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

BOSTON, MA, Apr 07 (MARKET WIRE) --
Liberty All-Star(R) Growth Fund, Inc. (NYSE: ASG) March 2009 Monthly
Update

March 2009 Monthly Update

Performance NAV Market Price Discount
----------- ------- -------------- ---------
Beginning of month value $2.77 $2.22 19.9%
Distributions - -
End of month value $2.99 $2.41 19.4%
Performance for month 8.3% 8.6%
Performance year-to-date (4.9%) (4.0%)

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)
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Total $ 89.2
Equities $ 86.4
Percent Invested in
Equities 96.9%
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Top 20 Holdings at Month-End (28.8% of equity portfolio)
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(Rank from previous month)

1 Teva Pharmaceutical 11 Cisco Systems, Inc. (New) 1.4%
Industries Ltd. (1) 2.0%
2 International 12 AutoZone, Inc. (25) 1.4%
Business Machines
Corp. (3) 1.8%
3 Core Laboratories 13 EMC Corp. (19) 1.3%
N.V. (2) 1.8%
4 ANSYS, Inc. (14) 1.6% 14 Visa, Inc., Class A (23) 1.2%
5 Apollo Group, Inc.,
Class A (9) 1.6% 15 Hansen Natural Corp. (16) 1.2%
6 Mylan, Inc. (8) 1.6% 16 Oracle Corp. (24) 1.2%

7 LKQ Corp. (10) 1.5% 17 Automatic Data Processing,
8 Gilead Sciences, Inc. (17) 1.2%
Inc. (11) 1.5% 18 Genzyme Corp. (4) 1.2%
9 Strayer Education,
Inc. (15) 1.5% 19 SYSCO Corp. (20) 1.2%
10 Resources
Connection, Inc. (13) 1.4% 20 VCA Antech, Inc. (22) 1.2%

Holdings are subject to change
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Sector Breakdown (% of
equity portfolio)* New Holdings
---------------------------- ------------------------
Information Apple, Inc.
Technology 27.3% Cisco Systems, Inc.
Concur Technologies, Inc.
Health Care 18.9% Corning, Inc.
Consumer Monster Worldwide, Inc.
Discretionary 16.2% People's United
Financial, Inc.
Industrials 12.7% Petroleo Brasileiro S.A.
Energy 9.7% Plains Exploration &
Financials 8.1% Production Co.
Range Resources Corp.
Consumer Staples 2.4% Rockwell Automation, Inc.
Materials 2.2% Starbucks Corp.
Telecommunication The TJX Companies, Inc.
Services 1.9% Weatherford International Ltd.
Utilities 0.6%
-------

100.0%

Holdings Liquidated
------------------------
Abbott Laboratories
Accenture Ltd., Class A
Baxter International, Inc.
BlackRock, Inc.
Broadcom Corp., Class A
Catalyst Health
Solutions, Inc.
CV Therapeutics, Inc.
Equinix, Inc.
Express Scripts, Inc.
Flowserve Corp.
Kellogg Co.
Moody's Corp.
Raytheon Co.
Waste Management, Inc.

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

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