SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

January 13, 2010 14:45 ET

Liberty All-Star® Growth Fund, Inc. December 2009 Monthly Update

BOSTON, MA--(Marketwire - January 13, 2010) -


Liberty All-Star® Growth Fund, Inc. (NYSE: ASG) December 2009 Monthly Update

                       December 2009 Monthly Update


Performance                              NAV      Market Price    Discount
  Beginning of month value             $  3.85       $ 3.15         18.2%
  Distributions (Ex-Date December 16)  $  0.06       $ 0.06
  End of month value                   $  4.00       $ 3.36         16.0%
  Performance for month                   5.45%        8.57%
  Performance year-to-date               32.79%       40.93%

For daily data visit the Fund's website at www.all-starfunds.com or call
1-800-241-1850.  The Fund's daily NAV is also available by using the symbol
XASGX. Past performance cannot predict future results.


Net Assets at Month-End ($millions)
  Total                                $ 120.4
  Equities                             $ 118.3
  Percent Invested in Equities            98.3%


Top 20 Holdings at Month-End (26.1% of equity portfolio)
  (Rank from previous month) *

1  Core Laboratories N.V.
   (5)                      1.7%    11 Capella Education Co. (13)      1.2%
2  Google, Inc., Class A
   (6)                      1.6%    12 Resources Connection, Inc. (19) 1.2%
3  Strayer Education, Inc.
   (4)                      1.6%    13 EMC Corp. (10)                  1.2%
4  Apple, Inc. (8)          1.5%    14 Abbott Laboratories             1.2%
5  Visa, Inc., Class A (1)  1.5%    15 Salesforce.com, Inc. (26)       1.1%
6  The Blackstone Group
   LP                       1.4%    16 Masimo Corp. (28)               1.1%
7  China Mobile Ltd.        1.4%    17 Applied Materials, Inc.         1.1%
8  ANSYS, Inc. (11)         1.4%    18 Signature Bank (22)             1.1%
9  Microsoft Corp. (2)      1.3%    19 NVIDIA Corp.                    1.1%
10 PepsiCo, Inc.            1.3%    20 The Boeing Co.                  1.1%

   Holdings are subject to change


Sector Breakdown (% of equity portfolio) **
  Information Technology   26.9%       New Holdings *
  Industrials              18.4%       Cummins, Inc.
  Health Care              15.0%       Graco, Inc.
  Consumer Discretionary   14.2%       Huron Consulting Group, Inc.
  Financials               11.4%       ICF International, Inc.
  Energy                    8.3%       Kennametal, Inc.
  Consumer Staples          2.6%       Robert Half International, Inc.
  Telecommunication
   Services                 1.7%
  Materials                 0.9%       Holdings Liquidated *
  Utilities                 0.6%       CardioNet, Inc.
                          -----        Financial Federal Corp.
                          100.0%       Guess?, Inc.
                                       McAfee, Inc.
                                       Nuance Communications, Inc.
                                       The Shaw Group, Inc.
                                       TD Ameritrade Holding Corp.
                                       United Therapeutics Corp.


 * Holdings without a previous month rank are new holdings resulting from
   the manager replacement of Chase Investment Counsel Corporation with
   Mazama Capital Management, Inc. as one of the Fund's three portfolio
   managers effective December 21, 2009.
   Transactions resulting from the manager replacement are excluded from
   the New Holdings and Holdings Liquidated.
** Based on Standard & Poor's and MSCI Barra Global Industry Classification
   Standard (GICS).

   The Liberty All-Star Growth Fund, Inc. is a closed-end fund and does not
   continuously offer shares.

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