ALL-STAR Equity Fund monthly June update.

BOSTON--(BUSINESS WIRE)--July 16, 1996--Liberty ALL-STAR Equity Fund monthly update: June 1996

Performance                    NAV    Market Price   Premium/(Discount)
  Beginning of month value    $11.62    $10.875          -6.4%
  Distributions                 --          --             --
  End of month value          $11.55     $10.750         -6.9%
  Performance for month        -0.6%       -1.1%           --
  Performance year-to-date     10.2%        4.2%           --

(Please Note: Daily NAV and year-to-date NAV performance are
available by calling 1-800-542-3863)
(Past updates and news releases can be found at LAMCO's Web site at
http://www.lib.com/LAMCO/lamco.html)

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Net Assets at Month-End ($millions)
   Total                        $913.3
   Equities                     $892.3
   Percent Invested in Equities   97.7%

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Top 20 holdings at Month-End (24.7% of total portfolio)
   (Rank from previous month)

1 Microsoft (1)              1.9%    11 McDonnell Douglas (7)       1.2%
2 Avon Products (2)          1.5%    12 Royal Dutch Petroleum (4)   1.2%
3 Raytheon (3)               1.4%    13 Computer Associates
                                        Int'l (13)                  1.2%
4 Monsanto (5)               1.4%    14 IBM (14)                    1.1%
5 May Department Stores(6)   1.3%    15 Intel (22)                  1.1%
6 Federal Home Loan Mort.(9) 1.3%    16 Citicorp (12)               1.1%
7 First Data (10)            1.3%    17 U.S. Robotics (15)          1.0%
8 Motorola (8)               1.3%    18 Boeing (19)                 1.0%
9 Cisco Systems (11)         1.3%    19 Kimberly-Clark (16)         1.0%
10 EXEL Limited (20)         1.2%    20 Ericsson L M (18)           0.9%

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Purchases & Sales for Month
New Holdings                          Holdings Liquidated
   Asia Satellite Telecommunications      Amgen (2)
   AutoZone (1)                           Disney (Walt)
   Campbell Soup                          Elf Aquitaine
   Danka Business Systems                 Nabisco Holdings
   EXEL Limited (1)                       Office Depot
   Hilton Hotels                          Oracle (2)
   Kerr-McGee                             Pinnacle West Capital
   Mirage Resorts (1)                     Pitney Bowes (2)
   Tele Danmark                           Tenneco
   Tosco                                  Union Texas Petroleum
   Whirlpool                              United Healthcare (2)

Major Increases ($1 million+)         Major Reductions ($1 million +)
   American Home Products                 American Stores
   Bausch & Lomb                          Hewlett-Packard
   Eastman Chemical                       Microsoft
   Intel                                  Monsanto
   MCI Communications                     Royal Dutch Petroleum
   SBC Communications                     St. Jude Medical
   Southwest Airlines                     Viacom

(1) New purchase by one manager, and already held in fund by
another manager.

(2) Issue liquidated by one manager, but still held in fund by
another manager.

    Manager Change: J.P. Morgan Investment Management, Inc. replace
Cooke & Bieler, Inc. as one of the Fund's five portfolio managers
effective July 1, 1996.

CONTACT: Liberty Financial

Jeffrey Cathie, 617-371-2268