SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

June 17, 2011 12:58 ET

Liberty All-Star® Equity Fund May 2011 Monthly Update

BOSTON, MA--(Marketwire - Jun 17, 2011) - Below is the May 2011 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                        May 2011 Monthly Update


Performance                                NAV   Market Price   Discount
------------------------------            -----  ------------  -----------
   Beginning of month value               $6.06     $5.37         11.4%
   Distributions (Ex-Date May 25)         $0.09     $0.09
   End of month value                     $5.88     $5.23         11.1%
   Performance for month                 -1.49%    -0.93%
   Performance year-to-date               6.51%     9.83%

   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                                $1,073.6
   Equities                             $1,062.7
   Convertible Bonds                        $0.3

   Percent Invested                        99.0%
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Top 20 Holdings at Month-End (28.4% of portfolio)
------------------------------------------------
   (Rank from previous month)

  1 Apple, Inc.(1)             2.9%      11 Wells Fargo & Co.(17)      1.2%
  2 JPMorgan Chase & Co.(2)    2.1%      12 Baidu, Inc.(10)            1.2%
  3 Dell, Inc.(3)              2.0%      13 Citigroup, Inc.(13)        1.1%
  4 QUALCOMM, Inc.(5)          2.0%      14 Amazon.com, Inc.(12)       1.1%
  5 Bank of America Corp.(4)   1.8%      15 State Street Corp.(16)     1.1%
  6 ACE Ltd.(7)                1.5%      16 BP PLC(18)                 1.1%
  7 PNC Financial Services               17 The Western Union Co.(15)  1.1%
    Group, Inc.(6)             1.4%
  8 Visa, Inc., Class A(8)     1.4%      18 C.H. Robinson
                                            Worldwide, Inc.(19)        1.0%
  9 The Allstate Corp.(9)      1.2%      19 Hewlett-Packard Co.(22)    1.0%
 10 Consol Energy, Inc.(11)    1.2%      20 Tyco Electronics Ltd.(24)  1.0%
                                                                
    Holdings are subject to change
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Sector Breakdown (% of portfolio)*    New Holdings
---------------------------------     ------------

   Information Technology    24.4%    American International Group, Inc.
   Financials                19.6%    Guess?, Inc.
   Energy                    14.0%    Lennar Corp.
   Consumer Discretionary    10.8%    The Mosaic Co.
   Health Care               10.1%    OpenTable, Inc.
   Industrials                8.5%    Toll Brothers, Inc.
   Consumer Staples           5.3%
   Materials                  3.5%    Holdings Liquidated
   Utilities                  2.8%    --------------------
   Telecommunication Services 1.0%    Covidien Ltd.
                              -----   Ecolab, Inc.
                             100.0%   Laboratory Corp. of America Holdings
                              =====   Tornier NV
                                      Urban Outfitters, Inc.
                                      Volcano 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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