SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

May 19, 2011 08:54 ET

Liberty All-Star® Equity Fund April 2011 Monthly Update

BOSTON, MA--(Marketwire - May 19, 2011) - Below is the April 2011 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                        April 2011 Monthly Update


Performance                                NAV   Market Price   Discount
------------------------------            -----  ------------  -----------
  Beginning of month value                $5.92     $5.26         11.1%
  Distributions                             -         -
  End of month value                      $6.06     $5.37         11.4%
  Performance for month                    2.36%    2.09%
  Performance year-to-date                 8.11%   10.86%


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                        $1,107.5
  Equities                     $1,083.3
  Convertible Bonds                $0.5

  Percent Invested                 97.9%
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Top 20 Holdings at Month-End (28.0% of portfolio)
------------------------------------------------
 (Rank from previous month)

1 Apple, Inc. (1)           2.8% 11 Consol Energy, Inc. (10)           1.2%
2 JPMorgan Chase & Co. (2)  2.2% 12 Amazon.com, Inc. (13)              1.1%
3 Dell, Inc. (3)            2.0% 13 Citigroup, Inc. (14)               1.1%
4 Bank of America Corp. (4) 1.8% 14 Zimmer Holdings, Inc. (16)         1.1%
5 QUALCOMM, Inc. (5)        1.7% 15 The Western Union Co. (17)         1.1%
6 PNC Financial Services         16 State Street Corp. (18)            1.1%
   Group, Inc. (8)          1.4% 17 Wells Fargo & Co. (15)             1.1%
7 ACE Ltd. (21)             1.4% 18 BP Plc (19)                        1.0%
8 Visa, Inc., Class A (9)   1.4% 19 C.H. Robinson Worldwide, Inc. (24) 1.0%
9 The Allstate Corp. (12)   1.3% 20 Arch Coal, Inc. (6)                1.0%
10 Baidu, Inc. (22)         1.2%


   Holdings are subject to change
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Sector Breakdown (% of portfolio)*      New Holdings
---------------------------------       ------------

  Information Technology        23.9%   Cobalt International Energy, Inc.
  Financials                    19.3%   Entergy Corp
  Energy                        14.5%   Johnson Controls, Inc.
  Health Care                   11.1%   Peabody Energy Corp
  Consumer Discretionary        10.5%   Tornier NV
  Industrials                    8.3%
  Consumer Staples               5.5%   Holdings Liquidated
                                        --------------------
  Materials                      3.5%   Annaly Capital Management, Inc.
  Utilities                      2.5%   Brown & Brown, Inc.
  Telecommunication Services     0.9%   General Motors Co.
                               -----    Marvell Technology Group
                               100.0%   Philip Morris International, 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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