List of Closed-End Funds (CEFs)

This is a list of the exchange-traded closed-end management investment companies QuantumOnline tracks. A closed-end fund raises a fixed pool of capital at its IPO and then trades on an exchange like a stock, with no ongoing creation or redemption of shares.

That fixed share count is the whole story. Because supply is fixed, the market price is set by what buyers will pay rather than by the value of the fund's holdings — so a CEF can and routinely does trade at a discount or premium to its net asset value.

Other lists: Real Estate Investment Trusts Closed-End Funds Exchange-Traded Funds (Index ETFs) Master Limited Partnerships Royalty Trusts – U.S. Royalty Trusts – Canadian Business Development Companies Income Deposit Securities Special Investment Products (SIP) SIP – Common Stock Ownership SIP – Based on Indexes SIP – Based on Companies Special Purpose Acquisition Companies

Sub-categories — click a category to narrow the list

All Federal Tax-Exempt Income State Tax-Exempt Income Global Income High Yield Income High Yield Tax-Exempt Income Preferred Income Realty Income Tax Advantaged Income Floating Rate Income Investment Grade Income Diversified Income US Government Securities Income US Mortgage Securities Income Corporate Debt Securities Income Option Strategy Income Term Trusts Income Capital Appreciation Global Capital Appreciation Total Return Convertible Securities Business Development Co. Unclassified Funds Commodities

How to use this list

Symbol — click any symbol to open our full security description & information page.
Sort — click a column heading to sort by that column; click again to reverse.
Filter — type in the filter box to narrow the list by ticker symbol or company name.
Sub-categories — use the tabs above to narrow this list to a single fund category.
Prospectus — links to the security's original IPO prospectus filed with the SEC EDGAR system.
"n.a." means not available. This list is dynamic and updated constantly; information is believed accurate but is not guaranteed.

Symbol / CUSIP	Security Description	Exchange	IPO Date	Call Date	Prospectus
ACP 05358E106	Aberdeen Income Credit Strategies Fund	NYSE	1/27/2011	n.a.	Prospectus
ACV 01883J108	Virtus Diversified Income & Convertible Fund due 5/22/2030	NYSE	5/27/2015	n.a.	Prospectus
ADX 006212104	Adams Diversified Equity Fund, Inc.	NYSE	5/28/1976	n.a.	Pre-EDGAR
AEF 00301W105	Aberdeen Emerging Markets Equity Income Fund, Inc.	AMEX	n.a.	n.a.
AFB 01864U106	AllianceBernstein National Municipal Income Fund	NYSE	1/31/2002	n.a.	Prospectus
AFT 037636107	Apollo Senior Floating Rate Fund	NYSE	2/24/2011	n.a.	Prospectus
AGD 02082E205	Aberdeen Global Dynamic Dividend Fund	NYSE	7/26/2006	n.a.	Prospectus
AIF 037638103	Apollo Tactical Income Fund, Inc.	NYSE	2/25/2013	n.a.	Prospectus
AMTCQ 03073H108	Ameritrans Capital Corp.	OTOTC	n.a.	n.a.
AOD 021060207	Aberdeen Total Dynamic Dividend Fund	NYSE	1/26/2007	n.a.	Prospectus
ARCC 04010L103	Ares Capital Corp.	NGS	10/5/2004	n.a.
ARDC 04014F102	Ares Dynamic Credit Allocation Fund	NYSE	11/27/2012	n.a.	Prospectus
ARKW 00214Q401	ARK Web x.0 ETF	NYSE	9/30/2014	n.a.	Prospectus
ASA G3156P103	ASA Gold and Precious Metals Ltd	NYSE	12/4/1958	n.a.	Pre-EDGAR
ASG 529900102	Liberty All-Star Growth Fund, Inc.	NYSE	3/6/1986	n.a.	Pre-EDGAR
ATF 294700703	Equity Investor Fund, First Exchange Series - AT&T Shares	AMEX	n.a.	n.a.
AVK 00764C109	Advent Convertible and Income Fund	NYSE	5/1/2003	n.a.	Prospectus
AWF 01879R106	AllianceBernstein Global High Income Fund, Inc.	NYSE	7/27/1993	n.a.	Pre-EDGAR
AWP 02083A103	Aberdeen Global Premier Properties Fund	NYSE	4/27/2007	n.a.	Prospectus
BANX 861780104	ArrowMark Financial Corp.	NGS	11/13/2013	n.a.	Prospectus
BBN 09248X100	BlackRock Taxable Municipal Bond Trust	NYSE	8/27/2010	n.a.	Prospectus
BCSF 05684B107	Bain Capital Specialty Finance, Inc.	NYSE	11/14/2018	n.a.	Prospectus
BCV 059695106	Bancroft Fund Ltd.	AMEX	12/5/1971	n.a.	Pre-EDGAR
BCX 09257A108	BlackRock Resources & Commodities Strategy Trust	NYSE	3/29/2011	n.a.	Prospectus
BDJ 09251A104	BlackRock Enhanced Equity Dividend Trust	NYSE	8/31/2005	n.a.	Prospectus

Showing 25 of 473 securities

The remaining 448 securities — plus sorting, filtering and Excel, PDF and CSV export — are available to registered users. Registration is free.

Discounts and premiums to NAV

Net asset value is the per-share market value of the fund's portfolio. Market price is what the shares change hands at. When price is below NAV the fund trades at a discount, meaning you buy a dollar of assets for less than a dollar; above NAV it trades at a premium.

Buying at a discount raises your effective yield: a fund yielding 6% on NAV yields about 6.7% on price at a 10% discount. Buying at a premium does the reverse, and a premium can vanish quickly. Persistent wide discounts are common and are not by themselves an anomaly to be arbitraged — many funds have traded at a discount for decades.

Leverage magnifies both directions

Most income-oriented CEFs borrow — typically 20% to 40% of assets — and invest the proceeds, keeping the spread. This is the main reason CEF yields exceed those of comparable open-end funds.

Leverage cuts both ways. It amplifies NAV declines as well as gains, and when short-term borrowing costs rise the spread compresses, which is often what precedes a distribution cut. A fund's leverage ratio is one of the first things to check.

Distributions are not all income

Many CEFs run a managed distribution policy, paying a fixed monthly or quarterly amount regardless of what the portfolio earned. The shortfall is made up from realised capital gains or return of capital.

Return of capital is not automatically bad — it can reflect unrealised appreciation being passed through — but destructive return of capital, where the fund is simply paying out principal, erodes NAV over time. Compare the distribution rate against the fund's total return on NAV. If the payout consistently exceeds what the portfolio earns, NAV will grind lower.

Fund objectives

Use the sub-category tabs to narrow this list by objective: federal and state tax-exempt income funds holding municipal bonds, taxable income funds holding corporate or government debt, equity funds, and specialty and sector funds.

Municipal CEFs deserve particular attention from income investors, since their federally tax-exempt distributions can produce a taxable-equivalent yield well above the headline figure for anyone in a high bracket.

About this data

QuantumOnline has tracked exchange-traded income securities since 1997. Every security in this list is researched and maintained by hand from the issuer's prospectus and SEC filings, not scraped from a vendor feed. Where a figure is unavailable we show "n.a." rather than guessing.

Information is believed to be accurate but is not guaranteed, and nothing here is a recommendation to buy or sell. Always confirm terms against the issuer's prospectus before investing.