ALPS Advisors, Inc.: Liberty All-Star(R) Growth Fund, Inc. 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 $2.41 19.4% Performance for month 8.3% 8.6% Performance year-to-date (4.9%) (4.0%) For daily data visit the Fund's website at [ www.all-starfunds.com ] or call 1-800-241-1850. The Fund's daily NAV is also available by using the symbol XASGX. Past performance cannot predict future results. -------------------------------------------------------------------------- Net Assets at Month-End ($millions) ---------------------------------- Total $ 89.2 Equities $ 86.4 Percent Invested in Equities 96.9% -------------------------------------------------------------------------- Top 20 Holdings at Month-End (28.8% of equity portfolio) ------------------------------------------------------- (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 ------------------------------------------------------------------------- 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.

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