SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

March 10, 2010 10:53 ET

Liberty All-Star® Equity Fund February 2010 Monthly Update

BOSTON, MA--(Marketwire - March 10, 2010) - Below is the February 2010 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                       February 2010 Monthly Update

Performance                       NAV          Market Price       Discount
-----------                     -------  -----------------------  --------
  Beginning of month value      $  5.05          $ 4.18             17.2%
  Distributions (Ex-Date
   February 24)                 $  0.08          $ 0.08
  End of month value            $  5.12          $ 4.45             13.1%
  Performance for month            2.97%           8.37%
  Performance year-to-date        (0.57%)          4.62%

  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                         $ 935.1
  Equities                      $ 938.6
  Percent Invested                100.4%

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Top 20 Holdings at Month-End (28.2% of portfolio)
-------------------------------------------------
  (Rank from previous month)

1  Bank of America Corp.(2)   2.5%   11 The Boeing Co. (11)        1.2%
2  Apple, Inc. (1)            2.3%   12 Hewlett-Packard Co. (14)   1.2%
3  Dell, Inc. (3)             2.0%   13 Arch Coal, Inc. (15)       1.2%
4  Gilead Sciences, Inc.(5)   1.7%   14 J.C. Penney Co., Inc.(17)  1.1%
5  QUALCOMM, Inc. (6)         1.6%   15 Magna International,
6  Chesapeake Energy Corp.(9) 1.5%       Inc., Class A (13)        1.1%
7  PNC Financial Services            16 JPMorgan Chase & Co.(20)   1.1%
    Group, Inc. (7)           1.5%   17 The Western Union Co.(22)  1.1%
8  Google, Inc., Class A(4)   1.3%   18 Amazon.com, Inc. (31)      1.1%
9  The Allstate Corp. (12)    1.3%   19 Tyco Electronics Ltd. (16) 1.1%
10 Monsanto Co. (10)          1.3%   20 Microsoft Corp. (18)       1.0%

   Holdings are subject to change
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Sector Breakdown (% of portfolio) *    New Holdings
---------------------------------      -----------
   Information Technology     22.3%    American Tower Corp., Class A
   Financials                 20.0%    Brocade Communications Systems, Inc.
   Energy                     12.9%    Rovi Corp.
   Consumer Discretionary     12.4%    Tidewater, Inc.
   Health Care                10.9%    United States Steel Corp.
   Industrials                 9.5%    Weatherford International Ltd.
   Consumer Staples            6.1%    Willis Group Holdings Plc
   Utilities                   3.1%
   Materials                   2.6%    Holdings Liquidated
   Telecommunication Services  0.2%    -----------------------
                              -----    Cardinal Health, Inc.
                              100.0%   Diageo Plc
                                       DreamWorks Animation
                                        SKG, Inc., Class A
                                       First Solar, Inc.
                                       NIKE, Inc., Class B
                                       Polo Ralph Lauren Corp.
                                       Sara Lee Corp.
                                       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.

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