<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>exh.txt
<TEXT>

770 Transactions effected pursuant to Rule 10f-3

On July 26, 2000, Liberty All-Star Equity Fund (Fund) purchased 38,400 shares of
common stock of Tycom LTD  (Securities)  for a total purchase of $1,228,800 from
the M.R.  Beal & Co., SBC Warburg,  Inc.,  McDonald & Co.,  Credit  Suisse First
Boston  Corporation  and Goldman,  Sachs & Co.  pursuant to a public offering in
which J. P. Morgan Securities,  Inc. acted as a participating underwriter.  J.P.
Morgan Securities, Inc. may be considered to be an affiliate of the Fund.

       The following information was collected pursuant to Rule 10f-3
procedures adopted by the Fund's Trustees:

o        The Fund's advisor, Liberty Asset Management Company (Advisor),
         believed that the gross underwriting spread associated with the
         purchase of the Securities was reasonable and fair compared to the
         spreads in connection with similar underwritings of similar
         securities being sold during a comparable period of time;

o        The Securities were offered pursuant to an underwriting or similar
         agreement under which the underwriters were committed to purchase
         all of the Securities being offered;

o        The issuer of the Securities has been in continuous operation for at
         least three years;

o        The amount of Securities purchased did not exceed 25% of the amount
         of the offering;

o The Securities were to be purchased at not more than the public offering price
no later than the first day of the offering.

Along with J. P. Morgan Securities,  Inc., the following is a list of members of
the underwriting syndicate for the aforementioned  Securities:  Goldman, Sachs &
Co.; Salomon Smith Barney Inc.; Bear,  Stearns & Co., Inc.;  Credit Suisse First
Boston  Corporation;  Banc of America Securities LLC; Chase Securities Inc.; ABN
AMRO  Incorporated;  Sanford C. Bernstein & Co., Inc.;  Deutsche Bank Securities
Inc.; Donaldson, Lufkin & Jenrette Securities Corporation;  A.G. Edwards & Sons,
Inc.; Lehman Brothers Inc.; Merrill Lynch, Pierce,  Fenner & Smith Incorporated;
UBS Warburg LLC; Wit SoundView  Corporation;  Morgan Stanley & Co. Incorporated;
Blaylock & Partners,  L.P.; The Buckingham Research Group  Incorporated;  Credit
Lyonnais  Securities (USA) Inc.; ING Barings LLC;  McDonald  Investments Inc., A
KeyCorp Company;  Neuberger Berman, LLC;  Wasserstein Perella Securities,  Inc.;
Commerzbank  Capital Markets  Corporation;  May David Group Inc.; Ramirez & Co.,
Inc.;  Scotia Capital (USA) Inc.;  Sturdivant & Co., Inc.; The Williams  Capital
Group, L.P.


<PAGE>

770 Transactions effected pursuant to Rule 10f-3 cont'd

On July 27,  2000,  Liberty  All-Star  Equity Fund (Fund) 5,700 shares of common
stock of Corvis Corp.  (Securities)  for a total purchase of $205,200 from Fleet
Boston  Robertson  Stephens,  Inc.  and First Boston  Corporation  pursuant to a
public offering in which J.P. Morgan  Securities,  Inc. acted as a participating
underwriter.  J.P. Morgan Securities,  Inc. may be considered to be an affiliate
of the Fund.

         The following information was collected pursuant to Rule 10f-3
procedures adopted by the Fund's Trustees:

o         The Fund's advisor, Liberty Asset Management Company (Advisor),
          believed that the gross underwriting spread associated with the
          purchase of the Securities was reasonable and fair compared to the
          spreads in connection with similar underwritings of similar
          securities being sold during a comparable period of time;

o         The Securities were offered pursuant to an underwriting or similar
          agreement under which the underwriters were committed to purchase
          all of the Securities being offered;

o        The issuer of the Securities has been in continuous operation for at
         least three years;

o        The amount of Securities purchased did not exceed 25% of the amount of
         the offering;

o The Securities were to be purchased at not more than the public offering price
no later than the first day of the offering.

Along with J. P. Morgan Securities,  Inc., the following is a list of members of
the  underwriting  syndicate for the  aforementioned  Securities:  Credit Suisse
First Boston Corporation;  FleetBoston Robertson Stephens, Inc.; Banc of America
Securities  LLC;  Chase  Securities  Inc.;  CIBC World Markets  Corp.;  ABN AMRO
Incorporated;  Sanford C. Bernstein & Co.,  Inc.;  Cazenove  Incorporated;  Dain
Rauscher  Incorporated;  Deutsche  Bank  Securities  Inc.;  Donaldson,  Lufkin &
Jenrette Securities  Corporation;  A.G. Edwards & Sons, Inc.; E* Offering Corp.;
Invemed  Associates  LLC;  Edward D. Jones & co.,  L.P.;  Lehman  Brothers Inc.;
Merrill  Lynch,  Pierce,  Fenner & Smith  Incorporated;  UBS Warburg  LLC;  U.S.
Bancorp  Piper  Jaffray  Inc.;   Thomas  Weisel   Partners  LLC;  Wit  SoundView
Corporation.

</TEXT>
</DOCUMENT>
