BOSTON, MA--(Marketwired - Jun 17, 2013) - Below is the May 2013 Monthly Update for the Liberty All-Star Growth Fund, Inc. (NYSE: 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: M.A. Weatherbie & Company, Inc. Small-Cap Growth | Matthew A. Weatherbie, CFATCW Investment Management Company Mid-Cap Growth | Chang Lee and Mike Olson, CFA Large-Cap Growth | Craig C. Blum, CFA

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 and exercised all primary rights in the Fund's rights offerings. 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.

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Liberty All-Star(R) Growth Fund, Inc. May 2013 Monthly Update