Closed-end funds

A guide to investing in closed-end funds

We believe in our closed-end funds

Closed-end funds have been at the heart of BlackRock since our founding in 1988. We are committed to delivering long-term value and have created tangible gains for our shareholders through our years of expertise. The activist hedge fund, Saba Capital Management L.P. (“Saba”) has targeted BlackRock’s closed-end funds. Here’s what you need to know.
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CEF Performance updates
Saba inaccurately claims BlackRock CEFs are not performing as intended. See how we have improved discounts and outperformed benchmarks in recent years.
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Latest CEF announcements
Stay on top of recent announcements regarding the increase in distribution rates, discount management programs (DMPs), and management fee waivers.

Key benefits


Higher potential income and return

Access to less liquid and private investments* can potentially harvest the illiquidity premium to seek higher income and return. Unlike private funds there are no performance fees and simplified tax reporting (i.e. no K-1).


Stay fully invested

“Closed” structure allows for greater flexibility in the types of investment strategies that can be used and helps portfolio managers stay invested for the long–term without forced selling.


Intra-day liquidity

Listed CEFs can offer intra-day liquidity. The term feature ensures NAV liquidity upon maturity.

*Restricted and Illiquid Investments Risk. Certain closed-end funds may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The fund may not be able to readily dispose of such investments at prices that approximate those at which the fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the fund’s NAV and ability to make dividend distributions. The financial markets have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time.