BOSTON, MA--(Marketwired - Jan 14, 2015) - Below is the December 2014 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

Liberty All-Star Growth Fund Monthly Update
  Ticker: ASG December, 2014
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 | Matthew A. Weatherbie, CFA TCW Investment Management Company
Mid-Cap Growth | Chang Lee and Mike Olson, CFA
Sustainable Growth Advisers, LP
Large-Cap Growth | George Fraise, Robert Rohn & Gordon Marchand, CFA
Top 20 Holdings at Month-End  
  (30.3% of equity portfolio)  
  (Rank from previous month)  
1 Cerner Corp. (1) 2.5%
2 Middleby Corp. (2) 2.2%
3 Lowe's Cos., Inc. (3) 1.9%
4 Visa, Inc., Class A (4) 1.9%
5 Signature Bank (7) 1.6%
6 Starbucks Corp. (10) 1.4%
7 The Walt Disney Co. (12) 1.4%
8 American Express Co. (11) 1.4%
9 Automatic Data Processing, Inc. (8) 1.4%
10, Inc. (6) 1.4%
11 Amgen, Inc. (9) 1.4%
12 ExamWorks Group, Inc. (15) 1.4%
13 LinkedIn Corp., Class A (14) 1.3%
14 Virtus Investment Partners, Inc. (22) 1.3%
15 Google, Inc., Class C (13) 1.3%
16 Schlumberger Ltd. (17) 1.3%
17 Whole Foods Market, Inc. (18) 1.3%
18 Monsanto Co. (16) 1.3%
19 State Street Corp. 1.3%
20 Colgate-Palmolive Co. 1.3%
  Holdings are subject to change.  
Monthly Performance  
Performance NAV Market Price Discount
Beginning of month value $5.67 $5.19 8.5%
Distributions - -  
End of month value $5.69 $5.16 9.3%
Performance for month 0.35% -0.58%  
Performance year-to-date 2.43% -2.32%  

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.

Returns for the Fund are total returns, which include dividends, after deducting Fund expenses. The Fund's performance is 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 net investment income, net realized short-term capital gains, net realized 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 the remainder of 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, available at 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 $137.7  
  Equities $135.1  
  Percent Invested 98.1%  
Sector Breakdown (% of equity portfolio)*    
  Information Technology   23.0%
  Consumer Discretionary   16.6%
  Industrials   16.0%
  Financials   14.9%
  Health Care   14.0%
  Consumer Staples   9.6%
  Energy   3.0%
  Materials   2.4%
  Telecommunication Services   0.5%
Total Market Value   100.0%
*Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).
New Holdings   Holdings Liquidated
Cornerstone OnDemand, Inc.   Allegheny Technologies, Inc.
Gentherm, Inc.   Discovery Communications, Inc., Class C
Nord Anglia Education, Inc.   MSC Industrial Direct Co., Inc., Class A
Spirit Airlines, Inc.   RSP Permian, Inc.

Contact Information:

Contact Information:
Liberty All-Star Growth Fund, Inc.