Closed-End Fund Weekly Update September 2, 2014 U.S. Equity Funds Current 1-Week Price Total Return Price Fund Name Market Cap 3-Month Avg (mil) Trading Vol (000) Largest Price Gains Kayne Anderson Energy Dev Co First Trust Specialty Finance Salient Midstream & MLP Fund Kayne Anderson MidstreamEnergy BlackRock Health Sciences KED FGB SMM KMF BME $37.78 $8.86 $31.23 $43.91 $37.55 3.9% 3.5% 3.2% 2.9% 2.8% 4.9% 1.1% 2.1% 1.5% 0.8% $396.4 $126.6 $296.7 $961.9 $292.5 54 61 34 64 14 Largest Price Declines Foxby Corp Goldman Sachs MLP Income Opps Tekla Healthcare Oppos Fund EV Tax-Managed Buy-Write Inc First Trust Div & Income Fund FXBY GMZ THQ ETB FAV $1.90 $21.63 $20.06 $16.03 $9.29 -5.9% -1.1% -1.1% -0.7% -0.6% 0.4% 1.8% 0.6% 0.2% 0.6% $5.0 $954.5 $772.3 $395.2 $76.7 1 211 -58 36 Current 6-Month 3-Year Distribution Rate Discount Avg Discount Avg Discount at Current Price Fund Name • • 1-Week NAV Total Return Relatively Inexpensive ClearBridge Energy MLP Tortoise MLP Fund Tortoise Energy Infrastructure Kayne Anderson MLP Nuveen Real Estate Income CEM NTG TYG KYN JRS -7.2% -9.8% -9.5% -0.3% -5.1% -2.3% -6.8% -3.5% 1.4% -1.7% 1.8% -0.1% 8.9% 7.1% 4.7% 5.6% 5.7% 5.0% 6.0% 9.7% Relatively Expensive First Trust Specialty Finance EV Enhanced Equity Income EV Tax-Managed Buy-Write Opps AllianzGI NFJ Div Int & Prem EV Tax-Managed Glb B-W Opps FGB EOI ETV NFJ ETW 7.8% -5.7% 1.3% 1.1% -3.1% -2.9% -7.5% -1.1% -1.0% -4.9% -2.8% -11.3% -8.2% -4.6% -10.5% 7.8% 7.4% 8.7% 9.4% 9.1% All of the Relatively Inexpensive U.S. equity CEFs appear undervalued on a three-year statistical basis. All of the Relatively Expensive U.S. equity CEFs appear overvalued on a three-year statistical basis. Morningstar Closed-End Fund Research Closed-End Fund Weekly Update – September 2, 2014 2 Global & International Equity Funds Fund Name Current 1-Week Price Price Total Return Market Cap 3-Month Avg (mil) Trading Vol (000) Largest Price Gains Latin American Discovery Fund Aberdeen Latin America Equity Aberdeen Israel New Ireland Fund Brookfield Glo List Infr Inc LDF LAQ ISL IRL INF $14.99 $31.98 $17.56 $13.46 $25.21 4.1% 2.9% 2.9% 2.1% 2.1% 3.4% 2.6% 2.1% 1.3% 2.0% $102.4 $238.2 $72.9 $67.8 $260.8 8 6 5 19 35 Largest Price Declines Templeton Russia & East Europe MS Eastern Europe Central Europe Russia & Turkey MS China A Share Voya Infrastructure Ind & Mat TRF RNE CEE CAF IDE $13.43 $16.74 $26.79 $24.13 $18.07 -5.1% -3.7% -3.2% -2.7% -1.5% -3.8% -3.3% -3.4% 0.1% 0.2% $73.7 $56.5 $283.7 $528.0 $357.9 39 6 26 148 64 Fund Name • • 1-Week NAV Total Return Current 6-Month 3-Year Distribution Rate Discount Avg Discount Avg Discount at Current Price Relatively Inexpensive Aberdeen Australia Equity Asia Tigers Fund Aberdeen Chile Fund GDL Fund Templeton Russia & East Europe IAF GRR CH GDL TRF -1.3% -11.2% -3.4% -14.2% -10.7% 0.5% -10.8% 6.6% -12.9% -10.4% 5.5% -9.1% 5.8% -12.9% -9.5% 9.8% 0.5% 12.2% 6.0% 1.4% Relatively Expensive JH Hedged Equity & Income Fund New Germany Fund EV Tax Adv Global Div Opps Mexico Equity & Income Aberdeen Israel HEQ GF ETO MXE ISL -6.2% -8.9% -6.0% -9.6% -12.6% -8.2% -9.9% -6.6% -10.8% -12.4% -10.6% -10.0% -9.5% -10.8% -13.3% 8.1% 1.9% 7.1% 0.3% 1.3% All of the Relatively Inexpensive global & international equity CEFs appear fairly valued on a three-year statistical basis. John Hancock Hedged Equity & Income (HEQ) appears overvalued on a three-year statistical basis. ©2014 Morningstar, Inc. All rights reserved. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Morningstar Closed-End Fund Research Closed-End Fund Weekly Update – September 2, 2014 3 Hybrid Funds Current 1-Week Price Price Total Return Fund Name Market Cap 3-Month Avg (mil) Trading Vol (000) Largest Price Gains Tortoise Power & Energy Infra RENN Glb. Entrepreneurs Fund Virtus Total Return Fund JH Preferred Income Flah & Crum Dynamic Pref & Inc TPZ RCG DCA HPI DFP $29.61 $1.63 $4.89 $20.43 $22.97 3.8% 1.9% 1.7% 1.4% 1.4% 0.0% -2.0% 1.1% 0.3% 0.3% $205.8 $7.3 $134.3 $530.6 $440.0 15 8 132 62 71 Largest Price Declines Advent Claymore Conv & Income Lazard World Dividend & Income Flah&Crum Pref Income Opps Calamos Strategic Total Return Calamos Global Total Return AVK LOR PFO CSQ CGO $19.14 $15.79 $11.04 $12.02 $14.47 -1.6% -1.6% -0.6% -0.6% -0.5% 0.3% 0.5% 0.4% 0.3% 0.2% $451.3 $108.6 $136.1 $1,857.3 $122.4 66 29 26 336 19 3-Year Distribution Rate Current 6-Month Discount Avg Discount Avg Discount at Current Price Fund Name • • 1-Week NAV Total Return Relatively Inexpensive JH Preferred Income II Flah&Crum Pref Secs DNP Select Income JH Preferred Income III Flah&Crum Pref Income Opps HPF FFC DNP HPS PFO -6.2% -3.0% 0.9% -6.7% -4.8% -4.5% 0.8% 3.6% -6.1% 0.5% 0.1% 3.0% 17.7% -1.3% 4.9% 8.3% 8.5% 7.5% 8.2% 7.9% Relatively Expensive Lazard Glb Total Return & Inc Lazard World Dividend & Income Advent Claymore Conv & Income MFS Special Value Trust Dividend and Income Fund LGI LOR AVK MFV DNI -8.5% -3.4% -4.1% 9.9% -7.5% -9.5% -7.6% -6.9% 9.0% -9.8% -11.3% -9.1% -8.1% 4.3% -11.6% 6.8% 6.6% 5.9% 9.2% 9.8% All of the Relatively Inexpensive hybrid CEFs appear fairly valued on a three-year statistical basis. Lazard Global Total Return & Income (LGI) appears overvalued on a three-year statistical basis. ©2014 Morningstar, Inc. All rights reserved. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Morningstar Closed-End Fund Research Closed-End Fund Weekly Update – September 2, 2014 4 Taxable Fixed-Income Funds Current 1-Week Price Price Total Return Fund Name Market Cap 3-Month Avg (mil) Trading Vol (000) Largest Price Gains BlackRock Floating Rate Inc Tr Western Asset Mortgage Def Opp PIMCO Income Opportunity Western Asset Emerg Mkts Debt Pacholder High Yield Fund BGT DMO PKO ESD PHF $14.17 $24.52 $29.14 $18.40 $8.61 2.8% 2.6% 2.4% 2.4% 2.4% 0.2% -0.1% 0.2% 0.6% 0.2% $335.3 $255.3 $435.7 $566.6 $111.9 50 23 42 89 30 Largest Price Declines NexPoint Credit Strategies Fun Babson Cap Participation Invs Babson Capital Corporate Invs Western Asset Variable Rate TCW Strategic Income NHF MPV MCI GFY TSI $11.25 $13.34 $15.32 $17.07 $5.54 -2.9% -1.2% -1.2% -0.8% -0.7% -0.3% 0.0% 0.0% 0.1% 0.0% $718.7 $136.7 $297.1 $113.8 $264.2 189 11 13 17 80 Fund Name • • 1-Week NAV Total Return Current 6-Month 3-Year Distribution Rate Discount Avg Discount Avg Discount at Current Price Relatively Inexpensive AllianceBernstein Glb High Inc Blackstone/GSO LS Credit Inc. Templeton Global Income Deutsche Multi-Market Income Templeton Emerging Mkts Income AWF BGX GIM KMM TEI -8.6% -9.5% -8.7% -9.0% -6.8% -5.3% -7.4% -6.9% -7.9% -2.6% -0.2% -2.7% 0.2% 1.9% 0.6% 7.0% 6.9% 3.8% 7.2% 6.0% Relatively Expensive Calamos Convertible & High Federated Enhanced Treasury In PIMCO Global StocksPLUS & Inc Nuveen Diversified Currency Op AGIC Convertible & Income II CHY FTT PGP JGT NCZ 0.5% -8.0% 78.5% -9.4% 14.7% -1.1% -9.1% 67.7% -11.8% 15.8% -4.7% -10.9% 63.5% -12.4% 10.3% 8.1% 3.8% 8.5% 6.9% 10.7% AllianceBernstein Global High Income (AWF) appears undervalued on a three-year statistical basis. All of the Relatively Expensive taxable fixed-income CEFs appear fairly valued on a three-year statistical basis. ©2014 Morningstar, Inc. All rights reserved. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Morningstar Closed-End Fund Research Closed-End Fund Weekly Update – September 2, 2014 5 National Municipal Funds Current 1-Week Price Price Total Return Fund Name • 3-Month Avg Market Cap Trading Vol (000) (mil) Largest Price Gains Nuveen AMT-Free Muni Value BlackRock MuniVest Mainstay DefTerm Muni Opps BlackRock MuniYield BlackRock Municipal Income II NUW MVF MMD MYD BLE $16.66 $9.83 $17.87 $14.51 $14.71 2.5% 2.4% 2.4% 2.3% 2.0% 0.5% 0.6% 1.0% 0.9% 0.9% $219.8 $629.0 $492.4 $676.7 $345.0 25 107 70 81 56 Largest Price Declines Deutsche Strategic Muni Inc BlackRock Muni 2018 Term Trust Dreyfus Municipal Income DTF Tax-Free Income Nuveen Select Maturities Muni KSM BPK DMF DTF NIM $13.59 $15.99 $9.09 $15.66 $10.37 -0.7% -0.6% -0.2% -0.1% 0.1% 0.7% 0.2% 0.7% 0.7% 0.3% $151.1 $254.4 $188.3 $133.4 $129.0 24 26 33 19 19 Fund Name • 1-Week NAV Total Return Current 6-Month 3-Year Distribution Rate Discount Avg Discount Avg Discount at Current Price Relatively Inexpensive PIMCO Municipal Income III BlackRock Strategic Muni BlackRock Invst. Quality Muni MFS Municipal Income BlackRock Muni 2018 Term Trust PMX BSD BKN MFM BPK 1.4% -9.9% -6.0% -11.2% 0.7% 4.7% -6.9% -3.8% -8.1% 2.4% 11.0% -2.3% 0.9% -0.4% 4.0% 6.8% 6.7% 6.4% 6.1% 4.0% Relatively Expensive Pioneer Municipal High Income Pioneer Muni High Inc Adv BlackRock Municipal 2020 BlackRock MuniAssets Fund Western Asset Intermediate Mun MHI MAV BKK MUA SBI 12.2% 19.8% 0.9% -5.0% -3.9% 12.9% 22.1% 1.6% -6.3% -5.4% 8.7% 15.5% 0.2% -4.4% -2.9% 7.6% 7.6% 3.9% 5.7% 4.8% PIMCO Municipal Income III (PMX) and BlackRock Strategic Municipal (BSD) appear undervalued on a three-year statistical basis. All of the Relatively Expensive national municipal CEFs appear fairly valued on a three-year statistical basis. ©2014 Morningstar, Inc. All rights reserved. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Morningstar Closed-End Fund Research Closed-End Fund Weekly Update – September 2, 2014 6 State Municipal Funds Current 1-Week Price Price Total Return Fund Name • 3-Month Avg Market Cap Trading Vol (000) (mil) Largest Price Gains BlackRock MuniYield Arizona Nuveen CA Municipal Value 2 Nuveen CA Select Tax-Free Minnesota Muni Income Port EV NY Muni Bond II MZA NCB NXC MXA NYH $14.85 $16.59 $15.49 $15.72 $12.03 3.0% 2.4% 2.3% 2.1% 1.9% 0.7% 0.4% 0.5% 0.6% 0.7% $68.0 $54.6 $97.2 $65.2 $30.9 6 5 14 4 3 Largest Price Declines Nuveen PA Municipal Value Fund BlackRock VA Municipal Bond EV PA Municipal Bond EV NJ Municipal Bond EV PA Municipal Income NPN BHV EIP EMJ EVP $15.08 $16.34 $12.79 $12.78 $12.03 -4.0% -1.2% -1.1% -0.9% -0.7% 0.4% 0.6% 0.6% 0.9% 0.7% $18.4 $26.0 $37.9 $33.3 $32.7 6 2 3 5 3 Fund Name • 1-Week NAV Total Return Current 6-Month 3-Year Distribution Rate Discount Avg Discount Avg Discount at Current Price Relatively Inexpensive PIMCO CA Municipal Income II Invesco Trust NY Inv Gra Mn PIMCO NY Municipal Income III PIMCO NY Municipal Income II BlackRock CA Municipal Income PCK VTN PYN PNI BFZ 8.7% -7.7% -0.2% 2.8% -8.5% 12.4% -3.5% 4.3% 7.2% -6.2% 18.7% 0.3% 6.6% 9.3% -2.7% 6.8% 6.4% 6.7% 6.9% 5.9% Relatively Expensive Nuveen CA Select Tax-Free Nuveen CA Municipal Value 2 Nuveen NY Municipal Value BlackRock MuniYield Arizona Nuveen CA Muni Value NXC NCB NNY MZA NCA 0.7% -4.6% -1.3% 0.7% -2.5% -1.8% -6.4% -2.3% 2.0% -2.9% -3.3% -5.8% -2.6% --2.8% 4.4% 4.7% 3.9% 5.6% 4.6% PIMCO CA Municipal Income II (PCK), Invesco Trust NY Investment Grade Municipal (VTN), and PIMCO NY Municipal Income III (PYN) appear undervalued on a three-year statistical basis. All of the Relatively Expensive state municipal CEFs appear fairly valued on a three-year statistical basis. ©2014 Morningstar, Inc. All rights reserved. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Morningstar Closed-End Fund Research Closed-End Fund Weekly Update – September 2, 2014 7 All data in the accompanying tables is as of the market close Friday, Aug. 29, 2014. One-week total price return percentages are calculated from the prior Friday'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 Weekly Performance Standouts tables are ranked according to their one-week price total return. *** The funds listed in the Discount and Premium Outliers 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 zscores 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." ©2014 Morningstar, Inc. All rights reserved. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
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