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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
S&P 500 Top-Line Growth Estimates (Updated)
Nov. 25, 2014 - First Trust -  View from the Observation Deck
1. When the stock market is setting new all-time highs, as it did yesterday (S&P 500 at 2069.41), investors are naturally going to
wonder what catalysts are potentially capable of pushing equity prices higher.
2. We believe that corporate earnings determine the direction of the stock market over time.
Let’s Finally Fix The CBO
Nov. 24, 2014 - First Trust -  If they came back today, the Founders of the United States wouldn’t recognize the government they created 225 years ago. They put safeguards in place – separation of powers, a bicameral legislature and reserved powers for the states – to prevent it from growing so large.
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
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.
Tortoise Power and Energy Infrastructure Fund, Inc. - Annual Report 2013
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.
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