Barron\'s - 16.09.2019

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M28 BARRON’S September 16, 2019


NubrgrRlEstSec (NRO)-a ................. A 5.63 5.55 – 1.4 18.9
Nuv Dow 30 DynOverwrite (DIAX)-a N 17.99 18.18 + 1.1 0.8
Nuv AC Engy MLP Opps(JMLP) ...... N 6.37 5.85 – 8.2 – 16.1
NuvCorEqAlpha (JCE)-a ................... N 14.44 14.29 – 1.0 0.2
NuveenDiversDiv&Inc (JDD)-a ........ N 11.43 11.00 – 3.8 9.2
Nuveen Engy MLP Tot Rtn(JMF) ..... N 9.26 8.76 – 5.4 – 9.2
Nuveen Nasdaq100 DynOv (QQQX)-a N 22.75 22.49 – 1.1 – 0.8
Nuv RealEst (JRS)-a ........................ A 11.13 10.63 – 4.5 13.5
Nuveen RlAsst Inc & Gro (JRI)-a ...... N 19.11 17.15 – 10.3 13.8
NuvS&P500DynOvFd (SPXX)-a ....... N NA 16.19 NA 2.6
NuvSP500BuyIncFd (BXMX)-a ........ N 13.28 13.06 – 1.7 – 1.6
PIMGlbStkPI (PGP)-a ...................... N NA 11.62 NA – 7.5
ReavesUtilityIncome (UTG) ............ A 36.50 36.76 + 0.7 24.4
RMRRealEstInc(RIF) ..................... A 24.67 19.76 – 19.9 13.2
Salient Midstream &MLP (SMM) ... N 9.36 7.99 – 14.6 – 13.4
Tortoise EnergyInd (NDP) .............. N 4.82 4.26 – 11.6 – 58.1
Tortoise EnrgyInfra Crp(TYG) ........ N 21.23 21.10 – 0.6 – 15.2
Tortoise Ess Asst Inc Tm (TEAF) ..... N 18.43 16.90 – 8.3 NS
Tortoise MidstreamEnrgy (NTG) .... N 12.93 12.57 – 2.8 – 12.9
Tortoise Pipelne &Enrgy (TTP) ....... N 14.98 13.34 – 10.9 – 14.4
Tortoise Pwr &Engy Infr (TPZ) ....... N 19.47 18.08 – 7.1 2.2
Wells FargoUt& Hi Inc (ERH)-a ....... A NA 13.36 NA 13.1
Income&PreferredStockFunds
CalamosStratTot (CSQ)-a ................ N 12.97 12.95 – 0.2 5.7
CohenStrsLtdDurPref&Inc (LDP) ... N 25.87 25.36 – 2.0 12.0
CohenStrsSelPref&Income (PSF) ... N 26.72 28.94 + 8.3 12.3
Del Div& Inc (DDF) ......................... N 11.07 13.82 + 24.8 25.8
Dividend and Income (DNI) ............. N 15.46 12.05 – 22.1 6.0
Eagle Gr and Inc Opps (EGIF)-a ........ N 18.27 15.83 – 13.4 10.5
FirstTrIntDurPref&Inc (FPF) ........... N 23.90 23.45 – 1.9 17.0
GabelliGo Anywhere Tr (GGO) ........ N 17.39 15.26 – 12.2 NA
JHanPrefInc (HPI)-a ........................ N 21.38 23.05 + 7.8 12.0
JHPrefIncII (HPF)-a ......................... N 21.04 22.67 + 7.7 14.2
HnckJPfdInco III (HPS)-a ................ N 18.70 19.15 + 2.4 9.6
J Han Prm(PDT)-a ........................... N 15.62 17.63 + 12.9 18.1
LMP CapInco (SCD) ........................ N NA 14.41 NA 13.0
Nuveen Pref& I 2022 Trm(JPT)-a .... N 24.24 24.42 + 0.7 12.1
Nuveen Pref& Inc Opp(JPC)-a ........ N 10.13 9.94 – 1.9 15.8
Nuveen Fd (JPS)-a ........................... N 9.87 9.77 – 1.1 19.1
Nuveen Pref& Inc Term(JPI)-a ........ N 24.80 24.55 – 1.0 14.1
Nuveen TxAdvDivGr(JTD)-a ............ N 17.05 16.80 – 1.5 3.9
TCW StratIncome (TSI) .................. N NA 5.80 NA 10.7
Virtus GlbDiv &Inc (ZTR)-a ............. N 10.32 10.85 + 5.1 9.8
Vivaldi Opportunities (VAM) ........... N NA 13.75 NA 1.3
ConvertibleSec's.Funds

52Week
Stock Market Prem Market
FundName(Symbol) Exch NAV Price /Disc Return

AllianzGI Con & Inc 2024 (CBH)-a .... N 9.82 9.46 – 3.7 8.2
GI Conv &Inc (NCV)-a ...................... N 5.63 5.62 – 0.2 – 10.0
AGI Conv &Inc II (NCZ)-a ................. N 5.05 5.05 + 0.0 – 8.5
AGI DvsInc & Conv (ACV)-a ............. N 23.31 23.47 + 0.7 3.4
AGI Eqty &Conv Inc (NIE)-a ............. N 23.41 21.95 – 6.2 1.3
Bancroft Fund Ltd (BCV) ................. A 25.80 24.47 – 5.2 18.9
CalamosConvHi (CHY)-a .................. N 11.27 11.19 – 0.7 – 9.8
CalmosConvOp (CHI)-a ................... N 10.71 10.50 – 2.0 – 10.2
Ellsworth G&I Fund Ltd (ECF) .......... A 11.55 10.70 – 7.4 8.0
GabelliConv Sec (GCV) ................... N 5.44 5.32 – 2.2 5.5
HiIncBd(PCF) ................................. N 9.60 8.36 – 12.9 – 6.4
WorldEquityFunds
AbrdnAusEq (IAF) ........................... A 5.87 5.43 – 7.5 4.3
Aberdeen Emg Mkts Eq Inc (AEF) .... A 8.16 7.19 – 11.9 13.5
Aberdeen GlblDyn Div(AGD) .......... N 11.14 9.75 – 12.5 1.2
Aberdeen Japan Equity (JEQ) .......... N 8.45 7.30 – 13.6 – 2.0
Aberdeen Tot DynDiv (AOD) ........... N 9.61 8.37 – 12.9 3.2
Calamos GloDynInc (CHW)-a ........... N 7.97 7.90 – 0.9 – 4.5
Cdn Genl Inv (CGI)-y ........................ T 35.68 24.15 – 32.3 – 3.0
Central and EasternEuro (CEE) ....... N 30.22 25.90 – 14.3 16.7
China (CHN) ................................... N 22.97 20.75 – 9.7 12.5
Delaware Enh GlDiv &In (DEX) ....... N 11.10 9.89 – 10.9 – 0.7
EV TxAdvGlbDivInc (ETG) ............... N 17.33 16.53 – 4.6 – 0.1
EtnVncTxAdvOpp (ETO) ................. N 23.63 25.17 + 6.5 9.2
Economic Inv Tr (N/A)-cy ................. T 152.81 103.01 – 32.6 – 6.5
European Equity Fund Inc (EEA) ...... N 10.12 8.88 – 12.3 – 1.5
FirstTrAbEmergOp (FEO) ................ N 15.55 13.78 – 11.4 18.2
FirstTr Dyn EuroEq Inc (FDEU) ....... N 15.18 13.73 – 9.6 – 1.3
GabelliGl Sm&MidCp Val (GGZ) ..... N 13.51 11.35 – 16.0 3.8
GabelliMultimedia (GGT)-h ............. N 7.85 8.52 + 8.5 3.3
GDL Fund (GDL) ............................. N 11.18 9.32 – 16.6 5.5
Herzfeld Caribb(CUBA) .................. O 7.93 6.70 – 15.5 9.6
Highland GlobalAlloc (HGLB) ......... N 13.23 10.43 – 21.2 NS
India Fund (IFN) .............................. N 22.68 20.27 – 10.6 – 6.2
J Han HdgdEty & Inc (HEQ)-a ........... N 14.64 13.84 – 5.5 – 1.6
JHancockTaxAdv GlSh Yld (HTY)-a. N 7.45 6.74 – 9.5 – 1.6
Japan Smaller Cap (JOF) ................. N 10.10 8.58 – 15.0 – 3.0
Korea (KF) ...................................... N 31.41 27.53 – 12.4 – 8.4
LazardGlbTotRetInc (LGI)-a ............. N 17.57 15.95 – 9.2 8.0
LazardWorldDiv&IncFd (LOR)-a ...... N 10.80 9.42 – 12.8 0.0
MexicoEqandIncmFd (MXE) ........... N 11.51 10.63 – 7.6 – 6.5
Mexico (MXF) ................................. N NA 13.21 NA – 14.1
Miller/Howard High Inc E (HIE) ....... N 10.88 11.20 + 2.9 – 1.4
MS ChinaShrFd (CAF)-J ................... N 24.31 21.85 – 10.1 18.3
MS India (IIF) .................................. N 21.68 18.37 – 15.3 – 14.4

52Week
Stock Market Prem Market
FundName(Symbol) Exch NAV Price /Disc Return

New Germany (GF) ......................... N 16.17 14.13 – 12.6 – 2.5
New Ireland(IRL) ........................... N 10.69 8.65 – 19.1 – 15.1
RENN Fund (RCG) .......................... A NA 1.65 NA – 11.2
RoyceGlobal Value Trust (RGT) ...... N 12.22 10.28 – 15.9 – 1.6
Swiss Helvetia(SWZ) ..................... N 9.30 8.07 – 13.2 – 5.3
Templeton Dragon (TDF) ................ N 20.85 18.28 – 12.3 7.2
Templeton Em Mkt (EMF) ............... N 16.95 14.91 – 12.0 11.9
United CorpsLtd (UNC)-cy ............... T 147.55 92.75 – 37.1 – 3.5
VirtusTotalRetFd (ZF) ..................... N NA 10.92 NA 19.8
WellsFargo Gl DivOppty (EOD)-a ..... N NA 5.38 NA 11.2

U.S.MortgageBondFunds
BlckRk Income (BKT)-a .................... N 6.37 5.98 – 6.1 6.8
First TrustMtge Inc (FMY) .............. N 14.88 13.73 – 7.8 5.2
Invesco HI2023 Tgt Term(IHIT) ..... N 10.52 10.48 – 0.4 5.7
Invesco HI2024 Tgt Term(IHTA) .... N 10.51 10.37 – 1.3 5.4
NuveenMtge Oppty Term(JLS)-a .... N 23.07 23.00 – 0.3 7.4
NuveenMtge Oppty Term2 (JMT)-a. N 22.25 22.39 + 0.6 6.8
NuveenMulti-Market Inc (JMM)-c ... N 7.97 7.42 – 6.9 4.9
VerticalCapital Income(VCIF)-a ....... N NA 10.68 NA 3.2
Westn AsstMtge DefOpp (DMO) .... N NA 22.19 NA 12.5
InvestmentGradeBondFunds
BlRck CoreBond (BHK)-a ................. N 15.36 14.07 – 8.4 5.2
BRCredit Alloc Inc (BTZ)-a ............... N 14.81 13.51 – 8.8 5.8
BREnhcd Govt(EGF)-a .................... N 13.50 12.85 – 4.8 3.8
Insight Select Income (INSI) ........... N NA 20.07 NA 4.0
InvescoBond (VBF) ......................... N 20.37 19.65 – 3.5 4.1
J HanIncome (JHS)-a ...................... N 15.30 14.34 – 6.3 4.6
MFS Govt Mkts (MGF) .................... N 4.79 4.53 – 5.4 7.4
MFS Intmdt (MIN) .......................... N 4.04 3.80 – 5.9 9.0
Western Asset Inf-LkInc (WIA) ....... N NA 11.42 NA 3.5
Western Asset Inf-LkO&I (WIW) .... N NA 11.10 NA 3.8
WAInvestment Grade Inc(PAI) ....... N NA 15.44 NA 4.5
WesternAssetPremBd (WEA) ......... N NA 13.95 NA 5.7
Westn AsstIG Def OppTr (IGI) ........ N NA 20.97 NA 4.1
LoanParticipationFunds
1WSCredit Income (N/A) ................ NA NA NA NS
Apollo Senior Floating (AFT) ........... N NA 14.84 NA 9.0
Axonic Alternative Inc(AAIDX) ........ N 25.94 NA NA NS
BRDebt Strategy(DSU)-a ................ N 12.19 10.72 – 12.1 7.6
BRF/R Inc Str (FRA)-a ...................... N 14.58 12.60 – 13.6 6.9
BlackRock FloatngRt Inc (BGT)-a .... N 14.07 12.24 – 13.0 6.5
Blackstone / GSO Strat (BGB) .......... N 15.49 14.85 – 4.1 10.8
Blackstone/GSO LS CrInc (BGX) ..... N 15.94 16.36 + 2.6 10.8
Blackstone/GSO SrFlt Rt(BSL) ....... N 16.66 16.66 + 0.0 9.1
BNY Mellon Alct GCI2024 (DCF)-a ... N 9.20 9.05 – 1.6 6.2
Eagle Point Credit(ECC) .................. N NA 16.09 NA 15.3
Eagle Point Income (EIC)-a .............. N NA 19.90 NA NS
Eaton Vance F-R 2022 TT (EFL)-a ..... N 9.45 9.18 – 2.9 5.8
EtnVncFltRteInc (EFT) .................... N 15.14 13.24 – 12.5 6.6
EtnVncFltRteIncPlus (EFF) .............. N 17.17 15.13 – 11.9 6.4
EV SenFlRtTr (EFR) ......................... N 14.80 13.02 – 12.0 6.8
EVSnrIncm (EVF)-a .......................... N 7.01 6.10 – 13.0 6.4
FT/SrFltg RteInc 2 (FCT) ................ N 13.68 11.86 – 13.3 6.3
FT/SrFltg Rte2022 TgTr (FIV) ......... N 9.50 8.84 – 6.9 5.0
Highland Income(HFRO) ................ N 14.08 13.55 – 3.8 7.0
InvDYCrOpp(VTA) ......................... N 12.57 11.03 – 12.3 8.4
InvSnrIncTr (VVR) .......................... N 4.75 4.19 – 11.8 6.6
NuveenCredit Strat Inc (JQC)-a ........ N 8.32 7.54 – 9.4 13.0
NuvFloatRateIncFd (JFR)-a .............. N 10.94 9.66 – 11.7 7.6
NuvFloatRteIncOppty (JRO)-a ......... N 10.85 9.63 – 11.2 7.7
NuveenSenior Income (NSL)-a ........ N 6.53 5.73 – 12.3 7.7
NuveenSht Dur CrdtOpp (JSD)-a .... N 16.70 15.09 – 9.6 8.2
PionrFltRate Tr (PHD) ..................... N 12.03 10.56 – 12.2 7.0
THLCredit SeniorLoan (TSLF)-a ...... N 16.87 14.66 – 13.1 9.3
WACorporate Loan (TLI) ................ N NA 9.56 NA 7.0
HighYieldBondFunds
Aberdeen IncCredit Str (ACP) ......... N 12.71 12.48 – 1.8 12.0
AllianceBernGlHiIncm (AWF) .......... N 13.14 11.76 – 10.5 7.0
Angel OakFS Inc Trm(FINS) ........... N NA 20.27 NA NS
Barings GlbSDHY Bd (BGH) ........... N 18.28 17.65 – 3.4 10.2
BRCorporate HY(HYT)-a ................. N 11.84 10.62 – 10.3 8.2
BlackRock Ltd DurInc (BLW)-a ........ N 17.08 15.51 – 9.2 6.1
BNY Mellon HiYield Str(DHF)-a ....... N 3.34 3.06 – 8.4 9.0
Brookfield RealAsst Inc (RA) .......... N 23.61 22.60 – 4.3 NA
CrSuisHighYld (DHY) ..................... A 2.59 2.57 – 0.8 9.1
CSAM Income Fd (CIK) ................... A 3.47 3.16 – 8.9 8.6
DoubleLineInc Sol (DSL) ................ N 19.33 19.88 + 2.8 9.1
EVHiInc2021(EHT)-a ...................... N 9.99 9.84 – 1.5 5.1
First TrHi IncLng/Shrt (FSD) .......... N 17.00 14.96 – 12.0 8.5
Franklin Univ(FT)-a ......................... N 8.61 7.54 – 12.4 5.6
InvHighIncTrII (VLT) ...................... N 15.60 14.45 – 7.4 8.1
IVY HIGH INCOME OPP(IVH)-a ....... N 15.25 13.74 – 9.9 8.8
MFS IntmdHgInc(CIF) .................... N 2.58 2.67 + 3.5 9.5

Friday,September13,2019


GeneralEquityFunds
Adams Diversified Equity (ADX) ...... N 18.07 15.97 – 11.6 10.8
Boulder Growth& Income (BIF) ...... N 13.46 11.22 – 16.6 3.4
Central Secs (CET)-c ........................ A 37.79 31.67 – 16.2 13.0
CohenStrsCEOppFd (FOF) .............. N 13.30 13.09 – 1.6 7.9
Eagle Capital Growth (GRF)-c ........... A 9.66 7.99 – 17.3 10.2
EVTxAdvDivIncm (EVT) .................. N 24.33 24.61 + 1.2 9.1
Equus II (EQS) ................................ N NA 1.69 NA – 13.4
Foxby Corp (FXBY) ......................... O 3.16 NA NA NA
GabelliDiv&IncTr (GDV) ................. N 23.41 21.61 – 7.7 – 3.8
Gabelli Equity Tr(GAB)-h ................. N 5.75 6.08 + 5.7 1.7
GeneralAmer (GAM) ....................... N 43.34 36.91 – 14.8 8.2
JHancockTaxAdvDiv (HTD)-a .......... N 26.46 27.10 + 2.4 26.6
Librty AllStrEq (USA) ..................... N 6.58 6.37 – 3.2 5.3
Librty AllStrGr (ASG)-h ................... N 5.91 6.00 + 1.5 4.6
NuvTaxAdvTRStrat (JTA)-a .............. N 11.83 11.20 – 5.3 – 10.6
Royce Micro-Cap Tr(RMT)-a ........... N 9.22 8.23 – 10.7 – 14.0
Royce Value Trust(RVT)-a ............... N 15.84 14.22 – 10.2 – 7.3
Source Capital (SOR) ...................... N 43.02 36.97 – 14.1 – 5.2
Special Opportunities (SPE) ............ N NA 14.15 NA 9.4
Sprott Focus Trust(FUND)-a ............ O 7.74 6.96 – 10.1 4.2
Tri-Continental (TY) ........................ N 30.46 27.45 – 9.9 5.7
SpecializedEquityFunds
Aberdeen GlbPrem Prop(AWP) ..... N 6.86 6.11 – 10.9 6.6
Adams Natural Resources (PEO) .... N 19.20 15.92 – 17.1 – 14.1
GI NFJDivInt&PremStr (NFJ)-a ....... N 13.81 12.37 – 10.4 3.2
ASA Gold &Prec Met Ltd (ASA) ....... N NA 12.06 NA 42.0
BR Enh C&I(CII)-a ........................... N 17.06 16.13 – 5.5 0.7
BlackRock Energy& Res(BGR)-a .... N 12.11 10.90 – 10.0 – 16.2
BlackRock Eq Enh Div(BDJ)-a .......... N 9.71 9.18 – 5.5 4.1
BlackRock Enh GlblDiv (BOE)-a ....... N 11.89 10.38 – 12.7 1.4
BlackRock Enh Intl Div(BGY)-a ........ N 6.26 5.49 – 12.3 4.0
BlackRock HlthSciences (BME)-a .... N 37.73 38.12 + 1.0 0.3
BlackRock Res& Comm (BCX)-a ..... N 8.77 7.69 – 12.3 – 5.2
BlackRock Sci&TechTr II (BSTZ) .... N 19.79 20.83 + 5.3 NS
BlackRock Sci&TechTrust (BST)-a .. N 32.48 32.74 + 0.8 – 0.7
BlackRock UtlInf & Pwr (BUI)-a ....... N 21.21 24.21 + 14.1 26.2
Brookfield GlLsd Infr (INF) ............. N 15.13 13.35 – 11.8 17.6
CBRE ClrnGlbRlEst(IGR) ................ A 8.69 7.62 – 12.3 9.6
CLEARBRIDGE ENGY MDS OPP (EMO) N NA 8.84 NA – 14.9
CLEARBRIDGE MLP&MDSTM TR (CTR) N NA 9.08 NA – 12.7
ClearBridge MLP & Midstm (CEM) .. N NA 11.44 NA – 13.1
Cntr Cst BrkfldMLP&EI (CEN) ......... N 7.32 7.29 – 0.4 – 13.9
ChnStrGlbIncBldr (INB) .................. N 9.51 9.13 – 4.0 7.1
ChnStrInfr (UTF) ............................. N 26.96 27.18 + 0.8 29.0
COHEN& STEERSMLP INC&E(MIE) N 8.93 9.23 + 3.4 – 2.9
Cohen&SteersQualInc (RQI) ........... N 14.78 15.40 + 4.2 32.6
CohenStrsREITPref (RNP) .............. N 24.35 23.58 – 3.2 26.2
Cohen&Steers TotRet (RFI) ............ N 14.15 14.66 + 3.6 23.4
Columbia Sel Prm Tech Gr (STK) ..... N 21.29 21.38 + 0.4 14.1
Cushing Energy Income (SRF)-a ...... N 7.57 6.38 – 15.7 – 27.1
CushingMLPTotRet (SRV)-ad .......... N 11.13 10.10 – 9.3 – 5.5
Cushing Renaissance (SZC)-a .......... N 15.27 13.70 – 10.3 – 20.0
DNP Select Income (DNP) .............. N 10.54 12.75 + 20.9 24.0
Duff&Ph Glbl UtilInc Fd (DPG)-a ...... N 16.72 15.41 – 7.8 15.8
Duff&Ph Sel MLP&MS Engy (DSE). N 4.72 4.73 + 0.2 – 9.8
EtnVncEqtyInc (EOI) ....................... N 15.28 15.57 + 1.9 3.0
EtnVncEqtyIncoII (EOS) ................. N 16.79 17.01 + 1.3 3.0
EVRskMnDvsEqInc (ETJ) ............... N 9.26 9.39 + 1.4 4.2
ETnVncTxMgdBuyWrtInc (ETB) ..... N 14.90 15.76 + 5.8 3.3
EtnVncTxMgdBuyWrtOpp (ETV) ..... N 14.27 14.65 + 2.7 – 0.2
EvTxMnDvsEqInc (ETY) ................. N 11.94 12.15 + 1.8 2.5
EtnVncTxMgdGlbB (ETW) .............. N 10.17 9.69 – 4.7 – 11.4
EVTxMnGblDvEqInc (EXG) ............. N 8.63 8.36 – 3.1 – 4.2
First TrustEnergy Inc G(FEN) ......... A 21.58 21.53 – 0.2 7.9
First TrEnhanced Eq (FFA) .............. N 16.33 16.30 – 0.2 7.2
First TrSpecialty Fn (FGB) ............... N 5.90 6.13 + 3.9 9.8
FirstTrEnergyInfra (FIF) .................. N 17.84 16.05 – 10.0 7.0
FirstTrMLPEner&Inc (FEI) .............. N 12.35 11.46 – 7.2 5.8
Gab GlUtil &Inc (GLU)-h ................. A 19.78 18.20 – 8.0 – 3.0
Gabelli Healthcare (GRX)-h .............. N 12.18 10.57 – 13.2 0.9
Gab Utility(GUT)-h .......................... N 5.04 7.12 + 41.3 35.6
GAMCOGlGold&NatRes (GGN) ....... A 4.21 4.40 + 4.5 10.0
GAMCO NR GLD & INCTR (GNT) .... N 5.94 5.84 – 1.7 13.9
J Han Finl Opptys(BTO)-a ................ N 33.87 32.92 – 2.8 – 5.6
Macquarie/FirstTr Gl(MFD) ............ N 11.02 10.00 – 9.3 1.2
Madison CovCall & Eq Str(MCN) .... N 7.30 6.61 – 9.5 – 6.7
Neuberger BrmnMLP & EI (NML) ... N 8.19 7.22 – 11.8 – 10.3


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.com

46100


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 3Q

Net 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 Return

12mos
Stock Market Prem Yield
FundName(Symbol) Exch NAV Price /Disc 08/30/19

September Song:The Herzfeld Average and the Dow neared record heights, as the


indices gained 1.6% and 1.7%, respectively, for the week ended Thursday.


Data provided by

a-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–0.06


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 AS

Euphoria


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
16

Q1
17

Q2 Q3 Q4 Q1
18

Q2 Q3 Q4 Q1
19

Q2 Q3

THREE YEAR TED SPREAD


Friday's Close 0.22

TED Spread = 3-mth LIBOR – 3-mth T-bill rate
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