SOURCE: ALPS Advisers, Inc.

July 06, 2007 10:49 ET

Liberty All-Star® Equity Fund June 2007 Monthly Update

BOSTON, MA--(Marketwire - July 6, 2007) - Below is the June 2007 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

June 2007 Monthly Update

                                                   Premium /
Performance                    NAV  Market Price  (Discount)
-----------                    ---  ------------   --------
  Beginning of month value    $9.18    $9.05        (1.4%)
  Distributions                 -        -
  End of month value          $9.09    $8.98        (1.2%)
  Performance for month       (1.0%)   (0.8%)
  Performance year-to-date     9.2%    14.1%

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.


Net Assets at Month-End ($millions)
----------------------------------
  Total                         $1,440.5
  Equities                      $1,389.6
  Percent Invested in Equities      96.5%

Top 20 Holdings at Month-End (31.9% of equity portfolio)
-------------------------------------------------------
  (Rank from previous month)

1  Citigroup (1)             2.5%   11  QUALCOMM (12)                  1.5%
2  Microsoft (2)             2.2%   12  General Electric (14)          1.4%
3  Fannie Mae (3)            2.1%   13  Pfizer (11)                    1.4%
4  Schlumberger (8)          2.1%   14  Dell (16)                      1.4%
5  Countrywide Financial (4) 1.8%   15  Google (18)                    1.3%
6  Progressive (10)          1.8%   16  Navistar International (17)    1.3%
7  Wal-Mart (6)              1.7%   17  Bank of America (27)           1.2%
8  Amazon.com (5)            1.6%   18  Reliant Energy (21)            1.2%
9  Cisco Systems (9)         1.6%   19  Morgan Stanley (19)            1.2%
10 Freddie Mac (7)           1.5%   20  Annaly Capital Management (36) 1.1%

  Holdings are subject to change

Sector Breakdown (% of equity portfolio) *       New Holdings
------------------------------------------       ------------
  Financials                 24.8%               Capital One Financial
  Information Technology     23.0%               Hewlett-Packard
  Health Care                12.4%               L-3 Communications
  Industrials                11.7%               Lehman Brothers
  Consumer Discretionary     10.7%               Mobile TeleSystems
  Energy                      7.7%               Northrop Grumman
  Consumer Staples            4.5%               NVIDIA
  Utilities                   1.9%               St. Jude Medical
  Telecommunication Services  1.9%
  Materials                   1.4%
                            -----                Holdings Liquidated
                            100.0%               -------------------
                                                 AutoZone
                                                 Colgate-Palmolive
                                                 Forest Laboratories
                                                 Kohl's
                                                 Liberty Global
                                                 Louisiana-Pacific
                                                 Medtronic
                                                 Omnicom

* Based on Standard & Poor's and Morgan Stanley Capital International
  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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