BlackRock Enhanced Government Fund

BlackRock Enhanced Government Fund, Inc. is a closed-end management investment company. Its investment objective is to invest in a portfolio of United States government and government agency securities including the U.S. Government mortgage-backed securities. The company was founded on October 31, 2005 and is headquartered in Wilmington, DE.

Blackrock Income Trust

Federated Premier Municipal Income Fund

Morgan Stanley Emerging Markets Debt Fund

We review the CEF market valuation and performance through the second week of December and highlight recent market action. CEFs mostly declined this week due to a 0.25% rise in 10-year Treasury yields, with only the loan sector showing a slight NAV gain. The BlackRock Enhanced Government Fund (EGF) will merge into BlackRock Income Trust (BKT); high-quality funds like these are not ideal in CEFs.

CEF Weekly Review: The Difficulties Of High-Quality CEFs

NEW YORK--(BUSINESS WIRE)---- $BKT--BlackRock Advisors, LLC announced today that the Boards of Directors of BlackRock Enhanced Government Fund, Inc. (NYSE: EGF) and BlackRock Income Trust, Inc. (NYSE: BKT) (each, a “Fund” and together, the “Funds”) have approved the reorganization of EGF with and into BKT, with BKT continuing as the surviving Fund (collectively, the “Reorganization”). Following the closing of the Reorganization, BKT, as the surviving Fund, intends to offer to repurchase a portion of its.

BlackRock Announces Board Approval of Closed-End Fund Reorganization

NEW YORK--(BUSINESS WIRE)---- $EGF--BlackRock Enhanced Government Fund, Inc. (the “Fund”) (NYSE: EGF, CUSIP: 09255K108) today announced the completion of its annual offer to repurchase a portion of its outstanding shares of common stock from its stockholders (the “Repurchase Offer”). Under the terms of the Repurchase Offer, the Fund offered to repurchase up to 5% of its issued and outstanding shares of common stock (the “Shares”) for cash at a price equal to the Fund's net asset value per Share calculat.

BlackRock Enhanced Government Fund, Inc. Completes Annual Repurchase Offer

NEW YORK--(BUSINESS WIRE)---- $EGF--BlackRock Enhanced Government Fund, Inc. (the “Fund”) (NYSE: EGF, CUSIP: 09255K108) announced the expiration of the Fund's annual repurchase offer for its shares of common stock (the “Repurchase Offer”). The Repurchase Offer and withdrawal rights expired at 5:00 p.m., Eastern Time, on November 15, 2024. The Fund offered to repurchase up to 5% of its issued and outstanding shares of common stock (the “Shares”) for cash at a price equal to the net asset value of the Sha.

BlackRock Enhanced Government Fund, Inc. Announces Expiration of Annual Repurchase Offer

NEW YORK--(BUSINESS WIRE)---- $EGF--Today, BlackRock Enhanced Government Fund, Inc. (the "Fund") (NYSE: EGF, CUSIP: 09255K108) announced that the annual offer to repurchase outstanding shares of common stock (the "Shares") from its stockholders (the "Repurchase Offer") will commence on October 11, 2024. Under the terms of the Repurchase Offer, the Fund is offering to purchase up to 5% of its Shares from stockholders at an amount per Share equal to the Fund's net asset value ("NAV") per Share, less a rep.

BlackRock Enhanced Government Fund, Inc. Announces Upcoming Repurchase Offer

JPMorgan BetaBuilders Europe ETF

SPDR Bloomberg 1-3 Month T-Bill ETF

Xtrackers MSCI Europe Hedged Equity ETF

Xtrackers MSCI Eurozone Hedged Equity ETF

WisdomTree Europe SmallCap Dividend Fund

Vanguard Extended Duration Treasury ETF

WisdomTree Europe Quality Dividend Growth Fund

ProShares MSCI Europe Dividend Growers ETF

Direxion Daily FTSE Europe Bull 3X Shares

WisdomTree Europe Hedged SmallCap Equity Fund

iShares MSCI Eurozone ETF

First Trust STOXX European Select Dividend Index Fund

First Trust Europe AlphaDEX Fund

First Trust Eurozone AlphaDEX ETF

SPDR EURO STOXX 50 ETF

iShares U.S. Fixed Income Balanced Risk Factor ETF

Franklin FTSE Europe ETF

Franklin FTSE Eurozone ETF

First Trust IPOX Europe Equity Opportunities ETF

Goldman Sachs TreasuryAccess 0-1 Year ETF

iShares U.S. Treasury Bond ETF

iShares 25+ Year Treasury STRIPS Bond ETF

Goldman Sachs ActiveBeta Europe Equity ETF

Invesco Ultra Short Duration ETF

WisdomTree Europe Hedged Equity Fund

iShares Currency Hedged MSCI Eurozone ETF

iShares 7-10 Year Treasury Bond ETF

iShares 3-7 Year Treasury Bond ETF

iShares Core MSCI Europe ETF

iShares MSCI Europe Small-Cap ETF

iShares Europe ETF

First Trust Long Duration Opportunities ETF

ALPS O'Shares Europe Quality Dividend ETF Shares

ProShares UltraShort 7-10 Year Treasury

Pacer Trendpilot European Index ETF

First Trust RiverFront Dynamic Europe ETF

Schwab Short-Term US Treasury ETF

Schwab Long-Term US Treasury ETF

Schwab Intermediate-Term US Treasury ETF

iShares 0-3 Month Treasury Bond ETF

iShares Short Treasury Bond ETF

iShares 1-3 Year Treasury Bond ETF

SPDR Portfolio Europe ETF

SPDR Portfolio Long Term Treasury ETF

SPDR Portfolio Short Term Treasury ETF

Proshares Short 20+ Year Treasury

ProShares UltraShort 20+ Year Treasury

ProShares Short 7-10 Year Treasury

iShares 10-20 Year Treasury Bond ETF

iShares 20+ Year Treasury Bond ETF

Direxion Daily 20+ Year Treasury Bull 3X Shares

Direxion Daily 20+ Year Treasury Bear 3X Shares

ProShares UltraPro Short 20+ Year Treasury

Direxion Daily 7-10 Year Treasury Bull 3x Shares

Direxion Daily 7-10 Year Treasury Bear 3x Shares

ProShares Ultra 20+ Year Treasury

ProShares Ultra 7-10 Year Treasury

US Treasury 2 Year Note ETF

Vanguard Intermediate-Term Treasury ETF

Vanguard FTSE Europe ETF

Vanguard Long-Term Treasury ETF

Vanguard Short-Term Treasury ETF

PIMCO 25+ Year Zero Coupon US Treasury Index ETF

The ECB cut rates by 25bp as widely anticipated, but a slightly hawkish tilt bear flattened the EUR curve, which in our view remains priced aggressively. In the US, as the markets head towards the Fed's first rate cut, the probability of a larger cut rose slightly on Thursday.

Rates Spark: ECB Presser Bear-Flattened The Curve

Western Asset High Yield Defined Opportunity Fund Inc

Nuveen Preferred & Income Term Fund

Flaherty & Crumrine Preferred Income OpportunityFund Inc

RiverNorth Capital and Income Fund

With market valuations back to expensive levels, we are looking at a number of alpha strategies in the CEF space. These include interval and term funds, relative value as well as leaning against investor flows. We highlight a number of attractive funds such as RSF, PFO, BGH and others.

Current Alpha Opportunities In The CEF Space

It generally takes a few years for changes in Federal Reserve rates to fully impact bond fund dividends. Bond funds are still benefitting from prior rate hikes. Perhaps by enough to cancel out any future rate cuts. By my estimations, and under current Fed guidance, most bond funds would only start to see declining dividends in 2025, at the earliest.

Estimating The Impact Of Lower Rates On Bond Fund Dividends

Blackrock Core Bond Trust

BlackRock Credit Allocation Income Trust

First Trust Mortgage Income Fund

Western Asset Global Corp Defined Opportunity Fund Inc

iShares iBoxx High Yield Corporate Bond ETF

Western Asset Investment Grade Defined Opportunity Trust

iShares iBoxx $ Investment Grade Corporate Bond ETF

MFS Government Markets Income Trust

MFS Intermediate Income Trust

Western Asset Investment Grade Income Fund

Western Asset Premier Bond Fund

Investment-grade corporate-focused closed-end funds offer attractive fixed-income options with higher yields in the current higher-rate environment. Leverage and discounts/premiums in CEFs add volatility to consider when investing in these funds, which would otherwise be for more conservative investors. Besides the higher yields, when rates decline investment-grade funds should see a significant rebound, adding a catalyst for potential upside and 'locking in' higher yields now.

Closed-End Funds: Investment-Grade Corporate Fixed-Income Exposure To Consider

AllianceBernstein National Municipal Income Fund

BlackRock Health Sciences Trust II

Cornerstone Strategic Value Fund Inc

MFS High Yield Municipal Trust

Cornerstone Total Return Fund Inc

Herzfeld Caribbean Basin Fund Inc

MFS Investment Grade Municipal Trust

Destra Multi-Alternative Fund

DNP Select Income Fund Inc

Eaton Vance

Aberdeen Global Income Fund

First Trust Energy Infrastructure Fund

FS Credit Opportunities Corp

Sprott Focus Trust

GDL Fund

Gabelli Dividend & Income Trust

Gabelli Multimedia Trust

Guggenheim Strategic Opportunities Fund

Gabelli Utility Trust

John Hancock Hedged Equity & Income Fund

Highland Income Fund

Highland Global Credit Allocation Fund.

Closed-End Funds: Revisiting Valuations As We End Q3 2023

JPMorgan BetaBuilders 1-5 Year US Aggregate Bond ETF

SPDR Bloomberg 3-12 Month T-Bill ETF

SPDR Dow Jones Industrial Average ETF

iShares MSCI Japan ETF

ClearShares Ultra-Short Maturity ETF

Invesco 1-30 Laddered Treasury ETF

Invesco QQQ

ProShares Inflation Expectations ETF

The market is showing signs of weakness and lacks sustainable upside momentum. The recent sell-off has broken key moving averages, indicating a potential shift in market sentiment.

Selling Time? Oil, Inflation, Debt Concerns And A T-Bill Portfolio

BlackRock 2037 Municipal Target Term Trust

BlackRock Science and Technology Trust II

Eagle Point Income Company Inc

First Trust High Yld Oprtnts 2027 Tr Fn

Miller/Howard High Income Equity Fund

Nuveen Intermediate Duration Municipal Term Fund

Nuveen Multi-Asset Income Fund

PIMCO Dynamic Income Opportunities Fund

Term funds have a few topics making them different that I hope to clear up with today's overview. Term funds can benefit shareholders as NAV is realized one way or another.

Closed-End Funds: Term Structure Potential Vs. Perpetual Funds

BlackRock Enhanced Government Fund is a fixed income closed-end fund. The CEF comes from the BlackRock suite but is on the small side with only a $40 mm AUM.

EGF - AAA Fund With Overwritten Swaptions

Barclays Bank iPath US Treasury 5-Year Bear Exchange Traded   Note 2011-12.7.21 Ser -A- Lkd to BC 2Y US Trsry Futs Trgtd Expsre

Barclays Bank iPath US Treasury 2-year Bull Exchange Traded   Notes 2010-13.8.20 Ser -A- Lnk to BC 2Y US Treasury Futures Trg Ex

Barclays Bank iPath US Treasury 2 Yr Bear Exchange Traded

Barclays Bank iPath US Treasury 10 Yr Bull Exchange Traded    Notes 2010-13.8.20 Sr-A Lk Barclays Cap 10Y US Trs Fut Trgt Exp Id

iShares MSCI Europe Financials ETF

Barclays Inverse US Treasury Composite ETN

While there is upward pressure on market rates in 2022, it's not coming from higher net supply. In fact, lower net supply can help to richen government bonds. On top of that, we should see flatter curves over the whole of 2022. We also anticipate some upward pressure on USD Libor.

Rates Outlook: Swap Spreads To See Widening Pressure

CSOP FTSE China A50 ETF

iShares Agency Bond ETF

Xtrackers Harvest CSI 300 China A-Shares ETF

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Xtrackers MSCI China A Inclusion Equity ETF

Global X China Biotech Innovation ETF

Global X MSCI China Communication Services ETF

Global X China Energy ETF

Global X MSCI China Health Care ETF

Global X China Industrials

Global X MSCI China Information Technology ETF

Global X MSCI China Large Cap 50 ETF

Global X China Materials ETF

Global X China Consumer ETF

Global X MSCI China Real Estate ETF

Global X MSCI China Consumer Staples ETF

Global X MSCI China Utilities ETF

Global X China Financials ETF

Loncar China Biopharma ETF

Xtrackers MSCI All China Equity ETF

VanEck Vectors ChinaAMC SME-ChiNext ETF

iShares MSCI China A ETF

Invesco China Technology ETF

WisdomTree China ex-State-Owned Enterprises Fund

iShares MSCI China Small-Cap ETF

iShares MSCI Hong Kong ETF

iShares MSCI Taiwan ETF

First Trust China AlphaDEX Fund

Franklin FTSE China ETF

Franklin FTSE Hong Kong ETF

Franklin FTSE Taiwan ETF

Franklin Short Duration U.S. Government ETF

iShares China Large-Cap ETF

SPDR S&P China ETF

KraneShares Bosera MSCI China A Share ETF

KraneShares CICC China 5G and Semiconductor Index ETF

KraneShares CICC China Leaders 100 Index ETF

Kraneshares MSCI China Environment Index ETF

KraneShares SSE STAR Market 50 Index ETF

KraneShares Hang Seng Tech Index ETF

KraneShares MSCI All China Health Care Index ETF

KraneShares CSI China Internet ETF

First Trust Low Duration Opportunities ETF

iShares MSCI China ETF

Invesco Golden Dragon China ETF

Rayliant Quantamental China Equity ETF

Invesco DB US Dollar Index Bearish Fund

The deficit spending that supported the economy in 2020 is showing up in hot inflation numbers in 2021. While I think the inflation numbers will get better in 2022, I do not believe they will get back to pre-pandemic levels because of owners' equivalent rents and wage gains in the CPI.

Mind The Bond Market

News for BlackRock Enhanced Government Fund ETF (EGF)