Closed-end fund notes follow:

*New Ireland Fund reported on its close-Dec. portfolio. IRL reduced its stake in Paddy Power to 2.98% (we own PDYPF directly). IRL's largest holdings are Ryannair 17.62%; Kerry Group (dairy products) 10.93%; CRH (aggregates) 10.42%; and Aryzta AG (agribiz) 9.05%.

*At this time of year important developments include annual payouts of capital gains and in some cases (see EXG below) gains disguised as return of capital, which is very advantageous for US taxpayers. The sequence can be confusing and a number of funds are behind on their calculations of net asset value, including the usual suspects like JP Morgan China Regional Fund, JFC, formerly Jardine Fleming China Regional Fund. Taking the name of JP Morgan in vain has not resulted in the fund doing any better in informing shareholders than before.

* I try to keep "stumm" about how Eaton Vance Tax-Managed Global Diversified Equity Income Fund manages these huge payouts which are not taxed because they are classified as return of capital from the closed-end fund. EXG is not only paying us lots of tax-free income; it is also buying back its shares. The way this works is that the fund had, at the close of 2013 (which was Oct. 31) $1.163 bn in capital loss carryforward and deferred capital losses dating back to the global financial crisis. It also incurred losses on its derivatives in the last FY totalling $130.7 mn. It also has non-taxable distributions from REITs to share with shareholders.

As a result, last year, out of total distributions of $319.9 mn to shareholders, only $56.4 mn counted as taxable ordinary income. Moreover, EXG ended the year with NAV hitting $10.82/sh from $10.24 at its start, despite producing an 18.2% return on NAV and a 23.9% return on its market price.

In its FY Q1 2014 (to Dec. 31) it paid out 16.26 cents/sh which was 100% net investment income but there still remain that $1.163 bn in capital losses carried forward. Don't try doing this on your own.

*Thomas J. Herzfeld Advisors will cease publishing The Investor's Guide to Closed End Funds, a repected long-time source for followers of the CEF business. I have no idea what will replace the excellent research by Cecilia Gondar from now on.