May 2010 Monthly Update
Performance NAV Market Price Discount
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Beginning of month value $5.54 $4.91 11.4%
Distributions (Ex-Date May 26) $0.08 $0.08
End of month value $4.96 $4.27 13.9%
Performance for month -9.03% -11.41%
Performance year-to-date -2.13% 2.14%
For daily data visit the Fund's website at www.all-starfunds.com or
call 1-800-241-1850. The Fund's daily NAV is also available by using
the symbol XUSAX. Past performance cannot predict future results.
Net Assets at Month-End ($millions)
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Total $905.3
Equities $903.7
Convertible Bonds $1.2
Percent Invested 100.0%
Top 20 Holdings at Month-End (28.4% of portfolio)
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(Rank from previous month)
1 Apple, Inc. (1) 2.9% 11 The Western Union Co. (9) 1.2%
2 Bank of America Corp. (2) 2.6% 12 Arch Coal, Inc. (8) 1.2%
3 Dell, Inc. (3) 2.0% 13 Amazon.com, Inc. (18) 1.1%
4 JPMorgan Chase & Co. (6) 2.0% 14 State Street Corp. (20) 1.0%
5 QUALCOMM, Inc. (4) 1.8% 15 Wells Fargo & Co. (16) 1.0%
6 Gilead Sciences, Inc. (7) 1.4% 16 Google, Inc., Class A (23) 1.0%
7 PNC Financial Services 17 Microsoft Corp. (17) 1.0%
Group, Inc. (5) 1.4% 18 The Boeing Co. (19) 1.0%
8 The Allstate Corp. (11) 1.3% 19 Morgan Stanley (22) 1.0%
9 Chesapeake Energy Corp. (12) 1.3% 20 Hewlett-Packard Co. (13) 1.0%
10 Tyco Electronics Ltd. (10) 1.2%
Holdings are subject to change
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Sector Breakdown (% of equity portfolio) * New Holdings
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Financials 21.4% Aegean Marine Petroleum
Network, Inc.
Information Technology 21.1% Archer-Daniels-Midland Co.
Energy 12.0% Deere & Co.
Consumer Discretionary 11.4% The Dow Chemical Co.
Health Care 11.2% International Business
Machines Corp.
Industrials 10.7% Laboratory Corp. of America
Holdings
Consumer Staples 5.4% Masco Corp.
Utilities 3.0% MEMC Electronic Materials, Inc.
Materials 2.1% PPG Industries, Inc.
Technology 1.2% UAL Corp. (Convertible)
Telecommunication Services 0.5%
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100.0% Holdings Liquidated
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ASML Holding N.V.
Brocade Communications Systems,
Inc.
Colgate-Palmolive Co.
The Dun & Bradstreet Corp.
FPL Group, Inc.
The Home Depot, Inc.
Lowe's Cos., Inc.
Terex Corp.
Wal-Mart Stores, Inc.
Yum! Brands, 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