NPORT-EX 2 fp0076501_nportex.htm

Liberty All-Star^® Equity Fund

Schedule of Investments

March 31, 2022 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (97.37%)
COMMUNICATION SERVICES (7.32%)
Entertainment (1.22%)
Netflix, Inc.^(a)		39,797	$	14,907,559
Walt Disney Co.^(a)		60,495		8,297,494
				23,205,053
Interactive Media & Services (4.84%)
Alphabet, Inc., Class A^(a)		5,859		16,295,930
Alphabet, Inc., Class C^(a)		14,415		40,260,951
Match Group, Inc.^(a)		104,207		11,331,469
Meta Platforms, Inc., Class A^(a)		83,510		18,569,283
Twitter, Inc.^(a)		149,600		5,788,024
				92,245,657
Media (1.26%)
Comcast Corp., Class A		260,635		12,202,931
Omnicom Group, Inc.		139,715		11,859,009
				24,061,940
CONSUMER DISCRETIONARY (13.46%)
Auto Components (1.28%)
Cie Generale des Etablissements Michelin SCA^(b)		284,800		7,695,296
Lear Corp.		117,329		16,729,942
				24,425,238
Hotels, Restaurants & Leisure (1.64%)
Booking Holdings, Inc.^(a)		8,147		19,132,822
Yum! Brands, Inc.		102,203		12,114,122
				31,246,944
Household Durables (2.96%)
Lennar Corp., Class A		111,600		9,058,572
Lennar Corp., Class B		2,500		170,875
Mohawk Industries, Inc.^(a)		59,064		7,335,749
Newell Brands, Inc.		670,289		14,350,887
Sony Group Corp.^(b)		248,446		25,517,889
				56,433,972
Internet & Direct Marketing Retail (2.47%)
Amazon.com, Inc.^(a)		14,434		47,054,118

Multiline Retail (1.80%)
Dollar General Corp.		83,528		18,595,839
Dollar Tree, Inc.^(a)		97,540		15,621,031
				34,216,870
Specialty Retail (1.55%)
CarMax, Inc.^(a)		73,715		7,112,023

See Notes to Schedule of Investments.

First Quarter Report (Unaudited) | March 31, 2022

Liberty All-Star^® Equity Fund

Schedule of Investments

March 31, 2022 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (continued)
Specialty Retail (continued)
Home Depot, Inc.	26,980	$	8,075,923
TJX Cos., Inc.	123,846		7,502,591
Ulta Beauty, Inc.^(a)	17,071		6,798,014
			29,488,551
Textiles, Apparel & Luxury Goods (1.76%)
Gildan Activewear, Inc.	253,813		9,512,911
NIKE, Inc., Class B	55,860		7,516,521
PVH Corp.	107,324		8,222,092
Skechers U.S.A., Inc., Class A^(a)	201,976		8,232,542
			33,484,066
CONSUMER STAPLES (2.83%)
Beverages (0.81%)
Coca-Cola Co.	135,500		8,401,000
Constellation Brands, Inc., Class A	30,300		6,978,696
			15,379,696
Food & Staples Retailing (0.60%)
Costco Wholesale Corp.	19,716		11,353,458

Food Products (0.35%)
Tyson Foods, Inc., Class A	74,900		6,713,287

Household Products (0.44%)
Procter & Gamble Co.	54,600		8,342,880

Personal Products (0.63%)
Unilever PLC^(b)	264,396		12,048,526

ENERGY (3.45%)
Energy Equipment & Services (1.94%)
Baker Hughes Co.	165,705		6,033,319
Halliburton Co.	322,255		12,203,797
NOV, Inc.	483,622		9,483,827
Schlumberger NV	222,860		9,206,347
			36,927,290
Oil, Gas & Consumable Fuels (1.51%)
Coterra Energy, Inc.	326,100		8,794,917
Exxon Mobil Corp.	112,179		9,264,864
Phillips 66	65,400		5,649,906
Shell PLC^(b)	91,039		5,000,772
			28,710,459

See Notes to Schedule of Investments.

8	www.all-starfunds.com

Liberty All-Star^® Equity Fund

Schedule of Investments

March 31, 2022 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (continued)
FINANCIALS (18.19%)
Banks (4.29%)
Bank of America Corp.	136,340	$	5,619,935
Citigroup, Inc.	268,419		14,333,574
Commerce Bancshares, Inc.	77,700		5,562,543
Cullen/Frost Bankers, Inc.	54,700		7,571,027
JPMorgan Chase & Co.	131,075		17,868,144
Mitsubishi UFJ Financial Group, Inc.^(b)(c)	676,000		4,184,440
PNC Financial Services Group, Inc.	48,200		8,890,490
Wells Fargo & Co.	365,447		17,709,562
			81,739,715
Capital Markets (5.70%)
Ameriprise Financial, Inc.	33,000		9,911,880
Blackstone Group LP	79,700		10,117,118
Charles Schwab Corp.	281,456		23,729,555
Goldman Sachs Group, Inc.	18,928		6,248,133
MSCI, Inc.	26,992		13,573,737
Northern Trust Corp.	102,610		11,948,935
S&P Global, Inc.	63,405		26,007,463
UBS Group AG^(c)	361,404		7,061,834
			108,598,655
Consumer Finance (1.60%)
American Express Co.	54,492		10,190,004
Capital One Financial Corp.	154,497		20,283,911
			30,473,915
Diversified Financial Services (2.31%)
Berkshire Hathaway, Inc., Class B^(a)	67,578		23,848,952
Equitable Holdings, Inc.	371,413		11,480,376
Voya Financial, Inc.	129,803		8,612,429
			43,941,757
Insurance (4.29%)
American International Group, Inc.	302,878		19,011,652
Arch Capital Group, Ltd.^(a)	182,061		8,815,394
Axis Capital Holdings, Ltd.	171,252		10,355,608
Chubb, Ltd.	36,856		7,883,498
Cincinnati Financial Corp.	71,000		9,653,160
MetLife, Inc.	202,485		14,230,646
Progressive Corp.	102,715		11,708,483
			81,658,441
HEALTH CARE (14.28%)
Biotechnology (0.98%)
Amgen, Inc.	35,000		8,463,700

See Notes to Schedule of Investments.

First Quarter Report (Unaudited) | March 31, 2022

Liberty All-Star^® Equity Fund

Schedule of Investments

March 31, 2022 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (continued)
Biotechnology (continued)
Regeneron Pharmaceuticals, Inc.^(a)	14,761	$	10,309,378
			18,773,078
Health Care Equipment & Supplies (4.25%)
Abbott Laboratories	99,851		11,818,364
Alcon, Inc.^(c)	101,700		8,067,861
Align Technology, Inc.^(a)	19,546		8,522,056
Boston Scientific Corp.^(a)	151,897		6,727,518
Dexcom, Inc.^(a)	17,111		8,753,988
Intuitive Surgical, Inc.^(a)	30,508		9,203,654
Koninklijke Philips NV	321,403		9,812,438
Medtronic PLC	67,700		7,511,315
Smith & Nephew PLC^(b)(c)	332,057		10,592,618
			81,009,812
Health Care Providers & Services (4.26%)
Cardinal Health, Inc.	88,179		4,999,749
Fresenius Medical Care AG & Co. KGaA^(b)	636,196		21,427,081
McKesson Corp.	37,804		11,572,939
Quest Diagnostics, Inc.	73,972		10,123,808
UnitedHealth Group, Inc.	64,654		32,971,600
			81,095,177
Life Sciences Tools & Services (3.13%)
Danaher Corp.	93,690		27,482,088
Illumina, Inc.^(a)	27,590		9,639,946
IQVIA Holdings, Inc.^(a)	38,367		8,870,834
Thermo Fisher Scientific, Inc.	22,976		13,570,774
			59,563,642
Pharmaceuticals (1.66%)
Bristol-Myers Squibb Co.	144,486		10,551,813
Elanco Animal Health, Inc.^(a)	211,900		5,528,471
Pfizer, Inc.	95,506		4,944,346
Zoetis, Inc.	55,850		10,532,751
			31,557,381
INDUSTRIALS (7.67%)
Aerospace & Defense (0.70%)
General Dynamics Corp.	31,200		7,524,816
Textron, Inc.	78,387		5,830,425
			13,355,241
Building Products (1.25%)
Carlisle Cos., Inc.	27,819		6,841,248

See Notes to Schedule of Investments.

10	www.all-starfunds.com

Liberty All-Star^® Equity Fund

Schedule of Investments

March 31, 2022 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (continued)
Building Products (continued)
Masco Corp.	332,989	$	16,982,439
			23,823,687
Commercial Services & Supplies (0.36%)
Waste Connections, Inc.	48,650		6,796,405

Electrical Equipment (0.39%)
Eaton Corp. PLC	48,689		7,389,043

Industrial Conglomerates (1.41%)
General Electric Co.	201,838		18,468,177
Honeywell International, Inc.	43,300		8,425,314
			26,893,491
Machinery (3.12%)
Dover Corp.	62,034		9,733,134
Oshkosh Corp.	58,000		5,837,700
PACCAR, Inc.	140,423		12,367,054
Parker-Hannifin Corp.	33,400		9,477,584
Wabtec Corp.	152,075		14,625,053
Xylem, Inc.	87,000		7,417,620
			59,458,145
Professional Services (0.44%)
TransUnion	81,400		8,411,876

INFORMATION TECHNOLOGY (20.49%)
Electronic Equipment, Instruments & Components (0.18%)
CDW Corp.	19,254		3,444,348

IT Services (6.32%)
Amdocs, Ltd.	168,339		13,839,149
Cognizant Technology Solutions Corp., Class A	185,160		16,603,297
FleetCor Technologies, Inc.^(a)	45,999		11,456,511
Mastercard, Inc., Class A	30,196		10,791,447
PayPal Holdings, Inc.^(a)	207,031		23,943,135
Snowflake, Inc., Class A^(a)	18,381		4,211,639
Twilio, Inc., Class A^(a)	31,363		5,168,936
Visa, Inc., Class A	154,985		34,371,023
			120,385,137
Semiconductors & Semiconductor Equipment (3.72%)
ASML Holding N.V.	13,944		9,313,616
Enphase Energy, Inc.^(a)	17,651		3,561,619

See Notes to Schedule of Investments.

First Quarter Report (Unaudited) | March 31, 2022

Liberty All-Star^® Equity Fund

Schedule of Investments

March 31, 2022 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
Microchip Technology, Inc.	136,000	$	10,219,040
Micron Technology, Inc.	185,844		14,475,389
NVIDIA Corp.	82,967		22,638,375
QUALCOMM, Inc.	70,000		10,697,400
			70,905,439
Software (9.84%)
Adobe, Inc.^(a)	59,993		27,334,011
ANSYS, Inc.^(a)	33,300		10,577,745
Autodesk, Inc.^(a)	49,364		10,581,174
Crowdstrike Holdings, Inc.^(a)	28,588		6,491,763
Intuit, Inc.	30,394		14,614,651
Microsoft Corp.	116,761		35,998,584
RingCentral, Inc., Class A^(a)	47,878		5,611,780
Salesforce.com, Inc.^(a)	119,501		25,372,452
SAP SE^(b)	70,000		7,767,200
ServiceNow, Inc.^(a)	36,715		20,446,216
Trade Desk, Inc., Class A^(a)	107,901		7,472,144
Workday, Inc., Class A^(a)	62,885		15,058,442
			187,326,162
Technology Hardware, Storage & Peripherals (0.43%)
Hewlett Packard Enterprise Co.	490,898		8,202,906

MATERIALS (4.73%)
Chemicals (3.34%)
Corteva, Inc.	215,700		12,398,436
Dow Chemical Co.	180,895		11,526,629
Ecolab, Inc.	85,028		15,012,544
PPG Industries, Inc.	69,645		9,128,370
RPM International, Inc.	89,000		7,248,160
Sherwin-Williams Co.	33,012		8,240,455
			63,554,594
Construction Materials (0.54%)
Martin Marietta Materials, Inc.	26,700		10,276,563

Containers & Packaging (0.85%)
Avery Dennison Corp.	12,677		2,205,418
Ball Corp.	156,038		14,043,420
			16,248,838
REAL ESTATE (2.28%)
Equity Real Estate Investment Trusts (REITs) (2.28%)
American Tower Corp.	54,800		13,766,856

See Notes to Schedule of Investments.

12	www.all-starfunds.com

Liberty All-Star^® Equity Fund

Schedule of Investments

March 31, 2022 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (REITs) (continued)
Crown Castle International Corp.	50,600	$	9,340,760
Equinix, Inc.	15,917		11,804,366
Equity LifeStyle Properties, Inc.	55,700		4,259,936
Sun Communities, Inc.	24,200		4,242,018
			43,413,936
UTILITIES (2.67%)
Electric Utilities (2.16%)
Edison International	226,635		15,887,113
NRG Energy, Inc.	405,575		15,557,857
Xcel Energy, Inc.	135,034		9,745,404
			41,190,374
Gas Utilities (0.51%)
Atmos Energy Corp.	80,500		9,618,945

TOTAL COMMON STOCKS
(COST OF $1,412,595,241)			1,854,444,708

SHORT TERM INVESTMENTS (3.65%)
MONEY MARKET FUND (2.94%)
State Street Institutional US Government Money Market Fund, 0.24%^(d)
(COST OF $56,087,240)	56,087,240		56,087,240

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED (0.71%)
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25%
(COST OF $13,553,772)	13,553,772		13,553,772

TOTAL SHORT TERM INVESTMENTS
(COST OF $69,641,012)			69,641,012

TOTAL INVESTMENTS (101.02%)
(COST OF $1,482,236,253)			1,924,085,720

LIABILITIES IN EXCESS OF OTHER ASSETS (-1.02%)			(19,494,490	)

NET ASSETS (100.00%)		$	1,904,591,230

NET ASSET VALUE PER SHARE
(257,062,005 SHARES OUTSTANDING)		$	7.41

See Notes to Schedule of Investments.

First Quarter Report (Unaudited) | March 31, 2022

Liberty All-Star^® Equity Fund

Schedule of Investments

March 31, 2022 (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 $13,119,810.
^(d)	Rate reflects seven-day effective yield on March 31, 2022.

See Notes to Schedule of Investments.

14	www.all-starfunds.com

Liberty All-Star^® Equity Fund

Notes to Schedule of Investments

March 31, 2022 (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 March 31, 2022, 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.

Third Quarter Report (Unaudited) | March 31, 2022

Liberty All-Star^® Equity Fund

Notes to Schedule of Investments

March 31, 2022 (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 March 31, 2022:

Market Value of

Securities on Loan

Cash

Collateral Received

Non-Cash

Collateral Received

Total

Collateral Received

$ 13,119,810

$ 13,553,772

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.

16	www.all-starfunds.com

Liberty All-Star^® Equity Fund

Notes to Schedule of Investments

March 31, 2022 (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 March 31, 2022:

	Valuation Inputs
Investments in Securities at Value		Level 1		Level 2		Level 3		Total
Common Stocks*	$	1,854,444,708	$	–	$	–	$	1,854,444,708
Short Term Investments		69,641,012		–		–		69,641,012
Total	$	1,924,085,720	$	–	$	–	$	1,924,085,720

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.

Third Quarter Report (Unaudited) | March 31, 2022

Liberty All-Star^® Equity Fund

Description of Lipper Benchmark
and Market Indices

March 31, 2022 (Unaudited)

Dow Jones Industrial Average

A price-weighted measure of 30 U.S. blue-chip companies.

Lipper Large-Cap Core Mutual Fund Average

The average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s U.S. domestic equity large-cap floor. These funds typically have average characteristics compared to the S&P 500^® Index.

NASDAQ Composite Index

Measures all NASDAQ domestic and international based common type stocks listed on the NASDAQ Stock Market.

Russell 3000^® Growth Index

Measures the performance of those Russell 3000^® companies with lower book-to-price ratios and higher growth values. The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

Russell 3000^® Value Index

Measures the performance of those Russell 3000^® companies with higher book-to-price ratios and lower growth values.

S&P 500^® Index

A large-cap U.S. equities index that includes 500 leading companies and represents more than 83% of the total domestic U.S. equity market capitalization.

An investor cannot invest directly in an index.

18	www.all-starfunds.com