Liberty All-Star(R) Growth Fund, Inc. September 2016 Update

BOSTON, MA--(Marketwired - Oct 17, 2016) - Below is the September 2016 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

Liberty All-Star Growth Fund		Monthly Update
	Ticker: ASG	September, 2016

Investment Approach

Fund Style:All- Cap Growth

Fund Strategy: Combines three growth style investment managers, each with a distinct capitalization focus (small-, mid- and large-cap)selected and continuously monitored by the Fund's Investment Advisor.

Investment Managers:

Weatherbie Capital, LLC Small-Cap Growth Congress Asset Management Company, LLP Mid-Cap Growth Sustainable Growth Advisers, LP Large-Cap Growth

Top 20 Holdings at Month-End
		(29.4% of equity portfolio)
		(Rank from previous month)
1		Middleby Corp. (1)		2.1%
2		IPG Photonics Corp. (2)		2.0%
3		Signature Bank (3)		1.9%
4		GTT Communications, Inc. (20)		1.6%
5		Core Laboratories NV (5)		1.5%
6		Apple, Inc. (9)		1.5%
7		FirstService Corp. (4)		1.5%
8		Cerner Corp. (10)		1.4%
9		Lowe's Cos., Inc. (17)		1.4%
10		Visa, Inc., Class A (13)		1.4%
11		Cotiviti Holdings, Inc. (12)		1.4%
12		Mondelez International, Inc., Class A (11)		1.4%
13		FleetCor Technologies, Inc. (18)		1.4%
14		Ecolab, Inc. (6)		1.3%
15		Stamps.com, Inc. (29)		1.3%
16		Amazon.com, Inc. (22)		1.3%
17		Alphabet, Inc., Class C (8)		1.3%
18		Amgen, Inc. (19)		1.3%
19		MACOM Technology Solutions Holdings, Inc. (21)		1.2%
20		The Ultimate Software Group, Inc. (7)		1.2%
		Holdings are subject to change.

Monthly Performance
Performance			NAV		Market Price		Discount
	Beginning of month value		$4.84		$4.28		11.6%
	Distributions		-		-
	End of month value		$4.86		$4.31		11.3%
	Performance for month		0.41%		0.70%
	Performance year-to-date		3.87%		0.36%

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.

Performance returns for the Fund are total returns, which includes dividends, and are net of management fees and other Fund expenses. Returns are 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 ordinary dividends, 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 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		$127.1
	Equities		$124.5
	Percent Invested		98.0%
Sector Breakdown (% of equity portfolio)*
	Information Technology				31.5%
	Consumer Discretionary				18.0%
	Health Care				15.7%
	Industrials				14.6%
	Financials				7.1%
	Consumer Staples				4.9%
	Real Estate				3.3%
	Energy				2.7%
	Materials				2.2%
Total Market Value					100.0%
*Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).

New Holdings		Holdings Liquidated
Everbridge, Inc.		Bristol-Myers Squibb Co.
GoPro, Inc., Class A		Landstar System, Inc.
Monolithic Power Systems, Inc.		Linear Technology Corp.
Novo-Nordisk A/S