New York - London - Athens - Oslo

Closed-End Fund News
Morningstar Commentaries
No Reprieve for Energy CEFs in October
Nov. 20, 2014 - Morningstar, Inc. -  Oil prices continued their descent in October, leading some to question the future health of the country's largest oil producers. Consumers of oil and gas, however, have benefited from this steady decline in prices. Airlines, for example, have fared extremely well this year, in part because of low fuel costs. Despite the hit that oil and gas firms and energy and related mutual funds took last month, the broader equity market did quite well. The S&P 500 Index gained 2.4% in October and was up nearly 11% for the year to date.
20 Analyst Rating Downgrades--and 1 Upgrade

Nov. 10, 2014 - Morningstar, Inc. -  The leaves aren't the only things falling this month.
Market Commentaries
Xpert Insights: Market outlook from Dodd Kittsley
Dec. 12, 2014 - Deutsche Asset & Wealth Managment -  The consequences of currency exposure
One of the biggest investment stories of 2014 has been the broad-based strength of the U.S. dollar. Over the past year, the U.S. dollar has risen significantly relative to the euro and yen due to divergence: divergence in economic growth rates, and resultant divergence in monetary policy. Investors should be aware of the magnitude of currency’s negative return on international equities over the past 12 months, as well as the longer three- and five-year periods.
Fixed-Rate Bond Total Returns Are Trending Lower
Dec. 11, 2014 - First Trust -  View from the Observation Deck
1. The purpose of today’s blog post is simply to show investors how traditional fixed-rate bonds have performed over the past 1-, 3-
and 5-years.
2. We believe that the information in the chart can help investors establish realistic expectations with respect to fixed-rate bond
yields and performance potential moving forward.
Recent Commentaries
Early Thoughts on Tax-Loss Selling Season
Sep. 24, 2014 - First Trust -  With the fourth quarter about a week and a half away, the topic of tax-loss selling and closed-end funds (CEFs) is one that is often on the forefront of CEF investors’ minds.Tax-loss selling is when investors sell securities to realize losses in order to offset gains within their portfolios. Tax-loss selling in the CEF structure often is most pronounced from roughly mid-November to the third week of December
Searching for Bargains in Closed-End Funds
Jul. 19, 2014 - Barron's -  Closed-end bond funds have been on a tear this year, returning an average of 11% during the first half, including dividends, according to Closed-End Fund Advisors, a research group. The average yield at the end of June was 6.4%. Compare that with a first-half total return of just 5.4% for SPDR Barclays High Yield Bond (ticker: JNK), an exchange-traded fund that tracks junk bonds.
CEF Industry Reports
Fitch: Bond Market Liquidity Seen Moving Toward Asset Managers
Nov. 11, 2014 - Fitch Ratings -  Fitch Ratings-New York-11 November 2014: Asset managers are planning to hold more cash and large liquid bonds as broker/dealers' importance in providing liquidity to the fixed income markets has diminished, according to a Fitch Ratings survey of major asset managers. The changes are a natural offshoot of banking regulations that have reduced broker/dealer inventories of corporate and municipal bonds.
Closed-end Fund Lists
Nov. 04, 2014 - Wells Fargo Advisors -  Wells Fargo Advisors publishes three different closed-end fund (CEF) lists for its clients: The Select CEFs by Asset Class List (Select List), the CEF Hold List (Hold List), and the CEFs to Avoid List (Avoid List).  Before discussing the three lists, we should first review those characteristics in CEFs that we generally find favorable and those that we don't find favorable.
Featured CEF Fund Reports
Aberdeen Asia-Pacific Income Fund, Inc. (FAX)

Dec. 31, 2014 - Aberdeen Asset Management -  Economic & market overview
Asian local currency bond markets performed well in October, as bond yields fell across most markets and currencies received some respite from the broad U.S. dollar rally. A sharp drop in oil prices fuelled global deflationary concerns. Combined with renewed weakness in Europe, slowing growth in China and weak data in the U.S., this pushed back expectations with respect to the timing of U.S. interest rate hikes, even as the U.S. Federal Reserve (Fed) ended its asset purchases, driving a rally in U.S. Treasuries. Concurrently, both the European Central Bank (ECB) and Bank of Japan (BOJ) moved to expand their quantitative easing (QE) programs. Also weighing on investors’ minds was a sharp sell-off in European periphery market yields and concerns over a potential Ebola epidemic.
Tortoise Power and Energy Infrastructure Fund, Inc. - Third Quarter 2014
Nov. 26, 2014 - Tortoise Capital Advisors -  Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) invests in a portfolio of fixed income and equity securities issued by power and energy infrastructure companies. The Fund’s goal is to provide stockholders a high level of current income, with a secondary objective of capital appreciation. The Fund seeks to invest in a portfolio of companies that provide stable and defensive characteristics throughout economic cycles.
Recent Event