<PAGE> PAGE 1
000 B000000 12/31/97
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 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
019 B000000 0
020 A000001 MERRILL LYNCH - CITATION
020 B000001 13-5674085
020 C000001 790
020 A000002 STANDARD & POORS
020 B000002 22-2294520
020 C000002 186
020 A000003 MORGAN STANLEY & CO.
020 B000003 13-2655998
020 C000003 70
020 A000004 DONALDSON LUFKIN & JENRETTE
020 B000004 13-2741729
020 C000004 53
020 A000005 SMITH BARNEY SHEARSON
020 B000005 13-1912900
020 C000005 45
020 A000006 PAINE WEBBER PIERCE FENNER & SMITH
020 B000006 13-2638166
020 C000006 43
020 A000007 LEHMAN BROTHERS
020 B000007 13-2518466
020 C000007 43
020 A000008 GOLDMAN SACHS & CO.
020 B000008 13-5108880
020 C000008 43
020 A000009 FIRST BOSTON CORP.
020 B000009 13-5659485
020 C000009 43
020 A000010 ALEX BROWN & SONS
020 B000010 52-0256630
020 C000010 42
021 000000 2040
022 A000001 LEHMAN BROTHERS
022 B000001 13-2518466
022 C000001 3826348
022 D000001 9367
<PAGE> PAGE 3
022 A000002 GREENWICH CAPITAL MARKETS
022 B000002 13-3172275
022 C000002 648604
022 D000002 0
022 A000003 BANKERS TRUST CO.
022 B000003 13-4941247
022 C000003 643088
022 D000003 0
022 A000004 ABN AMRO
022 B000004 13-3227945
022 C000004 424004
022 D000004 0
022 A000005 OPPENHEIMER & CO.
022 B000005 13-2798343
022 C000005 242171
022 D000005 14613
022 A000006 GOLDMAN SACHS & CO.
022 B000006 13-5108880
022 C000006 226265
022 D000006 29589
022 A000007 CHASE MANHATTAN
022 C000007 233351
022 D000007 0
022 A000008 PAINE WEBBER
022 B000008 13-2638166
022 C000008 90410
022 D000008 4926
022 A000009 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000009 13-5674085
022 C000009 39266
022 D000009 29758
022 A000010 MORGAN STANLEY & CO.
022 B000010 13-2655998
022 C000010 32039
022 D000010 14970
023 C000000 6600717
023 D000000 194407
024 000000 Y
025 A000001 MORGAN STANLEY INC
025 B000001 13-2655998
025 C000001 E
025 D000001 9460
025 A000002 MERRILL LYNCH, PIERCE, FENNER AND SMITH, INC.
025 B000002 13-5674085
025 C000002 E
025 D000002 1327
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
<PAGE> PAGE 4
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
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
<PAGE> PAGE 5
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
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 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
<PAGE> PAGE 6
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
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
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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 N
066 F000000 N
066 G000000 Y
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
<PAGE> PAGE 7
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
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 Y
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 1061079
071 B000000 1122256
071 C000000 1072054
071 D000000 99
072 A000000 12
072 B000000 1881
072 C000000 13479
072 D000000 0
072 E000000 0
072 F000000 7922
072 G000000 2025
072 H000000 0
072 I000000 215
072 J000000 69
072 K000000 0
072 L000000 190
072 M000000 51
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 239
072 R000000 26
<PAGE> PAGE 8
072 S000000 59
072 T000000 0
072 U000000 0
072 V000000 329
072 W000000 30
072 X000000 11155
072 Y000000 0
072 Z000000 4206
072AA000000 281731
072BB000000 77878
072CC010000 16879
072CC020000 0
072DD010000 4206
072DD020000 0
072EE000000 107028
073 A010000 0.0500
073 A020000 0.0000
073 B000000 1.2800
073 C000000 0.0000
074 A000000 265
074 B000000 22568
074 C000000 3798
074 D000000 4356
074 E000000 2853
074 F000000 1163080
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 5301
074 K000000 0
074 L000000 1090
074 M000000 49
074 N000000 1203360
074 O000000 9265
074 P000000 887
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 42869
074 S000000 0
074 T000000 1150339
074 U010000 86363
074 U020000 0
074 V010000 13.32
074 V020000 0.00
074 W000000 0.0000
074 X000000 7101
074 Y000000 0
075 A000000 0
075 B000000 1101902
<PAGE> PAGE 9
076 000000 13.31
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 25000
081 A000000 Y
081 B000000 70
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE GAIL KNUDSEN
TITLE ASSISTANT 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-31-1997 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS OF LIBERTY ALL-STAR
EQUITY FUND YEAR END DEC-31-1997.
</LEGEND>
<CIK> 0000799195
<NAME> LIBERTY ALL STAR EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 888947
<INVESTMENTS-AT-VALUE> 1196655
<RECEIVABLES> 6392
<ASSETS-OTHER> 48
<OTHER-ITEMS-ASSETS> 265
<TOTAL-ASSETS> 1203360
<PAYABLE-FOR-SECURITIES> 9265
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43756
<TOTAL-LIABILITIES> 53021
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 797440
<SHARES-COMMON-STOCK> 86363
<SHARES-COMMON-PRIOR> 82706
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 45191
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 307708
<NET-ASSETS> 1150339
<DIVIDEND-INCOME> 13479
<INTEREST-INCOME> 1881
<OTHER-INCOME> 0
<EXPENSES-NET> 11155
<NET-INVESTMENT-INCOME> 4206
<REALIZED-GAINS-CURRENT> 203853
<APPREC-INCREASE-CURRENT> 16879
<NET-CHANGE-FROM-OPS> 224939
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4206
<DISTRIBUTIONS-OF-GAINS> 107028
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 3656
<NET-CHANGE-IN-ASSETS> 162412
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 5334
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7922
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11155
<AVERAGE-NET-ASSETS> 1101902
<PER-SHARE-NAV-BEGIN> 11.950
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 2.650
<PER-SHARE-DIVIDEND> (0.050)
<PER-SHARE-DISTRIBUTIONS> (1.280)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.320
<EXPENSE-RATIO> 1.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
