Closed-End Fund Weekly Update February 8, 2013
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1 Closed-End Fund Weekly Update February 8, 2013 U.S. Equity Funds BlackRock S&P Quality Rankings BQY lowered its quarterly distribution by 8% to $0.23 from $0.25 per share. Tortoise Energy Capital TYY $ % -2.2% $ H&Q Healthcare Investors HQH $ % 0.1% $ JH Financial Opportunities BTO $ % 1.2% $ Tortoise Energy Infrastructure TYG $ % -1.8% $1, BlackRock Real Asset Equity BCF $ % 0.3% $ Cohen & Steers Tot Ret Realty RFI $ % 0.3% $ ING Glb Eqty Div & Prem Opps IGD $ % -0.5% $ Mac/First Glb Infrastructure MFD $ % -1.6% $ Cohen & Steers Infrastructure UTF $ % -0.7% $1, AGIC Intl & Premium Strategy NAI $ % -1.6% $ John Hancock Financial Opportunities BTO was a top performer this week, with shares up 2.8%. The fund announced that it entered into a credit facility with Bank of America to borrow up to $110 million. Previously, the fund did not use leverage. Central Securities Corporation CET -19.7% -18.9% -17.3% 3.2% BlackRock Energy & Resources BGR -8.2% -6.1% -4.7% 6.3% BlackRock Global Opportunities BOE -9.7% -10.7% -3.9% 8.8% Reaves Utility Income UTG -1.6% -2.0% 3.3% 6.1% ING Risk Mgt Natural Resources IRR -7.0% -6.6% -0.5% 10.2% RMR Real Estate Income Fund RIF -10.4% -13.2% -17.8% 6.3% JH Financial Opportunities BTO -2.3% -6.3% -10.4% 6.1% NASDAQ Premium Income & Growth QQQX 3.4% 0.4% -3.1% 7.4% DH Financial Trends Fund DHFT -1.8% -5.5% -13.0% 0.4% H&Q Healthcare Investors HQH -0.2% -4.9% -10.6% 7.7% 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 In early January, the shareholders of Greater China Fund GCH approved Aberdeen Asset Management Asia as the fund's new investment manager. The fund also began a tender offer for up to 70% of its outstanding shares. This was largely a bone to City of London Investment Management, which has been agitating for change. In a twist, if more than 75% of outstanding shares are tendered and not withdrawn prior to expiration, the tender offer will be cancelled, the board will recommend that the fund be liquidated, and shareholder votes for such liquidation will be solicited. This week, the fund announced preliminary results of the tender offer under which about 66% of outstanding shares were tendered. Aberdeen Israel ISL $ % 2.4% $ Japan Equity Fund JEQ $ % 1.4% $ Thai Fund Inc TTF $ % 2.0% $ Clough Global Equity GLQ $ % 2.0% $ Gabelli Multimedia GGT $ % 0.5% $ Mexico Fund MXF $ % -1.3% $ Greater China Fund GCH $ % -1.4% $ Mexico Equity & Income MXE $ % -1.4% $ European Equity Fund EEA $ % -3.7% $ India Fund Inc IFN $ % -0.9% $ MS India Investment IIF -11.1% -11.7% -8.4% 0.0% Alpine Global Dynamic Dividend AGD -6.9% 6.9% 9.8% 7.5% Aberdeen Israel ISL -14.3% -14.2% -11.7% 1.3% Nuveen Global Value Opp JGV -7.1% -7.9% -4.0% 7.7% Alpine Total Dynamic Dividend AOD -13.9% -8.8% -1.3% 8.1% Mexico Fund MXF -2.0% -6.1% -9.3% 7.6% Gabelli Multimedia GGT -1.7% -5.0% -10.2% 9.2% EV Tax Adv Global Dividend Inc ETG -1.7% -6.4% -6.2% 7.9% Korea Fund KF -7.8% -9.1% -9.3% 0.0% Greater China Fund GCH -4.4% -6.2% -9.8% 0.4% All of the global & international equity CEFs appear fairly valued on a three-year statistical basis. All of the global & international equity CEFs appear overvalued on a three-year statistical basis.
3 Morningstar Closed-End Fund Research 3 Hybrid Funds Lazard World Dividend & Income LOR $ % -1.2% $ Clough Global Opportunities GLO $ % 1.9% $ First Trust/Aberdeen Emerging FEO $ % 0.0% $ Clough Global Allocation GLV $ % 1.8% $ Cohen & Steers Select Pref&Inc PSF $ % 0.0% $ RENN Glb. Entrepreneurs Fund RCG $ % -3.0% $6.8 9 Flah&Crum Claymore Tot Return FLC $ % -0.1% $ Guggenheim Strategic Opp Fund GOF $ % 0.5% $ Tortoise Power & Energy Infra TPZ $ % 0.1% $ Flah&Crum Claymore Pref Secs FFC $ % -0.1% $ DNP Select Income DNP 15.2% 16.9% 28.2% 7.8% RENN Glb. Entrepreneurs Fund RCG -41.9% -40.5% -28.3% 0.0% Delaware Enhanced Gbl Div&Inc DEX -5.3% -4.4% -1.2% 7.6% Gabelli Convertible & Income GCV -4.2% -2.8% -0.6% 8.4% Bancroft Fund BCV -14.2% -14.2% -13.4% 2.9% Guggenheim Enhanced Eq. Strtgy GGE -5.7% -9.5% -12.3% 10.5% Nuveen Tax-Adv Div Growth JTD -3.4% -4.5% -8.1% 6.8% First Trust/Aberdeen Emerging FEO -1.6% -5.3% -7.3% 6.0% Calamos Strategic Total Return CSQ -4.9% -5.2% -10.7% 8.0% Lazard World Dividend & Income LOR -5.2% -11.6% -9.6% 6.7% All of the hybrid CEFs appear fairly valued on a three-year statistical basis. Guggenheim Enhanced Equity Strategy GGE appears overvalued on a three-year statistical basis.
4 Morningstar Closed-End Fund Research 4 Taxable Fixed-Income Funds Nuveen Build America Bond NBB and Nuveen Build America Bond Opportunity NBD announced that contingent 10-year provisions went into effect on Dec. 31, The funds adopted a policy to convert to 10-year defined terms if no new Build America Bonds were issued for a continuous 24-month period ending on or prior to Dec. 31, Nuveen Short Duration Credit Opportunity JSD filed for initial registration to establish an equity shelf program. John Hancock Tax-Advantaged Dividend Income HTD announced that Lisa Welch will no longer serve on the fund s management team. Source Capital Income SOR announced a 7% increase to its quarterly distribution to $0.75 from $0.70 per share. BlackRock High Yield BHY $ % -0.4% $ PIMCO Corporate & Income Opps PTY $ % 0.4% $1, BlackRock Floating Rate Inc Tr BGT $ % 0.0% $ Sprott Physical Platinum & Pal SPPP $ % 1.7% $ Blackrock Build America Bond BBN $ % 0.3% $1, Western Asset Mortgage Def Opp DMO $ % 0.3% $ Prudential Global Short Dur Hi GHY $ % -0.1% $ American Income Fund MRF $ % 0.0% $ Nuveen Mortgage Opp Term Trust JLS $ % 0.2% $ JH Income Securities JHS $ % 0.2% $ AGIC Convertible & Income II NCZ 6.0% 9.1% 11.0% 12.1% Western Asset High Income HIF -1.5% -0.3% 4.3% 7.4% Neuberger Berman High Yield St NHS -2.5% 1.3% 2.6% 7.7% Managed High Yield Plus HYF -3.6% -1.8% 3.0% 8.3% AGIC Convertible & Income NCV 4.6% 7.3% 8.9% 11.8% Franklin Limited Duration Inc FTF 8.6% 2.8% -1.9% 6.4% BlackRock High Yield BHY 11.5% 4.7% -1.6% 6.3% MS Emerging Markets Debt MSD -4.7% -6.8% -8.6% 5.9% Western Asset Variable Rate GFY -0.4% -3.3% -6.6% 4.6% Nuveen Floating Rate Inc Opps JRO 8.5% 3.4% 1.4% 7.2% All of the taxable fixed-income CEFs appear fairly valued 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 Nuveen Intermediate Duration Muni NID privately placed $175 million of variable-rate demand preferred shares with a redemption date of March 1, BlackRock Muni 2018 Term Trust BPK $ % 0.9% $ BlackRock Muni Target Term Tr BTT $ % 0.0% $1, DTF Tax-Free Income DTF $ % 0.2% $ PIMCO Municipal Income III PMX $ % -0.1% $ Managed Duration InvGrade Muni MZF $ % 0.3% $ Invesco Muni Income Opps Trust OIA $ % 0.2% $ EV Municipal Bond II EIV $ % 0.2% $ Mainstay DefTerm Muni Opps MMD $ % 0.2% $ Nuveen Muni High Inc Opp 2 NMD $ % 0.2% $ Nuveen Municipal Value NUV $ % 0.0% $2, Nuveen Select Quality Muni NQS -1.2% 0.6% 1.8% 5.4% EV Municipal Bond II EIV 2.5% 3.4% 10.0% 5.5% Nuveen Dividend Advantage 3 NZF -5.0% -3.2% -2.4% 5.2% Nuveen Municipal Advantage NMA -3.3% -1.9% -0.9% 5.5% Nuveen Muni Mkt Opportunities NMO -3.9% -2.9% -0.8% 5.4% BlackRock MuniHoldings Fund II MUH 7.0% 2.9% 0.0% 5.5% BlackRock MuniHoldings Fund MHD 7.4% 4.3% 1.4% 5.6% Putnam Managed Muni Income PMM 5.7% 3.2% 0.3% 5.4% BlackRock MuniVest Fund II MVT 8.8% 7.1% 3.9% 6.0% DTF Tax-Free Income DTF 2.5% 1.7% -3.0% 4.7% All of the national municipal CEFs appear fairly valued on a three-year statistical basis. BlackRock MuniHoldings II MUH, BlackRock MuniHoldings MHD, and Putnam Managed Muni Income PMM appear overvalued on a three-year statistical basis.
6 Morningstar Closed-End Fund Research 6 State Municipal Funds Nuveen CA Dividend Advantage NAC and Nuveen NJ Investment Quality Muni NQJ filed for initial registration to establish equity shelf programs. Eaton Vance MA Muni MAB lowered its monthly distribution by 8% to $0.23 from $0.25 per share. Eaton Vance NJ Muni EMJ lowered its monthly distribution by 9.5% to $0.063 from $0.07 per share. Eaton Vance PA Muni EIP lowered its monthly distribution by 11.5% to $0.064 from $0.073 per share. Minnesota Muni Income Port MXA $ % 0.2% $ EV CA Municipal Income CEV $ % 0.2% $ BlackRock NY Muni 2018 Term BLH $ % 0.3% $ EV NY Municipal Bond ENX $ % 0.1% $ BlackRock NY Muni Inc Qty BSE $ % 0.1% $ Nuveen OH Div Adv Muni 2 NBJ $ % -0.1% $ Nuveen OH Div Adv Muni 3 NVJ $ % -0.1% $ Nuveen OH Quality Income Muni NUO $ % -0.1% $ Nuveen OH Div Adv Muni NXI $ % -0.1% $ EV MA Municipal Bond MAB $ % 0.2% $ Nuveen TX Quality Income Muni NTX 1.5% 4.6% 7.0% 4.5% BlackRock CA Muni 2018 Term BJZ 1.1% 1.9% 4.7% 4.3% MFS California Municipal Fund CCA -3.5% -2.3% 1.8% 4.9% EV CA Municipal Bond EVM -2.9% -4.3% 1.2% 5.1% EV NY Muni Bond II NYH 0.2% 0.3% 3.3% 4.9% Delaware MN Muni Income II VMM 5.4% -0.1% -6.5% 4.3% EV CA Municipal Income CEV 6.5% 1.4% 0.2% 5.4% EV NY Municipal Income EVY 7.9% 3.8% 1.4% 5.6% Nuveen PA Premium Income Muni2 NPY 0.5% -2.1% -5.8% 5.4% BlackRock MuniYield Arizona MZA 6.9% 3.4% -1.2% 5.1% Nuveen Texas All Quality Income Muni NTX appears undervalued on a three-year statistical basis. All of the state municipal CEFs 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. 7, 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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