SOURCE: ALPS Advisers, Inc.

January 11, 2008 09:46 ET

Liberty All-Star® Growth Fund December 2007 Monthly Update

BOSTON, MA--(Marketwire - January 11, 2008) - Below is the December 2007 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                                                                Premium /
     Performance                       NAV     Market Price    (Discount)
     -----------                       ---     ------------    ----------
        Beginning of month value      $6.03        $5.76         (4.5%)
        Distributions                     -            -
        End of month value            $6.03        $5.96         (1.2%)
        Performance for month         0.00%         3.5%
        Performance year-to-date      17.4%        23.5%

        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                             $171.7
        Equities                          $167.4
        Percent Invested in Equities       97.5%
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     Top 20 Holdings at Month-End (25.3% of equity portfolio)
     --------------------------------------------------------
       (Rank from previous month)

     1  Danaher (1)                   2.1%   11 Apache (20)           1.2%
     2  Cisco Systems (3)             1.6%   12 LKQ (6)               1.2%
     3  Affiliated Managers Group (2) 1.5%   13 FMC Technologies (14) 1.2%
     4  ANSYS (4)                     1.5%   14 Resources
     5  Praxair (5)                   1.4%       Connection (13)      1.1%
     6  Core Laboratories (10)        1.3%   15 Gilead Sciences (16)  1.1%
     7  Smith International (15)      1.3%   16 GFI Group (19)        1.0%
     8  Rockwell Collins (8)          1.3%   17 Charles Schwab (27)   1.0%
     9  Research In Motion (7)        1.3%   18 Thor Industries (29)  1.0%
     10 Schlumberger (12)             1.2%   19 C.R. Bard (35)        1.0%
                                             20 Johnson Controls (18) 1.0%

        Holdings are subject to change
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     Sector Breakdown (% of equity portfolio) *   New Holdings
     ------------------------------------------   ------------
        Information Technology            24.5%   Bankrate
        Industrials                       17.8%   BJ's Restaurants
        Health Care                       16.6%   Cummins
        Consumer Discretionary            12.6%   CV Therapeutics
        Financials                        11.2%   K12
        Energy                            10.1%   P.F. Chang's China Bistro
        Consumer Staples                   2.7%   SRA International
        Materials                          2.3%   Stantec
        Telecommunication Services         2.2%
                                          -----
                                         100.0%   Holdings Liquidated
                                                  -------------------
                                                  Atwood Oceanics
                                                  Brocade Communications
                                                   Systems
                                                  CRA International
                                                  InterMune
                                                  Precision Castparts
                                                  Walgreen
                                                  Zebra Technologies

     *  Based on Standard & Poor's and Morgan Stanley Capital
        International 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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