Weekly CEF Roundup: AEF Tender Expiration, FSD/FHY Merger

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Includes: AEF, ASG, BLJ, BME, BNJ, CAF, CBA, CEN, CIF, CLM, CXH, DDF, DEX, EFL, EFT, EGIF, EMO, ETJ, ETV, ETW, FHY, FMO, FSD, GGO, GLO, GLQ, GLV, GUT, HIE, HTY, IFN, JDD, JFR, JGH, JHA, JHD, JHI, JHS, JHY, JMF, JPC, JPI, JPS, JPT, JQC, JRO, JRS, JSD, MCR, MGF, MIN, MMT, MYJ, MZF, NAC, NEA, NEV, NID, NIQ, NJV, NMI, NMS, NMT, NMY, NOM, NQP, NSL, NTG, NTX, NUW, NVG, NXJ, NZF, PCN, PCQ, PFL, PSLV, PTY, QQQX, RVT, TEI, TSLF, VCF
by: Stanford Chemist
Summary

6 and 7 CEF sectors out of 31 positive on price and NAV, respectively.

AEF tender offer expiration.

Merger of FHY into FSD approved.

The Weekly CEF Roundup will be put out 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, June 15, 2018.

Weekly performance roundup

CEFs generally struggled this week, with 6 out of 31 sectors positive on price (down from 16 last week), while the average price return was -0.60% (down from +0.11%). Health/biotech led with +1.96% return, and no other sector exceeded +0.50% gain. MLPs (-2.96%), Latin America equity (-2.64%), emerging market equity (-2.25%) and Asia equity (-2.11%) all posted >2% losses.

(Source: Stanford Chemist, CEFConnect)

7 out of 31 sectors were positive on NAV (down from 15 last week), while the average NAV return was -0.57 (down from +0.17%). The NAV gainers and losers were similar to the price gainers and losers.

(Source: Stanford Chemist, CEFConnect)

The sector with the highest premium is multisector income (2.06%), while that with the highest discount is New Jersey munis (-14.64 %). The average sector discount is -6.46% (down from -6.38% last week).

(Source: Stanford Chemist, CEFConnect)

Global equity dividend showed the largest premium/discount increase (+1.10%), while MLPs showed the largest premium/discount decline (-1.01%). The average change in premium/discount was -0.03% (up from -0.04% last week).

(Source: Stanford Chemist, CEFConnect)

The sector with the highest average 1-year z-score is tax-advantaged equity (+1.26), while that with the lowest z-score is New Jersey munis (-1.62). The average z-score is -0.31 (up from -0.37 last week).

(Source: Stanford Chemist, CEFConnect)

The sector with the highest yield is MLPs (10.21%), followed by global growth & income (9.38%), emerging market income (9.29%), global equity dividend (8.87%) and multisector (8.58%). Discounts and z-scores for the sectors are included for comparison. The average sector yield is 6.81% (down from 6.82% 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

(PTY)

-10.52%

9.02%

18.02%

1.0

-7.93%

0.27%

(HTY)

-5.79%

10.24%

8.87%

1.2

-5.29%

-0.25%

(CAF)

-5.02%

4.75%

-13.50%

0.5

-5.70%

-0.24%

(PCN)

-4.61%

7.82%

16.61%

1.4

-3.73%

0.07%

(JMF)

-4.29%

11.28%

-6.67%

-1.3

-3.80%

0.62%

(PSLV)

-4.11%

%

-6.49%

-5.0

-1.47%

2.86%

(CLM)

-4.10%

20.13%

10.16%

-1.0

-5.37%

-1.84%

(PFL)

-3.88%

9.08%

7.40%

1.4

-3.49%

0.00%

(FMO)

-3.82%

11.10%

-5.94%

-1.4

-3.04%

0.90%

(CEN)

-3.48%

13.89%

-1.21%

-0.4

-5.06%

-1.73%

(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)

7.93%

3.64%

9.78%

3.5

7.84%

0.05%

(ASG)

6.36%

6.73%

6.86%

1.5

8.10%

1.66%

(BME)

4.34%

6.09%

6.45%

2.2

4.62%

0.35%

(VCF)

3.15%

4.42%

1.14%

1.0

2.80%

-0.40%

(HIE)

2.87%

11.46%

2.62%

-0.1

2.02%

-0.84%

(PCQ)

2.76%

5.58%

21.76%

0.8

2.48%

0.15%

(JSD)

2.57%

6.87%

-1.62%

1.6

2.39%

-0.28%

(ETJ)

2.53%

9.39%

-2.12%

2.7

2.97%

0.30%

(ETW)

2.48%

9.06%

6.92%

4.1

2.38%

0.00%

(QQQX)

2.36%

6.06%

17.60%

2.5

0.18%

-1.83%

(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:

June 11, 2018 | BlackRock Advisors, LLC today announced that the reorganizations of each of BlackRock New Jersey Municipal Bond Trust (NYSE American:BLJ) and BlackRock New Jersey Municipal Income Trust (NYSE:BNJ) with and into BlackRock MuniYield New Jersey Fund, Inc. (NYSE:MYJ and, together with BLJ and BNJ, the “Funds”) (the “Reorganizations”) is effective as of the opening for business of the New York Stock Exchange on Monday, June 11, 2018. In the Reorganizations, common shareholders of BLJ and BNJ received an amount of MYJ common shares equal to the aggregate net asset value of their holdings of BLJ and BNJ common shares as determined at the close of business on June 8, 2018. Fractional shares of MYJ common shares were not issued in the Reorganizations and consequently cash will be distributed for any such fractional shares.

May 16, 2018 | The Gabelli Utility Trust (NYSE:GUT) (the “Fund”) is pleased to announce the successful completion of its transferable rights offering (the “Offering” or “Offer”) in which the Fund will issue 8,831,210 common shares, totaling $48,571,655. The Offering was significantly over-subscribed, with $92 million received. Approximately 62% of the primary shares were subscribed for in the primary subscription, and the remaining shares were subscribed for pursuant to the over-subscription privilege. The over-subscription requests exceeded the over-subscription shares available. As a result, the available over-subscription shares will be allocated pro rata among those fully exercising record date shareholders who over-subscribed based on the number of rights originally issued to them by the Fund. The Fund will return to those investors that submitted over-subscription requests the full amount of their excess payments. All of the common shares subscribed for will be issued on or about May 21, 2018. Any new common shares issued as a result of the Offer will not be record date shares for the Fund’s monthly distribution to be paid on May 23, 2018 and will not be entitled to receive such distribution.

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:

June 13, 2018 | First Trust Advisors L.P. (“FTA”) announced today that, subject to the satisfaction of certain customary closing conditions, the merger of First Trust Strategic High Income Fund II (FHY), a closed-end fund managed by FTA, with and into First Trust High Income Long/Short Fund (FSD), a closed-end fund managed by FTA, is expected to become effective immediately before the opening of the NYSE on June 25, 2018. As previously announced, the shareholders of FHY have approved the fund’s merger with and into FSD at a Special Meeting of Shareholders on June 11, 2018. The merger was approved by the Board of Trustees of each of FHY and FSD on March 6, 2018. Upon the completion of the transaction, which is expected to be tax-free, the assets of FHY will be transferred to, and the liabilities of FHY will be assumed by, FSD. The shareholders of FHY will receive shares of FSD with a value equal to the aggregate net asset value of the FHY shares held by them.

June 7, 2018 | Tortoise MLP Fund, Inc. (NYSE: NTG) (the “Company”) today announced that its Board of Directors (the “Board”) has approved the terms of the issuance of transferable rights (“Rights”) to the holders of the Company’s common stock (par value $0.001 per share) (“Common Stock”), as of the record date, June 19, 2018 (the “Record Date”). Holders of these Rights are entitled to subscribe for additional shares of Common Stock (the “Offer”) at a discount to market price (subject to a sales load). The Rights entitle the holders to purchase one new share of Common Stock for every 3 Rights held (1-for-3); however, any Record Date Stockholder who owns fewer than three shares of Common Stock as of the Record Date will be entitled to subscribe for one share of Common Stock. Fractional shares of Common Stock will not be issued. The subscription price per share of Common Stock (the “Subscription Price”) will be determined on the expiration date of the Offer, which is currently expected to be July 18, 2018, unless extended by the Company (the “Expiration Date”), and will be equal to 90% of the average of the last reported sales price of a share of Common Stock of the Company on the New York Stock Exchange (the “NYSE”) on the Expiration Date and each of the four (4) immediately preceding trading days (the “Formula Price”). If, however, the Formula Price is less than 90% of the Company’s NAV per share of Common Stock at the close of trading on the NYSE on the Expiration Date, the Subscription Price will be 90% of the Company’s NAV per share of Common Stock at the close of trading on the NYSE on that day. The estimated Subscription Price has not yet been determined by the Company.

May 29, 2018 | ClearBridge American Energy MLP Fund Inc. (CBA) and ClearBridge Energy MLP Opportunity Fund Inc. (EMO) today announced approval by each Fund’s Board of Directors of a proposal to merge CBA with and into EMO, subject to approval by the stockholders of each Fund. If the proposed merger is approved by the stockholders of each Fund, (i) common stockholders of CBA would receive common stock of EMO, based on each Fund’s respective net asset value per share and (ii) holders of CBA’s mandatory redeemable preferred stock (the “CBA MRPS”) would receive shares of mandatory redeemable preferred stock of EMO in the same number and with terms identical to their CBA MRPS. In lieu of issuing fractional shares of common stock, EMO will pay cash to each former common stockholder of CBA in an amount equal to the value of the fractional shares of CBA common stock that the investor would otherwise have received in the merger. If approved by stockholders, the merger is anticipated to occur during the fourth quarter of 2018.

Management and the Fund’s investment adviser do not anticipate any material portfolio turnover as a result of the proposed merger. The merger is expected to qualify as a tax-free reorganization for federal income tax purposes. EMO Name and Policy Change: EMO also today announced approval by its Board of Directors of a change to its name from “ClearBridge Energy MLP Opportunity Fund Inc.” to “ClearBridge Energy Midstream Opportunity Fund Inc.” and, relatedly, an amendment of EMO’s 80% policy from investing at least 80% of its managed assets in master limited partnerships (“MLPs”) in the energy sector to investing at least 80% of its managed assets in energy midstream entities including entities structured as both partnerships and corporations. The name and investment policy change should allow additional investment flexibility by including midstream C corporations in EMO’s current 80% policy. Management does not anticipate any material change in the portfolio construction in the near term because of this policy change. EMO will implement the name and investment policy changes concurrently with the merger, although such changes are not required to be approved by stockholders and will be implemented whether or not the merger is approved.

May 11, 2018 | Managed Duration Investment Grade Municipal Fund ("MZF" or the "Fund") announced today that the Board of Trustees of the Fund (the "Board") has determined to submit a proposal to liquidate the Fund to a vote of all shareholders at a Special Meeting of Shareholders, which is scheduled to be held on July 12, 2018. In addition, the Board of Trustees has postponed the Fund's 2018 Annual Meeting of Shareholders previously scheduled for the same date. In determining to recommend liquidation of the Fund to shareholders, the Fund's investment adviser, Cutwater Investor Services Corp. (doing business as Insight Investment), and the Board considered a variety of factors and determined that a liquidation would be in the best interests of the Fund and its shareholders. In addition, the Fund's investment adviser entered into a standstill agreement with Karpus Investment Management, Inc. ("Karpus"), a large Fund shareholder, in connection with the proposed liquidation of the Fund. Under the terms of the agreement, Karpus has agreed, among other things, to withdraw its shareholder proposals and director nomination for the Fund's 2018 Annual Meeting of Shareholders. The Fund has been advised that Karpus will file a copy of the agreement with the Securities and Exchange Commission as an exhibit to its Schedule 13D.

May 11, 2018 | Aberdeen Emerging Markets Equity Income Fund, Inc. (the "Fund") (NYSEMKT:AEF) announced today that the Board of Directors of the Fund approved a tender offer by the Fund to acquire, in exchange for cash, up to 32% of the Fund's issued and outstanding shares at a price per share equal to 99% of the Fund's net asset value per share as determined by the Fund on the next business day following the expiration date of the tender offer (the "Tender Offer"). The Tender Offer will commence on or about May 22, 2018 and will expire at 11:59 p.m. New York City time on June 19, 2018, unless otherwise extended. The Tender Offer follows the consolidation of Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc. ("ABE"), Aberdeen Israel Fund, Inc. ("ISL"), Aberdeen Indonesia Fund, Inc. ("IF"), Aberdeen Latin America Equity Fund, Inc. ("LAQ"), Aberdeen Singapore Fund, Inc. ("SGF"), Aberdeen Greater China Fund, Inc. ("GCH") and The Asia Tigers Fund, Inc. ("GRR") into the Fund, which closed on April 27, 2018. As previously announced, the Fund also anticipates making a special distribution, comprised of net realized capital gains. The capital gain distribution is currently estimated to represent approximately 9% of the Fund's net assets which, in combination with the tender offer, will represent an aggregate distribution of approximately 41% of the consolidated Fund assets as of the reorganization closing date of April 27, 2018. It is anticipated that the exact final amount of the capital gains distribution will be formally declared on June 4, 2018 and will be paid on June 28, 2018 to shareholders of record on June 15, 2018, so that tendering shareholders who hold shares on the record date will be entitled to receive the distribution.

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:

May 24, 2018 | THL Credit Senior Loan Fund (the "Fund") (NYSE:TSLF) today announced several actions relating to the management and oversight of the Fund. The Fund's Board of Trustees (the "Board") has approved THL Credit Advisors LLC ("THL Credit"), the Fund's current subadviser, to serve as the sole investment adviser to the Fund. The Fund's current advisory agreement with Four Wood Capital Advisors LLC ("FWCA") will terminate on June 21, 2018, along with the Fund's investor support services agreement with FWCA's affiliate, Four Wood Capital Partners LLC ("FWCP"). On June 22, 2018, THL Credit will commence serving as the sole investment adviser to the Fund pursuant to an interim advisory agreement that was approved by the Fund's Board (the "Interim THL Agreement"). The Fund's Board also approved a new, non-interim, advisory agreement between the Fund and THL Credit (the "New THL Agreement"), which will be subject to approval by the Fund's shareholders. Under both the Interim THL Agreement and proposed New THL Agreement, the annual fee rate payable by the Fund has been reduced from 1.05% to 0.80% of the value of the Fund's average daily Managed Assets. THL Credit will provide investor support as part of its advisory relationship and the Fund will no longer bear the annual fee of 0.05% of the average daily Managed Assets of the Fund paid to FWCP for those services. In addition, THL Credit has agreed to limit, indefinitely, certain non-management expenses borne by the Fund to an amount not to exceed 0.25% per year of the Fund's Managed Assets (pro-rated for the period in 2018 during which THL Credit serves as the Fund's sole investment adviser). THL Credit also has agreed to bear up to $500,000 of certain expenses in connection with the transfer of the advisory relationship from FWCA to THL Credit.

May 24, 2018 | Eagle Growth and Income Opportunities Fund (the “Fund”) (NYSE:EGIF) today announced that the Fund’s Board of Trustees approved a proposal to reduce the Fund’s annual advisory fee rate, effective May 24, 2018, to 0.85% of the average daily value of the Fund’s Managed Assets,1 a decrease of 0.20% from the prior advisory fee rate of 1.05%. In addition, Fund’s Board of Trustees approved an amended Investor Support Services Agreement which makes permanent a waiver which reduced the fees payable under that agreement, effective May 24, 2018, to 0.05% of the average daily value of the Fund’s Managed Assets, a decrease of 0.05% from the prior fee rate of .10%.

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 1-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
Templeton Emerging Markets Income Fund (TEI) -17.1% 0.2574 0.2135 8.25% -10.70% 0 33% 6/15/2018 6/27/2018
Nuveen Diversified Dividend & Income Fund (JDD) -11.1% 0.27 0.24 8.22% -1.52% 0 14% 6/1/2018 6/14/2018
Nuveen MA Quality Muni Income (NMT) -11.0% 0.05 0.0445 4.30% -12.37% -2.1 107% 6/1/2018 6/14/2018
Nuveen Real Estate Income (JRS) -10.9% 0.23 0.205 8.42% -7.59% -2.5 20% 6/1/2018 6/14/2018
Nuveen Global High Income (JGH) -10.8% 0.12 0.107 8.30% -13.33% -2.1 104% 6/1/2018 6/14/2018
Nuveen High Income December 2018 Target Term Fund (JHA) -10.0% 0.03 0.027 3.30% -1.51% -0.6 106% 6/1/2018 6/14/2018
Nuveen Credit Strategies Income Fund (JQC) -9.8% 0.041 0.037 5.52% -11.65% -1.3 91% 6/1/2018 6/14/2018
Nuveen Preferred & Income Securities Fund (JPS) -9.7% 0.062 0.056 7.17% -4.00% -0.5 104% 6/1/2018 6/14/2018
Nuveen AMT-Free Muni Credit Income Fund (NVG) -9.7% 0.0725 0.0655 5.34% -8.41% -0.9 104% 6/1/2018 6/14/2018
Nuveen Intermediate Duration Municipal Term Fund (NID) -9.6% 0.047 0.0425 4.11% -8.62% -1.4 113% 6/1/2018 6/14/2018
Nuveen Senior Income (NSL) -9.5% 0.037 0.0335 6.28% -6.98% -1.8 90% 6/1/2018 6/14/2018
Nuveen MN Quality Muni Income (NMS) -8.3% 0.06 0.055 4.89% -7.48% -1.4 103% 6/1/2018 6/14/2018
Nuveen TX Quality Muni Income (NTX) -8.2% 0.0485 0.0445 4.18% -14.23% -2 106% 6/1/2018 6/14/2018
Nuveen AMT-Free Quality Municipal Income Fund (NEA) -7.8% 0.058 0.0535 4.97% -11.94% -1.3 106% 6/1/2018 6/14/2018
Nuveen Municipal Income (NMI) -7.7% 0.039 0.036 3.88% -0.18% -0.9 103% 6/1/2018 6/14/2018
Nuveen MO Quality Muni Income (NOM) -7.5% 0.0465 0.043 3.94% -2.46% -1.6 110% 6/1/2018 6/14/2018
Nuveen MD Quality Muni Income (NMY) -7.4% 0.0475 0.044 4.37% -14.88% -1.2 104% 6/1/2018 6/14/2018
Royce Value Trust (RVT) -7.3% 0.32349 0.3 7.39% -8.79% 0.2 5% 6/1/2018 6/8/2018
Nuveen Floating Rate Income (JFR) -7.3% 0.062 0.0575 6.50% -7.90% -1.8 91% 6/1/2018 6/14/2018
Nuveen Preferred and Income 2022 Term Fund (JPT) -7.1% 0.1275 0.1185 5.99% -0.85% -0.2 104% 6/1/2018 6/14/2018
Nuveen AMT-Free Muni Value Fund (NUW) -6.7% 0.06 0.056 4.33% -4.90% -1.8 102% 6/1/2018 6/14/2018
Nuveen High Income December 2019 Target Term Fund (JHD) -6.7% 0.0375 0.035 4.27% -1.94% -0.3 108% 6/1/2018 6/14/2018
India Fund (IFN) -6.6% 0.76 0.71 5.70% -11.94% -0.5 -1% 6/11/2018 6/20/2018
Nuveen Floating Rate Income Opportunity Fund (JRO) -6.5% 0.062 0.058 6.63% -8.22% -2.1 87% 6/1/2018 6/14/2018
Nuveen Preferred Income Opportunities Fund (JPC) -6.2% 0.065 0.061 7.48% -3.93% 0.1 103% 6/1/2018 6/14/2018
Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ) -6.0% 0.058 0.0545 5.05% -15.92% -1.7 105% 6/1/2018 6/14/2018
Nuveen Enhanced Municipal Credit Opportunities Fund (NZF) -5.7% 0.07 0.066 5.55% -8.47% -1.1 104% 6/1/2018 6/14/2018
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP) -5.6% 0.0535 0.0505 4.86% -15.79% -1.5 109% 6/1/2018 6/14/2018
Nuveen New Jersey Municipal Value Fund (NJV) -5.3% 0.0475 0.045 4.16% -14.38% -1.9 102% 6/1/2018 6/14/2018
Nuveen Short Duration Credit Opportunities (JSD) -5.2% 0.106 0.1005 6.87% -1.62% 1.6 89% 6/1/2018 6/14/2018
Nuveen California Quality Municipal Income Fund (NAC) -5.1% 0.0585 0.0555 4.98% -11.92% -1.2 105% 6/1/2018 6/14/2018
Nuveen Enhanced Municipal Value Fund (NEV) -4.6% 0.065 0.062 5.53% -7.81% -1.2 105% 6/1/2018 6/14/2018
Nuveen High Income 2020 Target Term Fund (JHY) -4.5% 0.044 0.042 5.13% 0.51% -0.3 108% 6/1/2018 6/14/2018
Nuveen Intermediate Duration Quality Muni (NIQ) -4.3% 0.0345 0.033 3.21% -9.47% -2.1 111% 6/1/2018 6/14/2018
Nuveen Preferred & Income Term Fund (JPI) -4.2% 0.1415 0.1355 6.90% -3.52% 0.4 103% 6/1/2018 6/14/2018
Delaware Enhanced Global Dividend&Income Fund (DEX) -1.5% 0.1058 0.1042 10.71% -4.03% 2.1 26% 6/5/2018 6/14/2018
MFS Intermediate High Income Fund (CIF) -1.4% 0.02098 0.02068 9.77% -2.31% -1.7 62% 6/1/2018 6/12/2018
Eaton Vance Floating Rate Income Trust (EFT) -1.4% 0.07 0.069 5.56% -4.98% 0.3 97% 6/1/2018 6/21/2018
MFS Charter Income Trust (MCR) -1.3% 0.0595 0.05873 8.92% -9.92% -1.7 52% 6/1/2018 6/12/2018
MFS Multimarket Income Trust (MMT) -1.2% 0.04236 0.04185 8.94% -9.94% -1.2 55% 6/1/2018 6/12/2018
MFS Intermediate Income Trust (MIN) -1.1% 0.02991 0.02959 9.30% -7.73% -1.3 26% 6/1/2018 6/12/2018
MFS Government Markets Income Trust (MGF) -1.0% 0.02943 0.02913 7.75% -5.85% -0.7 38% 6/1/2018 6/12/2018
Clough Global Dividend and Income Fund (GLV) -0.5% 0.1141 0.1135 10.51% -5.88% 0.4 1% 6/8/2018 6/18/2018
Delaware Investments Dividend & Income Fund (DDF) -0.5% 0.0964 0.0959 10.05% -1.29% 3.2 27% 6/5/2018 6/14/2018

Boosters

Name Ticker Change Previous Current Yield Discount z-score Coverage Announced Ex-date
Clough Global Opportunities (GLO) 0.2% 0.0998 0.1 10.65% -8.82% -0.2 -4% 6/8/2018 6/18/2018
Clough Global Equity (GLQ) 1.1% 0.122 0.1234 10.11% -6.51% 0.7 -4% 6/8/2018 6/18/2018
John Hancock Income Securities (JHS) 1.6% 0.1737 0.1765 5.30% -8.03% -1.9 34% 6/1/2018 6/8/2018
EV Float-Rate 2022 Target Term (EFL) 2.4% 0.041 0.042 5.37% -3.41% 0 77% 6/1/2018 6/8/2018
Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) 2.6% 0.108 0.1108 8.57% 2.31% -0.6 6% 6/1/2018 6/21/2018
John Hancock Investors Trust (JHI) 2.6% 0.3048 0.3128 7.87% -8.15% -1.7 34% 6/1/2018 6/8/2018
MFS Investment Grade Municipal Trust (CXH) 2.6% 0.038 0.039 5.11% -11.76% -2 93% 6/1/2018 6/12/2018

CEF analysis from around Seeking Alpha...

Alpha Gen Capital presents If Your Financial Advisor Has You In A 60/40 Portfolio, Run Away! (Jun. 11), Should You Own Bonds In A Rising Rate Environment? (Jun. 12) and Closed-End Funds That Are Up Year To Date And Bucking The Trend (Jun. 15)

Arbitrage Trader presents Weekly Review: High-Yield CEFs (Jun. 13), Weekly Review: Municipal Bond CEFs (Jun. 13) and Weekly Municipal Bond CEF Trades (Jun. 13)

History and Finance presents Term CEF Ladder #6: Convertible Bond And Preferred Stock Funds (Jun. 12) and Term CEF Ladder #7: National Municipal Bond Funds (Jun. 16)

Left Banker presents My Pick From The Market-Beating CEFs: Equity Funds (Jun. 11) and Should You Be Wary Of The Highest-Yielding Closed-End Funds? (Jun. 14)

Nick Ackerman presents CEF GLO: 10%+ Yield At A Deep Discount (Jun. 12), CEFs RIV Or FOF: RIV Blasts Higher, FOF Looks Like A Value (Jun. 12), Closed-End Funds: 12 Funds In The 10%+ Yield Club At A Discount (Jun. 14) and CEF HTD: Still Looking Attractive? (Jun. 14)

*Stanford Chemist presents: 8%+ Yields From Voya Global Option Income Funds (Jun. 13) and Weekly CEF Roundup: June 1, 2018 (Jun. 17)

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

Macro/market section

Fear & Greed Trader S&P 500 Weekly Update: A Resilient Market Takes All Of The Headlines In Stride (Jun. 15)

Jeff Miller presents Weighing The Week Ahead: What Is Working And Will It Persist? (Jun. 17)

Lance Roberts presents Bulls Keep It Together (Jun. 17)

Cambridge Income Laboratory members only

Here, we provide exclusive commentary and actionable takeaways on specific funds. In this issue, we discuss what to do about AEF's tender offer and FHY/FSD's merger. We also reposted highlights from the chat board between several members and myself regarding what to do about declining income and distribution cuts in fixed income CEFs.

Disclosure: I am/we are long THE PORTFOLIO SECURITIES. 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.