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

BOSTON, MA--(Marketwired - Jun 11, 2015) - Below is the May 2015 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

Liberty All-Star Growth Fund			Monthly Update
		Ticker: ASG	May, 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
		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		Lowe's Cos., Inc. (3)	1.9%
3		Middleby Corp. (4)	1.9%
4		BofI Holding, Inc. (6)	1.8%
5		Visa, Inc., Class A (7)	1.6%
6		Starbucks Corp. (8)	1.6%
7		Amgen, Inc. (5)	1.6%
8		Signature Bank (2)	1.6%
9		Mondelez International, Inc., Class A (19)	1.5%
10		Ecolab, Inc. (14)	1.4%
11		LinkedIn Corp., Class A (22)	1.4%
12		priceline.com, Inc. (9)	1.4%
13		Google, Inc., Class C (11)	1.4%
14		American Express Co. (17)	1.4%
15		ExamWorks Group, Inc. (18)	1.4%
16		Schlumberger Ltd. (12)	1.4%
17		The Walt Disney Co. (10)	1.4%
18		State Street Corp. (20)	1.3%
19		Amazon.com, Inc. (21)	1.3%
20		Core Laboratories N.V. (13)	1.3%
		Holdings are subject to change.

Monthly Performance
Performance		NAV	Market Price	Discount
	Beginning of month value	$5.69	$5.11	10.2%
	Distributions	-	-
	End of month value	$5.70	$5.17	9.3%
	Performance for month	0.18%	1.17%
	Performance year-to-date	4.07%	4.09%

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	$139.0
	Equities	$138.9
	Percent Invested	99.9%
Sector Breakdown (% of equity portfolio)*
	Information Technology		22.1%
	Consumer Discretionary		17.9%
	Industrials		14.5%
	Financials		14.3%
	Health Care		14.0%
	Consumer Staples		10.3%
	Energy		3.7%
	Materials		2.4%
	Telecommunication Services		0.8%
Total Market Value			100.0%
*Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).

New Holdings			Holdings Liquidated
Verisk Analytics, Inc., Class A			Deckers Outdoor Corp.
			On Deck Capital, Inc.
			Perrigo Co. PLC