Closed-end Fund (CEF) Equity Research

Some banks (Raymond James, Morgan Stanley, UBS, Stifel, etc.) offer Closed-end Fund (CEF) equity research.

My questions here are: 1) What kind of modeling is useful here? 2) Do these analysts talk more with the asset managers’ management team or their investment team (i.e. the portfolio manager)? 3) What do typical exit opportunities look like? 4) Do analysts publish price targets or is it primarily focused on the fund’s investment philosophy/process? 5) Are the clients primarily FoFs/endowments/insurance companies or is it more retail oriented (i.e. for financial advisors)?

Any added color here would be greatly appreciated. Thank you!