SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

July 15, 2014 12:05 ET

Liberty All-Star® Equity Fund June 2014 Monthly Update

BOSTON, MA--(Marketwired - Jul 15, 2014) - Below is the June 2014 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

   
Liberty All-Star Equity Fund Monthly Update
  Ticker: USA June 30, 2014
     

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  
    (31.8% of equity portfolio)  
    (Rank from previous month) 
1   Google, Inc. (1) 2.4%
2   Schlumberger Ltd. (2) 2.4%
3   JPMorgan Chase & Co. (3) 2.2%
4   Salesforce.com, Inc. (4) 2.0%
5   Bank of America Corp. (6) 1.7%
6   Citigroup, Inc. (5) 1.6%
7   Starbucks Corp. (12) 1.6%
8   Hewlett-Packard Co. (7) 1.6%
9   Visa, Inc., Class A (8) 1.5%
10   SunTrust Banks, Inc. (10) 1.5%
11   Weatherford International Ltd. (9) 1.5%
12   MetLife, Inc. (14) 1.4%
13   American International Group, Inc. (13) 1.4%
14   QUALCOMM, Inc. (11) 1.4%
15   Devon Energy Corp. (15) 1.4%
16   State Street Corp. (17) 1.3%
17   Amazon.com, Inc. (18) 1.3%
18   Precision Castparts Corp. (16) 1.3%
19   Microsoft Corp. (19) 1.2%
20   Chesapeake Energy Corp. (20) 1.1%
    Holdings are subject to change.  
       
       
         
Monthly Performance  
Performance NAV Market Price   Discount
  Beginning of month value $6.65 $5.88   11.6%
  Distributions - -    
  End of month value $6.85 $6.01   12.3%
  Performance for month 3.01% 2.21%    
  Performance year-to-date 5.60% 4.14%    
           
           

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. 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.

Sources of distributions to shareholders may include net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time, available at www.all-starfunds.com. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year. 

   
Net Assets at Month-End ($millions)
  Total $1,215.2
  Equities $1,181.7
  Percent Invested 97.2%
     
     
   
Sector Breakdown (% of equity portfolio)*  
  Financials 27.0%
  Information Technology 18.5%
  Consumer Discretionary 16.3%
  Energy 15.2%
  Health Care 10.9%
  Industrials 6.4%
  Consumer Staples 4.2%
  Materials 1.4%
  Utilities 0.1%
Total Market Value 100.0%
*Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).  
   
   
     
New Holdings   Holdings Liquidated
First American Financial Corp.   Entergy Corp.
The Interpublic Group of Companies, Inc.   Kellogg Co.
MercadoLibre, Inc.   PVH Corp.
Murphy Oil Corp.   Zillow, Inc., Class A
Perrigo Co. PLC    
SABMiller PLC    
Teradata Corp.    
     
     

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