Liberty All-Star(R) Equity Fund April 2014 Monthly Update

May 16, 2014 10:02:00 (ET)

Liberty All-Star(R) Equity Fund April 2014 Monthly Update

BOSTON, MA--(Marketwired - May 16, 2014) - Below is the April 2014 Monthly Update for the Liberty All-Star(R) Equity Fund. (NYSE: USA)

Liberty All-Star Equity Fund Monthly Update
Ticker: USA April, 2014



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
Schneider Capital Management Corp.

Growth Managers:
Cornerstone Capital Management LLC
TCW Investment Management Company




Top 20 Holdings at Month-End
--------------------------------------------- ----
(31.1% of equity portfolio)
(Rank from previous month)
--------------------------------------- ----
1 Schlumberger Ltd. (3) 2.3%
2 JPMorgan Chase & Co. (2) 2.2%
3 Google, Inc. (1) 2.2%
4 Salesforce.com, Inc. (4) 1.8%

5 Hewlett-Packard Co. (6) 1.7%
6 Citigroup, Inc. (7) 1.7%
7 Bank of America Corp. (5) 1.6%
8 SunTrust Banks, Inc. ( 1.5%

9 Visa, Inc., Class A (13) 1.5%
10 Weatherford International Ltd. (19) 1.5%
11 MetLife, Inc. (10) 1.4%
12 QUALCOMM, Inc. (12) 1.4%

13 Starbucks Corp. (11) 1.4%
14 Amazon.com, Inc. (9) 1.4%
15 American International Group, Inc. (15) 1.3%
16 Devon Energy Corp. (14) 1.3%

17 State Street Corp. (16) 1.3%
18 Precision Castparts Corp. (1 1.3%
19 Microsoft Corp. (17) 1.2%
20 TE Connectivity Ltd. (20) 1.1%
--------------------------------------- ----
Holdings are subject to change.




Monthly Performance
----------------------------------- ------------------------------
Performance NAV Market Price Discount
----------------------------------- ------ ------------ --------
Beginning of month value $6.67 $5.88 11.8%
------------------------------------ ------ ------------ --------
Distributions (Ex-Date April 30) $0.10 $0.10
------------------------------------ ------ ------------ --------
End of month value $6.52 $5.76 11.7%
------------------------------------ ------ ------------ --------
Performance for month -0.55% -0.34%
------------------------------------ ------ ------------ --------
Performance year-to-date 0.55% -0.16%
------------------------------------ ------ ------------ --------



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 include
dividends. Performance returns are net of Fund expenses.
The Fund's performance is calculated assuming that
a shareholder reinvested all distributions and exercised
all primary rights in the Fund's rights offerings.
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. 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 $1,149.7
-------------------------- ----------
Equities $1,136.7
-------------------------- ----------
Percent Invested 98.9%
-------------------------- ----------



Sector Breakdown (% of equity portfolio)*
-------------------------------------------- ------
Financials 27.8%
-------------------------------------------- ------
Information Technology 17.3%
-------------------------------------------- ------
Consumer Discretionary 15.8%
-------------------------------------------- ------
Energy 15.3%
-------------------------------------------- ------
Health Care 10.4%
-------------------------------------------- ------
Industrials 6.7%
-------------------------------------------- ------
Consumer Staples 4.8%
-------------------------------------------- ------
Materials 1.3%
-------------------------------------------- ------
Utilities 0.6%
-------------------------------------------- ------
Total Market Value 100.0%
-------------------------------------------- ------
*Based on Standard & Poor's and MSCI Barra Global
Industry Classification Standard (GICS).




New Holdings Holdings Liquidated
------------------------------------- --------------------------
Chipotle Mexican Grill, Inc., Class A Edwards Lifesciences Corp.
LG Display Co. Ltd.
Silver Wheaton Corp.

Contact Information:

Liberty All-Star Equity Fund

1-800-241-1850

www.all-starfunds.com