BOSTON, MA -- (Marketwire) -- 04/11/12 -- Below is the March 2012 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

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

Top 20 Holdings at Month-End
--------------------------------------------------------------
   (31.3% of equity portfolio)
   (Rank from previous month)
 1 Apple, Inc. (1)                                        3.7%
 2 JPMorgan Chase & Co. (2)                               2.6%
 3 QUALCOMM, Inc. (3)                                     2.1%
 4 Wells Fargo & Co. (5)                                  2.0%
 5 Google, Inc., Class A (6)                              1.7%
 6 Exxon Mobil Corp. (7)                                  1.6%
 7 Cisco Systems, Inc. (4)                                1.6%
 8 Dell, Inc. (8)                                         1.5%
 9 Staples, Inc. (12)                                     1.4%
10 The Allstate Corp. (9)                                 1.4%
11 ACE Ltd. (10)                                          1.4%
12 State Street Corp. (16)                                1.3%
13 Salesforce.com, Inc. (14)                              1.3%
14 SunTrust Banks, Inc. (15)                              1.2%
15 Microsoft Corp. (13)                                   1.2%
16 TE Connectivity Ltd. (17)                              1.2%
17 BP PLC (11)                                            1.1%
18 Hewlett-Packard Co. (24)                               1.0%
19 Visa, Inc., Class A (19)                               1.0%
20 American Tower Corp., Class A (21)                     1.0%
   Holdings are subject to change.


Monthly Performance
Performance                                    NAV   Market Price  Discount
----------------------------------------------------------------------------
Beginning of month value                      $5.50      $4.84       12.0%
Distributions                                   -          -
End of month value                            $5.65      $4.93       12.7%
Performance for month                         2.73%      1.86%
Performance year-to-date                     14.87%     18.73%
Past performance cannot predict future results


Net Assets at Month-End ($millions)
----------------------------------------------------
Total                                       $1,031.7
Equities                                    $1,012.1
Percent Invested                            98.1%


Sector Breakdown (% of equity portfolio)*
--------------------------------------------------------------
   Information Technology                                25.1%
   Financials                                            21.7%
   Energy                                                14.0%
   Consumer Discretionary                                11.1%
   Health Care                                            8.0%
   Industrials                                            7.9%
   Consumer Staples                                       6.2%
   Materials                                              3.0%
   Telecommunication Services                             1.5%
   Utilities                                              1.5%
   Total Market Value                                   100.0%
*Based on Standard & Poor's and MSCI Barra Global Industry Classification
Standard (GICS).


 New Holdings                           Holdings Liquidated
-------------------------------------  -------------------------------------
  Aon PLC                                Guess?, Inc.
  Coach, Inc.                            The Sherwin-Williams Co.
  Rexnord Corp.                          Willis Group Holdings PLC
  Ross Stores, Inc.