Closed-End Funds With Biggest Ratings Changes

Here are lists of the five most-improved and five most-deteriorated closed-end fund ratings from Feb. 29 to March 31, according to TheStreet.com Ratings data.

The most-improved closed-end fund this month is the ING Global Equity Dividend & Premium Opportunity Fund(IGD Quote). The fund was upgraded to a rating of C, or hold, from a rating of E+, or sell.

Positive returns for March of 11.68% from General Electric(GE Quote), 11.53% from Fording Canadian Coal Trust(FDG Quote) and 11.02% from HSBC Holdings PLC(HBC Quote) helped this fund rebound, landing in the middle of the fund-rating pack over the long run.

In second place among closed-end funds on our most-improved rating list is the Cohen & Steers Quality Income Realty Fund(RQI Quote), also moving up five notches to a rating of C from E+. This fund is 97% invested in REITs, with nearly 96% of its assets in U.S. securities.

The top three performing holdings: HCP(HCP Quote), up 15.87%; Senior Housing Properties Trust(SNH Quote), up 11.43%; and Nationwide Health Properties(NHP Quote), up 11.28% are all health-care REITs less affected by the overall economy.

Most Improved Closed-End Fund Ratings From February to March
Fund (Ticker) New Rating	Feb Rating	1 Month Return %	Objective
ING Gobal Equity Dividend Premium (IGD) C	E+	-3.45	Global Equity
Cohen&Steers Quality Income Realty (RQI) C	E+	7.77	Growth & Income
S&P 500 Covered Call Fund Inc (BEP) D+	E	1.44	Equity Income
The Denali Fund Inc. (DNY) C	D-	4.10	Growth & Income
Cohen&Steers Premium Income Realty (RPF) C	D	2.31	Growth & Income
Source: TheStreet.com Ratings & Bloomberg

The most-deteriorated list includes funds being downgraded to hold from buy, as well as funds sliding to sell from hold. The two largest falls in March closed-end ratings were both four notches down.

Dropping to a sell rating of D-, the Clough Global Equity Fund(GLQ Quote) lost 3.12% in March. Its worst-performing holding in March, Nine Dragons Paper Holdings(NDGPF Quote) plunged 54.79%. The company's first-half profit margin shrank as recycled-paper costs, needed to make their containerboard, rose.

Other sore spots included March declines of 35.58% from Delta Air Lines(DAL Quote), 35.41% from Anworth Mortgage Asset(ANH Quote) and 34.88% from Uranium One(SXRZF Quote).

Another fund being severely downgraded for underperforming on risk-adjusted return is the Nuveen Connecticut Dividend Advantage Municipal Fund 3(NGO Quote). Being exempt from regular federal and Connecticut income tax is of no benefit if the fund loses money in the long run.

Most Deteriorated Closed-End Fund Ratings From February to March
Fund (Ticker) New Rating	Feb Rating	1 Month Return %	Objective
Clough Global Equity Fund (GLQ) D-	C	-3.12	Global Equity
Nuveen CT Div Adv Muni Fund 3 (NGO) C	B+	2.57	Municipal Single State
Clough Global Opportunities Fund (GLO) D+	C+	-3.03	Global Equity
Kayne Anderson Energy Tot Ret (KYE) D	C	-0.70	Sector - Energy/Natural Res
Nuveen Global Value Opportunities (JGV) C	B	-4.11	Global Equity
Source: TheStreet.com Ratings & Bloomberg

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