SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

May 19, 2011 09:20 ET

Liberty All-Star® Growth Fund, Inc. April 2011 Monthly Update

BOSTON, MA--(Marketwire - May 19, 2011) - Below is the April 2011 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                        April 2011 Monthly Update


Performance                            NAV        Market Price    Discount
---------------------------           -----       ------------    --------

  Beginning of month value            $4.86          $4.61         5.1%
  Distributions                          -             -
  End of month value                  $5.01          $4.62         7.8%
  Performance for month               3.09%          0.22%
  Performance year-to-date           11.25%         10.46%

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                                  $150.6
  Equities                               $146.1
  Percent Invested in Equities            97.0%

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Top 20 Holdings at Month-End (32.5% of equity portfolio)
-------------------------------------------------------

  (Rank from previous month)

1  C.H. Robinson Worldwide,
    Inc. (2)                 2.2% 11 Core Laboratories N.V. (7)        1.6%
2  Salesforce.com, Inc. (3)  2.1% 12 IHS, Inc., Class A (10)           1.6%
3  Apple, Inc. (1)           2.0% 13 VeriFone Systems, Inc. (12)       1.5%
4  QUALCOMM, Inc. (5)        1.8% 14 ACE Ltd. (15)                     1.5%
5  ARM Holdings PLC (16)     1.8% 15 Rockwell Automation, Inc. (4)     1.5%
6  FMC Technologies,              16 Google, Inc., Class A (14)        1.4%
    Inc. (9)                 1.7% 17 Rue21, Inc. (18)                  1.4%
7  Intuitive Surgical,            18 American Tower Corp.,
    Inc. (6)                 1.7%     Class A (22)                     1.3%
8  Baidu, Inc. (11)          1.6% 19 Green Mountain Coffee
9  Oceaneering International,         Roasters, Inc. (21)              1.3%
    Inc. (8)                 1.6% 20 Schlumberger Ltd. (19)            1.3%
10 Expeditors International
    of Washington, Inc. (13) 1.6%


   Holdings are subject to change
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Sector Breakdown (% of equity portfolio) *
------------------------------------------

  Information Technology             27.7%     New Holdings - None
  Industrials                        16.9%     ------------
  Health Care                        15.4%
  Consumer Discretionary             12.3%
  Financials                         10.6%
  Energy                              9.9%     Holdings Liquidated
  Consumer Staples                    3.1%     -------------------
  Materials                           2.1%     optionsXpress Holdings, Inc.
  Telecommunication Services          1.3%
  Utilities                           0.7%
                                    -----
                                    100.0%
                                    =====


* 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.

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