SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

October 15, 2010 17:10 ET

Liberty All-Star® Equity Fund September 2010 Monthly Update

BOSTON, MA--(Marketwire - October 15, 2010) -


Below is the September 2010 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                         September 2010 Monthly Update


Performance                       NAV         Market Price       Discount
-----------                      -----        ------------       --------
   Beginning of month value      $4.59           $3.95             13.9%
   Distributions                   -               -
   End of month value            $5.12           $4.41             13.9%
   Performance for month         11.55%          11.65%
   Performance year-to-date       2.57%           7.14%

   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                         $935.6
   Equities                      $919.4
   Convertible Bonds               $1.5

   Percent Invested               98.4%
---------------------------------------------------------------------------

Top 20 Holdings at Month-End (28.3% of portfolio)
--------------------------------------------------
   (Rank from previous month)

 1 Apple, Inc. (1)            2.8%  11 Tyco Electronics Ltd. (11)      1.3%
 2 JPMorgan Chase & Co. (2)   2.0%  12 J.C. Penney Co., Inc. (16)      1.2%
 3 Dell, Inc. (3)             2.0%  13 Amazon.com, Inc. (14)           1.2%
 4 Bank of America Corp. (4)  1.9%  14 The Western Union Co. (6)       1.2%
 5 QUALCOMM, Inc. (5)         1.8%  15 Costco Wholesale Corp. (15)     1.1%
 6 Wells Fargo & Co. (18)     1.4%  16 C.H. Robinson Worldwide, Inc.
 7 Arch Coal, Inc. (7)        1.4%      (12)                           1.1%
 8 The Allstate Corp. (8)     1.3%  17 Consol Energy, Inc. (21)        1.0%
 9 Cisco Systems, Inc. (9)    1.3%  18 Google, Inc., Class A (20)      1.0%
10 PNC Financial Services           19 State Street Corp. (17)         1.0%
    Group, Inc. (10)          1.3%  20 Broadcom Corp., Class A (27)    1.0%

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

Sector Breakdown (% of portfolio) *    New Holdings
---------------------------------      -------------
   Information Technology    24.7%     General Dynamics Corp
   Financials                19.3%     Mead Johnson Nutrition Co.
   Energy                    13.2%     Pentair, Inc.
   Consumer Discretionary    11.7%
   Health Care               11.1%
   Industrials                9.7%
   Consumer Staples           4.6%
   Materials                  2.7%
   Utilities                  2.3%
   Telecommunication Services 0.7%
                             -----
                            100.0%
                                       Holdings Liquidated
                                       --------------------
                                       Capital One Financial Corp.
                                       Cooper Industries Plc
                                       Deere & Co.
                                       Lam Research Corp.
                                       Seattle Genetics, Inc.
                                       Tyco International Ltd.
                                       Vertex Pharmaceuticals, 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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