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Closed-End Fund News
Morningstar Commentaries
Japan Equity CEFs Win the First Quarter
Apr. 16, 2015 - Morningstar, Inc. -  These closed-end funds were unstoppable in early 2015; plus, did the first IPO of 2015 usher in a new era for CEF shareholders?
A Divergence of CEF Returns in February
Mar. 19, 2015 - Morningstar, Inc. -  Europe's quantitative easing and a strong U.S. dollar lifted the eurozone and Japan, but negative headline news pushed the municipal market lower.
Market Commentaries
Some Government Bonds Yield Less Than Half Of What They Did In 2010

Apr. 14, 2015 - First Trust -  View from the Observation Deck
1. With the exception of the three BRIC-member countries (Brazil, China and India) featured in the chart, yields on 10-Year government bonds issued by many of the world’s largest nations have declined substantially in the last five years.
2. One of the things that has contributed to the decline in government bond yields is the drop in inflation rates throughout much of the globe, in our opinion
June Rate Hike Still on Tap

Apr. 13, 2015 - First Trust -  According to a recent survey by the Wall Street Journal, most economists think a June rate hike is unlikely. In fact, four times as many think the Federal Reserve won’t start raising rates until September or later as currently think the Fed will start in June.
Recent Commentaries
CLOSED-END FUND review - Fourth Quarter 2014
Jan. 26, 2015 - First Trust -  2014 was a solid year for diversified closed-end fund (CEF) investors. I specifically use the term “diversified” because whether I am writing about CEFs or giving a presentation about the CEF structure, I always encourage investors to diversify across several different categories of the CEF structure in order to attain proper diversification and exposure to many different asset classes. According to Morningstar, the average CEF was up 7.88% last year on a share price total return basis. As always, performance varied significantly depending on the category.
Senior Loan & High Yield Review – 4th Quarter 2014
Jan. 21, 2015 - First Trust -  2014 proved to be far more eventful than most predicted. Consider the nearly certain prognostication that rates would increase in 2014, the surprising impact the polar vortex had on economic activity early in the year, geopolitical headlines (Russia/Ukraine, Middle East [Gaza, ISIS], Europe [Greece], etc.), Ebola fears, and last, but most certainly not least, the nearly 50% drop in the price of oil (more on this in a moment). As a result, while sentiment was relatively positive in the early part of the year, investor sentiment for credit risk reversed course and was relatively weak throughout the second half of the year.
CEF Industry Reports
Aberdeen Global Income Fund, Inc. (FCO)
Mar. 26, 2015 - Aberdeen Asset Management -  Fund Overview
Most global government bond yields rose in February, led by U.S. Treasuries1, as upbeat jobs data spurred anticipation of central bank interest-rate hikes by mid-year. In Europe, investors were relieved as an agreement was reached with Greece to extend its bailout program by four months. Elsewhere, UK yields outpaced their U.S. equivalents as the Bank of England raised its gross domestic product (GDP) forecast, while labor market data were positive.
Aberdeen Asia Tigers Fund, Inc. (GRR)
Mar. 26, 2015 - Aberdeen Asset Management -  Fund Overview
In Fund-related corporate news, Standard Chartered announced that Bill Winters will replace Peter Sands as CEO in June. Group executive director Jaspal Bindra will step down this year and Chairman John Peace will follow suit in 2016. New independent directors will also be brought on board. We believe these changes may position the bank well for an emerging-markets recovery.
Featured CEF Fund Reports
Aberdeen Global Income Fund, Inc. (FCO)
Mar. 26, 2015 - Aberdeen Asset Management -  Fund Overview
Most global government bond yields rose in February, led by U.S. Treasuries1, as upbeat jobs data spurred anticipation of central bank interest-rate hikes by mid-year. In Europe, investors were relieved as an agreement was reached with Greece to extend its bailout program by four months. Elsewhere, UK yields outpaced their U.S. equivalents as the Bank of England raised its gross domestic product (GDP) forecast, while labor market data were positive.
Aberdeen Asia Tigers Fund, Inc. (GRR)
Mar. 26, 2015 - Aberdeen Asset Management -  Fund Overview
In Fund-related corporate news, Standard Chartered announced that Bill Winters will replace Peter Sands as CEO in June. Group executive director Jaspal Bindra will step down this year and Chairman John Peace will follow suit in 2016. New independent directors will also be brought on board. We believe these changes may position the bank well for an emerging-markets recovery.
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