ALL-STAR Growth Fund monthly update.

BOSTON--(BUSINESS WIRE)--June 19, 1996--

          Liberty ALL-STAR Growth Fund, Inc. (NYSE:ASG)
                     Monthly Update: May 1996

Performance                    NAV       Market Price    Premium/(Discount)
  Beginning of month value    $11.38        $9.375           -17.6%
  Distributions                -----         -----
  End of month value          $11.60        $9.750           -15.9%
  Performance for month          1.9%          4.0%
  Performance year-to-date      10.0%          4.0%
  Performance First Quarter 1996 5.1%          0.0%

(Please Note: Daily NAV and year-to-date NAV performance are available by
calling 1-800-542-3863.)

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Net Assets at Month-End ($millions)
  Total                        $131.5
  Equities                     $125.0
  Percent Invested in Equities   95.0%

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Top 20 Holdings at Month-End (24.8% of total portfolio)
     (Rank from previous month)

1   Microsoft (1)                 1.9%
2   Federal Home Loan Mort. (2)   1.5%
3   Federal National Mort. (3)    1.5%
4   First Data (4)                1.5%
5   Pfizer (5)                    1.4%
6   Citicorp (6)                  1.3%
7   McDonnell Douglas (9)         1.2%
8   Varity (19)                   1.2%
9   US Robotics (21)              1.2%
10  Transamerica (11)             1.2%
11  Computer Associates Int'l (8) 1.2%
12  AMR (14)                      1.1%
13  Union Texas Petroleum (7)     1.1%
14  Exel (35)                     1.1%
15  Arrow Electronics (10)        1.1%
16  Cisco Systems (16)            1.1%
17  Monsanto (12)                 1.1%
18  Intel (24)                    1.1%
19  St. Jude Medical (17)         1.1%
20  Morgan Stanley (13)           1.1%

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Major Purchases & Sales for Month

New Holdings
-----------------
Danka Business Systems
General Motors Class E
Interim Services
Komag
Signet Banking
Staples
Tuesday Morning
Unitog

Holdings Liquidated
-------------------------
American Standard
Avid Technology
Cabletron Systems
Coltec Industries
Glenayre Technologies
Informix
Magellan Health Services

Major Increases ($400k +)

Major Reductions ($400k +)

CONTACT: Liberty Financial

Jeffrey Cathie 617-371-2268