May 2007 Monthly Update Market Premium / Performance NAV Price (Discount) ----------- --------- --------- --------- Beginning of month value $ 5.79 $ 5.62 -2.9% Distributions (Ex-Date May 9) $ 0.15 $ 0.15 End of month value $ 5.88 $ 5.69 -3.2% Performance for month 4.1% 3.9% Performance year-to-date 8.8% 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 XASGX. Net Assets at Month-End ($millions) ---------------------------------- Total $ 161.9 Equities $ 163.1 Percent Invested in Equities 100.8% =========== Top 20 Holdings at Month-End (27.5% of equity portfolio) ------------------------------------------------------- (Rank from previous month) 1 Affiliated Managers Group (1) 1.9% 11 Fastenal (3) 1.2% 2 Resources Connection (4) 1.7% 12 GFI Group (10) 1.2% 3 PepsiCo (5) 1.6% 13 NIKE (17) 1.2% 4 Danaher (12) 1.5% 14 Genentech (2) 1.2% 5 Corporate Executive Board (6) 1.5% 15 Rockwell Collins (28) 1.2% 6 Goldman Sachs (7) 1.5% 16 Walgreen (18) 1.1% 7 Cisco Systems (8) 1.4% 17 ResMed (19) 1.1% 8 ANSYS (13) 1.3% 18 Johnson Controls (16) 1.1% 9 Paychex (15) 1.3% 19 Adobe Systems (20) 1.1% 10 Praxair (11) 1.3% 20 Smith International (21) 1.1% Sector Breakdown (% of equity portfolio)* New Holdings --------------------------------------- ------------------- Information Technology 23.0% Golar LNG Consumer Discretionary 17.5% IntercontinentalExchange Industrials 17.5% TechTarget Health Care 15.2% TomoTherapy Financials 11.0% Energy 8.3% Holdings Liquidated -------------------- Consumer Staples 3.9% Aerovironment Materials 2.0% Jabil Circuit Telecommunication Services 1.6% Kohl's ------- MedImmune 100.0% * Based on Standard & Poor's and Morgan Stanley Capital International Global Industry Classification Standard (GICS).
Contact Information: Contact: Liberty All-Star® Growth Fund 617-426-1745 www.all-starfunds.com