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KMM vs. ETF Alternatives
Wednesday, May 111:56 AMMorningstar's Steven Pikelny calls on three closed-end income funds - MIN, PHK, and KMM - to cut their distributions, noting none consistently come close to actually earning their payout. By itself, that's not a no-no as shareholders can reinvest the distribution back into the fund. But when the fund trades at a premium to NAV - as all 3 of these do - such reinvestment leaves the shareholder worse off. |Wednesday, May 111:56 AM| 2 Comments