September 2007 Monthly Update Market Premium / Performance NAV Price (Discount) ----------- ----------- ----------- ------------ Beginning of month value $ 8.52 $ 8.28 (2.8%) Distributions - - End of month value $ 8.82 $ 8.22 (6.8%) Performance for month 3.6% (0.7%) Performance year-to-date 8.9% 7.3% 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) ---------------------------------- Total $ 1,416.9 Equities $ 1,373.8 Percent Invested in Equities 97.0% ========= Top 20 Holdings at Month-End (30.6% of equity portfolio) -------------------------------------------------------- (Rank from previous month) 1 Schlumberger (2) 2.6% 11 Dell (10) 1.4% 2 Citigroup (1) 2.4% 12 Johnson & Johnson (16) 1.4% 3 Fannie Mae (4) 1.8% 13 Teva Pharmaceutical Industries (14) 1.4% 4 Freddie Mac (6) 1.6% 14 Pfizer (11) 1.4% 5 Wal-Mart (5) 1.6% 15 Microsoft (3) 1.4% 6 Cisco Systems (7) 1.6% 16 Amazon.com (18) 1.3% 7 General Electric (8) 1.5% 17 Annaly Capital Management (19) 1.2% 8 Google (15) 1.5% 18 Salesforce.com (24) 1.2% 9 Bank of America (9) 1.5% 19 Oracle (13) 1.2% 10 QUALCOMM (12) 1.4% 20 3M (50) 1.2% Holdings are subject to change Sector Breakdown (% of equity portfolio) * New Holdings --------------------------------------- ------------------- Information Technology 23.1% Becton Dickinson Financials 22.3% Nokia Industrials 13.1% Qimonda Health Care 12.6% Transocean Consumer Discretionary 9.8% Energy 9.3% Holdings Liquidated Consumer Staples 3.9% ------------------- Telecommunication Services 2.2% Garmin Materials 2.0% Utilities 1.7% ----- 100.0% * 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