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

BOSTON, MA -- (Marketwired) -- 06/13/14 -- Below is the May 2014 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

Liberty All-Star Equity Fund                                  Monthly Update
  Ticker: USA                                                      May, 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
---------------------------------------------------------------
     (31.6% of equity portfolio)
                   (Rank from previous month)
---------------------------------------------------------------
  1  Google, Inc., Class A (3)                             2.4%
  2  Schlumberger Ltd. (1)                                 2.2%
  3  JPMorgan Chase & Co. (2)                              2.2%
  4  Salesforce.com, Inc. (4)                              1.9%
  5  Citigroup, Inc. (6)                                   1.7%
  6  Bank of America Corp. (7)                             1.7%
  7  Hewlett-Packard Co. (5)                               1.7%
  8  Visa, Inc., Class A (9)                               1.6%
  9  Weatherford International Ltd. (10)                   1.5%
 10  SunTrust Banks, Inc. (8)                              1.5%
 11  QUALCOMM, Inc. (12)                                   1.4%
 12  Starbucks Corp. (13)                                  1.4%
 13  American International Group, Inc. (15)               1.4%
 14  MetLife, Inc. (11)                                    1.4%
 15  Devon Energy Corp. (16)                               1.4%
 16  Precision Castparts Corp. (18)                        1.3%
 17  State Street Corp. (17)                               1.3%
 18  Amazon.com, Inc. (14)                                 1.3%
 19  Microsoft Corp. (19)                                  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                      $6.52      $5.76      11.7%
  Distributions                                   -          -
  End of month value                            $6.65      $5.88      11.6%
  Performance for month                         1.99%      2.08%
  Performance year-to-date                      2.52%      1.89%
----------------------------------------------------------------------------

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 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                                     $1,173.7
  Equities                                  $1,150.9
  Percent Invested                          98.1%
----------------------------------------------------


Sector Breakdown (% of equity portfolio)*
------------------------------------------------------------------
  Financials                                              27.5%
  Information Technology                                  17.9%
  Consumer Discretionary                                  16.3%
  Energy                                                  14.9%
  Health Care                                             10.8%
  Industrials                                             6.6%
  Consumer Staples                                        4.4%
  Materials                                               1.3%
  Utilities                                               0.3%
Total Market Value                                        100.0%
------------------------------------------------------------------
*Based on Standard & Poor's and MSCI Barra Global Industry
Classification Standard (GICS).


New Holdings                         Holdings Liquidated
------------------------------------------------------------------------
Ameriprise Financial, Inc.           Invesco Ltd.
Trimble Navigation Ltd.              Lululemon Athletica, Inc.
                                     Orient-Express Hotels Ltd., Class A
                                     Whole Foods Market, Inc.

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

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