January 2007 Monthly Update Premium / Performance NAV Market Price (Discount) ----------- ------------ ------------ ------------ Beginning of month value $8.76 $8.29 (5.4%) Distributions - - End of month value $8.89 $8.48 (4.6%) Performance for month 1.5% 2.3% Performance year-to-date 1.5% 2.3% For daily data visit the Fund's website at www.all-starfunds.com or call 1-800-241-1850. Daily NAV is available under the symbol XUSAX. Net Assets at Month-End ($millions) ----------------------------------- Total $1,393.4 Equities $1,333.6 Percent Invested in Equities 95.7% Top 20 Holdings at Month-End (31.3% of equity portfolio) -------------------------------------------------------- (Rank from previous month) 1 Microsoft (1) 2.4% 11 Reliant Energy (15) 1.4% 2 JPMorgan Chase (4) 2.2% 12 Cisco Systems (19) 1.4% 3 Countrywide Financial (2) 2.2% 13 MetLife (11) 1.4% 4 Fannie Mae (3) 2.0% 14 Freddie Mac (12) 1.3% 5 Citigroup (5) 1.8% 15 Google (18) 1.3% 6 Pfizer (7) 1.6% 16 QUALCOMM (17) 1.3% 7 Wal-Mart (8) 1.6% 17 Oracle (21) 1.3% 8 American International Group (9) 1.5% 18 General Electric (13) 1.3% 9 Johnson & Johnson (10) 1.5% 19 Schlumberger (6) 1.2% 10 Tyco International (14) 1.4% 20 Morgan Stanley (16) 1.2% Sector Breakdown (% of equity portfolio)* New Holdings ---------------------------------------- ------------ Financials 26.7% Coca-Cola Information Technology 19.9% CONSOL Energy Consumer Discretionary 14.1% Fidelity National Health Care 13.1% Information Services Industrials 12.6% Motorola Energy 4.9% Smithfield Foods Consumer Staples 4.3% Utilities 2.4% Holdings Liquidated Telecommunication Services 1.1% ------------------- Materials 0.9% Activision ----- AstraZeneca 100.0% Novartis Paccar Triad Hospitals UBS * Based on Standard & Poor's and Morgan Stanley Capital International Global Industry Classification Standard (GICS).
Contact Information: Contact: Liberty All-Star® Equity Fund 617-434-5949