Client Relationship Summary

Investment Advisory Services

Our advisory services are offered to you on a discretionary basis, meaning that you provide us with the ability to buy and sell investment in your account without asking you in advance.  You may place limits on our discretionary authority.  For example, you may limit the types of securities that we may invest in without your approval.

TJH currently offers investment advisory services in two primary strategies:  1) investment in closed-end funds, business development companies and interval funds; and 2) investment in credit markets generally, including Collateralized Loan Obligations (CLOs) and CLO equity securities.

Within the closed-end fund investment strategies, the advisor currently has eight (8) sub-strategies, all within its Managed (Composite) Portfolio Program:  

• Herzfeld Balanced & Flexible Composite

• Herzfeld Fixed Income Composite

• Herzfeld Foreign Equity & Fixed Income Composite

• Herzfeld U.S. Equity Composite

• Herzfeld Tax-Exempt (Municipal Bonds) Composite

• Herzfeld Special Situations Composite

• Herzfeld Preferred Composite

• Herzfeld SPAC Portfolio

The Firm also provides investment advisory services with respect to the following investment company registered under the Investment Company Act of 1940 (the “Company Act”): Herzfeld Credit Income Fund, Inc. (the “HERZ Fund” or the “Registered Fund”) (NASDAQ: HERZ), under an Investment Management Agreement between the HERZ Fund and the Firm. The HERZ Fund’s primary investment objective is maximizing risk adjusted total returns with a secondary objective of generating high current income for shareholders. The HERZ Fund seeks to achieve its investment objectives by investing in equity and junior debt tranches of collateralized loan obligations, or CLOs. CLOs are portfolios of collateralized loans consisting primarily of below investment grade U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors.

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