"Given the high expense ratios of most CEF, there is ony two ways to pull this off: (1) leverge or (2) differing bond quaity (e.g., comparing B rated bonds to AA rated)." According the literature the expenses ratios should be lower. Also, the funds are managed by companies like Solomon Brothers, Merrill Lynch, Credit Suisse, etc. I seems that they should have the resouces to evaluate higher risk. I have read that most of the portfolio is in the BBB to B rated securities. But when I look at the yields they seem too good to be true. That bothers me. Me and my Kitties
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