SOURCE: ALPS Advisers, Inc.

December 05, 2007 12:39 ET

Liberty All-Star® Equity Fund November 2007 Monthly Update

BOSTON, MA--(Marketwire - December 5, 2007) - Below is the November 2007 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                        November 2007 Monthly Update


                                                                Premium /
Performance                              NAV     Market Price    (Discount)
-----------                              ---     ------------    ----------
   Beginning of month value             $8.92        $8.31         (6.8%)
   Distributions (Ex-Date November 7)   $0.22        $0.22
   End of month value                   $8.24        $7.12        (13.6%)
   Performance for month                (5.2%)      (11.7%)
   Performance year-to-date              4.4%        (4.2%)

   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.
---------------------------------------------------------------------------


Net Assets at Month-End ($millions)
----------------------------------
   Total                                $1,323.7
   Equities                             $1,294.5
   Percent Invested in Equities             97.8%
---------------------------------------------------------------------------

Top 20 Holdings at Month-End (32.2% of equity portfolio)
--------------------------------------------------------
    (Rank from previous month)

   1  Freddie Mac (4)                2.3%    11  Dell (8)              1.5%
   2  Schlumberger (2)               2.2%    12  Google (11)           1.5%
   3  Microsoft (1)                  2.2%    13  Salesforce.com (15)   1.5%
   4  Citigroup (3)                  2.0%    14  Bank of America (12   1.4%
   5  Wal-Mart (7)                   1.9%    15  Pfizer (13)           1.4%
   6  Fannie Mae (5)                 1.8%    16  Johnson & Johnson (22)1.4%
   7  Consol Energy (14)             1.6%    17  Amazon.com (19)       1.3%
   8  Annaly Capital Management (17) 1.5%    18  Teva Pharmaceutical
   9  QUALCOMM (10)                  1.5%         Industries (16)      1.3%
  10  General Electric (9)           1.5%    19  Arch Coal (20)        1.3%
                                             20  Navistar
                                                  International (21)   1.1%

      Holdings are subject to change
---------------------------------------------------------------------------

Sector Breakdown (% of equity portfolio) *          New Holdings
---------------------------------------             ------------
   Information Technology         21.3%             Colgate-Palmolive
   Financials                     21.3%             McGraw-Hill
   Health Care                    14.1%             Medco Health Solutions
   Industrials                    12.3%             PepsiCo
   Consumer Discretionary         10.6%             Procter & Gamble
   Energy                          8.9%             Taiwan Semiconductor
   Consumer Staples                5.1%              Manufacturing
   Materials                       2.7%             Wachovia
   Utilities                       1.9%
   Telecommunication Services      1.8%             Holdings Liquidated
                                 -----              -------------------
                                 100.0%             Accenture
                                                    AGCO
                                                    EMC
                                                    Goodrich
                                                    IBM
                                                    MGIC Investment
                                                    Radian Group

   *  Based on Standard & Poor's and Morgan Stanley Capital International
      Global Industry Classification Standard (GICS).
      The Liberty All-Star Equity Fund is a closed-end fund and does not
      continuously offer shares.

Contact Information