Barron's - USA (2021-11-22)

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November 22, 2021 BARRON’S 11

PREVIEW

THEPROBLEM:WINTER

Sign up forthe Review&

Previewdailynewsletterat

Barrons.com/reviewpreview

Monday11/22

AgilentTechnologies,Keysight

Technologies,andZoomVideo

Communicationsreleasequarterly

results.

TheNationalAssociationof Real-

torsreportsexisting-homesalesfor

October.The consensus estimate is for

aseasonallyadjustedannualrate of

6.19 millionhomessold, 100 ,000

fewerthaninSeptember.Existing-

homesaleshittheirpost-financial-cri-

sis peakat 6.73 millionlastOctober

andhave fallenfor much of thisyear,

partlydue to supplyconstraints, espe-

ciallyatthe lower-price endof the

housingmarket.

Tuesday11/23

AnalogDevices,Autodesk,Best

Buy,Burlington Stores,Dell Tech-

nologies,Dick’sSportingGoods,

DollarTree,Gap,HPInc.,J.M.

Smucker,Jacobs Engineering

Group,Medtronic,andVMware

reportearnings.

IHSMarkit releasesboth theManu-

facturingandServicesPurchasing

Managers’ indexes for November.Ex-

pectationsarefor a59.5reading for

theManufacturingPMIand59 for the

ServicesPMI.Bothfiguresareslightly

morethantheOctoberdata. Bothin-

dexesare offtheirpeaksfromearlier

thisyear,but higherthantheirlevels

fromayearago.

Wednesday11/24

Deerereports fiscalfourth-quarter

2021 results.

TheFederalOpenMarketCommit-

tee releasesminutesfromitsearly-

Novembermonetary-policymeeting.

TheCensus Bureaureleasesthe

durable-goodsreportfor October.

Economists forecasta0.2%month-

over-month increasein newordersfor

manufactureddurablegoods, to $262

billion.Excludingtransportation,new

ordersareseenrising0.5%,matching

theSeptember gain.

TheBEAreportspersonalincome

andspendingfor October.The con-

sensus callis for a0.4%monthly in-

creasein incomeaftera1%decline

in September.Personal spending

is expectedto rise1%,month over

month, afasterclipthanSeptember’s

0.6%gain.

Thursday11/25

U.S. boursesandfixed-incomemar-

kets areclosedin observanceof

Thanksgiving.

Friday11/26

It’s BlackFriday,one of thebusiest

shoppingdays of theyear andthe

traditionalkickoff to theholiday

shoppingseason.The NationalRetail

Federationestimates thatarecord

$851billionwillbe spentbyU.S.

consumersthisNovemberand

December,a9.5%increasefromlast

year.U.S.exchanges have ashortened

tradingsessionon thedayafter

Thanksgiving.The Nasdaq andNew

Yo rk StockExchangeend tradingat

1p.m.,andthebondmarketclosesat

2p.m.

ComingEarnings

ConsensusEstimate Yearago

M

AglientTechnologies(Q4) $1.18 0.98

UrbanOutfitters(Q3) 0.83 0.78

ZoomVideo(Q3) 1.22 $0.99

T

AnalogDevices(Q4) 1.71 1.44

Autodesk(Q3) 1.26 1.04

MoreEarningson Page66.

ConsensusEstimate

Day ConsensusEstLastPeriod

M OctoberExistingHomeSales 6,200,000 6,290,000

W OctoberDurableOrders 0.00% 0.34%

Q3 GDP 2.3% 2.0%

OctoberWholesaleInventories 0.6% 1.4%

NovemberMichiganSentiment-f 66.8 66.8

OctoberNewHomeSales 782,000 800,000

OctoberPersonalIncome 0.40% -1.0%

Unlessotherwiseindicated,timesareEastern.a-Advanced;

f-Final;p-Preliminary;r-Revised Source:FactSet

Formoreinformationaboutcomingeconomicreports

-and what theymean-gotoBarron’sfreeEconomic

Calendar at http://www.barrons.com

TheBEAreports itssecondestimateof third-

quartergross domestic product.Economists

forecast a2.2%annualizedrate of growth,

higherthantheBEA’s preliminaryestimateof 2%fromlateOctober.

Wednesday

Coal:Unloved,

ButStill Here

Small word choicesmeanalot in climate-changeagreements.

At theCOP26meeting, thephrasemost countrieswanted

wasadeal to “phase out” coal.Whattheygot, after interven-

tionsby China andIndia, wasa“phasedown” of coal.

Investorsarelessmixed aboutcoal’s future.Sharesof

U.S. producerPeabodyEnergyfell8%on Monday, while

Arch Resourcesstockwas off6.6%. TheVanEck Vectors

Coalexchange-tradedfundclosed in December,returning

$35millionin assetsto shareholders.At itsheight, theETF

hadmorethan$900millioninassets.

Still,the coal deal isalandmark,and morethan20 coun-

tries agreed to stop building or permitting coalplants. Butif

Indiaand China don’treducecoaluse,itwill be tough to limit

global warming to 1.5degrees Celsius.The Climate Action

Tracker consortiumfoundthatCOP26pledges wouldpro-

duce twice thegreenhouse-gasemissionsby 2030 needed to

meet thegoal.“There’sanearlyone-degree gapbetween gov-

ernmentcurrent policies andtheir net-zero goals,”says Bill

Hare,CEOof consortiummember ClimateAnalytics.

Theproblem:EuropeanandAsiancountriesarecompet-

ingfor naturalgasandrelyingon coalandgasto getthem

throughwinter.Countries“aimto prioritize supplysecurity

over environmental goals,atleast throughthe medium

term,”writes Prakash Sharma,Wood Mackenzie’sAsia-Pa-

cificheadofmarkets andtransitions.Tohit thegoal, coal’s

sharein powergenerationneedsto fall to lessthan5%by

2050,from35% in 2020,WoodMackenzieestimates.

Gettingtherewilldependon howfastthe worldbuilds

solar,wind, andbatterycapacity, andwhethertechnologies

likecarboncapturecanmitigate coal’s effect.—Avi Salzman

LowEnergy

Despiterising global demand forcoal,

investorshavenot been kind to coal

producers lately.

Sources:FactSet;Int’l Energy Agency

ToughMath

To reachcarbonnet-zeroby2050

requiresreplacing ahugeamountof

coal-firedpower generating capacity.

StockPerformanceofPeabody

Energyand ArchResources,

2019to2021YTD

Global Shareof Coal-Fired Power

Generationin theNet-Zero

Scenario,2010to2050

Arch Resources

PeabodyEnergy

2019 ’20’ 20

-100

-75

-50

-25

0

25%

E=estimate.

UnabatedCoal

Non-FossilPower

2010 ’20 ’30E ’40E ’50E

0

25

50

75

100%

Illustr

at

ion

by

Elias

Stein

62 BARRON’SNovember 22, 2021

NuveenDiversDiv&Inc(JDD).......... N11.73 10.74–8.4 36.4

NuveenNasdaq100 Dyn Ov(QQQX) N30.28 30.46+0.6 30.4

NuvRealEst(JRS).......................... A12.70 11.80–7.1 53.3

NuveenRl AsstInc &Gro (JRI)........ N17.00 15.49–8.9 29.2

NuvS&P500DynOvFd(SPXX)......... NNA18.14 NA 33.0

NuvSP500BuyIncFd(BXMX).......... N15.35 14.89–3.0 28.9

PIMGlbStkPI(PGP)........................ NNA11.09 NA 32.2

ReavesUtilityIncome(UTG)-a.......... A33.07 33.35+0.8 7.8

Salient Midstream&MLP(SMM)-a.. N7.996.48–18.9 67.3

TortoiseEnergyInd (NDP).............. N25.59 22.95–10.3 93.2

TortoiseEnrgyInfra Crp(TYG)........ N36.95 28.89–21.8 61.6

TortoiseMidstreamEnrgy(NTG).... N39.72 31.91–19.7 79.1

TortoisePipelne&Enrgy (TTP)....... N29.70 24.88–16.2 72.1

TortoisePwr&EngyInfr (TPZ)....... N15.61 13.77–11.8 48.2

VAGIAI&Tech Opptys(AIO)........... NNA27.93 NA 31.6

VDivInt&PremStr(NFJ).................. NNA16.04 NA 34.4

WellsFargoUt &HiInc(ERH)......... ANA14.55 NA 24.4

Income&PreferredStockFunds

CalamosStratTot(CSQ).................. N18.93 19.36+2.3 43.2

CohenStrsLtdDurPref&Inc(LDP)-a.N25.8026.61+3.1 15.5

CohenStrsSelPref&Income(PSF)-a.N26.5528.62+7.8 18.8

CohenStrsTaxAvPreSecs&I(PTA)-a N25.65 24.55–4.3 3.6

Del Div &Inc (DDF)-a....................... N10.91 11.04+1.2 37.2

Dividendand Income(DNI)............. N20.53 14.56–29.1 58.4

FirstTrIntDurPref&Inc(FPF)........... N24.66 25.08+1.7 19.2

JHanPrefInc(HPI).......................... N20.36 21.21+4.2 20.0

JHPrefIncII(HPF)........................... N20.10 21.75+8.2 28.8

HnckJPfdIncoIII(HPS).................. N17.96 19.20+6.9 23.6

JHanPrm (PDT)............................. N14.60 17.38+19.0 39.2

LMPCapInco(SCD)........................ NNA14.75 NA 44.2

NuveenPref &I2022 Trm (JPT)...... N24.49 24.57+0.3 10.3

NuveenPref &Inc Opp(JPC).......... N9.749.56–1.8 15.3

NuveenFd (JPS)............................. N9.729.64–0.8 11.1

NuveenPref &Inc Term(JPI).......... N24.83 25.00+0.7 15.7

NuveenTxAdvDivGr(JTD).............. N18.21 16.72–8.2 32.3

TCWStrat Income(TSI).................. N5.895.78–1.9 4.8

ConvertibleSec's.Funds

AdvntCnvrtbl&IncFd(AVK)............. NNA18.81 NA 32.0

BancroftFundLtd (BCV)................. A32.98 32.05–2.8 23.9

CalamosConvHi(CHY)................... N16.44 16.76+1.9 37.8

CalmosConvOp(CHI)..................... N15.54 16.00+3.0 39.1

EllsworthG&IFundLtd(ECF).......... A14.97 14.46–3.4 22.1

GabelliConvSec(GCV)................... N6.736.62–1.6 23.3

HiIncBd(PCF)-a............................... N8.828.75–0.8 18.7

VAGIConv&Inc II(NCZ)................ NNA5.31NA25.3

VAGIConv&Inc (NCV)................... NNA6.03NA25.6

VAGICon&Inc2024(CBH)............ N10.46 10.65+1.8 16.0

52Week

Stock Market Prem Market

FundName(Symbol) Exch NAV Price /Disc Return

VAGIDvs Inc &Conv(ACV)............. NNA35.97 NA 31.9

VAGIEqty &ConvInc (NIE)............. NNA32.04 NA 23.1

WorldEquityFunds

AbrdnAusEq(IAF)-a......................... A6.156.07–1.331.6

AberdeenEmgMktsEq Inc(AEF).... A9.218.18–11.2 13.6

AberdeenGlbl DynDiv (AGD)-a........ N12.94 12.15–6.1 33.5

AberdeenJapanEquity(JEQ).......... N10.79 9.20–14.7 7.1

AberdeenTotDyn Div (AOD)-a......... N10.97 9.98–9.0 27.9

BlackRockCapitalAlloc(BCAT)...... N21.29 19.73–7.3 0.7

CalamosGloDynInc(CHW)............. N10.21 10.45+2.4 25.2

CdnGenl Inv (CGI)-y........................ T63.49 43.45–31.6 47.3

CentralandEasternEuro(CEE)....... N32.74 27.87–14.9 28.4

China(CHN)................................... N30.10 26.79–11.0–0.7

DelawareEnh GlDiv &In(DEX)-a..... N11.05 10.05–9.0 13.6

EVTxAdvGlbDivInc(ETG)............... NNA22.64 NA 44.4

EtnVncTxAdvOpp(ETO)................. NNA32.66 NA 47.9

EconomicInvTr (N/A)-cy................. T195.02127.00–34.9 27.9

EuropeanEquityFundInc (EEA)...... N13.24 11.34–14.4 14.5

FirstTrAbEmergOp(FEO)................ N14.52 14.54+0.2 20.2

FirstTrDyn EuroEq Inc(FDEU)....... N14.61 12.90–11.7 21.6

GabelliGl Sm&MidCpVal (GGZ)..... N18.39 16.45–10.5 48.3

GabelliMultimedia(GGT)-h............. N8.619.48+10.1 39.8

GDLFund(GDL)............................. N10.59 9.00–15.0 9.9

HerzfeldCaribb(CUBA).................. O6.605.75–12.9 31.9

HighlandGlobalAlloc(HGLB)......... N11.54 9.22–20.1 78.1

IndiaFund(IFN).............................. N25.53 22.99–9.9 38.8

JHan HdgdEty&Inc(HEQ)............ N13.03 12.94–0.7 27.2

JHancockTaxAdvGlSh Yld(HTY)... N6.476.48+0.231.6

JapanSmallerCap(JOF)................. N9.798.50–13.2–2.6

Korea(KF)...................................... NNA40.16 NA 17.8

LazardGlbTotRetInc(LGI)............... N21.87 20.84–4.7 32.8

MexicoEqandIncmFd(MXE)........... N10.34 8.40–18.8–8.0

Mexico(MXF)................................. NNA14.58 NA 18.0

Miller/HowardHigh IncE(HIE)....... N10.88 10.27–5.6 46.4

MSChinaShrFd(CAF)-J................... N24.10 21.31–11.6 0.7

MSIndia(IIF).................................. N32.85 27.38–16.7 40.0

MSCBREGl InMg(MEGI).............. N19.71 20.23+2.6 NS

NewGermany(GF)......................... N22.31 19.64–12.0 30.1

NewIreland(IRL)........................... N14.48 12.92–10.8 41.1

RENNFund(RCG).......................... ANA3.17NA107.1

RoyceGlobalValueTrust(RGT)...... N17.36 16.19–6.7 23.8

SwissHelvetia(SWZ)..................... N11.32 9.73–14.0 21.7

TempletonDragon(TDF)................ N20.28 18.36–9.5 –2.6

TempletonEmMkt (EMF)............... N19.44 17.49–10.0 5.6

UnitedCorpsLtd (UNC)-cy............... T187.78110.95–40.9 13.2

WellsFargoGl Div Oppty(EOD)....... NNA5.80NA36.4

U.S.MortgageBondFunds

52Week

Stock Market Prem Market

FundName(Symbol) Exch NAV Price /Disc Return

BlckRkIncome(BKT)...................... N5.755.85+1.7 6.7

FirstTrust MtgeInc (FMY).............. N13.86 13.30–4.1 5.2

InvescoHI 2023TgtTerm(IHIT)..... N9.359.83+5.1 5.8

InvescoHI 2024TgtTerm(IHTA).... N9.789.88+1.0 5.4

NuveenMortgageand Inc(JLS)...... N22.29 20.85–6.5 4.3

NuveenMulti-MarketInc (JMM)-c... N7.717.40–4.0 4.5

VerticalCapitalIncome(VCIF)-a....... NNA10.41 NA 8.7

WesternAssetMtgOppty(DMO).... NNA15.94 NA 8.4

InvestmentGradeBondFunds

AngelOak DynmcFS ITrm (DYFN)-a NNA20.34 NA 7.2

AngelOakFS Inc Trm(FINS)-a......... NNA16.74 NA 7.6

BlRckCoreBond(BHK).................. N15.72 16.26+3.4 5.4

BRCreditAllocInc(BTZ)................. N15.21 15.08–0.9 6.6

BREnhcdGovt (EGF)...................... N12.81 12.64–1.3 3.9

InsightSelectIncome(INSI)........... N21.65 22.27+2.9 3.7

InvescoBond(VBF)......................... N20.76 20.33–2.1 3.3

JHanIncome(JHS)........................ N15.87 15.50–2.3 5.4

MFSGovt Mkts(MGF)-a................... N4.344.25–2.1 7.8

MFSIntmdt(MIN)-a........................ N3.613.62+0.3 8.9

WesternAssetInf-LkInc(WIA)....... NNA14.13 NA 6.4

WesternAssetInf-LkO&I(WIW).... NNA13.83 NA 3.0

WAInvestmentGradeInc (PAI)....... NNA16.88 NA 3.5

WesternAssetPremBd(WEA)......... NNA14.07 NA 5.6

WestnAsstIG Def OppTr (IGI)........ NNA22.18 NA 3.6

LoanParticipationFunds

ApolloSeniorFloating(AFT)........... NNA16.32 NA 6.4

BRDebt Strategy(DSU).................. N11.64 11.67+0.3 6.2

BRF/R IncStr (FRA)....................... N13.95 13.47–3.4 6.0

BlackRockFloatngRt Inc(BGT)...... N13.54 13.77+1.7 5.7

Blackstone Lng-ShCrInc (BGX)..... N15.40 15.25–1.0 6.5

Blackstone Sr FlRt Tm(BSL).......... N16.42 16.54+0.7 5.6

Blackstone StratCr(BGB)............... N14.59 13.89–4.8 6.3

BNYMellonAlctGCI 2024(DCF)..... N9.349.43+1.0 6.3

EaglePointCredit(ECC).................. NNA15.12 NA 7.5

EaglePointIncome(EIC)................ NNA17.79 NA 5.7

EatonVanceF-R 2022TT(EFL)....... NNA9.39NA4.3

EtnVncFltRteInc(EFT).................... NNA14.89 NA 5.4

EVSenFlRtTr(EFR)......................... NNA14.80 NA 5.7

EVSnrIncm(EVF)........................... NNA6.85NA5.8

FirstEagleSeniorLoan(N/A).......... N1.05NANANA

FT/SrFltg Rte Inc2(FCT)................ N12.34 12.07–2.2 9.5

FT/SrFltg Rte 2022TgTr (FIV)......... N9.759.73–0.3 1.4

HighlandIncome(HFRO)................ N13.87 11.30–18.5 8.1

InvDYCrOpp:AX(VTA).................... N12.47 NA NA NA

InvSnrIncTr(VVR).......................... N4.694.50–4.1 5.6

NuveenCredit StratInc (JQC)......... N6.896.49–5.8 11.1

NuvFloatRateIncFd(JFR)................ N10.45 10.24–2.0 6.4

NuvFloatRteIncOppty(JRO)........... N10.36 10.00–3.5 6.4

NuveenSeniorIncome(NSL).......... N6.155.99–2.6 6.6

NuveenSht Dur CrdtOpp (JSD)...... N15.66 14.99–4.3 6.5

PionrFltRate Tr (PHD)-a................... N11.66 11.88+1.9 6.2

HighYieldBondFunds

AberdeenIncCreditStr(ACP)-a....... N10.38 11.32+9.1 10.6

AllianceBernGlHiIncm(AWF).......... N12.86 12.42–3.4 6.3

BaringsGlbSD HYBd(BGH)-a.........N17.85 17.12–4.1 7.3

BR Corporate HY(HYT).................. N12.01 12.29+2.3 7.6

BlackRockLtd DurInc (BLW).......... N16.58 17.06+2.9 6.8

BNYMellonHiYieldStr(DHF)......... N3.263.29+0.9 7.7

Brookfield RealAsstInc (RA).......... N20.01 21.76+8.7 10.8

CrSuisHighYld(DHY)-a...................A2.53 2.50–1.2 7.6

CSAM IncomeFd (CIK)-a................. A3.433.45+0.6 7.7

DELAWARE IVYHIGHINCOPP(IVH) N14.89 14.01–5.9 6.2

DoubleLineInc Sol(DSL)................ N17.82 16.88–5.3 7.7

DoubleLineYld Opps(DLY)............ NNA18.89 NA 7.2

FirstTr HiInc Lng/Shrt(FSD).......... N16.10 15.75–2.2 8.2

FirstTrustHYOpp:2027(FTHY)...... N20.41 20.86+2.2 7.1

FranklinUniv (FT)........................... N8.778.21–6.45.4

InvHighIncTrII(VLT)...................... N14.65 14.63–0.1 7.9

KKRIncomeOpportunities(KIO).... N16.76 16.55–1.3 7.5

MFSIntmdHgInc(CIF)-a.................. N2.363.03+28.4 7.4

NeubHgYldStrt(NHS)..................... N12.23 12.85+5.1 8.2

New AmerHi Inc(HYB)-a................. N9.849.76–0.8 6.2

NuveenCI2023Target (JHAA)........ N10.00 10.00+0.0 4.3

NuveenCrdtOpps 2022 TT(JCO).... N8.198.15–0.5 6.1

NuveenGlobalHigh Inc(JGH)......... N16.62 15.94–4.1 7.8

PGIMGlobalHigh Yield(GHY)........ N16.27 15.46–5.0 8.0

PGIMHigh YieldBond(ISD)........... N16.93 16.26–4.0 7.6

PGIMShDur Hi YldOpp (SDHY)..... N19.60 18.42–6.0 NS

PioneerHilncm(PHT)-a.................... N9.5210.17+6.8 7.8

WellsFargo IncomeOppty(EAD).... ANA8.92NA7.6

WstAstHIFII(HIX).......................... NNA7.14NA8.0

WesternAssetHi IncOpp (HIO)...... NNA5.22NA7.0

WesternAssetHi YldDO(HYI)....... NNA15.70 NA 7.0

OtherDomesticTaxableBondFunds

ApolloTacticalIncome(AIF)........... NNA15.79 NA 6.6

Friday,November19,2021

GeneralEquityFunds

AdamsDiversifiedEquity(ADX)...... NNA19.30 NA 17.5

BoulderGrowth&Income(BIF)...... N15.94 13.10–17.8 25.3

CentralSecs(CET)-c........................ A49.34 41.23–16.4 50.3

CohenStrsCEOppFd(FOF)-a............ N14.16 14.11–0.4 34.6

Eagle CapitalGrowth(GRF)-c........... ANA8.88NA35.7

EVTxAdvDivIncm(EVT).................. NNA28.67 NA 38.7

EquusII(EQS)................................ NNA2.31NA106.2

FoxbyCorp.(FXBY)........................ O24.45 NA NA NA

GabelliDiv&IncTr(GDV)................. N29.70 27.01–9.1 39.7

GabelliEquityTr (GAB)-h................. N6.547.13+9.0 29.0

GeneralAmer(GAM)....................... N51.93 43.56–16.1 33.8

JHancockTaxAdvDiv(HTD)............ N24.77 24.31–1.9 26.5

Liberty All-StarEquity(USA)-af........ N8.248.35+1.3 43.1

LibertyAll-StarGrowth(ASG)-ah...... N8.538.97+5.2 24.5

NuvTaxAdvTRStrat(JTA)............... N12.57 11.53–8.3 41.4

RoyceMicro-CapTr (RMT)............. N13.81 12.01–13.0 39.9

RoyceValueTrust(RVT)................. N21.43 19.34–9.8 36.7

SourceCapital(SOR)-a.................... N48.64 45.75–5.9 25.1

SpecialOpportunities(SPE)-a.......... NNA16.10 NA 39.0

SprottFocusTrust(FUND).............. O9.568.95–6.4 45.2

Tri-Continental(TY)........................ N39.56 35.53–10.2 31.9

SpecializedEquityFunds

AberdeenGlb PremProp(AWP)-a.... N6.856.43–6.1 39.1

AberdeenStdGl Infra I(ASGI)-a....... N22.54 20.33–9.8 20.9

Adams NaturalResources(PEO).... N18.64 16.14–13.4 52.7

ASA Gold &PrecMetLtd (ASA)....... N26.44 22.02–16.7 10.4

BREnh C&I(CII)............................. N21.93 21.51–1.9 35.5

BlackRockEnergy&Res (BGR)...... N10.86 9.58–11.8 44.7

BlackRockEq EnhDiv (BDJ)........... N10.45 9.98–4.5 31.9

BlackRockEnh Glbl Div (BOE)......... N13.29 12.11–8.9 23.7

BlackRockEnh IntlDiv (BGY).......... N6.776.25–7.7 17.2

BlackRockESG CapAlloc(ECAT).... N20.89 19.48–6.7 NS

BlackRockHlth Sci TrII (BMEZ)...... N27.91 25.85–7.4 5.5

BlackRockHlth Sciences(BME)...... N47.09 47.30+0.4 9.0

BlackRockInnovand Grow(BIGZ).. N18.87 16.84–10.8 NS

BlackRockRes &Comm(BCX)....... N10.03 9.38–6.5 50.5

BlackRockSci&TechTr II(BSTZ).... N43.98 42.13–4.2 43.6

BlackRockSci&TechTrust(BST).... N58.04 54.35–6.4 21.6

BlackRockUtl Inf&Pwr(BUI)......... N25.64 25.77+0.5 16.8

CLEARBRIDGEENGYMDSOPP(EMO) NNA22.44 NA 92.3

CLEARBRIDGEMLP&MDSTMTR(CTR) NNA24.83 NA 89.7

ClearBridgeMLP&Midstm(CEM).. NNA27.98 NA 82.1

CntrCst BrkfldMLP&EI(CEN)......... N18.08 14.63–19.1 72.9

ChnStrInfr(UTF)-a........................... N27.08 27.69+2.3 16.6

Cohen&SteersQualInc(RQI)-a......... N17.06 16.84–1.3 49.8

Cohen&SteersTotRet(RFI)-a.......... N15.69 16.90+7.7 43.8

CohenStrsREITPrefInc(RNP)-a....... N27.94 27.48–1.6 32.9

ColumbiaSelPrm TechGr (STK)..... N35.46 38.60+8.9 67.3

CushingMLPTotRet(SRV)-d............ N39.34 32.53–17.3 72.0

CushingNextGenInfInc (SZC)........ N57.22 49.02–14.3 50.1

DNPSelectIncome(DNP).............. N9.4210.79+14.5 12.1

Duff&PhUti&InfraIncFd (DPG)...... NNA13.95 NA 31.9

EtnVncEqtyInc(EOI)....................... NNA20.16 NA 38.2

EtnVncEqtyIncoII(EOS)................. NNA24.64 NA 29.4

EVRskMnDvsEqInc(ETJ)............... NNA11.30 NA 20.6

ETnVncTxMgdBuyWrtInc(ETB)..... NNA16.93 NA 29.5

EtnVncTxMgdBuyWrtOpp(ETV)..... NNA16.68 NA 23.0

EvTxMnDvsEqInc(ETY)................. NNA14.89 NA 34.3

EtnVncTxMgdGlbB(ETW).............. NNA11.12 NA 27.1

EVTxMnGblDvEqInc(EXG)............. NNA10.54 NA 38.6

EcofinS&S ImpactTerm(TEAF)..... N17.50 15.00–14.3 16.9

FirstTrustEnergyIncG(FEN)......... A13.97 14.21+1.7 44.9

FirstTr EnhancedEq(FFA).............. N21.17 21.16+0.0 38.7

FirstTr SpecialtyFn (FGB)............... N4.524.16–8.040.0

FirstTrEnergyInfra(FIF).................. N15.07 13.28–11.9 34.4

FirstTrMLPEner&Inc(FEI).............. N7.937.30–7.9 33.2

Gab GlUtil &Inc (GLU)-h................. A20.48 20.49+0.0 23.2

GabelliHealthcare(GRX)-h.............. N15.13 13.32–12.0 24.4

Gab Utility(GUT)-h.......................... N4.228.23+95.024.7

GAMCOGlGold&NatRes(GGN)....... A3.943.81–3.320.7

GAMCONR GLD&INCTR(GNT).... N6.055.37–11.215.3

JHanFinl Opptys(BTO).................. N41.17 42.74+3.8 69.5

Macquarie/FirstTrGl (MFD)............ N10.47 9.86–5.8 28.7

Madison CovCall&EqStr (MCN).... N7.618.04+5.7 39.6

NeubergerBrmnMLP&EI(NML)... N6.575.26–20.069.8

NeubergerNxt Gen Conn(NBXG).... N21.67 19.39–10.5 NS

NubrgrRlEstSec(NRO)................... A5.265.01–4.8 34.6

Nuv Dow30 DynOverwrite(DIAX).. N17.94 17.66–1.6 28.9

NuvCorEqAlpha(JCE)..................... N17.31 17.18–0.8 41.8

Weekly Closed-End Funds

TRACKINGCLOSED-ENDFUNDS

The HerzfeldClosed-EndAveragemeasures15 equally-weightedclosed-endfundsbasedin the U.S. that investprincipallyin

Americanequities.The net assestvalueis aweightedaverageof the funds'NAVs.Source:ThomasJ. HerzfeldAdvisors Inc., Miami.

305-271-1900/www.herzfeld.com

71800

64600

57400

50200

43000

35800

28600

1Q 21 2Q 21 3Q 21 4Q 21

*Herzfeld

Closed-End

Average

Dow Industrials

75600

70200

64800

59400

54000

1Q 2Q 3Q 4Q

Net AssetValue

-2

-4

-6

-8

1Q 21 2Q 21 3Q 21 4Q 21

%Disc/Prem From Net AssetValue

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) ExchNAV Price /Disc10/29/21

Spooked:Closed-endfundinvestorsturnedtail, as the HerzfeldAveragesold off

3.3%for the weekendedThursday,while the Dowedgeddownonly 0.1%.

Dataprovidedby

a-NAVandmarketpriceareexdividend.b-NAVisfullydiluted.c-

NAVisasofThursday’sclose.d-NAVisasofWednesday’sclose.

e-NAVassumesrightsofferingisfullysubscribed.f-Rightsoffering

inprocess.g-Rightsofferingannounced.h-Lipperdatahasbeenad-

justedforrightsoffering.j-Rightsofferinghasexpired,butLipper

datanotyetadjusted.l-NAVasofpreviousday.o-Tenderofferin

process.Source:Lipper

MarketSentimentLAST+1.51

Citigroup Panic/Euphoria Model

-2.1

-1.4

-0.7

0

0.7

1.4

O N D J F M A M J J A S ON

Euphoria

Panic

The panic/euphoriamodelis agauge of investorsentiment.It identifies"Panic"and "Euphoria"levelswhichare statisticallydrivenbuy and

sell signalsfor the broadermarket.Historically,areadingbelowpanic supportsabetter than 95% likelihoodthat stockprices will be

higherone year later,while euphorialevelsgenerateabetter than 80% probabilityof stockpricesbeinglower one year later.

Source: Citigroup Investment Research-US EquityStrategy

2.1

1.5

1.4

1.3

1.2

1.1

1.0

0.9

0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

Q1

18

Q2 Q3 Q4 Q1

20

Q2 Q3 Q4 Q1

21

Q2 Q3 Q4

THREEYEARTEDSPREAD

Friday'sClose0.12

TED Spread=3-mthLIBOR–3-mthT-billrate

P2BW326000-0-W01100-1--------XA

BG,BM,BP,CC,CH,CK,CP,CT,DN,DR,FW,HL,HO,LA,LD,LG,LK,MI,ML,PI,PV,RO,TD,WOCL,CN,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SA,SC,SL,SW,TU,WB,WE

P2BW326000-0-W01100-1--------XA