Liberty All-Star(R) Growth Fund, Inc. November 2008 Monthly Update

• Press Release
• Source: ALPS Advisers, Inc.
• On 3:40 pm EST, Thursday December 4, 2008

BOSTON, MA--(MARKET WIRE)--Dec 4, 2008 -- Below is the November 2008 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE:ASG - News)

Related Quotes Symbol Price Change ASG 3.21 +0.02 {"s" : "asg","k" : "c10,l10,p20,t10","o" : "","j" : ""}

 
                 November 2008 Monthly Update


Performance                           NAV     Market Price     Discount
-----------                          -----    ------------    ----------
    Beginning of month value          $3.54        $2.99          15.5%
    Distributions                       -            -
    End of month value                $3.24        $2.45          24.4%
    Performance for month             (8.5%)      (18.1%)
    Performance year-to-date         (41.9%)      (55.4%)

   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                             $95.5
    Equities                          $92.8
    Percent Invested in Equities       97.2%
---------------------------------------------------------------------------

Top 20 Holdings at Month-End (31.6% of equity portfolio)
--------------------------------------------------------
   (Rank from previous month)

  1 Wal-Mart Stores, Inc. (1)   2.3%    11 Baxter International,
                                            Inc. (10)                 1.5%
  2 McDonald's Corp. (2)        2.2%    12 LKQ Corp. (14)             1.5%
  3 ANSYS, Inc. (5)             1.9%    13 Accenture Ltd.,
  4 Teva Pharmaceutical                     Class A (13)              1.5%
      Industries Ltd. (6)       1.9%    14 Amgen, Inc. (17)           1.4%
  5 Strayer Education, Inc. (4) 1.8%    15 Clean Harbors, Inc.
  6 Johnson & Johnson (7)       1.8%        (22)                      1.3%
  7 The Procter & Gamble Co.            16 Dollar Tree, Inc. (16)     1.2%
      (11)                      1.7%    17 Hansen Natural Corp. (36)  1.2%
  8 Core Laboratories N.V. (9)  1.6%    18 PepsiCo, Inc. (26)         1.2%
  9 Resources Connection, Inc.          19 NeuStar, Inc., Class A
      (12)                      1.6%        (19)                      1.2%
 10 Genzyme Corp. (8)           1.6%    20  SYSCO Corp. (18)          1.2%

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

Sector Breakdown (% of equity portfolio) *
------------------------------------------
    Health Care                22.6%      New Holdings
    Information Technology     19.5%      ------------
    Industrials                16.3%      3M Co.
    Consumer Discretionary     13.1%      Apollo Group, Inc., Class A
    Financials                  8.8%      Automatic Data Processing, Inc.
    Consumer Staples            8.2%      Gilead Sciences, Inc.
    Energy                      7.8%      Ritchie Bros. Auctioneers, Inc.
    Telecommunication Services  2.5%      Starwood Hotels & Resorts
    Materials                   0.9%       Worldwide, Inc.
    Utilities                   0.3%
                               ------     Holdings Liquidated
                              100.0%      -------------------
                                          Adobe Systems, Inc.
                                          Hewlett-Packard Co.
                                          Medtronic, Inc.
                                          PharmaNet Development Group, Inc.
                                          Quicksilver Resources, Inc.
                                          St. Jude Medical, 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.

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