726
							40,421,897
Insurance (4.08%)
American International Group, Inc.			333,319				18,295,880
Arch Capital Group, Ltd.(a)			130,403				4,978,786
Axis Capital Holdings, Ltd.			171,252				7,884,442
Chubb, Ltd.			76,610				13,290,303
Cincinnati Financial Corp.			71,000				8,109,620
MetLife, Inc.			177,166				10,936,457
Progressive Corp.			96,553				8,727,426
							72,222,914

See Notes to Schedule of Investments.

Liberty All-Star^® Equity Fund Schedule of Investments

September 30, 2021 (Unaudited)

			SHARES				VALUE
COMMON STOCKS (continued)
HEALTH CARE (14.12%)
Biotechnology (1.00%)
Amgen, Inc.			35,800			$	7,612,870
Regeneron Pharmaceuticals, Inc.(a)			16,714				10,114,979
							17,727,849
Health Care Equipment & Supplies (6.06%)
Abbott Laboratories			85,740				10,128,466
Alcon, Inc.			96,800				7,789,496
Align Technology, Inc.(a)			18,146				12,074,893
Boston Scientific Corp.(a)			140,697				6,104,843
Danaher Corp.			92,804				28,253,250
Dexcom, Inc.(a)			16,311				8,919,833
Intuitive Surgical, Inc.(a)			7,027				6,985,892
Koninklijke Philips NV			245,352				10,903,449
Medtronic PLC			70,000				8,774,500
Smith & Nephew PLC(b)			215,082				7,385,916
							107,320,538
Health Care Providers & Services (3.97%)
Cardinal Health, Inc.			64,689				3,199,518
Fresenius Medical Care AG & Co. KGaA(b)			425,150				14,867,495
McKesson Corp.			37,804				7,537,362
Quest Diagnostics, Inc.			107,710				15,651,340
UnitedHealth Group, Inc.			73,968				28,902,256
							70,157,971
Life Sciences Tools & Services (1.60%)
Illumina, Inc.(a)			22,204				9,006,164
IQVIA Holdings, Inc.(a)			33,261				7,967,340
Thermo Fisher Scientific, Inc.			19,859				11,346,043
							28,319,547
Pharmaceuticals (1.49%)
Elanco Animal Health, Inc.(a)			209,500				6,680,955
Novartis AG(b)			68,000				5,561,040
Pfizer, Inc.			95,506				4,107,713
Zoetis, Inc.			51,750				10,046,745
							26,396,453
INDUSTRIALS (9.19%)
Aerospace & Defense (0.69%)
General Dynamics Corp.			34,000				6,665,020
Textron, Inc.			78,387				5,472,196
							12,137,216

See Notes to Schedule of Investments.

Liberty All-Star^® Equity Fund Schedule of Investments

September 30, 2021 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (continued)
Air Freight & Logistics (0.23%)
Expeditors International of Washington, Inc.			33,928			$	4,041,843
Building Products (1.46%)
Johnson Controls International PLC			137,800				9,381,424
Masco Corp.			295,064				16,390,805
							25,772,229
Commercial Services & Supplies (0.32%)
Waste Connections, Inc.			45,050				5,673,147
Electrical Equipment (0.61%)
Eaton Corp. PLC			41,679				6,223,091
Emerson Electric Co.			49,580				4,670,436
							10,893,527
Industrial Conglomerates (1.52%)
General Electric Co.			178,705				18,411,976
Honeywell International, Inc.			40,100				8,512,428
							26,924,404
Machinery (2.74%)
Dover Corp.			48,926				7,607,993
PACCAR, Inc.			121,153				9,561,395
Parker-Hannifin Corp.			32,000				8,947,840
Wabtec Corp.			152,075				13,110,386
Xylem, Inc.			75,100				9,288,368
							48,515,982
Professional Services (1.62%)
IHS Markit, Ltd.			173,925				20,283,133
TransUnion			75,400				8,468,174
							28,751,307
INFORMATION TECHNOLOGY (21.50%)
IT Services (7.01%)
Amdocs, Ltd.			122,515				9,275,611
Cognizant Technology Solutions Corp., Class A			170,692				12,667,053
FleetCor Technologies, Inc.(a)			43,873				11,462,699
Mastercard, Inc., Class A			26,896				9,351,201
PayPal Holdings, Inc.(a)			154,590				40,225,864
Snowflake, Inc., Class A(a)			15,403				4,658,329
Twilio, Inc., Class A(a)			15,194				4,847,646
Visa, Inc., Class A			141,813				31,588,846
							124,077,249

See Notes to Schedule of Investments.

Liberty All-Star^® Equity Fund Schedule of Investments

September 30, 2021 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (3.19%)
ASML Holding N.V.			12,944			$	9,644,704
Microchip Technology, Inc.			65,800				10,099,642
Micron Technology, Inc.			133,675				9,488,251
NVIDIA Corp.			88,368				18,306,315
QUALCOMM, Inc.			70,000				9,028,600
							56,567,512
Software (10.80%)
Adobe, Inc.(a)			62,501				35,983,076
ANSYS, Inc.(a)			33,000				11,234,850
Autodesk, Inc.(a)			45,157				12,877,422
Intuit, Inc.			23,101				12,463,221
Microsoft Corp.			109,858				30,971,167
RingCentral, Inc., Class A(a)			41,982				9,131,085
salesforce.com, Inc.(a)			116,212				31,519,019
ServiceNow, Inc.(a)			33,997				21,155,313
Splunk, Inc.(a)			19,537				2,827,199
Trade Desk, Inc., Class A(a)			130,901				9,202,340
Workday, Inc., Class A(a)			55,505				13,870,144
							191,234,836
Technology Hardware, Storage & Peripherals (0.50%)
Hewlett Packard Enterprise Co.			616,587				8,786,365
MATERIALS (3.94%)
Chemicals (2.78%)
Corteva, Inc.			225,000				9,468,000
Dow Chemical Co.			158,435				9,119,518
Ecolab, Inc.			41,172				8,589,303
Linde PLC			23,473				6,886,509
PPG Industries, Inc.			62,350				8,916,673
RPM International, Inc.			80,000				6,212,000
							49,192,003
Construction Materials (0.47%)
Martin Marietta Materials, Inc.			24,600				8,405,328
Containers & Packaging (0.69%)
Ball Corp.			134,750				12,123,458
REAL ESTATE (2.63%)
Equity Real Estate Investment Trusts (REITs) (2.63%)
American Tower Corp.			50,800				13,482,828
Crown Castle International Corp.			51,200				8,873,984

See Notes to Schedule of Investments.

Liberty All-Star^® Equity Fund Schedule of Investments

September 30, 2021 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (REITs) (continued)
Equinix, Inc.			20,022			$	15,819,983
Equity LifeStyle Properties, Inc.			52,600				4,108,060
Sun Communities, Inc.			23,200				4,294,320
							46,579,175
UTILITIES (1.49%)
Electric Utilities (1.49%)
Edison International			226,635				12,571,444
NRG Energy, Inc.			339,121				13,846,310
							26,417,754
TOTAL COMMON STOCKS
(COST OF $1,153,738,259)							1,730,013,192
SHORT TERM INVESTMENTS (2.68%)
MONEY MARKET FUND (2.32%)
State Street Institutional US Government Money Market Fund, 0.03%(d)
(COST OF $40,890,743)			40,890,743				40,890,743
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED (0.36%)
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03%
(COST OF $6,401,225)			6,401,225				6,401,225
TOTAL SHORT TERM INVESTMENTS
(COST OF $47,291,968)							47,291,968
TOTAL INVESTMENTS (100.39%)
(COST OF $1,201,030,227)							1,777,305,160
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.39%)							(6,830,151	)
NET ASSETS (100.00%)						$	1,770,475,009
NET ASSET VALUE PER SHARE
(223,839,318 SHARES OUTSTANDING)						$	7.91

See Notes to Schedule of Investments.

Liberty All-Star^® Equity Fund Schedule of Investments

September 30, 2021 (Unaudited)

(a)	Non-income producing security.
(b)	American Depositary Receipt.
(c)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $7,325,625.
(d)	Rate reflects seven-day effective yield on September 30, 2021.

See Notes to Schedule of Investments.

Liberty All-Star^® Equity Fund Notes to Schedule of Investments

September 30, 2021 (Unaudited)

Security Valuation 

Equity securities are valued at the last sale price at the close of the principal exchange on which they trade, except for securities listed on the NASDAQ Stock Market LLC (“NASDAQ”), which are valued at the NASDAQ official closing price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets.

Cash collateral from securities lending activity is reinvested in the State Street Navigator Securities Lending Government Money Market Portfolio (“State Street Navigator”), a registered investment company under the Investment Company Act of 1940 (the “1940 Act”), which operates as a money market fund in compliance with Rule 2a-7 under the 1940 Act. Shares of registered investment companies are valued daily at that investment company’s net asset value per share.

The Fund’s investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Fund’s Board of Trustees (the “Board”). When market quotations are not readily available, or in management’s judgment they do not accurately reflect fair value of a security, or an event occurs after the market close but before the Fund is priced that materially affects the value of a security, the security will be valued by the Fund’s Valuation Committee using fair valuation procedures established by the Board. Examples of potentially significant events that could materially impact a Fund’s net asset value include, but are not limited to: single issuer events such as corporate actions, reorganizations, mergers, spin-offs, liquidations, acquisitions and buyouts; corporate announcements on earnings or product offerings; regulatory news; and litigation and multiple issuer events such as governmental actions; natural disasters or armed conflicts that affect a country or a region; or significant market fluctuations. Potential significant events are monitored by the Advisor, ALPS Advisors, Inc. (the “Advisor”), Sub-Advisers and/or the Valuation Committee through independent reviews of market indicators, general news sources and communications from the Fund’s custodian. As of September 30, 2021, the Fund held no securities that were fair valued.

Security Transactions 

Security transactions are recorded on trade date. Cost is determined and gains/(losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition 

Interest income is recorded on the accrual basis. Corporate actions and dividend income are recorded on the ex-date.

The Fund estimates components of distributions from real estate investment trusts (“REITs”). Distributions received in excess of income are recorded as a reduction of the cost of the related investments. Once the REIT reports annually the tax character of its distributions, the Fund revises its estimates. If the Fund no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

Lending of Portfolio Securities 

The Fund may lend its portfolio securities only to borrowers that are approved by the Fund’s securities lending agent, State Street Bank & Trust Co. (“SSB”). The Fund will limit such lending to not more than 30% of the value of its total assets. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollar only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, or by irrevocable bank letters of credit issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for securities traded on U.S. exchanges and a value of no less than 105% of the market value for all other securities. The collateral is maintained thereafter, at a market value equal to no less than 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Liberty All-Star^® Equity Fund Notes to Schedule of Investments

September 30, 2021 (Unaudited)

Any cash collateral received is reinvested in State Street Navigator. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Schedule of Investments as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities.

The following is a summary of the Fund’s securities lending positions and related cash and non-cash collateral received as of September 30, 2021:

Market Value of Securities on Loan	Cash  Collateral Received	Non-Cash Collateral Received	Total Collateral Received
$ 7,325,625	$ 6,401,225	$1,283,400	$ 7,684,625

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

Fair Value Measurements 

The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Liberty All-Star^® Equity Fund Notes to Schedule of Investments

September 30, 2021 (Unaudited)

Valuation techniques used to value the Fund’s investments by major category are as follows:

Equity securities that are valued based on unadjusted quoted prices in active markets are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the mean of the most recent quoted bid and ask prices on such day and are generally categorized as Level 2 in the hierarchy. Investments in shares of registered investment companies are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

Various inputs are used in determining the value of the Fund’s investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1	–	Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;
Level 2	–	Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and
Level 3	–	Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2021:

		Valuation Inputs
Investments in Securities at Value			Level 1				Level 2				Level 3				Total
Common Stocks*		$	1,730,013,192			$	–			$	–			$	1,730,013,192
Short Term Investments			47,291,968				–				–				47,291,968
Total		$	1,777,305,160			$	–			$	–			$	1,777,305,160

* See Schedule of Investments for industry classifications.

The Fund did not have any securities which used significant unobservable inputs (Level 3) in determining fair value during the period.

Indemnification

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund. Also, under the Fund’s organizational documents and by contract, the Trustees and Officers of the Fund are indemnified against certain liabilities that may arise out of their duties to the Fund. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be minimal.