BOSTON, MA--(MARKET WIRE)--Sep 9, 2008 --
Below is the August 2008 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (ASG - News)

 
                        August 2008 Monthly Update

                                                                 Premium /
Performance                              NAV     Market Price    (Discount)
-----------                             -----    ------------    ---------
   Beginning of month value             $5.00        $4.50         (10.0%)
   Distributions (Ex-Date August 6)     $0.12        $0.12
   End of month value                   $4.94        $4.38         (11.3%)
   Performance for month                  1.2%         0.0%
   Performance year-to-date             (11.7%)      (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.
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Net Assets at Month-End ($millions)
----------------------------------
   Total                                $143.9
   Equities                             $144.8
   Percent Invested in Equities          100.6%
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Top 20 Holdings at Month-End (28.6% of equity portfolio)
-------------------------------------------------------
  (Rank from previous month)

1  ANSYS, Inc. (1)             1.7% 11 International Business
2  Resources Connection,                Machines Corp. (7)             1.5%
    Inc. (4)                   1.6% 12 Teva Pharmaceutical
3  Wal-Mart Stores,                     Industries Ltd. (56)           1.4%
    Inc. (3)                   1.6% 13 Baxter International, Inc. (10) 1.4%
4  LKQ Corp. (5)               1.5% 14 Johnson & Johnson (14)          1.4%
5  QUALCOMM, Inc. (2)          1.5% 15 Schlumberger Ltd. (111)         1.3%
6  Affiliated Managers              16 Praxair, Inc. (9)               1.3%
    Group, Inc. (12)           1.5% 17 Accenture Ltd., Class A (17)    1.3%
7  McDonald's Corp. (6)        1.5% 18 Union Pacific Corp. (New)       1.2%
8  Core Laboratories N.V. (8)  1.5% 19 Smith International, Inc. (13)  1.2%
9  General Dynamics Corp. (11) 1.5% 20 Lockheed Martin Corp. (22)      1.2%
10 Oracle Corp. (15)           1.5%

   Holdings are subject to change
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Sector Breakdown (% of equity portfolio)*
-----------------------------------------
   Information Technology      24.5%     New Holdings
   Industrials                 21.8%     ------------
   Health Care                 21.1%     Apple, Inc.
   Energy                      10.2%     Bucyrus International, Inc.
   Consumer Discretionary       9.9%     ITT Corp.
   Financials                   6.4%     Ultra Petroleum Corp.
   Materials                    2.3%     Union Pacific Corp.
   Telecommunication Services   2.2%
   Consumer Staples             1.6%     Holdings Liquidated
                              -----      -------------------
                              100.0%     The Advisory Board Co.
                                         Aflac, Inc.
                                         Akamai Technologies, Inc.
                                         Apache Corp.
                                         Corning, Inc.
                                         CVS Caremark Corp.
                                         Devon Energy Corp.
                                         EnCana Corp.
                                         NIKE, Inc., Class B
                                         Orthofix International N.V.
                                         Potash Corp. of Saskatchewan, Inc.
                                         TechTarget, 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