DCF - CEF Report: State Of The CEF Market

• We've seen a lot of volatility in the last month across all risk assets, but closed-end funds have weathered it quite well.
• Taxables have performed much better than municipal CEFs which have been hit on NAV from rising interest rates.
• Balancing the portfolio between credit risks and interest rate risks remains a critically-important consideration when constructing income portfolios.
• We remain steadfast that loan funds should be bought here but would hold off on buying duration (interest rate sensitive) names.
• We have some new options that we are adding to our list because we think are well-positioned.  We would recommend some swapping from PHD to JFR/NSL/JRO/JSD.

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