SPECIAL NOTE: THE MAY, 2012 ISSUE WAS POSTED ON FRIDAY, APRIL 27, 2012 AT 4:00 pm

Some recent topics covered in the report include:

• Did You Buy the New Year's Buy List?; Pitfalls of Paying Premiums; Secondary Offerings on the Rise; Tax Exempt ≠ Tax Free: Table of 2011 Distributions Subject to AMT; Definition of "On an Annual Basis" Adjudicated; ARPs Trading Activity Picks Up; Declared Stakes Filings (March, 2012)
   
• The Other D-Word in Closed-End Funds; Fourth Quarter and 2011 Performance Rankings and Survey; Focus on Closed-End Fund Distributions; Survey of Municipal Fund UNII; Dissident Conference Provides Glimpse Into the Next Proxy Season; ISS Invites Funds to Engage; NYSE Clarification Causes Initial Confusion (February, 2012)
   
• 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; RIC Modernization Affects Closed-End Funds; Fair Valuation Continues to Evolve: Survey of Fair Value Reporting (April, 2011)