Group 1 - The John Hancock Diversified Income Fund (HEQ) underwent a name change from John Hancock Hedged Equity & Income Fund, accompanied by a shift in its investment policy [2] - The fund aims to provide managed portfolios targeting safe yields of over 8%, appealing to both active and passive investors [2] - The investment strategy includes actionable income and arbitrage recommendations, in-depth analysis of closed-end funds (CEFs) and exchange-traded funds (ETFs), and a community of over a thousand members [2]

Core Insights - The PIMCO Income Strategy Fund II (PFN) is a closed-end fund that has been upgraded recently, indicating a positive outlook for the fund's performance [1] - Binary Tree Analytics (BTA) focuses on providing transparency and analytics in capital markets, particularly in closed-end funds (CEFs), exchange-traded funds (ETFs), and special situations, aiming for high annualized returns with low volatility [1] Company Overview - PFN is part of a broader investment strategy that includes cash and derivatives trading, highlighting its diversified approach to capital markets [1] - BTA has over 20 years of investment experience and emphasizes a finance background from a top university, which adds credibility to its analytical capabilities [1]

Core Points - Zhengzhou Angel Investment Fund is publicly announcing the third batch of proposed subsidiary funds for investment, with a public notice period from November 19, 2025, to November 26, 2025 [1] - Any objections to the announced projects must be submitted in writing during the public notice period, including relevant reasons and supporting materials [1] - The announcement does not imply any funding commitment from the Zhengzhou Angel Investment Fund, as funding obligations will be based on the final signed partnership agreements or company bylaws [1] Summary by Category Announcement Details - The public notice is based on the "Zhengzhou Angel Investment Fund Operation Plan" and "Zhengzhou Angel Investment Fund Subsidiary Fund Application Guidelines" [1] - The contact information for inquiries includes a phone number, email, and physical address for Zhengzhou Innovation Investment Private Fund Management Co., Ltd [1] Proposed Subsidiary Funds - The proposed subsidiary funds include: 1. Cross-border e-commerce and manufacturing overseas project by Beijing Kaituo He Yi Private Fund [1] 2. Zhengzhou Erqi Angel Venture Capital Fund Partnership by Henan High-tech Venture Capital Co., Ltd [1]

Core Insights - Eurocastle Investment Limited has released its interim management statement for Q3 2025, highlighting a shift in its investment strategy and financial performance [2][4]. Financial Performance - As of 30 September 2025, the Adjusted NAV is €15.1 million, or €15.01 per share, down from €15.2 million, or €15.19 per share in Q2 2025 [4]. - The pro forma Q3 NAV, after the release of reserves, is €20.3 million, or €20.20 per share [4]. - The company reported a loss of €111,000 for Q3 2025, equating to €0.11 per share, compared to a loss of €975,000 for the first nine months of 2025 [17]. Investment Strategy - Eurocastle launched a new investment strategy in 2024 through the European Properties Investment Fund (EPIF), focusing on acquiring small to mid-size real estate assets in Southern Europe [7][20]. - By the end of September 2025, EPIF had received over €61 million in capital commitments, with an additional €20 million raised in November 2025, totaling over €81 million [8]. - EPIF has invested €18.7 million in three investments, with a reported NAV of €19.9 million, reflecting a 4% increase relative to the capital called [9]. Business Updates - The company has released all reserves related to the legacy German tax matter, simplifying its financial reporting to a single IFRS-based NAV [4][11]. - Eurocastle's investment portfolio includes two commercial properties in Athens, Greece, and a significant interest in a portfolio of Italian real estate assets [13]. Board Changes - Mr. Constantine (Dean) Michael Dakolias retired as a non-independent director, and Mr. Alex Gillette has been appointed as a new non-independent director [14][15].

Core Viewpoint - Virtus Convertible & Income Fund and Virtus Convertible & Income Fund II have announced their monthly distributions for upcoming months, providing investors with a consistent income stream through their respective funds [1][2]. Fund Distributions - **Virtus Convertible & Income Fund (Ticker: NCV)**: - Distribution Amount: $0.136 - Ex-Date: December 11, 2025; Payable Date: December 30, 2025 - Additional distributions of $0.136 on January 12, 2026, and February 12, 2026, with corresponding payable dates of January 29, 2026, and February 26, 2026 [1]. - **Virtus Convertible & Income Fund II (Ticker: NCZ)**: - Distribution Amount: $0.12 - Ex-Date: December 11, 2025; Payable Date: December 30, 2025 - Additional distributions of $0.12 on January 12, 2026, and February 12, 2026, with corresponding payable dates of January 29, 2026, and February 26, 2026 [2]. Fund Objectives - Both funds aim to provide total return through a combination of capital appreciation and high current income, managed by Virtus Investment Advisers, LLC, with Voya Investment Management as the subadviser [3].

Group 1 - Liberty All-Star Growth (ASG) is a closed-end fund focused on growth investments, managed by three experts specializing in small, medium, and large market capitalization categories [1] Group 2 - Trapping Value is a team of analysts with over 40 years of combined experience, focusing on generating options income and capital preservation [2] - The Conservative Income Portfolio, managed by Trapping Value in partnership with Preferred Stock Trader, includes two income-generating portfolios and a bond ladder [2] - The Covered Calls Portfolio aims for lower volatility income investing while emphasizing capital preservation [2] - The fixed income portfolio targets securities with high income potential and significant undervaluation compared to peers [2]

Core Insights - International equities are experiencing a strong performance leading into 2025, benefiting funds like the Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG) [2] Group 1: Fund Performance - The Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG) has been positively impacted by the strong run of international equities [2] - The fund is part of a managed portfolio service that targets safe yields of approximately 8% [2] Group 2: Investment Strategies - The CEF/ETF Income Laboratory provides expert-level research and actionable recommendations for income and arbitrage strategies in closed-end funds (CEFs) and exchange-traded funds (ETFs) [2] - The service caters to both active and passive investors, with a focus on monthly-paying holdings to enhance compounding and income smoothing [2]

Core Insights - The article discusses the growing interest in collateralized loan obligations (CLOs) and the recent trend of launching exchange-traded funds (ETFs) that invest in CLOs, highlighting their appeal due to high yields in a rising interest rate environment [2][3]. Group 1: Market Trends - Issuers are increasingly entering the CLO ETF market, with Janus Henderson and Reckoner Capital Management recently proposing new CLO strategies [2]. - The appeal of CLO ETFs is attributed to their high yields compared to other bond funds, particularly during a period of high interest rates [2][3]. Group 2: Investment Strategies - Janus Henderson's new fund will focus on AA- and A-rated CLOs, which carry higher risk than AAA-rated bonds but offer the potential for higher returns [3]. - The first CLO ETF launched by Janus Henderson, JAAA, provides access to a diverse range of CLOs, allowing investors to benefit from corporate loan repayments [3]. Group 3: Performance Metrics - The three largest CLO ETFs currently include Janus Henderson's JAAA with approximately $25 billion in assets and a year-to-date increase of 3.8%, PGIM's PAAA with $4.5 billion in assets and a 4.3% increase, and iShares' CLOA with $1.3 billion in assets and a 4.2% increase [5]. Group 4: Risk Considerations - There is a noted risk associated with investing in lower-grade loans within CLOs, and investors are advised to conduct thorough due diligence, particularly with smaller CLO names [4].

Group 1 - The Guggenheim Active Allocation Fund (GUG) employs a flexible hybrid investment strategy, allowing managers to invest in various asset classes [2] - The fund is managed by a team with extensive experience in closed-end funds (CEFs) and exchange-traded funds (ETFs), focusing on income and arbitrage strategies [2] - The service provided includes managed portfolios targeting safe yields of over 8%, actionable recommendations, and in-depth analysis of CEFs and ETFs [2] Group 2 - The majority of holdings in the portfolios are monthly-payers, which aids in faster compounding and smoothing income streams for investors [2]

Core Viewpoint - Carlyle Credit Income Fund announced its financial results for the fourth quarter and full year ended September 30, 2025, highlighting a focus on long-term success and portfolio enhancement through strategic resets and refinancings [2][3]. Financial Performance - Net investment income for the fourth quarter was $0.15 per common share, with adjusted net investment income at $0.17 per common share and core net investment income at $0.32 per common share [3]. - The net asset value per common share was reported at $6.13 as of September 30, 2025, with a total fair value of investments amounting to $192.2 million [3]. Dividends - The Fund is maintaining a monthly dividend of $0.1050 per share for December 2025, January, and February 2026, which translates to an annualized dividend yield of 24.14% based on the share price as of November 12, 2025, or 20.55% based on the Fund's NAV as of September 30, 2025 [4][9]. - Additionally, dividends for the Fund's 7.375% Series D Term Preferred Shares are set at $0.1536 per share for the same months [5][6]. Investment Strategy - The Fund funded $34.9 million in new CLO investments with a weighted average GAAP yield of 13.65% as of September 30, 2025, while the aggregate portfolio weighted average GAAP yield was 14.44% [9]. - A $30 million Credit Facility was established, allowing borrowings at a rate of SOFR + 3.25%, with the potential to increase to $50 million [9]. Company Overview - Carlyle Credit Income Fund is an externally managed closed-end fund focused on investing primarily in equity and junior debt tranches of collateralized loan obligations (CLOs), which are backed by U.S. senior secured loans across various industries [11].