SOURCE: ALPS Advisers, Inc.

June 11, 2008 12:35 ET

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

BOSTON, MA--(Marketwire - June 11, 2008) -


Below is the May 2008 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                               May 2008 Monthly Update

                                                                  Premium /
Performance                              NAV     Market Price    (Discount)
------------                            -----    ------------    ----------
   Beginning of month value             $5.42       $5.03          (7.2%)
   Distributions (Ex-Date May 7)        $0.14       $0.14
   End of month value                   $5.47       $5.06          (7.5%)
   Performance for month                  3.5%        3.4%
   Performance year-to-date              (4.7%)     (10.5%)

   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                           $157.4
   Equities                        $155.0
   Percent Invested in Equities      98.5%

Top 20 Holdings at Month-End (27.6% of equity portfolio)
-------------------------------------------------------
    (Rank from previous month)

1  ANSYS, Inc. (1)                 1.9%  11  Corning, Inc. (27)        1.3%
2  FMC Technologies, Inc. (4)      1.6%  12  Oracle Corp. (33)         1.3%
3  McDonald's Corp. (3)            1.5%  13  The Coca-Cola Co. (11)    1.3%
4  Core Laboratories N.V. (2)      1.5%  14  CSX Corp. (17)            1.2%
5  Affiliated Managers                   15  Research In Motion
    Group, Inc.(7)                 1.5%       Ltd. (10)                1.2%
6  Smith International, Inc. (8)   1.5%  16  Flowserve Corp. (20)      1.2%
7  International Business                17  Aflac, Inc. (14)          1.2%
    Machines Corp. (13)            1.5%  18  Colgate-Palmolive Co.(19) 1.2%
8  LKQ Corp. (35)                  1.5%  19  The Corporate Executive
9  Wal-Mart Stores, Inc. (5)       1.5%       Board Co. (18)           1.2%
10 Resources Connection, Inc. (12) 1.4%  20  Baxter International,
                                              Inc. (15)                1.1%

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

Sector Breakdown (% of equity portfolio) *
------------------------------------------
   Information Technology     23.9%    New Holdings
   Industrials                18.2%    ------------------------------------
   Health Care                15.1%    Adobe Systems, Inc.
   Energy                     12.8%    comScore, Inc.
   Consumer Discretionary     11.5%    EnCana Corp.
   Financials                  7.3%    HealthExtras, Inc.
   Consumer Staples            6.1%    Masimo Corp.
   Materials                   2.7%    QUALCOMM, Inc.
   Telecommunication Services  2.4%    Quicksilver Resources, Inc.
                              -----    Solera Holdings, Inc.
                              100.0%   Symantec Corp.

                                       Holdings Liquidated
                                       ------------------------------------
                                       America Movil SAB de C.V.
                                       Cummins, Inc.
                                       Deere & Co.
                                       Genentech, Inc.
                                       Interline Brands, Inc.
                                       Mobile TeleSystems OJSC
                                       Nighthawk Radiology Holdings, Inc.
                                       P.F. Chang's China Bistro, 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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