SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

September 16, 2010 13:45 ET

Liberty All-Star® Growth Fund, Inc. August 2010 Monthly Update

BOSTON, MA--(Marketwire - September 16, 2010) - Below is the August 2010 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                         August 2010 Monthly Update

Performance                              NAV     Market Price    Discount
-----------                            -------  --------------  ----------
      Beginning of month value          $3.98       $3.58         10.1%
      Distributions (Ex-Date August 25) $0.06       $0.06
      End of month value                $3.73       $3.49          6.4%
      Performance for month             -4.77%      -0.84%
      Performance year-to-date          -2.35%       9.08%

   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.

---------------------------------------------------------------------------
Net Assets at Month-End ($millions)
        Total                          $112.1
        Equities                       $111.4
        Percent Invested in Equities     99.4%
---------------------------------------------------------------------------
Top 20 Holdings at Month-End (31.1% of equity portfolio)
--------------------------------------------------------
(Rank from previous month)

1  Salesforce.com, Inc. (2)          2.7%   11 MSCI, Inc. (13)         1.3%
2  C.H. Robinson Worldwide, Inc. (1) 2.6%   12 Visa, Inc., Class A
                                                (15)                   1.3%
3  Apple, Inc. (3)                   2.0%   13 Masimo Corp. (11)       1.3%
4  Core Laboratories N.V. (6)        1.8%   14 VMware, Inc. (19)       1.3%
5  Rockwell Automation, Inc. (5)     1.8%   15 Varian Medical Systems,
                                                Inc. (14)              1.2%
6  QUALCOMM, Inc. (9)                1.7%   16 Cognizant Technology
                                               Solutions Corp.,
                                               Class A (23)            1.2%
7  Expeditors International                 17 LKQ Corp. (20)          1.2%
   of Washington, Inc. (7)           1.6%   18 VeriFone Systems,
8  Intuitive Surgical, Inc. (4)      1.5%      Inc. (18)               1.2%
9  Google, Inc., Class A (10)        1.5%   19 Amazon.com, Inc. (28)   1.2%
10 ACE Ltd. (12)                     1.5%   20 IHS, Inc. (21)          1.2%

   Holdings are subject to change

Sector Breakdown (% of equity portfolio) *
------------------------------------------
   Information Technology           26.5%    New Holdings
   Industrials                      19.9%    ------------
   Health Care                      18.8%    FirstService Corp.
   Financials                       11.6%    RealPage, Inc.
   Consumer Discretionary            8.7%    Venoco, Inc.
   Energy                            8.2%
   Consumer Staples                  2.4%
   Materials                         2.1%
   Telecommunication Services        1.0%
   Utilities                         0.8%    Holdings Liquidated
                                   ------    --------------------
                                   100.0%    Avago Technologies Ltd.
                                             Dollar Tree, Inc.
                                             Kaydon Corp.
                                             Kennametal, Inc.
                                             Mercadolibre, 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.

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