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Alliancebernstein Income Fund Message Board

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  • dreedva dreedva Sep 4, 2004 2:18 PM Flag

    ZTR...10% annual payout

    Agree with your comments SKELLY.

    My concern continues to be that a slow liquidation (my assessment) is quite different from an true 10% annualized return. Returning 10% on a decreasing NAV base does not equal a 10% return on a stable NAV base. ZTR's NAV has steadily decreased since inception. The arithmetic is simple to do.

    Management gets their cut whether they liquidate the fund slowly or not. Assuaging income oriented investors via a managed distribution costs them little in terms of management fees.

    Yes, of course, management reputation must be maintained, so they may work a little harder. Decreasing the discount to NAV represents a very small short term return to shareholders. But, given management's record of decreasing assets, it's hard to get excited about it as an investor. At least for me.

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