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AKP - CEF Report May 2019: Distribution Cuts Subside
Alliance California Municipal Income Fund Inc
We finished the April reporting season for distribution cuts with a relatively benign day. In fact, we saw more distribution increases than decreases for the first time in a long while. Nine funds increased the payout by an average of 3.4% while the 8 cuts averaged 4.6%.
Overall, the valuations across the CEF universe continue to tighten, though the rate of change has slowed and even reversed in the last couple of weeks of April. In the fixed income side of the CEF space, average discounts are now just over -6% which is roughly an