The Liberty All-Star Equity Fund (USA) is a popular big-yield closed-end fund (“CEF”). It offers an annual distribution yield equal to 10% of its net asset value (“NAV”) with 2.5% paid quarterly. And it currently trades at a discount to its NAV (it previously traded at a large premium). In this report, we review USA in detail, and then compare it to 100 other popular big-yield CEFs from varying categories (including some important guidelines on when it might be okay to purchase a CEF at a premium to NAV and when it might not be). We conclude with our strong opinion about investing in USA and a few other CEFs in particular, especially considering their current price premium-versus-discount dynamics.