Liberty All-Star(R) Equity Fund July 2011 Monthly Update

BOSTON, MA--(Marketwire - Aug 17, 2011) -

Below is the July 2011 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                         July 2011 Monthly Update


                                         Market
Performance                      NAV     Price           Discount
-----------                   ---------  ------  ------------------------
     Beginning of month
      value                   $    5.74  $ 5.17                       9.9%
     Distributions                    -       -
     End of Month Value       $    5.66  $ 5.08                      10.2%
     Performance for
      month                       -1.39%  -1.74%
     Performance
      year-to-date                 2.52%   6.77%


    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                 $ 1,033.3
    Equities              $ 1,015.8
    Convertible Corporate
     Bond                 $     0.1

    Percent Invested           98.3%
---------------------------------------------------------------------------

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

1 Apple, Inc. (1)               3.3%     11  Consol Energy, Inc.  (12) 1.3%
2 JPMorgan Chase & Co. (2)      2.1%     12  The Western Union Co.(18) 1.1%
3 QUALCOMM, Inc. (3)            2.0%     13  The Allstate Corp.    (9) 1.1%
4 Wells Fargo & Co. (7)         1.7%     14  BP PLC               (17) 1.1%
5 Dell, Inc. (5)                1.6%     15  Amazon.com, Inc.     (13) 1.1%          
6 ACE Ltd. (6)                  1.6%     16  Google, Inc., Class A(26) 1.1%
7 Exxon Mobil Corp. (66)        1.6%     17  Visa, Inc., Class A  (11) 1.1%
8 Bank of America Corp. (4)     1.5%     18  Microsoft Corp.      (21) 1.0%
9 Cisco Systems, Inc. (8)       1.5%     19  Citigroup, Inc.      (14) 1.0%
10 Baidu, Inc. (10)             1.4%     20  State Street Corp.   (16) 1.0%

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

Sector Breakdown (% of portfolio)*           New Holdings
--------------------------------             ------------------------
    Information                              Computer Sciences Corp.
     Technology                24.2%         Medco Health Solutions, Inc.
    Financials                 18.9%         Terex Corp.
    Energy                     15.2%
    Consumer
     Discretionary             10.3%
    Health Care                 9.8%
    Industrials                 8.2%           Holdings Liquidated
                                             ------------------------
    Consumer Staples            5.5%         D.R. Horton, Inc.
    Materials                   3.8%         Discovery Communications, Inc.
    Utilities                   2.8%          Class A & C
    Telecommunication                        Petrohawk Energy Corp.
    Services                    1.3%         Polycom, Inc.
                              ---------
                              100.0%
                              =========

    *Based on Standard & Poor's and MSCI Barra Global Industry
      Classification Standard (GICS).
    The Liberty All-Star Growth Fund, Inc. is a closed-end fund
     and does not continuously offer shares.