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Liberty All-Star(R) Growth Fund, Inc. May 2014 Monthly Update

BOSTON, MA -- (Marketwired) -- 06/13/14 -- Below is the May 2014 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

Liberty All-Star Growth Fund                                Monthly Update
  Ticker: ASG                                                    May, 2014

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 and Mike Olson, CFA
     Large-Cap Growth | Craig C. Blum, CFA

Top 20 Holdings at Month-End
-------------------------------------------------------------------
     (31.7% of equity portfolio)
                   (Rank from previous month)
-------------------------------------------------------------------
  1  Cerner Corp. (2)                                          2.1%
  2  Google, Inc. (3)                                          1.9%
  3  Dril-Quip, Inc. (1)                                       1.8%
  4  athenahealth, Inc. (7)                                    1.8%
  5  Salesforce.com, Inc. (6)                                  1.7%
  6  Waste Connections, Inc. (13)                              1.7%
  7  American Tower Corp. (9)                                  1.6%
  8  Signature Bank (4)                                        1.6%
  9  Illumina, Inc. (20)                                       1.6%
 10  Schlumberger Ltd. (8)                                     1.6%
 11  Amazon.com, Inc. (10)                                     1.5%
 12  ARM Holdings PLC (11)                                     1.5%
 13  Visa, Inc., Class A (15)                                  1.5%
 14  LinkedIn Corp., Class A (14)                              1.4%
 15  Middleby Corp. (19)                                       1.4%
 16  Precision Castparts Corp. (12)                            1.4%
 17  priceline.com, Inc. (22)                                  1.4%
 18  IHS, Inc., Class A (18)                                   1.4%
 19  Starbucks Corp. (17)                                      1.4%
 20  ACE Ltd. (16)                                             1.4%
-------------------------------------------------------------------
     Holdings are subject to change.


Monthly Performance
----------------------------------------------------------------------------
Performance                                      NAV   Market Price Discount
----------------------------------------------------------------------------
  Beginning of month value                      $5.37      $5.31      1.1%
  Distributions                                   -          -
  End of month value                            $5.33      $5.24      1.7%
  Performance for month                        -0.74%     -1.32%
  Performance year-to-date                     -6.95%     -3.80%
----------------------------------------------------------------------------

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 include dividends, after deducting 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 net investment income, net realized short-term capital gains, net realized 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                                                 $127.2
  Equities                                              $126.0
  Percent Invested                                      99.1%
----------------------------------------------------------------


Sector Breakdown (% of equity portfolio)*
----------------------------------------------------------------
  Information Technology                                25.4%
  Industrials                                           18.3%
  Consumer Discretionary                                16.2%
  Financials                                            14.7%
  Health Care                                           12.9%
  Energy                                                6.2%
  Consumer Staples                                      5.3%
  Materials                                             0.7%
  Telecommunication Services                            0.3%
Total Market Value                                      100.0%
----------------------------------------------------------------
*Based on Standard & Poor's and MSCI Barra Global
Industry Classification Standard (GICS).


New Holdings - None                    Holdings Liquidated
----------------------------------------------------------------------------
                                       Arcos Dorados Holdings, Inc., Class A
                                       Liquidity Services, Inc.
                                       Masimo Corp.
                                       Portfolio Recovery Associates, Inc.
                                       ServiceSource International, Inc.
                                       Synaptics, Inc.
                                       Whole Foods Market, Inc.

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

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