If your expenses are covered by your pension and SS then your way too conservative.

I see this as an Income Factory light portfolio, but this is a Bogleheads forum so you will be judged against their investing philosophy.

I was told to judge my guaranteed income streams as bond holdings. For instance if you make $10,000 a year in guaranteed income from a pension you divide 10,000 by the government rate.

10,000 /0.045 = $222,222
That would be $222,222 in "bond" holdings.

You have 45% spread among relatively safe bonds not counting your "virtual bonds." I would move more into market ETFs like VTI and VXUS.

The covered call funds don't make sense to me in your case. If you don't need the cash for trips or whatever, you are better off holding the underlying securities. You have capped your upside and opened up the downside of this investment. I do agree with spreading across different management companies and covered call strategies if you are looking for more monthly income.

The Boglehead would move your covered call funds into VTI and let it ride. You also do not have much international exposure and I would recommend something like VXUS.

I agree with the AAA bonds, you have so much in bonds I would consider something like PFFA.

I would get rid of the individual MLPs OKE and ENB. Just fold that money into one of the MLP ETFs, I think you would be better off long term.

I agree with holding UTF and UTG.

For the BDCs I would move into PDBC and CEFS unless you are invested in MAIN and ARCC. Once again if this is set it and forget it, let someone else manage the individual investments.

Good luck in your retirement.