March 2009 Monthly Update
Performance NAV Market Price Discount
----------- ------- ------------ --------
Beginning of month value $3.39 $2.60 23.3%
Distributions - -
End of month value $3.71 $2.92 21.3%
Performance for month 9.7% 12.3%
Performance year-to-date (9.3%) (13.4%)
For daily data visit the Fund's website at www.all-starfunds.com or call
1-800-241-1850. The Fund's daily NAV is also available by using the
symbol XUSAX. Past performance cannot predict future results.
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Net Assets at Month-End ($millions)
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Total $673.2
Equities $652.6
Preferred Stocks & Convertible Bonds $1.4
Percent Invested 97.1%
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Top 20 Holdings at Month-End (27.2% of portfolio)
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(Rank from previous month)
1 Gilead Sciences, Inc.(1) 2.2% 11 Apple, Inc.(78) 1.3%
2 Dell, Inc.(2) 2.0% 12 Teva Pharmaceutical
3 Cisco Systems, Inc.(31) 1.8% Industries Ltd.(7) 1.3%
4 Annaly Capital 13 QUALCOMM, Inc.(11) 1.3%
Management, Inc.(3) 1.6% 14 Google, Inc., Class A(8) 1.3%
5 Visa, Inc., Class A(5) 1.6% 15 JPMorgan Chase & Co.(13) 1.3%
6 Chesapeake Energy Corp.(6) 1.6% 16 International Business
7 Microsoft Corp.(9) 1.4% Machines Corp.(14) 1.2%
8 J.C. Penney Co., Inc.(17) 1.4% 17 Magna International,
9 Genzyme Corp.(4) 1.3% Inc., Class A(15) 1.2%
10 Bank of America Corp.(34) 1.3% 18 Monsanto Co.(16) 1.1%
19 Morgan Stanley(19) 1.1%
20 Amazon.com, Inc.(10) 1.1%
Holdings are subject to change
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Sector Breakdown (% of portfolio) * New Holdings
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Information Technology 27.0% Citigroup, Inc. (Preferred)
Consumer Discretionary 15.9% The Coca-Cola Co.
Financials 14.8% Flowserve Corp.
Health Care 14.7% FMC Technologies, Inc.
Energy 11.4% Life Technologies Corp.
Industrials 6.2% Loews Corp.
Consumer Staples 5.3% Medtronic, Inc.
Materials 2.9% Occidental Petroleum Corp.
Utilities 1.8% PACCAR, Inc.
------ Petroleo Brasileiro S.A.
100.0% Quanta Services, Inc.
Range Resources Corp.
Starbucks Corp.
Weatherford International Ltd.
Holdings Liquidated
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Abbott Laboratories
Accenture Ltd., Class A
Baxter International, Inc.
BearingPoint, Inc.
Berkshire Hathaway, Inc., Class A
Cameco Corp.
Express Scripts, Inc.
Genentech, Inc.
Kellogg Co.
Pfizer, Inc.
Qimonda Finance LLC (Corporate)
Raytheon Co.
Waste Management, Inc.
Wyeth
* 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