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--- To test this, go to Yahoo Finance, Historic Quotes and put in a CE bond symbol, and select a 5 or 10 year time period and click on dividends. Run your eye down the long column and you'll see what I mean.---

Not sure about your analogy;
I have only CEF Munis (Scudder, Van Kampen, MSDW, Nuveen) 10 in all, some for over 10 years. The dividends have been steady, with Capital Gains Distribution on at least half of them.
These you can check on Yahoo NPF (10 years) VKL (6 years) NUV (7 years).
The current average yield of my funds (tax free) is 6.2%, and they are worth 20% more then my cost.
I do buy and sell to take advantage of moves, but as I said in an earlier post, the cost with online brokers is minimal in and out.

Again, CEF's are not for everyone, but if you follow the market, they are easy to buy, and sell at the price you deem acceptable. Not an NAV set by a fund manager.
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