USA Liberty All Star Equity Fund

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

Liberty All-Star Growth Fund		Monthly Update
	Ticker: ASG	September, 2017
Investment Approach
Fund Style: All- Cap Growth
Fund Strategy: Combines three growth style investment managers, eachwith a distinct capitalization focus (small-, mid- and large-cap)selected andcontinuously monitored by the Fund’s Investment Advisor.
Investment Managers:
	Weatherbie Capital, LLC
	Small-Cap Growth
	Congress Asset Management Company, LLP
	Mid-Cap Growth
	Sustainable Growth Advisers, LP
	Large-Cap Growth
Top 20 Holdings at Month-End
	(28.7% of equity portfolio)
	(Rank from previous month)
1	J.B. Hunt Transport Services, Inc. (1)	2.0	%
2	IPG Photonics Corp. (2)	1.9	%
3	FirstService Corp. (3)	1.7	%
4	Wayfair, Inc., Class A (4)	1.6	%
5	Visa, Inc., Class A (6)	1.5	%
6	Signature Bank (5)	1.4	%
7	The Middleby Corp. (11)	1.4	%
8	Stamps.com, Inc. (19)	1.4	%
9	Salesforce.com, Inc. (7)	1.4	%
10	Alphabet, Inc., Class C (12)	1.4	%
11	Facebook, Inc., Class A (9)	1.3	%
12	FleetCor Technologies, Inc. (18)	1.3	%
13	XPO Logistics, Inc. (29)	1.3	%
14	Cerner Corp. (20)	1.3	%
15	Ebix, Inc. (31)	1.3	%
16	Paylocity Holding Corp. (15)	1.3	%
17	The Priceline Group, Inc. (14)	1.3	%
18	Portola Pharmaceuticals, Inc. (8)	1.3	%
19	Ecolab, Inc. (13)	1.3	%
20	Chegg, Inc. (21)	1.3	%
	Holdings are subject to change.

Monthly Performance
Performance	NAV			Market Price			Discount
Beginning of month value	$5.34			$4.97			-6.9	%
Distributions		–			–
End of month value	$5.48			$5.23			-4.6	%
Performance for month		2.62%			5.23%
Performance year-to-date		21.77%			33.45%
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 feesand other Fund expenses. Returns are calculated assuming that a shareholder reinvested all distributions. Pastperformance cannot predict future investment results. Performance will fluctuate with changes in market conditions. Current performance may be lower or higher thanthe performance data shown. Performance information shown does not reflect the deduction of taxes thatshareholders would pay on Fund distributions or the sale of Fund shares. Shareholders must be willing to toleratesignificant fluctuations in the value of their investment. An investment in the Fund involves risk, including loss ofprincipal. Sources of distributions to shareholders may include ordinary dividends, long-term capital gains and return ofcapital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’sinvestment experience during its fiscal year and may be subject to changes based on tax regulations. If adistribution includes anything other than net investment income, the fund provides a Section 19(a) notice of thebest 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	$147.3
Equities	$144.8
Percent Invested	98.3%
Sector Breakdown (% of equityportfolio)*
Information Technology				32.4%
Consumer Discretionary				19.1%
Health Care				16.3%
Industrials				14.0%
Financials				6.1%
Real Estate				3.6%
Consumer Staples				3.5%
Materials				3.1%
Energy				1.9%
Total Market Value				100.0%
*Based on Standard & Poor's and MSCI BarraGlobal Industry Classification Standard(GICS).
New Holdings						Holdings Liquidated
Allegion PLC						Equifax, Inc.
SS&C Technologies Holdings, Inc.						Foot Locker, Inc.
STERIS PLC						Manhattan Associates, Inc.

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