SOURCE: ALPS Advisers, Inc.

April 03, 2007 12:39 ET

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

BOSTON, MA -- (MARKET WIRE) -- April 3, 2007 -- Below is the March 2007 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                        March 2007 Monthly Update

                                                          Premium /
Performance                     NAV       Market Price   (Discount)
-----------                 ------------  ------------  ------------
Beginning of month value    $       5.67  $       5.49          -3.2%
Distributions                          -             -
End of month value          $       5.68  $       5.48          -3.5%
Performance for month                0.2%         (0.2%)
Performance year-to-date             2.5%          4.8%
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.
Total                                  $       156.3
Equities                               $       153.3
Percent Invested in Equities                    98.1%
                                       =============

     Top 20 Holdings at Month-End (28.8% of equity portfolio)
     -------------------------------------------------------
      (Rank from previous month)

1  Genentech (1)                 2.1%   11 Cisco Systems (10)         1.4%
2  Affiliated Managers Group (2) 1.9%   12 Cognizant Technology
                                            Solutions  (8)            1.4%
3  ResMed (5)                    1.8%   13 Danaher (12)               1.3%
4  Resources Connection (4)      1.7%   14 Paychex (9)                1.3%
5  PepsiCo (14)                  1.6%   15 Walgreen (15)              1.2%
6  Corporate Executive Board (3) 1.6%   16 ANSYS (21)                 1.2%
7  NIKE (6)                      1.5%   17 Johnson Controls (16)      1.2%
8  Fastenal (7)                  1.5%   18 Alliance Data Systems (19) 1.1%
9  GFI Group (13)                1.4%   19 Adobe Systems (23)         1.1%
10 Goldman Sachs (11)            1.4%   20 Bright Horizons (22)       1.1%



Sector Breakdown (% of equity portfolio) *   New Holdings
---------------------------------------      ------------
Information Technology        25.0%          Allegheny Technologies
Consumer Discretionary        18.5%          Allergan
Health Care                   16.8%          Baidu.com
Industrials                   16.6%          BigBand Networks
Financials                    10.8%          Brocade Communications Systems
Energy                         6.6%          Clearwire
Consumer Staples               3.2%          Pharmanet Development Group
Materials                      1.3%          Precision Castparts
Telecommunication Services     1.2%
                             -----
                             100.0%
                                             Holdings Liquidated
                                             -------------------
                                             Equinix
                                             Guitar Center
                                             Hub International
                                             Jackson Hewitt Tax Service
                                             Kinetic Concepts
                                             Opsware
                                             WebEx Communications
*Based on Standard & Poor's and Morgan Stanley Capital International Global Industry Classification Standard (GICS).

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