Investments, tenth edition

  Open-end  funds    stand ready to redeem or issue shares at their net asset value (although 

both purchases and redemptions may involve sales charges). When investors in open-end 

funds wish to “cash out” their shares, they sell them back 

to the fund at NAV. In contrast,    closed-end  funds    do not 

redeem or issue shares. Investors in closed-end funds 

who wish to cash out must sell their shares to other inves-

tors. Shares of closed-end funds are traded on organized 

exchanges and can be purchased through brokers just like 

other common stock; their prices, therefore, can differ 

from NAV. In early 2013, about $265 billion of assets were 

held in closed-end funds.  

  Figure 4.1  is a listing of closed-end funds. The first col-

umn gives the name and ticker symbol of the fund. The 

next two columns give the fund’s most recent net asset 

value and closing share price. The premium or discount 

in the next column is the percentage difference between 

price and NAV: (Price – NAV)/NAV. Notice that there are 

FUND

Gabelli Equity Trust (GAB)

General Amer Investors (GAM)

J Hancock Tx-Adv Div Inc (HTD)

Liberty All-Star Equity (USA)

Liberty All-Star Growth (ASG)

Guggenheim Enh Eq Strat (GGE)

Nuveen Tx-Adv TR Strat (JTA)

Gabelli Div & Inc Tr (GDV)

NAV

5.22

31.73

19.13

20.15

5.04

4.20

11.01

17.44

MKT PRICE

27.17

17.47

18.69

4.54

3.90

10.21

15.99

5.31

PREM/

DISC %

1.72

214.37

28.68

27.25

29.92

27.14

27.27

28.31

52-WEEK

MARKET RETURN %

21.89

22.49

5.34

19.89

26.59

28.96

0.73

1.59