SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

April 13, 2010 15:03 ET

Liberty All-Star® Equity Fund March 2010 Monthly Update

BOSTON, MA--(Marketwire - April 13, 2010) - Below is the March 2010 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                        March 2010 Monthly Update


Performance                                NAV     Market Price    Discount
-----------                               -----     ------------   --------
    Beginning of month value              $5.12        $4.45        13.1%
    Distributions                           -            -
    End of month value                    $5.44        $4.74        12.9%
    Performance for month                 6.25%        6.52%
    Performance year-to-date              5.64%       11.30%

    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)
-----------------------------------
    Total                                $993.0
    Equities                             $971.3

    Percent Invested                      97.8%
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Top 20 Holdings at Month-End (29.0% of portfolio)
-------------------------------------------------
    (Rank from previous month)


1  Bank of America Corp. (1)  2.7%    11 Chesapeake Energy Corp. (6)   1.2%
2  Apple, Inc. (2)            2.6%    12 Hewlett-Packard Co. (12)      1.2%
3  Dell, Inc. (3)             2.2%    13 Microsoft Corp. (20)          1.2%
4  QUALCOMM, Inc. (5)         1.8%    14 The Boeing Co. (11)           1.2%
5  PNC Financial Services             15 Magna International, Inc.,
    Group, Inc. (7)           1.5%        Class A (15)                 1.2%
6  Gilead Sciences, Inc. (4)  1.5%    16 JPMorgan Chase & Co. (16)     1.2%
7  Google, Inc., Class A (8)  1.3%    17 Arch Coal, Inc. (13)          1.1%
8  The Western Union Co. (17) 1.3%    18 Tyco Electronics Ltd. (19)    1.1%
9  The Allstate Corp. (9)     1.3%    19 Amazon.com, Inc. (18)         1.1%
10 Monsanto Co. (10)          1.3%    20 Wells Fargo & Co. (23)        1.0%

    Holdings are subject to change
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Sector Breakdown (% of portfolio) *          New Holdings
---------------------------------            ------------
    Information Technology          23.3%    Anadarko Petroleum Corp.
    Financials                      21.1%    D.R. Horton, Inc.
    Energy                          12.0%    priceline.com, Inc.
    Consumer Discretionary          11.6%
    Health Care                     10.5%
    Industrials                      9.9%    Holdings Liquidated
    Consumer Staples                 5.5%    -------------------
    Utilities                        3.2%    BJ Services Co.
    Materials                        2.6%    Deere & Co.
    Telecommunication Services       0.3%    Forest Oil Corp.
                                ---------    Hess Corp.
                                   100.0%    MetLife, Inc.
                                             Whirlpool 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.

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