Closed-End Bargains Hard to Find

Bargains in closed-end funds continue to erode like a snowman in a spring rainstorm.

In March, shares of closed-end funds covered by Lipper traded at a median discount of 2.34% to net asset value, the lowest level in 12 months. That level marked a 0.86 percentage-point decline from the end of February.

During the one-year period ended March 31, the combined discount on closed-end funds declined by 4.29 percentage points. ...