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

BOSTON, MA -- (Marketwired) -- 11/21/16 -- Below is the October 2016 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

Liberty All-Star Growth Fund                                  Monthly Update
  Ticker: ASG                                                  October, 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
---------------------------------------------------------------------------
      (31.5% of equity portfolio)
                      (Rank from previous month)
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    1 IPG Photonics Corp. (2)                                         2.6%
    2 Middleby Corp. (1)                                              2.3%
    3 GTT Communications, Inc. (4)                                    1.7%
    4 Apple, Inc. (6)                                                 1.7%
    5 Signature Bank (3)                                              1.6%
    6 FirstService Corp. (7)                                          1.6%
    7 Visa, Inc., Class A (10)                                        1.5%
    8 Mondelez International, Inc., Class A (12)                      1.5%
    9 FleetCor Technologies, Inc. (13)                                1.5%
   10 Stamps.com, Inc. (15)                                           1.5%
   11 Cerner Corp. (8)                                                1.5%
   12 Alphabet, Inc., Class C (17)                                    1.5%
   13 Lowe's Companies, Inc. (9)                                      1.4%
   14 Cotiviti Holdings, Inc. (11)                                    1.4%
   15 The Ultimate Software Group, Inc. (20)                          1.4%
   16 Ecolab, Inc. (14)                                               1.4%
   17 Amazon.com, Inc. (16)                                           1.4%
   18 Salesforce.com, Inc. (27)                                       1.4%
   19 The Priceline Group, Inc. (28)                                  1.3%
   20 Colgate-Palmolive Co. (22)                                      1.3%
---------------------------------------------------------------------------
      Holdings are subject to change.

Monthly Performance
-------------------------------------------------------------------------
Performance                                NAV    Market Price  Discount
-------------------------------------------------------------------------
  Beginning of month value                $4.86       $4.31       11.3%
  Distributions (Ex-Date October 26)      $0.09       $0.09
  End of month value                      $4.55       $4.01       11.9%
  Performance for month                  -4.28%      -4.87%
  Performance year-to-date               -0.58%      -4.53%
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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 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                        $119.1
  Equities                     $113.8
  Exchange-Traded Funds        $5.3
  Percent Invested             95.5%
----------------------------------------------

Sector Breakdown (% of equity
portfolio)*
----------------------------------------------------
  Information Technology                      31.7%
  Consumer Discretionary                      16.7%
  Industrials                                 16.1%
  Health Care                                 14.5%
  Financials                                  8.6%
  Consumer Staples                            4.3%
  Real Estate                                 3.5%
  Energy                                      2.4%
  Materials                                   2.2%
Total Market Value                            100.0%
----------------------------------------------------
*Based on Standard & Poor's and
MSCI Barra Global Industry
Classification Standard (GICS).

New Holdings
-------------------------------
Hasbro, Inc.
Portola Pharmaceuticals, Inc.                       Holdings Liquidated
                                                    ------------------------
                                                    Gentherm, Inc.
                                                    Helen of Troy Ltd.
                                                    Natural Gas Services
                                                    Group, Inc.
                                                    NIKE, Inc., Class B
                                                    Novo Nordisk AS
                                                    Whole Foods Market, Inc.

Liberty All-Star Growth Fund
 1-800-241-1850

Source: ALPS Advisors, Inc.

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