BOSTON, MA, Jan 18, 2012 (MARKETWIRE via COMTEX) -- Below is the December 2011 Monthly Update for the Liberty All-Star(R) Growth Fund, Inc. ASG +0.01%

        
        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.