In a universe of more than 260 closed-end municipal bond funds, Thomas J. Herzfeld likes one. The rest he is selling.

Since the end of March, investors have been snapping up closed-end funds and bidding up prices. Herzfeld, who is chairman of Thomas J. Herzfeld Advisors, thinks this round of buying has run its course. He expects to see closed-end funds cough up some of those gains.

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