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Thanks for the comments.

I have both CEF's and muni bonds. Granted my percentage has increased toward the funds, but I have had no trouble buying and selling even during the 1979-1982 high yield periods.

I prefer the CEF's to open end because of the ability to GTC a limit order on a CEF with a low commission.

In addition to capital gains on the CEF's, (with low commissions I trade more frequently) my yields have been a quarter to a half point better than the bonds.

My CEF,s have a YTD return of 16%, can't say that about the bonds assuming I could get the current bond value reported.

CEF's are not for everybody, but the advantages have increased in the last few years.
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