For the month of December, 91% of all CEFs posted NAV-based returns in the black, with 83% of equity CEFs and 98% of fixed-income CEFs chalking up returns in the plus column. Except for Utility CEFs (-1.86%), all equity CEF classifications benefited from the positive stock environment and the passage of the tax reform bill in December, with the Energy MLP CEFs classification (+7.87%, November’s laggard) jumping to the top of the equity charts for the first month in 12. For the thirteenth month in a row, domestic taxable bond CEFs (+0.62%) posted a plus-side return on average but underperformed their municipal bond CEFs (+1.31%) and world income CEFs (+0.73%) cohorts. In this report, we highlight December 2017 CEF performance trends, premiums and discounts, and corporate actions and events.
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