SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

August 17, 2011 14:34 ET

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

BOSTON, MA--(Marketwire - Aug 17, 2011) - Below is the July 2011 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                         July 2011 Monthly Update

Performance                       NAV          Market Price        Discount
-----------                      -----         ------------        --------
  Beginning of month value       $4.81             $4.44             7.7%
  Distributions                      -                 -
  End of Month Value             $4.73             $4.50             4.9%
  Performance for month          -1.66%             1.35%
  Performance year-to-date        6.54%             9.34%

  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                          $142.3
  Equities                       $138.3
  Percent Invested                 97.2%
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Top 20 Holdings at Month-End (34.5% of portfolio)
------------------------------------------------
  (Rank from previous month)

1  Apple, Inc. (3)                  2.4% 11 ARM Holdings PLC (11)      1.7%
2  Salesforce.com, Inc. (1)         2.3% 12 ACE Ltd. (12)              1.7%
3  C.H. Robinson Worldwide, Inc.(2) 2.1% 13 Oceaneering
4  Baidu, Inc. (10)                 1.9%     International, Inc. (14)  1.7%
5  QUALCOMM, Inc. (4)               1.8% 14 IHS, Inc., Class A (9)     1.6%
6  Intuitive Surgical, Inc. (6)     1.8% 15 Expeditors International
7  FMC Technologies, Inc. (8)       1.8%     of Washington, Inc. (13)  1.5%
8  Core Laboratories N.V. (5)       1.8% 16 American Tower Corp.,
9  Green Mountain Coffee                     Class A (18)              1.5%
    Roasters, Inc. (7)              1.8% 17 Cerner Corp. (22)          1.4%
10 Google, Inc., Class A (17)       1.7% 18 Schlumberger Ltd. (21)     1.4%
                                         19 Signature Bank (20)        1.3%
                                         20 BioMarin
                                             Pharmaceutical, Inc. (28) 1.3%

  Holdings are subject to change
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Sector Breakdown (% of portfolio)*         New Holdings
--------------------------------           ------------
  Information Technology           27.3%   Dick's Sporting Goods, Inc.
  Industrials                      15.6%   Francesca's Holdings Corp.
  Health Care                      15.5%   Liquidity Services, Inc.
  Consumer Discretionary           13.1%   Lufkin Industries, Inc.
  Financials                       10.1%   Middleby Corp.
  Energy                            9.8%   Virtus Investment Partners, Inc.
  Consumer Staples                  3.5%
  Materials                         2.6%   Holdings Liquidated
  Telecommunication Services        1.5%   -------------------
  Utilities                         0.7%   China Real Estate
  Financial                         0.3%    Information Corp.
                                           Duff & Phelps Corp., Class A
                                           Knight Transportation, Inc.
                                           Qihoo 360 Technology Co. Ltd.
                                  ------
                                  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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