This article will update the Highland Global study, “Discount Statistics of Closed-end Funds,” (originally published in November 2005 and updated quarterly) for data relating to the first quarter of 2011. The original article with more details regarding discount statistics of closed-end funds is available at http://www.HighlandGlobal.com. Historic releases of our research can be accessed from our website.All facts and data as set forth in this report were obtained from sources considered to be reliable. However, Highland Global assumes no liability for the accuracy of the information provided to us by others. Highland Global assumes no responsibility for any liability for damages of any kind resulting from reliance on this report by the reader or any other party. Although we have exerted considerable diligence and applied our best efforts in constructing this document, immaterial anomalies, if any, may arise. Even so, we are confident that our overall conclusions would still fall within a materially consistent conclusion. This report is not to be construed, directly or indirectly, as a recommendation to invest, divest or to lend. Highland Global makes no representations or warranties that the result/research set forth in this report will be accepted by any other third party, including any regulatory or government body federal, state, or local.