SOURCE: ALPS Advisers, Inc.

October 15, 2008 16:38 ET

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

BOSTON, MA--(Marketwire - October 15, 2008) - Below is the September 2008 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                 September 2008 Monthly Update


                                                          Premium /
Performance                       NAV     Market Price   (Discount)
-----------                      -----    ------------   ----------
  Beginning of month value       $4.94       $4.38         (11.3%)
  Distributions                      -           -
  End of month value             $4.34       $3.47         (20.0%)
  Performance for month          (11.9%)     (20.8%)
  Performance year-to-date       (22.2%)     (36.8%)

  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.  Past performance cannot predict future results.
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Net Assets at Month-End ($millions)
-----------------------------------
  Total                         $127.9
  Equities                      $125.7
  Percent Invested in Equities    98.3%
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Top 20 Holdings at Month-End (29.4% of equity portfolio)
-------------------------------------------------------
 (Rank from previous month)

1  Wal-Mart Stores, Inc. (3) 1.8%  11  Lockheed Martin Corp. (20)      1.4%
2  ANSYS, Inc. (1)           1.8%  12  Baxter International, Inc. (13) 1.4%
3  McDonald's Corp. (7)      1.7%  13  The Procter & Gamble Co. (New)  1.4%
4  Core Laboratories               14  Accenture Ltd., Class A (17)    1.3%
    N.V. (8)                 1.7%  15  Union Pacific Corp. (18)        1.3%
5  International Business          16  Schlumberger Ltd. (15)          1.3%
    Machines Corp. (11)      1.6%  17  Affiliated Managers Group,
6  Resources Connection,                Inc. (6)                       1.3%
    Inc. (2)                 1.6%  18  Strayer Education, Inc. (21)    1.3%
7  LKQ Corp. (4)             1.6%  19  Adobe Systems, Inc. (22)        1.2%
8  Johnson & Johnson (14)    1.5%  20  Smith International, Inc. (19)  1.2%
9  Genzyme Corp. (28)        1.5%
10 Teva Pharmaceutical
    Industries Ltd. (12)     1.5%

    Holdings are subject to change
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Sector Breakdown (% of equity portfolio) *
------------------------------------------    New Holdings
                                              ------------
  Health Care                22.3%
  Information Technology     21.0%            Amgen, Inc.
  Industrials                19.2%            Hansen Natural Corp.
  Consumer Discretionary     10.8%            PepsiCo, Inc.
  Energy                      9.9%            The Procter & Gamble Co.
  Financials                  6.4%            The Shaw Group, Inc.
  Consumer Staples            6.1%            Signature Bank
  Telecommunication Services  2.4%            SINA Corp.
  Materials                   1.9%            SYSCO Corp.
                            -----             Wells Fargo & Co.
                            100.0%

                                              Holdings Liquidated
                                              -------------------
                                              ABB Ltd.
                                              Apple, Inc.
                                              Assurant, Inc.
                                              Oracle Corp.
                                              QUALCOMM, 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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