Saturday, July 12, 2014

FSC, COP, BTZ/Bought 100 PWCDF at $27.29/ Sold 50 HAP at $40.78/Sold on the Toronto Exchange: 200 CAR_UN:CA at C$23.16 and 100 XMD:CA at C$26.1/Sold Roth IRA 50 DLRPRE at $25.5/Sold Taxable Account: 126 RMT at $12.6 and 100 CSQ at $12-Part of Ongoing Stock Allocation Reduction

Closing Prices Last Friday
S & P 500 1,967.57 +2.89 (+0.15%)
DJIA: 16,943.81 +28.74 (+0.17%)

VIX: 12.08 -0.51 (-4.05%) : VOLATILITY S&P 500
VXD: 11.21 -0.54 (-4.60%) : DJIA VOLATILITY
VXN: 13.66 -0.47 (-3.33%) : CBOE NASDAQ 100 Volatility
RVX: 18.80 -0.25 (-1.31%) : CBOE RUSSELL 2000 VOLATILITY

XLE: $98.41 -0.75 (-0.76%) : SPDR Select Sector Fund - Energy
XLI: $54.07 +0.31 (+0.58%) : SPDR Select Sector Fund - Industrials
XLK: $38.91 +0.19 (+0.49%) : SPDR Select Sector Fund - Technology
VNQ: $75.53 0.00 (0.00%) : Vanguard REIT ETF
XLU: $42.84 -0.32 (-0.74%) : SPDR Select Sector Fund - Utility ETF
KRE: $39.74 -0.05 (-0.13%) : SPDR S&P Regional Banking ETF

TLT: $113.58 +0.72 (+0.64%) : iShares 20+ Year Treasury Bond ETF
TIP: $115.31 +0.19 (+0.17%) : iShares TIPS Bond ETF
MUB: $108.14 -0.04 (-0.04%) : iShares National AMT-Free Municipal Bond ETF

GLD: $128.78 +0.24 (+0.19%) : SPDR Gold Trust
GLD Now Above its 200 and 50 Day SMA: SPDR Gold Trust ETF Chart
SLV: $20.57 +0.05 (+0.24%) : iShares Silver Trust

Big Picture Synopsis: 

Stable Vix Pattern (Bullish)
Use of the VIX as a Timing Model
Short Term: Market Needs a 15% Correction
Intermediate Term: Slightly Bullish (rise since the summer of 2011 borrows from the future)
Long Term: Bullish

I am continuing to reduce my stock allocation on a net basis. The short term goal is to simply remove the $31,000+ addition that was made between February and June. Stocks, Bonds & Politics: Stock and Stock Fund Update 6/6/14 To keep better track of what I am doing, I am now compiling a net number on a weekly basis.

I finally hit that $31,000 target reduction last Wednesday by selling several small ETF positions.

When paring my stock allocation, my preference is to generally eliminate or pare stock fund positions. This would include the jettisoning of underperforming funds, such as the ones described in Items # 1 and #5 below, and the paring of other funds that I intend to keep by selling the highest cost shares, as shown in Items # 6 and #7 below.

Ed Yardeni opines that the stock bull market may be in its final euphoric phase. Barron's

The perma bear Marc Faber believes the asset bubble has already started to burst. Faber also predicted that the price of gold would exceed the DJIA back in 2009: Barron's 2009 Roundtable The author of the Calculated Risk blog summarized some of Faber's most recent misfires.

The market allegedly declined last Thursday based on the problems being experienced by some bank based in Portugal. Another reason given by some pundits involved investors having second thoughts about the FED's tapering decision. Both items are not new. The Portuguese bank has been the subject of a number of unfavorable articles over the past several months, and everyone should know that the FED will end QE this year. Instead, renewed signs of economic weakness and abnormally low inflation in Europe were the likely culprits.  

Short to Long Term: Slightly Bearish Based on Interest Rate Normalization
The Difficult Path to Interest Rate Normalization

Back in March 2009, shortly after the FED announced QE1, I wrote a blog noting that stocks had a multi-year robust rally after the Fed announced a similar program back in 1933. Stock Rallies and Quantitative Easing (3/22/09 Post) This historical parallel is discussed in this article:

I was not aware until recently that the FED successfully pegged interest rates by buying treasuries in the 1940s. 

"By the end of the war, the Federal Reserve System held virtually the entire supply of treasury bills." Page 181 "Before the Accord: U.S. Monetary-Financial Policy, 1945-1951"

FED Holdings 1942-1952
Ownership of securities topped out near $24B. By today's standards, that would be an irrelevant number. In 1946, $24B in treasuries would have been close to 10% of the debt. Government-Historical Debt Outstanding-Annual 1900-1949

Figure 1 shows that bond yields were near where the ten year treasury is now back in 1946-1948.

There is one interesting difference between then and now. Inflation was running hot in 1946 through 1948, until a recession cooled it down. Consumer Price Index, 1913- | The Federal Reserve Bank of Minneapolis

CPI Increases
1946:  +8.5%
1947: +14.4%
1948: + 7.7%

This history is interesting in that it shows that the FED can keep rates in the low single digits, even when inflation is much higher than it is now. In that kind of setting, the primary determinants for bond prices, including inflation and inflation expectations, take a back seat to the Fed's power to manipulate with asset purchases, the bull in a china shop.

Another interesting aspect is the FED was worried about the excess bank reserves created through its asset buying during this earlier period, which "soared to more than $3 billion" in 1935 (see page 179), another quaint number compared to today. Excess reserves are currently over $2.5 trillion. Excess Reserves of Depository Institution- St. Louis Fed

What would interest rates be now without the FED owning almost $2.4T in treasuries, mostly maturing in 10 to 30 years? And will those excess reserves start to work their way into the real economy, potentially creating more inflation?

In early June 2014, the interest rate on Spain's ten year bond hit a level last seen in 1789. It was only a couple of year ago that it looked like Spain was heated for a debt implosion. Does that sound kosher? France's ten year bonds sank to just 1.7%, a nominal rate last seen in 1746. France's debt to GDP is rising fast, France Government Debt to GDP, and that government's debt was downgraded by S & P last year to AA. NYTBloomberg

Global Government Bonds - Markets Data Center -

Spain 10 Year Government Bond Bond Yield

Germany 10 Year Government Bond Benchmark Bond Yield


Recent Developments: 

The minutes of the last FED meeting reveal an agreement to end QE this October. FRB: FOMC Minutes - June 17-18, 2014 (see last full paragraph before the heading "Committee Policy Action"). 

Goldman Sachs moved forward its prediction for the first FF increase to the 2015 third quarter. The prior estimate was for the 2016 first quarter. GS predicts that the FF rate will move gradually back to 4% by 2018.

Bloomberg highlighted that repurchase agreements, where treasuries are used as collateral, are failing at an increasing rate due to the shortage of treasuries. Those failures to complete a repurchase agreement by providing that collateral have averaged $65.6B per week this year and hit $197.6B in the week ending June 16th.

Bonds received a lift last Tuesday when stocks slid and there was sobering economic news from Europe. Germany reported that May exports declined by 1.1%, and imports fell by 3.4% which was the sharpest decline since 11/2012. The sources of the problem are discussed in this MarketWatch article. Energy costs for heavy users are much higher in Europe, causing competitive problems, and the slowdown in China is also negatively impacting Germany's exports. High energy costs drove BMW to build a plant in the U.S. rather than in Europe. The Seattle Times

France's industrial production plunged 3.7% Y-O-Y in May and declined 1.7% compared to April. German industrial production declined 1.8%. Italy also reported a negative industrial production number (-1.2% April to May) as did the Netherlands at -1.9%. It remains to be seen whether these weak numbers are just a pothole or the start of something more significant.

France's inflation was also reported at a lower than expected .5% Y-O-Y in June (+.6% when using a methodology harmonized with other EU countries). Core inflation was up only .1% Y-O-Y. Insee-The Consumer Prices Index Those numbers are disconcerting.

The three year treasury note was auctioned last week to yield .992%. Announcements, Data & Results The five year treasury was auctioned on 6/30/14 to yield 1.67%. The break-even spread for the five year TIP that day was 2%. The then current yield on a five year TIP was -.38%. Daily Treasury Real Yield Curve Rates

Fifth Street Finance (FSC) 

The BDC Fifth Street Finance raised its monthly dividend from .0833 per share to $.0917. FSC has cut its monthly rate several times since the 2010 4th quarter. The first cut was a small decline from $.11 to $.1066. The next cut was to $.0958 in January 2012 and then to $.0833. Fifth Street Finance Corp. (FSC) Dividend Date & History -

In response to this "increase", the stock went up slightly on a down day last Tuesday:

Closing Price 7/8/14: FSC: $10.03 +0.06 (+0.63%)

I own shares in both the Roth IRA, which turns the dividends into tax free distributions, and in a taxable account. BDCs do not pay qualified dividends.

Item # 4 Roth IRA: Bought 50 FSC at $9.08 (12/17/13 Post)Item # 7 Bought 100 FSC at $9.47 (12/3/13 Post);  Item # 4 Bought Roth IRA 100 FSC at $10.1 (10/19/13 Post)

When any BDC is owned in an IRA, the general idea is to harvest several dividend payments, generally a year or more, and then to sell when the market price exceeds the net asset value per share by 5%.

As of 3/31/14, the FSC's net asset value per share was $9.81, down from $9.9 on 3/31/13. (page 3 FSC- 2014.03.31-10Q). That would give me a possible exit price of $10.3 for the shares owned in the Roth IRA.

After the price finally worked its way back over $10 per share, FSC Interactive Chart, FSC announced after the close last Thursday that it was going to sell stock, one of the well known and perpetually annoying risks associated with BDCs. Fifth Street Finance Corp. Commences Public Offering of Common Stock

FSC priced 13.25M shares at $9.95 per share yesterday. There is an over-allotment option of up to another 1.9875M shares at that price.  Fifth Street Finance Corp. Prices Public Offering of Common Stock

Closing Price Last Friday: FSC: $9.73 -0.37 (-3.66%)

BlackRock Credit Allocation Income Trust (BTZ)(own in taxable and Roth IRA accounts):

BTZ received favorable write ups in two recent articles:

Morningstar: Scrounging

Barron's: Niche

CEFConnect Page for BTZ

My last open market trade was to sell shares: Sold Roth IRA: 210+ BTZ at $13.62 (3/17/14 Post)

My most recent buys are discussed in these posts: Item # 3 Added 50 BTZ at $12.35 (8/31/13 Post)(snapshots of realized gains=$413.8); and Item # 4 Added 70 BTZ at $12.63 (7/13/13 Post)


ConocoPhillips increased its quarterly dividend by 5.8%. The new rate will be $.73 per share, up from the prior quarterly rate of $.66. ConocoPhillips (COP) Stock Dividend History The new rate represents slightly more than a doubling of the 2006 $.36 quarterly rate.

COP was one of my better buys this year: Item # 6 Bought:  50 COP at $63.68 (2/10/14 Post)Item # 1 Bought 50 COP at $68.87 (January 2014 Post)

COP, TOT and CVX are Citigroup's three top picks in "Big Oil". MarketWatch

Energy stocks tumbled last Friday after oil sank for the 4th consecutive day. Apparently, investors are less worried about events getting out of control in Iraq.


1.  Sold 50 HAP at $40.78 (see Disclaimer):

Snapshot of Trade:

2014 Sold 50 HAP at $40.78

Snapshot of HAP Profit: 

2014 HAP 50 Shares +$62.09
The Market Vectors Natural Resources ETF (HAP) was an unsuccessful investment. The primary headwinds have been the declines in metal and mining stocks over the past three years. The main problem has been, and likely will continue to be the slowdown in China's construction activity due to overbuilding. BloombergReutersMarketWatchWSJ; Morningstar "Real Estate a Warning Sign for Commodities"

Rationale: I am in the process of paring my stock allocation. My general approach when performing that kind of task is to identify underperforming stock funds for disposition. I will also pare stock funds that I intend to keep longer term by selling the highest cost shares.  

Some of the reasons for HAP's poor performance are likely to continue for the foreseeable future. The HAP price benefited over the past several weeks due to the price spike in energy names.

Closing Price Last Friday: HAP: $40.39 -0.03 (-0.09%)

2. Sold 200 CAR_UN:CA at C$23.16 (Canadian Dollar (CAD) Strategy)(see Disclaimer):

Snapshot of Quote Before Trade:

Canadian Apartments was my lowest yielding Canadian REIT at the then current market prices.

Snapshot of Trade: The price rose slightly after I made the preceding snapshot:

2014 SOLD 200 CAR_UN:CA at C$23.16/Proceeds C$4,613 
Snapshot of Purchase Confirmation:

Purchase Confirmation: Total Cost =$C4,153. 
Profit in Canadian Dollars: C$460

I received the dividends in Canadian Dollars which were converted for tax purposes into USDs which reduced the amounts:

2014 CAR_UN:CA Monthly Dividend Paid in CADs

2014 CAR_UN:CA Dividends =USD $105.09

2013 CAR_UN:CA Dividends =USD$54.94
Total Dividends USD$160.03

Snapshot of Taxable Profit:

2014 Canadian Apartments 200 Shares +USD$275.8
Item # 1 Bought 200 Canadian Apartments at C$20.67

Security Description: Canadian Apartment Properties REIT (CAR.UN:TOR) is a Canadian REIT that owns apartment complexes in 6 Canadian provinces.

Website: CAPREIT

Rationale: Both Canadian and U.S. REITs cratered in price starting in May 2013 when interest rates started to go up. I would anticipate that both REITs and utility stocks will decline when interest rates start to move back up, just as both sectors have benefited by a decline in rates during the 2014 first half.

I consequently elected to sell first my lowest yielding Canadian REIT before rates start to rise.

Another consideration is difficult to explain. What happens if the CAR_UN:CA remain stable in price with the Canadian dollar rising in value against the USD?

In that scenario, my U.S. tax obligation rises while I receive no more CADs for selling this security. My intention is to generate more CADs through dividends/distributions and some profit taking. I would view it as less desirable to increase my tax obligation associated with selling a Canadian security at a profit without increasing my CAD stash.

Future Buys: I will consider repurchasing shares after a 10% to 15% pullback in the price. One option would be to buy the ordinary shares on the pink sheet exchange using USDs, which is more cost effective on a brokerage commission basis. CDPYF Canadian Apartment Properties Real Estate Investment Trust The CDPYF price will reflect the ordinary share price in Toronto converted into USDs. The CAD declined last Friday against the USD but is still above the 200 day SMA:  CAD/USD Currency Conversion Chart

Closing Price Last Friday: CAR-UN.TO: C$22.90 -0.03 (-0.13%)

3. Sold 50 DLRPRE at $25.5-Roth IRA (see Disclaimer):

Snapshot of Trade:
2014 Roth IRA Sold 50 DLRPRE at $25.5
Snapshot of History:

Roth IRA History DLRPRE
DLRPRE went ex dividend on 6/11/14, and I received another quarterly dividend on 6/30/14.

Snapshot of Profit:

2014 Roth IRA 50 DLRPRE +$92.97 
Total Return: $136.71 or 11.64% (holding period 4+ months)

Item # 3 Bought 50 DLRPRE at $23.36 (2/25/14 Post)

Security Description: Digital Realty Trust 7% Cumulative Preferred Series E  (DLR.PE) is an equity preferred stock that pays cumulative and non-qualified dividends at the fixed coupon rate of 7% on a $25 par value. Digital Reality has the option to redeem this security at its $25 par value, plus accrued dividends, on or after 9/15/16. Prospectus

Related Trades: I nibbled at the common stock and still own those shares. Bought: 30 Digital Realty (DLR) at $53.4 (3/3/14 Post) I intended to average down when and if the shares declined below $50, which happened over a two day period in late March, but I failed to respond appropriately to that decline. DLR Historical Prices I did notice it. I am now more inclined to simply harvest the profit on the common shares provided I can sell the shares in the $58-$62 range.

Rationale: The yield fell below 7% which the current marker for selling an equity preferred stock. At a total cost of $25.5, the current yield is about 6.86%.

The DLRPRE price traded over $27.5 in early May 2013. When interest rates started to rise thereafter, the price cratered before bottoming near $21.5. DLR.PE Stock Chart That rapid decline in price (21.8%) highlights the interest rate risk issue. It is not helpful to receive a 7% annual dividend while losing 22% in the share price.

Future Buys/Sells: As with other equity preferred stocks, I will simply wait until there is a better entry point. At $21.5, the yield would be about 8.14%.

Closing Price Last Friday: DLR-PE: $25.71 +0.13 (+0.52%)

4. Bought 100 PWCDF at $27.29 (see Disclaimer):

Snapshot of Trade:

2014 Bought 100 PWCDF at $27.29
Quote Snapshot Made Shortly After Trade:

Prior Trades: None

Security Description: Power Corp. of Canada  (PWCDF:OTC) is a Canadian holding company that has interests, directly and indirectly, in financial services, communications and other business sectors. Power Corporation of Canada | Home

Profile Page at Reuters

I bought the ordinary shares traded on the U.S. pink sheet exchange using USDs.

Closing Prices 6/25/14
USD Priced Shares:  $27.39 PWCDF Historical Prices
CAD Priced Shares: $29.35 POW.TO Historical Prices
Currency Conversion C$29.35 into USDs=$27.32
Currency Conversion as of 7/3/14: $27.5158

Those holdings include other publicly traded businesses including Power Financial (PWF:TO)Great-West Lifeco (GWO.TO) and IGM Financial (IGM:TO).

Power Corporation of Canada has a 65.8% interest in Power Financial. Power Financial 2014 1st Quarter Earnings Report (net earnings of C$467M, up from C$394M in the 2013 first quarter).

Power Financial owned 67% of Great West Lifeco's common shares and 58.6% of IGM Financial's common shares. IGM also owned 4% of Great West Lifeco's common shares; and Great-West Lifeco owned 3.6% of the IGM's common shares.

So Power Corporation of Canada directly controls Power Financial and consequently has an indirect controlling interest in Great-West Lifeco and IGM Financial.

Great West Lifeco which operates through a number of companies worldwide including Great-West Life, London Life, Canada Life, Great-West Financial and Putnam Investments. Great-West LifecoGWO 2014 First Quarter Earnings Report (net earnings of C$587M, up from C$417M in the 2013 first quarter)

IGM Financial is a financial management company.

An organization chart can be found at the firm's website: Organization Chart

Power Corporation of Canada is profiled in a recent Motley Fool Article.

The company is currently paying a quarterly dividend of C$.29 per share. Power Corporation of Canada | Dividends

Power's senior debt is rated "A" by S & P: Credit Ratings

2013 Annual Report .pdf (net earnings of C$2.12, up from C$1.78 in 2012)

POW:Toronto- Bloomberg

Recent Earnings Report: For the 2014 first quarter, Power Corporation of Canada reported operating earnings attributable to common shareholders of C$440M, up from C$407M in the 2013 first quarter.

Rationale: There is some dividend support at the current annual rate of C$1.16 per share. The consensus estimate, as of 7/3/14, was for C$2.54, Bloomberg, so the P/E is reasonable. The P/B ratio was shown at Bloomberg at 1.32. If the Canadian Dollar rises against the USD subsequent to my purchase, this will give a boost to the ordinary shares traded in the U.S. and priced in USDs.

Risks: Currency risk is present for me since I elected to use USDs to buy the ordinary shares listed on the U.S. pink sheet exchange. The shares cratered during the recent Near Depression, with the Toronto listed shares falling about 50% in value: POW.TO Interactive Chart Consequently, there is obviously the usual risks associated with recessions. The company discusses risks starting at page 81 of its 2013 Annual Report. AR_2013.pdf

Yesterday, the CAD declined against the USD after a lousy Canadian jobs report. Seeking Alpha Employment fell by 34,000 in Ontario: Survey, June 2014 (employment increased just .4 or 72,000 compared with 12 months earlier).

Closing Prices Last Friday (CAD declined in value last Friday):
PWCDF: USD$28.40 -0.12 (-0.42%)
POW.TO: C$30.42 0.00 (0.00%)

5. Sold the Canadian ETF XMD:CA at C$26.1 (Canadian Dollar (CAD) Strategy)(see disclaimer):

This was not a successful investment which is one reason why I elected to sell it as part of my stock allocation reduction.

Security Description: iShares S&P/TSX Completion Index ETF (XMD:TOR) is a Canadian ETF that tracks an index of Canadian stocks that excludes those in the S & P/TSX 60 Index. So, this ETF is more of a small and mid cap index fund. XMD Overview - iShares Canada ETFs

Quote Shortly Before Order Entry:

Another reason for selling this security is its low dividend yield.

Snapshot of Trade:

2014 Sold 100 XMD:CA at C$26.1
Snapshot of Purchase Confirmation:

Profit in CADs: +C$210

Bought 100 of the ETF XMD:CA @ C$23.62 CAD (4/20/11 Post)

Snapshot of Loss Due to Currency Exchange:

Closing Price Last Friday: XMD.TO: C$26.07 -0.06 (-0.23%)

6. Continued Paring of RMT: Sold 126 Shares at $12.6 (see Disclaimer):

All of these shares were purchased with dividends and were my highest cost shares.

My previous pare involved a 200 share lot purchased in 2007. Sold: 200 RMT at $12.8-Lowers Average Cost Per Share to $8.61 The following snapshot includes the slight profit from that disposition.

Snapshot of Trade:

2014 Sold RMT 126 Shares at $12.6
Snapshot of Profit:

2014 RMT 126 Shares + $149.91 
Snapshot of Position Before Trade:

559.164 RMT Shares Average Cost Per Share=$8.68
Snapshot of Position After Pare:

RMT AFTER PARE As of 6/30/14: Average Cost Per Share =$ 7.91
Snapshots of Shares Bought With Last Two Dividend Reinvestments:

For both of the above reinvestments, I had selected the cash payment option, but received shares purchased with the dividends. All of those shares were included in the 126 share lot that was sold. All of the remaining shares reflected in the preceding snapshot were purchased with quarterly dividends.

Security Description: Royce Micro-Cap Trust is a leveraged stock CEF that invests in micro-cap stocks. Leverage is light at around 9% to 10%. As of 7/3/14, the average annual total return was 23.33% over five years and 12.4% over 15 years. RMT is a long term holding. However, given its recent outstanding performance, I viewed it as prudent to pare the position some by selling my highest cost shares.

CEFConnect Page for RMT

Sponsor's webpage: Royce Micro-Cap Trust (RMT)

Data on Date of Trade (6/30/14):
Closing Market Price: $12.62
Closing Net Asset Value Per share= $14.02
Discount: -9.99%
Average Discounts:
1 Year = -12.07%
3 Years= -12.46%
5 Years= -13.65%

Rationale: This transaction achieves several objectives.

(1) I lower my average cost per share from $8.68 to $7.91.

(2) I sold only shares purchased with dividends, and all shares were sold profitably. I consequently enhanced the value of those dividends.

(3) By selling only the highest cost shares, I will incur less of a tax liability.

(4) I am reducing my stock allocation and this transaction is a baby step in that ongoing process.

(5) I am very concerned about valuations in small caps.

Closing Price Last Friday: RMT: $12.45 -0.06 (-0.48%)

7. Sold 100 of CSQ at $12 (see Disclaimer): I reduced my position by about 20% with this sell. I sold my highest cost shares, even though those shares were held for less than 12 months:

Snapshot of Trade:

2014 Sold 100 CSQ at $12
Snapshot  of Profit:
2014 CSQ 100 Shares +$171.54
I suspect that this profit number will be adjusted up some when the fund reports ROC for 2014 during the 2015 first quarter. Part of the dividend is supported by ROC.

Snapshot of Position Before Trade:

501+ Shares Average Cost Per Share=$9.12
Snapshot of Position After Trade:

401+ Shares Average Cost Per Share=$8.85 
I quit reinvesting the dividend after receiving the February 2012 monthly dividend.

Security Description: The Calamos Strategic Total Return Fun (CSQ) is a leveraged balanced CEF. As of 5/31/14, the fund had the following weightings:  54.4% in common stocks; 17.2% in corporate bonds, 6.5% in convertible preferred stock; 4.9% in synthetic convertibles; and 15.5% in convertible bonds.

Sponsor's website: Calamos Investments - Strategic Total Return Fund

Last SEC Filed Shareholder Report: N-CSR (period ending 4/30/14)

CEFConnect Page for CSQ

Data on Date of Trade (6/30/13)
Closing Market Price: $12.01
Closing Net Asset Value Per Share: $12.83
Discount: -6.39%
Average Discounts:
1 Year = -9.61%
3 Years= -8.76%
5 Years= -10.09%

Prior Trades: I discussed buying shares, which are currently owned, in these posts: Item # 2 Added 50 of the Balanced CEF CSQ at $8.28 (12/27/11 Post)Item # 2 Added 50 CSQ at 9.2 (8/3/11 Post)Item # 4 Bought 100 of the CEF CSQ at $9.66 (6/3/11 Post)Item # 2 Added 70 CSQ at $9.63 (4/19/11 Post); Item # 7 Bought:  100 CSQ @ $8.94 (11/29/2010 Post)

Prior to this last trade, I have netted some small gains in this CEF.

Rationale: The reasoning discussed in connection with the RMT pare applies here and this fund has some bond exposure unlike RMT.

Closing price Last Friday: CSQ: $11.97 -0.01 (-0.08%) 

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