May 2007 Monthly Update
Market Premium /
Performance NAV Price (Discount)
----------- --------- --------- ---------
Beginning of month value $ 9.08 $ 8.89 (2.1%)
Distributions (Ex-Date May 9) $ 0.23 $ 0.23
End of month value $ 9.18 $ 9.05 (1.4%)
Performance for month 3.6% 4.4%
Performance year-to-date 10.3% 15.0%
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.
Net Assets at Month-End ($millions)
-----------------------------------
Total $ 1,438.4
Equities $ 1,392.6
Percent Invested in Equities 96.8%
===========
Top 20 Holdings at Month-End (33.1% of equity portfolio)
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(Rank from previous month)
1 Citigroup (1) 2.7% 11 Pfizer (12) 1.5%
2 Microsoft (4) 2.4% 12 QUALCOMM (10) 1.5%
3 Fannie Mae (2) 2.3% 13 Tyco International (15) 1.4%
4 Countrywide Financial (3) 2.1% 14 General Electric (14) 1.4%
5 Amazon.com (5) 1.9% 15 MetLife (17) 1.3%
6 Wal-Mart (6) 1.7% 16 Dell (18) 1.3%
7 Freddie Mac (7) 1.7% 17 Navistar International (21) 1.3%
8 Schlumberger (8) 1.7% 18 Google (19) 1.3%
9 Cisco Systems (13) 1.6% 19 Morgan Stanley (20) 1.2%
10 Progressive (16) 1.6% 20 American International
Group (23) 1.2%
Sector Breakdown (% of equity portfolio) * New Holdings
---------------------------------------- ------------
Financials 25.0% Allegheny Technologies
Information Technology 20.9% McGraw-Hill
Consumer Discretionary 13.0% Amgen Medtronic
Health Care 12.3% Garmin PepsiCo
Industrials 11.8% MBIA Staples
Energy 7.3%
Consumer Staples 5.0% Holdings Liquidated:
Utilities 1.9% --------------------
Telecommunication Services 1.7% Capital One Financial
Materials 1.1% News Corp.
---- Fidelity National
100.0% Procter & Gamble
* Based on Standard & Poor's and Morgan Stanley J.C. Penney Target
Capital International Global Industry Marriott International
Classification Standard (GICS). Vishay Intertechnology
MedImmune Yahoo!
Contact Information: Contact: Liberty All-Star® Equity Fund 617-426-1745 www.all-starfunds.com