Below is the September 2008 Monthly Update for the Liberty All-Star® Equity Fund. (
September 2008 Monthly Update
Premium /
Performance NAV Market Price (Discount)
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Beginning of month value $6.43 $5.63 (12.4%)
Distributions - -
End of month value $5.66 $4.51 (20.3%)
Performance for month (12.0%) (19.9%)
Performance year-to-date (24.2%) (29.8%)
For daily data visit the Fund's website at www.all-starfunds.com or call
1-800-241-1850. The Fund's daily NAV is also available by using the
symbol XUSAX. Past performance cannot predict future results.
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Net Assets at Month-End ($millions)
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Total $1,011.9
Equities $996.6
Preferred Stocks & Convertible Bonds $3.5
Percent Invested 98.8%
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Top 20 Holdings at Month-End (30.1% of portfolio)
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(Rank from previous month)
1 Citigroup, Inc. (2) 2.8% 11 Annaly Capital Management,
2 Capital One Financial Inc. (9) 1.4%
Corp. (6) 2.0% 12 Dell, Inc. (5) 1.4%
3 Wal-Mart Stores, Inc. (4) 1.9% 13 McDonald's Corp. (20) 1.2%
4 The Procter & Gamble Co. (40) 1.9% 14 Amazon.com, Inc. (10) 1.1%
5 Schlumberger Ltd. (3) 1.8% 15 QUALCOMM, Inc. (1) 1.1%
6 Genzyme Corp. (11) 1.7% 16 J.C. Penney Co., Inc. (15) 1.1%
7 Microsoft Corp. (7) 1.7% 17 International Business
Machines Corp. (23) 1.1%
8 Bank of America Corp. (12) 1.6% 18 Google, Inc., Class A (17) 1.1%
9 Johnson & Johnson (8) 1.6% 19 Staples, Inc. (18) 1.1%
10 JPMorgan Chase & Co. (19) 1.5% 20 Carnival Corp. (28) 1.0%
Holdings are subject to change
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Sector Breakdown (% of portfolio) *
----------------------------------- New Holdings
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Information Technology 21.1% ASML Holding N.V.
Financials 19.1% Bank of New York Mellon Corp.
Health care 17.3% Chesapeake Energy Corp.
Consumer Discretionary 13.3% Merck & Co., Inc.
Industrials 10.2% PepsiCo, Inc.
Energy 7.9% SYSCO Corp.
Consumer Staples 7.6% UBS AG
Materials 2.0% Wells Fargo & Co.
Utilities 1.5%
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100.0% Holdings Liquidated
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ABB Ltd.
American International Group, Inc.
Continental Airlines, Inc.
(Convertible Bond)
Discover Financial Services
The Goldman Sachs Group, Inc.
Lehman Brothers Holdings, Inc.
Office Depot, Inc.
Oracle Corp.
Southwest Airlines Co.
The TJX Companies, Inc.
Washington Mutual, 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: For Information Contact: Liberty All-Star Equity Fund 1-800-241-1850 www.all-starfunds.com