E A Foodie Note And An Industrial Stock

*Alkermes is under a cloud because of concern about the attack on tax inversion deals, and because of its lousy Q2 numbers, already published. But I thin its central nervous system drug franchise makes it a takeover target not for tax evasion, but for pipeline boosting, perhaps even for Teva which also is into CNS drug search. ALKS, TEVA.

*Standard & Poor's worries that regulatory changes in Canada will lower future Ottawa support of Canadian banks and says the outlook is negative for the big 6, which includes our Bank of Nova Scotia. BNS.

*What I would really like to do is go to a Moscow magazin and buy imported groceries, frozen turkeys, and produce and keep them for until the Russian import ban empties the shelves. Then I would sell them very dearly to Putinist Russians bored by their native cuisine, making a huge profit. Russians will not happily go back to their Soviet-era diet. Price-controls on Russia's markets and stores are unlikely to work.

Instead I am stocking up on Russian groceries at the Washington Heights neighborhood where I grew up. I want to fill my larder before Russian prices rise for good bread, kvass, and herrings across the ocean. Moscow on Hudson is at 801 West 181st St. about 4-5 blocks from where my parents lived in Upper Manhattan.

Fund news follows:

*John Cole Scott writes in Closed-end Fund Advisors of Richmond VA that Morgan Stanley Emerging Debt Fund (MSD) saw a 37% drop in insider holdings of its shares, to 9.88% of the shares out. MSD is worth looking into and I fear there is a troubled stake in its pile. It yields 8.84%. The relatively non-diversified and non-leveraged fund holds government and private sector debt in Turkey, Indonesia, Russia, Phillipines, China, Venezuela, Mexico, and Poland which all look sound but account for only 36% of the portfolio, including as well a 4.425% stake in its parent's Morgan Stanley Institutional Fund. It is at a 13% discount from NAV.

*Aberdeen Global Income Fund, FCO, this month will pay a flat 7 cents/sh dividend of which 76% will come from investment income and 24% from return of capital (which is not taxable).

*Aberdeen Asia-Pacific Income Fund, FAX, this month will pay a flat 3.5 cents dividend sourced 62% from net investment income and 38% from return of capital.

*Vanguard Group has taken a 4.93% stake in Covidien according to the Irish stock market authorities. We sold our COV.

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