<DOCUMENT>
<TYPE>EX-99.2D
<SEQUENCE>6
<FILENAME>noticeofguaranteeddelivery.txt
<DESCRIPTION>(FORM OF NOTICE OF GUARANTEED DELIVERY)
<TEXT>
                          NOTICE OF GUARANTEED DELIVERY
                       FOR SHARES OF BENEFICAL INTEREST OF

                          LIBERTY ALL-STAR EQUITY FUND
                  SUBSCRIBED FOR UNDER THE PRIMARY SUBSCRIPTION
                       AND THE OVER-SUBSCRIPTION PRIVILEGE
                        (TOGETHER, THE "RIGHTS OFFERING")

Liberty  All-Star Equity Fund (the "Fund") issued to its shareholders of record,
as  of  the  close  of  business  on                     ("Record  Date"),  non-
transferable rights ("Rights") in the ratio of one Right for each whole share of
the Fund's  shares  of  Benefical  Interest  held  on the Record Date, generally
entitling the holders thereof to subscribe for new shares  (the  "Shares")  at a
rate of one new Share of Benefical Interest of the Fund for each ten Rights held
(the  "Primary Subscription"), with the right to subscribe for additional Shares
not subscribed for by others in the Primary Subscription (the "Over-Subscription
Privilege").  At  its  discretion,  the  Fund  may increase the amount of Shares
offered  in  an  amount  of up to 25% of the primary  offering  to  cover  over-
subscription requests. The  terms  and conditions of the Rights Offering are set
forth in the Prospectus dated             ,  which  is  incorporated  into  this
document  by  reference. Capitalized terms herein shall have the same meaning as
defined in the  Prospectus.  As  set  forth in the Prospectus, this form, or one
substantially  equivalent  hereto,  may  be   used   as  a  means  of  effecting
subscription  and  payment  for  all  Shares subscribed for  under  the  Primary
Subscription and the Over-Subscription  Privilege. This form may be delivered by
hand or sent by facsimile transmission, overnight courier or first class mail to
the Subscription Agent.

                           THE SUBSCRIPTION AGENT IS:
                        COMPUTERSHARE TRUST COMPANY, N.A.
                          Attention: Corporate Actions

          BY FIRST-CLASS MAIL:                             BY FACSIMILE:
          --------------------                             -------------
            P.O. Box 859208                               (781) 930-4942
        Braintree, MA 02185-9208

BY HAND, EXPRESS MAIL OR OVERNIGHT COURIER:           CONFIRM BY TELEPHONE TO:
-------------------------------------------           ------------------------
          161 Bay State Drive                              (781) 930-4900
          Braintree, MA 02184

DELIVERY OF THIS INSTRUMENT TO AN ADDRESS, OR TRANSMISSION OF INSTRUCTIONS VIA A
TELECOPY FACSIMILE NUMBER,  OTHER THAN AS SET FORTH ABOVE, DOES NOT CONSTITUTE A
VALID DELIVERY.

The New York Stock Exchange member firm,  bank or trust company or other nominee
that  completes this form must communicate this  guarantee  and  the  number  of
Shares subscribed for in connection with this guarantee (separately disclosed as
to  the  Primary  Subscription  and  the  Over-Subscription  Privilege)  to  the
Subscription  Agent  and  must  deliver  this  Notice  of Guaranteed Delivery of
Payment to the Subscription Agent prior to 5:00 p.m., New York City time, on the
Expiration Date,               , unless the Offer is extended  by the Fund. This
Notice of Guaranteed Delivery guarantees delivery to the Subscription  Agent  of
(a)  payment in full for all subscribed Shares, and (b) a properly completed and
signed Subscription Certificate (which certificate and full payment must then be
delivered  no  later  than  the  close  of  business  on             , the third
business  day after the Expiration Date, unless extended).  Failure  to  deliver
this Notice  or  to  make the delivery guaranteed will result in a forfeiture of
the Rights.

                                   GUARANTEE

The undersigned, a member firm of the New York Stock Exchange or a bank or trust
company  having  an  office  or  correspondent  in  the  United  States,  hereby
guarantees delivery to  the  Subscription  Agent by no later than 5:00 p.m., New
York  City  time,  on                 (unless  extended   as  described  in  the
Prospectus)  of  (a) a properly completed and executed Subscription  Certificate
and (b) payment of  the  full Estimated Subscription Price for Shares subscribed
for  on Primary Subscription  and  for  any  additional  Shares  subscribed  for
pursuant  to the Over-Subscription Privilege, as subscription for such Shares is
indicated herein or in the Subscription Certificate.

                                                       (continued on other side)


<PAGE>

                                               BROKER ASSIGNED CONTROL #________

                          LIBERTY ALL-STAR EQUITY FUND


<TABLE>
<CAPTION>
<S>                      <C>                           <C>                               <C>
1.Primary                Number of Rights to be        Number of Shares pursuant to      Payment to be made in
  Subscription           exercised                     Primary Subscription              connection with Shares from
                                                       requested for which you are       Primary Subscription
                                                       guaranteeing delivery of
                                                       Rights and payment

                                     Rights =                    Shares                  $
                         ------------                  ----------                         ---------
                                                       (Rights / by 10)


2.Over-Subscription                                    Number of Shares pursuant to      Payment to be made in
                                                       Over-Subscription requested       connection with Shares from
                                                       for which you are                 Over-Subscription
                                                       guaranteeing payment

                                                                 Shares                  $
                                                       ----------                         ---------

3.Totals                 Total Number of Rights to     Total Number of Shares
                         be Delivered                  Requested


                                     Rights =                     Shares                 $
                         ------------                  -----------                        ---------
                                                                                         Total Payment
</TABLE>

Method of delivery (circle one)

A. Through Depository Trust Company ("DTC")

B. Direct to Computershare, as Subscription Agent. Please indicate below how the
   Rights to be delivered should be registered.

                            ------------------------

                            ------------------------

                            ------------------------

PLEASE SIGN  A  UNIQUE  CONTROL NUMBER FOR EACH GUARANTEE SUBMITTED. This number
needs to be referenced on  any direct delivery of Rights or any delivery through
DTC. In addition, please note that if you are guaranteeing for Shares subscribed
pursuant to the Over-Subscription  Privilege  and you are a DTC participant, you
must  also  execute  and  forward  to  Computershare  a  DTC  Participant  Over-
Subscription Exercise form.

----------------------------------  ------------------------------------
Name of Firm                        Authorized Signature

----------------------------------  ------------------------------------
DTC Participant Number              Title

----------------------------------  ------------------------------------
Address                             Name (Please Type or Print)

----------------------------------  ------------------------------------
Zip Code                            Phone Number

----------------------------------  ------------------------------------
Contact Name                        Date
</TEXT>
</DOCUMENT>
