<PAGE> PAGE 1
000 A000000 06/30/95
000 C000000 0000799195
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 LIBERTY ALL-STAR EQUITY FUND
001 B000000 811-4809
001 C000000 6177226000
002 A000000 600 ATLANTIC AVENUE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02210
002 D020000 2214
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 LIBERTY ASSET MANAGEMENT CO
008 B000001 A
008 C000001 801-26296
008 D010001 BOSTON
008 D020001 MA
008 D030001 02210
008 D040001 2214
010 A000001 COLONIAL MANAGEMENT ASSOCIATES, INC
010 B000001 801-2019
010 C010001 BOSTON
010 C020001 MA
010 C030001 02111
012 A000001 STATE STREET BANK AND TRUST CO
012 B000001 84-1867445
012 C010001 BOSTON
012 C020001 MA
012 C030001 02105
013 A000001 KPMG PEAT MARWICK
<PAGE> PAGE 2
013 B010001 BOSTON
013 B020001 MA
013 B030001 02108
015 A000001 STATE STREET BANK AND TRUST CO
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 MERRILL LYNCH, PIERCE, FENNER AND SMITH
020 B000001 13-5674085
020 C000001 138
020 A000002 STANDARD AND POOR'S
020 B000002 13-2671951
020 C000002 42
020 A000003 FIRST BOSTON
020 C000003 22
020 A000004 BROADCORT CAPITAL
020 B000004 13-3144415
020 C000004 22
020 A000005 INSTINET
020 B000005 13-2596491
020 C000005 20
020 A000006 BEAR STEARNS & CO
020 B000006 13-3299429
020 C000006 16
020 A000007 PAINEWEBBER INC
020 B000007 13-2638166
020 C000007 16
020 A000008 LIPPER ANALYTICAL
020 B000008 13-2792478
020 C000008 15
020 A000009 MORGAN STANLEY
020 B000009 13-2655998
020 C000009 15
020 A000010 FAHNSTOCK & CO
020 C000010 12
021 000000 455
022 A000001 STATE STREET BANK AND TRUST
022 B000001 04-1867446
022 C000001 1706273
022 D000001 0
022 A000002 GOLDMAN SACHS
022 B000002 13-5108880
022 C000002 85344
022 D000002 5981
022 A000003 CHEVRON OIL FINANCIAL CORP
022 C000003 51850
<PAGE> PAGE 3
022 D000003 998
022 A000004 AMERICAN EXPRESS CREDIT CORP
022 B000004 11-1988350
022 C000004 26463
022 D000004 0
022 A000005 GENERAL ELECTIRC CAPITAL CORP
022 C000005 24538
022 D000005 0
022 A000006 LEHMAN BORHTERS
022 C000006 20954
022 D000006 1637
022 A000007 ASSOCIATES CORP N.A.
022 B000007 11-194554
022 C000007 21173
022 D000007 0
022 A000008 PRUDENTIAL FUNDING CORP
022 B000008 11-2231168
022 C000008 20456
022 D000008 0
022 A000009 BROADCORT CAPITAL
022 C000009 6547
022 D000009 8733
022 A000010 BENEFICIAL CORP
022 C000010 11772
022 D000010 0
023 C000000 2023018
023 D000000 40206
024 000000 Y
025 A000001 MORGAN STANLEY
025 B000001 13-265598
025 C000001 E
025 D000001 5670
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
<PAGE> PAGE 4
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
<PAGE> PAGE 5
048 A010000 400000
048 A020000 0.800
048 B010000 0
048 B020000 0.720
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 N
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
<PAGE> PAGE 6
060 B000000 Y
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 Y
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
<PAGE> PAGE 7
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 150878
071 B000000 189419
071 C000000 655991
071 D000000 23
072 A000000 6
072 B000000 1169
072 C000000 6703
072 D000000 0
072 E000000 0
072 F000000 2800
072 G000000 730
072 H000000 0
072 I000000 77
072 J000000 134
072 K000000 135
072 L000000 59
072 M000000 20
072 N000000 33
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 17
072 S000000 18
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 33
072 X000000 4056
072 Y000000 0
072 Z000000 3816
072AA000000 38546
072BB000000 0
072CC010000 92928
<PAGE> PAGE 8
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 3070
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0400
073 C000000 0.4500
074 A000000 0
074 B000000 9157
074 C000000 19480
074 D000000 0
074 E000000 0
074 F000000 780523
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 4898
074 K000000 0
074 L000000 1217
074 M000000 98
074 N000000 815373
074 O000000 6497
074 P000000 0
074 Q000000 0
074 R010000 736
074 R020000 0
074 R030000 0
074 R040000 0
074 S000000 0
074 T000000 808140
074 U010000 76742
074 U020000 0
074 V010000 10.53
074 V020000 0.00
074 W000000 0.0000
074 X000000 7729
074 Y000000 0
075 A000000 0
075 B000000 757667
076 000000 10.00
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
<PAGE> PAGE 9
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
SIGNATURE JANET SHORE
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS OF LIBERTY ALLSTAR EQUITY FUND YEAR END DEC-31-1995 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS OF LIBERTY ALLSTAR
EQUITY FUND YEAR END DEC-31-1995
</LEGEND>
<CIK> 0000799195
<NAME> LIBERTY ALLSTAR EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 6154409
<INVESTMENTS-AT-VALUE> 809160
<RECEIVABLES> 6115
<ASSETS-OTHER> 98
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 815373
<PAYABLE-FOR-SECURITIES> 6496
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 737
<TOTAL-LIABILITIES> 7233
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 572325
<SHARES-COMMON-STOCK> 76742
<SHARES-COMMON-PRIOR> 76742
<ACCUMULATED-NII-CURRENT> 3816
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 38247
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 193752
<NET-ASSETS> 808140
<DIVIDEND-INCOME> 6703
<INTEREST-INCOME> 1169
<OTHER-INCOME> 0
<EXPENSES-NET> 4056
<NET-INVESTMENT-INCOME> 3816
<REALIZED-GAINS-CURRENT> 38546
<APPREC-INCREASE-CURRENT> 92928
<NET-CHANGE-FROM-OPS> 135291
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 3070
<DISTRIBUTIONS-OTHER> 34534
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 97687
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (299)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2800
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4056
<AVERAGE-NET-ASSETS> 751119
<PER-SHARE-NAV-BEGIN> 9.26
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 1.71
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.04
<RETURNS-OF-CAPITAL> 0.45
<PER-SHARE-NAV-END> 10.53
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
