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CEF Specialist

CEF Update: News You Can Use

Two Federated CEFs experience distribution cuts.

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Leverage Changes
Gabelli Health & Wellness (GRX) announced that it recently completed the offering of 1.4 million 5.875% Series B Cumulative Preferred shares, raising a total of $35 million.

Tender Offers
The Central Europe, Russia, and Turkey (CEE) fund announced the final results of its tender offer that expired Sept. 9, 2014. Under the final calculations, 7.33% of the fund’s shares were repurchased at a price of $29.88. Given that the shares currently trade for $25.81 as of Sept. 19, 2014, this was a good deal for shareholders.

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Sumit Desai, CFA does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.