BOSTON, MA -- (Marketwire) -- 01/09/13 -- Below is the December 2012 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

Liberty All-Star Growth Fund                                  Monthly Update
Ticker: ASG                                                      December 12


Monthly Performance
Performance                                      NAV   Market Price  Discount
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  Beginning of month value                      $4.47      $4.00       10.5%
  Distributions                                   -          -
  End of month value                            $4.54      $4.06       10.6%
  Performance for month                         1.57%      1.50%
  Performance year-to-date                     13.97%     13.78%
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  Past performance cannot predict future results


Net Assets at Month-End ($millions)
----------------------------------------------------------------------------
  Total                                      $104.2
  Equities                                   $101.6
  Percent Invested                           97.4%
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Top 20 Holdings at Month-End
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   (34.6% of equity portfolio)
               (Rank from previous month)
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 1 Apple, Inc. (1)                                        2.7%
 2 Salesforce.com, Inc. (2)                               2.4%
 3 ACE Ltd. (4)                                           2.3%
 4 ARM Holdings PLC (3)                                   2.0%
 5 Oceaneering International, Inc. (6)                    2.0%
 6 QUALCOMM, Inc. (5)                                     2.0%
 7 Fastenal Co. (9)                                       1.9%
 8 American Tower Corp., Class A (8)                      1.8%
 9 BioMarin Pharmaceutical, Inc. (14)                     1.8%
10 Core Laboratories N.V. (11)                            1.7%
11 Cerner Corp. (10)                                      1.7%
12 Intuitive Surgical, Inc. (7)                           1.7%
13 Precision Castparts Corp. (12)                         1.6%
14 Signature Bank (13)                                    1.5%
15 Google, Inc., Class A (15)                             1.4%
16 LKQ Corp. (16)                                         1.3%
17 Allergan, Inc. (17)                                    1.2%
18 Visa, Inc., Class A (18)                               1.2%
19 Starbucks Corp. (20)                                   1.2%
20 Amazon.com, Inc. (21)                                  1.2%
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   Holdings are subject to change.


Sector Breakdown (% of equity portfolio)*
--------------------------------------------------------------
   Information Technology                             30.9%
   Industrials                                        16.5%
   Consumer Discretionary                             13.7%
   Health Care                                        11.4%
   Financials                                         10.3%
   Energy                                             8.2%
   Consumer Staples                                   4.5%
   Materials                                          2.7%
   Telecommunication Services                         1.8%
   Total Market Value                                 100.0%
--------------------------------------------------------------
*Based on Standard & Poor's and MSCI Barra Global Industry
Classification Standard (GICS).


New Holdings                           Holdings Liquidated
-------------------------------------  -------------------------------------
  ARIAD Pharmaceuticals, Inc.            Fossil, Inc.
  B/E Aerospace, Inc.                    GNC Holdings, Inc., Class A
  Cummins, Inc.                          Herbalife Ltd.
  The Hain Celestial Group, Inc.         ITC Holdings Corp.
  Mistras Group, Inc.                    QLIK Technologies, Inc.
                                         Salix Pharmaceuticals Ltd.
                                         SINA Corp.
                                         Universal Display Corp.
                                         Volcano Corp.
                                         Youku Tudou, Inc.