M28 BARRON’S October 12, 2020
NuvCorEqAlpha (JCE) ..................... N NA 13.15 NA 0.6
NuveenDiversDiv&Inc (JDD) .......... N NA 8.17 NA – 15.7
Nuveen Nasdaq 100 DynOv (QQQX) N NA 24.58 NA 17.7
Nuv RealEst (JRS) .......................... A NA 8.00 NA – 19.0
Nuveen RlAsst Inc &Gro (JRI) ........ N NA 12.46 NA – 22.1
NuvS&P500DynOvFd (SPXX) ......... N NA 13.57 NA – 4.8
NuvSP500BuyIncFd (BXMX) .......... N NA 11.67 NA – 3.3
PIMGlbStkPI (PGP) ........................ N NA 8.42 NA – 16.3
ReavesUtilityIncome (UTG) ............ A 32.65 32.30 – 1.1 – 5.0
RMR Mortgage Trust(RMRM) ........ A NA 8.82 NA – 53.9
Salient Midstream &MLP (SMM) ... N NA 3.91 NA – 44.2
TortoiseEnergy Ind (NDP) .............. N 14.39 10.54 – 26.8 – 64.5
TortoiseEnrgy InfraCrp (TYG) ........ N 21.38 16.32 – 23.7 – 77.1
TortoiseEss AsstInc Tm (TEAF) ..... N 15.11 11.59 – 23.3 – 20.0
TortoiseMidstream Enrgy (NTG) .... N 21.50 16.00 – 25.6 – 85.0
TortoisePipelne &Enrgy (TTP) ....... N 17.52 13.01 – 25.7 – 72.4
TortoisePwr &Engy Infr (TPZ) ....... N 11.91 8.85 – 25.7 – 43.9
WellsFargo Ut& Hi Inc (ERH) ......... A 12.69 12.50 – 1.5 – 1.9
Income&PreferredStockFunds
BlackRock Capital Alloc (BCAT) ...... N 20.22 NA NA NS
CalamosStratTot (CSQ) .................. N 14.32 14.12 – 1.4 21.5
CohenStrsLtdDurPref&Inc (LDP) ... N 24.87 23.85 – 4.1 1.4
CohenStrsSelPref&Income (PSF) ... N 25.65 26.18 + 2.1 – 5.2
Del Div& Inc (DDF) ......................... N 9.11 8.31 – 8.8 – 33.4
Dividend and Income(DNI) ............. N 14.67 NA NA NA
Eagle Gr and Inc Opps (EGIF) .......... N NA NA NA NE
FirstTrIntDurPref&Inc (FPF) ........... N 22.80 21.69 – 4.9 0.1
GabelliGo Anywhere Tr (GGO) ........ N 11.87 10.96 – 7.7 NA
JHanPrefInc (HPI) .......................... N 18.82 19.26 + 2.3 – 10.1
JHPrefIncII (HPF) ........................... N 18.49 18.23 – 1.4 – 11.6
HnckJPfdInco III (HPS) .................. N 16.54 16.26 – 1.7 – 8.1
J HanPrm (PDT) ............................. N 13.14 13.07 – 0.5 – 20.8
LMP CapInco (SCD) ........................ N NA 10.61 NA – 14.2
Nuveen Pref& I 2022 Trm(JPT) ...... N NA 23.12 NA – 0.6
Nuveen Pref& Inc Opp(JPC) .......... N NA 8.64 NA – 7.6
Nuveen Fd (JPS) ............................. N NA 8.99 NA – 2.9
Nuveen Pref& Inc Term(JPI) .......... N NA 22.65 NA – 1.1
Nuveen TxAdvDivGr(JTD) .............. N NA 13.04 NA – 13.3
TCWStrat Income (TSI) .................. N NA 5.64 NA 4.7
ConvertibleSec's.Funds
AdvntCnvrtbl&IncFd (AVK) ............. N 16.90 14.53 – 14.0 10.6
AllianzGI Con & Inc 2024 (CBH) ...... N 9.81 8.98 – 8.5 1.1
GIConv &Inc (NCV) ....................... N 5.50 4.80 – 12.7 – 5.6
AGI Conv& Inc II (NCZ) ................... N 4.93 4.26 – 13.6 – 5.4
AGI DvsInc & Conv(ACV) ............... N 30.55 27.44 – 10.2 31.0
AGI Eqty &Conv Inc (NIE) ............... N 28.83 25.39 – 11.9 28.152Week
Stock Market Prem Market
FundName(Symbol) Exch NAV Price /Disc ReturnBancroft Fund Ltd (BCV) ................. A 30.46 26.27 – 13.8 23.5
CalamosConvHi (CHY) ................... N 13.97 12.50 – 10.5 23.8
CalmosConvOp (CHI) ..................... N 13.25 11.85 – 10.6 23.1
Ellsworth G&I Fund Ltd (ECF) .......... A 13.79 12.17 – 11.7 24.8
GabelliConv Sec (GCV) ................... N 6.05 5.56 – 8.1 12.6
HiIncBd(PCF) ................................. N 8.69 8.35 – 3.9 8.5
WorldEquityFunds
AbrdnAusEq (IAF) ........................... A 5.44 4.63 – 14.9 1.8
Aberdeen Emg Mkts Eq Inc (AEF) .... A 7.91 6.67 – 15.7 – 1.7
Aberdeen GlblDyn Div(AGD) .......... N 10.92 9.31 – 14.7 4.8
Aberdeen Japan Equity (JEQ) .......... N 10.01 8.40 – 16.1 18.0
Aberdeen Tot DynDiv (AOD) ........... N 9.45 8.10 – 14.3 6.3
Calamos GloDynInc (CHW) ............. N 8.70 8.79 + 1.0 24.2
Cdn Genl Inv (CGI)-y ........................ T 43.79 27.75 – 36.6 21.5
Central and EasternEuro (CEE) ....... N 24.30 19.79 – 18.6 – 19.0
China (CHN) ................................... N 31.20 26.37 – 15.5 42.9
Delaware Enh GlDiv &In (DEX) ....... N 10.08 9.05 – 10.2 1.9
EV TxAdvGlbDivInc (ETG) ............... N NA 15.44 NA 2.6
EtnVncTxAdvOpp (ETO) ................. N NA 21.71 NA – 6.3
Economic Inv Tr (N/A)-cy ................. T 147.99 95.80 – 35.3 – 2.9
European Equity Fund Inc (EEA) ...... N 11.16 9.32 – 16.5 7.7
FirstTrAbEmergOp (FEO) ................ N 14.48 12.41 – 14.3 4.8
FirstTr Dyn EuroEq Inc (FDEU) ....... N 12.33 10.38 – 15.8 – 18.2
GabelliGl Sm&MidCp Val (GGZ) ..... N 12.95 10.49 – 19.0 3.9
GabelliMultimedia (GGT)-h ............. N 6.88 6.72 – 2.3 – 4.1
GDL Fund (GDL) ............................. N 10.74 8.43 – 21.5 – 3.1
Herzfeld Caribb(CUBA) .................. O 5.15 3.82 – 25.8 – 35.2
Highland GlobalAlloc (HGLB) ......... N 9.47 6.10 – 35.6 – 29.4
India Fund (IFN) .............................. N 20.32 17.31 – 14.8 – 1.5
J Han HdgdEty & Inc (HEQ) ............ N 12.15 10.65 – 12.3 – 13.5
JHancockTaxAdv GlSh Yld (HTY) ... N 6.16 5.24 – 14.9 – 12.9
Japan Smaller Cap (JOF) ................. N NA 8.53 NA 4.6
Korea (KF) ...................................... N 37.15 NA NA NA
LazardGlbTotRetInc (LGI) ............... N 18.24 16.06 – 12.0 11.5
MexicoEqandIncmFd (MXE) ........... N 9.97 8.28 – 16.9 – 22.5
Mexico (MXF) ................................. N NA 10.94 NA – 13.4
Miller/Howard High Inc E (HIE) ....... N 7.42 6.33 – 14.7 – 34.6
MS ChinaShrFd (CAF)-J ................... N 26.37 21.54 – 18.3 6.2
MS India (IIF) .................................. N 21.75 18.05 – 17.0 – 2.7
New Germany (GF) ......................... N 20.64 17.50 – 15.2 29.9
New Ireland(IRL) ........................... N 11.51 8.57 – 25.5 – 2.0
RENN Fund (RCG) .......................... A NA 1.36 NA – 12.6
Royce GlobalValue Trust (RGT) ...... N 14.36 12.65 – 11.9 26.0
Swiss Helvetia(SWZ) ..................... N 9.86 8.19 – 16.9 9.8
Templeton Dragon (TDF) ................ N 26.20 22.66 – 13.5 44.8
Templeton Em Mkt (EMF) ............... N 18.13 16.06 – 11.4 16.852Week
Stock Market Prem Market
FundName(Symbol) Exch NAV Price /Disc ReturnUnited CorpsLtd (UNC)-cy ............... T 158.46 95.00 – 40.0 2.5
WellsFargo Gl DivOppty (EOD) ....... N 5.12 4.42 – 13.7 – 6.3U.S.MortgageBondFunds
BlckRk Income (BKT) ...................... N 6.29 6.11 – 2.9 6.7
First TrustMtge Inc (FMY) .............. N 14.45 13.84 – 4.2 5.3
Invesco HI2023 Tgt Term(IHIT) ..... N 8.35 8.10 – 3.0 7.5
Invesco HI2024 Tgt Term(IHTA) .... N 8.50 8.23 – 3.2 7.0
NuveenMortgage and Inc (JLS) ...... N NA 19.16 NA 5.8
NuveenMulti-Market Inc (JMM)-c ... N NA 7.04 NA 4.8
VerticalCapital Income(VCIF) ........ N NA 10.18 NA 3.3
Western Asset Mtg Oppty(DMO) .... N NA 13.62 NA 12.6
InvestmentGradeBondFunds
BlRck CoreBond (BHK) .................. N 16.12 15.68 – 2.7 5.1
BRCredit Alloc Inc (BTZ) ................. N 15.16 13.91 – 8.2 7.0
BREnhcd Govt(EGF) ...................... N 13.45 13.12 – 2.5 3.6
Insight Select Income (INSI) ........... N 21.96 20.43 – 7.0 4.1
InvescoBond (VBF) ......................... N 21.31 20.08 – 5.8 3.8
J HanIncome (JHS) ........................ N 16.04 15.20 – 5.2 4.9
MFS Govt Mkts (MGF) .................... N 4.78 4.66 – 2.5 7.5
MFS Intmdt (MIN) .......................... N 3.98 3.82 – 4.0 9.1
Western Asset Inf-LkInc (WIA) ....... N NA 12.32 NA 3.2
Western Asset Inf-LkO&I (WIW) .... N NA 11.47 NA 3.6
WAInvestment Grade Inc(PAI) ....... N NA 15.46 NA 3.9
WesternAssetPremBd (WEA) ......... N NA 13.18 NA 6.1
Westn AsstIG Def OppTr (IGI) ........ N NA 20.82 NA 4.1
LoanParticipationFunds
Apollo Senior Floating (AFT) ........... N NA 13.19 NA 7.8
BRDebt Strategy(DSU) .................. N 11.32 10.08 – 11.0 8.5
BRF/R Inc Str (FRA) ....................... N 13.55 11.83 – 12.7 8.2
BlackRock FloatngRt Inc (BGT) ...... N 13.15 11.51 – 12.5 8.1
Blackstone / GSO Strat (BGB) .......... N 13.79 12.31 – 10.7 9.98
Blackstone/GSO LS CrInc (BGX) ..... N 14.47 13.15 – 9.1 10.5
Blackstone/GSO SrFlt Rt(BSL) ....... N 15.33 13.71 – 10.6 8.6
BNY Mellon Alct GCI2024 (DCF) ..... N NA 8.08 NA 7.8
Eagle Point Credit(ECC) .................. N NA 9.49 NA 19.4
Eagle Point Income (EIC) ................ N NA 13.44 NA 9.7
Eaton Vance F-R 2022 TT (EFL) ....... N NA 8.66 NA 5.5
EtnVncFltRteInc (EFT) .................... N NA 12.46 NA 7.9
EtnVncFltRteIncPlus (EFF) .............. N NA 14.57 NA 6.2
EV SenFlRtTr (EFR) ......................... N NA 12.21 NA 8.1
EVSnrIncm (EVF) ........................... N NA 6.10 NA 6.8
First Eagle SeniorLoan (TSLF) ........ N 15.29 12.95 – 15.3 9.0
FT/SrFltg RteInc 2 (FCT) ................ N 12.53 10.96 – 12.5 9.8
FT/SrFltg Rte2022 TgTr (FIV) ......... N 9.19 8.54 – 7.1 3.3
Highland Income(HFRO) ................ N 12.54 8.67 – 30.9 10.7
InvDYCrOpp(VTA) ......................... N 11.08 9.50 – 14.3 9.7
InvSnrIncTr (VVR) .......................... N 4.28 3.69 – 13.8 7.5
NuveenCredit Strat Inc (JQC) ......... N NA 6.17 NA 18.4
NuvFloatRateIncFd (JFR) ................ N NA 8.35 NA 8.0
NuvFloatRteIncOppty (JRO) ........... N NA 8.26 NA 7.9
NuveenSenior Income (NSL) .......... N NA 4.94 NA 8.5
NuveenSht Dur CrdtOpp (JSD) ...... N NA 12.46 NA 8.2
PionrFltRate Tr (PHD) ..................... N NA 10.18 NA 6.7
WACorporate Loan (TLI) ................ N NA 9.27 NA 8.3
HighYieldBondFunds
Aberdeen IncCredit Str (ACP) ......... N 10.50 9.98 – 5.0 14.3
AllianceBernGlHiIncm (AWF) .......... N 12.28 10.60 – 13.7 7.4
Angel OakDynmc FS I Trm (DYFN) .. N NA 18.05 NA NS
Angel OakFS Inc Trm(FINS) ........... N NA 16.81 NA 7.6
Barings GlbSDHY Bd (BGH) ........... N 15.06 13.59 – 9.8 11.2
BRCorporate HY(HYT) .................. N 11.53 11.11 – 3.6 8.7
BlackRock Ltd DurInc (BLW) .......... N 16.41 15.06 – 8.2 8.0
BNY Mellon HiYield Str(DHF)-a ....... N NA 2.76 NA 9.5
Brookfield RealAsst Inc (RA) .......... N 19.49 17.04 – 12.6 14.4
CrSuisHighYld (DHY) ..................... A 2.43 2.17 – 10.7 9.6
CSAM Income Fd (CIK) ................... A 3.29 3.03 – 7.9 9.1
DoubleLineInc Sol (DSL) ................ N NA 16.40 NA 11.5
DoubleLineYld Opps (DLY) ............ N 19.24 18.14 – 5.7 NS
EVHiInc2021(EHT) ........................ N NA 9.64 NA 3.9
First TrHi IncLng/Shrt (FSD) .......... N 15.85 14.19 – 10.5 9.4
First TrustHY Opp:2027(FTHY) ...... N 20.67 NA NA NS
Franklin Univ(FT) ........................... N 8.34 7.01 – 15.9 5.6
InvHighIncTrII (VLT) ...................... N 14.31 12.53 – 12.4 9.4
IVY HIGH INCOME OPP(IVH) ......... N 13.76 12.16 – 11.6 10.3
MFS IntmdHgInc(CIF) .................... N 2.43 2.40 – 1.2 9.96
NeubHgYldStrt(NHS) ..................... N 12.00 11.42 – 4.8 9.7
New Amer HiInc (HYB) ................... N 9.52 8.37 – 12.1 7.0
NexPointStratOppty (NHF) ............. N 17.00 8.46 – 50.2 19.6
NuveenCI 2023Target (JHAA) ........ N NA 9.63 NA 6.0
NuveenCI Nov2021 Tgt (JHB) ........ N NA 9.11 NA 4.8
NuveenCrdt Opps 2022 TT (JCO) .... N NA 8.00 NA 7.1
NuveenGlobal HighInc (JGH) ......... N NA 13.91 NA 8.5
NuveenHi Inc 2020 Trgt(JHY) ........ N NA 9.51 NA 1.9
PGIM GlobalHigh Yield (GHY) ........ N NA 13.46 NA 9.5
PGIM HighYield Bond (ISD) ........... N 16.08 14.09 – 12.4 9.1Friday,October9,2020
GeneralEquityFunds
Adams Diversified Equity (ADX) ...... N 19.53 16.63 – 14.8 14.6
Boulder Growth& Income(BIF) ...... N 12.46 10.17 – 18.4 – 5.0
Central Secs (CET)-c ........................ A 36.90 29.39 – 20.4 – 3.0
CohenStrsCEOppFd (FOF) .............. N 11.79 11.28 – 4.3 – 5.6
Eagle Capital Growth (GRF)-c ........... A NA 6.89 NA – 6.4
EVTxAdvDivIncm (EVT) .................. N NA 20.05 NA – 9.8
Equus II (EQS) ................................ N NA 1.17 NA – 24.5
Foxby Corp.(FXBY) ........................ O 3.19 NA NA NA
GabelliDiv&IncTr (GDV) ................. N 22.57 19.08 – 15.5 – 0.7
GabelliEquity Tr(GAB)-h ................. N 5.26 5.25 – 0.2 0.7
GeneralAmer (GAM) ....................... N NA 35.09 NA 3.5
JHancockTaxAdvDiv (HTD) ............ N 22.15 20.00 – 9.7 – 19.5
Librty AllStrEq (USA) ..................... N 6.76 6.16 – 8.9 7.1
Librty AllStrGr (ASG)-h ................... N 7.38 7.56 + 2.4 41.6
NuvTaxAdvTRStrat (JTA) ............... N NA 8.23 NA – 18.4
RoyceMicro-Cap Tr (RMT) ............. N 9.94 8.33 – 16.2 15.3
RoyceValue Trust(RVT) ................. N 16.00 13.62 – 14.9 9.98
Source Capital(SOR) ...................... N 42.19 37.17 – 11.9 4.9
Special Opportunities (SPE) ............ N NA 12.52 NA – 1.6
Sprott Focus Trust(FUND) .............. O 7.43 6.22 – 16.3 0.9
Tri-Continental (TY) ........................ N 30.97 27.21 – 12.1 9.1
SpecializedEquityFunds
AberdeenGlb Prem Prop(AWP) ..... N 5.72 4.97 – 13.1 – 12.8
AberdeenStd GlInfra I (ASGI) ......... N 20.04 NA NA NS
Adams Natural Resources (PEO) .... N 11.95 10.11 – 15.4 – 29.7
AllianzGI AI &Tech Opps(AIO) ....... N 25.66 22.97 – 10.5 NS
GIDivInt&PremStr (NFJ) ................ N 14.29 12.31 – 13.9 9.0
ASA Gold &Prec Met Ltd (ASA) ....... N 26.13 22.08 – 15.5 82.4
BREnh C&I (CII) ............................. N 17.76 15.86 – 10.7 5.4
BlackRock Energy& Res(BGR) ...... N 7.00 6.17 – 11.9 – 39.8
BlackRock Eq Enh Div(BDJ) ........... N 8.57 7.47 – 12.8 – 9.5
BlackRock Enh GlblDiv (BOE) ......... N 11.60 10.00 – 13.8 4.2
BlackRock Enh Intl Div(BGY) .......... N 6.26 5.39 – 13.9 7.5
BlackRock HlthSci Tr II (BMEZ) ...... N 27.44 24.81 – 9.6 NS
BlackRock HlthSciences (BME) ...... N 44.14 44.26 + 0.3 26.3
BlackRock Res&Comm (BCX) ....... N 7.45 6.18 – 17.0 – 9.8
BlackRock Sci&TechTr II (BSTZ) .... N 30.94 27.75 – 10.3 48.0
BlackRock Sci&TechTrust (BST) .... N 44.83 45.40 + 1.3 55.9
BlackRock UtlInf & Pwr (BUI) ......... N 22.39 22.28 – 0.5 2.2
CBRE ClrnGlbRlEst(IGR) ................ A 7.62 6.24 – 18.1 – 13.1
CLEARBRIDGE ENGY MDS OPP (EMO) N NA 10.09 NA – 73.2
CLEARBRIDGE MLP&MDSTM TR (CTR) N NA 11.61 NA – 69.4
ClearBridge MLP & Midstm(CEM) .. N NA 13.04 NA – 73.1
CntrCst Brkfld MLP&EI(CEN) ......... N 10.99 8.18 – 25.6 – 84.8
ChnStrInfr (UTF) ............................. N 23.87 23.34 – 2.2 – 3.5
COHEN& STEERS MLP INC&E(MIE) N 2.28 1.73 – 24.1 – 76.2
Cohen&SteersQualInc(RQI) ........... N 12.78 11.68 – 8.6 – 18.9
Cohen&Steers TotRet (RFI) ............ N 12.91 12.50 – 3.2 – 7.3
CohenStrsREITPrefInc (RNP) ......... N 22.84 21.80 – 4.6 – 3.1
Columbia Sel Prm Tech Gr (STK) ..... N 23.43 23.02 – 1.7 15.4
CushingMLPTotRet(SRV)-d ............ N 23.83 17.39 – 27.0 – 49.7
Cushing NextGen Inf Inc (SZC) ........ N 41.43 29.85 – 28.0 – 33.9
DNP Select Income (DNP) .............. N 8.97 10.17 + 13.4 – 13.1
Duff&Ph Uti&Infra IncFd (DPG) ...... N 12.83 10.92 – 14.9 – 20.0
Duff&Ph Sel MLP&MS Engy (DSE). N 0.51 0.39 – 24.3 – 89.8
EtnVncEqtyInc (EOI) ....................... N NA 15.01 NA 7.8
EtnVncEqtyIncoII (EOS) ................. N NA 19.12 NA 22.8
EVRskMnDvsEqInc (ETJ) ............... N NA 9.83 NA 17.6
ETnVncTxMgdBuyWrtInc (ETB) ..... N NA 13.90 NA – 4.2
EtnVncTxMgdBuyWrtOpp (ETV) ..... N NA 14.02 NA 3.3
EvTxMnDvsEqInc (ETY) ................. N NA 11.14 NA 3.3
EtnVncTxMgdGlbB(ETW) .............. N NA 8.79 NA – 0.4
EVTxMnGblDvEqInc (EXG) ............. N NA 7.82 NA 5.0
FirstTrust Energy Inc G(FEN) ......... A 12.35 10.10 – 18.2 – 47.8
FirstTr Enhanced Eq (FFA) .............. N 16.86 15.55 – 7.8 3.1
FirstTr Specialty Fn (FGB) ............... N 2.98 2.70 – 9.4 – 51.2
FirstTrEnergyInfra (FIF) .................. N 11.96 9.60 – 19.7 – 35.0
FirstTrMLPEner&Inc (FEI) .............. N 6.53 5.34 – 18.2 – 44.2
Gab GlUtil &Inc (GLU)-h ................. A 17.68 16.32 – 7.7 – 4.8
GabelliHealthcare (GRX)-h .............. N 12.91 10.82 – 16.2 12.8
Gab Utility(GUT)-h .......................... N 4.06 7.60 + 87.2 16.9
GAMCOGlGold&NatRes (GGN) ....... A 4.08 3.51 – 14.0 – 5.8
GAMCO NR GLD & INCTR (GNT) .... N 5.96 5.02 – 15.8 – 4.8
J HanFinl Opptys(BTO) .................. N 21.73 23.34 + 7.4 – 18.6
Macquarie/FirstTr Gl(MFD) ............ N 9.32 7.80 – 16.3 – 13.3
Madison CovCall &Eq Str(MCN) .... N 6.85 6.08 – 11.2 10.3
Neuberger BrmnMLP &EI (NML) ... N 3.67 2.68 – 27.0 – 57.3
NubrgrRlEstSec (NRO) ................... A 4.18 4.03 – 3.6 – 20.3
Nuv Dow 30 DynOverwrite (DIAX) .. N NA 13.84 NA – 14.9
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.com51000
45600
40200
34800
29400
24000
18600
1Q 20 2Q 20 3Q 20 4Q 20*Herzfeld
Closed-End
Average
Dow Industrials
55100
50700
46300
41900
37500
1Q 2Q 3Q 4QNet Asset Value
-4
-7
-10
-13
-16
1Q 20 2Q 20 3Q 20 4Q 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 9/30/20Home Free: With Trump out of sick bay, and fewer doubts about the election’s out-
come, the Herzfeld Average and the Dow rose 2.3% and 2.2%, respectively, for 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 +0.51
Citigroup Panic/Euphoria Model
-1.2
-0.8
-0.4
0
0.4
0.8
S O N D J F M A M J J A SOEuphoria
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
1.2
1.5
1.41.3
1.2
1.11.0
0.9
0.80.7
0.6
0.50.4
0.3
0.20.1
Q4
17Q1
18Q2 Q3 Q4 Q1
19Q2 Q3 Q4 Q1
20Q2 Q3 Q4THREE YEAR TED SPREAD
Friday's Close 0.13TED Spread = 3-mth LIBOR – 3-mth T-bill rate