Comparing Performance of Closed-End Funds and Mutual Funds
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1 Comparing Performance of Closed-End Funds and Mutual Funds
2 Closed-End Funds vs. Mutual Funds Share Treatment Closed-End Funds Mutual Funds Shares Trade on an Exchange Shares Offered Shares Redeemed Shares Priced Use of Leverage Yes Total shares are determined by initial demand during the initial public offering( IPO ). Shares can be bought and sold in secondary market post IPO. No. Shares are bought and sold in the secondary market. 1 Based on market supply and demand. Priced at either a premium or discount to net asset value ( NAV ). Prevalent among CEFs No Continuously offered. Yes. Once a day, at the close of business. Price is set daily by NAV. Can use leverage, but employed much less than in CEFs Share Classes Not typical in CEF structure Multiple share classes with different expense structures 1. Certain closed-end funds may make periodic tender offers for shares. 2
3 Performance of Closed-End Funds vs. Mutual Funds 5-Year Annualized Total Return of CEFs & Mutual Funds Lipper Classifications (as of 10/31/2013) Municipal Debt High Yield Bank Loan General Bond Emerging Market Debt (Hard) Emerging Market Equity Large Cap Equity Closed-End Funds (Share Price) Mutual Funds (NAV) Source: Lipper LANA. Data as of 10/31/2013. Returns show the average share price return for CEFs and the average NAV return for Mutual Funds. Past performance is no indication of future results. Performance shown is the average for the funds in the category; individual fund performance could have been positive or negative. CEFs represented by the following Lipper categories, with number of funds in parenthesis, Municipal Debt (68) represented by General & Insured Municipal Funds (Levered), High Yield (37) represented by High Yield Funds (Levered), Bank Loans (15) represented by Loan Participation Funds, General Bond (13) represented by General Bond Funds, Emerging Market Debt (Hard) (8) represented by Emerging Market Debt (Hard) Funds, Emerging Market Equity (17) represented by Emerging Market Funds, Large Cap Equity (30) represented by the Options Arbitrage/Options Strategies Funds. Mutual Funds represented by the following categories with number of funds in parenthesis, Municipal Debt (210) represented by General & Insured Municipal Funds, High Yield (391) represented by High Yield Funds, Bank Loans (92) represented by Loan Participation Funds, General Bond (15) represented by General Bond Funds, Emerging Market Debt (Hard) (60) represented by Emerging Market Debt (Hard) Funds, Emerging Market Equity (286) represented by Emerging Market Funds, Large Cap Equity (30) represented by Large-Cap Core Funds. Any funds not incepted in this time period will not be included in return numbers. 3
4 Performance of Closed-End Funds vs. Mutual Funds 10-Year Annualized Total Return of CEFs & Mutual Funds Lipper Classifications (as of 10/31/2013) Municipal Debt High Yield Bank Loan General Bond Emerging Market Debt (Hard) Emerging Market Equity Closed-End Funds (Share Price) Mutual Funds (NAV) Source: Lipper LANA. Data as of 10/31/2013. Returns show the average share price return for CEFs and the average NAV return for Mutual Funds. Past performance is no indication of future results. Performance shown is the average for the funds in the category; individual fund performance could have been positive or negative. CEFs represented by the following Lipper categories, with number of funds in parenthesis, Municipal Debt (66) represented by General & Insured Municipal Funds (Levered), High Yield (28) represented by High Yield Funds (Levered), Bank Loans (6) represented by Loan Participation Funds, General Bond (12) represented by General Bond Funds, Emerging Market Debt (Hard) (6) represented by Emerging Market Debt (Hard) Funds, Emerging Market Equity (14) represented by Emerging Market Funds. Mutual Funds represented by the following categories with number of funds in parenthesis, Municipal Debt (162) represented by General & Insured Municipal Funds, High Yield (265) represented by High Yield Funds, Bank Loans (31) represented by Loan Participation Funds, General Bond (8) represented by General Bond Funds, Emerging Market Debt (Hard) (36) represented by Emerging Market Debt (Hard) Funds, Emerging Market Equity (137) represented by Emerging Market Funds. Any funds not incepted in this time period will not be included in return numbers. 4
5 Important Information Performance results reflect past performance and are no guarantee of future results. Current performance may be lower or higher than the performance data quoted. All returns assume reinvestment of all dividends. The market value and net asset value (NAV) of a fund's shares will fluctuate with market conditions. Closed-end funds may trade at a premium to NAV but often trade at a discount. CEFs are able to use leverage to a greater degree than OEFs, which can enhance returns on both the downside and the upside. Also, CEFs are able to invest in more illiquid securities given the fixed capital nature of the structure, which leads to different investment opportunities compared to OEFs. Lipper Classification Definitions EMERGING MARKETS DEBT (HARD) FUNDS Funds that seek either current income or total return by investing at least 65% of total assets in emerging market debt securities, where "emerging market" is defined by a country's GNP per capita or other economic measures. EMERGING MARKETS FUNDS Funds that seek long-term capital appreciation by investing primarily in emerging market equity securities, where "emerging market" is defined by a country's per-capita GNP or other economic measures GENERAL BOND FUNDS Funds that do not have any quality or maturity restrictions. These funds intends to keep the bulk of their assets in corporate and government debt issues. GENERAL & INSURED MUNICIPAL DEBT FUNDS Funds that either invest primarily in municipal debt issues rated in the top four credit ratings or invest primarily in municipal debt issues insured as to timely payment. GENERAL & INSURED MUNICIPAL DEBT FUNDS (Levered) Funds that either invest primarily in municipal debt issues rated in the top four credit ratings or invest primarily in municipal debt issues insured as to timely payment. These funds can be leveraged via use of debt, preferred equity, and/or reverse repurchase agreements. HIGH YIELD FUNDS Funds that aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues. HIGH YIELD FUNDS (Levered) Funds that aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues. These funds can be levered via use of debt, preferred equity, and/or reverse repurchase agreements. LOAN PARTICIPATION FUNDS Funds that invest primarily in participation interests in collateralized senior corporate loans that have floating or variable rates. OPTIONS ARBITRAGE/OPTIONS STRATEGIES FUNDS - Funds that employ various strategies to capture the spread between options through inefficiencies in the market or funds that use portfolio strategies where the manager focuses on options to generate the bulk of the portfolios returns. LARGE-CAP CORE FUNDS Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper s USDE large-cap floor. Large-cap core funds have more latitude in the companies in which they invest. The funds typically have an average characteristics compared to the S&P500 Index. Prepared by BlackRock Investments, LLC, member FINRA BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered and unregistered trademarks of BlackRock, Inc. All other trademarks are those of their respective owners. CEF
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