CEF Advisors

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CEF Advisors' CEF/BDC Indexes

Data as of September 20, 2017 from CEFData.com

Data Definitions
Indexes Performance

Diversified Indexes

Index Discount 1 Yr Avg Discount 3 Yr Avg Discount 5 Yr Avg Discount Rel Disc Range(3yr) Mk Yield Lev Adj NAV Yield After Tax Yield * Est. Tax Friction* 1 Yr RoC % 3 Yr Dest RoC % Lev % Non Lev Expense Ratio 3 Yr NAV Volatility % Equity Exposure % Bond Exposure # Holdings Cash Weighted Duration Beta (2yr) Comp NAV TR Comp Discount Net Assets (M) Liquidity - 90 day (K)
01. 12 Major CEF Sectors Index -2.32 -3.47 -5.45 -4.09 72.38 8.08 6.55 6.74 1.34 22.3 15.1 22.7 1.54 10.18 39.45 59.03 84 2.67 0.71 0.78 2.03 1,154 3,225
02. High Income Index -1.16 -2.70 -5.01 -2.90 72.36 10.31 8.21 8.71 1.60 34.6 27.0 25.9 2.10 14.09 45.03 52.16 98 1.52 0.99 1.00 2.58 571 2,201
03. Equity Income Index -4.76 -6.68 -8.09 -7.41 71.22 8.05 6.94 7.06 0.99 41.5 28.3 13.0 1.31 16.57 89.05 9.74 68 N/A 1.13 1.22 0.88 847 2,188
04. 60/40 Balanced (w/ BDCs) Index -4.23 -5.61 -7.34 -6.06 71.45 7.74 6.37 6.40 1.34 23.5 15.2 19.0 1.58 11.96 55.51 42.27 169 1.61 0.79 1.34 1.11 817 2,272
05. Tax-Advantaged Equity Dividend Index -3.90 -5.81 -7.12 -7.12 69.96 7.84 7.18 7.14 0.70 58.8 25.8 5.7 1.22 13.79 97.44 1.11 38 N/A 0.97 0.83 1.21 707 1,804
06. Tax-Sensitive Income Index -2.60 -4.03 -5.36 -4.64 63.05 7.71 6.24 7.50 0.21 54.8 41.6 23.2 1.32 17.12 63.91 35.10 63 3.29 1.14 0.15 0.51 779 1,800
07. Taxable Bond & BDC Index -2.66 -3.17 -5.60 -4.04 71.06 7.39 5.62 5.72 1.67 9.2 7.0 28.4 1.53 5.95 2.02 94.43 80 4.46 0.30 1.19 0.91 862 2,502
08. Discount CEF/BDC Index -11.67 -11.47 -11.47 -9.31 53.15 5.87 4.12 4.87 1.00 8.7 6.7 24.5 1.78 9.95 25.46 72.08 57 4.28 0.50 -0.37 -5.55 467 1,031
09. Premium CEF/BDC Index 10.09 7.83 4.06 5.00 71.47 7.85 6.58 6.46 1.39 13.7 8.1 31.1 2.00 9.07 21.89 75.67 33 4.41 0.47 2.38 11.15 499 1,495

Equity Sector Indexes

Index Discount 1 Yr Avg Discount 3 Yr Avg Discount 5 Yr Avg Discount Rel Disc Range(3yr) Mk Yield Lev Adj NAV Yield After Tax Yield * Est. Tax Friction* 1 Yr RoC % 3 Yr Dest RoC % Lev % Non Lev Expense Ratio 3 Yr NAV Volatility % Equity Exposure % Bond Exposure # Holdings Cash Weighted Duration Beta (2yr) Comp NAV TR Comp Discount Net Assets (M) Liquidity - 90 day (K)
01. International Equity Index -9.41 -11.33 -11.58 -10.31 60.41 3.09 2.81 2.82 0.27 15.0 11.1 0.9 1.48 18.15 95.46 2.08 38 N/A 0.79 -0.50 0.31 257 562
02. US Equity Index -3.59 -4.52 -5.36 -5.49 66.02 8.22 7.89 7.42 0.80 51.3 14.7 2.5 1.11 13.36 98.03 0.34 26 N/A 0.93 4.02 2.38 765 2,068
03. Global Equity Index -7.00 -9.10 -10.14 -8.99 70.12 6.91 6.19 5.96 0.95 29.8 17.2 7.5 1.26 15.68 92.56 4.50 39 N/A 0.99 1.84 1.42 670 1,700
04. Covered Call / Option Funds Index -3.61 -5.16 -6.20 -6.83 69.40 7.97 7.44 7.33 0.64 61.9 21.9 3.4 1.13 12.08 92.63 5.72 24 N/A 0.86 2.36 -0.09 818 2,114
05. Global Real Estate, REIT & Real Asset Index -7.12 -9.54 -10.93 -9.25 79.81 8.13 6.28 6.74 1.39 22.6 6.6 21.3 1.40 12.16 63.27 35.37 10 N/A 0.74 0.59 1.26 620 1,542
06. Utilities / Infrastructure Index -3.22 -4.57 -6.78 -6.46 72.08 6.76 5.41 5.66 1.10 18.7 6.1 22.0 1.31 15.85 93.64 5.05 6 N/A 0.93 0.74 -2.61 1,284 2,265
07. Master Limited Partnership (MLP) Fund Index -1.85 -2.94 -4.93 -3.33 54.39 9.99 7.57 9.46 0.53 77.5 72.1 29.8 1.82 35.62 97.43 6.18 24 N/A 2.70 0.07 0.74 532 1,735
08. Preferred Equity Index -0.13 -1.59 -3.86 -3.94 73.14 7.17 5.46 5.47 1.70 3.1 0.0 30.9 1.22 5.74 4.15 92.55 14 5.42 0.23 -0.30 -0.24 762 1,703
09. Hybrid / Balanced Fund Index -4.49 -8.60 -10.78 -10.31 80.81 8.88 7.01 7.51 1.37 33.1 17.5 22.5 1.57 12.01 64.42 31.53 13 N/A 0.88 0.18 -0.98 448 1,342

Taxable Bond Sector Indexes

Index Discount 1 Yr Avg Discount 3 Yr Avg Discount 5 Yr Avg Discount Rel Disc Range(3yr) Mk Yield Lev Adj NAV Yield After Tax Yield * Est. Tax Friction* 1 Yr RoC % 3 Yr Dest RoC % Lev % Non Lev Expense Ratio 3 Yr NAV Volatility % Equity Exposure % Bond Exposure # Holdings Cash Weighted Duration Beta (2yr) Comp NAV TR Comp Discount Net Assets (M) Liquidity - 90 day (K)
01. Debt-Focused Business Development Company (BDC) Index -1.13 1.87 -4.00 2.37 61.43 9.81 6.76 7.38 2.43 0.8 0.9 39.6 3.73 5.39 9.04 87.51 32 N/A 1.07 2.27 6.74 939 3,847
02. BDC Baby Bond / Debt Index N/A N/A N/A N/A N/A N/A N/A NA N/A N/A N/A N/A N/A N/A N/A 31 N/A N/A N/A N/A N/A N/A
03. High Yield Bond Index -5.99 -6.76 -8.63 -5.60 64.08 7.70 5.83 5.82 1.88 2.0 0.8 24.3 1.22 5.84 0.93 97.32 21 3.53 0.40 0.09 -1.41 495 1,354
04. Senior Loan Index -5.59 -3.86 -7.60 -4.97 61.45 6.24 4.42 4.70 1.54 1.2 0.3 33.4 1.53 2.97 0.91 96.75 15 0.75 0.11 -0.49 -0.03 426 1,121
05. Convertible Bond Index -2.36 -5.32 -6.47 -5.19 73.53 9.37 7.03 7.57 1.80 20.6 18.2 30.1 1.44 11.28 7.46 90.25 9 3.32 0.89 -0.30 0.20 454 1,586
06. Investment Grade Bond Index -0.64 -2.10 -3.81 -3.11 75.22 6.58 5.48 5.15 1.43 11.0 9.5 21.4 0.96 5.44 0.04 97.57 28 6.23 0.09 -1.26 0.77 538 1,309
07. Multisector Bond Fund Index 3.11 4.12 2.45 5.96 74.84 8.76 7.15 6.75 2.01 6.6 3.5 29.1 1.41 6.27 1.21 95.00 16 4.35 0.21 1.79 1.63 970 3,182
08. US Bond Index -2.20 -3.01 -5.78 -3.68 70.81 7.42 5.67 5.61 1.81 2.3 1.2 29.1 1.53 5.30 3.61 93.53 69 3.38 0.20 0.53 0.78 515 1,480
09. International Bond Index -6.95 -8.08 -10.70 -8.87 77.73 7.71 5.98 6.54 1.17 37.1 30.4 20.5 1.34 8.80 0.45 93.71 12 4.71 0.43 -0.68 -2.27 574 1,558

Tax-Free Bond Sector Indexes

Index Discount 1 Yr Avg Discount 3 Yr Avg Discount 5 Yr Avg Discount Rel Disc Range(3yr) Mk Yield Lev Adj NAV Yield After Tax Yield * Est. Tax Friction* 1 Yr RoC % 3 Yr Dest RoC % Lev % Non Lev Expense Ratio 3 Yr NAV Volatility % Equity Exposure % Bond Exposure # Holdings Cash Weighted Duration Beta (2yr) Comp NAV TR Comp Discount Net Assets (M) Liquidity - 90 day (K)
01. National Municipal Bond Index -1.61 -3.00 -4.17 -3.59 70.81 5.24 3.80 5.24 0.00 0.3 0.0 36.1 0.96 3.66 0.02 99.61 36 9.40 -0.09 0.08 -0.07 910 1,531
02. High Yield Municipal Index -0.02 -1.80 -1.56 -0.60 61.50 5.25 4.14 5.25 0.00 0.1 0.0 27.1 1.01 3.13 0.15 99.56 7 8.72 -0.05 0.01 -0.19 397 879
03. Term Municipal Fund Index -0.03 -0.28 -2.02 -2.01 64.13 3.19 2.80 2.77 0.42 0.0 0.0 12.2 0.59 3.13 0.00 97.87 10 5.04 -0.05 -0.14 1.51 358 566
04. California Municipal Index 2.57 0.90 -0.15 -0.84 66.11 4.87 3.65 3.68 1.19 0.9 0.0 37.5 0.99 3.54 0.00 99.52 12 10.68 -0.09 -0.08 2.14 586 910
05. New York Municipal Index -3.36 -4.40 -4.27 -3.56 50.50 4.67 3.31 3.51 1.16 0.5 0.0 36.8 1.09 3.56 0.00 99.79 13 10.13 -0.08 -0.02 0.02 315 412
06. State Municipal Index (Non NY/CA) -5.53 -5.52 -6.59 -6.09 54.05 4.60 3.18 3.45 1.15 0.0 0.0 36.0 1.06 3.43 0.01 99.75 22 10.80 -0.09 0.09 -1.30 263 332

* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.


DISCLOSURES:

These indexes were created and developed by Closed-End Fund Advisors, Inc. CEF Advisors launched these indexes in January 2017 based on December 31, 2016 data and began pricing on January 1, 2017. CEF Advisors does not guarantee the accuracy or the completeness of the index or any data included therein and CEF Advisors shall have no liability for any errors, omissions or interruptions therein. CEF Advisors makes no warranty, express or implied, as to results to be obtained by any person or entity from the use of the index or any data included therein. CEF Advisors makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, in no event shall CEF Advisors have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the index, even if notified of the possibility of such damages.

The historical values above have not been verified by an independent third party. The historical performance data is for illustrative purposes only and does not represent the actual performance of any investment product. No representation is being made that any investment will achieve performance similar to that shown. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the historical performance shown. The index is unmanaged and an investor cannot invest directly in the index.

Performance information for the index is for illustrative purposes only and does not represent the performance of any actual investment. The historical performance of the price and NAV of the index should not be taken as an indication of future performance, and no assurance can be given as to the index's value on any date. The data for the historical performance of the index was calculated on materially the same basis on which the performance of the index is now calculated. Discounts are the result of a closed-end fund’s market price deviating from its Net Asset Value (NAV).

In case any constituents of the index experience a liquidation, merger, open-ending or are no longer a closed-end fund, we will remove them as of their last day of existence. For mergers, if the merged fund is in the same sub-grouping inside CEFdata.com, then we will replace the merged fund with it's replacement in equal dollar terms. If a fund is liquidated, open-ended, etc, we will remove the fund and its allocation from the index. In this case, for example. If a fund was 2% of the index then future pricing would assume a full allocation was 98%. The 2% is adsorbed on a pro-rata basis by all surviving funds.

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