[trailrunner46]

The closed end funds can be tricky if yields start to rise as the leverage they use gets more expensive. Frankly I am not much of a muni expert so hard for me to speak about munis specifically. In general though bond investors are worried about the binary default scenario, they are either getting paid over time or all the sudden not. However its important to keep in mind what kind of bond is being considered... an IG highly rated company has a large fixed income/duration component and then is at the mercy of the market pricing of the spread from government to corporate (widens when things look riskier, which means the bond price will fall). High Yield companies have less duration to worry about as a % of the return, its much more about the risk of the company (get paid for a while while the company is operating fine, but can get wiped out in a downturn).