BOSTON, MA--(Marketwire - January 9, 2013) - Below is the December 2012 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

Liberty All-Star Equity Fund		Monthly Update
	Ticker: USA	December 12

Monthly Performance
Performance			NAV		Market Price		Discount
	Beginning of month value		$5.23		$4.61		11.9%
	Distributions		-		-
	End of month value		$5.35		$4.77		10.8%
	Performance for month		2.29%		3.47%
	Performance year-to-date		14.14%		20.94%
Past performance cannot predict future results
Net Assets at Month-End ($millions)
	Total		$991.1
	Equities		$977.3
	Percent Invested		98.6%

Top 20 Holdings at Month-End
		(30.7% of equity portfolio)
		(Rank from previous month)
1		Apple, Inc. (1)	3.5%
2		JPMorgan Chase & Co. (2)	2.6%
3		QUALCOMM, Inc. (3)	2.2%
4		Schlumberger Ltd. (4)	1.8%
5		Citigroup, Inc. (7)	1.7%
6		ACE Ltd. (6)	1.7%
7		Google, Inc., Class A (5)	1.6%
8		SunTrust Banks, Inc. (8)	1.5%
9		State Street Corp. (9)	1.4%
10		TE Connectivity Ltd. (10)	1.4%
11		Visa, Inc., Class A (11)	1.3%
12		MetLife, Inc. (13)	1.2%
13		The Allstate Corp. (12)	1.2%
14		Devon Energy Corp. (14)	1.2%
15		Bank of America Corp. (30)	1.1%
16		Toll Brothers, Inc. (16)	1.1%
17		Microsoft Corp. (17)	1.1%
18		NVR, Inc. (15)	1.1%
19		American Tower Corp., Class A (20)	1.0%
20		Arch Coal, Inc. (23)	1.0%
		Holdings are subject to change.

Sector Breakdown (% of equity portfolio)*
	Financials	23.3%
	Information Technology	22.3%
	Energy	14.6%
	Consumer Discretionary	12.8%
	Health Care	8.9%
	Industrials	7.2%
	Consumer Staples	5.6%
	Materials	2.7%
	Telecommunication Services	1.6%
	Utilities	1.0%
Total Market Value		100.0%
*Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).

New Holdings		Holdings Liquidated
Laboratory Corp. of America Holdings		British American Tobacco PLC
US Airways Group, Inc.		Computer Sciences Corp.
		Hess Corp.
		OpenTable, Inc.

Contact Information:
Liberty All-Star Equity Fund
1-800-241-1850
www.all-starfunds.com