Liberty All-Star(R) Equity Fund November 2012 Monthly Update

BOSTON, MA -- (Marketwire) -- 12/19/12 -- Below is the November 2012 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

Liberty All-Star Equity Fund                                  Monthly Update
  Ticker: USA                                                    November 12

Monthly Performance
Performance                                   NAV    Market Price  Discount
----------------------------------------------------------------------------
  Beginning of month value                   $5.21       $4.64       10.9%
  Distributions                                -           -
  End of month value                         $5.23       $4.61       11.9%
  Performance for month                      0.38%      -0.65%
  Performance year-to-date                  11.59%      16.92%
Past performance cannot predict future results


Net Assets at Month-End ($millions)
  Total                                     $962.1
  Equities                                  $953.2
  Percent Invested                           99.1%


Top 20 Holdings at Month-End
   (31.0% of equity portfolio)
                                              (Rank from previous month)
 1 Apple, Inc. (1)                                                      3.7%
 2 JPMorgan Chase & Co. (2)                                             2.5%
 3 QUALCOMM, Inc. (3)                                                   2.3%
 4 Schlumberger Ltd. (6)                                                1.8%
 5 Google, Inc., Class A (4)                                            1.7%
 6 ACE Ltd. (7)                                                         1.7%
 7 Citigroup, Inc. (5)                                                  1.6%
 8 SunTrust Banks, Inc. (9)                                             1.5%
 9 State Street Corp. (10)                                              1.4%
10 TE Connectivity Ltd. (16)                                            1.3%
11 Visa, Inc., Class A (17)                                             1.3%
12 The Allstate Corp. (13)                                              1.3%
13 MetLife, Inc. (11)                                                   1.3%
14 Devon Energy Corp. (12)                                              1.2%
15 NVR, Inc. (19)                                                       1.1%
16 Toll Brothers, Inc. (25)                                             1.1%
17 Microsoft Corp. (24)                                                 1.1%
18 Cisco Systems, Inc. (20)                                             1.1%
19 Chesapeake Energy Corp. (14)                                         1.0%
20 American Tower Corp., Class A (23)                                   1.0%
   Holdings are subject to change.


Sector Breakdown (% of equity portfolio)*
  Information Technology                                              23.2%
  Financials                                                          22.6%
  Energy                                                              14.6%
  Consumer Discretionary                                              12.4%
  Health Care                                                         8.9%
  Industrials                                                         7.2%
  Consumer Staples                                                    5.7%
  Materials                                                           2.8%
  Telecommunication Services                                          1.6%
  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
Express Scripts, Inc.                         Alcoa, Inc.
LinkedIn Corp., Class A                       C.H. Robinson Worldwide, Inc.
Philip Morris International, Inc.             Engility Holdings, Inc.
                                              Gilead Sciences, Inc.
                                              Illumina, Inc.
                                              NuVasive, Inc.
                                              Realogy Holdings Corp.
                                              St. Jude Medical, Inc.
                                              Tiffany & Co.