We're seeing PHK (PIMCO High Income fund), a closed-end fund trading at a ridiculous premium, is falling hard yesterday and today. We watch this security as we have a little long/short play being short PHK and long JNK in hopes that PHK returns to NAV (although we did close out JNK this week so now we're just short). The steep decline in PHK may be a canary in the coal mine as CEFs trading at a premium typically start falling before the broad space does. Obviously, money is leaving this fund but is it leaving the entire space? We will find out over the next few weeks or months.