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Closed-End Fund News
Morningstar Commentaries
The Incredible Shrinking CEF Universe
Jun. 18, 2015 - Morningstar, Inc. -  Closed-end funds are quickly becoming an endangered species.
PIMCO Prevails in a High-Profile Proxy Battle
May. 14, 2015 - Morningstar, Inc. -  A proxy fight at a PIMCO closed-end fund caught the attention of investors outside of the typically insular CEF world. In early 2015, Ironsides Partners initiated a proxy fight with PIMCO Dynamic Credit Income (PCI). At that point, the firm owned about 1% of the fund's outstanding shares and attempted to add founder Robert Knapp and a lawyer for the firm, Richard Cohen, to the fund's board.
Market Commentaries
Ignore Greece
Jun. 29, 2015 - First Trust -  Don’t let anyone tell you Greece is sticking up for its "dignity" by fighting “austerity.” The current Greek government is sticking up for socialism by fighting reality.
The Ability Of REITs To Raise Capital Is A Good Sign For Investors

Jun. 23, 2015 - First Trust -  View from the Observation Deck
1. From 12/31/13-3/31/15 (15 months),the FTSE NAREIT All Equity REITs Index posted a cumulative total return of 33.12%, according to Bloomberg.The index, however, was down 5.35% from 3/31/15 through 6/19/15.
Recent Commentaries
Limited Duration Closed-End Funds Performing Well in 2015

May. 27, 2015 - First Trust -  At the end of March I wrote about how, after a difficult 2014,senior loan closed-end funds (CEFs) were off to a strong start to the year in 2015. Senior loan CEFs continue to perform well this year and are now up 6.93% (as of 5/21/15 according to Morningstar on a share price total return basis)
A Snapshot of Q1 Flows and Trends
May. 05, 2015 - First Trust -  US-listed exchange-traded fund (ETF) net inflows totaled $59.1 billion during the first quarter of 2015, according to Morningstar.1 International Equity ETFs and Taxable Bond ETFs received the strongest net inflows, totaling $37.7 billion and $20.2 billion, respectively, while US Equity ETFs had the largest net outflows, totaling $12.6 billion. (See Table 1 below) Within the International Equity category, currencyhedged ETFs received $26.5 billion in net inflows, as US investors sought to avoid foreign currency risk. Within the Taxable Bond ETFs category, net inflows were strongest among High Yield Bond ETFs (+$4.8 billion), Corporate Bond ETFs (+$4.8 billion), Intermediate-Term Bond ETFs (+$3.5 billion), and Preferred Stock ETFs (+$1.9 billion). Interestingly, net outflows for the US Equity category may not be as bad as they seem, as outflows from a single ETF totaled nearly $31.3 billion. Apart from this ETF, the US Equity ETFs category received $18.8 billion in net inflows.
CEF Industry Reports
Goldilocks’ Grandmother

May. 14, 2015 - JP Morgan Asset Management -  Some have described today’s economic environment as a “Goldilocks” economy: not too hot and not too cold. However, in truth, the American economy of 2015 is more like Goldilocks’ Grandmother: not too hot, not too cold… and not too fast. Demand appears to be growing at a mediocre pace but given supply constraints, it is still fast enough to lead to a further tightening of the labor market and thus to set the stage for interest rate increases starting in the next few months.
REIT Correlations Have Returned to Historical Norms

May. 12, 2015 - Cohen & Steers -  Investors are paying closer attention to the fundamental drivers of REIT cash flows, and the asset class is once again reflecting traditional diversification attributes.
Featured CEF Fund Reports
Aberdeen Asia-Pacific Income Fund, Inc. (FAX)
Jun. 23, 2015 - Aberdeen Asset Management -  Over the last year the Australian dollar (AUD) has declined significantly, dipping below US$0.76 in mid-April, in response to relatively disappointing retail sales reports, and the worst trade deficit the nation has seen since February of 2008. With imports up 4% and exports down 6% in April versus the same period a year earlier, the seasonally adjusted deficit of $3.888 billion is the largest on record, slightly higher than the previous record of $3.881 billion set in February 2008.1
Nuveen Core Equity Alpha Fund (JCE) - First Quarter 2015
May. 08, 2015 - Nuveen Asset Management -  While U.S. equity markets posted negative returns in January and March, they recorded strong gains in February, which led to an overall positive first quarter return of 0.95% for the S&P 500 Index (the “Index.”) The utilities sector, the best-performing sector in 2014, was the weakest-performing sector this quarter, underperforming the Index by more than 6%. The health care and consumer discretionary sectors were the strongest performers during the period.
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