M32 BARRON’S March 16, 2020
Nuv Dow 30 Dyn Overwrite (DIAX)-a N NA 12.91 NA – 23.4
Nuv AC Engy MLP Opps (JMLP) ...... N 1.30 1.30 + 0.0 – 77.9
NuvCorEqAlpha (JCE)-a ................... N NA 11.17 NA – 12.8
NuveenDiversDiv&Inc (JDD)-a ........ N NA 7.54 NA – 20.8
Nuveen Engy MLP Tot Rtn (JMF) ..... N NA 2.02 NA – 75.6
Nuveen Nasdaq 100 Dyn Ov (QQQX)-a N NA 18.60 NA – 9.7
Nuv Real Est (JRS)-a ........................ A 9.33 7.92 – 15.1 – 16.6
Nuveen Rl Asst Inc & Gro (JRI)-a ...... N NA 11.97 NA – 17.9
NuvS&P500DynOvFd (SPXX)-a ....... N NA 11.99 NA – 16.9
NuvSP500BuyIncFd (BXMX)-a ........ N 11.57 10.27 – 11.2 – 15.0
PIMGlbStkPI (PGP)-a ...................... N NA 8.02 NA – 38.7
ReavesUtilityIncome (UTG) ............ A 29.03 27.64 – 4.8 – 11.0
RMRRealEstInc (RIF) ..................... A 17.31 13.15 – 24.0 – 24.1
Salient Midstream & MLP (SMM) ... N 4.73 3.76 – 20.5 – 54.0
Tortoise Energy Ind (NDP) .............. N NA 1.42 NA – 79.7
Tortoise Enrgy Infra Crp (TYG) ........ N NA 5.51 NA – 73.1
Tortoise Ess Asst Inc Tm (TEAF) ..... N NA 11.13 NA NS
Tortoise Midstream Enrgy (NTG) .... N NA 3.28 NA – 73.2
Tortoise Pipelne & Enrgy (TTP) ....... N NA 4.23 NA – 68.8
Tortoise Pwr & Engy Infr (TPZ) ....... N NA 8.33 NA – 50.3
Wells Fargo Ut & Hi Inc (ERH)-a ....... A NA 12.03 NA 0.5
Income&PreferredStockFunds
CalamosStratTot (CSQ)-a ................ N NA 10.21 NA – 10.5
CohenStrsLtdDurPref&Inc (LDP) ... N 23.03 21.61 – 6.2 – 1.7
CohenStrsSelPref&Income (PSF) ... N 23.63 23.78 + 0.6 – 4.6
Del Div & Inc (DDF) ......................... N NA 9.10 NA – 21.4
Dividend and Income (DNI) ............. N 11.85 8.95 – 24.5 – 17.3
Eagle Gr and Inc Opps (EGIF) .......... N NA 11.58 NA – 20.0
FirstTrIntDurPref&Inc (FPF) ........... N 21.13 19.95 – 5.6 – 1.6
Gabelli Go Anywhere Tr (GGO) ........ N 9.41 9.50 + 1.0 – 42.2
JHanPrefInc (HPI)-a ........................ N 16.84 17.18 + 2.0 – 16.4
JHPrefIncII (HPF)-a ......................... N 16.59 16.37 – 1.4 – 19.7
HnckJPfdInco III (HPS)-a ................ N 14.74 15.08 + 2.3 – 12.9
J Han Prm (PDT)-a ........................... N 12.07 12.39 + 2.7 – 17.3
LMP CapInco (SCD) ........................ N NA 9.39 NA – 21.1
Nuveen Pref & I 2022 Trm (JPT)-a .... N 22.13 21.92 – 0.9 0.5
Nuveen Pref & Inc Opp (JPC)-a ........ N 8.73 8.40 – 3.8 – 5.5
Nuveen Fd (JPS)-a ........................... N 8.80 8.12 – 7.7 – 3.6
Nuveen Pref & Inc Term (JPI)-a ........ N 21.65 20.56 – 5.0 – 1.8
Nuveen TxAdvDivGr (JTD)-a ............ N NA 11.81 NA – 19.5
TCW Strat Income (TSI) .................. N NA 5.32 NA 3.5
Vivaldi Opportunities (VAM) ........... N 12.68 10.99 – 13.3 – 11.4
ConvertibleSec's.Funds
AdvntCnvrtbl&IncFd (AVK)-a ........... N NA 12.00 NA – 9.0
AllianzGI Con & Inc 2024 (CBH)-a .... N NA 8.24 NA – 2.9
GI Conv & Inc (NCV)-a ...................... N NA 4.00 NA – 29.152Week
Stock Market Prem Market
FundName(Symbol) Exch NAV Price /Disc Return
AGI Conv & Inc II (NCZ)-a ................. N NA 3.59 NA – 28.6
AGI Dvs Inc & Conv (ACV)-a ............. N NA 17.96 NA – 12.8
AGI Eqty & Conv Inc (NIE) ............... N NA 18.14 NA – 9.4
Bancroft Fund Ltd (BCV) ................. A 22.06 19.45 – 11.8 – 1.4
CalamosConvHi (CHY)-a .................. N NA 8.86 NA – 10.7
CalmosConvOp (CHI)-a ................... N NA 8.41 NA – 8.7
Ellsworth G&I Fund Ltd (ECF) .......... A 9.95 8.41 – 15.5 – 7.4
Gabelli Conv Sec (GCV) ................... N 4.58 4.85 + 5.9 0.5
HiIncBd (PCF) ................................. N NA 7.95 NA – 8.6
WorldEquityFunds
AbrdnAusEq (IAF) ........................... A 4.81 4.23 – 12.1 – 13.5
Aberdeen Emg Mkts Eq Inc (AEF) .... A 6.78 5.67 – 16.4 – 20.7
Aberdeen Glbl Dyn Div (AGD) .......... N 9.11 7.58 – 16.8 – 14.1
Aberdeen Japan Equity (JEQ) .......... N 7.07 5.40 – 23.6 – 18.3
Aberdeen Tot Dyn Div (AOD) ........... N 7.91 6.59 – 16.7 – 14.2
Calamos GloDynInc (CHW)-a ........... N NA 5.93 NA – 16.4
Cdn Genl Inv (CGI)-y ........................ T 28.58 20.37 – 28.7 – 12.6
Central and Eastern Euro (CEE) ....... N 21.18 18.10 – 14.5 – 20.9
China (CHN) ................................... N NA 18.50 NA – 1.7
Delaware Enh Gl Div & In (DEX) ....... N NA 7.68 NA – 12.0
EV TxAdvGlbDivInc (ETG) ............... N NA 12.37 NA – 14.8
EtnVncTxAdvOpp (ETO) ................. N NA 19.31 NA – 11.3
Economic Inv Tr (N/A)-cy ................. T NA 90.91 NA – 13.6
European Equity Fund Inc (EEA) ...... N 8.01 7.00 – 12.6 – 15.0
FirstTrAbEmergOp (FEO) ................ N NA 11.45 NA – 7.6
FirstTr Dyn Euro Eq Inc (FDEU) ....... N 10.54 9.28 – 12.0 – 28.9
Gabelli Gl Sm&Mid Cp Val (GGZ) ..... N 9.10 7.71 – 15.3 – 32.9
Gabelli Multimedia (GGT)-h ............. N 4.89 5.96 + 21.9 – 24.2
GDL Fund (GDL) ............................. N 9.88 8.35 – 15.5 – 9.4
Herzfeld Caribb (CUBA) .................. O NA 4.10 NA – 21.0
Highland Global Alloc (HGLB) ......... N 9.28 5.80 – 37.5 – 49.2
India Fund (IFN) .............................. N 18.78 15.69 – 16.5 – 19.1
J Han Hdgd Ety & Inc (HEQ)-a ........... N 11.78 10.78 – 8.5 – 16.3
JHancockTaxAdv Gl Sh Yld (HTY)-a. N 5.92 4.93 – 16.7 – 21.0
Japan Smaller Cap (JOF) ................. N NA 6.36 NA – 19.2
Korea (KF) ...................................... N NA 21.80 NA – 26.5
LazardGlbTotRetInc (LGI)-a ............. N 14.60 12.24 – 16.2 – 14.1
MexicoEqandIncmFd (MXE) ........... N 9.66 8.81 – 8.8 – 15.7
Mexico (MXF) ................................. N NA 9.74 NA – 24.4
Miller/Howard High Inc E (HIE) ....... N 7.01 6.45 – 8.0 – 35.9
MS ChinaShrFd (CAF)-J ................... N 22.78 18.15 – 20.3 – 18.1
MS India (IIF) .................................. N 19.36 15.33 – 20.8 – 27.1
New Germany (GF) ......................... N 12.93 11.25 – 13.0 – 16.9
New Ireland (IRL) ........................... N 8.26 6.69 – 19.0 – 25.8
RENN Fund (RCG) .......................... A NA 1.38 NA – 20.6
Royce Global Value Trust (RGT) ...... N 10.12 8.60 – 15.0 – 15.352Week
Stock Market Prem Market
FundName(Symbol) Exch NAV Price /Disc ReturnSwiss Helvetia (SWZ) ..................... N 7.94 6.75 – 15.0 – 10.0
Templeton Dragon (TDF) ................ N NA 16.48 NA – 5.5
Templeton Em Mkt (EMF) ............... N NA 11.63 NA – 14.8
United Corps Ltd (UNC)-cy ............... T NA 82.44 NA – 13.3
VirtusTotalRetFd (ZF)-a ................... N NA 7.94 NA – 3.7
Wells Fargo Gl Div Oppty (EOD)-a ..... N NA 3.92 NA – 15.9
U.S.MortgageBondFunds
BlckRk Income (BKT) ...................... N 6.43 5.88 – 8.6 6.8
First Trust Mtge Inc (FMY) .............. N 14.93 13.31 – 10.8 4.9
Invesco HI 2023 Tgt Term (IHIT) ..... N 10.00 9.71 – 2.9 5.7
Invesco HI 2024 Tgt Term (IHTA) .... N 9.91 9.54 – 3.7 5.4
Nuveen Mortgage and Inc (JLS)-a .... N 22.22 21.63 – 2.7 6.2
Nuveen Multi-Market Inc (JMM)-c ... N NA 6.84 NA 4.9
Vertical Capital Income (VCIF) ........ N NA 9.86 NA NS
Western Asset Mtg Oppty (DMO) .... N NA 18.43 NA 9.7
InvestmentGradeBondFunds
BlRck Core Bond (BHK) .................. N 15.59 13.80 – 11.5 5.2
BR Credit Alloc Inc (BTZ) ................. N 13.85 12.07 – 12.9 6.4
BR Enhcd Govt (EGF) ...................... N 13.52 13.01 – 3.8 3.8
Insight Select Income (INSI) ........... N NA 19.59 NA 4.1
InvescoBond (VBF) ......................... N 19.74 18.25 – 7.5 4.0
J Han Income (JHS)-a ...................... N 14.74 14.17 – 3.9 4.6
MFS Govt Mkts (MGF) .................... N 4.80 4.49 – 6.5 7.7
MFS Intmdt (MIN) .......................... N 3.97 3.62 – 8.8 9.2
Western Asset Inf-Lk Inc (WIA) ....... N NA 10.78 NA 3.3
Western Asset Inf-Lk O&I (WIW) .... N NA 9.86 NA 3.7
WA Investment Grade Inc (PAI) ....... N NA 13.32 NA 4.7
WesternAssetPremBd (WEA) ......... N NA 11.53 NA 5.8
Westn Asst IG Def Opp Tr (IGI) ........ N NA 18.71 NA 4.6
LoanParticipationFunds
Apollo Senior Floating (AFT) ........... N NA 12.72 NA 8.1
BR Debt Strategy (DSU) .................. N 10.60 9.14 – 13.8 7.9
BR F/R Inc Str (FRA) ....................... N 12.73 10.77 – 15.4 7.0
BlackRock Floatng Rt Inc (BGT) ...... N 12.34 10.48 – 15.1 6.8
Blackstone / GSO Strat (BGB) .......... N NA 12.00 NA 9.8
Blackstone/GSO LS Cr Inc (BGX) ..... N NA 12.65 NA 10.0Blackstone/GSO Sr Flt Rt (BSL) ....... N NA 13.50 NA 8.5
BNY Mellon Alct GCI 2024 (DCF) ..... N 7.97 8.55 + 7.3 6.9
Eagle Point Credit (ECC)-a ................ N NA 10.40 NA 17.8
Eagle Point Income (EIC)-a .............. N NA 16.57 NA NS
Eaton Vance F-R 2022 TT (EFL)-a ..... N NA 7.99 NA 5.7
EtnVncFltRteInc (EFT) .................... N NA 11.35 NA 7.9
EtnVncFltRteIncPlus (EFF) .............. N NA 13.37 NA 6.5
EV SenFlRtTr (EFR) ......................... N NA 10.86 NA 7.8
EVSnrIncm (EVF)-a .......................... N NA 5.11 NA 7.1
FT/Sr Fltg Rte Inc 2 (FCT) ................ N 12.07 10.26 – 15.0 7.4
FT/Sr Fltg Rte 2022 TgTr (FIV) ......... N 8.52 8.16 – 4.2 4.0
Highland Income (HFRO) ................ N 13.64 11.07 – 18.8 7.7
InvDYCrOpp (VTA) ......................... N 11.02 9.40 – 14.7 7.5
InvSnrIncTr (VVR) .......................... N 4.21 3.55 – 15.7 6.7
Nuveen Credit Strat Inc (JQC)-a ........ N NA 5.91 NA 17.5
NuvFloatRateIncFd (JFR)-a .............. N NA 7.84 NA 7.9
NuvFloatRteIncOppty (JRO)-a ......... N NA 7.81 NA 8.0
Nuveen Senior Income (NSL)-a ........ N NA 4.86 NA 8.0
Nuveen Sht Dur Crdt Opp (JSD)-a .... N NA 11.91 NA 8.3
PionrFltRate Tr (PHD) ..................... N 10.52 8.97 – 14.7 6.5
THL Credit Senior Loan (TSLF) ........ N NA 13.08 NA 8.3
WA Corporate Loan (TLI) ................ N NA 8.54 NA 7.4
HighYieldBondFunds
Aberdeen Inc Credit Str (ACP) ......... N 9.66 8.65 – 10.5 13.1
AllianceBernGlHiIncm (AWF) .......... N 11.65 10.05 – 13.7 6.9
Angel Oak FS Inc Trm (FINS) ........... N NA 17.26 NA NS
Barings Glb SD HY Bd (BGH) ........... N 14.71 13.60 – 7.5 10.8
BR Corporate HY (HYT) .................. N 10.21 9.30 – 8.9 8.5
BlackRock Ltd Dur Inc (BLW) .......... N 15.29 13.13 – 14.1 7.0
BNY Mellon Hi Yield Str (DHF) ......... N 2.82 2.53 – 10.4 9.0
Brookfield Real Asst Inc (RA) .......... N NA 16.84 NA 11.8
CrSuisHighYld (DHY) ..................... A 2.27 2.05 – 9.7 9.5
CSAM Income Fd (CIK) ................... A 3.07 2.75 – 10.6 8.8
DoubleLine Inc Sol (DSL)-a .............. N NA 15.06 NA 9.8
DoubleLine Yld Opps (DLY) ............ N NA NA NA NS
EVHiInc2021 (EHT)-a ...................... N NA 9.14 NA 4.6
First Tr Hi Inc Lng/Shrt (FSD) .......... N 14.76 12.81 – 13.2 9.0
Franklin Univ (FT) ........................... N NA 6.34 NA 5.3
InvHighIncTrII (VLT) ...................... N 13.02 11.55 – 11.3 8.5
IVY HIGH INCOME OPP (IVH) ......... N 12.98 11.36 – 12.5 9.4
MFS IntmdHgInc (CIF) .................... N 2.28 2.19 – 3.9 10.1
NeubHgYldStrt (NHS) ..................... N NA 9.90 NA 8.8
New Amer Hi Inc (HYB) ................... N NA 7.83 NA 7.1
NexPointStratOppty (NHF) ............. N 19.32 13.06 – 32.4 14.9
Nuveen Crdt Opps 2022 TT (JCO)-a .. N 8.47 9.18 + 8.4 5.7
Nuveen Global High Inc (JGH)-a ....... N 14.88 13.02 – 12.5 7.8
Nuveen Hi Inc 2020 Trgt (JHY)-a ...... N 9.49 9.37 – 1.3 3.4
Nuveen Hi Inc 2023 Trgt (JHAA)-a .... N 9.11 9.50 + 4.3 6.1
Nuveen HI Nov 2021 Tgt (JHB)-a ...... N NA 9.30 NA 5.1Friday,March13,2020
GeneralEquityFunds
Adams Diversified Equity (ADX) ...... N 15.29 12.84 – 16.0 – 1.8
Boulder Growth & Income (BIF) ...... N 11.34 9.10 – 19.8 – 13.4
Central Secs (CET)-c ........................ A 33.16 25.75 – 22.3 – 5.8
CohenStrsCEOppFd (FOF) .............. N 10.48 9.86 – 5.9 – 14.0
Eagle Capital Growth (GRF)-c ........... A NA 6.39 NA – 8.6
EVTxAdvDivIncm (EVT) .................. N NA 17.84 NA – 13.7
Equus II (EQS) ................................ N NA 1.29 NA – 34.1
Foxby Corp. (FXBY) ........................ O 2.49 NA NA NA
GabelliDiv&IncTr (GDV) ................. N 16.36 15.73 – 3.9 – 21.6
Gabelli Equity Tr (GAB)-h ................. N 3.92 5.13 + 30.9 – 9.7
GeneralAmer (GAM) ....................... N 34.75 28.40 – 18.3 – 8.9
JHancockTaxAdvDiv (HTD)-a .......... N 20.68 18.69 – 9.6 – 18.1
Librty AllStr Eq (USA) ..................... N 5.41 5.10 – 5.7 – 7.3
Librty AllStr Gr (ASG)-f .................... N 5.24 4.81 – 8.2 – 3.8
NuvTaxAdvTRStrat (JTA)-a .............. N NA 7.67 NA – 28.2
Royce Micro-Cap Tr (RMT)-a ........... N 6.79 5.89 – 13.3 – 21.7
Royce Value Trust (RVT)-a ............... N 11.81 9.99 – 15.4 – 21.8
Source Capital (SOR) ...................... N NA 31.12 NA – 11.9
Special Opportunities (SPE) ............ N NA 11.70 NA – 4.6
Sprott Focus Trust (FUND)-a ............ O 5.80 5.10 – 12.1 – 19.5
Tri-Continental (TY) ........................ N 25.79 22.18 – 14.0 – 9.96
SpecializedEquityFunds
Aberdeen Glb Prem Prop (AWP) ..... N 5.79 4.83 – 16.6 – 10.9
Adams Natural Resources (PEO) .... N 10.80 9.28 – 14.1 – 40.3
AllianzGI AI & Tech Opps (AIO)-a ...... N NA 15.39 NA NS
GI NFJ DivInt&PremStr (NFJ) ......... N NA 9.49 NA – 16.9
ASA Gold & Prec Met Ltd (ASA) ....... N NA 8.90 NA – 12.5
BR Enh C&I (CII) ............................. N 13.50 13.00 – 3.7 – 13.2
BlackRock Energy & Res (BGR) ...... N 6.43 6.57 + 2.2 – 40.5
BlackRock Eq Enh Div (BDJ) ........... N 6.98 6.44 – 7.7 – 18.8
BlackRock Enh Glbl Div (BOE) ......... N 9.32 8.21 – 11.9 – 16.8
BlackRock Enh Intl Div (BGY) .......... N 5.02 4.47 – 11.0 – 13.4
BlackRock Hlth Sci Tr II (BMEZ) ...... N 17.39 20.00 + 15.0 NS
BlackRock Hlth Sciences (BME) ...... N 34.30 35.44 + 3.3 – 7.5
BlackRock Res & Comm (BCX) ....... N 5.56 4.81 – 13.5 – 35.4
BlackRock Sci&Tech Tr II (BSTZ) .... N 17.15 16.00 – 6.7 NS
BlackRock Sci&Tech Trust (BST) .... N 27.11 28.38 + 4.7 – 3.5
BlackRock Utl Inf & Pwr (BUI) ......... N 17.04 16.97 – 0.4 – 15.2
Brookfield Gl Lsd Infr (INF) ............. N NA NA NA NA
CBRE ClrnGlbRlEst (IGR) ................ A 7.05 5.99 – 15.0 – 10.7
CLEARBRIDGE ENGY MDS OPP (EMO) N NA 2.41 NA – 71.4
CLEARBRIDGE MLP&MDSTM TR (CTR) N NA 2.48 NA – 71.2
ClearBridge MLP & Midstm (CEM) .. N NA 3.39 NA – 69.2
Cntr Cst Brkfld MLP&EI (CEN) ......... N 2.18 1.93 – 11.5 – 71.9
ChnStrInfr (UTF) ............................. N 19.96 18.60 – 6.8 – 16.6
COHEN & STEERS MLP INC&E (MIE) N 2.52 3.00 + 19.0 – 63.7
Cohen&SteersQualInc (RQI) ........... N 11.00 10.96 – 0.4 – 5.6
CohenStrsREITPref (RNP) .............. N 21.20 19.43 – 8.3 1.5
Cohen&Steers TotRet (RFI) ............ N 12.30 12.08 – 1.8 – 1.8
Columbia Sel Prm Tech Gr (STK) ..... N 18.65 17.84 – 4.3 – 3.4
Cushing Energy Income (SRF) ........ N 3.92 3.34 – 14.8 – 52.0
CushingMLPTotRet (SRV)-d ............ N 5.32 4.40 – 17.3 – 52.5
Cushing Renaissance (SZC) ............ N 8.50 6.84 – 19.5 – 55.0
DNP Select Income (DNP) .............. N 8.56 10.82 + 26.3 0.7
Duff&Ph Uti&Infra Inc Fd (DPG) ...... N NA 10.39 NA – 23.3
Duff&Ph Sel MLP&MS Engy (DSE). N NA 0.85 NA – 79.7
EtnVncEqtyInc (EOI) ....................... N NA 11.78 NA – 12.3
EtnVncEqtyIncoII (EOS) ................. N NA 13.77 NA – 11.2
EVRskMnDvsEqInc (ETJ) ............... N NA 8.30 NA 0.0
ETnVncTxMgdBuyWrtInc (ETB) ..... N NA 13.11 NA – 9.7
EtnVncTxMgdBuyWrtOpp (ETV) ..... N NA 11.70 NA – 13.7
EvTxMnDvsEqInc (ETY) ................. N NA 9.41 NA – 10.1
EtnVncTxMgdGlbB (ETW) .............. N NA 7.47 NA – 17.2
EVTxMnGblDvEqInc (EXG) ............. N NA 6.29 NA – 15.0
First Trust Energy Inc G (FEN) ......... A 12.91 11.60 – 10.1 – 37.9
First Tr Enhanced Eq (FFA) .............. N 13.97 12.71 – 9.0 – 9.4
First Tr Specialty Fn (FGB) ............... N 3.87 3.53 – 8.8 – 35.1
FirstTrEnergyInfra (FIF) .................. N 11.23 9.01 – 19.8 – 37.5
FirstTrMLPEner&Inc (FEI) .............. N 6.73 5.54 – 17.7 – 45.8
Gab Gl Util & Inc (GLU)-h ................. A 13.80 13.25 – 4.0 – 22.6
Gabelli Healthcare (GRX)-h .............. N 9.89 8.90 – 10.0 – 9.8
Gab Utility (GUT)-h .......................... N 3.74 6.85 + 83.2 11.8
GAMCOGlGold&NatRes (GGN) ....... A 3.05 2.84 – 6.9 – 23.9
GAMCO NR GLD & INC TR (GNT) .... N 4.23 3.80 – 10.2 – 23.4
J Han Finl Opptys (BTO)-a ................ N NA 22.17 NA – 28.8
Macquarie/FirstTr Gl (MFD) ............ N NA 7.35 NA – 27.0
Madison CovCall & Eq Str (MCN) .... N 6.01 5.04 – 16.1 – 18.8
Neuberger Brmn MLP & EI (NML) ... N 3.12 2.50 – 19.9 – 65.3
NubrgrRlEstSec (NRO) ................... A 4.18 3.88 – 7.2 – 14.2
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.com51100
46000
40900
35800
30700
25600
20500
2Q 19 3Q 19 4Q 19 1Q 20*Herzfeld
Closed-End
AverageDow Industrials55100
51200
47300
43400
39500
2Q 3Q 4Q 1QNet Asset Value
-3
-5
-7
-9
-11
2Q 19 3Q 19 4Q 19 1Q 20% 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 02/28/20Germs and Oil:Investors dropped everything, as OPEC and Russia leaned on oil
prices, while Covid-19 became a pandemic. The Herzfeld Average collapsed 22.5%,
while the Dow tanked 19% in the week ended on 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+0.10
Citigroup Panic/Euphoria Model-0.9-0.6-0.300.30.6F M A M J J A S O N D J FMEuphoria
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 Strategy0.70.60.50.40.30.20.10.0
Q2
17Q3 Q4 Q1
18Q2 Q3 Q4 Q1
19Q2 Q3 Q4 Q1
20THREE YEAR TED SPREAD
Friday's Close 0.58TED Spread = 3-mth LIBOR – 3-mth T-bill rateFor personal,non-commercial use only.