Liberty
All-Star® Equity Fund
Period
Ended March 31, 2023 (Unaudited)
| Fund
Statistics |
|
| Net Asset Value (NAV) |
$6.15 |
| Market Price |
$6.20 |
| Premium |
0.8% |
| |
1st Quarter 2023 |
| Distribution* |
$0.15 |
| Market Price Trading Range |
$5.72 to $6.52 |
| Premium/(Discount)
Range |
2.3%
to -2.2% |
| Performance |
|
| Shares Valued at NAV with
Dividends Reinvested |
6.75% |
| Shares Valued at Market Price with Dividends
Reinvested |
11.39% |
| Dow Jones Industrial Average |
0.93% |
| Lipper Large-Cap Core Mutual Fund Average |
6.37% |
| NASDAQ Composite Index |
17.05% |
| S&P
500® Index |
7.50% |
| * | 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
2023 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 a 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 2023. |
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 Large-Cap Core 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 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 19.
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® Equity Fund |
President’s
Letter |
| |
(Unaudited) |
| |
|
| Fellow Shareholders: |
April 2023 |
Headlines
from the first quarter held all the potential needed for a setback in equity markets: stubbornly high inflation and continued
interest rate increases capped off by a banking crisis. As events played out, however, stocks proved to be resilient and delivered
positive returns for investors to start the year.
The
S&P 500® Index occupied the middle ground with a return of 7.50 percent for the period, a result bracketed
by returns of 0.93 percent for the Dow Jones Industrial Average (DJIA) and 17.05 percent for the NASDAQ Composite Index. The NASDAQ
advantage over the DJIA was the widest since the fourth quarter of 2001, and it was the NASDAQ’s best three-month period
since the second quarter of 2020.
The
quarter was highly volatile. January opened on a positive note with what was called a “Goldilocks jobs report”—solid
hiring but slower wage growth. That was followed by CPI data showing inflation slowing from a 7.1 percent annual rate in November
to 6.5 percent in December. Retail sales softened and producer prices eased. Next, the Federal Reserve’s preferred measure
of inflation—the core personal consumption expenditures price index, or PCE, which strips out food and energy—slowed
to its lowest annual rate in more than a year. Technology stocks, in particular, were bolstered by the prospect of a pause to
interest rate hikes, with the NASDAQ posting its best opening month performance since 2001.
The
rally came to an abrupt halt in early February. The Fed increased the fed funds rate by 25 basis points to a range of 4.50 to
4.75 percent and signaled more increases would be coming. That move was expected; what surprised was an increase of 517,000 in
January payrolls versus an estimate of 189,000 and a drop in the unemployment rate to 3.4 percent, the lowest since May 1969.
Stocks promptly sold off, opening a period in which the DJIA declined for three straight weeks. The selling culminated during
the week of February 20, when the S&P 500®, DJIA and NASDAQ were all down in a range of 2.7 to 3.3 percent.
Softer employment data filtered in during early March and bond yields eased, taking pressure off stocks—both factors serving
to bolster investor sentiment and lead to a rebound to start the month.
Markets
were soon roiled by the collapse of Silicon Valley Bank (SVB), the biggest bank failure since 2008, raising doubts about the health
of the banking sector overall. SVB, a prominent financial institution for start-ups, was put under the control of the FDIC and
within days was purchased out of receivership by First Citizens Bank. The collapse was the second-biggest bank failure in U.S.
history. Although this event would be followed by another failure, Signature Bank, as well as a takeover in Europe of Credit Suisse
by UBS, forceful action by regulators staunched the possibility of a systemic banking crisis. Much of the banks’ problem
was seen as stemming from the Federal Reserve’s rapid interest rate increases, which took the fed funds rate from near zero
in early 2022 to a range of 4.75 to 5.00 percent after another 25-basis-point increase in latter March. With confidence restored,
the bond market holding steady and mildly positive economic news, both March and the quarter closed in positive territory.
Growth
stocks outperformed value stocks for the quarter, the broad market Russell 3000® Growth Index returning 13.85 percent,
strongly outperforming the 0.91 percent return of its value counterpart. Growth stocks also outperformed value across the capitalization
spectrum of small-, mid- and large-cap stocks.
| First Quarter Report (Unaudited)
| March 31, 2023 |
1 |
| Liberty
All-Star® Equity Fund |
President’s
Letter |
Liberty
All-Star® Equity Fund
Liberty
All-Star Equity Fund navigated the turbulent first quarter to post returns that generally outperformed key benchmarks. For the
quarter, the Fund returned 6.75 percent when shares are valued at net asset value (NAV) with dividends reinvested and 11.39 percent
when shares are valued at market price with dividends reinvested. (Fund returns are net of expenses.) The NAV return was moderately
ahead of the Fund’s primary benchmark, the Lipper Large-Cap Core Mutual Fund Average, which returned 6.37 percent, while
the market price return was well ahead of the benchmark. The Fund’s NAV return lagged that of the S&P 500®
by less than one percentage point while the market price return outperformed. Both measures of return were substantially
ahead of the DJIA but trailed the strong 17.05 percent return posted by the NASDAQ Composite.
In
terms of performance attribution, the Fund was hurt by an overweight to financial stocks and an underweight to technology stocks.
Stock selection, however, boosted Fund returns. Key market gauges such as the S&P 500® and NASDAQ were driven
by a few mega-cap growth stocks—Tesla and Apple are examples—and not holding them also hurt performance. The Fund
had very limited exposure to regional banking stocks, which suffered in the March bank upheaval. As noted earlier, market returns
were characterized by a wide gulf between growth and value stock performance, as exemplified by the return disparity between the
DJIA and the NASDAQ.
During
the first quarter the range over which Fund shares traded relative to their underlying NAV extended from a premium of 2.3 percent
to a discount of -2.2 percent, a narrowing of the range compared with 4Q22 (4.5 percent to -4.4 percent).
In
accordance with the Fund’s distribution policy, the Fund paid a distribution of $0.15 per share in the first quarter. The
Fund’s distribution policy has been in place since 1988 and is a major component of the Fund’s total return. The Fund
has paid distributions of $29.83 per share for a total of more than $3.5 billion since 1987 (the Fund’s first full calendar
year of operations). We continue to emphasize that shareholders should include these distributions when determining the total
return on their investment in the Fund.
As
communicated in the 2022 Annual Report, William “Bill” Parmentier has retired after serving as President of the Fund
for 24 years. The Fund’s Board of Trustees named me to succeed Bill and voted to officially confirm my appointment, effective
April 3. I previously served as Senior Vice President and have been with the Fund for nearly 30 years. This facilitated a smooth
transition while I continue to work closely with a dedicated and experienced team of professionals, all of whom share our core
value of serving Fund shareholders and their best interests. I look forward to reporting to you as we carry on the process of
managing the Fund as a core equity holding for long-term investors.
Sincerely,
Mark
T. Haley, CFA
President
Liberty
All-Star Equity Fund
The
views expressed in the President’s letter reflect the views of the President as of April 2023 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.
| Liberty
All-Star® Equity Fund |
Table
of Distributions, Tax Credits,
Rights Offerings and Distribution Policy |
| |
|
|
Rights
Offerings |
|
|
| Year |
Per
Share
Distributions |
Month
Completed |
Shares Needed
to
Purchase One
Additional
Share |
Subscription
Price |
Tax
Credits1 |
| 1987 |
$1.18 |
|
|
|
|
| 1988 |
0.64 |
|
|
|
|
| 1989 |
0.95 |
|
|
|
|
| 1990 |
0.90 |
|
|
|
|
| 1991 |
1.02 |
|
|
|
|
| 1992 |
1.07 |
April |
10 |
$10.05 |
|
| 1993 |
1.07 |
October |
15 |
10.41 |
$0.18 |
| 1994 |
1.00 |
September |
15 |
9.14 |
|
| 1995 |
1.04 |
|
|
|
|
| 1996 |
1.18 |
|
|
|
0.13 |
| 1997 |
1.33 |
|
|
|
0.36 |
| 1998 |
1.40 |
April |
20 |
12.83 |
|
| 1999 |
1.39 |
|
|
|
|
| 2000 |
1.42 |
|
|
|
|
| 2001 |
1.20 |
|
|
|
|
| 2002 |
0.88 |
May |
10 |
8.99 |
|
| 2003 |
0.78 |
|
|
|
|
| 2004 |
0.89 |
July |
102 |
8.34 |
|
| 2005 |
0.87 |
|
|
|
|
| 2006 |
0.88 |
|
|
|
|
| 2007 |
0.90 |
December |
10 |
6.51 |
|
| 2008 |
0.65 |
|
|
|
|
| 20093 |
0.31 |
|
|
|
|
| 2010 |
0.31 |
|
|
|
|
| 2011 |
0.34 |
|
|
|
|
| 2012 |
0.32 |
|
|
|
|
| 2013 |
0.35 |
|
|
|
|
| 2014 |
0.39 |
|
|
|
|
| 20154 |
0.51 |
|
|
|
|
| 2016 |
0.48 |
|
|
|
|
| 20175 |
0.56 |
|
|
|
|
| 2018 |
0.68 |
|
|
|
|
| 2019 |
0.66 |
|
|
|
|
| 2020 |
0.63 |
|
|
|
|
| 2021 |
0.81 |
November |
102 |
7.78 |
|
| 2022 |
0.69 |
|
|
|
|
| 2023 |
|
|
|
|
|
| 1st
Quarter |
0.15 |
|
|
|
|
| Total |
$29.83 |
|
|
|
|
| 1 | The
Fund’s net investment income and net realized capital gains exceeded the amount
to be distributed under the Fund’s distribution policy. In each case, the Fund
elected to pay taxes on the undistributed income and passed through a proportionate tax
credit to shareholders. |
| 2 | The
number of shares offered was increased by an additional 25 percent to cover a portion
of the over-subscription requests. |
| 3 | Effective
with the second quarter distribution, the annual distribution rate was changed from 10
percent to 6 percent. |
| 4 | Effective
with the second quarter distribution, the annual distribution rate was changed from 6
percent to 8 percent. |
| 5 | Effective
with the fourth quarter distribution, the annual distribution rate was changed from 8
percent to 10 percent. |
DISTRIBUTION
POLICY
The
current policy is to pay distributions on its shares totaling approximately 10 percent of its net asset value per year, payable
in four quarterly installments of 2.5 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 2023 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, 2023 |
3 |
| Liberty
All-Star® Equity Fund |
Top
20 Holdings & Economic Sectors |
| |
March
31, 2023 (Unaudited) |
| Top 20 Holdings* |
Percent
of Net Assets |
| Microsoft
Corp. |
3.13% |
| Alphabet,
Inc. |
2.91 |
| UnitedHealth
Group, Inc. |
2.16 |
| Amazon.com,
Inc. |
2.09 |
| Visa,
Inc. |
1.97 |
| Booking
Holdings, Inc. |
1.75 |
| Adobe,
Inc. |
1.68 |
| ServiceNow,
Inc. |
1.68 |
| S&P
Global, Inc. |
1.60 |
| Sony
Group Corp. |
1.52 |
| NVIDIA
Corp. |
1.42 |
| Danaher
Corp. |
1.36 |
| Salesforce,
Inc. |
1.36 |
| Dollar
General Corp. |
1.31 |
| IQVIA
Holdings, Inc. |
1.13 |
| Capital
One Financial Corp. |
1.13 |
| Fresenius
Medical Care AG & Co. KGaA |
1.13 |
| Ecolab,
Inc. |
1.12 |
| Charles
Schwab Corp. |
1.12 |
| Autodesk,
Inc. |
1.10 |
| |
32.67% |
| Economic Sectors* |
Percent
of Net Assets |
| Financials |
20.45% |
| Information
Technology |
18.93 |
| Health
Care |
14.16 |
| Consumer
Discretionary |
14.01 |
| Industrials |
7.79 |
| Materials |
5.64 |
| Communication
Services |
5.48 |
| Consumer
Staples |
5.01 |
| Energy |
2.11 |
| Real
Estate |
2.07 |
| Utilities |
1.69 |
| Other
Net Assets |
2.67 |
| |
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. |
| Liberty
All-Star® Equity Fund |
Stock Changes in the Quarter |
The
following are the largest ($5 million or more) stock changes - both purchases and sales - that were made in the Fund’s portfolio
during the first quarter of 2023.
| |
Shares |
| Security Name |
Purchases (Sales) |
Held as of 3/31/23 |
| Purchases |
|
|
| Activision Blizzard,
Inc. |
91,000 |
91,000 |
| Charter Communications,
Inc. |
14,189 |
14,189 |
| Intuitive Surgical,
Inc. |
29,890 |
62,790 |
| ServiceNow, Inc. |
22,985 |
59,700 |
| UnitedHealth Group,
Inc. |
23,182 |
75,331 |
| |
|
|
| Sales |
|
|
| Berkshire Hathaway,
Inc. |
(16,914) |
47,034 |
| Hewlett Packard Enterprise
Co. |
(490,898) |
0 |
| JPMorgan
Chase & Co. |
(66,924) |
69,655 |
| First Quarter Report (Unaudited)
| March 31, 2023 |
5 |
| Liberty
All-Star® Equity Fund |
Investment Managers/Portfolio Characteristics |
THE
FUND’S ASSETS ARE APPROXIMATELY EQUALLY DISTRIBUTED AMONG THREE VALUE MANAGERS AND TWO GROWTH MANAGERS:
ALPS
Advisors, Inc., the investment advisor to the Fund, has the ultimate authority (subject to oversight by the Board of Trustees)
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 a multi-managed portfolio. The characteristics are different for each of the Fund’s five
investment managers. These differences are a reflection of the fact that each pursues a different investment style. The shaded
column highlights the characteristics of the Fund as a whole, while the final column shows portfolio characteristics for the S&P
500® Index.
PORTFOLIO
CHARACTERISTICS As of March 31, 2023 (Unaudited)
| |
Investment
Style Spectrum |
|
|
| |
Value |
|
|
|
Growth |
|
|
| |
 |
|
|
| |
PZENA |
FIDUCIARY |
ARISTOTLE |
SUSTAINABLE |
TCW |
TOTAL FUND |
S&P 500®
INDEX |
| Number
of Holdings |
37 |
29 |
43 |
29 |
31 |
145* |
503 |
| Percent
of Holdings in Top 10 |
43% |
46% |
32% |
43% |
51% |
20% |
27% |
| Weighted
Average Market Capitalization (billions) |
$62 |
$162 |
$166 |
$333 |
$442 |
$236 |
$544 |
| Average
Five-Year Earnings Per Share Growth |
6% |
13% |
16% |
18% |
14% |
14% |
17% |
| Dividend
Yield |
2.5% |
1.4% |
2.1% |
0.7% |
0.6% |
1.4% |
1.6% |
| Price/Earnings
Ratio** |
14x |
21x |
18x |
33x |
42x |
22x |
21x |
| Price/Book
Value Ratio |
1.5x |
3.2x |
3.0x |
5.7x |
4.9x |
3.0x |
3.8x |
| * | Certain
holdings are held by more than one manager. |
| ** | Excludes
negative earnings. |
| Liberty
All-Star® Equity Fund |
Schedule of Investments |
| |
March
31, 2023 (Unaudited) |
| | |
SHARES | | |
VALUE | |
| COMMON STOCKS (97.33%) | |
| | | |
| | |
| COMMUNICATION SERVICES (5.48%) | |
| | | |
| | |
| Entertainment (1.14%) | |
| | | |
| | |
| Activision Blizzard, Inc. | |
| 91,000 | | |
$ | 7,788,690 | |
| Netflix, Inc.(a) | |
| 31,763 | | |
| 10,973,481 | |
| | |
| | | |
| 18,762,171 | |
| Interactive Media & Services (2.91%) | |
| | | |
| | |
| Alphabet, Inc., Class A(a) | |
| 135,960 | | |
| 14,103,131 | |
| Alphabet, Inc., Class C(a) | |
| 325,771 | | |
| 33,880,184 | |
| | |
| | | |
| 47,983,315 | |
| Media (1.43%) | |
| | | |
| | |
| Charter Communications, Inc., Class A(a) | |
| 14,189 | | |
| 5,074,128 | |
| Omnicom Group, Inc. | |
| 119,330 | | |
| 11,257,592 | |
| Trade Desk, Inc., Class A(a) | |
| 121,016 | | |
| 7,371,085 | |
| | |
| | | |
| 23,702,805 | |
| CONSUMER DISCRETIONARY (14.01%) | |
| | | |
| | |
| Automobile Components (1.75%) | |
| | | |
| | |
| Cie Generale des Etablissements Michelin SCA(b) | |
| 433,000 | | |
| 6,559,950 | |
| Lear Corp. | |
| 109,726 | | |
| 15,305,680 | |
| Magna International, Inc., Class A(c) | |
| 131,995 | | |
| 7,070,972 | |
| | |
| | | |
| 28,936,602 | |
| Broadline Retail (2.09%) | |
| | | |
| | |
| Amazon.com, Inc.(a) | |
| 333,230 | | |
| 34,419,327 | |
| | |
| | | |
| | |
| Hotels, Restaurants & Leisure (3.04%) | |
| | | |
| | |
| Booking Holdings, Inc.(a) | |
| 10,855 | | |
| 28,791,911 | |
| Starbucks Corp. | |
| 94,092 | | |
| 9,797,800 | |
| Yum! Brands, Inc. | |
| 87,088 | | |
| 11,502,583 | |
| | |
| | | |
| 50,092,294 | |
| Household Durables (3.11%) | |
| | | |
| | |
| Lennar Corp., Class A | |
| 91,300 | | |
| 9,596,543 | |
| Lennar Corp., Class B | |
| 2,500 | | |
| 223,275 | |
| Mohawk Industries, Inc.(a) | |
| 67,297 | | |
| 6,744,505 | |
| Newell Brands, Inc. | |
| 783,352 | | |
| 9,744,899 | |
| Sony Group Corp.(b) | |
| 276,755 | | |
| 25,087,841 | |
| | |
| | | |
| 51,397,063 | |
| Specialty Retail (1.99%) | |
| | | |
| | |
| CarMax, Inc.(a) | |
| 146,723 | | |
| 9,431,355 | |
| Home Depot, Inc. | |
| 30,160 | | |
| 8,900,819 | |
| TJX Cos., Inc. | |
| 67,379 | | |
| 5,279,818 | |
See Notes to Schedule of Investments.
| First Quarter Report (Unaudited)
| March 31, 2023 |
7 |
| Liberty
All-Star® Equity Fund |
Schedule of Investments |
| |
March
31, 2023 (Unaudited) |
| | |
SHARES | | |
VALUE | |
| COMMON STOCKS (continued) | |
| | | |
| | |
| Specialty Retail (continued) | |
| | | |
| | |
| Ulta Beauty, Inc.(a) | |
| 16,842 | | |
$ | 9,190,174 | |
| | |
| | | |
| 32,802,166 | |
| Textiles, Apparel & Luxury Goods (2.03%) | |
| | | |
| | |
| Gildan Activewear, Inc. | |
| 322,869 | | |
| 10,716,022 | |
| NIKE, Inc., Class B | |
| 66,809 | | |
| 8,193,456 | |
| PVH Corp. | |
| 77,568 | | |
| 6,915,963 | |
| Skechers U.S.A., Inc., Class A(a) | |
| 160,928 | | |
| 7,647,298 | |
| | |
| | | |
| 33,472,739 | |
| CONSUMER STAPLES (5.01%) | |
| | | |
| | |
| Beverages (0.90%) | |
| | | |
| | |
| Coca-Cola Co. | |
| 135,500 | | |
| 8,405,065 | |
| Constellation Brands, Inc., Class A | |
| 28,400 | | |
| 6,415,276 | |
| | |
| | | |
| 14,820,341 | |
| Consumer Staples Distribution & Retail (1.74%) | |
| | | |
| | |
| Costco Wholesale Corp. | |
| 22,019 | | |
| 10,940,581 | |
| Dollar Tree, Inc.(a) | |
| 76,177 | | |
| 10,935,208 | |
| SYSCO Corp. | |
| 87,800 | | |
| 6,780,794 | |
| | |
| | | |
| 28,656,583 | |
| Household Products (0.46%) | |
| | | |
| | |
| Procter & Gamble Co. | |
| 50,700 | | |
| 7,538,583 | |
| | |
| | | |
| | |
| Multiline Retail (1.31%) | |
| | | |
| | |
| Dollar General Corp. | |
| 102,993 | | |
| 21,675,907 | |
| | |
| | | |
| | |
| Personal Care Products (0.60%) | |
| | | |
| | |
| Unilever PLC(b) | |
| 191,331 | | |
| 9,935,819 | |
| | |
| | | |
| | |
| ENERGY (2.10%) | |
| | | |
| | |
| Energy Equipment & Services (1.02%) | |
| | | |
| | |
| Halliburton Co. | |
| 159,764 | | |
| 5,054,933 | |
| NOV, Inc. | |
| 316,776 | | |
| 5,863,524 | |
| Schlumberger NV | |
| 120,475 | | |
| 5,915,322 | |
| | |
| | | |
| 16,833,779 | |
| Oil, Gas & Consumable Fuels (1.08%) | |
| | | |
| | |
| Coterra Energy, Inc. | |
| 326,100 | | |
| 8,002,494 | |
| Phillips 66 | |
| 61,100 | | |
| 6,194,318 | |
| Shell PLC(b) | |
| 64,587 | | |
| 3,716,336 | |
| | |
| | | |
| 17,913,148 | |
See Notes to Schedule of Investments.
| Liberty
All-Star® Equity Fund |
Schedule of Investments |
| |
March
31, 2023 (Unaudited) |
| | |
SHARES | | |
VALUE | |
| COMMON STOCKS (continued) | |
| | | |
| | |
| FINANCIALS (20.45%) | |
| | | |
| | |
| Banks (3.88%) | |
| | | |
| | |
| Bank of America Corp. | |
| 221,632 | | |
$ | 6,338,675 | |
| Citigroup, Inc. | |
| 311,076 | | |
| 14,586,354 | |
| Commerce Bancshares, Inc. | |
| 73,710 | | |
| 4,300,978 | |
| Cullen/Frost Bankers, Inc. | |
| 52,400 | | |
| 5,519,816 | |
| JPMorgan Chase & Co. | |
| 69,655 | | |
| 9,076,743 | |
| Mitsubishi UFJ Financial Group, Inc.(b)(c) | |
| 724,500 | | |
| 4,629,555 | |
| PNC Financial Services Group, Inc. | |
| 48,200 | | |
| 6,126,220 | |
| Wells Fargo & Co. | |
| 357,023 | | |
| 13,345,520 | |
| | |
| | | |
| 63,923,861 | |
| Capital Markets (6.03%) | |
| | | |
| | |
| Ameriprise Financial, Inc. | |
| 29,500 | | |
| 9,041,750 | |
| BlackRock, Inc. | |
| 9,656 | | |
| 6,461,023 | |
| Blackstone Group LP | |
| 75,400 | | |
| 6,623,136 | |
| Charles Schwab Corp. | |
| 353,921 | | |
| 18,538,382 | |
| Goldman Sachs Group, Inc. | |
| 16,458 | | |
| 5,383,576 | |
| MSCI, Inc. | |
| 23,530 | | |
| 13,169,506 | |
| Northern Trust Corp. | |
| 120,542 | | |
| 10,623,366 | |
| S&P Global, Inc. | |
| 76,361 | | |
| 26,326,982 | |
| UBS Group AG(c) | |
| 157,406 | | |
| 3,359,044 | |
| | |
| | | |
| 99,526,765 | |
| Consumer Finance (1.72%) | |
| | | |
| | |
| American Express Co. | |
| 59,143 | | |
| 9,755,638 | |
| Capital One Financial Corp. | |
| 194,392 | | |
| 18,692,735 | |
| | |
| | | |
| 28,448,373 | |
| Financial Services (5.36%) | |
| | | |
| | |
| Berkshire Hathaway, Inc., Class B(a) | |
| 47,034 | | |
| 14,522,688 | |
| Equitable Holdings, Inc. | |
| 371,413 | | |
| 9,430,176 | |
| FleetCor Technologies, Inc.(a) | |
| 38,829 | | |
| 8,187,095 | |
| Mastercard, Inc., Class A | |
| 33,723 | | |
| 12,255,276 | |
| PayPal Holdings, Inc.(a) | |
| 64,945 | | |
| 4,931,923 | |
| Visa, Inc., Class A | |
| 144,229 | | |
| 32,517,870 | |
| Voya Financial, Inc. | |
| 92,584 | | |
| 6,616,053 | |
| | |
| | | |
| 88,461,081 | |
| Insurance (3.46%) | |
| | | |
| | |
| American International Group, Inc. | |
| 134,095 | | |
| 6,753,024 | |
| Aon PLC, Class A | |
| 37,642 | | |
| 11,868,146 | |
| Arch Capital Group, Ltd.(a) | |
| 99,774 | | |
| 6,771,661 | |
| Axis Capital Holdings, Ltd. | |
| 153,818 | | |
| 8,386,157 | |
| Cincinnati Financial Corp. | |
| 67,400 | | |
| 7,554,192 | |
| MetLife, Inc. | |
| 155,057 | | |
| 8,984,003 | |
See Notes to Schedule of Investments.
| First Quarter Report (Unaudited)
| March 31, 2023 |
9 |
| Liberty
All-Star® Equity Fund |
Schedule of Investments |
| |
March
31, 2023 (Unaudited) |
| | |
SHARES | | |
VALUE | |
| COMMON STOCKS (continued) | |
| | | |
| | |
| Insurance (continued) | |
| | | |
| | |
| Progressive Corp. | |
| 47,528 | | |
$ | 6,799,356 | |
| | |
| | | |
| 57,116,539 | |
| HEALTH CARE (14.16%) | |
| | | |
| | |
| Biotechnology (1.15%) | |
| | | |
| | |
| Amgen, Inc. | |
| 36,600 | | |
| 8,848,050 | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| 12,214 | | |
| 10,035,877 | |
| | |
| | | |
| 18,883,927 | |
| Health Care Equipment & Supplies (4.44%) | |
| | | |
| | |
| Alcon, Inc. | |
| 100,000 | | |
| 7,054,000 | |
| Align Technology, Inc.(a) | |
| 15,233 | | |
| 5,089,955 | |
| Boston Scientific Corp.(a) | |
| 169,769 | | |
| 8,493,543 | |
| Dexcom, Inc.(a) | |
| 76,642 | | |
| 8,904,267 | |
| GE HealthCare Technologies, Inc.(a) | |
| 40,428 | | |
| 3,316,309 | |
| Intuitive Surgical, Inc.(a) | |
| 62,790 | | |
| 16,040,961 | |
| Koninklijke Philips NV | |
| 398,739 | | |
| 7,316,861 | |
| Medtronic PLC | |
| 112,990 | | |
| 9,109,254 | |
| Smith & Nephew PLC(b)(c) | |
| 283,558 | | |
| 7,914,104 | |
| | |
| | | |
| 73,239,254 | |
| Health Care Providers & Services (3.52%) | |
| | | |
| | |
| Cardinal Health, Inc. | |
| 52,166 | | |
| 3,938,533 | |
| Fresenius Medical Care AG & Co. KGaA(b) | |
| 875,097 | | |
| 18,604,562 | |
| UnitedHealth Group, Inc. | |
| 75,331 | | |
| 35,600,677 | |
| | |
| | | |
| 58,143,772 | |
| Life Sciences Tools & Services (3.18%) | |
| | | |
| | |
| Danaher Corp. | |
| 89,309 | | |
| 22,509,440 | |
| IQVIA Holdings, Inc.(a) | |
| 94,007 | | |
| 18,697,052 | |
| Thermo Fisher Scientific, Inc. | |
| 19,493 | | |
| 11,235,181 | |
| | |
| | | |
| 52,441,673 | |
| Pharmaceuticals (1.87%) | |
| | | |
| | |
| Bristol-Myers Squibb Co. | |
| 115,431 | | |
| 8,000,523 | |
| Merck & Co., Inc. | |
| 81,700 | | |
| 8,692,063 | |
| Pfizer, Inc. | |
| 76,452 | | |
| 3,119,242 | |
| Zoetis, Inc. | |
| 66,674 | | |
| 11,097,220 | |
| | |
| | | |
| 30,909,048 | |
| INDUSTRIALS (7.79%) | |
| | | |
| | |
| Aerospace & Defense (0.41%) | |
| | | |
| | |
| General Dynamics Corp. | |
| 29,400 | | |
| 6,709,374 | |
| | |
| | | |
| | |
| Building Products (1.26%) | |
| | | |
| | |
| Carlisle Cos., Inc. | |
| 41,584 | | |
| 9,400,895 | |
See Notes to Schedule of Investments.
| Liberty
All-Star® Equity Fund |
Schedule of Investments |
| |
March
31, 2023 (Unaudited) |
| | |
SHARES | | |
VALUE | |
| COMMON STOCKS (continued) | |
| | | |
| | |
| Building Products (continued) | |
| | | |
| | |
| Masco Corp. | |
| 228,029 | | |
$ | 11,337,602 | |
| | |
| | | |
| 20,738,497 | |
| Commercial Services & Supplies (0.46%) | |
| | | |
| | |
| Waste Connections, Inc. | |
| 54,389 | | |
| 7,563,878 | |
| | |
| | | |
| | |
| Electrical Equipment (0.51%) | |
| | | |
| | |
| Eaton Corp. PLC | |
| 49,426 | | |
| 8,468,651 | |
| | |
| | | |
| | |
| Industrial Conglomerates (1.44%) | |
| | | |
| | |
| General Electric Co. | |
| 171,032 | | |
| 16,350,659 | |
| Honeywell International, Inc. | |
| 39,000 | | |
| 7,453,680 | |
| | |
| | | |
| 23,804,339 | |
| Machinery (2.54%) | |
| | | |
| | |
| Oshkosh Corp. | |
| 58,000 | | |
| 4,824,440 | |
| PACCAR, Inc. | |
| 134,420 | | |
| 9,839,544 | |
| Parker-Hannifin Corp. | |
| 29,900 | | |
| 10,049,689 | |
| Wabtec Corp. | |
| 92,513 | | |
| 9,349,364 | |
| Xylem, Inc. | |
| 75,500 | | |
| 7,904,850 | |
| | |
| | | |
| 41,967,887 | |
| Professional Services (0.33%) | |
| | | |
| | |
| TransUnion | |
| 86,400 | | |
| 5,368,896 | |
| | |
| | | |
| | |
| Trading Companies & Distributors (0.84%) | |
| | | |
| | |
| Ferguson PLC | |
| 103,790 | | |
| 13,881,912 | |
| | |
| | | |
| | |
| INFORMATION TECHNOLOGY (18.93%) | |
| | | |
| | |
| Electronic Equipment & Instruments (0.29%) | |
| | | |
| | |
| TE Connectivity Ltd. | |
| 36,977 | | |
| 4,849,534 | |
| | |
| | | |
| | |
| Electronic Equipment, Instruments & Components (0.78%) | |
| | | |
| | |
| CDW Corp. | |
| 65,742 | | |
| 12,812,458 | |
| | |
| | | |
| | |
| IT Services (1.30%) | |
| | | |
| | |
| Amdocs, Ltd. | |
| 67,795 | | |
| 6,510,354 | |
| Cognizant Technology Solutions Corp., Class A | |
| 183,958 | | |
| 11,208,561 | |
| Snowflake, Inc., Class A(a) | |
| 24,016 | | |
| 3,705,428 | |
| | |
| | | |
| 21,424,343 | |
| Semiconductors & Semiconductor Equipment (4.25%) | |
| | | |
| | |
| ASML Holding N.V. | |
| 15,093 | | |
| 10,273,956 | |
| Enphase Energy, Inc.(a) | |
| 25,657 | | |
| 5,395,154 | |
See Notes to Schedule of Investments.
| First Quarter Report (Unaudited)
| March 31, 2023 |
11 |
| Liberty
All-Star® Equity Fund |
Schedule of Investments |
| |
March
31, 2023 (Unaudited) |
| | |
SHARES | | |
VALUE | |
| COMMON STOCKS (continued) | |
| | | |
| | |
| Semiconductors & Semiconductor Equipment (continued) | |
| | | |
| | |
| Microchip Technology, Inc. | |
| 125,600 | | |
$ | 10,522,768 | |
| Micron Technology, Inc. | |
| 199,535 | | |
| 12,039,942 | |
| NVIDIA Corp. | |
| 84,204 | | |
| 23,389,345 | |
| QUALCOMM, Inc. | |
| 66,400 | | |
| 8,471,312 | |
| | |
| | | |
| 70,092,477 | |
| Software (12.31%) | |
| | | |
| | |
| Adobe, Inc.(a) | |
| 72,037 | | |
| 27,760,899 | |
| ANSYS, Inc.(a) | |
| 31,500 | | |
| 10,483,200 | |
| Autodesk, Inc.(a) | |
| 87,040 | | |
| 18,118,247 | |
| Crowdstrike Holdings, Inc., Class A(a) | |
| 51,759 | | |
| 7,104,440 | |
| Intuit, Inc. | |
| 26,958 | | |
| 12,018,685 | |
| Microsoft Corp. | |
| 179,221 | | |
| 51,669,414 | |
| Salesforce, Inc.(a) | |
| 112,302 | | |
| 22,435,694 | |
| SAP SE(b) | |
| 94,229 | | |
| 11,924,680 | |
| ServiceNow, Inc.(a) | |
| 59,700 | | |
| 27,743,784 | |
| Workday, Inc., Class A(a) | |
| 67,119 | | |
| 13,862,758 | |
| | |
| | | |
| 203,121,801 | |
| MATERIALS (5.64%) | |
| | | |
| | |
| Chemicals (3.83%) | |
| | | |
| | |
| Corteva, Inc. | |
| 217,400 | | |
| 13,111,394 | |
| Dow, Inc. | |
| 299,505 | | |
| 16,418,864 | |
| Ecolab, Inc. | |
| 112,000 | | |
| 18,539,360 | |
| RPM International, Inc. | |
| 80,400 | | |
| 7,014,096 | |
| Sherwin-Williams Co. | |
| 36,371 | | |
| 8,175,110 | |
| | |
| | | |
| 63,258,824 | |
| Construction Materials (0.54%) | |
| | | |
| | |
| Martin Marietta Materials, Inc. | |
| 25,300 | | |
| 8,983,018 | |
| | |
| | | |
| | |
| Containers & Packaging (1.27%) | |
| | | |
| | |
| Avery Dennison Corp. | |
| 63,687 | | |
| 11,395,515 | |
| Ball Corp. | |
| 172,278 | | |
| 9,494,240 | |
| | |
| | | |
| 20,889,755 | |
| REAL ESTATE (2.07%) | |
| | | |
| | |
| Residential REITs (0.30%) | |
| | | |
| | |
| Equity LifeStyle Properties, Inc. | |
| 72,445 | | |
| 4,863,233 | |
| | |
| | | |
| | |
| Specialized REITs (1.77%) | |
| | | |
| | |
| American Tower Corp. | |
| 53,347 | | |
| 10,900,926 | |
| Crown Castle, Inc. | |
| 50,600 | | |
| 6,772,304 | |
See Notes to Schedule of Investments.
| Liberty
All-Star® Equity Fund |
Schedule of Investments |
| |
March
31, 2023 (Unaudited) |
| | |
SHARES | | |
VALUE | |
| COMMON STOCKS (continued) | |
| | | |
| | |
| Specialized REITs (continued) | |
| | | |
| | |
| Equinix, Inc. | |
| 16,028 | | |
$ | 11,556,829 | |
| | |
| | | |
| 29,230,059 | |
| UTILITIES (1.69%) | |
| | | |
| | |
| Electric Utilities (1.20%) | |
| | | |
| | |
| Edison International | |
| 167,315 | | |
| 11,810,766 | |
| Xcel Energy, Inc. | |
| 118,000 | | |
| 7,957,920 | |
| | |
| | | |
| 19,768,686 | |
| Gas Utilities (0.49%) | |
| | | |
| | |
| Atmos Energy Corp. | |
| 72,300 | | |
| 8,123,628 | |
| | |
| | | |
| | |
| TOTAL COMMON STOCKS | |
| | | |
| | |
| (COST OF $1,394,076,004) | |
| | | |
| 1,605,958,185 | |
| | |
| | | |
| | |
| SHORT TERM INVESTMENTS (3.44%) | |
| | | |
| | |
| MONEY MARKET FUND (2.64%) | |
| | | |
| | |
| State Street Institutional US Government Money Market
Fund, 4.67%(d) | |
| | | |
| | |
| (COST OF $43,612,649) | |
| 43,612,649 | | |
| 43,612,649 | |
| | |
| | | |
| | |
| INVESTMENTS PURCHASED WITH COLLATERAL FROM | |
| | | |
| | |
| SECURITIES LOANED (0.80%) | |
| | | |
| | |
| State Street Navigator Securities Lending
Government Money Market Portfolio, 4.84% | |
| | | |
| | |
| (COST OF $13,154,800) | |
| 13,154,800 | | |
| 13,154,800 | |
| | |
| | | |
| | |
| TOTAL SHORT TERM INVESTMENTS | |
| | | |
| | |
| (COST OF $56,767,449) | |
| | | |
| 56,767,449 | |
| | |
| | | |
| | |
| TOTAL INVESTMENTS (100.77%) | |
| | | |
| | |
| (COST OF $1,450,843,453) | |
| | | |
| 1,662,725,634 | |
| | |
| | | |
| | |
| LIABILITIES IN EXCESS OF OTHER ASSETS (-0.77%) | |
| | | |
| (12,773,602 | ) |
| | |
| | | |
| | |
| NET ASSETS (100.00%) | |
| | | |
$ | 1,649,952,032 | |
| | |
| | | |
| | |
| NET ASSET VALUE PER SHARE | |
| | | |
| | |
| (268,131,394 SHARES OUTSTANDING) | |
| | | |
$ | 6.15 | |
See Notes to Schedule of Investments.
| First Quarter Report (Unaudited)
| March 31, 2023 |
13 |
| Liberty
All-Star® Equity Fund |
Schedule of Investments |
| |
March
31, 2023 (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 $15,677,384. |
| (d) | Rate
reflects seven-day effective yield on March 31, 2023. |
See Notes to Schedule of Investments.
| Liberty
All-Star® Equity Fund |
Notes to Schedule of Investments |
| |
March
31, 2023 (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 (“NAV”) 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"). 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 for determining fair
value in good faith for 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 NAV 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 March 31, 2023, 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, 2023 |
15 |
| Liberty
All-Star® Equity Fund |
Notes to Schedule of Investments |
| |
March
31, 2023 (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 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.
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, 2023:
| Market
Value of Securities on Loan |
Cash
Collateral Received |
Non-Cash
Collateral Received |
Total
Collateral Received |
| $ 15,677,384 |
$ 13,154,800 |
$2,591,624 |
$ 15,746,424 |
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.
| Liberty
All-Star® Equity Fund |
Notes to Schedule of Investments |
| |
March
31, 2023 (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 open-end
mutual funds 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, 2023:
| | |
Valuation Inputs | | |
| |
| Investments in Securities at Value | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Common Stocks* | |
$ | 1,605,958,185 | | |
$ | – | | |
$ | – | | |
$ | 1,605,958,185 | |
| Short Term Investments | |
| 56,767,449 | | |
| – | | |
| – | | |
| 56,767,449 | |
| Total | |
$ | 1,662,725,634 | | |
$ | – | | |
$ | – | | |
$ | 1,662,725,634 | |
| * | See
Schedule of Investments for industry classifications. |
The
Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value during the period.
| First Quarter Report (Unaudited)
| March 31, 2023 |
17 |
| Liberty
All-Star® Equity Fund |
Notes to Schedule of Investments |
| |
March
31, 2023 (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 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.
| Liberty
All-Star® Equity Fund |
Description
of Lipper Benchmark
and Market Indices |
| |
March
31, 2023 (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
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 96% 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.
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.
| First Quarter Report (Unaudited)
| March 31, 2023 |
19 |
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