BOSTON, MA--(Marketwire - November 12, 2009) - Below is the October 2009 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                       October 2009 Monthly Update

Performance                        NAV     Market Price    Discount
-----------                        ---     ------------    --------
   Beginning of month value        $3.84        $3.16         17.7%
   Distributions                      -           -
   End of month value              $3.67        $3.04         17.2%
   Performance for month           (4.4%)       (3.8%)
   Performance year-to-date        20.0%        25.3%

   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                           $110.3
   Equities                        $107.3
   Percent Invested in Equities     97.3%
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Top 20 Holdings at Month-End (29.0% of equity portfolio)
--------------------------------------------------------
   (Rank from previous month)

 1 National-Oilwell Varco, Inc.(1)  1.8%     11 ANSYS, Inc.(15)        1.4%
 2 Strayer Education, Inc.(2)       1.7%     12 EMC Corp.(30)          1.4%
 3 Visa, Inc., Class A(9)           1.7%     13 McAfee, Inc.(14)       1.4%
 4 Microsoft Corp.(5)               1.7%     14 Capella Education
 5 Core Laboratories N.V.(3)        1.7%         Co.(19)               1.3%
 6 The TJX Companies, Inc.(6)       1.6%     15 International Business
 7 Starbucks Corp.(4)               1.6%         Machines Corp. (New)  1.3%
 8 Google, Inc., Class A(New)       1.5%     16 Kohl's Corp.(New)      1.3%
 9 Adobe Systems, Inc.(12)          1.5%     17 Signature Bank(27)     1.2%
10 Hewlett-Packard Co.(13)          1.4%     18 eBay, Inc.(16)         1.2%
                                             19 LKQ Corp.(11)          1.2%
                                             20 Resources Connection,
                                                 Inc.(21)              1.1%

   Holdings are subject to change
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Sector Breakdown (% of equity portfolio) *
------------------------------------------      New Holdings
   Information Technology         30.1%         ------------
   Consumer Discretionary         16.1%         Alcon, Inc.
   Industrials                    14.8%         Apple, Inc.
   Health Care                    14.4%         China Real Estate
   Financials                     10.7%          Information Corp.
   Energy                          8.0%         Cognizant Technology
   Materials                       2.8%          Solutions Corp., Class A
   Consumer Staples                2.2%         Dril-Quip, Inc.
   Utilities                       0.5%         Education Management Corp.
   Telecommunication Services      0.4%         Google, Inc., Class A
                                 ------         II-VI, Inc.
                                 100.0%         International
                                                 Business Machines Corp.
                                                Kohl's Corp.
                                                Landstar System, Inc.
                                                Mastercard, Inc., Class A
                                                McKesson Corp.
                                                NIKE, Inc., Class B
                                                Rockwell Collins, Inc.
                                                TD Ameritrade Holding Corp.
                                                VeriFone Holdings, Inc.
                                                Walgreen Co.
                                                Yamana Gold, Inc.

                                                Holdings Liquidated
                                                -------------------
                                                Auxilium
                                                 Pharmaceuticals, Inc.
                                                Clearwire Corp., Class A
                                                Danaher Corp.
                                                The DIRECTV Group, Inc.
                                                Fluor Corp.
                                                I-Flow Corp.
                                                Intuit, Inc.
                                                Oracle Corp.
                                                O'Reilly Automotive, Inc.
                                                Research In Motion Ltd.
                                                Shanda Games Ltd.
                                                UnitedHealth Group, Inc.
                                                UTI Worldwide, Inc.
                                                Vertex
                                                 Pharmaceuticals, Inc.
                                                Vodafone Group PLC
                                                Weatherford
                                                 International Ltd.
                                                WellPoint, Inc.

   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.