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

BOSTON, MA -- (Marketwired) -- 03/10/15 -- Below is the February 2015 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)

Liberty All-Star Equity Fund                                  Monthly Update
    Ticker: USA                                                February 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
--------------------------------------------------------------
     (29.0% of equity portfolio)
                           (Rank from previous month)
--------------------------------------------------------------
   1 State Street Corp. (1)                               2.2%
   2 Salesforce.com, Inc. (2)                             2.2%
   3 JPMorgan Chase & Co. (3)                             2.1%
   4 Citigroup, Inc. (5)                                  1.8%
   5 Starbucks Corp. (4)                                  1.8%
   6 Google, Inc., Class A & C (6)                        1.7%
   7 Facebook, Inc., Class A (10)                         1.5%
   8 SunTrust Banks, Inc. (8)                             1.5%
   9 Visa, Inc., Class A (7)                              1.5%
  10 Marriott International, Inc., Class A (12)           1.3%
  11 Hewlett-Packard Co. (9)                              1.3%
  12 MetLife, Inc. (13)                                   1.3%
  13 Schlumberger Ltd. (11)                               1.2%
  14 Microsoft Corp. (16)                                 1.2%
  15 American International Group, Inc. (14)              1.2%
  16 QUALCOMM, Inc. (15)                                  1.1%
  17 Morgan Stanley (18)                                  1.1%
  18 Weatherford International Ltd. (29)                  1.0%
  19 Amazon.com, Inc. (17)                                1.0%
  20 American Tower Corp. (19)                            1.0%
--------------------------------------------------------------
     Holdings are subject to change.

Monthly Performance
-------------------------------------------------------------
                                             Market
Performance                           NAV     Price  Discount
-------------------------------------------------------------
  Beginning of month value           $6.41    $5.57    13.1%
  Distributions                        -        -
  End of month value                 $6.84    $5.93    13.3%
  Performance for month              6.71%    6.46%
  Performance year-to-date           1.68%    0.83%
-------------------------------------------------------------

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 and are net
of management fees and other 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                                       $1,224.6
  Equities                                    $1,205.0
  Percent Invested                            98.4%
------------------------------------------------------

Sector Breakdown (% of equity portfolio)*
--------------------------------------------------------------
  Financials                                          28.3%
  Information Technology                              21.2%
  Consumer Discretionary                              17.6%
  Health Care                                         12.9%
  Energy                                              10.6%
  Industrials                                         4.8%
  Consumer Staples                                    3.9%
  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
------------------------------              --------------------------------
Apple, Inc.                                 Oceaneering International, Inc.
FireEye, Inc.                               Pharmacyclics, Inc.
Monster Beverage Corp.                      SABMiller PLC
Yelp, Inc.                                  Trimble Navigation Ltd.

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

Source: ALPS Advisors, Inc.

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