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08. National Municipal Bond Index

Data as of July 21, 2017

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 1,080.22 0.17 0.15 1.12 3.90 6.65 -2.04 8.01 4.50 0.96 0.96 6.23
NAV 1,059.64 0.18 0.68 0.64 2.55 5.71 -0.22 6.15 5.35 0.70 0.70 5.12
Difference 0.01 0.53 -0.49 -1.35 -0.94 1.82 -1.86 0.85 -0.26 -0.26 -1.10
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 Jul Aug Sep Q3 Oct Nov Dec Q4 2017
Price 2.45 -0.52 -0.14 1.82 1.12 1.51 -0.21 3.45 - - - - - - - - 5.27
NAV 0.45 0.86 0.48 1.99 0.56 1.94 -0.47 2.43 - - - - - - - - 4.42

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-1.97%
1Yr Disc
-2.72%
3Yr Disc
-4.44%
5Yr Disc
-3.39%
Rel Disc Range (3yr)
68.26%
Mkt Yield
5.30%
Lev Adj NAV Yield
3.81%
After Tax Yield*
5.29%
Est Tax Friction*
0.01%
3Yr NAV Volatiliy
3.68
1 Yr RoC
0.22%
3 Yr Dest RoC
0.00%
Leverage
36.46%
Non Lev Exp Ratio
0.96%
Beta (2yr)
-0.07
Equity Exposure
0.02%
Bond Exposure
99.70%
# Holdings
36
Cash Weighted Duration
9.65
Comp NAV TR
0.02%
Comp Discount
-0.16%
Net Assets (M)
904
Liquidity - 90d (K)
1,484
* 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)
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 2.77 -8.36 5.38 0.00 37.38 3,963 5,541
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 2.79 -5.52 5.65 0.00 37.77 3,300 4,956
NAD Nuv Qlty Muni Incm Fd Nuveen 2.79 -7.71 5.39 0.00 37.04 3,115 4,677
NZF Nuv Muni Cr Incm Fd Nuveen 2.79 -4.84 5.87 0.00 37.27 2,260 4,195
NUV Nuv Muni Val Fd Nuveen 2.79 -1.65 3.85 0.00 0.66 2,131 2,281
VMO Invsc Muni Opp Tr Invesco 2.75 -3.16 5.45 0.00 42.00 918 1,587
PML PIMCO Muni Incm Fd II PIMCO 2.80 9.83 5.82 0.00 38.60 754 1,575
VGM Invsc Tr fr Inv Grd Muni Invesco 2.77 -3.62 5.62 0.00 42.00 765 1,540
EIM EV Muni Bnd Fd Eaton Vance 2.76 -7.31 4.88 1.08 40.10 942 1,479
IIM Invsc Val Muni Incm Tr Invesco 2.76 -6.60 4.87 0.00 39.00 770 1,354
VKQ Invsc Muni Tr Invesco 2.76 -4.92 5.48 0.00 39.00 753 1,437
MFL BR MuniHldg Inv Qlty Fd BlackRock 2.80 0.87 5.72 0.00 41.57 563 1,303
MYI BR MuniYld Qlty Fd III BlackRock 2.78 -0.28 5.65 0.00 38.45 987 1,127
MUI BR Muni Imd Dur Fd BlackRock 2.75 -9.06 4.22 0.00 37.44 592 1,417
IQI Invsc Qlty Muni Incm Tr Invesco 2.74 -6.71 5.12 0.25 38.00 725 1,100
AFB AB Nat Muni Incm Fd AllianceBernstein 2.79 -7.01 4.48 0.00 39.79 431 1,135
MMU WA Mgd Muni Fd Legg Mason 2.80 0.64 5.37 0.00 29.20 603 1,104
NID Nuv Imd Dur Muni Trm Fd Nuveen 2.76 -2.48 4.75 0.00 36.70 644 1,009
BFK BR Muni Incm Tr BlackRock 2.80 -0.48 5.41 0.00 42.27 649 935
MMD MainStay DfinTrm Muni Opp New York Life 2.79 -0.59 5.39 0.00 36.19 556 1,064
KTF Deutsche Muni Incm Tr Deutsche 2.68 4.09 5.44 0.00 39.89 502 1,052
MYD BR MuniYld Fd BlackRock 2.83 3.41 5.59 0.00 37.52 700 938
PMO Putnam Muni Opp Tr Putnam 2.76 -4.70 5.16 0.00 30.50 503 876
PMF PIMCO Muni Incm Fd PIMCO 2.80 8.06 5.14 1.96 40.54 331 848
VKI Invsc Adv Muni Incm Tr II Invesco 2.77 -4.57 5.62 0.00 41.00 544 861
NEV Nuv Enh Muni Val Fd Nuveen 2.79 -3.51 5.60 0.00 32.39 376 915
MVF BR MuniVest Fd BlackRock 2.77 0.51 5.65 0.00 40.17 628 765
PMM Putnam Mgd Muni Incm Tr Putnam 2.78 -4.05 5.33 3.74 24.38 425 802
LEO Dreyfus Stgc Muni Dreyfus 2.77 3.92 5.72 0.00 35.42 538 756
MQY BR MuniYld Qlty Fd BlackRock 2.82 -0.82 5.53 0.00 37.82 487 783
DSM Dreyfus Stgc Muni Bnd Fd Dreyfus 2.79 2.72 5.73 0.00 31.96 416 773
MUE BR MuniHldg Qlty Fd II BlackRock 2.81 -1.69 5.50 0.00 38.66 320 632
PMX PIMCO Muni Incm Fd III PIMCO 2.78 6.95 5.65 1.03 39.67 363 685
DMB Dreyfus Muni Bnd Infra Fd Dreyfus 2.82 -5.07 4.72 0.00 31.18 261 660
EVN EV Muni Incm Tr Eaton Vance 2.74 -3.71 5.01 0.00 42.40 320 617
BYM BR Muni Incm Qlty Tr BlackRock 2.78 -3.87 4.92 0.00 39.07 402 671

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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