Liberty All-Star(R) Equity Fund November 2011 Monthly Update

BOSTON, MA -- (Marketwire) -- 12/09/11 -- Below is the November 2011 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

Liberty All-Star Equity Fund                                 Monthly Update
Ticker: USA                                                   November 2011

Monthly Performance
Performance                                NAV   Market Price    Discount
                                           ---   ------------    --------
Beginning of month value                  $5.20     $4.51          13.3%
Distributions                               -         -
End of month value                        $5.09     $4.31          15.3%
Performance for month                    -2.12%    -4.43%
Performance year-to-date                 -6.36%    -7.81%

Past performance cannot predict future results

Net Assets at Month-End ($millions)
Total                                    $929.8
Equities                                 $915.6
Percent Invested                         98.5%


Top 20 Holdings at Month-End
  (29.9% of equity portfolio)
  (Rank from previous month)

 1 Apple, Inc. (1)                       2.9%
 2 QUALCOMM, Inc. (4)                    2.1%
 3 Cisco Systems, Inc. (3)               2.1%
 4 Google, Inc., Class A (7)             1.9%
 5 JPMorgan Chase & Co. (2)              1.9%
 6 ACE Ltd. (5)                          1.9%
 7 Wells Fargo & Co. (6)                 1.8%
 8 Dell, Inc. (8)                        1.6%
 9 BP PLC (9)                            1.3%
10 The Western Union Co. (11)            1.3%
11 The Allstate Corp. (10)               1.3%
12 Visa, Inc., Class A (12)              1.2%
13 Staples, Inc. (14)                    1.2%
14 State Street Corp. (17)               1.1%
15 Hewlett-Packard Co. (24)              1.1%
16 American Tower Corp., Class A (29)    1.1%
17 Arch Coal, Inc. (19)                  1.1%
18 Schlumberger Ltd. (25)                1.0%
19 Peabody Energy Corp. (18)             1.0%
20 Consol Energy, Inc. (15)              1.0%

   Holdings are Subject to Change


Sector Breakdown (% of equity portfolio)*
Information Technology                   25.4%
Financials                               18.9%
Energy                                   15.0%
Consumer Discretionary                   10.7%
Industrials                              8.7%
Health Care                              8.4%
Consumer Staples                         5.9%
Materials                                3.5%
Utilities                                2.1%
Telecommunication Services               1.4%
                                         100.0%

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


New Holdings                     Holdings Liquidated
Cooper Industries PLC            The Dow Chemical Co.
                                 Royal Dutch Shell PLC, Class B

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