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Encyclopedia 1997-1998.JPG (10683 bytes)

The Thomas J. Herzfeld 1997/1998 Encyclopedia of Closed-End Funds (Thomas J. Herzfeld Advisors, Inc., 1997)
by Thomas J. Herzfeld
edited by Cecilia L. Gondor

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Contents

List of Figures

Preface

1. Description of Closed-End Funds, Charting and Sources of Information

What Is a Closed-End Fund?
An Historical Perspective
Charting
Sources of Information

2. The Discount and Other Variables of Closed-End Fund Trading and Analysis

The Discount
Reasons for the Discount
Reasons Applying to All Funds
Reasons Applying to Specific Funds
Advantages of the Discount
Other Variables Affecting Closed-End Fund Pricing
Variables Relating to Specific Funds
External Variables Affecting Closed-End Fund Pricing

3. The Herzfeld Closed-End Average and The Herzfeld Single Country Average

Why We Created the Averages
The Herzfeld Closed-End Average (THCEA)
The Herzfeld Single Country Average (THSCA)

4. Trading Closed-End Stock Funds and Specialty Funds

Advantages of Closed-End Funds and Specialized Equity Funds
A Basic Trading Approach for Beginners
Drawbacks of the Basic Trading Approach
The Advanced Approach
Trading Techniques
Trading Specialized Equity Funds

5. Trading Closed-End Bond Funds

Advantages and Disadvantages of Bond Funds
Variables Affecting Bond Funds
Charting Bond Funds
Trading Bond Funds
Tax-Exempt Bond Funds
Trading Municipal Bond Funds

6. Trading Closed-End Convertible Bond Funds

Advantages of Convertible Bonds and Convertible Bond Funds
A Review of Convertible Bond Analysis
Trading Convertible Bond Funds

7. Single Country and Foreign Closed-End Funds

Trading Strategies for Single-Country and Foreign Closed-End Funds

8. Special Trading Situations: Rights Offerings, Capital Gains Distributions, and "Lifeboat" Provisions

Rights Offerings
Trading Strategies for Rights Offerings
A Tale of Two Countries
A Few Fine Points to Keep in Mind
Year-End Capital Gains Distributions
A Few Fine Points
"Lifeboat" Provisions
A "Lifeboat" Drill

9. Closed-End Fund Hedging and Arbitrage (Including the Herzfeld Hedge)

10. Open-Ending, Takeovers, and Reorganizations

Shareholder Positions
Management Positions
How to Spot a Candidate for Open-Ending or Liquidation--The Herzfeld
   Advisors' Open-End Gauge©
Various Approaches to Open-Ending
Examples of Reorganizations

11. Industry Analysis

Closed-End Funds Classified by Herzfeld Category
Charts of Historical Net Asset Value and Price
Charts of Historical Premium/Discount
Closed-End Funds Listed by Investment Manager
Closed-End Funds Ranked by Size
Expense Ratio Survey
Income Ratio Survey
Performance Studies
New Issues and Reorganizations

12. Individual Closed-End Fund Coverage

13. No-Load Funds: Where to Look When Closed-End Fund Discounts Turn to Premiums

An Introduction to No-Load Funds by Sheldon Jacobs
The Difference Between Loads and No-Loads
Beware! Some Funds That Look Like No-Loads Aren't
When a Sales Charge Isn't
How to Identify No-Loads in the Newspaper

About the Authors

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Thomas J. Herzfeld Advisors, Inc. maintains this web site as a convenience for its clients, the stockholders of The Herzfeld Caribbean Basin Fund, Inc. and other interested investors for information purposes only.  The information on this web site is not intended to address any individual's particular circumstances.   This web site should not be considered an offer to buy or sell securities.  While we have made every effort to provide current, accurate information, it may, however, contain errors, and we make no representation or warranty, express or implied, as to the timeliness, accuracy or completeness of any information when it is received.  Thomas J. Herzfeld Advisors, Inc. and its affiliates bear no responsibility for the content of any other web site that may be linked to this web site.

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