  779

	TRACKING CLOSED-END FUNDS 1
	sM''^".		", :11'f:.^:.. "			
					/VM			NET/	ASSET V;	M-UE"	-. 4800		
			/^	^	\	4800				JUAW	A 4600		
				\	;ELD  DAVERAGE	k4600 4400 4200			^	rf^	 4400		
				 HERZ CLOSED-EN									
								20	30	40 10		
		DC	3W INDUSTRIA	LS	^A	- 4000		<L-S	%D  NETAA	SCOUNT ASSET VlA,	FROM ALUE" -2		
			\^^^ 	^	\								
									^	Z^	:		
						3400							
											1 -8		
													
													
		;-.; -^^^		UlNtt?	^iiSSii^eii^^,. -.,- -	
	The Herzfeld Closed-End Average measures 17 equally-weighted closed-end funds based in the U.S. that invest principally in American equities. The net asset value is a weighted average of the fund's NAVs. *Tne net asset value and % discount charts lag the market by one week. Source: Thomas J. Herzfeld Advisors Inc., Miami. 305-271-1900	

. 22.10.    
: Barron's,  Dow Jones & Company, Inc., April 11, 1994, p. MW73.

 10%,   $9  .         
 $0,50  ,    .  ,
     5,6% ($0,50/$9,00),    
5% ($0,50/$ 10),         . -
 ,           
$10    ,     4%     
$9,60,     12,2% [($0,60 + $0,50)/$9].   -
 ,    5%   . ,   -
  20%      $8,     5,6%
[(-$1 + $0,50/$9),   ,  5%-    
.

          -
    .    -
  ,      . -
,       ,    -
    /    -
,    10  12    , -
        
      36.

22.7.3       

 ,       , 
       
.  ,     ,   -
     ,    -