Liberty All-Star(R) Equity Fund November 2008 Monthly Update

• Press Release
• Source: ALPS Advisers, Inc.
• On 3:01 pm EST, Thursday December 4, 2008

BOSTON, MA--(MARKET WIRE)--Dec 4, 2008 --
Below is the November 2008 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE:USA - News)

Related Quotes Symbol Price Change USA 4.19 0.00 {"s" : "usa","k" : "c10,l10,p20,t10","o" : "","j" : ""}

 
                       November 2008 Monthly Update


Performance                     NAV     Market Price     Discount
-----------                    -----    ------------    ----------
    Beginning of month value   $4.66       $3.86           17.2%
    Distributions                -           -
    End of month value         $4.18       $3.12           25.4%
    Performance for month     (10.3%)     (19.2%)
    Performance year-to-date  (44.0%)     (51.5%)

    For daily data visit the Fund's website at http://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                                   $746.8
    Equities                                $722.3
    Preferred Stocks & Convertible Bonds      $1.5

    Percent Invested                          96.9%
---------------------------------------------------------------------------

Top 20 Holdings at Month-End (29.2% of portfolio)
-------------------------------------------------
    (Rank from previous month)

1  Bank of America Corp. (1)    2.5%  11 Capital One Financial Corp.
                                         (14)                          1.3%
2  The Procter & Gamble Co. (3) 2.2%  12 Genentech, Inc. (16)          1.2%
3  Wal-Mart Stores, Inc. (4)    2.0%  13 Chevron Corp. (25)            1.1%
4  Dell, Inc. (7)               1.9%  14 Teva Pharmaceutical
                                         Industries Ltd. (17)          1.1%
5  Genzyme Corp. (5)            1.8%  15 Google, Inc., Class A (13)    1.1%
6  Annaly Capital Management,         16 C.H. Robinson Worldwide,
   Inc. (6)                     1.8%     Inc. (27)                     1.1%
7  Gilead Sciences, Inc. (19)   1.6%  17 Staples, Inc. (15)            1.1%
8  Microsoft Corp. (8)          1.5%  18 J.C. Penney Co., Inc. (20)    1.1%
9  Johnson & Johnson (9)        1.4%  19 Devon Energy Corp. (24)       1.0%
10 McDonald's Corp. (10)        1.4%  20 Wells Fargo & Co. (31)        1.0%

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

Sector Breakdown (% of portfolio) *    New Holdings
-----------------------------------    ------------
    Financials                19.7%    ACE Ltd.
    Information Technology    18.8%    Apollo Group, Inc., Class A
    Health Care               18.0%    Johnson Controls, Inc.
    Consumer Discretionary    14.5%    Rockwell Automation, Inc.
    Consumer Staples           8.8%    WellPoint, Inc.
    Industrials                8.2%
    Energy                     7.9%    Holdings Liquidated
    Utilities                  2.1%    -------------------
    Materials                  2.0%    Adobe Systems, Inc.
                             ------    Hewlett-Packard Co.
                             100.0%    Medtronic, Inc.
                                       The Progressive Corp.
                                       St. Jude Medical, 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.

     Contact Information:
     Liberty All-Star Equity Fund
     1-800-241-1850
     http://www.all-starfunds.com