SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

December 11, 2009 14:50 ET

Liberty All-Star® Equity Fund November 2009 Monthly Update

BOSTON, MA--(Marketwire - December 11, 2009) - Below is the November 2009 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                              November 2009 Monthly Update



Performance                        NAV         Market Price       Discount
-----------                       -----        ------------       --------
    Beginning of month value      $4.91            $4.05            17.5%
    Distributions                     -                -
    End of month value            $5.15            $4.17            19.0%
    Performance for month          4.89%            2.96%
    Performance year-to-date      29.45%           27.84%

    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                        $940.0
    Equities                     $922.2
    Preferred Stocks               $0.7

    Percent Invested               98.2%
--------------------------------------------------------------------------
Top 20 Holdings at Month-End (29.6% of portfolio)
------------------------------------------------
    (Rank from previous month)

 1  Microsoft Corp. (1)        2.2%      11  Amazon.com, Inc. (12)     1.3%
 2  Google, Inc., Class A (3)  2.2%      12  The Allstate Corp. (11)   1.2%
 3  Bank of America Corp. (4)  2.1%      13  JPMorgan Chase & Co. (15) 1.2%
 4  Dell, Inc. (2)             2.1%      14  Magna International,
                                             Inc., Class A (19)        1.1%
 5  Apple, Inc. (6)            2.0%      15  Arch Coal, Inc. (13)      1.1%
 6  Visa, Inc., Class A (5)    1.9%      16  Forest Oil Corp. (14)     1.1%
 7  PNC Financial Services
    Group, Inc. (8)            1.6%      17  Cognizant Technology
                                             Solutions Corp. (25)      1.1%
 8  eBay, Inc. (10)            1.4%      18  The Boeing Co. (18)       1.1%
 9  Chesapeake Energy
    Corp. (7)                  1.4%      19  QUALCOMM, Inc. (20)       1.1%
10  Walgreen Co. (9)           1.3%      20  Morgan Stanley (16)       1.1%

    Holdings are subject to change
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Sector Breakdown (% of portfolio) *          New Holdings
--------------------------------             ------------
    Information Technology    26.0%          America Movil SAB de C.V.
    Financials                18.6%          Express Scripts, Inc.
    Consumer Discretionary    13.4%          St. Jude Medical, Inc.
    Health Care               11.5%
    Energy                    11.4%          Holdings Liquidated
    Industrials                7.6%          -------------------
    Consumer Staples           5.9%          AmerisourceBergen Corp.
    Materials                  2.8%          Cephalon, Inc.
    Utilities                  2.4%          Cytec Industries, Inc.
    Telecommunication                        Fiserv, Inc.
     Services                  0.4%          General Electric Co.
                            ------           Joy Global, Inc.
                             100.0%


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

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

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