Liberty All-Star(R) Equity Fund January 2013 Monthly Update

BOSTON, MA -- (Marketwire) -- 02/15/13 -- Below is the January 2013 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

Liberty All-Star Equity Fund                                  Monthly Update
  Ticker: USA                                                  January, 2013

Monthly Performance
Performance                                     NAV    Market Price Discount
------------------------------------------- ---------- ------------ --------
  Beginning of month value                     $5.35       $4.77      10.8%
  Distributions (Ex-Date January 23)           $0.08       $0.08
  End of month value                           $5.61       $4.98      11.2%
  Performance for month                        6.36%       6.08%
  Performance year-to-date                     6.36%       6.08%
Past performance cannot predict future results


Net Assets at Month-End ($millions)
  Total                                      $1,039.8
  Equities                                   $1,031.9
  Percent Invested                             99.2%

Top 20 Holdings at Month-End
    (31.2% of equity portfolio)
                (Rank from previous month)
  1 Apple, Inc. (1)                                   3.0%
  2 JPMorgan Chase & Co. (2)                          2.6%
  3 QUALCOMM, Inc. (3)                                2.3%
  4 Schlumberger Ltd. (4)                             1.9%
  5 Citigroup, Inc. (5)                               1.8%
  6 ACE Ltd. (6)                                      1.7%
  7 Google, Inc., Class A (7)                         1.6%
  8 State Street Corp. (9)                            1.6%
  9 SunTrust Banks, Inc. (8)                          1.4%
 10 TE Connectivity Ltd. (10)                         1.3%
 11 MetLife, Inc. (12)                                1.3%
 12 The Allstate Corp. (13)                           1.3%
 13 Visa, Inc., Class A (11)                          1.3%
 14 Devon Energy Corp. (14)                           1.2%
 15 Toll Brothers, Inc. (16)                          1.2%
 16 Dell, Inc. (28)                                   1.2%
 17 Microsoft Corp. (17)                              1.2%
 18 Chesapeake Energy Corp. (26)                      1.1%
 19 NVR, Inc. (18)                                    1.1%
 20 The Charles Schwab Corp. (27)                     1.1%
    Holdings are subject to change.

Sector Breakdown (% of equity portfolio)*
  Financials                                      23.9%
  Information Technology                          21.2%
  Energy                                          15.3%
  Consumer Discretionary                          12.6%
  Health Care                                     9.0%
  Industrials                                     7.3%
  Consumer Staples                                5.7%
  Materials                                       2.5%
  Telecommunication Services                      1.5%
  Utilities                                       1.0%
Total Market Value                                100.0%

*Based on Standard & Poor's and MSCI Barra Global Industry Classification
 Standard (GICS).


New Holdings                                      Holdings Liquidated
  Ralph Lauren Corp.                                KB Home
  The TJX Companies, Inc.                           VF Corp.

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