<SEC-DOCUMENT>0001752724-22-062752.txt : 20220316
<SEC-HEADER>0001752724-22-062752.hdr.sgml : 20220316
<ACCEPTANCE-DATETIME>20220316122007
ACCESSION NUMBER:		0001752724-22-062752
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220316
DATE AS OF CHANGE:		20220316
EFFECTIVENESS DATE:		20220316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIBERTY ALL STAR EQUITY FUND
		CENTRAL INDEX KEY:			0000799195
		IRS NUMBER:				042935840
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04809
		FILM NUMBER:		22744005

	BUSINESS ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
		BUSINESS PHONE:		303.623.2577

	MAIL ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
</SEC-HEADER>
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<TYPE>N-CEN
<SEQUENCE>1
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<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">To the Shareholders and Board of Trustees of Liberty All-Star<SUP>&reg;</SUP>
Equity Fund</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">In planning and performing our audits of the financial statements of Liberty
All-Star<SUP>&reg;</SUP> Equity Fund (the &ldquo;Fund&rdquo;), as of and for the year ended December 31, 2021, in accordance with the
standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund&rsquo;s internal control over
financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose
of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing
an opinion on the effectiveness of the Fund&rsquo;s internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The management of the Fund is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of controls. A fund&rsquo;s internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A fund&rsquo;s internal control over financial reporting includes
those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures
of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a fund&rsquo;s assets that could have a material
effect on the financial statements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">A deficiency in internal control over financial reporting exists when the
design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions,
to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable possibility that a material misstatement of the fund&rsquo;s annual
or interim financial statements will not be prevented or detected on a timely basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Our consideration of the Fund&rsquo;s internal control over financial reporting
was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that
might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund&rsquo;s internal
control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material
weakness, as defined above, as of December 31, 2021.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">This report is intended solely for the information and use of management
and the Board of Trustees of Liberty All-Star<SUP>&reg;</SUP> Equity Fund and the Securities and Exchange Commission and is not intended
to be and should not be used by anyone other than these specified parties.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><IMG SRC="fp0074026_2.jpg" ALT="A close up of a logo&#10;&#10;Description automatically generated" STYLE="height: 43px; width: 277px"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Denver, Colorado</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">February 25, 2022</P>

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