I oversubscribed as well to KHI and feel about the same about the same way you do. I sold two thirds of my position at 10 3/16 and oversubscribed by enough to re-establish my original position.
Anyway, I think we may have gotten lucky with FAX. I took my position at 5 9/16 late last year and am optimistic that the NAV of FAX will continue to rise for a long time which will drag the market value with it. I wouldn't be surprised to see a special dividend or two from strong capital gains in addition to the regular dividend or maybe an increase in the regular dividend as the market value increases to keep the yield up.
I certainly have mentioned this before but I like to talk about it because the investors I can convince the more eyes and ears I have to help monitor my investments too...if that makes sense.
Traders I know talk about looking for catalysts to drive there new purchase higher,i.e. up coming earnings, new business etc.. Sucessful traders I know buy high and sell higher, trading with the momentum.
I feel with income vechicles like FAX, KHI, SGU, HYP, PZN). I am looking for a "technical" catalyst(rights offering, secondary, unpopular merger, confusing change in corporate structure) to buy shares, verses fundamental issues (industry show down, earnings, etc.). Points of "inflection"..any ideas I would appreciate.