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

BOSTON, MA -- (Marketwired) -- 08/15/14 -- Below is the July 2014 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

Liberty All-Star Growth Fund
    Ticker: ASG
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. (1)                                2.2%
   2 Google, Inc., Class C (3)                       1.9%
   3 Dril-Quip, Inc. (2)                             1.8%
   4 athenahealth, Inc. (10)                         1.8%
   5 Salesforce.com, Inc. (4)                        1.8%
   6 Waste Connections, Inc. (7)                     1.7%
   7 American Tower Corp. (11)                       1.7%
   8 Schlumberger Ltd. (5)                           1.6%
   9 LinkedIn Corp., Class A (13)                    1.6%
  10 Amazon.com, Inc. (12)                           1.5%
  11 Splunk, Inc. (8)                                1.5%
  12 Signature Bank (9)                              1.5%
  13 Virtus Investment Partners, Inc. (14)           1.5%
  14 Starbucks Corp. (18)                            1.4%
  15 Visa, Inc., Class A (20)                        1.4%
  16 IHS, Inc., Class A (17)                         1.4%
  17 priceline.com, Inc. (24)                        1.4%
  18 ARM Holdings PLC (16)                           1.4%
  19 ServiceNow, Inc. (19)                           1.3%
  20 Middleby Corp. (15)                             1.3%
---------------------------------------------------------
     Holdings are subject to change.


Monthly Performance
----------------------------------------------------------------------------
Performance                                      NAV   Market Price Discount
----------------------------------------------------------------------------
  Beginning of month value                      $5.63      $5.42      3.7%
  Distributions (Ex-Date July 30)               $0.08      $0.08
  End of month value                            $5.38      $5.18      3.7%
  Performance for month                        -2.96%     -2.95%
  Performance year-to-date                     -4.63%     -3.43%
----------------------------------------------------------------------------

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. Based on current estimates, the distribution will be
paid from short-term capital gains. 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
http://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                      $128.9
  Equities                   $127.2
  Percent Invested           98.6%
-----------------------------------------


Sector Breakdown (% of equity portfolio)*
----------------------------------------------------------------------------
  Information Technology                                              25.9%
  Industrials                                                         17.9%
  Consumer Discretionary                                              15.9%
  Financials                                                          14.4%
  Health Care                                                         13.6%
  Energy                                                              6.1%
  Consumer Staples                                                    5.2%
  Materials                                                           0.6%
  Telecommunication Services                                          0.4%
Total Market Value                                                    100.0%
----------------------------------------------------------------------------
*Based on Standard & Poor's and MSCI Barra Global Industry
Classification Standard (GICS).


New Holdings                              Holdings Liquidated
----------------------------------        ----------------------------------
ACADIA Pharmaceuticals, Inc.              Zillow, Inc., Class A
Five Below, Inc.
Patrick Industries, Inc.

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

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