Following a quarter in which the average closed-end fund (CEF) was lower by 3.80%, many categories posted slight gains during the second quarter of 2018. Indeed, the average CEF was up 0.98% for the second quarter but is lower by 2.91% year-to-date (YTD) as of the end of the second quarter. Equity CEFs were positive on average by 1.14% for the quarter but are still lower 3.87% YTD. Fixed-income CEFs were up on average 0.82%, but are still down 2.40% YTD. Within fixed-income CEFs, taxable fixed-income funds gained an average of 0.55% for the second quarter but remain lower by 0.98% YTD. Municipal CEFs were positive by 1.35% during the second quarter and are down 3.59% YTD. (Source: Morningstar. All data is share price total return.)

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