SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

January 13, 2010 14:19 ET

Liberty All-Star® Equity Fund December 2009 Monthly Update

BOSTON, MA--(Marketwire - January 13, 2010) -


Below is the December 2009 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

December 2009 Monthly Update


Performance                              NAV     Market Price     Discount
   Beginning of month value             $5.15        $4.17          19.0%
   Distributions (Ex-Date December 16)  $0.08        $0.08
   End of month value                   $5.23        $4.33          17.2%
   Performance for month                3.11%        5.76%
   Performance year-to-date             33.48%      35.19%

   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.


Net Assets at Month-End ($millions)
   Total                                   $956.1
   Equities                                $946.7

   Percent Invested                          99.0%

Top 20 Holdings at Month-End (28.6% of portfolio)
        (Rank from previous month)

1  Apple, Inc. (5)              2.4%  11 The Allstate Corp. (12)    1.2%
2  Bank of America Corp. (3)    2.2%  12 Hewlett-Packard Co. (35)   1.2%
3  Dell, Inc. (4)               2.0%  13 Arch Coal, Inc. (15)       1.2%
4  Google, Inc., Class A (2)    2.0%  14 Magna International, (14)  1.1%
5  QUALCOMM, Inc. (19)          1.9%     Inc., Class A
6  Gilead Sciences, Inc. (32)   1.6%  15 The Boeing Co. (18)        1.1%
7  Monsanto Co. (34)            1.4%  16 Microsoft Corp. (1)        1.1%
8  Chesapeake Energy Corp. (9)  1.4%  17 JPMorgan Chase & Co. (13)  1.1%
9  PNC Financial Services  (7)  1.4%  18 Adobe Systems, Inc. (51)   1.0%
   Group, Inc.                        19 Tyco Electronics Ltd. (48) 1.0%
10 Forest Oil Corp. (16)        1.3%  20 Amazon.com, Inc. (11)      1.0%

        Holdings are subject to change

Sector Breakdown (% of portfolio)*           New Holdings **
   Information Technology          23.3%     Assured Guaranty Ltd.
   Financials                      18.5%     The Sherwin-Williams Co.
   Energy                          13.0%     Wells Fargo & Co.
   Consumer Discretionary          12.7%
   Health Care                     11.7%     Holdings Liquidated **
   Industrials                      9.4%     Accenture Ltd., Class A
   Consumer Staples                 5.9%     CareFusion Corp.
   Utilities                        3.0%     EXCO Resources, Inc.
   Materials                        2.5%     General Motors Corp., Series C
                                  100.0%     McAfee, Inc.
                                             TD Ameritrade Holding Corp.

*  Based on Standard & Poor's and MSCI Barra Global Industry Classification
   Standard (GICS).
** Transactions resulting from the manager replacement of Chase Investment
   Counsel Corporation with Cornerstone Capital Management, Inc. as one of
   the Fund's five portfolio managers effective December 21, 2009 are
   excluded from the New Holdings and Holdings Liquidated.

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

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