Title: Close-outs

Authors: Pesek, William Jr

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 79 Iss: 2 Date: Jan 11, 1999 p: F18-F20

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: Closed end funds; Municipal bonds; Investment policy;

Yield; Advantages

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis)

Abstract: Cheap, undervalued, attractive, irresistible all are

adjectives used to describe municipal bonds recently. In today's

low-interest-rate environment, munis are becoming a favorite of

investors seeking not only a tax break but higher bond yields. That

is even more true of closed-end muni funds. Certain unique

attributes of these frequently overlooked investment vehicles make

them even more intriguing buys than run-of-the-mill bond funds.

While the pool of closed-end bargains is shrinking, good values still

exist. Right now, many closed-end funds offer all the benefits of

conventional munis plus considerable higher yields, diversification

and, in some cases, a purchase price below net asset value. There is

just one catch to all this: Closed end muni funds increasingly are

being discovered.

Item Availability: Image.

Access No: 01754435 ProQuest ABI/INFORM (R) Research

Title: Phoenix to buy Zweig funds in $164M deal

Authors: Thomas, Trevor

Journal: National Underwriter [Life/Health/Financial Services]

[NUD] ISSN: 0893-8202

Vol: 103 Iss: 1 Date: Jan 4, 1999 p: 30

Reprint: Contact UMI for article reprint (order no. 2016.01).

Restrictions may apply.

Companies: Phoenix Investment Capital

Subjects: Investment companies; Mutual funds; Acquisitions & mergers

Geo Places: US

Codes: 9190 (United States); 9000 (Short Article); 8130

(Investment services); 2330 (Acquisitions & mergers)

Abstract: Phoenix Investment Partners, a money-management firm in

Hartford, enhanced its line of funds last month when it announced an

agreement to buy the mutual and closed-end funds of Zweig Group in

New York City.

Item Availability: Image.

Access No: 01749638 ProQuest ABI/INFORM (R) Research

Title: Fund of information: Coming and going

Authors: Ward, Sandra

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 52 Date: Dec 28, 1998 p: 35-36

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: Mutual funds; Emerging markets; Investment policy;

International finance; Portfolio management; Manycompanies

Geo Places: US

Codes: 8130 (Investment services); 3400 (Investment analysis);

9190 (United States); 9180 (International)

Abstract: Already, more than $1 billion has been cashed out of

closed-end funds dedicated to the fledgling economies throughout the

world. Some of the group's biggest fans decided these markets were

simply too risky and the rewards they offered were too few, and

turned instead to international funds for greater diversification.

In late October, Barton Biggs, chief global strategist at Morgan

Stanley Dean Witter and chairman of the asset management company,

took his leave of an array of closed-end emerging-market funds

offered by his company. This was surprising, in part, because his

personal views seem so at odds with his firm's take on the subject.

Item Availability: Image.

Access No: 01742662 ProQuest ABI/INFORM (R) Research

Title: Yes, There Are Still Bargain Bond Funds

Authors: Norton, Chip; Dunkin, Amy

Journal: Business Week [BWE] ISSN: 0739-8395

Iss: 3609 Date: Dec 21, 1998 p: 99 Illus: Charts

Reprint: Contact UMI for article reprint (order no. 36.00).

Restrictions may apply.

Subjects: Closed end funds; Investment policy; Bond markets

Geo Places: US

Codes: 9000 (Short Article); 9190 (United States); 3400

(Investment analysis)

Abstract: Despite changes in the bond market, there are still funds

with good discounts that represent value. Unlike open-ended mutual

funds, a closed-end fund trades on a stock exchange and may sell for

more or less than their net asset value. A variation on a closed-end

bond fund is the closed-end term trust, which matures on a specified

date.

Item Availability: Paper, Microform.

Microfiche: 1980-1992 Paper: Last 6 months

Access No: 01743318 ProQuest ABI/INFORM (R) Research

Title: Fund of information: A quiet departure at Schroder

Authors: Ward, Sandra

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 50 Date: Dec 14, 1998 p: 50-52

Illus: Charts; Graphs

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Schroder US Smaller Companies

Subjects: Mutual funds; Appointments & personnel changes; Closed

end funds; Municipal bonds; Manycompanies

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis)

Abstract: The long-time star manager of the Schroder US Smaller

Companies fund, Fariba Talebi, said that she is on an indefinite

leave of absence that she expects to be a permanent situation. Paul

Morris of Schroder confirmed Talebi's departure, but declined to

provide details except to say that it was a mutually agreed upon

split. What piqued interest in the doings at Smaller Companies fund

in the first place was a tip received about escalating turnover at

Schroder. Morris vehemently denied that Schroder was planning to

close US Smaller Companies fund in the wake of Talebi's departure.

But murkiness seems to be overtaking momentum. One of the most

attractive areas of investment right now is the closed-end municipal

bond group. Municipal bonds are yielding 100% of 30-year treasuries,

historically high levels. Rolf Hanel's portfolio of 25 closed-end

municipal-bond funds was yielding 5.76% at December 4. His top 6

picks include Merrill Lynch MuniYield, Merrill Lynch MuniYield

Quality II, and Colonial Muni Income.

Item Availability: Image.

Access No: 01751490 ProQuest ABI/INFORM (R) Research

Title: Bail out if your closed-end fund converts to open-end

Authors: Napach, Bernice

Journal: Medical Economics [MDE] ISSN: 0025-7206

Vol: 75 Iss: 24 Date: Dec 14, 1998 p: 24

Reprint: Contact UMI for article reprint (order no. 2014.00).

Restrictions may apply.

Subjects: Closed end funds; Working capital; Stockholders

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 9000

(Short Article); 3100 (Capital & debt management)

Abstract: Do not hold on to a closed-end mutual fund that has

converted to open-end status. This conversion, which has become

quite popular, benefits only the shareholder who sells out

immediately, according to CDA/Wiesenberger, the Rockville, Maryland,

mutual-fund tracking service. The investor who sticks with the fund

long term frequently gets bumped around.

Access No: 01735780 ProQuest ABI/INFORM (R) Research

Title: Your shot at the best mutual fund managers

Authors: Schwartz, Nelson D

Journal: Fortune [FOR] ISSN: 0015-8259

Vol: 138 Iss: 11 Date: Dec 7, 1998 p: 260

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 1128.00).

Restrictions may apply.

Companies: John Hancock Regional Bank Fund

Longleaf Partners Fund

Subjects: Mutual funds; Closed end funds; Rates of return;

Investment advisors

Geo Places: US

Codes: 3400 (Investment analysis); 8130 (Investment services);

9000 (Short Article); 9190 (United States)

Abstract: A handful of top-rated funds that had been closed to new

investors have reopened in recent weeks, offering a rare second

chance to place money with some of the best fund managers in the

business, including the John Hancock Regional Bank fund and Longleaf

Partners fund.

Item Availability: Image, Paper, Microform.

Microfiche: 1980-1992 Paper: 1947-1965,1974-1979

(Archive) , last 6 months on shelf

Access No: 01740781 ProQuest ABI/INFORM (R) Research

Title: Do measures of investor sentiment predict returns?

Authors: Neal, Robert; Wheatley, Simon M

Journal: Journal of Financial & Quantitative Analysis [JFQ]

ISSN: 0022-1090

Vol: 33 Iss: 4 Date: Dec 1998 p: 523-547

Illus: Charts; Graphs; Equations; References

Reprint: Contact UMI for article reprint (order no. 6347.00).

Restrictions may apply.

Subjects: Regression analysis; Investment policy; Forecasting

techniques; Rates of return; Economic theory; Studies

Geo Places: US

Codes: 3400 (Investment analysis); 1130 (Economic theory); 9190

(United States); 9130 (Experimental/theoretical)

Abstract: It has long been market folklore that the best time to buy

stocks is when individual investors are bearish, and the best time to

sell is when individual investors are bullish. The forecast power of

3 popular measures of individual investor sentiment is examined: 1.

the level of discounts on closed-end funds, 2. the ratio of odd-lot

sales to purchases, and 3. net mutual fund redemptions. Using data

from 1933 to 1993, it is found that fund discounts and net

redemptions predict the size premium, the difference between small

and large firm returns, but little evidence that the odd-lot ratio

predicts returns.

Item Availability: Image.

Access No: 01758853 ProQuest ABI/INFORM (R) Research

Title: Shareholder Activism: Burdened by Proxy Rules?

Authors: Anonymous

Journal: Investor Relations Business [IVRB] ISSN: 1092-1354

Date: Nov 23, 1998 p: 8-9

Reprint: Contact UMI for article reprint. Restrictions may apply.

Subjects: Proxy solicitation; Corporate governance; SEC

regulations; Closed end funds

Geo Places: US

Codes: 2110 (Boards of directors); 4310 (Regulation); 8130

(Investment services); 9190 (United States)

Abstract: Proxy rules are either shackles or important mechanisms

for shareholders looking to make changes, according to 2 experts who

are on opposite sides of proxy battles in the closed-end mutual fund

industry. According to Phillip Goldstein, a portfolio manager for

Opportunity Partners, proxy rules are extremely burdensome, and

elections under them are not like any elections found in any country

in the world. William Bohnett, a partner with Fulbright & Jaworski

LLP, counters that proxy rules are an attempt to balance various

interests. The majority of closed-end fund proxy battles involve

shareholders trying to replace management because the fund's stock

trades at a steep discount to its net asset value. Lawsuits often

arise when management tries to block a shareholder vote or use other

tactics to remain entrenched.

Access No: 01708097 ProQuest ABI/INFORM (R) Research

Title: Closed-end funds' conversion may hurt investors

Authors: Murray, M Christian

Journal: National Underwriter [Life/Health/Financial Services]

[NUD] ISSN: 0893-8202

Vol: 102 Iss: 40 Date: Oct 5, 1998 p: 63

Reprint: Contact UMI for article reprint (order no. 2016.01).

Restrictions may apply.

Subjects: Mutual funds; Conversion; Investment policy

Geo Places: US

Codes: 9190 (United States); 3400 (Investment analysis); 9000

(Short Article); 8130 (Investment services)

Abstract: According to a recent report by CDA/Wiesenberger, a

Rockville, Maryland-based mutual fund tracking service, revealed that

when closed-end funds convert, massive redemptions often follow,

which can result in managers being forced to change their investment

strategies, large capital gains for investors, and higher expenses as

expenses are spread over fewer assets.

Item Availability: Image.

Access No: 01705833 ProQuest ABI/INFORM (R) Research

Title: Closed-end fund returns disappoint many

Authors: Fulman, Ricki

Journal: Pensions & Investments [PNI] ISSN: 1050-4974

Vol: 26 Iss: 20 Date: Oct 5, 1998 p: 21, 24

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 10360.00).

Restrictions may apply.

Subjects: Pension funds; Institutional investments; Closed end

funds; Real estate; Rates of return

Geo Places: US

Codes: 9190 (United States); 3400 (Investment analysis); 8130

(Investment services)

Abstract: Pension funds investing in closed-end real estate funds in

the mid-1980s did not achieve the juicy returns they anticipated,

according to an informal survey of several real estate managers.

Depressed property prices in the late 1980s and early 1990s hurt

everyone in the real estate business. Once the market rebounded,

managers began to liquidate their funds early, to take advantage of

the improved pricing. Thanks to that strong market in the late

1990s, most of these funds did manage to beat their NCREIF

benchmarks.

Item Availability: Image.

Access No: 01726545 ProQuest ABI/INFORM (R) Research

Title: Why closed-end funds will survive

Authors: Lappen, Alyssa A

Journal: Institutional Investor [IL] ISSN: 0020-3580

Vol: 32 Iss: 10 Date: Oct 1998 p: 220 Illus: Charts

Reprint: Contact UMI for article reprint (order no. 8739.00).

Restrictions may apply.

Subjects: Closed end funds; Institutional investments; Advantages;

Rates of return; Manycompanies

Geo Places: US

Codes: 9190 (United States); 3400 (Investment analysis); 8130

(Investment services)

Abstract: Closed-end funds may seem as close to extinction as the

snail darter. However they still offer many benefits. For example,

for fund companies, closed-end funds have merit in the current

volatile market. In downdrafts shareholders can redeem only by

selling to willing buyers - meaning that fund manager do not have to

unload shares to pay off sellers. Closed-end discounts tend to

shrink when interest rates fall - which should make some investors

happy. Other advantages of closed-end funds are presented.

Access No: 01739966 ProQuest ABI/INFORM (R) Research

Title: Do investors care about sentiment?

Authors: Elton, Edwin J; Gruber, Martin J; Busse, Jeffrey A

Journal: Journal of Business [IBU] ISSN: 0021-9398

Vol: 71 Iss: 4 Date: Oct 1998 p: 477-500

Illus: Charts; Equations; References

Reprint: Contact UMI for article reprint (order no. 478.00).

Restrictions may apply.

Subjects: Studies; Impact analysis; Rates of return; Investment

policy; Common stock; Closed end funds; Statistical

analysis

Geo Places: US

Codes: 9190 (United States); 9130 (Experimental/theoretical);

3400 (Investment analysis)

Abstract: Results of recent research indicate small investor

sentiment, as measured by the change in the discount on closed-end

funds, is an important factor in the return generating process for

common stocks. No evidence is found of it being an important factor

in the return generating process. Its impact on expected returns is

examined and whether one set of firms with high sensitivity to this

factor - closed-end funds - offers, and can be expected to offer, a

higher expected return. These findings do not support small investor

sentiment as a priced factor, either in common stocks or closed-end

funds.

Item Availability: Image.

Access No: 01702341 ProQuest ABI/INFORM (R) Research

Title: International trader: The new two-dollar window on the

world: Battered-down closed-end global funds

Authors: Martin, Neil A

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 39 Date: Sep 28, 1998 p: MW9

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: International finance; Manycompanies; International

finance; Securities analysis; Closed end funds;

Discounts; Volatility

Codes: 9180 (International); 3400 (Investment analysis)

Abstract: With the meltdown in markets around the globe, that image

of closed-end country and global funds has never been worse. But

that also may be creating opportunities in this maligned sector,

where prices are at rock-bottom levels. For a variety of reasons,

closed-ends usually trade at a discount to net asset value, on

average around 10%. The current market plunges have widened the

discounts even further, in many cases. For example, AIM Eastern

Europe recently was changing hands for about 26% less than the

underlying value of its portfolio; Irish Investment was at a 30%

discount. But Gregg Wolper, international funds editor at

Morningstar Mutual Funds, warns that for individual investors, it is

important not to get too carried away with the attractive discounts.

If you cannot stand volatility, it is probably not the best idea -

even at abnormally large discount.

Item Availability: Image.

Access No: 01699160 ProQuest ABI/INFORM (R) Research

Title: Costly triumphs

Authors: Norton, Leslie P

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 38 Date: Sep 21, 1998 p: 13-14

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: Mutual funds; Closed end funds; Discounts; Earnings

trends; Emerging markets; International finance;

Manycountries

Codes: 3400 (Investment analysis); 8130 (Investment services);

9180 (International)

Abstract: Last year, it seemed that the discounts that persistently

beset closed-end funds might finally be on their way out. However,

it has been a chastening year for these renegades, not least because

of the meltdown in emerging markets. Last week, the average

closed-end traded at a discount of 5% to net asset value, wider than

at year-end. Meanwhile, the average foreign-stock closed-end fund

tracked by Lipper Analytical Services traded at a near-record 23.4%

discount.

Item Availability: Image.

Access No: 01689737 ProQuest ABI/INFORM (R) Research

Title: How to buy a closed-end fund

Authors: Easton, Thomas

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 162 Iss: 5 Date: Sep 7, 1998 p: 230-231

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Subjects: Closed end funds; Investment policy; Guidelines;

Statistical data

Geo Places: US

Codes: 3400 (Investment analysis); 9190 (United States); 9150

(Guidelines); 9140 (Statistical data)

Abstract: A closed-end fund is one that has a fixed number of shares

outstanding and, in contrast to an open-end fund, does not agree to

redeem any holder at full net asset value. The unhappy holder of a

closed-end fund can exit only by finding someone else to take his or

her place. To get out, the seller usually has to offer the shares at

a discount to their intrinsic value - intrinsic value being the net

assets per share. As a rule of thumb, you should prick up your ears

when you hear about a closed-end stock fund trading at a discount at

least 10 times its annual percentage expense burden. For a

closed-end specializing in bonds, you should be pickier - look at it

only if the discount is at least 12 times annual expenses on a

taxable bond fun or 16 times expenses on a muni bond fund.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01689738 ProQuest ABI/INFORM (R) Research

Title: Discount hunter

Authors: Easton, Thomas

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 162 Iss: 5 Date: Sep 7, 1998 p: 232-234

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Subjects: Closed end funds; Investment policy

Geo Places: US

Codes: 3400 (Investment analysis); 9190 (United States)

Abstract: One of the great mysteries of Wall Street is what

determines the relationship between the liquidating value of a

closed-end fund and its trading price on the stock exchange.

Alexander Zagoreos, a partner of Lazard Freres & Co., devotes full

time to this enigma, and performance numbers suggest that he has more

of a clue than the average investor about what is going on. His

limited partnership has $257 million in closed-end funds, with a 15%

annual performance. Zagoreos also manages the $163 million World

Trust Fund, a closed-end fund of his own that owns nothing but shares

of other closed-end funds. In the 7 years he has run it, it has

delivered a compound annual 12%. At the moment, Zagoreos says, the

climate for buyers is good. If you want to participate in a Third

World market, look far and wide for the right fund.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01689739 ProQuest ABI/INFORM (R) Research

Title: Winners: Webs

Authors: Anonymous

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 162 Iss: 5 Date: Sep 7, 1998 p: 236

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Subjects: Closed end funds; International; Investment policy

Codes: 9180 (International); 9000 (Short Article); 3400

(Investment analysis)

Abstract: World Equity Benchmark Shares are units representing

baskets of stocks trading on foreign bourses. You should use WEBS

for broad markets like the UK or Japan.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01689740 ProQuest ABI/INFORM (R) Research

Title: Losers: New underwritings

Authors: Setton, Dolly

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 162 Iss: 5 Date: Sep 7, 1998 p: 236

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Subjects: Closed end funds; Investment policy; Risk

Geo Places: US

Codes: 3400 (Investment analysis); 9190 (United States); 9000

(Short Article)

Abstract: It is fundamentally irrational to buy a new closed-end,

and yet new funds do manage to get sold. Do not be fooled by yield

quotations.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01689741 ProQuest ABI/INFORM (R) Research

Title: You be the banker

Authors: Skousen, Mark

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 162 Iss: 5 Date: Sep 7, 1998 p: 237

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Subjects: Closed end funds; Investment policy; Prime rate

Geo Places: US

Codes: 9190 (United States); 9000 (Short Article); 3400

(Investment analysis)

Abstract: Prime rate funds are portfolios of bank loans, held by

closed-end funds. Even after charging stiff fees of 1.4% or more,

these funds are yielding at least 7%. The fluctuations to date have

been minuscule.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01689742 ProQuest ABI/INFORM (R) Research

Title: Stock funds

Authors: Anonymous

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 162 Iss: 5 Date: Sep 7, 1998 p: 238 Illus: Charts

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Subjects: Closed end funds; Financial analysis; Ratings & rankings;

Statistical data

Geo Places: US

Codes: 3400 (Investment analysis); 9190 (United States); 9140

(Statistical data); 9000 (Short Article)

Abstract: The portfolio performance (net asset value appreciation

plus distributions) of closed-end funds is presented. Buy

closed-ends with high discounts and low expense ratios.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01689743 ProQuest ABI/INFORM (R) Research

Title: Taxable bond funds

Authors: Anonymous

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 162 Iss: 5 Date: Sep 7, 1998 p: 239 Illus: Charts

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Subjects: Closed end funds; Bonds; Financial analysis; Ratings &

rankings; Statistical data

Geo Places: US

Codes: 9190 (United States); 9000 (Short Article); 3400

(Investment analysis); 9140 (Statistical data)

Abstract: When buying a bond fund, you should pay more attention to

the expense ratio than the yield. Ideally, you want a taxable

closed-end bond fund to have a discount at least 12 times its expense

ratio.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01689744 ProQuest ABI/INFORM (R) Research

Title: Municipal bond funds

Authors: Anonymous

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 162 Iss: 5 Date: Sep 7, 1998 p: 240-241

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Subjects: Closed end funds; Municipal bonds; Bonds; Ratings &

rankings; Statistical data

Geo Places: US

Codes: 9190 (United States); 3400 (Investment analysis); 9140

(Statistical data)

Abstract: You should not touch a closed-end muni fund unless you can

get it at a discount at least 16 times the expense ratio. None meets

the standard. Balanced funds either blend bonds with stocks or own

those bond-stock hybrids called convertibles. Global bond funds hold

debt issued by governments and companies throughout the world. Junk

bonds buy US corporate debt that is either unrated or rated no higher

than BB by Standard & Poor's.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01689745 ProQuest ABI/INFORM (R) Research

Title: International and country funds

Authors: Anonymous

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 162 Iss: 5 Date: Sep 7, 1998 p: 242-243

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Subjects: International; Closed end funds; Statistical data;

Ratings & rankings; Investment policy

Codes: 9180 (International); 3400 (Investment analysis); 9140

(Statistical data)

Abstract: International and country funds usually offer access to a

particular region or country. For illiquid foreign markets like

those in developing countries, the closed-end structure provides a

real benefit. For a long-term investment, look for a deep discount

and low expense ratio. A moderate discount can be attractive if

there is reason to think the closed-end will be liquidated or

converted to an open-end fund.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01686534 ProQuest ABI/INFORM (R) Research

Title: Trading points: As the Asian plague spreads to Russia

and beyond deals emerge in submerging-market debt

Authors: Doherty, Jacqueline

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 34 Date: Aug 24, 1998 p: MW9

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: Emerging markets; International finance; Bond markets;

Closed end funds; Investment policy

Codes: 9180 (International); 3400 (Investment analysis)

Abstract: Last week was miserable for anyone involved with emerging

market debt. Bonds dropped by 20 or 30 points during the course of

the week. As any contrarian knows, it is when things look bleakest

that buying opportunities typically arise. So by that logic, now

just might be the right time to begin considering closed-end funds

that buy emerging market debt. While it is impossible to know just

where the bottom lies, emerging-market bonds today are selling at

substantial discounts to prior levels. The advantage of closed-end

funds, in particular, is that they do not face redemptions, unlike

their open-ended cousins. So portfolio managers are not forced to

sell bonds at ridiculously low prices into a panicked market just to

raise needed cash.

Item Availability: Image.

Access No: 01652839 ProQuest ABI/INFORM (R) Research

Title: Two-edged sword

Authors: Sobel, Robert

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 27 Date: Jul 6, 1998 p: F10 Illus: Charts

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: United States & Foreign Securities

Subjects: Closed end funds; Manycompanies; Leverage; History

Geo Places: US

Codes: 9190 (United States); 3400 (Investment analysis); 8130

(Investment services)

Abstract: Closed-end funds are the ugly ducklings of the fund

industry. The shares of many sell at discounts to the value of their

underlying assets, and these discounts usually persist unless struck

down by reports, or at least rumors, that the fund is considering

restructuring itself as an open-end to have the marketplace recognize

the true worth of its portfolio. Although closed-ends today by and

large do not use leverage, there are some that do. One of the first

such funds, United States & Foreign Securities, was sponsored in 1924

by Dillon Read, an investment bank with highly regarded expertise in

European securities. The story of the US&FS fund is related to

illustrate the danger of excessive leverage.

Item Availability: Image.

Access No: 01652847 ProQuest ABI/INFORM (R) Research

Title: Tough over there

Authors: Du Bois, Peter C

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 27 Date: Jul 6, 1998 p: F31

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Turkish Investment Fund

France Growth Fund

Morgan Stanley Russia & New Europe Fund Inc

Subjects: Closed end funds; International finance; Rates of return

Geo Places: US

Codes: 8130 (Investment services); 9190 (United States); 3400

(Investment analysis); 9000 (Short Article); 9180

(International)

Abstract: Of 144 closed-end equity funds tracked by Lipper

Analytical Services, 6 of the 10 best second-quarter performers

invest only in non-US stocks. So do all big losers. Among 14

categories of closed-ends, only 2 posted gains: prefered stock (up

2.12%) and growth (up 0.39%). Turkish Investment rose 19.8%,

Emerging Germany 18.69%, France Growth 17.18%, Germany 15.89% and

Foreign & Colonial Middle East 8.14%.

Item Availability: Image.

Access No: 01652817 ProQuest ABI/INFORM (R) Research

Title: A few more victories like this will teach meaning of

'pyrrhic'

Authors: Zipser, Andy

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 26 Date: Jun 29, 1998 p: 12

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Emerging Mexico Fund Inc

Subjects: Closed end funds; Shareholder relations; Investment

advisors

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 2400

(Public relations); 9000 (Short Article)

Abstract: Last week, closed-end fund Emerging Mexico shareholders

did something the industry had not even seen before. Thanks to a

recent SEC ruling that makes such votes binding, not just advisory,

they decided whether to fire its manager, Santander Management.

Santander survived, but with at least 7 other funds facing similar

shareholder proposals in the months ahead, it is entirely possible

that one or more managers will be booted.

Item Availability: Image.

Access No: 01726456 ProQuest ABI/INFORM (R) Research

Title: Closed-end funds and foreign issuers bring life to IPOs

Authors: Garrity, Brian

Journal: Investment Dealers Digest [IDD] ISSN: 0021-0080

Vol: 64 Iss: 26 Date: Jun 29, 1998 p: 5-6

Reprint: Contact UMI for article reprint. Restrictions may apply.

Subjects: Securities markets; Going public; Manycompanies; Closed

end funds; Foreign subsidiaries

Geo Places: US

Codes: 3400 (Investment analysis); 9190 (United States); 9180

(International); 8130 (Investment services)

Abstract: Turbulence in the equity new issue market in recent weeks

has had syndicate players muttering the dirty word correction, but

initial public offerings showed signs of life last week, thanks in

part to a pair of French issuers and a trio of closed-end mutual

funds.

Access No: 01680942 ProQuest ABI/INFORM (R) Research

Title: The emergence of country index funds

Authors: Khorana, Ajay; Nelling, Edward; Trester, Jeffrey J

Journal: Journal of Portfolio Management [JPO] ISSN: 0095-4918

Vol: 24 Iss: 4 Date: Summer 1998 p: 78-84

Illus: Charts; Graphs; Equations; References

Reprint: Contact UMI for article reprint (order no. 11854.00).

Restrictions may apply.

Subjects: Studies; Effectiveness; International finance; Stock

indexing; Closed end funds; Rates of return; Economic

models

Codes: 9180 (International); 8130 (Investment services); 9130

(Experimental/theoretical); 1130 (Economic theory)

Abstract: A study examines the effectiveness of World Equity

Benchmark Shares (WEBS) as an international indexing instrument. It

compares the performance, trading, and pricing characteristics of

WEBS with closed-end country funds. In addition, it examines changes

in discounts and trading volume on closed-end funds around the

introduction of WEBS. It finds that WEBS performance is similar to

the performance of closed-end funds. In addition, WEBS tend to

exhibit low correlations with the S&P 500, suggesting that they

provide useful diversification opportunities for US investors. After

WEBS were introduced, closed-end country funds experienced a decrease

in trading volume and an increase in discounts from net asset value.

The results suggest that WEBS appear to be a viable alternative for

US investors seeking international equity exposure.

Item Availability: Image.

Access No: 01647864 ProQuest ABI/INFORM (R) Research

Title: Elusive prize

Authors: Pesek, William Jr

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 24 Date: Jun 15, 1998 p: 20-21

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Current Income Shares Inc

Franklin Universal Trust

Subjects: Statistical data; Investment policy; Closed end funds;

Bond markets; Mutual funds

Geo Places: US

Codes: 3400 (Investment analysis); 9190 (United States); 9140

(Statistical data); 8130 (Investment services)

Abstract: It is no mystery that the stock market has gotten the

lion's share of investors attention in recent years. But for those

trying to hunt down yield, the big game has been elusive. Investors

increasingly are seeking higher-yielding products to offset the

effects of falling rates. Until now, closed-end, junk-bond funds

have been the prize catch, offering investors some of the most

attractive yields around. While most bond fund investors have been

beating the bushes for yield, they have been overlooking the value in

another neck of the fixed-income woods, investment-grade closed-end

bond funds. For those looking for value instead of just yield,

closed-end investment-grade funds trading at discounts can be among

the best buys around.

Item Availability: Image.

Access No: 01635351 ProQuest ABI/INFORM (R) Research

Title: Little-Noted SEC Decision Puts Entire Industry in Play

Authors: Zipser, Andy

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 20 Date: May 18, 1998 p: 12

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: Closed end funds; SEC regulations; Mismanagement;

Shareholders rights

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 4310

(Regulation); 2400 (Public relations); 9000 (Short

Article)

Abstract: The sound of investors grousing about persistent discounts

on their closed-end mutual funds has gone on so long that most fund

managers do not even hear it anymore. That is about to change,

thanks to a recent SEC interpretation of a decades-old law.

Item Availability: Image.

Access No: 01619185 ProQuest ABI/INFORM (R) Research

Title: Trading points: Amazon.com, no earnings in sight and

competition looming, prepares junk offering

Authors: Doherty, Jacqueline

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 18 Date: May 4, 1998 p: MW20-MW21

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Amazon-com Books

Subjects: Electronic commerce; Bookstores; Bond issues; Junk bonds;

Closed end funds; High yield investments

Geo Places: US

Codes: 9190 (United States); 3400 (Investment analysis); 5250

(Telecommunications systems); 8390 (Retail stores)

Abstract: Amazon.com, an Internet company with one of the

best-performing stocks in the market, is about to let debt investors

in on the ride. It plans to raise $275 million in the junk bond

market in the next week or so. Normally when a company goes to

investors and asks for a loan, it at least has an idea of when its

operations will turn the corner and become profitable. However,

Amazon.com believes that it will continue to incur substantial

operating losses for the foreseeable future. Amazon.com has spent

heavily on marketing in anticipation of greater competition.

Separately, closed-end high-yield funds are coming in droves, the

likes of which have not been seen since the late 1980s, when the

junk-bond market topped out.

Item Availability: Image.

Access No: 01632745 ProQuest ABI/INFORM (R) Research

Title: Baby steps...

Authors: Saywell, Trish

Journal: Far Eastern Economic Review [FER] ISSN: 0014-7591

Vol: 161 Iss: 18 Date: Apr 30, 1998 p: 41-42

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 6396.00).

Restrictions may apply.

Subjects: Asset management; Mutual funds; International finance;

Securities regulations; Investment advisors; Effects;

Investment companies

Geo Places: China

Codes: 8130 (Investment services); 4310 (Regulation); 9179 (Asia

& the Pacific); 3400 (Investment analysis); 9180

(International)

Abstract: China's decision in March to approve 2 new domestic mutual

funds has rekindled hopes that Beijing is quietly sowing the seeds

for a more comprehensive asset-management industry. The new funds

may pave the way for the entry of big international mutual-fund

managers. It is a small step forward. They will be models for

future funds, and also they will be models for reshaping or

restructuring existing funds. The new closed-end funds are the first

to be approved since China issued regulations on mutual funds last

November.

Item Availability: Image.

Access No: 01603727 ProQuest ABI/INFORM (R) Research

Title: Overseas action

Authors: Du Bois, Peter C

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 14 Date: Apr 6, 1998 p: F31

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: Closed end funds; International finance; Rates of return;

Manycompanies; Manycountries

Geo Places: US

Codes: 9000 (Short Article); 9190 (United States); 8130

(Investment services); 9180 (International); 3400

(Investment analysis)

Abstract: Of 143 closed-end equity funds tracked by Lipper

Analytical Services, 9 of the top 10 best performers in the 1st

quarter invested only in non-US stocks, as did 8 of 10 big losers.

Among 14 categories of closed-ends, the European region ranked No. 1

(up 26%), followed by the Pacific region (up 16.67%). Among

individual funds, Thai (up 73.81%) ranked No. 1.

Item Availability: Image.

Access No: 01597309 ProQuest ABI/INFORM (R) Research

Title: Investor reaction to salient news in closed-end country

funds

Authors: Klibanoff, Peter; Lamont, Owen; Wizman, Thierry A

Journal: Journal of Finance [JFI] ISSN: 0022-1082

Vol: 53 Iss: 2 Date: Apr 1998 p: 673-699

Illus: Charts; Appendix; References

Reprint: Contact UMI for article reprint (order no. 10067.00).

Restrictions may apply.

Subjects: Studies; Media coverage; Impact analysis; Rates of

return; Fair market value; Closed end funds;

International finance

Geo Places: US

Codes: 9190 (United States); 9130 (Experimental/theoretical);

3400 (Investment analysis); 8130 (Investment services);

9180 (International)

Abstract: A paper uses panel data on prices and net asset values to

test whether dramatic country-specific news affects the response of

closed-end country fund prices to asset value. In a typical week,

prices underreact to changes in fundamentals; the (short-run)

elasticity of price with respect to asset value is significantly less

than one. In weeks with news appearing on the front page of The New

York Times, prices react much more; the elasticity of price with

respect to asset value is closer to one. These results are

consistent with the hypothesis that news events lead some investors

to react more quickly.

Item Availability: Image, Microform.

Microfiche: 1990-1989

Access No: 01599409 ProQuest ABI/INFORM (R) Research

Title: Fund of information: Shutting the doors at Fidelity?

Authors: Ward, Sandra

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 12 Date: Mar 23, 1998 p: 45-46

Illus: Charts; Graphs

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Fidelity Investments

Fidelity Contrafund DUNS: 13-085-4052

Fidelity Low-Priced Stock Fund

Fidelity Growth & Income

Subjects: Closed end funds; Investment advisors; Roles; Market

strategy; Manycompanies; Investment policy; Mutual funds

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis); 7000 (Marketing)

Abstract: The closing of three of Fidelity Investments' most popular

funds to new individual investors is a tactical maneuver designed to

create a flurry of interest in the funds to be closed, and more

importantly, boost interest in a bunch of new funds with similar

investment objectives. Fidelity will close the $32.2 billion

Contrafund, the $12 billion Low-Priced Stock fund and the $41 billion

Growth & Income Portfolio to new purchases by individuals April 3.

But existing shareholders will be able to add to positions. In a

happy coincidence, Fidelity last week launched the Fidelity Small-Cap

Stock Fund. Also, it will open Contrafund II on April 1. There was

a time when people left money managers to manage money. It seems

that managers, for their part, spend more time on the road marking

presentations or appearing on TV than they do picking stocks. Some

money managers, however, are beginning to put up some resistance to

the endless rounds of marketing thrust upon them. Hence the creation

of a new layer of people to contend with at fund companies: the

investment liaison, or as Gabelli Funds calls the job, shareholder

ombudsman.

Item Availability: Image.

Access No: 01598265 ProQuest ABI/INFORM (R) Research

Title: More mutual funds open to just 401(k)s

Authors: Williamson, Christine

Journal: Pensions & Investments [PNI] ISSN: 1050-4974

Vol: 26 Iss: 6 Date: Mar 23, 1998 p: 3, 53

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 10360.00).

Restrictions may apply.

Companies: Fidelity Investments

Vanguard Group Inc DUNS: 06-007-4812

Putnam Investments

American Century Investments

Subjects: Mutual funds; Deferred compensation; Manycompanies;

Statistical data; Rates of return; Portfolio performance;

Closed end funds

Geo Places: US

Codes: 9140 (Statistical data); 3400 (Investment analysis); 8130

(Investment services); 9190 (United States)

Abstract: Fidelity's move to close 3 more funds to retail investment

means 4 of the 10 stock funds most popular with defined contribution

plans are essentially 401(k)-plan-only funds: 1. Magellan Fund with

$64 billion, 2. Fidelity Growth & Income fund with $41 billion, 3.

Fidelity Contrafund with $32 billion, and 4. Vanguard/Windsor I Fund

with $21 billion. Total assets and defined contributions assets in

the 10 funds most used by defined contribution plans increased more

than 500% during the past 5 years. Total assets of the 10 grew to

almost $290 billion.

Item Availability: Image.

Access No: 01591409 ProQuest ABI/INFORM (R) Research

Title: Mutual choice: Whatever turns you on

Authors: Pesek, William Jr

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 11 Date: Mar 16, 1998 p: 56-57

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Merrill Lynch & Co DUNS: 06-496-8043 Ticker: MER

Subjects: Closed end funds; Municipal bonds; Industrywide

conditions; Stock offerings

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis)

Abstract: Michael McGrath is a bond-fund analyst and a closed-end

fund numbers cruncher. The American public's decade-old love affair

with the more sexy open-end stock funds largely has pushed closed-end

municipal bond investments to the periphery. But investors' tastes

change and so do market forces. In the case of closed-end munis,

analysts like McGrath are envisioning a comeback of sorts for a

market in need of some excitement. The first 2 1/2 months of 1998

already have seen 4 new closed-end muni bond funds brought public by

Merrill Lynch, compared with 5 industrywide for all of 1997, none in

1996, and just one in 1995.

Item Availability: Image.

Access No: 01582835 ProQuest ABI/INFORM (R) Research

Title: Unlocking unsung value

Authors: Ward, Sandra

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 9 Date: Mar 2, 1998 p: 43-44

Illus: Charts; Graphs

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: PNC Bank Corp Ticker: PNC

Morgan Stanley Asia-Pacific Fund Inc

Subjects: Investment advisors; Market positioning; Closed end

funds; Mutual funds; Stock prices; Rates of return;

Spinoffs; Statistical data

Geo Places: US

Codes: 9190 (United States); 9140 (Statistical data); 3400

(Investment analysis); 8130 (Investment services); 7000

(Marketing); 2310 (Planning)

Abstract: PNC, the $75-billion Pittsburgh-based bank, which is the

US' 14th-largest, is gearing up for a spinoff of its asset management

business - the 2nd-largest bank-owned group behind Mellon Bank's

Dreyfus - and its mutual-fund processing company, a formidable player

in the industry. The moves will allow PNC to establish higher

profiles for its fastest-growing business lines and, the thinking

goes, unlock their hidden values. Separately, Morgan Stanley Asia

Pacific Fund suspended a month-old buyback program last week, saying

that the discount the fund's market price traded at, compared with

its net asset value, narrowed considerably. President Clinton has

proposed a 5-year moratorium on new taxes on products bought over the

Internet. More closed-end fund managements are considering issuing

preferred stock.

Item Availability: Image.

Access No: 01578365 ProQuest ABI/INFORM (R) Research

Title: The striking price: The house account

Authors: Santoli, Michael

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 8 Date: Feb 23, 1998 p: MW15

Illus: Graphs

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: European Warrant Fund Inc

Subjects: Closed end funds; Warrants; Rates of return; Portfolio

investments

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis)

Abstract: The Zurich-based European Warrant fund, a closed-end

traded like any other on the NYSE, is a portfolio of listed and

over-the-counter warrants on Euro-stocks. The fund delivered a total

return of 79.3% last year and 46.3% annualized over 3 years. Since

December 31, its listed shares are up about 20%. Still, EWF shares

trade at about a 13% discount to their net asset value, down a bit

from 16% in 1997. The fund's mandate allows for some custom-tailored

investing. In a broad sector play, it put together warrants to a

financial restructuring basket of banking stocks, which have risen

smartly.

Item Availability: Image.

Access No: 01581747 ProQuest ABI/INFORM (R) Research

Title: Brazilian plans buy private equity

Authors: Kepp, Michael

Journal: Pensions & Investments [PNI] ISSN: 1050-4974

Vol: 26 Iss: 4 Date: Feb 23, 1998 p: 32

Reprint: Contact UMI for article reprint (order no. 10360.00).

Restrictions may apply.

Subjects: Pension funds; Investment policy; Return on investment;

Closed end funds; Manycompanies

Geo Places: Brazil

Codes: 9173 (Latin America); 8130 (Investment services); 3400

(Investment analysis)

Abstract: A number of big Brazilian pension funds are investing in

new private equity funds that give them legal entree to investments

in the private corporate market. Brazilian funds are barred by law

from buying securities that are not publicly listed. However, they

can tap the private market by using funds; that is because companies

in funds' portfolios must provide financial disclosure to the

government. Among the private equity vehicles for pension funds are:

1. Brasil Private Equity Fund, a 10-year closed-end fund run by

Banco Garantia, 2. CVC Opportunity Brazilian Equity Partners Fund, a

10-year closed-end fund managed by Banco Opportunity, 3. Patrimonio

Private Equity Fund, a 10-year closed-end buyout fund for local

investors, managed by Banco Patrimonio, and 4. Fonte Cindam Nordeste

Private Equity Fund, a new 10-year closed-end fund run by Banco

Cindam.

Item Availability: Image.

Access No: 01578880 ProQuest ABI/INFORM (R) Research

Title: The Weird World of Closed-End Funds

Authors: Laderman, Jeffrey M

Journal: Business Week [BWE] ISSN: 0739-8395

Iss: 3565 Date: Feb 16, 1998 p: 106 Illus: Charts

Reprint: Contact UMI for article reprint (order no. 36.00).

Restrictions may apply.

Subjects: Closed end funds; Ratings & rankings; Rates of return;

Statistical data; Manycompanies

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 9140

(Statistical data); 3400 (Investment analysis)

Abstract: Business Week's Mutual Fund Scoreboard for closed-end

funds reviews 120 equity funds, rating them by risk-adjusted returns;

measuring by their portfolio and share-price performance; and telling

how much of a discount or premium the fund trades at. The Salomon

Brothers Fund, a portfolio of US blue chips that delivered a 30%

average annual return over the past 3 years and earned an A in the

Business Week Mutual Fund Scoreboard, trades at nearly a 10% discount

to the value of its blue-chip portfolio, or $0.90 on the dollar.

Funds that have earned A's for superior risk-adjusted returns are

listed.

Item Availability: Paper, Microform.

Microfiche: 1980-1992 Paper: Last 6 months

Access No: 01578881 ProQuest ABI/INFORM (R) Research

Title: Mutual Fund Scoreboard

Authors: Anonymous

Journal: Business Week [BWE] ISSN: 0739-8395

Iss: 3565 Date: Feb 16, 1998 p: 108-112 Illus: Charts

Reprint: Contact UMI for article reprint (order no. 36.00).

Restrictions may apply.

Subjects: Closed end funds; Ratings & rankings; Manycompanies;

Statistical data; Rates of return; Portfolio performance

Geo Places: US

Codes: 9190 (United States); 3400 (Investment analysis); 9140

(Statistical data); 8130 (Investment services)

Abstract: Highlights of 190 closed end funds are presented. Ratings

are based on 3-year risk-adjusted performance of the fund's

portfolio. Funds include: 1. Adams Express, 2. Alliance All-Market

Advantage, 3. Argentina, 4. Asia Pacific, and 5. Brazilian Equity.

Item Availability: Paper, Microform.

Microfiche: 1980-1992 Paper: Last 6 months

Access No: 01569422 ProQuest ABI/INFORM (R) Research

Title: The forecast is for stormy seas as shareholder season

nears

Authors: Zipser, Andy

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 6 Date: Feb 9, 1998 p: 12

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Clemente Global

Subjects: Closed end funds; Investment advisors; Shareholder

relations

Geo Places: US

Codes: 8130 (Investment services); 9190 (United States); 9000

(Short Article); 2400 (Public relations)

Abstract: This year will be stormier than usual for closed-end

mutual funds. In one battle, Phil Goldstein has put together a slate

of 3 board candidates in a declassification proposal to terminate the

management contract of Clemente Global Growth.

Item Availability: Image.

Access No: 01569428 ProQuest ABI/INFORM (R) Research

Title: Playing Asia

Authors: Du Bois, Peter C

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 6 Date: Feb 9, 1998 p: 17 Illus: Charts

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: Investment policy; Closed end funds; Manycompanies; Rates

of return

Geo Places: US; Asia

Codes: 9179 (Asia & the Pacific); 8130 (Investment services);

3400 (Investment analysis); 9190 (United States)

Abstract: Those who wish to stay invested in the volatile Pacific

Basin have a relatively cheap and effective means of doing so:

closed-end regional funds. Unlike many single-country closed-ends,

the regionals tend to sell at discounts to NAV or at only small

premiums. Close-ends do not have to worry about redemptions, an

advantage over their open-end counterparts, especially when investing

in illiquid markets. At the beginning of the year, Michael T.

Porter of Salomon Smith Barney recommended Singapore and Malaysia

WEBS. He still likes them, despite their big bounces. In a note to

clients last week, Porter reiterated his buy recommendations on 2

Asian regional funds. Anyone considering investing in regional funds

should first try to determine what they own.

Item Availability: Image.

Access No: 01569441 ProQuest ABI/INFORM (R) Research

Title: Fund of information: All shook up

Authors: Ward, Sandra

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 6 Date: Feb 9, 1998 p: 57-58

Illus: Charts; Graphs

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: BancAmerica Robertson Stephens

Robertson Stephens Global Low-Priced

Subjects: Mutual funds; Investment policy; Rates of return;

Manycompanies; Closed end funds

Geo Places: US

Codes: 8130 (Investment services); 9190 (United States); 3400

(Investment analysis)

Abstract: In the past year, BancAmerica Robertson Stephens Global

Low-Priced stock fund lost more than half its assets. The oddball

fund - its objective was to invest in shares throughout the world

priced at $10 or less and representing good growth potential - always

was a tough sell and never fit very neatly into the average

investor's portfolio. The demise of the Low-Priced stock fund is

sure to focus attention on the tremendous challenge Robertson

Stephens faces in attracting assets to its specialty funds. Lately,

mid-cap funds are commanding more attention as investors search for a

way to obtain growth without incurring as much volatility as is

typically found in small-cap funds. And increasingly, financial

advisors are considering them in their asset allocations as a way of

controlling risk.

Item Availability: Image.

Access No: 01559304 ProQuest ABI/INFORM (R) Research

Title: The fund industry's French revolution

Authors: Kover, Amy R

Journal: Fortune [FOR] ISSN: 0015-8259

Vol: 137 Iss: 2 Date: Feb 2, 1998

p: 30-32; European 12-13

Reprint: Contact UMI for article reprint (order no. 1128.00).

Restrictions may apply.

Companies: Bankgesellschaft Berlin AG

City of London Corp

Clemente Global

Subjects: Closed end funds; Portfolio management; Shareholder

relations; Problems; Manycompanies

Geo Places: US; Europe

Codes: 9190 (United States); 8130 (Investment services); 9175

(Western Europe); 9000 (Short Article)

Abstract: Activist investors are forcing closed-end managers to pay

attention to performance. In December 1997, Bankgesellschaft Berlin

won a proxy fight to take over 2 slots on the board of the closed-end

Growth Fund of Spain. In 1997, hedge fund manager Phillip Goldstein

pushed a shareholder proposal: to oust the managers of the Clemente

Global fund.

Item Availability: Image, Paper, Microform.

Microfiche: 1980-1992 Paper: 1947-1965,1974-1979

(Archive) , last 6 months on shelf

Access No: 01557207 ProQuest ABI/INFORM (R) Research

Title: Two-edged sword

Authors: Du Bois, Peter C

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 78 Iss: 2 Date: Jan 12, 1998 p: F29

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: Closed end funds; Portfolio performance; Statistical

data; Manycompanies

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis); 9140 (Statistical data); 9000

(Short Article)

Abstract: Of the 145 closed-end equity funds tracked by Lipper

Analytical Services, 6 of the top 10 best performers in 1997 invested

only in non-US stocks, as did all of the 10 big losers. John Hancock

Bank & Thrift ranked number one for both the quarter and the year,

followed by Southeastern Thrift & Bank. The roster of losers in both

the quarter and the year was led by Thai Fund.

Item Availability: Image.

Access No: 01695163 ProQuest ABI/INFORM (R) Research

Title: Closed-end funds and sentiment risk

Authors: Severn, Alan K

Journal: Review of Financial Economics [MVJ] ISSN: 1058-3300

Vol: 7 Iss: 1 Date: 1998 p: 103-119

Illus: Charts; Graphs; Appendix; References

Reprint: Contact UMI for article reprint (order no. 6481.01).

Restrictions may apply.

Subjects: Studies; Closed end funds; Risk; Portfolio management

Codes: 9130 (Experimental/theoretical); 3400 (Investment

analysis)

Abstract: Irrational noise traders earn high returns for hearing

risk that they themselves create. Diversifying across closed-end

funds does little to reduce this risk, because discounts are

correlated across funds. But diversification between closed-end

funds and large-cap stocks does reduce this risk, especially when

markets are not subject to major shocks; a combination of closed-end

funds and large-cap stocks has lower risk than either one alone.

This paper estimates the amount of large-cap stocks needed in

tax-deferred portfolios, under various amounts of market-wide risk,

and ways of measuring it.

Access No: 01548910 ProQuest ABI/INFORM (R) Research

Title: Fund of information: The cable guys

Authors: Norton, Leslie P

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 52 Date: Dec 29, 1997 p: 39-40

Illus: Charts; Graphs

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: Mutual funds; Cable television industry; Portfolio

investments; Shareholder relations; Closed end funds;

Manycompanies

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis); 8330 (Broadcasting &

telecommunications industry)

Abstract: The prospect of hostile takeovers is just another reason

people are paying attention to cable television stocks. Cable issues

were the worst-performing group in the S&P in 1996 after some lean

years that saw the collapse of a planned merger between Bell Atlantic

and TCI, and worries about higher cable rates. But cable soared in

1997, and that has revived the fortunes of a host of mutual funds

that bet big on cable stocks, including Gabelli Value (up 44% this

year), Weitz Value (34.4%), and Oakmark Fund (28.9%). A year ago,

people predicted cable subscribers would decrease amid increased

competition from satellite companies and the Baby Bells. That has

not transpired. A great disappointment to early fans of no-load

funds is that, notwithstanding an explosion of financial information,

few folks are do-it-yourself investors. So it is the no-load fund

families that have turned to the brokers. Closed-ends trading at

persistent discounts are likely to face more heat from dissident

shareholders. In their review of closed-end activity for 1997,

closed-end analysts Thomas J. Herzfeld and Cecilia Gondor note that

while dissident shareholders lost every proposal in 1996, they were

startling successful in 1997.

Item Availability: Image.

Access No: 01560111 ProQuest ABI/INFORM (R) Research

Title: The agency problem and the management of closed-end

funds: Managerialism and its impact on expense ratios

Authors: Walker, Matthew A

Journal: Journal of Managerial Issues [JML] ISSN: 1045-3695

Vol: 9 Iss: 4 Date: Winter 1997 p: 485-496

Illus: Charts; References

Reprint: Contact UMI for article reprint. Restrictions may apply.

Subjects: Studies; Agency theory; Hypotheses; Closed end funds;

Corporate governance; Shareholder relations; Costs;

Regression analysis

Geo Places: US

Codes: 9190 (United States); 9130 (Experimental/theoretical);

8130 (Investment services); 2400 (Public relations)

Abstract: Closed-end funds, and their tendency to sell at a discount

from net asset value, have been studied for the last 2 decades or so.

Previous studies have had various levels of success in explaining

why the discount should exist. The ratio of annual expenses to

average net assets is one of the variables that has been shown to

affect discounts. A study provides an important link between fund

expense ratios and 2 measures of the extent of the agency problem

that are prevalent in funds' management structures: supermajority

voting rules and staggered voting for directors. The study's purpose

is to relate managerialism to fund expense ratios, and not to explain

the tendency for discounts. The agency factors are shown to be

useful in explaining expense ratios, especially for bond funds, and

the effect remains after controlling for other factors that influence

expense ratios. The results are consistent with the 'management

entrenchment' hypothesis that claims that entrenched managers may

extract benefits from the corporation at the expense of shareholders.

Access No: 01539477 ProQuest ABI/INFORM (R) Research

Title: Case closed

Authors: McLean, Bethany

Journal: Fortune [FOR] ISSN: 0015-8259

Vol: 136 Iss: 11 Date: Dec 8, 1997 p: 262

Reprint: Contact UMI for article reprint (order no. 1128.00).

Restrictions may apply.

Companies: Thai Capital Management

Subjects: Closed end funds; Regions; Financial performance;

Investment policy

Geo Places: Asia

Codes: 8130 (Investment services); 3400 (Investment analysis);

9179 (Asia & the Pacific); 9000 (Short Article)

Abstract: While some closed-end Southeast Asia mutual funds have

historically sold at discounts, they are all actually trading at

premiums currently. Thailand is the most extreme case. The Thai

Capital fund has historically traded at a 1% discount to the net

asset value of the stock it holds, but a buyer currently would pay a

45% premium.

Item Availability: Image, Paper, Microform.

Microfiche: 1980-1992 Paper: 1947-1965,1974-1979

(Archive) , last 6 months on shelf

Access No: 01545644 ProQuest ABI/INFORM (R) Research

Title: Morgan Stanley tracks closed-end funds

Authors: Williamson, Christine

Journal: Pensions & Investments [PNI] ISSN: 1050-4974

Vol: 25 Iss: 25 Date: Dec 8, 1997 p: 25

Reprint: Contact UMI for article reprint (order no. 10360.00).

Restrictions may apply.

Companies: Morgan Stanley Dean Witter Discover & Co

Subjects: Closed end funds; Return on investment; Research;

Financial services

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 5400

(Research & development)

Abstract: Morgan Stanley Dean Witter Discover & Co. introduced a

new research service that will track performance of 28 closed-end

country funds. The initial universe of 28 funds was selected to

represent the largest and most widely held funds, with wide coverage

of world markets.

Item Availability: Image.

Access No: 01533831 ProQuest ABI/INFORM (R) Research

Title: When it comes to 'bull' beware of double-entendres

Authors: Zipser, Andy

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 47 Date: Nov 24, 1997 p: 12

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: Closed end funds; Yield; Proxy solicitation

Geo Places: US

Codes: 9190 (United States); 9000 (Short Article); 3400

(Investment analysis); 8130 (Investment services)

Abstract: A full year after Bull & Bear US Government Securities

converted from an open-end fund with the promise that conversion

would reduce the fund's operating expenses, it has the lowest

12-month yield of the 13 government bond funds listed by Barron's.

It is no wonder that some shareholders recently launched a proxy

battle to unseat the fund's 5 directors.

Item Availability: Image.

Access No: 01531608 ProQuest ABI/INFORM (R) Research

Title: Bull & bear fund takes investors for a ride

Authors: Zipser, Andy

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 46 Date: Nov 17, 1997 p: 12

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Bull & Bear US Government Securities

Subjects: Closed end funds; Shareholder relations; Valuation

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 2400

(Public relations); 9000 (Short Article)

Abstract: Recent evidence shows that when it comes to closed-end

funds selling at persistent discounts to underlying asset value, the

industry just does not get it. Bull & Bear US Government Securities

is among the examples presented.

Item Availability: Image.

Access No: 01528970 ProQuest ABI/INFORM (R) Research

Title: For closed-end managers, global warming is not a theory

Authors: Zipser, Andy

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 45 Date: Nov 10, 1997 p: 12

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: Closed end funds; Financial performance; Investment policy

Geo Places: US

Codes: 9000 (Short Article); 9190 (United States); 8130

(Investment services); 3400 (Investment analysis)

Abstract: Since early 1996, the average country closed-end mutual

fund has been trading at a double-digit discount to the value of its

underlying stocks more than 94% of the time. Part of the heat on

these funds has come from restive shareholders. It is no surprise,

then, that the closed-end community is scrambling to appease its

critics and defend its practices.

Item Availability: Image.

Access No: 01523315 ProQuest ABI/INFORM (R) Research

Title: Playing 'D' on rates

Authors: Setton, Dolly

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 160 Iss: 10 Date: Nov 3, 1997 p: 393

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Companies: Merrill Lynch & Co DUNS: 06-496-8043 Ticker: MER

Subjects: Closed end funds; Bond portfolios; Investment policy

Geo Places: US

Codes: 9000 (Short Article); 9190 (United States); 3400

(Investment analysis)

Abstract: If high yields are desired but high interest rates are a

worry, Merrill Lynch's Debt Strategies Fund should be considered.

This closed-end bond fund, currently trading at around $10.25, is

less sensitive to rate hikes. It invests in both high-yield debt and

variable-rate bank loans and offers a generous 9.5% yield.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01527293 ProQuest ABI/INFORM (R) Research

Title: A new twist to safeguard their share prices

Authors: Napach, Bernice

Journal: Medical Economics [MDE] ISSN: 0025-7206

Vol: 74 Iss: 21 Date: Oct 27, 1997 p: 19-20

Reprint: Contact UMI for article reprint (order no. 2014.00).

Restrictions may apply.

Subjects: Closed end funds; Stock prices; Conversion

Geo Places: US

Codes: 9190 (United States); 9000 (Short Article); 3400

(Investment analysis)

Abstract: Many investors shun closed-end funds, which adds to the

sluggishness of their prices. Some funds have tried to address the

problem by asking shareholders to approve a conversion to the

open-end structure.

Access No: 01506362 ProQuest ABI/INFORM (R) Research

Title: Very unpleasant news

Authors: Du Bois, Peter C

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 40 Date: Oct 6, 1997 p: F29

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: Closed end funds; Portfolio performance; Investment

policy; Statistical data; Manycompanies; International

finance

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 9180

(International); 3400 (Investment analysis); 9000 (Short

Article); 9140 (Statistical data)

Abstract: According to Lipper Analytical Services, the 10 worst

performing closed end funds in the July-September stretch were funds

that invest in the Pacific region and which had fared well in the

June quarter. Their stock price declines ranged from 38.1% (Jakarta

Growth) to 18.1% (Schroder Asian Growth).

Item Availability: Image.

Access No: 01510991 ProQuest ABI/INFORM (R) Research

Title: Europe on steroids

Authors: Easton, Thomas

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 160 Iss: 7 Date: Oct 6, 1997 p: 128-129

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Companies: European Warrant Fund Inc

Subjects: Closed end funds; Volatility; Investment advisors;

Financial analysis; Financial services; Corporate profiles

Geo Places: Europe

Codes: 9175 (Western Europe); 8130 (Investment services); 3400

(Investment analysis); 9110 (Company specific)

Abstract: The European Warrant Fund, a closed-end with about $200

million in assets, has averaged an annual return of 36% over the last

3 years. In 1993, the net asset value of the fund more than doubled.

Co-manager Hansruedi Huber says that an extended flat market could

leave the fund with a 10% annual shrinkage in its asset value.

Co-manager Philipp Burger estimates the fund is now 1.9 times as

volatile as a hypothetical portfolio invested in the common stocks

rather than the warrants of its target companies. At times, he says,

the volatility has been even higher. On that score, the European

Warrant Fund has been beating the European market, but not by much.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01506650 ProQuest ABI/INFORM (R) Research

Title: When the Lid Comes Off

Authors: Gutner, Toddi; Dunkin, Amy

Journal: Business Week [BWE] ISSN: 0739-8395

Iss: 3546 Date: Sep 29, 1997 p: 144-145 Illus: Charts

Reprint: Contact UMI for article reprint (order no. 36.00).

Restrictions may apply.

Companies: GT Global Developing Markets Fund Inc

Pilgrim America Group

Templeton Dragon Fund Inc

Templeton Vietnam Opportunities Fund

Subjects: Mutual funds; Rates of return; Closed end funds

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis)

Abstract: Closed-end funds have become a target for savvy investors

turned activist shareholders. They are aiming to capture a windfall

by forcing closed-end funds, which trade like ordinary common stock,

to transform themselves into traditional open-ended mutual funds.

These closed-enders usually sell at a big discount to net asset value

of their portfolio largely because they have performed badly. When

these funds open up, shareholders can cash in because they can redeem

their shares at full asset value. About 460 closed-end funds are

listed on the NYSE. Funds that trade at a chronically wide discount

are worth a look. Latin America Growth Fund, which has been plagued

by a double-digit discount for over a year, had an NAV return of

18.5% for the first 6 months of this year.

Item Availability: Paper, Microform.

Microfiche: 1980-1992 Paper: Last 6 months

Access No: 01494537 ProQuest ABI/INFORM (R) Research

Title: Fund of information: Unholy Moses!

Authors: Norton, Leslie P

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 37 Date: Sep 15, 1997 p: 43-44

Illus: Charts; Graphs

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Calvert Strategic Growth

Lexington Troika Dialog Russia Fund

Subjects: Mutual funds; Appointments & personnel changes; Portfolio

performance; Manycompanies; Closed end funds

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis)

Abstract: After a long stretch of bad performance, Calvert Strategic

Growth fund has fired its erstwhile star manager, Cedd Moses. Only a

few years back, Moses was lauded by a number of publications. His

Portfolio Advisory Services returned 142% for clients in 1991; 39.1%

in 1992, and 25.4% in 1993. Armed with a background in computer

science. Moses used a combination of market timing and aggressive

growth strategies to build on the momentum investing principles of

William O'Neill. One of the stated aims of Calvert's hiring of Moses

was to show investors that a socially responsible strategy could

still beat the market. Early on Calvert beat rival funds, but then

Moses turned bearish. Even as the average stock fund raced 31%

higher in 1995, and the S&P, 37.5%, Calvert Strategic eked out a mere

3% gain. Smaller-company and aggressive-growth stocks have blasted

off in recent months, reviving portfolios run by Pilgrim Baxter, Van

Wagoner Funds, and a host of other aggressive managers. During

August, stock funds attracted net purchases of $13.5 billion, while

bond funds drew $6.5 billion.

Item Availability: Image.

Access No: 01508534 ProQuest ABI/INFORM (R) Research

Title: Evolving emerging markets more essential

Authors: Friedman, Amy S

Journal: National Underwriter [Life/Health/Financial Services]

[NUD] ISSN: 0893-8202

Vol: 101 Iss: 37 Date: Sep 15, 1997 p: 13, 16

Reprint: Contact UMI for article reprint (order no. 2016.01).

Restrictions may apply.

Subjects: Emerging markets; Mutual funds; International finance;

Portfolio investments

Geo Places: US

Codes: 9190 (United States); 9180 (International); 8130

(Investment services); 3400 (Investment analysis)

Abstract: According to Lipper Analytical Services, New York,

emerging markets as a sector of the mutual fund universe, which did

not exist in 1989, now has over 300 open-end funds, nearly all of

which are equity funds, and about 45 closed-end funds, most of which

are equity funds. Over the last 2 years, the evolution of this niche

has accelerated. The net assets have grown from $9 billion to almost

$18 billion since 1995, with much of the growth attributed to foreign

interest. In addition, with more emerging market countries, the

universe of investment choices for mutual funds on both the equity

and the debt side has expanded, and the range of choices in those

countries has become more meaningful. Although huge volatility is

and will remain a concern, investment strategists and financial

planners believe there is still a tremendous upside in this area.

Item Availability: Image.

Access No: 01494777 ProQuest ABI/INFORM (R) Research

Title: Why Did Fidelity Seal the Hatch?

Authors: Smith, Geoffrey; Laderman, Jeffrey M

Journal: Business Week [BWE] ISSN: 0739-8395

Iss: 3543 Date: Sep 8, 1997 p: 119 Illus: Charts

Reprint: Contact UMI for article reprint (order no. 36.00).

Restrictions may apply.

Companies: Fidelity Magellan Fund DUNS: 10-117-1999

Subjects: Mutual funds; Closed end funds; Transitions; Rates of

return

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis)

Abstract: On August 29, Fidelity Investments, the nation's largest

mutual-fund firm, announced it would close its $60.9 billion Magellan

Fund indefinitely to all but existing investors and participants in

retirement plans. This is perhaps the most important pro-shareholder

decision Fidelity management has made in years. In theory, at least,

the move will blunt Magellan's huge asset growth and will give

portfolio manager Robert E. Stansky a better chance of boosting

returns. Fidelity explains the closing by saying that Stansky was

worried about a possible surge of new cash coming into the fund now

that he has improved the fund's performance. However, the company's

explanation left analysts shaking their heads.

Item Availability: Paper, Microform.

Microfiche: 1980-1992 Paper: Last 6 months

Access No: 01492396 ProQuest ABI/INFORM (R) Research

Title: Closed-end fund strategy

Authors: Clash, James M

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 160 Iss: 5 Date: Sep 8, 1997 p: 206-207

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Subjects: Statistical data; Closed end funds; Investment policy

Geo Places: US

Codes: 3400 (Investment analysis); 9190 (United States); 9140

(Statistical data)

Abstract: For long-term investors, closed-end funds have a lot to

recommend them. An investor pays stock exchange commission to buy

and sell closed end, but if the discount is big enough, the

commission only slightly reduces the advantage. However, the

discount an investor gets now might never narrow - or may even widen.

Closed-end investors are at the whim of what someone else is willing

to pay. A list of the best buys in stock funds and bond funds is

presented.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01492397 ProQuest ABI/INFORM (R) Research

Title: Mr. Buy-and-Hold

Authors: Setton, Dolly

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 160 Iss: 5 Date: Sep 8, 1997 p: 208-209

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Companies: Central Securities Fund

Subjects: Closed end funds; Investment policy; Cost control;

Investment banking

Geo Places: US

Codes: 8130 (Investment services); 9190 (United States); 3400

(Investment analysis)

Abstract: Wilmot Kidd is a shrewd but uncelebrated money manager who

has been running the closed-end Central Securities fund for the past

24 years. His turnover averages 14% a year, a 6th of what is typical

in average stock funds. His expense ration is 55 cents a year per

$100 of assets. While Kidd's buy-and-hold strategy has saved a lot

of taxes for his shareholder, it has left the fund with a huge

unrealized gain of $17 a share.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01492398 ProQuest ABI/INFORM (R) Research

Title: Try your hand at fund arbitrage

Authors: Easton, Thomas

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 160 Iss: 5 Date: Sep 8, 1997 p: 209-210

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Subjects: Closed end funds; Investment policy; Hedging; Discount

rates; Short sales

Geo Places: US

Codes: 3400 (Investment analysis); 8130 (Investment services);

9190 (United States)

Abstract: The shares of a closed-end fund come out at a premium of

over the net asset value, typically 7%. Brokers downplay the 7%

markup and never volunteer the grim facts of after market discounts.

Fund operators contribute to the deception by suggesting that they

will do whatever is necessary to close that discount. Phillip

Goldstein targets closed-end funds whose shareholders are

particularly disgusted and willing to sell at fat discounts and whose

operators seem vulnerable to open-ending. His object is to buy at

80 or 90 cents on the dollar, sell at 100 cents - as quickly as

possible.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01492399 ProQuest ABI/INFORM (R) Research

Title: Stock funds

Authors: Anonymous

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 160 Iss: 5 Date: Sep 8, 1997 p: 212 Illus: Charts

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Subjects: Statistical data; Manycompanies; Ratings & rankings;

Closed end funds

Geo Places: US

Codes: 9140 (Statistical data); 9190 (United States); 3400

(Investment analysis); 9000 (Short Article)

Abstract: Statistical data on closed-end stock funds are presented

in tabular form, including annualized total return, assets, recent

price, premium/discount, and annual expenses per $100 for the period

ended July 31, 1997.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01492400 ProQuest ABI/INFORM (R) Research

Title: Taxable bond funds

Authors: Anonymous

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 160 Iss: 5 Date: Sep 8, 1997 p: 213

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Subjects: Statistical data; Ratings & rankings; Manycompanies;

Closed end funds; Bonds

Geo Places: US

Codes: 9140 (Statistical data); 9190 (United States); 9000

(Short Article); 3400 (Investment analysis)

Abstract: Statistical data are presented concerning taxable closed

end bond funds, including annualized total return, yield, assets as

of June 30, 1997, recent price, premium/discount, and annual expenses

per $100, for the period ended July 31, 1997.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01492407 ProQuest ABI/INFORM (R) Research

Title: Closing the gap

Authors: Waxler, Caroline

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 160 Iss: 5 Date: Sep 8, 1997 p: 224

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Companies: Tri-Continental Corp

Subjects: Discounts; Book value; Closed end funds

Geo Places: US

Codes: 3400 (Investment analysis); 8130 (Investment services);

9190 (United States); 9000 (Short Article)

Abstract: One analysis speculates that Tri-Continental is the most

likely of closed end funds to try to close the gaps between discounts

and net asset values.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01493886 ProQuest ABI/INFORM (R) Research

Title: No, Magellan won't reopen

Authors: Williamson, Christine

Journal: Pensions & Investments [PNI] ISSN: 1050-4974

Vol: 25 Iss: 18 Date: Sep 1, 1997 p: 2, 48

Reprint: Contact UMI for article reprint (order no. 10360.00).

Restrictions may apply.

Companies: Fidelity Magellan Fund DUNS: 10-117-1999

Subjects: Closed end funds; Defined contribution plans; Deferred

compensation

Geo Places: US

Codes: 9190 (United States); 6400 (Employee benefits &

compensation); 8130 (Investment services)

Abstract: Fidelity has no plans to reopen Magellan Fund to future

defined contribution clients, according to Robert C. Pozen,

president and CEO of Fidelity Management & Research Co., investment

advisor to Fidelity's funds. The mutual fund will close to all

investors on September 30, 1997, except those from 401(k), 403(b) and

457 plans that offer the option as of September 30.

Item Availability: Image.

Access No: 01475343 ProQuest ABI/INFORM (R) Research

Title: Can stocks still rise?

Authors: Armour, Lawrence A

Journal: Fortune [FOR] ISSN: 0015-8259

Vol: 136 Iss: 4 Date: Aug 18, 1997

p: 68-74; European 84-87 Illus: Graphs

Reprint: Contact UMI for article reprint (order no. 1128.00).

Restrictions may apply.

Subjects: Stock exchanges; Investment policy; Predictions; Personal

finance; Portfolio management

Geo Places: US

Codes: 9190 (United States); 3400 (Investment analysis)

Abstract: In an interview, Barton M. Briggs, chairman of Morgan

Stanley Asset Management, and Robert J. Farrell, senior investment

adviser at Merrill Lynch Pierce Fenner & Smith, discuss the future of

the stock market and where investors should put their money now.

Biggs' view is that this is the tag end of super bull market, which

means the prudent person who is thinking ahead toward retirement

should assume that over the next 5 to 10 years the total return from

equity portfolio is going to be in the 5%-to-6%-a-year range.

Farrell believes a new cycle is coming, one in which investors will

interested in small growth companies. That cycle could carry

investors into 1998, 1999, or the new millennium. According to

Biggs, a 48-year-old who wants to invest for his retirement years

should be buying US Treasury zeros. As a long-term investor, he has

got to own some small caps. He could also look at closed-end funds.

Farrell thinks that investors should look at small-cap funds or

emerging-market funds in South America or the Far East.

Item Availability: Image, Paper, Microform.

Microfiche: 1980-1992 Paper: 1947-1965,1974-1979

(Archive) , last 6 months on shelf

Access No: 01483164 ProQuest ABI/INFORM (R) Research

Title: The terminator

Authors: Grover, Mary Beth

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 160 Iss: 3 Date: Aug 11, 1997 p: 130-131

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Subjects: Closed end funds; Investment policy; Investment advisors

Geo Places: US

Codes: 3400 (Investment analysis); 9190 (United States)

Abstract: According to money manager George Karpus, bonds are a

science. He believes the best action is in closed-end bond funds.

Yet even with discounts of 10%, some closed-end bond funds are not

good buys. Their discounts can be so overwhelmed by high expenses

that an investor would be better off in a cheap Vanguard fund. That

is, unless the closed-end bond fund has a termination date.

Termination dates are a feature of a breed on closed-end funds called

term trusts. Wall Street issued $11.6 billion of them in the early

1990s. It is now payback time. At least 9 term trust have

terminated already, and some 31 more are expected to terminated

during the period between the fall of 1997 and 2009. Karpus likes

them because so many are trading at discounts to their termination

price.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01467667 ProQuest ABI/INFORM (R) Research

Title: Talk about overpaid executives!

Authors: Easton, Thomas; Setton, Dolly

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 160 Iss: 2 Date: Jul 28, 1997 p: 240-242

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Companies: Nuveen Tax-Free Reserves Inc

Subjects: Mutual funds; Bull markets; Shareholders wealth;

Investment companies; Closed end funds

Geo Places: US

Codes: 9190 (United States); 3400 (Investment analysis); 8130

(Investment services)

Abstract: One had to work at it not to make a ton of money in the

fund business during this bull market. Yet John Nuveen Co., a

99-year-old Chicago-based sponsor of funds, seems to be asleep. Its

earning are up only 22%. Nuveen does not have to work very hard for

a living because it draws 67% of its $232 million annual revenue from

management fees on a collection of closed-end bond funds floated

years ago. While other fund companies were out hustling, Nuveen, in

effect, clipped coupons. Mostly Nuveen has been looking inward.

About 80% of cash flow in 1996 went to share buybacks.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01445927 ProQuest ABI/INFORM (R) Research

Title: Enemies within

Authors: Zipser, Andy

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 27 Date: Jul 7, 1997 p: F6-F8

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Clemente Global

Growth Fund of Spain Inc

New Age Media Fund

Taiwan Fund Ticker: TWN

Dean Witter Emerging Markets Opportunity Trust

Subjects: Closed end funds; Boards of directors; Shareholder

relations; Shareholder meetings; Manycompanies

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 2110

(Boards of directors)

Abstract: Now in their 4th year of a crippling bear market peculiar

to their sector, approximately 80% of closed-end funds are trading at

a discount. As long-suffering shareholders and a small but growing

number of opportunistic investors start grappling with the problem,

typically through proposals to convert their investments into

open-end funds or to replace the fund's managers, those same managers

and their usually friendly directors are fighting back. Some of

their tactics border on lawlessness; others are more preemptive in

nature. Taiwan Fund's repeated adjournments of the annual meeting

are one illustration of the lengths to which a fund's advisors will

go. The Taiwan Fund is not unique: All Seasons Global adjourned its

meeting 4 times last year until management got an election result it

liked. For a defensive management intent on guarding its turf, the

available weaponry starts with nit-picking technicalities and ends

with the bureaucratic equivalent of nuclear war.

Item Availability: Image.

Access No: 01445923 ProQuest ABI/INFORM (R) Research

Title: Climbing out?

Authors: Zipser, Andy

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 27 Date: Jul 7, 1997 p: F23

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: Closed end funds; Portfolio performance; Stock prices;

Manycompanies

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis); 9000 (Short Article)

Abstract: Even the much benighted closed-end sector made mighty

strides in select areas during the 2nd quarter of 1997, easily

exceeding 10-year averages. Despite the impressive gains, the share

prices of some closed-ends are being quoted at a 20% or larger

discount to the value of their underlying assets.

Item Availability: Image.

Access No: 01445929 ProQuest ABI/INFORM (R) Research

Title: Trading points: Issuance of junk bonds hits record in

June; Surprises await holders at one of Putnam's funds

Authors: Doherty, Jacqueline

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 27 Date: Jul 7, 1997 p: MW10

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Putnam Intermediate Government Income Trust

Putnam Master Intermediate Income Trust

Subjects: Bond issues; Junk bonds; Private placement; Statistical

data; Closed end funds; Investment policy

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis); 9140 (Statistical data)

Abstract: More junk bonds were sold in June 1997 than during any

previous one-month period. An unbelievable $17.3 billion of junk

bonds hit the market last month, easily surpassing earlier records of

$13 billion set in December 1987 and $9.5 billion in May 1996.

Despite some signs of softness in the market, the pace of new issues

is expected to remain robust until mid-August. Through the first

half of 1997, $53.5 billion of junk bonds were sold in 274 deals, and

of that total, 72% were 144a private placements, up from 14% back in

1992. Investors in the Putnam Intermediate Government Income Trust

may find themselves holdings junk bonds and taking on more risk than

they expected. If shareholders give their blessing, Putnam plans to

merge the $530 million Intermediate Government fund into the $330

million Putnam Master Intermediate Income Trust. Both are

closed-end funds, but Government Income primarily owns US government

and investment-grade foreign bonds, while Putnam Master buys US

government, international, and junk bonds. After the merger, Putnam

Master would be the surviving entity.

Item Availability: Image.

Access No: 01466427 ProQuest ABI/INFORM (R) Research

Title: Now, Anyone Can Be an Oil Sheikh

Authors: Rossant, John; Light, Larry

Journal: Business Week [BWE] ISSN: 0739-8395

Iss: 3534 Date: Jul 7, 1997 p: 6

Reprint: Contact UMI for article reprint (order no. 36.00).

Restrictions may apply.

Subjects: Closed end funds; International finance

Geo Places: Saudi Arabia

Codes: 9178 (Middle East); 9000 (Short Article); 3400

(Investment analysis); 9180 (International); 8130

(Investment services)

Abstract: In early August, the first closed-end fund permitted to

invest in Saudi Arabia, the Saudi Arabia Investment Fund, will begin

trading on the London Stock Exchange.

Item Availability: Paper, Microform.

Microfiche: 1980-1992 Paper: Last 6 months

Access No: 01447977 ProQuest ABI/INFORM (R) Research

Title: Price pressure and the role of institutional investors in

closed-end funds

Authors: Sias, Richard W

Journal: Journal of Financial Research [JFR] ISSN: 0270-2592

Vol: 20 Iss: 2 Date: Summer 1997 p: 211-229

Illus: Charts; Appendix; Equations; References

Reprint: Contact UMI for article reprint (order no. 15814.00).

Restrictions may apply.

Subjects: Studies; Closed end funds; Institutional investments;

Hypotheses; Impact analysis; Supply & demand; Stock

prices; Economic models

Geo Places: US

Codes: 9190 (United States); 9130 (Experimental/theoretical);

8130 (Investment services); 3400 (Investment analysis);

1130 (Economic theory)

Abstract: A trader-identified transactions database is used to

investigate: 1. the relation between order-flow imbalance and

closed-end fund share prices and discounts, and 2. the role of

institutional investors in closed-end funds. Empirical results are

consistent with the hypothesis that buyers (sellers) of closed-end

funds face upward- (downward-) sloping supply (demand) curves. The

results also demonstrate that ownership statistics do not accurately

reflect institutional investors' importance in the closed-end fund

market. Results fail to provide evidence that institutional

investors offset the positions of individual investors or that

institutional investors face systematic 'noise trader risk.'

Item Availability: Image.

Access No: 01435898 ProQuest ABI/INFORM (R) Research

Title: Out on her own

Authors: Norton, Leslie P

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 24 Date: Jun 16, 1997 p: 39-40

Illus: Charts; Graphs

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Americas Growth Fund

Baker Fentress & Co

Smith Barney Inc

Subjects: Mutual funds; Appointments & personnel changes;

Investment advisors; Closed end funds; Corporate

profiles; Portfolio management

Geo Places: US

Codes: 9190 (United States); 3400 (Investment analysis); 8130

(Investment services); 9110 (Company specific)

Abstract: The highly regarded chief of Smith Barney's mutual-fund

operation, Jessica Bibliowicz, resigned Friday to join Baker

Fentress's adviser, John A. Levin & Co. Levco is also wholly owned

by Baker Fentress, and accounts for 17% of the fund's $777 million in

assets. Few fund managers have been more bullish on the stock market

than David Alger, the author of Raging Bull. Astonishingly, even as

Alger has been so right on the market, the mutual funds he manages

were so wrong. A peculiar solution to a bitter battle with

shareholders and management of tiny Americas Growth emerged last

week. Last week, Americas Growth shares jumped as much as 23% on

news that J.W. Charles offered to exchange 0.418 of its own shares

for each of the fund's 1.27 million shares, or at least 51%.

Item Availability: Image.

Access No: 01439993 ProQuest ABI/INFORM (R) Research

Title: Contrarian signal?

Authors: Easton, Thomas

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 159 Iss: 12 Date: Jun 16, 1997 p: 232-233

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Companies: Morgan Stanley Asia-Pacific Fund Inc

Subjects: Investment policy; Closed end funds; Portfolio management

Geo Places: US

Codes: 3400 (Investment analysis); 9190 (United States); 8130

(Investment services)

Abstract: Unlike Berkshire Hathaway, which has been riding the bull

market in stocks like Coca-Cola and Wells Fargo, Morgan Stanley Asset

Management's Asia-Pacific fund has been in the dumps. The portfolio

has been flat since its July 1994 inception. The Big Board-listed

stock has done even worse, dropping from a 6% premium to portfolio

value when it was new issue to a recent 19% discount. This is a Wall

Street unfavorite, for contrarians only. For a contrarian, the

unpopularity of Morgan Stanley Asia-Pacific and a lot of other

closed-end foreign funds is a buy signal.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01426614 ProQuest ABI/INFORM (R) Research

Title: Southern exposure

Authors: Mao, Philippe

Journal: Working Woman [WKW] ISSN: 0145-5761

Vol: 22 Iss: 6 Date: Jun 1997 p: 48-50 Illus: Charts

Reprint: Contact UMI for article reprint (order no. 11494.00).

Restrictions may apply.

Subjects: Portfolio management; Investments; Regions; Business

conditions; Stocks; Statistical data; Closed end funds

Geo Places: Latin America

Codes: 3400 (Investment analysis); 9140 (Statistical data); 9173

(Latin America)

Abstract: The last time many investors looked at Latin America was

in the winter of 1994-1995, when the whole region was in financial

meltdown following the Mexican government's decision to devalue the

peso. The financial turmoil of recent years, while painful, has

restored sanity to the region's stock valuations. Much of Latin

America appears poised to enter a new era of economic dynamism as

trade barriers are lowered and markets such as banking and

telecommunications, once controlled by state-run monopolies, are

opened to competition. Most experts agree that Latin America is on

an upward growth path, but it is a safe bet that there will be some

setbacks along the way. Recommendations for investing in Latin

America are presented.

Item Availability: Image, Paper.

Paper: 1995- on shelf

Access No: 01428860 ProQuest ABI/INFORM (R) Research

Title: Burmese daze

Authors: Sender, Henny

Journal: Far Eastern Economic Review [FER] ISSN: 0014-7591

Vol: 160 Iss: 22 Date: May 29, 1997 p: 68

Reprint: Contact UMI for article reprint (order no. 6396.00).

Restrictions may apply.

Companies: Kerry Securities

Subjects: Closed end funds; Emerging markets; Investment companies;

Corporate reorganization; Stockholders

Geo Places: Burma; Hong Kong

Codes: 9179 (Asia & the Pacific); 9000 (Short Article); 3400

(Investment analysis); 8130 (Investment services)

Abstract: The Myanmar Fund is a closed end fund that was established

in 1994 with a $28 million kitty for direct investments in Burma. It

appears that the fund is now a casualty of the disarray that has

plagued Kerry Securities since December 1996, when falling profits

prompted the firm to slash staff and close some of its international

offices. Some shareholders have apparently met with Peregrine

Securities to discuss the winding down of the fund.

Access No: 01413991 ProQuest ABI/INFORM (R) Research

Title: Fund of information: Still the champ

Authors: Norton, Leslie P

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 19 Date: May 12, 1997 p: 43

Illus: Charts; Graphs

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: US Global All American

Alliance Global Environment Fund Inc

Aetna Index Plus

Evergreen Global Real Estate Equity

Amerindo Technology

Subjects: Mutual funds; Portfolio performance; Benchmarks;

Manycompanies; Closed end funds

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis)

Abstract: So far during the 2nd quarter, the S&P 500 continues to

best the vast majority of mutual fund managers. Some argue that the

index - and its largest proxy for fund shareholders, the Vanguard

index 500 - will continue to outperform. Geoffrey Brod of Aeltus

Investment Management contends that, despite the recent sprightliness

of small caps and tech issues in particular, momentum indicators bode

further gains for the S&P. A fund that tries to go one better than

the S&P 500 is $20 million US Global All American, run by Bin Shi, a

native Chinese better known for running US Global China Region

Opportunity. Shi is lucky: both funds are outpacing the S&P. Most

closed-end funds appear to be making shareholder-friendly gestures.

Growth Fund of Spain has proposed destaggering the board of

directors. Two other funds - Alliance Global Environment and

Inefficient Market - announced intentions to convert to open-end

status.

Item Availability: Image.

Access No: 01409787 ProQuest ABI/INFORM (R) Research

Title: Mutual funds: The Glicken connection

Authors: Norton, Leslie P

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 18 Date: May 5, 1997 p: 39-40

Illus: Charts; Graphs

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Americas Growth Fund

Subjects: Mutual funds; Closed end funds; Investment policy;

Problems; International finance; Manycompanies

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis); 9180 (International)

Abstract: A tiny fund called Americas Growth invested in a

Miami-based company called The Americas Group (TAG), specializing in

consulting and merchant banking South of the Border. TAG is headed

and partly owned by Howard Glicken, a Miami businessman who raised

millions for the Clinton-Gore reelection campaign and is an associate

of Vice President Gore. Last week, the Wall Journal reported that

Gore claims not to have known his backer well. He may not have been

aware that Glicken once headed a gold-trading company indicated in a

case involving money laundering and that his convicted partner is

serving a 27-year sentence. The Journal quoted a US attorney as

saying that to avoid the appearance of impropriety, one should avoid

associating with Glicken. Such revelations may have a chilling

effect on Glicken's business, and thus on the $250,000 investment

made by Americas Growth. These are only the latest troubles faced by

Americas Growth. Shareholders of Lazard Vietnam, a $60-million

offshore closed-end, voted last week to liquidate the fund, which has

suffered a large discount and cash at more than 80% of assets.

Item Availability: Image.

Access No: 01403270 ProQuest ABI/INFORM (R) Research

Title: Prisoners of poor performance

Authors: Easton, Thomas

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 159 Iss: 8 Date: Apr 21, 1997 p: 368-370

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Companies: Tri-Continental

Subjects: Closed end funds; Investment companies; Problems;

Portfolio management

Geo Places: US

Codes: 9190 (United States); 3400 (Investment analysis); 8130

(Investment services)

Abstract: J. & W. Seligman & Co., an old-line Wall Street firm,

runs the Tri-Continental Fund, the largest and one of the oldest

closed-end stock funds. Tri-Continental's results have been worse

than mediocre. Over 15 years, its portfolio has averaged a return of

16.5%, a point less than what one could have earned on a brainless

stock index fund. However, Seligman is well paid for its management.

The percentage portfolio management fee, which was jacked up in

1991, yielded $11 million in 1996. Seligman hauls in another $3.2

million a year for account services. Customers are locked in because

that is the way closed-end funds work. If they want out, they must

auction shares on the New York Stock Exchange. They trade at an 18%

discount to their net asset value.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01398496 ProQuest ABI/INFORM (R) Research

Title: Commodities corner: The offshore alternative

Authors: Santoli, Michael

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 15 Date: Apr 14, 1997 p: MW14

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: BZW Commodities Trust

Subjects: Securities markets; Commodity markets; Rates of return;

Stock exchanges; Closed end funds

Geo Places: US; UK

Codes: 9190 (United States); 9175 (Western Europe); 3400

(Investment analysis); 8130 (Investment services)

Abstract: The BZW Commodities Trust is a closed-end fund listed in

London which uses the Goldman Sachs Commodity Index as its benchmark

and buys commodity-linked bonds to track the sector. It is rumored

that BZW is quite close to registering the fund directly in the US

thus making it more accessible to investors here. The Tokyo

Commodity Exchange last week began trading in a new aluminum futures

contract that seems meant to serve smaller Japanese aluminum users

and is already generating some quirky arbitrage action.

Item Availability: Image.

Access No: 01398456 ProQuest ABI/INFORM (R) Research

Title: Case closed

Authors: Norton, Leslie P

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 14 Date: Apr 7, 1997 p: F27

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: Closed end funds; Earnings trends; Securities markets

Geo Places: US

Codes: 9190 (United States); 3400 (Investment analysis); 9000

(Short Article)

Abstract: In the first quarter of 1997, the average

capital-appreciation closed-end rose 2.3% while its open-end

counterpart lost 3.3%. Growth closed-ends gained 5.8%, versus a 1.3%

loss for open-ends. Closed-end bond funds did even better.

Item Availability: Image.

Access No: 01395293 ProQuest ABI/INFORM (R) Research

Title: When does 'discount' mean 'buy'?

Authors: Hulbert, Mark

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 159 Iss: 7 Date: Apr 7, 1997 p: 129

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Subjects: Portfolio management; Investment advisors; Closed end

funds

Geo Places: US

Codes: 9190 (United States); 3400 (Investment analysis); 8130

(Investment services)

Abstract: It is tough to make money in closed-end investment

companies because of all their drawbacks, such as high expense ratios

and unpredictable discounts. Only one of the handful of closed-end

fund letters tracked by the Hulbert Financial Digest, the Closed-End

Fund Digest edited by Patrick Winton, has beaten the market. Winton

publishes 3 model portfolios focusing on the stock and bond markets.

All 3 have outperformed their benchmarks over the last 5 years.

Winton's most recent recommendation for his balanced portfolio is

John Hancock Bank & Thrift: recent price on the NYSE, 32, a 13%

discount to net asset value. For his global growth portfolio, Winton

picks Scudder New Europe Fund (15). For fixed income, Winton picks

Latin American Dollar (15). Several other closed-end funds represent

sizable equity bets: H&Q Life Science (14, 14% discount), GT Global

Eastern Europe (15, 15% discount), Global Health Sciences (16, 16%

discount).

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01382966 ProQuest ABI/INFORM (R) Research

Title: Stocks for sale! 20% off!

Authors: Rothchild, John

Journal: Fortune [FOR] ISSN: 0015-8259

Vol: 135 Iss: 6 Date: Mar 31, 1997 p: 177

Reprint: Contact UMI for article reprint (order no. 1128.00).

Restrictions may apply.

Subjects: Closed end funds; Portfolio management; Advantages

Geo Places: US

Codes: 9190 (United States); 3400 (Investment analysis)

Abstract: Many closed-end funds are so thinly traded that a raider

could not acquire enough shares without driving the price up by his

own purchases, thus defeating the purpose. The best reason for

sticking with closed-ends in this market is that everybody worries

about an upcoming correction, when managers of open-end funds may be

forced by massive shareholder redemptions to sell stock at whatever

depressed prices the panic has created. However, closed-ends do not

have redemptions.

Item Availability: Image, Paper, Microform.

Microfiche: 1980-1992 Paper: 1947-1965,1974-1979

(Archive) , last 6 months on shelf

Access No: 01389194 ProQuest ABI/INFORM (R) Research

Title: Fund of information: A second shaky pillar

Authors: Norton, Leslie P

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 12 Date: Mar 24, 1997 p: 45-46

Illus: Charts; Graphs

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: Mutual funds; Manycompanies; Financial services;

Securities markets; Investment policy; Portfolio

performance; Closed end funds

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis); 8100 (Financial services industry)

Abstract: As the collapse of tech stock made headlines last week,

financial services issues, a pillar of the bull market, were

wavering, too. Several things prompted the retreat. First, the

shares of credit-card issuer Advanta collapsed early in the week on

news that the company expects a first-quarter loss of about $20

million, owing to increased consumer bankruptcies and chargeoffs.

But the financials took their biggest beating as Federal Reserve

Chairman Alan Greenspan told Congress that the Fed would act

preemptively to keep inflation low. Among individual funds,

particularly hard-hit victims were Fidelity Select Home Finance,

Fidelity Select Brokerage, Invesco Strategic Financial, and John

Hancock Financial. Shareholders of $1.3 billion Strong Growth might

have noticed something odd while leafing through the fund's 1996

report: The portfolio's largest position was Strong Institutional

Money Fund, which accounted for 5.2% of assets. What is unusual is

the fund's ownership of a money fund in the same firm.

Item Availability: Image.

Access No: 01391107 ProQuest ABI/INFORM (R) Research

Title: Open and shut

Authors: Hulbert, Mark

Journal: Forbes [FBR] ISSN: 0015-6914

Vol: 159 Iss: 6 Date: Mar 24, 1997 p: 193

Reprint: Contact UMI for article reprint (order no. 921.00).

Restrictions may apply.

Subjects: Investment policy; Closed end funds; Portfolio management

Geo Places: US

Codes: 3400 (Investment analysis); 9190 (United States)

Abstract: Two factors determine results in a closed-end fund. One

factor is how well the manager does with the portfolio. The other is

the movement in the discount or premium - the relationship, that is,

between the trading price of a fund share and the share's net asset

value.

Item Availability: Image, Paper, Microform.

Microfiche: 1975-1992 Paper: last 6 months

Access No: 01396100 ProQuest ABI/INFORM (R) Research

Title: Optimum trading strategies for closed-end funds

Authors: Sias, Richard William

Journal: Journal of Investing [JINV] ISSN: 1068-0896

Vol: 6 Iss: 1 Date: Spring 1997 p: 54-61

Illus: Charts; Graphs; Appendix; Equations; References

Reprint: Contact UMI for article reprint (order no. 42291.00).

Restrictions may apply.

Subjects: Studies; Closed end funds; Discounts; Investment policy;

Rates of return; Securities trading

Geo Places: US

Codes: 9190 (United States); 9130 (Experimental/theoretical);

3400 (Investment analysis)

Abstract: Academic studies largely support the idea that smart

investors can beat the market and reap abnormal returns by exploiting

the tendency for closed-end fund discounts to shrink over time. A

review of these studies suggest, however, that the weighting scheme

appears to influence the size of the abnormal returns. A study

investigates what the optimal weighting scheme is for investors

attempting to exploit shrinking discounts. It is shown that

investors can improve substantially on previous strategies by

focusing their investments on funds with the largest discounts. The

relationship, however, is not linear. Although the abnormal returns

continue to grow when a grater fraction of the investment is placed

in the funds with larger discounts, the abnormal returns grow at a

decreasing rate.

Access No: 01385681 ProQuest ABI/INFORM (R) Research

Title: Mutual bonds: Strange doings at Templeton

Authors: Norton, Leslie P

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 11 Date: Mar 17, 1997 p: 49-50

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Templeton Global Investors Inc

Subjects: Mutual funds; Closed end funds; Proxy solicitation;

Investigations; Shareholder relations

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis)

Abstract: It is not often that a fund company will help a

shareholder write a proposal that it opposes, but this is what seems

to have happened at the $1 billion Templeton Global Income fund. The

SEC is considering looking further at what happened at the closed-end

bond fund. Last September, John Cunningham contacted Templeton

asking that Global Income open-end. The question is whether

Templeton, which has said it will buy back up to 10% of the fund's

common to boost its value, behave improperly.

Item Availability: Image.

Access No: 01381310 ProQuest ABI/INFORM (R) Research

Title: Closing the gap

Authors: Norton, Leslie P

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 10 Date: Mar 10, 1997 p: 22-23

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Subjects: Closed end funds; Investment advisors; Activists; SEC

regulations; Disclosure; Conversion

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 2430

(Business-government relations); 4310 (Regulation)

Abstract: Though closed-end funds languished at large discounts to

net asset value (NAV), and the SEC wrote to the industry's trade

group, the Investment Company Institute, last year to say that it

expected better disclosure of NAV discount policy from fund firms

that handled closed-ends, few ever expected the SEC to follow up.

With a friendly SEC, emboldened activists are aiding the fight for

open ending funds. The most prominent closed-end activist in the US

is George Foot, principal of Newgate Management. Foot manages some

$400 million using closed-end funds. His research chief scours

prospectuses for promises, then checks to see if funds have kept

them. Foot has rattled countless corporate cages, and recently was

working on Templeton Global Income, which has provisions for steps to

open end if the fund trades at a discount. Foot dreams that one day

US laws will change to allow funds to sell warrants during a

closed-end IPO. Such warrants would compensate initial investors for

the discount.

Item Availability: Image.

Access No: 01381315 ProQuest ABI/INFORM (R) Research

Title: Fund of information: Scudder Stevens & Seoul?

Authors: Norton, Leslie P

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 10 Date: Mar 10, 1997 p: 37-38

Illus: Charts; Graphs

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Korea Fund Ticker: KF

Needham Growth Fund

Fidelity Contrafund DUNS: 13-085-4052

Subjects: Closed end funds; Securities offerings; Mutual funds;

Portfolio performance; Portfolio investments;

Manycompanies

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis)

Abstract: Questions arise over who is in command at the Korea Fund,

a fund sponsored and managed by Scudder Stevens & Clark. The

question became even more pointed last week on news that the fund

filed for a rights offering to raise an additional $160 million.

Fully subscribed, the planned sale would boost assets to around $680

million. As everyone knows, Korea has suffered a long slide. It is

one of Asia's cheapest markets, trading near book. This year's sale

comes at a time the fund trades at a slight premium. Just days

before the Scudder announcement, press reports said Korea's Ministry

of Finance would approve a $200 million rights offerings for Korea

Fund in May and $100 million offerings from 2 offshore funds called

Korea Europe and Korea Asia. Many momentum funds have been

slaughtered this year. However, some are bucking the trend,

including Needham Growth, the best-performing capital-appreciation

mutual fund of 1996, gaining 51.6% in its rookie year.

Item Availability: Image.

Access No: 01381273 ProQuest ABI/INFORM (R) Research

Title: All the world may be an oyster, but this closed-end is no

pearl

Authors: Zipser, Andy

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 9 Date: Mar 3, 1997 p: 12 Illus: Graphs

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: Clemente Global

Subjects: Mutual funds; Shareholder relations; Investment advisors;

Closed end funds

Geo Places: US

Codes: 9190 (United States); 3400 (Investment analysis); 2400

(Public relations)

Abstract: Phillip Goldstein, an investor in Clemente Global, has

made a shareholder proposal asking the board to solicit bids for a

new investment advisor. Goldstein is upset about the dismal returns

of Clemente Global.

Item Availability: Image.

Access No: 01406046 ProQuest ABI/INFORM (R) Research

Title: Excess volatility and closed-end funds

Authors: Pontiff, Jeffrey

Journal: American Economic Review [AER] ISSN: 0002-8282

Vol: 87 Iss: 1 Date: Mar 1997 p: 155-169

Illus: Charts; Graphs; Equations; References

Reprint: Contact UMI for article reprint (order no. 533.00).

Restrictions may apply.

Subjects: Closed end funds; Volatility; Portfolio management;

Return on investment; Investors; Risk management;

Economic models; Economic theory; Regression analysis;

Comparative studies

Geo Places: US

Codes: 1130 (Economic theory); 9130 (Experimental/theoretical);

3400 (Investment analysis); 9190 (United States)

Abstract: If investors are rational, the variance of closed-end

mutual fund returns should equal the variance of the underlying

securities in their portfolios. In fact, it is shown that the

average closed-end fund's monthly return is 64% more volatile than

its assets. Unlike variance-bounds tests, this facilitates an excess

volatility test that does not rely on strong assumptions about

discount rates or dividend streams. Although largely idiosyncratic,

15% of the average fund's excess risk is explained by market risk,

small-firm risk, and risk that affects other closed-end funds.

Item Availability: Microform.

Microfiche: 1980-1992 Paper: 1945-1979 (Archive)

Access No: 01368015 ProQuest ABI/INFORM (R) Research

Title: Duty free shopping

Authors: Geer, John F Jr

Journal: Financial World [TWO] ISSN: 0015-2064

Vol: 166 Iss: 2 Date: Feb 18, 1997 p: 52-58

Illus: Charts

Reprint: Contact UMI for article reprint (order no. 2009.00).

Restrictions may apply.

Subjects: Investment policy; International finance; Emerging

markets; Closed end funds; American Depositary Receipts;

Portfolio investments

Geo Places: US

Codes: 9190 (United States); 9180 (International); 3400

(Investment analysis)

Abstract: In spite of the frequently saccharine babble about the

fruits of international diversification, investors have not been

rewarded much recently for venturing beyond the US. This may be

different now. This past year, the 20% gains from the S&P 500 barely

managed to outpace Europe's 19% jump. In spite of past

disappointments, the rationale for international investing - better

returns and reduced volatility for an overall portfolio - still

holds. In the developed markets, it is relatively simple to invest

in individual companies, though, in general, it is best to stick to

ADRs. In the emerging markets, stock picking is a far more dicey

proposition. Bourses are so volatile that individuals generally

cannot diversify safely. A list of closed-end funds, both

diversified and country, that should do well over the next year is

provided. Jean-Marie Eveillard of SoGen International and Overseas

funds, is finding the most opportunity in Europe. Eveillard does not

bet on countries but on cheap companies.

Item Availability: Image, Microform.

Microfiche: 1980-1992

Access No: 01371862 ProQuest ABI/INFORM (R) Research

Title: Fund of information: A valentine tale

Authors: Ward, Sandra

Journal: Barron's [BAR] ISSN: 1077-8039

Vol: 77 Iss: 7 Date: Feb 17, 1997 p: 38-39

Illus: Charts; Graphs

Reprint: Contact UMI for article reprint (order no. 60534.00).

Restrictions may apply.

Companies: New Age Media Fund

Subjects: Manycompanies; Statistical data; Mutual funds; Portfolio

performance; Closed end funds; Changes

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis); 9140 (Statistical data)

Abstract: Last week, T. Rowe Price proposed changing New Age Media

Fund's structure to open-ended from closed to reduce the nagging

double-digit discount between the fund's net asset value and its

stock price. On the news, New Age Media's 18% discount narrowed to

about 5%. The stock closed the week up about 2 points, or 16%, at 14

1/4. A vote will be held at the spring annual meeting, but

management is proposing the move, so opposition is unlikely.

Oberweis Emerging Growth recently sent its shareholders a letter

confessing up to some sloppy bookkeeping in which the fund's share

price was overstated for about 5 weeks between December 6 and January

9. Growth shop Pilgrim Baxter & Associates plans on becoming more

value-oriented and more worldly: The firm will add 3 funds by March 1

that incorporate a value approach to investing.

Item Availability: Image.

Access No: 01368817 ProQuest ABI/INFORM (R) Research

Title: Your Guide to Closed-End Funds

Authors: Laderman, Jeffrey M

Journal: Business Week [BWE] ISSN: 0739-8395

Iss: 3514 Date: Feb 17, 1997 p: 86 Illus: Charts

Reprint: Contact UMI for article reprint (order no. 36.00).

Restrictions may apply.

Subjects: Ratings & rankings; Manycompanies; Statistical data;

Portfolio performance; Closed end funds; Rates of return

Geo Places: US

Codes: 9190 (United States); 3400 (Investment analysis); 8130

(Investment services); 9140 (Statistical data)

Abstract: Business Week's Mutual Fund Scoreboard for closed-end

funds is presented. This year, 17 funds earned 3 upward-pointing

arrows, the highest rating. There is no better case for closed-end

funds than the top-rated Europe Fund. During 1996, the fund's

portfolio earned a 35.3% total return, its shares, 34.8%.

Item Availability: Paper, Microform.

Microfiche: 1980-1992 Paper: Last 6 months

Access No: 01363759 ProQuest ABI/INFORM (R) Research

Title: Voyageur recasts itself as institutional firm

Authors: Williamson, Christine

Journal: Pensions & Investments [PNI] ISSN: 1050-4974

Vol: 25 Iss: 3 Date: Feb 3, 1997 p: 31

Reprint: Contact UMI for article reprint (order no. 10360.00).

Restrictions may apply.

Companies: Voyageur Cos

Subjects: Mutual funds; Institutional investments; Portfolio

management; Organizational change

Geo Places: US

Codes: 9190 (United States); 8130 (Investment services); 3400

(Investment analysis); 2310 (Planning)

Abstract: The Voyageur Cos. is exiting the retail fund business to

concentrate on its institutional side. Subject to regulatory and

shareholder approval, Lincoln National Corp. will acquire Voyageur's

$2.8 billion retail fund business, managed by a subsidiary, Voyageur

Fund Managers. While many institutional boutique managers are

running a late race to enter the mutual fund business, Voyageur

officials have decided to sell rather than expand retail fund

offerings. On the retail side, Voyageur has 23 open-end, single

state municipal bond funds, 9 open-end mutual funds, 6 closed-end

funds, and several retail unit investment trusts.

Item Availability: Image.

Access No: 01429524 ProQuest ABI/INFORM (R) Research

Title: Complex bubble persistence in closed-end country funds

Authors: Ahmed, Ehsan; Koppl, Roger; Rosser, J Barkely Jr; White,

Mark V

Journal: Journal of Economic Behavior & Organization [JEB]

ISSN: 0167-2681

Vol: 32 Iss: 1 Date: Jan 1997 p: 19-37

Illus: Charts; Graphs; Equations; References

Reprint: Contact UMI for article reprint (order no. 42275.00).

Restrictions may apply.

Subjects: Studies; Closed end funds; International finance; Asset

management; Pricing policies; Economic models; Economic

theory

Codes: 9180 (International); 9130 (Experimental/theoretical);

3400 (Investment analysis); 1130 (Economic theory)

Abstract: An attempt is made to resolve the misspecified fundamental

problem in speculative bubbles through examining the behavior of

closed-end country funds which possess well-defined fundamentals

based on their net asset values. Six funds are studied during an

episode when large premia emerged and subsequently disappeared.

Rescaled range and regime switching tests which reject the no bubble

null hypothesis for these premia are applied. These results are

placed in a complex bubble model framework interpretable according to

the Big Player model.