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Liberty All-Star(R) Growth Fund, Inc. January 2012 Monthly Update

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