BOSTON, MA -- (Marketwire) -- 05/14/12 -- Below is the April 2012 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

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


Monthly Performance
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Performance                                    NAV  Market Price   Discount
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Beginning of month value                      $5.65      $4.93       12.7%
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Distributions                                   -          -
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End of month value                            $5.58      $4.90       12.2%
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Performance for month                        -1.24%     -0.61%
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Performance year-to-date                     13.45%     18.00%
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Past performance cannot predict future results


Net Assets at Month-End ($millions)
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Total                                       $1,018.8
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Equities                                    $1,003.2
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Percent Invested                              98.5%
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Top 20 Holdings at Month-End
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   (30.7% of equity portfolio)
   (Rank from previous month)
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 1 Apple, Inc. (1)                                        3.6%
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 2 JPMorgan Chase & Co. (2)                               2.4%
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 3 QUALCOMM, Inc. (3)                                     2.0%
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 4 Google, Inc., Class A (5)                              1.8%
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 5 Wells Fargo & Co. (4)                                  1.6%
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 6 Exxon Mobil Corp. (6)                                  1.6%
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 7 ACE Ltd. (11)                                          1.5%
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 8 The Allstate Corp. (10)                                1.4%
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 9 Staples, Inc. (9)                                      1.4%
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10 State Street Corp. (12)                                1.4%
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11 Dell, Inc. (8)                                         1.3%
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12 Citigroup, Inc. (23)                                   1.3%
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13 Salesforce.com, Inc. (13)                              1.3%
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14 SunTrust Banks, Inc. (14)                              1.3%
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15 TE Connectivity Ltd. (16)                              1.2%
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16 Cisco Systems, Inc. (7)                                1.2%
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17 Microsoft Corp. (15)                                   1.2%
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18 Hewlett-Packard Co. (18)                               1.1%
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19 Visa, Inc., Class A (19)                               1.1%
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20 American Tower Corp., Class A (20)                     1.0%
==============================================================
   Holdings are subject to change.


Sector Breakdown (% of equity portfolio)*
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   Information Technology                               24.1%
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   Financials                                           21.5%
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   Energy                                               14.7%
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   Consumer Discretionary                               12.0%
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   Health Care                                          8.0%
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   Industrials                                          7.7%
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   Consumer Staples                                     6.1%
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   Materials                                            2.9%
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   Telecommunication Services                           1.6%
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   Utilities                                            1.4%
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   Total Market Value                                  100.0%
==============================================================
*Based on Standard & Poor's and MSCI Barra Global Industry
Classification Standard (GICS).


New Holdings                           Holdings Liquidated
-------------------------------------  -------------------------------------
  Becton, Dickinson and Co.              Brown & Brown, Inc.
  CBS Corp., Class B                     Express Scripts Holding Co.
  Illumina, Inc.                         LyondellBasell Industries N.V.
                                         Rexnord Corp.