SOURCE: ALPS Advisers, Inc.

November 06, 2007 14:48 ET

Liberty All-Star® Growth Fund, Inc. October 2007 Monthly Update

BOSTON, MA--(Marketwire - November 6, 2007) - Below is the October 2007 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                        October 2007 Monthly Update



                                                 Market    Premium /
Performance                            NAV       Price    (Discount)
-----------                        ---------  ---------  -----------
Beginning of month value           $    6.25  $    5.81         -7.0%
Distributions                              -          -
End of month value                 $    6.59  $    6.06         -8.0%
Performance for month                    5.4%       4.3%
Performance year-to-date                25.0%      22.2%

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.
----------------------------------------------------------------------

Net Assets at Month-End ($millions)
-----------------------------------
        Total                                   $185.7
        Equities                                $179.2
        Percent Invested in Equities              96.5%


  Top 20 Holdings at Month-End (26.4% of equity portfolio)

      (Rank from previous month)

 1. Danaher (1)              1.9%   11. Resources Connection (13)      1.2%
 2. Cisco Systems (2)        1.8%   12. Corporate Executive Board (7)  1.2%
 3. Affiliated Managers
    Group (3)                1.6%   13. LKQ (12)                       1.2%
 4. Intuitive Surgical (17)  1.5%   14. FMC Technologies (15)          1.2%
 5. Core Laboratories (8)    1.5%   15. Johnson Controls (18)          1.2%
 6. Research In Motion (14)  1.4%   16. Schlumberger (9)               1.1%
 7. Praxair (6)              1.4%   17. FLIR Systems (24)              1.1%
 8. ANSYS (5)                1.3%   18. Smith International (10)       1.1%
 9. EMC (19)                 1.3%   19. Ctrip.com International (16)   1.1%
10. Rockwell Collins (11)    1.2%   20. Charles Schwab (21)            1.1%

      Holdings are subject to change
-------------------------------------------------------------------------

Sector Breakdown (% of equity portfolio) *     New Holdings
------------------------------------------     -------------
      Information Technology      25.8%        Brookfield Asset Management
      Health Care                 16.4%        CME Group
      Industrials                 15.7%        Isis Pharmaceuticals
      Consumer Discretionary      13.7%        Orthofix International
      Energy                      10.7%
      Financials                   9.5%        Holdings Liquidated
      Consumer Staples             3.3%        -------------------
      Materials                    2.5%        Capella Education
      Telecommunication Services   2.4%        CV Therapeutics
                               -------         DJO
                                 100.0%        Focus Media Holding
                                               Network Appliance
                                               P.F. Chang's China Bistro
                                               Palomar Medical 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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