SOURCE: ALPS Advisers, Inc.

April 03, 2007 13:01 ET

Liberty All-Star® Equity Fund March 2007 Monthly Update

BOSTON, MA -- (MARKET WIRE) -- April 3, 2007 -- Below is the March 2007 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                    March 2007 Monthly Update
                                                        Market    Premium /
Performance                                   NAV       Price    (Discount)
-----------                                ---------  ---------  ---------
  Beginning of month value                 $    8.52  $    8.33      (2.2%)
  Distributions                                    -          -
  End of month value                       $    8.58  $    8.50      (0.9%)
  Performance for month                          0.7%       2.0%
  Performance year-to-date                       0.6%       5.3%

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.

Net Assets at Month-End ($millions)
----------------------------------
  Total                        $     1,344.5
  Equities                     $     1,299.0
  Percent Invested in Equities          96.6%


Top 20 Holdings at Month-End (31.4% of equity portfolio)
-------------------------------------------------------
    (Rank from previous month)

1 JPMorgan Chase (1)           2.3%   11 Freddie Mac (10)         1.5%
2 Fannie Mae (2)               2.1%   12 Tyco International (13)  1.4%
3 Countrywide Financial (3)    2.0%   13 Cisco Systems (14)       1.4%
4 Citigroup (4)                1.8%   14 General Electric (15)    1.4%
5 Wal-Mart (5)                 1.7%   15 Microsoft (16)           1.4%
6 Reliant Energy (6)           1.7%   16 MetLife (12)             1.3%
7 QUALCOMM (11)                1.6%   17 Progressive (20)         1.3%
8 American International
   Group (9)                   1.6%   18 Google (19)              1.3%
9 Pfizer (8)                   1.6%   19 Dell (23)                1.2%
10 Schlumberger (17)           1.6%   20 Morgan Stanley (21)      1.2%


Sector Breakdown (% of equity portfolio)*   New Holdings
---------------------------------------     -------------------
  Financials                     26.0%      Baxter International
  Information Technology         19.5%      CVS
  Consumer Discretionary         13.2%      Deere
  Health Care                    12.9%      Devon Energy
  Industrials                    12.6%      Hartford Financial
  Energy                          6.7%      Symantec
  Consumer Staples                4.6%      Target
  Utilities                       2.3%
  Telecommunication Services      1.3%
  Materials                       0.9%      Holdings Liquidated: None
                               ------       --------------------
                                100.0%

*  Based on Standard & Poor's and Morgan Stanley Capital International
Global Industry Classification Standard (GICS).

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