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

BOSTON, MA--(Marketwired - Mar 10, 2015) - Below is the February 2015 Monthly Update for the Liberty All-Star(R) Equity Fund. (NYSE: USA)


Liberty All-Star Equity Fund Monthly Update
Ticker: USA February 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
Schneider Capital Management Corporation

Growth Managers:
Cornerstone Capital Management LLC
TCW Investment Management Company

Top 20 Holdings at Month-End
------------------------------------------------------------ -----
(29.0% of equity portfolio)
(Rank from previous month)
--- ----------------------------------------------------- -----
1 State Street Corp. (1) 2.2%
2 Salesforce.com, Inc. (2) 2.2%
3 JPMorgan Chase & Co. (3) 2.1%
4 Citigroup, Inc. (5) 1.8%
5 Starbucks Corp. (4) 1.8%
6 Google, Inc., Class A & C (6) 1.7%
7 Facebook, Inc., Class A (10) 1.5%
8 SunTrust Banks, Inc. ( 1.5%
9 Visa, Inc., Class A (7) 1.5%
10 Marriott International, Inc., Class A (12) 1.3%
11 Hewlett-Packard Co. (9) 1.3%
12 MetLife, Inc. (13) 1.3%
13 Schlumberger Ltd. (11) 1.2%
14 Microsoft Corp. (16) 1.2%
15 American International Group, Inc. (14) 1.2%
16 QUALCOMM, Inc. (15) 1.1%
17 Morgan Stanley (1 1.1%
18 Weatherford International Ltd. (29) 1.0%
19 Amazon.com, Inc. (17) 1.0%
20 American Tower Corp. (19) 1.0%
--- ----------------------------------------------------- -----
Holdings are subject to change.



Monthly Performance
-------------------- -------------------------------------------
Performance NAV Market Price Discount
-------------------- --------- ------------------ ------------
Beginning of month
value $6.41 $5.57 13.1%
Distributions - -
End of month value $6.84 $5.93 13.3%
Performance for
month 6.71% 6.46%
Performance
year-to-date 1.68% 0.83%
-------------------- --------- ------------------ ------------

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 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 net investment
income, net realized short-term capital gains, net realized
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 $1,224.6
Equities $1,205.0
Percent Invested 98.4%
-------------------------------------------------- --------

Sector Breakdown (% of equity portfolio)*
--------------------------------------------------- -------- ------
Financials 28.3%
Information Technology 21.2%
Consumer Discretionary 17.6%
Health Care 12.9%
Energy 10.6%
Industrials 4.8%
Consumer Staples 3.9%
Materials 0.6%
Utilities 0.1%
Total Market Value 100.0%
--------------------------------------------------- -------- ------
*Based on Standard & Poor's and MSCI Barra Global
Industry Classification Standard (GICS).



New Holdings Holdings Liquidated
---------------------- -------------------------------
Apple, Inc. Oceaneering International, Inc.
FireEye, Inc. Pharmacyclics, Inc.
Monster Beverage Corp. SABMiller PLC
Yelp, Inc. Trimble Navigation Ltd.

Contact Information:

Liberty All-Star Equity Fund