M32 BARRON’SMarch9,2 020
Friday,March6,2020
GeneralEquityFunds
Adams Diversified Equity (ADX) ...... N16.53 14.46–12.5 13.6
Boulder Growth & Income (BIF) ...... N12.29 10.48–14.7 2.1
Central Secs (CET)-c ........................ A35.73 30.30–15.2 13.7
CohenStrsCEOppFd (FOF) .............. N12.62 12.42–1.6 11.2
Eagle Capital Growth (GRF)-c ........... ANA7.24 NA NA
EVTxAdvDivIncm (EVT) .................. N22.50 22.64+0.6 12.8
Equus II (EQS) ................................ NNA1.53 NA–17.3
Foxby Corp. (FXBY) ........................ O2.85 NA NA NA
GabelliDiv&IncTr (GDV) ................. N21.41 18.99–11.3–2.7
Gabelli Equity Tr (GAB)-h ................. N5.20 5.82+11.9 4.8
GeneralAmer (GAM) ....................... N39.65 34.25–13.6 14.1
JHancockTaxAdvDiv (HTD) ............ N25.56 25.90+1.3 13.6
Librty AllStr Eq (USA) ..................... N6.02 6.05+0.5 13.1
Librty AllStr Gr (ASG)-f .................... N5.85 6.28+7.4 30.5
NuvTaxAdvTRStrat (JTA) ............... N10.45 10.35–1.0 –2.2
Royce Micro-Cap Tr (RMT) ............. N8.55 7.68–10.2–1.1
Royce Value Trust (RVT) ................. N14.45 13.18–8.8 2.9
Source Capital (SOR) ...................... N41.05 36.80–10.4 6.8
Special Opportunities (SPE) ............ NNA13.29 NA 9.5
Sprott Focus Trust (FUND) .............. O7.24 6.52–9.9 3.3
Tri-Continental (TY) ........................ N28.68 25.99–9.4 8.5
SpecializedEquityFunds
Aberdeen Glb Prem Prop (AWP) ..... N6.92 6.20–10.4 17.7
Adams Natural Resources (PEO) .... N13.73 11.92–13.2–20.6
AllianzGI AI & Tech Opps (AIO) ....... N19.83 18.25–8.0 NS
GI NFJ DivInt&PremStr (NFJ) ......... NNA11.90 NA 6.7
ASA Gold & Prec Met Ltd (ASA) ....... N15.46 13.30–14.0 30.3
BR Enh C&I (CII) ............................. N16.38 15.72–4.0 8.1
BlackRock Energy & Res (BGR) ...... N9.80 9.42–3.9 –12.1
BlackRock Eq Enh Div (BDJ) ........... N8.83 8.35–5.4 8.0
BlackRock Enh Glbl Div (BOE) ......... N11.25 10.05–10.7 4.6
BlackRock Enh Intl Div (BGY) .......... N6.05 5.39–10.9 6.5
BlackRock Hlth Sci Tr II (BMEZ) ...... N19.87 20.00+0.7 NS
BlackRock Hlth Sciences (BME) ...... N39.82 40.55+1.8 10.3
BlackRock Res & Comm (BCX) ....... N7.55 6.43–14.8–11.3
BlackRock Sci&Tech Tr II (BSTZ) .... N21.16 19.91–5.9 NS
BlackRock Sci&Tech Trust (BST) .... N32.52 32.44–0.2 16.1
BlackRock Utl Inf & Pwr (BUI) ......... N22.13 22.42+1.3 13.3
Brookfield Gl Lsd Infr (INF) ............. N13.95 12.81–8.2 15.7
CBRE ClrnGlbRlEst (IGR) ................ A8.48 7.62–10.1 16.1
CLEARBRIDGE ENGY MDS OPP (EMO) NNA5.58 NA–32.8
CLEARBRIDGE MLP&MDSTM TR (CTR) NNA5.75 NA–32.4
ClearBridge MLP & Midstm (CEM) .. NNA7.79 NA–28.7
Cntr Cst Brkfld MLP&EI (CEN) ......... N4.31 4.37+1.4 –36.4
ChnStrInfr (UTF) ............................. N26.28 25.01–4.8 14.5
COHEN & STEERS MLP INC&E (MIE) N4.64 5.30+14.2–34.4
Cohen&SteersQualInc (RQI) ........... N14.00 13.33–4.8 16.7
CohenStrsREITPref (RNP) .............. N24.05 22.61–6.0 20.2
Cohen&Steers TotRet (RFI) ............ N13.97 13.96–0.1 14.6
Columbia Sel Prm Tech Gr (STK) ..... N20.86 21.60+3.5 22.1
Cushing Energy Income (SRF) ........ N5.66 5.38–5.0 –20.3
CushingMLPTotRet (SRV)-d ............ N8.74 8.27–5.4 –7.4
Cushing Renaissance (SZC) ............ N11.77 10.66–9.4 –27.9
DNP Select Income (DNP) .............. N10.38 NA NA NA
Duff&Ph Uti&Infra Inc Fd (DPG) ...... NNA14.54 NA 10.8
Duff&Ph Sel MLP&MS Engy (DSE).N2.16 2.29+5.8 –44.8
EtnVncEqtyInc (EOI) ....................... N14.44 14.35–0.6 10.3
EtnVncEqtyIncoII (EOS) ................. N16.16 16.38+1.4 7.0
EVRskMnDvsEqInc (ETJ) ............... N8.93 8.99+0.7 10.6
ETnVncTxMgdBuyWrtInc (ETB) ..... N13.86 15.60+12.6 12.7
EtnVncTxMgdBuyWrtOpp (ETV) ..... N13.34 14.22+6.6 6.6
EvTxMnDvsEqInc (ETY) ................. N11.22 11.27+0.4 10.9
EtnVncTxMgdGlbB (ETW) .............. N9.49 9.28–2.2 5.3
EVTxMnGblDvEqInc (EXG) ............. N8.17 8.03–1.7 11.5
First Trust Energy Inc G (FEN) ......... A17.52 18.29+4.4 –0.3
First Tr Enhanced Eq (FFA) .............. N15.47 15.40–0.5 13.3
First Tr Specialty Fn (FGB) ............... N5.39 5.40+0.2 0.2
FirstTrEnergyInfra (FIF)-a ................ N15.55 14.68–5.6 3.9
FirstTrMLPEner&Inc (FEI)-a ............ NNA9.85 NA–1.2
Gab Gl Util & Inc (GLU)-h ................. A18.96 17.89–5.6 4.0
Gabelli Healthcare (GRX)-h .............. N12.38 10.59–14.5 10.9
Gab Utility (GUT)-h .......................... N4.89 7.69+57.3 27.5
GAMCOGlGold&NatRes (GGN) ....... A3.88 3.78–2.6 3.1
GAMCO NR GLD & INC TR (GNT) .... N5.53 5.37–2.9 9.1
J Han Finl Opptys (BTO) .................. N27.03 27.57+2.0 –12.2
Macquarie/FirstTr Gl (MFD) ............ N11.00 10.08–8.4 0.0
Madison CovCall & Eq Str (MCN) .... N6.70 6.12–8.7 0.3
Neuberger Brmn MLP & EI (NML) ... N5.44 5.06–7.0 –28.8
NubrgrRlEstSec (NRO) ................... A5.38 5.34–0.7 20.3
Nuv Dow 30 Dyn Overwrite (DIAX) .. N16.51 16.19–1.9 –4.4
Nuv AC Engy MLP Opps (JMLP) ...... N2.96 3.20+8.1 –44.5
NuvCorEqAlpha (JCE) ..................... N13.87 13.71–1.2 7.4
NuveenDiversDiv&Inc (JDD) .......... N10.85 10.06–7.3 3.2
Nuveen Engy MLP Tot Rtn (JMF) ..... N4.65 5.06+8.8 –38.3
Nuveen Nasdaq 100 Dyn Ov (QQQX) N22.53 22.36–0.8 8.5
Nuv Real Est (JRS) .......................... A10.71 9.76–8.9 2.2
Nuveen Rl Asst Inc & Gro (JRI) ........ N18.53 16.75–9.6 15.9
NuvS&P500DynOvFd (SPXX) ......... NNA14.87 NA 5.0
NuvSP500BuyIncFd (BXMX) .......... N12.67 12.37–2.4 1.6
PIMGlbStkPI (PGP) ........................ NNA11.02 NA–15.9
ReavesUtilityIncome (UTG) ............ A35.18 35.80+1.8 17.5
RMRRealEstInc (RIF) ..................... A23.12 19.24–16.8 13.7
Salient Midstream & MLP (SMM) ... N6.62 5.65–14.7–28.9
Tortoise Energy Ind (NDP) .............. N2.53 2.44–3.6 –63.7
Tortoise Enrgy Infra Crp (TYG) ........ N12.66 11.58–8.5 –43.4
Tortoise Ess Asst Inc Tm (TEAF) ..... N16.75 15.38–8.2 NS
Tortoise Midstream Enrgy (NTG) .... N7.69 7.07–8.1 –41.5
Tortoise Pipelne & Enrgy (TTP) ....... N9.90 9.20–7.1 –30.4
Tortoise Pwr & Engy Infr (TPZ) ....... N15.18 14.07–7.3 –15.7
Wells Fargo Ut & Hi Inc (ERH) ......... ANA15.10 NA 26.6
Income&PreferredStockFunds
CalamosStratTot (CSQ) .................. N12.36 12.61+2.0 13.3
CohenStrsLtdDurPref&Inc (LDP) ... N25.74 25.34–1.6 14.7
CohenStrsSelPref&Income (PSF) ... N26.62 30.69+15.3 21.7
Del Div & Inc (DDF) ......................... N9.45 12.87+36.2 14.6
Dividend and Income (DNI) ............. N13.58 11.63–14.4 10.0
Eagle Gr and Inc Opps (EGIF) .......... N16.44 15.60–5.1 11.1
FirstTrIntDurPref&Inc (FPF)-a ......... N23.90 22.92–4.1 14.1
Gabelli Go Anywhere Tr (GGO) ........ N14.13 12.28–13.1 NA
JHanPrefInc (HPI) .......................... N20.31 21.44+5.6 5.5
JHPrefIncII (HPF) ........................... N19.98 20.79+4.0 3.1
HnckJPfdInco III (HPS) .................. N17.77 18.45+3.8 7.3
J Han Prm (PDT) ............................. N14.89 16.75+12.5 11.2
LMP CapInco (SCD) ........................ NNA13.13 NA 13.7
Nuveen Pref & I 2022 Trm (JPT) ...... N24.44 24.85+1.7 13.4
Nuveen Pref & Inc Opp (JPC) .......... N9.96 9.69–2.7 10.7
Nuveen Fd (JPS) ............................. N9.88 9.50–3.8 11.6
Nuveen Pref & Inc Term (JPI) .......... N24.82 24.24–2.3 15.2
Nuveen TxAdvDivGr (JTD) .............. N16.13 15.92–1.3 8.9
TCW Strat Income (TSI) .................. NNA5.79 NA 11.6
Vivaldi Opportunities (VAM)-a ......... N13.39 12.73–4.9 4.4
ConvertibleSec's.Funds
AdvntCnvrtbl&IncFd (AVK) ............. N15.78 14.99–5.0 14.5
AllianzGI Con & Inc 2024 (CBH) ...... N9.73 9.40–3.4 10.6GI Conv & Inc (NCV) ....................... N5.28 5.35+1.3 –5.7
AGI Conv & Inc II (NCZ) ................... N4.74 4.72–0.4 –5.8
AGI Dvs Inc & Conv (ACV) ............... N23.42 23.07–1.5 15.2
AGI Eqty & Conv Inc (NIE) ............... N23.73 21.89–7.8 12.3
Bancroft Fund Ltd (BCV) ................. A26.10 23.92–8.4 25.7
CalamosConvHi (CHY) ................... N11.26 10.95–2.8 12.3
CalmosConvOp (CHI) ..................... N10.69 10.36–3.1 12.7
Ellsworth G&I Fund Ltd (ECF) .......... A11.80 10.73–9.1 20.1
Gabelli Conv Sec (GCV) ................... N5.50 5.47–0.5 16.2
HiIncBd (PCF) ................................. N9.54 8.62–9.6 –1.8
WorldEquityFunds
AbrdnAusEq (IAF) ........................... A5.29 4.86–8.1 0.8
Aberdeen Emg Mkts Eq Inc (AEF) .... A7.64 6.67–12.7–3.3
Aberdeen Glbl Dyn Div (AGD) .......... N10.43 9.42–9.7 9.1
Aberdeen Japan Equity (JEQ) .......... N8.02 6.78–15.5 3.4
Aberdeen Tot Dyn Div (AOD) ........... N9.03 8.17–9.5 9.2
Calamos GloDynInc (CHW) ............. N7.48 7.95+6.3 12.0
Cdn Genl Inv (CGI)-y ........................ T34.12 23.59–30.9 2.8
Central and Eastern Euro (CEE) ....... N26.41 23.80–9.9 5.9
China (CHN) ................................... N24.00 20.68–13.8 13.1
Delaware Enh Gl Div & In (DEX) ....... N10.18 9.61–5.6 12.7
EV TxAdvGlbDivInc (ETG) ............... NNA16.25 NA 16.0
EtnVncTxAdvOpp (ETO) ................. N22.50 23.20+3.1 11.0
Economic Inv Tr (N/A)-cy ................. T149.64 100.62–32.8 NA
European Equity Fund Inc (EEA) ...... N9.91 8.64–12.8 9.0
FirstTrAbEmergOp (FEO) ................ NNA13.36 NA 12.2
FirstTr Dyn Euro Eq Inc (FDEU)-a ...... N13.41 13.01–3.0 3.0
Gabelli Gl Sm&Mid Cp Val (GGZ) ..... N12.21 10.16–16.8–9.8
Gabelli Multimedia (GGT)-h ............. N6.69 7.24+8.2 –4.4
GDL Fund (GDL) ............................. N10.93 8.90–18.6–2.3
Herzfeld Caribb (CUBA) .................. ONA5.30 NA 6.7
Highland Global Alloc (HGLB) ......... N11.00 7.98–27.5–30.7
India Fund (IFN) .............................. N20.58 17.88–13.1–3.2
J Han Hdgd Ety & Inc (HEQ) ............ N13.67 13.90+1.7 3.9
JHancockTaxAdv Gl Sh Yld (HTY) ... N6.95 6.50–6.5 3.7
Japan Smaller Cap (JOF) ................. N8.76 7.43–15.2–6.4
Korea (KF) ...................................... N30.67 26.51–13.6–9.5
LazardGlbTotRetInc (LGI) ............... N16.71 NA NA NA
MexicoEqandIncmFd (MXE) ........... N11.35 10.52–7.3 2.7
Mexico (MXF) ................................. NNA12.11 NA–5.7
Miller/Howard High Inc E (HIE) ....... N9.12 9.79+7.3 –0.9
MS ChinaShrFd (CAF)-J ................... N23.74 19.64–17.3–7.7
MS India (IIF) .................................. N21.42 18.27–14.7–7.4
New Germany (GF) ......................... N16.24 14.22–12.4 7.6
New Ireland (IRL) ........................... N10.48 8.44–19.5–3.8
RENN Fund (RCG) .......................... ANA1.70 NA–1.152 Week
Stock Market Prem Market
Fund Name (Symbol) Exch NAV Price /Disc Return
52 Week
Stock Market Prem Market
Fund Name (Symbol) Exch NAV Price /Disc Return52 Week
Stock Market Prem Market
Fund Name (Symbol) Exch NAV Price /Disc Return52 Week
Stock Market Prem Market
Fund Name (Symbol) Exch NAV Price /Disc ReturnRoyce Global Value Trust (RGT) ...... N12.02 10.81–10.1 8.5
Swiss Helvetia (SWZ) ..................... N9.25 8.10–12.4 7.7
Templeton Dragon (TDF) ................ NNA18.74 NA 10.1
Templeton Em Mkt (EMF) ............... NNA13.82 NA 3.9
United Corps Ltd (UNC)-cy ............... T148.61 89.51–39.8–5.4
VirtusTotalRetFd (ZF) ..................... NNA10.63 NA 30.0
Wells Fargo Gl Div Oppty (EOD) ....... NNA5.24 NA 11.0U.S.MortgageBondFunds
BlckRk Income (BKT) ...................... N6.53 6.18–5.4 6.8
First Trust Mtge Inc (FMY)-a ............ NNA13.83 NA 4.9
Invesco HI 2023 Tgt Term (IHIT) ..... N10.60 10.63+0.3 5.7
Invesco HI 2024 Tgt Term (IHTA) .... N10.71 10.45–2.4 5.4
Nuveen Mortgage and Inc (JLS) ...... N23.26 22.08–5.1 6.2
Nuveen Multi-Market Inc (JMM)-c ... N8.04 7.16–10.9 4.9
Vertical Capital Income (VCIF) ........ NNA10.93 NA NS
Western Asset Mtg Oppty (DMO) .... NNA19.52 NA 9.7
InvestmentGradeBondFunds
BlRck Core Bond (BHK) .................. N16.44 15.36–6.6 5.2
BR Credit Alloc Inc (BTZ) ................. N15.36 14.34–6.6 6.4
BR Enhcd Govt (EGF) ...................... N13.66 13.30–2.6 3.8
Insight Select Income (INSI) ........... N22.22 20.97–5.6 4.1
InvescoBond (VBF) ......................... N21.36 20.77–2.8 4.0
J Han Income (JHS) ........................ N15.99 15.01–6.1 4.6
MFS Govt Mkts (MGF) .................... N4.92 4.69–4.7 7.7
MFS Intmdt (MIN) .......................... N4.08 3.84–5.9 9.2
Western Asset Inf-Lk Inc (WIA) ....... NNA12.53 NA 3.3
Western Asset Inf-Lk O&I (WIW) .... NNA11.60 NA 3.7
WA Investment Grade Inc (PAI) ....... NNA15.47 NA 4.7
WesternAssetPremBd (WEA) ......... NNA13.87 NA 5.8
Westn Asst IG Def Opp Tr (IGI) ........ NNA21.06 NA 4.6
LoanParticipationFunds
Apollo Senior Floating (AFT) ........... NNA14.51 NA 8.1
BR Debt Strategy (DSU) .................. N11.89 10.70–10.0 7.9
BR F/R Inc Str (FRA) ....................... N14.10 12.47–11.6 7.0
BlackRock Floatng Rt Inc (BGT) ...... N13.67 12.10–11.5 6.8
Blackstone / GSO Strat (BGB) .......... N14.90 13.86–7.0 9.8
Blackstone/GSO LS Cr Inc (BGX) ..... N15.40 14.81–3.8 10.0
Blackstone/GSO Sr Flt Rt (BSL) ....... N16.10 15.52–3.6 8.5
BNY Mellon Alct GCI 2024 (DCF) ..... NNA9.31 NA 6.9
Eagle Point Credit (ECC) .................. NNA13.42 NA 17.8
Eagle Point Income (EIC) ................ NNA18.58 NA NS
Eaton Vance F-R 2022 TT (EFL) ....... N9.20 9.08–1.3 5.7
EtnVncFltRteInc (EFT) .................... N14.40 13.07–9.2 7.3
EtnVncFltRteIncPlus (EFF) .............. N16.40 15.49–5.5 6.5
EV SenFlRtTr (EFR) ......................... N14.10 12.94–8.2 7.4
EVSnrIncm (EVF) ........................... N6.73 6.17–8.3 7.1
FT/Sr Fltg Rte Inc 2 (FCT)-a .............. N13.08 11.76–10.1 7.4
FT/Sr Fltg Rte 2022 TgTr (FIV)-a ....... N9.23 8.87–3.9 4.0
Highland Income (HFRO) ................ N14.10 11.94–15.3 7.7
InvDYCrOpp (VTA) ......................... N12.20 11.02–9.7 7.5
InvSnrIncTr (VVR) .......................... N4.55 4.07–10.5 6.7
Nuveen Credit Strat Inc (JQC) ......... N7.68 7.07–7.9 17.5
NuvFloatRateIncFd (JFR) ................ N10.36 9.45–8.8 7.9
NuvFloatRteIncOppty (JRO) ........... N10.27 9.31–9.3 8.0
Nuveen Senior Income (NSL) .......... N6.17 5.62–8.9 8.0
Nuveen Sht Dur Crdt Opp (JSD) ...... N15.69 14.09–10.2 8.3
PionrFltRate Tr (PHD) ..................... N11.50 10.47–9.0 6.5
THL Credit Senior Loan (TSLF) ........ N16.39 14.57–11.1 8.3
WA Corporate Loan (TLI) ................ NNA10.10 NA 7.4
HighYieldBondFunds
Aberdeen Inc Credit Str (ACP) ......... N11.40 11.12–2.5 13.1
AllianceBernGlHiIncm (AWF)-a ........ N12.90 11.74–9.0 6.9
Angel Oak FS Inc Trm (FINS) ........... NNA20.00 NA NS
Barings Glb SD HY Bd (BGH) ........... N17.06 16.18–5.2 10.8
BR Corporate HY (HYT) .................. N11.69 10.55–9.8 8.5
BlackRock Ltd Dur Inc (BLW) .......... N16.90 15.35–9.2 7.0
BNY Mellon Hi Yield Str (DHF) ......... NNA2.93 NA 9.0
Brookfield Real Asst Inc (RA) .......... N22.32 20.71–7.2 11.8
CrSuisHighYld (DHY) ..................... A2.46 2.31–6.1 9.5
CSAM Income Fd (CIK) ................... A3.33 3.07–7.8 8.8
DoubleLine Inc Sol (DSL) ................ NNA19.21 NA 9.8
DoubleLine Yld Opps (DLY) ............ NNANANANS
EVHiInc2021 (EHT) ........................ N9.92 9.75–1.7 4.6
First Tr Hi Inc Lng/Shrt (FSD)-a ........ NNA14.84 NA 9.0
Franklin Univ (FT) ........................... NNA7.49 NA 5.3
InvHighIncTrII (VLT) ...................... N14.78 13.66–7.6 8.5
IVY HIGH INCOME OPP (IVH) ......... N14.40 13.05–9.4 9.4
MFS IntmdHgInc (CIF) .................... N2.49 2.59+4.0 10.1
NeubHgYldStrt (NHS) ..................... N12.26 11.70–4.6 8.8
New Amer Hi Inc (HYB) ................... N9.61 8.60–10.5 7.1
NexPointStratOppty (NHF) ............. N19.94 16.29–18.3 14.9
Nuveen Crdt Opps 2022 TT (JCO) .... N9.26 9.69+4.6 5.7
Nuveen Global High Inc (JGH) ......... N17.09 15.48–9.4 7.8
Nuveen Hi Inc 2020 Trgt (JHY) ........ N9.72 9.68–0.4 3.4
Nuveen Hi Inc 2023 Trgt (JHAA) ...... N9.94 10.22+2.8 6.112 mos
Stock Market Prem Yield
Fund Name (Symbol) Exch NAV Price /Disc 02/28/20TRACKINGCLOSED-ENDFUNDS
The Herzfeld Closed-EndAverage measures15 equally-weighted closed-end funds based in theU.S. that invest principally in
American equities. The net assest value is a weightedaverage of the funds' NAVs. Source: Thomas J. HerzfeldAdvisors Inc., Miami.
305-271-1900/www.herzfeld.com51100
46550
42000
37450
32900
28350
23800
2Q 19 3Q 19 4Q 19 1Q 20*Herzfeld
Closed-End
Average
DowIndustrials
54600
52200
49800
47400
45000
2Q 3Q 4Q 1QNet AssetValue
-4
-5
-6
-7
-8
2Q 19 3Q 19 4Q 19 1Q 20% Disc/Prem From Net AssetValue
Scoring a Gain:With fear buffeting the markets, the HerzfeldAverage and the Dow
suffered major price swings. But they were able to finish up 1.5% and 1.4%, respec-
tively, for the week ended Thursday.
Weekly Closed-End Funds
Data provided bya-NAVand market price are ex dividend.b-NAVis fully diluted.c-
NAV is as of Thursday’s close.d-NAVis as ofWednesday’s close.
e-NAVassumes rights offering is fully subscribed.f-Rights offering
in process.g-Rights offering announced.h-Lipper data has been ad-
justed for rights offering.j-Rights offering has expired, but Lipper
data notyet adjusted.l-NAVas of previous day. o-Tender offer in
process. Source: Lipper
Market SentimentLAST+0.30
Citigroup Panic/Euphoria Model
-0.9
-0.6
-0.3
0
0.3
0.6
F 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 Strategy
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
Q2
17Q3 Q4 Q1
18Q2 Q3 Q4 Q1
19Q2 Q3 Q4 Q1
20THREEYEARTEDSPREAD
Friday'sClose0.43TEDSpread=3-mthLIBOR–3-mthT-billrate