Dividend Vision Lists
Closed-End Funds (CEFs)
A curated list of closed-end funds (CEFs) — actively managed, exchange-traded investment funds with a fixed share count that often pay high monthly distributions and can trade at a premium or discount to the value of their holdings (NAV).
Updated August 2026 · 130 funds
DV Scorecard
Our proprietary snapshot of this list — averages and standouts, computed from the funds below. Not investment advice.
Closed-end funds, or CEFs, are actively managed investment funds that trade on an exchange like a stock. Unlike an ETF or a mutual fund, a CEF raises capital once at its IPO and then issues a fixed number of shares, so its market price is set by supply and demand and can drift above or below the value of the fund's holdings. That single quirk — the discount or premium to net asset value (NAV) — is what makes the structure distinctive, and this page gathers the major income-oriented CEFs in one place.
Because many CEFs use leverage and hand back most of what they earn, the group is one of the highest-yielding corners of the market, and a large share pay monthly. The list spans equity, covered-call, municipal-bond, taxable-credit, and energy-infrastructure strategies from managers like PIMCO, BlackRock, Nuveen, Eaton Vance, and Cohen & Steers. Some trade at a persistent discount to NAV, which can raise the effective yield on the money you put in.
Dividend Vision's angle is durability: how well each distribution is actually covered, how much of it may be return of capital, and how the yields compare across the group through our Distribution Safety Score. Live figures refresh from our data pipeline on every build, and nothing here is investment advice.
Closed-End Funds (CEFs)
Live data joins from our pipeline on every build — click any header to sort, or open a ticker for the full analysis. We never hard-code yields, prices, or returns.
| Ticker | Company | Role | Yield | Div growth (1y) | Safety | Fwd P/E | Market cap |
|---|---|---|---|---|---|---|---|
| PHYS | Sprott Physical Gold Trust | Precious Metals | — | — | — | 0.0 | $15.7B |
| PSLV | Sprott Physical Silver Trust | Precious Metals | — | — | — | 0.0 | $13.2B |
| PDI | PIMCO Dynamic Income Fund | Closed-End Fund | 16.38% | +4.2% | 79 | — | $7.5B |
| DNP | DNP Select Income Fund | Utilities | 7.18% | -0.4% | 100 | — | $4.1B |
| UTG | Reaves Utility Income Trust | Utilities | 6.47% | +4.4% | 95 | — | $3.6B |
| CSQ | Calamos Strategic Total Return Fund | Total Return | 7.71% | +29.1% | 96 | — | $3.4B |
| ADX | Adams Diversified Equity Fund | Diversified Equity | 7.63% | +12.4% | 100 | — | $3.3B |
| UTF | Cohen & Steers Infrastructure Fund | Infrastructure | 7.29% | -37.2% | 100 | — | $3.1B |
| EXG | Eaton Vance Tax-Managed Global Diversified Equity Income Fund | Global Covered Call | 7.87% | +2.0% | 84 | — | $3.0B |
| NAD | Nuveen Quality Municipal Income Fund | Municipal Bonds | 7.15% | -1.6% | 69 | — | $2.8B |
| GDV | Gabelli Dividend & Income Trust | Diversified Equity | 5.90% | +6.6% | 100 | — | $2.7B |
| PTY | PIMCO Corporate & Income Opportunity Fund | Corporate Credit | 12.01% | +4.2% | 76 | — | $2.5B |
| KYN | Kayne Anderson Energy Infrastructure Fund | Energy Infrastructure | 7.45% | +14.8% | 100 | 0.0 | $2.4B |
| ETY | Eaton Vance Tax-Managed Diversified Equity Income Fund | Covered Call Equity | 8.12% | +2.3% | 89 | — | $2.3B |
| RVT | Royce Value Trust | Small Cap Value | 6.62% | -18.9% | 85 | 0.0 | $2.3B |
| CLM | Cornerstone Strategic Value Fund | International Equity | 19.41% | +1.9% | 63 | — | $2.2B |
| GOF | Guggenheim Strategic Opportunities Fund | Multi-Sector | 20.46% | +1.5% | 67 | — | $2.2B |
| BSTZ | BlackRock Science and Technology Trust II | Closed-End Fund | 6.43% | -32.7% | 52 | 0.0 | $2.1B |
| ETG | Eaton Vance Tax-Advantaged Global Dividend Income Fund | Closed-End Fund | 6.35% | +2.3% | 85 | — | $1.9B |
| PDO | PIMCO Dynamic Income Opportunities Fund | Multi-Sector | 11.71% | +4.2% | 86 | 0.0 | $1.9B |
| NAC | Nuveen California Quality Municipal Income Fund | Municipal Bonds | 7.04% | -4.2% | 75 | — | $1.8B |
| USA | Liberty All-Star Equity Fund | Diversified Equity | 11.28% | -7.7% | 79 | 595.0 | $1.8B |
| GAB | Gabelli Equity Trust | Closed-End Fund | 10.45% | +1.6% | 100 | — | $1.8B |
| ETV | Eaton Vance Tax-Managed Buy-Write Opportunities Fund | Closed-End Fund | 7.88% | +2.3% | 88 | — | $1.8B |
| BDJ | BlackRock Enhanced Equity Dividend Trust | Covered Call Equity | 7.52% | -17.9% | 98 | — | $1.7B |
| BST | BlackRock Science and Technology Trust | Technology | 6.11% | -35.2% | 98 | — | $1.7B |
| BCAT | BlackRock Capital Allocation Term Trust | Multi-Asset | 18.97% | -6.2% | 89 | 0.0 | $1.7B |
| RQI | Cohen & Steers Quality Income Realty Fund | REIT | 8.69% | +9.9% | 93 | — | $1.7B |
| ECAT | BlackRock ESG Capital Allocation Term Trust | Multi-Asset | 20.37% | -7.0% | 90 | 0.0 | $1.6B |
| GAM | General American Investors Closed Fund | Equity | 9.50% | — | 96 | 0.0 | $1.5B |
| QQQX | Nuveen NASDAQ 100 Dynamic Overwrite Fund | Closed-End Fund | 9.59% | +44.9% | 91 | — | $1.5B |
| BTT | Blackrock Municipal Target Term Closed Fund | Fixed Income | 2.46% | +0.3% | 83 | 0.0 | $1.4B |
| HQH | abrdn Healthcare Investors | Healthcare | 10.48% | +27.6% | 87 | 0.0 | $1.3B |
| JFR | Nuveen Floating Rate Income Closed Fund | Fixed Income | 11.98% | -9.9% | 95 | — | $1.2B |
| DSL | DoubleLine Income Solutions Fund | Credit | 12.29% | +7.1% | 88 | — | $1.2B |
| EOS | Eaton Vance Enhanced Equity Income Fund II | Growth Equity | 8.28% | +2.3% | 86 | — | $1.2B |
| CRF | Cornerstone Total Return Fund | International Equity | 19.55% | +3.0% | 64 | — | $1.2B |
| AOD | abrdn Total Dynamic Dividend Fund | Global Equity | 12.26% | +14.9% | 100 | — | $1.1B |
| TYG | Tortoise Energy Infrastructure Corporation | Energy Infrastructure | 13.39% | +31.5% | 99 | 0.0 | $1.1B |
| ETW | Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund | Global Covered Call | 8.16% | +2.4% | 84 | — | $1.1B |
| CHI | Calamos Convertible Opportunities and Income Fund | Closed-End Fund | 8.68% | -3.8% | 96 | — | $1.1B |
| EMO | ClearBridge Energy Midstream Opportunity Fund | Energy Infrastructure | 9.49% | +13.3% | 100 | — | $1.0B |
| FSCO | FS Credit Opportunities Corp | Credit | 13.96% | -18.9% | 72 | 0.0 | $1.0B |
| BTX | BlackRock Technology and Private Equity Term Trust | Technology | 7.34% | -25.5% | 28 | 0.0 | $1.0B |
| RNP | Cohen & Steers REIT and Preferred Income Fund | REIT and Preferred | 7.99% | +4.3% | 96 | — | $980M |
| BCX | BlackRock Resources & Commodities Strategy Trust | Natural Resources | 6.63% | -0.5% | 98 | — | $962M |
| PDX | PIMCO Energy & Tactical Credit Opportunities Fund | Energy Credit | 7.45% | -55.9% | 100 | — | $961M |
| BMEZ | BlackRock Health Sciences Trust II | Equity | 8.19% | -25.4% | 41 | 0.0 | $954M |
| BTZ | BlackRock Credit Allocation Income Trust | Fixed Income | 9.81% | -0.3% | 93 | 0.0 | $953M |
| AIO | Virtus Artificial Intelligence & Technology Opportunities Fund | Technology | 8.20% | -21.2% | 96 | — | $907M |
| STK | Columbia Seligman Premium Technology Growth Fund | Technology | 3.54% | -43.0% | 89 | — | $901M |
| HTD | John Hancock Tax-Advantaged Dividend Income Fund | Closed-End Fund | 7.46% | +3.6% | 95 | — | $900M |
| OXLC | Oxford Lane Capital Corp | CLO | 25.89% | -50.6% | 24 | 0.0 | $898M |
| PCN | PIMCO Corporate & Income Strategy Fund | Corporate Bond | 11.34% | +4.1% | 86 | — | $872M |
| PHK | PIMCO High Income Fund | Closed-End Fund | 12.23% | +4.3% | 88 | — | $869M |
| EOI | Eaton Vance Enhanced Equity Income Fund | Covered Call Equity | 7.95% | +2.2% | 98 | — | $828M |
| THQ | abrdn Healthcare Opportunities Fund | Healthcare | 11.10% | +4.7% | 98 | — | $806M |
| FFC | Flaherty & Crumrine Preferred and Income Securities Fund | Preferred Stock | 7.60% | +5.4% | 74 | — | $783M |
| PEO | Adams Natural Resources Fund | Natural Resources | 7.92% | +16.6% | 94 | 454.7 | $765M |
| ASGI | abrdn Global Infrastructure Income Fund | Global Infrastructure | 11.03% | +17.2% | 100 | — | $757M |
| BUI | BlackRock Utilities, Infrastructure & Power Opportunities Trust | Closed-End Fund | 6.88% | -38.6% | 98 | 0.0 | $715M |
| PFN | PIMCO Income Strategy Fund II | Multi-Sector | 12.02% | +4.1% | 83 | — | $707M |
| BOE | BlackRock Enhanced Global Dividend Trust | Closed-End Fund | 7.98% | -0.5% | 100 | — | $682M |
| WDI | Western Asset Diversified Income Fund | Multi-Sector | 13.59% | -6.4% | 91 | 0.0 | $681M |
| PAXS | PIMCO Access Income Fund | Multi-Sector | 12.51% | +4.4% | 96 | 0.0 | $674M |
| ACP | Aberdeen Income Credit Strategies Fund | Fixed Income | 18.43% | +4.7% | 67 | — | $637M |
| HQL | abrdn Life Sciences Investors | Life Sciences | 10.76% | +44.2% | 85 | 0.0 | $627M |
| NML | Neuberger Berman Energy Infrastructure and Income Fund Inc | Energy Infrastructure | 8.09% | +33.2% | 100 | — | $589M |
| AVK | Advent Convertible and Income Fund | Convertible Securities | 11.02% | +1.6% | 91 | -424.3 | $562M |
| THW | abrdn World Healthcare Fund | Global Healthcare | 10.17% | +4.7% | 99 | — | $557M |
| CHW | Calamos Global Dynamic Income Fund | Global Multi-Asset | 8.29% | +10.5% | 78 | 8.2 | $542M |
| GUG | Guggenheim Active Allocation Fund | Fixed Income | 9.27% | +1.5% | 99 | 0.0 | $540M |
| TWN | The Taiwan Fund, Inc. | Equity | 0.54% | — | 98 | — | $528M |
| VCV | Invesco California Value Municipal Income Trust | Municipal Bonds | 7.26% | -2.0% | 79 | 0.0 | $522M |
| ECC | Eagle Point Credit Company | CLO | 18.60% | -62.5% | 28 | 5.2 | $513M |
| FTHY | First Trust High Yield Opportunities 2027 Term Fund | Fixed Income | 11.14% | -2.4% | 83 | 0.0 | $500M |
| KIO | KKR Income Opportunities Fund | High Yield Credit | 13.02% | -0.3% | 91 | — | $459M |
| VVR | Invesco Senior Income Trust | Senior Loans | 11.68% | -27.7% | 75 | — | $459M |
| EVN | Eaton Vance Municipal Income Closed Fund | Fixed Income | 5.69% | 0.0% | 86 | 0.0 | $441M |
| DFP | Flaherty & Crumrine Dynamic Preferred and Income Fund | Preferred Stock | 7.46% | +8.3% | 73 | — | $429M |
| FINS | Angel Oak Financial Strategies Income Term Trust | Fixed Income | 10.93% | +0.7% | 86 | 0.0 | $423M |
| GBAB | Guggenheim Taxable Municipal Managed Duration Trust | Fixed Income | 10.75% | +1.5% | 89 | 0.0 | $390M |
| FRA | BlackRock Floating Rate Income Strategies Closed Fund | Fixed Income | 13.58% | -0.3% | 93 | — | $384M |
| PFL | PIMCO Income Strategy Fund | Closed-End Fund | 12.48% | +4.3% | 81 | — | $384M |
| NCV | Virtus Convertible & Income Fund | Convertible Securities | 9.44% | +12.7% | 79 | — | $384M |
| FOF | Cohen & Steers Closed-End Opportunity Fund | Fund of Funds | 7.59% | +4.3% | 100 | — | $379M |
| AEF | abrdn Emerging Markets ex-China Fund, Inc. | Closed-End Fund | 10.26% | +51.0% | 76 | — | $364M |
| JRI | Nuveen Real Asset Income and Growth Fund | Closed-End Fund | 12.58% | +2.3% | 91 | — | $349M |
| NXG | NXG NextGen Infrastructure Income Fund | Infrastructure | 11.85% | +17.1% | 99 | — | $345M |
| ASG | Liberty All-Star Growth Fund | Growth Equity | 8.91% | -3.4% | 70 | — | $343M |
| SPXX | Nuveen S&P 500 Dynamic Overwrite Fund | Closed-End Fund | 8.85% | +31.9% | 100 | — | $343M |
| BGT | BlackRock Floating Rate Income Closed Fund | Fixed Income | 13.13% | -0.3% | 98 | — | $328M |
| AFB | AllianceBernstein National Municipal Income Fund | Fixed Income | 5.45% | +5.3% | 73 | — | $317M |
| RIV | RiverNorth Opportunities Fund | Tactical Allocation | 13.53% | +2.3% | 72 | — | $317M |
| AGD | abrdn Global Dynamic Dividend Fund | Closed-End Fund | 11.59% | +15.0% | 100 | — | $317M |
| EFR | Eaton Vance Senior Floating Rate Closed Fund | Fixed Income | 7.67% | -27.4% | 72 | 0.0 | $311M |
| NCA | Nuveen California Municipal Value Fund | Municipal Bonds | 3.94% | +6.4% | 95 | — | $300M |
| ARDC | Ares Dynamic Credit Allocation Fund, Inc. | Credit | 10.87% | +2.7% | 89 | — | $299M |
| FUND | Sprott Focus Trust | Equity | 5.45% | -3.6% | 94 | 0.0 | $297M |
| XFLT | XAI Octagon Floating Rate & Alternative Income Term Trust | CLO | 14.25% | -40.7% | 43 | 0.0 | $289M |
| ACV | AllianzGI Diversified Income & Convertible Fund | Equity | 7.87% | +12.7% | 91 | — | $285M |
| EFT | Eaton Vance Floating Rate Income Closed Fund | Fixed Income | 7.30% | -30.8% | 68 | 0.0 | $284M |
| EOT | Eaton Vance National Municipal Opportunities Closed Fund | Fixed Income | 4.68% | +2.1% | 95 | 0.0 | $272M |
| CPZ | Calamos Long/Short Equity & Dynamic Income Trust | Long/Short | 12.29% | -3.8% | 83 | 0.0 | $268M |
| RLTY | Cohen & Steers Real Estate Opportunities and Income Fund | Real Estate | 8.41% | +4.3% | 99 | — | $262M |
| LGI | Lazard Global Total Return and Income Fund | Global Equity | 9.95% | +7.2% | 86 | — | $238M |
| EIC | Eagle Point Income Company | CLO | 13.20% | -16.8% | 52 | 0.0 | $234M |
| SRV | NXG Cushing Midstream Energy Fund | MLP & Energy | 12.96% | -20.9% | 100 | — | $216M |
| ETX | Eaton Vance Municipal Income Term Closed Fund | Fixed Income | 5.12% | +2.1% | 87 | 0.0 | $202M |
| FT | Franklin Universal Closed Fund | Fixed Income | 6.51% | -1.4% | 96 | 0.0 | $202M |
| BANX | ArrowMark Financial Corp | CLO | 8.87% | -106.3% | 89 | 14.6 | $199M |
| MPV | Barings Participation Investors | Corporate Credit | 9.05% | 0.0% | 93 | 0.0 | $176M |
| FLC | Flaherty & Crumrine Total Return Fund | Preferred Stock | 7.51% | +6.7% | 73 | — | $175M |
| GGT | Gabelli MultiMedia Mutual Fund | Equity | 22.75% | +0.1% | 78 | 0.0 | $173M |
| IGA | Voya Global Advantage and Premium Opportunity Fund | Global Equity | 9.91% | -6.4% | 96 | — | $157M |
| NAZ | Nuveen Arizona Quality Municipal Income Fund | Municipal Bonds | 5.98% | -8.5% | 70 | — | $157M |
| MSD | Morgan Stanley Emerging Markets Debt Fund | Emerging Markets Debt | 8.19% | -16.7% | 77 | — | $148M |
| GRX | Gabelli Healthcare & WellnessRx Trust | Equity | 6.85% | 0.0% | 96 | 0.0 | $146M |
| PFD | Flaherty & Crumrine Preferred and Income Fund | Preferred Stock | 7.33% | +9.0% | 73 | — | $145M |
| GNT | GAMCO Natural Resources Gold and Income Closed Fund | Equity | 8.19% | +37.1% | 100 | 0.0 | $137M |
| GGZ | Gabelli Global Small and Mid Cap Value Closed Fund | Equity | 5.07% | +33.9% | 100 | 0.0 | $123M |
| PFO | Flaherty & Crumrine Preferred and Income Opportunity Fund | Preferred Stock | 7.38% | +5.6% | 75 | — | $120M |
| MCN | XAI Madison Equity Premium Income Fund | Covered Call Equity | 12.74% | +5.7% | 92 | — | $119M |
| EVF | Eaton Vance Senior Income Closed Fund | Fixed Income | 7.62% | -25.0% | 67 | 0.0 | $90M |
| DTF | DTF Tax Free Income Closed Fund | Fixed Income | 3.38% | +3.2% | 85 | 0.0 | $81M |
| OCCI | OFS Credit Company, Inc | CLO | 24.39% | -67.8% | 14 | 0.0 | $75M |
| CCIF | Carlyle Credit Income Fund | CLO | 26.18% | -53.3% | 35 | 5.3 | $58M |
| AAIDX | Axonic Alternative Income Fund | Fixed Income | 9.17% | -48.4% | 91 | — | — |
| GGM | GGM Macro Alignment ETF | Fixed Income | 1.35% | — | 50 | — | — |
| KWIN | KraneShares Wahed Alternative Income Index ETF | Equity | — | — | — | — | — |
Why this list matters
CEFs can offer high, often monthly income and the occasional chance to buy a dollar of assets for less than a dollar — but leverage, managed distributions, and discount volatility make them behave differently from ordinary funds.
Who it's for
- Income investors drawn to high, frequently monthly distributions
- Value-minded buyers looking to buy assets at a discount to net asset value (NAV)
- Investors who want active management in niches like municipal bonds, credit, or covered calls
- Holders comparing a CEF they own against its peers on yield, coverage, and discount
Benefits
- Among the highest income available in listed funds, and a large share pay monthly
- The chance to buy a portfolio at a discount to the value of its holdings
- Active, specialist management in less-liquid areas like municipals and private credit
Risks
- Leverage magnifies both gains and losses and raises the cost of the fund when rates rise
- A distribution can include return of capital, which may quietly erode NAV over time
- Discounts to NAV can widen, hurting price even when the portfolio holds up
- High headline yields are not always fully covered by what the fund earns
What to watch
- How well the distribution is covered by income and gains — start with the Distribution Safety Score
- The discount or premium to NAV, and how it compares with the fund's own history
- How much of the distribution is return of capital (destructive vs. constructive)
- Leverage levels and how sensitive the fund is to rising short-term rates
How we rank these investments
This page is a curated universe, not a ranked buy list — the table sorts on any column. These are the dimensions we surface and what each tells you.
- Distribution yield. The current distribution as a share of price. CEF yields are among the market's highest; a very high one can also be a warning about coverage.
- Discount / premium to NAV. Whether the fund trades below (discount) or above (premium) the value of its holdings — the single most-watched CEF metric.
- Distribution coverage. How much of the payout is actually earned by the portfolio versus funded by return of capital, which can erode NAV.
- Distribution Safety Score. Dividend Vision's proprietary read on how durable a payout looks, from the same one scorer used across the site.
- Leverage. Borrowing boosts income and yield in good times but magnifies losses and gets costlier as short-term rates rise.
- Distribution frequency. How often the fund pays. Most income CEFs pay monthly, which suits investors living on the cash flow; some pay quarterly.
- Strategy & asset class. Equity, covered-call, municipal, taxable credit, or energy infrastructure — each carries a very different risk and tax profile.
- Size & liquidity. Larger, more liquid CEFs are easier to trade and tend to have tighter, more stable discounts.
Frequently asked questions
What is a closed-end fund (CEF)?
A CEF is an exchange-traded investment fund that raises money once at its IPO and then trades a fixed number of shares. Because the share count is fixed, the market price is set by supply and demand and can differ from the fund's net asset value (NAV). This page tracks 130 income-oriented CEFs with live data.
How is a CEF different from an ETF?
An ETF creates and redeems shares continuously, which keeps its price near NAV; a CEF has a fixed share count, so it can trade at a discount or premium to NAV. CEFs are also more likely to use leverage and to be actively managed in niche areas like municipal bonds or private credit.
Why do CEFs pay such high yields?
Two main reasons: many use leverage to boost the income their portfolios generate, and most distribute nearly all of what they earn (sometimes more). The combination produces yields that are among the highest in listed funds — along with commensurate risk to both the payout and the share price.
What is a discount or premium to NAV?
Net asset value (NAV) is the per-share value of the fund's holdings. When a CEF's market price is below NAV it trades at a discount; above NAV, a premium. Buying at a discount means paying less than a dollar for a dollar of assets, which can raise the effective yield — but discounts can also widen against you.
What is return of capital, and why does it matter?
Return of capital (ROC) is a portion of a distribution that isn't funded by income or realized gains. Some ROC is benign (for example, passed-through unrealized gains), but destructive ROC hands back your own principal and erodes NAV over time. Reading the coverage behind a distribution is central to judging a CEF.
Are CEF distributions safe?
It varies widely. Some CEFs have paid durable, well-covered distributions for decades, while others rely on leverage and return of capital that can't last through a downturn. The Distribution Safety Score on each ticker page is designed to help gauge how durable each payout looks. Nothing here is investment advice.
Do CEFs pay monthly?
Many income CEFs pay monthly, which is one of the main reasons investors use them for cash flow; a meaningful share pay quarterly instead. Each fund's cadence is shown on its ticker page, and you can also browse our Monthly Income ETFs list for fund alternatives.
How does leverage affect a CEF?
Leverage lets a CEF invest more than its shareholders' capital, boosting income and yield when times are good. But it magnifies losses when the portfolio falls and becomes more expensive as short-term rates rise, which is why leveraged CEFs can be more volatile than their unleveraged peers.
How are CEFs taxed?
It depends on the strategy: municipal-bond CEFs can pay largely tax-exempt income, equity CEFs may pass through qualified dividends and capital gains, and part of a distribution can be return of capital that defers tax by lowering your cost basis. Tax treatment depends on your situation — this is general information, not tax advice.
How often is this list updated?
The membership is curated, while yields, prices, and Safety Scores refresh from our data pipeline on every build. The figures reflect the most recent data run.
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