LIBERTY
ALL-STAR® GROWTH FUND
Period
Ended September 30, 2020 (Unaudited)
Fund
Statistics
|
Net
Asset Value (NAV)
|
|
$6.96
|
|
Market
Price
|
|
$7.11
|
|
Premium
|
|
2.2%
|
|
|
Quarter
|
Year-to-Date
|
|
Distributions*
|
$0.13
|
$0.37
|
|
Market
Price Trading Range
|
$6.28
to $7.70
|
$3.90
to $7.70
|
|
Premium/(Discount)
Range
|
9.2%
to -2.6%
|
11.8%
to -9.5%
|
|
Performance
|
|
|
|
Shares
Valued at NAV with Dividends Reinvested
|
9.19%
|
20.09%
|
|
Shares
Valued at Market Price with Dividends Reinvested
|
15.09%
|
16.83%
|
|
Dow
Jones Industrial Average
|
8.22%
|
-0.91%
|
|
Lipper
Multi-Cap Growth Mutual Fund Average
|
12.17%
|
24.29%
|
|
NASDAQ
Composite Index
|
11.24%
|
25.33%
|
|
Russell
Growth Benchmark
|
10.19%
|
14.89%
|
|
S&P
500® Index
|
8.93%
|
5.57%
|
|
|
*
|
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
2020 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 no portion of the distributions consist 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 2020.
|
Performance
returns for the Fund are total returns, which include dividends. Returns are net of management fees and other Fund expenses.
The
returns shown for the Lipper Multi- Cap Growth Mutual Fund Average are 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,
the Russell Growth Benchmark 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 17.
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® Growth Fund
|
President’s
Letter
|
(Unaudited)
|
Fellow
Shareholders:
|
October
2020
|
Despite
giving up ground in September, equity markets consolidated exceptional second quarter returns with further gains in the third
quarter. The S&P 500® Index returned 8.93 percent for the quarter, while the Dow Jones Industrial Average (DJIA)
returned 8.22 percent and the NASDAQ Composite Index advanced 11.24 percent.
Through
nine months, the S&P 500® returned 5.57 percent, the DJIA returned -0.91 percent and the NASDAQ Composite returned
25.33 percent. Liberty All-Star Growth Fund’s Russell Growth Benchmark returned 10.19 percent for the third quarter and
14.89 percent for the nine-month period.
Growth
style stocks again outperformed value style issues in the third quarter. The broad market Russell 3000® Growth
Index returned 12.86 percent for the period, while its Value counterpart returned less than half that, just 5.42 percent. Similar
results were found across all capitalization ranges—small-, mid- and large-cap—for both the quarter and the year-to-date
period.
The
third quarter got off to a strong start, with investors believing that economic damage owing to the pandemic would not be as severe
as once feared. This was due to government stimulus programs and a report that employers added 4.8 million jobs in June for the
second straight month of growth. Investors anticipated a sharp contraction in the economy and in latter July the Commerce Department
confirmed their fears with a report that U.S. GDP fell 9.5 percent in the second quarter, the steepest quarterly decline on record.
Nevertheless,
August saw the market’s momentum hold, as the S&P 500® posted six straight days of gains to begin the
month. August also saw the S&P 500® log its first record close in six months, an event that marked the fastest
recovery in history following a bear market. From its February 19 high, the S&P 500® dropped 34 percent by
March 23 only to reach a new record high on August 18. A typical peak-to-peak recovery takes 1,542 trading days on average, according
to Dow Jones Market Data.
August
ended with stocks closing out their best month since April, a gain of 7.19 percent. But just days later, on September 3, the S&P
500® posted its worst day since mid-June. September would go on to see the S&P 500® encounter
its first four-week losing streak in more than a year and that same index came close to a 10 percent decline, which would have
marked correction territory. Among concerns weighing on investors were the rich valuations of certain technology stocks, tensions
between the U.S. and China, election uncertainties and the outlook for the economy in the pandemic age. The inability of the House
and the Senate to come to any agreement on extra unemployment benefits and other economic aid also caused concern. A rebound in
the last few trading days recouped some of the losses, but the S&P 500® still declined -3.80 percent for the
month.
Liberty
All-Star® Growth Fund
Liberty
All-Star Growth Fund posted positive results in the third quarter. The Fund returned 9.19 percent with shares valued at net asset
value (NAV) with dividends reinvested and 15.09 percent with shares valued at market price with dividends reinvested. (Fund returns
are net of expenses.)
On
a relative basis, the Fund’s quarterly NAV return was in-line to modestly trailing key market benchmarks, while the market
price return was ahead of all relevant benchmarks. The Fund’s primary benchmark, the Lipper Multi-Cap Growth Mutual Fund
Average, returned 12.17 percent for the quarter. As noted earlier, respective returns for the S&P 500®, the
DJIA and the NASDAQ Composite were 8.93 percent, 8.22 percent and 11.24 percent, while the Russell Growth Benchmark returned 10.19
percent.
|
Third
Quarter Report (Unaudited) | September 30, 2020
|
1
|
|
Liberty
All-Star® Growth Fund
|
President’s
Letter
|
(Unaudited)
Through
nine months of 2020, the Fund returned 20.09 percent with shares valued at NAV with dividends reinvested and 16.83 percent with
shares valued at market price with dividends reinvested. The Lipper Multi-Cap Growth benchmark returned 24.29 percent for the
same period while the Russell Growth Benchmark returned 14.89 percent. The nine-month return for the S&P 500®
was 5.57 percent, while the DJIA returned -0.91 percent and the NASDAQ Composite returned 25.33 percent.
Unlike
the second quarter, when small- and mid-cap growth stocks delivered moderately better results than large-cap growth stocks, the
latter produced better returns in the first and third quarters. Despite having two-thirds of its assets allocated to small- and
mid-cap growth stocks and one-third to large-cap growth stocks, the Fund benefited from the investment managers’ good stock
selection through the first nine months of the year.
In
the second quarter, the discount at which Fund shares traded relative to their underlying NAV ranged from -2.7 percent to -8.5
percent. This changed dramatically in the third quarter, as shares traded in a range from a 9.2 percent premium to NAV to a -2.6
percent discount.
In
accordance with the Fund’s distribution policy, the Fund paid a distribution of $0.13 to shareholders during the third quarter,
bringing the total distributed to shareholders since 1997, when the distribution policy commenced, to $14.72 per share. The Fund’s
distribution policy is a major component of the Fund’s total return, and we continue to emphasize that shareholders should include
these distributions when determining the total return on their investment in the Fund.
The
Fund remained on track in the third quarter, while the year to date NAV return has outperformed the passive Russell Growth Benchmark
by 5.20 percent. We are also pleased to report that the Fund has outperformed its Lipper benchmark for the trailing three-, five-,
10- and 15-year periods. We at ALPS Advisors will continue to pursue superior risk-adjusted returns and seek to reward shareholders
with a long-term perspective.
Sincerely,
William
R. Parmentier, Jr.
President
and Chief Executive Officer
Liberty
All-Star® Growth Fund, Inc.
The
views expressed in the President’s letter reflect the views of the President as of October 2020 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® Growth Fund
|
Table
of Distributions & Rights Offerings
|
September
30, 2020 (Unaudited)
|
|
|
|
Rights
Offerings
|
|
|
Year
|
Per
Share Distributions
|
Month
Completed
|
Shares
Needed to
Purchase One
Additional Share
|
Subscription
Price
|
|
1997
|
$1.24
|
|
|
|
|
1998
|
1.35
|
July
|
10
|
$12.41
|
|
1999
|
1.23
|
|
|
|
|
2000
|
1.34
|
|
|
|
|
2001
|
0.92
|
September
|
8
|
6.64
|
|
2002
|
0.67
|
|
|
|
|
2003
|
0.58
|
September
|
81
|
5.72
|
|
2004
|
0.63
|
|
|
|
|
2005
|
0.58
|
|
|
|
|
2006
|
0.59
|
|
|
|
|
2007
|
0.61
|
|
|
|
|
2008
|
0.47
|
|
|
|
|
20092
|
0.24
|
|
|
|
|
2010
|
0.25
|
|
|
|
|
2011
|
0.27
|
|
|
|
|
2012
|
0.27
|
|
|
|
|
2013
|
0.31
|
|
|
|
|
2014
|
0.33
|
|
|
|
|
20153
|
0.77
|
|
|
|
|
2016
|
0.36
|
|
|
|
|
2017
|
0.42
|
|
|
|
|
2018
|
0.46
|
November
|
3
|
4.81
|
|
2019
|
0.46
|
|
|
|
|
2020
|
|
|
|
|
|
1st
Quarter
|
0.13
|
March
|
5
|
4.34
|
|
2nd
Quarter
|
0.11
|
|
|
|
|
3rd
Quarter
|
0.13
|
|
|
|
|
Total
|
$14.72
|
|
|
|
|
1
|
The
number of shares offered was increased by an additional 25 percent to cover a portion
of the over-subscription requests.
|
|
2
|
Effective
with the second quarter distribution, the annual distribution rate was changed from 10
percent to 6 percent.
|
|
3
|
Effective
with the second quarter distribution, the annual distribution rate was changed from 6
percent to 8 percent.
|
DISTRIBUTION
POLICY
The
current policy is to pay distributions on its shares totaling approximately 8 percent of its net asset value per year, payable
in four quarterly installments of 2 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 2020 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.
|
Third
Quarter Report (Unaudited) | September 30, 2020
|
3
|
|
Liberty
All-Star® Growth Fund
|
Investment
Managers/
Portfolio Characteristics
|
September
30, 2020 (Unaudited)
THE
FUND’S THREE GROWTH INVESTMENT MANAGERS AND THE MARKET CAPITALIZATION ON WHICH EACH FOCUSES:
ALPS
Advisors, Inc., the investment advisor to the Fund, has the ultimate authority (subject to oversight by the Board of Directors)
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 the Fund’s multi-managed portfolio. The characteristics are different for each of the Fund’s
three investment managers. These differences are a reflection of the fact that each has a different capitalization focus and investment
strategy. The shaded column highlights the characteristics of the Fund as a whole, while the first three columns show portfolio
characteristics for the Russell Smallcap, Midcap and Largecap Growth indices. See page 17 for a description of these indices.
PORTFOLIO
CHARACTERISTICS As of September 30, 2020 (Unaudited)
|
|
|
Market
Capitalization Spectrum
|
|
|
|
RUSSELL
GROWTH
|
Small
|
|
Large
|
|
|
|
SMALLCAP
|
MIDCAP
|
LARGECAP
|
|
TOTAL
|
|
|
INDEX
|
INDEX
|
INDEX
|
WEATHERBIE
CONGRESS SUSTAINABLE
|
FUND
|
|
Number
of Holdings
|
1,099
|
341
|
447
|
50
|
40
|
29
|
119
|
|
Percent
of Holdings in Top 10
|
7%
|
12%
|
45%
|
49%
|
33%
|
44%
|
18%
|
|
Weighted
Average Market Capitalization (billions)
|
$3.0
|
$20.5
|
$662.2
|
$5.5
|
$15.8
|
$335.6
|
$121.2
|
|
Average
Five-Year Earnings Per Share Growth
|
13%
|
18%
|
19%
|
22%
|
18%
|
17%
|
18%
|
|
Average
Five-Year Sales Per Share Growth
|
9%
|
13%
|
15%
|
16%
|
11%
|
12%
|
13%
|
|
Price/Earnings
Ratio*
|
29
|
38x
|
38x
|
62x
|
33x
|
43x
|
41x
|
|
|
*
|
Excludes
negative earnings.
|
|
Liberty
All-Star® Growth Fund
|
Top
20 Holdings & Economic Sectors
|
September
30, 2020 (Unaudited)
|
Top
20 Holdings*
|
Percent
of Net Assets
|
|
FirstService
Corp.
|
2.05%
|
|
Chegg,
Inc.
|
1.97
|
|
Paylocity
Holding Corp.
|
1.91
|
|
Nevro
Corp.
|
1.88
|
|
Microsoft
Corp.
|
1.70
|
|
Visa,
Inc.
|
1.67
|
|
Progyny,
Inc.
|
1.58
|
|
Amazon.com,
Inc.
|
1.57
|
|
Insulet
Corp.
|
1.56
|
|
Facebook,
Inc.
|
1.53
|
|
NIKE,
Inc.
|
1.44
|
|
Casella
Waste Systems, Inc.
|
1.43
|
|
Alphabet,
Inc.
|
1.41
|
|
Workday,
Inc.
|
1.36
|
|
Abbott
Laboratories
|
1.34
|
|
FleetCor
Technologies, Inc.
|
1.34
|
|
Generac
Holdings, Inc.
|
1.29
|
|
Ollie’s
Bargain Outlet Holdings, Inc.
|
1.28
|
|
UnitedHealth
Group, Inc.
|
1.24
|
|
PayPal
Holdings, Inc.
|
1.24
|
|
|
30.79%
|
|
Economic
Sectors*
|
Percent
of Net Assets
|
|
Information
Technology
|
29.07%
|
|
Health
Care
|
26.71
|
|
Consumer
Discretionary
|
12.61
|
|
Industrials
|
12.19
|
|
Communication
Services
|
4.39
|
|
Financials
|
4.12
|
|
Real
Estate
|
3.79
|
|
Materials
|
3.02
|
|
Consumer
Staples
|
2.14
|
|
Energy
|
0.29
|
|
Other
Net Assets
|
1.67
|
|
|
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.
|
|
Third
Quarter Report (Unaudited) | September 30, 2020
|
5
|
|
Liberty
All-Star® Growth Fund
|
Major
Stock Changes in the Quarter
|
September
30, 2020 (Unaudited)
The
following are the major ($1 million or more) stock changes - both purchases and sales - that were made in the Fund’s portfolio
during the third quarter of 2020.
|
|
Shares
|
|
Security
Name
|
Purchases
(Sales)
|
Held
as of 9/30/20
|
|
Purchases
|
|
|
|
ACADIA
Pharmaceuticals, Inc.
|
33,351
|
83,080
|
|
Core
Laboratories NV
|
51,151
|
54,870
|
|
Natera,
Inc.
|
20,035
|
40,783
|
|
Neurocrine
Biosciences, Inc.
|
16,000
|
16,000
|
|
Ollie’s
Bargain Outlet Holdings, Inc.
|
10,571
|
42,777
|
|
Thermo
Fisher Scientific, Inc.
|
6,719
|
6,719
|
|
Vertex,
Inc.
|
43,959
|
43,959
|
|
Sales
|
|
|
|
Adobe,
Inc.
|
(4,573)
|
0
|
|
Avery
Dennison Corp.
|
(17,500)
|
0
|
|
EPAM
Systems, Inc.
|
(15,038)
|
0
|
|
FirstService
Corp.
|
(9,720)
|
45,353
|
|
salesforce.com,
Inc.
|
(6,861)
|
13,338
|
|
Silk
Road Medical, Inc.
|
(21,095)
|
13,178
|
|
Liberty
All-Star® Growth Fund
|
Schedule
of Investments
|
September
30, 2020 (Unaudited)
|
|
|
SHARES
|
|
|
MARKET
VALUE
|
|
|
COMMON STOCKS (98.33%)
|
|
|
|
|
|
|
|
|
|
COMMUNICATION
SERVICES (4.39%)
|
|
|
|
|
|
|
|
|
|
Entertainment
(0.74%)
|
|
|
|
|
|
|
|
|
|
Take-Two
Interactive Software, Inc.(a)
|
|
|
13,000
|
|
|
$
|
2,147,860
|
|
|
|
|
|
|
|
|
|
|
|
|
Interactive
Media & Services (3.65%)
|
|
|
|
|
|
|
|
|
|
Alphabet,
Inc., Class C(a)
|
|
|
2,790
|
|
|
|
4,100,184
|
|
|
Facebook,
Inc., Class A(a)
|
|
|
17,051
|
|
|
|
4,465,657
|
|
|
Match
Group, Inc.(a)
|
|
|
18,805
|
|
|
|
2,080,781
|
|
|
|
|
|
|
|
|
|
10,646,622
|
|
|
CONSUMER
DISCRETIONARY (12.61%)
|
|
|
|
|
|
|
|
|
|
Distributors
(1.03%)
|
|
|
|
|
|
|
|
|
|
Pool
Corp.
|
|
|
9,000
|
|
|
|
3,010,860
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified
Consumer Services (1.97%)
|
|
|
|
|
|
|
|
|
|
Chegg,
Inc.(a)
|
|
|
80,446
|
|
|
|
5,747,062
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotels,
Restaurants & Leisure (2.22%)
|
|
|
|
|
|
|
|
|
|
Planet
Fitness, Inc., Class A(a)
|
|
|
36,398
|
|
|
|
2,242,845
|
|
|
Wingstop,
Inc.
|
|
|
5,836
|
|
|
|
797,489
|
|
|
Yum!
Brands, Inc.
|
|
|
37,552
|
|
|
|
3,428,498
|
|
|
|
|
|
|
|
|
|
6,468,832
|
|
|
Internet
& Direct Marketing Retail (2.72%)
|
|
|
|
|
|
|
|
|
|
Amazon.com,
Inc.(a)
|
|
|
1,458
|
|
|
|
4,590,849
|
|
|
Etsy,
Inc.(a)
|
|
|
27,500
|
|
|
|
3,344,825
|
|
|
|
|
|
|
|
|
|
7,935,674
|
|
|
Multiline
Retail (1.28%)
|
|
|
|
|
|
|
|
|
|
Ollie’s
Bargain Outlet Holdings, Inc.(a)
|
|
|
42,777
|
|
|
|
3,736,571
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
Retail (1.76%)
|
|
|
|
|
|
|
|
|
|
Burlington
Stores, Inc.(a)
|
|
|
9,500
|
|
|
|
1,957,855
|
|
|
Williams-Sonoma,
Inc.
|
|
|
35,000
|
|
|
|
3,165,400
|
|
|
|
|
|
|
|
|
|
5,123,255
|
|
|
Textiles,
Apparel & Luxury Goods (1.63%)
|
|
|
|
|
|
|
|
|
|
Canada
Goose Holdings, Inc.(a)(b)
|
|
|
17,287
|
|
|
|
556,123
|
|
|
NIKE,
Inc., Class B
|
|
|
33,362
|
|
|
|
4,188,265
|
|
|
|
|
|
|
|
|
|
4,744,388
|
|
|
CONSUMER
STAPLES (2.14%)
|
|
|
|
|
|
|
|
|
|
Food
Products (1.34%)
|
|
|
|
|
|
|
|
|
|
Lamb
Weston Holdings, Inc.
|
|
|
25,000
|
|
|
|
1,656,750
|
|
|
McCormick
& Co., Inc.
|
|
|
11,500
|
|
|
|
2,232,150
|
|
|
|
|
|
|
|
|
|
3,888,900
|
|
See
Notes to Schedule of Investments.
|
Third Quarter Report (Unaudited)
| September 30, 2020
|
7
|
|
Liberty
All-Star® Growth Fund
|
Schedule of Investments
|
September
30, 2020 (Unaudited)
|
|
|
SHARES
|
|
|
MARKET
VALUE
|
|
|
COMMON STOCKS (continued)
|
|
|
|
|
|
|
|
|
|
Household
Products (0.80%)
|
|
|
|
|
|
|
|
|
|
Church
& Dwight Co., Inc.
|
|
|
25,000
|
|
|
$
|
2,342,750
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY (0.29%)
|
|
|
|
|
|
|
|
|
|
Energy
Equipment & Services (0.29%)
|
|
|
|
|
|
|
|
|
|
Core
Laboratories NV
|
|
|
54,870
|
|
|
|
837,316
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIALS (4.12%)
|
|
|
|
|
|
|
|
|
|
Banks
(1.21%)
|
|
|
|
|
|
|
|
|
|
First
Republic Bank
|
|
|
18,000
|
|
|
|
1,963,080
|
|
|
Signature
Bank
|
|
|
18,937
|
|
|
|
1,571,582
|
|
|
|
|
|
|
|
|
|
3,534,662
|
|
|
Capital
Markets (1.45%)
|
|
|
|
|
|
|
|
|
|
Hamilton
Lane, Inc., Class A
|
|
|
36,022
|
|
|
|
2,326,661
|
|
|
Raymond
James Financial, Inc.
|
|
|
26,000
|
|
|
|
1,891,760
|
|
|
|
|
|
|
|
|
|
4,218,421
|
|
|
Consumer
Finance (0.29%)
|
|
|
|
|
|
|
|
|
|
LendingTree,
Inc.(a)
|
|
|
2,730
|
|
|
|
837,810
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
(0.67%)
|
|
|
|
|
|
|
|
|
|
eHealth,
Inc.(a)
|
|
|
8,215
|
|
|
|
648,985
|
|
|
Goosehead
Insurance, Inc., Class A
|
|
|
15,120
|
|
|
|
1,309,241
|
|
|
|
|
|
|
|
|
|
1,958,226
|
|
|
Investment
Companies (0.34%)
|
|
|
|
|
|
|
|
|
|
StepStone
Group, Inc.(a)
|
|
|
37,553
|
|
|
|
999,285
|
|
|
|
|
|
|
|
|
|
|
|
|
Thrifts
& Mortgage Finance (0.16%)
|
|
|
|
|
|
|
|
|
|
Axos
Financial, Inc.(a)
|
|
|
20,402
|
|
|
|
475,570
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTH
CARE (26.71%)
|
|
|
|
|
|
|
|
|
|
Biotechnology
(4.13%)
|
|
|
|
|
|
|
|
|
|
ACADIA
Pharmaceuticals, Inc.(a)
|
|
|
83,080
|
|
|
|
3,427,050
|
|
|
Natera,
Inc.(a)
|
|
|
40,783
|
|
|
|
2,946,164
|
|
|
Neurocrine
Biosciences, Inc.(a)
|
|
|
16,000
|
|
|
|
1,538,560
|
|
|
Puma
Biotechnology, Inc.(a)
|
|
|
134,431
|
|
|
|
1,356,409
|
|
|
Regeneron
Pharmaceuticals, Inc.(a)
|
|
|
3,353
|
|
|
|
1,876,942
|
|
|
Ultragenyx
Pharmaceutical, Inc.(a)
|
|
|
10,826
|
|
|
|
889,789
|
|
|
|
|
|
|
|
|
|
12,034,914
|
|
|
Health
Care Equipment & Supplies (12.51%)
|
|
|
|
|
|
|
|
|
|
Abbott
Laboratories
|
|
|
35,929
|
|
|
|
3,910,153
|
|
|
Becton
Dickinson and Co.
|
|
|
11,165
|
|
|
|
2,597,872
|
|
|
Cooper
Cos., Inc.
|
|
|
6,000
|
|
|
|
2,022,720
|
|
|
Danaher
Corp.
|
|
|
14,883
|
|
|
|
3,204,757
|
|
See
Notes to Schedule of Investments.
|
Liberty All-Star®
Growth Fund
|
Schedule of Investments
|
September
30, 2020 (Unaudited)
|
|
|
SHARES
|
|
|
MARKET
VALUE
|
|
|
COMMON STOCKS (continued)
|
|
|
|
|
|
|
|
|
|
Health
Care Equipment & Supplies (continued)
|
|
|
|
|
|
|
|
|
|
Glaukos
Corp.(a)(b)
|
|
|
31,307
|
|
|
$
|
1,550,323
|
|
|
Insulet
Corp.(a)
|
|
|
19,182
|
|
|
|
4,538,269
|
|
|
Intuitive
Surgical, Inc.(a)
|
|
|
3,554
|
|
|
|
2,521,705
|
|
|
Nevro
Corp.(a)
|
|
|
39,307
|
|
|
|
5,475,465
|
|
|
ResMed,
Inc.
|
|
|
13,000
|
|
|
|
2,228,590
|
|
|
Silk
Road Medical, Inc.(a)
|
|
|
13,178
|
|
|
|
885,693
|
|
|
STERIS
PLC
|
|
|
12,500
|
|
|
|
2,202,375
|
|
|
Varian
Medical Systems, Inc.(a)
|
|
|
15,000
|
|
|
|
2,580,000
|
|
|
West
Pharmaceutical Services, Inc.
|
|
|
10,000
|
|
|
|
2,749,000
|
|
|
|
|
|
|
|
|
|
36,466,922
|
|
|
Health
Care Providers & Services (3.62%)
|
|
|
|
|
|
|
|
|
|
PetIQ,
Inc.(a)
|
|
|
42,045
|
|
|
|
1,384,122
|
|
|
Progyny,
Inc.(a)(b)
|
|
|
156,918
|
|
|
|
4,618,097
|
|
|
UnitedHealth
Group, Inc.
|
|
|
11,607
|
|
|
|
3,618,714
|
|
|
US
Physical Therapy, Inc.
|
|
|
10,709
|
|
|
|
930,398
|
|
|
|
|
|
|
|
|
|
10,551,331
|
|
|
Health
Care Technology (0.71%)
|
|
|
|
|
|
|
|
|
|
Inspire
Medical Systems, Inc.(a)
|
|
|
1,463
|
|
|
|
188,800
|
|
|
Tabula
Rasa HealthCare, Inc.(a)(b)
|
|
|
46,390
|
|
|
|
1,891,321
|
|
|
|
|
|
|
|
|
|
2,080,121
|
|
|
Life
Sciences Tools & Services (4.62%)
|
|
|
|
|
|
|
|
|
|
Charles
River Laboratories International, Inc.(a)
|
|
|
13,500
|
|
|
|
3,057,075
|
|
|
Illumina,
Inc.(a)
|
|
|
8,587
|
|
|
|
2,654,070
|
|
|
Mettler-Toledo
International, Inc.(a)
|
|
|
2,500
|
|
|
|
2,414,375
|
|
|
NeoGenomics,
Inc.(a)
|
|
|
64,769
|
|
|
|
2,389,328
|
|
|
Thermo
Fisher Scientific, Inc.
|
|
|
6,719
|
|
|
|
2,966,573
|
|
|
|
|
|
|
|
|
|
13,481,421
|
|
|
Pharmaceuticals
(1.12%)
|
|
|
|
|
|
|
|
|
|
Aerie
Pharmaceuticals, Inc.(a)
|
|
|
30,000
|
|
|
|
353,100
|
|
|
Horizon
Pharma Plc(a)
|
|
|
37,500
|
|
|
|
2,913,000
|
|
|
|
|
|
|
|
|
|
3,266,100
|
|
|
INDUSTRIALS (12.19%)
|
|
|
|
|
|
|
|
|
|
Aerospace
& Defense (1.52%)
|
|
|
|
|
|
|
|
|
|
Huntington
Ingalls Industries, Inc.
|
|
|
8,300
|
|
|
|
1,168,225
|
|
|
Kratos
Defense & Security Solutions, Inc.(a)
|
|
|
72,993
|
|
|
|
1,407,305
|
|
|
Teledyne
Technologies, Inc.(a)
|
|
|
6,000
|
|
|
|
1,861,260
|
|
|
|
|
|
|
|
|
|
4,436,790
|
|
|
Air
Freight & Logistics (0.43%)
|
|
|
|
|
|
|
|
|
|
XPO
Logistics, Inc.(a)
|
|
|
14,763
|
|
|
|
1,249,836
|
|
See
Notes to Schedule of Investments.
|
Third Quarter Report (Unaudited)
| September 30, 2020
|
9
|
|
Liberty All-Star®
Growth Fund
|
Schedule of Investments
|
September
30, 2020 (Unaudited)
|
|
|
SHARES
|
|
|
MARKET
VALUE
|
|
|
COMMON STOCKS (continued)
|
|
|
|
|
|
|
|
|
|
Building
Products (0.79%)
|
|
|
|
|
|
|
|
|
|
Lennox
International, Inc.
|
|
|
8,500
|
|
|
$
|
2,317,185
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Services & Supplies (3.42%)
|
|
|
|
|
|
|
|
|
|
Casella
Waste Systems, Inc., Class A(a)
|
|
|
74,819
|
|
|
|
4,178,641
|
|
|
Cintas
Corp.
|
|
|
9,500
|
|
|
|
3,161,885
|
|
|
Copart,
Inc.(a)
|
|
|
25,000
|
|
|
|
2,629,000
|
|
|
|
|
|
|
|
|
|
9,969,526
|
|
|
Electrical
Equipment (1.29%)
|
|
|
|
|
|
|
|
|
|
Generac
Holdings, Inc.(a)
|
|
|
19,500
|
|
|
|
3,775,980
|
|
|
|
|
|
|
|
|
|
|
|
|
Machinery
(0.75%)
|
|
|
|
|
|
|
|
|
|
IDEX
Corp.
|
|
|
12,000
|
|
|
|
2,188,920
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional
Services (1.13%)
|
|
|
|
|
|
|
|
|
|
IHS
Markit, Ltd.
|
|
|
42,015
|
|
|
|
3,298,598
|
|
|
|
|
|
|
|
|
|
|
|
|
Road
& Rail (1.12%)
|
|
|
|
|
|
|
|
|
|
Union
Pacific Corp.
|
|
|
16,543
|
|
|
|
3,256,820
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading
Companies & Distributors (1.74%)
|
|
|
|
|
|
|
|
|
|
HD
Supply Holdings, Inc.(a)
|
|
|
60,000
|
|
|
|
2,474,400
|
|
|
SiteOne
Landscape Supply, Inc.(a)
|
|
|
21,254
|
|
|
|
2,591,925
|
|
|
|
|
|
|
|
|
|
5,066,325
|
|
|
INFORMATION
TECHNOLOGY (29.07%)
|
|
|
|
|
|
|
|
|
|
Communications
Equipment (0.55%)
|
|
|
|
|
|
|
|
|
|
Ciena
Corp.(a)
|
|
|
40,000
|
|
|
|
1,587,600
|
|
|
|
|
|
|
|
|
|
|
|
|
Electronic
Equipment, Instruments & Components (1.68%)
|
|
|
|
|
|
|
|
|
|
Keysight
Technologies, Inc.(a)
|
|
|
20,000
|
|
|
|
1,975,600
|
|
|
Novanta,
Inc.(a)
|
|
|
6,092
|
|
|
|
641,731
|
|
|
Zebra
Technologies Corp., Class A(a)
|
|
|
9,000
|
|
|
|
2,272,140
|
|
|
|
|
|
|
|
|
|
4,889,471
|
|
|
IT
Services (5.57%)
|
|
|
|
|
|
|
|
|
|
Akamai
Technologies, Inc.(a)
|
|
|
18,000
|
|
|
|
1,989,720
|
|
|
Booz
Allen Hamilton Holding Corp.
|
|
|
23,000
|
|
|
|
1,908,540
|
|
|
FleetCor
Technologies, Inc.(a)
|
|
|
16,353
|
|
|
|
3,893,649
|
|
|
PayPal
Holdings, Inc.(a)
|
|
|
18,307
|
|
|
|
3,607,028
|
|
|
Visa,
Inc., Class A
|
|
|
24,282
|
|
|
|
4,855,672
|
|
|
|
|
|
|
|
|
|
16,254,609
|
|
|
Semiconductors
& Semiconductor Equipment (4.15%)
|
|
|
|
|
|
|
|
|
|
Diodes,
Inc.(a)
|
|
|
44,901
|
|
|
|
2,534,661
|
|
|
Impinj,
Inc.(a)
|
|
|
32,859
|
|
|
|
865,835
|
|
See
Notes to Schedule of Investments.
|
Liberty All-Star®
Growth Fund
|
Schedule of Investments
|
September
30, 2020 (Unaudited)
|
|
|
SHARES
|
|
|
MARKET
VALUE
|
|
|
COMMON
STOCKS (continued)
|
|
|
|
|
|
|
|
|
|
Semiconductors
& Semiconductor Equipment (continued)
|
|
|
|
|
|
|
|
|
|
Monolithic
Power Systems, Inc.
|
|
|
11,500
|
|
|
$
|
3,215,515
|
|
|
Skyworks
Solutions, Inc.
|
|
|
17,500
|
|
|
|
2,546,250
|
|
|
Xilinx,
Inc.
|
|
|
28,307
|
|
|
|
2,950,722
|
|
|
|
|
|
|
|
|
|
12,112,983
|
|
|
Software
(17.12%)
|
|
|
|
|
|
|
|
|
|
Altair
Engineering, Inc., Class A(a)
|
|
|
6,464
|
|
|
|
271,359
|
|
|
Autodesk,
Inc.(a)
|
|
|
12,571
|
|
|
|
2,904,027
|
|
|
Avalara,
Inc.
|
|
|
17,141
|
|
|
|
2,182,735
|
|
|
Bill.com
Holdings, Inc.(a)
|
|
|
4,099
|
|
|
|
411,171
|
|
|
Cerence,
Inc.(a)
|
|
|
33,137
|
|
|
|
1,619,405
|
|
|
Ebix,
Inc.
|
|
|
39,546
|
|
|
|
814,648
|
|
|
Everbridge,
Inc.(a)
|
|
|
27,111
|
|
|
|
3,408,666
|
|
|
Fortinet,
Inc.(a)
|
|
|
15,000
|
|
|
|
1,767,150
|
|
|
Globant
SA(a)
|
|
|
13,052
|
|
|
|
2,339,179
|
|
|
HubSpot,
Inc.(a)
|
|
|
8,216
|
|
|
|
2,400,962
|
|
|
Intuit,
Inc.
|
|
|
6,225
|
|
|
|
2,030,657
|
|
|
LivePerson,
Inc.(a)
|
|
|
4,321
|
|
|
|
224,649
|
|
|
Microsoft
Corp.
|
|
|
23,534
|
|
|
|
4,949,906
|
|
|
Mimecast,
Ltd.(a)
|
|
|
18,622
|
|
|
|
873,744
|
|
|
Paycom
Software, Inc.(a)
|
|
|
7,000
|
|
|
|
2,179,100
|
|
|
Paylocity
Holding Corp.(a)
|
|
|
34,541
|
|
|
|
5,575,608
|
|
|
Pluralsight,
Inc., Class A(a)
|
|
|
65,943
|
|
|
|
1,129,604
|
|
|
Qualys,
Inc.(a)
|
|
|
20,000
|
|
|
|
1,960,200
|
|
|
Rapid7,
Inc.(a)
|
|
|
15,993
|
|
|
|
979,411
|
|
|
salesforce.com,
Inc.(a)
|
|
|
13,338
|
|
|
|
3,352,106
|
|
|
SPS
Commerce, Inc.(a)
|
|
|
14,255
|
|
|
|
1,110,037
|
|
|
Synopsys,
Inc.(a)
|
|
|
11,500
|
|
|
|
2,460,770
|
|
|
Vertex,
Inc.(a)
|
|
|
43,959
|
|
|
|
1,011,057
|
|
|
Workday,
Inc., Class A(a)
|
|
|
18,404
|
|
|
|
3,959,252
|
|
|
|
|
|
|
|
|
|
49,915,403
|
|
|
MATERIALS (3.02%)
|
|
|
|
|
|
|
|
|
|
Chemicals
(1.93%)
|
|
|
|
|
|
|
|
|
|
Ecolab,
Inc.
|
|
|
13,942
|
|
|
|
2,786,169
|
|
|
Linde
PLC
|
|
|
11,984
|
|
|
|
2,853,750
|
|
|
|
|
|
|
|
|
|
5,639,919
|
|
|
Containers
& Packaging (1.09%)
|
|
|
|
|
|
|
|
|
|
Ball
Corp.
|
|
|
38,206
|
|
|
|
3,175,683
|
|
|
|
|
|
|
|
|
|
|
|
|
REAL
ESTATE (3.79%)
|
|
|
|
|
|
|
|
|
|
Equity
Real Estate Investment Trusts (REITs) (1.74%)
|
|
|
|
|
|
|
|
|
|
Equinix,
Inc.
|
|
|
4,188
|
|
|
|
3,183,425
|
|
See
Notes to Schedule of Investments.
|
Third Quarter Report (Unaudited)
| September 30, 2020
|
11
|
|
Liberty All-Star®
Growth Fund
|
Schedule of Investments
|
September
30, 2020 (Unaudited)
|
|
|
SHARES
|
|
|
MARKET
VALUE
|
|
|
COMMON
STOCKS (continued)
|
|
|
|
|
|
|
|
|
|
Equity
Real Estate Investment Trusts (REITs) (continued)
|
|
|
|
|
|
|
|
|
|
Sun
Communities, Inc.
|
|
|
13,500
|
|
|
$
|
1,898,235
|
|
|
|
|
|
|
|
|
|
5,081,660
|
|
|
Real
Estate Management & Development (2.05%)
|
|
|
|
|
|
|
|
|
|
FirstService
Corp.
|
|
|
45,353
|
|
|
|
5,981,607
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMMON STOCKS
|
|
|
|
|
|
|
|
|
|
(COST
OF $181,442,692)
|
|
|
|
|
|
|
286,733,788
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT
TERM INVESTMENTS (2.30%)
|
|
|
|
|
|
|
|
|
|
MONEY
MARKET FUND (1.66%)
|
|
|
|
|
|
|
|
|
|
State
Street Institutional US Government Money Market Fund, 0.024%(c)
|
|
|
|
|
|
|
|
|
|
(COST
OF $4,841,033)
|
|
|
4,841,033
|
|
|
|
4,841,033
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS
PURCHASED WITH COLLATERAL FROM SECURITIES LOANED (0.64%)
|
|
|
|
|
|
|
|
|
|
State
Street Navigator Securities Lending Government Money Market Portfolio, 0.09%
|
|
|
|
|
|
|
|
|
|
(COST
OF $1,851,732)
|
|
|
1,851,732
|
|
|
|
1,851,732
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
SHORT TERM INVESTMENTS
|
|
|
|
|
|
|
|
|
|
(COST
OF $6,692,765)
|
|
|
|
|
|
|
6,692,765
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS (100.63%)
|
|
|
|
|
|
|
|
|
|
(COST
OF $188,135,457)
|
|
|
|
|
|
|
293,426,553
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
IN EXCESS OF OTHER ASSETS (-0.63%)
|
|
|
|
|
|
|
(1,834,361
|
)
|
|
|
|
|
|
|
|
|
|
|
|
NET
ASSETS (100.00%)
|
|
|
|
|
|
$
|
291,592,192
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
ASSET VALUE PER SHARE
|
|
|
|
|
|
|
|
|
|
(41,880,857
SHARES OUTSTANDING)
|
|
|
|
|
|
$
|
6.96
|
|
|
(a)
|
Non-income
producing security.
|
|
(b)
|
Security,
or a portion of the security position, is currently on loan. The total market value of
securities on loan is $1,993,382.
|
|
(c)
|
Rate
reflects seven-day effective yield on September 30, 2020.
|
See
Notes to Schedule of Investments.
|
Liberty All-Star®
Growth Fund
|
Notes
to Schedule of Investments
|
September
30, 2020 (Unaudited)
Security
Valuation
Equity
securities are valued at the last sale price at the close of the principal exchange on which they trade, except for securities
listed on the NASDAQ Stock Market LLC (“NASDAQ”), which are valued at the NASDAQ official closing price. Unlisted
securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges
or over-the-counter markets.
Cash
collateral from securities lending activity is reinvested in the State Street Navigator Securities Lending Government Money Market
Portfolio (“State Street Navigator”), a registered investment company under the Investment Company Act of 1940 (the
“1940 Act”), which operates as a money market fund in compliance with Rule 2a-7 under the 1940 Act. Shares of registered
investment companies are valued daily at that investment company’s net asset value per share.
The
Fund’s investments are valued at market value or, in the absence of market value with respect to any portfolio securities,
at fair value according to procedures adopted by the Fund’s Board of Directors (the “Board”). When market quotations
are not readily available, or in management’s judgment they do not accurately reflect fair value of a security, or an event
occurs after the market close but before the Fund is priced that materially affects the value of a security, the security will
be valued by the Fund’s Valuation Committee, using fair valuation procedures established by the Board. Examples of potentially
significant events that could materially impact a Fund’s net asset value include, but are not limited to: single issuer
events such as corporate actions, reorganizations, mergers, spin-offs, liquidations, acquisitions and buyouts; corporate announcements
on earnings or product offerings; regulatory news; and litigation and multiple issuer events such as governmental actions; natural
disasters or armed conflicts that affect a country or a region; or significant market fluctuations. Potential significant events
are monitored by the Advisor, ALPS Advisors, Inc. (the “Advisor”), Sub-Advisers and/or the Valuation Committee through
independent reviews of market indicators, general news sources and communications from the Fund’s custodian. As of September
30, 2020, the Fund held no securities that were fair valued.
Security
Transactions
Security
transactions are recorded on trade date. Cost is determined and gains/(losses) are based upon the specific identification method
for both financial statement and federal income tax purposes.
Income
Recognition
Interest
income is recorded on the accrual basis. Corporate actions and dividend income are recorded on the ex-date.
The
Fund estimates components of distributions from real estate investment trusts (“REITs”). Distributions received in
excess of income are recorded as a reduction of the cost of the related investments. Once the REIT reports annually the tax character
of its distributions, the Fund revises its estimates. If the Fund no longer owns the applicable securities, any distributions
received in excess of income are recorded as realized gains.
|
Third
Quarter Report (Unaudited) | September 30, 2020
|
13
|
|
Liberty All-Star®
Growth Fund
|
Notes
to Schedule of Investments
|
September
30, 2020 (Unaudited)
Lending
of Portfolio Securities
The
Fund may lend its portfolio securities only to borrowers that are approved by the Fund’s securities lending agent, State
Street Bank & Trust Co. (“SSB”). The Fund will limit such lending to not more than 20% of the value of its total
assets. The borrower pledges and maintains with the Fund
collateral consisting of cash (U.S. Dollar only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities,
or by irrevocable bank letters of credit issued by a person other than the borrower or an affiliate of the borrower. The initial
collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities
for securities traded on U.S. exchanges and a value of no less than 105% of the market value for all other securities. The collateral
is maintained thereafter, at a market value equal to no less than 100% of the current value of the securities on loan. The market
value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered
to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect
of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return
borrowed securities within the standard time period for settlement of securities transactions.
Any
cash collateral received is reinvested in State Street Navigator. Non-cash collateral, in the form of securities issued or guaranteed
by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Schedule of Investments as it
is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities.
The
following is a summary of the Fund’s securities lending positions and related cash and non-cash collateral received as
of September 30, 2020:
Market Value of
Securities
on Loan
|
|
|
Cash
Collateral Received
|
|
|
Non-Cash
Collateral Received
|
|
|
Total
Collateral Received
|
|
|
$
|
1,993,382
|
|
|
$
|
1,851,732
|
|
|
$
|
165,000
|
|
|
$
|
2,016,732
|
|
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®
Growth Fund
|
Notes
to Schedule of Investments
|
September
30, 2020 (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, 2020:
|
|
|
|
Valuation Inputs
|
|
|
|
|
|
|
Investments in Securities at Value
|
|
|
Level 1
|
|
|
|
Level 2
|
|
|
|
Level 3
|
|
|
|
Total
|
|
|
Common Stocks*
|
|
$
|
286,733,788
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
286,733,788
|
|
|
Short Term Investments
|
|
|
6,692,765
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,692,765
|
|
|
Total
|
|
$
|
293,426,553
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
293,426,553
|
|
|
*
|
See
Schedule of Investments for industry classifications.
|
The
Fund did not have any securities which used significant unobservable inputs (Level 3) in determining fair value during the period.
|
Third
Quarter Report (Unaudited) | September 30, 2020
|
15
|
|
Liberty All-Star®
Growth Fund
|
Notes
to Schedule of Investments
|
September
30, 2020 (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.
|
|
Description
of Lipper Benchmark
|
|
Liberty
All-Star® Growth Fund
|
and
Market Indices
|
|
|
September
30, 2020 (Unaudited)
|
Dow
Jones Industrial Average
A
price-weighted measure of 30 U.S. blue-chip companies.
Lipper
Multi-Cap Growth Mutual Fund Average
The
average of funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of
their equity assets in any one market capitalization range over an extended period of time. Multi-Cap growth funds typically have
above-average characteristics compared to the S&P SuperComposite 1500® Index.
NASDAQ
Composite Index
Measures
all NASDAQ domestic and international based common type stocks listed on the NASDAQ Stock Market.
Russell
3000® Growth Index
Measures
the performance of those Russell 3000® companies with lower book-to-price ratios and higher growth values. The Russell 3000®
Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately
98% of the investable U.S. equity market.
Russell
3000® Value Index
Measures
the performance of those Russell 3000® companies with higher book-to-price ratios and lower growth values.
Russell
Top 200® Growth Index
Measures
the performance of those Russell Top 200® companies with lower book-to-price ratios and higher growth values. The
Russell Top 200® Index measures the performance of the 200 largest companies in the Russell 3000®
Index.
Russell
1000® Growth Index (Largecap)
Measures
the performance of those Russell 1000® companies with lower book-to-price ratios and higher growth values. The
Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000®
Index.
Russell
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 captures approximately 80% coverage of available market
capitalization.
An
investor cannot invest directly in an index.
|
Third
Quarter Report (Unaudited) | September 30, 2020
|
17
|
Intentionally
Left Blank
Intentionally
Left Blank
Intentionally
Left Blank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
ADVISOR
|
LEGAL
COUNSEL
|
|
|
ALPS Advisors, Inc.
|
K&L Gates LLP
|
|
|
1290 Broadway, Suite 1000
|
1601 K Street, NW
|
|
|
Denver, Colorado 80203
|
Washington, DC 20006
|
|
|
303-623-2577
|
|
|
|
www.all-starfunds.com
|
DIRECTORS
|
|
|
|
|
|
|
Thomas W. Brock*,
Chairman
|
|
|
INDEPENDENT
REGISTERED
|
Edmund J. Burke
|
|
|
PUBLIC
ACCOUNTING FIRM
|
George R. Gaspari*
|
|
|
Deloitte & Touche LLP
|
Milton M. Irvin*
|
|
|
1601 Wewatta Street, Suite 400
|
Dr. John J. Neuhauser*
|
|
|
Denver, Colorado 80202
|
Maureen K. Usifer*
|
|
|
|
|
|
|
|
|
|
|
CUSTODIAN
|
OFFICERS
|
|
|
State Street Bank & Trust Company
|
William R. Parmentier,
Jr., President
|
|
|
One Lincoln Street
|
Mark T. Haley, CFA,
Senior Vice President
|
|
|
Boston, Massachusetts 02111
|
Jill Kerschen, Treasurer
|
|
|
|
Sareena Khwaja-Dixon,
Secretary
|
|
|
|
Jennifer Craig, Assistant
Secretary
|
|
INVESTOR
ASSISTANCE,
TRANSFER
& DIVIDEND
DISBURSING
AGENT & REGISTRAR
|
Matthew
Sutula, Chief Compliance Officer
* Member
of the Audit Committee
|
|
|
Computershare Trust Company, N.A.
|
|
|
|
P.O. Box 505000
|
|
|
|
Louisville, Kentucky 40233
|
|
|
|
1-800-LIB-FUND (1-800-542-3863)
|
|
|
|
www.computershare.com
|
|
|
|
|
|
|
|
A
description of the Fund’s proxy voting policies and procedures is available (i) on the Securities and Exchange Commission’s
(“SEC”) website at www.sec.gov, and (ii) without charge, upon request, by calling 1-800-542-3863. Information regarding
how the Fund voted proxies relating to portfolio securities during the 12-month period ended June 30 is available from the SEC’s
website at www.sec.gov.
The
Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year in Form
N-PORT. The Fund’s Form N-PORTs are available on the SEC’s website at www.sec.gov and may be reviewed and copied at
the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained
by calling 1-800-SEC-0330.
Notice
is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may purchase at market prices
from time to time shares of its own common stock in the open market.
This
report is transmitted to shareholders of Liberty All-Star® Growth Fund, Inc. for their information. It is not a
prospectus or other document intended for use in the purchase of Fund shares.
|
|
|
|
|
|
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