ASG Liberty All Star Growth Fund

Liberty All-Star® Growth Fund

Schedule of Investments

September 30, 2024 (Unaudited)

 

		SHARES				VALUE
COMMON STOCKS (97.72%)
COMMUNICATION SERVICES (5.53%)
Entertainment (1.46%)
Netflix, Inc.(a)			3,757			$	2,664,727
Take-Two Interactive Software, Inc.(a)			17,500				2,689,925
							5,354,652
Interactive Media & Services (4.07%)
Alphabet, Inc., Class A			45,150				7,488,128
Meta Platforms, Inc., Class A			12,918				7,394,780
							14,882,908
CONSUMER DISCRETIONARY (9.45%)
Automobiles (0.44%)
Tesla, Inc.(a)			6,150				1,609,025
Broadline Retail (3.99%)
Amazon.com, Inc.(a)			52,989				9,873,440
Ollie's Bargain Outlet Holdings, Inc.(a)			46,197				4,490,348
Savers Value Village, Inc.(a)(b)			21,730				228,600
							14,592,388
Distributors (0.72%)
Pool Corp.			7,000				2,637,600
Hotels, Restaurants & Leisure (1.17%)
Chipotle Mexican Grill, Inc.(a)			23,290				1,341,970
Planet Fitness, Inc., Class A(a)			17,484				1,420,050
Wingstop, Inc.			3,634				1,512,035
							4,274,055
Specialty Retail (2.21%)
American Eagle Outfitters, Inc.			127,952				2,864,845
Ulta Beauty, Inc.(a)			6,250				2,432,000
Valvoline, Inc.(a)			67,000				2,803,950
							8,100,795
Textiles, Apparel & Luxury Goods (0.92%)
Deckers Outdoor Corp.(a)			21,000				3,348,450
CONSUMER STAPLES (3.86%)
Consumer Staples Distribution & Retail (3.07%)
Casey's General Stores, Inc.			10,000				3,757,100
Costco Wholesale Corp.			2,810				2,491,121
Target Corp.			12,210				1,903,051
US Foods Holding Corp.(a)			50,000				3,075,000
							11,226,272

 

See Notes to Schedule of Investments.
Third Quarter Report (Unaudited)  |  September 30, 2024	7

Liberty All-Star® Growth Fund

Schedule of Investments

September 30, 2024 (Unaudited)

 

		SHARES				VALUE
COMMON STOCKS (continued)
Household Products (0.79%)
Church & Dwight Co., Inc.			27,500			$	2,879,800
ENERGY (0.76%)
Energy Equipment & Services (0.76%)
Core Laboratories, Inc.			31,812				589,476
Weatherford International PLC			26,000				2,207,920
							2,797,396
FINANCIALS (11.01%)
Banks (0.32%)
Bank of America Corp.			30,040				1,191,987
Capital Markets (5.41%)
FactSet Research Systems, Inc.			7,000				3,218,950
Hamilton Lane, Inc., Class A			35,178				5,923,623
Raymond James Financial, Inc.			25,000				3,061,500
S&P Global, Inc.			3,211				1,658,867
StepStone Group, Inc., Class A			104,220				5,922,823
							19,785,763
Consumer Finance (0.84%)
Upstart Holdings, Inc.(a)			77,097				3,084,651
Financial Services (2.11%)
Apollo Global Management, Inc.			15,270				1,907,376
Flywire Corp.(a)			63,446				1,039,880
Visa, Inc., Class A			17,340				4,767,633
							7,714,889
Insurance (2.33%)
Brown & Brown, Inc.			36,000				3,729,600
Palomar Holdings, Inc.(a)			17,990				1,703,113
Progressive Corp.			12,120				3,075,571
							8,508,284
HEALTH CARE (18.05%)
Biotechnology (6.03%)
AbbVie, Inc.			11,170				2,205,852
ACADIA Pharmaceuticals, Inc.(a)			199,856				3,073,785
Ascendis Pharma A/S(a)(c)			22,550				3,366,940
Halozyme Therapeutics, Inc.(a)			50,000				2,862,000
Legend Biotech Corp.(a)(c)			29,020				1,414,145
Natera, Inc.(a)			56,420				7,162,519
Ultragenyx Pharmaceutical, Inc.(a)			35,660				1,980,913
							22,066,154

 

See Notes to Schedule of Investments.
8	www.all-starfunds.com

Liberty All-Star® Growth Fund

Schedule of Investments

September 30, 2024 (Unaudited)

 

		SHARES				VALUE
COMMON STOCKS (continued)
Health Care Equipment & Supplies (8.56%)
Cooper Cos., Inc.			30,000			$	3,310,200
Dexcom, Inc.(a)			22,340				1,497,674
Glaukos Corp.(a)			44,144				5,751,080
Hologic, Inc.(a)			35,000				2,851,100
Inmode, Ltd.(a)			21,533				364,984
Inogen, Inc.(a)			41,696				404,451
Inspire Medical Systems, Inc.(a)			3,615				762,946
iRhythm Technologies, Inc.(a)			19,811				1,470,769
Neogen Corp.(a)			213,383				3,586,968
Penumbra, Inc.(a)			15,500				3,011,805
ResMed, Inc.			14,000				3,417,680
Tandem Diabetes Care, Inc.(a)			115,098				4,881,306
							31,310,963
Health Care Providers & Services (1.81%)
NeoGenomics, Inc.(a)			110,945				1,636,439
Progyny, Inc.(a)			126,378				2,118,095
UnitedHealth Group, Inc.			3,152				1,842,912
US Physical Therapy, Inc.			12,148				1,028,085
							6,625,531
Life Sciences Tools & Services (1.65%)
Charles River Laboratories International, Inc.(a)			10,500				2,068,185
ICON PLC(a)			5,970				1,715,241
West Pharmaceutical Services, Inc.			7,500				2,251,200
							6,034,626
INDUSTRIALS (16.81%)
Aerospace & Defense (3.94%)
AAR Corp.(a)			31,952				2,088,383
Cadre Holdings, Inc.			47,302				1,795,111
Curtiss-Wright Corp.			10,000				3,286,900
Kratos Defense & Security Solutions, Inc.(a)			73,621				1,715,369
Loar Holdings, Inc.(a)(b)			11,508				858,382
TransDigm Group, Inc.			3,260				4,652,444
							14,396,589
Commercial Services & Supplies (3.54%)
Casella Waste Systems, Inc., Class A(a)			63,768				6,344,278
CECO Environmental Corp.(a)			16,167				455,910
Copart, Inc.(a)			60,000				3,144,000
Montrose Environmental Group, Inc.(a)			114,370				3,007,931
							12,952,119
Construction & Engineering (0.92%)
EMCOR Group, Inc.			7,500				3,228,975

 

See Notes to Schedule of Investments.
Third Quarter Report (Unaudited)  |  September 30, 2024	9

Liberty All-Star® Growth Fund

Schedule of Investments

September 30, 2024 (Unaudited)

 

		SHARES				VALUE
COMMON STOCKS (continued)
Construction & Engineering (continued)
MYR Group, Inc.(a)			1,132			$	115,724
							3,344,699
Electrical Equipment (1.16%)
nVent Electric PLC			37,500				2,634,750
Vertiv Holdings Co.			16,160				1,607,758
							4,242,508
Ground Transportation (2.18%)
RXO, Inc.(a)			107,551				3,011,428
Saia, Inc.(a)			7,000				3,060,820
Union Pacific Corp.			7,760				1,912,685
							7,984,933
Machinery (2.00%)
Crane Co.			20,000				3,165,600
Regal Rexnord Corp.(a)			6,240				1,035,091
Watts Water Technologies, Inc., Class A			15,000				3,107,850
							7,308,541
Professional Services (1.36%)
Booz Allen Hamilton Holding Corp.			23,500				3,824,860
First Advantage Corp.(a)			58,736				1,165,910
							4,990,770
Trading Companies & Distributors (1.71%)
SiteOne Landscape Supply, Inc.(a)			23,050				3,478,476
Transcat, Inc.(a)			20,798				2,511,774
Xometry, Inc., Class A(a)			14,974				275,072
							6,265,322
INFORMATION TECHNOLOGY (29.14%)
Electronic Equipment, Instruments & Components (2.29%)
Fabrinet(a)			13,000				3,073,720
Novanta, Inc.(a)			11,517				2,060,622
PAR Technology Corp.(a)			7,464				388,725
Teledyne Technologies, Inc.(a)			6,500				2,844,790
							8,367,857
Semiconductors & Semiconductor Equipment (8.93%)
Advanced Micro Devices, Inc.(a)			8,740				1,434,059
ASML Holding N.V.			2,030				1,691,498
Broadcom Ltd.			11,580				1,997,550
Impinj, Inc.(a)			8,087				1,750,997
Monolithic Power Systems, Inc.			3,350				3,097,075
NVIDIA Corp.			107,190				13,017,154
NXP Semiconductors NV			5,930				1,423,259
Onto Innovation, Inc.(a)			14,500				3,009,620

 

See Notes to Schedule of Investments.
10	www.all-starfunds.com

Liberty All-Star® Growth Fund

Schedule of Investments

September 30, 2024 (Unaudited)

 

		SHARES				VALUE
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
Semtech Corp.(a)			40,759			$	1,861,056
SiTime Corp.(a)			7,037				1,206,916
Taiwan Semiconductor Manufacturing Co. Ltd.(c)			12,400				2,153,508
							32,642,692
Software (14.02%)
Agilysys, Inc.(a)			24,818				2,704,417
Cadence Design Systems, Inc.(a)			7,820				2,119,455
Descartes Systems Group, Inc.(a)			30,000				3,088,800
Dynatrace, Inc.(a)			60,000				3,208,200
Intapp, Inc.(a)			5,439				260,147
Microsoft Corp.			24,960				10,740,288
nCino, Inc.(a)			47,023				1,485,457
Oracle Corp.			11,610				1,978,344
PROS Holdings, Inc.(a)			55,419				1,026,360
PTC, Inc.(a)			15,000				2,709,900
Qualys, Inc.(a)			18,000				2,312,280
Salesforce, Inc.			8,093				2,215,135
SAP SE(c)			10,820				2,478,862
ServiceNow, Inc.(a)			4,086				3,654,478
Sprout Social, Inc.(a)			27,416				796,983
SPS Commerce, Inc.(a)			36,938				7,172,251
Vertex, Inc., Class A(a)			86,914				3,347,058
							51,298,415
Technology Hardware, Storage & Peripherals (3.90%)
Apple, Inc.			49,392				11,508,336
Pure Storage, Inc.(a)			55,000				2,763,200
							14,271,536
MATERIALS (0.78%)
Containers & Packaging (0.78%)
AptarGroup, Inc.			16,184				2,592,515
Avery Dennison Corp.			1,107				244,381
							2,836,896
REAL ESTATE (2.33%)
Real Estate Management & Development (2.33%)
CoStar Group, Inc.(a)			18,540				1,398,657
FirstService Corp.			39,143				7,142,032
							8,540,689
TOTAL COMMON STOCKS
(COST OF $260,595,398)							357,469,755

 

See Notes to Schedule of Investments.
Third Quarter Report (Unaudited)  |  September 30, 2024	11

Liberty All-Star® Growth Fund

Schedule of Investments

September 30, 2024 (Unaudited)

 

		SHARES				VALUE
SHORT TERM INVESTMENTS (2.34%)
MONEY MARKET FUND (2.10%)
State Street Institutional US Government Money Market Fund, Premier Class, 4.94%(d)
(COST OF $7,671,259)			7,671,259			$	7,671,259
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED (0.24%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.02%
(COST OF $888,908)			888,908				888,908
TOTAL SHORT TERM INVESTMENTS
(COST OF $8,560,167)							8,560,167
TOTAL INVESTMENTS (100.06%)
(COST OF $269,155,565)							366,029,922
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.06%)							(228,966	)
NET ASSETS (100.00%)						$	365,800,956
NET ASSET VALUE PER SHARE
(60,630,031 SHARES OUTSTANDING)						$	6.03

 

(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 $1,086,981.
(c)	American Depositary Receipt.
(d)	Rate reflects seven-day effective yield on September 30, 2024.

 

See Notes to Schedule of Investments.
12	www.all-starfunds.com

Liberty All-Star® Growth Fund

Notes to Schedule of Investments

September 30, 2024 (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, 2024, 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.

 

Third Quarter Report (Unaudited)  |  September 30, 2021

13

Liberty All-Star® Growth Fund

Notes to Schedule of Investments

September 30, 2024 (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, 2024:

 

Market Value of Securities on Loan				Cash Collateral Received				Non-Cash Collateral Received				Total Collateral Received
$	1,086,981			$	888,908			$	223,997			$	1,112,905

 

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

September 30, 2024 (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, 2024:

 

			Valuation Inputs
Investments in Securities at Value			Level 1				Level 2				Level 3				Total
Common Stocks*		$	357,469,755			$	–			$	–			$	357,469,755
Short Term Investments			8,560,167				–				–				8,560,167
Total		$	366,029,922			$	–			$	–			$	366,029,922

 

*

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.

 

Third Quarter Report (Unaudited)  |  September 30, 2021

15

Liberty All-Star® Growth Fund

Notes to Schedule of Investments

September 30, 2024 (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

Liberty All-Star® Growth Fund

Description of Lipper Benchmark and Market Indices

September 30, 2024 (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 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 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 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 Growth Average

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, 2024

17

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