Liberty All-Star(R) Equity Fund October 2009 Update

BOSTON, MA, Nov 12 (MARKET WIRE) --
Below is the October 2009 Monthly Update for the Liberty All-Star(R)
Equity Fund. (NYSE: USA)

October 2009 Monthly Update

Performance NAV Market Price Discount
----------- --- ------------ --------
Beginning of month value $5.10 $4.23 17.1%
Distributions - -
End of month value $4.91 $4.05 17.5%
Performance for month (3.7%) (4.3%)
Performance year-to-date 23.4% 24.2%

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.
--------------------------------------------------------------------------

Net Assets at Month-End ($millions)
----------------------------------
Total $897.0
Equities $880.4
Preferred Stocks $0.7

Percent Invested 98.2%
--------------------------------------------------------------------------

Top 20 Holdings at Month-End (29.0% of portfolio)
------------------------------------------------
(Rank from previous month)

1 Microsoft Corp.(3) 2.3% 11 The Allstate Corp.(8) 1.3%
2 Dell, Inc.(2) 2.2% 12 Amazon.com, Inc.(25) 1.3%
3 Google, Inc., Class A(20) 2.1% 13 Arch Coal, Inc.(11) 1.2%
4 Bank of America Corp.(1) 2.0% 14 Forest Oil Corp.(12) 1.2%
5 Visa, Inc., Class A(5) 1.9% 15 JPMorgan Chase & Co.(10) 1.2%
6 Apple, Inc.(17) 1.5% 16 Morgan Stanley(21) 1.1%
7 Chesapeake Energy Corp.(4) 1.5% 17 J.C. Penney Co., Inc.(16) 1.1%
8 PNC Financial Services 18 The Boeing Co.(15) 1.0%
Group, Inc.(7) 1.4% 19 Magna International,
9 Walgreen Co.(47) 1.4% Inc., Class A(18) 1.0%
10 eBay, Inc.(6) 1.3% 20 QUALCOMM, Inc.(19) 1.0%

Holdings are subject to change
--------------------------------------------------------------------------

Sector Breakdown (% of portfolio)* New Holdings
---------------------------------- ------------
Information Technology 26.5% Alcon, Inc.
Financials 17.9% The Charles Schwab Corp.
Consumer Discretionary 13.6% Edison International
Energy 12.2% General Electric Co.
Health Care 11.1% International Business
Industrials 8.0% Machines Corp.
Consumer Staples 5.6% Kohl's Corp.
Materials 2.7% Mastercard, Inc., Class A
Utilities 2.4% McKesson Corp.
------ NIKE, Inc., Class B
100.0% Rockwell Collins, Inc.
TD Ameritrade Holding Corp.
Yamana Gold, Inc.

Holdings Liquidated
-------------------
Comcast Corp., Class A
Danaher Corp.
The DIRECTV Group, Inc.
Fluor Corp.
Intel Corp.
Intuit, Inc.
Oracle Corp.
O'Reilly Automotive, Inc.
PACCAR, Inc.
UnitedHealth Group, Inc.
Vodafone Group PLC
Weatherford International Ltd.
WellPoint, Inc.
Wisconsin Energy Corp.

* 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.

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

Copyright 2009, Market Wire, All rights reserved.

-0-