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      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000799195</cik>
          <ccc>XXXXXXXX</ccc>
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        <fileNumber>811-04809</fileNumber>
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    <generalInfo reportEndingPeriod="2025-12-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Liberty All Star Equity Fund</registrantFullName>
      <investmentCompFileNo>811-04809</investmentCompFileNo>
      <registrantCik>0000799195</registrantCik>
      <registrantLei>549300DLV755RNHI1N92</registrantLei>
      <registrantstreet1>1290 Broadway</registrantstreet1>
      <registrantstreet2>Suite 1000</registrantstreet2>
      <registrantcity>Denver</registrantcity>
      <registrantzipCode>80203</registrantzipCode>
      <registrantstate>US-CO</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>303-623-2577</registrantphoneNumber>
      <websites>
        <website webpage="www.all-starfunds.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>ALPS Fund Services, Inc.</officeName>
          <officeAddress1>1290 Broadway</officeAddress1>
          <officeAddress2>Suite 1000</officeAddress2>
          <officeCity>Denver</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-CO"/>
          <officeRecordsZipCode>80203</officeRecordsZipCode>
          <officePhone>303-623-2577</officePhone>
          <booksRecordsDesc>regulatory documents and accounting records</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="ALPS Advised Funds"/>
      <registrantClassificationType>N-2</registrantClassificationType>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Milton M. Irvin</directorName>
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        <director>
          <directorName>John J. Neuhauser</directorName>
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          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
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          <directorName>Edmund J. Burke</directorName>
          <crdNumber>001263210</crdNumber>
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            <fileNumberInfo fileNumber="811-08194"/>
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            <fileNumberInfo fileNumber="811-21583"/>
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        </director>
        <director>
          <directorName>Maureen Usifer</directorName>
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          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04537"/>
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        <director>
          <directorName>Thomas W. Brock</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
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            <fileNumberInfo fileNumber="811-22959"/>
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        <director>
          <directorName>Jennifer Hoopes</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
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            <fileNumberInfo fileNumber="811-24052"/>
            <fileNumberInfo fileNumber="811-04537"/>
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        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Matthew Sutula</ccoName>
          <crdNumber>000016853</crdNumber>
          <ccoStreet1>1290 Broadway</ccoStreet1>
          <ccoStreet2>Suite 1000</ccoStreet2>
          <ccoCity>Denver</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-CO"/>
          <ccoZipCode>80203</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <securityMatterSeriesInfo isRegistrantSubmittedMatter="Y"/>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-21465"/>
        <releaseNumberInfo releaseNumber="IC-27769"/>
      </releaseNumbers>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Cohen &amp; Company</publicAccountantName>
          <pcaobNumber>925</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantRssdId>N/A</publicAccountantRssdId>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-OH"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <paymentDividendSeries isPaymentDividend="Y"/>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Liberty All Star Equity fund</mgmtInvFundName>
        <mgmtInvLei>549300DLV755RNHI1N92</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>State Street Bank &amp; Trust Company</securitiesAgentName>
            <securitiesAgentLei>571474TGEMMWANRLN572</securitiesAgentLei>
            <securitiesAgentRssdId>352745</securitiesAgentRssdId>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>74676830</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>213150</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>ALPS Advisors, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-67135</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000134340</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserRssdId>5105973</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-CO" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Fiduciary Management</subAdviserName>
            <subAdviserFileNo>801-15164</subAdviserFileNo>
            <subAdviserCrdNo>000101149</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <subAdviserRssdId>5104873</subAdviserRssdId>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-WI" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
          <subAdviser>
            <subAdviserName>TCW Investment Mangement</subAdviserName>
            <subAdviserFileNo>801-29075</subAdviserFileNo>
            <subAdviserCrdNo>000106546</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <subAdviserRssdId>N/A</subAdviserRssdId>
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            <subAdviserStateCountry subAdviserState="US-CA" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
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          <subAdviser>
            <subAdviserName>Sustainable Growth Advisors</subAdviserName>
            <subAdviserFileNo>801-62151</subAdviserFileNo>
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            <isSubAdviserHired>N</isSubAdviserHired>
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            <subAdviserName>Pzena Investment Management</subAdviserName>
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            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
          <subAdviser>
            <subAdviserName> Aristotle Capital Management  </subAdviserName>
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        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Computershare Trust Company, N.A.</transferAgentName>
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            <transferAgentLei>N/A</transferAgentLei>
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            <transferAgentStateCountry transferAgentState="US-KY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
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            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Computershare Trust Company, N.A.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>2600039</shareholderServiceAgentRssdId>
            <shareholderServiceAgentOther>085-11340</shareholderServiceAgentOther>
            <shareholderServiceIdNumberDesc>SEC file number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-KY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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          <admin>
            <adminName>ALPS Fund Services, Inc.</adminName>
            <adminLei>N/A</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminOther>84-8730</adminOther>
            <idNumberDesc>N/A</idNumberDesc>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
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        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>ALPS Distributors, Inc.</brokerDealerName>
            <brokerDealerFileNo>8-34626</brokerDealerFileNo>
            <brokerDealerCrdNo>000016853</brokerDealerCrdNo>
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            <brokerDealerRssdId>N/A</brokerDealerRssdId>
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            <brokerDealerCommission>0</brokerDealerCommission>
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          <brokerDealer>
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        <brokers>
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          <broker>
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        <aggregateCommission>246535</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>2024394647</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>Common Stock</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="USA"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0.65</managementFee>
      <netOperatingExpenses>0.89</netOperatingExpenses>
      <marketPricePerShare>6.28</marketPricePerShare>
      <netAssetValuePerShare>6.84</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="Liberty All Star Equity Fund" signedDate="2026-03-13" signature="Erich Rettinger" title="Treasurer"/>
  </formData>
</edgarSubmission>