"Closed-end funds are a terrific way to gain diversified exposure to high-yielding foreign stocks," says global expert Nick Lanyi.

In his High-Yield International, he explains, "My latest closed-end fund pick, First Trust/Aberdeen Emerging Opportunity Fund (NYSE: FEO), gets income any which way it can from the world's fastest-growing economies." Here's his review.

"For U.S. investors looking to broaden their horizons, closed-end funds offer an easy way to gain exposure to a diverse mix of foreign stocks without venturing beyond U.S.-based stock exchanges.

"Not only that, they often provide access to stocks that don't trade in the U.S. -- including companies that only institutional investors (such as a fund manager) can buy.

"But these funds offer a bonus that mutual funds don't: in some cases you can purchase them at a discount to their net asset value (NAV) -- the underlying value of the fund's portfolio.

"That's because closed-end funds trade on the major stock exchanges, just like stocks. Their prices are determined by investor sentiment and supply and demand, in addition to the value of the investments they hold.

"Led by Brett Diment, the management team at Aberdeen Asset Management -- which specializes in emerging markets -- has assembled a portfolio that exposes investors to some of the fastest-growing economies in the world: Brazil, Mexico, China, India, Turkey, Argentina and Venezuela are among the fund's top holdings.

"The ongoing renaissance of Eastern Europe is generating tremendous economic activity, boosting profits for companies across the continent," says Nick Lanyi in High Yield International.

He explains, "As Europe's largest economy, Germany is well positioned to continue benefiting from this growth." And within Germany, his current top pick is Deutsche Telekom (NYSE: DT), which offers a dividend yield of 6.7%.

"German stocks are currently available at historically low valuations. The country's DAX Index is trading at only about 12 times 2008 earnings estimates, with an average dividend yield of 3.4%.

"One of the world's largest telecommunications companies, Deutsche Telekom is much more than the descendant of Germany's monopoly local phone utility. It generates more than half its revenue from outside Germany -- from diversified operations across Europe and in the U.S.

"Outside of Germany, DT garners more growth from its wireless operations in Eastern Europe, the U.K. and the U.S. Most of these operate under the well-known T-Mobile brand. Overall, worldwide wireless activities account for about 55% of the company's revenue.

"Central Europe & Russia Fund (NYSE: CEE) is a closed-end fund that invests in Central and Eastern Europe, Russia, and Turkey," says global investment expert Nick Lanyi.

In his industry-leading High Yield International, the advisors explains, "The fund's diversification, high yield and top-notch management team make it the best high-income play on the region today." Plus, he adds, "Now is a particularly great time to invest in these regions." Indeed, he remains strongly bullish on Russia, rgardless of any concerns expressed by political pundits regarding Russia's elections.

"The fund's largest country allocation (about 50% of assets) actually is to Russia, not Eastern Europe. I consider that a plus, because it gives investors exposure to Eastern Europe's strengths, but with the valuable ballast of an accompanying investment in Russia's natural resources sector.

"Prominent Russian natural resource firms Lukoil, Gazprom, and Norilsk Nickel account for about a quarter of the fund's total assets. With the prices of energy and mining commodities in a long-term uptrend, a large natural resources stake could come in handy in a volatile market.

In a recent post, Luck of the Irish, we cited the favorable tax treatment in Ireland (among the lowest of all industrialized countries) as a key competitive advantage for Irish companies competing on a global basis.

Continuing that theme, Nick Lanyi suggests, "Genesis Lease Ltd. (NYSE: GLS) is an Irish-based aircraft-leasing company that is benefiting from a global boom in demand for commercial airplanes -- even as the U.S. economy slows."

The editor of High-Yield International states, "Airlines increasingly lease a portion of their aircraft fleet, rather than owning them." Here's look at a company with a double-digit dividend yield that is benefiting from this trend.

"Airplanes are very expensive, and they need to be replaced every few years. Especially for smaller airlines, it makes more financial sense to pay a regular monthly fee as part of a long-term lease than to shell out the money to buy an airplane.

"In addition, the leasing company is responsible for maintaining the plane -- relieving the airline of the need to recruit, retain and pay for a maintenance staff. Also, demand for air travel fluctuates over time, and leases give airlines more ability to limit excess capacity.

"Aircraft leasing is in a strong long-term growth trend. There are currently about 18,000 commercial aircraft operating worldwide, and that number is expected to double over the next 20-25 years. Why? Because China, India, Brazil, Russia and other emerging markets are growing so rapidly. As economies expand, so does airline traffic.