October 09, 2009 09:47 ET

Liberty All-Star® Growth Fund, Inc. September 2009 Update

BOSTON, MA--(Marketwire - October 9, 2009) - Below is the September 2009 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                      September 2009 Monthly Update

     Performance                          NAV     Market Price    Discount
     -----------                          ---     ------------    --------
        Beginning of month value         $3.63       $2.92         19.6%
        Distributions                      -           -
        End of month value               $3.84       $3.16         17.7%
        Performance for month             5.8%        8.2%
        Performance year-to-date         25.6%       30.2%

        For daily data visit the Fund's website at www.all-starfunds.com or
        call 1-800-241-1850.  The Fund's daily NAV is also available by
        using the symbol XASGX.  Past performance cannot predict future
        results.
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     Net Assets at Month-End ($millions)
        Total                            $115.4
        Equities                         $111.3
        Percent Invested in Equities      96.4%
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     Top 20 Holdings at Month-End (29.1% of equity portfolio)
        (Rank from previous month)

      1 National-Oilwell Varco, Inc.(13) 1.9%  11 LKQ Corp.(6)         1.5%
      2 Strayer Education, Inc.(1)       1.8%  12 Adobe Systems,
      3 Core Laboratories N.V.(3)        1.7%      Inc.(21)            1.4%
      4 Starbucks Corp.(4)               1.6%  13 Hewlett-
      5 Microsoft Corp.(5)               1.6%      Packard Co. (New)   1.4%
      6 The TJX Companies, Inc.(7)       1.6%  14 McAfee, Inc.(19)     1.4%
      7 Barrick Gold Corp.(31)           1.6%  15 ANSYS, Inc.(12)      1.3%
      8 Research In Motion Ltd.(2)       1.5%  16 eBay, Inc.(71)       1.2%
      9 Visa, Inc., Class A(14)          1.5%  17 Oracle Corp.(16)     1.2%
     10 Weatherford                            18 Corning, Inc.(10)    1.2%
         International Ltd.(8)           1.5%  19 Capella
                                                   Education Co.(17)   1.1%
                                               20 WellPoint, Inc.(18)  1.1%

        Holdings are subject to change
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     Sector Breakdown (% of equity portfolio) *
                                               New Holdings
        Information Technology     28.8%       ----------------------------
        Consumer Discretionary     16.4%       Amylin Pharmaceuticals, Inc.
        Industrials                15.7%       Danaher Corp.
        Health Care                15.3%       Digital River, Inc.
        Energy                      9.0%       Hewlett-Packard Co.
        Financials                  9.0%       Perfect World Co. Ltd.
        Materials                   3.0%       Shanda Games Ltd.
        Consumer Staples            1.2%       UnitedHealth Group, Inc.
        Telecommunication Services  1.1%       Vodafone Group PLC
        Utilities                   0.5%
                                  ------
                                  100.0%
                                               Holdings Liquidated
                                               ----------------------------
                                               CME Group, Inc.
                                               eHealth, Inc.
                                               Patterson-UTI Energy, Inc.
                                               Petroleo Brasileiro S.A.
                                               QUALCOMM, Inc.
                                               Quest Diagnostics, Inc.
                                               Schlumberger Ltd.


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

      * The Liberty All-Star Growth Fund, Inc. is a closed-end fund and
        does not continuously offer shares.

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