They return 4% of your own money back to you as part of their managed distribution, so only half of the distribution is real, the other half is called the "destructive return of capital." Free closed-ended fund lesson of the day. Now the fund is finally trading back close to NAV, so it's reasonable at these levels or maybe a few % cheaper (to get it at a discount). They should probably only distribute real income and gains from their portfolio of fixed income instruments; giving investors their own money back doesn't make them any wealthier and leads to a lower NAV for the fund.
I actually added as a result of the weakness. Anytime the distribution yield gets above 8% I try to add. I suppose the weakness in foreign bonds may be one reason it has dropped, buit this fund always comes back.