Closed end bond funds have the advantage that the total number of shares outstanding is fixed. Hence, the price is determined not by NAV but by market forces.Thanks for the nice description of closed end funds. Can you expand more on this point? For instance, Morningstar says that NQS has a discount of -10.58%, with a NAV of $15.47 and a market price of $13.97. Presumably the discount represents this difference between NAV and market price (although I can't get the math to work exactly right, maybe the discount is calculated from a market price a day earlier or something, but it seems roughly correct).Is a discount like this a Good Thing or a Bad Thing? How do I interpret it? Is it large relative to other closed end funds? Do discounts tend to grow/shrink in various interest rate environments?