SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

December 14, 2010 12:45 ET

Liberty All-Star® Equity Fund November 2010 Monthly Update

BOSTON, MA--(Marketwire - December 14, 2010) - Below is the November 2010 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

                       November 2010 Monthly Update

Performance                       NAV          Market Price        Discount
-----------                     -------        ------------        --------
  Beginning of month value       $5.31             $4.55             14.3%
  Distributions                    -                 -
  End of month value             $5.37             $4.65             13.4%
  Performance for month           1.13%             2.20%
  Performance year-to-date        7.58%            12.97%

  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                         $980.2
  Equities                      $963.4
  Convertible Bonds               $1.3
  Percent Invested                98.4%
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Top 20 Holdings at Month-End (28.5% of portfolio)
-------------------------------------------------
  (Rank from previous month)


 1 Apple, Inc. (1)           2.9%    11 The Western Union Co. (14)   1.2%
 2 JPMorgan Chase & Co. (3)  2.0%    12 The Allstate Corp. (12)      1.2%
 3 Dell, Inc. (2)            1.9%    13 Tyco Electronics Ltd. (13)   1.1%
 4 Bank of America Corp.(6)  1.8%    14 Costco Wholesale Corp.(32)   1.1%
 5 QUALCOMM, Inc. (5)        1.8%    15 J.C. Penney Co., Inc. (17)   1.1%
 6 Wells Fargo & Co. (7)     1.6%    16 Consol Energy, Inc. (20)     1.1%
 7 Arch Coal, Inc. (11)      1.4%    17 State Street Corp. (16)      1.1%
 8 PNC Financial Services            18 C.H. Robinson Worldwide,
    Group, Inc. (8)          1.4%        Inc. (18)                   1.1%
 9 Amazon.com, Inc. (10)     1.3%    19 Cisco Systems, Inc. (9)      1.1%
10 Google, Inc., Class A (4) 1.3%    20 Valero Energy Corp. (21)     1.0%

Holdings are subject to change


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Sector Breakdown (% of portfolio) *      New Holdings
                                         ------------
  Information Technology     24.7%       BB&T Corp.
  Financials                 19.6%       General Motors Co.
  Energy                     14.1%       MetLife, Inc.
  Health Care                11.2%       Polo Ralph Lauren Corp.
  Consumer Discretionary     11.0%       Precision Castparts Corp.
  Industrials                 9.0%
  Consumer Staples            5.1%
  Materials                   2.6%       Holdings Liquidated
  Utilities                   2.1%       -------------------
  Telecommunication Services  0.6%       Flowserve Corp.
                            -----        Johnson Controls, Inc.
                            100.0%       Novellus Systems, Inc.
                            =====        Quanta Services, Inc.
                                         Redwood Trust, Inc.
                                         Starwood Hotels &
                                          Resorts Worldwide, Inc.

* 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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