SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

March 14, 2011 14:40 ET

Liberty All-Star® Equity Fund February 2011 Monthly Update

BOSTON, MA--(Marketwire - March 14, 2011) -


Below is the February 2011 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                            February 2011 Monthly Update


Performance                              NAV     Market Price    Discount
-----------                             -----     ------------    --------
  Beginning of month value              $5.84        $5.06            13.4%
  Distributions (Ex-Date February 23)   $0.09        $0.09
  End of month value                    $5.96        $5.21            12.6%
  Performance for month                  3.60%        4.74%
  Performance year-to-date               6.33%        7.51%

  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                                   $1,088.0
  Equities                                $1,078.0
  Convertible Bonds                           $0.7

  Percent Invested                            99.1%
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Top 20 Holdings at Month-End (29.0% of portfolio)
------------------------------------------------
        (Rank from previous month)

 1 Apple, Inc. (1)          2.7%   11 The Western Union Co. (17)      1.2%
 2 JPMorgan Chase & Co. (2) 2.2%   12 Wells Fargo & Co. (9)           1.2%
 3 Dell, Inc. (5)           2.0%   13 The Allstate Corp. (13)         1.2%
 4 Bank of America Corp.
   (3)                      2.0%   14 Rockwell Automation, Inc. (44)  1.1%
 5 QUALCOMM, Inc. (4)       2.0%   15 Amazon.com, Inc. (16)           1.1%
 6 Google, Inc., Class A
   (6)                      1.6%   16 Chesapeake Energy Corp. (20)    1.1%
 7 Arch Coal, Inc. (7)      1.5%   17 Citigroup, Inc. (15)            1.1%
 8 PNC Financial Services
   Group, Inc. (8)          1.4%   18 BP Plc (19)                     1.1%
 9 Zimmer Holdings, Inc.
   (14)                     1.2%   19 Cisco Systems, Inc. (10)        1.1%
10 Consol Energy, Inc. (11) 1.2%   20 Visa, Inc., Class A (22)        1.0%

        Holdings are subject to change
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Sector Breakdown (% of portfolio) *          New Holdings
--------------------------------             -----------------------
  Information Technology          24.6%      FirstEnergy Corp.
  Financials                      19.9%      Royal Dutch Shell PLC
  Energy                          14.9%      Silver Wheaton Corp.
  Health Care                     10.9%      The TJX Companies, Inc.
  Consumer Discretionary          10.1%
  Industrials                      8.3%
  Consumer Staples                 5.1%
  Materials                        3.3%
  Utilities                        2.1%
  Telecommunication Services       0.8%
                                ------
                                 100.0%
                                ======
                                             Holdings Liquidated
                                             -----------------------
                                             Alcatel-Lucent
                                             Allegheny Energy, Inc.
                                             Apache Corp.
                                             Genzyme Corp.
                                             IntercontinentalExchange, Inc.
                                             Joy Global, Inc.
                                             Smithfield Foods, Inc.
                                             Target Corp.
                                             Terex Corp.

* 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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