SOURCE: ALPS Advisers, Inc.

September 10, 2007 11:50 ET

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

BOSTON, MA--(Marketwire - September 10, 2007) - Below is the August 2007 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                       August 2007 Monthly Update

                                                              Premium /
Performance                            NAV   Market Price    (Discount)
-----------                           -----  ------------     --------
  Beginning of month value            $5.83      $5.79          -0.7%
  Distributions (Ex-Date August 8)    $0.15      $0.15
  End of month value                  $5.88      $5.71          -2.9%
  Performance for month                 3.4%       1.2%
  Performance year-to-date             11.6%      15.1%

  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                               $163.8
  Equities                            $164.3
  Percent Invested in Equities         100.3%
---------------------------------------------------------------------------
Top 20 Holdings at Month-End (26.2% of equity portfolio)
-------------------------------------------------------
  (Rank from previous month)

1  Cisco Systems (4)             1.9%     11 Smith International (11)  1.2%
2  Danaher (1)                   1.9%     12 Core Laboratories (23)    1.2%
3  Affiliated Managers Group (7) 1.5%     13 LKQ (18)                  1.2%
4  ANSYS (10)                    1.5%     14 Intuitive Surgical (15)   1.1%
5  Praxair (5)                   1.4%     15 Walgreen (14)             1.1%
6  Corporate Executive Board (6) 1.4%     16 Johnson Controls (12)     1.1%
7  PepsiCo (2)                   1.4%     17 Genentech (17)            1.1%
8  Resources Connection (3)      1.3%     18 EMC (21)                  1.1%
9  Schlumberger (9)              1.3%     19 Research In Motion (29)   1.1%
10 Rockwell Collins (13)         1.3%     20 Paychex (8)               1.1%

   Holdings are subject to change
---------------------------------------------------------------------------
Sector Breakdown (% of equity portfolio) *  New Holdings
------------------------------------------  -------------
   Information Technology       25.2%       Cytec Industries
   Industrials                  16.5%       Expeditors International of
                                             Washington
   Consumer Discretionary       15.5%       I-Flow
   Health Care                  15.5%       Mercadolibre
   Energy                       10.2%       Omnicom
   Financials                    8.9%       Spirit AeroSystems
   Consumer Staples              3.6%       Take-Two Interactive Software
   Telecommunication Services    2.4%       Thermo Fisher Scientific
   Materials                     2.2%       VMware
                               100.0%       WuXi PharmaTech Cayman

                                            Holdings Liquidated
                                            -------------------
                                            Electronic Arts
                                            Energy Conversion Devices
                                            Goldman Sachs Group
                                            Infosys Technologies
                                            Linear Technology
                                            Security Capital Assurance
                                            Starbucks
                                            William Scotsman International

* 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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