I don't have any bond allocation, but I do have the more-or-less equivalent income allocation in the form of income CEFs. Turns out the allocation is 15%, a bit higher than intended. The average distribution yield is about 8%.

Most of them use techniques with options, etc. to minimize taxes, the hint is generally that part of the CEF name is "Tax-Managed". They arrange things such that a large part of the distribution is legally considered ROC (return of capital). Many of them do "managed distribution" therefore the NAV & price swing up and down while the payout stays constant.

ROC is not taxed, so this can be a big advantage. This advantage is lost in an IRA or Roth account.

I have been accumulating these over several years, without paying attention to whether the purchase was in a taxable or tax-advantaged account. Well. Turns out that almost half of these holdings sit in a tax-advantaged account. So now I need to move these holdings to a taxable account and replace them with stock holdings .