NPORT-EX 2 fp0047906_nportex.htm

Liberty All-Star® Growth Fund	Schedule of Investments
	September 30, 2019 (Unaudited)

		SHARES				MARKET VALUE
COMMON STOCKS (98.20%)
COMMUNICATION SERVICES (3.15%)
Entertainment (0.74%)
Take-Two Interactive Software, Inc.(a)			13,000			$	1,629,420
Interactive Media & Services (2.41%)
Alphabet, Inc., Class C(a)			2,518				3,069,442
Care.com, Inc.(a)			7,231				75,564
Eventbrite, Inc., Class A(a)			10				177
Facebook, Inc., Class A(a)			11,986				2,134,467
							5,279,650
CONSUMER DISCRETIONARY (15.82%)
Distributors (1.01%)
Pool Corp.			11,000				2,218,700
Diversified Consumer Services (1.58%)
Chegg, Inc.(a)			115,714				3,465,634
Hotels, Restaurants & Leisure (2.72%)
Lindblad Expeditions Holdings, Inc.(a)			23,292				390,374
Planet Fitness, Inc., Class A(a)			39,728				2,299,059
Yum! Brands, Inc.			28,856				3,273,136
							5,962,569
Internet & Direct Marketing Retail (4.20%)
Amazon.com, Inc.(a)			1,649				2,862,515
Booking Holdings, Inc.(a)			1,156				2,268,777
Etsy, Inc.(a)			30,000				1,695,000
Wayfair, Inc., Class A(a)(b)			21,305				2,388,717
							9,215,009
Multiline Retail (0.76%)
Ollie's Bargain Outlet Holdings, Inc.(a)			28,315				1,660,392
Specialty Retail (3.43%)
Burlington Stores, Inc.(a)			9,500				1,898,290
Five Below, Inc.(a)			15,000				1,891,500
Lowe's Cos., Inc.			14,035				1,543,289
TJX Cos., Inc.			38,983				2,172,912
							7,505,991
Textiles, Apparel & Luxury Goods (2.12%)
Canada Goose Holdings, Inc.(a)(b)			41,761				1,836,231
NIKE, Inc., Class B			29,931				2,811,120
							4,647,351

See Notes to Schedule of Investments.

Liberty All-Star® Growth Fund	Schedule of Investments
	September 30, 2019 (Unaudited)

		SHARES				MARKET VALUE
COMMON STOCKS (continued)
CONSUMER STAPLES (4.53%)
Food Products (2.83%)
Lamb Weston Holdings, Inc.			21,000			$	1,527,120
McCormick & Co., Inc.			10,500				1,641,150
Mondelez International, Inc., Class A			54,795				3,031,259
							6,199,529
Household Products (0.86%)
Church & Dwight Co., Inc.			25,000				1,881,000
Personal Products (0.84%)
Estee Lauder Cos., Inc., Class A			9,319				1,854,015
ENERGY (0.22%)
Energy Equipment & Services (0.22%)
Solaris Oilfield Infrastructure, Inc., Class A			35,800				480,436
FINANCIALS (3.33%)
Banks (1.51%)
First Republic Bank			18,000				1,740,600
Independent Bank Group, Inc.			16,849				886,426
Signature Bank			5,620				670,016
							3,297,042
Capital Markets (1.53%)
Hamilton Lane, Inc., Class A			27,827				1,585,026
Raymond James Financial, Inc.			21,500				1,772,890
							3,357,916
Insurance (0.21%)
eHealth, Inc.(a)			6,899				460,784
Thrifts & Mortgage Finance (0.08%)
Axos Financial, Inc.(a)			6,473				178,979
HEALTH CARE (20.93%)
Biotechnology (2.88%)
ACADIA Pharmaceuticals, Inc.(a)			42,087				1,514,711
Acorda Therapeutics, Inc.(a)			38,149				109,487
Portola Pharmaceuticals, Inc.(a)			75,984				2,037,891
Puma Biotechnology, Inc.(a)			71,481				769,493
Regeneron Pharmaceuticals, Inc.(a)			5,895				1,635,273
Ultragenyx Pharmaceutical, Inc.(a)			5,488				234,777
							6,301,632
Health Care Equipment & Supplies (10.92%)
Abbott Laboratories			35,260				2,950,204

See Notes to Schedule of Investments.

Liberty All-Star® Growth Fund	Schedule of Investments
	September 30, 2019 (Unaudited)

		SHARES				MARKET VALUE
COMMON STOCKS (continued)
Health Care Equipment & Supplies (continued)
Becton Dickinson and Co.			8,669			$	2,192,910
Cooper Cos., Inc.			6,000				1,782,000
Danaher Corp.			16,130				2,329,656
Glaukos Corp.(a)			41,092				2,568,661
Insulet Corp.(a)			25,820				4,258,493
Nevro Corp.(a)			46,871				4,029,500
ResMed, Inc.			15,000				2,026,650
STERIS PLC			12,500				1,806,125
							23,944,199
Health Care Providers & Services (2.72%)
PetIQ, Inc.(a)(b)			44,228				1,205,655
UnitedHealth Group, Inc.			12,828				2,787,781
US Physical Therapy, Inc.			15,069				1,967,258
							5,960,694
Health Care Technology (0.12%)
Tabula Rasa HealthCare, Inc.(a)			4,620				253,823
Life Sciences Tools & Services (2.29%)
Charles River Laboratories International, Inc.(a)			13,500				1,786,995
Illumina, Inc.(a)			4,855				1,476,988
Mettler-Toledo International, Inc.(a)			2,500				1,761,000
							5,024,983
Pharmaceuticals (2.00%)
Aerie Pharmaceuticals, Inc.(a)			11,427				219,627
Dermira, Inc.(a)(b)			149,719				956,705
Jazz Pharmaceuticals PLC(a)			10,500				1,345,470
Novo Nordisk A/S(c)			36,082				1,865,439
							4,387,241
INDUSTRIALS (13.42%)
Aerospace & Defense (1.64%)
Kratos Defense & Security Solutions, Inc.(a)			89,575				1,665,647
Teledyne Technologies, Inc.(a)			6,000				1,931,940
							3,597,587
Air Freight & Logistics (0.25%)
XPO Logistics, Inc.(a)			7,839				561,037
Building Products (0.85%)
Lennox International, Inc.			7,700				1,870,869
Commercial Services & Supplies (4.31%)
Casella Waste Systems, Inc., Class A(a)			79,225				3,401,921
Cintas Corp.			9,000				2,412,900

See Notes to Schedule of Investments.

Liberty All-Star® Growth Fund	Schedule of Investments
	September 30, 2019 (Unaudited)

		SHARES				MARKET VALUE
COMMON STOCKS (continued)
Commercial Services & Supplies (continued)
Copart, Inc.(a)			27,000			$	2,168,910
Rollins, Inc.			42,750				1,456,493
							9,440,224
Electrical Equipment (1.09%)
Generac Holdings, Inc.(a)			30,500				2,389,370
Machinery (3.13%)
IDEX Corp.			12,000				1,966,560
Middleby Corp.(a)			8,789				1,027,434
RBC Bearings, Inc.(a)			11,500				1,907,965
Xylem, Inc.			24,500				1,950,690
							6,852,649
Professional Services (0.72%)
IHS Markit, Ltd.(a)			23,554				1,575,292
Trading Companies & Distributors (1.43%)
HD Supply Holdings, Inc.(a)			35,000				1,371,125
SiteOne Landscape Supply, Inc.(a)			23,903				1,769,300
							3,140,425
INFORMATION TECHNOLOGY (30.06%)
Electronic Equipment, Instruments & Components (2.44%)
Keysight Technologies, Inc.(a)			25,000				2,431,250
nLight, Inc.(a)			13,467				210,893
Novanta, Inc.(a)			10,334				844,495
Zebra Technologies Corp., Class A(a)			9,000				1,857,330
							5,343,968
IT Services (7.86%)
Automatic Data Processing, Inc.			13,247				2,138,331
Booz Allen Hamilton Holding Corp.			20,000				1,420,400
EPAM Systems, Inc.(a)			13,230				2,412,094
FleetCor Technologies, Inc.(a)			7,757				2,224,552
Genpact, Ltd.			45,000				1,743,750
Jack Henry & Associates, Inc.			11,000				1,605,670
PayPal Holdings, Inc.(a)			27,803				2,880,113
Visa, Inc., Class A			16,334				2,809,611
							17,234,521
Semiconductors & Semiconductor Equipment (2.57%)
Diodes, Inc.(a)			44,901				1,802,775
Impinj, Inc.(a)(b)			4,953				152,701
Monolithic Power Systems, Inc.			13,500				2,101,005
Skyworks Solutions, Inc.			20,000				1,585,000
							5,641,481

See Notes to Schedule of Investments.

Liberty All-Star® Growth Fund	Schedule of Investments
	September 30, 2019 (Unaudited)

		SHARES				MARKET VALUE
COMMON STOCKS (continued)
Software (17.19%)
2U, Inc.(a)			5,191			$	84,509
Altair Engineering, Inc., Class A(a)			28,571				989,128
Autodesk, Inc.(a)			20,178				2,980,291
Avalara, Inc.(a)			21,504				1,447,004
Ebix, Inc.(b)			33,463				1,408,792
Everbridge, Inc.(a)			21,423				1,322,013
Globant SA(a)			14,390				1,317,836
HubSpot, Inc.(a)			6,185				937,708
Intuit, Inc.			9,434				2,508,878
Microsoft Corp.			25,452				3,538,592
Paycom Software, Inc.(a)			8,000				1,675,920
Paylocity Holding Corp.(a)			40,321				3,934,523
Qualys, Inc.(a)			22,000				1,662,540
Rapid7, Inc.(a)			35,242				1,599,634
salesforce.com, Inc.(a)			20,561				3,052,075
SPS Commerce, Inc.(a)			26,454				1,245,190
SS&C Technologies Holdings, Inc.			30,000				1,547,100
Synopsys, Inc.(a)			15,000				2,058,750
Telaria, Inc.(a)			64,957				448,853
Trade Desk, Inc., Class A(a)			11,618				2,178,956
Workday, Inc., Class A(a)			8,666				1,472,873
Zuora, Inc., Class A(a)			17,437				262,427
							37,673,592
MATERIALS (2.65%)
Chemicals (1.74%)
Ecolab, Inc.			11,380				2,253,695
Linde PLC			8,074				1,564,096
							3,817,791
Containers & Packaging (0.91%)
Avery Dennison Corp.			17,500				1,987,475
REAL ESTATE (4.09%)
Equity Real Estate Investment Trusts (REITs) (2.14%)
Equinix, Inc.			4,908				2,830,934
Sun Communities, Inc.			12,500				1,855,625
							4,686,559
Real Estate Management & Development (1.95%)
FirstService Corp.			41,831				4,290,606
TOTAL COMMON STOCKS
(COST OF $153,468,349)							215,270,435

See Notes to Schedule of Investments.

Liberty All-Star® Growth Fund	Schedule of Investments
	September 30, 2019 (Unaudited)

		SHARES				MARKET VALUE
SHORT TERM INVESTMENTS (4.28%)
MONEY MARKET FUND (1.92%)
State Street Institutional US Government Money Market Fund, 1.879%(d)
(COST OF $4,215,747)			4,215,747			$	4,215,747
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED (2.36%)
State Street Navigator Securities Lending Government Money Market Portfolio, 2.09%
(COST OF $5,169,856)			5,169,856				5,169,856
TOTAL SHORT TERM INVESTMENTS
(COST OF $9,385,603)							9,385,603
TOTAL INVESTMENTS (102.48%)
(COST OF $162,853,952)							224,656,038
LIABILITIES IN EXCESS OF OTHER ASSETS (-2.48%)							(5,442,567	)
NET ASSETS (100.00%)						$	219,213,471
NET ASSET VALUE PER SHARE
(37,789,717 SHARES OUTSTANDING)						$	5.80

(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 $6,003,942.
(c)	American Depositary Receipt.
(d)	Rate reflects seven-day effective yield on September 30, 2019.

See Notes to Schedule of Investments.

Liberty All-Star® Growth Fund	Notes to Schedule of Investments
	September 30, 2019 (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 Directors (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, 2019, 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 20% 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, 2019:

Market Value of Securities on Loan	Cash Collateral Received	Non-Cash Collateral Received	Total Collateral Received
$6,003,942	$5,169,856	$987,320	$6,157,176

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.

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, 2019:

			Valuation Inputs
Investments in Securities at Value*			Level 1				Level 2				Level 3				Total
Common Stocks		$	215,270,435			$	–			$	–			$	215,270,435
Short Term Investments			9,385,603				–				–				9,385,603
Total		$	224,656,038			$	–			$	–			$	224,656,038

*  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 Directors 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.

Maryland Statutes

By resolution of the Board of Directors, the Fund has opted into the Maryland Control Share Acquisition Act and the Maryland Business Combination Act. In general, the Maryland Control Share Acquisition Act provides that “control shares” of a Maryland corporation acquired in a control share acquisition may not be voted except to the extent approved by shareholders at a meeting by a vote of two-thirds of the votes entitled to be cast on the matter (excluding shares owned by the acquirer and by officers or directors who are employees of the corporation). “Control shares” are voting shares of stock which, if aggregated with all other shares of stock owned by the acquirer or in respect of which the acquirer is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing directors within certain statutorily defined ranges (one-tenth but less than one-third, one-third but less than a majority, and more than a majority of the voting power). In general, the Maryland Business Combination Act prohibits an interested shareholder (a shareholder that holds 10% or more of the voting power of the outstanding stock of the corporation) of a Maryland corporation from engaging in a business combination (generally defined to include a merger, consolidation, share exchange, sale of a substantial amount of assets, a transfer of the corporation’s securities and similar transactions to or with the interested shareholder or an entity affiliated with the interested shareholder) with the corporation for a period of five years after the most recent date on which the interested shareholder became an interested shareholder. At the time of adoption, March 19, 2009, the Board and the Fund were not aware of any shareholder that held control shares or that was an interested shareholder under the statutes.