First Trust Advisors L.P. (“First Trust”), a provider of more than 200 investment products, many of which offer transparency, tax efficiency and a rules-based approach to stock selection, will launch a new actively managed exchange-traded fund (“ETF”) on May 2, 2013, the First Trust Senior Loan Fund (NASDAQ: FTSL).
Pioneer Investments today announced the date and time for a conference call regarding two Closed-End Funds. The purpose of this call is to discuss the performance of the funds year-to-date and their current positioning. The conference call will be open to the public.
Morningstar’s Mike Taggart: In a recent article, I pointed out that adding closed-end funds, or CEFs, to a portfolio has several benefits for those seeking increased income. Judging from the comments to that article, several Morningstar.com members have already figured this out. For those of us who are heavily focused on CEFs, this notion is common sense. However, most investors are not focused on CEFs, so further explanation and a real-life example may be helpful in gaining a better understanding of those potential benefits.
The Pacholder High Yield Fund, Inc. (NYSE MKT:PHF) held its 2013 Annual Shareholder Meeting today in New York City. At the meeting, the shareholders elected the Board of Directors. Frederick Ruebeck and James Schonbachler were elected by the holders of the Fund’s auction rate preferred shares voting as a separate class, and John Finn, Dr. Matthew Goldstein, Robert Higgins, Frankie Hughes, Peter Marshall, Mary Martinez, Marilyn McCoy, Mitchell Merin, William Morton, Jr., Dr. Robert Oden, Jr., and Marian Pardo were elected by the holders of the common stock and preferred shares, voting together as a single class.
Western Asset Emerging Markets Debt Fund Inc. (ESD), Western Asset Emerging Markets Income Fund Inc. (EMD) and Western Asset Worldwide Income Fund Inc. (SBW), which are advised by Legg Mason Partners Fund Advisors, LLC, announced today that, effective May 1, 2013, S. Kenneth Leech will join the portfolio management team for each Fund. The individuals responsible for day-to-day portfolio management, development of investment strategy, oversight and coordination of each Fund are Stephen A. Walsh, S. Kenneth Leech, Keith J. Gardner, Matthew C. Duda and Gordon S. Brown. Messrs. Walsh, Gardner and Duda have been a part of the portfolio management team for each Fund since 2006. Mr. Brown has been a part of the portfolio management team for each Fund since 2012.
Closed end funds (CEFs) investing in master limited partnerships (MLPs) have posted strong returns over the last several years, prompting an inflow of new capital to the sector as investors seek higher-yielding and tax-advantaged assets, according to a Fitch Ratings report.
Many leveraged closed-end funds (CEFs) utilized auction rate preferred stock (ARPS) pre-crisis. Since then, these CEFs have refinanced into traditional senior debt at lower leverage levels. These CEFs may increase leverage by up to $4.2 billion in the aggregate by issuing preferred stock and diversifying their funding structure in the future, according to a Fitch Ratings study.
Columbia Seligman Premium Technology Growth Fund, Inc. (the “Fund”) (NYSE: STK) today held its Third Annual Meeting of Stockholders (the “Meeting”) in Minneapolis, Minnesota. Stockholders voted in accordance with the recommendations of the Fund’s Board of Directors on each of the two proposals at the Meeting.
Tri-Continental Corporation (the “Corporation”) (NYSE: TY) today held its 83rd Annual Meeting of Stockholders (the “Meeting”) in Minneapolis, Minnesota. Stockholders voted in accordance with the recommendations of the Corporation’s Board of Directors on each of the two proposals at the Meeting.
Enthusiasm for closed-end municipal bond funds, long a favorite of income-starved investors, is starting to wane.The funds, which use leverage to magnify yield, have been a go-to investment. But prices are down in recent months as investors have backed away, worried about rising interest rates, budget cuts and the risk that lawmakers may reduce the tax benefits of investing in muni bonds.
