I own both MORL and BDCL. I am not sure in a down market the BDCL will perform better than the MORL. Rate increasing may not come anytime soon.
I will add more MORL under $19. I will add more BDCL under $20.
What attracts me is the $4/year dividend. How the $4 is divided among 12 months is not an important issue for me.
I don't see the dividend increase from the underlying companies. Thus, I suspect the increasing in May and June is the result of smoothing.
Does MORL try to smooth big/small months's dividend. Both may and June dividends are a lot more than 2014. I bought another 1000 share today.
After double checking all sectors it occurs to me that the recent weakness of the MLPL is caused by the rate increasing. The midstream MLPs have meaningful debts. With rising rates the refinancing becomes more expensive. Interests charge will be high thus earning will be affected. Thus the MLPs are negatively affected by high interest (thus make the same dividend less attractive) and decreased earning. That said I believe the current price is in over sold territory.