SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

November 12, 2010 14:55 ET

Liberty All-Star® Equity Fund October 2010 Monthly Update

BOSTON, MA--(Marketwire - November 12, 2010) - Below is the October 2010 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)


                            October 2010 Monthly Update


Performance                    NAV          Market Price          Discount
-----------                   -----         ------------          --------
 Beginning of month value     $5.12                $4.41              13.9%
 Distributions                  -                    -
 End of month value           $5.31                $4.55              14.3%
 Performance for month         3.71%                3.17%
 Performance year-to-date      6.38%               10.54%

 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                        $970.2
 Equities                     $955.1
 Convertible Bonds              $1.4

 Percent Invested               98.6%
---------------------------------------------------------------------------

Top 20 Holdings at Month-End (28.6% of portfolio)
-------------------------------------------------
    (Rank from previous month)

1   Apple, Inc. (1)              2.8%   11  Arch Coal, Inc. (7)        1.2%
2   Dell, Inc. (3)               2.1%   12  The Allstate Corp. (8)     1.2%
3   JPMorgan Chase & Co. (2)     2.0%   13  Tyco Electronics Ltd. (11) 1.2%
4   Google, Inc., Class A (18)   1.9%   14  The Western Union Co. (14) 1.2%
5   QUALCOMM, Inc. (5)           1.7%   15  Oracle Corp. (33)          1.1%
6   Bank of America Corp. (4)    1.6%   16  State Street Corp. (19)    1.1%
7   Wells Fargo & Co. (6)        1.5%   17  J.C. Penney Co., Inc. (12) 1.1%
8   PNC Financial Services              18  C.H. Robinson
    Group, Inc. (10)             1.4%       Worldwide, Inc. (16)       1.0%
9   Cisco Systems, Inc. (9)      1.3%   19  ACE Ltd. (30)              1.0%
10  Amazon.com, Inc. (13)        1.2%   20  Consol Energy, Inc. (17)   1.0%

    Holdings are subject to change
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Sector Breakdown (% of portfolio) *         New Holdings
---------------------------------           ------------
 Information Technology         25.8%       General Mills, Inc.
 Financials                     19.2%       Marvell Technology Group Ltd.
 Energy                         13.0%       Starwood Hotels & Resorts
 Consumer Discretionary         11.3%        Worldwide, Inc.
 Health Care                    11.0%       Urban Outfitters, Inc.
 Industrials                     9.6%
 Consumer Staples                4.7%
 Materials                       2.6%
 Utilities                       2.1%
 Telecommunication Services      0.7%       Holdings Liquidated
                            ---------       -------------------
                               100.0%       Adobe Systems, Inc.
                            =========       Comerica, Inc.
                                            Liberty Media Corp., Capital
                                             Group
                                            Medtronic, Inc.
                                            Nordstrom, Inc.




* 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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