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Weekly Closed-End Fund Roundup:  February 12, 2023

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Feb. 21, 2023 5:50 PM ETACP, AGD, ASGI, BGR, BKN, BTA, BUI, DDF, DEX, EDF, EIC, ETV, EXD, GRF, GUT, IVH, KIO, LEO, MGU, NBH, NML, OPP, OPP.PB, OXLC, PDO, RCG, RFI, RMPL.P, RSF, TEI, UTF

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Summary

  • 1 retired of 22 CEF sectors affirmative connected value and 0 retired of 22 sectors affirmative connected NAV past week.
  • Senior loans lead while existent property lags.
  • MLPs stay nan astir discounted CEF sector.
  • Looking for a helping manus successful nan market? Members of CEF/ETF Income Laboratory get exclusive ideas and guidance to navigate immoderate climate. Learn More »
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Author’s note: This article was released to CEF/ETF Income Laboratory members connected February 15, 2022. Please cheque latest information earlier investing.

The Weekly Closed-End Fund Roundup will beryllium put retired astatine nan commencement of each week to summarize caller price movements successful closed-end money [CEF] sectors successful nan past week, arsenic good arsenic to item precocious concluded aliases upcoming firm actions connected CEFs, specified arsenic tender offers. Data is taken from nan adjacent of Friday, February 10th, 2023.

Weekly capacity roundup

1 retired of 22 sectors were affirmative connected value (down from 17 past week) and nan mean value return was -1.12% (down from +0.83% past week). The lead gainer was Senior Loans (+0.36%) while Real Estate lagged (-2.13%).

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0 retired of 22 sectors were affirmative connected NAV (down from 18 past week), while nan mean NAV return was -1.66% (down from +0.71% last week). The apical assemblage by NAV was Senior Loans (-0.04%) while nan weakest assemblage by NAV was Commodities (-4.18%).

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The assemblage pinch nan highest premium was Limited Duration (+3.21%), while nan assemblage pinch nan widest discount is MLPs (-14.28%). The mean assemblage discount is -5.10% (up from -5.29% past week).

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The assemblage pinch nan highest premium/discount summation was Emerging Market Income (+1.84%), while MLPs (-0.75%) showed nan lowest premium/discount decline. The mean alteration successful premium/discount was +0.20% (down from +0.62% past week).

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The assemblage pinch nan highest mean 1-year z-score is Multisector Income (+1.41), while nan assemblage pinch nan lowest mean 1-year z-score is Single-state Munis (-0.80). The mean z-score is +0.34 (up from +0.05 past week).

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The sectors pinch nan highest yields are Senior Loans (+11.19%), Multisector Income (+10.55%), and Emerging Market Income (+10.33%). Discounts are included for comparison. The mean assemblage output is +7.76% (up from +7.67% past week).

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Individual CEFs that person undergone a important alteration successful premium/discount worth complete nan past week, coupled optionally pinch an expanding NAV trend, a antagonistic z-score, and/or are trading astatine a discount, are imaginable bargain candidates.

Fund Ticker P/D decrease Yield P/D z-score Price change NAV change
Gabelli Utility Trust (GUT) -5.75% 8.45% 98.88% 0.7 -5.21% -2.46%
NB MLP and Energy Income Fund Inc. (NML) -5.21% 9.91% -15.83% 1.1 -3.55% 2.44%
Eagle Capital Growth (GRF) -5.00% 4.21% -16.62% -1.3 -0.85% 0.87%
KKR Income Opportunities Fund (KIO) -3.35% 11.03% -12.53% -1.6 -4.52% -0.45%
RENN Fund ord (RCG) -2.98% % -15.71% -1.7 -1.10% -0.94%
Oxford Lane Capital Corp (OXLC) -2.97% 14.98% 27.51% 1.5 -3.22% 0.00%
Cohen & Steers Total Return (RFI) -2.96% 7.34% 4.56% 0.0 -4.60% -1.88%
RiverNorth/DoubleLine Strategic Opp Fund (OPP) -2.90% 13.97% -12.14% -1.6 -3.63% -1.28%
PIMCO Dynamic Income Opportunities Fund (PDO) -2.80% 10.86% 2.68% 1.8 -1.53% -0.36%
BlackRock Energy and Resources (BGR) -2.66% 5.33% -11.39% 0.3 2.41% 1.49%

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Conversely, individual CEFs that person undergone a important summation successful premium/discount worth successful nan past week, coupled optionally pinch a decreasing NAV trend, a affirmative z-score, and/or are trading astatine a premium, are imaginable waste candidates.

Fund Ticker P/D increase Yield P/D z-score Price change NAV change
Neuberger Berman Municipal (NBH) 5.77% 5.19% -4.72% 0.9 4.64% -1.69%
Virtus Stone Harbor Emerging Markets Inc (EDF) 5.50% 13.72% 20.84% 2.0 -3.02% -3.84%
BlackRock Util, Infra & Power Opp (BUI) 5.00% 6.33% 0.75% 1.0 3.33% -1.77%
BlackRock Invest Qual Muni (BKN) 4.50% 4.10% -2.54% -0.6 3.74% -1.04%
Templeton Emerg Mkts Income (TEI) 4.43% 10.43% -1.38% 2.9 0.70% -3.81%
BNY Mellon Strategic Municipals (LEO) 4.30% 4.14% -5.26% 1.5 3.42% -1.26%
Eagle Point Income Co Inc (EIC) 4.21% 13.15% 16.04% 1.1 3.62% 0.00%
abrdn Income Credit Strategies Fund (ACP) 3.98% 14.53% 12.38% 1.8 3.38% -0.27%
Cohen & Steers Infrastructure (UTF) 3.97% 7.18% 4.14% 2.5 2.98% -0.92%
BlackRock Long-Term Muni Advantage (BTA) 3.69% 4.99% -1.97% -0.1 2.85% -1.02%

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Recent firm actions

These are from nan past month. Any caller news successful nan past week has a bolded date:

February 10, 2023 | Delaware Enhanced Global Dividend and Income Fund announces expiration of tender offer. Today, Delaware Enhanced Global Dividend and Income Fund (“the Fund”), a New York Stock Exchange listed closed extremity money trading nether nan awesome (DEX), announced nan preliminary results of its issuer tender connection to acquisition for rate up to 3,186,291 of its communal shares (“Common Shares”), representing up to 30% of its issued and outstanding Common Shares, without par value. The connection expired astatine 5:00 p.m., New York City time, connected Friday, February 10, 2023. Based connected existent information, astir 4,080,333 Common Shares, aliases astir 38.42% of nan Fund’s Common Shares outstanding, were tendered done nan expiration date. This full does not see shares tendered pursuant to notices of guaranteed delivery. Because nan number of shares exceeded 3,186,291 shares, nan comparative number of Common Shares that will beryllium purchased from each shareholder will beryllium prorated based connected nan number of Common Shares decently tendered. The last number of Common Shares validly tendered and accepted pursuant to nan tender connection will beryllium announced astatine a later date. The Fund expects to make rate payments for tendered and accepted Common Shares astatine a value adjacent to 98% of nan Fund’s nett plus worth [NAV] arsenic of nan adjacent of regular trading connected nan New York Stock Exchange connected Monday, February 13, 2023. Payment for Common Shares tendered and accepted is expected to beryllium sent to tendering shareholders wrong astir 10 business days aft nan expiration date. [Original tender announcement]

January 31, 2023 | RiverNorth Capital and Income Fund, Inc.* Announces Final Results of Rights Offering. RiverNorth Capital and Income Fund, Inc. (RSF) (the “Fund”) coming announced nan last results of its transferable authorities offering (the “Offering”). The Fund will rumor a full of 1,047,000 caller shares of communal banal arsenic a consequence of nan Offering, which closed connected January 27, 2023 (the “Expiration Date”). The subscription value of $15.84 per stock successful nan Offering was established connected nan Expiration Date based connected a look adjacent to 90% of nan reported nett plus worth per stock of communal stock. Gross proceeds received by nan Fund, earlier immoderate expenses of nan Offering, are expected to full astir $16.6 million. The Offering was oversubscribed and nan over-subscription requests exceeded nan over-subscription shares available. Accordingly, nan shares issued arsenic portion of nan over-subscription privilege of nan Offering will beryllium allocated pro-rata among grounds day stockholders who submitted over-subscription requests based connected nan number of authorities primitively issued to them by nan Fund. This property merchandise shall not represent an connection to waste aliases represent a inducement of an connection to buy.

Upcoming firm actions

These are from nan past month. Any caller news successful nan past week has a bolded date:

January 12, 2023 | KKR Income Opportunities Fund Announces Terms of Rights Offering and Declares Monthly Distributions. The Board of Trustees (the “Board”) of KKR Income Opportunities Fund (the “Fund”) (KIO) has approved nan position of nan issuance of transferable authorities to its shareholders of grounds arsenic specified below. The Fund coming besides announced an summation successful its monthly distributions per communal stock opening pinch nan distribution payable connected March 31, 2023, aft completion of nan Rights Offering, arsenic described below. The Board has approved nan position of nan issuance of transferable authorities (“Rights”) by nan Fund to its shareholders of grounds arsenic of nan Record Date (as defined below) entitling nan holders of these Rights to subscribe (the “Offer”) for communal shares of beneficial liking (the “Common Shares”). The grounds day for nan Offer is presently expected to beryllium January 23, 2023(the “Record Date”). Record Date Common Shareholders will beryllium entitled to acquisition 1 caller Common Share for each 3 Rights held (1 for 3). The projected subscription play is presently anticipated to expire connected February 16, 2023, unless extended by nan Fund (the “Expiration Date”). The Rights are transferable and are expected to beryllium admitted for trading connected nan New York Stock Exchange (the “NYSE”) nether nan awesome “KIO RT” during nan people of nan Offer. The subscription play will commence connected nan Record Date and expire connected nan Expiration Date. Rights whitethorn beryllium exercised astatine immoderate clip during nan subscription period. The subscription value per Common Share (the “Subscription Price”) will beryllium wished connected nan Expiration Date, and will beryllium adjacent to 92.5% of nan mean of nan past reported income value of a Common Share of nan Fund connected nan NYSE connected nan Expiration Date and each of nan 4 (4) instantly preceding trading days (the “Formula Price”). If, however, nan Formula Price is little than 82% of nan Fund’s nett plus worth (“NAV”) per Common Share astatine nan adjacent of trading connected nan NYSE connected nan Expiration Date, nan Subscription Price will beryllium 82% of nan Fund’s NAV per Common Share astatine nan adjacent of trading connected nan NYSE connected that day. Record Date Common Shareholders who workout each of their superior subscription Rights (other than those Rights that cannot beryllium exercised because they correspond nan correct to get little than 1 Common Share) will beryllium eligible for an over-subscription privilege entitling Record Date Common Shareholders to subscribe, taxable to definite limitations and allotment, for immoderate further Common Shares not purchased pursuant to nan superior subscription.­­­ The Fund besides coming announced its upcoming monthly distributions, payable connected nan dates and successful nan amounts below. Based connected nan Fund’s existent stock value of $11.64 per stock (as of marketplace adjacent connected January 11, 2023), nan distributions correspond an annualized distribution complaint of 12.53% (calculated by annualizing nan distribution magnitude and dividing it by nan existent stock price). The summation successful nan Fund’s monthly distribution complaint from $0.1050 per stock to $0.1215 per stock represents a 15.71% summation successful nan Fund’s monthly distribution.

December 22, 2022 | Delaware Investments® Dividend and Income Fund, Inc., Delaware Enhanced Global Dividend and Income Fund, and Delaware Ivy High Income Opportunities Fund Announce Date of Reorganizations. Today, nan Board of Directors/Trustees of Delaware Investments Dividend and Income Fund (NYSE: “DDF”), Delaware Enhanced Global Dividend and Income Fund(NYSE: “DEX”), and Delaware Ivy High Income Opportunities Fund (NYSE: “IVH”) announced that nan anticipated closing day of nan reorganization of DDF and DEX into abrdn Global Dynamic Dividend Fund (NYSE: “AGD”) and nan reorganization of IVH into abrdn Income Credit Strategies Fund (NYSE: “ACP”) (together, nan “Reorganizations”), will each beryllium completed by nan unfastened of business connected nan New York Stock Exchange connected Monday, March 13, 2023, taxable to nan restitution of customary closing conditions. To facilitate nan Reorganizations, each shares of DDF, DEX, and IVH will cease trading connected nan New York Stock Exchange arsenic of marketplace adjacent connected Friday, March 10, 2023.

December 22, 2022 | Macquarie Global Infrastructure Total Return Fund Inc. Announces Date of Reorganization Into abrdn Global Infrastructure Income Fund. Today, Macquarie Global Infrastructure Total Return Fund Inc. (the “Fund”), a New York Stock Exchange (NYSE)-listed closed-end money trading nether nan awesome (MGU), announced that nan anticipated closing day of nan reorganization of nan Fund into abrdn Global Infrastructure Income Fund, a NYSE-listed closed-end money trading nether nan awesome (ASGI) (the “Reorganization”), will beryllium completed by nan unfastened of business connected nan NYSE connected Monday, March 13, 2023, taxable to nan restitution of customary closing conditions. To facilitate nan Reorganization, each shares of nan Fund will cease trading connected nan NYSE arsenic of marketplace adjacent connected Friday, March 10, 2023.

November 9, 2022 | Eaton Vance Closed-End Funds Announce Proposed Merger. The Boards of Trustees of Eaton Vance Tax-Managed Buy-Write Strategy Fund (EXD) (the Acquired Fund) and Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) (the Acquiring Fund) person approved a connection for nan Acquired Fund to merge pinch and into nan Acquiring Fund. The projected merger is taxable to support by Acquired Fund shareholders astatine a Special Meeting of Shareholders scheduled for Thursday, February 2, 2023. A proxy statement/prospectus containing accusation astir nan gathering and nan projected merger will beryllium mailed to nan Acquired Fund’s shareholders of grounds arsenic of November 21, 2022. No action is needed by shareholders of nan Acquiring Fund. Each Fund is simply a diversified closed-end guidance finance institution sponsored and managed by Eaton Vance Management. Each Fund is listed connected nan New York Stock Exchange. The Acquired Fund has nan aforesaid finance objectives and substantially nan aforesaid finance policies and restrictions arsenic nan Acquiring Fund. Additional accusation regarding nan projected merger will beryllium contained successful nan proxy statement/prospectus. The merger is presently expected to beryllium completed successful nan first aliases 2nd 4th of 2023, taxable to required shareholder approvals and nan restitution of applicable regulatory requirements and customary closing conditions. If nan merger is approved, each Acquired Fund shareholder will beryllium issued communal shares of nan Acquiring Fund astatine an speech ratio based connected nan Funds’ respective nett plus values per share. Following nan merger, nan Acquiring Fund will proceed to beryllium managed successful accordance pinch its existing finance objectives and strategies.

Recent activistic aliases different CEF news

These are from nan past month. Any caller news successful nan past week has a bolded date:

January 9, 2023 | BlackRock Closed-End Fund Share Repurchase Program Update. BlackRock Advisors, LLC (“BlackRock”) released coming stock repurchase activity for definite BlackRock-advised closed-end costs (the “Funds”) during nan 4th ended December 31, 2022. The Funds person authorized unfastened marketplace stock repurchase programs (the “Repurchase Programs”) pursuant to which each Fund whitethorn repurchase, done November 30, 2023, up to 5% of its outstanding communal shares successful unfastened marketplace transactions. The Repurchase Programs activity to heighten shareholder worth by purchasing Fund shares trading astatine a discount from their nett plus worth (“NAV”) per share, which could consequence successful incremental accretion to a Fund’s NAV. Below is simply a summary of stock repurchase activity complete this past 4th and since nan inception of each Fund’s Repurchase Program:

Summary of stock repurchase activity during nan astir caller almanac 4th ended December 31, 2022:

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The magnitude and timing of immoderate repurchases nether each Fund’s Repurchase Program will beryllium wished either astatine nan discretion of nan Fund’s guidance aliases pursuant to predetermined parameters and instructions taxable to marketplace conditions. There is nary assurance that immoderate Fund will repurchase shares successful immoderate peculiar amounts. A Fund’s repurchase activity will beryllium disclosed successful its shareholder study for nan applicable fiscal period. Any repurchases made nether immoderate Repurchase Program will beryllium made connected a nationalist securities speech astatine nan prevailing marketplace price, taxable to speech requirements and definite measurement and timing limitations and different regulations nether national securities laws.

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Distribution changes announced this month

These are sorted successful ascending bid of distribution alteration percentage. Funds pinch distribution changes announced this period are included. Any distribution declarations made this week are successful bold. I've besides added monthly/quarterly accusation arsenic good arsenic yield, sum (after nan boost/cut), discount and 1-year z-score information. I've separated nan costs into 2 sub-categories, cutters and boosters.

Cutters

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Boosters

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Editor's Note: This article covers 1 aliases much microcap stocks. Please beryllium alert of nan risks associated pinch these stocks.

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Disclosure: I/we person a beneficial agelong position successful nan shares of DEX, ETV, IVH either done banal ownership, options, aliases different derivatives. I wrote this article myself, and it expresses my ain opinions. I americium not receiving compensation for it (other than from Seeking Alpha). I person nary business narration pinch immoderate institution whose banal is mentioned successful this article.

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