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06. State Municipal Index (Non NY/CA)

Data as of

About the Index

Single State Municipal Bond Funds groupings according to CEFdata.com, excluding NY and CA Municipal Bond Funds groupings. 90-day average trade dollar $ liquidity over $100K. Equal weight each fund for the index. 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 1,075.32 -0.24 0.97 0.17 -1.24 1.24 6.80 5.67 2.40 1.50 0.55 7.35
NAV 1,076.20 -0.41 0.83 0.01 0.59 2.28 8.05 4.17 3.43 1.87 1.76 7.42
Difference -0.18 -0.14 -0.16 1.83 1.04 1.26 -1.50 1.03 0.37 1.22 0.07
* 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 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 1.81 1.01 -0.54 2.28 1.97 1.27 0.02 3.29 5.57 2.52 -0.00 -1.25 1.23 -0.56 -0.38 - - - 5.84
NAV 0.08 0.89 0.35 1.32 0.99 2.20 -0.24 2.96 4.28 0.74 1.06 -0.43 1.37 0.21 -0.32 - - - 5.55
Difference -1.73 -0.12 0.89 -0.96 -0.98 0.93 -0.26 -0.33 -1.29 -1.77 1.06 0.82 0.14 0.77 0.07 - - - -0.30
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price 1.59 2.19 2.60 6.51 2.47 0.19 4.13 6.90 13.41 0.90 -0.58 -1.31 -1.00 -4.68 -5.05 0.32 -9.21 -10.21 3.20
NAV 1.12 -0.00 0.92 2.05 1.15 0.62 2.52 4.34 6.38 -0.29 0.34 -0.78 -0.73 -1.51 -5.71 1.82 -5.44 -6.17 0.21
Difference -0.46 -2.20 -1.68 -4.46 -1.32 0.43 -1.61 -2.56 -7.02 -1.19 0.92 0.53 0.26 3.18 -0.65 1.51 3.78 4.04 -2.98
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 4.36 -1.52 -0.35 2.40 0.45 -2.26 -1.76 -3.56 -1.16 1.12 0.71 0.53 2.38 2.88 0.17 2.79 5.92 8.30 7.14
NAV 2.27 -1.59 0.46 1.11 -1.00 -0.40 -0.35 -1.74 -0.64 0.93 0.50 0.81 2.25 0.54 0.76 1.65 2.99 5.24 4.60
Difference -2.09 -0.07 0.82 -1.30 -1.45 1.86 1.41 1.81 0.52 -0.19 -0.21 0.28 -0.12 -2.33 0.59 -1.13 -2.94 -3.06 -2.54

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-7.48%
1Yr Disc
-6.08%
3Yr Disc
-6.56%
5Yr Disc
-6.62%
Rel Disc Range (3yr)
38.76%
Mkt Yield
4.55%
Lev Adj NAV Yield
3.05%
After Tax Yield*
4.55%
Est Tax Friction*
0.00%
3Yr NAV Volatiliy
3.56
1 Yr RoC
0.00%
3 Yr Dest RoC
0.00%
Leverage
37.86%
Non Lev Exp Ratio
1.09%
Beta (2yr)
-0.09
Equity Exposure
0.01%
Bond Exposure
99.57%
# Holdings
21
Cash Weighted Duration
11.04
Comp NAV TR
0.91%
Comp Discount
-1.16%
Net Assets (M)
272
Liquidity - 90d (K)
400
* 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


21 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
BNJ BR NJ Muni Incm Tr BlackRock 4.90 0.19 4.87 0.00 40.41 120 232
MIY BR MuniYld MI Qlty Fd BlackRock 4.91 -8.17 4.79 0.00 38.48 460 618
MPA BR MuniYld PA Qlty Fd BlackRock 4.75 -9.75 5.24 0.00 39.83 211 298
MUJ BR MuniHldg NJ Qlty Fd BlackRock 4.76 -8.38 4.94 0.00 39.35 475 697
MYJ BR MuniYld NJ Fd BlackRock 4.80 0.81 5.56 0.00 39.48 231 353
MZA BR MuniYld AZ Fd BlackRock 5.01 7.22 4.77 0.00 37.62 67 179
NAZ Nuv AZ Qlty Muni Incm Fd Nuveen 4.82 0.41 4.04 0.00 38.25 171 228
NKG Nuv GA Qlty Muni Incm Fd Nuveen 4.78 -4.94 3.72 0.00 38.68 145 185
NMS Nuv MN Qlty Muni Incm Fd Nuveen 4.60 -3.63 4.92 0.00 37.79 88 190
NMT Nuv MA Qlty Muni Incm Fd Nuveen 4.78 -2.78 4.18 0.00 37.31 138 159
NMY Nuv MD Qlty Muni Incm Fd Nuveen 4.78 -12.82 4.46 0.00 37.54 343 462
NNC Nuv NC Qlty Muni Incm Fd Nuveen 4.69 -12.58 4.04 0.00 38.65 245 441
NPV Nuv VA Qlty Muni Incm Fd Nuveen 4.74 -10.58 4.24 0.00 36.49 261 410
NQP Nuv PA Qlty Muni Incm Fd Nuveen 4.77 -12.19 4.77 0.00 39.79 579 577
NTC Nuv CT Qlty Muni Incm Fd Nuveen 4.72 -14.56 4.09 0.00 36.60 205 553
NTX Nuv TX Qlty Muni Incm Fd Nuveen 4.71 -6.98 4.42 0.00 34.11 155 225
NUM Nuv MI Qlty Muni Incm Fd Nuveen 4.71 -12.99 4.28 0.00 37.70 322 426
NUO Nuv OH Qlty Muni Incm Fd Nuveen 4.72 -11.42 4.21 0.00 36.73 310 356
NXJ Nuv NJ Qlty Muni Incm Fd Nuveen 4.82 -13.60 5.05 0.00 38.05 680 928
VMM DI MN Muni Incm Fd II Delaware 4.52 -7.84 3.77 0.00 30.80 169 256
VPV Invsc PA Val Muni Incm Tr Invesco 4.73 -13.68 5.13 0.00 41.00 336 633

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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