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Weekly Closed-End Fund Roundup: PCF Tender Results

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This article was first released to CEF/ETF Income Laboratory subscribers two weeks ago.

The Weekly Closed-End Fund Roundup will be put out at the start of each week to summarize recent price movements in closed-end fund (CEF) sectors in the last week, as well as to highlight recently concluded or upcoming corporate actions on CEFs, such as tender offers. Most of the information has been sourced from CEFInsight or the Closed-End Fund Center. I will also link to some articles from Seeking Alpha that I have found for useful reading over the past week. The searchable tag for this feature is “cildoc”. Data are taken from the close of Friday, March 22, 2019.

Weekly performance roundup

19 out of 31 sectors were positive on price (down from 23 last week) and the average price return was +0.13% (down from +0.99% last week). The leading gainers were MLPs (+1.72%), New Jersey munis (+1.71%) and high yield (+1.53%), while other non-U.S. equity (-2.42%) lagged.

 

(Source: Stanford Chemist, CEFConnect)

18 out of 31 sectors were positive on NAV (down from 28 last week), while the average NAV return was +0.04% (down from +1.18% last week). The top sector by NAV was MLPs (1.83%), while the bottom sector was U.S. health/biotech (-2.38%), a reversal from it being the top sector last week where it gained +3.40%. (We can probably thank Biogen’s (BIIB) drop for that!)

 

(Source: Stanford Chemist, CEFConnect)

The sector with the highest premium is multisector income (+3.06%), while the sector with the highest discount is Latin American equity (-13.75%). The average sector discount is -6.58% (up from -6.67% last week).

 

(Source: Stanford Chemist, CEFConnect)

Global equity dividend showed the largest premium/discount increase (+1.29%), while Asia equity showed the largest premium/discount decline (-2.10%). The average change in premium/discount was +0.09% (up from -0.20% last week).

 

(Source: Stanford Chemist, CEFConnect)

The sector with the highest average one-year z-score is New York munis (+1.94) while the sector with the lowest z-score is other non-U.S. equity (-0.97). The average z-score is +0.44 (up from +0.36 last week).

 

(Source: Stanford Chemist, CEFConnect)

The sectors with the highest yields are MLPs (10.86%), global equity dividend (9.84%), global growth & income (9.42%), emerging market income (9.27%) and multisector income (8.82%). Discounts and z-scores for the sectors are included for comparison. The average sector yield is 7.05% (unchanged from 7.05% last week).

 

(Source: Stanford Chemist, CEFConnect)

Individual CEFs that have undergone a significant decrease in premium/discount value over the past week, coupled optionally with an increasing NAV trend, a negative z-score, and/or are trading at a discount, are potential buy candidates.

Ticker P/D decrease Yield P/D z-score Price change NAV change
(APF) -11.33% 1.25% -13.28% 1.5 -10.55% 1.14%
(MCI) -5.31% 8.40% 8.14% 1.8 -4.68% 0.00%
(MXF) -4.36% 7.21% -15.01% 0.6 0.28% 5.42%
(RCG) -4.21% % -12.63% -0.1 -0.57% 4.21%
(OXLC) -3.97% 16.70% 28.31% 1.5 -3.00% 0.00%
(ECC) -3.50% 14.55% 20.28% 1.2 -2.83% 0.00%
(SPPP) -3.40% % -7.57% -3.7 -0.46% 3.20%
(NTG) -3.39% 12.09% -8.75% -1.1 0.29% 4.01%
(CUBA) -3.37% 5.36% -23.21% -0.6 -3.56% 0.68%
(BTO) -3.09% 7.13% -3.36% 0.1 -8.14% -5.20%

 

(Source: Stanford Chemist, CEFConnect)

Conversely, individual CEFs that have undergone a significant increase in premium/discount value in the past week, coupled optionally with a decreasing NAV trend, a positive z-score, and/or are trading at a premium, are potential sell candidates.

Ticker P/D increase Yield P/D z-score Price change NAV change
(GGO) 3.75% 4.63% -1.14% 0.5 0.93% -2.89%
(MUH) 3.24% 5.04% -3.56% 2.7 4.65% 1.13%
(PAI) 3.09% 4.69% 0.68% 2.2 3.81% 0.62%
(HEQ) 3.02% 10.20% -1.99% 0.4 2.43% -0.73%
(LOR) 2.89% 7.54% -8.03% 1.1 1.74% -1.46%
(PFD) 2.85% 6.59% 2.55% 1.3 2.17% -0.67%
(JHAA) 2.76% % 1.28% 0.0 2.80% 0.00%
(GLU) 2.70% 6.45% -6.81% 0.6 2.37% -0.60%
(BUI) 2.70% 6.66% 6.60% 2.0 2.16% -0.44%
(CGO) 2.66% 10.01% 2.83% -0.5 1.61% -1.02%

 

(Source: Stanford Chemist, CEFConnect)

Recent corporate actions

These are from the last month and are quoted from Closed-End Fund Center, Morningstar, or CEFInsight (email alerts); any new news in the past week has a bolded date:

March 19, 2018 | The High Income Securities Fund Announces Results of Tender Offer. The High Income Securities Fund (NYSE:PCF) (the “Fund”) today announced that its offer to purchase up to 55% of its outstanding shares (or approximately 7,111,696 shares) for cash at 99% of the per share net asset value (“NAV”) as determined at the close of the regular trading session of the New York Stock Exchange on March 18, 2019 expired at 5:00 p.m., Eastern Time on March 18, 2019. Based on information provided by Broadridge, Inc., the depository for the offer, a total of 7,365,350 shares or approximately 56.96% of the Fund’s outstanding shares were validly tendered. As the total number of shares tendered exceeds the number of shares the Fund offered to purchase and in accordance with the rules of the Securities and Exchange Commission allowing the Fund to purchase additional shares not to exceed 2% of the outstanding shares (approximately 258,607 shares) without amending or extending the offer, the Fund has elected to purchase all shares tendered at a price of $9.25 per share (99% of the NAV of $9.34).

March 18, 2018 | High Income Securities Fund Announces Extension of Tender Offer. High Income Securities Fund, Inc. (the “Fund”) today announced that it is extending its tender offer to purchase up to 55% of its outstanding shares (or approximately 7,111,696 shares) for cash at 99% of the per share net asset value (“NAV”) as of the close of regular trading on the New York Stock Exchange on the expiration date from 5:00 p.m., New York City time, on March 15, 2019 to 5:00 p.m., New York City time, on March 18, 2019 unless the tender offer is further extended. As of 5:00 p.m., New York City time, on March 15, 2019, 7,544,194.92 shares have been validly tendered. Until 5:00 p.m., New York City time, on March 18, 2019 any shares not previously tendered may be tendered and any shares previously tendered may be withdrawn unless the tender offer is further extended. The purpose of the extension is to allow affiliates of certain trustees to withdraw a sufficient number of shares they previously tendered in order to enable unaffiliated shareholders to sell all their shares at the tender offer price if they so desire.

February 25, 2018 | Morgan Stanley Emerging Markets Fund, Inc. Announces Information Regarding Reorganization. Morgan Stanley Emerging Markets Fund, Inc. (NYSE:MSF) (the “Fund”) announced today that the net asset value per share of the Fund for purposes of calculating the number of Class I shares of common stock of Emerging Markets Portfolio (“MSIF Emerging Markets”), a series of Morgan Stanley Institutional Fund, Inc., that stockholders of the Fund will receive in exchange for the transfer of substantially all of the assets and liabilities of the Fund was $16.7706 as of the close of business on February 22, 2019 (the “Effective Date”). The net asset value per share of MSIF Emerging Markets was $24.31 as of the close of business on February 22, 2019; accordingly, each share of common stock of the Fund will be exchanged for approximately 0.68986425 shares of MSIF Emerging Markets on February 25, 2019 to those stockholders who held shares of the Fund as of the Effective Date.

Upcoming corporate actions

These are from the last month and are quoted from Closed-End Fund Center, Morningstar, or CEFInsight (email alerts); any new news in the past week has a bolded date:

March 15, 2019 | BlackRock Debt Strategies Fund, Inc. Announces Commencement of Tender Offer. BlackRock Debt Strategies Fund, Inc. (the “Fund”) (NYSE:DSU) announced that it has today commenced a tender offer (the “Tender Offer”). As previously announced, the Fund will purchase for cash up to 5% of its outstanding shares of common stock, at a price equal to 98% of the net asset value (“NAV”) per share as determined as of the close of the regular trading session of the New York Stock Exchange on the first business day after the Tender Offer expires. The Tender Offer will expire on April 15, 2019 at 5:00 p.m. Eastern time, unless otherwise extended.

March 8, 2019 | Morgan Stanley Asia-Pacific Fund, Inc. Announces Approval of Reorganization. Morgan Stanley Asia-Pacific Fund, Inc. (NYSE:APF) is pleased to announce that its stockholders, at the Fund’s Special Meeting of Stockholders held on March 8, 2019, approved the reorganization (the “Reorganization”) of the Fund into the Emerging Markets Portfolio (“MSIF Emerging Markets”). MSIF Emerging Markets is a diversified series of Morgan Stanley Institutional Fund, Inc., an open-end management investment company advised by the Fund’s investment adviser. In connection with the Reorganization, stockholders of the Fund will receive newly issued Class I shares of MSIF Emerging Markets with a value equal to the aggregate net asset value of their common shares of the Fund on the valuation date, which is expected to be the close of business of the New York Stock Exchange on or about April 5, 2019. The transaction is currently expected to close on or about April 8, 2019, subject to the satisfaction of certain conditions. Stockholders of the Fund will continue to be able to trade their common shares of the Fund on the New York Stock Exchange until the close of business on or about April 5, 2019. Subsequently, the Fund will cease trading on the New York Stock Exchange and will be dissolved. Stockholders in Japan holding shares of the Fund through the Japan Securities Depositary Center, Incorporated will receive a cash payment equal to the aggregate net asset value of their common shares of the Fund, rather than shares of MSIF Emerging Markets, on the valuation date, which is expected to be the close of business of the New York Stock Exchange on or about April 5, 2019. The transaction is currently expected to close on or about April 8, 2019, subject to the satisfaction of certain conditions. Stockholders of the Fund will continue to be able to trade their common shares of the Fund on the Tokyo Stock Exchange until April 5, 2019. In respect of the Fund, the final trade day on and the delisting date from the Tokyo Stock Exchange are scheduled for April 5, 2019 and April 6, 2019, respectively.

Recent activist or other CEF news

These are from the last month and are quoted from Closed-End Fund Center, Morningstar, or CEFInsight (email alerts); any new news in the past week has a bolded date:

March 21, 2019 | Tekla Life Sciences Investors Announce Renewal of Share Repurchase Program. Tekla Life Sciences Investors (NYSE:HQL) (the “Fund”) announced today that its Board of Trustees authorized a renewal of its share repurchase program. The current share repurchase program allows the Fund to purchase in the open market up to 12% of its outstanding common shares for a one-year period ending July 14, 2019. The renewal will allow the Fund to purchase in the open market up to 12% of its outstanding common shares for a one year-period ending July 14, 2020. The Board authorized the share repurchase program as a result of its periodic review of the options available to enhance shareholder value and potentially reduce the discount between the market price of the Fund’s shares and the net asset value per share. The share repurchase program is intended to increase the Fund’s net asset value per share and could also have the benefit of providing additional liquidity in the trading of shares.

March 21, 2019 | Tekla Healthcare Investors Announce Renewal of Share Repurchase Program. Tekla Healthcare Investors (NYSE:HQH) (the “Fund”) announced today that its Board of Trustees authorized a renewal of its share repurchase program. The current share repurchase program allows the Fund to purchase in the open market up to 12% of its outstanding common shares for a one-year period ending July 14, 2019. The renewal will allow the Fund to purchase in the open market up to 12% of its outstanding common shares for a one-year period ending July 14, 2020. The Board authorized the share repurchase program as a result of its periodic review of the options available to enhance shareholder value and potentially reduce the discount between the market price of the Fund’s shares and the net asset value per share. The share repurchase program is intended to increase the Fund’s net asset value per share and could also have the benefit of providing additional liquidity in the trading of shares.

March 12, 2019 | The New Ireland Fund, Inc. Change to Managed Distribution Policy Update to Quarterly Distribution. The New Ireland Fund, Inc. (NYSE:IRL) (the “Fund”), a closed-end fund, today announced that it will pay on March 29, 2019, a distribution of US $0.1107 per share to all shareholders of record as of March 22, 2019. Your Fund’s distribution policy (the “Distribution Policy”) is to provide investors with a stable quarterly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital. The Board has determined that the annual rate will be 4% per annum, payable in quarterly installments.

March 12, 2019 | First Trust Advisors L.P. Announces Continuation of Share Repurchase Programs for Certain Closed-End Funds. First Trust Advisors L.P. (“FTA”) is pleased to announce that the Board of Trustees of each of First Trust High Income Long/Short Fund (NYSE:FSD), First Trust/Aberdeen Emerging Opportunity Fund (NYSE:FEO), and First Trust/Aberdeen Global Opportunity Income Fund (NYSE:FAM) has authorized the continuation of each Fund’s Share Repurchase Program. Pursuant to each Fund’s Share Repurchase Program, each Fund may, from time to time and at the direction of management personnel, repurchase up to the amount of shares in each Fund’s Share Repurchase Program described below in secondary market transactions in accordance with applicable law. Each Fund’s Share Repurchase Program will continue until the earlier of [i] the repurchase of the amount of shares remaining in each Fund’s Share Repurchase Program as noted below (5% of outstanding shares for FSD and FEO and 4.18% of outstanding shares for FAM, the remaining amount in FAM’s Share Repurchase Program) or [ii] March 15, 2020.

March 8, 2019 | PGIM Short Duration High Yield Fund, Inc. and PGIM Global Short Duration High Yield Fund, Inc. announce investment policy changes, name changes and an increase in monthly distributions for March, April and May 2019. PGIM Short Duration High Yield Fund, Inc. (NYSE:ISD) and PGIM Global Short Duration High Yield Fund, Inc. (NYSE:GHY) announced today that the Board of Directors of the Funds have approved a change to the investment policy for each fund, effective today. The Funds have changed certain non-fundamental investment policies to permit the Funds to invest, under normal market conditions, in instruments of any duration or maturity and to remove the limit on investments in high yield instruments rated in the lower rating categories (Caa1 or lower by Moody’s, CCC+ or lower by S&P or Fitch, or comparably rated by another NRSRO). Effective immediately, PGIM Short Duration High Yield Fund, Inc. will be renamed PGIM High Yield Bond Fund, Inc. and PGIM Global Short Duration High Yield Fund, Inc. will be renamed PGIM Global High Yield Fund, Inc. The Funds also announced today an increase in the monthly distributions for March, April and May 2019. The distribution amounts and schedule for each fund appears below:

Fund Name Ticker Distribution Per Share Change From Prior Distribution Change From Prior Distribution (%)
PGIM High Yield Bond Fund, Inc.(formerly, PGIM Short Duration High Yield Fund, Inc.) ISD $0.1000 $0.0150 +17.6%
PGIM Global High Yield Fund, Inc.(formerly, PGIM Global Short Duration High Yield Fund, Inc.) GHY $0.1000 $0.0175 +21.2%

The distribution amounts result in a market price distribution rate of 8.51% for ISD and 8.63% for GHY as of March 6, 2019.

Distribution changes announced this month

These are sorted in ascending order of distribution change percentage. Funds with distribution changes announced this month are included. Any distribution declarations made this week are in bold. I’ve also added monthly/quarterly information as well as yield, coverage (after the boost/cut), discount and one-year z-score information. I’ve separated the funds into two sub-categories, cutters and boosters.

Cutters

Name Ticker Change Previous Current Yield Discount z-score Coverage Announced Ex-date
JH Income Securities (JHS) -27.0% 0.2085 0.1522 4.37% -5.75% 1.4 34% 3/1/2019 3/8/2019
BlackRock FL Municipal 2020 (BFO) -23.1% 0.026 0.02 1.67% -1.92% 2.5 120% 3/1/2019 3/14/2019
JH Investors Trust (JHI) -22.4% 0.3167 0.2458 6.36% -11.20% -1.7 40% 3/1/2019 3/8/2019
Royce Value Trust (RVT) -21.6% 0.37 0.29 8.51% -12.91% -0.5 6% 3/1/2019 3/8/2019
Royce Micro Cap Trust (RMT) -14.3% 0.21 0.18 8.75% -13.37% -0.9 0% 3/1/2019 3/8/2019
BlackRock Municipal Bond (BBK) -14.2% 0.0635 0.0545 4.51% -8.52% 1.2 101% 3/1/2019 3/14/2019
BlackRock MuniHoldings Quality (MUS) -11.9% 0.0505 0.0445 4.44% -10.29% -0.1 106% 3/1/2019 3/14/2019
Nuveen Tax-Adv Total Return (JTA) -11.1% 0.27 0.24 8.30% -1.03% 0.9 11% 3/1/2019 3/14/2019
Nuveen High Inc Nov 2021 Target (JHB) -10.8% 0.0465 0.0415 5.08% -1.21% 1.8 111% 3/1/2019 3/14/2019
Nuveen High Income 2020 Target (JHY) -10.3% 0.039 0.035 4.22% 1.75% 0.3 110% 3/1/2019 3/14/2019
Nuveen Core Equity Alpha (JCE) -9.9% 0.2775 0.25 7.36% -2.37% -0.6 3% 3/1/2019 3/14/2019
Invesco Muni Opps. Trust (VMO) -9.7% 0.0554 0.05 5.02% -8.49% 1.3 104% 3/1/2019 3/12/2019
Nuveen Diversified Div & Inc (JDD) -9.4% 0.24 0.2175 8.50% -9.54% -0.6 14% 3/1/2019 3/14/2019
Invesco Adv Muni Inc II (VKI) -8.7% 0.0493 0.045 5.05% -8.55% 0.8 104% 3/1/2019 3/12/2019
Invesco Trust NY Inv Gra Mn (VTN) -8.7% 0.0554 0.0506 4.60% -6.46% 1.8 105% 3/1/2019 3/12/2019
BlackRock MuniEnhanced (MEN) -8.3% 0.048 0.044 4.95% -8.42% 0.8 102% 3/1/2019 3/14/2019
BlackRock MuniYield CA (MYC) -7.7% 0.052 0.048 4.30% -10.55% 0.6 103% 3/1/2019 3/14/2019
Nuveen Tax-Adv Div Growth (JTD) -7.5% 0.335 0.31 7.84% -2.65% 0.6 10% 3/1/2019 3/14/2019
Nuveen Real Estate Income (JRS) -7.3% 0.205 0.19 7.37% -5.84% 0.9 14% 3/1/2019 3/14/2019
Nuveen NASDAQ 100 Dynamic Over (QQQX) -7.1% 0.42 0.39 7.04% 0.96% -0.6 2% 3/1/2019 3/14/2019
BlackRock MuniHoldings Inv Qty (MFL) -7.1% 0.0565 0.0525 4.89% -9.10% 0.3 99% 3/1/2019 3/14/2019
BlackRock MuniVest Fund II (MVT) -6.3% 0.0635 0.0595 4.85% -0.20% 1.5 104% 3/1/2019 3/14/2019
Nuveen NY Select Tax Free (NXN) -6.0% 0.042 0.0395 3.51% -3.85% 1.9 103% 3/1/2019 3/14/2019
Invesco CA Value Muni (VCV) -5.7% 0.051 0.0481 4.74% -6.24% 1.4 102% 3/1/2019 3/12/2019
Voya Prime Rate Trust (PPR) -5.6% 0.027 0.0255 6.46% -13.66% -0.7 91% 3/1/2019 3/8/2019
Nuveen S&P 500 Dynamic Overwrite (SPXX) -5.4% 0.28 0.265 6.95% -0.20% -0.6 6% 3/1/2019 3/14/2019
Nuveen S&P 500 B-W Income (BXMX) -5.1% 0.245 0.2325 7.16% -1.07% -0.3 6% 3/1/2019 3/14/2019
Deutsche Strategic Muni Inc (KSM) -5.0% 0.05 0.0475 5.06% -7.33% 1.7 105% 3/8/2019 3/15/2019
Nuveen Dow 30 Dynamic Overwrite (DIAX) -4.8% 0.31 0.295 6.68% 0.34% 0.1 8% 3/1/2019 3/14/2019
Nuveen Global High Income (JGH) -4.7% 0.107 0.102 8.04% -12.12% 0.4 100% 3/1/2019 3/14/2019
Tri-Continental Corporation (TY) -4.6% 0.2515 0.24 4.56% -11.46% -0.2 35% 3/8/2019 3/19/2019
Nuveen MN Quality Muni Income (NMS) -3.9% 0.051 0.049 4.42% -10.10% 0 100% 3/1/2019 3/14/2019
Invesco Quality Muni Income (IQI) -2.8% 0.0531 0.0516 5.11% -8.33% 1.2 98% 3/1/2019 3/12/2019
MFS High Income Municipal (CXE) -2.2% 0.0225 0.022 5.26% -5.10% 1.2 105% 3/1/2019 3/12/2019
Invesco Municipal Trust (VKQ) -1.5% 0.0525 0.0517 5.15% -7.87% 1.5 100% 3/1/2019 3/12/2019
Templeton Emerging Mkts Income (TEI) -1.4% 0.0713 0.0703 8.13% -6.57% 1.6 95% 3/1/2019 3/14/2019
MFS Investment Grade Muni (CXH) -1.3% 0.0375 0.037 4.77% -10.82% 0.2 107% 3/1/2019 3/12/2019
Invesco Value Muni Income (IIM) -1.0% 0.0594 0.0588 4.86% -8.85% 0.7 99% 3/1/2019 3/12/2019
TCW Strategic Income (TSI) -0.8% 0.0774 0.0768 5.48% -5.17% 0.7 35% 3/15/2019 3/28/2019
Delaware Inv Div & Inc (DDF) -0.1% 0.0887 0.0886 8.29% 16.74% 1.3 23% 3/5/2019 3/21/2019
Delaware Enhanced Gbl Div&Inc (DEX) -0.1% 0.0887 0.0886 10.93% -10.90% -0.6 50% 3/5/2019 3/21/2019

 

Boosters

Name Ticker Change Previous Current Yield Discount z-score Coverage Announced Ex-date
MFS Charter Income (MCR) 1.7% 0.05686 0.05784 8.86% -10.62% 0.1 51% 3/1/2019 3/12/2019
MFS Multi-Market Income (MMT) 1.9% 0.04022 0.04099 8.72% -9.03% 0.9 51% 3/1/2019 3/12/2019
Nuveen Credit Strat. Income (JQC) 2.0% 0.1015 0.1035 16.01% -10.39% 1.4 41% 3/1/2019 3/14/2019
EV Float-Rate 2022 Target Term (EFL) 2.2% 0.045 0.046 6.04% -3.89% 0.3 89% 3/1/2019 3/8/2019
Templeton Global Income (GIM) 2.2% 0.0401 0.041 6.53% -10.30% 2.2 78% 3/1/2019 3/14/2019
EV Floating-Rate Inc Plus Fund (EFF) 2.5% 0.081 0.083 6.27% -14.12% -1.1 96% 3/1/2019 3/20/2019
MFS Intermediate High Income (CIF) 2.5% 0.01948 0.01997 9.55% -1.18% 0.3 60% 3/1/2019 3/12/2019
Nuveen Senior Income (NSL) 2.7% 0.0365 0.0375 7.68% -10.67% -0.3 99% 3/1/2019 3/14/2019
MFS California Municipal Fund (CCA) 2.9% 0.034 0.035 3.69% -7.63% 2.4 117% 3/1/2019 3/12/2019
EV Senior Income Trust (EVF) 3.1% 0.032 0.033 6.43% -12.99% -0.6 118% 3/1/2019 3/8/2019
MFS Special Value Trust (MFV) 3.1% 0.04376 0.04513 9.75% 2.53% 0.3 30% 3/1/2019 3/12/2019
Clough Global Div and Inc Fund (GLV) 3.4% 0.0998 0.1032 11.17% -10.49% -0.7 19% 3/11/2019 3/20/2019
First Trust Senior FR Inc II (FCT) 4.2% 0.06 0.0625 6.37% -13.90% -1.2 96% 3/20/2019 4/1/2019
EV Floating Rate Income (EFT) 4.2% 0.071 0.074 6.24% -12.22% -1.1 90% 3/1/2019 3/20/2019
BlackRock NY Municipal Bond (BQH) 4.3% 0.046 0.048 4.13% -10.70% 2.9 103% 3/1/2019 3/14/2019
Pioneer Diversified High Inc (HNW) 4.7% 0.095 0.0995 8.46% -11.58% 1.6 112% 3/5/2019 3/18/2019
EV Municipal Bond II (EIV) 4.9% 0.0405 0.0425 4.27% -9.07% 0.2 97% 3/1/2019 3/20/2019
Nuveen Muni High Inc Opp (NMZ) 5.3% 0.0565 0.0595 5.36% -1.04% 1.4 103% 3/1/2019 3/14/2019
Clough Global Opportunities (GLO) 5.6% 0.0835 0.0882 11.05% -10.05% -0.4 2% 3/11/2019 3/20/2019
EV Senior Floating Rate (EFR) 5.6% 0.071 0.075 6.54% -11.95% -1 103% 3/1/2019 3/20/2019
Clough Global Equity (GLQ) 6.4% 0.1055 0.1123 10.69% -6.80% -0.4 0% 3/11/2019 3/20/2019
Nuveen Inter Dur Quality Muni (NIQ) 6.8% 0.0295 0.0315 2.92% -7.63% 0.9 105% 3/1/2019 3/14/2019
Nuveen GA Quality Muni Income (NKG) 7.2% 0.0345 0.037 3.74% -12.26% 2.3 108% 3/1/2019 3/14/2019
Nuveen PA Quality Muni Income (NQP) 7.4% 0.047 0.0505 4.62% -13.68% 1.3 100% 3/1/2019 3/14/2019
BlackRock Float Rate Strat (FRA) 7.8% 0.0645 0.0695 6.67% -13.31% -1.3 103% 3/1/2019 3/14/2019
Nuveen NC Quality Muni Income (NNC) 8.3% 0.036 0.039 3.70% -14.01% 1 104% 3/1/2019 3/14/2019

 

CEF analysis from around Seeking Alpha…

ADS Analytics presents AFT: Distributions Firing On All Cylinders (Mar. 19), EAD: A Vote From Our Systematic Strategy (Mar. 23)

Arbitrage Trader presents Weekly Review: High-Yield CEFs – HYT Is A Buying Opportunity With Stable Distributions (Mar. 21), Weekly Review: Municipal Bond CEFs – The Sector Looks Ahead To The Next U.S. Federal Reserve Meeting (Mar. 21)

Closed-End Fund Associates presents CEF Insights: Alternative Income Opportunities In Private Credit Markets (Mar. 23)

George Spritzer presents 2 Covered Call Closed-End Funds With Yields>7% And Attractive Discounts (Mar. 19)

Power Hedge presents IGR: High-Yielding CEF Rebounds But Still Offers A Good Opportunity And A 15% Discount (Mar. 17), FEN: A High-Yielding MLP Fund To Profit Off Energy Transportation Growth (Mar. 23)

*Stanford Chemist presents ISD And GHY Mandate Changes Offer Possible Catalyst For Discount Contraction (Mar. 18), Weekly Closed-End Fund Roundup: MSF Completes Reorganization (Mar. 19), The Chemist’s ‘High-High-Low’ Closed-End Fund Report: February 2019 (Mar. 20), THL Credit Senior Loan Fund: 8% Senior Loan Fund Attractively Valued At A -13% Discount (Mar. 21), Possible Replacements For Overvalued PIMCO Muni Funds (Mar. 23)

Tony Ash presents A Non-Bond Bond Fund (Mar. 20)

*To subscribers: these link to the public version of the article, which you will already have seen in the members section.

Fear & Greed Trader presents S&P 500 Weekly Update: Not Much Has Changed. This Rally Is Hated, Buzzwords About A Market Top Are Swirling Around Again (Mar. 23)

Jeff Miller presents Weighing The Week Ahead: Fresh Data On Housing – At Last (Mar. 24)

Lance Roberts presents What The Fed Really Said (Mar. 24)

Members of CEF/ETF Income Laboratory received additional exclusive and actionable commentary on specific funds mentioned in this Roundup. We also offer managed closed-end fund (CEF) and exchange-traded fund (ETF) portfolios targeting ~8% yield. We’re currently offering a limited time only free trial for the with a 20% discount for first-time subscribers. Also, check out our 5-star member reviews.

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Disclosure: I am/we are long THE PORTFOLIOS. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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