SOURCE: ALPS Advisers, Inc.

May 13, 2008 16:01 ET

Liberty All-Star® Equity Fund April 2008 Monthly Update

BOSTON, MA--(Marketwire - May 13, 2008) -


Below is the April 2008 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                           April 2008 Monthly Update

                                                                  Premium /
Performance                              NAV      Market Price   (Discount)
-----------                              ---      ------------   ----------
   Beginning of month value            $7.06        $6.39          (9.5%)
   Distributions                          -            -
   End of month value                  $7.45        $6.74          (9.5%)
   Performance for month                5.5%         5.5%
   Performance year-to-date            (5.2%)       (1.6%)

   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                            $1,330.6
   Equities                         $1,278.0
   Preferred Stocks & Convertible
    Bonds                               $7.2

   Percent Invested                    96.6%
---------------------------------------------------------------------------

Top 20 Holdings at Month-End (28.6% of portfolio)
-------------------------------------------------
    (Rank from previous month)

 1 Wal-Mart Stores, Inc. (1) 2.3%  11 Morgan Stanley (13)           1.4%
 2 Freddie Mac (2)           2.0%  12 Schlumberger Ltd. (8)         1.3%
 3 Citigroup, Inc. (6)       1.8%  13 Dell, Inc. (11)               1.3%
 4 Arch Coal, Inc. (10)      1.6%  14 Consol Energy, Inc. (22)      1.3%
 5 Fannie Mae (5)            1.5%  15 Google, Inc., Class A (17)    1.2%
 6 Annaly Capital            1.4%  16 Bank of America Corp. (15)    1.2%
   Management, Inc. (12)           17 Amazon.com, Inc. (19)         1.2%
 7 Devon Energy Corp. (7)    1.4%  18 QUALCOMM, Inc. (18)           1.2%
 8 Johnson & Johnson (9)     1.4%  19 JPMorgan Chase & Co. (23)     1.2%
 9 Genzyme Corp. (4)         1.4%  20 Navistar International        1.1%
10 General Electric Co. (3)  1.4%     Corp. (20)

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

Sector Breakdown (% of portfolio) *   New Holdings
---------------------------------     ------------
   Financials               23.0%     Accenture Ltd., Class A
   Information Technology   18.8%     Akamai Technologies, Inc.
   Health Care              13.3%     China Mobile Ltd.
   Consumer Discretionary   12.3%     Corning, Inc.
   Industrials              10.9%     Costco Wholesale Corp.
   Energy                   10.2%     Kohl's Corp.
   Consumer Staples          6.7%     Procter & Gamble Co.
   Materials                 1.7%     Southwest Airlines Co.
   Utilities                 1.8%     Sovereign Bancorp, Inc.
   Telecommunication         1.3%
    Services
                           ------
                           100.0%
                                      Holdings Liquidated
                                      -------------------
                                      Best Buy Co., Inc.
                                      Honeywell International, Inc.
                                      Legg Mason, Inc.
                                      PepsiCo, Inc.
                                      SanDisk Corp.
                                      Schering-Plough Corp.
                                      Smithfield Foods, Inc.
                                      Sprint Nextel Corp.
                                      State Street Corp.
                                      United Technologies 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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