May 2007 Monthly Update Market Premium / Performance NAV Price (Discount) ----------- --------- --------- --------- Beginning of month value $ 9.08 $ 8.89 (2.1%) Distributions (Ex-Date May 9) $ 0.23 $ 0.23 End of month value $ 9.18 $ 9.05 (1.4%) Performance for month 3.6% 4.4% Performance year-to-date 10.3% 15.0% 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 $ 1,438.4 Equities $ 1,392.6 Percent Invested in Equities 96.8% =========== Top 20 Holdings at Month-End (33.1% of equity portfolio) -------------------------------------------------------- (Rank from previous month) 1 Citigroup (1) 2.7% 11 Pfizer (12) 1.5% 2 Microsoft (4) 2.4% 12 QUALCOMM (10) 1.5% 3 Fannie Mae (2) 2.3% 13 Tyco International (15) 1.4% 4 Countrywide Financial (3) 2.1% 14 General Electric (14) 1.4% 5 Amazon.com (5) 1.9% 15 MetLife (17) 1.3% 6 Wal-Mart (6) 1.7% 16 Dell (18) 1.3% 7 Freddie Mac (7) 1.7% 17 Navistar International (21) 1.3% 8 Schlumberger (8) 1.7% 18 Google (19) 1.3% 9 Cisco Systems (13) 1.6% 19 Morgan Stanley (20) 1.2% 10 Progressive (16) 1.6% 20 American International Group (23) 1.2% Sector Breakdown (% of equity portfolio) * New Holdings ---------------------------------------- ------------ Financials 25.0% Allegheny Technologies Information Technology 20.9% McGraw-Hill Consumer Discretionary 13.0% Amgen Medtronic Health Care 12.3% Garmin PepsiCo Industrials 11.8% MBIA Staples Energy 7.3% Consumer Staples 5.0% Holdings Liquidated: Utilities 1.9% -------------------- Telecommunication Services 1.7% Capital One Financial Materials 1.1% News Corp. ---- Fidelity National 100.0% Procter & Gamble * Based on Standard & Poor's and Morgan Stanley J.C. Penney Target Capital International Global Industry Marriott International Classification Standard (GICS). Vishay Intertechnology MedImmune Yahoo!
Contact Information: Contact: Liberty All-Star® Equity Fund 617-426-1745 www.all-starfunds.com