February 2007 Monthly Update Premium / Performance NAV Market Price (Discount) ----------- ------ ------------ ---------- Beginning of month value $ 8.89 $ 8.48 (4.6%) Distributions (Ex-Date February 28) $ 0.23 $ 0.23 End of month value $ 8.52 $ 8.33 (2.2%) Performance for month (1.6%) 0.9% Performance year-to-date (0.1%) 3.3% 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 $ 1,334.3 Equities $ 1,295.1 Percent Invested in Equities 97.1% Top 20 Holdings at Month-End (31.0% of equity portfolio) -------------------------------------------------------- (Rank from previous month) 1 JPMorgan Chase (2) 2.2% 11 QUALCOMM (16) 1.5% 2 Fannie Mae (4) 2.1% 12 MetLife (13) 1.4% 3 Countrywide Financial (3) 2.0% 13 Tyco International (10) 1.4% 4 Citigroup (5) 1.7% 14 Cisco Systems (12) 1.4% 5 Wal-Mart (7) 1.7% 15 General Electric (18) 1.4% 6 Reliant Energy (11) 1.7% 16 Microsoft (1) 1.4% 7 Johnson & Johnson (9) 1.6% 17 Schlumberger (19) 1.3% 8 Pfizer (6) 1.6% 18 Network Appliance (21) 1.3% 9 American International Group (8) 1.5% 19 Google (15) 1.2% 10 Freddie Mac (14) 1.5% 20 Progressive (22) 1.1% Sector Breakdown (% of equity portfolio) * New Holdings ---------------------------------------- ------------ Financials 26.5% Accenture Information Technology 19.2% Arch Coal Health Care 13.6% China Mobile Consumer Discretionary 13.2% Kraft Foods Industrials 12.3% Precision Castparts Energy 5.6% Radian Group Consumer Staples 4.7% Utilities 2.5% Holdings Liquidated Telecommunication Services 1.5% ------------------- Materials 0.9% Adobe Systems ----- Ross Stores 100.0% * Based on Standard & Poor's and Morgan Stanley Capital International Global Industry Classification Standard (GICS).
Contact Information: Contact: Liberty All-Star® Equity Fund 617-426-1745 www.all-starfunds.com