BOSTON, MA--(Marketwire - Oct 20, 2011) - Below is the September 2011 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: [ USA ])

 September 2011 Monthly Update Performance NAV Market Price Discount ----------- --- ------------ -------- Beginning of month value $5.12 $4.63 9.6% Distributions - - End of Month Value $4.58 $4.10 10.5% Performance for month -10.55% -11.45% Performance year-to-date -15.75% -12.30% For daily data visit the Fund's website at www.all-starfunds.com or call 1- 800-241-1850. The Fund's daily NAV is also available by using the symbol XUSAX. Past performance cannot predict future results. --------------------------------------------------------------------------- Net Assets at Month-End ($millions) ----------------------------------- Total $836.3 Equities $828.0 Convertible Corporate Bond $0.1 Percent Invested 99.0% --------------------------------------------------------------------------- Top 20 Holdings at Month-End (29.8% of equity portfolio) -------------------------------------------------------- (Rank from previous month) 1 Apple, Inc. (1) 3.4% 11 Amazon.com, Inc. (16) 1.2% 2 JPMorgan Chase & Co. (2) 2.1% 12 BP PLC (15) 1.2% 3 QUALCOMM, Inc. (3) 2.0% 13 PNC Financial Services 4 Cisco Systems, Inc. (5) 1.9% Group, Inc. (14) 1.2% 5 Wells Fargo & Co. (4) 1.9% 14 Staples, Inc. (13) 1.2% 6 ACE Ltd. (6) 1.8% 15 Baidu, Inc. (9) 1.1% 7 Dell, Inc. (8) 1.6% 16 The Western Union Co. (18) 1.1% 8 Google, Inc., Class A (7) 1.6% 17 American Tower Corp., 9 The Allstate Corp. (11) 1.2% Class A (23) 1.1% 10 Visa, Inc., Class A (12) 1.2% 18 Microsoft Corp. (20) 1.0% 19 Rockwell Automation, Inc. (26) 1.0% 20 Cerner Corp. (27) 1.0% Holdings are subject to change --------------------------------------------------------------------------- Sector Breakdown (% of portfolio)* New Holdings ---------------------------------- ------------ Information Technology 25.6% Express Scripts, Inc. Financials 18.6% Hess Corp. Energy 13.3% Intel Corp. Consumer Discretionary 11.2% Health Care 9.0% Holdings Liquidated Industrials 8.3% ------------------- Consumer Staples 6.2% Aflac, Inc. Materials 3.7% Celgene Corp. Utilities 2.6% Goodrich Corp. Telecommunication Services 1.5% Hartford Financial Services Group, Inc. International Business Machines Corp. ------ MGIC Investment Corp. 100.0% Pentair, 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.