Premium /
Performance* NAV Market Price (Discount)
------------ --- ------------ --------
Beginning of month value $8.24 $7.12 (13.6%)
Distributions - -
End of month value $8.07 $7.05 (12.6%)
Performance for month 0.1% 1.5%
Performance year-to-date 4.5% (2.8%)
* Calculated assuming rights offering was fully subscribed under
the terms of the offering.
For daily data visit the Fund's website at www.all-starfunds.com
or call 1-800-241-1850. The Fund's daily NAV is also available by
using the symbol XUSAX. Past performance cannot predict future
results.
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Net Assets at Month-End ($millions)
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Total $1,442.5
Equities $1,376.0
Percent Invested in Equities 95.4%
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Top 20 Holdings at Month-End (32.5% of equity portfolio)
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(Rank from previous month)
1 Microsoft (3) 2.2% 11 QUALCOMM (9) 1.6%
2 Freddie Mac (1) 2.2% 12 General Electric (10) 1.5%
3 Schlumberger (2) 2.0% 13 Salesforce.com (13) 1.5%
4 Dell (11) 1.8% 14 Johnson & Johnson (16) 1.5%
5 Wal-Mart (5) 1.8% 15 Google (12) 1.4%
6 Fannie Mae (6) 1.8% 16 Amazon.com (17) 1.4%
7 Citigroup (4) 1.7% 17 Teva Pharmaceutical
8 Consol Energy (7) 1.7% Industries (18) 1.3%
9 Annaly Capital Management (8) 1.6% 18 Intel (53) 1.3%
10 Arch Coal (19) 1.6% 19 Pfizer (15) 1.3%
20 Bank of America (14) 1.3%
Holdings are subject to change
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Sector Breakdown (% of equity portfolio) ** New Holdings
--------------------------------------- ------------
Information Technology 22.1% Archer-Daniels-Midland
Financials 21.1% National City
Health Care 14.3% Schering-Plough
Industrials 12.4%
Consumer Discretionary 10.3%
Energy 9.4% Holdings Liquidated
Consumer Staples 5.4% -------------------
Materials 2.3% America Movil S.A.
Utilities 1.8% Chemtura
Telecommunication Services 0.9% Freeport-McMoRan Copper
------ & Gold
100.0% Pulte Homes
Smithfield Foods
** Based on Standard & Poor's and Morgan Stanley Capital International
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 617-426-1745 www.all-starfunds.com