All Star Growth Fund December 2002 Monthly Update.

Business Editors

BOSTON--(BUSINESS WIRE)--Jan. 9, 2003

All Star Growth Fund (NYSE:ASG)

                                                          Premium /
Performance                      NAV     Market Price    (Discount)
    Beginning of month value    $5.91        $5.75         -2.7%
    Distributions                 -            -
    End of month value          $5.44        $5.05         -7.2%
    Performance for month        (8.0%)      (12.2%)
    Performance year-to-date    (27.6%)      (32.6%)

For daily data visit the Fund's website at www.all-starfunds.com or
call 1-800-241-1850


Net Assets at Month-End ($millions)
    Total                          $112.2
    Equities                       $110.9
    Percent Invested in Equities     98.8%


Top 20 Holdings at Month-End (39.0% of equity portfolio)
   (Rank from previous month)

1   Westwood One (1)                    3.3%
2   Bed Bath & Beyond (2)               2.9%
3   Paychex (3)                         2.7%
4   eBay (4)                            2.6%
5   Fastenal (8)                        2.2%
6   Microchip Technology (5)            2.1%
7   Microsoft (7)                       2.1%
8   Maxim Integrated Products (6)       1.9%
9   Family Dollar Stores (12)           1.9%
10  Concord EFS (16)                    1.7%
11  Clear Channel Communications (9)    1.7%
12  National Instruments (13)           1.6%
13  Xilinx (10)                         1.6%
14  State Street (11)                   1.6%
15  Medtronic (17)                      1.6%
16  Getty Images (18)                   1.6%
17  Genentech (19)                      1.6%
18  American International Group (15)   1.5%
19  Pfizer (22)                         1.4%
20  Dollar Tree Stores (14)             1.4%


Sector Breakdown (% of equity portfolio)
    Consumer Discretionary   34.3%
    Technology               21.0%
    Health Care              17.9%
    Financial Services       15.8%
    Utilities                 4.2%
    Producer Durables         2.5%
    Consumer Staples          2.1%
    Other                     2.2%
                            -----
                            100.0%

New Holdings
  Chicago Mercantile Exchange
  UTI Worldwide

Holdings Liquidated:    None