All-Star Growth Oct. Update.

BOSTON--(BUSINESS WIRE)--Nov. 24, 1997--

Liberty All-Star Growth Fund, Inc. (NYSE:ASG)
Monthly Update: October 1997

Performance                 NAV     Market Price    Premium/(Discount)
  Beginning of
    month value          $ 13.29     $ 13.000            -2.2%
  Distributions             --           --
  End of month value     $ 12.79     $ 12.313            -3.7%
  Performance for
    month                  -3.8%       -5.3%
  Performance
    year-to-date           22.9%       44.4%

     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 www.lamco.com

-0-

Net Assets at Month-End ($millions)
  Total                                    $162.8
  Equities                                 $158.7
  Percent Invested in Equities               97.5%

-0-

Top 20 Holdings at Month-End (28.8% of total portfolio)
(Rank from previous month)

1 Federal Home Loan Mort.(1)        2.2%
2 Intel(17)                         1.8%
3 ACE(2)                            1.8%
4 Automatic Data Processing(8)      1.7%
5 Citicorp(3)                       1.6%
6 Travelers(5)                      1.5%
7 MBNA(4)                           1.5%
8 Viking Office Products(49)        1.5%
9 EXEL(6)                           1.5%
10 Nokia(7)                         1.4%
11 Pfizer(24)                       1.3%
12 Minerals Technology(13)          1.3%
13 Progressive Corp.(12)            1.3%
14 Morgan Stanley, Dean Witter(9)   1.3%
15 Countrywide Credit(18)           1.2%
16 Boeing(14)                       1.2%
17 AMR(26)                          1.2%
18 Household International(23)      1.2%
19 Caterpillar(20)                  1.2%
20 Sprint(28)                       1.1%

-0-

Major Purchases & Sales for Month

New Holdings
  Blyth Industries
  Cole National
  Intel (1)
  The Money Store
  Viking Office Products (1)

Holdings Liquidated
  Cityscape Financial
  Credit Acceptance (2)
  Federal National Mortgage
  Multicare Companies
  Orthologic
  Solutia
  The Sports Authority
  Union Acceptance

Increases ($150k +)
  Automated Data Processing
  Carnival Corp.
  Hub Group
  Intelliquest Information
  Omnicare
  Rental Service

Reductions ($150k +)
  Blackbox
  Cintas
  Discount Auto Parts
  Elan
  Komag
  Medtronic
  Microsoft

CONTACT: Liberty Financial

Jeffrey Cathie, 617/371-2268