BOSTON, MA -- (Marketwire) -- 01/09/13 -- Below is the December 2012 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

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

Monthly Performance
Performance                                   NAV    Market Price  Discount
----------------------------------------- ---------- ------------ ----------
  Beginning of month value                   $5.23       $4.61       11.9%
  Distributions                                -           -
  End of month value                         $5.35       $4.77       10.8%
  Performance for month                      2.29%       3.47%
  Performance year-to-date                  14.14%      20.94%
Past performance cannot predict future results


Net Assets at Month-End ($millions)
  Total                                     $991.1
  Equities                                  $977.3
  Percent Invested                           98.6%


Top 20 Holdings at Month-End
   (30.7% of equity portfolio)
                         (Rank from previous month)
 1 Apple, Inc. (1)                                                      3.5%
 2 JPMorgan Chase & Co. (2)                                             2.6%
 3 QUALCOMM, Inc. (3)                                                   2.2%
 4 Schlumberger Ltd. (4)                                                1.8%
 5 Citigroup, Inc. (7)                                                  1.7%
 6 ACE Ltd. (6)                                                         1.7%
 7 Google, Inc., Class A (5)                                            1.6%
 8 SunTrust Banks, Inc. (8)                                             1.5%
 9 State Street Corp. (9)                                               1.4%
10 TE Connectivity Ltd. (10)                                            1.4%
11 Visa, Inc., Class A (11)                                             1.3%
12 MetLife, Inc. (13)                                                   1.2%
13 The Allstate Corp. (12)                                              1.2%
14 Devon Energy Corp. (14)                                              1.2%
15 Bank of America Corp. (30)                                           1.1%
16 Toll Brothers, Inc. (16)                                             1.1%
17 Microsoft Corp. (17)                                                 1.1%
18 NVR, Inc. (15)                                                       1.1%
19 American Tower Corp., Class A (20)                                   1.0%
20 Arch Coal, Inc. (23)                                                 1.0%
   Holdings are subject to change.


Sector Breakdown (% of equity portfolio)*
  Financials                                                          23.3%
  Information Technology                                              22.3%
  Energy                                                              14.6%
  Consumer Discretionary                                              12.8%
  Health Care                                                         8.9%
  Industrials                                                         7.2%
  Consumer Staples                                                    5.6%
  Materials                                                           2.7%
  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
Laboratory Corp. of America Holdings          British American Tobacco PLC
US Airways Group, Inc.                        Computer Sciences Corp.
                                              Hess Corp.
                                              OpenTable, Inc.