September 2008 Monthly Update Premium / Performance NAV Market Price (Discount) ----------- ----- ------------ ---------- Beginning of month value $4.94 $4.38 (11.3%) Distributions - - End of month value $4.34 $3.47 (20.0%) Performance for month (11.9%) (20.8%) Performance year-to-date (22.2%) (36.8%) For daily data visit the Fund's website at www.all-starfunds.com or call 1-800-241-1850. The Fund's daily NAV is also available by using the symbol XASGX. Past performance cannot predict future results. --------------------------------------------------------------------------- Net Assets at Month-End ($millions) ----------------------------------- Total $127.9 Equities $125.7 Percent Invested in Equities 98.3% --------------------------------------------------------------------------- Top 20 Holdings at Month-End (29.4% of equity portfolio) ------------------------------------------------------- (Rank from previous month) 1 Wal-Mart Stores, Inc. (3) 1.8% 11 Lockheed Martin Corp. (20) 1.4% 2 ANSYS, Inc. (1) 1.8% 12 Baxter International, Inc. (13) 1.4% 3 McDonald's Corp. (7) 1.7% 13 The Procter & Gamble Co. (New) 1.4% 4 Core Laboratories 14 Accenture Ltd., Class A (17) 1.3% N.V. (8) 1.7% 15 Union Pacific Corp. (18) 1.3% 5 International Business 16 Schlumberger Ltd. (15) 1.3% Machines Corp. (11) 1.6% 17 Affiliated Managers Group, 6 Resources Connection, Inc. (6) 1.3% Inc. (2) 1.6% 18 Strayer Education, Inc. (21) 1.3% 7 LKQ Corp. (4) 1.6% 19 Adobe Systems, Inc. (22) 1.2% 8 Johnson & Johnson (14) 1.5% 20 Smith International, Inc. (19) 1.2% 9 Genzyme Corp. (28) 1.5% 10 Teva Pharmaceutical Industries Ltd. (12) 1.5% Holdings are subject to change --------------------------------------------------------------------------- Sector Breakdown (% of equity portfolio) * ------------------------------------------ New Holdings ------------ Health Care 22.3% Information Technology 21.0% Amgen, Inc. Industrials 19.2% Hansen Natural Corp. Consumer Discretionary 10.8% PepsiCo, Inc. Energy 9.9% The Procter & Gamble Co. Financials 6.4% The Shaw Group, Inc. Consumer Staples 6.1% Signature Bank Telecommunication Services 2.4% SINA Corp. Materials 1.9% SYSCO Corp. ----- Wells Fargo & Co. 100.0% Holdings Liquidated ------------------- ABB Ltd. Apple, Inc. Assurant, Inc. Oracle Corp. QUALCOMM, 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: For Information Contact: Liberty All-Star Growth Fund 1-800-241-1850 www.all-starfunds.com