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Strategies & Market Trends : Bonds & Bond Funds -- Ignore unavailable to you. Want to Upgrade?

To: KyrosL who wrote (18)	12/17/2008 8:13:17 PM
From: peter michaelson	Read Replies (1) \| Respond to of 161

Darn, I missed that on VTA, thanks. When I started buying these CEF's a month ago I used etfconnect info almost exclusively. I see now that it's necessary to drill down into the filings. This came to light particularly on the JFP fiasco, where they lowered reported NAV about 20% one day - only then did I learn that many holdings were Level 3 assets, with no market to determine price - the old Mark-to-Model problem. What I found stunning is that they made no announcement or explanation - just left their shareholders poor and ignorant. Disclosure by these CEF's is really bad - they don't keep their shareholders apprised of significant events. In some ways, that makes closed end funds riskier. They are not transparent.