SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

September 15, 2011 09:04 ET

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

BOSTON, MA--(Marketwire - Sep 15, 2011) - Below is the August 2011 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                        August 2011 Monthly Update


Performance                   NAV         Market Price           Discount
                             -----        ------------           --------
  Beginning of month value   $4.73           $4.50                 4.9%
  Distributions (Ex-Date
   August 24)                $0.06           $0.06
  End of Month Value         $4.37           $4.16                 4.8%
  Performance for month      -6.34%          -6.22%
  Performance year-to-date   -0.22%           2.54%

  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                      $131.3
  Equities                   $129.0
  Percent Invested             98.2%
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Top 20 Holdings at Month-End (34.9% of equity portfolio)
-------------------------------------------------------
  (Rank from previous month)

1  Apple, Inc. (1)              2.3%  11 ARM Holdings PLC (11)         1.7%
2  C.H. Robinson Worldwide,           12 Green Mountain Coffee
    Inc.(3)                     2.2%      Roasters, Inc.(9)            1.7%
3  Salesforce.com, Inc. (2)     2.2%  13 Intuitive Surgical, Inc. (6)  1.6%
4  Core Laboratories N.V.(8)    1.9%  14 Expeditors International of
5  ACE Ltd. (12)                1.9%      Washington, Inc. (15)        1.6%
6  QUALCOMM, Inc. (5)           1.8%  15 American Tower Corp.,
7  Baidu, Inc. (4)              1.8%      Class A (16)                 1.6%
8  IHS, Inc., Class A (14)      1.8%  16 Google, Inc., Class A (10)    1.5%
9  FMC Technologies, Inc. (7)   1.8%  17 Cerner Corp. (17)             1.5%
10 Oceaneering International,         18 VMware, Inc., Class A(44)     1.5%
    Inc. (13)                   1.7%  19 Rockwell Automation, Inc.(21) 1.4%
                                      20 Signature Bank (19)           1.4%

    Holdings are subject to change
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Sector Breakdown (% of portfolio)*      New Holdings
--------------------------------        ------------
   Information Technology       28.8%   Acme Packet, Inc.
    Industrials                 16.2%   BorgWarner, Inc.
    Health Care                 13.7%   ServiceSource International, Inc.
    Consumer Discretionary      12.8%   SINA Corp.
    Energy                      10.3%   Teavana Holdings, Inc.
    Financials                   9.4%
    Consumer Staples             3.5%   Holdings Liquidated
    Materials                    2.9%   -----------------------
    Telecommunication Services   1.6%   Lincare Holdings, Inc.
    Utilities                    0.8%   ResMed, Inc.
                               -----    SEI Investments Co.
                               100.0%   Strayer Education, Inc.
                               =====    Teva Pharmaceutical Industries Ltd.
                                        Ultra Petroleum Corp.

    *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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