SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

January 18, 2011 13:10 ET

Liberty All-Star® Growth Fund, Inc. December 2010 Monthly Update

BOSTON, MA--(Marketwire - January 18, 2011) - Below is the December 2010 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                       December 2010 Monthly Update


Performance                                NAV     Market Price    Discount
-----------                               -----    ------------    --------
  Beginning of month value                $4.39       $4.03          8.2%
  Distributions (Ex-Date December 15)     $0.07       $0.07
  End of month value                      $4.57       $4.25          7.0%
  Performance for month                    5.69%       7.17%
  Performance year-to-date                21.47%      34.84%

  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.
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Net Assets at Month-End ($millions)
----------------------------------
  Total                                  $137.5
  Equities                               $134.3
  Percent Invested in Equities             97.7%
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Top 20 Holdings at Month-End (32.2% of equity portfolio)
-------------------------------------------------------
  (Rank from previous month)

 1 C.H. Robinson                    11 ACE Ltd. (13)                   1.5%
    Worldwide, Inc. (2)        2.4% 12 IHS, Inc., Class A (14)         1.5%
 2 Salesforce.com, Inc. (1)    2.2% 13 Resources Connection, Inc. (16) 1.5%
 3 Apple, Inc. (3)             2.2% 14 Rue21, Inc. (9)                 1.4%
 4 Expeditors International of      15 Intuitive Surgical, Inc. (11)   1.4%
    Washington, Inc. (5)       1.8% 16 MSCI, Inc., Class A (18)        1.4%
 5 QUALCOMM, Inc. (6)          1.8% 17 Amazon.com, Inc. (15)           1.4%
 6 Rockwell                         18 VeriFone Systems, Inc. (19)     1.3%
    Automation, Inc. (4)       1.7% 19 Cognizant Technology Solutions
 7 Core Laboratories N.V. (7)  1.6%     Corp., Class A (22)            1.3%
 8 Google, Inc., Class A (8)   1.6% 20 Varian Medical Systems,
 9 FMC Technologies, Inc. (10) 1.5%     Inc. (21)                      1.2%
10 Oceaneering
    International, Inc. (12)   1.5%

   Holdings are subject to change
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Sector Breakdown (% of equity portfolio) *
---------------------------------------
   Information Technology       25.8%    New Holdings
   Industrials                  18.1%    ------------
   Health Care                  15.4%    E-Commerce China Dangdang, Inc.
   Financials                   12.5%    FARO Technologies, Inc.
   Consumer Discretionary       12.1%    FleetCor Technologies, Inc.
   Energy                        9.6%    FXCM, Inc.
   Consumer Staples              3.3%    IPC The Hospitalist Co., Inc.
   Materials                     1.6%    Youku.com, Inc.
   Telecommunication Services    1.0%
   Utilities                     0.6%
                               -----
                               100.0%
                               =====
                                         Holdings Liquidated
                                         -------------------
                                         Contango Oil & Gas Co.
                                         FormFactor, Inc.
                                         GFI Group, Inc.
                                         Marvell Technology Group Ltd.

* 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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