SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

June 16, 2010 11:20 ET

Liberty All-Star® Growth Fund, Inc. May 2010 Monthly Update

BOSTON, MA--(Marketwire - June 16, 2010) -


Below is the May 2010 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                         May 2010 Monthly Update


Performance                                NAV     Market Price    Discount
-----------                              ------    ------------    --------
    Beginning of month value              $4.33       $3.97          8.3%
    Distributions (Ex-Date May 26)        $0.06       $0.06
    End of month value                    $3.94       $3.49         11.4%
    Performance for month                 -7.62%     -10.58%
    Performance year-to-date               1.52%       7.33%

  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                                $118.6
    Equities                             $118.8
    Percent Invested in Equities         100.2%
---------------------------------------------------------------------------

Top 20 Holdings at Month-End (25.2% of equity portfolio)
-------------------------------------------------------
  (Rank from previous month)

1  Strayer Education, Inc. (3)  1.6%  11  VMware, Inc. (19)            1.2%
2  Apple, Inc. (2)              1.6%  12  Visa, Inc., Class A (7)      1.2%
3  Core Laboratories N.V. (1)   1.6%  13  Portfolio Recovery
                                           Associates, Inc. (29)       1.2%
4  Applied Materials, Inc. (5)  1.4%  14  Google, Inc., Class A (13)   1.1%
5  Microsoft Corp. (4)          1.4%  15  Gilead Sciences, Inc. (28)   1.1%
6  Masimo Corp. (30)            1.3%  16  Lincare Holdings, Inc. (17)  1.1%
7  Salesforce.com, Inc. (10)    1.3%  17  Resources Connection, Inc.
                                           (18)                        1.1%
8  ANSYS, Inc. (11)             1.3%  18  VeriFone Systems, Inc. (62)  1.1%
9  PepsiCo, Inc. (6)            1.2%  19  LKQ Corp. (26)               1.1%
10 Capella Education Co. (9)    1.2%  20  VCA Antech, Inc. (22)        1.1%

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

Sector Breakdown (% of equity portfolio) *
------------------------------------------
    Information Technology          28.8%       New Holdings
    Industrials                     19.2%       ------------
    Health Care                     16.6%       Accretive Health, Inc.
    Financials                      12.0%       Aruba Networks, Inc.
    Consumer Discretionary          11.7%       Greenlight Capital Re Ltd.
    Energy                           7.1%       Hewlett-Packard Co.
    Consumer Staples                 2.4%       The Mosaic Co.
    Materials                        1.2%       Plains Exploration &
    Utilities                        0.6%        Production Co.
    Telecommunication Services       0.4%       T. Rowe Price Group, Inc.
                                ---------
                                   100.0%

                                                Holdings Liquidated
                                                -------------------
                                                Adobe Systems, Inc.
                                                AT&T, Inc.
                                                Digital River, Inc.
                                                DreamWorks Animation SKG,
                                                 Inc., Class A
                                                Hansen Natural Corp.
                                                InterMune, Inc.
                                                MannKind Corp.
                                                Perfect World Co. Ltd.
                                                Phillips-Van Heusen Corp.
                                                Stanley, Inc.
                                                Wynn Resorts Ltd.



*  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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