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Liberty All-Star® Growth Fund, Inc. August 2019 Monthly Update

September 14, 2019

BOSTON, Sept. 13, 2019 (GLOBE NEWSWIRE) -- Below is the August 2019 Monthly Update for the Liberty All-Star Growth Fund, Inc. (NYSE: ASG)

Liberty All-Star Growth Fund, Inc.Ticker: ASGMonthly Update, August, 2019

Investment Approach:Fund Style: All-Cap GrowthFund 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 Congress Asset Management Company, LLP Mid-Cap Growth Sustainable Growth Advisers, LP Large-Cap Growth

Top 20 Holdings at Month-End (30.8% of equity portfolio) 1 FirstService Corp. 2.1% 2 Insulet Corp. 2.0% 3 Chegg, Inc. 1.9% 4 Nevro Corp. 1.8% 5 Paylocity Holding Corp. 1.8% 6 Microsoft Corp. 1.6% 7 Yum! Brands, Inc. 1.5% 8 Alphabet, Inc. 1.5% 9 salesforce.com, Inc. 1.4% 10 Casella Waste Systems, Inc. 1.4% 11 Abbott Laboratories 1.4% 12 Planet Fitness, Inc. 1.4% 13 Visa, Inc. 1.4% 14 PayPal Holdings, Inc. 1.4% 15 HEICO Corp. 1.4% 16 Autodesk, Inc. 1.4% 17 UnitedHealth Group, Inc. 1.4% 18 Equinix, Inc. 1.4% 19 Amazon.com, Inc. 1.3% 20 FleetCor Technologies, Inc. 1.3% Holdings are subject to change.

Monthly Performance: Performance NAV Market Price Discount ------------------------ ------ ------------ -------- Beginning of month value $6.05 $5.92 -2.1% ------------------------ ------ ------------ -------- End of month value $5.96 $5.91 -0.8% ------------------------ ------ ------------ -------- Performance for month -1.49% -0.17% ------------------------ ------ ------------ -------- Performance year-to-date 28.22% 43.08% ------------------------ ------ ------------ --------

Net Assets at Month-End ($millions) Total $223.8 Equities $221.5 Percent Invested 98.9%

Sector Breakdown (% of equity portfolio)* Information Technology 30.6% Health Care 19.8% Consumer Discretionary 16.4% Industrials 14.0% Consumer Staples 4.3% Real Estate 4.3% Communication Services 4.2% Financials 3.4% Materials 2.8% Energy 0.2% Total Market Value 100.0% *Based on Standard & Poor’s and MSCI Barra Global Industry Classification Standard (GICS).

New Holdings Booz Allen Hamilton Holding Corp.IHS Markit, Ltd.Sun Communities, Inc.Teledyne Technologies, Inc.

Holdings LiquidatedHyatt Hotels Corp.Old Dominion Freight Line, Inc.PVH Corp.

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.

Performance returns for the Fund are total returns, which includes dividends, and are net of management fees and other Fund expenses. Returns are 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.

All data is as of August 31, 2019 unless otherwise noted. Liberty All-Star® Growth Fund, Inc.1-800-241-1850 www.all-starfunds.com libinfo@alpsinc.com

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