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Top Big-Distribution CEF Ideas for 2018

If you are an income-focused value investor, some CEFs are currently offering highly attractive “double discounts” heading into 2018. CEF investors should be aware of the distribution income sources, including dividends as well as capital gains, for example. This article reviews our current CEF holdings and several top ideas for 2018.

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Closed-End Funds are NOT for everyone, but for income-focused value investors some CEFs are currently offering highly attractive “double discounts” heading into 2018. This article reviews our current CEF holdings and several top ideas for the new year.

For starters, here is a color-coded list of CEFs organized by category:

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Choosing the right CEF can be daunting, but when we look for attractive closed-end funds, we look for the following:

  • Attractively-priced, compelling strategies
  • Attractive discounts versus Net Asset Value (“NAV”)
  • Healthy yields
  • Conservative leverage ratios
  • Prudent management

Before getting into our new ideas, here are our Current CEF holdings:

Adams Diversified Equity Fund (ADX)

Yield: 9.8%

ADP walloped the S&P 500 this year (congrats if you owned it, like us) for three main reasons. First, ADX just paid its big year-end annual dividend, and it was even larger than expected (as described in this press release) thereby bringing its annual yield to an impressive 9.8%. Second, ADX held several of the impressive growth technology companies (Facebook, Amazon, Apple, Microsoft) that lead the market higher. And third, ADX’s discount versus NAV shrunk (see chart below) thereby boosting the price return to shareholders (remember, attractive discounts versus NAV is one of the things we look for in an attractive CEF).

ADX was a big positive contributor to our performance this year.

 

Royce Small Cap CEFs (RMT) and (RVT)
Yields, 8.5 and 8.7%

We own these two funds too, and they were also big positive contributors to performance this year, for similar reasons to why ADX was a big positive contributor. Specifically, both funds offer big distribution yields, and both funds benefited from a shrinking discount to NAV this year. The holdings in these CEFs are also attractive from an asset allocation standpoint, as we believe small cap still has a lot more room to run. Plus the funds are relatively low-cost (low expense ratios) for a CEF, especially considering we like the management team at Royce. We’ll likely continue to own these funds for the yield and the attractive holdings. You can read more from Morningstar about these funds using the links at the end of this article.

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Tekla World Healthcare Fund (THW)

Yield: 10.3%

These fund delivered positive price returns plus big income distributions in 2017, and we expect to keep holding it considering the discount versus NAV remains very attractive. We also like this fund for the relatively low management fee and the prudent use of leverage. You can read more from Morningstar about THW using this link.

New CEF Ideas:

In addition to the CEFs we currently own (as described above), here are several additional CEF’s that we consider very attractive heading into 2018 if you are an income-focused value investor.

Real Estate CEFs (RQI) (JRS) (IGR)

We like publicly traded real estate (e.g. REITs) heading into 2018 from both a contrarian value investor standpoint and a tax reform standpoint (i.e. REITs benefit under the new Tax Cuts and Jobs Act). If you’re an income-focused value investor, here are three Real Estate CEFs that we believe are worth considering because of their strategies, high income distributions, discounted prices (versus NAV) and prudent use of leverage.

  1. Cohen & Steers Qty Inc Realty (RQI), Yield: 7.8%: The Fund seeks high current income and capital appreciation through investment in common and preferred stock issued by REITs. Its total adjusted expense ratio (1.22%) is reasonable for a CEF, it trades at an attractively discounted price, we like the top holdings in the fund (e.g. SPG, EQIX, and PLD), and we believe the leverage ratio is prudent. More information from Morningstar on this fund is available here.
  2. Nuveen Real Estate Income (JRS), Yield: 9.1%: The Fund seeks high current income and capital appreciation through investment in income producing common stocks, preferred stocks and debt securities issued by real estate companies. And like RQI, JRS’s total adjusted expense ratio (1.31%) is reasonable for a CEF, it trades at an attractively discounted price, we like the top holdings in the fund (e.g. SPG, PLD and GGP), and we believe the leverage ratio is prudent. More information from Morningstar on this fund is available here.
  3. CBRE Clarion Global Real Est Income (IGR), 7.7%: The Fund seeks high current income with capital appreciation through investments in income producing real estate equity securities. And like RQI and JRS, IGR’s total adjusted expense ratio (1.09%) is reasonable for a CEF, it trades at an attractively discounted price, we like the top holdings in the fund (e.g. SPG, PLD and GGP), and we believe the leverage ratio is prudent. More information from Morningstar on this fund is available here.

Worth mentioning, real estate has underperformed the S&P 500 this year (2017), but it has still delivered positive returns, big income, and looks attractive going forward from a contrarian standpoint, in our view.

Gabelli Family of Funds

Mario Gabelli is a highly successful New York based investor, and from the looks of some of the CEFs offered by his firm, you may see why. We’ve highlighted (below) three attractive Gabelli Funds with compelling strategies, high income distributions, attractively discounted prices (versus NAV), reasonable CEF expense ratios, and prudent use of leverage.

  1. Gabelli Equity Trust (GAB), Yield 10.3%: The Fund seeks long term capital growth with current income through investment in equity securities. And like the other CEFs we like, GAB’s total adjusted expense ratio (1.10%) is reasonable for a CEF, it trades at an attractively discounted price, we like the holdings (large cap growth and value), and we believe the leverage ratio is prudent. More information from Morningstar on this fund is available here.
  2. Gabelli Dividend & Income (GDV), Yield: 5.7%: The Fund seeks high total return through investment in dividend paying equity and debt securities. And like the other CEFs we like, GDV’s total adjusted expense ratio (1.39%) is reasonable for a CEF, it trades at an attractively discounted price, we like the holdings (large cap value), and we believe the leverage ratio is prudent. More information from Morningstar on this fund is available here.
  3. GAMCO Glb Gold Natural Res & Income (GGN), Yield: 11.5% : The Fund seeks high current income with capital appreciation through investment in equity securities issued by gold and natural resources industries and through utilizing an options strategy. This strategy has delivered positive returns this year, though the returns have been lower than the S&P 500. However, the fund is attractive from a contrarian standpoint, and it also provides some unique expose to the out-of-favor natural resources industry. The yield is also attractive, and so is the discount to NAV. More information from Morningstar on this fund is available here.

Contrarian, High-Income, BDC, CEF:

  1. First Trust Specialty Finance (FGB), Yield: 11.2%: Business Development Companies (“BDCs”) are known for their high yields, and they are extremely out of favor this year, which makes this BDC-focused strategy more attractive from a contrarian standpoint. BDCs have recently been adjusting their strategies considering the high yielding post-financial-crisis investments they have been benefiting from are finally rolling off the books and being replaced by new lower-yielding opportunities. It makes sense that there’d be opportunities in this space considering it is strongly out of favor right now, and the management team running this fund keeps the overall expense ratio (1.54%) reasonable. Our main caveat with this fund is that even though it offers a very high yield (11.2%) it is risky considering the fund uses leverage and so do the underlying BDCs. Plus the expenses are higher than they seem because the management teams of the individual BDCs within this fund are also charging their own fees (in addition to the First Trust fee). Nontheless, if you’re looking for an actively managed, high-income, BDC-focused (because BDCs are so out-of-favor right now) CEF, this fund is worth considering. Especially considering the holdings fall into the deep-value and small (and micro) cap space, an area that has historically performed very well over the long-term and is due for a significant rebound.

Risks:

Two important risks to consider with CEF investing are leverage and return of capital. Regarding leverage, we believe it is prudent to use a small amount of leverage, and then scale up (to a reasonable level) depending on the type/riskiness of the underlying holdings and your personal risk aversion. CEFs often use a small amount of leverage just to cover their operating costs while maintaining full exposure to the market.

Regarding return of capital, investors should understand that many CEFs generate some of their income distributions via a "return of capital" instead of simply via dividends and income. For example, if the fund appreciates more in value (i.e. generates more capital gains), then it may pay a higher distribution (sourcing some of the distribution payments from capital gains) as was the case with the Adams Diversified Equity Fund (ADX), as described earlier in this report. For this reason, we believe CEFs are often more appropriate for income-focused investors. You can see the distribution source breakdown (between dividends and capital gains) using the Morningstar links provided at the end of this article. 

Conclusion:

CEFs are not for everyone. However, if you’re looking for a diversified, actively-managed strategy that offers high income distributions, then CEF’s may be worth considering. We own several BDCs (as described in this article), and we’ve also highlighted a few more that we believe are currently attractive based on their discounted prices, attractive strategies, relatively reasonable expense ratios, and prudent use of leverage. In particular, we believe the CEFs we have highlighted currently offer double discounts via their attractive contrarian/value strategies and their attractive discounts versus NAV.

For reference, you can view all of our current holdings here. And you can access detailed Morningstar information for all 530 CEFs in our earlier table using the links provided below.

  1. Lazard Glb Total Return & Income
  2. Clough Global Equity
  3. Lazard World Dividend & Income
  4. Alpine Total Dynamic Dividend
  5. Alpine Global Dynamic Dividend
  6. JH Hedged Equity & Income Fund
  7. JH Tax Advantaged Global Shareholder Yld
  8. PIMCO Global StocksPLUS & Income
  9. LeggMason BW Global Income Opps
  10. First Trust/Aberdeen Global Oppos Income
  11. Aberdeen Asia-Pacific Income
  12. DoubleLine Income Solutions
  13. Western Asset Glb Corp Def Opp
  14. MFS® Intermediate Income
  15. Aberdeen Global Income
  16. Delaware Enhanced Gbl Div & Income
  17. Wells Fargo Global Dividend Opportunity
  18. EV Tax Adv Global Dividend Inc
  19. Virtus Total Return Fund Inc.
  20. Nuveen Diversified Div & Income
  21. Nuveen Tax-Adv Total Return
  22. Calamos Global Dynamic Income
  23. EV Tax Adv Global Div Opps
  24. Calamos Global Total Return
  25. Duff&Phelps Global Utility Income
  26. Reaves Utility Income
  27. Mac/First Glb Infra/Utility Div & Income
  28. Gabelli Global Utility & Inc
  29. BlackRock Util, Infra & Power Opp
  30. BlackRock Util, Infra & Power Opp
  31. DNP Select Income
  32. Gabelli Utility Trust
  33. BlackRock Science and Technology Trust
  34. Columbia Seligman Premium Tech Growth
  35. Dividend and Income Fund
  36. Franklin Universal Trust
  37. Special Opportunities Fund
  38. Clough Global Opportunities
  39. Clough Global Dividend and Income
  40. RiverNorth/DoubleLine Strategic Opp Fund
  41. NexPoint Credit Strategies Fund
  42. RiverNorth Opportunities
  43. RENN Glb. Entrepreneurs Fund
  44. RENN Glb. Entrepreneurs Fund
  45. Royce Micro Cap Trust
  46. Royce Value Trust
  47. RMR Real Estate Income Fund
  48. Principal Real Estate Income
  49. Cohen & Steers Qty Inc Realty
  50. Cohen & Steers Tot Ret Realty
  51. Neuberger Berman Real Est Securities Inc
  52. Nuveen Real Estate Income
  53. Cohen & Steers Limited Dur Prf & Inc
  54. Nuveen Preferred & Income Term
  55. Nuveen Pref & Income Opps Fund
  56. First Trust Inter Dur Pref & Income Fund
  57. Flah&Crum Pref Income Opps
  58. JH Preferred Income III
  59. Flah&Crum Total Return
  60. Nuveen Pref & Income Securities Fund
  61. JH Preferred Income
  62. Flah&Crum Pref Securities Income
  63. JH Preferred Income II
  64. Cohen & Steers Select Pref & Income
  65. Flah & Crum Dynamic Pref & Income Fund
  66. Flah&Crum Preferred Income
  67. JH Premium Dividend Fund
  68. MS Asia Pacific
  69. Asia Tigers Fund
  70. Asia Pacific Fund
  71. Putnam Premier Income Trust
  72. BlackRock Resources & Commdty
  73. GAMCO Glb Gold Natural Res & Income
  74. Nuveen CT Quality Muni Inc
  75. Nuveen MI Quality Muni Inc
  76. Nuveen MD Quality Muni Inc
  77. EV MI Municipal Income
  78. Nuveen NC Quality Muni Inc
  79. EV MI Municipal Bond
  80. BlackRock MD Muni Bond
  81. Nuveen VA Quality Muni Inc
  82. BlackRock MuniYield MI Quality
  83. Nuveen GA Quality Muni Inc
  84. Nuveen TX Quality Muni Inc
  85. Nuveen AZ Quality Muni Inc
  86. Delaware Invest CO Muni Income
  87. Nuveen MO Quality Muni Inc
  88. BlackRock MuniYield Arizona
  89. BlackRock VA Municipal Bond
  90. BlackRock FL Municipal 2020
  91. Invesco PA Value Muni Income Trust
  92. Nuveen PA Quality Muni Inc
  93. EV PA Municipal Bond
  94. EV PA Municipal Income
  95. BlackRock MuniYield PA Quality
  96. Nuveen PA Municipal Value Fund
  97. EV OH Municipal Income
  98. Nuveen OH Quality Muni Inc
  99. EV OH Municipal Bond
  100. EV NY Municipal Income
  101. BlackRock Muni NY Intermed. Duration
  102. EV NY Muni Bond II
  103. BlackRock NY Muni Inc Qty
  104. Nuveen NY AMT - Free Quality Muni Inc
  105. BlackRock MuniYield NY Quality
  106. BlackRock MuniHoldings NY Qty
  107. BlackRock NY Municipal Bond
  108. Nuveen NY Quality Muni Inc
  109. EV NY Municipal Bond
  110. Nuveen NY Municipal Value 2
  111. Invesco Trust NY Inv Grade Muni
  112. Nuveen NY Municipal Value
  113. BlackRock NY Municipal Income
  114. BlackRock NY Municipal Inc II
  115. Nuveen NY Select Tax Free
  116. PIMCO NY Municipal Income
  117. PIMCO NY Municipal Income II
  118. PIMCO NY Municipal Income III
  119. Neuberger Berman NY Intermediate Muni
  120. BlackRock NY Muni 2018 Term
  121. Nuveen NJ Quality Muni Inc
  122. EV NJ Municipal Income
  123. EV NJ Municipal Bond
  124. Nuveen NJ Municipal Value Fund
  125. BlackRock MuniHoldings NJ Qty
  126. BlackRock NJ Municipal Bond
  127. BlackRock NJ Municipal Income
  128. BlackRock MuniYield NJ
  129. Delaware Invest National Muni Inc
  130. DTF Tax-Free Income
  131. BlackRock Muni Inter Duration
  132. Managed Duration InvGrade Muni
  133. Nuveen AMT-Free Quality Muni Inc
  134. Nuveen Quality Muni Income Fund
  135. Dreyfus Muni Bond Infrastructure
  136. Invesco Value Muni Income Trust
  137. Invesco Quality Muni Income Trust
  138. EV Municipal Bond
  139. Invesco Muni Opps. Trust
  140. BlackRock Municipal 2030 Target Term
  141. EV Municipal Bond II
  142. Western Asset Municipal Partners
  143. MFS® Investment Grade Muni Trust
  144. BlackRock Muni Inc Qty Trust
  145. BlackRock Municipal Bond
  146. Invesco Municipal Trust
  147. EV Municipal Income
  148. Nuveen AMT-Free Muni Credit Inc
  149. Federated Premier Muni Income
  150. Putnam Municipal Opportunities
  151. Nuveen Inter Dur Qual Muni Term
  152. BlackRock Invst. Quality Muni
  153. Invesco Adv Muni Inc II
  154. Nuveen Municipal Credit Income
  155. BlackRock MuniYield Quality II
  156. Nuveen Select TaxFree Income 2
  157. Deutsche Municipal Income
  158. Invesco Muni Invst. Grade Trust
  159. BlackRock MuniHoldings Fund II
  160. Nuveen Select TaxFree Income 3
  161. Nuveen Enhanced Muni Value
  162. BlackRock Strategic Muni
  163. Nuveen Select TaxFree Income
  164. BlackRock Municipal Income II
  165. BlackRock MuniYield Quality
  166. Dreyfus Municipal Income
  167. BlackRock MuniHoldings Quality
  168. BlackRock MuniYield Qty III
  169. BlackRock Muni Inc Inv Qty Trust
  170. BlackRock MuniHoldings Fund
  171. BlackRock Muniyield Inv Qty
  172. BlackRock MuniYield
  173. BlackRock MuniEnhanced
  174. BlackRock Municipal Income
  175. Nuveen Municipal Value
  176. BlackRock Municipal Income Inv
  177. Mainstay Defind Term Muni Opps
  178. EV Municipal Income 2028 Term Trust
  179. BlackRock MuniHoldings Qty II
  180. BlackRock MuniHoldings Inv Qty
  181. BlackRock MuniVest
  182. PIMCO Municipal Income
  183. Nuveen Municipal Income
  184. BlackRock MuniVest Fund II
  185. BlackRock MuniYield Inv Fund
  186. Dreyfus Strategic Municipals
  187. Dreyfus Strategic Muni Bond
  188. Nuveen AMT-Free Municipal Value
  189. Western Asset Managed Muni
  190. EV National Muni Opps Trust
  191. PIMCO Municipal Income III
  192. PIMCO Municipal Income II
  193. AllianceBernstein Nat Muni Inc
  194. Western Asset Intermediate Mun
  195. Nuveen Select Maturities Muni
  196. Neuberger Berman Inter Muni
  197. BlackRock Municipal 2020
  198. BlackRock Muni 2018 Term Trust
  199. Western Asset Muni Defined Opp
  200. Delaware MN Muni Income II
  201. Nuveen MN Quality Muni Inc
  202. EV MA Municipal Income
  203. EV MA Municipal Bond
  204. Nuveen MA Quality Muni Inc
  205. Massachusetts Tax-Exempt Trust
  206. EV CA Municipal Income
  207. Alliance CA Municipal Income
  208. BlackRock CA Municipal Income
  209. Nuveen CA Quality Muni Income
  210. MFS® California Municipal Fund
  211. EV CA Muni Bond II
  212. BlackRock MuniYield CA Quality
  213. BlackRock MuniHoldings CA Qty
  214. Invesco CA Value Muni Income
  215. EV CA Municipal Bond
  216. BlackRock MuniYield CA
  217. Nuveen CA AMT - Free Quality Muni Inc
  218. Nuveen CA Select Tax-Free
  219. Nuveen CA Muni Value
  220. Nuveen CA Municipal Value 2
  221. PIMCO CA Municipal Income III
  222. PIMCO CA Municipal Income II
  223. PIMCO CA Municipal Income
  224. Neuberger Berman CA Inter Muni
  225. BlackRock CA Muni 2018 Term
  226. EV Limited Duration Income
  227. BlackRock Multi-Sector Income
  228. Wells Fargo Multi-Sec Income
  229. MFS Multi-Market Income
  230. EV Short Duration Diversified
  231. Putnam Master Intermediate Income
  232. Western Asset Variable Rate Strategic
  233. TCW Strategic Income
  234. Franklin Limited Duration Income Trust
  235. PIMCO Dynamic Credit and Mortgage Inc
  236. JH Investors Trust
  237. PIMCO Income Strategy Fund II
  238. Virtus Global Multi-Sector Income
  239. PIMCO Income Strategy Fund
  240. PIMCO Income Opportunity
  241. Doubleline Opportunistic Credit
  242. PIMCO Dynamic Income
  243. Guggenheim Strategic Opp Fund
  244. PIMCO Corporate & Income Opps
  245. PIMCO High Income
  246. PCM Fund
  247. PIMCO Corporate & Income Strategy
  248. EV Tax-Advantaged Bond & Option Strategy
  249. Nuveen Real Asset Income and Growth
  250. Source Capital Inc
  251. Cohen & Steers REIT & Preferred Income
  252. Calamos Strategic Total Return
  253. Cohen & Steers Closed-End Opp
  254. JH Tax-Advantaged Dividend Inc
  255. Wells Fargo Util & High Income
  256. Virtus Global Dividend & Income
  257. Mexico Fund
  258. New Ireland Fund
  259. Mexico Equity & Income
  260. Korea Fund
  261. The Central and Eastern Europe Fund
  262. New Germany Fund
  263. Swiss Helvetia Fund
  264. Aberdeen Israel
  265. Aberdeen Singapore Fund
  266. Aberdeen Indonesia Fund Inc
  267. Aberdeen Chile Fund
  268. Thai Fund Inc
  269. Aberdeen Australia Equity
  270. Miller/Howard High Income Equity
  271. Liberty All-Star Growth
  272. Herzfeld Caribbean Basin
  273. Sprott Focus Trust
  274. GDL Fund
  275. Nuveen Build America Bond Opp
  276. BlackRock Taxable Municipal Bond Trust
  277. Guggenheim Taxable Muni Managed Dur Tr
  278. Nuveen Build America Bond
  279. Latin American Discovery Fund
  280. Aberdeen Latin America Equity
  281. Boulder Growth & Income
  282. Gabelli Dividend & Income
  283. Liberty All-Star Equity
  284. Gabelli Multimedia
  285. Nuveen Core Equity Alpha
  286. Foxby Corp
  287. Central Securities Corporation
  288. General American Investors
  289. Adams Diversified Equity Fund
  290. Eagle Capital Growth
  291. Gabelli Equity Trust
  292. Cornerstone Strategic Value
  293. Cornerstone Total Return
  294. Aberdeen Japan Equity Fund
  295. Japan Smaller Capitalization
  296. First Trust Mortgage Income
  297. BlackRock Income Trust
  298. Nuveen Multi-Market Income
  299. MFS® Government Markets Income
  300. JH Income Securities
  301. PIMCO Strategic Income
  302. BlackRock Enhanced Gov Fund
  303. Western/Claymore Infl-Lnk Opps
  304. Western/Claymore Infl-Lnkd Securities
  305. India Fund Inc
  306. MS India Investment
  307. Putnam Managed Muni Income
  308. Pioneer Municipal High Income
  309. Western Asset Muni High Income
  310. MFS Municipal Income
  311. Deutsche Strategic Muni Income
  312. Nuveen Intermediate Duration Muni Term
  313. BlackRock Long-Term Muni Adv
  314. MFS® High Yield Municipal Trust
  315. Pioneer Muni High Inc Adv
  316. Nuveen Municipal 2021 Target Term
  317. MFS High Income Municipal Trust
  318. Nuveen Muni High Inc Opp
  319. BlackRock MuniAssets Fund
  320. Invesco Muni Income Opps Trust
  321. First Trust Strategic High Income II
  322. Prudential Global Short Duration High
  323. Neuberger Berman High Yield Strategies
  324. Western Asset High Income Opp
  325. BlackRock Corp High Yield
  326. Apollo Tactical Income
  327. Western Asset Global High Inc
  328. Prudential Sht Duration High Yield
  329. Western Asset High Inc Fund II
  330. Western Asset High Yld Def Opp
  331. Invesco High Income II
  332. Wells Fargo Inc Opp
  333. Pioneer Diversified High Inc
  334. Pioneer High Income Trust
  335. First Trust High Inc Long/Short
  336. Nuveen Global High Income
  337. KKR Income Opportunities
  338. AllianceBernstein Glb High Inc
  339. Credit Suisse Asset Mgmt Income
  340. MFS® Charter Income
  341. Barings Global Short Duration High Yield
  342. New America High Income Fund
  343. BlackRock Limited Duration Inc
  344. Brookfield Real Assets Income Fund Inc.
  345. Ivy High Income Opportunities
  346. Dreyfus High Yield Strategies
  347. Deutsche Multi-Market Income
  348. Deutsche Strategic Income
  349. Nuveen Emrg Mkts Debt 2022 Target Term
  350. Dreyfus Alcentra Gl Cred Inc 2024 Tgt Tm
  351. BlackRock 2022 Global Income Opportunity
  352. Invesco High Income 2023 Target Term
  353. Nuveen High Income Nov 2021 Target Term
  354. Nuveen Credit Opp 2022 Target Term
  355. XAI Octagon FR & Alt Income Term Trust
  356. Nuveen High Income Dec 2019 Target Term
  357. Eaton Vance High Income 2021 Target Term
  358. Nuveen High Income Dec 2018 Target Term
  359. Nuveen Mortgage Opp Term Fund 2
  360. Nuveen Mortgage Opp Term Trust
  361. Deutsche High Income Oppos
  362. Guggenheim Credit Allocation
  363. Nuveen High Income 2020 Target Term Fund
  364. Nuveen Preferred and Income 2022 Term
  365. Barings Participation Invs
  366. Barings Corporate Investors
  367. Invesco High Income 2024 Target Term
  368. Invesco High Income 2024 Target Term
  369. Credit Suisse High Yield Bond
  370. MFS® Intermediate High Income
  371. Western Asset Mortgage Defined Opp
  372. Gabelli Health & Wellness
  373. Tekla Healthcare Opportunities
  374. Tekla World Healthcare
  375. Tekla Healthcare Investors
  376. Tekla Life Sciences Investors
  377. BlackRock Health Sciences
  378. CBRE Clarion Global Real Est Income
  379. Alpine Global Premier Property
  380. First Trust Specialty Finance
  381. JH Financial Opportunities
  382. European Equity Fund
  383. First Trust Dynamic Europe Equity Income
  384. ASA Gold and Precious Metals
  385. Adams Natural Resources Fund
  386. Cushing® Energy Income
  387. BlackRock Energy & Resources
  388. Cushing® Renaissance
  389. Duff & Phelps Select Energy MLP
  390. Tortoise Energy Independence
  391. MS Emerging Markets Domestic
  392. Western Asset Emerg Mkts Debt
  393. Templeton Emerging Markets Income
  394. Templeton Global Income
  395. MS Emerging Markets Debt
  396. Stone Harbor Emg Mkts Total Income
  397. Stone Harbor Emerging Mkts Income
  398. MS Emerging Markets
  399. Templeton Emerging Markets
  400. First Trust/Aberdeen Emerging Oppos
  401. Aberdeen Emerging Markets Smlr Co Opps
  402. BlackRock Credit Allocation Inc
  403. Duff Phelps Utility&Corp Bond
  404. MS Income Securities
  405. Western Asset Premier Bond
  406. BlackRock Core Bond
  407. Insight Select Income Fund
  408. Invesco Bond Fund
  409. Western Asset Income
  410. Western Asset IG Defined Opp
  411. Advent Claymore Conv & Income
  412. Advent Claymore Cnvt Secs&Inc II
  413. Bancroft Fund
  414. Ellsworth Growth and Income
  415. AllianzGI Convert & Inc 2024 Target Term
  416. Putnam High Income Securities
  417. Calamos Dynamic Convertible and Income
  418. Calamos Convertible & High Income
  419. Calamos Convertible Opps & Income
  420. AllianzGI Convertible & Inc II
  421. AllianzGI Convertible & Income
  422. Gabelli Go Anywhere Trust
  423. Advent Claymore Enh Grth & Inc
  424. AllianzGI Diversified Income & Convert
  425. MFS Special Value Trust
  426. Sprott Physical Silver Trust
  427. MS China A Share
  428. Templeton Dragon Fund
  429. Taiwan Fund
  430. Aberdeen Greater China
  431. China Fund Inc
  432. Invesco Dynamic Credit Opps
  433. Invesco Senior Income Trust
  434. Voya Prime Rate Trust
  435. Ares Dynamic Credit Allocation Fund
  436. Apollo Senior Floating Rate
  437. Nuveen Credit Strategies Income
  438. EV Senior Income Trust
  439. EV Floating-Rate Income Plus
  440. BlackRock Debt Strategies Fund
  441. First Trust Senior FR Income II
  442. Western Asset Corporate Loan Fund
  443. Blackstone/GSO LS Credit Income
  444. THL Credit Senior Loan
  445. BlackRock Float Rate Strat
  446. EV Floating Rate Income
  447. Pioneer Floating Rate Trust
  448. Blackstone/GSO Strategic Credit
  449. Aberdeen Income Credit Strategies Fund
  450. Nuveen Shrt Duration Cred Opps
  451. First Trust Senior FR 2022 Target Term
  452. EV Senior Floating Rate
  453. Nuveen Senior Income
  454. BlackRock Floating Rate Inc Trust
  455. Nuveen Floating Rate Income
  456. Eaton Vance Float-Rate 2022 Target Term
  457. Nuveen Floating Rate Income Opps
  458. Blackstone / GSO Sr Floating Term
  459. Highland Floating Rate Opportunities Fd
  460. Oxford Lane Capital Corp
  461. Eagle Point Credit Co LLC
  462. Eagle Growth & Income Opportunities Fund
  463. Tri-Continental Corporation
  464. LMP Capital & Income
  465. AllianzGI Equity & Conv Inc
  466. Nuveen Tax-Adv Div Growth
  467. EV Tax Advantaged Dividend Inc
  468. Gabelli Convertible & Income
  469. Gabelli Global Small & Mid Cap Value Tru
  470. Royce Global Value Trust
  471. Brookfield Glo List Infr Income
  472. AllianzGI NFJ Div Interest & Prem
  473. Delaware Inv Div & Income
  474. Macquarie Glb Infrast TR Fund
  475. Cohen & Steers Glb Inc Builder
  476. Cushing MLP Total Return Fund
  477. Cohen & Steers Infrastructure
  478. Salient Midstream & MLP
  479. ClearBridge Energy MLP Total Return
  480. ClearBridge Energy MLP Opps
  481. Voya Emerging Markets High Dividend Eq
  482. BlackRock Enhanced Equity Div
  483. Madison Covered Call & Equity Strategy
  484. ClearBridge Energy MLP
  485. Kayne Anderson Energy Total Return
  486. BlackRock Enhanced Intl Div Trust
  487. Goldman Sachs MLP Income Opps
  488. Madison Strategic Sector Prem
  489. Kayne Anderson Energy Dev Co
  490. Tortoise Power & Energy Infrastructure
  491. Voya Global Advantage and Premium Opp
  492. Kayne Anderson MidstreamEnergy
  493. GAMCO Nat Res Gold & Income
  494. EV Risk-Mgd Divers Equity Inc
  495. Nuveen Energy MLP Total Return
  496. Tortoise Pipeline & Energy
  497. Cohen & Steers MLP Inc&Energy Opp
  498. Goldman Sachs MLP and Energy Rena
  499. BlackRock Enhanced Glbl Div Trust
  500. BlackRock Enhanced Cap & Inc
  501. Voya Global Equity Dividend&Premium Opp
  502. Tortoise MLP Fund
  503. First Trust Energy Infra. Fund
  504. ClearBridge American Energy MLP
  505. Neuberger Berman MLP Income
  506. EV Enhanced Equity Income
  507. EV Enhanced Equity Income II
  508. First Trust Energy Inc & Growth
  509. Tortoise Energy Infrastructure
  510. Kayne Anderson MLP
  511. Voya Natural Resources Equity Income
  512. Guggenheim Enhanced Equity Inc
  513. Nuveen S&P 500 Buy-Write Income
  514. Nuveen Dow 30 Dynamic Overwrite
  515. Central Fund of Canada
  516. First Trust Enhanced Equity Income
  517. Center Coast MLP & Infrastructure
  518. EV Tax-Managed Div Equity Income
  519. Voya Infrastructure Industrials & Matls
  520. EV Tax-Mgd Gbl Div Equity Income
  521. Nuveen All Cap Energy MLP Opps
  522. Fid/Claymore MLP Opportunity
  523. First Trust New Opps MLP & Energy
  524. EV Tax-Managed Buy-Write Opps
  525. First Trust MLP & Energy Inc Fund
  526. EV Tax-Managed Buy-Write Inc
  527. Nuveen S&P 500 Dynamic Overwrite
  528. EV Tax-Managed Glb B-W Opps
  529. Voya International High Dividend Eq Inc
  530. Nuveen NASDAQ 100 Dynamic Overwrite
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