Liberty All-Star(R) Growth Fund, Inc. April 2013 Monthly Update

BOSTON, MA--(Marketwired - May 20, 2013) - Below is the April 2013 Monthly Update for the Liberty All-Star^® Growth Fund, Inc. (NYSE: ASG)

Liberty All-Star Growth Fund	Monthly Update
Ticker: ASG	April 2013

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:
M.A. Weatherbie & Company, Inc.
Small-Cap Growth | Matthew A. Weatherbie, CFA
TCW Investment Management Company
Mid-Cap Growth | Chang Lee and Mike Olson, CFA
Large-Cap Growth | Craig C. Blum, CFA

Monthly Performance
	Performance	NAV	Market Price	Discount
	Beginning of month value	$4.89	$4.46	8.8%
	Distributions	-	-
	End of month value	$4.92	$4.45	9.6%
	Performance for month	0.61%	-0.22%
	Performance year-to-date	10.15%	11.41%

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.

Returns for the Fund are total returns, which include dividends, after deducting fund expenses.  The Fund's performance is calculated assuming that a shareholder reinvested all distributions and exercised all primary rights in the Fund's rights offerings.  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.

Net Assets at Month-End ($millions)
	Total		$114.0
	Equities		$110.4
	Percent Invested		96.8%

Top 20 Holdings at Month-End
		(32.1% of equity portfolio)
		(Rank from 3/31/13)
1		ACE Ltd. (1)		2.4%
2		Oceaneering International, Inc. (6)		1.9%
3		LinkedIn Corp., Class A (7)		1.8%
4		ARM Holdings PLC (10)		1.8%
5		Salesforce.com, Inc. (2)		1.8%
6		Fastenal Co. (5)		1.8%
7		American Tower Corp. (11)		1.7%
8		QUALCOMM, Inc. (4)		1.7%
9		Cerner Corp. (9)		1.7%
10		Intuitive Surgical, Inc. (8)		1.7%
11		Under Armour, Inc., Class A (14)		1.6%
12		Core Laboratories N.V. (13)		1.6%
13		Google, Inc., Class A (15)		1.5%
14		Starbucks Corp. (18)		1.4%
15		Signature Bank (12)		1.4%
16		Allergan, Inc. (17)		1.4%
17		Visa, Inc., Class A (16)		1.3%
18		BioMarin Pharmaceutical, Inc. (19)		1.2%
19		Waste Connections, Inc. (20)		1.2%
20		Amazon.com, Inc. (26)		1.2%
		Holdings are subject to change.

Sector Breakdown (% of equity portfolio)*
	Information Technology		29.7%
	Consumer Discretionary		16.9%
	Industrials		15.2%
	Health Care		11.7%
	Financials		10.3%
	Energy		7.2%
	Consumer Staples		5.1%
	Materials		2.2%
	Telecommunication Services		1.7%
Total Market Value			100.0%
*Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).

New Holdings		Holdings Liquidated
The Advisory Board Co.		Cavium Inc.
BofI Holding, Inc.		Fusion-io Inc.
Envestnet, Inc.		InnerWorkings, Inc.
NVIDIA Corp.
Tesla Motors, Inc.

All data is as of April 30, 2013 unless otherwise noted. The Liberty All-Star Growth Fund, Inc. is a closed-end fund and does not continuously offer shares. The Fund trades in the secondary market, investors wishing to buy or sell shares need to place orders through an intermediary or broker by using the Fund's ticker symbol: ASG.