Liberty All-Star(R) Equity Fund January 2015 Update

BOSTON, MA--(Marketwired - Feb 19, 2015) - Below is the January 2015 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

Liberty All-Star Equity Fund	Monthly Update
Ticker: USA	January, 2015

Investment Approach

Fund Style: Large-Cap Core

Fund Strategy: Combines three value-style and two growth-style

investment managers. Those selected demonstrate a consistent

investment philosophy, decision making process, continuity of key

people and above-average long-term results compared to managers

with similar styles.

Investment Managers:

Value Managers:

Matrix Asset Advisors, Inc.

Pzena Investment Management, LLC

Schneider Capital Management Corporation

Growth Managers:

Cornerstone Capital Management LLC

TCW Investment Management Company

Top 20 Holdings at Month-End
(29.1% of equity portfolio)
(Rank from previous month)
1		State Street Corp. (3)		2.2%
2		Salesforce.com, Inc. (2)		2.1%
3		JPMorgan Chase & Co. (1)		2.1%
4		Starbucks Corp. (7)		1.8%
5		Citigroup, Inc. (4)		1.7%
6		Google, Inc., Class A & C (5)		1.7%
7		Visa, Inc., Class A (6)		1.6%
8		SunTrust Banks, Inc. (8)		1.5%
9		Hewlett-Packard Co. (9)		1.4%
10		Facebook, Inc., Class A (14)		1.4%
11		Schlumberger Ltd. (19)		1.4%
12		Marriott International, Inc., Class A (15)		1.3%
13		MetLife, Inc. (11)		1.3%
14		American International Group, Inc. (10)		1.2%
15		QUALCOMM, Inc. (13)		1.1%
16		Microsoft Corp. (16)		1.1%
17		Amazon.com, Inc. (20)		1.1%
18		Morgan Stanley (18)		1.1%
19		American Tower Corp. (21)		1.0%
20		Cerner Corp. (25)		1.0%
		Holdings are subject to change.

Monthly Performance
Performance	NAV	Market Price	Discount
Beginning of month value	$6.84	$5.98	12.6%
Distributions (Ex-Date January 21)	$0.10	$0.10
End of month value	$6.41	$5.57	13.1%
Performance for month	-4.60%	-5.18%
Performance year-to-date	-4.60%	-5.18%

The net asset value (NAV) of a closed-end fund is the market value of the underlying investments (i.e., stocks and bonds) in the Fund's portfolio, minus liabilities, divided by the total number of Fund shares outstanding. However, the Fund also has a market price; the value at which it trades on an exchange. If the market price is above the NAV the Fund is trading at a premium. If the market price is below the NAV the Fund is trading at a discount.

Returns for the Fund are total returns, which include dividends, after deducting Fund expenses. The Fund's performance is calculated assuming that a shareholder reinvested all distributions. Past performance cannot predict future investment results.

Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information shown does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. Shareholders must be willing to tolerate significant fluctuations in the value of their investment. An investment in the Fund involves risk, including loss of principal.

Sources of distributions to shareholders may include net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time, available at http://www.all-starfunds.com/. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year.

Net Assets at Month-End ($millions)
Total	$1,147.3
Equities	$1,126.4
Percent Invested	98.2%

Sector Breakdown (% of equity portfolio)*
		Financials		28.0%
		Information Technology		20.7%
		Consumer Discretionary		17.2%
		Health Care		13.1%
		Energy		10.9%
		Industrials		5.4%
		Consumer Staples		4.0%
		Materials		0.6%
		Utilities		0.1%
		Total Market Value		100.0%
*Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).

New Holdings			Holdings Liquidated
	Church & Dwight Co., Inc.			Cobalt International Energy, Inc.
	Mobileye N.V.			Delphi Automotive PLC
	SM Energy Co.			Las Vegas Sands Corp.
	Under Armour, Inc., Class A			Tesla Motors, Inc.
				United Rentals, Inc.