SOURCE: ALPS Advisers, Inc.

November 24, 2008 16:43 ET

Liberty All-Star® Growth Fund, Inc. October 2008 Monthly Update

BOSTON, MA--(Marketwire - November 24, 2008) - Below is the October 2008 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                 October 2008 Monthly Update

                                                         Premium /
Performance                     NAV     Market Price    (Discount)
-----------                    -----    ------------    ----------
   Beginning of month value    $4.34        $3.47         (20.0%)
   Distributions                 -            -
   End of month value          $3.54        $2.99         (15.5%)
   Performance for month      (18.4%)      (13.8%)
   Performance year-to-date   (36.5%)      (45.6%)

  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                                   $104.3
  Equities                                $101.7
  Percent Invested in Equities              97.5%
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Top 20 Holdings at Month-End (31.1% of equity portfolio)
--------------------------------------------------------
     (Rank from previous month)

1  Wal-Mart Stores, Inc. (1) 2.1%  11 The Procter & Gamble Co. (13)    1.6%
2  McDonald's Corp. (3)      2.0%  12 Resources Connection, Inc. (6)   1.5%
3  Union Pacific Corp. (15)  1.9%  13 Accenture Ltd., Class A (14)     1.4%
4  Strayer Education, Inc.
    (18)                     1.8%  14 LKQ Corp. (7)                    1.4%
5  ANSYS, Inc. (2)           1.7%  15 Waste Connections, Inc. (26)     1.3%
6  Teva Pharmaceutical
    Industries Ltd. (10)     1.7%  16 Dollar Tree, Inc. (27)           1.2%
7  Johnson & Johnson (8)     1.7%  17 Amgen, Inc. (66)                 1.2%
8  Genzyme Corp. (9)         1.7%  18 SYSCO Corp. (22)                 1.2%
9  Core Laboratories N.V.
    (4)                      1.7%  19 NeuStar, Inc., Class A (32)      1.2%
10 Baxter International,
    Inc. (12)                1.6%  20 Stericycle, Inc. (33)            1.2%

   Holdings are subject to change
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Sector Breakdown (% of equity portfolio) *
------------------------------------------
  Health Care             22.8%     New Holdings
                                    ------------
  Information Technology  20.9%     The Charles Schwab Corp.
  Industrials             17.6%     Exxon Mobil Corp.
  Consumer Discretionary  11.8%     Hewlett-Packard Co.
  Financials               8.3%     ITC Holdings Corp.
  Consumer Staples         7.6%     Kellogg Co.
  Energy                   7.5%     Ulta Salon, Cosmetics & Fragrance, Inc.
  Telecommunication
   Services                2.5%     U.S. Bancorp
  Materials                0.9%
  Utilities                0.1%
                         ------
                         100.0%     Holdings Liquidated
                                    -------------------
                                    Becton, Dickinson and Co.
                                    Danaher Corp.
                                    General Dynamics Corp.
                                    Innophos Holdings, Inc.
                                    Intrepid Potash, Inc.
                                    ITT Corp.
                                    Phase Forward, Inc.
                                    Schlumberger Ltd.
                                    Transocean, Inc.

* 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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