2012 Closed-End Fund Conference
November 27, 2012
New York, NY

Program

8:00–9:00 a.m.

Registration and Continental Breakfast

9:10–9:15 a.m.

Welcome

9:15–10:00 a.m.

One-on-One with Peter Morici

Peter Morici, a leading economist, author, professor of business, and former director of economics at the U.S. International Trade Commission, will discuss the outlook for the global economy with Keith A. Weller, Executive Director and Senior Associate Counsel for UBS Global Asset Management (Americas) Inc. and Chair of the ICI Closed-End Investment Company Committee.

10:00–10:20 a.m.

Break

10:20–11:20 a.m.

New Products and Trends for the Closed-End Fund Industry

This panel will discuss new types of closed-end funds being developed and other trends in the industry. The panelists will explore the drivers behind the development of alternative or commodity funds, funds of hedge funds, funds with hedge fund–like strategies, and defined-term funds and the issues in pursuing these new types of funds (such as use of commodities and other derivatives). The panelists also will consider the trend of listing in multiple jurisdictions and the issues related to multiple listings.

Michael K. Hoffman, Moderator
Partner
Skadden

Rochelle L. Antoniewicz
Senior Economist
Investment Company Institute

Kenneth S. Fincher
Senior Vice President
FirstTrust Advisors

Paul C. Williams
Managing Director
Nuveen Investments

11:25–12:25 p.m.

Bringing Closed-End Funds to Market: Opportunities and Challenges

This panel will examine the opportunities and challenges for bringing closed-end funds to market in today’s environment. The panelists will discuss measures to ensure a smooth transition to secondary market trading of shares, the effects of short sellers, and infrastructure changes (including underwriter consolidation) in the market.

John A. Key, Moderator
Managing Director
UBS

David P. Glatz
Partner
K&L Gates LLP

Kevin R. Kramer
Director
Citigroup Inc.

Christopher Larsen
Director of Closed-End Funds
Legg Mason & Co., LLC

12:30–1:50 p.m.

Luncheon with Speaker

Jim VandeHei
Cofounder and Executive Director
Politico

2:00–3:00 p.m.

The Search for “Yield” and the Changing Face of Leverage

Many closed-end funds continue to search for ways to produce attractive income for investors in today’s low interest rate environment, including the use of leverage. This panel will describe various methods closed-end funds have used to satisfy investor demand for income, and the effect of managed distribution plans and the return of capital. Panelists also will explore how changes in rating methodology may affect use of leverage by closed-end funds.

William Renahan, Moderator
Senior Legal Counsel
Virtus Investment Partners, Inc.

Sarah E. Cogan
Partner
Simpson Thacher & Bartlett LLP

Jon D. Maier
Director, Senior Investment Strategist
Merrill Lynch

Daniel G. Serrao
Associate Managing Director
Moody’s Investor Service

3:00–4:00 p.m.

Corporate Governance Issues for Closed-End Funds and Other Regulatory Developments

Shareholder activism continues to put pressure on closed-end funds to narrow or close the discount of fund share prices relative to the net asset value. This panel will review the efforts by funds and fund boards to address those concerns and to provide real value to shareholders. This panel also will discuss other regulatory developments affecting the closed-end fund industry.

Rose F. DiMartino, Moderator
Partner
Willkie Farr & Gallagher LLP

Chris Cernich
Executive Director, M&A and Proxy Contest Analysis
ISS

James M. Curtis
Branch Chief
U.S. Securities and Exchange Commission

Ronald E. Toupin Jr.
Independent Trustee
Guggenheim Funds

Thomas R. Westle
Partner
Blank Rome LLP

Thank You to Our Sponsors