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)
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(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