I was wondering why certain CEFs trade at such large discounts to NAV. For example, BIF trades at a 22% discount to NAV. It's total market cap is 200M. It is mostly US equities 1/3 of which is BRK-A. 1) Why aren't arbitragers stepping in and buying the fund and shorting the holdings? Or 2) why isn't someone buying all the shares and closing out the CEF at a 20% profit?