SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

May 20, 2013 12:05 ET

Liberty All-Star® Equity Fund April 2013 Monthly Update

BOSTON, MA--(Marketwired - May 20, 2013) - Below is the April 2013 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

Liberty All-Star Equity Fund Monthly Update
  Ticker: USA April 2013

Investment Approach

Fund Style: Large-Cap Core   

Fund Strategy: Combines three value-style and two growth-style investment managers. Those selected demonstrate a consistent investment philosophy, decision making process, continuity of key people and above-average long-term results compared to managers with similar styles.   

Investment Managers:
Value Managers:   
Matrix Asset Advisors, Inc.   
Pzena Investment Management, LLC   
Schneider Capital Management Corporation   
Growth Managers:   
Cornerstone Capital Management LLC   
TCW Investment Management Company   

Top 20 Holdings at Month-End      
    (30.2% of equity portfolio)      
    (Rank from 3/31/13)      
1   Google, Inc., Class A (2)   2.5%  
2   JPMorgan Chase & Co. (1)   2.3%  
3   QUALCOMM, Inc. (3)   2.1%  
4   Citigroup, Inc. (4)   1.9%  
5   Schlumberger Ltd. (5)   1.9%  
6   ACE Ltd. (6)   1.7%  
7   Bank of America Corp. (18)   1.4%  
8   State Street Corp. (7)   1.4%  
9   TE Connectivity Ltd. (10)   1.4%  
10   SunTrust Banks, Inc. (8)   1.4%  
11   Microsoft Corp. (15)   1.4%  
12   MetLife, Inc. (11)   1.4%  
13   Visa, Inc., Class A (9)   1.4%  
14   Devon Energy Corp. (12)   1.3%  
15   Hewlett-Packard Co. (13)   1.2%  
16   American International Group, Inc. (32)   1.1%  
17, Inc. (16)   1.1%  
18   Toll Brothers, Inc. (23)   1.1%  
19   Morgan Stanley (27)   1.1%  
20   The Allstate Corp. (22)   1.1%  
    Holdings are subject to change.      
Monthly Performance  
Performance NAV Market Price Discount
  Beginning of month value $5.80 $5.17 10.9%
  Distributions - -  
  End of month value $5.83 $5.20 10.8%
  Performance for month 0.52% 0.58%  
  Performance year-to-date 10.72% 10.76%  

The net asset value (NAV) of a closed-end fund is the market value of the underlying investments (i.e., stocks and bonds) in the Fund's portfolio, minus liabilities, divided by the total number of Fund shares outstanding. However, the Fund also has a  market price; the value at which it trades on an exchange. If the market price is above  the NAV the Fund is trading at a premium. If the market price is below the NAV the Fund is trading at a discount.

Returns for the Fund are total returns, which include dividends, after deducting Fund expenses. The Fund's performance is calculated assuming that a shareholder reinvested all distributions and exercised all primary rights in the Fund's rights offerings. Past performance cannot predict future investment results.

Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information shown does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. Shareholders must be willing to tolerate significant fluctuations in the value of their investment. An investment in the Fund involves risk, including loss of principal.

Net Assets at Month-End ($millions)  
  Total   $1,087.0  
  Equities   $1,054.3  
  Percent Invested   97.0%  
Sector Breakdown (% of equity portfolio)*      
  Financials   24.9%  
  Information Technology   20.6%  
  Energy   14.7%  
  Consumer Discretionary   13.0%  
  Health Care   9.5%  
  Industrials   7.0%  
  Consumer Staples   6.0%  
  Materials   2.4%  
  Telecommunication Services   1.0%  
  Utilities   0.9%  
  Total Market Value   100.0%  
  *Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).      
New Holdings   Holdings Liquidated
Alcoa, Inc.   PPG Industries, Inc.
Gilead Sciences, Inc.   Vodafone Group PLC
The Hartford Financial Services Group, Inc.    
Panera Bread Co.    
Zillow, Inc., Class A    

All data is as of April 30, 2013 unless otherwise noted. The Liberty All-Star Equity Fund is a closed-end fund and does not continuously offer shares. The Fund trades in the secondary market, investors wishing to buy or sell shares need to place orders through an intermediary or broker by using the Fund's ticker symbol: USA.

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