USA Liberty All Star Equity Fund

Liberty All-Star® Equity Fund

Schedule of Investments

September 30, 2024 (Unaudited)

 

		SHARES				VALUE
COMMON STOCKS (97.56%)
COMMUNICATION SERVICES (6.79%)
Diversified Telecommunication Services (0.45%)
Verizon Communications, Inc.			204,500			$	9,184,095
Entertainment (0.61%)
Netflix, Inc.(a)			17,648				12,517,197
Interactive Media & Services (4.11%)
Alphabet, Inc., Class A			94,037				15,596,036
Alphabet, Inc., Class C			219,502				36,698,539
Meta Platforms, Inc., Class A			55,867				31,980,506
							84,275,081
Media (1.62%)
Charter Communications, Inc., Class A(a)			41,416				13,422,098
Omnicom Group, Inc.			113,075				11,690,824
Trade Desk, Inc., Class A(a)			73,097				8,015,086
							33,128,008
CONSUMER DISCRETIONARY (12.40%)
Automobile Components (1.67%)
Cie Generale des Etablissements Michelin SCA(b)			414,100				8,406,230
Lear Corp.			109,726				11,976,593
Magna International, Inc., Class A			338,513				13,892,574
							34,275,397
Broadline Retail (2.63%)
Amazon.com, Inc.(a)			289,600				53,961,168
Entertainment (1.09%)
Sony Group Corp.(b)(c)			230,567				22,265,855
Hotels, Restaurants & Leisure (2.97%)
Aramark			464,317				17,982,997
Booking Holdings, Inc.			4,448				18,735,510
Starbucks Corp.			84,699				8,257,306
Yum! Brands, Inc.			112,730				15,749,508
							60,725,321
Household Durables (1.06%)
Lennar Corp., Class A			83,500				15,654,580
Newell Brands, Inc.			783,352				6,016,143
							21,670,723
Specialty Retail (2.70%)
CarMax, Inc.(a)			182,723				14,139,106

 

See Notes to Schedule of Investments.

Third Quarter Report (Unaudited)  |  September 30, 2024

7

Liberty All-Star® Equity Fund

Schedule of Investments

September 30, 2024 (Unaudited)

 

			SHARES				VALUE
COMMON STOCKS (continued)
Specialty Retail (continued)
Home Depot, Inc.			18,219			$	7,382,339
Lowe's Cos., Inc.			34,000				9,208,900
O'Reilly Automotive, Inc.(a)			16,391				18,875,875
TJX Cos., Inc.			48,411				5,690,229
							55,296,449
Textiles, Apparel & Luxury Goods (0.28%)
PVH Corp.			56,548				5,701,735
CONSUMER STAPLES (4.75%)
Beverages (0.78%)
Coca-Cola Co.			127,300				9,147,778
Constellation Brands, Inc., Class A			26,700				6,880,323
							16,028,101
Consumer Staples Distribution & Retail (1.61%)
Costco Wholesale Corp.			14,626				12,966,242
Dollar Tree, Inc.(a)			95,685				6,728,569
SYSCO Corp.			169,234				13,210,406
							32,905,217
Food Products (0.50%)
Tyson Foods, Inc., Class A			172,180				10,255,041
Household Products (0.42%)
Procter & Gamble Co.			49,400				8,556,080
Multiline Retail (0.68%)
Dollar General Corp.			163,350				13,814,509
Personal Care Products (0.76%)
Unilever PLC(b)			240,204				15,603,652
ENERGY (1.83%)
Energy Equipment & Services (0.58%)
NOV, Inc.			441,864				7,056,568
Schlumberger NV			113,865				4,776,637
							11,833,205
Oil, Gas & Consumable Fuels (1.25%)
Coterra Energy, Inc.			320,800				7,683,160
Shell PLC(b)			145,792				9,614,982
TotalEnergies SE(b)			129,992				8,400,083
							25,698,225

 

See Notes to Schedule of Investments.

8	www.all-starfunds.com

Liberty All-Star® Equity Fund

Schedule of Investments

September 30, 2024 (Unaudited)

 

			SHARES				VALUE
COMMON STOCKS (continued)
FINANCIALS (19.53%)
Banks (4.23%)
Bank of America Corp.			343,426			$	13,627,144
Citigroup, Inc.			283,757				17,763,188
Commerce Bancshares, Inc.			70,500				4,187,700
Cullen/Frost Bankers, Inc.			50,900				5,693,674
JPMorgan Chase & Co.			29,013				6,117,681
Mitsubishi UFJ Financial Group, Inc.(b)(c)			641,000				6,525,380
PNC Financial Services Group, Inc.			43,800				8,096,430
U.S. Bancorp			200,300				9,159,719
Wells Fargo & Co.			273,001				15,421,826
							86,592,742
Capital Markets (5.43%)
Ameriprise Financial, Inc.			28,600				13,436,566
BlackRock, Inc.			9,356				8,883,616
Blackstone Group LP			54,700				8,376,211
Charles Schwab Corp.			315,951				20,476,784
Goldman Sachs Group, Inc.			12,248				6,064,107
MSCI, Inc.			21,952				12,796,479
Northern Trust Corp.			59,125				5,323,024
S&P Global, Inc.			55,131				28,481,777
UBS Group AG			242,844				7,506,308
							111,344,872
Consumer Finance (1.81%)
American Express Co.			39,696				10,765,555
Capital One Financial Corp.			176,016				26,354,876
							37,120,431
Financial Services (5.14%)
Berkshire Hathaway, Inc., Class B(a)			45,389				20,890,741
Equitable Holdings, Inc.			329,928				13,866,874
Global Payments, Inc.			127,936				13,103,205
Mastercard, Inc., Class A			26,820				13,243,716
Visa, Inc., Class A			128,745				35,398,438
Voya Financial, Inc.			110,585				8,760,544
							105,263,518
Insurance (2.92%)
American International Group, Inc.			112,700				8,253,021
Aon PLC, Class A			47,738				16,516,871
Arch Capital Group, Ltd.(a)			53,296				5,962,756
MetLife, Inc.			172,133				14,197,530
Progressive Corp.			58,547				14,856,887
							59,787,065

 

See Notes to Schedule of Investments.

Third Quarter Report (Unaudited)  |  September 30, 2024

9

Liberty All-Star® Equity Fund

Schedule of Investments

September 30, 2024 (Unaudited)

 

			SHARES				VALUE
COMMON STOCKS (continued)
HEALTH CARE (14.99%)
Biotechnology (0.52%)
Amgen, Inc.			32,900			$	10,600,709
Health Care Equipment & Supplies (4.49%)
Alcon, Inc.			93,800				9,386,566
Baxter International, Inc.			486,104				18,457,369
Boston Scientific Corp.(a)			120,853				10,127,481
Dexcom, Inc.(a)			59,165				3,966,422
Intuitive Surgical, Inc.(a)			21,986				10,801,062
Koninklijke Philips NV			402,334				13,164,369
Medtronic PLC			197,786				17,806,674
Smith & Nephew PLC(b)(c)			264,738				8,243,941
							91,953,884
Health Care Providers & Services (5.44%)
CVS Health Corp.			229,600				14,437,248
Fresenius Medical Care AG(b)			1,156,332				24,629,871
Humana, Inc.			43,423				13,753,801
Quest Diagnostics, Inc.			86,479				13,425,865
UnitedHealth Group, Inc.			77,279				45,183,486
							111,430,271
Life Sciences Tools & Services (1.87%)
Danaher Corp.			87,411				24,302,006
Thermo Fisher Scientific, Inc.			22,596				13,977,208
							38,279,214
Pharmaceuticals (2.67%)
Bristol-Myers Squibb Co.			246,566				12,757,325
Merck & Co., Inc.			78,500				8,914,460
Novo Nordisk A/S(b)			114,323				13,612,439
Pfizer, Inc.			367,153				10,625,408
Zoetis, Inc.			45,384				8,867,126
							54,776,758
INDUSTRIALS (8.78%)
Aerospace & Defense (0.74%)
General Dynamics Corp.			28,900				8,733,580
General Electric Co.			34,340				6,475,837
							15,209,417
Building Products (2.59%)
Carlisle Cos., Inc.			39,589				17,805,153
Carrier Global Corp.			212,998				17,144,209

 

See Notes to Schedule of Investments.

10	www.all-starfunds.com

Liberty All-Star® Equity Fund

Schedule of Investments

September 30, 2024 (Unaudited)

 

			SHARES				VALUE
COMMON STOCKS (continued)
Building Products (continued)
Masco Corp.			214,129			$	17,973,988
							52,923,350
Commercial Services & Supplies (1.22%)
Waste Connections, Inc.			44,190				7,902,056
Waste Management, Inc.			81,859				16,993,928
							24,895,984
Ground Transportation (0.76%)
Canadian Pacific Kansas City, Ltd.			182,579				15,617,808
Industrial Conglomerates (0.39%)
Honeywell International, Inc.			39,000				8,061,690
Machinery (1.61%)
Oshkosh Corp.			53,600				5,371,256
Parker-Hannifin Corp.			28,200				17,817,324
Xylem, Inc.			72,500				9,789,675
							32,978,255
Passenger Airlines (0.50%)
Delta Air Lines, Inc.			202,504				10,285,178
Trading Companies & Distributors (0.97%)
Ferguson Enterprises, Inc.			99,940				19,845,086
INFORMATION TECHNOLOGY (21.66%)
Electronic Equipment & Instruments (0.38%)
TE Connectivity Ltd.			51,086				7,713,475
Electronic Equipment, Instruments & Components (0.78%)
CDW Corp.			36,863				8,342,097
Teledyne Technologies, Inc.(a)			17,600				7,702,816
							16,044,913
IT Services (2.69%)
Amdocs, Ltd.			132,812				11,618,394
Cognizant Technology Solutions Corp., Class A			180,764				13,951,365
Gartner, Inc.(a)			38,277				19,397,253
Shopify, Inc., Class A(a)			98,880				7,924,243
Snowflake, Inc., Class A(a)			18,558				2,131,572
							55,022,827
Semiconductors & Semiconductor Equipment (5.77%)
ASML Holding N.V.			10,846				9,037,430

 

See Notes to Schedule of Investments.

Third Quarter Report (Unaudited)  |  September 30, 2024

11

Liberty All-Star® Equity Fund

Schedule of Investments

September 30, 2024 (Unaudited)

 

			SHARES				VALUE
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
Microchip Technology, Inc.			123,800			$	9,939,902
Micron Technology, Inc.			94,654				9,816,566
NVIDIA Corp.			566,555				68,802,439
QUALCOMM, Inc.			63,800				10,849,190
Skyworks Solutions, Inc.			99,204				9,798,379
							118,243,906
Software (11.37%)
Adobe, Inc.(a)			38,713				20,044,817
ANSYS, Inc.(a)			31,000				9,877,530
Autodesk, Inc.(a)			38,589				10,630,498
Cadence Design Systems, Inc.(a)			33,790				9,158,104
Crowdstrike Holdings, Inc., Class A(a)			34,527				9,683,788
Intuit, Inc.			18,100				11,240,100
Microsoft Corp.			172,195				74,095,508
Palo Alto Networks, Inc.(a)			27,588				9,429,578
Salesforce, Inc.			57,391				15,708,490
ServiceNow, Inc.(a)			38,202				34,167,487
Synopsys, Inc.(a)			30,466				15,427,678
Workday, Inc., Class A(a)			54,763				13,384,625
							232,848,203
Technology Hardware, Storage & Equipment (0.67%)
Apple, Inc.			59,333				13,824,589
MATERIALS (4.61%)
Chemicals (3.11%)
Corteva, Inc.			205,700				12,093,103
Dow, Inc.			355,607				19,426,811
Ecolab, Inc.			89,485				22,848,205
RPM International, Inc.			77,800				9,413,800
							63,781,919
Construction Materials (0.55%)
Martin Marietta Materials, Inc.			20,749				11,168,149
Containers & Packaging (0.95%)
Avery Dennison Corp.			88,246				19,481,187
REAL ESTATE (0.62%)
Residential REITs (0.32%)
Equity LifeStyle Properties, Inc.			92,200				6,577,548

 

See Notes to Schedule of Investments.

12	www.all-starfunds.com

Liberty All-Star® Equity Fund

Schedule of Investments

September 30, 2024 (Unaudited)

 

			SHARES				VALUE
COMMON STOCKS (continued)
Specialized REITs (0.30%)
American Tower Corp.			26,316			$	6,120,049
UTILITIES (1.60%)
Electric Utilities (0.68%)
Edison International			73,213				6,376,120
Xcel Energy, Inc.			118,000				7,705,400
							14,081,520
Gas Utilities (0.49%)
Atmos Energy Corp.			72,100				10,000,991
Water Utilities (0.43%)
American Water Works Co., Inc.			59,900				8,759,776
TOTAL COMMON STOCKS
(COST OF $1,512,744,596)							1,998,330,343
SHORT TERM INVESTMENTS (3.59%)
MONEY MARKET FUND (2.47%)
State Street Institutional US Government Money Market Fund, Premier Class, 4.94%(d)
(COST OF $50,549,236)			50,549,236				50,549,236
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED (1.12%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.02%
(COST OF $22,855,622)			22,855,622				22,855,622
TOTAL SHORT TERM INVESTMENTS
(COST OF $73,404,858)							73,404,858
TOTAL INVESTMENTS (101.15%)
(COST OF $1,586,149,454)							2,071,735,201
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.15%)							(23,399,577	)
NET ASSETS (100.00%)						$	2,048,335,624
NET ASSET VALUE PER SHARE
(285,759,625 SHARES OUTSTANDING)						$	7.17

 

See Notes to Schedule of Investments.

Third Quarter Report (Unaudited)  |  September 30, 2024

13

Liberty All-Star® Equity Fund

Schedule of Investments

September 30, 2024 (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 $36,958,049.
(d)	Rate reflects seven-day effective yield on September 30, 2024.

 

See Notes to Schedule of Investments.

14	www.all-starfunds.com

Liberty All-Star® Equity 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 Trustees (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.

 

Lending of Portfolio Securities
The Fund may lend its portfolio securities only to borrowers that are approved by the Fund’s securities lending agent, State Street Bank & Trust Co. (“SSB”). The Fund will limit such lending to not more than 30% of the value of its total assets. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollar only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, or by irrevocable bank letters of credit issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for securities traded on U.S. exchanges and a value of no less than 105% of the market value for all other securities. The collateral is maintained thereafter, at a market value equal to no less than 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

 

Third Quarter Report (Unaudited)  |  September 30, 2024

15

Liberty All-Star® Equity Fund	Notes to Schedule of Investments
	September 30, 2024 (Unaudited)

 

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
$	36,958,049			$	22,855,622			$	14,824,133			$	37,679,755

 

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.

 

16	www.all-starfunds.com

Liberty All-Star® Equity 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*		$	1,998,330,343			$	–			$	–			$	1,998,330,343
Short Term Investments			73,404,858				–				–				73,404,858
Total		$	2,071,735,201			$	–			$	–			$	2,071,735,201

 

*

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 Trustees and Officers of the Fund are indemnified against certain liabilities that may arise out of their duties to the Fund. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be minimal.

 

Third Quarter Report (Unaudited)  |  September 30, 2024

17

Liberty All-Star® Equity 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 Large-Cap Core Mutual Fund Average
The average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s U.S. domestic equity large-cap floor. These funds typically have average characteristics compared to the S&P 500^® Index.

 

NASDAQ Composite Index
Measures all NASDAQ domestic and international based common type stocks listed on the NASDAQ Stock Market.

 

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

 

Russell 1000^® Value Index (Largecap)

Measures the performance of those Russell 1000^® companies with higher book-to-price ratios and lower growth values.

 

S&P 500^® Index
A large-cap U.S. equities index that includes 500 leading companies and represents approximately 80% of the total domestic U.S. equity market capitalization.

 

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

 

An investor cannot invest directly in an index.

 

18	www.all-starfunds.com

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