After two positive quarters to start the year, the total return for the average closed-end fund (CEF) was slightly lower during the third quarter but remains positive for 2021. Indeed, the average CEF returned -1.25% during the third quarter but is up 13.49% year-to-date (YTD) through 9/30/2021. Equity CEFs returned -2.22% during the quarter but remain up 21.36% YTD. The average fixed-income CEF declined -0.77% during the third quarter, with municipal CEFs returning -1.08% and taxable fixed-income CEFs declining -0.54%. Fixed-income CEFs are up 9.05% YTD, with municipal CEFs up an average of 7.06% YTD and taxable fixed-income CEFs up 10.64% YTD. (Source: Bloomberg)