<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 0000799195
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 J000000 U
001 A000000 LIBERTY ALL-STAR EQUITY FUND
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001 C000000 6177226000
002 A000000 600 ATLANTIC AVENUE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02210
002 D020000 2214
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004 000000 N
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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
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020 A000001 MERRILL LYNCH, PIERCE, FENNER AND SMITH INC
020 B000001 13-5674085
020 C000001 348
020 A000002 STANDARS & POORS
020 B000002 13-2671951
020 C000002 64
020 A000003 BREADCOURT CAPITAL
020 B000003 13-3144415
020 C000003 39
020 A000004 BEAR STEARNS
020 B000004 13-3299429
020 C000004 33
020 A000005 FIRST BOSTON
020 C000005 32
020 A000006 INSTINET
020 B000006 13-2596491
020 C000006 31
020 A000007 PAINEWEBBER INC
020 B000007 13-2638166
020 C000007 28
020 A000008 SMITH BARNEY
020 C000008 28
020 A000009 GOLDMAN SACHS
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020 A000010 LIPPER ANALYTICAL
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022 C000002 151032
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022 C000003 74103
022 D000003 998
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<PAGE> PAGE 3
022 C000004 63658
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022 A000005 AMERICAN EXPRESS CORP
022 C000005 41535
022 D000005 0
022 A000006 GENERAL ELECTRIC CAP CORP
022 C000006 41110
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022 A000007 GOLDMAN SACHS - COMM PAPER
022 C000007 34866
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022 A000008 ASSOC CORP NA
022 C000008 31945
022 D000008 0
022 A000009 BENEFICIAL CORP
022 C000009 25841
022 D000009 0
022 A000010 PRUDENTIAL FUNDING CORP
022 C000010 18469
022 D000010 0
023 C000000 3952049
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025 A000001 MORGAN STANLEY
025 B000001 13-2655998
025 C000001 E
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE JANET SHORE
TITLE ASSISTANT SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS OF LIBERTY ALL-STAR EQUITY FUND YEAR END DEC-31-1995 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS OF LIBERTY ALL-STAR
EQUITY FUND YEAR END DEC-31-1995
</LEGEND>
<CIK> 0000799195
<NAME> LIBERTY ALL-STAR EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 649069
<INVESTMENTS-AT-VALUE> 880880
<RECEIVABLES> 8519
<ASSETS-OTHER> 48
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 889450
<PAYABLE-FOR-SECURITIES> 7591
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10148
<TOTAL-LIABILITIES> 17739
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 631047
<SHARES-COMMON-STOCK> 79019
<SHARES-COMMON-PRIOR> 76742
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8853
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 231811
<NET-ASSETS> 871711
<DIVIDEND-INCOME> 13586
<INTEREST-INCOME> 2295
<OTHER-INCOME> 0
<EXPENSES-NET> 8483
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<REALIZED-GAINS-CURRENT> 78815
<APPREC-INCREASE-CURRENT> 130988
<NET-CHANGE-FROM-OPS> 217200
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7398
<DISTRIBUTIONS-OF-GAINS> 72732
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
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<SHARES-REINVESTED> 2277
<NET-CHANGE-IN-ASSETS> 161258
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 9.26
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<PER-SHARE-NAV-END> 11.03
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
