All-Star Growth Fund Oct. Update.

BOSTON--(BUSINESS WIRE)--Nov. 19, 1996--Liberty All-Star Growth Fund, Inc. (NYSE: ASG) Monthly Update: October 1996

Performance                    NAV   Market Price  Premium/(Discount)
  Beginning of month value   $11.90      $9.750         -18.1%
  Distributions              -----        -----
  End of month value         $12.01      $9.875         -17.8%
  Performance for month        0.9%       1.3%
  Performance year-to-date    13.8%       5.3%

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

Net Assets at Month-End ($millions)
  Total                         $136.2
  Equities                      $127.2
  Percent Invested in Equities    93.4%

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Top 20 Holdings at Month-End (28.3% of total portfolio)
   (Rank from previous month)

1  Microsoft (1)                 1.9%
2  Federal Home Loan Mort. (2)   1.9%
3  Federal National Mort. (3)    1.8%
4  Pfizer (4)                    1.6%
5  Monsanto (6)                  1.6%
6  Citicorp (7)                  1.6%
7  Intel (8)                     1.6%
8  First Data (5)                1.5%
9  LucasVarity PLC-ADR (10)      1.3%
10 Ace Limited (12)              1.3%
11 McDonnell Douglas (13)        1.3%
12 Travelers (14)                1.3%
13 Aflac (16)                    1.3%
14 MBNA (15)                     1.2%
15 Countrywide Credit Ind. (17)  1.2%
16 Computer Associates Int'l (8) 1.2%
17 Oracle (11)                   1.2%
18 Exel (19)                     1.2%
19 HFS (24)                      1.2%
20 Arrow Electronics (25)        1.1%

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Major Purchases & Sales for Month


New Holdings                 Holdings Liquidated

Apria Healthcare Group       Accustaff
Aptar Group                  Autozone
Lucent Technologies          Electronic Data Systems
Lunar                        Flowers Industries
Nellcor Puritan Bennett      Hvide Marine
Polymer Group                Mellon Bank
Schlumberger                 Motorola

Major Increases ($150k +)   Major Reductions ($150k +)

Caterpillar                 Adaptec
Orthologic Group            Charter One Financial
Peak Technologies           Computer Associates Int'l
United Cos Financial        Credit Acceptance
                            Microsoft
                            Modine Manufacturing
                            Tuesday Morning

(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

CONTACT: Liberty Financial

Jeffrey Cathie, 617/371-2268