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01. National Municipal Bond Index

Data as of

About the Index

National Municipal Bond grouping according to CEFdata.com. Ranking the highest 50% of funds by 90-day average trade dollar $ liquidity. Removing any Build America Bond (taxable municipals funds / BABs) and term trust municipal funds. The remaining funds will be equal weight. The index constituents will be rebalanced each quarter.

Index Performance

Current($) Previous Day(%) 1 Week(%) 1 Month(%) 3 Month(%) 6 Month(%) 1 Year(%) 3 Year(%) 5 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,022.68 -0.31 -1.43 -2.45 -1.10 1.38 -5.88 3.51 6.21 -2.84 -1.49 -5.13
NAV 1,072.50 0.01 -0.47 -1.12 -0.40 1.01 0.21 3.96 6.69 -1.15 -0.72 -1.05
Difference 0.32 0.96 1.33 0.70 -0.36 6.09 0.46 0.48 1.69 0.77 4.08
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price -4.44 -0.67 -0.18 -5.25 -0.27 2.01 -0.13 1.61 -3.64 0.54 0.83 - - - - - - - -2.29
NAV -1.54 -0.65 0.52 -1.67 -0.48 1.65 0.18 1.34 -0.32 0.29 0.14 - - - - - - - 0.10
Difference 2.90 0.02 0.71 3.58 -0.21 -0.36 0.30 -0.27 3.31 -0.25 -0.70 - - - - - - - 2.39
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 2.85 -0.31 -0.31 2.21 1.65 1.93 0.37 4.00 6.21 2.40 0.30 -0.82 1.87 -1.75 0.65 0.70 -0.42 1.45 7.66
NAV 0.48 1.13 0.39 2.02 0.97 2.10 -0.23 2.86 4.87 0.89 1.33 -0.29 1.94 0.11 -0.34 1.58 1.35 3.29 8.16
Difference -2.36 1.44 0.70 -0.19 -0.68 0.17 -0.60 -1.14 -1.34 -1.51 1.03 0.53 0.07 1.87 -0.99 0.88 1.77 1.84 0.50
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price 2.25 0.95 2.22 5.52 2.61 -0.19 4.07 6.59 12.12 0.39 -0.71 -0.72 -1.03 -6.03 -4.58 2.00 -8.55 -9.58 2.54
NAV 1.37 0.13 1.12 2.64 1.30 0.79 2.60 4.75 7.40 -0.16 0.44 -0.71 -0.44 -1.60 -5.91 1.52 -6.01 -6.45 0.94
Difference -0.88 -0.82 -1.10 -2.88 -1.31 0.97 -1.48 -1.84 -4.72 -0.55 1.14 0.00 0.60 4.43 -1.33 -0.48 2.53 3.13 -1.59
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 5.06 -2.36 0.68 3.27 -0.04 -2.40 -2.62 -4.99 -1.72 1.90 0.29 1.98 4.23 3.09 0.44 2.61 6.24 10.47 8.75
NAV 2.73 -1.63 0.61 1.68 -0.96 -0.61 -0.44 -2.00 -0.32 0.89 0.42 1.15 2.48 0.88 0.88 1.55 3.34 5.82 5.50
Difference -2.33 0.74 -0.07 -1.60 -0.91 1.79 2.18 3.00 1.40 -1.01 0.13 -0.83 -1.75 -2.21 0.43 -1.06 -2.91 -4.66 -3.25

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-8.36%
1Yr Disc
-6.18%
3Yr Disc
-3.84%
5Yr Disc
-4.76%
Rel Disc Range (3yr)
15.60%
Mkt Yield
5.24%
Lev Adj NAV Yield
3.55%
After Tax Yield*
5.24%
Est Tax Friction*
0.00%
3Yr NAV Volatiliy
3.78
1 Yr RoC
0.30%
3 Yr Dest RoC
0.03%
Leverage
35.97%
Non Lev Exp Ratio
0.96%
Beta (2yr)
0.00
Equity Exposure
0.00%
Bond Exposure
99.79%
# Holdings
36
Cash Weighted Duration
9.50
Comp NAV TR
0.12%
Comp Discount
0.01%
Net Assets (M)
869
Liquidity - 90d (K)
1,321
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents


36 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 2.86 -7.77 5.38 0.00 35.76 3,208 4,024
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 2.79 -12.06 5.06 0.00 36.81 3,792 4,219
NZF Nuv Muni Cr Incm Fd Nuveen 2.86 -6.70 5.52 0.00 38.11 2,184 2,889
NAD Nuv Qlty Muni Incm Fd Nuveen 2.74 -13.08 5.03 0.00 37.16 2,964 3,419
NUV Nuv Muni Val Fd Nuveen 2.78 -6.13 3.98 0.00 0.00 2,058 2,458
MYI BR MuniYld Qlty Fd III BlackRock 2.72 -12.34 5.05 0.00 39.85 933 2,129
IIM Invsc Val Muni Incm Tr Invesco 2.79 -10.41 5.14 0.00 41.00 728 1,419
VGM Invsc Tr fr Inv Grd Muni Invesco 2.69 -11.83 5.29 1.00 42.00 720 1,642
PML PIMCO Muni Incm Fd II PIMCO 2.85 11.28 5.99 0.00 48.45 727 1,360
MYD BR MuniYld Fd BlackRock 2.86 -6.40 5.50 0.00 37.84 667 1,024
VMO Invsc Muni Opp Tr Invesco 2.79 -10.43 5.78 0.00 42.00 866 1,426
EIM EV Muni Bnd Fd Eaton Vance 2.75 -11.69 4.69 2.28 38.80 881 1,193
VKQ Invsc Muni Tr Invesco 2.75 -11.14 5.52 0.00 40.00 710 1,341
BFK BR Muni Incm Tr BlackRock 2.77 -9.83 5.63 0.00 38.39 620 1,061
IQI Invsc Qlty Muni Incm Tr Invesco 2.79 -9.67 5.90 0.00 41.00 684 1,096
MUI BR Muni Imd Dur Fd BlackRock 2.79 -12.92 4.13 0.00 40.16 569 852
MFL BR MuniHldg Inv Qlty Fd BlackRock 2.72 -11.38 5.51 0.00 42.01 526 1,008
NID Nuv Imd Dur Muni Trm Fd Nuveen 2.84 -8.77 4.12 0.00 21.46 637 1,074
MMD MainStay MK DfinTrm Muni Opp New York Life 2.83 -3.88 5.60 0.00 35.51 553 910
MMU WA Mgd Muni Fd Legg Mason 2.74 -7.81 5.73 0.00 30.10 571 916
MVF BR MuniVest Fd BlackRock 2.81 -6.72 5.72 0.00 37.04 598 968
VKI Invsc Adv Muni Incm Tr II Invesco 2.78 -9.73 5.69 0.00 42.00 511 894
BLE BR Muni Incm Tr II BlackRock 2.63 -8.83 5.30 0.00 38.97 339 851
AFB AB Nat Muni Incm Fd AllianceBernstein 2.77 -13.13 4.49 0.00 40.56 405 674
EVN EV Muni Incm Tr Eaton Vance 2.78 -9.93 4.94 0.00 39.80 304 781
PMO Putnam Muni Opp Tr Putnam 2.78 -11.51 4.47 0.00 28.47 479 889
LEO Dreyfus Stgc Muni Dreyfus 2.75 -10.28 5.66 0.00 37.01 514 877
PMF PIMCO Muni Incm Fd PIMCO 2.82 4.92 5.51 0.00 47.32 319 640
NEV Nuv Enh Muni Val Fd Nuveen 2.75 -9.13 5.16 0.00 0.00 361 628
DSM Dreyfus Stgc Muni Bnd Fd Dreyfus 2.76 -8.58 5.71 0.00 34.17 397 761
PMM Putnam Mgd Muni Incm Tr Putnam 2.83 -9.17 4.93 3.24 24.57 406 714
KTF DWS Muni Incm Tr Deutsche 2.71 -11.55 5.43 0.00 36.73 468 838
MUE BR MuniHldg Qlty Fd II BlackRock 2.77 -10.98 5.47 0.00 37.19 300 590
MQY BR MuniYld Qlty Fd BlackRock 2.74 -11.04 5.02 0.00 40.38 462 725
BYM BR Muni Incm Qlty Tr BlackRock 2.79 -12.10 4.91 0.38 38.96 382 595
PMX PIMCO Muni Incm Fd III PIMCO 2.85 8.08 5.81 3.85 48.19 350 590

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.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2017. All rights reserved. Any copying, republication or redistribution of CEFadvisors, CEFdata.com, content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of CEFAdvisors. CEFAdvisors shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %