SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

June 08, 2009 14:29 ET

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

BOSTON, MA--(Marketwire - June 8, 2009) -


Liberty All-Star® Growth Fund, Inc. (NYSE: ASG) May 2009 Monthly Update


                      May 2009 Monthly Update

Performance                              NAV      Market Price  Discount
-----------                          -----------  -----------  -----------
      Beginning of month value          $3.32        $2.67        19.6%
      Distributions (Ex-Date May 6)     $0.05        $0.05
      End of month value                $3.36        $2.64        21.4%
      Performance for month              2.7%         0.7%
      Performance year-to-date           8.4%         7.2%

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                          $     100.2
      Equities                       $     101.0
      Percent Invested in Equities         100.8%
---------------------------------------------------------------------------
Top 20 Holdings at Month-End (28.0% of equity portfolio)
-------------------------------------------------------
    (Rank from previous month)

1 Core Laboratories N.V. (1)    2.0%   11 Strayer Education, Inc. (7) 1.4%
2 Research In Motion Ltd. (43)  1.9%   12 Mylan, Inc. (11)            1.3%
3 International Business
   Machines Corp. (3)           1.7%   13 ANSYS, Inc. (18)            1.3%
4 Petroleo Brasileiro S.A. (14) 1.6%   14 Baidu, Inc. (13)            1.3%
5 Apple, Inc. (8)               1.5%   15 Teva Pharmaceutical
                                           Industries Ltd. (2)        1.2%
6 Resources Connection, Inc.(4) 1.5%   16 QUALCOMM, Inc. (121)        1.2%
7 Visa, Inc., Class A (9)       1.5%   17 Oracle Corp. (19)           1.1%
8 Cisco Systems, Inc. (6)       1.4%   18 Starbucks Corp. (20)        1.1%
9 Corning, Inc. (10)            1.4%   19 Barrick Gold Corp. (41)     1.1%
10 LKQ Corp. (5)                1.4%   20 McDonald's Corp. (28)       1.1%

      Holdings are subject to change
---------------------------------------------------------------------------

Sector Breakdown (% of
 equity portfolio) *                      New Holdings
------------------------------------      -------------------------------
   Information Technology       27.3%     Aerovironment, Inc.
   Consumer Discretionary       16.5%     Best Buy Co., Inc.
   Health Care                  14.7%     Charles River Laboratories
   Industrials                  14.2%      International, Inc.
   Energy                       12.2%     Medivation, Inc.
   Financials                    8.8%     Monsanto Co.
   Materials                     2.5%     Schlumberger Ltd.
   Consumer Staples              2.2%     The Walt Disney Co.
   Telecommunication Services    1.0%
   Utilities                     0.6%
                               -----
                               100.0%
                                          Holdings Liquidated
                                          -------------------------------
                                          Becton, Dickinson and Co.
                                          Brown & Brown, Inc.
                                          CA, Inc.
                                          Mastercard, Inc., Class A
                                          Monotype Imaging Holdings, Inc.
                                          Symantec 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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