M32 BARRON’S September 30, 2019
NubrgrRlEstSec (NRO) ................... A 5.80 5.62 – 3.1 25.5
Nuv Dow 30 DynOverwrite (DIAX) .. N 17.76 17.86 + 0.6 – 3.4
Nuv AC Engy MLP Opps(JMLP) ...... N 6.21 5.64 – 9.1 – 20.9
NuvCorEqAlpha (JCE) ..................... N 14.45 14.28 – 1.2 – 1.3
NuveenDiversDiv&Inc (JDD) .......... N 11.51 10.87 – 5.6 8.6
Nuveen Engy MLP Tot Rtn(JMF) ..... N 8.91 8.56 – 3.9 – 14.3
Nuveen Nasdaq 100 DynOv (QQQX) N 22.27 22.07 – 0.9 – 1.3
Nuv RealEst (JRS) .......................... A 11.48 10.91 – 5.0 20.1
Nuveen RlAsst Inc & Gro (JRI) ........ N 19.39 17.35 – 10.5 16.7
NuvS&P500DynOvFd (SPXX) ......... N NA 15.55 NA – 1.4
NuvSP500BuyIncFd (BXMX) .......... N 13.20 13.04 – 1.2 – 2.4
PIMGlbStkPI (PGP) ........................ N NA 11.59 NA – 7.9
ReavesUtilityIncome (UTG) ............ A 36.92 37.11 + 0.5 28.8
RMRRealEstInc(RIF) ..................... A 25.20 20.18 – 19.9 20.7
Salient Midstream &MLP (SMM) ... N 9.29 7.83 – 15.7 – 16.7
Tortoise EnergyInd (NDP) .............. N 4.62 4.16 – 10.0 – 58.9
Tortoise EnrgyInfra Crp(TYG) ........ N 20.82 20.18 – 3.1 – 15.8
Tortoise Ess Asst Inc Tm (TEAF) ..... N 18.35 16.50 – 10.1 NS
Tortoise MidstreamEnrgy (NTG) .... N 12.67 12.16 – 4.0 – 14.3
Tortoise Pipelne &Enrgy (TTP) ....... N 14.98 13.19 – 11.9 – 15.3
Tortoise Pwr &Engy Infr (TPZ) ....... N 19.42 17.90 – 7.8 2.0
Wells FargoUt& Hi Inc (ERH) ......... A NA 13.55 NA 15.8
Income&PreferredStockFunds
CalamosStratTot (CSQ) .................. N 12.69 12.69 + 0.0 2.4
CohenStrsLtdDurPref&Inc (LDP) ... N 25.73 25.58 – 0.6 16.2
CohenStrsSelPref&Income (PSF) ... N 26.70 29.32 + 9.8 19.4
Del Div& Inc (DDF) ......................... N 10.87 13.65 + 25.6 13.1
Dividend and Income (DNI) ............. N 14.88 11.89 – 20.1 7.0
Eagle Gr and Inc Opps (EGIF) .......... N 18.28 15.74 – 13.9 10.4
FirstTrIntDurPref&Inc (FPF) ........... N 24.04 23.44 – 2.5 17.6
GabelliGo Anywhere Tr (GGO) ........ N 16.39 NA NA NA
JHanPrefInc (HPI) .......................... N 21.67 23.99 + 10.7 18.4
JHPrefIncII (HPF) ........................... N 21.32 23.24 + 9.0 19.2
HnckJPfdInco III (HPS) .................. N 18.95 20.02 + 5.6 16.4
J Han Prm(PDT) ............................. N 15.87 18.12 + 14.2 21.1
LMP CapInco (SCD) ........................ N NA 13.86 NA 11.9
Nuveen Pref& I 2022 Trm(JPT) ...... N 24.47 24.32 – 0.6 13.1
Nuveen Pref& Inc Opp(JPC) .......... N 10.18 10.10 – 0.8 17.8
Nuveen Fd (JPS) ............................. N 9.89 9.85 – 0.4 20.6
Nuveen Pref& Inc Term(JPI) .......... N 24.89 24.79 – 0.4 17.3
Nuveen TxAdvDivGr(JTD) .............. N 16.95 16.64 – 1.8 1.5
TCW StratIncome (TSI) .................. N NA 5.68 NA 7.5
Virtus GlbDiv &Inc (ZTR) ............... N 10.42 10.93 + 4.9 11.6
Vivaldi Opportunities (VAM) ........... N NA 13.72 NA NA
ConvertibleSec's.Funds
AllianzGI Con & Inc 2024 (CBH) ...... N 9.77 9.50 – 2.8 9.752Week
Stock Market Prem Market
FundName(Symbol) Exch NAV Price /Disc ReturnGI Conv &Inc (NCV) ....................... N 5.62 5.62 + 0.0 – 8.3
AGI Conv &Inc II (NCZ) ................... N 5.04 5.04 + 0.0 – 7.1
AGI DvsInc & Conv (ACV) ............... N 22.76 22.81 + 0.2 0.4
AGI Eqty &Conv Inc (NIE) ............... N 22.89 21.60 – 5.6 1.4
Bancroft Fund Ltd (BCV) ................. A 25.33 23.71 – 6.4 16.1
CalamosConvHi (CHY) ................... N 11.04 11.01 – 0.3 – 8.8
CalmosConvOp (CHI) ..................... N 10.51 10.43 – 0.8 – 4.5
Ellsworth G&I Fund Ltd (ECF) .......... A 11.37 10.50 – 7.7 7.1
GabelliConv Sec (GCV) ................... N 5.36 5.30 – 1.1 8.4
HiIncBd(PCF) ................................. N 9.59 8.48 – 11.6 – 5.3
WorldEquityFunds
AbrdnAusEq (IAF) ........................... A 5.63 5.15 – 8.5 – 3.5
Aberdeen Emg Mkts Eq Inc (AEF) .... A 7.86 6.87 – 12.6 5.8
Aberdeen GlblDyn Div(AGD) .......... N 10.88 9.62 – 11.6 1.0
Aberdeen Japan Equity (JEQ) .......... N 8.58 7.30 – 14.9 – 4.1
Aberdeen Tot DynDiv (AOD) ........... N 9.39 8.24 – 12.2 2.1
Calamos GloDynInc (CHW) ............. N 7.82 7.80 – 0.3 – 4.0
Cdn Genl Inv (CGI)-y ........................ T 34.48 24.18 – 29.9 – 2.3
Central and EasternEuro (CEE) ....... N 29.97 26.07 – 13.0 13.3
China (CHN) ................................... N 21.57 19.34 – 10.3 1.9
Delaware Enh GlDiv &In (DEX) ....... N 10.99 9.79 – 10.9 – 2.0
EV TxAdvGlbDivInc (ETG) ............... N NA 16.37 NA – 0.9
EtnVncTxAdvOpp (ETO) ................. N NA 25.01 NA 8.9
Economic Inv Tr (N/A)-cy ................. T 152.59 NA NA NA
European Equity Fund Inc (EEA) ...... N 10.12 8.90 – 12.1 – 1.4
FirstTrAbEmergOp (FEO) ................ N 15.07 13.10 – 13.1 11.6
FirstTr Dyn EuroEq Inc (FDEU) ....... N 15.04 13.50 – 10.2 – 5.1
GabelliGl Sm&MidCp Val (GGZ) ..... N 13.00 11.09 – 14.7 2.3
GabelliMultimedia (GGT)-h ............. N 7.48 8.07 + 7.9 – 2.4
GDL Fund (GDL) ............................. N 11.09 9.20 – 17.0 5.7
Herzfeld Caribb(CUBA) .................. O 7.56 6.33 – 16.3 8.7
Highland GlobalAlloc (HGLB) ......... N 13.24 10.28 – 22.4 NS
India Fund (IFN) .............................. N 22.77 20.51 – 9.9 3.8
J Han HdgdEty & Inc (HEQ) ............ N 14.47 13.67 – 5.5 – 3.4
JHancockTaxAdv GlSh Yld (HTY) ... N 7.46 6.72 – 9.9 – 0.5
Japan Smaller Cap (JOF) ................. N 10.16 8.78 – 13.6 – 4.7
Korea (KF) ...................................... N 30.82 27.04 – 12.3 – 12.1
LazardGlbTotRetInc (LGI) ............... N 17.34 15.46 – 10.9 2.8
LazardWorldDiv&IncFd (LOR) ........ N 10.60 9.32 – 12.1 – 3.3
MexicoEqandIncmFd (MXE) ........... N 11.32 10.52 – 7.0 – 14.2
Mexico (MXF) ................................. N NA 12.99 NA – 16.8
Miller/Howard High Inc E (HIE)-a ...... N 10.68 10.80 + 1.1 – 0.2
MS ChinaShrFd (CAF)-J ................... N 23.22 20.37 – 12.3 4.1
MS India (IIF) .................................. N 22.31 18.98 – 14.9 – 3.2
New Germany (GF) ......................... N 15.71 13.85 – 11.8 – 2.5
New Ireland(IRL) ........................... N 10.37 8.50 – 18.0 – 14.252Week
Stock Market Prem Market
FundName(Symbol) Exch NAV Price /Disc ReturnRENN Fund (RCG) .......................... A NA NA NA NA
RoyceGlobal Value Trust (RGT) ...... N 12.04 10.15 – 15.7 – 3.0
Swiss Helvetia(SWZ) ..................... N 9.26 8.04 – 13.2 – 5.5
Templeton Dragon (TDF) ................ N 20.12 17.88 – 11.1 – 0.2
Templeton Em Mkt (EMF) ............... N 16.55 14.53 – 12.2 5.0
United CorpsLtd (UNC)-cy ............... T 147.68 93.50 – 36.7 – 3.1
VirtusTotalRetFd (ZF) ..................... N 11.22 11.13 – 0.8 22.3
WellsFargo Gl DivOppty (EOD) ....... N NA 5.41 NA 14.4U.S.MortgageBondFunds
BlckRk Income (BKT) ...................... N 6.43 6.05 – 5.9 6.8
First TrustMtge Inc (FMY) .............. N 14.93 14.05 – 5.9 5.2
Invesco HI2023 Tgt Term(IHIT) ..... N 10.55 10.39 – 1.5 5.7
Invesco HI2024 Tgt Term(IHTA) .... N NA 10.44 NA 5.4
NuveenMtge Oppty Term(JLS) ...... N 23.09 23.02 – 0.3 7.4
NuveenMtge Oppty Term2 (JMT) ... N 22.27 22.22 – 0.2 6.8
NuveenMulti-Market Inc (JMM)-c ... N 8.00 7.30 – 8.8 4.9
VerticalCapital Income(VCIF) ........ N NA 10.59 NA 3.2
Westn AsstMtge DefOpp (DMO) .... N NA 21.74 NA 12.5
InvestmentGradeBondFunds
BlRck CoreBond (BHK) .................. N 15.56 14.41 – 7.4 5.2
BRCredit Alloc Inc (BTZ) ................. N 14.91 13.61 – 8.7 5.8
BREnhcd Govt(EGF) ...................... N 13.54 12.88 – 4.9 3.8
Insight Select Income (INSI) ........... N 21.60 20.70 – 4.2 4.0
InvescoBond (VBF) ......................... N 20.62 19.72 – 4.4 4.1
J HanIncome (JHS) ........................ N 15.46 14.47 – 6.4 4.6
MFS Govt Mkts (MGF) .................... N 4.81 4.61 – 4.2 7.4
MFS Intmdt (MIN) .......................... N 4.05 3.84 – 5.2 9.0
Western Asset Inf-LkInc (WIA) ....... N NA 11.57 NA 3.5
Western Asset Inf-LkO&I (WIW) .... N NA 11.12 NA 3.8
WAInvestment Grade Inc(PAI) ....... N NA 16.60 NA 4.5
WesternAssetPremBd (WEA) ......... N NA 14.12 NA 5.7
Westn AsstIG Def OppTr (IGI) ........ N NA 21.42 NA 4.1
LoanParticipationFunds
1WSCredit Income (N/A)-a .............. NA NA NA NS
Apollo Senior Floating (AFT) ........... N NA 14.79 NA 9.0
Axonic Alternative Inc(AAIDX) ........ N 25.72 NA NA NS
BRDebt Strategy(DSU) .................. N 12.20 10.76 – 11.8 7.6
BRF/R Inc Str (FRA) ....................... N 14.52 12.62 – 13.1 6.9
BlackRock FloatngRt Inc (BGT) ...... N 14.08 12.29 – 12.7 6.5
Blackstone / GSO Strat (BGB) .......... N NA 14.68 NA 10.8
Blackstone/GSO LS CrInc (BGX) ..... N 15.81 15.81 + 0.0 10.8
Blackstone/GSO SrFlt Rt(BSL) ....... N 16.54 16.82 + 1.7 9.1
BNY Mellon Alct GCI2024 (DCF) ..... N 9.21 9.25 + 0.4 6.2
Eagle Point Credit(ECC) .................. N NA 15.70 NA 15.3
Eagle Point Income (EIC) ................ N NA 19.30 NA NS
Eaton Vance F-R 2022 TT (EFL) ....... N NA 9.14 NA 5.8
EtnVncFltRteInc (EFT) .................... N NA 13.23 NA 6.6
EtnVncFltRteIncPlus (EFF) .............. N NA 15.20 NA 6.4
EV SenFlRtTr (EFR) ......................... N NA 12.98 NA 6.8
EVSnrIncm (EVF) ........................... N NA 6.13 NA 6.4
FT/SrFltg RteInc 2 (FCT) ................ N 13.70 12.01 – 12.3 6.3
FT/SrFltg Rte2022 TgTr (FIV) ......... N 9.51 8.88 – 6.6 5.0
Highland Income(HFRO) ................ N 13.96 13.42 – 3.9 7.0
InvDYCrOpp(VTA) ......................... N 12.50 10.93 – 12.6 8.4
InvSnrIncTr (VVR) .......................... N 4.71 4.15 – 11.9 6.6
NuveenCredit Strat Inc (JQC) ......... N 8.32 7.44 – 10.6 13.0
NuvFloatRateIncFd (JFR) ................ N 10.92 9.70 – 11.2 7.6
NuvFloatRteIncOppty (JRO) ........... N 10.83 9.54 – 11.9 7.7
NuveenSenior Income (NSL) .......... N 6.52 5.75 – 11.8 7.7
NuveenSht Dur CrdtOpp (JSD) ...... N 16.67 14.94 – 10.4 8.2
PionrFltRate Tr (PHD) ..................... N 11.97 10.51 – 12.2 7.0
THLCredit SeniorLoan (TSLF) ........ N 16.85 14.78 – 12.3 9.3
WACorporate Loan (TLI) ................ N NA 9.48 NA 7.0
HighYieldBondFunds
Aberdeen IncCredit Str (ACP) ......... N 12.57 12.42 – 1.2 12.0
AllianceBernGlHiIncm (AWF) .......... N 13.16 11.98 – 9.0 7.0
Angel OakFS Inc Trm(FINS) ........... N NA 20.25 NA NS
Barings GlbSDHY Bd (BGH) ........... N 18.07 17.41 – 3.7 10.2
BRCorporate HY(HYT) .................. N 11.81 10.70 – 9.4 8.2
BlackRock Ltd DurInc (BLW) .......... N 17.03 15.64 – 8.2 6.1
BNY Mellon HiYield Str(DHF) ......... N 3.34 3.07 – 8.1 9.0
Brookfield RealAsst Inc (RA) .......... N 23.55 22.61 – 4.0 NA
CrSuisHighYld (DHY) ..................... A 2.56 2.57 + 0.4 9.1
CSAM Income Fd (CIK) ................... A 3.44 3.14 – 8.7 8.6
DoubleLineInc Sol (DSL) ................ N 19.23 19.78 + 2.9 9.1
EVHiInc2021(EHT) ........................ N NA 9.99 NA 5.1
First TrHi IncLng/Shrt (FSD) .......... N 17.01 15.17 – 10.8 8.5
Franklin Univ(FT) ........................... N 8.70 7.58 – 12.9 5.6
InvHighIncTrII (VLT) ...................... N 15.48 14.29 – 7.7 8.1
IVY HIGH INCOME OPP(IVH) ......... N 15.06 13.68 – 9.2 8.8
MFS IntmdHgInc(CIF) .................... N 2.57 2.61 + 1.6 9.5
NeubHgYldStrt(NHS) ..................... N 12.79 12.06 – 5.7 7.5
New Amer HiInc (HYB) ................... N NA 8.83 NA 7.8
NexPointStratOppty (NHF) ............. N 21.08 18.00 – 14.6 13.4Friday,September27,2019
GeneralEquityFunds
Adams Diversified Equity (ADX) ...... N 17.83 15.80 – 11.4 8.8
Boulder Growth& Income (BIF) ...... N 13.31 11.12 – 16.5 2.3
Central Secs (CET)-c ........................ A 37.30 31.34 – 16.0 11.7
CohenStrsCEOppFd (FOF) .............. N 13.22 12.87 – 2.6 8.2
Eagle Capital Growth (GRF)-c ........... A 9.50 NA NA NA
EVTxAdvDivIncm (EVT) .................. N NA 24.50 NA 8.0
Equus II (EQS) ................................ N NA 1.60 NA – 19.6
Foxby Corp (FXBY) ......................... O 3.08 NA NA NA
GabelliDiv&IncTr (GDV) ................. N 23.02 21.43 – 6.9 – 4.5
Gabelli Equity Tr(GAB)-h ................. N 5.58 5.94 + 6.5 2.2
GeneralAmer (GAM) ....................... N 42.27 36.14 – 14.5 4.6
JHancockTaxAdvDiv (HTD) ............ N 27.04 27.96 + 3.4 30.9
Librty AllStrEq (USA) ..................... N 6.49 6.34 – 2.3 3.5
Librty AllStrGr (ASG)-h ................... N 5.77 5.90 + 2.3 5.3
NuvTaxAdvTRStrat (JTA) ............... N 11.71 11.26 – 3.8 – 9.2
Royce Micro-Cap Tr(RMT) ............. N 8.95 8.01 – 10.5 – 15.9
Royce Value Trust(RVT) ................. N 15.34 13.73 – 10.5 – 9.7
Source Capital (SOR) ...................... N NA 36.30 NA – 7.1
Special Opportunities (SPE) ............ N NA 14.18 NA NA
Sprott Focus Trust(FUND) .............. O 7.56 6.74 – 10.8 0.8
Tri-Continental (TY) ........................ N 29.90 27.15 – 9.2 4.8
SpecializedEquityFunds
Aberdeen GlbPrem Prop(AWP) ..... N 7.01 6.20 – 11.6 13.0
Adams Natural Resources (PEO) .... N 18.85 15.93 – 15.5 – 15.9
GI NFJDivInt&PremStr (NFJ) ......... N 13.66 12.23 – 10.5 0.8
ASA Gold &Prec Met Ltd (ASA) ....... N NA 12.40 NA 40.1
BR Enh C&I(CII) ............................. N 16.80 16.00 – 4.8 – 0.8
BlackRock Energy& Res(BGR) ...... N 12.14 11.35 – 6.5 – 15.7
BlackRock Eq Enh Div(BDJ) ........... N 9.59 9.18 – 4.3 3.3
BlackRock Enh GlblDiv (BOE) ......... N 11.64 10.37 – 10.9 1.5
BlackRock Enh Intl Div(BGY) .......... N 6.08 5.41 – 11.0 1.7
BlackRock HlthSciences (BME) ...... N 36.74 38.31 + 4.3 – 3.9
BlackRock Res& Comm (BCX) ....... N 8.60 7.52 – 12.6 – 10.3
BlackRock Sci&TechTr II (BSTZ) .... N 19.35 20.65 + 6.7 NS
BlackRock Sci&TechTrust (BST) .... N 31.11 31.84 + 2.3 – 4.5
BlackRock UtlInf & Pwr (BUI) ......... N 21.15 24.10 + 13.9 24.4
Brookfield GlLsd Infr (INF) ............. N 15.10 13.90 – 7.9 25.4
CBRE ClrnGlbRlEst(IGR) ................ A 8.86 7.86 – 11.3 17.0
CLEARBRIDGE ENGY MDS OPP (EMO) N NA 8.66 NA – 15.4
CLEARBRIDGE MLP&MDSTM TR (CTR) N NA 8.89 NA – 13.3
ClearBridge MLP & Midstm (CEM) .. N NA 11.29 NA – 13.7
Cntr Cst BrkfldMLP&EI (CEN) ......... N 7.20 7.08 – 1.7 – 11.9
ChnStrGlbIncBldr (INB) .................. N 9.41 9.06 – 3.7 6.3
ChnStrInfr (UTF) ............................. N 27.25 27.29 + 0.1 34.2
COHEN& STEERSMLP INC&E(MIE) N 8.61 9.01 + 4.6 – 4.6
Cohen&SteersQualInc (RQI) ........... N 15.14 15.92 + 5.2 40.1
CohenStrsREITPref (RNP) .............. N 24.76 24.22 – 2.2 33.4
Cohen&Steers TotRet (RFI) ............ N 14.41 14.80 + 2.7 31.0
Columbia Sel Prm Tech Gr (STK) ..... N 20.64 21.04 + 1.9 11.9
Cushing Energy Income (SRF) ........ N 7.38 6.17 – 16.4 – 28.5
CushingMLPTotRet (SRV)-d ............ N 11.08 9.99 – 9.8 – 6.2
Cushing Renaissance (SZC) ............ N 15.26 13.37 – 12.4 – 22.6
DNP Select Income (DNP) .............. N 10.78 12.93 + 20.0 25.7
Duff&Ph Glbl UtilInc Fd (DPG) ........ N 16.88 15.88 – 5.9 20.3
Duff&Ph Sel MLP&MS Engy (DSE). N 4.56 4.47 – 2.0 – 16.8
EtnVncEqtyInc (EOI) ....................... N NA 15.18 NA 2.1
EtnVncEqtyIncoII (EOS) ................. N NA 16.81 NA 2.2
EVRskMnDvsEqInc (ETJ) ............... N NA 9.21 NA 2.4
ETnVncTxMgdBuyWrtInc (ETB) ..... N NA 15.60 NA 2.4
EtnVncTxMgdBuyWrtOpp (ETV) ..... N NA 14.43 NA – 1.5
EvTxMnDvsEqInc (ETY) ................. N NA 11.89 NA 1.1
EtnVncTxMgdGlbB (ETW) .............. N NA 9.62 NA – 12.0
EVTxMnGblDvEqInc (EXG) ............. N NA 8.25 NA – 4.3
First TrustEnergy Inc G(FEN) ......... A 21.63 22.00 + 1.7 10.1
First TrEnhanced Eq (FFA) .............. N 15.78 16.09 + 2.0 8.6
First TrSpecialty Fn (FGB) ............... N 5.96 6.22 + 4.4 10.4
FirstTrEnergyInfra (FIF) .................. N 18.08 16.25 – 10.1 12.4
FirstTrMLPEner&Inc (FEI) .............. N 12.36 11.34 – 8.3 0.6
Gab GlUtil &Inc (GLU)-h ................. A 19.61 18.55 – 5.4 0.2
Gabelli Healthcare (GRX)-h .............. N 11.81 10.34 – 12.5 – 1.1
Gab Utility(GUT)-h .......................... N 5.11 7.43 + 45.4 44.1
GAMCOGlGold&NatRes (GGN) ....... A 4.23 4.39 + 3.8 7.7
GAMCO NR GLD & INCTR (GNT) .... N 5.95 5.84 – 1.8 11.2
J Han Finl Opptys(BTO) .................. N 33.07 32.31 – 2.3 – 6.5
Macquarie/FirstTr Gl(MFD) ............ N 11.16 9.72 – 12.9 – 0.6
Madison CovCall & Eq Str(MCN) .... N 6.99 6.38 – 8.7 – 7.5
Neuberger BrmnMLP & EI (NML) ... N 8.12 7.15 – 11.9 – 10.2
Weekly Closed-End Funds
TRACKING CLOSED - END FUNDS
The Herzfeld Closed-End Average measures 15 equally-weighted closed-end funds based in the U.S. that invest principally in
American equities. The net assest value is a weighted average of the funds' NAVs. Source: Thomas J. Herzfeld Advisors Inc., Miami.
305-271-1900/www.herzfeld.com46100
42100
38100
34100
30100
26100
22100
4Q 18 1Q 19 2Q 19 3Q 19*Herzfeld
Closed-End
Average
Dow Industrials
50000
47250
44500
41750
39000
4Q 1Q 2Q 3QNet Asset Value
-4
-6
-8
-10
-12
-14
4Q 18 1Q 19 2Q 19 3Q 19% Disc/Prem From Net Asset Value
52Week
Stock Market Prem Market
FundName(Symbol) Exch NAV Price /Disc Return
52Week
Stock Market Prem Market
FundName(Symbol) Exch NAV Price /Disc Return12mos
Stock Market Prem Yield
FundName(Symbol) Exch NAV Price /Disc 08/30/19Unsettling: With an impeachment inquiry starting in Washington, and the White
House escalating its trade war with China, the Herzfeld Average and the Dow de-
clined 0.2% and 0.8%, respectively, on the week ended Thursday.
Data provided bya-NAV and market price are ex dividend. b-NAV is fully diluted. c-
NAV is as of Thursday’s close. d-NAV is as of Wednesday’s close.
e-NAVassumesrightsofferingisfullysubscribed.f-Rightsoffering
inprocess.g-Rightsofferingannounced.h-Lipperdatahasbeenad-
justed for rights offering. j-Rights offering has expired, but Lipper
data not yet adjusted. l-NAV as of previous day. o-Tender offer in
process. Source: Lipper
Market SentimentLAST –0.11
Citigroup Panic/Euphoria Model
-0.9
-0.6
-0.3
0
0.3
0.6
A S O N D J F M A M J J ASEuphoria
Panic
The panic/euphoria model is a gauge of investor sentiment. It identifies "Panic" and "Euphoria" levels which are statistically driven buy and
sell signals for the broader market. Historically, a reading below panic supports a better than 95% likelihood that stock prices will be
higher one year later, while euphoria levels generate a better than 80% probability of stock prices being lower one year later.Source: Citigroup Investment Research - US Equity Strategy
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
Q4
16Q1
17Q2 Q3 Q4 Q1
18Q2 Q3 Q4 Q1
19Q2 Q3THREE YEAR TED SPREAD
Friday's Close 0.19TED Spread = 3-mth LIBOR – 3-mth T-bill rate