Closed-End Funds: Section Under Development Monday, January 12, 2015 Review and Outlook Amid volatile trading, most closed-end fund (CEF) groups ended trading on Friday with mixed results for the week. While most equity-focused funds saw choppy trading last week, municipal bond fund groups were extending recent advances. Leading gainers last week were the following groups: Equity-Natural Resources, Debt-Income/Preferred, Debt-Muni (Intermediate), Equity-Emerging Markets, Debt-Muni (PA), and Debt-Muni (NJ). The top 2 advancing CEF groups since 9/30/14 include Equity-Health & Biotech and Real Estate. Looking ahead, while this week will see a number of economic releases, including retail sales data for December (Wednesday), the main events on the horizon are the European Central Bank’s monetary policy meeting on Jan. 22 and the Federal Open Market Committee meeting on Jan. 27-28. Latest Events Karpus Management, Inc. (dba Karpus Investment Management [KIM]) disclosed in a 13D/A filing on Friday (1/9/15) that its holdings of the Zweig Total Return Fund Inc. (ZTR) had fallen to 1,614,718 shares (4.85%) following a series of sales from 11/4-12/31 (-768,150 shares). KIM also disclosed in a separate 13D/A filing that its holdings of the Nuveen Dividend Advantage Municipal Fund 3 (NZF) had fallen to 3,114,095 shares (8.57%) following transactions from 11/412/23 (-450,625 shares). 116 114 112 110 108 106 104 102 100 98 96 94 92 90 88 86 84 82 80 78 76 74 72 AST's CEF Group Price Performance Indexes (Avg. % Change, Rebased to 100) 116 114 112 110 108 106 104 102 100 98 96 94 92 90 88 86 84 82 80 78 76 74 72 8-Jan 5-Jan 30-Dec 24-Dec 19-Dec 16-Dec 11-Dec 8-Dec 3-Dec 28-Nov 24-Nov 19-Nov 14-Nov 11-Nov 6-Nov 3-Nov 29-Oct 24-Oct 21-Oct 16-Oct 13-Oct 8-Oct 3-Oct 30-Sep Among individual funds, the top 5 gainers last week were the ASA Gold & Precious Metals Limited (ASA), Cornerstone Total Return Fund, Inc. (CRF), Turkish Investment Fund, Inc. (TKF), Gabelli Convertible & Income Securities Fund Inc. (GCV), and Korea Fund Inc. (KF). Among municipal bond funds, the top gainer last week was the Neuberger Berman New York Intermediate Municipal Fund Inc. (NBO). Weekly Results For Selected Closed-End Fund Groups * Top CEF Groups Last Week (Color Code in Table) Investment Focus Avg Weekly Top Avg Distr Highest Avg Disc / Lowest Price Chg % Perf * Yield ** Yield * Premium D/P * Equity-Nat Resources +3.73% ASA 8.52% IRR -7.14% ASA Debt-Income/Preferred +2.00% PFO 7.86% FPF -5.36% SCD Debt-Muni (Intermediate) +2.00% FPT 5.20% NBH -8.01% FPT Equity-Emerging Mkts +1.76% TKF 2.30% IHD -9.95% ISL Debt-Muni (PA) +1.66% MPA 5.57% MPA -10.03% BPS Debt-Muni (NJ) +1.51% EMJ 5.72% MJI -10.88% NXJ Debt-Muni (NY) +1.48% NBO 5.26% PYN -7.04% NXK Debt-Muni +1.44% MVT 5.78% EXD -6.58% NZF Debt-Muni (Other States) +1.31% NMS 5.16% MIY -7.88% EMI Debt-Muni (CA) +1.16% EIA 5.52% PZC -4.29% CCA Real Estate +1.16% RIT 6.93% PGZ -12.04% RIF Debt-Muni (Higher Yield) +1.08% MAV 6.41% MAV -0.95% CXE TIC Top Performer, Each Top Group (Last Week) ASA ASA Gold & Precious Metals Limited Equity-China (PRC) Top & Bottom Groups / Avg. Price Performance Last Week (Full List on Homepage) -0.18% CHN 0.67% CHN -11.56% JFC PFO Flaherty & Crumrine Preferred Income Opp. Fund Closed-End Funds -0.28% CFP 10.46% CFP -6.46% SPE FPT Federated Premier Intermediate Municipal Income Fd Diversified Asset Allocation -0.28% LCM 8.48% DNI -8.11% GDL TKF Turkish Investment Fund, Inc. Convertible Securities -0.37% GCV 7.60% NCZ -4.48% ECF MPA BlackRock MuniYield Pennsylvania Quality Fund Equity-Dividend Income -0.48% EOD 8.06% IGD -8.57% AOD EMJ Eaton Vance New Jersey Municipal Bond Fund Equity-Latin America -0.58% LAQ 5.12% MXF -5.63% MXE Date Calendar of Upcoming Events Equity-Europe -0.70% CEE 2.52% TRF -10.56% IRL 14-Jan U.S. Retail Sales (December) Equity-Infrastructure/Utilities -0.75% ERH 7.22% IDE -4.56% UTF 14-Jan Federal Reserve "Beige Book" Equity-Global -0.76% JDD 6.85% GAB -10.46% DNY 16-Jan Consumer Price Index (December) Debt-Specialty -0.82% WIW 3.55% FTT -11.93% WIA 22-Jan EEA tender offer commences (PR 12/19/14) Equity-Specialty -1.28% JRI 9.65% GGT -2.20% BCX 22-Jan ECB Governing Council meeting Energy -2.45% BGR 8.17% SRF -6.11% TTP 28-Jan FOMC meeting (policy statement) Energy-MLPs -3.21% CEN 7.31% SRV -2.73% SMM Date DISCLAIMER: This report references and is based on current public information that we consider reliable, including data and statements made by third parties, but we do not represent that it is accurate or complete, and should not be relied on as such. AST Fund Solutions is not responsible for any errors, omissions or inaccuracies contained in this report or any liabilities that may result from reliance thereon. Nothing in this report should be considered or used as legal or financial advice. All copyrights are owned by their respective authors. 9-Jan-15 Week Ending 1/9 As of Jan. 9 As of Jan. 9 * Tables show group averages along with the tickers of the weekly top performing CEF in the group (% price change), highest yielding CEF in the group (distribution rates), and the CEF in the group with the deepest discount / smallest premium to NAV (price as of [date] and latest NAV). ** Distribution Yield = latest gross distribution annualized and divided by the closing price. © 2015 AST Fund Solutions, LLC
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