USA Liberty All Star Equity Fund

Below is the July 2017 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE:ASG)

Liberty All-Star Growth Fund			Monthly Update
Ticker: ASG			July, 2017
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:
		Weatherbie Capital, LLC Small-Cap GrowthCongress Asset Management Company, LLP Mid-Cap Growth Sustainable Growth Advisers, LP Large-Cap Growth
Top 20 Holdings at Month-End
		(30.2% of equity portfolio)
		(Rank from previous month)
1		IPG Photonics Corp. (1)	2.2%
2		The Middleby Corp. (2)	2.1%
3		J.B. Hunt Transport Services, Inc. (3)	1.8%
4		Stamps.com, Inc. (4)	1.7%
5		FirstService Corp. (5)	1.6%
6		Signature Bank (6)	1.6%
7		NIKE, Inc., Class B (7)	1.5%
8		Facebook, Inc., Class A (13)	1.5%
9		Core Laboratories NV (8)	1.5%
10		Wayfair, Inc. (9)	1.4%
11		Amazon.com, Inc. (11)	1.4%
12		Visa, Inc., Class A (14)	1.4%
13		MACOM Technology Solutions Holdings, Inc. (20)	1.4%
14		Salesforce.com, Inc. (17)	1.3%
15		FleetCor Technologies, Inc. (19)	1.3%
16		Portola Pharmaceuticals, Inc. (16)	1.3%
17		Alphabet, Inc., Class C (15)	1.3%
18		Ecolab, Inc. (12)	1.3%
19		Mondelez International, Inc., Class A (18)	1.3%
20		The Priceline Group, Inc. (22)	1.3%
		Holdings are subject to change.

Monthly Performance
Performance	NAV	Market Price	Discount
Beginning of month value	$5.38	$4.92	-8.6%
Distributions (Ex-Date July 26)	$0.11	$0.11
End of month value	$5.39	$4.99	-7.4%
Performance for month	2.39%	3.66%
Performance year-to-date	19.76%	27.32%
The net asset value (NAV) of a closed-end fund is the market value of the underlying investments (i.e., stocks and bonds) in the Fund’s portfolio, minus liabilities, divided by the total number of Fund shares outstanding. However, the Fund also has a market price; the value at which it trades on an exchange. If the market price is above the NAV the Fund is trading at a premium. If the market price is below the NAV the Fund is trading at a discount. Performance returns for the Fund are total returns, which includes dividends, and are net of management fees and other Fund expenses. Returns are calculated assuming that a shareholder reinvested all distributions. Past performance cannot predict future investment results. Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information shown does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. Shareholders must be willing to tolerate significant fluctuations in the value of their investment. An investment in the Fund involves risk, including loss of principal. Sources of distributions to shareholders may include ordinary dividends, long-term capital gains and return of capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.
Net Assets at Month-End ($millions)
Total	$144.0
Equities	$143.9
Percent Invested	100.0%
Sector Breakdown (% of equity portfolio)*
Information Technology		32.9%
Consumer Discretionary		19.7%
Health Care		15.9%
Industrials		14.2%
Financials		6.4%
Real Estate		3.5%
Materials		3.0%
Energy		2.4%
Consumer Staples		2.0%
Total Market Value		100.0%
*Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).
New Holdings		Holdings Liquidated
Ulta Beauty, Inc.		The Advisory Board Co.
		Whole Foods Market, Inc.

The Liberty All-Star Funds 
1-800-241-1850