Before making any predictions, it would be nice to have an idea of the default on these CEF bond portfolios. I know BG said they were 75% in investment grade bonds, but my bloomberg portfolio search is not confirming that any more. As a benchmark, corporate defaullt rates are behind the curve, and could easily go on to new uncharted highs. When yields spike like they have here, it isn't always because of investor ignorance. I'd like to climb back in here once I see where this shakes out for 4q 08. Could be a great product again, but needs fundamentals to be in synch.
Better to buy individual bonds for now than to go for a dog's breakfast.