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  • Tax-Free Income From Municipal Bond CEFs  [View article]
    LB, have you ever looked into the defined term funds, e.g., the Guggenheim Bulletshares (ETFs) or the Municipal Term Trusts from Blackrock (CEFs) ? I, for one, find it difficult to figure which, if any, represent good value. The Term Trusts hope to return $15 at maturity, below the current market price. And, looking under the hood, can one determine if the funds can meet that goal ?

    There have been articles on SA about them, but most just sidestep these issues.
    Might be a good exercise (hint hint). A caveat is that the Blackrock issues can be thinly traded.
    Oct 15, 2015. 03:34 PM | Likes Like |Link to Comment
  • Earn Big Yields In The 'Sweet Spot' Of The American Economy  [View article]
    Have a look at FGB -- First Trust Specialty Finance CEF. I traded out of it when it popped up to a premium following a positive Barron's article just over a year ago, but I did reestablish a partial position during the recent August pain.

    FGB is not limited to BDCs, but they do comprise most of the fund's portfolio of 42 issues. The fund uses @19% leverage and recently upped its quarterly distribution, resulting in a current yield just north of 11%.

    Currently, FGB does trade at a small premium to NAV, but that could change.
    Oct 7, 2015. 09:38 AM | Likes Like |Link to Comment
  • Monthly Paying Closed-End Fund NRO Offers 8% Return  [View article]
    Also worth a look is RFI, a sister fund of RQI from Cohen & Steers. The major difference is that RFI does not use leverage.
    Sep 18, 2015. 03:34 PM | Likes Like |Link to Comment
  • Royce Micro Cap Trust: A Tough Year, But Sticking To What It Knows  [View article]
    That is absolutely correct. Here's a link to a table of the last 5 distributions:

    Scroll down to 'Distributions' near bottom of page.

    The big question with this fund is whether to trust your $$$ to a man who only wears bow ties.
    Sep 15, 2015. 04:40 PM | Likes Like |Link to Comment
  • CEF Strategies: Equity CEFs Back On Sale  [View article]

    First, read all of Douglas Albo's articles and also those of John Cole Scott. The latter has not been active on SA lately, but many of his articles provide insight into the workings of CEFs. Others who write about CEFs are Reuben Gregg Brewer, Value and Income Insights, Steven Bavaria, John Dowdee, and Left Banker.

    But when it comes to equity CEFs, Mr. Albo is da man.
    Aug 25, 2015. 12:42 PM | 5 Likes Like |Link to Comment
  • Tax Free Income From Municipal Bond Closed End Funds  [View article]
    " the advantage for CEFs on not having to liquidate holdings"

    Slightly off topic: Particularly true with Loan CEFs. Loans can be very illiquid.

    Great article. I appreciate the work involved in putting all this info together.
    Aug 21, 2015. 10:52 AM | Likes Like |Link to Comment
  • It's A Risk Adverse World Out There  [View article]
    I'm no William Safire or Edwin Newman, but:

    BTW, for a great read on the use of languge, try "Authority and American Usage" by David Foster Wallace. It's from "Consider The Lobster and Other Essays", but it might also be available on the web.

    The use of "access" as a verb" ??? Nah.
    Aug 21, 2015. 10:08 AM | 3 Likes Like |Link to Comment
  • Take When The Market Gives - Income Opportunities, Part 5: REITs  [View article]
    Jul 28, 2015. 11:31 AM | Likes Like |Link to Comment
  • Unloved In The Marketplace, Savvy Senior 'Income Growth' Portfolio Increases Cash Flow Payout  [View article]
    "now that companies can move jobs - actually and virtually - all over the world. This will continue to keep wage inflation down in the United States for years to come."

    Technological advances will also keep wage inflation down. I have read of several examples where a handful of workers now do what once required hundreds, if not more.

    As for Babson Capital (MPV), keep in mind that its great performance over almost 3 decades was accomplished with a strong tail wind of declining interest rates. We shall see if management can adjust to a new rate environment.

    I've been watching UTG closely lately, but I still haven't pulled the trigger. Soon ?

    Thanks for another terrific article, Steve.
    Jul 28, 2015. 11:02 AM | Likes Like |Link to Comment
  • Why My Content Won't Go Premium   [View instapost]
    "Ditto to all the above."

    Jun 22, 2015. 12:52 PM | Likes Like |Link to Comment
  • CEF Strategies: Municipal Bond CEFs Back On Sale  [View article]
    NPI has a nice portfolio of investment grade bonds, many of them revenue issues, but a little T/A causes me to side with James.

    Using 10wk and 40 wk EMAs, as well as 50 day and 200 day EMAs, charts of NPI's NAV show the dreaded Death Cross in both instances, as do charts of its share price. CEF investors being who they are, I agree that more of a shakeout is looming.
    Jun 8, 2015. 02:19 PM | 1 Like Like |Link to Comment
  • Neuberger Berman Real Estate Securities Income Fund: The REIT Fund To Get A 7% Yield Paid Out Monthly  [View article]
    Thanks for the link. I didn't know the rule applied to REITs either.

    Can anyone point me to the IRS publication where this is spelled out ?
    Jun 5, 2015. 12:17 PM | Likes Like |Link to Comment
  • Equity CEFs: Follow The 800-Pound Gorilla  [View article]
    Sitting on a nice profit in ETY, no doubt purchased because of a previous recommendation by the author. Also long BGY and EMO, a Clearbrige MLP CEF similar to CEM, as well as ETW. Encouraging article.
    Jun 1, 2015. 11:13 AM | 1 Like Like |Link to Comment
  • Cohen & Steers Quality Income Realty Shares: Starting The Year Off On The Right Dividend Foot  [View article]
    Switched 1/2 of my long-term RQI position to the unlevered RFI. Also long AWP, a global fund with very low (2.2%) leverage.
    May 28, 2015. 10:15 AM | 2 Likes Like |Link to Comment
  • Northstar Is Far From An Intelligent REIT Alternative  [View article]
    "tell me what you were thinking a month later when the price was down to $4.48."

    Actually, I remember considering buying more.... I didn't. 10% declines don't upset me that much, although I'd rather not see them. I wondered if I was wrong then, but I'm more concerned now after the big sales by Gilbert and Hamamoto earlier this year. They were big sellers of both NRF and NSAM.
    May 18, 2015. 07:43 PM | 3 Likes Like |Link to Comment