Analyst Research Report Snapshot

Title:

The Month in Closed-End Funds: January 2011

Price:

$0.00

Provider:

Lipper, A Thomson Reuters Company - Research Series

Date:

03 Feb 2011

Pages:

4

Type:

AcrobatPDF

Companies referenced:

0322.HK 0393.HK 36240B307= 36240B307=RRPS 5411.T 6997.T 7262.T 7741.T 9437.T ACE.MI ALDIE.PA AVLF.DE AWF.NZ BHAV.VI BHY.L CET.TO CFL.L CORT.OQ CVBF.OQ CYBE.OQ CYKN.PK DEPO.OQ DNG.TO DVMT.KL EAD.PA ECFG.DE ESR.L EST.V ETB.CN ETR.N ETVV.VI EXG.AX EXU.V FCTY.DE FGI.AX FRPG.L FSD.PZ FT.TO GASI.MI GCV_pb GCV_pb.B GCV_pb.C GCV_pb.DF GCV_pb.DG GCV_pb.DY GCV_pb.MW GCV_pb.N GDFJ.J GDO.AX GIGA.OQ HHY.AX HIGH.PA HYB_u.TO HYFL.SI IID.PL JHSS.BO KEHS.SI LGEN.L MAY.V MCK.NZ MGU.AX MOPL.WA MSC.AX MSY.L MTXX.OQ NIEG.DE NWBI.OQ PFD.L PKOB.WA PN.V PUDY.L PYHE.PA RATE.SG RSN.AX SNH.N SRV.AX TRKCM.IS TY_p TY_p.B TY_p.C TY_p.DF TY_p.DG TY_p.DY TY_p.MW TY_p.N TY_p.P TY_p.PH UNC.TO VEN.TO

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Summary:

- Equity closed-end funds (CEFs) (+0.73%) closed the first month of 2011 in the black, while fixed income CEFs posted their third consecutive monthly loss, declining 0.55% on a NAV basis. - None of Lipper's domestic equity CEF classifications posted negative returns for January, with Convertible Securities Funds (+2.09%) and Value Funds (+2.05%) leading the way. - For the month the World Equity Funds macro-classification (-0.61%) underperformed its Domestic Equity Funds (+1.25%) and Mixed-Equity Funds (+1.76%) counterparts. - World income CEFs (-0.13%) significantly lagged domestic taxable bond CEFs (+1.93%) for January. However, both groups handily beat municipal bond CEFs (-2.00%). - For January the median discount of all CEFs widened 33 basis points (bps) to 4.11%, remaining above the 12-month moving average of 2.49% for the second consecutive month. The Single-State Municipal Bond Funds macro-classification was the only macro-group experiencing a narrowing of discount--34 bps to 3.43%.

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