<PAGE> PAGE 1
000 B000000 12/31/96
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 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
005 000000 N
006 000000 N
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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
008 A000002 JP MORGAN INVESTMENT MGMT. INC
008 B000002 S
008 C000002 801-00000
008 D010002 NEW YORK
008 D020002 NY
008 D030002 10036
008 A000003 OPPENHEIMER CAPITAL CORPORATION
008 B000003 S
008 C000003 801-10708
008 D010003 NEW YORK
008 D020003 NY
<PAGE> PAGE 2
008 D030003 10281
008 A000004 PALLEY NEEDLEMAN ASSET MANAGEMENT COMPANY
008 B000004 S
008 C000004 801-9755
008 D010004 NEWPORT BEACH
008 D020004 CA
008 D030004 92660
008 A000005 PROVIDENT INVESTMENT COUNSEL, INC.
008 B000005 S
008 C000005 801-8811
008 D010005 PASADENA
008 D020005 CA
008 D030005 91101
008 A000006 COLUMBUS CIRCLE INVESTORS
008 B000006 S
008 C000006 801-47516
008 D010006 STAMFORD
008 D020006 CT
008 D030006 06902
010 A000001 LIBERTY ASSET MANAGEMENT CO
010 B000001 801-26296
010 C010001 BOSTON
010 C020001 MA
010 C030001 02110
010 A000002 COLONIAL MANAGEMENT ASSOCIATES, INC
010 B000002 8-42176
010 C010002 BOSTON
010 C020002 MA
010 C030002 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
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
014 A000003 COLONIAL INVESTMENTS SERVICES, INC.
014 B000003 8-44998
014 A000004 JP MORGAN SECURITIES, INC.
014 B000004 8-32646
014 A000005 OPPENHEIMER & CO, INC.
014 B000005 8-18333
014 A000006 OPPENHEIMER GOVERNMENT SECURITIES, INC.
014 B000006 8-38045
014 A000007 PIMCO ADVISERS DISTRIBUTORS COMPANY
<PAGE> PAGE 3
014 B000007 8-41811
014 A000008 INDEPENDENT FINANCIAL SECURITIES INC
014 B000008 8-00000
014 A000009 RFI DISTRIBUTORS INC
014 B000009 8-41126
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
019 B000000 0
020 A000001 MERRILL LYNCH - CITATION
020 B000001 13-5674085
020 C000001 553
020 A000002 GOLDMAN SACHS AND CO
020 B000002 13-5108880
020 C000002 74
020 A000003 BEAR STEARNS
020 B000003 13-4946705
020 C000003 45
020 A000004 SALOMON BROTHERS
020 B000004 13-3082694
020 C000004 45
020 A000005 MORGAN STANLEY
020 B000005 13-2655998
020 C000005 36
020 A000006 STANDARD & POORS
020 B000006 13-2655998
020 C000006 32
020 A000007 INSTINET
020 C000007 31
020 A000008 LEHMAN BROTHERS
020 B000008 13-2518466
020 C000008 30
020 A000009 LIPPER ANALYTICAL
020 B000009 13-2792478
020 C000009 26
020 A000010 SANFORD C BERNSTEIN, INC
020 B000010 13-2625874
020 C000010 24
021 000000 1217
022 A000001 BANKERS TRUST CO
022 B000001 13-4941247
022 C000001 2369483
022 D000001 0
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002 924353
<PAGE> PAGE 4
022 D000002 0
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH INC
022 B000003 13-5674085
022 C000003 199120
022 D000003 15899
022 A000004 GOLDMAN SACHS AND CO
022 B000004 13-5108880
022 C000004 143372
022 D000004 8399
022 A000005 CHASE
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022 D000005 0
022 A000006 OPPENHEIMER
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022 C000006 92799
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022 C000007 9415
022 D000007 4355
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022 B000008 22-2347336
022 C000008 9506
022 D000008 3079
022 A000009 C.J. LAWRENCE
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022 C000009 3767
022 D000009 7431
022 A000010 MORGAN STANLEY
022 B000010 13-2655998
022 C000010 5855
022 D000010 2677
023 C000000 4129281
023 D000000 117847
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025 A000001 MORGAN STANLEY GROUP, INC.
025 B000001 13-2655998
025 C000001 E
025 D000001 6284
025 A000002 MERRILL LYNCH, PIERCE, FENNER AND SMITH, INC.
025 B000002 13-5674085
025 C000002 E
025 D000002 2502
025 A000003 SALOMON, INC.
025 C000003 E
025 D000003 1739
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
<PAGE> PAGE 5
026 A000000 N
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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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<PAGE> PAGE 10
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<PAGE> PAGE 11
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
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 718472
<INVESTMENTS-AT-VALUE> 1009301
<RECEIVABLES> 3905
<ASSETS-OTHER> 48
<OTHER-ITEMS-ASSETS> 2986
<TOTAL-ASSETS> 1016240
<PAYABLE-FOR-SECURITIES> 5584
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22730
<TOTAL-LIABILITIES> 28314
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 82706
<SHARES-COMMON-PRIOR> 79019
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 290829
<NET-ASSETS> 987926
<DIVIDEND-INCOME> 14209
<INTEREST-INCOME> 2005
<OTHER-INCOME> 0
<EXPENSES-NET> 9506
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<REALIZED-GAINS-CURRENT> 104261
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<DISTRIBUTIONS-OF-GAINS> 87663
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<EXPENSE-RATIO> 1.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
