RE:RE:RE:I have a tiny bit of DFN Jack 256, thanks for your nice comments. I ,like you, invest mostly in prefs of splits. BNK tempted me because of the huge discount. What most investors in capital shares in splits is that the dividend is not really a dividend but more aking to a return in capital. The day after the pseudo dividend is paid, the NAV drops by the same amount. That is why the only way to make real money in those is if the undelying stocks make huge gains in the Market or if you buy below NAV and benefit from the return on capital provision over time. BNK offers both in my mind as I believe banks are undervalued . Liquidity is not so bad, but being a new fund, it does not have a following and this is why it trades at a discount that will not resorb itself through the stock price but rather through the so called dividend. Buying these at a price that exceeds NAV is a fools game in my mind hoping that a greater fool will be willing a higher price than the value of the assets for the priviledge of being given back your own money. When the market tanks or at redemption you lose your prmium and your pseudo dividend. FTN holders are in for a surprise redemption I suspect and will lose that premium when the capital shares will be redeemed au NAV to match what I expect to be a deluge of Pref redemption.