Liberty All-Star(R) Growth Fund, Inc. December 2015 Update

BOSTON, MA--(Marketwired - Jan 19, 2016) - Below is the December 2015 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

		Monthly Update
Liberty All-Star Growth Fund		December, 2015
	Ticker: ASG
Investment Approach

Fund Style:All-Cap Growth

Fund Strategy: Combines three growth style investment managers, each with a distinct capitalization focus (small-, mid- and large-cap)selected and continuously monitored by the Fund's Investment Advisor.

Investment Managers:

Weatherbie Capital, LLC Small-Cap Growth TCW Investment Management Company Mid-Cap Growth Sustainable Growth Advisers, LP Large-Cap Growth

Top 20 Holdings at Month-End
		(31.7% of equity portfolio)
		(Rank from previous month)
1		Cerner Corp. (2)		1.9%
2		Wayfair, Inc., Class A (17)		1.8%
3		Diplomat Pharmacy, Inc. (1)		1.8%
4		Middleby Corp. (3)		1.8%
5		Lowe's Cos., Inc. (4)		1.8%
6		Visa, Inc., Class A (5)		1.7%
7		Amgen, Inc. (8)		1.7%
8		Signature Bank (9)		1.6%
9		Alphabet, Inc., Class C (11)		1.6%
10		The Priceline Group, Inc. (12)		1.6%
11		ARM Holdings PLC (6)		1.6%
12		Amazon.com, Inc. (7)		1.5%
13		Facebook, Inc., Class A (14)		1.5%
14		Ecolab, Inc. (13)		1.5%
15		Mondelez International, Inc., Class A (15)		1.5%
16		Schlumberger Ltd. (10)		1.4%
17		Paylocity Holding Corp. (20)		1.4%
18		Red Hat, Inc. (31)		1.4%
19		FleetCor Technologies, Inc. (18)		1.3%
20		Colgate-Palmolive Co. (25)		1.3%
		Holdings are subject to change.

Monthly Performance
Performance		NAV	Market Price	Discount
	Beginning of month value	$5.42	$4.92	9.2%
	Distributions (Ex-Date December 21)	0.34	0.34
	End of month value	$4.99	$4.58	8.2%
	Performance for month	-1.10%	0.00%
	Performance year-to-date	2.60%	3.85%

The net asset value (NAV) of a closed-end fund is the market value of the underlying investments (i.e., stocks and bonds) in the Fund's portfolio, minus liabilities, divided by the total number of Fund shares outstanding. However, the Fund also has a  market price; the value at which it trades on an exchange. If the market price is above the NAV the Fund is trading at a premium. If the market price is below the NAV the Fund is trading at a discount.

Performance returns for the Fund are total returns, which inlcudes dividends, and are net of management fees and other Fund expenses. The Fund's performance is calculated assuming that a shareholder reinvested all distributions. Past performance cannot predict future investment results.

Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information shown does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. Shareholders must be willing to tolerate significant fluctuations in the value of their investment. An investment in the Fund involves risk, including loss of principal.

Sources of distributions to shareholders may include ordinary dividends, long-term capital gains and return of capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time, available at www.all-starfunds.com. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year.

Net Assets at Month-End ($millions)
	Total	$124.3
	Equities	$131.0
	Percent Invested	105.4%

Sector Breakdown (% of equity portfolio)*
	Information Technology		23.9%
	Consumer Discretionary		18.4%
	Health Care		15.3%
	Financials		13.4%
	Industrials		12.7%
	Consumer Staples		10.1%
	Energy		3.3%
	Materials		2.5%
	Telecommunication Services		0.4%
	Total Market Value		100.0%
*Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).

New Holdings		Holdings Liquidated
Atlassian Corp. PLC		Aon PLC
NIKE, Inc., Class B		The Hershey Co.