Still, at least in loan-participation funds, the market has become more active in recent years so valuations are fairly legitimate, said Gondor.

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Herzfeld Advisors purchased high-yield and loan participation closed-end funds at discounts of more than 30.0%, because the prices hit rock-bottom during intraday trading, said Gondor.

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"There's been a general flight to quality, so very few people want to take a chance on high-yield bonds right now, " said Cecilia L. Gondor, executive vice president of Thomas J.

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