Liberty All-Star(R) Growth Fund, Inc. August 2009 Update

• Press Release
• Source: ALPS Advisors, Inc.
• On 10:08 am EDT, Friday September 11, 2009

BOSTON, MA--(Marketwire - 09/11/09) - Below is the August 2009 Monthly Update for the Liberty All-Star� Growth Fund, Inc. (NYSE:ASG - News)

�
                              August 2009 Monthly Update


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

  Beginning of month value              $3.61        $2.92            19.1%
  Distributions (Ex-Date August 26)     $0.05        $0.05
  End of month value                    $3.63        $2.92            19.6%
  Performance for month                   1.9%         1.7%
  Performance year-to-date               18.7%        20.5%

  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                                $109.3
  Equities                             $108.4
  Percent Invested in Equities           99.1%
---------------------------------------------------------------------------

     Top 20 Holdings at Month-End (27.8% of equity portfolio)
        (Rank from previous month)

1   Strayer Education, Inc. (2)         1.9%  11  QUALCOMM, Inc. (10)  1.3%
2   Research In Motion Ltd. (1)         1.9%  12  ANSYS, Inc. (15)     1.3%
3   Core Laboratories N.V. (4)          1.6%  13  National-Oilwell
                                                  Varco, Inc. (14)     1.3%
4   Starbucks Corp. (3)                 1.6%  14  Visa, Inc.,
                                                  Class A (9)          1.3%
5   Microsoft Corp. (7)                 1.5%  15  Mylan, Inc. (21)     1.2%
6   LKQ Corp. (5)                       1.5%  16  Oracle Corp. (18)    1.2%
7   The TJX Companies, Inc. (13)        1.5%  17  Capella Education
                                                  Co. (17)             1.2%
8   Weatherford International Ltd. (11) 1.4%  18  WellPoint, Inc. (20) 1.2%
9   Petroleo Brasileiro S.A. (8)        1.4%  19  McAfee, Inc. (12)    1.1%
10  Corning, Inc. (6)                   1.3%  20  Signature Bank (24)  1.1%

        Holdings are subject to change
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Sector Breakdown (% of equity portfolio) *
    Information Technology    26.8%          New Holdings
    Consumer Discretionary    16.9%          Akamai Technologies, Inc.
    Health Care               15.5%          Avago Technologies Ltd.
    Industrials               15.3%          First Solar, Inc.
    Financials                10.2%          HEICO Corp.
    Energy                    10.0%          Joy Global, Inc.
    Materials                  2.3%          Longtop Financial
    Consumer Staples           1.4%           Technologies Ltd.
    Telecommunication                        Medco Health Solutions, Inc.
     Services                  1.0%          Sigma-Aldrich Corp.
    Utilities                  0.6%
                             -----
                             100.0%

                                             Holdings Liquidated
                                             The Corporate Executive
                                              Board Co.
                                             Cummins, Inc.
                                             Infinera Corp.
                                             Texas Roadhouse, Inc., Class A
                                             The Walt Disney Co.


 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.

 
Contact:
Liberty All-Star Growth Fund, Inc.
1-800-241-1850
www.all-starfunds.com