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Liberty All-Star(R) Equity Fund October 2014 Update

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Liberty All-Star(R) Equity Fund October 2014 Update

BOSTON, MA--(Marketwired - Nov 18, 2014) - Below is the October 2014 Monthly Update for the Liberty All-Star(R) Equity Fund. (NYSE: USA)


Liberty All-Star Equity Fund Monthly Update
Ticker: USA October, 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 Corporation

Growth Managers:
Cornerstone Capital Management LLC
TCW Investment Management Company

Top 20 Holdings at Month-End
------------------------------------------------------------ -----
(31.3% of equity portfolio)
(Rank from previous month)
--- ----------------------------------------------------- -----
1 JPMorgan Chase & Co. (1) 2.3%
2 Salesforce.com, Inc. (4) 2.3%
3 Google, Inc., Class A & C (2) 2.2%
4 State Street Corp. (10) 2.1%
5 Citigroup, Inc. (6) 1.9%
6 Visa, Inc., Class A (Cool 1.7%
7 Starbucks Corp. (7) 1.6%
8 SunTrust Banks, Inc. (11) 1.5%
9 Schlumberger Ltd. (3) 1.5%
10 Hewlett-Packard Co. (9) 1.4%
11 MetLife, Inc. (14) 1.4%
12 QUALCOMM, Inc. (16) 1.4%
13 American International Group, Inc. (12) 1.4%
14 Devon Energy Corp. (20) 1.3%
15 Marriott International, Inc., Class A (19) 1.3%
16 Precision Castparts Corp. (17) 1.3%
17 Microsoft Corp. (1Cool 1.3%
18 Bank of America Corp. (5) 1.3%
19 Morgan Stanley (21) 1.1%
20 Weatherford International Ltd. (15) 1.0%
--- ----------------------------------------------------- -----





Monthly Performance
Performance NAV Market Price Discount
------------------------------------ ----- ------------ --------
Beginning of month value $6.66 $5.83 12.5%
Distributions (Ex-Date October 29) $0.09 $0.09
End of month value $6.70 $5.83 13.0%
Performance for month 2.15% 1.54%
Performance year-to-date 6.64% 4.29%

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, after deducting 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 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 $1,192.9
Equities $1,171.2
Percent Invested 98.2%



Sector Breakdown (% of equity portfolio)*
Financials 28.4%
Information Technology 20.7%
Consumer Discretionary 16.5%
Energy 12.7%
Health Care 11.5%
Industrials 5.8%
Consumer Staples 3.7%
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
Avnet, Inc. Alcoa, Inc.
Baxter International, Inc. The Coca-Cola Company
Delphi Automotive PLC Fluor Corp.
EOG Resources, Inc. Huntington Bancshares, Inc.
First Niagara Financial Group, Inc. Pentair PLC
Las Vegas Sands Corp. Verisk Analytics, Inc., Class A
Whitewave Foods Co.

Contact Information:

Liberty All-Star Equity Fund

1-800-241-1850

www.all-starfunds.com




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