Liberty All-Star(R) Equity Fund January 2010 Monthly Update


BOSTON, MA--(Marketwire - February 11, 2010) - Below is the January 2010 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                        January 2010 Monthly Update

Performance                          NAV      Market Price       Discount
-----------                        -------  -----------------  -----------
  Beginning of month value          $ 5.23        $ 4.33          17.2%
  Distributions                        -             -
  End of month value                $ 5.05        $ 4.18          17.2%
  Performance for month              (3.44%)       (3.46%)
  Performance year-to-date           (3.44%)       (3.46%)

For daily data visit the Fund's website at www.all-starfunds.com or call
1-800-241-1850.  The Fund's daily NAV is also available by using the symbol
XUSAX.  Past performance cannot predict future results.
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Net Assets at Month-End ($millions)
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  Total                            $ 922.2
  Equities                         $ 913.3
  Percent Invested                    99.0%
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Top 20 Holdings at Month-End (28.6% of portfolio)
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   (Rank from previous month)

1  Apple, Inc. (1)            2.3%    11 The Boeing Co.(15)            1.3%
2  Bank of America Corp. (2)  2.2%    12 The Allstate Corp.(11)        1.3%
3  Dell, Inc. (3)             1.9%    13 Magna International,  Inc.,
4  Google, Inc., Class A (4)  1.8%        Class A (14)                 1.2%
5  Gilead Sciences, Inc. (6)  1.8%    14 Hewlett-Packard Co.(12)       1.1%
6  QUALCOMM, Inc. (5)         1.7%    15 Arch Coal, Inc.(13)           1.1%
7  PNC Financial Services             16 Tyco Electronics Ltd. (19)    1.1%
   Group, Inc. (9)            1.5%    17 J.C. Penney Co., Inc.(30)     1.1%
8  Forest Oil Corp. (10)      1.4%    18 Microsoft Corp.(16)           1.0%
9  Chesapeake Energy Corp.(8) 1.4%    19 Wells Fargo & Co.(73)         1.0%
10 Monsanto Co. (7)           1.4%    20 JPMorgan Chase & Co. (17)     1.0%

   Holdings are subject to change
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Sector Breakdown (% of portfolio) *      New Holdings
----------------------------------       ------------
   Information Technology    21.9%       Baidu, Inc.
   Financials                19.5%       Cooper Industries Plc
   Energy                    13.0%       EQT Corp.
   Consumer Discretionary    12.9%       Scripps Networks Interactive,
   Health Care               11.6%        Inc., Class A
   Industrials                9.6%
   Consumer Staples           6.2%       Holdings Liquidated
   Utilities                  2.8%       -----------------
   Materials                  2.5%       Omnicare, Inc.
                            -----        Patterson-UTI Energy, Inc.
                            100.0%       Time Warner, Inc.
                                         Union Pacific Corp.

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

  The Liberty All-Star Equity Fund is a closed-end fund and does not
  continuously offer shares.

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