2012-02-14 20:08:12 -

BOSTON, MA -- (Marketwire) -- 02/14/12 -- Below is the January 2012 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

Liberty All-Star Growth Fund                                  Monthly Update
Ticker: ASG                                                     January 2012


Monthly Performance
Performance                                    NAV   Market Price  Discount
----------------------------------------------------------------------------
Beginning of month value                      $4.24      $3.81       10.1%
Distributions                                   -          -
End of month value                            $4.50      $4.04       10.2%
Performance for month                         6.13%      6.04%
Performance year-to-date                      6.13%      6.04%
Past performance cannot predict future
results


Net Assets at Month-End ($millions)
Total                                       $135.4
Equities                                    $131.3
Percent Invested                            97.0%


Top 20 Holdings at Month-End
   (34.2% of equity portfolio)
   (Rank from previous month)
 1 Apple, Inc. (1)                                        2.6%
 2 QUALCOMM, Inc. (6)                                     2.0%
 3 FMC Technologies, Inc. (3)                             1.9%
 4 IHS, Inc., Class A (5)                                 1.9%
 5 Salesforce.com, Inc. (11)                              1.9%
 6 ACE Ltd. (4)                                           1.9%
 7 Oceaneering International, Inc. (8)                    1.9%
 8 C.H. Robinson Worldwide, Inc. (2)                      1.9%
 9 American Tower Corp., Class A (10)                     1.8%
10 Intuitive Surgical, Inc. (7)                           1.8%
11 ARM Holdings PLC (12)                                  1.7%
12 Core Laboratories N.V. (9)                             1.6%
13 VMware, Inc., Class A (18)                             1.5%
14 Expeditors International of Washington, Inc. (17)      1.5%
15 LKQ Corp. (15)                                         1.4%
16 BioMarin Pharmaceutical, Inc. (16)                     1.4%
17 Baidu, Inc. (21)                                       1.4%
18 Occidental Petroleum Corp. (20)                        1.4%
19 Google, Inc., Class A (13)                             1.4%
20 Rockwell Automation, Inc. (14)                         1.3%

   Holdings are subject to change.


Sector Breakdown(% of equity portfolio)*
   Information Technology                               30.3%
   Industrials                                          15.0%
   Health Care                                          13.6%
   Consumer Discretionary                               13.6%
   Financials                                           9.6%
   Energy                                               9.5%
   Materials                                            3.1%
   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
  Avago Technologies Ltd.                CARBO Ceramics, Inc.
  Fastenal Co.                           ICF International, Inc.
  PriceSmart, Inc.                       SuccessFactors, Inc.
                                         Xueda Education Group

Contact Information:
Liberty All-Star Growth Fund, Inc.
1-800-241-1850
www.all-starfunds.com : www.all-starfunds.com/