NPORT-EX 2 fp0080974-1_nportex.htm

Liberty All-Star^{^®}Growth Fund

Schedule of Investments

September 30, 2022 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (97.96%)
COMMUNICATION SERVICES (3.86%)
Entertainment (1.77%)
Netflix, Inc.^(a)		12,283	$	2,891,909
Take-Two Interactive Software, Inc.^(a)		20,000		2,180,000
				5,071,909
Interactive Media & Services (1.88%)
Alphabet, Inc., Class C^(a)		36,860		3,544,089
Match Group, Inc.^(a)		38,237		1,825,817
				5,369,906
Media (0.21%)
TechTarget, Inc.^(a)		10,148		600,762

CONSUMER DISCRETIONARY (13.06%)
Distributors (0.78%)
Pool Corp.		7,000		2,227,470

Diversified Consumer Services (1.07%)
Chegg, Inc.^(a)		145,153		3,058,374

Hotels, Restaurants & Leisure (3.17%)
Planet Fitness, Inc., Class A^(a)		36,922		2,128,922
Starbucks Corp.		29,491		2,484,912
Wingstop, Inc.		6,483		813,098
Yum! Brands, Inc.		34,233		3,640,337
				9,067,269
Internet & Direct Marketing Retail (2.50%)
Amazon.com, Inc.^(a)		56,950		6,435,350
Xometry, Inc., Class A^(a)		12,533		711,749
				7,147,099
Leisure Products (0.09%)
Latham Group, Inc.^(a)		73,068		262,314

Multiline Retail (0.37%)
Ollie's Bargain Outlet Holdings, Inc.^(a)		20,244		1,044,590

Specialty Retail (3.79%)
Asbury Automotive Group, Inc.^(a)		18,000		2,719,800
Floor & Decor Holdings, Inc., Class A^(a)		30,500		2,142,930
MYT Netherlands Parent BV^(a)(b)(c)		70,771		815,282
National Vision Holdings, Inc.^(a)		138		4,506
Ulta Beauty, Inc.^(a)		7,000		2,808,330

See Notes to Schedule of Investments.

Third Quarter Report (Unaudited) | September 30, 2022

Liberty All-Star^{^®}Growth Fund

Schedule of Investments

September 30, 2022 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (continued)
Specialty Retail (continued)
Williams-Sonoma, Inc.		20,000	$	2,357,000
				10,847,848
Textiles, Apparel & Luxury Goods (1.29%)
Canada Goose Holdings, Inc.^(a)(c)		36,645		558,470
Deckers Outdoor Corp.^(a)		10,000		3,126,100
				3,684,570
CONSUMER STAPLES (1.62%)
Food Products (0.87%)
McCormick & Co., Inc.		35,000		2,494,450

Household Products (0.75%)
Church & Dwight Co., Inc.		30,000		2,143,200

ENERGY (1.34%)
Energy Equipment & Services (1.34%)
Core Laboratories NV		170,322		2,295,940
Dril-Quip, Inc.^(a)		78,830		1,538,762
				3,834,702
FINANCIALS (9.03%)
Banks (1.58%)
First Republic Bank		18,000		2,349,900
Seacoast Banking Corp. of Florida		71,772		2,169,667
				4,519,567
Capital Markets (5.88%)
Hamilton Lane, Inc., Class A		47,857		2,852,756
MSCI, Inc.		10,555		4,451,993
Raymond James Financial, Inc.		30,000		2,964,600
S&P Global, Inc.		11,474		3,503,586
StepStone Group, Inc., Class A		124,476		3,050,907
				16,823,842
Consumer Finance (0.92%)
American Express Co.		17,090		2,305,612
LendingTree, Inc.^(a)		5,568		132,852
Upstart Holdings, Inc.^(a)(c)		9,101		189,210
				2,627,674
Insurance (0.06%)
Goosehead Insurance, Inc., Class A^(a)		4,470		159,311

See Notes to Schedule of Investments.

8	www.all-starfunds.com

Liberty All-Star^{^®}Growth Fund

Schedule of Investments

September 30, 2022 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (continued)
Thrifts & Mortgage Finance (0.59%)
Axos Financial, Inc.^(a)		49,333	$	1,688,669

HEALTH CARE (21.90%)
Biotechnology (4.21%)
ACADIA Pharmaceuticals, Inc.^(a)		61,536		1,006,729
Horizon Pharma Plc^(a)		37,500		2,320,875
Natera, Inc.^(a)		20,848		913,559
Neurocrine Biosciences, Inc.^(a)		30,000		3,186,300
Regeneron Pharmaceuticals, Inc.^(a)		5,750		3,961,003
Ultragenyx Pharmaceutical, Inc.^(a)		15,908		658,750
				12,047,216
Health Care Equipment & Supplies (7.03%)
Abbott Laboratories		19,807		1,916,525
Cooper Cos., Inc.		8,500		2,243,150
Glaukos Corp.^(a)		59,356		3,160,113
Inogen, Inc.^(a)		42,692		1,036,562
Inspire Medical Systems, Inc.^(a)		6,323		1,121,511
Intuitive Surgical, Inc.^(a)		15,312		2,870,081
Nevro Corp.^(a)		46,036		2,145,278
ResMed, Inc.		15,000		3,274,500
STERIS PLC		14,000		2,327,920
				20,095,640
Health Care Providers & Services (3.17%)
Agiliti, Inc.^(a)		95,857		1,371,714
PetIQ, Inc.^(a)		37,494		258,708
Progyny, Inc.^(a)		47,449		1,758,460
UnitedHealth Group, Inc.		9,303		4,698,387
US Physical Therapy, Inc.		12,951		984,535
				9,071,804
Health Care Technology (0.61%)
Definitive Healthcare Corp.^(a)		111,773		1,736,953

Life Sciences Tools & Services (6.68%)
Azenta, Inc.		41,000		1,757,260
Charles River Laboratories International, Inc.^(a)		10,500		2,066,400
Danaher Corp.		16,193		4,182,490
IQVIA Holdings, Inc.^(a)		14,993		2,715,832
Mettler-Toledo International, Inc.^(a)		2,500		2,710,300
Thermo Fisher Scientific, Inc.		7,093		3,597,499
West Pharmaceutical Services, Inc.		8,500		2,091,680
				19,121,461

See Notes to Schedule of Investments.

Third Quarter Report (Unaudited) | September 30, 2022

Liberty All-Star^{^®}Growth Fund

Schedule of Investments

September 30, 2022 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (continued)
Pharmaceuticals (0.20%)
Aerie Pharmaceuticals, Inc.^(a)		38,209	$	578,102

INDUSTRIALS (12.01%)
Aerospace & Defense (0.19%)
Kratos Defense & Security Solutions, Inc.^(a)		54,730		556,057

Building Products (0.90%)
Masco Corp.		55,000		2,567,950

Commercial Services & Supplies (4.45%)
Casella Waste Systems, Inc., Class A^(a)		68,625		5,242,264
Copart, Inc.^(a)		27,500		2,926,000
Montrose Environmental Group, Inc.^(a)		135,039		4,544,062
				12,712,326
Construction & Engineering (1.09%)
Ameresco, Inc., Class A^(a)		46,835		3,113,591

Electrical Equipment (0.53%)
Generac Holdings, Inc.^(a)		8,500		1,514,190

Machinery (0.98%)
IDEX Corp.		14,000		2,797,900

Professional Services (1.05%)
Booz Allen Hamilton Holding Corp.		32,500		3,001,375

Road & Rail (0.86%)
Saia, Inc.^(a)		13,000		2,470,000

Trading Companies & Distributors (1.96%)
SiteOne Landscape Supply, Inc.^(a)		31,286		3,258,124
Transcat, Inc.^(a)		31,145		2,357,365
				5,615,489
INFORMATION TECHNOLOGY (28.32%)
Communications Equipment (0.71%)
Ciena Corp.^(a)		50,000		2,021,500

Electronic Equipment, Instruments & Components (4.02%)
Keysight Technologies, Inc.^(a)		20,000		3,147,200
Novanta, Inc.^(a)		13,905		1,608,113

See Notes to Schedule of Investments.

10	www.all-starfunds.com

Liberty All-Star^{^®}Growth Fund

Schedule of Investments

September 30, 2022 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (continued)
Teledyne Technologies, Inc.^(a)		6,500	$	2,193,555
Trimble, Inc.^(a)		50,000		2,713,500
Zebra Technologies Corp., Class A^(a)		7,000		1,834,070
				11,496,438
IT Services (6.01%)
Akamai Technologies, Inc.^(a)		32,000		2,570,240
CI&T, Inc., Class A^(a)		138,629		1,301,726
FleetCor Technologies, Inc.^(a)		14,129		2,489,106
Globant SA^(a)		23,120		4,325,290
Grid Dynamics Holdings, Inc.^(a)		83,568		1,565,229
Visa, Inc., Class A		27,799		4,938,492
				17,190,083
Semiconductors & Semiconductor Equipment (3.76%)
Diodes, Inc.^(a)		35,000		2,271,850
Entegris, Inc.		28,500		2,366,070
Impinj, Inc.^(a)		27,916		2,234,117
Monolithic Power Systems, Inc.		6,000		2,180,400
Skyworks Solutions, Inc.		20,000		1,705,400
				10,757,837
Software (13.82%)
Adobe, Inc.^(a)		6,986		1,922,547
Autodesk, Inc.^(a)		19,028		3,554,431
Ebix, Inc.^(c)		18,925		359,007
Everbridge, Inc.^(a)		998		30,818
Intuit, Inc.		9,766		3,782,567
Microsoft Corp.		22,909		5,335,506
Paycom Software, Inc.^(a)		8,000		2,639,920
Qualys, Inc.^(a)		19,000		2,648,410
Rapid7, Inc.^(a)		17,492		750,407
Salesforce, Inc.^(a)		26,782		3,852,323
SEMrush Holdings, Inc., Class A^(a)(c)		9,983		111,910
SPS Commerce, Inc.^(a)		68,140		8,465,032
Vertex, Inc., Class A^(a)		143,808		1,965,855
Workday, Inc., Class A^(a)		26,935		4,100,046
				39,518,779
MATERIALS (3.08%)
Chemicals (2.03%)
Ecolab, Inc.		23,049		3,328,737
Sherwin-Williams Co.		12,167		2,491,193
				5,819,930

See Notes to Schedule of Investments.

Third Quarter Report (Unaudited) | September 30, 2022

Liberty All-Star^{^®}Growth Fund

Schedule of Investments

September 30, 2022 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (continued)
Containers & Packaging (1.05%)
Ball Corp.		61,930	$	2,992,457

REAL ESTATE (3.74%)
Equity Real Estate Investment Trusts (REITs) (1.92%)
Equinix, Inc.		5,022		2,856,715
Sun Communities, Inc.		19,500		2,638,935
				5,495,650
Real Estate Management & Development (1.82%)
FirstService Corp.		43,818		5,214,780

TOTAL COMMON STOCKS
(COST OF $261,851,395)				280,181,034

SHORT TERM INVESTMENTS (2.81%)
MONEY MARKET FUND (2.09%)
State Street Institutional US Government Money Market Fund, 2.92%^(d)
(COST OF $5,970,007)		5,970,007		5,970,007

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED (0.72%)
State Street Navigator Securities Lending Government Money Market Portfolio, 3.07%
(COST OF $2,070,167)		2,070,167		2,070,167

TOTAL SHORT TERM INVESTMENTS
(COST OF $8,040,174)				8,040,174

TOTAL INVESTMENTS (100.77%)
(COST OF $269,891,569)				288,221,208

LIABILITIES IN EXCESS OF OTHER ASSETS (-0.77%)				(2,209,416	)

NET ASSETS (100.00%)			$	286,011,792

NET ASSET VALUE PER SHARE
(56,719,883 SHARES OUTSTANDING)			$	5.04

See Notes to Schedule of Investments.

12	www.all-starfunds.com

Liberty All-Star^{^®}Growth Fund

Schedule of Investments

September 30, 2022 (Unaudited)

^(a)	Non-income producing security.
^(b)	American Depositary Receipt.
^(c)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $2,013,288.
^(d)	Rate reflects seven-day effective yield on September 30, 2022.

See Notes to Schedule of Investments.

Third Quarter Report (Unaudited) | September 30, 2022

Liberty All-Star^{^®}Growth Fund

Notes to Schedule of Investments

September 30, 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"). Effective September 8, 2022, 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 determining fair value in good faith for any and 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 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, 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, 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.

14	www.all-starfunds.com

Liberty All-Star^{^®}Growth Fund

Notes to Schedule of Investments

September 30, 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 September 30, 2022:

Market Value of
Securities
on Loan

Cash
Collateral

Received

Non-Cash
Collateral

Received

Total
Collateral

Received

2,013,288

2,070,167

14,291

2,084,458

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.

Third Quarter Report (Unaudited) | September 30, 2022

Liberty All-Star^{^®}Growth Fund

Notes to Schedule of Investments

September 30, 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 September 30, 2022:

	Valuation Inputs
Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Common Stocks*	$	280,181,034	$	–	$	–	$	280,181,034
Short Term Investments		8,040,174		–		–		8,040,174
Total	$	288,221,208	$	–	$	–	$	288,221,208

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.

16	www.all-starfunds.com

Liberty All-Star^{^®}Growth Fund

Notes to Schedule of Investments

September 30, 2022 (Unaudited)

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.

Third Quarter Report (Unaudited) | September 30, 2022

Liberty All-Star^{^®}Growth 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 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.

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.

18	www.all-starfunds.com

Liberty All-Star^{^®}Growth Fund

Description of Lipper Benchmark
and Market Indices

(Unaudited)

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 approximately 80% of the total domestic U.S. equity market capitalization.

An investor cannot invest directly in an index.

Third Quarter Report (Unaudited) | September 30, 2022