Closed-End Fund Research

Raymond James is one of the few firms to offer a full-service Closed-End Fund Research department. Investors get detailed information and recommendations on the entire universe of closed-end funds from our closed-end fund research analysts.

In addition to ongoing due diligence and research on closed-end funds, the department compiles weekly lists of undervalued and overvalued funds as well as a monthly Idea List that highlights the most attractive funds on both a fundamental and technical basis over a variety of sectors. On a quarterly basis, the department publishes the Closed-End Fund Research Guide, a comprehensive report which provides information including current fund news, performance statistics, and portfolio breakdowns on each domestically-traded closed-end fund.

The department also offers three Model portfolios. The High Income Model focuses on closed-end funds that provide attractive taxable income and invest primarily in income-producing securities. The Municipal Model consists entirely of municipal closed-end funds which provide tax-free income on a Federal level. And our Total Return Model has an objective of combining long-term capital appreciation with modest income and may include both closed-end funds and exchange-traded funds (ETFs).

The Closed-End Fund Research department also covers the more than 400 publicly-traded exchange-traded funds. Each quarter, the department publishes the Exchange-Traded Fund (ETF) Investment Report, which provides highlights within the ETF marketplace, as well as fund-specific performance data and portfolio compositions.

For more information about closed-end funds or to receive a sample copy, please contact your financial advisor or use the convenient Office Locator today to find a Raymond James office near you.

Investors should carefully consider the investment objectives, risks, charges and expenses of exchange-traded funds before investing. The prospectus contains this and other information about the funds. The prospectus is available from your financial advisor and should be read carefully before investing.

Investing involves risk and investors may incur a profit or a loss.

Municipal bond interest is not subject to federal income tax but may be subject to AMT, state or local taxes. Income from taxable municipal bonds is subject to federal income taxation; and it may be subject to state and local taxes.Municipal securities typically provide a lower yield than comparably rated taxable investments in consideration of their tax-advantaged status. Investments in municipal securities may not be appropriate for all investors, particularly those who do not stand to benefit from the tax status of the investment. Please consult an income tax professional to assess the impact of holding such securities on your tax liability.