February 2008 Monthly Update Market Premium / Performance NAV Price (Discount) ----------- ------- ------ --------- Beginning of month value $7.65 $6.83 (10.7%) Distributions (Ex-Date Februay 27th) ($0.19) ($0.19) End of month value $7.19 $6.65 (7.5%) Performance for month (3.5%) 0.1% Performance year-to-date (8.6%) (3.0%) For daily data visit the Fund's website at www.all-starfunds.com or call 1-800-241-1850. The Fund's daily NAV is also available by using the symbol XUSAX. Past performance cannot predict future results. -------------------------------------------------------------------------- Net Assets at Month-End ($millions) ---------------------------------- Total $1,284.9 Equities $1,275.3 Preferred Stocks & Convertible Bonds $4.0 Percent Invested in Equities 99.6% -------------------------------------------------------------------------- Top 20 Holdings at Month-End (27.8% of equity portfolio) ------------------------------------------------------- (Rank from previous month) 1 Annaly Capital Management(3) 1.8% 11 Fannie Mae(10) 1.3% 2 Freddie Mac(2) 1.8% 12 Pfizer(13) 1.3% 3 Arch Coal(7) 1.7% 13 Johnson & Johnson(15) 1.3% 4 Citigroup(5) 1.6% 14 Bank of America(12) 1.3% 5 General Electric(9) 1.5% 15 Salesforce.com(14) 1.3% 6 Genzyme(11) 1.5% 16 Consol Energy(6) 1.2% 7 Wal-Mart(4) 1.4% 17 QUALCOMM(18) 1.2% 8 Devon Energy(49) 1.4% 18 Navistar International(21) 1.2% 9 Dell(8) 1.4% 19 Google(16) 1.1% 10 Schlumberger(19) 1.4% 20 Microsoft(1) 1.1% Holdings are subject to change ------------------------------------------------------- Sector Breakdown (% of equity portfolio)* New Holdings --------------------------------------- ------------ Financials 23.7% America Movil Information Technology 17.1% Apache Health Care 15.7% Apple Industrials 11.8% Burlington Northern Consumer Discretionary 10.7% CVS Caremark Energy 10.0% Gilead Sciences Consumer Staples 6.2% Omnicom Group Materials 2.0% Qimonda Finance Utilities 1.7% (Convertible Bond) Telecommunication Services 1.1% Research In Motion 100.0% Weatherford International XTO Energy Holdings Liquidated ------------------- Danaher Entergy National Oilwell Varco Precision Castparts USG * Based on Standard & Poor's and Morgan Stanley Capital International 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