SOURCE: ALPS Advisers, Inc.

July 08, 2008 14:13 ET

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

BOSTON, MA--(Marketwire - July 8, 2008) - Below is the June 2008 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                              June 2008 Monthly Update

                                                                  Premium /
Performance                              NAV     Market Price    (Discount)
-----------                              ---     ------------    ----------
   Beginning of month value             $5.47        $5.06          (7.5%)
   Distributions                            -            -
   End of month value                   $5.11        $4.67          (8.6%)
   Performance for month                 (6.4%)       (7.7%)
   Performance year-to-date             (10.8%)      (17.3%)

   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                           $148.8
        Equities                        $145.7
        Percent Invested in Equities      97.9%

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Top 20 Holdings at Month-End (28.5% of equity portfolio)
-------------------------------------------------------
    (Rank from previous month)

1  ANSYS, Inc. (1)               2.0%  11 LKQ Corp. (8)                1.4%
2  Smith International, Inc. (6) 1.7%  12 Resources Connection,
3  Core Laboratories N.V. (4)    1.6%      Inc. (10)                   1.4%
4  McDonald's Corp. (3)          1.6%  13 QUALCOMM, Inc. (27)          1.3%
5  Wal-Mart Stores, Inc. (9)     1.5%  14 Baxter International,
6  FMC Technologies, Inc. (2)    1.5%      Inc. (20)                   1.3%
7  International Business              15 General Dynamics Corp. (26)  1.3%
    Machines Corp. (7)           1.5%  16 Flowserve Corp. (16)         1.3%
8  Affiliated Managers                 17 Oracle Corp. (12)            1.3%
    Group, Inc. (5)              1.4%  18 Aflac, Inc. (17)             1.2%
9  Potash Corp. of
    Saskatchewan, Inc. (22)      1.4%  19 Strayer Education, Inc. (23) 1.2%
10 Praxair, Inc. (21)            1.4%  20 Corning, Inc. (11)           1.2%

        Holdings are subject to change
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Sector Breakdown (% of equity portfolio) *
------------------------------------------
  Information Technology     23.7%      New Holdings
  Industrials                17.2%      -----------------------------------
  Health Care                16.0%      ABB Ltd.
  Energy                     13.5%      ArthroCare Corp.
  Consumer Discretionary     10.9%      Assurant, Inc.
  Financials                  7.3%      CA, Inc.
  Consumer Staples            5.0%      Innophos Holdings, Inc.
  Materials                   4.1%      Intrepid Potash, Inc.
  Telecommunication Services  2.3%      K12, Inc.
                            ------      Staples, Inc.
                            100.0%
                                        Holdings Liquidated
                                        -----------------------------------
                                        Archer-Daniels-Midland Co.
                                        China Mobile Ltd.
                                        CSX Corp.
                                        Dick's Sporting Goods, 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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