BOSTON, MA--(Marketwire - Nov 16, 2011) - Below is the October 2011 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

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

Monthly Performance
Performance                              NAV    Market Price    Discount
                                         ---    ------------    --------
Beginning of month value                $4.58       $4.10         10.5%
Distributions                             -           -
End of month value                      $5.20       $4.51         13.3%
Performance for month                  13.54%      10.00%
Performance year-to-date               -4.34%      -3.54%

Past performance cannot predict future results


Net Assets at Month-End ($millions)
Total                                  $949.7
Equities                               $936.8
Percent Invested                       98.6%


Top 20 Holdings at Month-End
  (29.6% of equity portfolio)
  (Rank from previous month)
 1 Apple, Inc. (1)                            3.0%
 2 JPMorgan Chase & Co. (2)                   2.1%
 3 Cisco Systems, Inc. (4)                    2.0%
 4 QUALCOMM, Inc. (3)                         1.9%
 5 ACE Ltd. (6)                               1.9%
 6 Wells Fargo & Co. (5)                      1.8%
 7 Google, Inc., Class A (8)                  1.6%
 8 Dell, Inc. (7)                             1.5%
 9 BP PLC (12)                                1.3%
10 The Allstate Corp. (9)                     1.2%
11 The Western Union Co. (16)                 1.2%
12 Visa, Inc., Class A (10)                   1.2%
13 PNC Financial Services Group, Inc. (13)    1.2%
14 Staples, Inc. (14)                         1.2%
15 Consol Energy, Inc. (21)                   1.1%
16 Rockwell Automation, Inc. (19)             1.1%
17 State Street Corp. (24)                    1.1%
18 Peabody Energy Corp. (29)                  1.1%
19 Arch Coal, Inc. (25)                       1.1%
20 Amazon.com, Inc. (11)                      1.0%

   Holdings are Subject to Change


Sector Breakdown (% of equity portfolio)*

Information Technology                        25.5%
Financials                                    19.2%
Energy                                        14.7%
Consumer Discretionary                        10.6%
Industrials                                   8.5%
Health Care                                   8.5%
Consumer Staples                              5.4%
Materials                                     3.9%
Utilities                                     2.4%
Telecommunication Services                    1.3%
                                              100.0%

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

New Holdings             Holdings Liquidated
Western Digital Corp.    Beam, Inc.
                         Intel Corp.
                         United Continental Holdings, Inc. (Corporate Bond)