May 2009 Monthly Update
Performance NAV Market Price Discount
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Beginning of month value $4.24 $3.39 20.0%
Distributions (Ex-Date May 6) $0.06 $0.06
End of month value $4.40 $3.46 21.4%
Performance for month 5.2% 3.8%
Performance year-to-date 9.0% 4.4%
For daily data visit the Fund's website at www.all-starfunds.com or
call 1-800-241-1850. The Fund's daily NAV is also available by using
the symbol XUSAX. Past performance cannot predict future results.
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Net Assets at Month-End ($millions)
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Total $797.5
Equities $795.5
Preferred Stocks $2.2
Percent Invested 100.0%
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Top 20 Holdings at Month-End (28.1% of portfolio)
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(Rank from previous month)
1 Dell, Inc. (1) 2.3% 11 Annaly Capital Management,
2 QUALCOMM, Inc. (9) 1.9% Inc. (12) 1.2%
3 Bank of America Corp. (8) 1.8% 12 Walgreen Co. (10) 1.2%
4 Apple, Inc. (5) 1.7% 13 Google, Inc., Class A (15) 1.2%
5 Chesapeake Energy 14 Morgan Stanley (21) 1.2%
Corp. (7) 1.7% 15 Arch Coal, Inc. (25) 1.2%
6 Cisco Systems, Inc. (3) 1.6% 16 Corning, Inc. (16) 1.2%
7 Visa, Inc., Class A (4) 1.6% 17 The Walt Disney Co. (72) 1.1%
8 Microsoft Corp. (11) 1.3% 18 Monsanto Co. (22) 1.1%
9 The Allstate Corp. (17) 1.3% 19 Gilead Sciences, Inc. (2) 1.1%
10 JPMorgan Chase & Co. (13) 1.3% 20 Schlumberger Ltd. (56) 1.1%
Holdings are subject to change
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Sector Breakdown (% of portfolio) * New Holdings
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Information Technology 27.3% Aetna, Inc.
Financials 16.0% National-Oilwell Varco, Inc.
Consumer Discretionary 14.6% State Street Corp.
Energy 13.4%
Health Care 11.4% Holdings Liquidated
Industrials 6.5% -------------------
Consumer Staples 5.5% Becton, Dickinson and Co.
Materials 2.9% Chico's FAS, Inc.
Utilities 2.4% Mastercard, Inc., Class A
--------- Merck & Co., Inc.
100.0% Schering-Plough Corp.
Symantec Corp.
* 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: Contact Information: Liberty All-Star Equity Fund 1-800-241-1850 www.all-starfunds.com