Liberty All-Star(R) Equity Fund September 2015 Update

BOSTON, MA--(Marketwired - Oct 14, 2015) - Below is the September 2015 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

Liberty All-Star Equity Fund		Monthly Update
	Ticker: USA	September, 2015
Investment Approach

Fund Style: Large-Cap Core

Fund Strategy: Combines three value-style and two growth-style investment managers. Those selected demonstrate a consistent investment philosophy, decision making process, continuity of key people and above-average long-term results compared to managers with similar styles.   

Investment Managers:   
Value Managers:   
Matrix Asset Advisors, Inc.   
Pzena Investment Management, LLC   
Delaware Investments   

Growth Managers:   
Cornerstone Capital Management LLC   
TCW Investment Management Company   

Top 20 Holdings at Month-End
		(27.9% of equity portfolio)
		(Rank from previous month)
1		Google, Inc., Class A & C (1)	2.5%
2		Facebook, Inc., Class A (4)	1.9%
3		Salesforce.com, Inc. (6)	1.9%
4		Amazon.com, Inc. (7)	1.6%
5		Visa, Inc., Class A (9)	1.5%
6		CVS Health Corp. (46)	1.4%
7		Microsoft Corp. (10)	1.4%
8		JPMorgan Chase & Co. (2)	1.4%
9		Metlife, Inc. (13)	1.3%
10		Cisco Systems, Inc. (65)	1.3%
11		Alexion Pharmaceuticals, Inc. (15)	1.3%
12		BB&T Corp. (64)	1.2%
13		Johnson Controls, Inc. (75)	1.2%
14		Intel Corp. (87)	1.2%
15		Johnson & Johnson (73)	1.2%
16		Occidental Petroleum Corp. (71)	1.2%
17		State Street Corp. (3)	1.1%
18		Hewlett-Packard Co. (16)	1.1%
19		Gilead Sciences, Inc. (20)	1.1%
20		The Walt Disney Co. (17)	1.1%
		Holdings are subject to change.

Monthly Performance
Performance		NAV	Market Price	Discount
	Beginning of month value	$6.18	$5.31	14.1%
	End of month value	$5.91	$5.08	14.0%
	Performance for month	-4.37%	-4.33%
	Performance year-to-date	-7.67%	-9.23%

The net asset value (NAV) of a closed-end fund is the market value of the underlying investments (i.e., stocks and bonds) in the Fund's portfolio, minus liabilities, divided by the total number of Fund shares outstanding. However, the Fund also has a market price; the value at which it trades on an exchange. If the market price is above the NAV the Fund is trading at a premium. If the market price is below the NAV the Fund is trading at a discount.

Returns for the Fund are total returns, which includes dividends, and are net of management fees and other Fund expenses. The Fund's performance is calculated assuming that a shareholder reinvested all distributions. Past performance cannot predict future investment results.

Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information shown does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. Shareholders must be willing to tolerate significant fluctuations in the value of their investment. An investment in the Fund involves risk, including loss of principal.

Sources of distributions to shareholders may include ordinary dividends, long-term capital gains and return of capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time, available at http://www.all-starfunds.com/. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year.

Net Assets at Month-End ($millions)
	Total	$1,080.6
	Equities	$1,066.7
	Percent Invested	98.7%
Sector Breakdown (% of equity portfolio)*
	Financials		22.2%
	Information Technology		20.9%
	Health Care		16.4%
	Consumer Discretionary		15.3%
	Energy		8.7%
	Consumer Staples		7.5%
	Industrials		5.7%
	Materials		1.4%
	Telecommunication Services		1.2%
	Utilities		0.7%
Total Market Value			100.0%
*Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).
New Holdings				Holdings Liquidated
Dover Corp.				Arista Networks, Inc.
Time Warner, Inc.				CBS Corp., Class B
				FireEye, Inc.
				Precision Castparts Corp.
				Yelp, Inc.