Closed-End Fund Weekly Update March 1, 2013
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- Alvin Little
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1 Closed-End Fund Weekly Update March 1, 2013 U.S. Equity Funds BlackRock Energy & Resources BGR, BlackRock Real Asset Equity BCF, BlackRock Resources & Commodity BCX, and BlackRock Utility & Infrastructure BUI announced that they will replace their respective management teams. In addition, BGR, BCX, and BUI have switched subadvidsors to BlackRock International Limited. For more information, click here. The teams will also take over the funds open-end cousins. Gabelli Dividend & Income GDV raised its monthly distribution for April by 12.5% to $0.09 per share from $0.08. GAMCO Natural Resources Gold & Income GNT cut its monthly distribution for April by 14.3% to $0.12 per share from $0.14. ClearBridge Energy MLP Opps EMO $ % 1.0% $ Tortoise Energy Infrastructure TYG $ % 0.6% $1, Cushing Royalty & Income Fund SRF $ % 0.8% $ Cornerstone Strategic Value CLM $ % 0.8% $ Nuveen Core Equity Alpha JCE $ % 1.4% $ Cushing Renaissance Fund SZC $ % 0.3% $ ASA Gold and Precious Metals ASA $ % -0.4% $ Royce Focus Trust FUND $ % 0.0% $ First Trust Specialty Finance FGB $ % 1.6% $ ING Risk Mgt Natural Resources IRR $ % 1.0% $ BlackRock Energy & Resources BGR -8.0% -6.8% -4.7% 6.3% Central Securities Corporation CET -19.4% -19.1% -17.3% 3.2% Boulder Growth & Income BIF -22.9% -23.0% -19.1% 4.2% Reaves Utility Income UTG -2.6% -1.7% 3.1% 6.2% BlackRock Global Opportunities BOE -10.1% -11.1% -4.1% 9.1% RMR Real Estate Income Fund RIF -8.8% -12.6% -17.5% 6.1% JH Financial Opportunities BTO -1.7% -5.5% -10.1% 6.0% DH Financial Trends Fund DHFT -1.0% -4.6% -12.7% 0.4% Royce Value Trust RVT -10.4% -12.5% -13.7% 6.5% Gabelli Glb Health & Wellness GRX -8.9% -10.4% -15.0% 3.2% All of the U.S. Equity CEFs appear fairly valued on a three-year statistical basis. All of the U.S. Equity CEFs appear overvalued on a three-year statistical basis.
2 Morningstar Closed-End Fund Research 2 Global & International Equity Funds Macquarie Global Infrastructure Total Return MGU announced a tender offer to purchase up to 10% of outstanding shares at a price equal to 92% of net asset value. Alpine Total Dynamic Dividend AOD authorized a share repurchase plan in which the amount and timing of the offer will be at the discretion of Alpine. Japan Equity Fund JEQ $ % 2.1% $ Japan Smaller Capitalization JOF $ % 3.2% $ Aberdeen Indonesia Fund Inc IF $ % 2.5% $ BlackRock S&P Quality Rankings BQY $ % 0.7% $ Mexico Fund MXF $ % 1.1% $ European Equity Fund EEA $ % 0.8% $ Templeton Russia & East Europe TRF $ % -1.0% $ MS Eastern Europe RNE $ % -0.9% $ Nuveen Global Value Opp JGV $ % 0.0% $ MS India Investment IIF $ % -1.7% $ Alpine Global Dynamic Dividend AGD -7.8% 4.7% 8.9% 7.6% Turkish Investment Fund TKF -11.7% -11.7% -10.0% 1.4% Templeton Emerging Markets EMF -7.9% -8.4% -5.7% 1.4% Latin American Discovery Fund LDF -9.0% -9.2% -7.9% 1.0% Templeton Russia & East Europe TRF -8.4% -9.5% -5.9% 1.1% Mexico Fund MXF 0.9% -5.1% -9.0% 7.4% CBRE Clarion Global Real Est I IGR -1.3% -5.2% -9.0% 5.6% Gabelli Multimedia GGT -0.7% -4.1% -9.9% 9.2% Greater China Fund GCH -3.6% -5.6% -9.7% 0.4% Herzfeld Caribbean Basin CUBA -3.8% -10.0% -8.7% 2.2% All of the Global & International Equity CEFs appear fairly valued on a three-year statistical basis. Mexico Fund MXF, CBRE Clarion Global Real Estate IGR, and Gabelli Multimedia GGT continue to appear overvalued on a three-year statistical basis. Greater China Fund GCH also appears overvalued.
3 Morningstar Closed-End Fund Research 3 Hybrid Funds Lazard World Dividend & Income LOR $ % 1.0% $ Calamos Strategic Total Return CSQ $ % 0.6% $1, Cohen & Steers Select Pref&Inc PSF $ % 0.3% $ JH Tax-Advantaged Dividend Inc HTD $ % 0.9% $ Nuveen Quality Preferred Inc 2 JPS $ % 0.2% $1, Guggenheim Strategic Opp Fund GOF $ % 0.5% $ AGIC Gbl Equity & Conv Income NGZ $ % 0.7% $ Nuveen Tax-Adv Total Return JTA $ % 0.3% $ JH Preferred Income HPI $ % 0.4% $ Ellsworth Fund ECF $ % 0.5% $ DNP Select Income DNP 15.6% 15.7% 27.8% 7.7% RENN Glb. Entrepreneurs Fund RCG -40.2% -42.2% -28.4% 0.0% Gabelli Convertible & Income GCV -5.5% -3.5% -0.7% 8.5% Delaware Enhanced Gbl Div&Inc DEX -5.6% -5.7% -1.3% 7.5% Ellsworth Fund ECF -14.7% -14.3% -13.0% 3.4% Guggenheim Enhanced Eq. Strtgy GGE -4.4% -8.7% -12.1% 10.6% Calamos Strategic Total Return CSQ -3.4% -5.2% -10.6% 8.0% Nuveen Diversified Div & Inc JDD -0.8% -3.1% -7.3% 7.9% Calamos Global Dynamic Income CHW -7.6% -9.4% -11.4% 8.4% Lazard World Dividend & Income LOR -5.0% -11.1% -9.5% 6.7% All of the Hybrid CEFs appear fairly valued on a three-year statistical basis. Guggenheim Enhanced Equity Strategy GGE continues to appear overvalued on a three-year statistical basis. Calamos Strategic Total Return CSQ also appears overvalued.
4 Morningstar Closed-End Fund Research 4 Taxable Fixed-Income Funds Western Asset IG Defined Opp IGI $ % 0.4% $ Western Asset Premier Bond WEA $ % 0.5% $ BlackRock High Income Shares HIS $ % 0.4% $ Prudential Global Short Dur Hi GHY $ % 0.3% $ JH Investors Trust JHI $ % 0.4% $ Wells Fargo Adv Inc Opp EAD $ % 0.4% $ Nuveen Long/Short Commodity TR CTF $ % -1.2% $ BlackRock Senior High Inc Port ARK $ % 0.5% $ Global Income Fund GIFD $ % 0.4% $ DWS Strategic Income KST $ % 0.4% $ Wells Fargo Advanced Income Opportunities EAD cut its monthly distribution for April by 11.7% to $0.68 per share from $ The fund tops this week s largest price decliners list with shares down 5%. Putnam High Income Securities PCF -6.9% -3.6% -1.2% 5.8% Neuberger Berman High Yield St NHS -3.2% 0.0% 2.5% 7.7% Managed High Yield Plus HYF -4.0% -2.6% 2.9% 8.3% AGIC Convertible & Income NCV 4.6% 6.5% 8.9% 11.8% Western Asset High Income HIF -1.1% -0.8% 4.2% 7.4% Western Asset Variable Rate GFY 1.2% -2.6% -6.4% 4.6% Nuveen Credit Strat. Income JQC 3.1% -0.8% -9.2% 8.0% Nuveen Senior Income NSL 10.7% 3.7% 2.6% 6.7% Western Asset Emerg Mkts Debt ESD 0.7% -1.9% -7.3% 6.5% Nuveen Floating Rate Income JFR 6.8% 2.5% -1.3% 6.9% Putnam High Income Securities PCF appears undervalued on a three-year statistical basis. All of the Taxable Fixed-Income CEFs appear overvalued on a three-year statistical basis.
5 Morningstar Closed-End Fund Research 5 National Municipal Funds AllianceBernstein National Municipal Income AFB cut its monthly distribution for March by 5.9% to $ per share from $ MFS High Yield Municipal Trust CMU $ % 0.2% $ Dreyfus Strategic Municipals LEO $ % 0.4% $ Nuveen Select Maturities Muni NIM $ % 0.3% $ Western Asset Managed Muni MMU $ % 0.3% $ Nuveen Muni High Inc Opp NMZ $ % 0.4% $ Federated Premier Muni Income FMN $ % 0.5% $ BlackRock Muniyield Inv Qty MFT $ % 0.6% $ Nuveen Investment Quality Muni NQM $ % 0.5% $ BlackRock Long-Term Muni Adv BTA $ % 0.4% $ BlackRock MuniHoldings Fund MHD $ % 0.5% $ Nuveen Select Quality Muni NQS -3.7% 0.2% 1.7% 5.5% EV Municipal Bond II EIV -0.7% 2.9% 9.8% 5.7% Nuveen Muni Mkt Opportunities NMO -5.7% -3.0% -0.9% 5.5% Invesco VK Muni Opps. Trust VMO -0.3% 3.7% 4.0% 6.6% Nuveen Dividend Advantage 3 NZF -5.8% -3.5% -2.5% 5.3% BlackRock Strategic Muni BSD 3.8% 2.2% -0.4% 5.6% BlackRock MuniHoldings Fund II MUH 4.9% 3.5% 0.2% 5.6% BlackRock MuniVest Fund II MVT 8.6% 7.6% 4.1% 6.0% Pioneer Municipal High Income MHI 11.6% 9.5% 5.7% 6.9% Delaware Invest National Muni VFL -3.1% -4.3% -5.2% 4.5% Nuveen Select Quality Muni NQS and Eaton Vance Muni Bond II EIV appear undervalued on a three-year statistical basis All of the National Municipal Funds appear fairly valued on a three-year statistical basis.
6 Morningstar Closed-End Fund Research 6 State Municipal Funds Nuveen NY AMT-Free Municipal Income NRK cut its monthly distribution for March by 5.3% to $0.054 per share from $ Nuveen MO Premium Income Mun NOM $ % 0.5% $ BlackRock MD Muni Bond BZM $ % 0.5% $ Nuveen CA Quality Income Muni NUC $ % 0.6% $ PIMCO CA Municipal Income II PCK $ % 0.7% $ EV CA Municipal Income CEV $ % 0.4% $ Minnesota Muni Inc II MXN $ % 0.4% $ BlackRock PA Strategic Muni BPS $ % 0.7% $ Nuveen NJ Div Adv Muni 2 NUJ $ % 0.5% $ Minnesota Muni Income Port MXA $ % 0.4% $ EV MA Municipal Bond MAB $ % 0.5% $ Nuveen TX Quality Income Muni NTX 0.8% 3.7% 6.9% 4.6% EV NJ Municipal Bond EMJ -1.7% 4.8% 4.6% 4.8% Nuveen VA Premium Income Muni NPV -1.0% 2.3% 4.7% 4.8% BlackRock CA Muni 2018 Term BJZ 0.5% 1.7% 4.6% 4.3% EV MA Municipal Income MMV -3.2% 0.5% 1.0% 5.3% Delaware MN Muni Income II VMM 5.0% 0.5% -6.2% 4.3% BlackRock NY Muni Inc Qty BSE 7.2% 4.8% -0.2% 5.2% BlackRock MuniHoldings CA Qty MUC 2.2% 1.2% -3.5% 5.6% BlackRock MuniYield Arizona MZA 5.3% 3.9% -1.1% 5.2% Nuveen AZ Div Adv Muni 3 NXE -1.2% -1.9% -6.3% 4.6% Nuveen Texas Quality Income Municipal NTX and Eaton Vance New Jersey Municipal EMJ appear undervalued on a three-year statistical basis. Delaware MN Municipal Income II VMM and BlackRock NY Municipal Income Quality BSE continue to appear overvalued on a three-year statistical basis.
7 Morningstar Closed-End Fund Research 7 * All data in the accompanying tables is as of the market close Thursday, Feb. 28, One-week total price return percentages are calculated from the prior Thursday's market close. In some limited cases, funds do not disclose their daily NAV values, and in such cases their estimated NAV (based on the performance of their most recently published holdings) is used. ** The funds listed in the tables are ranked according to their one-week price total return. *** The funds listed in the tables are ranked using three-year z-scores that are not shown. This statistic measures how many standard deviations a fund's discount/premium is from its three-year average discount/premium. For instance, in these tables, a fund with a z-score of -2 would be two standard deviations below its three-year average discount/premium. Over a long period of time, a fund would be expected, statistically speaking, to have a z-score of -2 or lower only 2.14% of the time. Funds with the lowest z-scores are considered to be relatively cheap, while those with the highest z- scores are considered to be relatively expensive. We consider funds with a z-score of -2 or lower to be "statistically undervalued" and those with a z-score of +2 or higher to be "statistically overvalued."
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