Below is the November 2008 Monthly Update for the Liberty All-Star® Equity Fund. (
November 2008 Monthly Update
Performance NAV Market Price Discount
----------- ----- ------------ ----------
Beginning of month value $4.66 $3.86 17.2%
Distributions - -
End of month value $4.18 $3.12 25.4%
Performance for month (10.3%) (19.2%)
Performance year-to-date (44.0%) (51.5%)
For daily data visit the Fund's website at www.all-starfunds.com or
call 1-800-241-1850. The Fund's daily NAV is also available by using
the symbol XUSAX. Past performance cannot predict future results.
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Net Assets at Month-End ($millions)
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Total $746.8
Equities $722.3
Preferred Stocks & Convertible Bonds $1.5
Percent Invested 96.9%
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Top 20 Holdings at Month-End (29.2% of portfolio)
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(Rank from previous month)
1 Bank of America Corp. (1) 2.5% 11 Capital One Financial Corp.
(14) 1.3%
2 The Procter & Gamble Co. (3) 2.2% 12 Genentech, Inc. (16) 1.2%
3 Wal-Mart Stores, Inc. (4) 2.0% 13 Chevron Corp. (25) 1.1%
4 Dell, Inc. (7) 1.9% 14 Teva Pharmaceutical
Industries Ltd. (17) 1.1%
5 Genzyme Corp. (5) 1.8% 15 Google, Inc., Class A (13) 1.1%
6 Annaly Capital Management, 16 C.H. Robinson Worldwide,
Inc. (6) 1.8% Inc. (27) 1.1%
7 Gilead Sciences, Inc. (19) 1.6% 17 Staples, Inc. (15) 1.1%
8 Microsoft Corp. (8) 1.5% 18 J.C. Penney Co., Inc. (20) 1.1%
9 Johnson & Johnson (9) 1.4% 19 Devon Energy Corp. (24) 1.0%
10 McDonald's Corp. (10) 1.4% 20 Wells Fargo & Co. (31) 1.0%
Holdings are subject to change
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Sector Breakdown (% of portfolio) * New Holdings
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Financials 19.7% ACE Ltd.
Information Technology 18.8% Apollo Group, Inc., Class A
Health Care 18.0% Johnson Controls, Inc.
Consumer Discretionary 14.5% Rockwell Automation, Inc.
Consumer Staples 8.8% WellPoint, Inc.
Industrials 8.2%
Energy 7.9% Holdings Liquidated
Utilities 2.1% -------------------
Materials 2.0% Adobe Systems, Inc.
------ Hewlett-Packard Co.
100.0% Medtronic, Inc.
The Progressive Corp.
St. Jude Medical, Inc.
* Based on Standard & Poor's and MSCI Barra Global Industry
Classification Standard (GICS).
The Liberty All-Star Equity Fund is a closed-end fund and does not
continuously offer shares.
Contact Information: Contact Information: Liberty All-Star Equity Fund 1-800-241-1850 www.all-starfunds.com