Liberty All-Star Equity Fund Performance

Fund Performance as of 12/31/2011

 YTD*1 Year3 Year5 Year10 Year15 Year20 Year
NAV Return-6.73%-6.73%12.90%-2.79%1.80%4.22%6.33%
NAV Reinvested Price-5.84%-5.84%14.10%-1.65%2.43%4.80%6.81%
Market Price Return-8.09%-8.09%14.75%-3.84%0.32%4.05%6.14%
Lipper Large-Cap Core Average-0.67%-0.67%12.72%-0.87%2.41%4.97%7.51%
Liberty All-Star Growth Fund Performance

Fund Performance as of 12/31/2011

 YTD*1 Year3 Year5 Year10 Year
NAV Return-1.59%-1.59%16.65%2.10%2.43%
NAV Reinvested Price-1.04%-1.04%17.49%2.77%2.86%
Market Price Return-4.38%-4.38%22.00%1.77%1.74%
Lipper Multi-Cap Growth Average-3.57%-3.57%16.84%1.27%3.25%
*Cumulative Total Return

Returns for the Funds and the Averages are total returns, which include dividends, after deducting fund expenses. The Funds performance is calculated assuming that a shareholder exercised all primary rights in the Funds rights offerings.

Past performance cannot predict future 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. An investment in the Fund involves risk, including loss of principal.