Closed-End Funds - Capital Link

[Pages:7]Oct ober 1 1 , 2 0 1 3

Closed-End Funds

W. Jeffrey Lee, Analyst Mariana F. Bush, CFA, Senior Analyst Daniel Brown, CFA, Analyst

Close d- En d Funds Av oid List Qu a r t e r ly: Fa ll 2 0 1 3

The Closed- End Funds t o Avoid List ( Avoid List ) is com posed of CEFs t hat violat e one or bot h of t he following crit eria:

1) a valuat ion t hat we believe is excessive (it t rades at a subst ant ial prem ium t o net asset value [ NAV] ) ; and/ or

2) it s dist ribution is at a level t hat we believe is not sust ainable ( which m ay port end a dist ribut ion cut or NAV erosion if not cut ) .

The inclusion of a CEF on t he Avoid List is a recom m endation t o liquidat e t hat posit ion from a por t folio.

New format

St art ing wit h t his edition we are changing our form at som ewhat . From t his point on, all const it uent s of t he Avoid List ( as of quart er end) will be referenced in t hese report s. Addit ionally, t he m ore in-dept h com m ent aries will be dedicat ed t o addit ions t o t he List .

Recent additions

July 25, 2013: Eat on Vance Tax- Advant aged Bond and Opt ions St rat egies Fund ( EXD, $15.11)

EXD was added t o t he Avoid List because of dist ribut ion- sust ainabilit y considerat ions. EXD is a m unicipal?bond CEF t hat writ es calls and engages in put spreads on t he S&P 500 I ndex, t ypically on a not ional am ount equivalent t o at least 80% of it s net asset s. While we norm ally ut ilize dist ribut ioncoverage rat ios ( com paring earnings t o t he dist ribut ion) t o assess distribut ion sust ainabilit y, t hat m et ric is less useful wit h EXD because of t he use of opt ions. However, EXD's NAV dist ribut ion rat e is approxim at ely 10.6% , which im plies t hat it would need to earn approxim ately 12% annually in order to cover t he dist ribution, aft er fees. We

believe t he dist ribut ion is t oo high relative t o t he earnings pot ent ial and are concerned t hat t he sponsor m ay be forced t o event ually reduce t he dist ribut ion. The shares of EXD have recent ly sold off in conj unct ion wit h t he broad m uni- CEF selloff we wit nessed during t he lat e spring and sum m er m ont hs. As of Oct ober 9, it was t rading at a discount t o NAV of 5.9% , based on a m arket price and NAV of $15.07 and $16.02, respectively.

August 6, 2013: Mexico Fund ( MXF, $28.55) and Aberdeen Chile Fund ( CH, $13.42)

MXF was added because of dist ribut ionsust ainabilit y considerat ions and CH because of bot h valuat ion and dist ribut ion-sust ainabilit y considerat ions. At t his t im e, MXF's NAV dist ribut ion rat e is 10.7% and CH's is 12.2% . I n bot h cases we cont inue t o believe t hat t heir respect ive NAV dist ribut ion rat es are t oo high for t he asset class and t ot al- ret urn pot ent ial. As of Oct ober 9, MXF was t rading at a prem ium t o NAV of 3.0% ( based on a m arket price and NAV of $28.15 and $27.33, respect ively) . As of t he sam e dat e, CH was t rading at a prem ium t o NAV of 11.3% ( based on a m arket price and NAV of $13.09 and $11.76, respectively) . I f t hese CEFs were t o cut t heir dist ribut ions, t heir m arket prices m ay be negat ively im pacted, part icularly in t he case of CH.

Sept em ber 23, 2013: St one Harbor Em erging Market s I ncom e Fund ( EDF, $19.57)

I t was also a dist ribut ion- sust ainabilit y concern t hat landed EDF on t he Avoid List . We believe t hat EDF's current m ont hly dist ribut ion of $0.18 per share is excessive because of t wo fact ors. First , because of a decline in earnings, it s dist ributioncoverage rat io has declined t o 79% for t he six m ont hs ending May 31, 2013. Addit ionally, given t he sizeable selloff in t he fixed-incom e sectors t o which it is exposed, t he NAV dist ribut ion rat e has

Please see pages 6 and 7 of this report for I m port ant Disclosures, Disclaim ers and An a ly st Ce r t ifica t ion

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Close d- En d Fun ds

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m igrated up to 10.4% , a level that we feel is excessive for t he asset class' likely t ot al- ret urn potent ial. We fear t hat t he dist ribution m ay need t o be cut . I f t he dist ribut ion were t o be cut , t he m arket price m ay suffer as a consequence. As of Oct ober 9, it was t rading at a 5.1% discount t o NAV, based on a m arket price of $19.63 and NAV of $20.69.

Sept em ber 26, 2013: Brookfield Tot al Ret urn Fund ( HTR, $22.95)

Last ly, we added HTR, a leveraged fixed- incom e CEF, t o t he List because of dist ribut ionsust ainabilit y concerns. Our concern is based on t he st eep decline in earnings for t he fund for t he six- m ont h period ending May 31, causing t he dist ribut ion-coverage rat io also t o decline t o 84% . As such, we are concerned t hat it s dist ribut ion m ay

need t o be cut . As of Sept em ber 30, 2013 ( it report s NAVs weekly and at m ont h end) , it was t rading at a discount t o NAV of 9.9% , based on a m arket price and NAV of $22.94 and $25.46, r esp ect iv ely .

Rem ovals

The following CEFs were rem oved from t he Avoid List during t he t hird quart er, as t heir respect ive charact erist ics no longer warrant inclusion, in our opinion. However, we want t o be clear t hat t hey are not recom m ended for purchase on t he part of t he Advisory Services Group ( t hey are now on our CEF Hold List ) . Many of t he nam es below were rem oved because of dist ribut ion reduct ions; in m ost cases t he reduct ions am ount ed t o 10% t o 20% of t he earlier dist ribut ion.

Re mo va l Da t e Ticke r/ Na me o f CEF 9 / 2 3 / 2 0 1 3 I RR | I NG Risk Mg t Na t u ra l Re so u rce s 9 / 2 3 / 2 0 1 3 I I D | I NG I n t e rn a t io n a l Hig h Divid e n d Eq u it y 9 / 2 3 / 2 0 1 3 I HD | I NG Eme rg in g Ma rke t Hig h Divid e n d 9 / 2 3 / 2 0 1 3 I GD | I NG Glo b a l Eq u it y Divid e n d a n d Pre miu m Op p o rt u n it ie s 9 / 2 3 / 2 0 1 3 I AE | I NG Asia Pa cific Hig h Divid e n d 9 / 2 3 / 2 0 1 3 PHF | Pa ch o ld e r Hig h Yie ld Fu n d 9 / 1 1 / 2 0 1 3 JLS | Nu ve e n Mo rt g a g e Op p o rt u n it y Te rm Fu n d 9 / 1 1 / 2 0 1 3 JMT | Nu ve e n Mo rt g a g e Op p o rt u n it y Te rm Fu n d 2 8 / 1 4 / 2 0 1 3 NPI | Nu ve e n Pre miu m I n co me Mu n icip a l Fu n d 8 / 1 4 / 2 0 1 3 NQI | Nu ve e n Qu a lit y Mu n icip a l Fu n d 8 / 1 4 / 2 0 1 3 NQM | Nu ve e n I n ve st me n t Qu a lit y Mu n icip a l Fu n d 8 / 1 4 / 2 0 1 3 NQS | Nu ve e n Se le ct Qu a lit y Mu n icip a l Fu n d 8 / 1 4 / 2 0 1 3 NQU | Nu ve e n Qu a lit y I n co me Mu n icip a l Fu n d 8 / 1 4 / 2 0 1 3 ACG | Th e Allia n ce Be rn st e in I n co me Fu n d 8 / 1 3 / 2 0 1 3 FTF | Fra n klin Te mp le t o n Limit e d Du ra t io n I n co me Tru st 7 / 2 5 / 2 0 1 3 BFK | Bla ckRo ck Mu n icip a l I n co me Tru st 7 / 2 2 / 2 0 1 3 KYN | Ka yn e An d e rso n MLP I n ve st me n t Co . 7 / 1 9 / 2 0 1 3 JGG | Nu ve e n Glo b a l I n co me Op p o rt u n it ie s Fu n d 7 / 1 7 / 2 0 1 3 FMO | Fid u cia ry/ Cla ymo re MLP Op p o rt u n it y Fu n d 7 / 1 7 / 2 0 1 3 VKI | I n ve sco Ad va n t a g e Mu n icip a l I n co me Tru st I I 7 / 1 7 / 2 0 1 3 VMO | I n ve sco Mu n icip a l Op p o rt u n it y Tru st 7 / 1 7 / 2 0 1 3 VKQ | I n ve sco Mu n icip a l Tru st

Source: Wells Fargo Advisors

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Oct ober 1 1 , 2 0 1 3

Fix e d- incom e CEF con st it ue nt s of t he Avoid List --a "scie nce "

The analysis of dist ribut ion- sust ainabilit y is rat her st raight forward when it com es t o fixed-incom e t ype invest m ent s as we can look at t he reported earnings relat ive t o t he dist ribut ion. However, t hat is not all we do; we also review earnings t rends and redem pt ion exposure t he CEF m ay have ( i.e., how m any bonds m ay be called/ m at uring in t he near fut ure) . Because t his m et hodology is rat her st raight forward, we refer t o t his process as a science ( as opposed t o an " art ," which we will discuss lat er, in connect ion wit h equit y- t ype CEFs and m ult i- asset CEFs) . The following t able ( Figure 1) list s t hose CEFs t hat were on t he Avoid List ( as of Sept em ber 30) because of poor dist ribut ioncoverage rat ios ( earnings of t he CEF--divided by it s m ost recent dist ribut ion--a rat io in excess of 100% would indicat e t hat it s earnings were great er t han it s dist ribution and is generally desirable). Not e t hat som e of t he following CEFs are also on t he list because of valuat ion considerat ions ( t hey

t rade at rat her large prem ium s t o NAV) . I n m any sit uat ions a high (even if not likely sust ainable) dist ribut ion and excessive valuat ion can go handin-hand. Unfort unat ely, if a dist ribution is cut , t he shareholder m ay not only endure a pay cut --on m any occasions t he dist ribut ion cut is followed by a selloff in t he m arket price of t he CEF.

Equit y- t ype CEFs: a n Ar t

There are ot her CEFs t hat we have cit ed for dist ribut ion-sust ainabilit y considerations for which t he aforem ent ioned dist ribut ion- coverage ratio m et ric is not helpful. These CEFs, t ypically equit y or equit y covered-call funds, have t o be evaluat ed in a m ore subj ect ive m anner (hence, t he reference t o " art " ) . The reason t hat we cannot use t he dist ribut ion-coverage rat io is t hat t he m et ric t ells us only how well a CEF cov ered it s ent ire dist ribut ion wit h j ust t he incom e it earned. However, m ost equit y- t ype CEFs t end t o "m onet ize" pot ential capit al gains via eit her a m anaged or level dist ribut ion.1

Figure 1

Ticker Name of CEF

Price

Premium/

Date of

Dividend

Distribution Rate

Distribution

Rationale

NAV

Discount Price & NAV Distribution Frequency Price

NAV Coverage Ratio %

Code s1

AFB AllianceBernst ein Nat ional Municipal I ncome Fund I nc BKT BlackRock I ncome Trust I nc BLE BlackRock Municipal I ncome Trust I I BSD BlackRock St rat egic Municipal Trust DHF Dreyfus High Yield St rat egies Fund DHY Credit Suisse High Yield Bond Fund DMO W est ern Asset Mort gage Defined Opport unit y Fund I nc DUC Duff & Phelps Ut ilit y and Corporat e Bond Trust I nc EDF St one Harbor Emerging Market s I ncome Fund EVG Eat on Vance Short Durat ion Diversified I ncome Fund EVN Eat on Vance Municipal I ncome Trust EVV Eat on Vance Limit ed Durat ion I ncome Fund GDF W est ern Asset Global Part ners I ncome Fund I nc GDO W est ern Asset Global Corporat e Defined Opport unit y Fund I nc HTR Brookfield Tot al Ret urn Fund I nc I GI W est ern Asset I nvest ment Grade Defined Opport unit y Trust I nc I I M I nvesco Value Municipal I ncome Trust I QI I nvesco Qualit y Municipal I ncome Trust JFR Nuveen Float ing Rat e I ncome Fund JRO Nuveen Float ing Rat e I ncome Opport unit y Fund KMM DW S Mult i-Market I ncome Trust MAV Pioneer Municipal High I ncome Advant age Trust MGF MFS Government Market s I ncome Trust MHI Pioneer Municipal High I ncome Trust MI N MFS I nt ermediat e I ncome Trust MUI BlackRock Muni I nt ermediat e Durat ion Fund I nc NCV AllianzGI Convert ible & I ncome Fund NCZ AllianzGI Convert ible & I ncome Fund I I NEA Nuveen AMT-Free Municipal I ncome Fund NSL Nuveen Senior I ncome Fund NVG Nuveen Dividend Advant age Municipal I ncome Fund OI A I nvesco Municipal I ncome Opport unit ies Trust PHK PI MCO High I ncome Fund PHT Pioneer High I ncome Trust PI M Put nam Mast er I nt ermediat e I ncome Trust PMX PI MCO Municipal I ncome Fund I I I PPT Put nam Premier I ncome Trust VGM I nvesco Trust for I nvest ment Grade Municipals VLT I nvesco High I ncome Trust I I

$12.92 $6.67 $14.01 $12.69 $4.01 $3.05 $22.50 $10.44 $19.63 $15.49 $11.05 $15.64 $11.14 $17.79 $22.94 $19.64 $13.56 $11.56 $11.96 $12.37 $10.01 $13.43 $5.67 $14.13 $5.31 $14.28 $9.43 $8.61 $12.49 $7.18 $12.69 $6.33 $11.94 $16.96 $4.88 $10.45 $5.26 $12.47 $15.92

$13.72 $7.37 $13.87 $13.08 $3.99 $3.06 $24.03 $11.11 $20.49 $16.86 $10.54 $16.34 $11.60 $20.02 $25.46 $21.29 $14.91 $12.46 $12.43 $12.45 $9.81 $11.95 $6.28 $13.15 $5.75 $15.00 $9.15 $8.28 $13.65 $7.40 $14.49 $6.86 $8.04 $13.88 $5.50 $9.58 $5.92 $13.47 $16.97

-5.8% -9.5% 1.0% -3.0% 0.5% -0.3% -6.4% -6.0% -4.2% -8.1% 4.8% -4.3% -4.0% -11.1% -9.9% -7.8% -9.1% -7.2% -3.8% -0.6% 2.0% 12.4% -9.7% 7.5% -7.7% -4.8% 3.1% 4.0% -8.5% -3.0% -12.4% -7.7% 48.5% 22.2% -11.3% 9.1% -11.1% -7.4% -6.2%

9/30/2013 9/30/2013 9/30/2013 9/30/2013 10/1/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 10/1/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 9/30/2013 10/1/2013 9/30/2013 9/30/2013

$0.073 $0.037 $0.085 $0.074 $0.032 $0.027 $0.150 $0.070 $0.180 $0.090 $0.075 $0.102 $0.088 $0.115 $0.190 $0.100 $0.075 $0.069 $0.067 $0.069 $0.070 $0.095 $0.038 $0.095 $0.041 $0.072 $0.090 $0.085 $0.069 $0.039 $0.055 $0.035 $0.122 $0.138 $0.026 $0.070 $0.026 $0.073 $0.116

Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly Mont hly

6.8% 6.7% 7.3% 7.0% 9.6% 10.4% 8.0% 8.0% 11.0% 7.0% 8.1% 7.8% 9.4% 7.8% 9.9% 6.1% 6.6% 7.1% 6.7% 6.7% 8.4% 8.5% 8.0% 8.1% 9.2% 6.0% 11.5% 11.8% 6.6% 6.5% 5.2% 6.6% 12.2% 9.7% 6.4% 8.0% 5.9% 7.0% 8.7%

6.4% 6.0% 7.4% 6.8% 9.6% 10.4% 7.5% 7.6% 10.5% 6.4% 8.5% 7.5% 9.1% 6.9% 9.0% 5.6% 6.0% 6.6% 6.5% 6.7% 8.6% 9.5% 7.2% 8.7% 8.5% 5.7% 11.8% 12.3% 6.0% 6.3% 4.5% 6.1% 18.2% 11.9% 5.7% 8.8% 5.3% 6.5% 8.2%

90.6 73.7 99.8 104.4 97.6 97.6 191.9 * 53.2 78.7 77.7 91.4 59.2 94.2 86.3 83.8 87.0 92.5 93.5 89.9 89.0 87.3 96.5 44.2 96.7 38.8 95.8 89.6 86.9 90.8 89.3 94.9 97.7 52.2 108.5 * * 90.6 90.5 113.6 95.3 96.2

D

D

D

D

D

D

D

D

D

D

D

D

D

D

D

D

D

D

D

D

D

V

D

D

D

D

D

D

D

D

D

D

D

V

D

V

D

D

D

D

D

D

1 . Rationale Codes: V: Valuat ion D: Dist ribut ion St abilit y

Not e: t hose CEFs w it h a rat ionale code of V are also on t he list because of valuat ion considerat ions. * DMO has experienced lumpiness in connect ion w it h it s earnings. Under Review . * * PHT is on t he Avoid List primarly because of t he magnit ude of t he dist ribut ion, rat her t han t he dist ribut ion rat e. Some CEFs listed above may have been removed since September 3 0 , 2 0 1 3 . Request a more current Avoid List document from your FA.

Source: Bloom berg and Wells Fargo Advisors Per for m ance dat a as of Sept em ber 30, 2013

_________________________ 1 For a fur t her discussion of m anaged/ level dist r ibut ions, please r equest a copy of CEF Dist r ibut ions: Don't Reach for Yield, dat ed August 20, 2013

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For t hese CEFs we consider our long- t erm annual t ot al-ret urn expect ations for t he asset class (t ypically ut ilizing our capital-m arket s assum pt ions) , and j udge whet her a CEF's annualized NAV dist ribut ion is proport ionat e to our t ot al-ret urn expect ations, adj ust ed for leverage and possibly ot her considerat ions. Unfort unat ely, som e CEFs t end t o pay dist ribut ions t hat far exceed what we believe are com m ensurat e wit h ret urn expect at ions. Such CEFs are also const it uent s of t he Avoid List . Figure 2 below list s t hose CEFs t hat we have cit ed for dist ribut ionsust ainabilit y concerns using t he art approach. As wit h t he fixed- incom e CEFs, not e t hat som e of t hese CEFs have also been cit ed for valuat ion considerations. I t is probably wort h m ent ioning again t hat , on m any occasions, excessive dist ribut ions and rich valuat ions t end t o go handin- hand.

Ot he r CEFs: a scie nce a nd a r t ble nd

There are st ill yet cert ain CEFs for which we consider dist ribut ion- rat es som ewhat ( t ypically not

expect ing t hem to be near 100% because of t he asset -class m ix), but we do expect t hem to exceed som e t hreshold, based on t he part icular asset class. Also, we consider t he absolut e NAV dist ribut ion rat e, m uch like we do wit h equit y-t ype CEFs. CEFs t hat fall int o t his asset class are usually eit her m ult i- asset CEFs or specialized equit y CEFs t hat invest in sect ors for which t he dividends on t he holdings t end to com prise a large port ion of t he t ot al ret urn (real est ate invest m ent t rust s [ REI Ts] , for exam ple) . A list of CEFs ( Figure 3) t hat have violat ed our criteria in t his group is shown below.

CEFs t ha t ha ve be e n cit e d for va lua t ionconsiderations only

Last ly, t here are t wo CEFs ( Figure 4) t hat are const it uent s of t he list only because of valuat ion considerations. We fear t hat if a cat alyst em erged t hat would unravel t hese rich valuat ions, shareholders of t hese funds m ay be quit e disappoint ed.

Figure 2

Tick e r N a m e of CEF

P r ice

N AV

Premium/ Date of

Dividend Distribution Rate

Discount Price & NAV Distribution Frequency Price

N AV

CFP Co rn e rst o n e Pro g re ssive Re t u rn Fu n d

$5.13

$4.32

18.8%

9/30/2013

$0.085

CH

Ab e rd e e n Ch ile Fu n d I n c

$13.50

$11.84

14.0%

9/30/2013

$0.360

CLM Co rn e rst o n e St ra t e g ic Va lu e Fu n d I n c

$7.16

$5.35

33.8%

9/30/2013

$0.102

CRF Co rn e rst o n e To t a l Re t u rn Fu n d I n c

$6.69

$4.86

37.7%

9/30/2013

$0.091

DNP DNP Se le ct I n co me Fu n d I n c

$9.61

$8.65

11.1%

9/30/2013

$0.065

EOD W e lls Fa rg o Ad va n t a g e Glo b a l Divid e n d Op p o rt u n it y Fu n d

$7.23

$8.18

-11.6% 9/30/2013

$0.210

FTT Fe d e ra t e d En h a n ce d Tre a su ry I n co me Fu n d

$12.86

$15.03

-14.4% 9/30/2013

$0.049

GGN GAMCO Glo b a l Go ld Na t u ra l Re so u rce s & I n co me Tru st

$10.57

$10.54

0.3%

9/30/2013

$0.120

GNT GAMCO Na t u ra l Re so u rce s Go ld & I n co me Tru st b y Ga b e lli

$11.22

$11.31

-0.8%

9/30/2013

$0.120

GUT Ga b e lli Ut ilit y Tru st

$6.35

$5.75

10.4%

9/30/2013

$0.050

HTY Jo h n Ha n co ck Ta x-Ad va n t a g e d Glo b a l Sh a re h o ld e r Yie ld Fu n d

$11.52

$11.79

-2.3%

9/30/2013

$0.320

MXF Me xico Fu n d I n c/ Th e

$29.16

$28.71

1.6%

9/30/2013

$0.770

NAI Allia n zGI I n t e rn a t io n a l & Pre miu m St ra t e g y Fu n d

$10.56

$10.73

-1.6%

10/1/2013

$0.275

SRV Cu sh in g MLP To t a l Re t u rn Fu n d / Th e

$7.98

$6.80

17.4%

9/30/2013

$0.225

STK Co lu mb ia Se lig ma n Pre miu m Te ch n o lo g y Gro w t h Fu n d I n c

$14.21

$15.48

-8.2%

9/30/2013

$0.463

1 . Rationale Codes:

V: Va lu a t io n D : Dist rib u t io n St a b ilit y

No t e : t h o se CEFs w it h a ra t io n a le co d e o f V a re a lso o n t h e list b e ca u se o f va lu a t io n co n sid e ra t io n s.

Som e CEFs liste d a bov e m a y ha v e be e n r e m ov e d since Se pte m be r 3 0 , 2 0 1 3 . Re que st a m or e cur r e nt Av oid List docum e nt fr om y our FA.

Mo n t h ly Qu a rt e r Mo n t h ly Mo n t h ly Mo n t h ly Qu a rt e r Mo n t h ly Mo n t h ly Mo n t h ly Mo n t h ly Qu a rt e r Qu a rt e r Qu a rt e r Qu a rt e r Qu a rt e r

2 0 .0 % 1 0 .7 % 1 7 .1 % 1 6 .3 % 8 .1 % 1 1 .6 % 4 .6 % 1 3 .6 % 1 2 .8 % 9 .4 % 1 1 .1 % 1 0 .6 % 1 0 .4 % 1 1 .3 % 1 3 .0 %

2 3 .7 % 1 2 .2 % 2 2 .9 % 2 2 .5 % 9 .0 % 1 0 .3 % 3 .9 % 1 3 .7 % 1 2 .7 % 1 0 .4 % 1 0 .9 % 1 0 .7 % 1 0 .3 % 1 3 .2 % 1 2 .0 %

Ra t iona le Code s1

V

D

D

V

D

V

D

V

D

D

D

D

D

V

D

D

D

D

V

D

D

Figure 3

Tick e r N a m e of CEF

P r ice

N AV

Premium/

Date of

Dividend Distribution Rate Distribution

Discount Price & NAV Distribution Frequency Price NAV Coverage Ratio

AGC Ad ve n t Cla ymo re Co n ve rt ib le Se cu rit ie s a n d I n co me Fu n d I I

$6.95

$8.04

-13.6%

9/30/2013

$0.047

AW P Alp in e Glo b a l Pre mie r Pro p e rt ie s Fu n d

$7.21

$7.97

-9.5%

9/30/2013

$0.050

CHI Ca la mo s Co n ve rt ib le Op p o rt u n it ie s a n d I n co me Fu n d

$12.60

$12.88

-2.2%

9/30/2013

$0.095

DNI Divid e n d a n d I n co me Fu n d

$14.36

$17.59

-18.4%

9/30/2013

$0.408

EXD Ea t o n Va n ce Ta x-Ad va n t a g e d Bo n d a n d Op t io n s St ra t e g ie s Fu n d

$15.04

$16.00

-6.0%

9/30/2013

$0.425

FAM First Tru st Ab e rd e e n Glo b a l Op p o rt u n it y I n co me Fu n d

$14.55

$15.73

-7.5%

9/30/2013

$0.130

GHI Glo b a l Hig h I n co me Fu n d I n c

$10.29

$11.69

-12.0%

9/30/2013

$0.066

JGT Nu ve e n Dive rsifie d Cu rre n cy Op p o rt u n it ie s Fu n d

$10.48

$12.44

-15.8%

9/30/2013

$0.265

JRS Nu ve e n Re a l Est a t e I n co me Fu n d

$10.56

$9.98

5.8%

9/30/2013

$0.240

MFV MFS Sp e cia l Va lu e Tru st

$7.13

$6.92

3.0%

9/30/2013

$0.058

NFJ Allia n zGI NFJ Divid e n d I n t e re st & Pre miu m St ra t e g y Fu n d

$16.84

$18.05

-6.7%

9/30/2013

$0.450

PGP PI MCO Glo b a l St o cksPLUS & I n co me Fu n d

$22.54

$14.29

57.7%

9/30/2013

$0.183

RFI

Co h e n & St e e rs To t a l Re t u rn Re a lt y Fu n d I n c

$12.40

$12.70

-2.4%

9/30/2013

$0.220

1 . Rationale Codes:

V: Va lu a t io n D : Dist rib u t io n St a b ilit y

No t e : t h o se CEFs w it h a ra t io n a le co d e o f V a re a lso o n t h e list b e ca u se o f va lu a t io n co n sid e ra t io n s.

Som e CEFs liste d a bov e m a y ha v e be e n r e m ov e d since Se pte m be r 3 0 , 2 0 1 3 . Re que st a m or e cur r e nt Av oid List docum e nt fr om y our FA.

Mo n t h ly Mo n t h ly Mo n t h ly Qu a rt e r Qu a rt e r Mo n t h ly Mo n t h ly Qu a rt e r Qu a rt e r Mo n t h ly Qu a rt e r Mo n t h ly Qu a rt e r

8.1% 8.3% 9.0% 11.4% 11.3% 10.7% 7.7% 10.1% 9.1% 9.7% 10.7% 9.8% 7.1%

7.0% 7.5% 8.9% 9.3% 10.6% 9.9% 6.8% 8.5% 9.6% 10.0% 10.0% 15.4% 6.9%

53.3% 51.8% 67.2% 29.6% 4.1% 71.3% 99.5% 43.2% 47.5% 49.5% 30.7% 62.6% 29.1%

Ra t iona le Code s1

D

D

D

D

D

D

D

D

D

D

D

V

D

D

Figure 4

Tick e r N a m e of CEF

P r ice

Premium/

Date of

Dividend Distribution Rate

NAV Discount Price & NAV Distribution Frequency Price NAV

RCS PI MCO St ra t e g ic Glo b a l Go ve rn me n t Fu n d I n c

$10.41 $9.36 11.2%

9/30/2013

$0.080

Mo n t h ly

PTY PI MCO Co rp o ra t e & I n co me Op p o rt u n it y Fu n d

$18.01 $16.49 9.2%

9/30/2013

$0.130

Mo n t h ly

1 . Rationale Codes:

V: Va lu a t io n D : Dist rib u t io n St a b ilit y

No t e : t h o se CEFs w it h a ra t io n a le co d e o f V a re a lso o n t h e list b e ca u se o f va lu a t io n co n sid e ra t io n s.

Som e CEFs liste d a bov e m a y ha v e be e n r e m ov e d since Se pte m be r 3 0 , 2 0 1 3 . Re que st a m or e cur r e nt Av oid List docum e nt fr om y our FA.

9.2% 8.7%

10.3% 9.5%

Ra t iona le Code s1

V V

Source: Bloom berg and Wells Fargo Advisors Per for m ance dat a as of Sept em ber 30, 2013

Page 4 of 7

Close d- En d Fun ds

Oct ober 1 1 , 2 0 1 3

Additional inform at ion, including hist orical ret urns, annual fees, et c., follows:

Ad d it io n a l I n fo rma t io n :

An n u a lize d Re t u rn s (% )

1 year

5 Ye a rs

CEF

Ticke r Price NAV

Price NAV

Constituents as of September 3 0 , 2 0 1 3

Allia n ce Be rn st e in Na t io n a l Mu n icip a l I n co me Fu n d I n c Ad ve n t Cla ymo re Co n ve rt ib le Se cu rit ie s a n d I n co me Fu n d I I Alp in e Glo b a l Pre mie r Pro p e rt ie s Fu n d

AFB AGC AW P

-16.7 12.1 6.6

-4.6 18.2 11.9

11.3 7.1 14.1

8.7 3.8 11.2

Bla ckRo ck I n co me Tru st I n c Bla ckRo ck Mu n icip a l I n co me Tru st I I Bla ckRo ck St ra t e g ic Mu n icip a l Tru st

BKT BLE BSD

-7.2 -13.2 -14.7

-0.9 -8.3 -8.1

9.8 14.2 12.3

6.8 10.4 9.5

Co rn e rst o n e Pro g re ssive Re t u rn Fu n d Ab e rd e e n Ch ile Fu n d I n c Ca la mo s Co n ve rt ib le Op p o rt u n it ie s a n d I n co me Fu n d

CFP CH CHI

13.0 -2.6 8.2

7.9 -12.5 12.3

17.6 14.1 14.4

10.7 6.9 13.4

Co rn e rst o n e St ra t e g ic Va lu e Fu n d I n c Co rn e rst o n e To t a l Re t u rn Fu n d I n c Dre yfu s Hig h Yie ld St ra t e g ie s Fu n d

CLM CRF DHF

13.7 18.1 2.1

10.4 12.1 12.0

13.3 12.7 19.4

7.5 7.5 14.6

Cre d it Su isse Hig h Yie ld Bo n d Fu n d W e st e rn Asse t Mo rt g a g e De fin e d Op p o rt u n it y Fu n d I n c Divid e n d a n d I n co me Fu n d

DHY DMO DNI

2.4 5.6 10.0

12.3 15.1 21.9

21.5 0.0 7.9

14.6 0.0 5.7

DNP Se le ct I n co me Fu n d I n c Du ff & Ph e lp s Ut ilit y a n d Co rp o ra t e Bo n d Tru st I n c St o n e Ha rb o r Eme rg in g Ma rke t s I n co me Fu n d

DNP DUC EDF

5.8 -11.5 -10.7

10.0 -0.4 -5.3

9.8 12.3 8.6 7.9 0.0 0.0

W e lls Fa rg o Ad va n t a g e Glo b a l Divid e n d Op p o rt u n it y Fu n d Ea t o n Va n ce Sh o rt Du ra t io n Dive rsifie d I n co me Fu n d Ea t o n Va n ce Mu n icip a l I n co me Tru st

EOD

-5.0 10.1

6.0

2.8

EVG

-6.2

-0.2 12.0 7.1

EVN -1 5 .9 -1 0 .8 6 .9 8 .5

Ea t o n Va n ce Limit e d Du ra t io n I n co me Fu n d Ea t o n Va n ce Ta x-Ad va n t a g e d Bo n d a n d Op t io n s St ra t e g ie s Fu n d First Tru st Ab e rd e e n Glo b a l Op p o rt u n it y I n co me Fu n d

EVV EXD FAM

-0.7 -5.8 -14.3

5.1 -3.3 -4.8

17.2 0.0 15.3

10.9 0.0 9.7

Fe d e ra t e d En h a n ce d Tre a su ry I n co me Fu n d W e st e rn Asse t Glo b a l Pa rt n e rs I n co me Fu n d I n c W e st e rn Asse t Glo b a l Co rp o ra t e De fin e d Op p o rt u n it y Fu n d I n c

FTT GDF GDO

-5.1 -10.3 -6.4

-0.3 3.6 5.1

0.0 18.6 0.0

0.0 14.6 0.0

GAMCO Glo b a l Go ld Na t u ra l Re so u rce s & I n co me Tru st Glo b a l Hig h I n co me Fu n d I n c GAMCO Na t u ra l Re so u rce s Go ld & I n co me Tru st b y Ga b e lli

GGN -1 7 .1 -1 5 .2 -1 .6 0 .3

GHI

-15.7 -7.0 8.8

7.4

GNT -2 0 .8 -1 2 .0 0 .0 0 .0

Ga b e lli Ut ilit y Tru st Bro o kfie ld To t a l Re t u rn Fu n d I n c Jo h n Ha n co ck Ta x-Ad va n t a g e d Glo b a l Sh a re h o ld e r Yie ld Fu n d

GUT HTR HTY

-14.0 2.0 -3.0

13.2 9.2 10.7

2.5 15.5 13.3

12.3 11.4 7.7

W e st e rn Asse t I n ve st me n t Gra d e De fin e d Op p o rt u n it y Tru st I n c I n ve sco Va lu e Mu n icip a l I n co me Tru st I n ve sco Qu a lit y Mu n icip a l I n co me Tru st

I GI

-13.2 0.1

0.0

0.0

IIM

-13.9 -5.8 10.9 8.8

I QI

-16.6 -7.1 11.2 7.7

Nu ve e n Flo a t in g Ra t e I n co me Fu n d Nu ve e n Dive rsifie d Cu rre n cy Op p o rt u n it ie s Fu n d Nu ve e n Flo a t in g Ra t e I n co me Op p o rt u n it y Fu n d

JFR

3.4

9.8 17.7 11.4

JGT

-12.8 -8.6 4.4

2.0

JRO

7.1

10.8 20.0 12.5

Nu ve e n Re a l Est a t e I n co me Fu n d DW S Mu lt i-Ma rke t I n co me Tru st Pio n e e r Mu n icip a l Hig h I n co me Ad va n t a g e Tru st

JRS KMM MAV

-0.8 -3.2 -9.0

4.0 4.3 -4.1

11.1 19.7 14.8

5.0 13.7 10.0

MFS Sp e cia l Va lu e Tru st MFS Go ve rn me n t Ma rke t s I n co me Tru st Pio n e e r Mu n icip a l Hig h I n co me Tru st

MFV MGF MHI

5.5 -14.1 -6.8

11.0 -2.6 -2.8

17.2 6.1 15.5

11.0 5.2 10.0

MFS I n t e rme d ia t e I n co me Tru st Bla ckRo ck Mu n i I n t e rme d ia t e Du ra t io n Fu n d I n c Me xico Fu n d I n c/ Th e

MI N MUI MXF

-9.7 -13.2 18.2

0.1 -4.9 8.4

6.8 11.6 16.1

5.5 8.6 11.7

Allia n zGI I n t e rn a t io n a l & Pre miu m St ra t e g y Fu n d Allia n zGI Co n ve rt ib le & I n co me Fu n d Allia n zGI Co n ve rt ib le & I n co me Fu n d I I

NAI NCV NCZ

19.2 12.8 12.7

15.5 22.5 23.0

8.8 18.5 18.6

4.1 14.5 13.5

Nu ve e n AMT-Fre e Mu n icip a l I n co me Fu n d Allia n zGI NFJ Divid e n d I n t e re st & Pre miu m St ra t e g y Fu n d Nu ve e n Se n io r I n co me Fu n d

NEA NFJ NSL

-16.5 11.4 3.6

-7.0 12.9 9.9

9.4 9.6 17.8

7.0 6.2 11.7

Nu ve e n Divid e n d Ad va n t a g e Mu n icip a l I n co me Fu n d I n ve sco Mu n icip a l I n co me Op p o rt u n it ie s Tru st PI MCO Glo b a l St o cksPLUS & I n co me Fu n d

NVG OI A PGP

-15.5 -10.5 13.2

-6.2 -2.6 28.1

9.9 7.6 30.6

7.7 7.2 23.0

PI MCO Hig h I n co me Fu n d Pio n e e r Hig h I n co me Tru st Pu t n a m Ma st e r I n t e rme d ia t e I n co me Tru st

PHK PHT PI M

-3.1 0.7 0.2

15.1 14.6 7.3

23.1 24.8 8.3

20.5 18.1 8.9

PI MCO Mu n icip a l I n co me Fu n d I I I Pu t n a m Pre mie r I n co me Tru st PI MCO Co rp o ra t e & I n co me Op p o rt u n it y Fu n d

PMX PPT PTY

-15.4 -2.6 2.9

-6.0 8.3 11.9

7.0 9.5 27.8

6.6 9.6 27.1

PI MCO St ra t e g ic Glo b a l Go ve rn me n t Fu n d I n c Co h e n & St e e rs To t a l Re t u rn Re a lt y Fu n d I n c Cu sh in g MLP To t a l Re t u rn Fu n d / Th e

RCS RFI SRV

-5.1 -4.2 2.9

9.8 5.1 12.1

15.6 8.5 0.0

17.5 8.8 1.0

Co lu mb ia Se lig ma n Pre miu m Te ch n o lo g y Gro w t h Fu n d I n c I n ve sco Tru st fo r I n ve st me n t Gra d e Mu n icip a ls I n ve sco Hig h I n co me Tru st I I

STK VGM VLT

0.9 -18.0 0.5

8.3 -5.6 8.2

0.0 9.3 18.0

0.0 9.4 13.0

CEFs tha t w e r e r e m ov e d fr om Av oid List La st Q ua r te r ( but Re fe r e nce d

in Report)

I NG Risk Ma n a g e d Na t u ra l Re so u rce s Fu n d I NG I n t e rn a t io n a l Hig h Divid e n d Eq u it y I n co me Fu n d

I RR

-8.8

3.9

5.0

2.6

IID

2.3

13.0 10.6 7.3

I NG Eme rg in g Ma rke t s Hig h Divid e n d Eq u it y Fu n d I NG Glo b a l Eq u it y Divid e n d & Pre miu m Op p o rt u n it y Fu n d I NG Asia Pa cific Hig h Divid e n d Eq u it y I n co me Fu n d

I HD

-3.6

0.4

0.0 0.0

I GD

9.0

15.6

9.5

5.8

I AE

-10.2 1.2 12.2 7.1

Pa ch o ld e r Hig h Yie ld Fu n d I n c Nu ve e n Mo rt g a g e Op p o rt u n it y Te rm Fu n d Nu ve e n Mo rt g a g e Op p o rt u n it y Te rm Fu n d 2

PHF -1 0 .3 9 .0 1 6 .7 1 5 .7

JLS

-8.5

7.3

0.0

0.0

JMT

-7.8

5.5

0.0 0.0

Nu ve e n Pre miu m I n co me Mu n icip a l Fu n d I n c Nu ve e n Qu a lit y Mu n icip a l Fu n d I n c Nu ve e n I n ve st me n t Qu a lit y Mu n icip a l Fu n d I n c

NPI

-13.4 -4.3 10.2 8.5

NQI

-15.2 -6.6

9.5

8.3

NQM -13.4 -5.2 12.7 9.4

Nu ve e n Se le ct Qu a lit y Mu n icip a l Fu n d Nu ve e n Qu a lit y I n co me Mu n icip a l Fu n d I n c Allia n ce Be rn st e in I n co me Fu n d I n c

NQS -16.5 -6.0 9.8 9.2

NQU -17.1 -7.5 9.9 7.8

ACG

-8.0

-2.1

6.9

8.4

Fra n klin Te mp le t o n Limit e d Du ra t io n I n co me Tru st Bla ckRo ck Mu n icip a l I n co me Tru st Ka yn e An d e rso n MLP I n ve st me n t Co

FTF

-5.8

6.8 18.3 11.7

BFK

-16.1 -7.7 13.0 10.7

KYN

23.2 24.3 18.3 20.8

Nu ve e n Glo b a l I n co me Op p o rt u n it ie s Fu n d Fid u cia ry/ Cla ymo re MLP Op p o rt u n it y Fu n d I n ve sco Ad va n t a g e Mu n icip a l I n co me Tru st I I

JGG FMO VKI

-12.7 14.8 -18.4

-7.1 18.2 -5.6

4.7 14.3 9.4

2.5 16.9 9.6

I n ve sco Mu n icip a l Op p o rt u n it y Tru st I n ve sco Mu n icip a l Tru st

VMO -2 0 .3 -6 .0 9 .4 9 .4 VKQ -1 8 .2 -6 .3 8 .9 8 .8

Co n st it u e n t List a n d p e rfo rma n ce d a t a a s o f Se p t e mb e r 3 0 , 2 0 1 3 . All o t h e r me t rics a s o f Oct o b e r 9 , 2 0 1 3

So u rce : Blo o mb e rg , W e lls Fa rg o Ad viso rs, a n d t h e fu n d s' w e b sit e s.

I n a d d it io n t o t h e fu n d s' e xp e n se ra t io s list e d a b o ve , t h e fu n d s a re su b j e ct t o b ro ke ra g e fe e s.

Sin ce I n ce p t io n

Pr ice

NAV

5.3 -6.2 -4.7 7.1 6.4 5.8 7.6 12.7 9.8 5.1 3.1 3.6 5.6 14.6 1.7 5.7 6.3 0.3 -2.4 4.6 5.2 6.6 1.2 6.3 -5.7 10.6 0.0 2.2 9.7 -10.5 6.7 7.3 2.6 5.8 5.9 5.9 4.6 0.2 6.3 7.6 10.0 6.7 5.9 5.5 6.8 5.7 5.9 12.1 4.0 8.9 7.6 4.1 4.4 6.0 4.7 4.0 14.7 11.8 13.8 6.0 3.9 6.2 14.7 9.5 9.5 -4.1 1.6 6.6 5.7

6.0 -4.2 -3.8 7.3 6.7 6.0 4.7 11.9 10.9 5.8 3.4 3.6 5.3 18.2 12.6 6.2 6.8 3.6 -0.6 5.5 5.1 7.1 4.2 7.1 -0.8 11.0 9.1 2.9 9.7 -8.6 9.3 7.5 3.4 8.9 6.2 6.1 5.8 2.4 6.6 7.1 9.7 6.1 6.7 5.7 6.3 5.8 6.5 0.0 3.9 9.1 7.7 5.2 5.1 6.5 6.0 4.5 13.2 11.1 13.0 0.0 3.8 6.4 15.0 9.1 10.1 -4.3 4.9 6.3 6.6

-0.1 -0.4 0.0 2.5 1.0 8.6 7.0 7.0 6.3 5.8 6.5 6.2 5.9 7.4 6.8 5.9 11.8 1.6 9.7 5.1 6.1 5.8

2.1 1.0 -5.3 3.8 2.2 9.2 11.0 10.7 6.6 6.4 6.9 6.8 6.5 8.0 7.6 6.4 12.1 3.4 10.1 4.9 6.1 5.9

Exp e n se I n ce p t io n Ra t io %

1/28/2002

1.1

5/24/2007

2.4

4/25/2007

1.3

7/22/1988

1.0

7/25/2002

1.6

8/25/1999

1.8

9/10/2007

1.3

9/27/1989

2.0

6/25/2002

1.6

7/1/1987

1.4

5/16/1973

1.7

4/24/1998

1.5

7/28/1998

1.9

2/23/2010

1.9

6/24/1998

2.6

1/28/1987

1.8

1/29/1993

1.8

12/22/2010 1.8

3/27/2007

1.1

2/23/2005

2.0

1/27/1999

2.0

5/27/2003

1.6

6/25/2010

1.4

11/23/2004 1.7

1/26/2010

1.0

10/28/1993 1.5

11/24/2009 1.3

3/28/2005

1.2

10/8/1993

1.5

1/27/2011

1.2

6/29/1999

1.8

8/4/1989

1.3

9/25/2007

1.3

6/26/2009

0.8

2/1/1993

1.2

9/29/1992

1.4

3/25/2004

1.8

4/25/2007

1.0

7/27/2004

1.7

11/15/2001 1.9

1/23/1989

1.7

10/14/2003 1.2

11/24/1989 1.5

5/28/1987

0.8

7/17/2003

1.0

3/18/1988

0.7

7/29/2003

1.9

6/1/1981

1.5

4/26/2005

1.3

3/26/2003

1.3

7/28/2003

1.3

11/21/2002 2.1

2/23/2005

1.0

10/27/1999 1.8

3/25/2002

2.1

9/19/1988

0.8

5/25/2005

2.6

4/29/2003

1.1

4/25/2002

1.1

4/29/1988

1.0

10/28/2002 1.3

2/29/1988

0.9

12/23/2002 1.1

2/24/1994

1.6

9/17/1993

1.0

8/24/2007

4.3

11/24/2009 1.2

1/24/1992

1.6

4/28/1989

1.8

10/24/2006 1.2

9/25/2007

1.5

4/26/2011

1.4

3/28/2005

1.2

3/27/2007

1.4

11/1/1988

1.2

11/24/2009 1.5

2/24/2010

1.6

7/18/1988

1.7

12/19/1990 1.7

6/15/1990

1.7

3/1/1991

1.8

6/1/1991

1.8

8/28/1987

0.6

8/26/2003

1.1

7/27/2001

1.7

9/27/2004

5.0

6/27/2006

1.2

12/22/2004 2.0

8/27/1993

1.7

4/24/1992

1.7

9/27/1991

1.6

Asse t s

Un d e r Mg mt (mils)

$392 $257 $681 $471 $324 $95 $169 $110 $859 $102 $50 $288 $302 $251 $98 $2,324 $305 $325 $400 $320 $238 $1,915 $169 $274 $135 $181 $308 $1,008 $255 $232 $234 $355 $111 $229 $697 $654 $687 $593 $481 $284 $242 $279 $48 $205 $297 $678 $573 $366 $107 $682 $514 $1,074 $1,686 $287 $431 $323 $144 $979 $395 $365 $307 $851 $1,127 $378 $121 $228 $232 $725 $138

$254 $79 $253 $964 $178 $110 $418 $127 $887 $525 $530 $495 $761 $1,999 $378 $578 $3,103 $125 $672 $510 $861 $706

Ma rke t Pr ice

W ebsit e

$12.45 $6.96 $7.26 $6.60 $13.82 $12.39 $5.09 $13.42 $12.44 $7.18 $6.72 $4.01 $3.15 $22.31 $14.33 $9.68 $10.10 $19.57 $7.33 $15.24 $10.83 $15.07 $15.11 $14.25 $12.99 $11.10 $17.72 $10.53 $10.35 $11.00 $6.40 $22.94 $11.65 $19.39 $13.21 $11.09 $11.87 $10.64 $12.25 $10.64 $9.81 $13.24 $7.14 $5.68 $13.99 $5.23 $13.70 $28.55 $10.69 $9.32 $8.59 $12.08 $17.10 $7.02 $12.38 $6.09 $22.85 $11.81 $17.06 $4.88 $10.16 $5.30 $17.54 $10.23 $12.14 $7.99 $14.36 $11.99 $15.80

w w w .a llia n ce b e rn st e in .co m N/ A N/ A

w w w .b la ckro ck.co m w w w .b la ckro ck.co m w w w .b la ckro ck.co m

N/ A w w w .a b e rd e e n -a sse t .co m w w w .ca la mo sg lo b a l.co m

N/ A N/ A w w w .d re yfu s.co m h t t p s: / / w w w .cre d it -su isse .co m w w w .le g g ma so n .co m N/ A N/ A N/ A w w w .sh ip lp .co m w w w .w e llsfa rg o .co m/ N/ A N/ A N/ A N/ A w w w .ft a d viso rs.co m N/ A w w w .le g g ma so n .co m w w w .le g g ma so n .co m N/ A N/ A N/ A N/ A w w w .b ro o kfie ld im.co m w w w .j o h n h a n co ck.co m w w w .le g g ma so n .co m w w w .in ve sco .co m w w w .in ve sco .co m w w w .n u ve e n .co m w w w .n u ve e n .co m w w w .n u ve e n .co m w w w .n u ve e n .co m N/ A w w w .Pio n e e rAd viso rs.co m w w w .mfs.co m w w w .mfs.co m w w w .Pio n e e rAd viso rs.co m w w w .mfs.co m w w w .b la ckro ck.co m N/ A N/ A N/ A N/ A w w w .n u ve e n .co m N/ A w w w .n u ve e n .co m w w w .n u ve e n .co m w w w .in ve sco .co m N/ A N/ A w w w .Pio n e e rAd viso rs.co m w w w .p u t n a m.co m N/ A w w w .p u t n a m.co m N/ A N/ A w w w .co h e n a n d st e e rs.co m w w w .sw a n kca p it a l.co m/ w w w .co lu mb ia ma n a g e me n t .co m w w w .in ve sco .co m w w w .in ve sco .co m

$9.80 $9.01 $12.57 $8.94 $13.16 $7.84 $23.54 $23.56 $12.36 $11.93 $13.38 $12.23 $12.17 $6.97 $12.93 $12.81 $34.55 $11.70 $24.39 $10.28 $11.42 $11.33

N/ A N/ A N/ A N/ A N/ A w w w .j p mo rg a n .co m w w w .n u ve e n .co m w w w .n u ve e n .co m w w w .n u ve e n .co m w w w .n u ve e n .co m w w w .n u ve e n .co m w w w .n u ve e n .co m w w w .n u ve e n .co m w w w .a llia n ce b e rn st e in .co m w w w .fra n klin t e mp le t o n .co m w w w .b la ckro ck.co m w w w .ka yn e ca p it a l.co m w w w .n u ve e n .co m w w w .g u g g e n h e imp a rt n e rs.co m w w w .in ve sco .co m w w w .in ve sco .co m w w w .in ve sco .co m

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