CEFL And Other Diversifiers For A 15%+ Current Yield Portfolio

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Includes: AMZA, BDCL, BGB, CEFL, EAD, EFR, GHY, HIO, ISD, LMLP, MORL, MRRL, NTG, OXLC, PPR, REML, SMHB, SMHD, TEI, TYG, UBS, USA, USOI
by: Lance Brofman
Summary

Uncertainty and risk can be addressed with diversification. This can be particularly important when investing in high-yield securities.

The use of diversification among securities in a portfolio consisting of 2x leveraged high-yield ETNs is discussed.

Additional candidates for inclusion as diversifiers in such a portfolio are considered.

The Need For Diversification

Risks in the securities markets seem to be increasing daily. One way to reduce risk is diversification. In 30% Yielding MORL, MORT And The mREITS: A Real World Application And Test Of Modern Portfolio Theory, the degree of risk reduction provided by diversification was discussed. Even when a portfolio consists of many securities that have somewhat similar characteristics and have significant amounts of correlation, diversification can be beneficial.

I have attempted to utilize my longer-term macroeconomic interest rate outlook to manage a high current yield portfolio, given some very significant constraints. The most important constraint is to only include securities with current yields above 15%. Other constraints are the typical retail IRA account restrictions which preclude the use of short-selling, margin borrowing, and futures contracts. Some brokerage firms also impose additional constraints on IRA accounts. I suspect that there are many individuals, particularly those either partially or totally retired, who either have somewhat similar constraints or could possibly benefit from adopting them.

Given those constraints, the universe of possible investments is very limited. Other than junk bonds and other securities issued by individual distressed entities, in order to meet the 15%+ constraint, my primary investment focus in the quest for 15%+ current yield has been and is on 2x Leveraged High-Yield ETNs. As described in my 2013 Seeking Alpha article, "A Depression With Benefits: The Macro Case For mREITs," my macroeconomic rationale for investing in UBS ETRACS Monthly Pay 2X Leveraged Mortgage REIT ETN (MORL) - the only 2x leveraged mREIT ETN in existence at that time - was based on the premise that government policies shifting the tax burden from the rich and onto the middle class results in much more funds being available for investment relative to productive uses for those investable funds. That tends to put downward pressure on interest rates.

MORL and, later, UBS ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN Series B (MRRL) and the Credit Suisse X-Links Monthly Pay 2x Leveraged Mortgage REIT ETN (REML) have been the core instruments in my 15%+ current yield constrained portfolio. I have utilized UBS ETRACS Monthly Pay 2x Leveraged Closed-End Fund ETN (CEFL), UBS ETRACS Monthly Pay 2xLeveraged US Small Cap High Dividend ETN Series B (SMHB), and UBS ETRACS 2xLeveraged Long Wells Fargo Business Development Company ETN (BDCL) as diversifiers and for hedging possible macroeconomic outcomes.

These are all 2x-leveraged High-Yield ETNs. They all have interest-rate risk since they implicitly borrow at short-term LIBOR-based interest rates to finance their leverage. A significant part of their high dividends results from the carry that is generated when the dividends paid by the securities in the indices upon which the ETNs are based exceed the implicit borrowing rate. While typically called dividends, the payments from ETNs are technically distributions of interest payments on the ETN note based on the dividends paid by the underlying securities that comprise the index, pursuant to the terms of the indenture. Additionally, 2x-leveraged High-Yield ETNs, especially those based on mREITs, have extra interest rate exposure due to the fact that many of the component securities in the index, utilize leverage as well. To a lesser or greater extent, all of the 2x-leveraged High-Yield ETNs have some credit risk. Thus, all of the risks that impact both the fixed-income and equity markets impact the 2x-leveraged High-Yield ETNs as well. A useful generalization is that stronger economic activity benefits the stock market relative to the bond markets. Likewise, weaker economic activity benefits the bond market relative to the stock markets. There are some exceptions to these generalizations. Economic weakness can exacerbate credit risks in the high-yield (Junk) bond market.

Using CEFL to diversify a portfolio based on 2X-leveraged mREIT-based ETNs such as MORL, MRRL, and REML has been fairly expensive, in terms of forgone return from an only mREIT-based ETNs portfolio. From inception on January 7, 2014, through to March 29, 2019, CEFL has had a total return of 30.79% based on closing prices and assuming reinvestment of dividends. That is an average annual of 5.27% over that 5.22-year period. Over the same January 7, 2014, through to March 29, 2019, period, MORL has had a total return of 128.13%. That is an average annual of 17.11% over that 5.22-year period. MRRL and REML have not been in existence as long as MORL or CEFL. As discussed in Considering 20+% Yielding REML As A Substitute For MORL, I pointed out that the returns on MORL have exceeded those of REML and MRRL, solely because UBS AG (UBS) has stopped selling new shares of MORL, which has caused MORL to now trade above its net indicative (asset) value. Other than that, the returns on MORL, MRRL, and REML have been very close.

BDCL, the oldest of the 2x-leveraged High-Yield ETNs that I follow, has generally been an expensive diversifier as well. From the October 17, 2012, inception of MORL through to March 29, 2019, BDCL has had a total return of 51.52% based on closing prices and assuming reinvestment of dividends. That is an average annual of 6.65% over that 6.45-year period. Over the same October 17, 2012, through to March 29, 2019, period, MORL has had a total return of 121.05%. That is an average annual of 13.09% over that 6.45-year period.

SMHB and the older 2x-leveraged High-Yield ETN, ETRACS Monthly Pay 2xLeveraged US Small Cap High Dividend ETN (NYSEARCA:SMHD), are based on the Solactive US Small Cap High Dividend Index and have also been expensive diversifiers. I used SMHD before switching to SMHB. From the February 4, 2015, inception of SMHB through to March 29, 2019, SMHD has had a total return of 16.2% based on closing prices and assuming reinvestment of dividends. That is an average annual of 3.69% over that 4.15-year period. Over the same February 4, 2015, through to March 29, 2019, period, MORL has had a total return of 79.36%. That is an average annual of 15.14% over that 4.15-year period. SMHB only started trading on November 9, 2018. From November 9, 2018, through March 29, 2019, SMHB has had a total return of -10.46% based on closing prices and assuming reinvestment of dividends. That is an average annual of a negative 27.47% over that .38-year period. Over the same November 9, 2018, through to March 29, 2019, period, MORL has had a total return of 8.14%. That is an average annual of 22.09% over that .38-year period.

Other Possible Diversifiers for a 15%+ Current Yield Portfolio

I am always looking for new possible diversifiers for my 15%+ current yield constrained portfolio. Junk bonds and other securities issued by individual distressed entities usually have extreme idiosyncratic risk if they have current yields above 15%. These can provide diversification but, usually, require constant time-consuming monitoring. Thus, I am particularly interested in securities that are themselves comprised of or based-on baskets of securities such as the 2x-leveraged High-Yield ETNs.

I believe in what George Goodman, who wrote and appeared on television under the name "Adam Smith" said: if you want to really learn about something, take a financial stake in it. As an example, he said, buy one corn future on the Chicago Board of Trade and you will find yourself up at 4:00 AM in the morning looking at weather patterns in Iowa. Unfortunately, for me, Mr. Goodman said that prior to the internet and the tremendous amount of interesting information and opportunities to do fascinating research it provides. Also, as many people who are retired or semi-retired people find out, there is not nearly enough available time for those books and other projects you thought could be easily finished after you stop working full-time.

That said, I bought a small amount of various securities for the express purpose of learning a lot more about them so that I could research and evaluate their use as possible diversifiers in the 15%+ current yield constrained portfolio and also write about them. However, so far, I have not had time to do so. These small positions include: InfraCap MLP ETF (AMZA), UBS ETRACS Monthly Pay 2xLeveraged Wells Fargo MLP Ex-Energy ETN (LMLP), Oxford Lane Capital Corporation (OXLC), and Credit Suisse X-Links Crude Oil Shares Covered Call ETNs (USOI).

AMZA has a portfolio of 32 equity securities of publicly-traded master limited partnerships and limited liability companies taxed as partnerships in the energy infrastructure sector. It employs some leverage and writes options to enhance yield. From inception on October 2, 2014, through to March 29, 2019, AMZA has had a total return of -48.03% based on closing prices and assuming reinvestment of dividends. That is an average annual return of -13.56% over that 4.49-year period. Over the same October 2, 2014, through to March 29, 2019, period, MORL has had a total return of 93.92%. That is an average annual of 15.89% over that 4.49-year period.

OXLC looks somewhat more promising. It invests primarily in senior, secured loans made to companies whose debt is unrated or rated below investment grade (Senior Loans), with an emphasis on current income. One concern is that it trades significantly above net asset value. The March 29, 2019, price was $9.84 and the most recent reported net asset value is $7.56 as of December 31, 2018, on that day it closed at $9.70. The net asset value is only reported quarterly. OXLC is older than MORL. From the October 17, 2012, inception of MORL through to March 29, 2019, OXLC has had a total return of 89.37% based on closing prices and assuming reinvestment of dividends. That is an average annual of 10.41% over that 6.45-year period. Over the same October 17, 2012, through to March 29, 2019, period, MORL has had a total return of 121.05%. That is an average annual of 13.09% over that 6.45-year period.

LMLP is a 2x-leveraged High-Yield ETN based on the Wells Fargo Master Limited Partnership Ex-Energy Index. There are currently 14 constituents in the index. In contrast to AMZA, LMLP excludes energy infrastructure MLPs. From July 10, 2014, through to March 29, 2019, LMLP has had a total return of 7.74% based on closing prices and assuming reinvestment of dividends. That is an average annual of only 1.59% over that 4.72-year period. Over the same July 10, 2014, through to March 29, 2019, period, MORL has had a total return of 87.43%. That is an average annual of 14.23% over that 4.72-year period.

USOI is the most promising candidate. It is an ETN based on the Credit Suisse Nasdaq WTI Crude Oil FLOWSTM 106 Index. The "106" refers to the fact that the Index strategy consists of a hypothetical notional portfolio that takes a "long" position in Reference Oil Shares and sells a succession of notional, approximately one-month, call options on the Reference Oil Shares with a strike price of approximately 106% of the price of the Reference Oil Shares exercisable on the option expiration date. The biggest risk would seem to be a collapse in oil prices. That does not seem very likely in the near term.

USOI has only traded since June 6, 2017. It has done better than MORL since then. From the initial closing price on June 6, 2017, of $21.63 through to March 29, 2019, price when the closing price was $23.50, USOI has had a total return of 34.49% based on closing prices and assuming reinvestment of dividends. That is an average annual of 18.38% over that 1.76-year period. Over that 1.76-year period, USOI paid $5.32 in dividends, bringing it close to the 15% current yield threshold. Over the same June 6, 2017, through to March 29, 2019, period, MORL has had a total return of 10.69%. That is an average annual return of 5.95% over that 1.76-year period.

Analysis of the April 2019 CEFL Dividend Projection

After the annual rebalancing, all but three of the CEFL components pay monthly dividends. Tortoise MLP Fund (NTG), Tortoise Energy Infrastructure (TYG), and Liberty All Star Equity Fund (USA) pay quarterly. None of those had an ex-dividend date in March 2019. Thus, they will not contribute to the April 2019 CEFL dividend. That reduces the April 2019 CEFL dividend.

Wells Fargo Advantage Income Opportunities Fund (EAD) reduced its monthly dividend to $0.0594 from $0.05979. Blackstone/GSO Strategic Credit Fund (BGB) reduced its monthly dividend to $0.109 from $0.11. Prudential Global Short Duration High Yield Fund (GHY) increased its monthly dividend to $0.10 from $0.0825. Prudential Short Duration High Yield Fund (ISD) increased its monthly dividend to $0.10 from $0.085. Templeton Emerging Markets Income Fund (TEI) reduced its monthly dividend to $0.0703 from $0.0713. Western Asset High Income Fund (HIO) increased its monthly dividend to $0.029 from $0.0265. Eaton Vance Senior Floating-Rate Fund (EFR) increased its monthly dividend to $0.075 from $0.071. Voya Prime Rate Trust (PPR) reduced its monthly dividend to $0.0255 from $0.027.

From the data in the table below, I calculated a projection for the April 2019 monthly CEFL dividend of $0.1771. The table shows the ticker, name, weight, dividend, ex-date, price NAV, and contribution to the dividend for the CEFL components that will contribute to the April 2019 March dividend.

Conclusions And Recommendations

I am always looking for ways to diversify my portfolio within the 15%+ yield constraint. USOI is probably the candidate that I will be giving most attention to. It was brought to my attention by a comment in one of my recent articles. Comments regarding any high yielding securities are always appreciated.

Including CEFL in my portfolio of 2x leveraged high-yield ETNs as a diversifier has been relatively expensive when compared to what my total returns would have been if I had held only MORL as compared to a mixture of MORL and CEFL. I have also used BDCL as a diversifier for my MORL, MRRL, and REML holdings. That has turned out even worse, relative to simply holding only MORL. Stocks and fixed-income securities, in a sense, compete for shares of investors' portfolios. A decline in the equity market can cause some investors to rebalance their portfolios to shift out of fixed-income securities into stocks. Likewise, a decline in the fixed-income market can cause some investors to rebalance their portfolio and shift out of stocks into fixed-income securities.

Federal Reserve tightening can hurt all financial markets simultaneously. Likewise, Federal Reserve ease can boost all financial markets simultaneously. I am still cautiously bullish on CEFL as a diversifier for my holdings of 2X leveraged high yield ETNs that are based on mREITs. CEFL and SMHB some of the few instruments in my portfolio that provide a very high yield and some ability to benefit from a rising stock market. Many of the policy risks that have arisen as a result of the 2016 election are now becoming more pronounced.

The January 30, 2019, statement by Federal Reserve Chair Powell that they are not planning any further rate increases, but that Federal Reserve could change that policy based on the data sparked a large stock market rally. As with much economic news, there are two or more interpretations with regard to the impact on financial markets. There was a benefit to securities prices from the belief that interest rates will be lower than had been the consensus view. There was also some concern that the Federal Reserve may think economic activity will not be as robust. Some data on retail sales has also suggested a slowdown.

New risks seem to occur with increasing frequency. The risk that the border with Mexico could be closed and thus jeopardizing $1.7 billion in trade every day was not a risk on my radar last week. The uncertainty of possible impacts from possible protectionism, federal budget deficits, political developments, possible overheating in the economy, and monetary policy suggests large fat-tail risks in both directions in the equity market and fixed-income markets. This would lead investors who have a significant portion of their portfolios in CEFL to consider adding MORL, MRRL, or REML to hedge against the risk of much weaker economic growth. This would enable them to maintain the high income that CEFL now delivers. Likewise, MORL, MRRL, and REML investors might want to consider adding CEFL or BDCL in order to hedge against a high real growth scenario. SMHB could be utilized by investors who want to only invest in one 2X leveraged ETN since it contains both interest rate sensitive components and credit risk sensitive components.

The yields on all of the high-yielding 2x leveraged ETNs like CEFL are still compelling. However, the uncertainty regarding economic variables means that significant event risks exist in addition to the risks inherent with the ETN's use of leverage. This is in addition to the leverage employed by many of the components that make up the indices upon which these ETNs are based. I am diversifying the large proportion of MORL, MRRL, and REML in my portfolio with some CEFL, SMHB, and BDCL since there is a possibility of much stronger economic growth than I expect.

At any time, there could still be a perception on the part of many market participants that there will be much stronger economic growth. This should be considered by shorter-term investors. If something catastrophic were to occur, like a financial crisis, severe protectionism or an oil shock, it would be expected that the stock market would decline sharply, but MORL, MRRL, and REML could do better as investors seek the safety of agency mortgage-backed securities and the Federal Reserve lowers interest rates. In view of the uncertainty and risks, active traders might consider waiting until the impacts of the Iran decertification, protectionism, federal budget deficits, and monetary policy on economic conditions become more clear. However, a lesson we can learn from the last few years is that waiting for price declines in high-yielding instruments like CEFL, MORL, MRRL, and REML can backfire, as the large dividends forgone by waiting exceeds the savings from a lower purchase price.

Since 2012, I have been willing to collect and reinvest the approximately 20% average yield on a monthly compounded basis that 2X Leveraged ETNs pay, while the ultimate answers to questions about the outlook for the economy and securities markets are revealed. I still am. When the yields rise on price declines, it has been a buying opportunity. My view for the last few years has been that there will likely be more reductions than increases in the Federal Funds rate during the next five years. Furthermore, the possibility exists that Trump's trade policies could precipitate a Lehman collapse like event. In a scenario like that, 2X Leveraged ETNs would be one of the better places to be. In Trump's Trade Policies: America's Brexit? risks related to protectionism are discussed in depth.

As was discussed in: Bank Issues Could Impact 20% Yielding ETNs, recently, a French court ordered Switzerland's largest bank to pay 4.5 billion euros ($5.1 billion) in fines and damages for helping wealthy French clients evade tax authorities. It is not inconceivable that zealous government authorities could impose such draconian fines and penalties, so as to cause the demise of one or more major financial institutions. That could impact the world economy in a way similar to the collapse of Lehman in 2008. More relevant is that UBS is the sole source of the interest and principal payments made by the ETNs it sponsors. The ETNs are notes and, thus, obligations of UBS.

That does expose the investor to some degree of credit risk. However, it is very different and of much less magnitude than the type of credit risk, one would face by buying a regular senior bond issued by UBS. If you were to buy a bond from UBS and something drastic happens causing UBS to be downgraded, to say BBB, you would suffer an immediate loss since the credit risk of the downgraded bond would be reflected in the market price. However, the net asset value of UBS redeemable ETNs such as MORL and CEFL would not be affected and because shares of the ETN can be redeemed at net asset value, the market price of the ETN would not be impacted either. Even if the ability to redeem shares did not exist, the UBS credit risk with MORL and CEFL would be normally rather small. USB has a relatively high percentage of their revenue from fees for managing assets, which is a much more stable revenue base than making loans, underwriting or trading securities.

I still tend to believe that the massive tax-policy-induced increase in inequality will cause increasing excesses of loanable and investable funds above commercially reasonable ways to utilize those funds. This will eventually result in an overinvestment cycle with a recession and that will, ultimately, be very good for the 2X Leveraged ETNs. There have been some policy proposals being put forth by some prominent Democrats, not considered populists, since the 2018 elections that might be of particular concern to investors in MORL, MRRL, and REML. As described in my 2013 Seeking Alpha article, "A Depression With Benefits: The Macro Case For mREITs," my macroeconomic rationale for investing in MORL - the only 2X-leveraged mREIT ETN in existence at that time - was based on the premise that government policies shifting the tax burden from the rich and onto the middle class results in more funds being available for investment relative to productive uses for those investable funds.

Recently, some prominent Democrats have gone from the vague advocacy of "making the very rich pay their fair share" to specific proposals to shifting the tax burden back on to the rich. Senator announced presidential candidate Elizabeth Warren (D-Mass.) is proposing an annual "wealth tax" on Americans with more than $50 million in assets. The tax would be 2% on the amount in excess of $50 million and 3% on amounts above $1 billion. Celebrity member of Congress, Alexandria Ocasio-Cortez (D-NY), is calling for a 70% top marginal tax rate on incomes above $10 million.

Whatever one thinks of the advisability of enacting legislation that reverses the massive shift in the tax burden away from the rich and onto the middle class, it could have negative implication for the financial markets. Since shifting the tax burden from the rich and onto the middle class results in there being more funds being available for investment, reversing that results in less funds being available for investment.

The probability of the 2020 election resulting in a change in the tax code that significantly reverses the massive shift in the tax burden away from the rich and onto the middle class is still very probably low as long as the Democrats continue to combine such tax proposals with plans to spend the proceeds on various social programs like free college tuition. However, a plan to raise taxes on those with assets above $50 million and/or incomes above $10 million and use all of the proceeds to reduce the taxes on everyone else might have a much higher probability of being enacted.

It is hard to envision the Democrats being politically savvy or ideologically flexible enough to embrace a policy of directly shifting the tax burden away from the middle class and onto the rich. The Democrats have generally been deluded in their belief that the current level of taxes on the middle class is politically sustainable. In Hilary Clinton's speech announcing her candidacy, she said that the middle class pays too much taxes. She never mentioned a middle class tax cut again. Presumably, due to pressure from Sanders, who pushed her to the left, which severely hurt her chances in the general election. Most Democrat politicians are not aware that by far the best thing government could do for most middle-class households would be to lower their taxes. Thus, in many cases, middle-class voters have been willing to grasp at any chance they think could lower their tax burden, and thus support candidates who promise them a tax cut, no matter how odious the candidates might be otherwise.

Taking all of this into consideration, I'm still a cautious buyer of 2X Leveraged ETNs and have added to them recently. It should be kept in mind that economic and policy uncertainty that seems to be diverging rather than converging. This means that significant event risks exist in addition to the risks inherent with the ETNs' use of leverage. This is in addition to the leverage employed by many of the components that make up the indices upon which these ETNs are based. Presently, CEFL offers a reasonable but expensive relative opportunity to diversify a high-yield portfolio with a very high concentration on mREITs. OXLC might also consider as a diversifier or stand-alone investment as well.

CEFL Components and Contribution to the Dividend

Name

Ticker

Weight %

Price

NAV

Price/NAV

ex-div

dividend

frequency

contribution

Nuveen Pfd Sec Income Fund

JPS

4.49

9.02

9.43

0.9565

3/14/2019

0.056

m

0.0079

Doubleline Income Solutions

DSL

4.44

19.84

19.97

0.9935

3/13/2019

0.15

m

0.0095

Western Asset High Income Fund II

HIX

4.32

6.51

7.21

0.9029

3/21/2019

0.046

m

0.0086

Aberdeen Total Dyn

AOD

4.32

8.26

9.28

0.8901

3/20/2019

0.0575

m

0.0085

Brookfield R A Incm

RA

4.32

21.62

23.63

0.9149

3/12/2019

0.199

m

0.0112

First Trust Intermediate Duration Prf.& Income Fd

FPF

4.3

21.95

22.91

0.9581

3/1/2019

0.1425

m

0.0079

Western Asset Emerging Markets Debt Fund

EMD

4.26

13.77

15.58

0.8838

3/21/2019

0.1

m

0.0087

AllianceBernstein Global High Income Fund Inc

AWF

4.21

11.58

12.93

0.8956

3/7/2019

0.0699

m

0.0072

Wells Fargo Advantage Income Opportunities Fund

EAD

4.18

7.88

8.88

0.8874

3/1/2019

0.0594

m

0.0089

Blackrock Corporate High Yield Fund

HYT

4.17

10.25

11.56

0.8867

3/14/2019

0.072

m

0.0083

Liberty All Star Equity Fund

USA

4.13

6.08

6.51

0.9339

1/24/2019

0.15

q

Blackrock Multi-Sector Income

BIT

4.12

16.61

18.36

0.9047

3/14/2019

0.1167

m

0.0082

Blackstone/GSO Strategic Credit Fund

BGB

4.1

14.28

15.66

0.9119

3/21/2019

0.109

m

0.0088

Eaton Vance Limited Duration Income Fund

EVV

4.08

12.55

14.43

0.8697

3/8/2019

0.067

m

0.0062

Prudential Global Short Duration High Yield Fund

GHY

4.03

13.94

16.11

0.8653

3/21/2019

0.1

m

0.0082

Prudential Short Duration High Yield Fd

ISD

3.99

14.11

16.3

0.8656

3/21/2019

0.1

m

0.0080

Nexpoint Credit

NHF

3.75

21.7

23.73

0.9145

3/21/2019

0.2

m

0.0098

Tortoise Mlp Fund

NTG

3.64

13.89

15

0.9260

2/20/2019

0.4225

q

Cohen & Strs Infrstr

UTF

3.52

24.29

25.59

0.9492

3/19/2019

0.155

m

0.0063

Templeton Emerg Mkts Inc Fund

TEI

3.04

10.24

11

0.9309

3/14/2019

0.0703

m

0.0059

Blackrock Debt Strategies Fund Inc

DSU

2.76

10.7

12.04

0.8887

3/14/2018

0.0685

m

0.0050

Western Asset High Income Op

HIO

2.65

4.83

5.4

0.8944

3/21/2019

0.029

m

0.0045

First Trust High Income Long/short Fund

FSD

2.38

14.56

16.75

0.8693

3/1/2019

0.105

m

0.0048

Invesco Dynamic Credit Opportunities Fund

VTA

2.16

10.9

12.57

0.8671

3/12/2019

0.0625

m

0.0035

Tortoise Energy Infr

TYG

2.09

23.53

24.26

0.9699

2/20/2019

0.655

q

Nuveen Fltg Rt Inc

JFR

1.73

9.62

10.96

0.8777

3/14/2019

0.0615

m

0.0031

Invesco Senior Inc

VVR

1.51

4.17

4.75

0.8779

3/12/2019

0.021

m

0.0021

Kayne Anderson Mlp

KYN

1.4

15.84

17.37

0.9119

3/13/2019

0.12

m

0.0030

Eaton Vance Sr Fltg

EFR

1.07

13.07

14.82

0.8819

3/20/2019

0.075

m

0.0017

Voya Prime Rate Trust

PPR

0.86

4.74

5.47

0.8665

3/8/2019

0.0255

m

0.0013

Disclosure: I am/we are long MORL, MRRL, CEFL, BDCL, SMHB, AMZA, OXLC, LMLP, USOI. 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.