SOURCE: ALPS Advisers, Inc.

December 05, 2007 13:14 ET

Liberty All-Star® Growth Fund November 2007 Monthly Update

BOSTON, MA--(Marketwire - December 5, 2007) - Below is the November 2007 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

                                                                Premium /
Performance                            NAV     Market Price    (Discount)
-----------                            ---     ------------    ----------
  Beginning of month value            $6.59       $6.06          (8.0%)
  Distributions (Ex-Date November 7)  $0.16       $0.16
  End of month value                  $6.03       $5.76          (4.5%)
  Performance for month               (6.1%)      (2.3%)
  Performance year-to-date            17.4%       19.3%

  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                              $169.8
  Equities                           $170.8
  Percent Invested in Equities        100.6%
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Top 20 Holdings at Month-End (25.4% of equity portfolio)
-------------------------------------------------------
        (Rank from previous month)

  1 Danaher (1)             2.0%     11 FLIR Systems (17)            1.2%
  2 Affiliated Managers              12 Schlumberger (16)            1.2%
     Group (3)              1.6%
  3 Cisco Systems (2)       1.6%     13 Resources Connection (11)    1.2%
  4 ANSYS (8)               1.4%     14 FMC Technologies (14)        1.1%
  5 Praxair (7)             1.3%     15 Smith International (18)     1.1%
  6 LKQ (13)                1.3%     16 Gilead Sciences (23)         1.1%
  7 Research In Motion (6)  1.3%     17 Ctrip.com International (19) 1.1%
  8 Rockwell Collins (10)   1.2%     18 Johnson Controls (15)        1.1%
  9 Corporate Executive              19 GFI Group (37)               1.1%
     Board (12)             1.2%
 10 Core Laboratories (5)   1.2%     20 Apache (21)                  1.1%

    Holdings are subject to change
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Sector Breakdown (% of equity portfolio) *   New Holdings
----------------------------------------     ------------
  Information Technology   25.6%             Clean Harbors
  Health Care              16.7%             Dick's Sporting Goods
  Industrials              16.0%             Google
  Consumer Discretionary   13.9%             International Game Technology
  Energy                   10.8%             MSCI
  Financials               10.3%             PetSmart
  Consumer Staples          2.6%             Stryker
  Materials                 2.4%
  Telecommunication
   Services                 1.7%             Holdings Liquidated
                          100.0%             -------------------
                                             Joy Global
                                             Netflix
                                             Texas Instruments

  *  Based on Standard & Poor's and Morgan Stanley Capital International
     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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