BOSTON, MA -- (Marketwire) -- 03/15/13 -- Below is the February 2013 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

Liberty All-Star Equity Fund                                  Monthly Update
  Ticker: USA                                                 February, 2013


Monthly Performance
Performance                                NAV     Market Price   Discount
                                      ------------ ------------ ------------
  Beginning of month value                $5.61        $4.98        11.2%
  Distributions                             -            -
  End of month value                      $5.59        $5.02        10.2%
  Performance for month                  -0.36%        0.80%
  Performance year-to-date                6.16%        6.92%
                                      ------------ ------------ ------------
Returns calculated assuming
 distributions reinvested. Past
 performance cannot predict future
 results


Net Assets at Month-End ($millions)
  Total                               $1,036.8
  Equities                            $1,027.6
  Percent Invested                    99.1%
                                      ------------


Top 20 Holdings at Month-End
     (31.8% of equity portfolio)
                 (Rank from previous month)
     ----------------------------------------------------------------------
   1 Apple, Inc. (1)                                                    2.9%
   2 JPMorgan Chase & Co. (2)                                           2.7%
   3 QUALCOMM, Inc. (3)                                                 2.3%
   4 Google, Inc., Class A (7)                                          2.1%
   5 Schlumberger Ltd. (4)                                              1.9%
   6 Citigroup, Inc. (5)                                                1.8%
   7 ACE Ltd. (6)                                                       1.6%
   8 State Street Corp. (8)                                             1.5%
   9 TE Connectivity Ltd. (10)                                          1.4%
  10 SunTrust Banks, Inc. (9)                                           1.4%
  11 Dell, Inc. (16)                                                    1.3%
  12 Visa, Inc., Class A (13)                                           1.3%
  13 MetLife, Inc. (11)                                                 1.3%
  14 Devon Energy Corp. (14)                                            1.3%
  15 Hewlett-Packard Co. (24)                                           1.2%
  16 The Allstate Corp. (12)                                            1.2%
  17 Microsoft Corp. (17)                                               1.2%
  18 Chesapeake Energy Corp. (18)                                       1.2%
  19 Toll Brothers, Inc. (15)                                           1.1%
  20 NVR, Inc. (19)                                                     1.1%
     ----------------------------------------------------------------------
     Holdings are subject to change.


Sector Breakdown (% of equity portfolio)*
  Financials                                                     23.7%
  Information Technology                                         21.7%
  Energy                                                         14.6%
  Consumer Discretionary                                         12.6%
  Health Care                                                    9.0%
  Industrials                                                    7.3%
  Consumer Staples                                               6.0%
  Materials                                                      2.6%
  Telecommunication Services                                     1.5%
  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
Comcast Corp.                                Acme Packet, Inc.
Hugo Boss AG                                 Baidu, Inc.
Stratasys Ltd.                               CBS Corp., Class B
                                             Monster Worldwide, Inc.
                                             Valero Energy, Inc.