ALL-STAR Growth July Update.

BOSTON--(BUSINESS WIRE)--Aug. 15, 1996-- Liberty ALL-STAR Growth Fund, Inc. (NYSE: ASG) Monthly Update: July 1996.

 Performance                  NAV     Market Price   Premium/(Discount)   Beginning of month value  $11.31     $9.625           -14.9%   Distributions              -----      -----   End of month value        $10.67     $8.875           -16.8%   Performance for month       -5.7%      -7.8%   Performance year-to-date     1.1%      -5.3%   Performance Second Quarter    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.lamco.com) 

 Net Assets at Month-End ($millions)   Total                               $121.0   Equities                            $114.7   Percent Invested in Equities          94.8% 

 Top 20 Holdings at Month-End (26.7% of total portfolio)  (Rank from previous month) 

 1 Microsoft (1)                 2.1%   11 Intel (22)               1.2% 2 Federal Home Loan Mort. (3)   1.8%   12 McDonnell Douglas (10)   1.2% 3 Federal National Mort. (2)    1.7%   13 EXEL Limited (15)        1.2% 4 First Data (4)                1.6%   14 ACE (14)                 1.2% 5 Pfizer (5)                    1.5%   15 Morgan Stanley (21)      1.2% 6 Citicorp (6)                  1.4%   16 AFLAC (34)               1.1% 7 Computer Associates Int'l(12) 1.4%   17 Arrow Electronic (29)    1.1% 8 Oracle (7)                    1.3%   18 Travelers (17)           1.1% 9 Varity (11)                   1.2%   19 Transamerica (9)         1.1% 10 Monsanto (8)                 1.2%   20 Lockheed Martin (24)     1.1% 

 Major Purchases & Sales for Month 

 New Holdings              Holdings Liquidated   Credit Acceptance        Alco Standard   MFS Communications       Automatic Data Processing   Microchip Technology     Hewlett-Packard   Mirage Resorts           Palmer Wireless   Tejas Gas Corporation    3Com Corporation   Weatherford Enterra      Unilever                            United Healthcare 

 Major Increases ($400k +)      Major Reductions ($400k +)   None                          None 

 -0- 

 (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