SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

April 19, 2011 11:17 ET

Liberty All-Star® Equity Fund March 2011 Monthly Update

BOSTON, MA--(Marketwire - Apr 19, 2011) - Below is the March 2011 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                          March 2011 Monthly Update

Performance                           NAV         Market Price    Discount
--------------------------           -----        ------------    --------
  Beginning of month value           $5.96           $5.21          12.6%
  Distributions                          -             -
  End of month value                 $5.92           $5.26          11.1%
  Performance for month             -0.67%           0.96%
  Performance year-to-date           5.61%           8.59%

  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.
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Net Assets at Month-End ($millions)
----------------------------------
  Total                           $1,080.7
  Equities                        $1,057.9
  Convertible Bonds                   $0.7

  Percent Invested                   98.0%
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Top 20 Holdings at Month-End (28.8% of portfolio)
------------------------------------------------
  (Rank from previous month)

 1 Apple, Inc. (1)           2.7%  11 Rockwell Automation, Inc. (14) 1.2%
 2 JPMorgan Chase & Co. (2)  2.2%  12 The Allstate Corp. (13)        1.2%
 3 Dell, Inc. (3)            1.9%  13 Amazon.com, Inc. (15)          1.2%
 4 Bank of America Corp. (4) 1.9%  14 Citigroup, Inc. (17)           1.1%
 5 QUALCOMM, Inc. (5)        1.7%  15 Wells Fargo & Co. (12)         1.1%
 6 Arch Coal, Inc. (7)       1.6%  16 Zimmer Holdings, Inc. (9)      1.1%
 7 Google, Inc., Class A(6)  1.6%  17 The Western Union Co. (11)     1.1%
 8 PNC Financial Services          18 State Street Corp. (21)        1.1%
    Group, Inc. (8)          1.5%  19 BP PLC (18)                    1.0%
 9 Visa, Inc., Class A (20)  1.3%  20 Costco Wholesale Corp. (23)    1.0%
10 Consol Energy, Inc. (10)  1.3%

   Holdings are subject to change
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Sector Breakdown (% of  portfolio)*   New Holdings
---------------------------------     ------------
   Information Technology    23.4%    ARM Holdings PLC
   Financials                19.7%    Expedia, Inc.
   Energy                    14.8%    Harris Corp.
   Health Care               11.2%    Molson Coors Brewing Co.
   Consumer Discretionary    10.2%    Royal Dutch Shell PLC
   Industrials                8.5%    Tiffany & Co.
   Consumer Staples           5.6%    Volcano Corp.
   Materials                  3.6%
   Utilities                  2.1%    Holdings Liquidated
   Telecommunication Services 0.9%    -------------------
                            -----     International Rectifier Corp.
                           100.0%     NIKE, Inc., Class B
                           ======

* 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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