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)