BOSTON, MA, Jan 18, 2012 (MARKETWIRE via COMTEX) -- Below is the December 2011 Monthly Update for the Liberty All-Star(R) Equity Fund. USA +1.04%

        
        Liberty All-Star Equity Fund                                 Monthly Update
        Ticker: USA                                                   December 2011
        Monthly Performance
        Performance                                  NAV    Market Price   Discount
                                                     ---    ------------   --------
        Beginning of month value                     $5.09      $4.31        15.3%
        Distributions (Ex-Date December 14)          $0.08      $0.08
        End of month value                           $4.99      $4.22        15.4%
        Performance for month                       -0.39%     -0.30%
        Performance year-to-date                    -6.73%     -8.09%
        Past performance cannot predict future results
        Net Assets at Month-End ($millions)
        Total                                       $911.8
        Equities                                    $898.4
        Percent Invested                             98.5%
        Top 20 Holdings at Month-End
          (30.4% of equity portfolio)
          (Rank from previous month)
         1 Apple, Inc. (1)                                  3.0%
         2 JPMorgan Chase & Co. (5)                         2.1%
         3 QUALCOMM, Inc. (2)                               2.1%
         4 Cisco Systems, Inc. (3)                          2.0%
         5 Google, Inc., Class A (4)                        2.0%
         6 Wells Fargo & Co. (7)                            1.9%
         7 ACE Ltd. (6)                                     1.8%
         8 Dell, Inc. (8)                                   1.5%
         9 The Western Union Co. (10)                       1.4%
        10 The Allstate Corp. (11)                          1.3%
        11 Staples, Inc. (13)                               1.3%
        12 Exxon Mobil Corp. (46)                           1.3%
        13 BP PLC (9)                                       1.3%
        14 Visa, Inc., Class A (12)                         1.2%
        15 State Street Corp. (14)                          1.1%
        16 Microsoft Corp. (24)                             1.1%
        17 American Tower Corp., Class A (16)               1.0%
        18 Hewlett-Packard Co. (15)                         1.0%
        19 SunTrust Banks, Inc. (29)                        1.0%
        20 Carnival Corp. (21)                              1.0%
           Holdings are Subject to Change
        Sector Breakdown (% of equity portfolio)*
        Information Technology                          25.4%
        Financials                                      19.5%
        Energy                                          14.6%
        Consumer Discretionary                          10.6%
        Health Care                                      8.8%
        Industrials                                      8.0%
        Consumer Staples                                 6.4%
        Materials                                        3.5%
        Utilities                                        1.8%
        Telecommunication Services                       1.4%
                                                        100.0%
        *Based on Standard & Poor's and MSCI Barra Global Industry Classification
        Standard (GICS).
        New Holdings               Holdings Liquidated
         Brown & Brown, Inc.        Broadcom Corp., Class A
         Citrix Systems, Inc.       Colgate-Palmolive Co.
         CSX Corp.                  Edison International
         Dollar General Corp.       Expedia, Inc.
         General Mills, Inc.        Textron, Inc.
         Pharmasset, Inc.
         Texas Instruments, Inc.