SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

June 16, 2010 11:35 ET

Liberty All-Star® Equity Fund May 2010 Monthly Update

BOSTON, MA--(Marketwire - June 16, 2010) -


Below is the May 2010 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)



May 2010 Monthly Update


Performance                                NAV    Market Price    Discount
-----------                               -----   ------------    --------
    Beginning of month value              $5.54       $4.91         11.4%
    Distributions (Ex-Date May 26)        $0.08       $0.08
    End of month value                    $4.96       $4.27         13.9%
    Performance for month                 -9.03%     -11.41%
    Performance year-to-date              -2.13%       2.14%

    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                                 $905.3
    Equities                              $903.7
    Convertible Bonds                       $1.2

    Percent Invested                       100.0%

Top 20 Holdings at Month-End (28.4% of portfolio)
-------------------------------------------------------
   (Rank from previous month)

   1 Apple, Inc. (1)              2.9%   11 The Western Union Co. (9)  1.2%
   2 Bank of America Corp. (2)    2.6%   12 Arch Coal, Inc. (8)        1.2%
   3 Dell, Inc. (3)               2.0%   13 Amazon.com, Inc. (18)      1.1%
   4 JPMorgan Chase & Co. (6)     2.0%   14 State Street Corp. (20)    1.0%
   5 QUALCOMM, Inc. (4)           1.8%   15 Wells Fargo & Co. (16)     1.0%
   6 Gilead Sciences, Inc. (7)    1.4%   16 Google, Inc., Class A (23) 1.0%
   7 PNC Financial Services              17 Microsoft Corp. (17)       1.0%
      Group, Inc. (5)             1.4%   18 The Boeing Co. (19)        1.0%
   8 The Allstate Corp. (11)      1.3%   19 Morgan Stanley (22)        1.0%
   9 Chesapeake Energy Corp. (12) 1.3%   20 Hewlett-Packard Co. (13)   1.0%
  10 Tyco Electronics Ltd. (10)   1.2%

     Holdings are subject to change
---------------------------------------------------------------------------

Sector Breakdown (% of equity portfolio) *  New Holdings
------------------------------------------  ------------
    Financials                     21.4%    Aegean Marine Petroleum
                                             Network, Inc.
    Information Technology         21.1%    Archer-Daniels-Midland Co.
    Energy                         12.0%    Deere & Co.
    Consumer Discretionary         11.4%    The Dow Chemical Co.
    Health Care                    11.2%    International Business
                                             Machines Corp.
    Industrials                    10.7%    Laboratory Corp. of America
                                             Holdings
    Consumer Staples                5.4%    Masco Corp.
    Utilities                       3.0%    MEMC Electronic Materials, Inc.
    Materials                       2.1%    PPG Industries, Inc.
    Technology                      1.2%    UAL Corp. (Convertible)
    Telecommunication Services      0.5%
                                  -----
                                  100.0%    Holdings Liquidated
                                            -------------------
                                            ASML Holding N.V.
                                            Brocade Communications Systems,
                                             Inc.
                                            Colgate-Palmolive Co.
                                            The Dun & Bradstreet Corp.
                                            FPL Group, Inc.
                                            The Home Depot, Inc.
                                            Lowe's Cos., Inc.
                                            Terex Corp.
                                            Wal-Mart Stores, Inc.
                                            Yum! Brands, 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.

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