Liberty All-Star(R) Growth Fund, Inc. November 2011 Monthly Update

BOSTON, MA--(Marketwire - Dec 9, 2011) - Below is the November 2011 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

Liberty All-Star Growth Fund                                Monthly Update
Ticker: ASG                                                  November 2011

Monthly Performance

Performance                                NAV    Market Price   Discount
                                           ---    ------------   --------
Beginning of month value                  $4.41       $3.94        10.7%
Distributions                               -           -
End of month value                        $4.40       $3.94        10.5%
Performance for month                    -0.23%       0.00%
Performance year-to-date                  0.46%      -2.85%

Past performance cannot predict future results


Net Assets at Month-End ($millions)
Total                                    $132.5
Equities                                 $129.3
Percent Invested                         97.7%


Top 20 Holdings at Month-End
  (35.8% of equity portfolio)
  (Rank from previous month)

 1 Apple, Inc. (1)                                    2.3%
 2 C.H. Robinson Worldwide, Inc. (3)                  2.2%
 3 FMC Technologies, Inc. (9)                         2.1%
 4 Salesforce.com, Inc. (2)                           2.0%
 5 ACE Ltd. (4)                                       2.0%
 6 IHS, Inc., Class A (5)                             2.0%
 7 QUALCOMM, Inc. (6)                                 2.0%
 8 Oceaneering International, Inc. (12)               1.9%
 9 Core Laboratories N.V. (8)                         1.9%
10 Intuitive Surgical, Inc. (7)                       1.8%
11 American Tower Corp., Class A (13)                 1.8%
12 ARM Holdings PLC (10)                              1.7%
13 Google, Inc., Class A (14)                         1.7%
14 Rockwell Automation, Inc. (20)                     1.6%
15 Expeditors International of Washington, Inc. (15)  1.5%
16 Baidu, Inc. (11)                                   1.5%
17 LKQ Corp. (17)                                     1.5%
18 BioMarin Pharmaceutical, Inc. (18)                 1.5%
19 Occidental Petroleum Corp. (21)                    1.4%
20 VMware, Inc., Class A (16)                         1.4%

   Holdings are Subject to Change


Sector Breakdown (% of equity portfolio)*

Information Technology                         29.2%
Industrials                                    16.1%
Health Care                                    13.2%
Consumer Discretionary                         12.7%
Energy                                         10.8%
Financials                                     9.8%
Materials                                      2.9%
Consumer Staples                               2.8%
Telecommunication Services                     1.8%
Utilities                                      0.7%
                                               100.0%

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


New Holdings                     Holdings Liquidated
LinkedIn Corp., Class A          Brigham Exploration Co.
                                 Pharmasset, Inc.