Below is the May 2008 Monthly Update for the Liberty All-Star® Equity Fund. (
May 2008 Monthly Update Premium / Performance NAV Market Price (Discount) ------------ ----- ------------ ---------- Beginning of month value $7.45 $6.74 (9.5%) Distributions (Ex-Date May 28) $0.19 $0.19 End of month value $7.38 $6.57 (11.0%) Performance for month 1.6% 0.3% Performance year-to-date (3.7%) (1.3%) For daily data visit the Fund's website at www.all-starfunds.com or call 1-800-241-1850. The Fund's daily NAV is also available by using the symbol XUSAX. Past performance cannot predict future results. --------------------------------------------------------------------------- Net Assets at Month-End ($millions) ---------------------------------- Total $1,318.5 Equities $1,302.2 Preferred Stocks & Convertible Bonds $5.5 Percent Invested 99.2% Top 20 Holdings at Month-End (28.6% of portfolio) ------------------------------------------------- (Rank from previous month) 1 Wal-Mart Stores, Inc.(1) 2.2% 11 Navistar International Corp.(20) 1.3% 2 Freddie Mac (2) 2.0% 12 Google, Inc., Class A (15) 1.2% 3 QUALCOMM, Inc. (18) 2.0% 13 Morgan Stanley (11) 1.2% 4 Citigroup, Inc. (3) 1.6% 14 Amazon.com, Inc. (17) 1.2% 5 Arch Coal, Inc. (4) 1.6% 15 General Electric Co. (10) 1.2% 6 Dell, Inc. (13) 1.5% 16 Consol Energy, Inc. (14) 1.2% 7 Fannie Mae (5) 1.5% 17 Capital One Financial Corp.(25) 1.2% 8 Annaly Capital Management, Inc. (6) 1.5% 18 Microsoft Corp. (21) 1.2% 9 Devon Energy Corp. (7) 1.4% 19 Symantec Corp. (90) 1.2% 10 Schlumberger Ltd. (12) 1.3% 20 Salesforce.com (22) 1.1% Holdings are subject to change --------------------------------------------------------------------------- Sector Breakdown (% of portfolio) * New Holdings --------------------------------- ------------------------------ Information Technology 22.3% Adobe Systems, Inc. Financials 22.2% Avnet, Inc. Health Care 12.3% Continental Airlines, Inc. Consumer Discretionary 12.2% (Convertible Bond) Energy 10.4% EnCana Corp. Industrials 9.8% Huntington Bancshares, Inc. Consumer Staples 7.0% Intuitive Surgical, Inc. Materials 1.9% Kimberly-Clark Corp. Utilities 1.6% Legg Mason, Inc. Telecommunication Services 0.3% Oceaneering International, Inc. ----- Schering-Plough Corp. 100.0% Holdings Liquidated ------------------------------ America Movil SA de CV Computer Sciences Corp. Deere & Co. The Gap, Inc. Massey Energy Co. MetLife, Inc. Mobile TeleSystems OJSC NII Holdings, Inc. Sovereign Bancorp, Inc. * Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS). The Liberty All-Star Equity Fund is a closed-end fund and does not continuously offer shares.
Contact Information: For Information Contact: Liberty All-Star® Equity Fund 1-800-241-1850 www.all-starfunds.com