SOURCE: ALPS Advisers, Inc.

June 06, 2007 08:40 ET

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

BOSTON, MA--(Marketwire - June 6, 2007) - Below is the May 2007 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                          May 2007 Monthly Update
                                                        Market    Premium /
Performance                                   NAV       Price    (Discount)
-----------                                ---------  ---------  ---------
  Beginning of month value                  $  5.79  $     5.62       -2.9%
  Distributions (Ex-Date May 9)             $  0.15  $     0.15
  End of month value                        $  5.88  $     5.69       -3.2%
  Performance for month                         4.1%       3.9%
  Performance year-to-date                      8.8%       11.7%

  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.

Net Assets at Month-End ($millions)
----------------------------------

   Total                                    $ 161.9
   Equities                                 $ 163.1
   Percent Invested in Equities               100.8%
                                        ===========


Top 20 Holdings at Month-End (27.5% of equity portfolio)
-------------------------------------------------------
    (Rank from previous month)


1 Affiliated Managers Group (1) 1.9%     11  Fastenal (3)             1.2%
2 Resources Connection (4)      1.7%     12  GFI Group (10)           1.2%
3 PepsiCo (5)                   1.6%     13  NIKE (17)                1.2%
4 Danaher (12)                  1.5%     14  Genentech (2)            1.2%
5 Corporate Executive Board (6) 1.5%     15  Rockwell Collins (28)    1.2%
6 Goldman Sachs (7)             1.5%     16  Walgreen (18)            1.1%
7 Cisco Systems (8)             1.4%     17  ResMed (19)              1.1%
8 ANSYS (13)                    1.3%     18  Johnson Controls (16)    1.1%
9 Paychex (15)                  1.3%     19  Adobe Systems (20)       1.1%
10 Praxair (11)                 1.3%     20  Smith International (21) 1.1%  
                                                                 

Sector Breakdown (% of equity portfolio)*   New Holdings
---------------------------------------    -------------------

  Information Technology       23.0%       Golar LNG
  Consumer Discretionary       17.5%       IntercontinentalExchange
  Industrials                  17.5%       TechTarget
  Health Care                  15.2%       TomoTherapy
  Financials                   11.0%
  Energy                        8.3%       Holdings Liquidated
                                           --------------------
  Consumer Staples              3.9%       Aerovironment
  Materials                     2.0%       Jabil Circuit
  Telecommunication Services    1.6%       Kohl's
                             -------       MedImmune
                              100.0%       

*  Based on Standard & Poor's and Morgan Stanley Capital International
   Global Industry Classification Standard (GICS).

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