June 2008 Monthly Update Premium / Performance NAV Market Price (Discount) ----------- ----- ------------ ---------- Beginning of month value $7.38 $6.57 (11.0%) Distributions - - End of month value $6.65 $5.87 (11.7%) Performance for month (9.9%) (10.7%) Performance year-to-date (13.2%) (11.7%) For daily data visit the Fund's website at www.all-starfunds.com or call 1-800-241-1850. The Fund's daily NAV is also available by using the symbol XUSAX. Past performance cannot predict future results. Net Assets at Month-End ($millions) ----------------------------------- Total $1,188.5 Equities $1,142.3 Preferred Stocks & Convertible Bonds $5.8 Percent Invested 96.6% Top 20 Holdings at Month-End (27.9% of portfolio) ------------------------------------------------- (Rank from previous month) 1 QUALCOMM, Inc. (3) 2.2% 11 Google, Inc., Class A (12) 1.2% 2 Wal-Mart Stores, Inc. (1) 2.2% 12 Amazon.com, Inc. (14) 1.2% 3 Arch Coal, Inc. (5) 1.9% 13 Salesforce.com (20) 1.2% 4 Citigroup, Inc. (4) 1.8% 14 Schlumberger Ltd. (10) 1.1% 5 Dell, Inc. (6) 1.6% 15 Staples, Inc. (60) 1.1% 6 Devon Energy Corp. (9) 1.6% 16 Capital One Financial Corp.(17) 1.1% 7 Freddie Mac (2) 1.5% 17 Navistar International Corp.(11) 1.0% 8 Annaly Capital Management, Inc. (8) 1.5% 18 Costco Wholesale Corp. (99) 1.0% 9 Fannie Mae (7) 1.4% 19 McDonald's Corp. (25) 1.0% 10 Microsoft Corp. (18) 1.3% 20 Amgen, Inc. (37) 1.0% Holdings are subject to change --------------------------------------------------------------------------- Sector Breakdown (% of portfolio) * New Holdings --------------------------------- ------------------------------------ Information Technology 23.6% ABB Ltd. Financials 19.5% Cognizant Technology Solutions Corp. Health Care 13.7% The Goldman Sachs Group, Inc. Consumer Discretionary 12.9% Marvell Technology Group Ltd. Energy 10.8% Mattel, Inc. Industrials 8.8% Smithfield Foods, Inc. Consumer Staples 6.9% Valero Energy Corp. Materials 2.2% Willis Group Holdings Ltd. Utilities 1.6% 100.0% Holdings Liquidated ------------------------------------ Archer-Daniels-Midland Co. Celestica, Inc. China Mobile Ltd. Countrywide Financial Corp. CSX Corp. Taiwan Semiconductor Manufacturing Co. Ltd. Washington Mutual, Inc. (Preferred Stock) * 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