N-30B-2 1 fp0076468_n30b2.htm

LIBERTY ALL-STAR® GROWTH FUND

Period Ended March 31, 2022 (Unaudited)

Fund Statistics |
Net Asset Value (NAV) | $6.99
Market Price | $7.54
Premium | 7.9%

| 1st Quarter 2022
Distribution* | $0.15
Market Price Trading Range | $6.21 to $9.09
Premium/(Discount) Range | 11.4% to -2.1%

Performance |
Shares Valued at NAV with Dividends Reinvested | -13.38%
Shares Valued at Market Price with Dividends Reinvested | -14.35%
Dow Jones Industrial Average | -4.10%
Lipper Multi-Cap Growth Mutual Fund Average | -12.54%
NASDAQ Composite Index | -8.95%
Russell Growth Benchmark | -11.17%
S&P 500® Index | -4.60%

| * | Sources of distributions to shareholders may include ordinary dividends, long-term capital gains and return of capital. The final determination of the source of all distributions in 2022 for tax reporting purposes will be made after year end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. Based on current estimates no portion of the distribution consists of a return of capital. Pursuant to Section 852 of the Internal Revenue Code, the taxability of this distribution will be reported on Form 1099-DIV for 2022.

Performance returns for the Fund are total returns, which include dividends. Returns are net of management fees and other Fund expenses.

The return shown for the Lipper Multi-Cap Growth Mutual Fund Average is based on open-end mutual funds’ total returns, which include dividends, and are net of fund expenses. Returns for the unmanaged Dow Jones Industrial Average, NASDAQ Composite Index, the Russell Growth Benchmark and the S&P 500® Index are total returns, including dividends. A description of the Lipper benchmark and the market indices can be found on page 17.

Past performance cannot predict future results. Performance will fluctuate with market conditions. Current performance may be lower or higher than the performance data shown. Performance information does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. An investment in the Fund involves risk, including loss of principal.

Closed-end funds raise money in an initial public offering and shares are listed and traded on an exchange. Open-end mutual funds continuously issue and redeem shares at net asset value. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the Fund’s shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value.

Liberty All-Star® Growth Fund | President’s Letter

(Unaudited)

Fellow Shareholders: | April 2022

Uncertainty hung over financial markets in the first quarter, leading to the poorest start for equities since the Covid-19 outbreak in 1Q20. Equities were volatile—undermined by significantly higher inflation, a hawkish Federal Reserve and the war in Ukraine. Additional pressures came from ongoing supply chain disruptions, labor shortages and continuing fallout from the Covid pandemic, especially in China. At quarter’s end all three widely followed market indices were lower: the S&P 500® Index, -4.60 percent; the Dow Jones Industrial Average, -4.10 percent; and the NASDAQ Composite Index, -8.95 percent. The S&P 500® was down as much as 12.26 percent in the quarter but clawed back some of its losses on the strength of a 3.71 percent gain in March.

Investors were unsettled early in the quarter by news that the Consumer Price Index (CPI) rose 7.0 percent in 2021, its largest 12-month increase since 1982. The inflation data got no better as the quarter progressed, with the CPI accelerating to a 7.9 percent annual rate in February. In response, the Federal Reserve raised the benchmark fed funds rate by 0.25 percent, marking the first increase since 2018. More importantly, the Fed penciled in another six potential rate increases before year’s end. Inflation and rising interest rates troubled the bond market throughout the quarter. Not only did yields rise, but segments of the yield curve inverted (an abnormal situation in which shorter-term yields are higher than longer term). This condition is often seen as a precursor to recession.

Widely viewed as the largest land war in Europe since World War II, the Russian invasion of Ukraine had global geopolitical implications that served to further roil financial markets. The economic impact was immediate in terms of sharply rising commodity prices that served to fan the inflationary flames. By early March U.S. drivers were paying more for gasoline than at any other time in history, according to Bloomberg, as demand rose and the war threatened supplies. With the onset of the conflict, commodity prices continued to surge amid fears of supply crunches.

Among the 11 sectors that comprise the S&P 500® communication services stocks fared the worst for the quarter, down 11.92 percent. The consumer discretionary sector declined 9.15 percent and information technology fell 8.44 percent. Soaring energy prices benefitted some investors, as the energy sector returned 39.03 percent; energy was one of only two sectors posting positive returns—utilities being the other, with a gain of 4.87 percent.

While labor markets were tight in the U.S., the employment picture was a bright spot for the quarter. Sequential job growth over the three months totaled 467,000, 678,000 and 431,000.

Wages in January were up 5.7 percent over the year-earlier month and the unemployment rate declined to 3.6 percent in March.

All the uncertainties—inflation, higher interest rates and war in Ukraine—compelled investors to reprice technology and other high growth stocks, resulting in a quarter in which the value style outperformed the growth style on a relative basis. The broad market Russell 3000® Value Index returned -0.85 percent compared with the Russell 3000® Growth Index return of -9.25 percent.

The outperformance of value over growth was consistent throughout the capitalization spectrum. The large-cap Russell 1000® Growth Index returned -9.04 percent compared to the -0.74 percent return for the Value index. The Russell Midcap® Growth Index returned -12.58 percent versus -1.82 percent for the Value index. Among small-cap stocks, the Russell 2000® Growth Index returned -12.63 percent while the corresponding Value index returned -2.40 percent.

First Quarter Report (Unaudited) | March 31, 2022 | 1

Liberty All-Star® Growth Fund | President’s Letter

(Unaudited)

Liberty All-Star® Growth Fund

Liberty All-Star Growth Fund encountered a disappointing quarter, returning -13.38 percent with shares valued at net asset value (NAV) with dividends reinvested and -14.35 percent with shares valued at market price with dividends reinvested. (Fund returns are net of expenses.)

Both returns lagged the Fund’s primary benchmark, the Lipper Multi-Cap Growth Mutual Fund Average, which returned -12.54 percent, and the Fund’s passive Russell Growth benchmark, which returned -11.17 percent. Fund returns were also behind those posted by the S&P 500®, the DJIA and the NASDAQ Composite, all reporting negative returns in the single-digit range.

As noted earlier, value style stocks outperformed growth stocks during the quarter. As well, small-and mid-cap stocks—accounting for two of the Fund’s three capitalization ranges—trailed the return of large-cap issues on a relative basis. Overall, the period was difficult for active managers, who were confronted with a trendless quarter when stocks were often up one day and down the next. Similarly, there was no market leadership and, although value stocks outperformed, there were times when the roles briefly reversed.

Relative to their underlying NAV, Fund shares over the quarter traded at a premium of up to 11.4 percent and a discount as low as -2.1 percent.

In accordance with the Fund’s distribution policy, the Fund paid a distribution of $0.15 to shareholders during the first quarter, bringing the total distributed to shareholders since 1997, when the distribution policy commenced, to $16.15 per share. The Fund’s distribution policy is a major component of the Fund's total return, and we continue to emphasize that shareholders should include these distributions when determining the total return on their investment in the Fund.

Multiple factors combined to make the first quarter a challenging one for most asset classes and strategies, publicly traded equities certainly included. Although unsettling for investors, periods like this are inevitably going to happen. Knowing that, we would point to the Fund’s strong long-term performance, which does, of course, include similar periods when equities encountered turbulent conditions.

Sincerely,

William R. Parmentier, Jr.

President and Chief Executive Officer

Liberty All-Star® Growth Fund, Inc.

The views expressed in the President’s letter reflect the views of the President as of April 2022 and may not reflect his views on the date this report is first published or anytime thereafter. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the Fund disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be relied on as an indication of trading intent.

2 | www.all-starfunds.com

Liberty All-Star® Growth Fund | Table of Distributions & Rights Offerings

March 31, 2022 (Unaudited)

|  |  | Rights Offerings |
Year | Per Share Distributions | Month Completed | Shares Needed to Purchase One Additional Share | Subscription Price
1997 | $1.24 |  |  |
1998 | 1.35 | July | 10 | $12.41
1999 | 1.23 |  |  |
2000 | 1.34 |  |  |
2001 | 0.92 | September | 8 | 6.64
2002 | 0.67 |  |  |
2003 | 0.58 | September | 81 | 5.72
2004 | 0.63 |  |  |
2005 | 0.58 |  |  |
2006 | 0.59 |  |  |
2007 | 0.61 |  |  |
2008 | 0.47 |  |  |
20092 | 0.24 |  |  |
2010 | 0.25 |  |  |
2011 | 0.27 |  |  |
2012 | 0.27 |  |  |
2013 | 0.31 |  |  |
2014 | 0.33 |  |  |
20153 | 0.77 |  |  |
2016 | 0.36 |  |  |
2017 | 0.42 |  |  |
2018 | 0.46 | November | 3 | 4.81
2019 | 0.46 |  |  |
2020 | 0.63 | March | 5 | 4.34
2021 | 1.02 | June | 51 | 8.21
2022 |  |  |  |
1st Quarter | 0.15 |  |  |
Total | $16.15 |  |  |

| 1 | The number of shares offered was increased by an additional 25 percent to cover a portion of the over-subscription requests.

| 2 | Effective with the second quarter distribution, the annual distribution rate was changed from 10 percent to 6 percent.

| 3 | Effective with the second quarter distribution, the annual distribution rate was changed from 6 percent to 8 percent.

DISTRIBUTION POLICY

The current policy is to pay distributions on its shares totaling approximately 8 percent of its net asset value per year, payable in four quarterly installments of 2 percent of the Fund’s net asset value at the close of the New York Stock Exchange on the Friday prior to each quarterly declaration date. Sources of distributions to shareholders may include ordinary dividends, long-term capital gains and return of capital. The final determination of the source of all distributions in 2022 for tax reporting purposes will be made after year end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholder 1099-DIV forms after the end of the year. If the Fund’s ordinary dividends and long-term capital gains for any year exceed the amount distributed under the distribution policy, the Fund may, in its discretion, retain and not distribute capital gains and pay income tax thereon to the extent of such excess.

First Quarter Report (Unaudited) | March 31, 2022 | 3

| Investment Managers/
Liberty All-Star® Growth Fund | Portfolio Characteristics

March 31, 2022 (Unaudited)

THE FUND’S THREE GROWTH INVESTMENT MANAGERS AND THE MARKET CAPITALIZATION ON WHICH EACH FOCUSES:

ALPS Advisors, Inc., the investment advisor to the Fund, has the ultimate authority (subject to oversight by the Board of Directors) to oversee the investment managers and recommend their hiring, termination and replacement.

MANAGERS’ DIFFERING INVESTMENT STRATEGIES ARE REFLECTED IN PORTFOLIO CHARACTERISTICS

The portfolio characteristics table below is a regular feature of the Fund’s shareholder reports. It serves as a useful tool for understanding the value of the Fund’s multi-managed portfolio. The characteristics are different for each of the Fund’s three investment managers. These differences are a reflection of the fact that each has a different capitalization focus and investment strategy. The shaded column highlights the characteristics of the Fund as a whole, while the first three columns show portfolio characteristics for the Russell Smallcap, Midcap and Largecap Growth indices. See page 17 for a description of these indices.

PORTFOLIO CHARACTERISTICS As of March 31, 2022 (Unaudited)

|  | Market Capitalization Spectrum |
| RUSSELL GROWTH | Small |  | Large |
| SMALLCAP | MIDCAP | LARGECAP |  | TOTAL
| INDEX | INDEX | INDEX | WEATHERBIE | CONGRESS | SUSTAINABLE | FUND
Number of Holdings | 1,244 | 389 | 499 | 50 | 40 | 29 | 118*
Percent of Holdings in Top 10 | 6% | 13% | 49% | 53% | 30% | 46% | 19%
Weighted Average Market Capitalization (billions) | $3.7 | $26.5 | $991.2 | $4.2 | $17.8 | $428.4 | $155.4
Average Five-Year Earnings Per Share Growth | 14% | 22% | 27% | 27% | 24% | 28% | 26%
Average Five-Year Sales Per Share Growth | 9% | 13% | 17% | 9% | 11% | 13% | 11%
Price/Earnings Ratio** | 21x | 29x | 31x | 34x | 26x | 36x | 31x

| * | Certain holdings are held by more than one manager.

| ** | Excludes negative earnings.

4 | www.all-starfunds.com

Liberty All-Star® Growth Fund | Top 20 Holdings & Economic Sectors

March 31, 2022 (Unaudited)

Top 20 Holdings* | Percent of Net Assets
SPS Commerce, Inc. | 2.44%
Amazon.com, Inc. | 2.16
Casella Waste Systems, Inc. | 1.84
FirstService Corp. | 1.78
Chegg, Inc. | 1.77
Visa, Inc. | 1.76
UnitedHealth Group, Inc. | 1.75
Microsoft Corp. | 1.72
Progyny, Inc. | 1.71
Montrose Environmental Group, Inc. | 1.56
SiteOne Landscape Supply, Inc. | 1.55
Danaher Corp. | 1.47
Globant SA | 1.43
Intuit, Inc. | 1.38
MSCI, Inc. | 1.35
StepStone Group, Inc. | 1.34
Ball Corp. | 1.33
Alphabet, Inc. | 1.32
Hamilton Lane, Inc. | 1.31
Core Laboratories NV | 1.30
| 32.27%

Economic Sectors* | Percent of Net Assets
Information Technology | 28.50%
Health Care | 19.84
Industrials | 12.51
Consumer Discretionary | 11.61
Financials | 9.24
Communication Services | 4.92
Real Estate | 3.70
Materials | 3.08
Energy | 1.92
Consumer Staples | 1.92
Other Net Assets | 2.76
| 100.00%

| * | Because the Fund is actively managed, there can be no guarantee that the Fund will continue to hold securities of the indicated issuers and sectors in the future.

First Quarter Report (Unaudited) | March 31, 2022 | 5

Liberty All-Star® Growth Fund | Major Stock Changes in the Quarter

March 31, 2022 (Unaudited)

The following are the major ($2 million or more) stock changes - both purchases and sales - that were made in the Fund’s portfolio during the first quarter of 2022.

| Shares
Security Name | Purchases (Sales) | Held as of 3/31/22
Purchases |  |
Dril-Quip, Inc. | 64,041 | 64,041
Ecolab, Inc. | 15,043 | 15,043
Latham Group, Inc. | 99,998 | 237,792
Saia, Inc. | 13,000 | 13,000
Sherwin-Williams Co. | 12,167 | 12,167

Sales |  |
Apria, Inc. | (118,659) | 0
Cerence, Inc. | (37,019) | 4,934
Cintas Corp. | (9,000) | 0
Linde PLC | (8,929) | 0
Meta Platforms, Inc. | (15,640) | 0
Natera, Inc. | (60,504) | 17,167

6 | www.all-starfunds.com

Liberty All-Star® Growth Fund | Schedule of Investments

March 31, 2022 (Unaudited)

|  | SHARES |  |  | VALUE |
COMMON STOCKS (97.24%) |  |  |  |  |  |
COMMUNICATION SERVICES (4.92%) |  |  |  |  |  |
Entertainment (2.43%) |  |  |  |  |  |
Netflix, Inc.(a) |  |  | 8,981 |  |  | $ | 3,364,193 |
Take-Two Interactive Software, Inc.(a) |  |  | 20,000 |  |  |  | 3,074,800 |
Walt Disney Co.(a) |  |  | 22,299 |  |  |  | 3,058,531 |
|  |  |  |  |  |  | 9,497,524 |
Interactive Media & Services (2.39%) |  |  |  |  |  |  |  |
Alphabet, Inc., Class C(a) |  |  | 1,843 |  |  |  | 5,147,481 |
Match Group, Inc.(a) |  |  | 38,237 |  |  |  | 4,157,891 |
|  |  |  |  |  |  | 9,305,372 |
Media (0.10%) |  |  |  |  |  |  |  |
TechTarget, Inc.(a) |  |  | 4,765 |  |  |  | 387,299 |
CONSUMER DISCRETIONARY (11.61%) |  |  |  |  |  |  |  |
Distributors (0.76%) |  |  |  |  |  |  |  |
Pool Corp. |  |  | 7,000 |  |  |  | 2,959,950 |
Diversified Consumer Services (1.77%) |  |  |  |  |  |  |  |
Chegg, Inc.(a) |  |  | 189,959 |  |  |  | 6,891,712 |
Hotels, Restaurants & Leisure (1.89%) |  |  |  |  |  |  |  |
Planet Fitness, Inc., Class A(a) |  |  | 28,518 |  |  |  | 2,409,201 |
Wingstop, Inc. |  |  | 4,196 |  |  |  | 492,400 |
Yum! Brands, Inc. |  |  | 37,606 |  |  |  | 4,457,439 |
|  |  |  |  |  |  | 7,359,040 |
Internet & Direct Marketing Retail (2.76%) |  |  |  |  |  |  |  |
Amazon.com, Inc.(a) |  |  | 2,579 |  |  |  | 8,407,411 |
Etsy, Inc.(a) |  |  | 19,000 |  |  |  | 2,361,320 |
|  |  |  |  |  |  | 10,768,731 |
Leisure Products (0.81%) |  |  |  |  |  |  |  |
Latham Group, Inc.(a) |  |  | 237,792 |  |  |  | 3,148,366 |
Multiline Retail (0.21%) |  |  |  |  |  |  |  |
Ollie's Bargain Outlet Holdings, Inc.(a) |  |  | 19,252 |  |  |  | 827,066 |
Specialty Retail (3.16%) |  |  |  |  |  |  |  |
Asbury Automotive Group, Inc.(a) |  |  | 18,000 |  |  |  | 2,883,600 |
Burlington Stores, Inc.(a) |  |  | 11,500 |  |  |  | 2,094,955 |
Floor & Decor Holdings, Inc., Class A(a) |  |  | 30,500 |  |  |  | 2,470,500 |
MYT Netherlands Parent BV(a)(b)(c) |  |  | 114,772 |  |  |  | 1,403,662 |
Williams-Sonoma, Inc. |  |  | 24,000 |  |  |  | 3,480,000 |
|  |  |  |  |  |  | 12,332,717 |

See Notes to Schedule of Investments.

First Quarter Report (Unaudited) | March 31, 2022 | 7

Liberty All-Star® Growth Fund | Schedule of Investments

March 31, 2022 (Unaudited)

|  | SHARES |  |  | VALUE |
COMMON STOCKS (continued) |  |  |  |  |  |
Textiles, Apparel & Luxury Goods (0.25%) |  |  |  |  |  |
Canada Goose Holdings, Inc.(a)(c) |  |  | 36,645 |  |  | $ | 964,863 |
CONSUMER STAPLES (1.92%) |  |  |  |  |  |  |  |
Food Products (0.90%) |  |  |  |  |  |  |  |
McCormick & Co., Inc. |  |  | 35,000 |  |  |  | 3,493,000 |
Household Products (1.02%) |  |  |  |  |  |  |  |
Church & Dwight Co., Inc. |  |  | 40,000 |  |  |  | 3,975,200 |
ENERGY (1.92%) |  |  |  |  |  |  |  |
Energy Equipment & Services (1.92%) |  |  |  |  |  |  |  |
Core Laboratories NV |  |  | 160,461 |  |  |  | 5,075,382 |
Dril-Quip, Inc.(a) |  |  | 64,041 |  |  |  | 2,391,931 |
|  |  |  |  |  |  | 7,467,313 |
FINANCIALS (9.24%) |  |  |  |  |  |  |  |
Banks (1.41%) |  |  |  |  |  |  |  |
First Republic Bank |  |  | 18,000 |  |  |  | 2,917,800 |
Seacoast Banking Corp. of Florida |  |  | 73,759 |  |  |  | 2,583,040 |
|  |  |  |  |  |  | 5,500,840 |
Capital Markets (6.09%) |  |  |  |  |  |  |  |
Hamilton Lane, Inc., Class A |  |  | 66,264 |  |  |  | 5,121,544 |
MSCI, Inc. |  |  | 10,462 |  |  |  | 5,261,131 |
Raymond James Financial, Inc. |  |  | 37,500 |  |  |  | 4,121,625 |
S&P Global, Inc. |  |  | 9,838 |  |  |  | 4,035,351 |
StepStone Group, Inc., Class A |  |  | 157,637 |  |  |  | 5,211,479 |
|  |  |  |  |  |  | 23,751,130 |
Consumer Finance (1.27%) |  |  |  |  |  |  |  |
American Express Co. |  |  | 20,084 |  |  |  | 3,755,708 |
LendingTree, Inc.(a) |  |  | 10,038 |  |  |  | 1,201,248 |
|  |  |  |  |  |  | 4,956,956 |
Insurance (0.12%) |  |  |  |  |  |  |  |
Goosehead Insurance, Inc., Class A |  |  | 6,101 |  |  |  | 479,356 |
Thrifts & Mortgage Finance (0.35%) |  |  |  |  |  |  |  |
Axos Financial, Inc.(a) |  |  | 28,996 |  |  |  | 1,345,124 |
HEALTH CARE (19.84%) |  |  |  |  |  |  |  |
Biotechnology (3.64%) |  |  |  |  |  |  |  |
ACADIA Pharmaceuticals, Inc.(a) |  |  | 61,536 |  |  |  | 1,490,402 |
Horizon Pharma Plc(a) |  |  | 37,500 |  |  |  | 3,945,375 |
Natera, Inc.(a) |  |  | 17,167 |  |  |  | 698,353 |
Neurocrine Biosciences, Inc.(a) |  |  | 37,000 |  |  |  | 3,468,750 |

See Notes to Schedule of Investments.

8 | www.all-starfunds.com

Liberty All-Star® Growth Fund | Schedule of Investments

March 31, 2022 (Unaudited)

|  | SHARES |  |  | VALUE |
COMMON STOCKS (continued) |  |  |  |  |  |
Biotechnology (continued) |  |  |  |  |  |
Regeneron Pharmaceuticals, Inc.(a) |  |  | 5,435 |  |  | $ | 3,795,913 |
Ultragenyx Pharmaceutical, Inc.(a) |  |  | 10,784 |  |  |  | 783,134 |
|  |  |  |  |  |  | 14,181,927 |
Health Care Equipment & Supplies (5.82%) |  |  |  |  |  |  |  |
Abbott Laboratories |  |  | 32,721 |  |  |  | 3,872,857 |
Cooper Cos., Inc. |  |  | 8,500 |  |  |  | 3,549,515 |
Glaukos Corp.(a) |  |  | 35,780 |  |  |  | 2,068,800 |
Inogen, Inc.(a) |  |  | 15,529 |  |  |  | 503,450 |
Intuitive Surgical, Inc.(a) |  |  | 10,790 |  |  |  | 3,255,127 |
Nevro Corp.(a) |  |  | 33,172 |  |  |  | 2,399,331 |
ResMed, Inc. |  |  | 15,000 |  |  |  | 3,637,650 |
STERIS PLC |  |  | 14,000 |  |  |  | 3,384,780 |
|  |  |  |  |  |  | 22,671,510 |
Health Care Providers & Services (3.67%) |  |  |  |  |  |  |  |
PetIQ, Inc.(a) |  |  | 21,379 |  |  |  | 521,648 |
Progyny, Inc.(a) |  |  | 129,870 |  |  |  | 6,675,318 |
UnitedHealth Group, Inc. |  |  | 13,385 |  |  |  | 6,825,948 |
US Physical Therapy, Inc. |  |  | 2,691 |  |  |  | 267,620 |
|  |  |  |  |  |  | 14,290,534 |
Health Care Technology (0.41%) |  |  |  |  |  |  |  |
Inspire Medical Systems, Inc.(a) |  |  | 5,295 |  |  |  | 1,359,174 |
Tabula Rasa HealthCare, Inc.(a) |  |  | 42,654 |  |  |  | 245,687 |
|  |  |  |  |  |  | 1,604,861 |
Life Sciences Tools & Services (6.26%) |  |  |  |  |  |  |  |
Charles River Laboratories International, Inc.(a) |  |  | 10,500 |  |  |  | 2,981,685 |
Danaher Corp. |  |  | 19,511 |  |  |  | 5,723,162 |
Illumina, Inc.(a) |  |  | 10,156 |  |  |  | 3,548,506 |
Mettler-Toledo International, Inc.(a) |  |  | 2,500 |  |  |  | 3,432,975 |
NeoGenomics, Inc.(a) |  |  | 19,400 |  |  |  | 235,710 |
Thermo Fisher Scientific, Inc. |  |  | 8,468 |  |  |  | 5,001,624 |
West Pharmaceutical Services, Inc. |  |  | 8,500 |  |  |  | 3,491,035 |
|  |  |  |  |  |  | 24,414,697 |
Pharmaceuticals (0.04%) |  |  |  |  |  |  |  |
Aerie Pharmaceuticals, Inc.(a) |  |  | 17,441 |  |  |  | 158,713 |
INDUSTRIALS (12.51%) |  |  |  |  |  |  |  |
Aerospace & Defense (1.12%) |  |  |  |  |  |  |  |
Huntington Ingalls Industries, Inc. |  |  | 17,000 |  |  |  | 3,390,480 |
Kratos Defense & Security Solutions, Inc.(a) |  |  | 47,073 |  |  |  | 964,055 |
|  |  |  |  |  |  | 4,354,535 |

See Notes to Schedule of Investments.

First Quarter Report (Unaudited) | March 31, 2022 | 9

Liberty All-Star® Growth Fund | Schedule of Investments

March 31, 2022 (Unaudited)

|  | SHARES |  |  | VALUE |
COMMON STOCKS (continued) |  |  |  |  |  |
Building Products (0.72%) |  |  |  |  |  |
Masco Corp. |  |  | 55,000 |  |  | $ | 2,805,000 |
Commercial Services & Supplies (4.28%) |  |  |  |  |  |  |  |
Casella Waste Systems, Inc., Class A(a) |  |  | 81,770 |  |  |  | 7,167,140 |
Copart, Inc.(a) |  |  | 27,500 |  |  |  | 3,450,425 |
Montrose Environmental Group, Inc.(a) |  |  | 114,904 |  |  |  | 6,081,869 |
|  |  |  |  |  |  | 16,699,434 |
Construction & Engineering (1.11%) |  |  |  |  |  |  |  |
Ameresco, Inc., Class A(a) |  |  | 54,410 |  |  |  | 4,325,595 |
Electrical Equipment (0.65%) |  |  |  |  |  |  |  |
Generac Holdings, Inc.(a) |  |  | 8,500 |  |  |  | 2,526,710 |
Machinery (0.84%) |  |  |  |  |  |  |  |
IDEX Corp. |  |  | 17,000 |  |  |  | 3,259,410 |
Professional Services (0.90%) |  |  |  |  |  |  |  |
Booz Allen Hamilton Holding Corp. |  |  | 40,000 |  |  |  | 3,513,600 |
Road & Rail (0.81%) |  |  |  |  |  |  |  |
Saia, Inc.(a) |  |  | 13,000 |  |  |  | 3,169,660 |
Trading Companies & Distributors (2.08%) |  |  |  |  |  |  |  |
SiteOne Landscape Supply, Inc.(a) |  |  | 37,476 |  |  |  | 6,059,494 |
Transcat, Inc.(a) |  |  | 25,162 |  |  |  | 2,041,645 |
|  |  |  |  |  |  | 8,101,139 |
INFORMATION TECHNOLOGY (28.50%) |  |  |  |  |  |  |  |
Communications Equipment (0.78%) |  |  |  |  |  |  |  |
Ciena Corp.(a) |  |  | 50,000 |  |  |  | 3,031,500 |
Electronic Equipment, Instruments & Components (3.68%) |  |  |  |  |  |  |  |
Keysight Technologies, Inc.(a) |  |  | 20,000 |  |  |  | 3,159,400 |
Novanta, Inc.(a) |  |  | 28,239 |  |  |  | 4,018,127 |
Teledyne Technologies, Inc.(a) |  |  | 9,000 |  |  |  | 4,253,670 |
Zebra Technologies Corp., Class A(a) |  |  | 7,000 |  |  |  | 2,895,900 |
|  |  |  |  |  |  | 14,327,097 |
IT Services (6.55%) |  |  |  |  |  |  |  |
Akamai Technologies, Inc.(a) |  |  | 32,000 |  |  |  | 3,820,480 |
CI&T, Inc., Class A(a) |  |  | 84,111 |  |  |  | 1,347,458 |
FleetCor Technologies, Inc.(a) |  |  | 17,036 |  |  |  | 4,242,986 |
Globant SA(a) |  |  | 21,332 |  |  |  | 5,590,478 |
Grid Dynamics Holdings, Inc.(a) |  |  | 2,693 |  |  |  | 37,918 |

See Notes to Schedule of Investments.

10 | www.all-starfunds.com

Liberty All-Star® Growth Fund | Schedule of Investments

March 31, 2022 (Unaudited)

|  | SHARES |  |  | VALUE |
COMMON STOCKS (continued) |  |  |  |  |  |
IT Services (continued) |  |  |  |  |  |
PayPal Holdings, Inc.(a) |  |  | 31,468 |  |  | $ | 3,639,274 |
Visa, Inc., Class A |  |  | 30,973 |  |  |  | 6,868,882 |
|  |  |  |  |  |  | 25,547,476 |
Semiconductors & Semiconductor Equipment (4.77%) |  |  |  |  |  |  |  |
Azenta, Inc. |  |  | 41,000 |  |  |  | 3,398,080 |
Diodes, Inc.(a) |  |  | 35,000 |  |  |  | 3,044,650 |
Entegris, Inc. |  |  | 28,500 |  |  |  | 3,740,910 |
Impinj, Inc.(a) |  |  | 29,335 |  |  |  | 1,863,946 |
Monolithic Power Systems, Inc. |  |  | 8,000 |  |  |  | 3,885,440 |
Skyworks Solutions, Inc. |  |  | 20,000 |  |  |  | 2,665,600 |
|  |  |  |  |  |  | 18,598,626 |
Software (12.72%) |  |  |  |  |  |  |  |
Autodesk, Inc.(a) |  |  | 16,337 |  |  |  | 3,501,836 |
BTRS Holdings, Inc.(a) |  |  | 58,642 |  |  |  | 438,642 |
Cerence, Inc.(a) |  |  | 4,934 |  |  |  | 178,117 |
Ebix, Inc. |  |  | 11,979 |  |  |  | 397,104 |
Everbridge, Inc.(a) |  |  | 4,632 |  |  |  | 202,140 |
Intuit, Inc. |  |  | 11,203 |  |  |  | 5,386,851 |
Microsoft Corp. |  |  | 21,684 |  |  |  | 6,685,394 |
Paycom Software, Inc.(a) |  |  | 10,000 |  |  |  | 3,463,800 |
Qualys, Inc.(a) |  |  | 30,000 |  |  |  | 4,272,300 |
Rapid7, Inc.(a) |  |  | 15,459 |  |  |  | 1,719,659 |
RingCentral, Inc., Class A(a) |  |  | 16,412 |  |  |  | 1,923,651 |
salesforce.com, Inc.(a) |  |  | 21,142 |  |  |  | 4,488,869 |
SEMrush Holdings, Inc., Class A(a) |  |  | 14,921 |  |  |  | 178,157 |
SPS Commerce, Inc.(a) |  |  | 72,356 |  |  |  | 9,493,107 |
Vertex, Inc., Class A(a) |  |  | 143,808 |  |  |  | 2,206,015 |
Workday, Inc., Class A(a) |  |  | 21,146 |  |  |  | 5,063,621 |
|  |  |  |  |  |  | 49,599,263 |
MATERIALS (3.08%) |  |  |  |  |  |  |  |
Chemicals (1.46%) |  |  |  |  |  |  |  |
Ecolab, Inc. |  |  | 15,043 |  |  |  | 2,655,992 |
Sherwin-Williams Co. |  |  | 12,167 |  |  |  | 3,037,127 |
|  |  |  |  |  |  | 5,693,119 |
Containers & Packaging (1.62%) |  |  |  |  |  |  |  |
Ball Corp. |  |  | 57,440 |  |  |  | 5,169,600 |
Ranpak Holdings Corp.(a) |  |  | 55,952 |  |  |  | 1,143,099 |
|  |  |  |  |  |  | 6,312,699 |
REAL ESTATE (3.70%) |  |  |  |  |  |  |  |
Equity Real Estate Investment Trusts (REITs) (1.92%) |  |  |  |  |  |  |  |
Equinix, Inc. |  |  | 5,490 |  |  |  | 4,071,494 |

See Notes to Schedule of Investments.

First Quarter Report (Unaudited) | March 31, 2022 | 11

Liberty All-Star® Growth Fund | Schedule of Investments

March 31, 2022 (Unaudited)

|  | SHARES |  |  | VALUE |
COMMON STOCKS (continued) |  |  |  |  |  |
Equity Real Estate Investment Trusts (REITs) (continued) |  |  |  |  |  |
Sun Communities, Inc. |  |  | 19,500 |  |  | $ | 3,418,155 |
|  |  |  |  |  |  | 7,489,649 |
Real Estate Management & Development (1.78%) |  |  |  |  |  |  |  |
FirstService Corp. |  |  | 47,993 |  |  |  | 6,953,226 |
TOTAL COMMON STOCKS |  |  |  |  |  |  |  |
(COST OF $287,359,478) |  |  |  |  |  |  | 379,041,539 |
SHORT TERM INVESTMENTS (3.37%) |  |  |  |  |  |  |  |
MONEY MARKET FUND (3.05%) |  |  |  |  |  |  |  |
State Street Institutional US Government Money Market Fund, 0.24%(d) |  |  |  |  |  |  |  |
(COST OF $11,881,452) |  |  | 11,881,452 |  |  |  | 11,881,452 |
INVESTMENTS PURCHASED WITH COLLATERAL FROM |  |  |  |  |  |  |  |
SECURITIES LOANED (0.32%) |  |  |  |  |  |  |  |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% |  |  |  |  |  |  |  |
(COST OF $1,241,212) |  |  | 1,241,212 |  |  |  | 1,241,212 |
TOTAL SHORT TERM INVESTMENTS |  |  |  |  |  |  |  |
(COST OF $13,122,664) |  |  |  |  |  |  | 13,122,664 |
TOTAL INVESTMENTS (100.61%) |  |  |  |  |  |  |  |
(COST OF $300,482,142) |  |  |  |  |  |  | 392,164,203 |
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.61%) |  |  |  |  |  |  | (2,365,306 | )
NET ASSETS (100.00%) |  |  |  |  |  | $ | 389,798,897 |
NET ASSET VALUE PER SHARE |  |  |  |  |  |  |  |
(55,752,392 SHARES OUTSTANDING) |  |  |  |  |  | $ | 6.99 |

| (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 $1,586,660.

| (d) | Rate reflects seven-day effective yield on March 31, 2022.

See Notes to Schedule of Investments.

12 | www.all-starfunds.com

Liberty All-Star® Growth 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 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 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.

First Quarter Report (Unaudited) | March 31, 2022 | 13

Liberty All-Star® Growth Fund | Notes to Schedule of Investments

March 31, 2022 (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 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 March 31, 2022:

Market Value of Securities on Loan | Cash Collateral Received | Non-Cash Collateral Received | Total Collateral Received
$1,586,660 | $1,241,212 | $388,750 | $1,629,962

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.

14 | www.all-starfunds.com

Liberty All-Star® Growth 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* |  | $ | 379,041,539 |  |  | $ | – |  |  | $ | – |  |  | $ | 379,041,539 |
Short Term Investments |  |  | 13,122,664 |  |  |  | – |  |  |  | – |  |  |  | 13,122,664 |
Total |  | $ | 392,164,203 |  |  | $ | – |  |  | $ | – |  |  | $ | 392,164,203 |

| * | 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.

First Quarter Report (Unaudited) | March 31, 2022 | 15

Liberty All-Star® Growth Fund | Notes to Schedule of Investments

March 31, 2022 (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 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.

16 | www.all-starfunds.com

| Description of Lipper Benchmark
Liberty All-Star® Growth Fund | and Market Indices

March 31, 2022 (Unaudited)

Dow Jones Industrial Average

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

Lipper Multi-Cap Growth Mutual Fund Average

The average of funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-Cap growth funds typically have above-average characteristics compared to the S&P SuperComposite 1500® 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.

Russell Top 200® Growth Index

Measures the performance of those Russell Top 200® companies with lower book-to-price-ratios and higher growth values. The Russell Top 200® Index measures the performance of the 200 largest companies in the Russell 3000® Index.

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.

Russell Midcap® Growth Index

Measures the performance of those Russell Midcap® companies with lower book-to-price-ratios and higher growth values. The Russell Midcap® Index measures the performance of the 800 smallest companies in the Russell 1000® Index.

Russell Midcap® Value Index

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

First Quarter Report (Unaudited) | March 31, 2022 | 17

| Description of Lipper Benchmark
Liberty All-Star® Growth Fund | and Market Indices

March 31, 2022 (Unaudited)

Russell 2000® Growth Index (Smallcap)

Measures the performance of those Russell 2000® companies with lower book-to-price-ratios and higher growth values. The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index.

Russell 2000® Value Index (Smallcap)

Measures the performance of those Russell 2000® companies with higher book-to-price-ratios and lower growth values.

Russell Growth Benchmark

The average of the Russell Top 200®, Midcap® and 2000® Growth Indices.

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