Liberty All-Star(R) Equity Fund July 2013 Monthly Update

BOSTON, MA--(Marketwired - Aug 19, 2013) - Below is the July 2013 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

Liberty All-Star Equity Fund	Monthly Update
Ticker: USA	July, 2013

Investment Approach
Fund Style: Large-Cap Core
Fund Strategy: Combines three value-style and two growth-style
investment managers. Those selected demonstrate a consistent
investment philosophy, decision making process, continuity of key
people and above-average long-term results compared to managers
with similar styles.
Investment
Managers: Value Managers:
Matrix Asset Advisors, Inc.
Pzena Investment Management, LLC
Schneider Capital Management Corporation
Growth Managers:
Cornerstone Capital Management LLC
TCW Investment Management Company

Top 20 Holdings at Month-End
		(32.0% of equity portfolio)
		(Rank from previous month)
1		Google, Inc., Class A (1)		2.5%
2		QUALCOMM, Inc. (3)		2.4%
3		JPMorgan Chase & Co. (2)		2.4%
4		Schlumberger Ltd. (5)		2.0%
5		Citigroup, Inc. (4)		1.8%
6		Bank of America Corp. (9)		1.6%
7		TE Connectivity Ltd. (7)		1.6%
8		SunTrust Banks, Inc. (8)		1.6%
9		MetLife, Inc. (6)		1.6%
10		Salesforce.com, Inc. (17)		1.5%
11		Morgan Stanley (13)		1.5%
12		Hewlett-Packard Co. (11)		1.5%
13		American International Group, Inc. (15)		1.4%
14		Visa, Inc., Class A (10)		1.3%
15		Devon Energy Corp. (16)		1.3%
16		Microsoft Corp. (14)		1.3%
17		Amazon.com, Inc. (18)		1.2%
18		State Street Corp. (12)		1.2%
19		Chesapeake Energy Corp. (21)		1.2%
20		Toll Brothers, Inc. (20)		1.1%
		Holdings are subject to change.

Monthly Performance
Performance		NAV	Market Price	Discount
	Beginning of month value	$5.86	$5.20	11.3%
	Distributions (Ex-Date July 31)	$0.09	$0.09
	End of month value	$6.11	$5.52	9.7%
	Performance for month	5.97%	7.88%
	Performance year-to-date	19.70%	21.30%

The net asset value (NAV) of a closed-end fund is the market value of the underlying investments (i.e., stocks and bonds) in the Fund's portfolio, minus liabilities, divided by the total number of Fund shares outstanding. However, the Fund also has a market price; the value at which it trades on an exchange. If the market price is above the NAV the Fund is trading at a premium. If the market price is below the NAV the Fund is trading at a discount.

Returns for the Fund are total returns, which include dividends, after deducting Fund expenses. The Fund's performance is calculated assuming that a shareholder reinvested all distributions and exercised all primary rights in the Fund's rights offerings. Past performance cannot predict future investment results.

Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information shown does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. Shareholders must be willing to tolerate significant fluctuations in the value of their investment. An investment in the Fund involves risk, including loss of principal.

Net Assets at Month-End ($millions)
	Total	$1,145.5
	Equities	$1,116.3
	Percent Invested	97.5%
Sector Breakdown (% of equity portfolio)*
	Financials	25.3%
	Information Technology	20.7%
	Energy	14.0%
	Consumer Discretionary	12.8%
	Health Care	9.8%
	Industrials	7.8%
	Consumer Staples	5.6%
	Materials	2.4%
	Telecommunication Services	0.8%
	Utilities	0.8%
Total Market Value		100.0%
*Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).

New Holdings		Holdings Liquidated
athenahealth, Inc.		Capital One Financial Corp.
Cigna Corp.		Intuitive Surgical, Inc.
FirstEnergy Corp.		Tidewater, Inc.
Home Depot, Inc.		WellPoint, Inc.
Micron Technology, Inc.