Semi–Annual Corporate Actions Report

Transcription

2004 Semi-Annual Corporate
Actions Report
Part II
Presented by:
Prepared for:
Warren Antler, Managing Director, Closed-End Funds, [email protected]
60 East 42nd Street, Suite 405
New York, NY 10165
Tel: (212) 400-2605
Fax: (212) 681-1383
1275 Valley Brook Avenue
Lyndhurst, NJ 07071
(201) 806-2210
(201) 460-0050
Source: Thomas J. Herzfeld Advisors, Inc., Bloomberg L.P., The Altman Group’s Closed-End Funds Group
TABLE OF CONTENTS
A.
Introductory Letter
B.
New Issues
i.
ii.
iii.
B.
Individual Funds Corporate Actions
i.
ii.
iii.
iv.
v.
vi.
vii.
C.
Common
Preferred
Debt
Rights offering
Repurchases
Distributions
Put Warrant Offering
Withdrawals & Deregistration
Continuous Offerings
Bloomberg Results
Commentary - IPO’s & Payout Policies
(by Thomas J. Herzfeld Advisors, Inc. )
To:
Board of Directors
Subject: Special Mid-Year Corporate Actions Report — Part II
Action: Review
I am very pleased to send you Part II of a SPECIAL MID-YEAR CORPORATE ACTIONS
REPORT. The Report is comprehensive and, due to its size, is being sent to you in two parts.
Included in Part II of the Report are summaries of:
New Issues
Rights Offerings
Distributions
Liquidations
Repurchases
Put Warrant Offerings
Withdrawals & Deregistration
Commentary by Thomas J. Herzfeld Advisors, Inc., on New Issues and Payout
Policies
Part I of the Report was forwarded to you in August and included Institutional Investor Profiles,
13D & 13G Filings, and Shareholder Annual and Special Meetings.
All of our Corporate Actions Reports are made possible by the generous support of CEFA
Associate Member, The Altman Group. The Altman Group is a leader in proxy and shareholder
communications and recently scored the highest in overall satisfaction with a perfect 5.0 rating in
the just released 2004 Proxy Solicitor Comparison Report, published by Stockholder Consulting
Services.
Thank You,
Brian M. Smith
Closed-End Fund Association
816.413.8900
www.cefa.us
Providing a Vital Forum for the Closed-End Fund Industry
New Issues
CLOSED-END FUND ASSOCIATION
CORPORATE ACTIONS REPORT
NEW ISSUES JANUARY - AUGUST 2004
Prepared by Warren Antler: [email protected]
ADVENT CLAYMORE CONVERTIBLE SECURITIES & INCOME FUND
Filed Date
3/15/2004
Type
OFFERING
Filing
497
Keyword: NEW ISSUE PREFERRED
Offering 1,200 Auction Market Preferred Shares each class F7 & W28 liquidation preference $25,000 per share.
APOLLO INVESTMENT CORP.
Filed Date
4/6/2004
Type
OFFERING
Filing
497
Keyword: NEW ISSUE COMMON
Offering 62,000,000 shares of common stock at $15 per share. Elected to be treated as a business development company. Investment
objective is to generate both current income and capital appreciation through debt and equity investments.
BLACKRIDGE INVESTMENT CORP.
Filed Date
4/14/2004
Type
OFFERING
Filing
N-2
Proposed public offering-Filed an election to be treated as a business development company.
Bloomberg as the source
BLACKRIDGE INVESTMENT CORP.
Filed Date
7/15/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: NEW ISSUE POSTPONED
Blackstone Group citing market conditions, postponed a plan to sell shares in Blackridge Investment Corp.
Filed Date
Type
Filing
7/16/2004
OFFERING
RW
Keyword: NEW ISSUE WITHDRAWN
Withdraws registration statement, no longer currently pursues an initial public offering due to market conditions.
BLACKROCK GLOBAL FLOATING RATE INCOME FUND
Filed Date
8/27/2004
Type
OFFERING
Filing
497
Subject to completion offering 23,000,000 common shares at $20 per share. Investment objective is to provide a high level of current
income. Secondary objective is to seek preservation of capital to the extent consistent with its primary objective of high current income.
BLACKROCK STRATEGIC DIVIDEND ACHIEVERS TRUST
Filed Date
3/26/2004
Type
OFFERING
Filing
497
Offering 25,500,000 shares of common stock at $15 per share. Investment objective is to provide total return through a combination of
current income and capital appreciation.
CALAMOS STRATEGIC TOTAL RETURN FUND
Filed Date
3/26/2004
Type
OFFERING
Filing
497
Offering 140,500,000 shares of common stock at $15 per share. Investment objective is to provide total return through a combination of
capital appreciation and current income.
Filed Date
5/5/2004
Type
OFFERING
Filing
497
Offering Preferred Shares, 7,040 of Series M,Tu,W,Th, F and 4,000 shares Series A,B Liquidation Preference $25,000 per share.
CAPITAL & INCOME STRATEGIES FUND INC.
Filed Date
4/28/2004
Type
OFFERING
Filing
497
Offering 12,100,000 shares of common stock at $20 per share. Investment objective is investing in a portfolio of equity and debt securities
of U.S. and foreign issuers.
CLOUGH GLOBAL ALLOCATION FUND
Filed Date
7/28/2004
Type
OFFERING
Filing
497
Offering 8,750,000 shares at $20 per share. Objective high level of total return.
COHEN & STEERS REIT & PREFERRED INCOME FUND
Filed Date
4/6/2004
Type
OFFERING
Filing
N2/A
Offering 3,560 Series TH28 Auction Market Preferred, liquidation preference $25,000 per share.
COHEN & STEERS REIT & UTILITY INCOME FUND INC
Filed Date
1/29/2004
Type
OFFERING
Filing
497
Offering 52,500,000 shares at $20 per share. Investment objective is high current income and secondary objective is capital appreciation.
Filed Date
Type
Filing
3/22/2004
OFFERING
497
Simultaneously Offering of Auction Market Preferred Shares, 3,360 shares of Series M7,T7,W7,TH7,F7 and 3,000 shares of T28
liquidation preference $25,000 per share.
COHEN & STEERS SELECT UTILITY FUND
Filed Date
3/29/2004
Type
OFFERING
Filing
497
Offering 41,250,000 shares of common stock at $20 per share. Investment objective is to achieve a high level of after tax total return
through investments in utility securities.
COHEN & STEERS SELECT UTILITY FUND
Filed Date
5/18/2004
Type
OFFERING
Filing
497
Offering Auction Market Preferred 3,400 shares of Series M7,T7, W7,TH28,F7 at liquidation preference of $25,000 per share.
DREMAN CLAYMORE DIVIDEND & INCOME FUND
Filed Date
1/28/2004
Type
OFFERING
Filing
497
Offering 40,500,000 shares at $20 per share. Investment objective is to provide a high level of current income with the secondary
objective of capital appreciation.
Filed Date
3/19/2004
Type
OFFERING
Filing
497
Offering 3,400 shares of each class M7,T7,W7,TH28,F7 Auction Market Preferred Shares liquidation preference $25,000 per share.
DREMAN CLAYMORE GLOBAL DIVIDEND & INCOME FUND
Filed Date
4/8/2004
Type
OFFERING
Filing
N-2
Subject to completion, offering shares at $20 per share. Investment objective is to provide a high level of current income with secondary
objective capital appreciation.
EATON VANCE SENIOR FLOATING RATE TRUST
Filed Date
1/23/2004
Type
OFFERING
Filing
497
Offering Auction Preferred Shares of each series 3,940 shares of Series A,B,C,D liquidation preference $25,000 per share.
EATON VANCE TAX ADV. GLOBAL DIVIDEND OPPORTUNITY FUND
Filed Date
4/28/2004
Type
OFFERING
Filing
497
Offering 14,500,000 shares of common stock at $20 per share. Investment objective is to provide a high level of after tax total return.
EATON VANCE TAX ADV. GLOBAL DIVIDEND OPPORTUNITY FUND
Filed Date
7/15/2004
Type
OFFERING
Filing
497
Offering 2,000 shares Series A & B, 1,800 shares Series C of Auction Preferred Shares Liquidation Preference $25,000 per share.
EATON VANCE TAX ADVANTAGED GLOBAL DIVIDEND INCOME FUND
Filed Date
1/28/2004
Type
OFFERING
Filing
497
Offering 70,000,000 shares at $20 per share. Investment objective is to provide a high level of after tax total return. Such return is
expected to consist primarily of tax advantaged dividend income and appreciation.
Filed Date
4/8/2004
Type
OFFERING
Filing
497
Offering 4,000 auction preferred shares each Series A,B,C,D,E,F,G liquidation preference $25,000 per share.
ENERGY INCOME & GROWTH FUND
Filed Date
6/25/2004
Type
OFFERING
Filing
497
Offering 6,400,000 shares at $20 per share. Investment objective is to provide a high level of after tax total return with an emphasis on
current distributions.
EVERCORE INVESTMENT CORP.
Filed Date
4/14/2004
Type
OFFERING
Filing
N-2
Subject to completion, offering comon shares. The company has elected to be treated as a business development company. Investment
objective is to generate both current income and capital appreciation primarily through investments in debt and equity securities of
privately held middle-market companies.
Filed Date
8/23/2004
Type
FILING
Filing
RW
Keyword: NEW ISSUE WITHDRAWN
Files request to withdraw registration statement.
EVERGREEN UTILITIES & HIGH INCOME FUND
Filed Date
4/28/2004
Type
OFFERING
Filing
497
Offering 11,500,000 shares at $20 per share. Investment objective is to seek a high level of current income and moderate capital growth
with an emphasis on providing tax advantaged dividend income.
Filed Date
Type
Filing
6/23/2004
OFFERING
497
Offering of 3,200 Series M28 Auction Preferred Shares Liquidation Preference $25,000 per share.
FIRST TRUST FOUR CORNERS SENIOR FLOATING RATE INCOME FUND II
Filed Date
5/26/2004
Type
OFFERING
Filing
497
Offering 23,000,000 common shares at $20 per share. Investment objective, primary is to seek a high level of current income, secondarily
will attempt to preserve capital.
FIRST TRUST FOUR CORNERS SENIOR FLOATING RATE INCOME FUND II
Filed Date
8/25/2004
Type
OFFERING
Filing
497
Offering 2,000 shares each Series A & B Auction Market Rate Preferred at a liquidation preference of $25,000 per share.
FIRST TRUST VALUE LINE R & IBBOTSON EQUITY ALLOCATION FUND
Filed Date
4/29/2004
Type
OFFERING
Filing
497
Offering 6,000,000 shares of common stock at $20 per share. Investment objective is to provide capital appreciation.
FIRST TRUST/FIDUCIARY ASSET MGT COVERED CALL FUND
Filed Date
8/27/2004
Type
OFFERING
Filing
497
Offering 18,500,000 common shares at $20 per share. Objective is a high level of current income and gains and to a lesser extent capital
appreciation.
FLOATING RATE INCOME STRATEGIES FUND II
Filed Date
7/28/2004
Type
OFFERING
Filing
497
Offering 10,000,000 shares at $20 per share. Investment objective is to provide stockholders with high current income and such
preservation of capital as is consistent with investments in a diversified leveraged portfolio consisting primarily of floating rate debt
securities and instruments.
GABELLI DIVIDEND & INCOME TRUST
Filed Date
4/8/2004
Type
OFFERING
Filing
N-2
Keyword: NEW ISSUE DEBT
Offering subject to completion of Senior Fixed-Rate Notes.
Filed Date
6/8/2004
Type
OFFERING
Filing
N2/A
Offering subject to completion Series A Cumulative Preferred liquidation preference $25 per share and Series B Auction Market Preferred
liquidation preference $25,000 per share.
GABELLI GLOBAL UTILITY & INCOME TRUST
Filed Date
5/27/2004
Type
OFFERING
Filing
497
Offering 2,900,000 common shares at $20 per share. Investment objective is to seek a consistent level of after tax total return with an
emphasis currently on tax qualified dividend income.
ING CLARION GLOBAL REAL ESTATE INCOME FUND
Filed Date
2/26/2004
Type
OFFERING
Filing
497
Offering 90,000,000 shares at $15 per share. Investment objective is high current income, secondary objective is to provide capital
appreciation.
Filed Date
5/12/2004
Type
OFFERING
Filing
497
The Fund is offering Auction Rate Preferred Shares, 4,000 shares of A,B,C,D and 6,200 shares of T,W at liquidation preference $25,000
per share.
IQ S&P ARN FUND
Filed Date
8/10/2004
Type
OFFERING
Filing
N-2
Subject to completion. The Fund expects to conduct its investment operations for a fixed term of approximately five years. The Fund has
an interval structure, pursuant to which the fund will conduct annual repurchase offers for between 5% and 25% of the outstanding
shares.The investment objective is to provide total returns linked to the performance of the S&P 500. Offering price is $20 per share.
JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND
Filed Date
2/25/2004
Type
OFFERING
Filing
497
Offering 38,000,000 shares at $20 per share. Investment objective is to provide a high level of after tax total return from dividend income
and capital appreciation.
Filed Date
4/30/2004
Type
OFFERING
Filing
497
Offering 3,800 Auction Preferred Shares of each Series M,W TH,F at a liquidation preference of $25,000 per share.
LAZARD GLOBAL TOTAL RETURN & INCOME FUND
Filed Date
4/29/2004
Type
OFFERING
Filing
497
Offering 9,600,000 shares at $20 per share. Investment objective is total return consisting of capital appreciation and income.
MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTIL DIV & INC FUND
Filed Date
3/29/2004
Type
OFFERING
Filing
497
Offering 8,500,000 shares of common stock. Investment objective is to seek a high level of current return consisting of dividends, interest
and other similar income while attempting to preserve capital.
MADISON CLAYMORE COVERED CALL FUND
Filed Date
7/28/2004
Type
OFFERING
Filing
497
Offering 17,350,000 shares at $15 per share. Investment Objective a high level of current income and current gains with secondary
objective of long term capital appreciation.
MUNIENHANCED FUND INC
Filed Date
8/30/2004
Type
OFFERING
Filing
N-2
Offering 1,480 shares Series D (AMPS) liquidation preference $25,000 per share.
MUNIVEST FUND INC
Filed Date
8/30/2004
Type
OFFERING
Filing
497
Offering 2,360 shares Series F (AMPS) liquidation preference $25,000 per share.
MUNIYIELD FUND INC
Filed Date
8/30/2004
Type
OFFERING
Filing
497
Offering 2,000 shares of Series G (AMPS) liquidation preference $25,000 per share.
MUNIYIELD INSURED FUND INC
Filed Date
8/20/2004
Type
OFFERING
Filing
497
Offering 2,600 shares of Series H & I Auction Market Preferred Stock at a purchase price of $25,000 per share liquidation preference.
MUNIYIELD NEW JERSEY FUND INC
Filed Date
8/20/2004
Type
OFFERING
Filing
497
Offering 860 shares, Series C Auction Market Preferred Stock at $25,000 per share liquidation preference.
MUNIYIELD NEW JERSEY INSURED FUND INC
Filed Date
8/24/2004
Type
OFFERING
Filing
497
Offering 700 shares Series B Auction Market Preferred Stock liquidation preference $25,000 per share.
NEUBERGER BERMAN DIVIDEND ADVANTAGE FUND
Filed Date
3/29/2004
Type
OFFERING
Filing
497
Offering 5,800,000 shares of common stock at $20 per share. Investment objective is total return which is comprised of high current
income a portion of which may be qualified dividend income and capital appreciation.
Filed Date
Type
Filing
6/30/2004
OFFERING
497
Offering 1,050 Series A & B auction market preferred shares at liquidation preference of $25,000 per share.
NEUBERGER BERMAN REAL ESTATE SECURITIES INCOME FUND
Filed Date
1/29/2004
Type
OFFERING
Filing
497
Offering Auction Market Preferred 2,450 shares of each Series A,B,C,D liquidation preference $25,000 per share.
NUVEEN FLOATING RATE INCOME FUND
Filed Date
3/26/2004
Type
OFFERING
Filing
497
Offering 41,800,000 shares of common stock at $15 per share. Investment objective is to achieve a high level of current income.
Filed Date
Type
Filing
5/19/2004
OFFERING
497
Offering FundPreferred(TM) 4,000 shares of Series M,T,W,F at liquidation preference $25,000 per share.
NUVEEN FLOATING RATE OPPORTUNITY FUND
Filed Date
7/28/2004
Type
OFFERING
Filing
497
Offering 26,800,000 shares at $15 per share. Investment objective is to achieve a high level of current income.
NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filed Date
1/21/2004
Type
OFFERING
Filing
497
Offering Municipal Auction Rate Cumulative Preferred Shares, 3,000 Series M, 1,600 Series T & W liquidation preference $25,000 per
share.
NUVEEN TAX ADVANTAGED TOTAL RETURN STRATEGY FUND
Filed Date
1/28/2004
Type
OFFERING
Filing
497
Offering 13,350,000 shares at $20 per share. Investment objective is to provide a high level of after tax total return consisting primarily of
tax-advantaged dividend income and capital appreciation.
Filed Date
4/22/2004
Type
OFFERING
Filing
497
Offering $78,000,000 aggregate principal amount of FundNotes Series F in denominations of $25,000 and any integral multiple thereof.
NUVEEN TAX ADVANTAGED TOTAL RETURN STRATEGY FUND
Filed Date
5/4/2004
Type
OFFERING
Filing
497
Offering 1800 shares of Series W FundPreferred shares liquidation preference of $25,000 per share.
PIONEER TAX ADVANTAGED BALANCED TRUST
Filed Date
1/28/2004
Type
OFFERING
Filing
497
Offering 25,600,000 shares at $15 per share. Investment objective is to provide a high level of total after tax return, including attractive taxadvantaged income.
Filed Date
4/8/2004
Type
OFFERING
Filing
497
Offering 2,350 Auction Market Preferred Shares of each series T7 ,F7 ,TH28 liquidation preference $25,000 per share.
REAVES UTILITY INCOME FUND
Filed Date
2/26/2004
Type
OFFERING
Filing
497
Offering 20,000,000 shares at $20 per share. Investment objective is a high level of after tax income and total return consisting primarily
of tax advantaged dividend income and capital appreciation.
Filed Date
Type
Filing
6/29/2004
OFFERING
497
Offering of Auction Market Preferred Shares 3,200 shares of Series M7,F7,W28 Liquidation Preference $25,000 per share.
RMK STRATEGIC INCOME FUND INC
Filed Date
3/22/2004
Type
OFFERING
Filing
497
Offering 21,000,000 shares of common stock at $21 per share. Investment objective is to seek a high level of current income, secondary
objective is to seek capital growth when consistent with its primary objective.
RMR HOSPITALITY & REAL ESTATE FUND
Filed Date
4/28/2004
Type
OFFERING
Filing
497
Offering 2,480,000 shares at $20 per share. Investment objective is to pay a high level of current income by investing in hospitality and
real estate companies. Secondary objective is capital appreciation.
Filed Date
Type
Filing
6/9/2004
OFFERING
497
Offering 680 shares Series TH Auction Rate Preferred Liquidation Preference $25,000 per share.
RMR REAL ESTATE FUND
Filed Date
3/9/2004
Type
OFFERING
Filing
497
Offering 2,000 Auction Preferred Shares, Series T liquidation preference $25,000 per share.
RMR REAL ESTATE SECURITIES FUND
Filed Date
1/22/2004
Type
OFFERING
Filing
N-2
Subject to completion offering shares at $20 per share. Investment objective is to earn and pay a high level of current income to
shareholders by investing in real estate. Secondary objective is capital appreciation.
S & P QUALITY RANKING GLOBAL EQUITY MANAGED TRUST
Filed Date
5/27/2004
Type
OFFERING
Filing
497
Offering 5,850,000 common shares at $15 per share. Investment objective is to provide total return through a combination of current
income and capital appreciation.
SALOMON BROTHERS CAPITAL & INCOME FUND INC.
Filed Date
2/25/2004
Type
OFFERING
Filing
40-8F-L
Offering 29,700,000 shares at $20 per share. Investment objective is total return with an emphasis on income.
SALOMON BROTHERS INFLATION MANAGEMENT FUND INC.
Filed Date
5/26/2004
Type
OFFERING
Filing
497
Offering 9,600,000 common shares at $20 per share. Investment objectives, primary objective is total return, current income is the
secondary objective.
SCUDDER RREEF REAL ESTATE FUND INC
Filed Date
1/12/2004
Type
OFFERING
Filing
497
Offering 800 shares of Series A and 800 shares of Series B liquidation preference $25,000 per share.
TORTOISE ENERGY INFRASTRUCTURE CORP.
Filed Date
2/20/2004
Type
OFFERING
Filing
N2/A
Subject to completion offering 11,000,000 shares of common stock at $25 per share. Investment objective is to seek a high level of total
return with an emphasis on current distributions paid to shareholders.
TORTOISE ENERGY INFRASTRUCTURE CORP.
Filed Date
7/15/2004
Type
OFFERING
Filing
497
Offering Auction Rate Senior Notes, $60,000,000 Series A and $50,000,000 Series B at $25,000 denominations.
TS&W/CLAYMORE TAX-ADVANTAGED BALANCED FUND
Filed Date
5/25/2004
Type
OFFERING
Filing
497
Offering 15,0000 common shares at $15 per share. Investment objective is to provide a high level of total after-tax return, including
attractive tax advantaged income.
Filed Date
7/2/2004
Type
OFFERING
Filing
497
Offering 2,400 shares of Series M7 & T28 Auction Market Preferred Shares at a Liquidation Preference of $25,000 per share.
VAN KAMPEN SENIOR INCOME TRUST
Filed Date
2/19/2004
Type
OFFERING
Filing
497
Offering 5,600 Preferred Shares of each Series M,T,W,TH,F. Liquidation preference $25,000 per share.
WESTERN ASSET CLAYMORE US TREASURY INFLATION PROTECTED SECURITIES FUND 2
Filed Date
2/25/2004
Type
OFFERING
Filing
497
Offering 53,350,000 shares at $15 per share. Investment objective is current income. Secondary objective is capital appreciation when
consistent with current income.
Filed Date
5/6/2004
Type
OFFERING
Filing
497
Offering 3,280 shares of Series M,T,W,TH,F Taxable Auction Market Preferred Shares at a liquidation preference of $25,000 per share.
The data provided in the report is based on information contained in filings with the Securities Exchange Commission and Bloomberg News Releases. Some information presented by The Altman
Group is in summary form and does not represent complete statements. Neither The Altman Group nor The Closed-End Fund Association shall not be held responsible for the accuracy or
completeness of any of the information presented. The information contained in this report is not intended as and should not be considered investment advice but is for informational purposes only.
Individual Funds Corporate Actions
CORPORATE ACTIONS JANUARY - AUGUST 2004
ABERDEEN AUSTRALIA EQUITY FUND INC
Filed Date
6/16/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: DISTRIBUTION
Announced that it will pay a quarterly distribution of 23 cents per share on July 16, 2004 to all shareholders of record as of June 30, 2004.
The Fund has a managed distribution policy of paying quarterly distributions at an annual rate, set once a year, that is a percentage of the
rolling average of the Fund's prior four quarter-end net asset values. The Board has determined the initial rolling distribution rate to be
10%.
ACM MANAGED DOLLAR INCOME FUND INC
Filed Date
3/31/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
Pursuant to the Fund's Prospectus dated October 22, 1993, the Fund undertook to conduct a tender offer for shares of its common stock
during the second quarter of each year if, during a 12 week period designated by the Fund's Board of Directors, the Fund's shares have
traded at an average discount or premium on the last trading day in each week during the 12-week period. As previously announced, the
Board of Directors designated the 12 weeks ended March 26, 2004 as the measurement period. During that period the Fund's common
traded at an average premium to NAV of 2.76% and is not required to conduct a tender offer.
ALLIED CAPITAL CORP
Filed Date
3/17/2004
Type
OFFERING
Filing
N-2
Keyword: CONTINOUS OFFERING
Subject to completion offering on a delayed or continuous basis in reliance to Rule 415, may offer from time to time up to 20,000,000
shares.
ASIA TIGERS FUND INC
Filed Date
3/26/2004
Type
OFFERING
Filing
N23C3A
Keyword: REPURCHASE
Periodic repurchase offer for up to 5% of the outstanding shares at NAV minus 2% repurchase fee.
Filed Date
4/26/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
Announced final results of the Fund's quarterly repurchase of common shares. The offer expired on April 16, 2004. The Fund offered to
repurchase up to 5% of its outstanding shares at a price approximately equal to NAV as of April 23, 2004. The final pro-ration calculations
resulted in 47,448.4154 odd lot shares and 361,558.2056 non-odd lot shares validly tendered. Under final pro-ration, 13.93511% of the
non-odd lot shares tendered were accepted for payments. The shares accepted will receive cash at a repurchase offer of $11.7894 per
share.
Filed Date
6/25/2004
Type
OFFERING
Filing
N23C3A
Keyword: REPURCHASE
Periodic repurchase offer of up to 5% of the outstanding shares at NAV minus 2% repurchase fee. Offer expires on July 16, 2004. In April
2002, stockholders voted to adopt an interval fund structure, pursuant to which the Fund conducts quarterly repurchase offers for
between 5% and 25% of the Fund's outstanding common shares.
Filed Date
7/26/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
Announced final results of the offer to repurchase up to 5% of the outstanding shares which expired on July 16, 2004. The final pro-ration
calculations resulted in 140,434.191 odd lot shares and 248,122.2819 non-odd lot shares tendered. Under final pro-ration 10.2854% of
the non-odd lot shares tendered were accepted for payments. The shares accepted will receive an offer price of $9.849 per share.
BOULDER GROWTH & INCOME FUND
Filed Date
7/22/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
The Board approved a managed distribution policy for the Fund. The policy would provide for annual distributions to common stock
shareholders initially equal to 10% of the Fund's NAV, such amount to be distributed in equal monthly payments.
If the Fund receives SEC exemptive relief prior to September 30, 2004, it is anticipated that the first distribution will be made at, or
around, the end of October 2004, based on the Fund's NAV as of September 30, 2004.
BOULDER TOTAL RETURN FUND INC
Filed Date
7/22/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
The Board approved a managed distribution policy for the Fund. The policy would provide for annual distributions to common stock
shareholders initially equal to 10% of the Fund's NAV, such amount to be distributed in equal monthly payments.
If the Fund receives SEC exemptive relief prior to September 30, 2004, it is anticipated that the first distribution will be made at, or around
the end of October 2004, based on the Fund's NAV as of September 30, 2004.
CENTRAL EUROPE AND RUSSIA FUND INC
Filed Date
2/20/2004
Type
OFFERING
Filing
497
Keyword: RIGHTS
Transferable rights offering for up to 2,555,677 shares of common stock. For every three rights held you are entitled to purchase one new
share. Subscription price will be 90% of the lower of (i) the average of the last reported sale price of a share on the expiration date of the
rights offering and the four preceding business days and (ii) the NAV on the expiration date.The offer will expire on March 19, 2004
unless extended.
CENTRAL EUROPE AND RUSSIA FUND INC
Filed Date
3/30/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: RIGHTS OFFERING
Announced successful completion of its rights offering to holders of common stock. The total number of new shares issued was the
maximum of 2,555,677. The offering which expired on March 19, 2004 was over-subscribed. The new shares were issued at $20.82 per
share.
EQUUS II INC
Filed Date
Type
Source
5/24/2004
PRESS RELEASE
BLOOMBERG NEWS
Keyword: REPURCHASE
Announced that pursuant to its previously expressed intention to seek to reduce market value discount from NAV through share
repurchases, it is resuming the share repurchase program that it began in September 1999 and suspended at the end of 2001. The
Board has authorized an initial expenditure of up to $3 million for share repurchases.
FIRST FINANCIAL FUND INC
Filed Date
Type
Source
7/22/2004
PRESS RELEASE
BLOOMBERG NEWS
The Board approved a managed distribution policy for the Fund. The policy would provide for a annual distributions to common-stock
shareholders initially equal to 6% of the Fund's NAV, such amount to be distributed in equal quarterly payments.
The Fund is currently seeking exemptive relief form the SEC to permit the Fund to include net long-term capital gains in its periodic
managed distributions. The Fund will not implement any managed distribution policy unless and until such exemptive relief is obtained.
FRANCE GROWTH FUND INC
Filed Date
6/22/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: LIQUIDATION RESULTS
The Fund has completed the liquidation of its assets, pursuant to the Plan of Liquidation approved by the Fund's stockholders announced
on May 27, 2004. The Board has authorized a liquidating distribution on the Fund's Common Stock in the amount of $8.42 per share
representing the Fund's net asset value at the close of business on June 21, 2004.
FRANKLIN FLOATING RATE TRUST
Filed Date
Type
Source
5/13/2004
PRESS RELEASE
BLOOMBERG NEWS
Keyword: REPURCHASE
The Board approved the next regular quarterly repurchase for up to 25% of the outstanding shares. The repurchase offer period will
commence on June 1, 2004 and expire on July 1, 2004.
FRANKLIN MUTUAL RECOVERY FUND
Filed Date
5/13/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
The Board announced the next quarterly offer to repurchase up to 10% of the outstanding shares. The repurchase offer period will
commence on June 1, 2004 and expire on July 1, 2004.
Filed Date
7/23/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
The Board approved the next regular quarterly tender offer to repurchase up to 10% of outstanding shares. The offer will commence on
September 1, 2004 and expire on October 1, 2004. Although the Fund is a closed-end fund, its shares are not listed or traded on any
stock exchange or OTC. By making repurchase offers for shares each quarter, the Fund provides investors with a way of selling their
shares at NAV.
GABELLI DIVIDEND & INCOME TRUST
Filed Date
5/26/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
The Board of Trustees voted to authorize the repurchase of its common shares in the open market, from time to time, when such shares
are trading at a discount of 7.5% or more from its NAV.
Filed Date
8/23/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
The Board declared a $.30 per share cash distribution payable on September 24, 2004 to common holders. The Board further resolved
that it is in the best interest of shareholders to establish monthly distributions and declared distributions of $.10 per share for the months
of October and November 2004.
The Board initially determined to pay distributions quarterly, at an annual rate of 6% of the initial public offering price of $20 per share. At
its recent meeting, the Board resolved to pay distributions monthly, at the same annual rate of 6% of the initial public offering price of $20
per share, beginning in October 2004.
GABELLI EQUITY TRUST INC
Filed Date
Type
Source
8/23/2004
PRESS RELEASE
BLOOMBERG NEWS
The Board authorized an increase in the quarterly cash distribution pursuant to its 10% Distribuion Policy to $.18 per share form $.16 per
share and re-affirmed the 10% Distribution Policy.
GABELLI GLOBAL MULTIMEDIA TRUST INC
Filed Date
8/19/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
The Board authorized the adoption of a 5% annual distribution policy effective in 2005.
GABELLI UTILITY TRUST
Filed Date
8/19/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
The Board of Trustees, at a meeting held on August 18, 2004 authorized the filing of a preliminary registration statement for a rights
offering to the Trust's shareholders.
Under the offering, each shareholder will receive one right for each share held on the record date. The number of rights required to
acquire one additional share of the Trust and the Subscription Price will be determined at a later date.
Filed Date
Type
Filing
8/31/2004
OFFERING
N-2
Keyword: RIGHTS
Subject to completion, the Trust is issuing transferable rights to its common shareholders.
GENERAL AMERICAN INVESTORS CO INC
Filed Date
7/14/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
The Board authorized the repurchase of up to 500,000 outstanding shares of common stock when the shares are trading at a discount
from the underlying NAV of at least 8%. This continues a repurchase program which began in March 1995.
GLOBAL INCOME FUND INC
Filed Date
5/24/2004
Type
OFFERING
Filing
497
Keyword: RIGHTS
Non transferable rights offering. Shareholders will receive one right for each outstanding share you own. For every 4 rights you own, you
may buy one new share. There is an over-subscription privilege. Estimated purchase price is $4.27 a share, the offer expires on June 21,
2004 unless extended.
GLOBAL INCOME FUND INC
Filed Date
6/25/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
In the primary subscription and pursuant to the over-subscription privilege approximately 5,117,000 shares were requested of 1,396,252
offered shares pursuant to the offering. The Fund will allocate available shares remaining after fulfilling exercises of rights pursuant to the
primary subscription on a pro rata basis, based on the number of rights issued to persons requesting over-subscriptions.Under the terms
of the offer, the Fund was authorized to issue additional shares of common up to 349,063 shares in order to satisy over-subscription
requests.The purchase price is $4.05 per share.
GREATER CHINA FUND INC
Filed Date
4/28/2004
Type
OFFERING
Filing
N2/A
Keyword: RIGHTS
Subject to completion, transferable rights offering.
H&Q HEALTHCARE INVESTORS
Filed Date
Type
Filing
5/28/2004
OFFERING
497
Keyword: RIGHTS
Non-transferable rights offering, for every 3 rights held you may buy 1 share. Subscription price will be 95% of the lower of the volume
weighted average share price on the NYSE on June 21 and the four preceding days or NAV on June 21. The offer expires on June 18th,
2004 unless extended.
Filed Date
6/25/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Announced the completion of its rights offering. The Fund received fully paid subscriptions for 4,800,652 shares at a price of $16.80 per
share.
HYPERION STRATEGIC MORTGAGE INCOME FUND INC
Filed Date
6/8/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
The Board adopted a share repurchase program for the Fund. This program authorizes the Fund to repurchase on the NYSE, from time
to time, up to 10% of the outstanding shares of common stock of the Fund at a price, including commissions, not in excess of 99.875% of
the Fund's NAV at the time of repurchase.
INDIA FUND INC
Filed Date
Type
Filing
2/20/2004
OFFERING
N23C3A
Keyword: REPURCHASE
Offer to repurchase up to 5% of the outstanding shares at NAV minus 2% repurchase fee.
Filed Date
6/22/2004
Type
OFFERING
Filing
N-2
Keyword: RIGHTS
Non-Transferable Rights Offering of 7,767,610 shares at a subscription price of 95% of NAV at the close on the expiration date.
Filed Date
8/20/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
Announced that the Fund's semi-annual repurchase offer of up to 5% will commence today and terminate on September 10, 2004. In April
2003, stockholders of the Fund voted to adopt an interval fund structure, pursuant to which the Fund conducts semi-annual repurchase
offers for between 5% and 25% of the Fund's outstanding common stock.
ING PRIME RATE TRUST
Filed Date
8/17/2004
Type
SOLD
Filing
497
Keyword: OFFER TO SELL
On August 13, 2004 sold 2,625,016 shares through a private transaction at $7.619 per share pursuant to the distrbution agreement.
INVESTORS FIRST FUND
Filed Date
7/27/2004
Type
FILING
Filing
40-8F-M
Keyword: DEREGISTER
Filing
SC TO -I
Keyword: REPURCHASE
Filed for deregistration due to merger.
KOREA FUND INC
Filed Date
1/23/2004
Type
OFFERING
The Korea Fund, Inc. is offering to purchase up to 4,966,590 of shares of common stock for cash at a price per share equal to 95% of the
per share net asset value as of the close of trading of the NYSE on the business day after the day the tender offer expires.
Filed Date
2/27/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: TENDER RESULTS
Announced that in accordance with its tender offer for up to 4,966,590 shares which expired on February 23, 2004, the Fund accepted
4,966,408.9739 shares at a price of $21.91 per share. A total of 30,501,559.9834 shares were tendered. The Fund is purchasing shares
on a pro rata basis from all tendering shareholders, other than stockholders holding 99 or less shares who tendered all their shares and
from whom the Fund is accepting all shares properly tendered. On a pro rata basis, 15.9855% of shares for each stockholder who
properly tendered 100 or more shares has been accepted for payment.
KOREA FUND INC
Filed Date
7/26/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
Seeks Exemption from Investment Company Act to permit certain in-kind tender offers.
LATIN AMERICAN DISCOVERY FUND INC
Filed Date
2/17/2004
Type
OFFERING
Filing
SC TO -I
Keyword: REPURCHASE
The Latin American Discovery Fund is offering to purchase 15% of its outstanding shares, or 1,602,211 of its outstanding shares of
Common Stock, for cash at a price per share equal to 95% of the per share net asset value as of the close of regular trading on the New
York Stock Exchange on March 16, 2004 (or, if the offer is extended, on the date after the date to which the offer is extended).
Filed Date
3/22/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
In accordance with its tender offer for up to 1,602,211 of its common shares, which expired on March 16, 2004, the Fund accepted
1,602,211 shares for payment at $14.48 per share. The 1,602,211 shares represented 15% of the Fund's outstanding shares. A total of
7,072,317 shares were properly tendered, therefore on a pro rata basis approximately 20.94% of the shares tendered were accepted for
payment.
LIBERTY ALL STAR EQUITY FUND
Filed Date
6/3/2004
Type
OFFERING
Filing
N2/A
Keyword: RIGHTS
The Fund is having a non-transferable rights offering.There are 126,735,424 rights available for 12,673,542 shares. For every ten rights
you may buy one new share. Subscription price will be 95% of the lower of (i) the last reported sale price on the NYSE on July, 8, 2004 or
(ii) the NAV on that date. The offer will expire on July 7, 2004 unless extended.
LIBERTY ALL STAR EQUITY FUND
Filed Date
7/9/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Announced that its rights offering was fully subscribed at a final sale price of $8.34 per share. The Fund will issue 15,841,927 new
shares, which represents the entire 12,673,542 primary shares in the offering, plus 3,168,385 additional shares made available by means
of the over-subscription privilege. Since there were not sufficient shares to honor all over subscription requests, available shares will be
allocated among those who over-subscribed based on the number of shares held on the record date.
MEXICO EQUITY & INCOME FUND INC
Filed Date
3/3/2004
Type
OFFERING
Filing
N-2
Keyword: PUT WARRANTS
Subject to completion, 30,000,000 Put Warrants. Will allow the fund to issue Put Warrants to stockholders on a one to one ratio. Each Put
Warrant issued would allow stockholders to put on a quarterly basis one share of common stock in exchange for cash equal to the NAV
calculated as of that exercise date.
The fund filed No-Action Request Letters with the SEC's Division of Investment Management and Division of Corporate Finance seeking
the ability to issue and register Put Warrants.
Filed Date
6/24/2004
Type
OFFERING
Filing
N2/A
Approximate Date of Proposed Public Offering : As soon as practical after the effective date of this Registration Statement. Amount Being
Registered 2,473,504 Put Warrants. The Fund is issuing to stockholders, Put Warrants on a one to one ratio, as of a specific record date.
MEXICO EQUITY & INCOME FUND INC
Filed Date
6/30/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
LCF Rothschild Funds Bulletin : MXE Put Warrants
Each Put will entitle the holder to sell 1 share back to the fund at NAV quarterly on the first business day of March, June, September and
December. Puts are exerciseable at any time during the quarter prior to 4pm on the exercise date.
The fund is hoping to list the Put Warrants on the NYSE. Fund will issue one Put Warrant per share in issue. Warrants will expire 5 years
after the record date. If more than 80% of holders exercise their put warrants on a specific Exercise Date, fund will liquidate.
MEXICO FUND INC
Filed Date
1/29/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
Announced in relation to the Fund's in-kind repurchase offer which expired on January 13, 2004 a total of 1,765,196 shares were
submitted and accepted for repurchase on January 27, 2004. Because the Fund offered to repurchase up to 5% of its outstanding
shares, the Fund repurchased 44.0178314% of shares submitted.
Filed Date
7/14/2004
Type
OFFERING
Filing
N23C3A
Keyword: REPURCHASE
Peroidic repurchase offer for up to 5% of the outstanding shares at NAV minus 1.75% repurchase fee.
Filed Date
8/6/2004
Type
OFFERING
Filing
N-2
Subject to completion, announced a transferable rights offering.
Keyword: RIGHTS
MORGAN FUNSHARES INC
Filed Date
3/30/2004
Type
FILING
Filing
40-8F-L
Keyword: LIQUIDATION
The fund filed to deregister for the purpose of liquidation .
MVC CAPITAL CORP.
Filed Date
1/12/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
Announced that it has accepted and purchased 3,859,558 shares, or 23.9% of the Fund's outstanding common stock at a price of $8.18
per share pursuant to its tender offer which expired December 31, 2003. According to the final report, because less than 25% of MVC's
shares were tendered, MVC purchased all shares tendered.
NATIONS BALANCED TARGET MATURITY FUND INC
Filed Date
6/4/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
The Board and the Shareholders have approved a Plan of Liquidation. The plan provides for a complete liquidation of the Company by
September 30, 2004 or shortly after. In light of this action, the Company has suspended quarterly dividends. However, the Company
expects that, pursuant to the Plan, it will make liquidation distributions on a quarterly basis leading up to the liquidation date.
NATIONS GOVERNMENT INCOME TERM TRUST 2004 INC
Filed Date
4/1/2004
Type
PRESS RELEASE
The final liquidating distribution will be $10.02.
Source
BLOOMBERG NEWS
NATIONS GOVERNMENT INCOME TERM TRUST 2004 INC
Filed Date
4/27/2004
Type
FILING
Filing
15-12B
Keyword: DEREGISTER
Filing
N-54C
Keyword: WITHDRAWAL
Filed termination of registration.
PMC CAPITAL INC
Filed Date
3/1/2004
Type
FILING
Notification of withdrawal due to merger into PMC Commercial Trust.
PROGRESSIVE RETURN FUND INC
Filed Date
7/27/2004
Type
FILING
Filing
40-8F-M
Keyword: DEREGISTER
Filed for deregistration due to merger.
PROSPECT STREET HIGH INCOME PORTFOLIO INC
Filed Date
4/2/2004
Type
OFFERING
Filing
497
Keyword: CONTINOUS OFFERING
Prospectus applies to 2,700,000 shares of common stock which may be issued and sold from time to time through its designated agents.
RENAISSANCE CAPITAL GROWTH & INCOME FUND III INC
Filed Date
5/20/2004
Type
OFFERING
Filing
RW
Keyword: WITHDRAWS RIGHTS OFFERING
Application for withdrawal of registration on form N-2 filed October 31, 2003.
SAFFRON FUND INC
Filed Date
5/14/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
The shareholders voted yesterday to approve a plan of liquidation and dissolution at the annual meeting.
Filed Date
8/13/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Announced its intention to file Articles of Dissolution with the State of Maryland on August 30, 2004, pursuant to a Plan of Liquidation
adopted by stockholders of the Fund at the Annual Meeting on May 13, 2004.
SALOMON BROTHERS CAPITAL & INCOME FUND INC.
Filed Date
5/17/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
Announced that it has authorized the Fund to repurchase from time to time in the open market up to 1,000,000 shares of the Fund's
common stock.
SALOMON BROTHERS FUND INC
Filed Date
4/20/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
The fund announced that it has completed a share repurchase program for up to one million shares on April 8, 2004. The program has
been in effect since July 7, 2002 when it was first authorized by the fund's Board of Directors. April 8, 2004, the fund also commenced a
second repurchase program for up to one million shares that had been previously approved by the fund's Board of Directors on March 19,
2003. In 2004, the fund had repurchased 134,300 shares prior to the lastest repurchase.
TAIWAN GREATER CHINA FUND
Filed Date
6/23/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
Announced the removal of a condition to the commencement of the Fund's proposed cash tender offer for up to one-third of the Fund's
outstanding shares at a price of 99% of the NAV per share, previously announced by the Fund on June 11. The commencement of the
tender offer will no longer be contigent upon the approval by shareholders, at the Fund's 2004 annual meeting, of a proposal to amend
the Fund's Declaration of Trust to eliminate a requirement to submit resolutions to shareholders to convert the Fund into an open-end
investment company when certain conditions are met.
Filed Date
7/21/2004
Type
OFFERING
Filing
SC TO -C
Keyword: REPURCHASE
Tender Offer to purchase up to 33 1/3% of the outstanding shares at a price of 99% of NAV. Offer expires on September 3, 2004 unless
extended.
Filed Date
8/6/2004
Type
OFFERING
Filing
SC TO -I
Keyword: REPURCHASE
Repurchase up to 10,899,658 shares for a purchase price equal to 99% of the Trusts NAV. Offer expires on September 3, 2004 unless
extended.
TCW CONVERTIBLE SECURITIES FUND INC
Filed Date
3/16/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
Announced that it has repurchased 2,375,300 shares under a share repurchase program instituted on November 17, 2003. The shares
repurchased represent approximately 5% of the 50,985,279 shares outstanding prior to the commencement of the repurchase program.
TCW DW TERM TRUST 2003
Filed Date
Type
Filing
5/25/2004
FILING
40-8F-L
Keyword: DEREGISTER
Apply to deregister for liquidation. The Fund distributed assets to shareholders on December 12, 2003.
TRI-CONTINENTAL CORP
Filed Date
5/5/2004
Type
OFFERING
Filing
497
Keyword: REPURCHASE
The fund filed a prospectus stating that shares may be purchased from time to time by Seligman Data Corp. (the plan's service agent)
and sold from time to time by the plan for participants in Systematic Withdrawal Plans.
TUXIS CORP
Filed Date
5/3/2004
Type
FILING
Filing
40-8F-2
Filed application to deregister ceased to be an investment company.
Keyword: DEREGISTER
TUXIS CORP
Filed Date
6/2/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: DIVIDEND
The Board anounced that the Company will not pay a dividend for the second quarter of 2004. As announced previously, the
determination and publication of the Company's NAV will be performed on a monthly basis as of the end of each calendar month. The
changes in NAV calculation reflect the Company's focus on real estate operations.
On May 3, 2004 the company filed an application with the SEC to deregister as an investment company.
ZWEIG FUND INC
Filed Date
1/30/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
Keyword: REPURCHASE
The Board authorized repurchase by the Fund of up to 10% annually of its shares, at such times as its shares are trading at a discount of
more than 10% from NAV, for the purpose of enhancing shareholder value.
Filed Date
8/11/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
The board approved a fixed cash distribution policy equal to 10% of NAV. The new policy will consist, on an annualized basis, of a 10%
cash distribution.The fund will begin this new distribution policy with its distribution for the quarter ending September 30, 2004.
ZWEIG TOTAL RETURN FUND INC
Filed Date
4/8/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
The Board of Directors approved a fixed distribution policy equal to 10% of NAV to replace the Fund's variable distribution policy adopted
last year. The new policy will consist of, on an annualized basis, of a 7% cash and 3% ZTR stock distribution. The Fund will begin this
new distribution policy with its May 2004 distribution.
ZWEIG TOTAL RETURN FUND INC
Filed Date
8/11/2004
Type
PRESS RELEASE
Source
BLOOMBERG NEWS
The Board of Directors approved a new fixed distribution policy payable in cash equal to 10% of NAV on an annualized basis. The new
policy replaces the Fund's prior fixed distribution policy adopted on April 8, 2004 which consisted of a 7% cash and 3% ZTR stock
distribution on an annualized basis. The Fund will begin this new distribution for the month ending August 31, 2004.
The data provided in the report is based on information contained in filings with the Securities Exchange Commission and Bloomberg News Releases. Some information presented by The Altman
Group is in summary form and does not represent complete statements. Neither The Altman Group nor The Closed-End Fund Association shall not be held responsible for the accuracy or
completeness of any of the information presented. The information contained in this report is not intended as and should not be considered investment advice but is for informational purposes only.
Commentary
Commentary
Our Commentary to Part 2 of our report is being provided by Thomas J. Herzfeld Advisors, Inc., specialists in research and trading of
closed-end funds, and who, for the past 18 years, have published the monthly research report The Investor’s Guide to Closed-End Funds.
Initial Public Offerings - Common Shares:
Bad publicity surrounding market timing of mutual funds led investors to shift their focus to closed-end funds over the past year. Closedends are protected by the same regulatory framework as open-end mutual funds; but since the shares trade in the open market, there is less
potential for abuse or manipulation. Capitalizing on the public’s desire for more safety in an investment company product, underwriters
have seized the opportunity to bring a diversified mix of closed-end funds to market, with some of the most innovative objectives we’ve
seen in the industry.
There have been 57 IPO’s of closed-end funds in approximately the past 12 months; a very large number by historical standards. When new
closed-end funds are launched, they are priced at a premium to net asset value because of the effect of the underwriting spread. For this
reason, investors in IPO’s of closed-end funds rarely make money just after the offering: in fact almost all investors wind up under water
over the short-term as the new issue premiums invert to more traditional discounts to net asset value. But there is often a lot of money to be
made by buying the new issues three to six months after launch for two reasons: there is usually a lack of research on these issues and many
are dumped for tax losses towards the end of the calendar year.
For 2004, through the end of July, 35 closed-end funds have come to market, with many more in the pipeline. On the next page is a list of
the 57 funds which were launched in the past 12 months, showing the IPO price, current price and % change. All but eight have fallen
below their IPO price, and half of the exceptions are still new and are being buoyed by underwriting support. Examining the list, one of the
most interesting observations is that the diversity of new fund offerings has grown, with equity fund deals on the rise, and while municipals
and other income-oriented funds are less prevalent on the list than in previous years, most include some new twists in their portfolio
makeup. For instance, Madison/Claymore Covered Call Fund (MCN) will sell covered call options to boost income and gains with a
steady stream of option writing premiums. Lazard Global Total Return and Income Fund (LGI) will split investments between a global
equity strategy and an emerging market income strategy which focuses on currency plays including debt obligations and structured notes
denominated in emerging market currencies. Clough Global Allocation Fund (GLV) permits the advisor to use its discretion to allocate
holdings among equity or debt and fixed income securities, in the U.S and overseas, including both investment grade and high yield bond
instruments. And TS&W/Claymore Tax-Advantaged Balanced Fund (TYW) combines investments in municipal securities with taxadvantaged shares of common and preferred stocks.
Source: Thomas J. Herzfeld Advisors, Inc.
Table of IPO’s
IPO
Price
Price
8/23/04
%
Change
IPO
Month
Salomon Brothers Capital & Income Fund
$20.00
$16.47
-17.65%
Feb. 04
PBF
Pioneer Tax-Advantaged Balanced Trust
$15.00
$12.39
-17.40%
Jan. 04
FVI
First Trust/Value Line & Ibbotson Equity Allocation Fund
$20.00
$16.79
-16.05%
Apr. 04
HTD
John Hancock Tax-Advantaged Dividend Income Fund
$20.00
$16.79
-16.05%
Feb. 04
CII
Capital and Income Strategies Fund
$20.00
$16.93
-15.35%
Apr. 04
RTU
Cohen & Steers REIT & Utility Income Fund
$20.00
$16.94
-15.30%
Jan. 04
DCS
Dreman/Claymore Dividend & Income Fund
$20.00
$16.95
-15.25%
Jan. 04
UTG
Reaves Utility Income Fund
$20.00
$17.03
-14.85%
Feb. 04
NDD
Neuberger Berman Dividend Advantage Fund
$20.00
$17.06
-14.70%
Mar. 04
JTA
Nuveen Tax-Advantaged Total Return Strategy Fund
$20.00
$17.14
-14.30%
Jan. 04
TYW
TS&W/Claymore Tax-Advantaged Balanced Fund
$15.00
$12.91
-13.93%
Apr. 04
LGI
Lazard Global Total Return Fund
$20.00
$17.23
-13.85%
Apr. 04
WIW
Western Asset/Claymore U.S. Treasury Inflation Protected
Securities Fund 2
$15.00
$12.99
-13.40%
Feb. 04
Symbol
Fund Name
SCD
Table of IPO’s cont’d
IPO
Price
Price
8/23/04
%
Change
IPO
Month
Eaton Vance Tax-Advantaged Global Dividend Income Fund
$20.00
$17.35
-13.25%
Jan. 04
CSQ
Calamos Strategic Total Return Fund
$15.00
$13.02
-13.20%
Mar. 04
GDV
Gabelli Dividend & Income Trust
$20.00
$17.46
-12.70%
Nov. 03
UTF
Cohen & Steers Select Utility Fund
$20.00
$17.48
-12.60%
Mar. 04
ETO
Eaton Vance Tax-Advantaged Global Dividend
Opportunities Fund
$20.00
$17.49
-12.55%
Apr. 04
ESD
Salomon Brothers Emerging Markets Debt Fund
$20.00
$17.59
-12.05%
Nov. 03
RMR
RMR Real Estate Fund
$15.00
$13.32
-11.20%
Dec. 03
IGR
ING Clarion Global Real Estate Income Fund
$15.00
$13.34
-11.07%
Feb. 04
WIA
Western Asset/Claymore U.S. Treasury Inflation Protected
Securities Fund
$15.00
$13.35
-11.00%
Sep. 03
ERH
Evergreen Utilities and High Income Fund
$20.00
$17.85
-10.75%
Apr. 04
MZF
MBIA Capital/Claymore Managed Duration Investment
Grade Municipal Fund
$15.00
$13.39
-10.73%
Aug. 03
BDT
BlackRock Strategic Dividend Achievers Trust
$15.00
$13.59
-9.40%
Mar. 04
AINV
Apollo Investment Corporation
$15.00
$13.80
-8.00%
Apr. 04
Symbol
Fund Name
ETG
IPO
Price
Price
8/23/04
%
Change
IPO
Month
RMR Hospitality and Real Estate Fund
$20.00
$18.52
-7.40%
Apr. 04
MFD
Macquarie/First Trust/Global Infrastructure/Utilities
Dividend & Income Fund
$20.00
$18.55
-7.25%
Mar. 04
GLU
Gabelli Global Utility & Income Trust
$20.00
$18.55
-7.25%
May 04
FLC
F&C/Claymore Total Return Fund
$25.00
$23.19
-7.24%
Aug. 03
MAV
Pioneer Municipal High Income Advantage Trust
$15.00
$13.92
-7.20%
Oct. 03
NRO
Neuberger Berman Real Estate Securities Income Fund
$15.00
$14.01
-6.60%
Oct. 03
FVD
First Trust Value Line Dividend Fund
$15.00
$14.03
-6.47%
Aug. 03
IIA
ING Clarion Real Estate Income Fund
$15.00
$14.12
-5.87%
Sept. 03
BQY
S&P Quality Rankings Global Equity Managed Trust
$15.00
$14.18
-5.47%
May 04
FTF
Franklin Templeton Limited Duration Income Trust
$15.00
$14.20
-5.33%
Aug. 03
EVT
Eaton Vance Tax-Advantaged Dividend Income Fund
$20.00
$18.95
-5.25%
Sep. 03
SRO
Scudder RREEF Real Estate Fund II
$15.00
$14.38
-4.13%
Aug. 03
JDD
Nuveen Dividend & Income Fund
$15.00
$14.42
-3.87%
Sept. 03
Symbol
Fund Name
RHR
IPO
Price
Price
8/23/04
%
Change
IPO
Month
Nuveen Municipal High Income Opportunity Fund
$15.00
$14.45
-3.67%
Nov. 03
FRA
Floating Rate Income Strategies Fund
$20.00
$19.40
-3.00%
Oct. 03
BDV
BlackRock Dividend Achievers Trust
$15.00
$14.57
-2.87%
Dec. 03
IMF
Salomon Brothers Inflation Management Fund
$20.00
$19.43
-2.85%
May 04
FCT
First Trust/Four Corners Senior Floating Rate Income
Fund II
$20.00
$19.44
-2.80%
May 04
EFT
Eaton Vance Floating Rate Income Trust
$20.00
$19.56
-2.20%
Jun. 04
FCM
First Trust/Four Corners Senior Floating Rate Income
Fund
$20.00
$19.77
-1.15%
Sept. 03
JFR
Nuveen Floating Rate Income Fund
$15.00
$14.86
-0.93%
Mar. 04
BKK
BlackRock Municipal 2020 Term Trust
$15.00
$14.87
-0.87%
Sept. 03
BFO
BlackRock Florida Municipal
$15.00
$14.89
-0.73%
Sept. 03
MCN
Madison/Claymore Covered Call Fund
$15.00
$15.00
0.00%
Jul. 04
FRB
Floating Rate Income Strategies Fund II
$20.00
$20.00
0.00%
Jul. 04
JRO
Nuveen Floating Rate Income Opportunity Fund
$15.00
$15.00
0.00%
Jul. 04
Symbol
Fund Name
NMZ
IPO
Price
Price
8/23/04
%
Change
IPO
Month
Clough Global Allocation Fund
$20.00
$20.00
0.00%
Jul. 04
EFR
Eaton Vance Senior Floating Rate Trust
$20.00
$20.05
0.25%
Nov. 03
FEN
Energy Income & Growth Fund
$20.00
$20.10
0.50%
Jun. 04
RSF
RMK Strategic Income Fund
$15.00
$15.55
3.67%
Mar. 04
PFL
PIMCO Floating Rate Income Fund
$20.00
$20.95
4.75%
Aug. 03
Symbol
Fund Name
GLV
Payout Policies
In the current low interest rate environment, high payout policies have become the most popular and effective way for funds to combat wide
discounts. Managed high payout policies generally prescribe a fixed monthly or quarterly distribution level or require that distributions be based
on a formula, usually calculated as a specified percentage of NAV. Payments can be made from net investment income, supplemented by shortor long-term capital gains and, if necessary, return of capital distributions. Allocation of the source of the distribution is made after calendar
year-end although many funds provide estimates of the source throughout the year. Over the past few months about a dozen funds have either
adopted or reinstituted managed payouts, including eight brand new issues.
We expect that as more and more funds adopt high payout policies, the practice may become so common that the impact on narrowing
discounts will be diminished.
We are pleased to present (on the following page) a survey of funds, which currently use managed payouts with a summary of the relevant
details as well as recent changes to those policies:
FUNDS WITH MANAGED PAYOUT POLICIES
SYMBOL
ANNUAL RATE
POLICY
Aberdeen Australia Equity Fund
IAF
10%
2.5% of NAV quarterly, based on four previous quarter-end NAVs
Alliance All-Market Advantage Fund
AMO
10%
2.5% of NAV quarterly
Blue Chip Value Fund
BLU
10%
Boulder Growth & Income Fund
BIF
10%
10% of NAV annually by monthly payments; awaiting SEC exemptive relief
Boulder Total Return Fund
BTF
10%
10% of NAV annually by monthly payments; awaiting SEC exemptive relief
Cornerstone Strategic Return Fund
CRF
$2.112
Fixed $0.176 per share monthly
Cornerstone Strategic Value Fund
CLM
$1.044
Fixed $0.087 per share monthly
Delaware Investments Dividend and Income Fund
DDF
$0.96
at least $0.96 per share annually (reduced from $1.20 per share
annually)
Delaware Investments Global Dividend and Income Fund
DGF
$0.96
at least $0.96 per share annually (reduced from $1.125 per share annually)
Dreman/Claymore Dividend & Income Fund
DCS
6 1/2%
quarterly distributions initially at a fixed 6 1/2% of the initial offering price ($20
per share)
Europe Fund
EF
7%
7% of NAV paid once annually
First Financial Fund
FF
6%
6% of NAV annually by quarterly payments; awaiting SEC
exemptive relief
Gabelli Convertible Securities Fund
GCV
8%
2% of NAV quarterly
Gabelli Dividend & Income Trust
GDV
6%
monthly (changed from quarterly) distributions at an annual rate
equal to 6% of the initial offering price ($20 per share)
Gabelli Equity Trust
GAB
10%
three quarterly payments of $0.18 per share (increased from $0.16 per share) plus
fourth payment to total 10% of NAV
Gabelli Multimedia Trust
GGT
5%
quarterly distributions at an annual rate equal to 5% of the average net asset value;
initial payment will be $0.12 per share in March, 2005
Gabelli Utility & Income Trust
GLU
6%
monthly (changed from quarterly) distributions at an annual rate equal to 6% of the
initial offering price ($20 per share)
Global Income Fund
GIF
7%
quarterly payments equal to 7% annually; previous rate was 10%
annually
H&Q Healthcare Investors
HQH
8%
2% of NAV quarterly
FUNDS WITH MANAGED PAYOUT POLICIES
SYMBOL
ANNUAL RATE
POLICY
H&Q Life Sciences Investors
HQL
8%
2% of NAV quarterly
John Hancock Bank and Thrift Opportunity Fund
BTO
10%
Liberty All-Star Equity Fund
USA
10%
2.5% of AV quarterly
Liberty All-Star Growth Fund
ASG
10%
Madison/Claymore Covered Call Fund
MCN
N/A
quarterly distributions initially at a fixed percentage (not yet
announced) of the initial offering price ($15 per share)
MFS Special Value Fund
MFV
10%
monthly distributions equal to 10% of NAV
annually; reduced from previous policy to pay 11% of IPO price
($15.00 per share)
Nuveen Diversified Dividend and Income Fund
JDD
$1.23
managed policy to estimate income and capital gains for the
year; current rate is $0.1025 per month
Renaissance Capital Growth & Income Fund
RENN
$0.40
minimum $0.40 per share annually; $0.10 per quarter
RHR Hospitality and Real Estate Fund
RHR
7.5%
monthly distributions at a rate equal to 7.5% of the initial
offering price ($20 per share)
RMR Real Estate Fund
RMR
8%
monthly distributions at a rate equal to 8% of the initial offering
price ($15 per share)
Royce Focus Trust
FUND
5%
quarterly distributions at an annual rate of 5% of NAV
Royce Micro-Cap Trust
RMT
9%
Royce Value Trust
RVT
9%
Salomon Brothers Global High Income Dollar Fund
GHI
11%
monthly distributions at an annual rate of 11% of NAV
Source Capital
SOR
$4.00
quarterly distributions of $1.00 per share; 10% annual payout
policy was replaced by flexible policy in February, 2004.
Spain Fund
SNF
10%
Strategic Global Income Fund
SGL
10%
monthly distributions to equal an annual rate of 10% of NAV
TS&W/Claymore Tax-Advantaged Balanced Fund
TYW
6 1/4%
quarterly distributions initially at a fixed 6 1/4% of the
initial offering price ($15 per share)
Zweig Fund
ZF
10%
Zweig Total Return Fund
ZTR
10%
0.83% of NAV monthly
Thomas J. Herzfeld Advisors, Inc.
Contact: Cecilia Gondor, Executive Vice President
Phone: (305) 271-1900
www.herzfeld.com and www.herzfeldresearch.com
The information and tables in the Commentary provided by Thomas J. Herzfeld Advisors, Inc. are not intended to be buy or sell recommendations
but are for informational purposes only. The Commentary and statistical information provided by Thomas J. Herzfeld Advisors, Inc. are not
guaranteed as to accuracy or completeness.

Semi–Annual Corporate Actions Report

Transcription

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