# EDGAR Filing Document

**Accession Number:** 0000799195
**File Stem:** 0001049169-25-000860
**Filing Date:** 2025-11
**Character Count:** 89429
**Document Hash:** 518b283238b10eddf4a865833c386988
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000860.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001049169-25-000860

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LIBERTY ALL STAR EQUITY FUND
- **CENTRAL INDEX KEY:** 0000799195

**ORGANIZATION NAME:**
- **EIN:** 042935840
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04809
- **FILM NUMBER:** 251526082

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ALPS FUND SERVICES, INC.
- **STREET 2:** P.O. BOX 328
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201-0328
- **BUSINESS PHONE:** 303.623.2577

**MAIL ADDRESS:**
- **STREET 1:** C/O ALPS FUND SERVICES, INC.
- **STREET 2:** P.O. BOX 328
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201-0328

## Nport-Ex

Liberty All-Star<sup>®</sup> Equity Fund Schedule of Investments

*September 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| COMMON STOCKS (**97.48**%) | | |
| **COMMUNICATION SERVICES (6.34%)** | **COMMUNICATION SERVICES (6.34%)** | **COMMUNICATION SERVICES (6.34%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services (0.42%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 199100 | $8750445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment (0.63%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 6459 | 7743824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA<sup>(a)</sup> | 7678 | 5359244 |
|  |  | 13103068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services (5.12%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 63598 | 15460674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 209300 | 50975015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 54370 | 39928240 |
|  |  | 106363929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media (0.17%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A<sup>(a)</sup> | 71561 | 3507205 |
| **CONSUMER DISCRETIONARY (11.34%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobile Components (1.42%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lear Corp. | 134405 | 13522487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magna International, Inc., Class A | 338513 | 16038746 |
|  |  | 29561233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail (2.57%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 243232 | 53406450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure (3.36%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramark<sup>(b)</sup> | 497736 | 19113062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 4243 | 22909103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 269934 | 10578714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 113375 | 17233000 |
|  |  | 69833879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables (1.95%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 83500 | 10524340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newell Brands, Inc.<sup>(b)</sup> | 783352 | 4104764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp.<sup>(b)(c)</sup> | 895591 | 25784065 |
|  |  | 40413169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail (1.43%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarMax, Inc.<sup>(a)</sup> | 236081 | 10592954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 32400 | 8142444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | 101800 | 10975058 |
|  |  | 29710456 |

---

*See Notes to Schedule of Investments.*

8 www.all-starfunds.com

Liberty All-Star<sup>®</sup> Equity Fund Schedule of Investments

*September 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| COMMON STOCKS (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods (0.61%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 113598 | $7921189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVH Corp.<sup>(b)</sup> | 56548 | 4737026 |
|  |  | 12658215 |
| **CONSUMER STAPLES (4.53%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages (0.57%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 124600 | 8263472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 26700 | 3595689 |
|  |  | 11859161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail (1.68%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 13307 | 12317358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc.<sup>(a)(b)</sup> | 94185 | 8888239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SYSCO Corp. | 167234 | 13770048 |
|  |  | 34975645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products (0.45%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 172180 | 9349374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Products (0.36%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 48400 | 7436660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiline Retail (0.82%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | 163638 | 16911987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products (0.65%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC<sup>(b)(c)</sup> | 228744 | 13559944 |
| **ENERGY (1.81%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services (0.63%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOV, Inc. | 441864 | 5854698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger NV | 209488 | 7200103 |
|  |  | 13054801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels (1.18%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 291400 | 6891610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell PLC<sup>(b)(c)</sup> | 145792 | 10428502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE<sup>(b)(c)</sup> | 120400 | 7186676 |
|  |  | 24506788 |
| **FINANCIALS (18.70%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks (4.67%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 282564 | 14577477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 194143 | 19705514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 32333 | 1932220 |

---

*See Notes to Schedule of Investments.*

Third Quarter Report (Unaudited) \| September 30, 2025 9

Liberty All-Star<sup>®</sup> Equity Fund Schedule of Investments

*September 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| COMMON STOCKS (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc.<sup>(b)</sup> | 48700 | $6173699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc.<sup>(b)(c)</sup> | 600000 | 9564000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 42200 | 8479246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp | 193800 | 9366354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 324408 | 27191879 |
|  |  | 96990389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets (4.38%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 22734 | 11168078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc. | 6007 | 7003381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Group LP | 54700 | 9345495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 306451 | 29256877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 49919 | 24296076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG<sup>(b)</sup> | 242844 | 9956604 |
|  |  | 91026511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance (2.52%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 30944 | 10278359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 197418 | 41967118 |
|  |  | 52245477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services (4.94%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 27132 | 13640342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corebridge Financial, Inc. | 391221 | 12538633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 116546 | 5918206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc. | 181644 | 15090984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 24409 | 13884083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 97467 | 33273284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Financial, Inc.<sup>(b)</sup> | 110585 | 8271758 |
|  |  | 102617290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance (2.19%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | 112700 | 8851458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon PLC, Class A | 32998 | 11766427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc. | 193512 | 15939584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp. | 32215 | 7955494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sony Financial Group, Inc.<sup>(a)</sup> | 179118 | 1047841 |
|  |  | 45560804 |
| **HEALTH CARE (13.49%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology (0.44%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 32000 | 9030400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies (5.34%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon AG<sup>(b)</sup> | 93800 | 6989038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc. | 851152 | 19380731 |

---

*See Notes to Schedule of Investments.*

10 www.all-starfunds.com

Liberty All-Star<sup>®</sup> Equity Fund Schedule of Investments

*September 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| COMMON STOCKS (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 87612 | $16398338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | 97171 | 9486805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper Cos., Inc.<sup>(a)</sup> | 171673 | 11769901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom, Inc.<sup>(a)</sup> | 77410 | 5208919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 20038 | 8961595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Philips NV<sup>(b)</sup> | 516026 | 14066869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 195386 | 18608562 |
|  |  | 110870758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services (5.40%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | 294840 | 22227988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care AG<sup>(c)</sup> | 1132792 | 29826414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | 77649 | 20201940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 83659 | 15943732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 69440 | 23977632 |
|  |  | 112177706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services (0.76%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | 79359 | 15733715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals (1.55%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 246566 | 11120127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 76500 | 6420645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 367153 | 9355058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. | 36826 | 5388380 |
|  |  | 32284210 |
| **INDUSTRIALS (10.40%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense (0.97%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | 27100 | 9241100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | 36511 | 10983239 |
|  |  | 20224339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products (2.29%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegion PLC | 56713 | 10058051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 19273 | 6340046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global Corp. | 275774 | 16463708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corp. | 209629 | 14755785 |
|  |  | 47617590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies (1.26%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Connections, Inc. | 40269 | 7079290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc. | 86159 | 19026492 |
|  |  | 26105782 |

---

*See Notes to Schedule of Investments.*

Third Quarter Report (Unaudited) \| September 30, 2025 11

Liberty All-Star<sup>®</sup> Equity Fund Schedule of Investments

*September 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| COMMON STOCKS (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment (0.40%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 22011 | $8237617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation (1.96%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City, Ltd. | 204468 | 15230821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corp. | 424535 | 15075238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | 105503 | 10336129 |
|  |  | 40642188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery (1.30%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corp. | 51100 | 6627670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 27000 | 20470050 |
|  |  | 27097720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Passenger Airlines (0.48%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 174364 | 9895157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors (1.74%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | 115905 | 26029945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 10536 | 10040386 |
|  |  | 36070331 |
| **INFORMATION TECHNOLOGY (24.62%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment (0.28%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(a)</sup> | 39880 | 5810915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment & Instruments (0.33%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity Ltd. | 30747 | 6749889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components (1.11%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corp. | 81917 | 13047740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.<sup>(a)</sup> | 17200 | 10079888 |
|  |  | 23127628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services (2.12%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amdocs, Ltd. | 132812 | 10897225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 180764 | 12123842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | 35184 | 9248818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc., Class A<sup>(a)</sup> | 79789 | 11857443 |
|  |  | 44127328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment (8.72%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARM Holdings PLC<sup>(a)(b)(c)</sup> | 73320 | 10374047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 11080 | 10726437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc. | 71463 | 23576358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 121100 | 7777042 |

---

*See Notes to Schedule of Investments.*

12 www.all-starfunds.com

Liberty All-Star<sup>®</sup> Equity Fund Schedule of Investments

*September 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| COMMON STOCKS (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 562532 | $104957221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 61500 | 10231140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 175874 | 13538780 |
|  |  | 181181025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software (11.46%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | 22500 | 7936875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.<sup>(a)</sup> | 28316 | 9946278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 24607 | 12066781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 27235 | 18599054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 192017 | 99455205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | 48088 | 9791678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 45824 | 10860288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | 38018 | 34987205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>(a)</sup> | 51578 | 25448069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.<sup>(a)</sup> | 16866 | 8823617 |
|  |  | 237915050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Equipment (0.60%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 48764 | 12416777 |
| **MATERIALS (4.58%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals (3.11%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 28336 | 7727794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | 196900 | 13316347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow, Inc. | 355607 | 8154068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | 67585 | 18508828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 78714 | 8273629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM International, Inc. | 73800 | 8699544 |
|  |  | 64680210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction Materials (0.60%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 19800 | 12479544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers & Packaging (0.87%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 110708 | 17953517 |
| **REAL ESTATE (0.26%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Residential REITs (0.26%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 88900 | 5396230 |

---

*See Notes to Schedule of Investments.*

Third Quarter Report (Unaudited) \| September 30, 2025 13

Liberty All-Star<sup>®</sup> Equity Fund Schedule of Investments

*September 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| COMMON STOCKS (continued) |  |  |
| **UTILITIES (1.41%)** | **UTILITIES (1.41%)** | **UTILITIES (1.41%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities (0.45%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 115200 | $9290880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gas Utilities (0.56%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 68100 | 11628075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Water Utilities (0.40%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 59900 | 8337481 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(COST OF $1,560,890,213) |  | 2024484942 |
| SHORT TERM INVESTMENTS (5.69%) |  |  |
| **MONEY MARKET FUND (2.56%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Premier Class, 4.09%<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(COST OF $53,268,185) | 53268185 | 53268185 |
| **INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED (3.13%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.18% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(COST OF $65,001,201) | 65001201 | 65001201 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(COST OF $118,269,386) |  | 118269386 |
| **TOTAL INVESTMENTS (103.17%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(COST OF $1,679,159,599) |  | 2142754328 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-3.17%)** |  | (65863265) |
| **NET ASSETS (100.00%)** |  | $2076891063 |
| **NET ASSET VALUE PER SHARE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298,148,898 SHARES OUTSTANDING) |  | $6.97 |

---

*See Notes to Schedule of Investments.*

14 www.all-starfunds.com

Liberty All-Star<sup>®</sup> Equity Fund Schedule of Investments

*September 30, 2025 (Unaudited)*

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security, or a portion of the security position, is currently on loan. The total market value of securities on loan is $115,448,656.

<sup>(c)</sup> American Depositary Receipt.

<sup>(d)</sup> Rate reflects seven-day effective yield on September 30, 2025.

*See Notes to Schedule of Investments.*

Third Quarter Report (Unaudited) \| September 30, 2025 15

Liberty All-Star<sup>®</sup> Equity Fund Notes to Schedule of Investments

*September 30, 2025 (Unaudited)*

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its schedule of investments. The Fund is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services - Investment Companies. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the Chief Operating Decision Maker ("CODM") monitors the operating results of the Fund as a whole. ALPS Advisors, Inc. (the "Advisor") is the CODM for the Fund. The Fund's financial information is used by the CODM to assess each segment's performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

**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 has designated the Advisor as the Fund's Valuation Designee. The Valuation Designee is 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 September 30, 2025, the Fund held no securities that were fair valued.

16 www.all-starfunds.com

Liberty All-Star<sup>®</sup> Equity Fund Notes to Schedule of Investments

*September 30, 2025 (Unaudited)*

**Security Transactions** 

Security transactions are recorded on trade date. Cost is determined and gains/(losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income Recognition** 

Interest income is recorded on the accrual basis. Corporate actions and dividend income are recorded on the ex-date.

The Fund estimates components of distributions from real estate investment trusts ("REITs"). Distributions received in excess of income are recorded as a reduction of the cost of the related investments. Once the REIT reports annually the tax character of its distributions, the Fund revises its estimates. If the Fund no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

**Lending of Portfolio Securities**

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

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, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Market Value of Securities on Loan** | **Cash<br> Collateral Received** | **Non-Cash <br> Collateral Received** | **Total <br> Collateral Received** |
| $115448656 | $65001201 | $53763952 | $118765153 |

---

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.

Third Quarter Report (Unaudited) \| September 30, 2025 17

Liberty All-Star<sup>®</sup> Equity Fund Notes to Schedule of Investments

*September 30, 2025 (Unaudited)*

**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.

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. |

---

18 www.all-starfunds.com

Liberty All-Star<sup>®</sup> Equity Fund Notes to Schedule of Investments

*September 30, 2025 (Unaudited)*

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| Common Stocks\* | $2023437101 | $1047841 | $– | $2024484942 |
| Short Term Investments | 118269386 | – | – | 118269386 |
| Total | $2141706487 | $1047841 | $– | $2142754328 |

---

*\** *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.

**Indemnification** 

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund. Also, under the Fund's organizational documents and by contract, the Trustees and Officers of the Fund are indemnified against certain liabilities that may arise out of their duties to the Fund. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be minimal.

Third Quarter Report (Unaudited) \| September 30, 2025 19

Liberty All-Star<sup>®</sup> Equity Fund Description of Lipper Benchmark<br> and Market Indices

*(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<sup>®</sup> Index.

**NASDAQ Composite Index**

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

**Russell 1000<sup>®</sup> Growth Index (Largecap)**

Measures the performance of those Russell 1000<sup>®</sup> companies with lower book-to-price ratios and higher growth values. The Russell 1000<sup>®</sup> Index measures the performance of the 1,000 largest companies in the Russell 3000<sup>®</sup> Index.

**Russell 1000<sup>®</sup> Value Index (Largecap)**

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

**S&P 500<sup>®</sup> Index** 

A large-cap U.S. equities index that includes 500 leading companies and covers approximately 80% of available market capitalization.

**S&P 500<sup>®</sup> Equal Weight Index**

The equal-weight version of the S&P 500<sup>®</sup>.

*An investor cannot invest directly in an index.*

 

20 www.all-starfunds.com

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** LIBERTY ALL STAR EQUITY FUND

- **b. Investment Company Act file number:** 811-04809

- **c. CIK number of Registrant:** 0000799195

- **d. LEI of Registrant:** 549300DLV755RNHI1N92

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1290 BROADWAY SUITE 1000

  - **City:** DENVER

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80203

  - **Telephone number:** 3036232577

**Item A.2. Information about the Series.**

- **a. Name of Series:** Liberty All-Star Equity Fund

- **c. LEI of Series:** 549300DLV755RNHI1N92

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2078489219.92

**Total Liabilities:** $1616532.68

**Net Assets:** $2076872687.24

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -1.62%               | 1.23%                | -3.94%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8697303.16              | $-10946089.94                              |
| Month 2  | $2595259.80              | $45630671.47                               |
| Month 3  | $28071413.80             | $-42322081.82                              |

### Schedule of Portfolio Investments

| Name                                                       | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Eaton Corp Plc                                             | Eaton Corp. PLC                                            | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     22011 | NS      | $8237616.75   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology Sa                                      | Spotify Technology SA                                      | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |      6389 | NS      | $4459522.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                           | Wells Fargo & Co.                                          | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    324408 | NS      | $27191878.56  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                                 | Humana, Inc.                                               | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     77649 | NS      | $20201940.33  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Ww Grainger Inc                                            | WW Grainger, Inc.                                          | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |     10536 | NS      | $10040386.56  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc/mo                                 | Commerce Bancshares, Inc.                                  | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32333 | NS      | $1932220.08   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                                            | Yum! Brands, Inc.                                          | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |    113375 | NS      | $17233000.00  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-hannifin Corp                                       | Parker-Hannifin Corp.                                      | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     27000 | NS      | $20470050.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Nvidia Corp                                                | NVIDIA Corp.                                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    562532 | NS      | $104957220.56 | 5.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                                      | Costco Wholesale Corp.                                     | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     13307 | NS      | $12317358.41  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                               | Alphabet, Inc.                                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     63598 | NS      | $15460673.80  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp                                 | Capital One Financial Corp.                                | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    197418 | NS      | $41967118.44  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| O'reilly Automotive Inc                                    | O'Reilly Automotive, Inc.                                  | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |    101800 | NS      | $10975058.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc                                     | Tyler Technologies, Inc.                                   | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |     16866 | NS      | $8823616.56   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc                            | Equity LifeStyle Properties, Inc.                          | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     88900 | NS      | $5396230.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                                | Netflix, Inc.                                              | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      6459 | NS      | $7743824.28   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp                                        | Carrier Global Corp.                                       | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |    275774 | NS      | $16463707.80  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc                                        | Delta Air Lines, Inc.                                      | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |    174364 | NS      | $9895157.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                                        | Avery Dennison Corp.                                       | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |    110708 | NS      | $17953516.36  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                              | Citigroup, Inc.                                            | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    194143 | NS      | $19705514.50  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/the                                         | Cooper Cos., Inc.                                          | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |    171673 | NS      | $11769900.88  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                                        | Global Payments, Inc.                                      | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |    181644 | NS      | $15090983.52  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                                               | Oshkosh Corp.                                              | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |     51100 | NS      | $6627670.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                                 | Pfizer, Inc.                                               | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    367153 | NS      | $9355058.44   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City Ltd                           | Canadian Pacific Kansas City, Ltd.                         | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    204468 | NS      | $15230821.32  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon Plc                                                    | Aon PLC                                                    | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |     32998 | NS      | $11766426.84  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                                 | Intuit, Inc.                                               | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     27235 | NS      | $18599053.85  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Metlife Inc                                                | MetLife, Inc.                                              | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |    193512 | NS      | $15939583.44  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                                | Gartner, Inc.                                              | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |     35184 | NS      | $9248818.08   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                                        | American Express Co.                                       | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     30944 | NS      | $10278359.04  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc                                   | Ferguson Enterprises, Inc.                                 | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |    115905 | NS      | $26029944.90  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                                            | Xcel Energy, Inc.                                          | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    115200 | NS      | $9290880.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                                 | Verizon Communications, Inc.                               | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    199100 | NS      | $8750445.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                                      | General Dynamics Corp.                                     | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     27100 | NS      | $9241100.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                                   | Microchip Technology, Inc.                                 | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    121100 | NS      | $7777042.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc                                  | Teledyne Technologies, Inc.                                | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |     17200 | NS      | $10079888.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc                                | American Water Works Co., Inc.                             | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     59900 | NS      | $8337481.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                                             | Lowe's Cos., Inc.                                          | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     32400 | NS      | $8142444.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc                                   | Constellation Brands, Inc.                                 | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |     26700 | NS      | $3595689.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                                 | Chipotle Mexican Grill, Inc.                               | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    269934 | NS      | $10578713.46  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                                     | Palo Alto Networks, Inc.                                   | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     48088 | NS      | $9791678.56   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                             | Amazon.com, Inc.                                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    243232 | NS      | $53406450.24  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Pnc Financial Services Group Inc/the                       | PNC Financial Services Group, Inc.                         | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     42200 | NS      | $8479246.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp                        | Cognizant Technology Solutions Corp.                       | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    180764 | NS      | $12123841.48  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                             | Microsoft Corp.                                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    192017 | NS      | $99455205.15  | 4.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                                  | Amgen, Inc.                                                | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     32000 | NS      | $9030400.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products And Chemicals Inc                             | Air Products & Chemicals, Inc.                             | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     28336 | NS      | $7727793.92   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp                                          | Atmos Energy Corp.                                         | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |     68100 | NS      | $11628075.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                                             | Blackstone Group LP                                        | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     54700 | NS      | $9345495.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Asml Holding Nv                                            | ASML Holding N.V.                                          | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     11080 | NS      | $10726437.20  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/the                                    | Charles Schwab Corp.                                       | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    306451 | NS      | $29256876.97  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Pvh Corp                                                   | PVH Corp.                                                  | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     56548 | NS      | $4737025.96   | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Progressive Corp/the                                       | Progressive Corp.                                          | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     32215 | NS      | $7955494.25   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                                                    | Aramark                                                    | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |    497736 | NS      | $19113062.40  | 0.92%             |  |  |  | No            |                  1 | On Loan: —       |
| Tyson Foods Inc                                            | Tyson Foods, Inc.                                          | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |    172180 | NS      | $9349374.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc                           | American International Group, Inc.                         | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    112700 | NS      | $8851458.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever Plc                                               | Unilever PLC                                               | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    228744 | NS      | $13559944.32  | 0.65%             |  |  |  | No            |                  1 | On Loan: —       |
| Synopsys Inc                                               | Synopsys, Inc.                                             | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     51578 | NS      | $25448069.42  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                                                    | Dow, Inc.                                                  | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |    355607 | NS      | $8154068.51   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cdw Corp/de                                                | CDW Corp.                                                  | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |     81917 | NS      | $13047739.76  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Te Connectivity Ltd                                        | TE Connectivity Ltd.                                       | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |     30747 | NS      | $6749888.91   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips Nv                                     | Koninklijke Philips NV                                     | CUSIP: 500472303<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |    516026 | NS      | $14066868.77  | 0.68%             |  |  |  | No            |                  1 | On Loan: —       |
| Us Bancorp                                                 | U.S. Bancorp                                               | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    193800 | NS      | $9366354.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc                                   | Baxter International, Inc.                                 | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |    851152 | NS      | $19380731.04  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmax Inc                                                 | CarMax, Inc.                                               | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |    236081 | NS      | $10592954.47  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                                                  | Lear Corp.                                                 | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |    134405 | NS      | $13522487.05  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Ufj Financial Group Inc                         | Mitsubishi UFJ Financial Group, Inc.                       | CUSIP: 606822104<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    600000 | NS      | $9564000.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Coterra Energy Inc                                         | Coterra Energy, Inc.                                       | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    291400 | NS      | $6891610.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                               | Alphabet, Inc.                                             | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    209300 | NS      | $50975015.00  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                                        | Dollar General Corp.                                       | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |    163638 | NS      | $16911987.30  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                               | Danaher Corp.                                              | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     79359 | NS      | $15733715.34  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                                                | Lennar Corp.                                               | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     83500 | NS      | $10524340.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                                        | Arista Networks, Inc.                                      | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     39880 | NS      | $5810914.80   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Financial Group Inc                                   | Sony Financial Group, Inc.                                 | CUSIP: 83571B100<br>LEI: 353800O7BDSU41WOZA60 | Long             | EC               | CORP              | JP        |    179118 | NS      | $1047841.47   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Institutional Us Government Money Market Fund | State Street Institutional US Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  53268185 | NS      | $53268185.13  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                                            | Sony Group Corp.                                           | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    895591 | NS      | $25784064.89  | 1.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Shell Plc                                                  | Shell PLC                                                  | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    145792 | NS      | $10428501.76  | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Magna International Inc                                    | Magna International, Inc.                                  | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |    338513 | NS      | $16038745.94  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Cvs Health Corp                                            | CVS Health Corp.                                           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    294840 | NS      | $22227987.60  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike Inc                                                   | NIKE, Inc.                                                 | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |    113598 | NS      | $7921188.54   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc                              | Martin Marietta Materials, Inc.                            | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     19800 | NS      | $12479544.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                                     | Equitable Holdings, Inc.                                   | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |    116546 | NS      | $5918205.88   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Ltd                                               | Broadcom Inc.                                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     71463 | NS      | $23576358.33  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Totalenergies Se                                           | TotalEnergies SE                                           | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    120400 | NS      | $7186676.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Intuitive Surgical Inc                                     | Intuitive Surgical, Inc.                                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     20038 | NS      | $8961594.74   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                                     | Berkshire Hathaway, Inc.                                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     27132 | NS      | $13640341.68  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                                   | Visa, Inc.                                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     97467 | NS      | $33273284.46  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                                  | Apple, Inc.                                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     48764 | NS      | $12416777.32  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic Plc                                              | Medtronic PLC                                              | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    195386 | NS      | $18608562.64  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                                            | Dollar Tree, Inc.                                          | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     94185 | NS      | $8888238.45   | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| Bank Of America Corp                                       | Bank of America Corp.                                      | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    282564 | NS      | $14577476.76  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitedhealth Group Inc                                     | UnitedHealth Group, Inc.                                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     69440 | NS      | $23977632.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Rpm International Inc                                      | RPM International, Inc.                                    | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     73800 | NS      | $8699544.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/frost Bankers Inc                                   | Cullen/Frost Bankers, Inc.                                 | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |     48700 | NS      | $6173699.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Booking Holdings Inc                                       | Booking Holdings, Inc.                                     | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      4243 | NS      | $22909102.61  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ubs Group Ag                                               | UBS Group AG                                               | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |    242844 | NS      | $9956604.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Salesforce Inc                                             | Salesforce, Inc.                                           | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     45824 | NS      | $10860288.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                                   | Crowdstrike Holdings, Inc.                                 | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |     24607 | NS      | $12066780.66  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                                                 | Amdocs, Ltd.                                               | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |    132812 | NS      | $10897224.60  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                                                 | Zoetis, Inc.                                               | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     36826 | NS      | $5388380.32   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                                  | Adobe, Inc.                                                | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     22500 | NS      | $7936875.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Nov Inc                                                    | NOV, Inc.                                                  | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    441864 | NS      | $5854698.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                                      | Becton Dickinson & Co.                                     | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     87612 | NS      | $16398338.04  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                                      | Uber Technologies, Inc.                                    | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    105503 | NS      | $10336128.91  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc                                          | Newell Brands, Inc.                                        | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |    783352 | NS      | $4104764.48   | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| Voya Financial Inc                                         | Voya Financial, Inc.                                       | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |    110585 | NS      | $8271758.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| Bristol-myers Squibb Co                                    | Bristol-Myers Squibb Co.                                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    246566 | NS      | $11120126.60  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                             | Mastercard, Inc.                                           | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     24409 | NS      | $13884083.29  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                                 | Masco Corp.                                                | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |    209629 | NS      | $14755785.31  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care Ag                                  | Fresenius Medical Care AG                                  | CUSIP: 358029106<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |   1132792 | NS      | $29826413.36  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                                                 | Dexcom, Inc.                                               | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     77410 | NS      | $5208918.90   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                                           | Carlisle Cos., Inc.                                        | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |     19273 | NS      | $6340046.08   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Nv                                            | Schlumberger NV                                            | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    209488 | NS      | $7200102.56   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon Ag                                                   | Alcon AG                                                   | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     93800 | NS      | $6989038.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: —       |
| Blackrock Inc                                              | BlackRock, Inc.                                            | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      6007 | NS      | $7003381.09   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc                                       | Waste Management, Inc.                                     | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     86159 | NS      | $19026491.97  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/the                                         | Trade Desk, Inc.                                           | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     71561 | NS      | $3507204.61   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                                        | General Electric Co.                                       | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     36511 | NS      | $10983239.02  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                                                 | Ecolab, Inc.                                               | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     67585 | NS      | $18508828.10  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                                | Shopify, Inc.                                              | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     79789 | NS      | $11857443.29  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Arm Holdings Plc                                           | ARM Holdings PLC                                           | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |     73320 | NS      | $10374046.80  | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Skyworks Solutions Inc                                     | Skyworks Solutions, Inc.                                   | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |    175874 | NS      | $13538780.52  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                                             | ServiceNow, Inc.                                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     38018 | NS      | $34987205.04  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                         | Meta Platforms, Inc.                                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     54370 | NS      | $39928240.60  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Csx Corp                                                   | CSX Corp.                                                  | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    424535 | NS      | $15075237.85  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| S&p Global Inc                                             | S&P Global, Inc.                                           | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     49919 | NS      | $24296076.49  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc                                   | Corebridge Financial, Inc.                                 | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |    391221 | NS      | $12538633.05  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                                     | Boston Scientific Corp.                                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     97171 | NS      | $9486804.73   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc                                 | Cadence Design Systems, Inc.                               | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     28316 | NS      | $9946278.16   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                             | Merck & Co., Inc.                                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     76500 | NS      | $6420645.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-cola Co/the                                           | Coca-Cola Co.                                              | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    124600 | NS      | $8263472.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualcomm Inc                                               | QUALCOMM, Inc.                                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     61500 | NS      | $10231140.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                                   | Ameriprise Financial, Inc.                                 | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     22734 | NS      | $11168077.50  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/the                                    | Procter & Gamble Co.                                       | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     48400 | NS      | $7436660.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                                | Corteva, Inc.                                              | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    196900 | NS      | $13316347.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                        | SECURITIES LENDING - GENERAL                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ppg Industries Inc                                         | PPG Industries, Inc.                                       | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     78714 | NS      | $8273628.54   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                                                 | SYSCO Corp.                                                | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |    167234 | NS      | $13770047.56  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc                                      | Waste Connections, Inc.                                    | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     40269 | NS      | $7079290.20   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                                      | Quest Diagnostics, Inc.                                    | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     83659 | NS      | $15943732.22  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion Plc                                               | Allegion PLC                                               | CUSIP: G0176J109<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |     56713 | NS      | $10058050.55  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** LIBERTY ALL STAR EQUITY FUND

**Signature:** Erich Rettinger

**Name of Signer:** Erich Rettinger

**Title:** Treasurer