BOSTON, MA--(Marketwired - Jun 17, 2013) - Below is the May 2013 Monthly Update for the Liberty All-Star Equity Fund. (NYSE: USA)

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 keypeople 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

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 abovethe 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 and exercised all primary rights in the Fund's rights offerings. 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.

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Liberty All-Star(R) Equity Fund May 2013 Monthly Update