Below is the December 2025 Monthly Update for the Liberty All-Star Growth Fund, Inc. (NYSE:ASG).

Liberty All-Star Growth Fund, Inc.

Ticker: ASG

Monthly Update, December 2025

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 Growth
Congress Asset Management Company, LLP

Mid-Cap Growth
Westfield Capital Management Company, L.P.

Large-Cap Growth

Top 20 Holdings at Month-End:

	(38.0% of equity portfolio)
1	NVIDIA Corp.	5.0%
2	Apple, Inc.	3.7%
3	Microsoft Corp.	3.1%
4	Alphabet, Inc.	2.8%
5	Amazon.com, Inc.	2.2%
6	Meta Platforms, Inc.	2.0%
7	FirstService Corp.	1.7%
8	Ollie's Bargain Outlet Holdings, Inc.	1.6%
9	Ascendis Pharma A/S	1.6%
10	Artivion, Inc.	1.5%
11	Natera, Inc.	1.5%
12	StepStone Group, Inc.	1.4%
13	AAR Corp.	1.4%
14	Broadcom Inc.	1.3%
15	Eli Lilly & Co.	1.3%
16	EMCOR Group, Inc.	1.2%
17	Curtiss-Wright Corp.	1.2%
18	Semtech Corp.	1.2%
19	ACADIA Pharmaceuticals, Inc.	1.2%
20	Vertiv Holdings Co.	1.1%

Holdings are subject to change.

Monthly Performance:

Performance	NAV	Market Price	Discount
Beginning of month value	$5.99	$5.37	-10.4%
End of month value	$5.86	$5.30	-9.6%
Performance for month	-2.17%	-1.30%
Performance year-to-date	4.58%	2.12%

Net Assets at Month-End ($millions):

Total				$368.3
Equities				$367.5
Percent Invested				99.8%

Sector Breakdown* (% of equity portfolio):

Information Technology				28.6%
Industrials				22.7%
Health Care				16.8%
Consumer Discretionary				12.3%
Financials				9.8%
Communication Services				6.3%
Real Estate				2.1%
Consumer Staples				1.4%
Total Market Value				100.0%

*Based on Standard & Poor's and MSCI Global Industry Classification Standard (GICS).

New Holdings:

Cardinal Infrastructure Group, Inc.

IDEXX Laboratories, Inc.

Ross Stores, Inc.

Salesforce, Inc.

Holdings Liquidated:

Booz Allen Hamilton Holding Corp.

CyberArk Software, Ltd.

Spotify Technology SA

SPS Commerce, Inc.

Transcat, Inc.

TransDigm Group, Inc.

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 final determination of the source of all distributions in 2025 for tax reporting purposes will be made after year end. 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. Based on current estimates a portion of the distributions consist of a return of capital. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholder 1099-DIV forms after the end of the year.

All data is as of December 31, 2025 unless otherwise noted.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260116087420/en/

Liberty All-Star® Growth Fund, Inc.

1-800-241-1850

www.all-starfunds.com

libinfo@alpsinc.com

Liberty All-Star® Growth Fund, Inc. December 2025 Monthly Update