UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811-04537 |
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LIBERTY ALL-STAR GROWTH FUND, INC. |
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(Exact name of registrant as specified in charter) |
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1290 Broadway, Suite 1100, Denver, Colorado |
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80203 |
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(Address of principal executive offices) |
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(Zip code) |
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Tané T. Tyler |
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(Name and address of agent for service) |
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Registrant’s telephone number, including area code: |
(303) 623-2577 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
March 31, 2007 |
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Item 1 – Schedule of Investments.
LIBERTY ALL-STAR GROWTH FUND
Schedule of Investments as of March 31, 2007 (Unaudited)
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SHARES |
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MARKET |
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COMMON STOCKS (98.18%) |
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CONSUMER DISCRETIONARY (17.63%) |
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Auto Components (2.03%) |
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Johnson Controls, Inc. |
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18,985 |
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$ |
1,796,361 |
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LKQ Corp. (a) |
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62,638 |
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1,369,266 |
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3,165,627 |
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Automobiles (0.92%) |
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Thor Industries, Inc. |
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36,659 |
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1,443,998 |
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Distributors (0.37%) |
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Keystone Automotive Industries, Inc. (a) |
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17,138 |
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577,551 |
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Diversified Consumer Services (1.98%) |
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Bright Horizons Family Solutions, Inc. (a) |
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43,155 |
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1,629,101 |
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Capella Education Co. (a) |
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10,628 |
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356,463 |
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Strayer Education, Inc. |
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8,900 |
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1,112,500 |
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3,098,064 |
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Hotels, Restaurants & Leisure (5.21%) |
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The Cheesecake Factory (a) |
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21,600 |
|
575,640 |
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Chipotle Mexican Grill, Inc., Class A (a) |
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6,500 |
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403,650 |
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Chipotle Mexican Grill, Inc., Class B (a) |
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7,500 |
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430,500 |
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Ctrip.com International Ltd. (b) |
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19,710 |
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1,320,274 |
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Home Inns & Hotels Management, Inc. (a)(b) |
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15,000 |
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545,100 |
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Life Time Fitness, Inc. (a) |
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18,603 |
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956,380 |
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Marriott International, Inc., Class A |
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27,482 |
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1,345,519 |
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P.F. Chang’s China Bistro, Inc. (a) |
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19,010 |
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796,139 |
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Texas Roadhouse, Inc., Class A (a) |
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38,475 |
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548,269 |
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Wynn Resorts Ltd. |
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12,900 |
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1,223,694 |
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8,145,165 |
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Internet & Catalog Retail (1.10%) |
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Netflix, Inc. (a) |
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34,500 |
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800,055 |
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VistaPrint Ltd. (a) |
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24,165 |
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925,519 |
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1,725,574 |
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Media (0.77%) |
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Focus Media Holding Ltd. (a)(b) |
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11,400 |
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894,444 |
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Westwood One, Inc. |
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44,502 |
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305,729 |
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1,200,173 |
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Multi-line Retail (1.32%) |
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Dollar Tree Stores, Inc. (a) |
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28,763 |
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1,099,897 |
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Kohl’s Corp. (a) |
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12,452 |
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953,948 |
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2,053,845 |
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Specialty Retail (2.05%) |
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Hibbett Sports, Inc. (a) |
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3,112 |
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88,972 |
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Staples, Inc. |
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60,380 |
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1,560,219 |
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Urban Outfitters, Inc. (a) |
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38,700 |
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1,025,937 |
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Zumiez, Inc. (a) |
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13,100 |
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525,572 |
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3,200,700 |
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1
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Textiles, Apparel & Luxury Goods (1.88%) |
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Coach, Inc. (a) |
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11,420 |
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571,571 |
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NIKE, Inc., Class B |
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22,310 |
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2,370,661 |
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2,942,232 |
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CONSUMER STAPLES (3.75%) |
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Beverages (1.95%) |
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Hansen Natural Corp. (a) |
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17,200 |
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651,536 |
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PepsiCo, Inc. |
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37,785 |
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2,401,615 |
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3,053,151 |
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Food & Staples Retailing (1.80%) |
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Walgreen Co. |
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41,495 |
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1,904,205 |
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Wal-Mart de Mexico SA (b) |
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21,470 |
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910,328 |
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2,814,533 |
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ENERGY (5.90%) |
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Energy Equipment & Services (5.19%) |
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Atwood Oceanics, Inc. (a) |
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12,384 |
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726,817 |
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CARBO Ceramics, Inc. |
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17,878 |
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832,221 |
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CGG-Veritas (a)(b) |
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25,883 |
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1,078,027 |
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Core Laboratories NV (a) |
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6,100 |
|
511,363 |
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FMC Technologies, Inc. (a) |
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18,100 |
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1,262,656 |
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Patterson-UTI Energy, Inc. |
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30,035 |
|
673,985 |
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Schlumberger Ltd. |
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21,890 |
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1,512,599 |
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Smith International, Inc. |
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31,500 |
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1,513,575 |
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8,111,243 |
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Oil, Gas & Consumable Fuels (0.71%) |
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Suncor Energy, Inc. |
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14,615 |
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1,115,856 |
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FINANCIALS (10.23%) |
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Capital Markets (7.84%) |
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Affiliated Managers Group, Inc. (a) |
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26,572 |
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2,879,076 |
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The Charles Schwab Corp. |
|
73,500 |
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1,344,315 |
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Franklin Resources, Inc. |
|
9,980 |
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1,205,884 |
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GFI Group Inc. (a) |
|
31,783 |
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2,160,291 |
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The Goldman Sachs Group, Inc. |
|
10,310 |
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2,130,355 |
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optionsXpress Holdings, Inc. |
|
23,817 |
|
560,652 |
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SEI Investments Co. |
|
23,600 |
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1,421,428 |
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T. Rowe Price Group, Inc. |
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11,600 |
|
547,404 |
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|
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12,249,405 |
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Diversified Financial Services (0.88%) |
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Financial Federal Corp. |
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52,083 |
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1,370,824 |
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Insurance (1.51%) |
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Brown & Brown, Inc. |
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38,954 |
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1,052,537 |
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eHealth, Inc. (a) |
|
16,000 |
|
376,800 |
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National Interstate Corp. |
|
36,300 |
|
935,088 |
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2,364,425 |
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HEALTH CARE (15.96%) |
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Biotechnology (5.38%) |
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Amgen, Inc. (a) |
|
16,370 |
|
914,756 |
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CV Therapeutics, Inc. (a) |
|
25,800 |
|
203,046 |
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Enzon Pharmaceuticals, Inc. (a) |
|
48,860 |
|
398,209 |
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Genentech, Inc. (a) |
|
39,475 |
|
3,241,687 |
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Gilead Sciences, Inc. (a) |
|
19,540 |
|
1,494,810 |
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InterMune, Inc. (a) |
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7,300 |
|
180,018 |
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|
Martek Biosciences Corp. (a) |
|
33,933 |
|
699,698 |
|
2
|
MedImmune, Inc. (a) |
|
25,200 |
|
917,028 |
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|
Vertex Pharmaceuticals, Inc. (a) |
|
12,700 |
|
356,108 |
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8,405,360 |
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Health Care Equipment & Supplies (5.76%) |
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Abaxis, Inc. (a) |
|
13,665 |
|
333,016 |
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Accuray, Inc. (a) |
|
12,572 |
|
279,601 |
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|
C.R. Bard, Inc. |
|
12,360 |
|
982,744 |
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|
DJO, Inc. (a) |
|
941 |
|
35,664 |
|
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Intuitive Surgical, Inc. (a) |
|
9,400 |
|
1,142,758 |
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|
Medtronic, Inc. |
|
22,155 |
|
1,086,924 |
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|
Palomar Medical Technologies, Inc. (a) |
|
12,600 |
|
503,370 |
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PolyMedica Corp. |
|
25,996 |
|
1,100,411 |
|
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ResMed, Inc. (a) |
|
53,344 |
|
2,686,937 |
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|
SurModics, Inc. (a) |
|
23,407 |
|
842,652 |
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8,994,077 |
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Health Care Providers & Services (3.16%) |
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Express Scripts, Inc., Class A (a) |
|
11,100 |
|
895,992 |
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Lincare Holdings, Inc. (a) |
|
38,123 |
|
1,397,208 |
|
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Nighthawk Radiology Holdings, Inc. (a) |
|
40,098 |
|
729,383 |
|
|
PSS World Medical, Inc. (a) |
|
26,605 |
|
562,430 |
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VCA Antech, Inc. (a) |
|
37,230 |
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1,351,821 |
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4,936,834 |
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Health Care Technology (0.38%) |
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Cerner Corp. (a) |
|
11,000 |
|
598,950 |
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Life Sciences Tools & Services (0.19%) |
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PharmaNet Development Group, Inc. (a) |
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11,554 |
|
300,404 |
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Pharmaceuticals (1.09%) |
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Allergan, Inc. |
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9,300 |
|
1,030,626 |
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Auxilium Pharmaceuticals, Inc. (a) |
|
19,863 |
|
291,589 |
|
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Salix Pharmaceuticals Ltd. (a) |
|
30,100 |
|
379,260 |
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1,701,475 |
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INDUSTRIALS (17.88%) |
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Aerospace & Defense (1.32%) |
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Aerovironment, Inc. (a) |
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6,900 |
|
157,734 |
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Precision Castparts Corp. |
|
5,000 |
|
520,250 |
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Rockwell Collins, Inc. |
|
20,710 |
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1,386,120 |
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2,064,104 |
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Air Freight & Logistics (0.79%) |
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UTI Worldwide Inc. |
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50,495 |
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1,241,167 |
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Commercial Services & Supplies (8.51%) |
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The Advisory Board Co. (a) |
|
16,900 |
|
855,478 |
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American Reprographics Co. (a) |
|
40,402 |
|
1,243,978 |
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The Corporate Executive Board Co. |
|
31,526 |
|
2,394,715 |
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CRA International, Inc. (a) |
|
11,073 |
|
577,789 |
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|
IHS, Inc. (a) |
|
21,331 |
|
876,917 |
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|
Monster Worldwide, Inc. (a) |
|
22,200 |
|
1,051,614 |
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|
Resources Connection, Inc. (a) |
|
83,898 |
|
2,683,897 |
|
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Robert Half International, Inc. |
|
21,800 |
|
806,818 |
|
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Stericycle, Inc. (a) |
|
18,580 |
|
1,514,270 |
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|
Waste Connections, Inc. (a) |
|
43,104 |
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1,290,519 |
|
|
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|
13,295,995 |
|
3
|
Construction & Engineering (0.57%) |
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Foster Wheeler Ltd. (a) |
|
15,300 |
|
893,367 |
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Electrical Equipment (0.98%) |
|
|
|
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Energy Conversion Devices, Inc. (a) |
|
24,100 |
|
842,054 |
|
|
Rockwell Automation, Inc. |
|
11,520 |
|
689,702 |
|
|
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1,531,756 |
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Machinery (2.46%) |
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|
|
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Danaher Corp. |
|
28,050 |
|
2,004,173 |
|
|
Joy Global, Inc. |
|
20,800 |
|
892,320 |
|
|
Wabtec Corp. |
|
27,254 |
|
939,990 |
|
|
|
|
|
|
3,836,483 |
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|
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Trading Companies & Distributors (3.25%) |
|
|
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Fastenal Co. |
|
63,609 |
|
2,229,496 |
|
|
GATX Corp. |
|
20,013 |
|
956,621 |
|
|
Interline Brands, Inc. (a) |
|
21,314 |
|
467,203 |
|
|
TransDigm Group, Inc. (a) |
|
24,844 |
|
903,825 |
|
|
Williams Scotsman International, Inc. (a) |
|
26,938 |
|
529,601 |
|
|
|
|
|
|
5,086,746 |
|
|
|
|
|
|
|
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|
INFORMATION TECHNOLOGY (24.03%) |
|
|
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|
Communications Equipment (4.43%) |
|
|
|
|
|
|
Avocent Corp. (a) |
|
9,104 |
|
245,535 |
|
|
Cisco Systems, Inc. (a) |
|
81,978 |
|
2,092,898 |
|
|
Corning, Inc. (a) |
|
42,635 |
|
969,520 |
|
|
Polycom, Inc. (a) |
|
33,102 |
|
1,103,289 |
|
|
QUALCOMM, Inc. |
|
36,045 |
|
1,537,680 |
|
|
Research In Motion Ltd. (a) |
|
7,100 |
|
969,079 |
|
|
|
|
|
|
6,918,001 |
|
|
|
|
|
|
|
|
|
Computers & Peripherals (1.77%) |
|
|
|
|
|
|
Brocade Communications Systems, Inc. (a) |
|
51,200 |
|
487,424 |
|
|
EMC Corp. (a) |
|
91,700 |
|
1,270,045 |
|
|
Network Appliance, Inc. (a) |
|
27,665 |
|
1,010,326 |
|
|
|
|
|
|
2,767,795 |
|
|
|
|
|
|
|
|
|
Electronic Equipment & Instruments (2.67%) |
|
|
|
|
|
|
Daktronics, Inc. |
|
29,031 |
|
796,610 |
|
|
FLIR Systems, Inc. (a) |
|
31,913 |
|
1,138,337 |
|
|
Jabil Circuit, Inc. |
|
50,625 |
|
1,083,881 |
|
|
National Instruments Corp. |
|
43,830 |
|
1,149,661 |
|
|
|
|
|
|
4,168,489 |
|
|
|
|
|
|
|
|
|
Internet Software & Services (1.93%) |
|
|
|
|
|
|
Akamai Technologies, Inc. (a) |
|
19,700 |
|
983,424 |
|
|
Baidu.com (a)(b) |
|
6,100 |
|
588,955 |
|
|
Yahoo!, Inc. (a) |
|
46,030 |
|
1,440,279 |
|
|
|
|
|
|
3,012,658 |
|
|
|
|
|
|
|
|
|
IT Services (4.48%) |
|
|
|
|
|
|
Alliance Data Systems Corp. (a) |
|
28,540 |
|
1,758,635 |
|
|
CheckFree Corp. (a) |
|
12,800 |
|
474,752 |
|
|
Cognizant Technology Solutions Corp. (a) |
|
23,500 |
|
2,074,345 |
|
|
Infosys Technologies Ltd. (b) |
|
12,430 |
|
624,607 |
|
|
Paychex, Inc. |
|
52,550 |
|
1,990,068 |
|
|
SRA International, Inc., Class A (a) |
|
3,432 |
|
83,604 |
|
|
|
|
|
|
7,006,011 |
|
4
|
Office Electronics (0.60%) |
|
|
|
|
|
|
Zebra Technologies Corp., Class A (a) |
|
24,455 |
|
944,208 |
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment (4.75%) |
|
|
|
|
|
|
Broadcom Corp., Class A (a) |
|
30,700 |
|
984,549 |
|
|
FormFactor, Inc. (a) |
|
19,202 |
|
859,289 |
|
|
Hittite Microwave Corp. (a) |
|
30,096 |
|
1,208,956 |
|
|
Linear Technology Corp. |
|
19,400 |
|
612,846 |
|
|
Marvell Technology Group Ltd. (a) |
|
55,400 |
|
931,274 |
|
|
Microchip Technology, Inc. |
|
40,032 |
|
1,422,337 |
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. (b) |
|
130,802 |
|
1,406,122 |
|
|
|
|
|
|
7,425,373 |
|
|
|
|
|
|
|
|
|
Software (3.40%) |
|
|
|
|
|
|
Adobe Systems, Inc. (a) |
|
40,615 |
|
1,693,646 |
|
|
ANSYS, Inc. (a) |
|
36,864 |
|
1,871,585 |
|
|
Electronic Arts, Inc. (a) |
|
12,100 |
|
609,356 |
|
|
Salesforce.com, Inc. (a) |
|
26,700 |
|
1,143,294 |
|
|
|
|
|
|
5,317,881 |
|
|
|
|
|
|
|
|
|
MATERIALS (1.32%) |
|
|
|
|
|
|
Chemicals (0.99%) |
|
|
|
|
|
|
Praxair, Inc. |
|
24,600 |
|
1,548,816 |
|
|
|
|
|
|
|
|
|
Metals & Mining (0.33%) |
|
|
|
|
|
|
Allegheny Technologies, Inc. |
|
4,800 |
|
512,112 |
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES (1.48%) |
|
|
|
|
|
|
Diversified Telecommunication (1.12%) |
|
|
|
|
|
|
BigBand Networks, Inc. (a) |
|
28,800 |
|
518,688 |
|
|
NeuStar, Inc., Class A (a) |
|
43,100 |
|
1,225,764 |
|
|
|
|
|
|
1,744,452 |
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services (0.36%) |
|
|
|
|
|
|
Clearwire Corp. (a) |
|
27,800 |
|
569,066 |
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS |
|
|
|
|
|
|
(Cost $125,558,031) |
|
|
|
153,453,946 |
|
|
|
|
PAR |
|
|
|
||
|
|
|
VALUE |
|
MARKET |
|
||
|
|
|
|
|
|
|
||
|
SHORT TERM INVESTMENTS (2.00%) |
|
|
|
|
|
||
|
REPURCHASE AGREEMENT (2.00%) |
|
|
|
|
|
||
|
Repurchase agreement
with State Street Bank & Trust Co.,dated 03/30/2007, |
|
|
|
|
|
||
|
(Cost $3,127,000) |
|
$ |
3,127,000 |
|
$ |
3,127,000 |
|
|
|
|
|
|
|
|
||
|
TOTAL INVESTMENTS (100.18%) |
|
|
|
156,580,946 |
|
||
|
|
|
|
|
|
|
||
|
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.18%) |
|
|
|
(278,747 |
) |
||
|
NET ASSETS (100.00%) |
|
|
|
$ |
156,302,199 |
|
|
|
NET ASSET VALUE PER SHARE (27,534,315 SHARES OUTSTANDING) |
|
|
|
$ |
5.68 |
|
|
5
Notes to Schedule of Investments
|
|
Non-income producing security |
|
|
(b) |
|
American Depository Receipt |
|
(c) |
|
Cost of investments for federal income tax purposes is $128,724,499 |
Gross unrealized appreciation and depreciation at March 31, 2007 based on cost of investments for federal income tax purposes is as follows:
|
Gross unrealized appreciation: |
|
$ |
32,927,965 |
|
|
Gross unrealized depreciation: |
|
(5,071,518 |
) |
|
|
Net unrealized appreciation: |
|
$ |
27,856,447 |
|
6
NOTES TO STATEMENT OF INVESTMENTS
NOTE 1. ORGANIZATION
Liberty All-Star Growth Fund, Inc. (the “Fund”) is a Maryland corporation registered under the Investment Company Act of 1940 (the “Act”), as amended, as a diversified, closed-end management investment company.
Investment Goal
The Fund seeks long-term capital appreciation.
Fund Shares
The Fund may issue 60,000,000 shares of common stock at $0.10 par.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.
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 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.
Short-term debt obligations maturing in more than 60 days for which market quotations are readily available are valued at current market value. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value.
Investments for which market quotations are not readily available are valued at fair value as determined in good faith under consistently applied procedures approved by and under the general supervision of the Board of Directors.
Security Transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Repurchase Agreements
The Fund may engage in repurchase agreement transactions with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund, through its custodian, receives delivery of underlying securities collateralizing a repurchase agreement. Collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.
Income Recognition
Interest income is recorded on the accrual basis. Corp-orate actions and dividend income are recorded on the ex-date.
Federal Income Tax Status
Consistent with the Fund’s policy to qualify as a regulated investment company and to distribute all of its taxable income to shareholders, no federal income tax has been accrued.
Distributions to Shareholders
The Fund currently has a policy of paying distributions on its common shares totaling approximately 10% of its net asset value per year. The distributions are payable in four quarterly distributions of 2.5% 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. Distributions to shareholders are recorded on ex-date.
7
Item 2 - Controls and Procedures.
(a) The registrant’s Principal Executive Officer and Principal Financial Officer have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date.
(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) during registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3 – Exhibits.
Separate certifications for the registrant’s Principal Executive Officer and Principal Financial Officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as Ex99.CERT.
8
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
LIBERTY ALL-STAR GROWTH
FUND, |
||
|
|
|
|
||
|
|
|
By: |
/s/ William Parmentier |
|
|
|
|
|
William Parmentier |
|
|
|
|
|
President
(principal executive |
|
|
|
|
|
||
|
|
|
Date: |
May 30, 2007 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
By: |
/s/ William Parmentier |
|
|
|
|
|
William Parmentier |
|
|
|
|
|
President
(principal executive |
|
|
|
|
|
||
|
|
|
Date: |
May 30, 2007 |
|
|
|
|
By: |
/s/ Jeremy O. May |
|
|
|
|
|
Jeremy O. May |
|
|
|
|
|
Treasurer
(principal financial |
|
|
|
|
|
||
|
|
|
Date: |
May 30, 2007 |
|
9