All-Star Equity Fund - January 2003 Monthly Update.

Business Editors

BOSTON--(BUSINESS WIRE)--Feb. 13, 2003

All-Star Equity Fund (NYSE: USA) January 2003 Monthly Update

Performance                  NAV     Market Price   Premium/(Discount)
   Beginning of month
    value                   $7.14     $6.64              -7.00%
   Distributions                -         -
   End of month value       $6.98     $6.93              -0.70%
   Performance for month    -2.20%     4.40%
   Performance year-to-
    date                    -2.20%     4.40%


For daily data visit the Fund's website at www.all-starfunds.com or
    call 1-800-241-1850


Net Assets at Month-End ($millions)

   Total                  $849.40
   Common Stocks          $814.00
   Preferred Stocks and
    Convertible Bonds       $7.40
   Percent
    Invested                96.70%

Top 20 Holdings at Month-End (32.0% of equity portfolio)
  (Rank from previous month)

1  Freddie Mac (1)   3.10%     11 ChevronTexaco (12)           1.40%
2  Microsoft (2)     2.50%     12 Dell Computer (7)            1.40%
3  Countrywide                 13 Cisco Systems (13)           1.40%
    Financial (3)    2.50%     14 Carnival (14)                1.20%
4  Progressive (5)   2.00%     15 XL Capital (16)              1.10%
5  Citigroup (4)     1.90%     16 Applied Materials (19)       1.10%
6  Amgen (8)         1.80%     17 Wyeth (23)                   1.00%
7  AFLAC (10)        1.70%     18 Intel (27)                   1.00%
8  Genentech (11)    1.70%     19 Agilent Technologies (18)    1.00%
9  Wells Fargo (9)   1.60%     20 Maxim Integrated             1.00%
10 American                        Products (20)
    International
    Group (6)        1.60%


Sector Breakdown (% of equity portfolio)

   Financial
    Services         23.00%
   Technology        17.70%
   Consumer
    Discretionary    15.90%
   Health Care       14.50%
   Integrated Oils
    and Other Energy  6.00%
   Producer
    Durables          5.40%
   Autos and
    Transportation    4.80%
   Consumer Staples   4.10%
   Materials and
    Processing        3.40%
   Utilities          3.00%
   Other              2.20%

                    100.00%


New Holdings

Disney       Sears Roebuck
Everest Re   Tyson Foods
 Group
PepsiCo      Wachovia
Premcor      Walgreen


Holdings Liquidated

Alcon        General Dynamics
American     Hewlett-Packard
 Financial
 Group
Applera      Lockheed Martin
Deere        Michaels Stores
Duke         York International
 Energy
El Paso