LIBERTY ALL-STAR &lt;USA> SETS INITIAL PAYOUT

  Liberty All-Star Equity Fund said
  it declared an initial dividend of five cts per share, payable
  April two to shareholders of record March 20.
      It said the dividend includes a quarterly dividend of three
  cts a share and a special payout of two cts a share, which
  covers the period from November three, 1986, when the fund
  began operations, to December 31, 1986.
      The fund said its quarterly dividend rate may fluctuate in
  the future.
  

