For those that do not know, the attraction here is a 10% yield which should be good for about 6 years, they hold loans typically out to 2014 (yield is as high as junk bonds), on the 35% leveraged Closed End Funds. Some funds hold loans from over 600 companies so they are diversified. In the case of default the loans get paid first, making this investment less risky than junk bonds.
If the credit problems get solved without a meltdown, there could be some cap gains in addition to the yields. If the meltdown occurs, they might lose some money but so will everything else.