Q:?What is the Diference between a closed end and a open end fund?
A:A closed end fund trades on a stock exchange like a stock.There are only a fixed number of shares outstanding.The closed end fund may trade higher or lower than the cash value of the securities in the fund because of market perception of the contents of the fund.
The actual value of the securities is the NAV[net asset value]this figure is available on a daily basis.Therefore an investor can search for funds that are trading for less than the value of the securities in the fund.Naturally the spread between the share price and the NAV may persist for minutes days or years.However many investors feel that buying assets for 80 cents on the dollar is a good strategy .
A open end fund may sell additional shares to new investors;like a mutual fund;resulting in “additional slices of the pie”
| Goals | Holdings | ||
|
40/86 Strategic Income |
CFD |
income |
bonds, preferred stock, etc. |
|
Aberdeen Asia-Pacific Income |
FAX |
income |
Asia & Australian corp. invest quality & junk debt |
|
ACM Managed Dollar Income |
ADF |
income |
fixed income securities |
|
Adams Express Company |
ADX |
income & capital appr. |
U.S. stocks |
|
BlackRock Core Bond Trust |
BHK |
income, apprec. |
invest. grade corp. debt |
|
BlackRock Dividend Achievers Trust |
BDV |
income & capital appr. |
Mergent Dividend Achievers stocks |
|
BlackRock Global Energy & Resources Trust |
BGR |
income and capital appr. |
energy & natural resource stocks |
|
BlackRock Global Opportunities Equity Trust |
BOE |
income, long-term cap. appr. |
stocks, options |
|
BlackRock High Yield Trust |
BHY |
income |
junk bonds |
|
BlackRock S&P Quality Rankings Glob Equity |
BQY |
income, capital apprec. |
stocks quality rated at least B+ by S&P |
|
BlackRock Strategic Dividend Achievers Trust |
BDT |
income, capital apprec. |
stocks, 80% must be Mergent Dividend Achievers |
|
BlackRock World Investment Trust |
BWC |
income, capital apprec. |
75% global stocks, 25% debt, sell covered calls |
|
Blue Chip Value |
BLU |
income, capital apprec. |
large-cap U.S. stocks |
|
Calamos Convertible Opportunities & Income |
CHI |
income & capital apprec. |
convertible securities, junk bonds |
|
Calamos Convertible & High Income |
CHY |
income, capital apprec. |
convertible securities & junk bonds |
|
Calamos Global Total Return |
CGO |
income & capital apprec. |
global stocks, convertible & junk debt |
|
Calamos Strategic Total Return |
CSQ |
income, capital apprec. |
U.S. & global stocks & debt |
|
Credit Suisse Asset Management Income |
CIK |
income |
U.S. & global corp. junk debt |
|
Credit Suisse High Yield Bond |
DHY |
income, capital apprec. |
U.S. corp. fixed-rate junk |
|
Duff & Phelps Utility & Corporate Bond Trust |
DUC |
income |
utility and corporate debt |
|
DWS Global Commodities Stock |
GCS |
capital apprec., income |
stocks in the energy, metals, mining & chemical industries |
|
DWS Global High Income |
LBF |
income, capital apprec. |
bonds backed by foreign & U.S. govs |
|
DWS High Income Trust |
KHI |
income, capital apprec |
U.S. corporate junk bonds |
|
DWS Municipal Income Trust |
KTF |
income |
municipal bonds |
|
DWS Multi-Market Income Trust |
KMM |
income |
global gov. debt and invest & junk rated corp. bonds |
|
DWS RREEF Real Estate |
SRQ |
income & capital apprec. |
real estate investment trusts (REITs) |
|
DWS RREEF Real Estate II |
SRO |
income & capital apprec. |
real estate investment trusts (REITs) |
|
DWS Strategic Income Trust |
KST |
income |
emerging mkt & U.S. junk-rated corp. debt |
|
DWS Strategic Municipal Income Trust |
KSM |
income |
investment &non-invest rated municipal bonds |
|
Eaton Vance Enhanced Equity Income |
EOI |
income, capital apprec. |
mid- and large-cap growth stocks, sell covered calls |
|
Eaton Vance Enhanced Equity Income II |
EOS |
income, capital apprec. |
mid- and large-cap growth stocks, sell covered calls |
|
Eaton Vance Limited Duration Income |
EVV |
income, capital apprec. |
senior secured float rate, mortgage backed, junk corp. |
|
Eaton Vance Tax-Advantaged Dividend Income |
EVT |
dividend inc. & cap apprec. |
dividend paying common stocks and preferred stocks |
|
Eaton Vance Tax-Managed Buy-Write Opportun. |
ETV |
income, capital apprec. |
U.S. large-cap stocks, sell covered calls |
|
Eaton Vance Tax-Managed Buy-Write Income. |
ETB |
income, capital apprec. |
U.S. large-cap stocks, sell covered calls |
|
Evergreen Managed Income |
ERC |
income |
junk corp., adj. rate mortgage-backed, and intl. debt |
|
F&C/Claymore Preferred Securities Income |
FFC |
income |
corp. debt |
|
First Trust/Aberdeen Global Opportun, Income |
FAM |
income, capital apprec. |
global gov../corp. debt, investment qual & junk |
|
First Trust. FIDAC Mortgage Income |
FMY |
income |
mortgage-back debt |
|
First Trust/Four Corners Senior Floating Rate Debt |
FCT |
income |
senior secured floating rate corp. debt |
|
First Trust Value Line Dividend |
FVD |
income & capital appr. |
high dividend stocks with cap. appr. potential, Value Line Safety Rank 1-2 |
|
First Trust/Value Line & Ibbotson Equity Alloc. |
FVI |
capital appreciation |
stocks: Value Line Timeliness 1-2, Ibbotson alloc. formula |
|
Franklin Universal Trust |
FT |
income, capital apprec. |
U.S. corp. junk debt, dividend stocks |
|
Gabelli Global Gold, Natural Resource & Inc. |
GGN |
income |
gold & natural resource stocks, sell covered calls |
|
H&Q Healthcare Investors |
HQH |
capital appreciation |
healthcare stocks |
|
H&Q Life Sciences |
HQL |
capital appreciation |
healthcare stocks |
|
ING Clarion Global Real Estate Income |
IGR |
income, capital apprec |
real estate common & preferred stocks |
|
ING Prime Rate Trust |
PPR |
income |
senior collateralized corp. debt |
|
John Hancock Income Securities |
JHS |
income |
min 80% debt, up to 20% stocks |
|
John Hancock Investors Trust |
JHI |
income, capital apprec. |
U.S. debt |
| Kayne Anderson MLP | KYN | income & capital appr. | energy master limited partnerships |
|
Korea |
KF |
capital appreciation |
Korean-listed stocks |
|
Liberty All-Star Growth |
ASG |
capital appreciation, income |
small- to large-cap stocks |
|
Liberty All-Star Equity |
USA |
capital apprec, income |
U.S. stocks |
|
Madison/Claymore Covered Call |
MCN |
income, capital apprec. |
large-cap stocks, sell covered calls |
|
Madison Strategic Sector Premium |
MSP |
income, capital apprec. |
mid- & large-cap growth stocks, write covered calls |
|
Managed High Yield Plus |
HYF |
income, capital apprec. |
junk bonds |
|
MFS Charter Income Trust |
MCR |
income |
gov. debt, corp. investment grade and junk debt |
|
MFS Intermediate Income Trust |
MIN |
income |
U.S. & global gov. backed debt |
|
MFS Multimarket Income Trust |
MMT |
income |
fixed income securities |
|
Montgomery Street Income Securities |
MTS |
income, capital apprec. |
U.S. gov backed debt |
|
MuniYield Insured |
MYI |
income |
municipal bonds |
|
New America High Income |
HYB |
income |
U.S. corp. junk debt |
|
Neuberger Berman Dividend Advantage |
NDD |
income, capital apprec. |
dividend-stocks, preferred stocks, REIT debt |
|
Nuveen Equity Premium Advantage |
JLA |
income, capital apprec. |
index put/call option strategy, replicate S&P 500 & NASDAQ 100 |
|
Nuveen Equity Premium Income |
JPZ |
income, capital apprec. |
index put/call option strategy, replicate S&P 500 |
|
Nuveen Equity Premium Opportunity |
JSN |
income, capital apprec. |
index put/call option strategy, replicate S&P 500 & NASDAQ 100 |
|
Nuveen Floating Rate Income |
JFR |
income |
senior secured and adj. rate unsecured senior debt |
|
Nuveen Insured Premium Income Muni 2 |
NPX |
income, capital apprec |
municipal bonds |
|
Nuveen Municipal Value |
NUV |
income |
municipal bonds |
|
Nuveen Select Tax-Free Income Portfolio |
NXP |
income |
municipal bonds |
|
Nuveen Select Tax-Free Income Portfolio 2 |
NXQ |
income |
municipal bonds |
|
Nuveen Select Tax-Free Income Portfolio 3 |
NXR |
income |
municipal bonds |
|
Nuveen Tax Advantaged Total Return Strategy |
JTA |
dividend income & capital apprec |
dividend stocks, preferred stocks & corporate debt |
| Petroleum & Resources Corp. | PEO | capital apprec, income | energy stocks |
|
PIMCO Floating Rate Strategy |
PFN |
income |
floating rate debt |
|
PIMCO Global StocksPLUS & Income |
PGP |
capital appreciation, income |
emulates S&P 500 & intl. stock indexes |
|
Putnam Master Intermediate Income Trust |
PIM |
income |
U.S. & foreign gov. & corp. debt of 3-10 yrs to maturity |
|
Prospect Street High Income |
PHY |
income |
U.S. corp. junk debt |
|
Putnam Premier Income Trust |
PPT |
income, capital apprec. |
U.S. & foreign gov. & corp. debt |
|
Reaves Utility Income |
UTG |
after-tax income, capital apprec. |
U.S. & global utility industry and infrastructure stocks |
|
Royce Micro-Cap Trust |
RMT |
capital appreciation |
under $500 million market-cap stocks |
|
Royce Value Trust |
RVT |
capital appreciation |
small- & mid-cap value-priced stocks |
|
Salomon Bros. Global Partners Income |
GDF |
income, capital apprec. |
U.S. & global corp. junk, foreign gov. debt |
|
Templeton Emerging Markets Income |
TEI |
income, capital apprec. |
emerging mkt corp & gov junk debt |
| Templeton Global Income | GIM | income | emerging mkt gov bonds |
|
Tortoise Energy Capital |
TYY |
income, capital apprec. |
energy infrastructure master limited partnerships |
|
Tortoise Energy Infrastructure |
TYG |
income, capital apprec. |
energy infrastructure master limited partnerships |
|
Van Kampen Senior Income Trust |
VVR |
income |
senior collateralized corp. debt |
