SOURCE: ALPS Advisers, Inc.

March 11, 2008 15:34 ET

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

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

                            February 2008 Monthly Update



                                                       Market   Premium /
Performance                                  NAV       Price   (Discount)
                                         ---------- ---------- ----------
    Beginning of month value             $     5.30 $     5.16     (2.6%)
    Distributions                                 -          -
    End of month value                   $     5.14 $     4.99     (2.9%)
    Performance for month                     (3.0%)     (3.3%)
    Performance year-to-date                 (12.7%)    (14.1%)

    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                                                        $ 146.5
      Equities                                                     $ 145.7
      Percent Invested in Equities                                    99.5%
--------------------------------------------------------------------------
Top 20 Holdings at Month-End (27.6% of equity portfolio)
-------------------------------------------------------
 (Rank from previous month)

1 Core Laboratories (11)       1.7%  11 Research In Motion (17)        1.3%
2 ANSYS (10)                   1.7%  12 Smith International (26)       1.3%
3 Potash (9)                   1.6%  13 Lockheed Martin (12)           1.3%
4 Deere (1)                    1.6%  14 Colgate-Palmolive (14)         1.3%
5 Affiliated Managers Group(2) 1.5%  15 United Technologies (13)       1.3%
6 McDonald's (5)               1.5%  16 Ctrip.com International (41)   1.2%
7 Genzyme (7)                  1.5%  17 AFLAC (19)                     1.2%
8 Procter & Gamble (6)         1.5%  18 Baxter International (16)      1.2%
9 Coca-Cola (8)                1.4%  19 Johnson & Johnson (20)         1.1%
10 FMC Technologies (22)       1.3%  20 Corporate Executive Board (24) 1.1%

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

    Sector Breakdown (% of equity portfolio) *    New Holdings
    ---------------------------------------       ------------
      Industrials                     21.3%       Alliance Data Systems
      Health Care                     19.7%       America Movil
      Information Technology          15.5%       Apache
      Energy                          11.8%       Burlington Northern
      Consumer Discretionary          10.8%       CSX
      Financials                       8.3%       CVS Caremark
      Consumer Staples                 6.6%       Devon Energy
      Materials                        3.0%       Weatherford International
      Telecommunication Services       3.0%       XTO Energy
                                     ------
                                     100.0%
                                                  Holdings Liquidated
                                                  --------------------
                                                  Danaher
                                                  Entergy
                                                  Hansen Natural
                                                  Microsoft
                                                  National Interstate
                                                  Oracle
                                                  Precision Castparts


* 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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