BOSTON, MA -- (Marketwire) -- 11/09/12 -- Below is the October 2012 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

Liberty All-Star Growth Fund                                  Monthly Update
Ticker: ASG                                                       October 12

Monthly Performance
Performance                                    NAV   Market Price  Discount
----------------------------------------------------------------------------
Beginning of month value                      $4.58      $4.23       7.6%
Distributions (Ex-Date October 31)            $0.07      $0.07
End of month value                            $4.38      $3.97       9.4%
Performance for month                        -2.84%     -4.49%
Performance year-to-date                      9.96%     11.26%
Past performance cannot predict future
results


 Net Assets at Month-End ($millions)
 Total                                       $99.5
 Equities                                    $99.3
 Percent Invested                            99.8%


Top 20 Holdings at Month-End
   (34.3% of equity portfolio)
   (Rank from previous month)
 1 Apple, Inc. (1)                                        3.1%
 2 Salesforce.com, Inc. (2)                               2.4%
 3 ACE Ltd. (3)                                           2.3%
 4 ARM Holdings PLC (8)                                   2.1%
 5 Oceaneering International, Inc. (4)                    2.0%
 6 QUALCOMM, Inc. (5)                                     1.9%
 7 Intuitive Surgical, Inc. (10)                          1.9%
 8 Fastenal Co. (9)                                       1.8%
 9 American Tower Corp., Class A (6)                      1.8%
10 Cerner Corp. (17)                                      1.7%
11 Core Laboratories N.V. (7)                             1.6%
12 Signature Bank (13)                                    1.6%
13 Precision Castparts Corp. (14)                         1.5%
14 Google, Inc., Class A (12)                             1.4%
15 LKQ Corp. (19)                                         1.4%
16 Allergan, Inc. (16)                                    1.2%
17 Schlumberger Ltd. (18)                                 1.2%
18 Visa, Inc., Class A (22)                               1.2%
19 Liquidity Services, Inc. (15)                          1.1%
20 Silver Wheaton Corp. (25)                              1.1%
   Holdings are subject to change.


Sector Breakdown (% of equity portfolio)*
----------------------------------------------------------------------------
   Information Technology                               30.9%
   Industrials                                          15.4%
   Consumer Discretionary                               14.5%
   Health Care                                          12.2%
   Financials                                           10.2%
   Energy                                               7.8%
   Consumer Staples                                     3.9%
   Materials                                            2.7%
   Telecommunication Services                           1.8%
   Utilities                                            0.6%
Total Market Value                                     100.0%

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

New Holdings                           Holdings Liquidated
  AMETEK, Inc.                           F5 Networks, Inc.
  Cepheid, Inc.                          FMC Technologies, Inc.
  DSW, Inc., Class A.                    MSCI, Inc.
  Forum Energy Technologies, Inc.        TripAdvisor, Inc.
  GNC Holdings, Inc., Class A
  Herbalife Ltd.
  Zillow, Inc.