SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

February 16, 2011 11:53 ET

Liberty All-Star® Equity Fund January 2011 Monthly Update

BOSTON, MA--(Marketwire - February 16, 2011) - Below is the January 2011 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                        January 2011 Monthly Update


Performance                 NAV   Market Price  Discount
-----------                -----  ------------  --------
 Beginning of month value  $5.69     $4.93        13.4%
 Distributions               -          -
 End of month value        $5.84     $5.06        13.4%
 Performance for month      2.64%     2.64%
 Performance year-to-date   2.64%     2.64%

 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                     $1,067.7
 Equities                  $1,044.2
 Convertible Bonds             $1.1

 Percent Invested              97.9%
---------------------------------------------------------------------------

Top 20 Holdings at Month-End (28.8% of portfolio)
-------------------------------------------------
   (Rank from previous month)

 1 Apple, Inc. (1)          2.8%       11 Consol Energy, Inc.(11)      1.2%
 2 JPMorgan Chase & Co.(3)  2.2%       12 Valero Energy Corp.(14)      1.2%
 3 Bank of America Corp.(2) 2.0%       13 The Allstate Corp. (13)      1.2%
 4 QUALCOMM, Inc. (5)       1.9%       14 Zimmer Holdings, Inc.(21)    1.2%
 5 Dell, Inc. (4)           1.7%       15 Citigroup, Inc. (19)         1.1%
 6 Google, Inc., Class A(6) 1.6%       16 Amazon.com, Inc. (9)         1.1%
 7 Arch Coal, Inc. (7)      1.5%       17 The Western Union Co.(15)    1.1%
 8 PNC Financial Services              18 State Street Corp. (16)      1.1%
    Group, Inc. (8)         1.4%       19 BP Plc (23)                  1.1%
 9 Wells Fargo & Co. (10)   1.2%       20 Chesapeake Energy Corp. (27) 1.0%
10 Cisco Systems, Inc.(12)  1.2%

   Holdings are subject to change
---------------------------------------------------------------------------

Sector Breakdown (% of portfolio) *       New Holdings
---------------------------------         ------------
   Information Technology   23.7%         MGIC Investment Corp.
   Financials               20.4%         NIKE, Inc., Class B
   Energy                   15.1%         Sprint Nextel Corp.
   Health Care              10.8%         Sunstone Hotel Investors, Inc.
   Consumer Discretionary   10.3%
   Industrials               8.6%
   Consumer Staples          5.2%
   Materials                 2.9%         Holdings Liquidated - None
   Utilities                 2.2%         --------------------------
   Telecommunication
    Services                 0.8%
                           -----
                           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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