SOURCE: ALPS Advisers, Inc.

June 06, 2007 08:33 ET

Liberty All-Star® Equity Fund May 2007 Monthly Update

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

                        May 2007 Monthly Update

                                                        Market    Premium /
Performance                                   NAV       Price    (Discount)
-----------                                ---------  ---------  ---------
 Beginning of month value                  $    9.08  $    8.89      (2.1%)
 Distributions (Ex-Date May 9)             $    0.23  $    0.23
 End of month value                        $    9.18  $    9.05      (1.4%)
 Performance for month                           3.6%       4.4%
 Performance year-to-date                       10.3%      15.0%

 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                              $   1,438.4
    Equities                           $   1,392.6
    Percent Invested in Equities              96.8%
                                       ===========

Top 20 Holdings at Month-End (33.1% of equity portfolio)
--------------------------------------------------------
      (Rank from previous month)

1 Citigroup (1)                2.7%    11 Pfizer (12)                 1.5%
2 Microsoft (4)                2.4%    12 QUALCOMM (10)               1.5%
3 Fannie Mae (2)               2.3%    13 Tyco International (15)     1.4%
4 Countrywide Financial (3)    2.1%    14 General Electric (14)       1.4%
5 Amazon.com (5)               1.9%    15 MetLife (17)                1.3%
6 Wal-Mart (6)                 1.7%    16 Dell (18)                   1.3%
7 Freddie Mac (7)              1.7%    17 Navistar International (21) 1.3%
8 Schlumberger (8)             1.7%    18 Google (19)                 1.3%
9 Cisco Systems (13)           1.6%    19 Morgan Stanley (20)         1.2%
10 Progressive (16)            1.6%    20 American International
                                           Group (23)                 1.2%


  Sector Breakdown (% of equity portfolio) *     New Holdings
  ----------------------------------------       ------------
    Financials                         25.0%     Allegheny Technologies
    Information Technology             20.9%     McGraw-Hill
    Consumer Discretionary             13.0%     Amgen           Medtronic
    Health Care                        12.3%     Garmin          PepsiCo
    Industrials                        11.8%     MBIA            Staples
    Energy                              7.3%
    Consumer Staples                    5.0%     Holdings Liquidated:
    Utilities                           1.9%     --------------------
    Telecommunication Services          1.7%     Capital One Financial
    Materials                           1.1%     News Corp.
                                       ----      Fidelity National
                                      100.0%     Procter & Gamble
* Based on Standard & Poor's and Morgan Stanley  J.C. Penney     Target
  Capital International Global Industry          Marriott International
  Classification Standard (GICS).                Vishay Intertechnology
                                                 MedImmune       Yahoo!

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