Liberty All-Star(R) Growth Fund, Inc. October 2011 Monthly Update

BOSTON, MA--(Marketwire - Nov 16, 2011) - Below is the October 2011 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

Liberty All-Star Growth Fund                               Monthly Update
Ticker: ASG                                                  October 2011

Monthly Performance
Performance                           NAV    Market Price      Discount
                                      ---    ------------      --------
Beginning of month value             $3.95       $3.60            8.9%
Distributions                          -           -
End of month value                   $4.41       $3.94           10.7%
Performance for month               11.65%       9.44%
Performance year-to-date             0.69%      -2.85%

Past performance cannot predict future results


Net Assets at Month-End ($millions)
Total                               $132.6
Equities                            $130.3
Percent Invested                    98.3%


Top 20 Holdings at Month-End
  (35.1% of equity portfolio)
  (Rank from previous month)

 1 Apple, Inc. (1)                                   2.4%
 2 Salesforce.com, Inc. (3)                          2.2%
 3 C.H. Robinson Worldwide, Inc. (2)                 2.2%
 4 ACE Ltd. (5)                                      2.1%
 5 IHS, Inc., Class A (6)                            1.9%
 6 QUALCOMM, Inc. (4)                                1.8%
 7 Intuitive Surgical, Inc. (10)                     1.8%
 8 Core Laboratories N.V. (13)                       1.8%
 9 FMC Technologies, Inc. (12)                       1.8%
10 ARM Holdings PLC (8)                              1.7%
11 Baidu, Inc. (18)                                  1.7%
12 Oceaneering International, Inc. (15)              1.7%
13 American Tower Corp., Class A (7)                 1.6%
14 Google, Inc., Class A (16)                        1.6%
15 Expeditors International of Washington, Inc. (14) 1.6%
16 VMware, Inc., Class A (19)                        1.5%
17 LKQ Corp. (20)                                    1.5%
18 BioMarin Pharmaceutical, Inc. (17)                1.4%
19 Cerner Corp. (9)                                  1.4%
20 Rockwell Automation, Inc. (22)                    1.4%

   Holdings are subject to change.


Sector Breakdown (% of equity portfolio)*

Information Technology                               29.4%
Industrials                                          15.9%
Health Care                                          13.6%
Consumer Discretionary                               13.2%
Energy                                               10.1%
Financials                                           9.7%
Consumer Staples                                     2.9%
Materials                                            2.9%
Telecommunication Services                           1.6%
Utilities                                            0.7%
                                                     100.0%

*Based on Standard & Poor's and MSCI Barra Global Industry
 Classification Standard (GICS).


New Holdings                               Holdings Liquidated
Arcos Dorados Holdings, Inc.               Capella Education Co.
                                           comScore, Inc.
                                           Stericycle, Inc.
                                           Urban Outfitters, Inc.