SOURCE: ALPS Advisers, Inc.

May 13, 2008 16:02 ET

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

BOSTON, MA--(Marketwire - May 13, 2008) -


Below is the April 2008 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)


                           April 2008 Monthly Update

                                                                  Premium /
Performance                              NAV      Market Price   (Discount)
-----------                              ---      ------------   ----------
   Beginning of month value            $5.10         $4.72         (7.5%)
   Distributions                          -             -
   End of month value                  $5.42         $5.03         (7.2%)
   Performance for month                6.3%          6.6%
   Performance year-to-date            (7.9%)       (13.4%)

   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                              $156.1
   Equities                           $150.1
   Percent Invested in Equities        96.2%
---------------------------------------------------------------------------

Top 20 Holdings at Month-End (27.3% of equity portfolio)
--------------------------------------------------------
    (Rank from previous month)

 1 ANSYS, Inc. (3)             1.7%   11 The Coca-Cola Co. (7)         1.4%
 2 Core Laboratories N.V. (1)  1.6%   12 Resources Connection,         1.3%
 3 McDonald's Corp. (2)        1.6%      Inc. (16)
 4 FMC Technologies, Inc. (10) 1.5%   13 International Business        1.3%
 5 Wal-Mart Stores, Inc. (14)  1.5%      Machines Corp. (13)
 6 Deere & Co. (6)             1.5%   14 Aflac, Inc. (15)              1.2%
 7 Affiliated Managers Group,  1.5%   15 Baxter International,         1.2%
   Inc. (8)                              Inc. (20)
 8 Smith International,        1.5%   16 Johnson & Johnson (18)        1.2%
   Inc. (11)                          17 CSX Corp. (24)                1.2%
 9 Genzyme Corp. (4)           1.4%   18 The Corporate Executive Board 1.1%
10 Research In Motion Ltd. (9) 1.4%      Co. (21)
                                      19 Colgate-Palmolive Co. (12)    1.1%
                                      20 Flowserve Corp. (31)          1.1%

   Holdings are subject to change
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Sector Breakdown (% of equity portfolio) *
------------------------------------------
   Information Technology     19.9%       New Holdings
   Industrials                19.6%       ------------
   Health Care                16.4%       Accenture Ltd., Class A
   Energy                     12.8%       China Mobile Ltd.
   Consumer Discretionary     11.3%       Corning, Inc.
   Financials                  7.6%       Costco Wholesale Corp.
   Consumer Staples            6.5%       Oracle Corp.
   Telecommunication Services  3.5%       Phillips-Van Heusen Corp.
   Materials                   2.4%
                             ------       Holdings Liquidated
                             100.0%       -------------------
                                          Bright Horizons Family Solutions,
                                           Inc.
                                          Daktronics, Inc.
                                          GATX Corp.
                                          Honeywell International, Inc.
                                          Marvell Technology Group Ltd.
                                          PepsiCo, Inc.
                                          State Street Corp.
                                          United Technologies Corp.
                                          Zumiez, 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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