SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

August 11, 2009 13:23 ET

Liberty All-Star® Growth Fund, Inc. July 2009 Monthly Update

BOSTON, MA--(Marketwire - August 11, 2009) - Liberty All-Star® Growth Fund, Inc. (NYSE: ASG) July 2009 Monthly Update

                         July 2009 Monthly Update


 Performance                              NAV   Market Price      Discount
 -----------                              ---   ------------      --------
     Beginning of month value            $3.41      $2.73           19.9%
     Distributions                         -          -
     End of month value                  $3.61      $2.92           19.1%
     Performance for month                5.9%       7.0%
     Performance year-to-date            16.5%      18.4%

     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                              $108.5
     Equities                           $107.5
     Percent Invested in Equities        99.1%
---------------------------------------------------------------------------

 Top 20 Holdings at Month-End (28.2% of equity portfolio)
 --------------------------------------------------------
          (Rank from previous month)

        1 Research In Motion Ltd.(1)  2.2%  11 Weatherford
        2 Strayer Education, Inc.(2)  1.7%      International Ltd.(59) 1.3%
        3 Starbucks Corp.(20)         1.7%  12 McAfee, Inc.(12)        1.3%
        4 Core Laboratories N.V.(3)   1.6%  13 The TJX Companies,
        5 LKQ Corp.(7)                1.6%      Inc.(21)               1.3%
        6 Corning, Inc.(5)            1.5%  14 National-Oilwell
        7 Microsoft Corp. (New)       1.5%      Varco, Inc. (17)       1.3%
        8 Petroleo Brasileiro S.A.(6) 1.4%  15 ANSYS, Inc.(11)         1.2%
        9 Visa, Inc., Class A(10)     1.3%  16 The Coca-Cola Co.(15)   1.2%
       10 QUALCOMM, Inc.(14)          1.3%  17 Capella
                                                Education Co.(19)      1.2%
                                            18 Oracle Corp.(16)        1.2%
                                            19 Baidu, Inc.(9)          1.2%
                                            20 WellPoint, Inc.(118)    1.2%

          Holdings are subject to change
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 Sector Breakdown (% of equity portfolio) *
 ------------------------------------------
          Information Technology        26.3%  New Holdings
          Consumer Discretionary        17.2%  ----------
          Health Care                   15.5%  Adobe Systems, Inc.
          Industrials                   15.0%  CF Industries Holdings, Inc.
          Energy                        10.2%  Citrix Systems, Inc.
          Financials                     9.8%  CME Group, Inc.
          Materials                      2.5%  Cummins, Inc.
          Consumer Staples               1.8%  eBay, Inc.
          Telecommunication Services     1.1%  Fiserv, Inc.
          Utilities                      0.6%  Guess?, Inc.
                                        -----  Human Genome Sciences, Inc.
                                       100.0%  Life Technologies Corp.
                                               Microsoft Corp.
                                               NetApp, Inc.
                                               O'Reilly Automotive, Inc.
                                               Portfolio Recovery
                                                Associates, Inc.
                                               Wabtec Corp.
                                               Wynn Resorts Ltd.

                                               Holdings Liquidated
                                               -------------------
                                               Apple, Inc.
                                               Automatic Data
                                                Processing, Inc.
                                               Best Buy Co., Inc.
                                               Cisco Systems, Inc.
                                               International Business
                                                Machines Corp.
                                               McDonald's Corp.
                                               NATCO Group, Inc.
                                               Plains Exploration &
                                                Production Co.
                                               Range Resources Corp.
                                               SPX Corp.
                                               St. Jude Medical, Inc.
                                               Walgreen Co.
                                               Whiting 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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