NPORT-EX 2 fp0096361-1_nportex.htm

Liberty All-Star^® Equity Fund Schedule of Investments

September 30, 2025 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (97.48%)
COMMUNICATION SERVICES (6.34%)
Diversified Telecommunication Services (0.42%)
Verizon Communications, Inc.			199,100			$	8,750,445
Entertainment (0.63%)
Netflix, Inc.(a)			6,459				7,743,824
Spotify Technology SA(a)			7,678				5,359,244
							13,103,068
Interactive Media & Services (5.12%)
Alphabet, Inc., Class A			63,598				15,460,674
Alphabet, Inc., Class C			209,300				50,975,015
Meta Platforms, Inc., Class A			54,370				39,928,240
							106,363,929
Media (0.17%)
Trade Desk, Inc., Class A(a)			71,561				3,507,205
CONSUMER DISCRETIONARY (11.34%)
Automobile Components (1.42%)
Lear Corp.			134,405				13,522,487
Magna International, Inc., Class A			338,513				16,038,746
							29,561,233
Broadline Retail (2.57%)
Amazon.com, Inc.(a)			243,232				53,406,450
Hotels, Restaurants & Leisure (3.36%)
Aramark(b)			497,736				19,113,062
Booking Holdings, Inc.			4,243				22,909,103
Chipotle Mexican Grill, Inc.(a)			269,934				10,578,714
Yum! Brands, Inc.			113,375				17,233,000
							69,833,879
Household Durables (1.95%)
Lennar Corp., Class A			83,500				10,524,340
Newell Brands, Inc.(b)			783,352				4,104,764
Sony Group Corp.(b)(c)			895,591				25,784,065
							40,413,169
Specialty Retail (1.43%)
CarMax, Inc.(a)			236,081				10,592,954
Lowe's Cos., Inc.			32,400				8,142,444
O'Reilly Automotive, Inc.(a)			101,800				10,975,058
							29,710,456

See Notes to Schedule of Investments.

8 www.all-starfunds.com

Liberty All-Star^® Equity Fund Schedule of Investments

September 30, 2025 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods (0.61%)
NIKE, Inc., Class B			113,598			$	7,921,189
PVH Corp.(b)			56,548				4,737,026
							12,658,215
CONSUMER STAPLES (4.53%)
Beverages (0.57%)
Coca-Cola Co.			124,600				8,263,472
Constellation Brands, Inc., Class A			26,700				3,595,689
							11,859,161
Consumer Staples Distribution & Retail (1.68%)
Costco Wholesale Corp.			13,307				12,317,358
Dollar Tree, Inc.(a)(b)			94,185				8,888,239
SYSCO Corp.			167,234				13,770,048
							34,975,645
Food Products (0.45%)
Tyson Foods, Inc., Class A			172,180				9,349,374
Household Products (0.36%)
Procter & Gamble Co.			48,400				7,436,660
Multiline Retail (0.82%)
Dollar General Corp.			163,638				16,911,987
Personal Care Products (0.65%)
Unilever PLC(b)(c)			228,744				13,559,944
ENERGY (1.81%)
Energy Equipment & Services (0.63%)
NOV, Inc.			441,864				5,854,698
Schlumberger NV			209,488				7,200,103
							13,054,801
Oil, Gas & Consumable Fuels (1.18%)
Coterra Energy, Inc.			291,400				6,891,610
Shell PLC(b)(c)			145,792				10,428,502
TotalEnergies SE(b)(c)			120,400				7,186,676
							24,506,788
FINANCIALS (18.70%)
Banks (4.67%)
Bank of America Corp.			282,564				14,577,477
Citigroup, Inc.			194,143				19,705,514
Commerce Bancshares, Inc.			32,333				1,932,220

See Notes to Schedule of Investments.

Third Quarter Report (Unaudited)  |  September 30, 2025 9

Liberty All-Star^® Equity Fund Schedule of Investments

September 30, 2025 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (continued)
Banks (continued)
Cullen/Frost Bankers, Inc.(b)			48,700			$	6,173,699
Mitsubishi UFJ Financial Group, Inc.(b)(c)			600,000				9,564,000
PNC Financial Services Group, Inc.			42,200				8,479,246
U.S. Bancorp			193,800				9,366,354
Wells Fargo & Co.			324,408				27,191,879
							96,990,389
Capital Markets (4.38%)
Ameriprise Financial, Inc.			22,734				11,168,078
BlackRock, Inc.			6,007				7,003,381
Blackstone Group LP			54,700				9,345,495
Charles Schwab Corp.			306,451				29,256,877
S&P Global, Inc.			49,919				24,296,076
UBS Group AG(b)			242,844				9,956,604
							91,026,511
Consumer Finance (2.52%)
American Express Co.			30,944				10,278,359
Capital One Financial Corp.			197,418				41,967,118
							52,245,477
Financial Services (4.94%)
Berkshire Hathaway, Inc., Class B(a)			27,132				13,640,342
Corebridge Financial, Inc.			391,221				12,538,633
Equitable Holdings, Inc.			116,546				5,918,206
Global Payments, Inc.			181,644				15,090,984
Mastercard, Inc., Class A			24,409				13,884,083
Visa, Inc., Class A			97,467				33,273,284
Voya Financial, Inc.(b)			110,585				8,271,758
							102,617,290
Insurance (2.19%)
American International Group, Inc.			112,700				8,851,458
Aon PLC, Class A			32,998				11,766,427
MetLife, Inc.			193,512				15,939,584
Progressive Corp.			32,215				7,955,494
Sony Financial Group, Inc.(a)			179,118				1,047,841
							45,560,804
HEALTH CARE (13.49%)
Biotechnology (0.44%)
Amgen, Inc.			32,000				9,030,400
Health Care Equipment & Supplies (5.34%)
Alcon AG(b)			93,800				6,989,038
Baxter International, Inc.			851,152				19,380,731

See Notes to Schedule of Investments.

10 www.all-starfunds.com

Liberty All-Star^® Equity Fund Schedule of Investments

September 30, 2025 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (continued)
Health Care Equipment & Supplies (continued)
Becton Dickinson & Co.			87,612			$	16,398,338
Boston Scientific Corp.(a)			97,171				9,486,805
Cooper Cos., Inc.(a)			171,673				11,769,901
Dexcom, Inc.(a)			77,410				5,208,919
Intuitive Surgical, Inc.(a)			20,038				8,961,595
Koninklijke Philips NV(b)			516,026				14,066,869
Medtronic PLC			195,386				18,608,562
							110,870,758
Health Care Providers & Services (5.40%)
CVS Health Corp.			294,840				22,227,988
Fresenius Medical Care AG(c)			1,132,792				29,826,414
Humana, Inc.			77,649				20,201,940
Quest Diagnostics, Inc.			83,659				15,943,732
UnitedHealth Group, Inc.			69,440				23,977,632
							112,177,706
Life Sciences Tools & Services (0.76%)
Danaher Corp.			79,359				15,733,715
Pharmaceuticals (1.55%)
Bristol-Myers Squibb Co.			246,566				11,120,127
Merck & Co., Inc.			76,500				6,420,645
Pfizer, Inc.			367,153				9,355,058
Zoetis, Inc.			36,826				5,388,380
							32,284,210
INDUSTRIALS (10.40%)
Aerospace & Defense (0.97%)
General Dynamics Corp.			27,100				9,241,100
General Electric Co.			36,511				10,983,239
							20,224,339
Building Products (2.29%)
Allegion PLC			56,713				10,058,051
Carlisle Cos., Inc.			19,273				6,340,046
Carrier Global Corp.			275,774				16,463,708
Masco Corp.			209,629				14,755,785
							47,617,590
Commercial Services & Supplies (1.26%)
Waste Connections, Inc.			40,269				7,079,290
Waste Management, Inc.			86,159				19,026,492
							26,105,782

See Notes to Schedule of Investments.

Third Quarter Report (Unaudited)  |  September 30, 2025 11

Liberty All-Star^® Equity Fund Schedule of Investments

September 30, 2025 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (continued)
Electrical Equipment (0.40%)
Eaton Corp. PLC			22,011			$	8,237,617
Ground Transportation (1.96%)
Canadian Pacific Kansas City, Ltd.			204,468				15,230,821
CSX Corp.			424,535				15,075,238
Uber Technologies, Inc.(a)			105,503				10,336,129
							40,642,188
Machinery (1.30%)
Oshkosh Corp.			51,100				6,627,670
Parker-Hannifin Corp.			27,000				20,470,050
							27,097,720
Passenger Airlines (0.48%)
Delta Air Lines, Inc.			174,364				9,895,157
Trading Companies & Distributors (1.74%)
Ferguson Enterprises, Inc.			115,905				26,029,945
WW Grainger, Inc.			10,536				10,040,386
							36,070,331
INFORMATION TECHNOLOGY (24.62%)
Communications Equipment (0.28%)
Arista Networks, Inc.(a)			39,880				5,810,915
Electronic Equipment & Instruments (0.33%)
TE Connectivity Ltd.			30,747				6,749,889
Electronic Equipment, Instruments & Components (1.11%)
CDW Corp.			81,917				13,047,740
Teledyne Technologies, Inc.(a)			17,200				10,079,888
							23,127,628
IT Services (2.12%)
Amdocs, Ltd.			132,812				10,897,225
Cognizant Technology Solutions Corp., Class A			180,764				12,123,842
Gartner, Inc.(a)			35,184				9,248,818
Shopify, Inc., Class A(a)			79,789				11,857,443
							44,127,328
Semiconductors & Semiconductor Equipment (8.72%)
ARM Holdings PLC(a)(b)(c)			73,320				10,374,047
ASML Holding N.V.			11,080				10,726,437
Broadcom Inc.			71,463				23,576,358
Microchip Technology, Inc.			121,100				7,777,042

See Notes to Schedule of Investments.

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Liberty All-Star^® Equity Fund Schedule of Investments

September 30, 2025 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
NVIDIA Corp.			562,532			$	104,957,221
QUALCOMM, Inc.			61,500				10,231,140
Skyworks Solutions, Inc.			175,874				13,538,780
							181,181,025
Software (11.46%)
Adobe, Inc.(a)			22,500				7,936,875
Cadence Design Systems, Inc.(a)			28,316				9,946,278
Crowdstrike Holdings, Inc., Class A(a)			24,607				12,066,781
Intuit, Inc.			27,235				18,599,054
Microsoft Corp.			192,017				99,455,205
Palo Alto Networks, Inc.(a)			48,088				9,791,678
Salesforce, Inc.			45,824				10,860,288
ServiceNow, Inc.(a)			38,018				34,987,205
Synopsys, Inc.(a)			51,578				25,448,069
Tyler Technologies, Inc.(a)			16,866				8,823,617
							237,915,050
Technology Hardware, Storage & Equipment (0.60%)
Apple, Inc.			48,764				12,416,777
MATERIALS (4.58%)
Chemicals (3.11%)
Air Products & Chemicals, Inc.			28,336				7,727,794
Corteva, Inc.			196,900				13,316,347
Dow, Inc.			355,607				8,154,068
Ecolab, Inc.			67,585				18,508,828
PPG Industries, Inc.			78,714				8,273,629
RPM International, Inc.			73,800				8,699,544
							64,680,210
Construction Materials (0.60%)
Martin Marietta Materials, Inc.			19,800				12,479,544
Containers & Packaging (0.87%)
Avery Dennison Corp.			110,708				17,953,517
REAL ESTATE (0.26%)
Residential REITs (0.26%)
Equity LifeStyle Properties, Inc.			88,900				5,396,230

See Notes to Schedule of Investments.

Third Quarter Report (Unaudited)  |  September 30, 2025 13

Liberty All-Star^® Equity Fund Schedule of Investments

September 30, 2025 (Unaudited)

		SHARES				VALUE
COMMON STOCKS (continued)
UTILITIES (1.41%)
Electric Utilities (0.45%)
Xcel Energy, Inc.			115,200			$	9,290,880
Gas Utilities (0.56%)
Atmos Energy Corp.			68,100				11,628,075
Water Utilities (0.40%)
American Water Works Co., Inc.			59,900				8,337,481
TOTAL COMMON STOCKS
(COST OF $1,560,890,213)							2,024,484,942
SHORT TERM INVESTMENTS (5.69%)
MONEY MARKET FUND (2.56%)
State Street Institutional US Government Money Market Fund, Premier Class, 4.09%(d)
(COST OF $53,268,185)			53,268,185				53,268,185
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED (3.13%)
State Street Navigator Securities Lending Government Money Market Portfolio, 4.18%
(COST OF $65,001,201)			65,001,201				65,001,201
TOTAL SHORT TERM INVESTMENTS
(COST OF $118,269,386)							118,269,386
TOTAL INVESTMENTS (103.17%)
(COST OF $1,679,159,599)							2,142,754,328
LIABILITIES IN EXCESS OF OTHER ASSETS (-3.17%)							(65,863,265	)
NET ASSETS (100.00%)						$	2,076,891,063
NET ASSET VALUE PER SHARE
(298,148,898 SHARES OUTSTANDING)						$	6.97

See Notes to Schedule of Investments.

14 www.all-starfunds.com

Liberty All-Star^® Equity Fund Schedule of Investments

September 30, 2025 (Unaudited)

(a)	Non-income producing security.
(b)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $115,448,656.
(c)	American Depositary Receipt.
(d)	Rate reflects seven-day effective yield on September 30, 2025.

See Notes to Schedule of Investments.

Third Quarter Report (Unaudited)  |  September 30, 2025 15

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

September 30, 2025 (Unaudited)

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its schedule of investments. The Fund is considered an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services - Investment Companies. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of the Fund as a whole. ALPS Advisors, Inc. (the "Advisor") is the CODM for the Fund. The Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

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 has designated the Advisor as the Fund’s Valuation Designee. The Valuation Designee is 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 September 30, 2025, the Fund held no securities that were fair valued.

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

September 30, 2025 (Unaudited)

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.

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, 2025:

Market Value of Securities on Loan				Cash Collateral Received				Non-Cash Collateral Received				Total Collateral Received
$	115,448,656			$	65,001,201			$	53,763,952			$	118,765,153

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.

Third Quarter Report (Unaudited)  |  September 30, 2025 17

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

September 30, 2025 (Unaudited)

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.

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.

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

September 30, 2025 (Unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2025:

		Valuation Inputs
Investments in Securities at Value		Level 1				Level 2				Level 3				Total
Common Stocks*		$	2,023,437,101			$	1,047,841			$	–			$	2,024,484,942
Short Term Investments			118,269,386				–				–				118,269,386
Total		$	2,141,706,487			$	1,047,841			$	–			$	2,142,754,328

* 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.

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)  |  September 30, 2025 19

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

(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 1000^® Growth Index (Largecap)

Measures the performance of those Russell 1000^® companies with lower book-to-price ratios and higher growth values. The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index.

Russell 1000^® Value Index (Largecap)

Measures the performance of those Russell 1000^® 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 covers approximately 80% of available market capitalization.

S&P 500^® Equal Weight Index

The equal-weight version of the S&P 500^®.

An investor cannot invest directly in an index.

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