Liberty All-Star(R) Equity Fund October 2007 Monthly Update


BOSTON, MA--(Marketwire - November 6, 2007) - Below is the October 2007 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                                                                  Premium /
 Performance                            NAV     Market Price     (Discount)
 -----------                            ---     ------------     ----------
   Beginning of month value            $8.82       $8.22           (6.8%)
   Distributions                         -           -
   End of month value                  $8.92       $8.31           (6.8%)
   Performance for month                1.1%        1.1%
   Performance year-to-date            10.1%        8.5%

   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                             $1,433.9
   Equities                          $1,375.0
   Percent Invested in Equities         95.9%
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 Top 20 Holdings at Month-End (31.9% of equity portfolio)
 --------------------------------------------------------
    (Rank from previous month)

  1 Microsoft (15)           2.4%    11 Google (8)                     1.4%
  2 Schlumberger (1)         2.4%    12 Bank of America (9)            1.4%
  3 Citigroup (2)            2.2%    13 Pfizer (14)                    1.4%
  4 Freddie Mac (4)          1.9%    14 Consol Energy (22)             1.4%
  5 Fannie Mae (3)           1.7%    15 Salesforce.com (18)            1.4%
  6 Cisco Systems (6)        1.7%    16 Teva Pharmaceutical Ind. (13)  1.3%
  7 Wal-Mart (5)             1.7%    17 Annaly Capital Management (17) 1.3%
  8 Dell (11)                1.6%    18 Oracle (19)                    1.3%
  9 General Electric (7)     1.5%    19 Amazon.com (16)                1.2%
 10 QUALCOMM (10)            1.5%    20 Arch Coal (39)                 1.2%

     Holdings are subject to change
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 Sector Breakdown (% of equity portfolio)*   New Holdings
 ----------------------------------------    ------------
    Information Technology  24.9%            Aetna
    Financials              20.4%            Berkshire Hathaway
    Health Care             13.0%            Freeport-McMoRan Copper & Gold
    Industrials             12.2%            J.B. Hunt Transport Services
    Consumer Discretionary   9.6%            MGIC Investment
    Energy                   9.3%            NVR
    Consumer Staples         4.0%            PMI Group
    Materials                2.9%
    Telecommunication                        Holdings Liquidated
     Services                1.9%            -------------------
    Utilities                1.8%            China Mobile
                           ------            Commerce Bancorp
                           100.0%            Exxon Mobil
                                             H&R Block
                                             MBIA
                                             NVIDIA
                                             PharMerica
                                             St. Jude Medical

   *  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 617-426-1745 www.all-starfunds.com