SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

June 17, 2011 13:05 ET

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

Boston, MA--(Marketwire - Jun 17, 2011) -


Below is the May 2011 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                         May 2011 Monthly Update

Performance                            NAV       Market Price     Discount
---------------------------------     -----      ------------     --------

   Beginning of month value           $5.01          $4.62          7.8%
   Distributions (Ex-Date May 25)     $0.07          $0.07
   End of month value                 $4.88          $4.48          8.2%
   Performance for month             -1.20%         -1.52%
   Performance year-to-date           9.91%          8.79%

   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                             $146.8
   Equities                          $144.5
   Percent Invested in Equities       98.4%
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Top 20 Holdings at Month-End (33.3% of equity portfolio)
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    (Rank from previous month)

1  Salesforce.com, Inc. (2)  2.3%  11 Baidu, Inc. (8)                  1.6%
2  C.H. Robinson Worldwide,        12 ACE Ltd. (14)                    1.6%
    Inc. (1)                 2.3%  13 Rue21, Inc. (17)                 1.6%
3  Apple, Inc. (3)           2.0%  14 Expeditors International of
4  QUALCOMM, Inc. (4)        1.9%      Washington, Inc. (10)           1.6%
5  IHS, Inc., Class A (12)   1.8%  15 Oceaneering International,
6  Core Laboratories                   Inc. (9)                        1.5%
    N.V. (11)                1.7%  16 American Tower Corp.,
7  Intuitive Surgical,                 Class A (18)                    1.4%
    Inc. (7)                 1.7%  17 Google, Inc., Class A (16)       1.4%
8  FMC Technologies,               18 Rockwell Automation, Inc. (15)   1.4%
    Inc.(6)                  1.6%  19 VeriFone Systems, Inc. (13)      1.4%
9  ARM Holdings PLC (5)      1.6%  20 LKQ Corp. (26)                   1.3%
10 Green Mountain Coffee
    Roasters, Inc. (19)      1.6%

   Holdings are subject to change
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Sector Breakdown (% of equity portfolio) *
------------------------------------------

     Information Technology         27.4%   New Holdings
     Industrials                    16.7%   -------------------
     Health Care                    15.6%   Ultimate Software Group, Inc.
     Consumer Discretionary         12.4%
     Financials                     10.7%   Holdings Liquidated
     Energy                          9.3%   -------------------
     Consumer Staples                3.6%   Janus Capital Group, Inc.
     Materials                       2.2%   Plains Exploration &
     Telecommunication Services      1.4%    Production Co.
     Utilities                       0.7%   Ritchie Bros. Auctioneers, Inc.
                                   -----    Watts Water Technologies, Inc.,
                                   100.0%    Class A
                                   =====

  * 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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