Again ZTR is a CEF not an open ended fund. Yes paying out capital will tend to have a negative impact on the NAV of any fund, this is true, but it is usually not as serious as with an open ended fund as it is a CEF. From my understanding a CEF has a fixed amount to work, with where as a open end fund can keep accumulating new money and much of the dividends tend to be reinvested.
It's called a Managed Distribution Policy not a "mandated payout." But then you knew that since you managed four funds, didn't you? You were just "dumbing down" to our level, weren't you?
They got it by the SEC the way all funds with managed distribution policies do. They follow the rules. But then you knew that, didn't you?
Or are you just a whining Zweig investor who didn't read the prospectus and understand that he was investing a fund with a Managed Distribution Policy and didn't prepare for the downside of such a policy?