M28 BARRON’S August 5, 2019
NubrgrRlEstSec (NRO) ................... A 5.59 5.39 – 3.6 15.1
Nuv Dow 30 Dyn Overwrite (DIAX) .. N 17.89 17.40 – 2.7 – 1.5
Nuv AC Engy MLP Opps (JMLP) ...... N 6.63 5.93 – 10.6 – 18.5
NuvCorEqAlpha (JCE) ..................... N 14.46 13.87 – 4.1 – 6.0
NuveenDiversDiv&Inc (JDD) .......... N NA 11.04 NA 8.0
Nuveen Engy MLP Tot Rtn (JMF) ..... N 9.24 8.57 – 7.3 – 16.2
Nuveen Nasdaq 100 Dyn Ov (QQQX) N 22.50 22.40 – 0.4 – 0.9
Nuv Real Est (JRS) .......................... A 11.16 10.71 – 4.0 15.9
Nuveen Rl Asst Inc & Gro (JRI) ........ N 18.94 16.84 – 11.1 12.4
NuvS&P500DynOvFd (SPXX) ......... N NA 16.40 NA 3.3
NuvSP500BuyIncFd (BXMX) .......... N 13.25 13.05 – 1.5 – 2.0
PIMGlbStkPI (PGP) ........................ N NA 12.47 NA – 8.6
ReavesUtilityIncome (UTG) ............ A 35.14 36.31 + 3.3 26.3
RMRRealEstInc (RIF) ..................... A 23.69 19.02 – 19.7 10.7
Salient Midstream & MLP (SMM) ... N 9.57 8.17 – 14.6 – 19.0
Tortoise Energy Ind (NDP) .............. N 4.89 5.70 + 16.6 – 46.0
Tortoise Enrgy Infra Crp (TYG) ........ N 22.33 21.90 – 1.9 – 15.9
Tortoise Ess Asst Inc Tm (TEAF) ..... N 18.42 18.00 – 2.3 NS
Tortoise Midstream Enrgy (NTG) .... N 13.70 13.03 – 4.9 – 12.6
Tortoise Pipelne & Enrgy (TTP) ....... N 15.19 13.89 – 8.6 – 15.6
Tortoise Pwr & Engy Infr (TPZ) ....... N 19.62 17.62 – 10.2 – 1.6
Wells Fargo Ut & Hi Inc (ERH) ......... A NA 13.36 NA 14.1
Income&PreferredStockFunds
CalamosStratTot (CSQ) .................. N 12.82 12.86 + 0.3 5.7
CohenStrsLtdDurPref&Inc (LDP) ... N 25.51 25.40 – 0.4 10.3
CohenStrsSelPref&Income (PSF) ... N 26.40 29.23 + 10.7 13.5
Del Div & Inc (DDF) ......................... N 10.81 14.76 + 36.5 29.6
Dividend and Income (DNI) ............. N 14.76 11.44 – 22.5 0.1
Eagle Gr and Inc Opps (EGIF) .......... N 17.94 15.50 – 13.6 5.2
FirstTrIntDurPref&Inc (FPF)-a ......... N 23.65 22.95 – 3.0 12.7
Gabelli Go Anywhere Tr (GGO) ........ N 16.58 15.68 – 5.4 – 18.2
JHanPrefInc (HPI) .......................... N 21.44 24.14 + 12.6 18.7
JHPrefIncII (HPF) ........................... N 21.12 23.61 + 11.8 19.7
HnckJPfdInco III (HPS) .................. N 18.78 19.41 + 3.4 13.7
J Han Prm (PDT) ............................. N 15.39 17.32 + 12.5 17.3
LMP CapInco (SCD) ........................ N NA 13.60 NA 8.9
Nuveen Pref & I 2022 Trm (JPT) ...... N 24.30 24.02 – 1.2 9.9
Nuveen Pref & Inc Opp (JPC) .......... N 10.11 9.87 – 2.4 12.6
Nuveen Fd (JPS) ............................. N 9.79 9.80 + 0.1 17.3
Nuveen Pref & Inc Term (JPI) .......... N 24.62 24.37 – 1.0 12.7
Nuveen TxAdvDivGr (JTD) .............. N 16.93 16.46 – 2.8 3.6
TCW Strat Income (TSI) .................. N NA 5.73 NA 12.2
Virtus Glb Div & Inc (ZTR) ............... N NA 11.14 NA 6.9
Vivaldi Opportunities (VAM) ........... N NA 13.94 NA 4.0
ConvertibleSec's.Funds52Week
Stock Market Prem Market
FundName(Symbol) Exch NAV Price /Disc ReturnAllianzGI Con & Inc 2024 (CBH) ...... N 9.75 9.21 – 5.5 5.6
GI Conv & Inc (NCV) ....................... N 5.57 5.95 + 6.8 – 4.4
AGI Conv & Inc II (NCZ) ................... N 5.00 5.18 + 3.6 – 3.5
AGI Dvs Inc & Conv (ACV) ............... N 23.37 23.28 – 0.4 4.4
AGI Eqty & Conv Inc (NIE) ............... N 23.39 21.71 – 7.2 2.8
Bancroft Fund Ltd (BCV) ................. A 25.89 23.58 – 8.9 19.4
CalamosConvHi (CHY) ................... N 11.35 11.36 + 0.1 – 3.4
CalmosConvOp (CHI) ..................... N 10.79 10.66 – 1.2 – 3.4
Ellsworth G&I Fund Ltd (ECF) .......... A 11.64 10.72 – 7.9 16.9
Gabelli Conv Sec (GCV) ................... N 5.49 5.33 – 2.9 – 4.0
HiIncBd (PCF) ................................. N 9.61 8.51 – 11.4 – 5.0
WorldEquityFunds
AbrdnAusEq (IAF) ........................... A NA 5.40 NA – 1.3
Aberdeen Emg Mkts Eq Inc (AEF) .... A NA NA NA NA
Aberdeen Glbl Dyn Div (AGD) .......... N NA 9.43 NA – 2.2
Aberdeen Japan Equity (JEQ) .......... N NA 7.04 NA – 9.2
Aberdeen Tot Dyn Div (AOD) ........... N NA 8.24 NA 1.1
Calamos GloDynInc (CHW) ............. N 8.03 7.99 – 0.5 – 2.3
Cdn Genl Inv (CGI)-y ........................ T 35.53 25.16 – 29.2 3.9
Central and Eastern Euro (CEE) ....... N 29.56 26.03 – 11.9 14.7
China (CHN) ................................... N NA 19.56 NA 0.0
Delaware Enh Gl Div & In (DEX) ....... N 10.88 9.78 – 10.1 – 3.3
EV TxAdvGlbDivInc (ETG) ............... N 16.91 16.06 – 5.0 – 2.3
EtnVncTxAdvOpp (ETO) ................. N NA 24.94 NA 8.3
Economic Inv Tr (N/A)-cy ................. T 149.99 NA NA NA
European Equity Fund Inc (EEA) ...... N 10.01 8.56 – 14.5 – 6.2
FirstTrAbEmergOp (FEO) ................ N 15.48 13.50 – 12.8 8.5
FirstTr Dyn Euro Eq Inc (FDEU)-a ...... N NA 13.77 NA – 5.3
Gabelli Gl Sm&Mid Cp Val (GGZ) ..... N 13.16 11.15 – 15.3 3.3
Gabelli Multimedia (GGT)-h ............. N 7.87 8.25 + 4.8 3.3
GDL Fund (GDL) ............................. N 11.15 9.39 – 15.8 6.2
Herzfeld Caribb (CUBA) .................. O 7.46 6.04 – 19.0 – 3.3
Highland Global Alloc (HGLB) ......... N 13.68 10.77 – 21.3 NS
India Fund (IFN) .............................. N NA 20.37 NA – 10.3
J Han Hdgd Ety & Inc (HEQ) ............ N 14.62 13.98 – 4.4 – 3.9
JHancockTaxAdv Gl Sh Yld (HTY) ... N 7.44 6.77 – 9.0 – 15.0
Japan Smaller Cap (JOF) ................. N 9.85 8.50 – 13.7 – 11.2
Korea (KF) ...................................... N 29.90 26.53 – 11.3 – 13.6
LazardGlbTotRetInc (LGI) ............... N 17.54 15.76 – 10.1 2.2
LazardWorldDiv&IncFd (LOR) ........ N 10.47 9.77 – 6.7 0.6
MexicoEqandIncmFd (MXE) ........... N 10.77 10.11 – 6.1 – 12.0
Mexico (MXF) ................................. N NA 12.54 NA – 20.7
Miller/Howard High Inc E (HIE) ....... N 10.54 11.17 + 6.0 2.0
MS ChinaShrFd (CAF)-J ................... N 23.56 20.96 – 11.0 10.4
MS India (IIF) .................................. N 21.69 19.08 – 12.0 – 16.752Week
Stock Market Prem Market
FundName(Symbol) Exch NAV Price /Disc ReturnNew Germany (GF) ......................... N 15.69 13.90 – 11.4 – 4.8
New Ireland (IRL) ........................... N 10.16 8.68 – 14.6 – 16.5
RENN Fund (RCG) .......................... A NA 1.52 NA – 9.5
Royce Global Value Trust (RGT) ...... N 12.05 10.20 – 15.4 – 2.9
Swiss Helvetia (SWZ) ..................... N 9.16 8.00 – 12.7 – 2.4
Templeton Dragon (TDF) ................ N 21.29 18.79 – 11.7 2.2
Templeton Em Mkt (EMF) ............... N 16.32 14.96 – 8.3 6.6
United Corps Ltd (UNC)-cy ............... T 146.28 93.55 – 36.0 NA
VirtusTotalRetFd (ZF) ..................... N NA 10.39 NA 12.7
Wells Fargo Gl Div Oppty (EOD) ....... N NA 5.41 NA 9.9U.S.MortgageBondFunds
BlckRk Income (BKT) ...................... N 6.44 6.07 – 5.7 6.8
First Trust Mtge Inc (FMY)-a ............ N 14.95 14.05 – 6.0 5.1
Invesco HI 2023 Tgt Term (IHIT) ..... N 10.59 10.51 – 0.8 5.7
Invesco HI 2024 Tgt Term (IHTA) .... N 10.53 10.24 – 2.8 5.4
Nuveen Mtge Oppty Term (JLS) ...... N 23.28 23.12 – 0.7 7.4
Nuveen Mtge Oppty Term 2 (JMT) ... N 22.47 22.41 – 0.3 6.8
Nuveen Multi-Market Inc (JMM)-c ... N 8.03 7.45 – 7.2 4.8
Vertical Capital Income (VCIF) ........ N NA 10.62 NA 3.4
Westn Asst Mtge Def Opp (DMO) .... N NA 21.95 NA 12.4
InvestmentGradeBondFunds
BlRck Core Bond (BHK) .................. N 15.21 14.34 – 5.7 5.4
BR Credit Alloc Inc (BTZ) ................. N 14.73 13.50 – 8.4 6.0
BR Enhcd Govt (EGF) ...................... N 13.64 13.13 – 3.7 3.7
Insight Select Income (INSI) ........... N 21.27 20.00 – 6.0 4.0
InvescoBond (VBF) ......................... N 20.38 19.55 – 4.1 4.1
J Han Income (JHS) ........................ N 15.44 14.61 – 5.4 4.6
MFS Govt Mkts (MGF) .................... N 4.81 4.60 – 4.4 7.4
MFS Intmdt (MIN) .......................... N 4.08 3.83 – 6.1 9.0
Western Asset Inf-Lk Inc (WIA) ....... N NA 11.61 NA 3.5
Western Asset Inf-Lk O&I (WIW) .... N NA 11.22 NA 3.8
WA Investment Grade Inc (PAI) ....... N NA 15.57 NA 4.4
WesternAssetPremBd (WEA) ......... N NA 14.07 NA 5.5
Westn Asst IG Def Opp Tr (IGI) ........ N NA 20.88 NA 4.1
LoanParticipationFunds
1WS Credit Income (N/A) ................ NA NA NA NS
Apollo Senior Floating (AFT) ........... N NA 14.94 NA 8.6
Axonic Alternative Inc (AAIDX) ........ N 25.47 NA NA NS
BR Debt Strategy (DSU) .................. N 12.27 11.00 – 10.4 7.4
BR F/R Inc Str (FRA) ....................... N 14.61 12.76 – 12.7 6.7
BlackRock Floatng Rt Inc (BGT) ...... N 14.16 12.51 – 11.7 6.2
Blackstone / GSO Strat (BGB) .......... N NA 14.91 NA 10.2
Blackstone/GSO LS Cr Inc (BGX) ..... N NA 15.79 NA 10.6
Blackstone/GSO Sr Flt Rt (BSL) ....... N NA 17.34 NA 8.5
BNY Mellon Alct GCI 2024 (DCF) ..... N 9.32 9.25 – 0.8 6.3
Eagle Point Credit (ECC) .................. N NA 17.13 NA 12.7
Eaton Vance F-R 2022 TT (EFL) ....... N NA 9.27 NA 5.7
EtnVncFltRteInc (EFT) .................... N NA 13.44 NA 6.3
EtnVncFltRteIncPlus (EFF) .............. N NA 15.22 NA 6.3
EV SenFlRtTr (EFR) ......................... N NA 13.09 NA 6.5
EVSnrIncm (EVF) ........................... N NA 6.29 NA 6.1
FT/Sr Fltg Rte Inc 2 (FCT)-a .............. N 13.68 12.01 – 12.2 6.0
FT/Sr Fltg Rte 2022 TgTr (FIV)-a ....... N 9.51 8.90 – 6.4 5.1
Highland Income (HFRO) ................ N 14.32 13.35 – 6.8 6.8
InvDYCrOpp (VTA) ......................... N 12.57 11.14 – 11.4 8.2
InvSnrIncTr (VVR) .......................... N 4.76 4.24 – 10.9 6.4
Nuveen Credit Strat Inc (JQC) ......... N 8.48 7.76 – 8.5 11.8
NuvFloatRateIncFd (JFR) ................ N 11.02 9.78 – 11.3 7.4
NuvFloatRteIncOppty (JRO) ........... N 10.92 9.68 – 11.4 7.5
Nuveen Senior Income (NSL) .......... N 6.58 5.87 – 10.8 7.3
Nuveen Sht Dur Crdt Opp (JSD) ...... N 16.84 15.28 – 9.3 8.0
PionrFltRate Tr (PHD) ..................... N 12.07 10.53 – 12.8 6.8
THL Credit Senior Loan (TSLF) ........ N 17.24 15.06 – 12.6 9.0
WA Corporate Loan (TLI) ................ N NA 9.64 NA 6.7
HighYieldBondFunds
Aberdeen Inc Credit Str (ACP) ......... N NA 12.64 NA 11.3
AllianceBernGlHiIncm (AWF)-a ........ N 13.09 11.99 – 8.4 6.8
Angel Oak FS Inc Trm (FINS) ........... N NA 20.06 NA NS
Barings Glb SD HY Bd (BGH) ........... N 18.41 18.17 – 1.3 9.8
BR Corporate HY (HYT) .................. N 11.78 10.61 – 9.9 8.1
BlackRock Ltd Dur Inc (BLW) .......... N 16.96 15.42 – 9.1 6.2
BNY Mellon Hi Yield Str (DHF) ......... N 3.34 3.08 – 7.8 8.9
Brookfield Real Asst Inc (RA) .......... N 23.52 21.99 – 6.5 10.9
CrSuisHighYld (DHY) ..................... A 2.57 2.54 – 1.2 9.1
CSAM Income Fd (CIK) ................... A 3.45 3.16 – 8.4 8.4
DoubleLine Inc Sol (DSL) ................ N NA 20.47 NA 8.8
EVHiInc2021 (EHT) ........................ N NA 9.84 NA 5.1
First Tr Hi Inc Lng/Shrt (FSD)-a ........ N 16.81 15.04 – 10.5 8.3
Franklin Univ (FT) ........................... N 8.42 7.42 – 11.9 5.6
InvHighIncTrII (VLT) ...................... N 15.52 14.48 – 6.7 7.9
IVY HIGH INCOME OPP (IVH) ......... N 15.26 13.80 – 9.6 8.7
MFS IntmdHgInc (CIF) .................... N 2.56 2.58 + 0.8 9.7
NeubHgYldStrt (NHS) ..................... N 12.69 11.83 – 6.8 7.3Friday,August2,2019
GeneralEquityFunds
Adams Diversified Equity (ADX) ...... N 17.78 15.77 – 11.3 13.2
Boulder Growth & Income (BIF) ...... N 13.16 11.00 – 16.4 5.1
Central Secs (CET)-c ........................ A 36.78 30.65 – 16.7 13.7
CohenStrsCEOppFd (FOF) .............. N 13.28 12.90 – 2.9 5.4
Eagle Capital Growth (GRF)-c ........... A 9.44 8.13 – 13.9 11.6
EVTxAdvDivIncm (EVT) .................. N 23.65 24.26 + 2.6 10.0
Equus II (EQS) ................................ N NA 1.68 NA – 21.8
Foxby Corp (FXBY) ......................... O 3.01 2.07 – 31.3 NA
GabelliDiv&IncTr (GDV) ................. N 22.82 21.52 – 5.7 – 4.3
Gabelli Equity Tr (GAB)-h ................. N 5.71 6.06 + 6.1 5.1
GeneralAmer (GAM) ....................... N 41.93 35.92 – 14.3 7.4
JHancockTaxAdvDiv (HTD) ............ N 26.04 25.57 – 1.8 19.3
Librty AllStr Eq (USA) ..................... N 6.42 6.26 – 2.5 6.7
Librty AllStr Gr (ASG)-h ................... N 5.92 5.87 – 0.8 – 1.2
NuvTaxAdvTRStrat (JTA) ............... N NA 11.28 NA – 9.6
Royce Micro-Cap Tr (RMT) ............. N 9.19 8.12 – 11.6 – 14.7
Royce Value Trust (RVT) ................. N 15.47 13.82 – 10.7 – 6.0
Source Capital (SOR) ...................... N 41.92 36.24 – 13.5 – 7.8
Special Opportunities (SPE) ............ N NA 13.96 NA 8.1
Sprott Focus Trust (FUND) .............. O 7.63 6.79 – 11.0 – 3.9
Tri-Continental (TY) ........................ N 29.80 27.07 – 9.2 6.2
SpecializedEquityFunds
Aberdeen Glb Prem Prop (AWP) ..... N NA 6.14 NA 9.2
Adams Natural Resources (PEO) .... N 18.96 15.80 – 16.7 – 16.5
GI NFJ DivInt&PremStr (NFJ) ......... N 13.74 12.39 – 9.8 3.6
ASA Gold & Prec Met Ltd (ASA) ....... N NA 12.38 NA 26.7
BR Enh C&I (CII) ............................. N 16.89 15.89 – 5.9 0.1
BlackRock Energy & Res (BGR) ...... N 12.22 10.97 – 10.2 – 20.8
BlackRock Eq Enh Div (BDJ) ........... N 9.58 9.02 – 5.8 3.6
BlackRock Enh Glbl Div (BOE) ......... N 11.81 10.43 – 11.7 0.6
BlackRock Enh Intl Div (BGY) .......... N 6.19 5.49 – 11.3 0.3
BlackRock Hlth Sciences (BME) ...... N 38.40 39.26 + 2.2 4.7
BlackRock Res & Comm (BCX) ....... N 8.83 7.68 – 13.0 – 8.2
BlackRock Sci&Tech Tr II (BSTZ) .... N 20.41 20.90 + 2.4 NS
BlackRock Sci&Tech Trust (BST) .... N 33.23 33.17 – 0.2 1.8
BlackRock Utl Inf & Pwr (BUI) ......... N 20.64 23.04 + 11.6 20.0
Brookfield Gl Lsd Infr (INF) ............. N 14.89 13.02 – 12.6 9.5
CBRE ClrnGlbRlEst (IGR) ................ A 8.69 7.57 – 12.9 9.7
CLEARBRIDGE ENGY MDS OPP (EMO) N NA 9.04 NA – 15.6
CLEARBRIDGE MLP&MDSTM TR (CTR) N NA 9.26 NA – 14.6
ClearBridge MLP & Midstm (CEM) .. N NA 11.88 NA – 13.4
Cntr Cst Brkfld MLP&EI (CEN) ......... N 7.57 7.87 + 4.0 – 6.5
ChnStrGlbIncBldr (INB) .................. N 9.49 9.03 – 4.8 3.5
ChnStrInfr (UTF) ............................. N 26.50 25.92 – 2.2 21.8
COHEN & STEERS MLP INC&E (MIE) N 9.35 9.64 + 3.1 – 2.6
Cohen&SteersQualInc (RQI) ........... N 14.39 14.21 – 1.3 25.4
CohenStrsREITPref (RNP) .............. N 23.79 22.08 – 7.2 20.9
Cohen&Steers TotRet (RFI) ............ N 13.86 13.97 + 0.8 19.5
Columbia Sel Prm Tech Gr (STK) ..... N 20.71 21.46 + 3.6 10.3
Cushing Energy Income (SRF) ........ N 7.61 6.41 – 15.8 – 29.2
CushingMLPTotRet (SRV)-d ............ N 11.24 10.06 – 10.5 – 9.3
Cushing Renaissance (SZC) ............ N 15.53 13.64 – 12.2 – 20.9
DNP Select Income (DNP)-a ............. N 10.26 12.14 + 18.4 20.6
Duff&Ph Glbl Util Inc Fd (DPG) ........ N 16.72 15.27 – 8.7 9.6
Duff&Ph Sel MLP&MS Engy (DSE). N 4.96 5.03 + 1.4 – 10.3
EtnVncEqtyInc (EOI) ....................... N 15.13 15.09 – 0.3 3.1
EtnVncEqtyIncoII (EOS) ................. N 16.58 17.14 + 3.4 5.1
EVRskMnDvsEqInc (ETJ) ............... N 9.35 9.44 + 1.0 6.1
ETnVncTxMgdBuyWrtInc (ETB) ..... N 14.68 15.93 + 8.5 2.8
EtnVncTxMgdBuyWrtOpp (ETV) ..... N 14.07 15.30 + 8.7 6.0
EvTxMnDvsEqInc (ETY) ................. N 11.87 11.81 – 0.5 0.9
EtnVncTxMgdGlbB (ETW) .............. N 10.04 9.66 – 3.8 – 11.3
EVTxMnGblDvEqInc (EXG) ............. N 8.55 8.07 – 5.6 – 6.0
First Trust Energy Inc G (FEN) ......... A 21.43 21.71 + 1.3 3.8
First Tr Enhanced Eq (FFA) .............. N 15.88 15.84 – 0.3 4.7
First Tr Specialty Fn (FGB) ............... N 5.96 6.35 + 6.5 9.9
FirstTrEnergyInfra (FIF)-a ................ N 17.45 15.67 – 10.2 4.2
FirstTrMLPEner&Inc (FEI)-a ............ N 12.33 11.51 – 6.7 – 4.9
Gab Gl Util & Inc (GLU)-h ................. A 19.25 18.32 – 4.8 4.3
Gabelli Healthcare (GRX)-h .............. N 12.16 10.63 – 12.6 6.2
Gab Utility (GUT)-h .......................... N 4.94 7.42 + 50.2 42.9
GAMCOGlGold&NatRes (GGN) ....... A 4.35 4.52 + 3.9 3.1
GAMCO NR GLD & INC TR (GNT) .... N 6.08 5.84 – 3.9 4.9
J Han Finl Opptys (BTO) .................. N 32.69 31.95 – 2.3 – 12.6
Macquarie/FirstTr Gl (MFD) ............ N 11.21 10.21 – 8.9 0.9
Madison CovCall & Eq Str (MCN) .... N 7.14 6.51 – 8.8 – 5.9
Neuberger Brmn MLP & EI (NML) ... N 8.21 7.25 – 11.7 – 15.4
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.com45800
41850
37900
33950
30000
26050
22100
4Q 18 1Q 19 2Q 19 3Q 19*Herzfeld
Closed-End
Average
Dow Industrials
50000
47250
44500
41750
39000
4Q 1Q 2Q 3QNet 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 Return12mos
Stock Market Prem Yield
FundName(Symbol) Exch NAV Price /Disc 06/28/19No End in Sight: The trade war continued and markets fell following Trump’s threat
to impost new tariffs on Chinese imports. The Dow dropped 2.1% for the week
ended Thursday, while the Herzfeld Average edged down 0.7%.
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 +0.26
Citigroup Panic/Euphoria Model
-0.9
-0.6
-0.3
0
0.3
0.6
J A S O N D J F M A M J JAEuphoria
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
Q3
16Q4 Q1
17Q2 Q3 Q4 Q1
18Q2 Q3 Q4 Q1
19Q2 Q3THREE YEAR TED SPREAD
Friday's Close 0.17TED Spread = 3-mth LIBOR – 3-mth T-bill rate