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QUARTERLY CLOSED‐ENDFUND REVIEW & OUTLOOK
John Cole Scott, CFSPortfolio Manager, Executive Vice President
Closed‐End Fund Advisors, Inc.
3th Quarter 2013 Review & 4nd Quarter 2013 Outlook
Intermediate/Advanced CEF Skill Level
October 9, 2013
Closed‐End Fund Advisors is a Registered Investment Advisory Firm Specializing in Closed‐End Fund Research, Trading and Management Founded in 1989.
DisclaimerImportant: The information in this presentation is not for general circulation and should not be considered an offer, or solicitation, to deal in any of the mentioned funds. The information is provided on a general basis for information purposes only, and is not to be relied on as advice, as it does not take into account the investment objectives, financial situation or particular needs of any specific investor.
Any research or analysis used to derive, or in relation to, the information herein has been procured by Closed‐End Fund Advisors (“CEFA”) for its own use, and may have been acted on for its own purpose. The information herein, including any opinions or forecasts have been obtained from or is based on sources believed by CEFA to be reliable, but CEFA does not warrant the accuracy, adequacy or completeness of the same, and expressly disclaims liability for any errors or omissions. As such, any person acting upon or in reliance of these materials does so entirely at his or her own risk. Any projections or other forward‐looking statements regarding future events or performance of countries, markets or companies are not necessarily indicative of, and may differ from, actual events or results. No warranty whatsoever is given and no liability whatsoever is accepted by CEFA or its affiliates, for any loss, arising directly or indirectly, as a result of any action or omission made in reliance of any information, opinion or projection made in this presentation.
The information herein shall not be disclosed, used or disseminated, in whole or part, and shall not be reproduced, copied or made available to others without CEFA expressed written permission. CEFA reserves the right to make changes and corrections to the information, including any opinions or forecasts expressed herein at any time, without notice.
2www.CEFadvisors.com
What Is CEF Advisors?
3www.CEFadvisors.com
• Investment Management Research & Data• Independent, Fee Only & Family Owned • “Scott Letter: Closed‐End Fund Report”• Discretionary Portfolio Management• Daily CEF News Alert System• Weekly “CEFA’s Closed‐End Fund Universe” Report • Monthly “Best Ideas” CEF List (Nov 2013)
• Hourly & Project‐Based CEF Consulting Work• Founder: “CEF Network” on LinkedIN (1090 members)
Current Closed‐End FundOptions & Assets
4www.CEFadvisors.com
• 41 (‐1) US Equity Funds• 121 (+4) Specialty Equity Funds• 62 Non US Equity Funds
224 Total Equity Funds
• 168 (+2) Taxable Bond Funds• 105 (‐1) National Municipal Bond • 104 State Specific Municipal
Bond 377 Total Bond Funds Source: CEF Universe Data
3Q 2013 Ended with 601* US listed Closed‐End Funds
Source: CEFA’s CEF Universe Report 9/30/13 (cefuniverse.com)
Various CEF Overview Data for Major Groups
5www.CEFadvisors.com
Source: CEFA’s Closed‐End Fund Universe 9/30/13 (www.cefuniverse.com)
Closed‐End Current Discounts
6www.CEFadvisors.com
Source: CEFA’s Closed‐End Fund Universe (www.cefuniverse.com)
US Equity ‐9.25Non US Equity ‐9.61
Special Equity ‐7.06
Taxable Bond ‐5.77 Nat Muni Bond ‐5.44
State Muni Bond ‐6.4
‐11.00
‐10.00
‐9.00
‐8.00
‐7.00
‐6.00
‐5.00
‐4.00
‐3.00
Average CE
F Discou
nt
Avg CEF Discount % as of September 30, 2013
Closed‐End Discount Trends
7www.CEFadvisors.comSource: CEFA’s Closed‐End Fund Universe (www.cefuniverse.com)
3Q 2013 Ended with an average CEF Discount of ‐6.72%
‐15 %
‐12 %
‐9 %
‐6 %
‐3 %
0 %
3 %
4‐May‐12 4‐Aug‐12 4‐Nov‐12 4‐Feb‐13 4‐May‐13 4‐Aug‐13
All CEFs ‐ Average CEF Discount04‐May‐12 ‐ 30‐Sep‐13
All CEFs
Closed‐End Discount Trends
8www.CEFadvisors.com
Source: CEFA’s Closed‐End Fund Universe (www.cefuniverse.com)
‐20 %
‐15 %
‐10 %
‐5 %
0 %
5 %
10 %
1‐Oct‐12 1‐Jan‐13 1‐Apr‐13 1‐Jul‐13
Main Peer Groups ‐ Average CEF Discount01‐Oct‐12 ‐ 30‐Sep‐13
US Equity Non US Equity Special Equity Taxable Bond Nat Muni Bond State Muni Bond
Closed‐End Funds: By Yield(Total Market Price Distribution Yield)
11.6%
22.3%
37.3%
21.8%
7.0%
Yield Under 5%
Yield 5%-6.5%
Yield 6.5%-8%
Yield 8% -10%
Yield Over 10%
Note: 601 closed-end funds; data as of 9/30/13 , Source: CEFA’s Closed-End Fund Universe (www.cefuniverse.com)
9
Relative UNII for CEF Bond Funds
10www.CEFadvisors.com
Source: CEFA’s Closed‐End Fund Universe (www.cefuniverse.com)
‐60 %
‐40 %
‐20 %
0 %
20 %
40 %
60 %
4‐May‐12 4‐Aug‐12 4‐Nov‐12 4‐Feb‐13 4‐May‐13 4‐Aug‐13
Main Peer Groups - Relative UNII04-May-12 - 30-Sep-13
Taxable Bond Nat Muni Bond
Return of Capital (90 Day) For CEFs
11www.CEFadvisors.com
Source: CEFA’s Closed‐End Fund Universe (www.cefuniverse.com)
0.0 %
5.0 %
10.0 %
15.0 %
20.0 %
25.0 %
30.0 %
35.0 %
40.0 %
45.0 %
50.0 %
4‐May‐12 4‐Aug‐12 4‐Nov‐12 4‐Feb‐13 4‐May‐13 4‐Aug‐13
Main Peer Groups - Historical ROC04-May-12 - 30-Sep-13
US Equity Non US Equity Special Equity Taxable Bond Nat Muni Bond State Muni Bond
Destructive RoC
12www.CEFadvisors.com
Source: CEFA’s Closed‐End Fund Universe 9/30/13 (www.cefuniverse.com)
Fund Grouping # Funds with Destructive RoC
% Funds with Destructive RoC
Average Destructive RoC %
US Equity Funds5 12% 48%
Non‐US Equity Funds7 11% 26%
Specialty Equity Funds20 17% 30%
Equity CEF 32 14% 32%
Taxable Bond Funds28 17% 18%
National Muni Bond Funds6 6% 20%
State Muni Bond Funds1 1% 12%
Bond CEF 35 9% 18%
Average CEF 67 11% 25%*Whitepaper
Top 10 Funds with Highest Destructive RoC %
13www.CEFadvisors.com
Source: CEFA’s Closed‐End Fund Universe 9/13/13 (www.cefuniverse.com)
Rank Ticker Name Classification Destructive RoC %
1 SRF Cushing Royalty & Income Fund Specialty Equity Funds 96.7%
2 EXD Eaton Vance Tax Adv Bnd & Optn National Muni Bond Funds 96.5%
3 BCF Blackrock Real Asset Equity Specialty Equity Funds 85.3%
4 BCX Blackrock Resources&Commod. Specialty Equity Funds 74.5%
5 IRR ING Risk Managed Nat'l Res Specialty Equity Funds 66.0%
6 CFP Cornerstone Progressive Rtrn U.S. Equity Funds 65.3%
7 GGE Guggenheim Enh Eqty Strategy U.S. Equity Funds 63.2%
8 JGT Nuveen Diversified Currency Opp Taxable Bond Funds 56.3%
9 MIN MFS Intermediate Incme Tr Taxable Bond Funds 52.5%
10 GNT GAMCO Natural Resources Gold Specialty Equity Funds 51.0%
Earnings Coverage RatioFor Closed‐End Funds
14www.CEFadvisors.com
Source: CEFA’s Closed‐End Fund Universe (www.cefuniverse.com)
0 %
20 %
40 %
60 %
80 %
100 %
120 %
1‐Jun‐12 1‐Sep‐12 1‐Dec‐12 1‐Mar‐13 1‐Jun‐13 1‐Sep‐13
All Groups - Earnings Coverage Ratio01-Jun-12 - 30-Sep-13
All CEFs All Equity All Bond US Equity Non US Equity
Special Equity Taxable Bond Nat Muni Bond State Muni Bond
Income Only YieldFor Closed‐End Funds
15www.CEFadvisors.com
Source: CEFA’s Closed‐End Fund Universe (www.cefuniverse.com)
1 %
2 %
3 %
4 %
5 %
6 %
7 %
8 %
9 %
10 %
1‐Oct‐12 1‐Jan‐13 1‐Apr‐13 1‐Jul‐13
Main Peer Groups ‐ Income ‐ Historical Dividend01‐Oct‐12 ‐ 30‐Sep‐13
US Equity Non US Equity Special Equity Taxable Bond Nat Muni Bond
2Q & 3Q 2013 Closed‐End FundDividend Increases vs. Decreases
16www.CEFadvisors.com
Source: Fund Press Releases
Dividend Announcement
Number of Announcements
Average Percentage Change
Dividend Maintains 3566 (91%) N/A
Dividend Increases 123 (3%) +5.09%
Dividend Decreases 227 (6%) ‐7.12%
Under 5% Increase 84 (68%) +1.7%
Over 5% Increase 39 (32%) +15.74%
Under 5% Decrease 105 (46%) ‐2.56%
Over 5% Decrease 122 (54%) ‐10 %
Recent Closed‐End FundDividend Increases vs. Decreases
17www.CEFadvisors.com
Source: Fund Press Releases
0
20
40
60
80
100
120
140
160
180
U.S. Equity Funds Non U.S. Equity Funds Specialty Equity Funds Taxable Bond Funds National Muni BondFunds
Major CEF Groups: Number of dividend decreases / increasesApril 1, 2013 to September 30, 2013
Div Decreases
Div Increases
Closed‐End Funds: By Average Daily Liquidity (thousands)
4.0%
13.0%
19.5%
26.1%
26.6%
8.7%
1.7% 0.5%
under $100
$100 - $250
$250 - $500
$500 - $1,000
$1,000 - $2,500
$2,500 - $5,000
$5,000 - $10,000
$10,000 +
Note: 601 closed-end funds; data as of 9/30/13 , Source: CEFA’s Closed-End Fund Universe (www.cefuniverse.com)
18
CEF Volume Trends
19www.CEFadvisors.com
Source: CEFA’s Closed‐End Fund Universe Report
Fund Grouping Avg Vol30day
Avg Vol90day
Volume Trend
US Equity Funds83,063 84,371 ‐1%
Non‐US Equity Funds72,463 68,250 2%
Specialty Equity Funds124,549 130,964 ‐1%
Ave Equity CEF 102,539 105,077 0%
Taxable Bond Funds127,462 130,401 ‐2%
National Muni Bond Funds101,750 110,568 ‐8%
State Muni Bond Funds33,029 34,279 ‐1%
Ave Bond CEF 94,250 100,344 ‐3%
Average CEF 97,339 100,815 ‐2%Data as of September 30, 2013
CEF Press Release Summary(1979 CEF PRs in 3Q)
20www.CEFadvisors.com
Source: Fund Press Releases
Announcement Type 3Q 2013 YTD 2013 3Q 2012 Avg per Q since 2012
Investment Policy Change 6 24 33 15
Leverage Amount Change 18 44 1 13
Name Change 2 11 3 8
Rights Issue 6 19 5 5
Tender Offer 13 51 43 22
Director Change 0 34 0 8
Fund Manager Change 0 15 11 10
Secondary Offering 2 7 1 10
Distribution Policy Change 0 8 1 2
Leverage Type Change 15 31 1 7
3Q & YTD 2013 Closed‐End FundNAV / Market Price Performance
21www.CEFadvisors.com
Source: CEFA’s Closed‐End Fund Universe Report
Fund Grouping 3Q NAV
3Q Mkt Pr
YTD NAV
YTD Mkt Pr
US Equity Funds 5.6% 3.1% 14% 15.3%
Non‐US Equity Funds 5.8% 3.9% 4.4% 2.7%
Specialty Equity Funds 3.1% ‐0.9% 7.9% 4.4%
Ave Equity CEF 4.4% 1.2% 8.1% 6%
Taxable Bond Funds 2.1% ‐0.6% 2.5% ‐3.1%
National Muni Bond Funds ‐1.7% ‐3.5% ‐6.8% ‐13.3%
State Muni Bond Funds ‐1.3% ‐4.3% ‐6.9% ‐14.5%
Ave Bond CEF 0.2% ‐2.5% ‐2.7% ‐9.2%
Average CEF 1.7% ‐1% 1.3% ‐3.5%
22www.CEFadvisors.com
Source: AST Group Activist Report: – www.cefinsight.com
Month Filed
Filing/Type
Closed‐End Fund Investor Notes
Sept 13D/A American Strategic Income Portfolio Inc III (CSP)
SIT Investment Inc (16.21%)
August 13D/A Swiss Helvetia Fund Inc (SWZ) Bulldog 5.5%
August Rights Thai Fund Inc (TTF) Public 98.5% of NAV per share
July 13D/A American Strategic Income Portfolio Inc II (BSP)
Bulldog Inc (5.6%)
July Rights Cornerstone ProgressiveReturn Fund(CFP)
ProviseManagement
one Right for each Common Share
Closed‐End Fund Activist Update
23www.CEFadvisors.com
CEF Institutions & Activist Holdings
Source: CEFA’s Closed‐End Fund Universe (www.cefuniverse.com)
Activist Holdings Trends‐previous 6 months‐
Increase: 219 fundsDecrease: 63 funds
Closed‐End Fund Historical IPOs
24www.CEFadvisors.com
Source: Fund Press Releases, CEF Association
2013YTD 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
Number of IPOs 21 23 19 17 13 2 40 21 47 50 48
Average Assets
In $ millions$634 $517 $316 $451 $200 $131 $690 $506 $452 $462 $591
Total New CEF IPO
Assets in $ Billions
$13.3 $11.9 $6.0 $7.7 $2.6 $0.3 $27.6 $10.6 $21.2 $23.1 $28.4
10 Year Average: 28 Funds per year, $432M Ave Fund, $13.9 Billion Per Year
3Q 2013 IPO Details
25www.CEFadvisors.com
KKR Income Opportunities Fund (KIO)IPOed on July 26, 2013
IPO Price: $20.00 IPO Assets: $305MPrice as of 9/30/13: $17.39 Disc/Prm as of 9/30/13 : ‐9.47%
THL Credit Senior Loan Fund (TSLF)IPOed on September 20, 2013
IPO Price: $20.00 IPO Assets: $132MPrice as of 9/30/13: $20.12 Disc/Prm as of 9/30/13 : 6.01%
Center Coast MLP & Infrastructure Fund (CEN)IPOed on September 26, 2013
IPO Price: $20.00 IPO Assets: $290.5MPrice as of 9/30/13: $20.00 Disc/Prm as of 6/28/13 : 4.71%
Source: Fund Press Releases
IPOs during 4Q 2012 – 2Q 2013Current Discount / Premium
26www.CEFadvisors.com
Data as of September 30, 2013 Source: CEFA’s Closed‐End Fund Universe Report
Closed‐End Fund90 Day NAV – Market Price Correlation
27www.CEFadvisors.com
Source: CEFA’s Closed‐End Fund Universe Report
Fund Grouping NAV/Mkt Cor
US Equity Funds 68.3%
Non‐US Equity Funds 77.1%
Specialty Equity Funds 75.4%
Ave Equity CEF 74.6%
Taxable Bond Funds 58.3%
National Muni Bond Funds 78.6%
State Muni Bond Funds 80.3%
Ave Bond CEF 70.1%
Average CEF 71.7%
90 Day NAV/Price CorrelationFor Closed‐End Funds
28www.CEFadvisors.com
Source: CEFA’s Closed‐End Fund Universe (www.cefuniverse.com)
0
10
20
30
40
50
60
70
80
90
100
22‐Jun‐12 22‐Sep‐12 22‐Dec‐12 22‐Mar‐13 22‐Jun‐13 22‐Sep‐13
All Groups - 90 Day NAV/Price Correlation22-Jun-12 - 30-Sep-13
All CEFs All Equity All Bond US Equity Non US Equity
Special Equity Taxable Bond Nat Muni Bond State Muni Bond
Closed‐End FundMarket Price Volatility vs. NAV Volatility (1 Year)
29www.CEFadvisors.com
Source: September 30, 2013 ‐ CEFA’s Closed‐End Fund Universe Report
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0
U.S. Equity Funds
Non U.S. Equity Funds
Specialty Equity Funds
Taxable Bond Funds
National Muni Bond
Single State Muni Bond
Price Volatility NAV Volatility
New Data for CEF UniverseDuring 3Q 2013
30www.CEFadvisors.com
• Institutions Trend• Activists Trend• Credit Rating (rated bonds only)• Distribution Amount• Earnings / Share• Earnings Yield• Portfolio Allocation: % US Equity, % Non US Equity,
% US Bonds, % Non US Bonds, % Cash / Short Term Investment, % Option, % Commodities
*We are open to ideas on what to include
CEFA’s Outlook for 4Q 2013
31www.CEFadvisors.com
• Bond Funds vs. Equity Funds Why? • Dividend Cuts Continue CEFs Benefit From Fixed Capital• Muni Bond CEFs Finally Cheap Again• We like REIT, Senior Loan, Emg Mkt Debt, High Yield, Convertible Bond, US Equity, International / Global Equity (Leveraged), MLP, Cov Call CEFs
• Watch UNII Trend, RoC % (Destructive)/ Trends and Earnings Coverage
• Sustainable Dividends, Leveraged Adjusted NAV Yield• NAV Performance vs. Peers ‐ Swap CEFs As Needed• Relative Discount and Z‐Stat, Relative Discount Range
What You Asked Us to CoverIn Webinar Registration
32www.CEFadvisors.com
• Market Correlation / Liquidity / Liquidity Trends• Global R.E. / Bond CEF / MLPs / Municipal Bond CEFs (near‐term and Discs) /
Call Writing• IPOs & IPO Outlook, CEF Deaths• Income / impending Distributions / Dividend Cover• Buybacks‐given the large discounts / Use of Leverage and Asset Liquidity• Fixed Rate & CEF Product Trends / / Universal CEF Reporting• CEF Discounts / Are premiums to NAV Justified / Trends / Rel Discount to Historical Norm• True Value Not Just Discount or Yield / Z‐Scores, What are Most Out of Favor Categories• RoC Trends / EV Distribution Increase• How to Find Best Closed‐End Funds / Opportunities in CEFs / Trading ideas / Hedging• CEF Liquidity & Shutdown and Debt Ceiling Risk to Interest Rates & Income CEFs / Debt
Ceiling and its impact on Fund Dividend Strategy Funds / Current Financial Crisis / Impact of Political Trends / Market Outlook / Current Environment
• Funds like FSD that May Provide Protection Against Rising Rates?• CEFA Portfolio Performance Update• ARPS redemption
Closed‐End Fund Deaths
33www.CEFadvisors.com
Source: CEF Press Releases
Period Average Number of Funds
2013 YTD 3 fund
2012 6 funds
2011 5 funds
2008‐2011 8.5 per year
2004‐2007 11 per year
2000‐2003 12.5 per year
1995 – 1999 11.6 per year
1990 ‐ 1994 4.2 per year
1990 ‐ 2012 8.5 per year
Causes: Open‐ending, liquidation & conversionSource: Fund Press Releases
Closed‐End Fund Deaths
34www.CEFadvisors.com
Source: Fund Press ReleasesCauses: Open‐ending, liquidation & conversionSource: Fund Press Releases
0
2
4
6
8
10
12
14
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
CEF Funds Open‐Ended, Liquidated or Converted to ETF
Converted to ETF
Liquidated
Open‐ended
Closed‐End Fund Mergers
35www.CEFadvisors.com
Source: Fund Press Releases
0
10
20
30
40
50
60
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Num
ber o
f Closed ‐E
nd Fun
dsClosed‐End Funds Merged into Other Closed‐End Funds (September2013)
Reasons to Merge: 1. Reduce expense ratio 2. Increase liquidity 3. Reduce bid/ask spread 4. Improve cost of future leverage
Avg. ‐ 10.7 per year
CEF Advisors Links
36www.CEFadvisors.com
• (*NEW*) Whitepaper: “How to Analyze Destructive Return of Capital for Closed‐End Funds”https://cefadvisors.com/Download/20130930‐HowtoAnalyzeDestructiveReturnOfCapitalForCEFs.pdf
• CEFA Website: www.cefadvisors.com• CEFA’s Blog: www.CEF‐Blog.com
• Published Articles• Seeking Alpha: http://seekingalpha.com/author/john‐cole‐scott/articles• Wealthmanagement.com: http://wealthmanagement.com/author/john‐scott
• Weekly CEF Data (14 Day Trial) & Daily News Alerts (10 Day Trial): www.CEFUniverse.com
• CEF Universe Data Definitions: http://www.cefadvisors.com/Download/CEFUDataDefinitions.pdf
• CEFA’s Form ADV Part 2A and 2Bhttp://www.cefadvisors.com/Download/ADV‐II‐Form.pdf
37
For Your InformationFree CEF Resources
The Closed‐End Fund Association: www.Closed‐EndFunds.comCEF Connect (Nuveen Sponsored): www.CEFconnect.comMorningtar's CEF Site:http://www.morningstar.com/Cover/CEF‐Closed‐End‐Funds.aspxInvestment Company Institute: http://www.ici.org/research#fact_booksCEFNetwork (Pristine Advisers): www.CEFnetwork.comCEF Insight (Activist Info from AST Fund Solutions): www.cefinsight.comCapital Link's CEF Portal: http://cef.capitallink.com/Morningstar Discussion Board (73K+ posts since 1998):http://socialize.morningstar.com/NewSocialize/forums/100000006.aspxThe CEF Network on LinkedIN (1090+ Members): www.CEF‐Network.comSeeking Alpha: http://seekingalpha.com/articles?filters=closed‐end‐fundsJeff Margolin at First Trust: http://www.ftportfolios.com/Retail/Commentary/CEFCommentaryMain.aspxCohen & Steers: http://www.cohenandsteers.com/ii_closed‐end‐funds‐investment.aspNuveen CEF Commentary (Investment Professionals Only): www.nuveen.com/CEF/Info/CommentaryResearch.aspx
More Useful Links at: www.cefadvisors.com/investRes.html
Historic CEF Volume and Relative Liquidity
38www.CEFadvisors.comSource: CEFA’s Universe Report
39
Principal’s BiographiesGeorge Cole ScottSr. Portfolio Manager, President of Closed‐End Fund Advisors
George’s investment career started in 1969 when he joined a regional brokerage firm after a career as ajournalist. In 1976 he helped a client buy control of a deeply discounted CEF which became Bergstrom Capital(AMEX: BEM). He served on the board of the fund for 27 years. In 1987 he founded The Scott Letter: Closed‐EndFund Report which was a well regarded print newsletter ending the publication when he became a shareholder ofCEF Advisors in 1996. In 1991 he co‐authored the only hardback book on CEFs with a finance professor. He is agraduate of The University of Washington, holds the FINRA 66 License and is a long time member of The CFASociety and CFA Virginia. He has been widely published and interviewed. He has also worked with various closed‐end funds on a consulting basis. George is one of a few CEF specialists with more than four decades of CEFexpertise.
John Cole Scott, CFSPortfolio Manager, Executive VP of Closed‐End Fund Advisors
John has worked at the firm since 2001. He sits on the firm’s investment committee and holds the FINRA 66License and the Certified Fund Specialist designation (CFS). He is a graduate of The College of William and Maryand has been quoted widely in the financial press and presented at conferences and for investment groups onmore than 25 occasions. In 2008 John founded CEFA's Closed‐End Fund Universe, a comprehensive weekly dataservice covering 100 data points for all US listed closed‐end funds. He also founded and manages The CEFNetwork group on LinkedIn and is editor of the firm’s blog. John is a board member of The Richmond Associationfor Business Economics (RABE), and serves on the Investment Committee for The New York State Society of TheCincinnati.
QUESTIONS?
40www.CEFadvisors.com
Closed‐End Fund Advisors, Inc.7204 Glen Forest Drive, Suite #105Richmond, Virginia 23226 U.S.A.
Toll Free: (800) 356‐3508 – Local: (804) 288‐2482www.CEFAdvisors.com ‐ [email protected]
Sign up or view archive for The Scott Letter: Closed‐End Fund Report: www.ScottLetter.comRegister for more webinars / view on demand archive: www.cefadvisors.com/webinars.html