SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

January 18, 2011 13:07 ET

Liberty All-Star® Equity Fund December 2010 Monthly Update

BOSTON, MA--(Marketwire - January 18, 2011) - Below is the December 2010 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                       December 2010 Monthly Update

Performance                       NAV          Market Price       Discount
                                 -----         ------------       --------
  Beginning of month value       $5.37             $4.65            13.4%
  Distributions (Ex-Date
   December 15)                  $0.08             $0.08
  End of month value             $5.69             $4.93            13.4%
  Performance for month           7.45%             7.72%
  Performance year-to-date       15.59%            21.69%

  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.
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Net Assets at Month-End ($millions)
----------------------------------
  Total                          $1,038.8
  Equities                       $1,022.1
  Convertible Bonds                  $1.1

  Percent Invested                  98.5%
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Top 20 Holdings at Month-End (29.2% of portfolio)
------------------------------------------------
    (Rank from previous month)

 1 Apple, Inc. (1)            2.8%     11 Consol Energy, Inc.(16)      1.2%
 2 Bank of America Corp.(4)   2.1%     12 Cisco Systems, Inc. (19)     1.2%
 3 JPMorgan Chase & Co.(2)    2.1%     13 The Allstate Corp. (12)      1.2%
 4 Dell, Inc. (3)             1.8%     14 Valero Energy Corp. (20)     1.2%
 5 QUALCOMM, Inc. (5)         1.7%     15 The Western Union Co.(11)    1.1%
 6 Google, Inc., Class A (10) 1.7%     16 State Street Corp. (17)      1.1%
 7 Arch Coal, Inc. (7)        1.6%     17 Tyco Electronics Ltd.(13)    1.1%
 8 PNC Financial Services              18 C.H. Robinson
    Group, Inc. (8)           1.5%         Worldwide, Inc. (18)        1.1%
 9 Amazon.com, Inc. (9)       1.3%     19 Citigroup, Inc. (95)         1.1%
10 Wells Fargo & Co.(6)       1.2%     20 Costco Wholesale Corp.(14)   1.1%

   Holdings are subject to change
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Sector Breakdown (% of portfolio)*        New Holdings
--------------------------------          ------------
   Information Technology    23.9%        Burberry Group PLC
   Financials                20.5%        Ecolab, Inc.
   Energy                    14.6%        Polycom, Inc.
   Health Care               10.8%
   Consumer Discretionary    10.6%
   Industrials                8.7%
   Consumer Staples           5.3%
   Materials                  2.9%        Holdings Liquidated
   Utilities                  2.1%        -------------------
   Telecommunication Services 0.6%        Best Buy Co., Inc.
                            -----         Honeywell International, Inc.
                            100.0%        Mastercard, Inc., Class A
                            =====         Polo Ralph Lauren Corp.

* 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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