SOURCE: ALPS Advisers, Inc.

July 08, 2008 14:07 ET

Liberty All-Star® Equity Fund June 2008 Monthly Update

BOSTON, MA--(Marketwire - July 8, 2008) - Below is the June 2008 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)


                           June 2008 Monthly Update

                                                                  Premium /
Performance                              NAV     Market Price    (Discount)
-----------                             -----    ------------    ----------
  Beginning of month value              $7.38        $6.57         (11.0%)
  Distributions                           -            -
  End of month value                    $6.65        $5.87         (11.7%)
  Performance for month                 (9.9%)       (10.7%)
  Performance year-to-date             (13.2%)       (11.7%)

  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                                   $1,188.5
        Equities                                $1,142.3
        Preferred Stocks & Convertible Bonds        $5.8

        Percent Invested                            96.6%

Top 20 Holdings at Month-End (27.9% of portfolio)
-------------------------------------------------
   (Rank from previous month)

1  QUALCOMM, Inc. (3)        2.2%  11  Google, Inc., Class A (12)      1.2%
2  Wal-Mart Stores, Inc. (1) 2.2%  12  Amazon.com, Inc. (14)           1.2%
3  Arch Coal, Inc. (5)       1.9%  13  Salesforce.com (20)             1.2%
4  Citigroup, Inc. (4)       1.8%  14  Schlumberger Ltd. (10)          1.1%
5  Dell, Inc. (6)            1.6%  15  Staples, Inc. (60)              1.1%
6  Devon Energy Corp. (9)    1.6%  16  Capital One Financial Corp.(17) 1.1%
7  Freddie Mac (2)           1.5%  17  Navistar International
                                        Corp.(11)                      1.0%
8  Annaly Capital
    Management, Inc. (8)     1.5%  18  Costco Wholesale Corp. (99)     1.0%
9  Fannie Mae (7)            1.4%  19  McDonald's Corp. (25)           1.0%
10 Microsoft Corp. (18)      1.3%  20  Amgen, Inc. (37)                1.0%

        Holdings are subject to change
---------------------------------------------------------------------------

Sector Breakdown (% of portfolio) *    New Holdings
---------------------------------      ------------------------------------
  Information Technology  23.6%        ABB Ltd.
  Financials              19.5%        Cognizant Technology Solutions Corp.
  Health Care             13.7%        The Goldman Sachs Group, Inc.
  Consumer Discretionary  12.9%        Marvell Technology Group Ltd.
  Energy                  10.8%        Mattel, Inc.
  Industrials              8.8%        Smithfield Foods, Inc.
  Consumer Staples         6.9%        Valero Energy Corp.
  Materials                2.2%        Willis Group Holdings Ltd.
  Utilities                1.6%
                         100.0%
                                       Holdings Liquidated
                                       ------------------------------------
                                       Archer-Daniels-Midland Co.
                                       Celestica, Inc.
                                       China Mobile Ltd.
                                       Countrywide Financial Corp.
                                       CSX Corp.
                                       Taiwan Semiconductor Manufacturing
                                        Co. Ltd.
                                       Washington Mutual, Inc. (Preferred
                                        Stock)

* 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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