Check out Bancroft Convertible Closed End Fund. Thay are at a 20% discount and paying bwtween 12-15% dividend. They have a long and public history. Very stable dividend for 10 years. Their top ten investments are high quality companies.
My too biggest concerns with holding FAX right now is that the FED might raise interest rates over the next couple of months and FAX probably cutting its dividend this spring. I plan to buy FAX in the $4's this spring after the dividend cut.