Pays 12% on junk. Filtered junk. VERY filtered junk. As a matter of fact, they've paid $1.65 every year since inception from cash flows, no bread from the till itself. They specialize in those firms that need, but have a good business plan, and they steered clear of financials for the most part. A brief 4% dabble there and they pulled stakes and ran just in time around the May time frame.

They've been $5.69. They've been $18 in the last couple years. They are sitting below their $15 offer price at a discount of now about 20% to NAV. NAV is the province of independent audit.

I wish I'd had the balls at $6 bucks when they were punished unfairly in the last unpleasantness of Sept 08.

You can make a living from this fund with a $500K investment, $65K a year, with about $5.50 upside long squirm crapitall gain on the upside.

There is time to redirect your investments just in case we slide down the other side of the W because of hiked irates.

This fund ATTRACTS attention during the early days of interest rate hikes, and starts with a pop that kerfluffles for a time upward allowing you to exit with cesssssh en pocketo.

How good is it? It's the only part of my portfolio I would ever invest in without covered calls and feel perfectly happy, if not safe.