<PAGE> PAGE 1
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000 C000000 0000799195
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000 J000000 A
001 A000000 LIBERTY ALL-STAR EQUITY FUND
001 B000000 811-4809
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002 A000000 600 ATLANTIC AVENUE
002 B000000 BOSTON
002 C000000 MA
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002 D020000 2214
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012 B000001 84-1867445
012 C010001 BOSTON
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<PAGE> PAGE 2
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015 A000001 THE CHASE MANHATTAN BANK
015 B000001 C
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015 C030001 10004
015 E010001 X
018 000000 Y
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<PAGE> PAGE 3
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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 GAIL KNUDSEN
TITLE ASSISTANT CONTROLLER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799195
<NAME> Liberty All Star Equity Fund
<SERIES>
<NUMBER> 1
<NAME> LAEF
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 1029873
<INVESTMENTS-AT-VALUE> 1424420
<RECEIVABLES> 19519
<ASSETS-OTHER> 48
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1443992
<PAYABLE-FOR-SECURITIES> 5282
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18808
<TOTAL-LIABILITIES> 24090
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 925346
<SHARES-COMMON-STOCK> 96440
<SHARES-COMMON-PRIOR> 94998
<ACCUMULATED-NII-CURRENT> 2405
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 97604
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 394547
<NET-ASSETS> 1419902
<DIVIDEND-INCOME> 8352
<INTEREST-INCOME> 727
<OTHER-INCOME> 0
<EXPENSES-NET> 6673
<NET-INVESTMENT-INCOME> 2405
<REALIZED-GAINS-CURRENT> 133119
<APPREC-INCREASE-CURRENT> (18348)
<NET-CHANGE-FROM-OPS> 117176
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (67448)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 19084
<NET-CHANGE-IN-ASSETS> 68812
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR>31933
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4863
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1810
<AVERAGE-NET-ASSETS> 1354324
<PER-SHARE-NAV-BEGIN> 14.22
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 1.19
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.71)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.72
<EXPENSE-RATIO> 0.99
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Matters submitted for vote of security holders
(a) An Annual Meeting of Shareholders (Meeting) of the Liberty All-Star
Equity Fund (Fund) was held on April 21, 1999.
(b) The Fund's shareholders elected John V. Carberry and James E. Grinnell
as Trustees of the class whose terms expires with the year 2002 annual
meeting of shareholders. The Fund's Board of Trustees also consists of
Robert J. Birnbaum, Richard W.Lowry, William E. Mayer and
John J. Neuhauser.
(c)(1) The Fund's shareholders voted to approve a new Portfolio Management
Agreement (see Appendix A, Appendix B and Schedule C as part of the
proxy statement) as follows:
For Against Abstain
75,419,017.256 586,759.372 1,019,695.580
(c)(2) The Fund's shareholders voted to ratify the selection of KPMG Peat
Marwick LLP as independent auditors for the year ending December 31,
1999, as follows:
For Against Abstain
75,822,127.541 404,461.985 798,883.682
(d) Not applicable.
(Proxy Statement incorporated herein by reference to Accession
number 0001029869-99-000305)
