March 2007 Monthly Update Market Premium / Performance NAV Price (Discount) ----------- --------- --------- --------- Beginning of month value $ 8.52 $ 8.33 (2.2%) Distributions - - End of month value $ 8.58 $ 8.50 (0.9%) Performance for month 0.7% 2.0% Performance year-to-date 0.6% 5.3% 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. Net Assets at Month-End ($millions) ---------------------------------- Total $ 1,344.5 Equities $ 1,299.0 Percent Invested in Equities 96.6% Top 20 Holdings at Month-End (31.4% of equity portfolio) ------------------------------------------------------- (Rank from previous month) 1 JPMorgan Chase (1) 2.3% 11 Freddie Mac (10) 1.5% 2 Fannie Mae (2) 2.1% 12 Tyco International (13) 1.4% 3 Countrywide Financial (3) 2.0% 13 Cisco Systems (14) 1.4% 4 Citigroup (4) 1.8% 14 General Electric (15) 1.4% 5 Wal-Mart (5) 1.7% 15 Microsoft (16) 1.4% 6 Reliant Energy (6) 1.7% 16 MetLife (12) 1.3% 7 QUALCOMM (11) 1.6% 17 Progressive (20) 1.3% 8 American International Group (9) 1.6% 18 Google (19) 1.3% 9 Pfizer (8) 1.6% 19 Dell (23) 1.2% 10 Schlumberger (17) 1.6% 20 Morgan Stanley (21) 1.2% Sector Breakdown (% of equity portfolio)* New Holdings --------------------------------------- ------------------- Financials 26.0% Baxter International Information Technology 19.5% CVS Consumer Discretionary 13.2% Deere Health Care 12.9% Devon Energy Industrials 12.6% Hartford Financial Energy 6.7% Symantec Consumer Staples 4.6% Target Utilities 2.3% Telecommunication Services 1.3% Materials 0.9% Holdings Liquidated: None ------ -------------------- 100.0% * Based on Standard & Poor's and Morgan Stanley Capital International Global Industry Classification Standard (GICS).
Contact Information: Contact: Liberty All-Star® Equity Fund 617-426-1745 www.all-starfunds.com