Liberty All-Star(R) Growth Fund, Inc. July 2015 Update

BOSTON, MA--(Marketwired - Aug 17, 2015) -  Below is the July 2015 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

Liberty All-Star Growth Fund		Monthly Update
	Ticker: ASG	July, 2015
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:      
Weatherbie Capital, LLC
Small-Cap Growth | Matthew A. Weatherbie, CFA                    
TCW Investment Management Company
Mid-Cap Growth | Chang Lee and Mike Olson, CFA
Sustainable Growth Advisers, LP
Large-Cap Growth | George Fraise, Robert Rohn & Gordon Marchand, CFA   

Top 20 Holdings at Month-End
		(30.8% of equity portfolio)
		(Rank from previous month)
1		Cerner Corp. (1)		2.2%
2		BofI Holding, Inc. (2)		2.1%
3		Middleby Corp. (3)		2.0%
4		Visa, Inc., Class A (6)		1.8%
5		Amgen, Inc. (8)		1.6%
6		Mondelez International, Inc., Class A (7)		1.6%
7		Wayfair, Inc., Class A (20)		1.5%
8		Core Laboratories N.V. (21)		1.5%
9		Google, Inc., Class C (13)		1.5%
10		The Advisory Board Co. (15)		1.5%
11		Lowe's Cos., Inc. (4)		1.5%
12		Ecolab, Inc. (9)		1.4%
13		ARM Holdings PLC (112)		1.4%
14		Amazon.com, Inc. (16)		1.4%
15		LinkedIn Corp., Class A (11)		1.4%
16		American Express Co. (14)		1.3%
17		priceline.com, Inc. (12)		1.3%
18		State Street Corp. (18)		1.3%
19		The Walt Disney Co. (10)		1.3%
20		Schlumberger Ltd. (19)		1.2%
		Holdings are subject to change.

Monthly Performance
Performance			NAV		Market Price		Discount
	Beginning of month value		$5.68		$5.15		9.3%
	Distributions (Ex-Date July 29)		$0.12		$0.12
	End of month value		$5.72		$5.16		9.8%
	Performance for month		3.05%		2.52%
	Performance year-to-date		6.86%		6.30%

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 inlcudes dividends, and are net of Fund Expenses. The Fund's performance is calculated assuming that a shareholder reinvested all distributions. 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.

Sources of distributions to shareholders may include ordinary dividends, long-term capital gains and return of capital. The
actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time, available at www.all-starfunds.com. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year.

Net Assets at Month-End ($millions)
	Total		$140.4
	Equities		$139.1
	Percent Invested		99.1%
Sector Breakdown (% of equity portfolio)*
	Information Technology				21.9%
	Consumer Discretionary				17.1%
	Financials				16.2%
	Health Care				14.5%
	Industrials				13.0%
	Consumer Staples				10.8%
	Energy				3.6%
	Materials				2.3%
	Telecommunication Services				0.6%
Total Market Value					100.0%
*Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).
New Holdings							Holdings Liquidated
M&T Bank Corp.							B/E Aerospace, Inc.
U.S. Physical Therapy, Inc.							BorgWarner, Inc.
							Cummins, Inc.
							Isis Pharmaceuticals, Inc.
							QUALCOMM, Inc.
							Rexnord Corp.
							Spirit Airlines, Inc.