Below is the May 2008 Monthly Update for the Liberty All-Star® Equity Fund. (
May 2008 Monthly Update
Premium /
Performance NAV Market Price (Discount)
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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 $6.57 (11.0%)
Performance for month 1.6% 0.3%
Performance year-to-date (3.7%) (1.3%)
For daily data visit the Fund's website at www.all-starfunds.com or call
1-800-241-1850. The Fund's daily NAV is also available by using the
symbol XUSAX. Past performance cannot predict future results.
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Net Assets at Month-End ($millions)
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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)
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(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
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Sector Breakdown (% of portfolio) * New Holdings
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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
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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