ALL-STAR Growth Fund June update.

BOSTON--(BUSINESS WIRE)--July 16, 1996--Liberty ALL-STAR Growth Fund Monthly Update: June 1996

Performance                    NAV     Market Price   Premium/(Discount)
  Beginning of month value   $11.60      $9.750        -15.9%
  Distributions                  --          --           --
  End of month value          $11.31      $9.625       -14.9%
  Performance for month        -2.5%       -1.3%
  Performance year-to-date      7.2%        2.7%
  Performance Second Qtr. 1996  2.0%        2.7%

    (Please Note: Daily NAV and year-to-date NAV performance are
available by calling 1-800-542-3863. Internet address:
http://www.lib.com/LAMCO/lamco.html)

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Net Assets at Month-End ($millions)
  Total                         $128.3
  Equities                      $122.3
  Percent Invested in Equities    95.3%

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Top 20 Holdings at Month-End (25.7% of total portfolio)
     (Rank from previous month)

1 Microsoft (1)                2.0%   11 Varity (8)                  1.2%
2 Federal National Mort. (3)   1.6%   12 Computer Assoc. Int'l(11)   1.2%
3 Federal Home Loan Mort.(2)   1.6%   13 Cisco Systems (16)          1.2%
4 First Data (4)               1.5%   14 Ace (31)                    1.2%
5 Pfizer (5)                   1.5%   15 Exel (14)                   1.2%
6 Citicorp (6)                 1.3%   16 HFS (29)                    1.1%
7 Oracle (24)                  1.2%   17 Travelers (30)              1.1%
8 Monsanto (17)                1.2%   18 US Robotics (9)             1.1%
9 Transamerica (10)            1.2%   19 AMR (12)                    1.1%
10 McDonnell Douglas (7)       1.2%   20 Countrywide Credit Indu (27)1.1%

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Major Purchases & Sales for Month

New Holdings                     Holdings Liquidated
 Asia Satellite-ADR                Consolidated Freightways
 Barrett Resources                 Heilig Meyers
 Millipore                         St. Jude Medical
 Southern Pacific Funding          Union Texas Petroleum (2)
 Tosco                             ValuJet
                                   Disney (Walt)

Major Increases ($400k+)         Major Reductions ($400k +)
   Signet Banking

CONTACT: Liberty Financial

Jeffrey Cathie, 617-371-2268