The Investor's Guide to Closed-End Funds     MONTHLY RESEARCH                                      http://www.herzfeldresearch.com Please log in below: The Investor's Guide to Closed-End Funds is a monthly report containing trading recommendations on all closed-end funds in every issue.   The report also contains commentary by Thomas J. Herzfeld, closed-end fund announcements, dividends, and published managed portfolios showing the actual results of investment programs available to subscribers.

Topics covered in some recent past reports include:

• Disparity in Valuations Highlights Risk But Also Identifies Opportunity; New Year's Buy List; 2011 Year in Review: Annual Survey of Activity in the Closed-End Fund Industry; Annual ARPs Review: Municipal Fund Redemptions Surge at Year-End (January, 2012)
• Waiting for a Break; Declared Shareholder Stakes: Discount Management Programs Triggered for Many Foreign Funds; Surveys of Declared Shareholder Stakes by Fund and by Shareholder; Quarterly ARPs Update; What's Going on with Closed-End Fund IPOs?; Loosening the Tap (December, 2011)
• Investigating Clues to Year-End Opportunities, First Nine Months and Third quarter 2011 Performance Rankings and Survey; Understanding Year-End Distributions: Survey of Closed-End Fund Loss Carryforwards; Thinking Outside the Box: SPE Shareholders Given Unusual Option (November, 2011)
• Volatility Presents Short-Term Trading Opportunities but Few Long-Term Buys; Squirreling Away Cash for Seasonal Trading; Annual Closed-End Fund Leverage Update: Examining Structural Versus Economic Leverage; Surprise Details Emerge from Standstill Agreement with Liberty All-Star Funds: Commentary from The Altman Group/AST (October, 2011)
• Examining the Market Shakeout, Assessing the Damage and Fallout; Statistical Survey of the Damage; ARPs Update: Trio of Factors Leads to a Relatively Quiet Quarter; Special Shareholder Meetings Targeted by Activists (September, 2011)
• Silver Anniversary Issue: First Half 2011 Performance Rankings and Survey: Strong Figures Belie Ongoing Market Challenges; Can ROC Overcome Bad Rap? Survey of Closed-End Fund Return of Capital Distributions; Municipal Closed-End Fund ETF Debuts (August, 2011)
• Pulse of Dividends: More Increases than Decreases--But the Disparity is Narrowing: Spotlight on Preferred Shares: Fitch Ratings Focuses on Tax-Exempt Funds; Exchange-Traded Preferreds Target Retail; Table of Exchange-Traded Preferreds; Average Expense Ratios Decline; Survey of Closed-End Fund Expense Ratios; Investors Prepare for Rising Interest Rates; Face Off With Dissidents...Update (July, 2011)
• SPECIAL BOARDROOM ISSUE: Declared Shareholder Stakes: by Fund and by Shareholder; Retail Investors Favor "Packaged" Closed-End Fund Products over IPOs, The Number of Shareholder Proposals Continue to Grow, Recent Agreements with Dissidents Include Affiliated Funds; Pros and Cons of the Most Commonly Used Closed-End Fund Discount-Narrowing Techniques; ARPs Update: Resurgence in Redemption Activity, Fitch Report Gives Behind the Scenes Glimpse into Taxable Fund Leverage, Settling Firm Seeks New Role, Face Off with Dissidents Hinges on ARPs Shareholder Vote...Again (June, 2011)
• In the Winner's Circle: Survey of First Quarter NAV and Share Price Performance; Comparing Closed-End Fund "Yields" to Income Ratios: Income Terms Related to Closed-End Funds; News Stories Shed Light on Boardroom Dilemmas (May, 2011)
• Profiting from Adversity; Gundlach Issues a Clarification; Study Confirms: Payouts Drive Valuation: Interview with W. Jeffrey Lee of Wells Fargo Advisors; RIC Modernization Affects Closed-End Funds; Fair Valuation Continues to Evolve: Survey of Fair Value Reporting (April, 2011)
• Another Celebrity Enters the Fray; Not All Tax-Exempt Interest is Created Equal; % of Distributions Subject to AMT; Quarterly ARPs Update: Market and External Factors Weigh Heavily on Redemption Decisions; Table of Remaining ARPs and Declared Stakes; Understanding Voting Results (March, 2011)
• Performance Results Reflect Abrupt Shift in Sentiment; Annual and Fourth Quarter Performance Rankings and Survey; Municipal Fund Panic Creates Alluring Tax-Exempt Yields; Survey of Municipal Fund Earnings and UNII; Year-End Declared Stakes Reporting; Vigilante Justice (February, 2011)
• Confluence of Factors Result in Attractive Year-End Opportunities; New Year's Buy List; 2010 Year in Review: Annual Survey of Activity in the Closed-End Fund Industry; Year-End Comparison of ARPs Redemptions by Advisor (January, 2011)

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