BOSTON, MA--(MARKET WIRE)--Aug 13, 2008 --
Below is the July 2008 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (ASG - News)

 
                         July 2008 Monthly Update

                                                                 Premium/
Performance                           NAV      Market Price     (Discount)
-----------                         -----      ------------     ---------
    Beginning of month value        $5.11          $4.67          (8.6%)
    Distributions                       -              -
    End of month value              $5.00          $4.50         (10.0%)
    Performance for month           (2.2%)         (3.6%)
    Performance year-to-date       (12.7%)        (20.3%)

    For daily data visit the Fund's website at http://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                          $145.6
    Equities                       $139.2
    Percent Invested in Equities     95.6%
---------------------------------------------------------------------------

Top 20 Holdings at Month-End (29.1% of equity portfolio)
-------------------------------------------------------
  (Rank from previous month)

  1  ANSYS, Inc. (1)            1.7%     11  General Dynamics
                                               Corp. (15)             1.4%
  2  QUALCOMM, Inc. (13)        1.7%     12  Affiliated Managers
                                               Group, Inc. (8)        1.4%
  3  Wal-Mart Stores, Inc. (5)  1.7%     13  Smith International,
  4  Resources Connection,                   Inc. (2)                 1.4%
      Inc. (12)                 1.6%     14  Johnson & Johnson (78)   1.4%
  5  LKQ Corp. (11)             1.6%     15  Oracle Corp. (17)        1.4%
  6  McDonald's Corp. (4)       1.6%     16  Strayer Education,
  7  International Business                   Inc. (19)               1.3%
      Machines Corp. (7)        1.6%     17  Accenture Ltd.,
                                               Class A (46)           1.3%
  8  Core Laboratories N.V. (3) 1.5%     18  FMC Technologies,
                                               Inc. (6)               1.3%
  9  Praxair, Inc. (10)         1.4%     19  Adobe Systems, Inc. (24) 1.2%
 10  Baxter International, Inc.
      (14)                      1.4%     20  Clean Harbors, Inc. (28) 1.2%

     Holdings are subject to change
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Sector Breakdown (% of equity portfolio) *    New Holdings
---------------------------------------       ----------------------------
     Information Technology     24.8%         Abbott Laboratories
     Industrials                19.6%         ACE Ltd.
     Health Care                19.4%         C.H. Robinson Worldwide, Inc.
     Energy                     11.4%         Danaher Corp.
     Consumer Discretionary     10.5%         Electronic Arts, Inc.
     Financials                  6.8%         Medtronic, Inc.
     Materials                   3.0%         Nuance Communications, Inc.
     Consumer Staples            2.3%         Schlumberger Ltd.
     Telecommunication Services  2.2%         SPX Corp.
                               100.0%         St. Jude Medical, Inc.
                                              Waste Management, Inc.
                                              The Western Union Co.

                                              Holdings Liquidated
                                              ----------------------------
                                              Allegheny Technologies, Inc.
                                              Alliance Data Systems Corp.
                                              Bare Escentuals, Inc.
                                              Cerner Corp.
                                              CGGVeritas
                                              The Coca-Cola Co.
                                              Colgate-Palmolive Co.
                                              Costco Wholesale Corp.
                                              Golar LNG Ltd.
                                              Home Inns & Hotels
                                               Management, Inc.
                                              PetSmart, Inc.
                                              SEI Investments Co.
                                              Weatherford International
                                               Ltd.
                                              Wright Medical Group, Inc.
                                              Wynn Resorts Ltd.
                                              XTO Energy, 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.

     For Information Contact:
     Liberty All-Star Growth Fund, Inc.
     1-800-241-1850
     http://www.all-starfunds.com