NPORT-EX 2 fp0083678-1_nportex.htm

Liberty All-Star^® Equity Fund Schedule of Investments

March 31, 2023 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (97.33%)
COMMUNICATION SERVICES (5.48%)
Entertainment (1.14%)
Activision Blizzard, Inc.			91,000			$	7,788,690
Netflix, Inc.(a)			31,763				10,973,481
							18,762,171
Interactive Media & Services (2.91%)
Alphabet, Inc., Class A(a)			135,960				14,103,131
Alphabet, Inc., Class C(a)			325,771				33,880,184
							47,983,315
Media (1.43%)
Charter Communications, Inc., Class A(a)			14,189				5,074,128
Omnicom Group, Inc.			119,330				11,257,592
Trade Desk, Inc., Class A(a)			121,016				7,371,085
							23,702,805
CONSUMER DISCRETIONARY (14.01%)
Automobile Components (1.75%)
Cie Generale des Etablissements Michelin SCA(b)			433,000				6,559,950
Lear Corp.			109,726				15,305,680
Magna International, Inc., Class A(c)			131,995				7,070,972
							28,936,602
Broadline Retail (2.09%)
Amazon.com, Inc.(a)			333,230				34,419,327
Hotels, Restaurants & Leisure (3.04%)
Booking Holdings, Inc.(a)			10,855				28,791,911
Starbucks Corp.			94,092				9,797,800
Yum! Brands, Inc.			87,088				11,502,583
							50,092,294
Household Durables (3.11%)
Lennar Corp., Class A			91,300				9,596,543
Lennar Corp., Class B			2,500				223,275
Mohawk Industries, Inc.(a)			67,297				6,744,505
Newell Brands, Inc.			783,352				9,744,899
Sony Group Corp.(b)			276,755				25,087,841
							51,397,063
Specialty Retail (1.99%)
CarMax, Inc.(a)			146,723				9,431,355
Home Depot, Inc.			30,160				8,900,819
TJX Cos., Inc.			67,379				5,279,818

See Notes to Schedule of Investments.

First Quarter Report (Unaudited) | March 31, 2023 7

Liberty All-Star^® Equity Fund Schedule of Investments

March 31, 2023 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (continued)
Specialty Retail (continued)
Ulta Beauty, Inc.(a)			16,842			$	9,190,174
							32,802,166
Textiles, Apparel & Luxury Goods (2.03%)
Gildan Activewear, Inc.			322,869				10,716,022
NIKE, Inc., Class B			66,809				8,193,456
PVH Corp.			77,568				6,915,963
Skechers U.S.A., Inc., Class A(a)			160,928				7,647,298
							33,472,739
CONSUMER STAPLES (5.01%)
Beverages (0.90%)
Coca-Cola Co.			135,500				8,405,065
Constellation Brands, Inc., Class A			28,400				6,415,276
							14,820,341
Consumer Staples Distribution & Retail (1.74%)
Costco Wholesale Corp.			22,019				10,940,581
Dollar Tree, Inc.(a)			76,177				10,935,208
SYSCO Corp.			87,800				6,780,794
							28,656,583
Household Products (0.46%)
Procter & Gamble Co.			50,700				7,538,583
Multiline Retail (1.31%)
Dollar General Corp.			102,993				21,675,907
Personal Care Products (0.60%)
Unilever PLC(b)			191,331				9,935,819
ENERGY (2.10%)
Energy Equipment & Services (1.02%)
Halliburton Co.			159,764				5,054,933
NOV, Inc.			316,776				5,863,524
Schlumberger NV			120,475				5,915,322
							16,833,779
Oil, Gas & Consumable Fuels (1.08%)
Coterra Energy, Inc.			326,100				8,002,494
Phillips 66			61,100				6,194,318
Shell PLC(b)			64,587				3,716,336
							17,913,148

See Notes to Schedule of Investments.

8 www.all-starfunds.com

Liberty All-Star^® Equity Fund Schedule of Investments

March 31, 2023 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (continued)
FINANCIALS (20.45%)
Banks (3.88%)
Bank of America Corp.			221,632			$	6,338,675
Citigroup, Inc.			311,076				14,586,354
Commerce Bancshares, Inc.			73,710				4,300,978
Cullen/Frost Bankers, Inc.			52,400				5,519,816
JPMorgan Chase & Co.			69,655				9,076,743
Mitsubishi UFJ Financial Group, Inc.(b)(c)			724,500				4,629,555
PNC Financial Services Group, Inc.			48,200				6,126,220
Wells Fargo & Co.			357,023				13,345,520
							63,923,861
Capital Markets (6.03%)
Ameriprise Financial, Inc.			29,500				9,041,750
BlackRock, Inc.			9,656				6,461,023
Blackstone Group LP			75,400				6,623,136
Charles Schwab Corp.			353,921				18,538,382
Goldman Sachs Group, Inc.			16,458				5,383,576
MSCI, Inc.			23,530				13,169,506
Northern Trust Corp.			120,542				10,623,366
S&P Global, Inc.			76,361				26,326,982
UBS Group AG(c)			157,406				3,359,044
							99,526,765
Consumer Finance (1.72%)
American Express Co.			59,143				9,755,638
Capital One Financial Corp.			194,392				18,692,735
							28,448,373
Financial Services (5.36%)
Berkshire Hathaway, Inc., Class B(a)			47,034				14,522,688
Equitable Holdings, Inc.			371,413				9,430,176
FleetCor Technologies, Inc.(a)			38,829				8,187,095
Mastercard, Inc., Class A			33,723				12,255,276
PayPal Holdings, Inc.(a)			64,945				4,931,923
Visa, Inc., Class A			144,229				32,517,870
Voya Financial, Inc.			92,584				6,616,053
							88,461,081
Insurance (3.46%)
American International Group, Inc.			134,095				6,753,024
Aon PLC, Class A			37,642				11,868,146
Arch Capital Group, Ltd.(a)			99,774				6,771,661
Axis Capital Holdings, Ltd.			153,818				8,386,157
Cincinnati Financial Corp.			67,400				7,554,192
MetLife, Inc.			155,057				8,984,003

See Notes to Schedule of Investments.

First Quarter Report (Unaudited) | March 31, 2023 9

Liberty All-Star^® Equity Fund Schedule of Investments

March 31, 2023 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (continued)
Insurance (continued)
Progressive Corp.			47,528			$	6,799,356
							57,116,539
HEALTH CARE (14.16%)
Biotechnology (1.15%)
Amgen, Inc.			36,600				8,848,050
Regeneron Pharmaceuticals, Inc.(a)			12,214				10,035,877
							18,883,927
Health Care Equipment & Supplies (4.44%)
Alcon, Inc.			100,000				7,054,000
Align Technology, Inc.(a)			15,233				5,089,955
Boston Scientific Corp.(a)			169,769				8,493,543
Dexcom, Inc.(a)			76,642				8,904,267
GE HealthCare Technologies, Inc.(a)			40,428				3,316,309
Intuitive Surgical, Inc.(a)			62,790				16,040,961
Koninklijke Philips NV			398,739				7,316,861
Medtronic PLC			112,990				9,109,254
Smith & Nephew PLC(b)(c)			283,558				7,914,104
							73,239,254
Health Care Providers & Services (3.52%)
Cardinal Health, Inc.			52,166				3,938,533
Fresenius Medical Care AG & Co. KGaA(b)			875,097				18,604,562
UnitedHealth Group, Inc.			75,331				35,600,677
							58,143,772
Life Sciences Tools & Services (3.18%)
Danaher Corp.			89,309				22,509,440
IQVIA Holdings, Inc.(a)			94,007				18,697,052
Thermo Fisher Scientific, Inc.			19,493				11,235,181
							52,441,673
Pharmaceuticals (1.87%)
Bristol-Myers Squibb Co.			115,431				8,000,523
Merck & Co., Inc.			81,700				8,692,063
Pfizer, Inc.			76,452				3,119,242
Zoetis, Inc.			66,674				11,097,220
							30,909,048
INDUSTRIALS (7.79%)
Aerospace & Defense (0.41%)
General Dynamics Corp.			29,400				6,709,374
Building Products (1.26%)
Carlisle Cos., Inc.			41,584				9,400,895

See Notes to Schedule of Investments.

10 www.all-starfunds.com

Liberty All-Star^® Equity Fund Schedule of Investments

March 31, 2023 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (continued)
Building Products (continued)
Masco Corp.			228,029			$	11,337,602
							20,738,497
Commercial Services & Supplies (0.46%)
Waste Connections, Inc.			54,389				7,563,878
Electrical Equipment (0.51%)
Eaton Corp. PLC			49,426				8,468,651
Industrial Conglomerates (1.44%)
General Electric Co.			171,032				16,350,659
Honeywell International, Inc.			39,000				7,453,680
							23,804,339
Machinery (2.54%)
Oshkosh Corp.			58,000				4,824,440
PACCAR, Inc.			134,420				9,839,544
Parker-Hannifin Corp.			29,900				10,049,689
Wabtec Corp.			92,513				9,349,364
Xylem, Inc.			75,500				7,904,850
							41,967,887
Professional Services (0.33%)
TransUnion			86,400				5,368,896
Trading Companies & Distributors (0.84%)
Ferguson PLC			103,790				13,881,912
INFORMATION TECHNOLOGY (18.93%)
Electronic Equipment & Instruments (0.29%)
TE Connectivity Ltd.			36,977				4,849,534
Electronic Equipment, Instruments & Components (0.78%)
CDW Corp.			65,742				12,812,458
IT Services (1.30%)
Amdocs, Ltd.			67,795				6,510,354
Cognizant Technology Solutions Corp., Class A			183,958				11,208,561
Snowflake, Inc., Class A(a)			24,016				3,705,428
							21,424,343
Semiconductors & Semiconductor Equipment (4.25%)
ASML Holding N.V.			15,093				10,273,956
Enphase Energy, Inc.(a)			25,657				5,395,154

See Notes to Schedule of Investments.

First Quarter Report (Unaudited) | March 31, 2023 11

Liberty All-Star^® Equity Fund Schedule of Investments

March 31, 2023 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
Microchip Technology, Inc.			125,600			$	10,522,768
Micron Technology, Inc.			199,535				12,039,942
NVIDIA Corp.			84,204				23,389,345
QUALCOMM, Inc.			66,400				8,471,312
							70,092,477
Software (12.31%)
Adobe, Inc.(a)			72,037				27,760,899
ANSYS, Inc.(a)			31,500				10,483,200
Autodesk, Inc.(a)			87,040				18,118,247
Crowdstrike Holdings, Inc., Class A(a)			51,759				7,104,440
Intuit, Inc.			26,958				12,018,685
Microsoft Corp.			179,221				51,669,414
Salesforce, Inc.(a)			112,302				22,435,694
SAP SE(b)			94,229				11,924,680
ServiceNow, Inc.(a)			59,700				27,743,784
Workday, Inc., Class A(a)			67,119				13,862,758
							203,121,801
MATERIALS (5.64%)
Chemicals (3.83%)
Corteva, Inc.			217,400				13,111,394
Dow, Inc.			299,505				16,418,864
Ecolab, Inc.			112,000				18,539,360
RPM International, Inc.			80,400				7,014,096
Sherwin-Williams Co.			36,371				8,175,110
							63,258,824
Construction Materials (0.54%)
Martin Marietta Materials, Inc.			25,300				8,983,018
Containers & Packaging (1.27%)
Avery Dennison Corp.			63,687				11,395,515
Ball Corp.			172,278				9,494,240
							20,889,755
REAL ESTATE (2.07%)
Residential REITs (0.30%)
Equity LifeStyle Properties, Inc.			72,445				4,863,233
Specialized REITs (1.77%)
American Tower Corp.			53,347				10,900,926
Crown Castle, Inc.			50,600				6,772,304

See Notes to Schedule of Investments.

12 www.all-starfunds.com

Liberty All-Star^® Equity Fund Schedule of Investments

March 31, 2023 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (continued)
Specialized REITs (continued)
Equinix, Inc.			16,028			$	11,556,829
							29,230,059
UTILITIES (1.69%)
Electric Utilities (1.20%)
Edison International			167,315				11,810,766
Xcel Energy, Inc.			118,000				7,957,920
							19,768,686
Gas Utilities (0.49%)
Atmos Energy Corp.			72,300				8,123,628
TOTAL COMMON STOCKS
(COST OF $1,394,076,004)							1,605,958,185
SHORT TERM INVESTMENTS (3.44%)
MONEY MARKET FUND (2.64%)
State Street Institutional US Government Money Market Fund, 4.67%(d)
(COST OF $43,612,649)			43,612,649				43,612,649
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED (0.80%)
State Street Navigator Securities Lending Government Money Market Portfolio, 4.84%
(COST OF $13,154,800)			13,154,800				13,154,800
TOTAL SHORT TERM INVESTMENTS
(COST OF $56,767,449)							56,767,449
TOTAL INVESTMENTS (100.77%)
(COST OF $1,450,843,453)							1,662,725,634
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.77%)							(12,773,602	)
NET ASSETS (100.00%)						$	1,649,952,032
NET ASSET VALUE PER SHARE
(268,131,394 SHARES OUTSTANDING)						$	6.15

See Notes to Schedule of Investments.

First Quarter Report (Unaudited) | March 31, 2023 13

Liberty All-Star^® Equity Fund Schedule of Investments

March 31, 2023 (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 $15,677,384.

^(d) Rate reflects seven-day effective yield on March 31, 2023.

See Notes to Schedule of Investments.

14 www.all-starfunds.com

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

March 31, 2023 (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 (“NAV”) 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"). The Board approved changes to the Fund’s valuation policy to comply with Rule 2a-5 and designated ALPS Advisors, Inc. (the “Advisor”) as the Fund’s Valuation Designee (as defined in the rule). The Valuation Designee will be responsible for determining fair value in good faith for all Fund investments, subject to oversight by 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 Advisor’s Valuation Committee using fair valuation procedures established by the Valuation Designee. Examples of potentially significant events that could materially impact a Fund’s NAV 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, 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, 2023, 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.

First Quarter Report (Unaudited) | March 31, 2023 15

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

March 31, 2023 (Unaudited)

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.

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, 2023:

Market Value of Securities on Loan				Cash  Collateral Received				Non-Cash Collateral Received				Total Collateral Received
$	15,677,384			$	13,154,800			$	2,591,624			$	15,746,424

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, 2023 (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 open-end mutual funds 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, 2023:

			Valuation Inputs
Investments in Securities at Value			Level 1				Level 2				Level 3				Total
Common Stocks*		$	1,605,958,185			$	–			$	–			$	1,605,958,185
Short Term Investments			56,767,449				–				–				56,767,449
Total		$	1,662,725,634			$	–			$	–			$	1,662,725,634

* See Schedule of Investments for industry classifications.

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

First Quarter Report (Unaudited) | March 31, 2023 17

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

March 31, 2023 (Unaudited)

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.

18 www.all-starfunds.com

Liberty All-Star^® Equity Fund Description of Lipper Benchmark and Market Indices

March 31, 2023 (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 96% 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 approximately 80% of the total domestic U.S. equity market capitalization.

An investor cannot invest directly in an index.

First Quarter Report (Unaudited) | March 31, 2023 19