SOURCE: ALPS Advisors, Inc.

ALPS Advisors, Inc.

February 16, 2011 12:03 ET

Liberty All-Star® Growth Fund, Inc. January 2011 Monthly Update

BOSTON, MA--(Marketwire - February 16, 2011) - Below is the January 2011 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                        January 2011 Monthly Update

Performance                     NAV      Market Price       Discount
-----------                    -----     ------------       --------
  Beginning of month value     $4.57         $4.25             7.0%
  Distributions                  -             -
  End of month value           $4.63         $4.29             7.3%
  Performance for month        1.31%         0.94%
  Performance year-to-date     1.31%         0.94%

  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                        $139.1
  Equities                     $137.2
  Percent Invested in Equities  98.6%
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Top 20 Holdings at Month-End (32.0% of equity portfolio)
--------------------------------------------------------
 (Rank from previous month)

 1 C.H. Robinson                     11 Oceaneering
    Worldwide, Inc.(1)          2.3%     International, Inc.(10)       1.5%
 2 Apple, Inc.(3)               2.2% 12 Resources Connection, Inc.(13) 1.5%
 3 Salesforce.com, Inc.(2)      2.1% 13 IHS, Inc., Class A(12)         1.5%
 4 QUALCOMM, Inc.(5)            1.9% 14 ACE Ltd.(11)                   1.4%
 5 Rockwell Automation,Inc.(6)  1.8% 15 Rue21, Inc. (14)               1.4%
 6 Intuitive Surgical, Inc.(15) 1.7% 16 VeriFone Systems, Inc.(18)     1.3%
 7 Core Laboratories N.V.(7)    1.7% 17 Schlumberger Ltd.(26)          1.3%
 8 Google, Inc., Class A(8)     1.6% 18 LKQ Corp.(21)                  1.2%
 9 Expeditors International          19 MSCI, Inc., Class A(16)        1.2%
    of Washington, Inc.(4)      1.6% 20 Masimo Corp.(22)               1.2%
10 FMC Technologies, Inc.(9)    1.6%

   Holdings are subject to change
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Sector Breakdown (% of equity portfolio) *
------------------------------------------

   Information Technology      25.7%    New Holdings
   Industrials                 18.1%    ---------------------
   Health Care                 15.8%    CARBO Ceramics, Inc.
   Consumer Discretionary      11.9%    SuccessFactors, Inc.
   Financials                  11.7%
   Energy                      10.0%
   Consumer Staples             3.3%
   Materials                    1.7%
   Telecommunication Services   1.1%
   Utilities                    0.7%
                              -----
                              100.0%
                              =====
                                        Holdings Liquidated
                                        ---------------------
                                        IntercontinentalExchange, Inc.
                                        Martek Biosciences Corp.
                                        SMART Technologies, Inc., Class A

* 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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