Here is a link which discussed closed end funds on this board. Closed End Funds - Advice?
I used the Closed End Fund Assn website for reseaching this specie of investment--generally easier to navigate and links to issueing fund. CEFA - Closed-End Fund Association
The discount lookes a bit thin to me as you are buying it essentially at par. There are a lot of CE funds with much higher discounts and lower expense ratios. I recently put some IRA money into an Evergreen Multi Sector CE and the discount at purchase was 14.5 (now 11.5%). CEFA site will give you latest discount rates and expenses by clicking through to the specific fund. You will pretty much have to go to the CE Fund website and get the prospectus and report to get some data.
I have found most of the CE funds have higher expenses than what you would see from the mainstream fund houses.
I don't think I have covered all your questions but I hope it helps.