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  • NEW YORK— Most of us don't worry about taxes when it comes to mutual funds. We don't need to because we invest in them through a 401, IRA or another account designed to delay taxes until after retirement. "There's a lot of effort in the industry on picking stocks and timing the market, but that is extremely difficult to do persistently," says Clemens Sialm, a professor at...

  • Twin bond, dollar selloffs hit Pimco Total Return Fund Thursday, 21 May 2015 | 3:44 PM ET

    NEW YORK, May 21- The Pimco Total Return Fund, which last month lost its crown as the world's biggest bond fund, is now losing some momentum in performance. The Pimco Total Return Fund hit a peak of $292.9 billion in assets under management in April 2013. "Globally, we maintain exposure to diversifying sources of duration, including in Mexico and in the eurozone," Pimco...

  • NEW YORK, May 21- Puerto Rico's benchmark government bonds hit their highest level in more than a month on Thursday in a 5- day rally sparked by an agreement on new revenue raising tax measures last week. Puerto Rico's general obligation bonds that carry an 8 percent coupon and expire in 2035, a $3.5 billion tranche sold mainly to hedge fund last year, hit 83 cents on...

  • May 21- Moody's Investors Service on Thursday cut Puerto Rico's bond ratings further into junk status, saying the troubled U.S. territory would not be able to access markets by the June 30 fiscal year-end and might have to prioritize debt payments. Puerto Rico is struggling with $72 billion in debt and faces a bond payment of $655.2 million on its general...

  • *U.S. sells $13 bln 10- year TIPS to solid demand. NEW YORK, May 21- U.S. "There were fears about a sharp spring recovery, but the data haven't rebounded smartly," said Robert Tipp, chief investment strategist at Prudential Fixed Income in Newark, New Jersey.

  • NEW YORK, May 21- Billionaire activist investor Carl Icahn said Thursday that mutual funds will increasingly realize that being underweight shares of Apple will hurt their performance. "They are underweight Apple in relation to the index funds, and I think more and more of these funds will realize that's going to hurt their performance in the future as Apple...

  • CHICAGO, May 21- Banks that entered into credit and other deals related to Chicago's general obligation variable-rate debt have agreed not to demand payments triggered when the city's rating was cut to junk by Moody's Investors Service, according to city documents. The forbearance agreements between Chicago and the banks will allow the city to convert the...

  • TREASURIES-U.S. bond yields fall on economic worries Thursday, 21 May 2015 | 11:04 AM ET

    *U.S. to sell $13 bln 10- year inflation bonds. NEW YORK, May 21- U.S. "The economic news is still soft in the second quarter," said Gary Pollack, head of fixed-income trading for private wealth management at Deutsche Bank Asset and Wealth Management in New York.

  • CHICAGO, May 21- The U.S. Supreme Court ruled this week that employers have a duty to protect workers in their 401 plans from mutual funds that are too expensive or perform poorly. The high court ruled on a class-action lawsuit against Edison International. St. Louis lawyer Jerome Schlichter, who has made a cause of suing 401 plans to get them to shape up, brought the...

  • May 21- U.S. stock index futures were slightly lower on Thursday, a day after minutes from the latest Federal Reserve meeting bolstered expectations that interest rates would stay near zero until later this year. The jobless claims data is due at 8:30 a.m. ET. *Data measuring the growth in the U.S. manufacturing sector in May is due at 9:45 a.m. ET and 15 minutes...

  • ULAN BATOR, May 21- Cash-strapped Mongolia's deal to expand the $6.5 billion Oyu Tolgoi mine is a big step towards stabilising its economy, but as it waits for the investment boost to feed through it is leaning on once-feared China to help shore up its finances. China helped Mongolia's central bank stave off economic collapse with a currency swap agreement to...

  • TOKYO, May 21- Japanese government bonds slipped on Thursday, pressured by rising stocks and caution ahead of the outcome of the Bank Of Japan's two-day policy meeting that began this session. The benchmark 10- year JGB yield rose 2 basis points to 0.410 percent, its highest since May 15, but still shy of a two-month high of 0.470 percent scaled earlier this month...

  • Reform takes back seat as China drives muni debt swap Thursday, 21 May 2015 | 3:09 AM ET

    *Beijing acts to prop up fledgling municipal bond market. Beijing launched a new U.S.-style municipal bond market to supplant LGFV financing, a reform it hoped would bring market discipline to local borrowing and allocate capital to better effect, a perennial problem in China, where too much lending finds its way to inefficient state projects and entities.

  • HONG KONG, May 21- Hong Kong's sluggish primary market for offshore yuan bonds has received a boost from a regular customer, China's Ministry of Finance. The MOF this week completed the sale of 14 billion yuan in bonds, supporting development of the so-called dim sum bond market as it continues efforts to internationalize China's currency.

  • WASHINGTON, May 20 (Reuters)- Federal Reserve officials believed it would be premature to hike interest rates in June even though most felt the U.S. economy was set to rebound from a dismal start to the year, according to minutes from their April policy meeting released on Wednesday. They also cited economic worries in China and Greece. They also were troubled by the...

  • NEW YORK, May 20- The dollar rose and U.S. The minutes, released ahead of a much anticipated speech on Friday by Fed Chair Janet Yellen, showed that many officials at the April 28-29 meeting believed it would be premature to raise rates in June. "They didn't give much tangible evidence that they were going to do anything different than what the market was already...

  • What's today's $5 billion banking settlement about? Wednesday, 20 May 2015 | 5:07 PM ET

    Traders at four banks— JPMorgan Chase, Citigroup's banking unit Citicorp, Barclays and the Royal Bank of Scotland— conspired to fix rates on U.S. dollars and euros at the expense of clients from 2007 to 2013. Another bank, Switzerland's UBS, agreed to plead guilty to manipulating key interest rates and will pay a separate criminal penalty. In a hypothetical...

  • ULAN BATOR, May 21- Cash-strapped Mongolia's deal to expand the $6.5 billion Oyu Tolgoi mine is a big step towards stabilising its economy, but as it waits for the investment boost to feed through it is leaning on once-feared China to help shore up its finances. China helped Mongolia's central bank stave off economic collapse with a currency swap agreement to...

  • SAFT ON WEALTH-Corporate bond funds + illiquidity = risk Wednesday, 20 May 2015 | 4:50 PM ET

    May 20- Corporate bond fund investors react badly, if intelligently, to losing money which may mean some bond funds run into and also cause trouble when a selloff in illiquid markets starts. Given two trends- one towards lower bond market liquidity and and other of surging investment in corporate bond funds- this could end up being a big story.

  • *April FOMC minutes support view June rate hike unlikely Greece debt concerns spurred earlier safety bids for bonds. *Nearly $40 bln corporate bonds sold so far this week- IFR. NEW YORK, May 20- U.S.