Liberty All-Star^® Growth Fund Schedule of Investments

March 31, 2023 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (98.08%)
COMMUNICATION SERVICES (3.18%)
Entertainment (1.77%)
Netflix, Inc.(a)		9,269	$	3,202,254
Take-Two Interactive Software, Inc.(a)		20,000		2,386,000
				5,588,254
Interactive Media & Services (1.33%)
Alphabet, Inc., Class C(a)		40,479		4,209,816
Media (0.08%)
TechTarget, Inc.(a)		6,640		239,837
CONSUMER DISCRETIONARY (15.28%)
Broadline Retail (2.36%)
Amazon.com, Inc.(a)		58,607		6,053,517
Ollie's Bargain Outlet Holdings, Inc.(a)		24,072		1,394,732
				7,448,249
Distributors (0.76%)
Pool Corp.		7,000		2,397,080
Diversified Consumer Services (0.74%)
Chegg, Inc.(a)		142,730		2,326,499
Hotels, Restaurants & Leisure (5.74%)
Choice Hotels International, Inc.		22,500		2,636,775
Darden Restaurants, Inc.		20,000		3,103,200
Planet Fitness, Inc., Class A(a)		56,383		4,379,268
Starbucks Corp.		31,342		3,263,643
Wingstop, Inc.		4,178		766,997
Yum! Brands, Inc.		29,892		3,948,135
				18,098,018
Leisure Products (0.07%)
Latham Group, Inc.(a)		73,068		208,974
Specialty Retail (4.10%)
Asbury Automotive Group, Inc.(a)		15,000		3,150,000
Floor & Decor Holdings, Inc., Class A(a)		30,500		2,995,710
MYT Netherlands Parent BV(a)(b)(c)		61,705		433,786
National Vision Holdings, Inc.(a)		4,085		76,961
Ulta Beauty, Inc.(a)		7,000		3,819,690
Williams-Sonoma, Inc.		20,000		2,433,200
				12,909,347

See Notes to Schedule of Investments.

First Quarter Report (Unaudited)  |  March 31, 2023 7

Liberty All-Star^® Growth Fund Schedule of Investments

March 31, 2023 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods (1.51%)
Canada Goose Holdings, Inc.(a)(c)	13,816	$	265,958
Deckers Outdoor Corp.(a)	10,000		4,495,500
			4,761,458
CONSUMER STAPLES (2.58%)
Consumer Staples Distribution & Retail (1.74%)
BJ's Wholesale Club Holdings, Inc.(a)	32,500		2,472,275
Dollar General Corp.	14,325		3,014,840
			5,487,115
Household Products (0.84%)
Church & Dwight Co., Inc.	30,000		2,652,300
ENERGY (1.75%)
Energy Equipment & Services (1.75%)
Core Laboratories NV	158,700		3,499,335
Dril-Quip, Inc.(a)	70,199		2,014,009
			5,513,344
FINANCIALS (11.20%)
Banks (0.14%)
Axos Financial, Inc.(a)	6,656		245,739
Seacoast Banking Corp. of Florida	8,431		199,815
			445,554
Capital Markets (5.27%)
Hamilton Lane, Inc., Class A	43,413		3,211,694
MSCI, Inc.	7,977		4,464,647
Raymond James Financial, Inc.	22,500		2,098,575
S&P Global, Inc.	12,187		4,201,712
StepStone Group, Inc., Class A	108,276		2,627,858
			16,604,486
Consumer Finance (0.92%)
American Express Co.	17,090		2,818,995
Upstart Holdings, Inc.(a)(c)	5,659		89,922
			2,908,917
Financial Services (3.62%)
FleetCor Technologies, Inc.(a)	12,196		2,571,527
Flywire Corp.(a)	117,129		3,438,907
Visa, Inc., Class A	23,893		5,386,916
			11,397,350
Insurance (1.25%)
Aon PLC, Class A	12,438		3,921,577

See Notes to Schedule of Investments.

8 www.all-starfunds.com

Liberty All-Star^® Growth Fund Schedule of Investments

March 31, 2023 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (continued)
HEALTH CARE (19.65%)
Biotechnology (2.94%)
ACADIA Pharmaceuticals, Inc.(a)	78,093	$	1,469,710
Natera, Inc.(a)	20,895		1,160,091
Neurocrine Biosciences, Inc.(a)	22,500		2,277,450
Regeneron Pharmaceuticals, Inc.(a)	4,055		3,331,872
Ultragenyx Pharmaceutical, Inc.(a)	25,642		1,028,244
			9,267,367
Health Care Equipment & Supplies (6.40%)
Cooper Cos., Inc.	8,500		3,173,560
Glaukos Corp.(a)	67,743		3,393,924
Inmode, Ltd.(a)	19,951		637,634
Inogen, Inc.(a)	49,267		614,852
Inspire Medical Systems, Inc.(a)	6,213		1,454,277
Intuitive Surgical, Inc.(a)	13,457		3,437,860
Nevro Corp.(a)	51,527		1,862,701
ResMed, Inc.	12,500		2,737,375
STERIS PLC	14,000		2,677,920
Tandem Diabetes Care, Inc.(a)	3,726		151,313
			20,141,416
Health Care Providers & Services (3.93%)
Agiliti, Inc.(a)(c)	133,167		2,128,009
Progyny, Inc.(a)	150,850		4,845,302
UnitedHealth Group, Inc.	8,774		4,146,505
US Physical Therapy, Inc.	12,951		1,268,032
			12,387,848
Health Care Technology (0.37%)
Definitive Healthcare Corp.(a)	113,099		1,168,313
Life Sciences Tools & Services (6.01%)
Charles River Laboratories International, Inc.(a)	10,500		2,119,110
Danaher Corp.	16,687		4,205,791
IQVIA Holdings, Inc.(a)	14,993		2,981,958
Mettler-Toledo International, Inc.(a)	1,700		2,601,357
Thermo Fisher Scientific, Inc.	7,093		4,088,192
West Pharmaceutical Services, Inc.	8,500		2,944,995
			18,941,403
INDUSTRIALS (12.32%)
Aerospace & Defense (0.23%)
Kratos Defense & Security Solutions, Inc.(a)	54,730		737,760

See Notes to Schedule of Investments.

First Quarter Report (Unaudited)  |  March 31, 2023 9

Liberty All-Star^® Growth Fund Schedule of Investments

March 31, 2023 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (continued)
Building Products (0.87%)
Masco Corp.	55,000	$	2,734,600
Commercial Services & Supplies (3.85%)
Casella Waste Systems, Inc., Class A(a)	68,433		5,656,672
Copart, Inc.(a)	35,000		2,632,350
Montrose Environmental Group, Inc.(a)	107,790		3,844,869
			12,133,891
Construction & Engineering (1.99%)
Ameresco, Inc., Class A(a)	17,053		839,349
EMCOR Group, Inc.	17,500		2,845,325
WillScot Mobile Mini Holdings Corp.(a)	55,000		2,578,400
			6,263,074
Ground Transportation (1.18%)
RXO, Inc.(a)	50,783		997,378
Saia, Inc.(a)	10,000		2,720,800
			3,718,178
Machinery (1.03%)
IDEX Corp.	14,000		3,234,420
Professional Services (0.73%)
Booz Allen Hamilton Holding Corp.	25,000		2,317,250
Trading Companies & Distributors (2.44%)
SiteOne Landscape Supply, Inc.(a)	30,354		4,154,552
Transcat, Inc.(a)	35,323		3,157,523
Xometry, Inc., Class A(a)	25,859		387,109
			7,699,184
INFORMATION TECHNOLOGY (24.30%)
Communications Equipment (0.83%)
Ciena Corp.(a)	50,000		2,626,000
Electronic Equipment, Instruments & Components (3.51%)
Keysight Technologies, Inc.(a)	15,000		2,422,200
Novanta, Inc.(a)	19,491		3,100,823
Teledyne Technologies, Inc.(a)	6,500		2,907,840
Trimble, Inc.(a)	50,000		2,621,000
			11,051,863
IT Services (1.83%)
Akamai Technologies, Inc.(a)	32,000		2,505,600
CI&T, Inc., Class A(a)(c)	128,685		709,054
Globant SA(a)	12,518		2,053,077

See Notes to Schedule of Investments.

10 www.all-starfunds.com

Liberty All-Star^® Growth Fund Schedule of Investments

March 31, 2023 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (continued)
IT Services (continued)
Grid Dynamics Holdings, Inc.(a)	44,340	$	508,137
			5,775,868
Semiconductors & Semiconductor Equipment (4.15%)
Diodes, Inc.(a)	30,000		2,782,800
Entegris, Inc.	28,500		2,337,285
Impinj, Inc.(a)	16,195		2,194,747
Monolithic Power Systems, Inc.	5,500		2,752,970
SiTime Corp.(a)	2,479		352,588
Skyworks Solutions, Inc.	22,500		2,654,550
			13,074,940
Software (13.98%)
Adobe, Inc.(a)	6,986		2,692,195
Autodesk, Inc.(a)	16,934		3,524,982
Everbridge, Inc.(a)	998		34,601
Intuit, Inc.	8,908		3,971,454
Microsoft Corp.	21,014		6,058,336
nCino, Inc.(a)	2,654		65,766
Paycom Software, Inc.(a)	8,000		2,432,080
Qualys, Inc.(a)	19,000		2,470,380
Rapid7, Inc.(a)	17,492		803,058
Salesforce, Inc.(a)	17,417		3,479,568
ServiceNow, Inc.(a)	5,974		2,776,237
SPS Commerce, Inc.(a)	53,818		8,196,481
Vertex, Inc., Class A(a)	143,016		2,959,001
Workday, Inc., Class A(a)	22,145		4,573,828
			44,037,967
MATERIALS (3.94%)
Chemicals (2.08%)
Ecolab, Inc.	23,049		3,815,301
Sherwin-Williams Co.	12,167		2,734,777
			6,550,078
Containers & Packaging (1.86%)
Avery Dennison Corp.	15,000		2,683,950
Ball Corp.	57,604		3,174,556
			5,858,506
REAL ESTATE (3.88%)
Real Estate Management & Development (1.80%)
FirstService Corp.	40,168		5,663,286

See Notes to Schedule of Investments.

First Quarter Report (Unaudited)  |  March 31, 2023 11

Liberty All-Star^® Growth Fund Schedule of Investments

March 31, 2023 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (continued)
Residential REITs (0.87%)
Sun Communities, Inc.	19,500	$	2,747,160
Specialized REITs (1.21%)
Equinix, Inc.	5,296		3,818,628
TOTAL COMMON STOCKS
(COST OF $246,492,101)			309,067,175
SHORT TERM INVESTMENTS (2.22%)
MONEY MARKET FUND (1.96%)
State Street Institutional US Government Money Market Fund, 4.67%(d)
(COST OF $6,164,228)	6,164,228		6,164,228
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED (0.26%)
State Street Navigator Securities Lending Government Money Market Portfolio, 4.84%
(COST OF $804,957)	804,957		804,957
TOTAL SHORT TERM INVESTMENTS
(COST OF $6,969,185)			6,969,185
TOTAL INVESTMENTS (100.30%)
(COST OF $253,461,286)			316,036,360
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.30%)			(931,195	)
NET ASSETS (100.00%)		$	315,105,165
NET ASSET VALUE PER SHARE
(57,707,771 SHARES OUTSTANDING)		$	5.46

(a)	Non-income producing security.
(b)	American Depositary Receipt.
(c)	Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $2,948,643.
(d)	Rate reflects seven-day effective yield on March 31, 2023.

See Notes to Schedule of Investments.

12 www.all-starfunds.com

Liberty All-Star^® Growth 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 Directors (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 Fund’s Valuation Committee, using fair valuation procedures established by the Board. 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 13

Liberty All-Star^® Growth 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 20% of the value of its total assets. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollar only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, or by irrevocable bank letters of credit issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for securities traded on U.S. exchanges and a value of no less than 105% of the market value for all other securities. The collateral is maintained thereafter, at a market value equal to no less than 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash collateral received is reinvested in State Street Navigator. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Schedule of Investments as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities.

The following is a summary of the Fund’s securities lending positions and related cash and non-cash collateral received as of March 31, 2023:

Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
$	2,948,643	$	804,957	$	2,163,964	$	2,968,921

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

Fair Value Measurements

The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

14 www.all-starfunds.com

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

March 31, 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*	$	309,067,175	$	–	$	–	$	309,067,175
Short Term Investments		6,969,185		–		–		6,969,185
Total	$	316,036,360	$	–	$	–	$	316,036,360

* 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 15

Liberty All-Star^® Growth 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 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. A January 2023 Memorandum of Decision and Order issued by a Massachusetts Superior Court judge has held that a by-laws provision limiting the ability of shareholders to vote shares in excess of a specified amount is not permissible under the Investment Company Act of 1940. As a result of this decision, there is some uncertainty whether a registered investment company such as the Fund may rely on the Maryland Business Control Share Acquisition Act.

16 www.all-starfunds.com

Liberty All-Star^® Growth 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 Multi-Cap Growth Mutual Fund Average

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

NASDAQ Composite Index

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

Russell 3000^® Growth Index

Measures the performance of those Russell 3000^® companies with lower book-to-price ratios and higher growth values. The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 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.

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 Benchmark

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

S&P 500^® Index

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

An investor cannot invest directly in an index.

First Quarter Report (Unaudited)  |  March 31, 2023 17