MFlover,   "What do you think about them as a small part of a long term fixed income portfolio?"

 If you don't presently need the income,  I'd steer clear.  The yields are deceiving.  If these things didn't "yield" so high, would you even be interested?    But the yeilds are a "siren's song" -- you are compounding at high rates --- but on ever declining NAVs.   Pass!   And again, before you EVER consider buying bond CEFs, look at the long-term change in NAV --- they are  down, down, DOWN -- And this in the biggest bond bull market of all time.

 For fixed income exposure,  I would look at a couple OEFs:   LSBRX,   PAUDX (maybe),  and the soon-to-be opened PIMCO Global Advantage fund (headed up my PIMCO co-CEO and former Harvard endowment manager, Mo El Arian).       These are some of the best fixed-income managers around.  I doubt ANY of us know as much about fixed income investing as either of these guys has forgotten!  

If you prefer an index approach, you might look at BWX, WIP, TIP and LQD. 

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Resources:   I should have mentioned a great free resource:  chamois.  Chamois also contributes wonderfully on the "Closed End Funds" board on investorvillage.com.   He IS  a great resource (and FREE!).

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MLPs:  Like chamois, I do like MLPs.   (though for tax simplicity, I don't re-invest distributions).   IMO, these offer some good yields, and the prospect of growth in those yields.      Again, at investorvillage.com, check at the "MLPs" board.  Anything posted by "factoids" is superb.  - Be wary though,  there is fear that some of the tax benefits may be changed by future Congress/Prez.

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Other CEFs:  If you are still convinced you want to play with CEFs,  I'd start by picking up the Barrons or Monday's WSJ.   Both carry a full sort of) listing of CEFs.  From there, you can go to etfconnect and start researching one's that are interesting.

Ones that seem well-managed include the ones from Royce and FPA (the ones you mentioned).    I also respect the Clough funds and Eaton Vance.  I also like UTG.  (I don't own ANY CEF presently, so these are NOT recos!!!)

More importantly, ones I would avoid like the plague are:

1. Regions Morgan Keegan (RMK).   Would not touch these with YOUR dingy!

2. Alpine.   (Complete BLOW UP of their AWP fund).

4. Dreman (DCS, DHG):  Dave Dreman was once the "dean of value".   Regrettably, he stayed too, too long.

Would further add (generally):

a. If a CEF has previously cut its disty (full disty, history on etfconnect.com) then DO NOT BUY.

b. If a CEF trades at a premium to NAV (or even at par) DO NOT BUY.

c. Always trade these on LIMIT orders.

d. If NAV is lower than 5 years ago, DO NOT BUY.

e. If CEF is less than 5 years old, DO NOT BUY.

f. If a CEF you own moves to a +5% premium, its time to think about selling.

Remember: If you are so inclined (I am not), DATE your CEFs, do NOT marry them.

3.