<PAGE> PAGE 1
000 A000000 06/30/96
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
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
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006 000000 N
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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 LLP
<PAGE> PAGE 2
013 B010001 BOSTON
013 B020001 MA
013 B030001 02108
014 A000001 LIBERTY SECURITIES CORP
014 B000001 8-30670
014 A000002 KEYPORT FINANCIAL SERVICES CORP
014 B000002 8-24435
015 A000001 BOSTON SAFE DEPOSIT AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02108
015 E010001 X
018 000000 Y
019 A000000 N
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020 A000001 MERRILL LYNCH - CITATION
020 B000001 13-5674085
020 C000001 206
020 A000002 GOLDMAN SACHS AND CO
020 B000002 13-5108880
020 C000002 45
020 A000003 BEAR STEARNS
020 B000003 13-4946705
020 C000003 25
020 A000004 STANDARD & POORS SEC INC
020 B000004 22-2294520
020 C000004 24
020 A000005 INSTINET
020 B000005 13-2596491
020 C000005 20
020 A000006 SALOMON BROTHERS
020 B000006 13-3082694
020 C000006 14
020 A000007 LIPPER ANALYTICAL SEC CORP
020 B000007 13-2792478
020 C000007 13
020 A000008 MORGAN STANLEY
020 B000008 13-2655998
020 C000008 11
020 A000009 LEHMAN BROTHERS
020 B000009 13-2518466
020 C000009 10
020 A000010 SANFORD C BERNSLEW INC
020 B000010 13-2625874
020 C000010 9
021 000000 492
022 A000001 BANKERS TRUST CO
022 B000001 13-4941247
022 C000001 1289996
022 D000001 0
<PAGE> PAGE 3
022 A000002 CHASE SECURITIES
022 B000002 13-3112953
022 C000002 106613
022 D000002 0
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH INC
022 B000003 13-5674085
022 C000003 64152
022 D000003 11442
022 A000004 GOLDMAN SACHS AND CO
022 B000004 13-5108880
022 C000004 45818
022 D000004 3673
022 A000005 LEHMAN BROTHERS
022 B000005 13-2581466
022 C000005 38854
022 D000005 2616
022 A000006 PRUDENTIAL BACHE
022 C000006 8972
022 D000006 1056
022 A000007 SALOMON BROTHERS INC
022 B000007 13-3082694
022 C000007 4290
022 D000007 2438
022 A000008 MORGAN STANLEY INC
022 B000008 13-2655998
022 C000008 4757
022 D000008 1248
022 A000009 BAIRD (ROBERT W.) & CO. INC.
022 B000009 39-6037917
022 C000009 1763
022 D000009 2243
022 A000010 LAWERENCE (C.J.) MORGAN GRENFELL INC
022 B000010 13-2730828
022 C000010 2166
022 D000010 1414
023 C000000 1732976
023 D000000 60514
024 000000 Y
025 A000001 MORGAN STANLEY INC
025 B000001 13-2655998
025 C000001 E
025 D000001 5404
025 A000002 MERRILL LYNCH, PIERCE, FENNER AND SMITH, INC.
025 B000002 13-5674085
025 C000002 E
025 D000002 1921
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025 D000004 0
025 D000005 0
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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 PETER LYDECKER
TITLE CONTROLLER
<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-31-1996 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS OF LIBERTY-ALL-STAR
EQUITY FUND YEAR END DEC-31-1996
</LEGEND>
<CIK> 0000799195
<NAME> LIBERTY ALL-STAR EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 677129
<INVESTMENTS-AT-VALUE> 928387
<RECEIVABLES> 12746
<ASSETS-OTHER> 164
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 941297
<PAYABLE-FOR-SECURITIES> 3416
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11462
<TOTAL-LIABILITIES> 14878
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 635087
<SHARES-COMMON-STOCK> 80320
<SHARES-COMMON-PRIOR> 79019
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40076
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 251256
<NET-ASSETS> 926419
<DIVIDEND-INCOME> 7286
<INTEREST-INCOME> 1084
<OTHER-INCOME> 0
<EXPENSES-NET> 4709
<NET-INVESTMENT-INCOME> 3661
<REALIZED-GAINS-CURRENT> 64037
<APPREC-INCREASE-CURRENT> 19445
<NET-CHANGE-FROM-OPS> 87143
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 32814
<DISTRIBUTIONS-OTHER> 13821
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 54708
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 8853
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3270
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<AVERAGE-NET-ASSETS> 906233
<PER-SHARE-NAV-BEGIN> 11.03
<PER-SHARE-NII> 0.05
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<PER-SHARE-DIVIDEND> 0
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<RETURNS-OF-CAPITAL> 0.17
<PER-SHARE-NAV-END> 11.53
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
