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

BOSTON, MA--(Marketwire - Jan 18, 2012) - Below is the December 2011 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

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

Monthly Performance

Performance                                    NAV   Market Price  Discount
                                               ---   ------------  --------
  Beginning of month value                    $4.40      $3.94       10.5%
  Distributions (Ex-Date December 14)         $0.07      $0.07
  End of month value                          $4.24      $3.81       10.1%
  Performance for month                       -2.05%     -1.57%
  Performance year-to-date                    -1.59%     -4.38%

Past performance cannot predict future results



Net Assets at Month-End ($millions)
Total                                        $127.6
Equities                                     $123.8
Percent Invested                              97.0%



Top 20 Holdings at Month-End
  (35.7% of equity portfolio)
  (Rank from previous month)

 1 Apple, Inc. (1)                                    2.4%
 2 C.H. Robinson Worldwide, Inc. (2)                  2.2%
 3 FMC Technologies, Inc. (3)                         2.1%
 4 ACE Ltd. (5)                                       2.1%
 5 IHS, Inc., Class A (6)                             2.0%
 6 QUALCOMM, Inc. (7)                                 2.0%
 7 Intuitive Surgical, Inc. (10)                      1.9%
 8 Oceaneering International, Inc. (8)                1.9%
 9 Core Laboratories N.V. (9)                         1.8%
10 American Tower Corp., Class A (11)                 1.8%
11 Salesforce.com, Inc. (4)                           1.8%
12 ARM Holdings PLC (12)                              1.7%
13 Google, Inc., Class A (13)                         1.6%
14 Rockwell Automation, Inc. (14)                     1.6%
15 LKQ Corp. (17)                                     1.5%
16 BioMarin Pharmaceutical, Inc. (18)                 1.5%
17 Expeditors International of Washington, Inc. (15)  1.5%
18 VMware, Inc., Class A (20)                         1.5%
19 Signature Bank (22)                                1.4%
20 Occidental Petroleum Corp. (19)                    1.4%

   Holdings are Subject to Change



Sector Breakdown (% of equity portfolio)*

  Information Technology                             29.2%
  Industrials                                        16.0%
  Health Care                                        13.5%
  Consumer Discretionary                             12.6%
  Energy                                             10.5%
  Financials                                          9.9%
  Materials                                           3.1%
  Consumer Staples                                    2.7%
  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
  Financial Engines, Inc.         Acme Packet, Inc.
  The Fresh Market, Inc.          Expedia, Inc.
  IPG Photonics Corp.             Global Education & Technology Group Ltd.
  Shutterfly, Inc.
  TripAdvisor, Inc.