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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 commentary by Thomas J. Herzfeld, in-depth analysis of topics related to closed-end fund trading and the industry, statistics and surveys of key data, 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 a binder.  Please read our User Agreement for subscription terms.  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


Some recent topics covered in the report include:

  • Discounts Widen Across the Board; The Number of Declared Stakes Level Off While the Size of UIT Holdings Decline: Survey of Declared Shareholder Stakes by Fund and by Shareholder; Confidential Treatment of 13F Disclosures; FINRA Umbrella Covers Closed-End Funds; Convertible Funds "Don't Get No Respect." (December 2013)
  • 'Tis the Season; Traditional Year-End Expected for Seasonal Tax Trading; Build America Bonds: Challenged by Fate; Year-End Capital Gains Distribution Watch; Preparing to Offer More? Nuveen Seeks Exemptive Relief on Behalf of Money Market Buyers of VRDPs; First Nine Months Performance Ranking and Survey (November 2013)
  • September Surprises: Liquidation Announcement Surprises Investors; Suffering from Success: Looking Under the Hood of Senior Loan Funds--Interview with Gunther Stein, CEO/CIO of Symphony Asset Management; Annual Leverage Update: Taking Advantage of Steeper Yield Curves: Annual Survey of Closed-End Fund Leverage; ARPs Refinancing Sputters Along; Definition of "On an Annual Basis" Adjudicated: Redux (October 2013)
  • The Chicken and the Egg: Bond Markets Selloff as Interest Rates Rise; Will a Rise in Corporate Activism Spread to Closed-End Funds?;  Impact of Widening Discounts Reverberates in the Boardroom; Proposed IRS Revision May Impact Some MLP Funds; SPECIAL SUPPLEMENT: Survey of "Lifeboat Provisions" and Discount-Narrowing Techniques  (September 2013)
  • August Marks our 27th Anniversary; Frosty Reception to Bonds Impacts First Half and Second Quarter Performance Rankings and Survey; Climate Change: Dark Clouds Hover Over IPO Market; Checking the Barometric Pressure of Return of Capital Distributions; MLP Funds In the Sunlight: Interview with Cohen & Steers Portfolio Managers (August, 2013)
  • One Window Closes, Another Opens; Early Warnings Heighten Awareness of Interest Rate Sensitivity; Overlooked Exchange-Linked Preferreds Trade at Rare Discounts: Survey of Exchange-Listed Preferreds; Expense Ratios Inch Higher: Survey of Closed-End Fund Expense Ratios (July 2013)
  • If, When...Now! Investors React to Rise in Interest Rates; Declared Stakes Reversal Reversal of Trend: Survey of Declared Shareholder Stakes By Fund and By Shareholder; New Face on Old Demographic; ARPs Update: Still Outstanding After All These Years: Survey of Remaining ARPs (June 2013)
  • Time to Prepare for a Changing Future; Portfolio Managers Seek More Flexibility; First Quarter Performance Reveals Change in Leadership: Performance Survey and Rankings; Still Chanting: Yield, Yield, Yield--Survey of Income Ratios and Distribution Yields (May 2013)
  • Tracking the "Great Rotation"; Fair Value Reporting: Litigation Highlights Responsibilities and Challenges; Survey of Closed-End Fund Fair Value Reporting; SUPPLEMENT: Closed-End Funds: The Basics and Beyond (April 2013)
  • The Hidden World of IPOs; Narrow Overall Discount Levels Obscure Areas of Opportunity; Large Offering Ignites IPO Fever; AMT Gets Permanent Patch: Table of 2012 Distributions Subject to AMT (March 2013)
  • A Myriad of Factors Expected to Influence 2013; Fourth Quarter and 2012 Performance Rankings and Survey; FINRA Puts Return of Capital on Priority List; Varying Approaches to Dividend Cuts; New CFTC Rules Impact Closed-End Funds; Dissidents Find Limited Opportunities (February 2013)
  • A Popular Year for Closed-End Funds; Juggling Distribution Dates; Novel Way to Get a Super-Majority Vote; SEC Delivers Lumps of Coal; 2012 Year in Review (January 2013)

Thomas J. Herzfeld Advisors, Inc. maintains this web site as a convenience for its clients, the stockholders of The Herzfeld Caribbean Basin Fund, Inc. and other interested investors for information purposes only.  The information on this web site is not intended to address any individual's particular circumstances.   This web site should not be considered an offer to buy or sell securities.  While we have made every effort to provide current, accurate information, it may, however, contain errors, and we make no representation or warranty, express or implied, as to the timeliness, accuracy or completeness of any information when it is received.  Thomas J. Herzfeld Advisors, Inc. and its affiliates bear no responsibility for the content of any other web site that may be linked to this web site.