SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

June 08, 2009 14:07 ET

Liberty All-Star® Equity Fund May 2009 Monthly Update

BOSTON, MA--(Marketwire - June 8, 2009) - Below is the May 2009 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)


                               May 2009 Monthly Update

  Performance                            NAV       Market Price    Discount
  -----------                            ---       ------------    --------
    Beginning of month value           $4.24          $3.39          20.0%
    Distributions (Ex-Date May 6)      $0.06          $0.06
    End of month value                 $4.40          $3.46          21.4%
    Performance for month               5.2%           3.8%
    Performance year-to-date            9.0%           4.4%

    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                             $797.5
    Equities                          $795.5
    Preferred Stocks                    $2.2

    Percent Invested                  100.0%
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  Top 20 Holdings at Month-End (28.1% of portfolio)
  -------------------------------------------------
     (Rank from previous month)

   1 Dell, Inc. (1)            2.3%  11 Annaly Capital Management,
   2 QUALCOMM, Inc. (9)        1.9%     Inc. (12)                     1.2%
   3 Bank of America Corp. (8) 1.8%  12 Walgreen Co. (10)             1.2%
   4 Apple, Inc. (5)           1.7%  13 Google, Inc., Class A (15)    1.2%
   5 Chesapeake Energy               14 Morgan Stanley (21)           1.2%
     Corp. (7)                 1.7%  15 Arch Coal, Inc. (25)          1.2%
   6 Cisco Systems, Inc. (3)   1.6%  16 Corning, Inc. (16)            1.2%
   7 Visa, Inc., Class A (4)   1.6%  17 The Walt Disney Co. (72)      1.1%
   8 Microsoft Corp. (11)      1.3%  18 Monsanto Co. (22)             1.1%
   9 The Allstate Corp. (17)   1.3%  19 Gilead Sciences, Inc. (2)     1.1%
  10 JPMorgan Chase & Co. (13) 1.3%  20 Schlumberger Ltd. (56)        1.1%

     Holdings are subject to change
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  Sector Breakdown (% of portfolio) *          New Holdings
  ---------------------------------            ------------
     Information Technology          27.3%     Aetna, Inc.
     Financials                      16.0%     National-Oilwell Varco, Inc.
     Consumer Discretionary          14.6%     State Street Corp.
     Energy                          13.4%
     Health Care                     11.4%     Holdings Liquidated
     Industrials                      6.5%     -------------------
     Consumer Staples                 5.5%     Becton, Dickinson and Co.
     Materials                        2.9%     Chico's FAS, Inc.
     Utilities                        2.4%     Mastercard, Inc., Class A
                                 ---------     Merck & Co., Inc.
                                    100.0%     Schering-Plough Corp.
                                               Symantec Corp.

* 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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