SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

September 15, 2011 09:05 ET

Liberty All-Star® Equity Fund August 2011 Monthly Update

BOSTON, MA--(Marketwire - Sep 15, 2011) - Below is the August 2011 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                      August 2011 Monthly Update


Performance                                NAV     Market Price    Discount
-----------                                ---     ------------    --------
     Beginning of month value             $5.66        $5.08        10.2%
     Distributions (Ex-Date August 24)    $0.08        $0.08
     End of Month Value                   $5.12        $4.63         9.6%
     Performance for month               -8.13%       -7.28%
     Performance year-to-date            -5.81%       -1.01%

   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                            $935.5
   Equities                         $935.9
   Convertible Corporate Bond       $0.1

   Percent Invested                 100.1%
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Top 20 Holdings at Month-End (29.0% of equity portfolio)
--------------------------------------------------------
   (Rank from previous month)

1  Apple, Inc. (1)            3.1%    11 The Allstate Corp. (13)    1.2%
2  JPMorgan Chase & Co. (2)   2.3%    12 Visa, Inc., Class A (17)   1.1%
3  QUALCOMM, Inc. (3)         1.9%    13 Staples, Inc. (37)         1.1%
4  Wells Fargo & Co. (4)      1.8%    14 PNC Financial Services
5  Cisco Systems, Inc. (9)    1.7%        Group, Inc. (21)          1.1%
6  ACE Ltd. (6)               1.6%    15 BP PLC (14)                1.1%
7  Google, Inc., Class A (16) 1.5%    16 Amazon.com, Inc. (15)      1.1%
8  Dell, Inc. (5)             1.5%    17 Arch Coal, Inc. (24)       1.1%
9  Baidu, Inc. (10)           1.4%    18 The Western Union Co. (12) 1.1%
10 Consol Energy, Inc. (11)   1.3%    19 Peabody Energy Corp. (23)  1.0%
                                      20 Microsoft Corp. (18)       1.0%

   Holdings are subject to change
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Sector Breakdown (% of portfolio)*       New Holdings
----------------------------------       ------------
   Information Technology      24.2%     Colgate-Palmolive Co.
   Financials                  18.9%     Franklin Resources, Inc.
   Energy                      15.2%     Huntington Bancshares, Inc.
   Consumer Discretionary      10.3%     Regions Financial Corp.
   Health Care                 9.8%      SunTrust Banks, Inc.
   Industrials                 8.2%      VMware, Inc. Class A
   Consumer Staples            5.5%
   Materials                   3.8%      Holdings Liquidated
   Utilities                   2.8%      -------------------
   Telecommunication Services  1.3%      Aetna, Inc.
                                         Forest Laboratories, Inc.
                                         Johnson & Johnson
                             ---------   Lennar Corp., Class A
                               100.0%    Oracle Corp.
                             =========


   *Based on Standard & Poor's and MSCI Barra Global Industry
    Classification Standard (GICS).
   The Liberty All-Star Growth Fund, Inc. is a closed-end fund and
    does not continuously offer shares.

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