SOURCE: ALPS Advisers, Inc.

March 08, 2007 11:21 ET

Liberty All-Star® Equity Fund February 2007 Monthly Update

BOSTON, MA -- (MARKET WIRE) -- March 8, 2007 -- Below is the February 2007 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)


                       February 2007 Monthly Update


                                                                 Premium /
Performance                             NAV     Market Price    (Discount)
-----------                           ------    ------------    ----------
 Beginning of month value             $ 8.89     $ 8.48           (4.6%)
 Distributions (Ex-Date February 28)  $ 0.23     $ 0.23
 End of month value                   $ 8.52     $ 8.33           (2.2%)
 Performance for month                  (1.6%)      0.9%
 Performance year-to-date               (0.1%)      3.3%

 For daily data visit the Fund's website at www.all-starfunds.com or call
 1-800-241-1850.  Daily NAV is available under the symbol XUSAX.


Net Assets at Month-End ($millions)
-----------------------------------

 Total                                $ 1,334.3
 Equities                             $ 1,295.1
 Percent Invested in Equities              97.1%

Top 20 Holdings at Month-End (31.0% of equity portfolio)
--------------------------------------------------------
   (Rank from previous month)

1  JPMorgan Chase (2)                2.2%   11 QUALCOMM (16)           1.5%
2  Fannie Mae (4)                    2.1%   12 MetLife (13)            1.4%
3  Countrywide Financial (3)         2.0%   13 Tyco International (10) 1.4%
4  Citigroup (5)                     1.7%   14 Cisco Systems (12)      1.4%
5  Wal-Mart (7)                      1.7%   15 General Electric (18)   1.4%
6  Reliant Energy (11)               1.7%   16 Microsoft (1)           1.4%
7  Johnson & Johnson (9)             1.6%   17 Schlumberger (19)       1.3%
8  Pfizer (6)                        1.6%   18 Network Appliance (21)  1.3%
9  American International Group (8)  1.5%   19 Google (15)             1.2%
10 Freddie Mac (14)                  1.5%   20 Progressive (22)        1.1%


Sector Breakdown (% of equity portfolio) *         New Holdings
----------------------------------------           ------------
 Financials                 26.5%                   Accenture
 Information Technology     19.2%                   Arch Coal
 Health Care                13.6%                   China Mobile
 Consumer Discretionary     13.2%                   Kraft Foods
 Industrials                12.3%                   Precision Castparts
 Energy                      5.6%                   Radian Group
 Consumer Staples            4.7%
 Utilities                   2.5%                  Holdings Liquidated
 Telecommunication Services  1.5%                  -------------------
 Materials                   0.9%                   Adobe Systems
                           -----                    Ross Stores
                           100.0%

 * Based on Standard & Poor's and Morgan Stanley Capital International
   Global Industry Classification Standard (GICS).

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