SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

September 16, 2010 14:24 ET

Liberty All-Star® Equity Fund August 2010 Monthly Update

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


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


                             August 2010 Monthly Update


Performance                                NAV     Market Price    Discount
                                          -----    ------------    --------
  Beginning of month value                $4.95       $4.28          13.5%
  Distributions (Ex-Date August 25)       $0.07       $0.07
  End of month value                      $4.59       $3.95          13.9%
  Performance for month                   -5.86%      -6.07%
  Performance year-to-date                -8.05%      -3.88%

  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                                 $839.0
  Equities                              $842.6
  Convertible Bonds                       $1.3

  Percent Invested                       100.6%
--------------------------------------------------------------------------

Top 20 Holdings at Month-End (27.2% of portfolio)
-------------------------------------------------
  (Rank from previous month)

1  Apple, Inc. (1)            2.7%   11  Tyco Electronics Ltd. (11)   1.1%
2  JPMorgan Chase & Co. (2)   2.1%   12  C.H. Robinson
3  Dell, Inc. (3)             1.9%        Worldwide, Inc. (13)        1.1%
4  Bank of America Corp. (4)  1.8%   13  Hewlett-Packard Co. (12)     1.1%
5  QUALCOMM, Inc. (5)         1.8%   14  Amazon.com, Inc. (20)        1.1%
6  The Western Union Co. (8)  1.3%   15  Costco Wholesale Corp. (23)  1.1%
7  Arch Coal, Inc. (7)        1.3%   16  J.C. Penney Co., Inc. (22)   1.1%
8  The Allstate Corp. (10)    1.3%   17  State Street Corp. (14)      1.0%
9  Cisco Systems, Inc. (6)    1.2%   18  Wells Fargo & Co. (15)       1.0%
10 PNC Financial Services            19  The Boeing Co. (16)          1.0%
    Group, Inc. (9)           1.2%   20  Google, Inc., Class A (17)   1.0%

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

Sector Breakdown (% of portfolio) *    New Holdings
--------------------------------       ------------

   Information Technology      24.8%   Discovery Communications, Inc.
   Financials                  19.2%   Seattle Genetics, Inc.
   Energy                      12.5%   Terex Corp.
   Health Care                 11.3%
   Consumer Discretionary      11.0%
   Industrials                 10.5%
   Consumer Staples             4.9%
   Materials                    2.8%
   Utilities                    2.3%
   Telecommunication Services   0.7%
                              ------
                               100.0%
                                       Holdings Liquidated
                                       -------------------
                                       Guess?, Inc.
                                       Kraft Foods, Inc.
                                       Motorola, Inc.
                                       Scripps Networks Interactive, Inc.,
                                        Class A
                                       Sempra Energy
                                       UnitedHealth Group, 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.

Contact Information