CEF Advisors

7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

CEF Advisors' CEF/BDC Indexes

Data as of 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 -1.09 -6.40 -4.63 -3.98 77.21 7.15 5.81 6.02 1.13 40.3 16.8 23.6 1.57 20.56 40.29 56.68 84 1.96 0.88 1.95 1.97 1,349 4,707
02. High Income Index -0.08 -7.20 -4.74 -4.03 77.45 9.23 7.58 7.83 1.40 51.4 25.8 24.0 2.63 19.53 48.86 48.85 101 1.71 0.86 -2.24 2.58 580 2,768
03. Equity Income Index -4.29 -7.75 -6.10 -5.96 68.74 7.32 6.36 6.54 0.78 57.1 25.2 13.1 1.42 26.85 88.53 9.11 67 0.04 1.15 4.01 2.13 1,035 3,212
04. 60/40 Balanced (w/ BDCs) Index -2.19 -7.18 -5.46 -5.34 72.02 7.24 5.99 6.02 1.22 36.8 16.0 20.9 1.60 20.13 56.44 39.70 170 1.39 0.88 1.84 1.92 985 3,347
05. Tax-Advantaged Equity Dividend Index -4.33 -8.68 -6.65 -6.58 67.04 7.52 6.91 6.96 0.56 65.0 16.7 5.6 1.27 22.23 94.36 1.90 32 0.06 0.97 -0.61 -0.54 830 2,138
06. Tax-Sensitive Income Index -6.23 -10.54 -7.19 -5.50 66.01 6.32 5.16 6.13 0.19 74.1 43.6 21.2 1.44 30.08 64.56 33.51 62 2.98 1.12 0.22 1.15 770 2,125
07. Taxable Bond & BDC Index 1.42 -4.11 -3.45 -3.34 82.73 7.41 5.78 5.93 1.48 25.7 9.3 31.2 1.50 10.21 3.80 91.07 87 4.58 0.48 0.00 1.42 886 3,344
08. Discount CEF/BDC Index -14.38 -19.32 -14.27 -12.24 55.78 6.28 4.50 5.79 0.49 58.7 33.9 22.4 2.25 22.92 56.62 40.85 36 1.55 1.04 1.33 -9.11 487 1,421
09. Premium CEF/BDC Index 17.17 7.72 6.24 4.65 86.09 7.64 6.91 6.34 1.30 24.5 10.7 34.1 2.00 13.00 20.35 77.97 33 4.30 0.62 4.11 15.72 874 4,409
10. All Sector Equity CEF Index -5.62 -9.00 -7.14 -7.17 66.26 7.09 6.18 6.16 0.93 46.6 21.0 11.6 1.36 25.26 89.96 7.74 89 0.07 1.03 2.15 1.90 950 2,748
11. Alternative Income Index 2.79 -3.06 -0.56 -0.64 76.80 8.47 6.92 7.03 1.44 43.9 19.5 28.0 2.55 22.02 46.06 51.95 77 1.49 1.00 5.24 3.49 897 4,350

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 -10.59 -13.81 -12.57 -11.89 68.82 5.54 4.88 4.73 0.81 49.3 16.1 2.8 1.40 23.98 95.95 2.37 24 N/A 0.90 0.00 -0.14 312 562
02. US Equity Index -0.78 -4.09 -2.65 -2.87 66.51 7.27 7.23 6.46 0.81 60.0 2.9 3.2 1.13 22.36 97.64 0.63 26 N/A 0.76 -0.08 3.43 851 2,850
03. Global Equity Index -6.97 -10.27 -8.15 -8.35 63.75 6.87 6.00 5.77 1.10 31.9 15.1 10.1 1.31 23.70 91.42 6.35 41 0.06 0.91 0.27 1.67 865 2,278
04. Covered Call / Option Funds Index -1.69 -6.18 -3.61 -3.90 69.51 6.87 6.69 6.35 0.52 62.0 5.8 1.4 1.06 21.26 95.66 2.51 24 N/A 0.88 2.16 0.30 946 2,488
05. Global Real Estate, REIT & Real Asset Index -3.45 -8.95 -8.33 -8.55 88.59 7.03 5.65 6.17 0.86 45.1 5.2 20.7 1.25 30.58 72.02 27.20 8 N/A 1.22 3.99 0.80 781 2,317
06. Utilities / Infrastructure Index 10.78 12.57 7.17 4.01 61.39 6.73 6.19 5.89 0.84 45.0 9.6 22.9 1.39 26.51 92.68 6.36 7 N/A 1.20 3.51 5.36 1,315 4,241
07. Master Limited Partnership (MLP) Fund Index -15.14 -20.29 -11.91 -8.24 46.13 6.45 4.56 6.33 0.12 91.9 77.5 22.3 2.03 53.69 97.07 1.84 15 N/A 2.02 4.40 1.05 317 1,336
08. Preferred Equity Index 5.94 2.71 1.03 0.29 76.41 6.47 5.16 4.96 1.51 10.2 3.9 32.7 1.23 20.77 3.91 89.91 15 4.41 0.80 0.93 0.18 770 1,737
09. Hybrid / Balanced Fund Index -4.18 -9.67 -4.57 -5.75 67.66 7.56 6.21 6.38 1.18 53.6 26.8 19.1 1.55 20.83 64.67 32.64 16 N/A 0.96 1.94 -1.19 683 1,769

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 10.16 -10.41 -5.21 -2.20 89.27 8.37 6.12 6.33 2.04 10.5 2.6 47.9 3.84 10.24 9.93 87.05 34 N/A 1.54 0.88 6.85 1,313 6,652
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 32 N/A N/A N/A N/A N/A N/A
03. High Yield Bond Index -2.62 -7.22 -8.05 -8.68 84.60 7.26 5.76 5.58 1.68 14.7 4.0 22.8 1.32 10.11 4.43 87.53 28 3.20 0.42 1.22 -0.16 433 1,720
04. Senior Loan Index -4.38 -9.92 -9.37 -8.12 90.38 5.67 4.06 4.38 1.29 17.7 5.2 32.1 1.56 9.24 1.45 96.89 17 0.88 0.36 -3.38 -0.19 399 1,852
05. Convertible Bond Index -2.47 -8.61 -4.58 -4.74 67.58 6.95 5.24 5.59 1.36 40.1 0.0 27.8 1.40 19.25 5.57 93.07 10 2.60 0.96 -2.18 0.00 543 2,173
06. Investment Grade Bond Index 3.93 -0.18 -0.14 -0.97 82.03 6.61 5.51 5.25 1.36 21.5 9.4 25.8 1.14 7.83 1.74 95.63 36 6.43 0.28 -2.16 1.90 589 2,022
07. Multisector Bond Fund Index 5.17 -1.07 0.21 0.72 84.35 7.99 6.48 6.42 1.57 26.3 12.9 30.4 1.47 8.83 5.01 87.14 21 4.63 0.28 -2.05 0.85 925 3,639
08. US Bond Index 0.01 -4.92 -4.32 -3.90 85.92 6.85 5.35 5.22 1.63 8.8 3.0 28.2 1.49 9.33 1.32 96.04 70 3.67 0.40 1.37 0.72 495 1,900
09. International Bond Index -0.69 -6.19 -5.31 -6.36 77.02 8.47 7.10 7.22 1.25 45.0 34.7 20.2 1.59 10.22 0.72 87.57 12 4.88 0.47 0.35 0.86 480 1,541

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 -1.24 -5.16 -6.18 -5.05 91.60 4.45 3.24 4.44 0.01 2.4 0.0 35.8 0.94 8.06 0.07 99.54 31 9.42 0.29 0.45 -0.53 1,112 1,847
02. High Yield Municipal Index 0.56 -3.50 -3.09 -2.31 78.88 4.65 3.62 4.65 0.00 4.8 0.0 29.4 1.09 7.93 0.41 98.97 7 10.06 0.28 2.46 1.83 511 1,179
03. Term Municipal Fund Index -0.47 -3.46 -3.65 -3.83 75.11 4.53 3.35 4.39 0.14 24.0 23.7 34.7 1.33 6.89 11.46 87.01 11 7.37 0.24 3.08 0.10 603 1,112
04. California Municipal Index -5.28 -8.10 -8.94 -6.39 89.69 4.06 2.78 4.06 0.00 0.8 0.0 38.4 0.98 8.38 0.00 99.67 9 10.05 0.31 0.29 -3.39 722 1,076
05. New York Municipal Index -4.26 -7.96 -9.08 -7.00 86.26 4.36 2.99 4.36 0.00 2.0 0.0 39.6 1.10 7.51 0.00 99.28 8 9.27 0.28 0.20 -1.78 463 772
06. State Municipal Index (Non NY/CA) -4.24 -8.56 -10.25 -8.36 87.69 4.13 2.90 4.13 0.00 0.6 0.0 36.2 0.97 7.84 0.09 99.43 17 9.50 0.26 0.07 -0.86 564 832

* 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, 2019. 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 2019. 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.