<PAGE>
II. SELECTED SCHEDULES UNDER
THE SECURITIES EXCHANGE
ACT OF 1934
A. SCHEDULE 13D
INFORMATION REQUIREMENTS FOR FILINGS UPON ACQUISITION OF
FIVE PERCENT OF A CLASS OF EQUITY SECURITIES SUBJECT TO
THE REPORTING REQUIREMENTS OF THE 1934 ACT
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Liberty ALL-STAR Equity Fund
--------------------------------
(Name of Issuer)
Shares of Beneficial Interest
--------------------------------
(Title of Class of Securities)
530158104
--------------------------------
(CUSIP Number)
Brendan P Halligan
P.O. Box 140
175 Berkeley Street
Boston, MA 02117-0140
--------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 8, 1998
--------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3)or (4), check the following
box / /.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
Check the following box if a fee is being paid with this statement / /. (A
fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class. (See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.
<PAGE>
Page 1 of 27
- -------------------------------------------------------------------------------
CUSIP No.: 530158104
- -------------------------------------------------------------------------------
1 Names of Reporting Persons. Liberty Mutual Insurance Company
S.S. or I.R.S. Identification IRS ID# 04-1543470
Nos. of Above Persons
- -------------------------------------------------------------------------------
2 Check the Appropriate Box if a (a) /X/
Member of a Group (See Instructions) (b) / /
- -------------------------------------------------------------------------------
3 SEC Use Only
- -------------------------------------------------------------------------------
4 Source of Funds Filing pertains to sale of
(See Instructions) shares. Original source of funds
for purchases was WC.
- -------------------------------------------------------------------------------
5 Check if Disclosure of
Legal Proceedings / /
is Required PURSUANT to Items
2(d) or 2(e)
- -------------------------------------------------------------------------------
6 Citizenship or Place of Massachusetts insurance company
Organization organized under the laws of the
Commonwealth of Massachusetts
- -------------------------------------------------------------------------------
Number of Shares 7 Sole Voting 7,030,667
Beneficially Owned Power
by Each Reporting ----------------------------------------------------------
Person With 8 Shared Voting
Power -0-
9 Sole Dispositive 7,030,667
Power
----------------------------------------------------------
10 Shared Disposi- -0-
tive Power
----------------------------------------------------------
11 Aggregate Amount Beneficially Owned
by Each Reporting Person 7,030,667
- -------------------------------------------------------------------------------
12 Check if the Aggregate Amount in
Row (11) Excludes Certain Shares / /
(See Instructions)
- -------------------------------------------------------------------------------
13 Percent of Class Represented
by Amount in Row (11) 8.14%
- -------------------------------------------------------------------------------
14 Type of Reporting Person IC
(See Instructions)
- -------------------------------------------------------------------------------
<PAGE>
Page 2 of 27
- -------------------------------------------------------------------------------
CUSIP No.: 530158104
- -------------------------------------------------------------------------------
1 Names of Reporting Persons. Liberty Mutual Fire Insurance
S.S. or I.R.S. Identification Company
Nos. of Above Persons IRS ID# 04-1924000
- -------------------------------------------------------------------------------
2 Check the Appropriate Box if a (a) /X/
Member of a Group (See Instructions) (b) / /
- -------------------------------------------------------------------------------
3 SEC Use Only
- -------------------------------------------------------------------------------
4 Source of Funds Filing pertains to sale of
(See Instructions) shares. Original source of funds
for purchases was WC.
- -------------------------------------------------------------------------------
5 Check if Disclosure of
Legal Proceedings / /
is Required PURSUANT to Items
2(d) or 2(e)
- -------------------------------------------------------------------------------
6 Citizenship or Place of Mutual insurance company
Organization organized under the laws of the
Commonwealth of Massachusetts
- -------------------------------------------------------------------------------
Number of Shares 7 Sole Voting 776,482
Beneficially Owned Power
by Each Reporting ----------------------------------------------------------
Person With 8 Shared Voting
Power -0-
9 Sole Dispositive 776,482
Power
----------------------------------------------------------
10 Shared Disposi- -0-
tive Power
----------------------------------------------------------
11 Aggregate Amount Beneficially Owned
by Each Reporting Person 776,482
- -------------------------------------------------------------------------------
12 Check if the Aggregate Amount in
Row (11) Excludes Certain Shares / /
(See Instructions)
- -------------------------------------------------------------------------------
13 Percent of Class Represented
by Amount in Row (11) 0.9%
- -------------------------------------------------------------------------------
14 Type of Reporting Person IC
(See Instructions)
- -------------------------------------------------------------------------------
<PAGE>
Page 3 of 27
Item 1. Security and Issuer
The class of equity security to which this statement relates is Shares of
Beneficial Interest (the "Shares") of Liberty ALL-STAR Equity Fund (the
"Issuer"), a Massachusetts business trust and closed-end investment company
registered under the Investment Company Act of 1940, as amended (the "1940
Act"). The Shares are listed on the New York Stock Exchange, the Midwest
Stock Exchange, the Pacific Stock Exchange, the Philadelphia Stock Exchange,
and the Boston Stock Exchange.
Item 2. Identity and Background
This statement is being filed on behalf of the following persons:
1). Liberty Mutual Insurance Company ("Liberty Mutual"), a Massachusetts
mutual insurance company, P.O. Box 140, 175 Berkeley Street, Boston,
Massachusetts 02117-0140. Liberty Mutual's principal business is property
and casualty insurance.
2). Liberty Mutual Fire Insurance Company ("Liberty Fire"), a
Massachusetts mutual insurance company, P.O. Box 140, 175 Berkeley Street,
Boston, Massachusetts 02117-140. Liberty Fire's principal business is
property and casualty insurance.
Liberty Mutual and Liberty Fire are affiliated by virtue of an identity of
the Boards of Directors and of certain executive officers, an intercompany
services and reinsurance treaty, and shared trademark and
marketing-distribution operations. Both Liberty Mutual and Liberty Fire are
insurance companies as defined in section 3(a)(19) of the Securities Exchange
Act of 1934 (the "1934 Act").
Liberty Asset Management Company, Inc., 274 Riverside Avenue, Westport,
Connecticut 06380 ("LAMCO") is a registered investment adviser under the
Investment Advisers Act of 1940, as amended, and is investment adviser to the
Issuer. LAMCO is a wholly owned subsidiary of Liberty Financial Services,
Inc., 600 Atlantic Ave., Boston, Massachusetts 02110, which, in turn, is
seventy (70%) percent owned by Liberty Mutual.
<PAGE>
Page 4 of 27
Within the last five years, neither Liberty Mutual nor Liberty Fire, nor
to the best of their respective knowledge, any executive officer or director
of Liberty Mutual or Liberty Fire, has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) or has been
a party to a civil proceeding or a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject
to a judgment, decree or final order prohibiting or mandating activities
subject to, federal or state securities laws or finding any violation with
respect to such laws.
Information regarding the executive officers and directors of Liberty
Mutual and Liberty Fire, each of whom is a United States citizen, is set
forth in Schedule A attached hereto and is incorporated by reference herein.
Item 3. Source and Amount of Funds or Other Consideration
a). Liberty Mutual - not applicable as this filing is due to open
market sales of the Shares (original source of funds for initial
purchases was WC).
b). Liberty Fire - not applicable as this filing is due to open market
sales of the Shares (original source of funds for initial purchases
was WC).
Item 4. Purpose of Transaction
On October 7, 1997, the Investment Committee of the Board of Directors of
Liberty Mutual authorized open market sales of up to 1,639,300 shares of the
Issuer. Such sales would be governed by SEC Rule 144, which allows sales
without registration within any three month period of up to the greater of 1%
of outstanding shares or one week's average trading volume.
Also on October 7, 1997, the Investment Committee of the Board of
Directors of Liberty Fire authorized open market sales of up to 182,200
shares of the Issuer. Such sales would be governed by SEC Rule 144, which
allows sales without registration within any three month period of up to the
greater of 1% of outstanding shares or one week's average trading volume.
<PAGE>
Page 5 of 27
Liberty Mutual and Liberty Fire plan to continue selling Shares of Issuer
in accordance with the respective Investment Committee resolutions. The
sales will continue to be made from time to time over the next three month
period, subject to the satisfaction of applicable legal requirements,
including compliance with Rule 10b-18 promulgated under the 1934 Act, SEC
Rule 144, and market conditions.
Item 5. Interest in Securities of the Issuer
(a) The Reporting Persons beneficially own an aggregate of 7,807,149
shares of beneficial interest of Issuer, which constitute approximately 9.04%
of the total shares issued and outstanding, as reflected in the most recently
available filing with the Securities and Exchange Commission by the Issuer.
Liberty Mutual beneficially owns 7,030,667 Shares of the Issuer, which
constitute approximately 8.14% of the total issued and outstanding shares of
beneficial interest of the Issuer.
Liberty Fire beneficially owns 776,482 Shares of Issuer, which constitute
approximately 0.9% of the total issued and outstanding shares of beneficial
interest of the Issuer.
(b)(1) Liberty Mutual has the sole power to vote or direct the vote of,
and the sole power to dispose or direct the disposition of, 7,030,667 Shares.
Liberty Mutual has no shared power to either vote or dispose of the Shares.
(b)(2) Liberty Fire has the sole power to vote or direct the vote, and the
sole power to dispose of or to direct the disposition of, 776,482 Shares.
Liberty Fire has no shared power to either vote or dispose of the Shares.
(c) See Schedule B attached hereto, and by reference incorporated herein,
describing transactions in the Shares of Issuer effected within the past
sixty days by the Reporting Persons.
(d) With respect to Liberty Mutual and Liberty Fire, to the best of their
knowledge, no other person is known to have the right to receive or the power
to
<PAGE>
Page 6 of 27
direct the receipt of dividends from, or the proceedings from the sale of,
such securities, where such interest relates to either more or less than five
percent of the class.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understanding or Relationships with Respect
to Securities of the Issuer.
To the best of their respective knowledge, the Reporting Persons do not
have any contracts, arrangements, understandings or relationship with any
person with respect to the securities of the Issuer, regarding the transfer
or voting of such securities, finders fees, joint ventures, loan or option
arrangements, puts or calls, guarantees of profits, division of profits or
loss, or the giving or withholding of proxies.
Item 7. Material To Be Filed As Exhibits
Exhibit A. Amended schedule 13D Joint Filing Agreement dated
January 15, 1998.
<PAGE>
Page 7 of 27
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
LIBERTY MUTUAL INSURANCE COMPANY
By: /s/ A. Alexander Fontanes
--------------------------
A. Alexander Fontanes,
Senior Vice President and
Chief Investment Officer
LIBERTY MUTUAL FIRE INSURANCE COMPANY
By: /s/ A. Alexander Fontanes
--------------------------
A. Alexander Fontanes,
Vice President
Dated this 15th day of January, 1998.
<PAGE>
Page 8 of 27
SCHEDULE A
Officers and Directors of Liberty Mutual Insurance Company and Liberty
Mutual Fire Insurance Company
The name and principal occupation or employment of each executive officer
and director of Liberty Mutual Insurance Company and/or Liberty Mutual Fire
Insurance Company is set forth in the lists below. Except as otherwise
noted, the business address of each person named below is 175 Berkeley
Street, Boston, Massachusetts 02117.
Liberty Mutual Insurance Company Board of Directors (as of 1/13/98)
Dr. Gregory H. Adamian, Chancellor
Bentley College
175 Forest Street
Waltham, MA 02154-4705
Mr. Gerald E. Anderson
75 Hornbeam Lane
Centerville, MA 02632
Mr. Michael J. Babcock
54 Pecksland Road
Greenwich, CT 06831
Gary L. Countryman
Chairman of the Board and CEO
Liberty Mutual Insurance Co.
Liberty Mutual Fire Insurance Co
Boston, MA
Mr. Paul J. Darling, II, President and CEO
Corey Steel Company
P.O. Box 5137
2800 South 61st Court
Chicago, IL 60680
Mr. David F. Figgins
100 Anderson Street
Apt. 425
Pittsburgh, PA 15222
<PAGE>
Page 9 of 27
Mr. John B. Gray
888 Worcester Street
Wellesley, MA 02181
Mr. John P. Hamill, President
Fleet Bank of Massachusetts, N.A.
Mailstop: MA OFD 37A
One Federal Street
Boston, MA 02110
Mrs. Marian L. Heard
President and CEO
United Way of Massachusetts Bay
245 Summer St., Suite 1401
Boston, MA 02210
Mr. Raymond H. Hefner, Jr.
President
Bonray, Inc.
P.O. Box 20750
Oklahoma City, OK 73156-0750
Edmund F. Kelly
President and COO
Liberty Mutual Insurance Co.
Liberty Mutual Fire Insurance Co
Boston, MA
Mr. Ray B. Mundt
Chairman of the Board and CEO
Unisource Worldwide, Inc.
P.O. Box 3000-0935
Berwyn, PA 19312
Mr. Glenn P. Strehle, Treasurer
Massachusetts Institute of Technology
77 Massachusetts Ave., Room 4-110
Cambridge, MA 02139
Mr. Stephen J. Sweeney
7 Greenbrook Road
So. Hamilton, MA 01982
<PAGE>
Page 10 of 27
Liberty Mutual Insurance Company-Elected Officers
Gary L. Countryman
Chairman of the Board and Chief Executive Officer
Edmund F. Kelly
President and Chief Operating Officer
John B. Conners
Executive Vice President
Gary R. Gregg
Executive Vice President
Gary P. Lia
Executive Vice President
Thomas C. Ramey
Executive Vice President
Edward G. Troy
Executive Vice President
J. Michael Ashwood
Senior Vice President
James D. Barrett
Senior Vice President
Kenneth A. Berkov
Senior Vice President
Robert J. Brautigam
Senior Vice President
James J. Colbert
Senior Vice President
John M. Collins
Senior Vice President
<PAGE>
Page 11 of 27
J. Paul Condrin, III
Senior Vice President,
Chief Financial Officer and Comptroller
Terry L. Conner
Senior Vice President
Thomas P. Coyne
Senior Vice President
Lawrence B. Dorman
Senior Vice President
Thomas J. Driscoll
Senior Vice President
James A. DuPont
Senior Vice President
David E. Fish
Senior Vice President
A. Alexander Fontanes
Senior Vice President
and Chief Investment Officer
Joseph A. Gilles
Senior Vice President
Scott R. Goodby
Senior Vice President
William G. Gourley
Executive Vice President
Daniel P. Heldman
Senior Vice President
Karl A. Jacobson
Senior Vice President
Alan R. Ledbetter
Senior Vice President
Richard E. Leeman
Senior Vice President
<PAGE>
Page 12 of 27
Robert J. Lewis
Senior Vice President
William F. Manning
Senior Vice President
Christopher C. Mansfield
Senior Vice President and General Counsel
Fredric G. Marziano
Senior Vice President
Robert T. Muleski
Senior Vice President
Himanshu I. Patel
Senior Vice President
Larry W. Paul
Senior Vice President
John H. Potter
Senior Vice President
David Radakovich
Senior Vice President
Janice K. Rhodes
Senior Vice President
Timothy J. Rose
Senior Vice President
Thomas R. Rudder, Jr.
Senior Vice President
Helen E.R. Sayles
Senior Vice President
Stewart H. Steffey, Jr.
Senior Vice President
Stephen G. Sullivan
Senior Vice President
<PAGE>
Page 13 of 27
Christa J. Adams
Vice President
Gregory M. Allard
Vice President
Bruce E. Anderson
Vice President
Jack Abrams
Regional Vice President
Joseph C. Aniello
Vice President
Lewis R. Ayers
Regional Vice President
Gery J. Barry
Vice President
Ray E. Beane
Vice President
William S. Burns
Vice President
Gavin C. Blair
Vice President
Carl N. Bletzer
Vice President
Marc Butler
Regional Vice President
Donald O. Burns
Regional Vice President
Dina A. Campbell
Vice President
Deborah M. Carrow
Vice President
<PAGE>
Page 14 of 27
Douglas H. Cauti
Regional Vice President
Anthony P. Cirignano
Vice President
Michael B. Creasy
Regional Vice President
Neal E. Colman
Regional Vice President
Richard F. Connell
Vice President
Richard A. Dapra
Vice President
Gary DeGruttola
Vice President
Christianne H. Daukas
Vice President
Mark J. Donlevie
Vice President
George W. Doonan
Vice President
David E. Eaglen
Regional Vice President
William M. Fandrich
Vice President
Carmen Filippone
Vice President
Thomas J. Frymark
Regional Vice President
David E. Eaglen
Regional Vice President
<PAGE>
Page 15 of 27
Barry S. Gilvar
Vice President and Secretary
Aaron Goldstein
Vice President
Philip J. Guymont
Vice President
James A. Hatherley
Vice President
Bryan M. Grimm
Vice President
James W. Hendry
Vice President
Douglas M. Hodes
Vice President
Geoffrey E. Hunt
Vice President
James W. Jakobek
Vice President
James R. Johnson
Vice President
Alvin P. Kappelmann, Jr.
Vice President
Brian V. Kelley
Vice President
James F. Kelleher
Vice President
Robert D. King
Vice President
Tom B. Leamon
Vice President
<PAGE>
Page 16 of 27
Dexter R. Legg
Vice President
George E. Lepage
Vice President
David H. Long
Vice President
Maureen E. Lyden
Regional Vice President
Barton G. Margoshes
Vice President
Richard G.M. Marko
Vice President
James T. Masterson
Regional Vice President
Paul Mattera
Vice President
James T. McCarty
Vice President
Robert A. McNeil
Vice President
David F. Melton
Vice President
Michael J. Mott
Regional Vice President
Matthew D. Nickerson
Vice President
Mary O'Donoghue
Vice President
Kay K. Rahardjo
Vice President
<PAGE>
Page 17 of 27
Raymond T. Roach
Vice President
Donald J. Pickens
Regional Vice President
Ronald H. Robertson, Jr.
Vice President
John F. Ryan
Vice President
Jean M. Scarrow
Vice President
H. Robert Schielke
Vice President
John F. Schulte
Regional Vice President
Steven M. Sentler
Vice President
Marilyn T. Smith
Vice President
Mark S. Sidney
Vice President
Vaughn R. Surprenant
Regional Vice President
Candace L. Sutcliffe
Vice President
Timothy S. Sweeney
Vice President
Ronald H. Switzer
Regional Vice President
Susan M. Tuthill
Vice President
<PAGE>
Page 18 of 27
Douglas L. Weymouth
Vice President
Elliot J. Williams
Vice President & Treasurer
Thomas J. Willson
Vice President
Mark L. Wright
Vice President
Stephen H. Zybura
Vice President
Judith M. Arnost
Assistant Treasurer
Robert D. Moynihan
Assistant Treasurer
Douglas S. Surina
Assistant Treasurer
Barry D. Adamson
Assistant Secretary
Robert C. Andrews
Assistant Secretary
R. Garth Avery
Assistant Secretary
Diane S. Bainton
Assistant Secretary
Paul F. Carleo
Assistant Secretary
Norleen O. Davies
Assistant Secretary
Garnet W. Elliott
Assistant Secretary
<PAGE>
Page 19 of 27
Forrest D. Gann
Assistant Secretary
Joseph J. Giblin
Assistant Secretary
Eric R. Herstine
Assistant Secretary
John M. Higgins
Assistant Secretary
David W. Hoffman
Assistant Secretary
Kenneth R. King
Assistant Secretary
Charles J. Leech
Assistant Secretary
James R. Pugh
Assistant Secretary
Harvey Swedlove
Assistant Secretary
June M. Valliere
Assistant Secrtary
<PAGE>
Page 20 of 27
Liberty Mutual Fire Insurance Company-Board of Directors
(as of 1/13/98)
Dr. Gregory H. Adamian, Chancellor
Bentley College
175 Forest Street
Waltham, MA 02154-4705
Mr. Gerald E. Anderson
75 Hornbeam Lane
Centerville, MA 02632
Mr. Michael J. Babcock
54 Pecksland Road
Greenwich, CT 06831
Gary L. Countryman
Chairman of the Board and CEO
Liberty Mutual Insurance Co.
Liberty Mutual Fire Insurance Co
Boston, MA
Mr. Paul J. Darling, II, President and CEO
Corey Steel Company
P.O. Box 5137
2800 South 61st Court
Chicago, IL 60680
Mr. David F. Figgins
100 Anderson Street
Apt. 425
Pittsburgh, PA 15222
Mr. John B. Gray
888 Worcester Street
Wellesley, MA 02181
Mr. John P. Hamill, President
Fleet Bank of Massachusetts, N.A.
Mailstop: MA OFD 37A
One Federal Street
Boston, MA 02110
<PAGE>
Page 21 of 27
Mrs. Marian L. Heard
President and CEO
United Way of Massachusetts Bay
245 Summer St., Suite 1401
Boston, MA 02210
Mr. Raymond H. Hefner, Jr.
President
Bonray, Inc.
P.O. Box 20750
Oklahoma City, OK 73156-0750
Edmund F. Kelly
President and COO
Liberty Mutual Insurance Co.
Liberty Mutual Fire Insurance Co
Boston, MA
Mr. Ray B. Mundt
Chairman of the Board and CEO
Unisource Worldwide, Inc.
P.O. Box 3000-0935
Berwyn, PA 19312
Mr. Glenn P. Strehle, Treasurer
Massachusetts Institute of Technology
77 Massachusetts Ave., Room 4-110
Cambridge, MA 02139
Mr. Stephen J. Sweeney
7 Greenbrook Road
So. Hamilton, MA 01982
<PAGE>
Page 22 of 27
Liberty Mutual Fire Insurance Company--Elected Officers
Gary L. Countryman
Chairman of the Board andChief Executive Officer
Edmund F. Kelly
President and Chief Operating Officer
J. Paul Condrin, III
Vice President, Chief Financial Officer
and Comptroller
A. Alexander Fontanes
Vice President
Barry S. Gilvar
Vice President and Secretary
Scott R. Goodby
Vice President
Gary R. Gregg
Vice President
H. Robert Schielke
Vice President
Christopher C. Mansfield
Vice President and General Counsel
Edward G. Troy
Vice President
Elliot J. Williams
Vice President and Treasurer
James W. Jakobek
Assistant Treasurer
Douglas S. Surina
Assistant Treasurer
Barry D. Adamson
Assistant Secretary
<PAGE>
Page 23 of 27
Robert C. Andrews
Assistant Secretary
Diane S. Bainton
Assistant Secretary
Joseph J. Giblin
Assistant Secretary
Eric R. Herstine
Assistant Secretary
David W. Hoffman
Assistant Secretary
Kenneth R. King
Assistant Secretary
Richard E. Leeman
Assistant Secretary
George E. Lepage
Assistant Secretary
James R. Pugh
Assistant Secretary
Harvey Swedlove
Assistant Secretary
June M. Valliere
Assistant Secretary
Douglas L. Weymouth
Assistant Secretary
Stephen H. Zybura
Assistant Secretary
<PAGE>
Page 24 of 27
SCHEDULE B
<PAGE>
Page 25 of 27
Liberty Mutual Insurance Company
IRS# 04-1543470
LIBERTY ALL STAR EQUITY FUND SALES
<TABLE>
<CAPTION>
USA PROCEEDS CUM.
TRADE DATE SHARES PRICE COMMISSION SEC FEE (COM.&SEC) CUM SHRS PROCEEDS
- ---------------- ---------- -------------- -------------- ---------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
10/14/97 (27,700) $ 14.0625 $ 831.00 $ 12.99 $ 388,687.26 (27,700) 388,687.26
10/15/97 (27,700) 388,687.26
10/16/97 (22,500) $ 14.0625 $ 675.00 $ 10.55 $ 315,720.70 (50,200) 704,407.96
10/17/97 (50,200) 704,407.96
10/20/97 (22,500) $ 13.8125 $ 675.00 $ 10.36 $ 310,095.89 (72,700) 1,014,503.85
10/21/97 (72,700) 1,014,503.85
10/22/97 (72,700) 1,014,503.85
10/23/97 (72,700) 1,014,503.85
10/24/97 (72,700) 1,014,503.85
10/27/97 (9,900) $ 13.2500 $ 297.00 $ 4.38 $ 130,873.62 (82,600) 1,145,377.47
10/28/97 (82,600) 1,145,377.47
10/29/97 (20,500) $ 13.2500 $ 615.00 $ 9.06 $ 271,000.94 (103,100) 1,416,378.41
10/30/97 (13,500) $ 13.0625 $ 405.00 $ 5.88 $ 175,932.87 (116,600) 1,592,311.28
10/31/97 (9,900) $ 13.1875 $ 297.00 $ 4.36 $ 130,254.89 (126,500) 1,722,566.17
10/31/97 (35,100) $ 13.1250 $ 1,053.00 $ 15.36 $ 459,619.14 (161,600) 2,182,185.31
MONTHLY
TOTAL (161,600) 2,182,185.31
11/03/97 (161,600) 2,182,185.31
11/04/97 (2,700) $ 13.3750 $ 81.00 $ 1.21 $ 36,030.29 (164,300) 2,218,215.60
11/05/97 (26,800) $ 13.4375 $ 804.00 $ 12.01 $ 359,308.99 (191,100) 2,577,524.59
11/06/97 (22,500) $ 13.4375 $ 675.00 $ 10.08 $ 301,658.67 (213,600) 2,879,183.26
11/07/97 (45,000) $ 13.3125 $ 1,350.00 $ 19.97 $ 597,692.53 (258,600) 3,476,875.79
11/10/97 (15,900) $ 13.4022 $ 477.00 $ 7.11 $ 212,610.87 (274,500) 3,689,486.66
11/11/97 (19,300) $ 13.3939 $ 579.00 $ 8.62 $ 257,914.65 (293,800) 3,947,401.31
11/12/97 (24,900) $ 13.2787 $ 747.00 $ 11.03 $ 329,881.60 (318,700) 4,277,282.91
11/13/97 (800) $ 13.2500 $ 24.00 $ 0.36 $ 10,575.64 (319,500) 4,287,858.55
11/14/97 (319,500) 4,287,858.55
11/17/97 (61,200) $ 13.4522 $ 1,836.00 $ 27.45 $ 821,411.19 (380,700) 5,109,269.74
11/18/97 (24,700) $ 13.5625 $ 741.00 $ 11.17 $ 334,241.58 (405,400) 5,443,511.32
11/19/97 (36,000) $ 13.2188 $ 1,080.00 $ 15.87 $ 474,780.93 (441,400) 5,918,292.25
11/20/97 (18,000) $ 13.3125 $ 540.00 $ 7.99 $ 239,077.01 (459,400) 6,157,369.26
11/21/97 (459,400) 6,157,369.26
11/24/97 (18,000) $ 13.2500 $ 540.00 $ 7.95 $ 237,952.05 (477,400) 6,395,321.31
11/25/97 (17,600) $ 13.2117 $ 528.00 $ 7.76 $ 231,990.16 (495,000) 6,627,311.47
11/26/97 (5,400) $ 13.2760 $ 162.00 $ 2.39 $ 71,526.01 (500,400) 6,698,837.48
11/28/97 (500,400) 6,698,837.48
MONTHLY
TOTAL (338,800) 4,516,652.17
12/01/97 (24,100) $ 13.3909 $ 723.00 $ 10.76 $ 321,986.93 (524,500) 7,020,824.41
12/02/97 (524,500) 7,020,824.41
12/03/97 (8,800) $ 13.4375 $ 264.00 $ 3.95 $ 117,982.05 (533,300) 7,138,806.46
12/04/97 (10,800) $ 13.4375 $ 324.00 $ 4.84 $ 144,796.16 (544,100) 7,283,602.62
12/05/97 (21,000) $ 13.4284 $ 630.00 $ 9.40 $ 281,357.00 (565,100) 7,564,959.62
12/08/97 (565,100) 7,564,959.62
12/09/97 (565,100) 7,564,959.62
12/10/97 (12,800) $ 13.3317 $ 384.00 $ 5.69 $ 170,256.07 (577,900) 7,735,215.69
12/11/97 (15,800) $ 13.1875 $ 474.00 $ 6.95 $ 207,881.55 (593,700) 7,943,097.24
12/12/97 (25,100) $ 13.1250 $ 753.00 $ 10.99 $ 328,673.51 (618,800) 8,271,770.75
12/15/97 (36,000) $ 13.0938 $ 1,080.00 $ 15.72 $ 470,281.08 (654,800) 8,742,051.83
12/16/97 (654,800) 8,742,051.83
12/17/97 (654,800) 8,742,051.83
12/18/97 (654,800) 8,742,051.83
12/19/97 (654,800) 8,742,051.83
12/22/97 (654,800) 8,742,051.83
12/23/97 (654,800) 8,742,051.83
12/24/97 (654,800) 8,742,051.83
12/26/97 (654,800) 8,742,051.83
12/29/97 (654,800) 8,742,051.83
12/30/97 (24,700) $ 13.3125 $ 741.00 $ 10.97 $ 328,066.78 (679,500) 9,070,118.61
12/31/97 (8,000) $ 13.3125 $ 240.00 $ 3.55 $ 106,256.45 (687,500) 9,176,375.06
MONTHLY
TOTAL (187,100) 2,477,537.58
01/02/98 $ 0.00 $ 0.00 $ 0.00 (687,500) 9,176,375.06
01/05/98 (18,000) $ 13.3125 $ 540.00 $ 7.99 $ 239,077.01 (705,500) 9,415,452.07
01/06/98 (24,300) $ 13.2222 $ 729.00 $ 10.71 $ 320,559.75 (729,800) 9,736,011.82
01/07/98 (21,800) $ 13.1875 $ 654.00 $ 9.59 $ 286,823.91 (751,600) 10,022,835.73
01/08/98 (14,210) $ 12.9958 $ 426.30 $ 6.16 $ 184,237.86 (765,810) 10,207,073.59
</TABLE>
<PAGE>
Page 26 of 27
<TABLE>
<CAPTION>
USA PROCEEDS CUM.
TRADE DATE SHARES PRICE COMMISSION SEC FEE (COM.&SEC) CUM SHRS PROCEEDS
- ---------------- ---------- -------------- -------------- ---------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
01/09/98 $ 0.00 $ 0.00 $ 0.00 (765,810) 10,207,073.59
01/12/98 $ 0.00 $ 0.00 $ 0.00 (765,810) 10,207,073.59
01/13/98 $ 0.00 $ 0.00 $ 0.00 (765,810) 10,207,073.59
01/14/98 (27,000) $ 13.1250 $ 810.00 $ 11.82 $ 353,553.18 (792,810) 10,560,626.77
01/15/98 (14,800) $ 13.0675 $ 444.00 $ 6.45 $ 192,948.55 (807,610) 10,753,575.32
01/16/98 (22,900) $ 13.1383 $ 687.00 $ 10.03 $ 300,170.04 (830,510) 11,053,745.36
01/20/98 (13,800) $ 13.2010 $ 414.00 $ 6.08 $ 181,753.72 (844,310) 11,235,499.08
01/21/98 (34,300) $ 13.2172 $ 1,029.00 $ 15.12 $ 452,305.84 (878,610) 11,687,804.92
01/22/98 (23,900) $ 13.1875 $ 717.00 $ 10.51 $ 314,453.74 (902,510) 12,002,258.66
01/23/98 (31,500) $ 13.1875 $ 945.00 $ 13.85 $ 414,447.40 (934,010) 12,416,706.06
01/26/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
01/27/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
01/28/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
01/29/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
01/30/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
MONTHLY
TOTAL (246,510) 3,240,331.00
02/02/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/03/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/04/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/05/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/06/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/09/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/10/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/11/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/12/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/13/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/16/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/17/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/18/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/19/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/20/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/23/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/24/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/25/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/26/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
02/27/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
MONTHLY
TOTAL 0 0.00
03/02/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/03/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/04/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/05/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/06/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/09/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/10/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/11/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/12/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/13/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/16/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/17/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/18/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/19/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/20/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/23/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/24/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/25/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/26/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/27/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/30/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
03/31/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
MONTHLY
TOTAL 0 0.00
04/01/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
04/02/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
04/03/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
04/06/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
04/07/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
04/08/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
04/09/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
04/10/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
04/13/98 $ 0.00 $ 0.00 $ 0.00 (934,010) 12,416,706.06
COMBINED CASUALTY/FIRE (1,037,700) 13,795,450.22
Remaining 0.00
66 Calendar Days 45.00 0.00 0
50.00% #DIV/0! done
Cumulative avg discount Combined Casualty/Fire 0.00 0
Combined Cas/Fire #DIV/0! done
Fire shrs rem 0
Phone Mitch Herman 1-212-449-5317 @Merrill Lynch
</TABLE>
<PAGE>
Page 27 of 27
EXHIBIT A
Schedule 13D Joint Filing Agreement
Each of Liberty Mutual Insurance Company and Liberty Mutual Fire Insurance
Company hereby agree that the amended Schedule 13D filed herewith, and
amendments which may be filed thereto, pursuant to Section 13(d) of the
Securities Exchange Act of 1934, as amended, and the regulations thereunder,
relating to the sale of shares of beneficial interest of Liberty ALL STAR
Equity Fund, shall be filed jointly on behalf of each Company.
Dated this 15th day of January, 1998.
LIBERTY MUTUAL INSURANCE COMPANY
By: /s/ A. Alexander Fontanes,
---------------------------
A. Alexander Fontanes
Senior Vice President and
Chief Investment Officer
LIBERTY MUTUAL FIRE INSURANCE COMPANY
By: /s/ A. Alexander Fontanes,
---------------------------
A. Alexander Fontanes
Vice President
