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The Investor's Guide
to Closed-End Funds
The Investor's Guide to Closed-End
Funds is a comprehensive monthly
report on the closed-end fund industry. The
report contains trading recommendations on all
closed-end funds in every issue and also includes
commentary by Thomas J. Herzfeld, closed-end fund
announcements, dividends, and published managed
portfolios showing the actual results of investment
programs available to subscribers.
All files are in PDF format, and follow the same familiar page layout of the original report, which has been published continually since 1986. The report can be viewed on your computer screen or printed out. Annual subscribers may wish to print out the report and keep it in their binders.
If you need help or have any questions, we are
available to help at 305-271-1900 or 800-TJH-FUND
(800-854-3863).
For more information about other services offered
by Thomas J. Herzfeld Advisors, Inc., please visit
our main website at
www.herzfeld.com
If you would like to subscribe to the report, renew your subscription,
or view pricing information, please click below
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SPECIAL NOTE: The July, 2009 issue was published on
Tuesday, June 30, 2009 at 4:00 PM |
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Some recent topics covered in the report include:
- Pocketing Some
Profits; Losses Prompt Equity Funds to
Suspend Managed Payouts; Declared
Shareholder Stakes: Not Only Common but
Preferred Shareholders Also Flex Their
Muscles: Survey of Declared Shareholder
Stakes: by Fund and by Shareholder;
Fitch Cracks Down on ARPs Ratings
(June, 2009)
- Discount Narrow but
Remain Wide; First Quarter Performance
Reflects Investors' Desire for Income;
Increased Income, Optical Illusion or
Both? Survey of Income Ratios and Yield;
Bitter Pill to Swallow; Proposed Ban on
"Broker Non-Votes" Won't Apply to
Closed-End Funds; Auction Rate Preferred
Update; Subscribers' Corner (May,
2009)
- Discounts Narrow:
Equity Funds Rebound and Munis Attract
Money; How Reliable are Net Asset
Values?; ARPs Liquidity Crisis Update;
Legacy Program Puts Closed-End Funds in
the News (April, 2009)
- The Honeymoon is
Over: Closed-End Fund Discounts Widen
Sharply; Tax-Exempt Income--Well Not
Completely, Table of 2008 Dividends
Subject to AMT; Tax Reclassifications
Generally Favor Investors; ARPs
Liquidity Crisis Update: Institutions
Now Hold 44% of Remaining ARPs; Any Room
Under the TARP? (March, 2009)
- After a Rough Year
Have Closed-End Funds Rebounded too
Quickly?; 2008 Performance Survey and
Rankings: No Sector Left Unscathed; New
IRS Guidance Could Encourage Stock
Distributions; Fixed Rate Preferreds-Obscure
but Interesting; ARPs Liquidity Crisis
Update: 13G Filings of ARPs Holdings (February, 2009)
- A Dismal Year for
the Record Books; Wide Discounts Reflect
Lack of Investor Confidence; Year-End
Buy List; Focus on Municipal Bond Fund
Yields; 2008 The Year in Review: Annual
Survey of Activity in the Closed-End
Fund Industry; ARPs Liquidity Crisis
Update: An Educational Year
(January, 2009)
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End-of -Year
Trading Update; The Big Picture; A
Comprehensive Review of Shareholder
Activism: Survey of Declared Stakes by
Fund and by Shareholder; Shift in
Shareholder Base: Survey of New
Institutional Investors in Closed-End
Funds; ARPs Crisis Update: De-Leveraging
Picks Up Steam, Early ARPs Ideas
Suddenly More Feasible (December,
2008)
- Wide Discounts
Levels Persist; October Losses
Overshadow First Nine Month Performance
Results: Performance Rankings and
Surveys First Nine Months, Third Quarter
and Year-to-Date Through October Lows;
ARPs Crisis Update: Wild Markets Prompt
De-Leveraging Trend, SEC Eases Asset
Coverage Temporarily for Eaton Vance
(November, 2008)
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Closed-End Fund
Discounts Hit Historic Levels;
Leverage--A Double-Edged Sword; Table of
Closed-End Fund Leverage; Claymore
Supports Secondary Market in Closed-End
Funds; ARPs Crisis Update: Credit
Disruptions = High Penalty Rates,
Congressional Hearings, Billion-Dollar
Settlements (October, 2008)
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Discounts Widen But
Could Widen Even Further; 2008 Directory
of Closed-End Funds; SEC Issues Website
Guidance and Announces a New "IDEA";
ARPs Crisis Update: Settlements, Slowed
Progress, Conflict and Caution; Survey
of Replacement Leverage (September,
2008)
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22nd Anniversary
Issue; Poor Performance Extends Beyond
First Half: Performance Survey and
Rankings; Premium/Discount Charts
Provide Historical Perspective; Long
Awaited SEC Exemptive Relief Paves Way
for New Managed Payouts; ARPs Crisis
Update: Progress on New Solutions
Despite Negative News. SPECIAL
SUPPLEMENT: Long-Term Premium/Discount
Charts (August, 2008)
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Expense Ratios
Stabilize as Funds Adjust to New
Regulatory Requirements; Survey of
Closed-End Fund Expense Ratios; Auction
Rate Liquidity Crisis Update: Major
Developments in Creation of New
Preferred Shares (July, 2008)
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