Closed End Funds

Types of Closed End Funds

Lipper/Reuters classifies closed end funds by the types of investments they make and by their investment objective, or by a mix of the two:

Equity investing closed end funds

Convertible securities closed end funds
Closed end funds investing primarily in bonds and/or preferred stock convertible into equities.

Balanced growth and income closed end funds
Closed end funds that seek growth and income from investing in stocks, preferred securities, bonds, and money market instruments.

Sector closed end funds
Closed end funds that invest in a specific industry, such as real estate, utilities, gold or financial services.

Value closed end funds
Closed end funds that, by portfolio practice, invest in companies that are considered to be undervalued relative to a major unmanaged stock. These funds will normally have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales growth figure, compared to the S&P 1500 Index. These funds have wide latitude with respect to the market capitalizations of the securities in their portfolios.

Global/International equity investing closed end funds

Emerging Markets closed end funds
Fund that seeks long-term capital appreciation by investing primarily in emerging market equity securities, where "emerging market" is defined by a country's GNP per capita or other economic measures.

Global closed end funds
Fund invests at least 25% of its portfolio in securities traded outside of the United States and that may own U.S. securities as well.

Latin American closed end funds
Fund that concentrates investments in equity securities with primary trading markets or operations concentrated in the Latin American region or in a single country within this region.

Miscellaneous Country/Region closed end funds
Fund that invests assets in securities with primary trading markets outside of the United States.

Pacific Ex Japan closed end funds
Closed end funds that concentrate investments in equity securities with primary trading markets or operations concentrated in the Pacific region (including Asian countries) and that specifically do not invest in Japan.

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Pacific Region closed end funds
Closed end funds that concentrate investments in equity securities with primary trading markets or operations concentrated in the Western Pacific Basin region or a single country within this region.

Western European closed end funds
Closed end funds that concentrate their investments in equity securities whose primary trading markets or operations are concentrated in the Western European region or a single country within this region.

Seeking Fixed Income
Closed end funds investing in Corporate and Government Debt Securities

Corporate debt closed end funds BBB-Rated
Closed end funds investing primarily in corporate and government debt issues rated in the top four grades.

Emerging markets debt closed end funds
Closed end funds seeking either current income or total return by investing primarily in emerging market debt securities, where "emerging market" is defined by a country's GNP per capita or other economic measures.

Flexible income closed end funds
Closed end funds emphasizing income generation by investing at least 85% of assets in debt issues and preferred and convertible securities.

General and insured municipal debt closed end funds
Closed end 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 closed end funds can be leveraged via use of debt, preferred equity, and/or reverse repurchase agreements.

General bond closed end funds
Closed end funds do not have any quality or maturity restrictions. Intend to keep a bulk of their assets in corporate and government debt issues.

General U.S. Government closed end funds
Closed end funds invest primarily in U.S. government and agency issues. These closed end funds can be leveraged via use of debt, preferred equity, and/or reverse repurchase agreements.

Global income closed end funds
Closed end funds investing primarily in U.S. dollar and non-U.S. dollar debt securities of issuers located in at least three countries, one of which may be the United States.

High current yield closed end funds
Closed end funds aiming at high (relative) current yield from fixed income securities, has no quality or maturity restrictions, and tends to invest in lower grade debt issues. Some of these Closed end funds are leveraged by debt, preferred equity, and/or reverse repurchase agreements.

Loan participation closed end funds
Closed end funds that invest primarily in participation interests in collateralized senior corporate loans which have floating or variable rates.

U.S. Mortgage closed end funds
Closed end funds investing primarily in mortgages/securities issued or guaranteed as to principal and interest by the U.S. government and certain federal agencies.

U.S. Mortgage Term Trust closed end funds
Closed end funds that seek income and intends to provide conservation of principal by investing primarily in mortgages/securities issued or guaranteed as to principal and interest by the U.S. government and certain federal agencies and zero coupon securities.

Seeking Non-Taxable Income
Closed end funds investing in Municipal Debt Securities

Insured municipal debt closed end funds
Closed end funds that invest primarily in municipal debt issues insured as to timely payment. These closed end funds can be leveraged via use of debt, preferred equity, and/or reverse repurchase agreements.

California insured municipal debt closed end funds
Fund invests primarily in those securities that are exempt from taxation in California, and are insured as to timely payment.

California municipal debt closed end funds
Fund invests primarily in municipal debt issues that are exempt from taxation in California, with dollar-weighted average maturities of five to ten years.

Florida municipal debt closed end funds
Fund that limits assets to those securities that are exempt from taxation in Florida, (double tax-exempt) or city, (triple tax-exempt).

High yield municipal debt closed end funds
Fund invests at least 50% of assets in lower rated municipal debt issues.

Michigan municipal debt closed end funds
Fund that limits assets to those securities that are exempt from taxation in Michigan, (double tax-exempt) or city, (triple tax-exempt).

Minnesota municipal debt closed end funds
Fund that limits assets to those securities that are exempt from taxation in Minnesota, (double tax-exempt) or city, (triple tax-exempt).

New Jersey municipal debt closed end funds
Fund that limits assets to those securities that are exempt from taxation in New Jersey, (double tax-exempt) or city, (triple tax-exempt).

New York insured municipal debt closed end funds
Fund invests primarily in those securities that are exempt from taxation in New York, and are insured as to timely payment.

New York municipal debt closed end funds
Closed end funds that limits their assets to those securities that are exempt from taxation in New York, (double tax-exempt) or city, (triple tax-exempt).

Other states municipal debt closed closed end funds
Closed end funds investing in municipal debt issues with dollar-weighted average maturities of five to ten years and are exempt from taxation on a specified city or state basis.

Pennsylvania municipal debt closed closed end funds
Closed end funds that limit assets to those securities that are exempt from taxation in Pennsylvania, (double tax-exempt) or city, (triple tax-exempt).