BOSTON, MA--(Marketwired - May 15, 2015) - Below is the April 2015 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

Liberty All-Star Equity Fund Monthly Update
Ticker: USA April, 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      
    (29.3% of equity portfolio)      
    (Rank from previous month)      
1   JPMorgan Chase & Co. (2)   2.3%  
2   State Street Corp. (1)   2.3%  
3, Inc. (3)   2.1%  
4   Citigroup, Inc. (4)   1.7%  
5   Google, Inc., Class A & C (5)   1.6%  
6   Microsoft Corp. (13)   1.5%  
7   Facebook, Inc., Class A (6)   1.5%  
8   SunTrust Banks, Inc. (7)   1.5%  
9   Visa, Inc., Class A (8)   1.3%  
10   Apple, Inc. (158)   1.3%  
11, Inc. (15)   1.3%  
12   MetLife, Inc. (10)   1.3%  
13   Hewlett-Packard Co. (12)   1.3%  
14   Marriott International, Inc., Class A (11)   1.2%  
15   PulteGroup, Inc. (38)   1.2%  
16   Weatherford International Ltd. (21)   1.2%  
17   The Walt Disney Co. (34)   1.2%  
18   American International Group, Inc. (14)   1.2%  
19   QUALCOMM, Inc. (16)   1.2%  
20   Chesapeake Energy Corp. (22)   1.1%  
    Holdings are subject to change.      
Monthly Performance  
Performance NAV Market Price Discount
  Beginning of month value $6.72 $5.84 13.1%
  Distributions (Ex-Date April 29) $0.14 $0.14  
  End of month value $6.70 $5.84 12.8%
  Performance for month 2.09% 2.40%  
  Performance year-to-date 1.99% 1.68%  

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 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 $1,205.2    
  Equities $1,200.5    
  Percent Invested 99.6%    
Sector Breakdown (% of equity portfolio)*      
  Financials   28.1%  
  Information Technology   21.7%  
  Consumer Discretionary   16.9%  
  Health Care   11.5%  
  Energy   11.2%  
  Consumer Staples   5.1%  
  Industrials   4.7%  
  Materials   0.8%  
Total Market Value   100.0%  
*Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).      
New Holdings   Holdings Liquidated
  The Coca-Cola Company     Comcast Corp., Class A
  Wal-Mart Stores, Inc.    

Contact Information:

Contact Information:
Liberty All-Star Equity Fund