Seeking Alpha

Weekly Closed-End Fund Roundup: Saba Forces Invesco Tenders

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Includes: ACP, AIF, BQH, BTZ, CIF, DDF, DEX, DMO, ECC, EFF, EFR, EIM, FMN, GDV, GER, GIM, GLO, GLQ, GLV, GNT, HGLB, HYB, IAE, IAF, IFN, INB, IRL, JEMD, JHD, JHI, JHS, JLS, JMT, LGI, LOR, MAV, MCR, MFM, MFV, MGF, MIN, MMT, MNE, NAD, NAZ, NCB, NDP, NEA, NHF, NJV, NNC, NPN, NTC, NTG, NTX, NUO, NVG, NXC, OIA, OXLC, PCQ, PFD, PHD, PPR, RCG, RMT, RVT, SZC, TYG, VLT, VTA, VVR, ZF
by: Stanford Chemist
Summary

21 out of 31 CEF sectors positive on price and 10 out of 31 sectors positive on NAV this week.

Saba forces tender offers at VVR, VLT and VTA.

ACP looks overvalued, would recommend rotating out of it.

GLO tender offer coming up.

This article was first released to CEF/ETF Income Laboratory subscribers 2 weeks ago, so data may be out of date. Please check latest data before making investment decisions.

The Weekly Closed-End Fund Roundup will be put out at the start of each week to summarize recent price movements in closed-end fund [CEF] sectors in the last week, as well as to highlight recently concluded or upcoming corporate actions on CEFs, such as tender offers. Most of the information has been sourced from CEFInsight or the Closed-End Fund Center. I will also link to some articles from Seeking Alpha that I have found for useful reading over the past week. The searchable tag for this feature is "cildoc." Data is taken from the close of Friday, June 14, 2019.

Weekly performance roundup

21 out of 31 sectors were positive on price (down from 31 last week) and the average price return was +0.15% (down from +1.98% last week). The leading gainers were Emerging Market Equity (+1.43%), Latin American Equity (+1.41%) and High Yield Munis (+0.91%), while New Jersey Munis (-1.29%) lagged.

(Source: Stanford Chemist, CEFConnect)

10 out of 31 sectors were positive on NAV (down from 30 last week), while the average NAV return was -0.09% (down from +1.49% last week). The top sector by NAV was Latin American Equity (+2.20%), followed by Emerging Market Equity (+0.73%). The biggest loser was MLPs (-1.14%).

(Source: Stanford Chemist, CEFConnect)

The sector with the highest premium is Preferreds (+2.65%), while the sector with the highest discount is Non-US Equity (-12.74%). The average sector discount is -6.00% (up from -6.23% last week).

(Source: Stanford Chemist, CEFConnect)

High Yield Munis showed the largest premium/discount increase (+1.09%), while Asia Equity showed the largest premium/discount decline (-0.86%). The average change in premium/discount was +0.23% (down from +0.47% last week).

(Source: Stanford Chemist, CEFConnect)

The sector with the highest average 1-year z-score is Preferreds (+1.58) while the sector with the lowest z-score is Non-US Equity (-1.27). The average z-score is +0.53 (down from +0.71 last week).

(Source: Stanford Chemist, CEFConnect)

The sectors with the highest yields are MLPs (11.60%), global equity dividend (10.11%), Global Growth & Income (9.45%), Emerging Market Income (9.10%) and Covered Call (8.69%). Discounts and z-scores for the sectors are included for comparison. The average sector yield is 7.11% (down from 7.27% last week).

(Source: Stanford Chemist, CEFConnect)

Individual CEFs that have undergone a significant decrease in premium/discount value over the past week, coupled optionally with an increasing NAV trend, a negative z-score, and/or are trading at a discount, are potential buy candidates.

Ticker

P/D decrease

Yield

P/D

Z-Score

Price change

NAV change

(NDP)

-4.92%

26.08%

20.04%

1.2

-10.05%

-6.37%

(NJV)

-3.76%

3.97%

-10.99%

1.3

-4.49%

-0.46%

(HGLB)

-3.70%

9.57%

-21.64%

-2.4

-2.72%

1.87%

(IAE)

-3.54%

9.49%

-10.84%

-0.1

-4.21%

-0.41%

(CIF)

-3.13%

9.62%

-1.95%

0.1

-2.33%

0.79%

(JEMD)

-3.12%

5.14%

-2.56%

0.9

-2.78%

0.34%

(HYB)

-2.99%

7.69%

-11.91%

0.4

-2.28%

1.04%

(GNT)

-2.64%

10.83%

-7.67%

0.4

-2.29%

0.50%

(DDF)

-2.59%

8.02%

26.87%

1.8

-1.36%

0.65%

(RCG)

-2.58%

%

-18.78%

-0.8

-2.00%

1.12%

(Source: Stanford Chemist, CEFConnect)

Conversely, individual CEFs that have undergone a significant increase in premium/discount value in the past week, coupled optionally with a decreasing NAV trend, a positive z-score, and/or are trading at a premium, are potential sell candidates.

Ticker

P/D increase

Yield

P/D

z-score

Price change

NAV change

(OXLC)

4.23%

15.61%

37.30%

1.9

3.18%

0.00%

(ECC)

3.69%

13.54%

23.30%

1.7

3.08%

0.00%

(NPN)

3.24%

3.47%

-7.52%

1.2

3.22%

-0.39%

(INB)

3.11%

8.71%

-7.68%

0.4

4.15%

0.63%

(PFD)

3.11%

6.11%

7.05%

2.3

3.37%

0.36%

(ZF)

2.75%

13.82%

-6.61%

0.6

2.75%

-0.27%

(ACP)

2.69%

11.56%

-1.89%

1.6

3.15%

0.32%

(PCQ)

2.66%

4.84%

36.82%

2.0

1.11%

-0.85%

(GER)

2.61%

12.31%

-7.96%

-0.8

0.78%

-2.08%

(DMO)

2.59%

8.86%

10.22%

1.4

2.56%

0.15%

(Source: Stanford Chemist, CEFConnect)

Recent corporate actions

Any new news in the past week has a bolded date:

May 23, 2019 | NexPoint Strategic Opportunities Fund Completes Rights Offering, Draws Subscriptions Totaling Over 230% of Primary Offering. NexPoint Advisors, L.P. (together with its affiliates "NexPoint") announced today the successful completion of a non-transferable rights offering (the "Offer") for the NexPoint Strategic Opportunities Fund (NHF) (the "Fund"). The Offer garnered material oversubscription, with subscriptions equal to 231% of the primary offering. "We appreciate the widespread shareholder support that enabled us to complete another successful rights offering," said James Dondero, NexPoint president and portfolio manager for the Fund. "We have several opportunities—particularly in real estate—that we believe will drive performance, and we look forward to pursuing those strategic investments." The subscription price for each Share issued pursuant to the Offer was $17.77, which represented 95% of the average of the last reported sales price of the Fund's common shares on the New York Stock Exchange ("NYSE") on the Expiration Date and on each of the four trading days preceding the Expiration Date. Preliminary results indicate that the Fund received total subscriptions for Shares totaling approximately $519 million (including oversubscription requests and notices of guaranteed delivery), representing 231% of the 10,798,855 Shares available to be issued pursuant to the primary subscription. Oversubscription requests exceeded the oversubscription shares available and the 2,699,713 additional Shares available pursuant to the exercise of an overallotment option (the "Secondary Subscription Shares"). The oversubscription shares and Secondary Subscription Shares will be allocated pro-rata among those Record Date Shareholders who oversubscribed based on the number of common shares of the Trust owned by such Shareholders on April 29, 2019, the Record Date. Confirmation as to the amount of Shares received by each participating Rights holder will be sent by the Subscription Agent on or about May 30, 2019.

May 20, 2019 | Eaton Vance Municipal Bond Fund Announces Final Results Of Tender Offer. Eaton Vance Municipal Bond Fund (EIM) (the "Fund") announced today the final results of its tender offer for up to 10% or 8,969,613 of its outstanding common shares of beneficial interest. As previously announced, the tender offer expired at 5:00 P.M., Eastern Time on May 17, 2019. In accordance with the terms and conditions of the tender offer, because the number of shares tendered exceeds the number of shares offered to purchase, the Fund will purchase shares from tendering shareholders on a pro-rata basis (disregarding fractional shares). Following the purchase of the tendered shares, the Fund will have approximately 80,726,520 shares of common stock outstanding. The final results of the tender offer, based on a count by American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, are provided in the table below:

Number of

Shares Tendered

Number ofTendered Sharesto be Purchased

Pro-RationFactor*

Purchase Price**

Number of OutstandingShares after Giving Effect to Tender Offer

33,920,082

8,969,613

26.4433706%

$13.374

80,726,520

*Equal to the number of tendered shares to be purchased divided by the number of shares tendered.

**Equal to 98% of the Fund's net asset value per share as of the close of regular trading on the New York Stock Exchange (NYSE) on May 17, 2019 (the date that the tender offer expired).

The Fund will purchase the common shares accepted for payment as promptly as practicable. The information agent for the tender offer is AST Fund Solutions, LLC. Any questions with regard to the tender offer may be directed to the information agent toll-free at 800-713-9968.

Upcoming corporate actions

Any new news in the past week has a bolded date:

June 14, 2019 | Saba Capital Reaches Agreements with Three Invesco Closed-End Funds. Saba Capital Management, L.P. and certain associated parties (collectively “Saba”) today issued the following statement regarding agreements with Invesco Senior Income Trust (VVR), Invesco High Income Trust II (VLT), and Invesco Dynamic Credit Opportunities Fund (VTA) (“Invesco” or the “Funds”). “Saba is pleased to have reached these agreements through constructive engagement with the Invesco boards,” said Pierre Weinstein, Partner and Portfolio Manager at Saba. “We believe the tender offers contemplated by the agreements will benefit all shareholders by providing them the opportunity to tender their shares at a price close to the Funds’ respective net asset values.” Under the terms of the agreements, prior to January 1, 2020, Invesco Senior Income Trust, Invesco High Income Trust II, and Invesco Dynamic Credit Opportunities Fund will commence cash tender offers for up to 15%, 20%, and 15%, respectively, of the Funds’ outstanding common shares of beneficial interest at a price per share equal to 98.5% of the Funds’ respective net asset values (“NAV”) per share. The Funds will repurchase shares tendered and accepted in the tender offers in exchange for cash. In addition, Saba has agreed to certain standstill covenants.

June 10, 2019 | Clough Global Opportunities Fund Announces Filing for Rights Offering. Clough Global Opportunities Fund (GLO) (the “Fund”) announced that a preliminary registration statement will be filed with the Securities and Exchange Commission (“SEC”) relating to the offering of additional common shares of the Fund pursuant to a rights offering. The Fund will be issuing transferable subscription rights (“Rights”) to its common shareholders on a record date to be set by the Fund’s Board of Trustees (the “Record Date” and such shareholders, “Record Date Shareholders”) who will be allowed to subscribe for new common shares of the Fund (the “Primary Subscription”). Record Date Shareholders will receive one Right for each common share held on the Record Date. For every five Rights held, a holder of Rights may buy one new common share of the Fund. Record Date Shareholders who fully exercise all Rights initially issued to them in the Primary Subscription will be entitled to buy those common shares that are not purchased by other holders of Rights. The rights offering is subject to the effectiveness of the Fund’s Registration Statement to be filed with the SEC and will be made only by means of a prospectus.

June 7, 2019 | Cushing Renaissance Fund Announces Terms of Rights Offering.The board of trustees (the "Board") of The Cushing Renaissance Fund (SZC) the "Fund") has approved the terms of the issuance of transferable rights ("Rights") to the holders of the Fund's common shares (the "Common Shareholders") of beneficial interest, par value $0.001 per share ("Common Shares"), as of the record date, entitling the holders of those Rights to subscribe for Common Shares (the "Offer"). The Board, based on the recommendations and presentations of the Fund's investment adviser, Cushing® Asset Management, LP ("Cushing" or the "Investment Adviser"), and others, has determined that it is in the best interests of the Fund and the Common Shareholders to conduct the Offer and thereby to increase the assets of the Fund available for investment. In making this determination, the Board considered a number of factors, including potential benefits and costs. In particular, the Board considered the Investment Adviser's belief that the Offer would enable the Fund to take advantage of existing and future investment opportunities that may be or may become available, consistent with the Fund's investment objective to seek high total return with an emphasis on current income. The Offer also seeks to provide an opportunity to existing Common Shareholders to purchase Common Shares at a discount to market price (subject to a sales load).

The record date for the Offer is currently expected to be June 19, 2019 (the "Record Date"). The Fund will distribute to Common Shareholders on the Record Date ("Record Date Common Shareholders") one Right for each Common Share held on the Record Date. Common Shareholders will be entitled to purchase one new Common Share for every three Rights held (1 for 3). The proposed subscription period will commence on the Record Date and is currently anticipated to expire on July 18, 2019, unless extended by the Fund (the "Expiration Date"). Rights may be exercised at any time during the subscription period. The Rights are transferable and are expected to be admitted for trading on the New York Stock Exchange LLC (the "NYSE") under the symbol "SZC RT" during the course of the Offer.

The subscription price per Common Share (the "Subscription Price") will be determined on the Expiration Date, and will be equal to 90% of the average of the last reported sales price of a Common Share of the Fund on the NYSE on the Expiration Date and each of the four (4) immediately preceding trading days (the "Formula Price"). If, however, the Formula Price is less than 78% of the Fund's net asset value per Common Share at the close of trading on the NYSE on the Expiration Date, the Subscription Price will be 78% of the Fund's net asset value per Common Share at the close of trading on the NYSE on that day. Record Date Common Shareholders who exercise all of their primary subscription Rights will be eligible for an over-subscription privilege entitling Record Date Common Shareholders to subscribe, subject to certain limitations and allotment, for any additional Common Shares not purchased pursuant to the primary subscription.

June 3, 2019 | Eaton Vance Municipal Bond Fund Announces Commencement Of 120-Day Period In Connection With Conditional Tender Offer. As previously announced in a press release dated March 27, 2019, the Board of Trustees of Eaton Vance Municipal Bond Fund (NYSE American: EIM) (the "Fund") has authorized a conditional cash tender offer (the "Conditional Tender Offer") for up to 5% of the Fund's outstanding common shares, provided that during a 120-day period announced by the Fund, the Fund's common shares trade at an average discount to net asset value ("NAV") of more than 6% (based upon the average of the difference between its volume-weighted average market price and NAV each business day during the period). The 120-day period for the Conditional Tender Offer will commence tomorrow, June 4, 2019, and end on October 1, 2019. If triggered, the Conditional Tender Offer would be at 98% of NAV per share as of the close of regular trading on the New York Stock Exchange (NYSE) on the date the tender offer expires. The Conditional Tender Offer, if triggered, would begin on or before November 29, 2019. If the condition is triggered, the Fund will issue a press release providing notification and additional information about the tender offer.

May 31, 2019 | Important Change to Previously-Announced Tender Offer by Lazard World Dividend & Income Fund. Lazard World Dividend & Income Fund, Inc. (LOR) today announced that its Board of Directors (the "Board") has approved an important change to the one-time tender offer previously announced by press release dated February 19, 2019 (the "Offer"). The Offer will now no longer be conditioned upon the prior approval by stockholders of each of LOR and Lazard Global Total Return and Income Fund, Inc. (LGI) (together with LOR, the "Funds") of the proposed reorganization of LOR into LGI, and the Offer will commence within the time period from mid-June through July 2019 and will expire twenty business days after its commencement. A further press release will be issued upon commencement of the Offer. The Board did not approve any other changes to the terms of the Offer, as previously announced—that is, LOR will acquire, in exchange for cash, up to 20% of LOR's outstanding shares of common stock at a price equal to 98% of LOR's net asset value ("NAV") per share as of the close of regular trading on the New York Stock Exchange on the business day immediately following the day the Offer expires. If more than 20% of LOR's outstanding shares of common stock are tendered in the Offer, LOR will purchase its shares from tendering stockholders on a pro rata basis at a price of 98% of LOR's NAV per share. Additional terms and conditions of the Offer will be set forth in LOR's Offer to Purchase, which will be distributed to LOR stockholders of record upon the commencement of the Offer.

May 23, 2019 | Nuveen Closed-End Funds’ Board of Trustees Approves Three Fund Reorganization Proposals. The Board of Trustees for six Nuveen municipal closed-end funds approved three merger proposals. The mergers are subject to customary conditions, including shareholder approval. The mergers are intended to create larger funds with lower operating expenses and increased trading volume on the exchange for common shares. More information on the proposed mergers will be contained in proxy materials expected to be filed in the coming weeks.

Acquired Fund

Symbol

Acquiring Fund

Symbol

Nuveen Texas Quality Municipal Income Fund

(NTX)

Nuveen Quality Municipal Income Fund

(NAD)

Nuveen North Carolina Quality Municipal Income Fund

(NNC)

Nuveen AMT-Free Quality Municipal Income Fund

(NEA)

Nuveen Connecticut Quality Municipal Income Fund

(NTC)

Nuveen AMT-Free Municipal Credit Income Fund

(NVG)

If shareholders approve the reorganization, Nuveen Connecticut Quality Municipal Income Fund (NTC) shareholders will receive a cash distribution prior to the closing of the reorganization of approximately 10% of net asset value per share.

May 23, 2019 | Nuveen Mortgage Closed-End Funds Announce Alternate Proposals. The Board of Trustees of Nuveen Mortgage Opportunity Term Fund (JLS) and Nuveen Mortgage Opportunity Term Fund 2 (JMT) have approved a series of proposals that will allow shareholders the opportunity to maintain their exposure to securitized credit. In light of the upcoming scheduled termination of each fund, these alternate proposals, which replace a previously announced merger proposal, asks shareholders of each fund to vote to amend the charter and eliminate the term structure. For each fund, if the fund’s charter amendment and the other proposals described below are approved by shareholders, the fund will conduct a tender offer for up to 100 percent of its outstanding shares at NAV. If the fund’s managed assets taking into account shares properly tendered in the tender offer would be $80 million or greater, the tender offer will be completed and the fund’s term structure will be eliminated. If the fund’s managed assets after the tender offer would be less than $80 million, the tender offer will be cancelled with no common shares repurchased and instead that fund will proceed to terminate as scheduled.

The funds currently have an investment objective to generate attractive total returns through opportunistic investments in mortgage-backed securities (MBS). As part of the alternate proposals, shareholders will be asked to vote on a change in investment objective to generate high current income through opportunistic investments in securitized credit. Additionally, JLS and JMT will update their investment policies to invest at least 65% of managed assets in MBS, including residential MBS and commercial MBS and may invest up to 35% in non-mortgage related asset-backed securities including, but not limited to, consumer, auto, collateralized loan obligations, solar, timeshare, aircraft and catastrophe bonds.

As a result of these investment policy changes, each of JLS and JMT will change its name. JLS will be renamed “Nuveen Mortgage and Income Fund” and JMT will be renamed “Nuveen Mortgage and Income Fund 2.” Additionally, as part of the alternate proposals, shareholders of each fund will be asked to vote on a new investment management agreement with Nuveen Fund Advisors, LLC that provides for a lower fund-level management fee at each asset level and a new sub-advisory agreement with Teachers Advisors, LLC. Aashh Parekh, Nick Travaglino, and Steve Virgilio of Teachers Advisors will serve as portfolio managers. Each of the changes described above will take effect with respect to a fund only if shareholders of that fund approve all of the proposals described above and the tender offer condition is satisfied.

May 23, 2019 | Delaware Enhanced Global Dividend and Income Fund Announces Self-Tender Offer for up to Five Percent of Its Shares. Delaware Enhanced Global Dividend and Income Fund (DEX) (the “Fund”) announced today that its Board of Trustees has authorized an issuer tender offer to purchase for cash up to 631,965 of its common shares, representing five percent of its issued and outstanding common shares, without par value. The tender offer will commence on Friday, May 31, 2019, and will expire, unless extended, at 11:59 p.m., New York City time, on Thursday, June 27, 2019. Subject to various terms and conditions described in offering materials to be distributed to shareholders: (1) purchases will be made at a price per share equal to 98% of the Fund’s net asset value per share as of the close of trading on the first business day after the expiration of the offer; and (2) if more shares are tendered than the amount the Board has authorized to purchase, the Fund will purchase a number of shares equal to the offer amount on a prorated basis.

May 20, 2019 | Clough Global Dividend and Income Fund Announces Filing for Rights Offering. Clough Global Dividend and Income Fund (GLV) (the “Fund”) announced that a preliminary registration statement will be filed with the Securities and Exchange Commission (“SEC”) relating to the offering of additional common shares of the Fund pursuant to a rights offering. The Fund will be issuing transferable subscription rights (“Rights”) to its common shareholders on a record date to be set by the Fund’s Board of Trustees (the “Record Date” and such shareholders, “Record Date Shareholders”) who will be allowed to subscribe for new common shares of the Fund (the “Primary Subscription”). Record Date Shareholders will receive one Right for each common share held on the Record Date. For every five Rights held, a holder of Rights may buy one new common share of the Fund. Record Date Shareholders who fully exercise all Rights initially issued to them in the Primary Subscription will be entitled to buy those common shares that are not purchased by other holders of Rights.

Recent activist or other CEF news

Any new news in the past week has a bolded date:

June 11, 2019 | Tortoise Energy Infrastructure Corp. and Tortoise Midstream Energy Fund, Inc. Modify Non-Fundamental Policies. Tortoise Energy Infrastructure Corp. (TYG) and Tortoise Midstream Energy Fund, Inc. (NTG) today announced that their Board of Directors approved modifications to certain non-fundamental investment policies of each fund, which will become effective immediately. Consistent with the non-fundamental investment policies in other Tortoise midstream funds, NTG has added a non-fundamental investment policy that permits the investment of up to 20% of the Company’s total assets in debt securities of midstream energy companies, including securities rated below investment grade. TYG and NTG each modified their non-fundamental investment policies that permit the writing of covered call options, increasing the limit from 5% to 10% of total assets.

June 11, 2019 | Nuveen High Income December 2019 Target Term Fund Announces Wind-up Period. The Nuveen High Income December 2019 Target Term Fund (JHD) has entered the wind-up period in anticipation of its termination date. The fund is a “target term” fund that will cease its investment operations and liquidate its portfolio on December 1, 2019 and distribute the net proceeds to shareholders, unless the term is extended for a period of up to six months by a vote of the fund’s Board of Trustees.

During the wind-up period the fund may deviate from its investment objectives and policies, and may invest up to a 100% of its managed assets in high quality, short-term securities. High quality, short-term securities for this fund include securities rated investment grade (BBB-/Baa3 or higher or unrated but judged by the fund’s subadviser to be of comparable quality) with a final or remaining maturity of 397 days or less. Consequently, for the remainder of its term, the fund will invest at least 80% of its managed assets in [i] below investment grade securities; and [ii] short-term investment grade securities that have a final or remaining maturity of 397 days or less, so long as the maturity of any security in the fund does not occur later than June 1, 2020. These expanded investment parameters currently will provide the fund additional flexibility to reinvest the proceeds of matured or called portfolio securities in higher quality, short-term securities. As the fund gets closer to its termination date, the fund will begin to affirmatively transition its remaining below investment grade portfolio holdings to such high quality, short-term securities to enhance its ability to efficiently liquidate its portfolio at termination.

The fund has also completed the process of redeeming and retiring its leverage in anticipation of its termination date. As described in the fund’s prospectus, the general shortening of the time-to-maturity of the fund’s portfolio securities as the fund approaches its termination date, the elimination of leverage, and the repositioning of the fund’s portfolio into higher-quality securities as part of the wind-up process, will tend to reduce interest rate risk and credit risk, and improve portfolio liquidity, but will also tend to reduce amounts of income available to pay as dividends to common shareholders.

June 11, 2019 | Gabelli Dividend & Income Trust to Redeem $50 Million (50%) of Its Series E Auction Rate Preferred Shares. The Gabelli Dividend & Income Trust (GDV) (the “Fund”) will redeem 50% (2,000 of 4,000 shares) of its outstanding Series E Auction Rate Preferred Shares (the “Series E Preferred”). The shares will be redeemed at $25,000 per Series E Preferred (the liquidation preference) plus an amount equal to any accumulated and unpaid dividends and distributions thereon to the redemption date of July 11, 2019 (the “Redemption Price”). From and after the redemption date, the Series E Preferred being redeemed will no longer be deemed outstanding, dividends will cease to accumulate and all the rights of the Series E Preferred shareholders with respect to such Series E Preferred being redeemed will cease, except the right to receive the Redemption Price, without interest.

July 7, 2019 | BlackRock sued over blocking board seats for closed-end funds. Boaz Weinstein’s hedge fund sued BlackRock Advisors, saying the asset manager has prevented outsiders from gaining board seats at several of its funds. Weinstein’s Saba Capital Master Fund accused some BlackRock closed-end funds and their boards of unilaterally adopting corporate governance rules that favor board incumbents, according to the case filed June 4 in Delaware Chancery Court. Saba said that the funds’ bylaws makes it easier for uncontested incumbents to win re-election, while outsider nominees in contested elections have a higher bar to clear. The suit said that the bylaws allow uncontested incumbents to win re-election with a plurality of votes, while dissident nominees in contested elections must get a majority of outstanding shares. “The board’s dual vote standard is an impermissible, self-interested interference with the shareholder right to nominate and elect trustees,” the suit said. Saba sued the BlackRock Credit Allocation Income Trust (BTZ) and the BlackRock New York Municipal Bond Trust (BQH). It also sued the BlackRock Muni New York Intermediate Duration Fund (MNE). BlackRock spokesman Brian Beades said the lawsuit is a move to strengthen Saba’s short-term position so it can make a quick profit selling its stake.

Distribution changes announced this month

These are sorted in ascending order of distribution change percentage. Funds with distribution changes announced this month are included. Any distribution declarations made this week are in bold. I've also added monthly/quarterly information as well as yield, coverage (after the boost/cut), discount and 1-year z-score information. I've separated the funds into two sub-categories, cutters and boosters.

Cutters

Name

Ticker

Change

Previous

Current

Yield

Discount

z-score

Coverage

Announced

Ex-date

Nuveen CA Municipal Value 2

(NCB)

-13.0%

0.054

0.047

3.53%

-1.22%

-0.5

104%

6/3/2019

6/13/2019

Pioneer Muni High Inc Adv

(MAV)

-11.8%

0.0425

0.0375

4.19%

-9.30%

-1.3

118%

6/4/2019

6/17/2019

Nuveen OH Quality Muni Income

(NUO)

-8.1%

0.0455

0.0418

3.36%

-11.28%

1.6

108%

6/3/2019

6/13/2019

Federated Premier Muni Income

(FMN)

-7.4%

0.054

0.05

4.38%

-9.69%

0.5

113%

6/10/2019

6/20/2019

Aberdeen Australia Equity

(IAF)

-6.7%

0.15

0.14

10.33%

-9.21%

-1.7

8%

6/11/2019

6/20/2019

Royce Micro Cap Trust

(RMT)

-5.6%

0.18

0.17

8.54%

-11.16%

-1

0%

6/3/2019

6/12/2019

India Fund Inc

(IFN)

-4.8%

0.62

0.59

10.93%

-11.11%

0.2

0%

6/11/2019

6/20/2019

Invesco Muni Income Opps Trust

(OIA)

-3.7%

0.0328

0.0316

4.98%

0.26%

-0.6

97%

6/3/2019

6/13/2019

MFS Municipal Income

(MFM)

-3.6%

0.028

0.027

4.58%

-4.07%

1.6

115%

6/3/2019

6/18/2019

Royce Value Trust

(RVT)

-3.4%

0.29

0.28

8.30%

-11.24%

-0.9

6%

6/3/2019

6/12/2019

Clough Global Equity

(GLQ)

-2.2%

0.1151

0.1126

10.68%

-6.92%

-0.5

0%

6/7/2019

6/14/2019

Clough Global Opportunities

(GLO)

-2.1%

0.0903

0.0884

11.27%

-11.81%

-0.9

2%

6/7/2019

6/14/2019

Apollo Tactical Income Fund In

(AIF)

-2.0%

0.102

0.1

8.21%

-12.46%

-0.4

110%

6/6/2019

6/14/2019

Clough Global Div and Inc Fund

(GLV)

-1.7%

0.1041

0.1023

11.16%

-11.43%

-0.6

19%

6/7/2019

6/14/2019

EV Senior Floating Rate

(EFR)

-1.3%

0.077

0.076

6.61%

-11.67%

-0.6

101%

6/3/2019

6/20/2019

EV Floating-Rate Inc Plus Fund

(EFF)

-1.2%

0.084

0.083

6.34%

-12.41%

-0.2

96%

6/3/2019

6/20/2019

JH Income Securities

(JHS)

-1.2%

0.1522

0.1504

4.25%

-6.42%

0.7

35%

6/3/2019

6/12/2019

MFS Intermediate High Income

(CIF)

-1.1%

0.02035

0.02012

9.62%

-1.95%

0.1

60%

6/3/2019

6/18/2019

Templeton Global Income

(GIM)

-1.1%

0.0354

0.035

6.59%

-9.80%

1.9

91%

6/3/2019

6/13/2019

MFS Special Value Trust

(MFV)

-1.0%

0.04621

0.04573

9.57%

3.17%

1.2

29%

6/3/2019

6/18/2019

Delaware Inv Div & Inc

(DDF)

-0.8%

0.0925

0.0918

8.02%

26.87%

1.8

22%

6/4/2019

6/20/2019

MFS Multi-Market Income

(MMT)

-0.5%

0.04167

0.04148

8.60%

-7.95%

1.4

51%

6/3/2019

6/18/2019

MFS Charter Income

(MCR)

-0.4%

0.05871

0.05848

8.62%

-8.44%

1.9

50%

6/3/2019

6/18/2019

Delaware Enhanced Gbl Div&Inc

(DEX)

-0.2%

0.092

0.0918

11.05%

-9.36%

0.1

48%

6/4/2019

6/20/2019

MFS Intermediate Income

(MIN)

-0.1%

0.02861

0.02858

8.98%

-6.37%

1.7

30%

6/3/2019

6/18/2019

(Source: Stanford Chemist, CEFConnect)

Boosters

Name

Ticker

Change

Previous

Current

Yield

Discount

z-score

Coverage

Announced

Ex-date

MFS Government Markets Income

(MGF)

0.2%

0.02847

0.02854

7.37%

-2.92%

2.9

36%

6/3/2019

6/18/2019

New Ireland Fund

(IRL)

0.3%

0.1107

0.111

4.93%

-16.36%

-0.9

-7%

6/11/2019

6/20/2019

Voya Prime Rate Trust

(PPR)

1.9%

0.027

0.0275

6.90%

-12.61%

0.4

91%

6/3/2019

6/7/2019

Pioneer Floating Rate Trust

(PHD)

4.2%

0.06

0.0625

7.04%

-11.69%

0.2

107%

6/4/2019

6/17/2019

Nuveen AZ Quality Muni Income

(NAZ)

5.5%

0.0415

0.0438

4.05%

-11.74%

0.6

105%

6/3/2019

6/13/2019

Nuveen CA Select Tax-Free

(NXC)

6.6%

0.041

0.0437

3.65%

-7.00%

0.6

103%

6/3/2019

6/13/2019

JH Investors Trust

(JHI)

26.6%

0.2458

0.3111

7.71%

-9.22%

-0.1

32%

6/3/2019

6/12/2019

(Source: Stanford Chemist, CEFConnect)

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Disclosure: I am/we are long THE PORTFOLIOS. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.