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10. All Sector Equity CEF Index

Data as of 12/04/2019 11/29/2019 10/31/2019 09/30/2019 08/30/2019 07/31/2019 06/28/2019 05/31/2019 04/30/2019 03/29/2019 02/28/2019 01/31/2019 12/31/2018 11/30/2018 10/31/2018 09/28/2018 08/31/2018 07/31/2018 06/29/2018 05/31/2018 04/30/2018 03/29/2018 02/28/2018 01/31/2018 12/29/2017 11/30/2017 10/31/2017 09/29/2017 08/31/2017 06/30/2017

• About
• Performance
• Discount
• Characteristics
• Asset Allocation
• Constituents
• Prices
• Disclosure

Index Performance

	Current($)	Previous Day(%)	1 Week(%)	1 Month(%)	3 Month(%)	6 Month(%)	1 Year(%)	3 Year(%)	5 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,362.93	0.73	-0.01	-0.43	5.72	7.73	14.55	11.67	6.04	-0.29	2.31	23.38
NAV	1,270.83	0.45	-0.77	-0.83	4.57	5.74	11.49	9.14	4.78	-0.72	2.11	17.82
Difference		-0.28	-0.76	-0.40	-1.15	-2.00	-3.06	-2.53	-1.26	-0.43	-0.20	-5.56
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2019 - Monthly Performance (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2019
Price	12.93	2.71	1.27	17.46	2.47	-5.65	6.39	2.86	20.32	0.87	-2.92	2.88	0.74	1.57	1.02	-	-	-	23.67
NAV	9.39	2.39	1.50	13.69	2.16	-5.39	5.82	2.27	15.96	-0.13	-2.04	1.96	-0.25	1.68	1.16	-	-	-	18.54
Difference	-3.53	-0.32	0.23	-3.77	-0.31	0.26	-0.57	-0.59	-4.36	-1.00	0.88	-0.93	-1.00	0.10	0.14	-	-	-	-5.13
2018 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2018
Price	4.51	-4.40	-1.77	-1.87	1.99	0.27	-0.46	1.79	-0.08	2.99	1.06	-0.77	3.28	-9.80	2.89	-8.90	-15.45	-12.18	-12.25
NAV	4.64	-5.38	-1.17	-2.15	1.26	0.58	-0.62	1.22	-0.93	3.62	0.58	-0.57	3.63	-7.18	1.70	-7.03	-12.24	-8.61	-9.55
Difference	0.13	-0.98	0.60	-0.28	-0.72	0.31	-0.16	-0.58	-0.85	0.62	-0.47	0.20	0.35	2.62	-1.19	1.87	3.21	3.56	2.71
2017 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2017
Price	5.02	3.40	1.58	10.30	3.42	1.16	1.12	5.78	16.09	2.87	-0.75	2.84	5.00	0.26	-0.47	2.64	2.42	7.42	23.50
NAV	3.07	2.78	1.14	7.13	1.31	1.03	1.00	3.37	10.50	2.72	0.04	1.42	4.21	0.67	1.24	1.28	3.23	7.44	17.94
Difference	-1.95	-0.62	-0.44	-3.17	-2.11	-0.13	-0.12	-2.41	-5.58	-0.15	0.79	-1.42	-0.79	0.41	1.71	-1.35	0.81	0.02	-5.56
2016 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2016
Price	-7.24	0.15	8.22	0.53	3.36	0.78	1.80	6.04	6.58	4.71	0.24	-0.37	4.57	-3.25	0.89	1.69	-0.75	3.82	10.40
NAV	-5.62	-0.75	6.96	0.18	2.30	0.97	1.03	4.35	4.54	3.66	-0.16	0.27	3.77	-2.25	0.47	1.88	0.06	3.82	8.36
Difference	1.62	-0.90	-1.26	-0.35	-1.06	0.19	-0.77	-1.69	-2.04	-1.05	-0.40	0.64	-0.80	1.01	-0.42	0.19	0.80	0.01	-2.03
2015 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2015
Price	0.44	4.65	-1.69	3.33	1.92	-0.07	-3.73	-1.95	1.38	-2.42	-6.92	-5.12	-13.82	9.32	-2.46	-2.45	4.03	-9.80	-8.42
NAV	-0.13	4.02	-1.25	2.58	2.34	-0.01	-2.76	-0.51	2.07	-0.71	-6.02	-4.42	-10.81	7.34	-1.75	-3.02	2.27	-8.54	-6.47
Difference	-0.57	-0.63	0.43	-0.75	0.42	0.06	0.96	1.45	0.69	1.71	0.91	0.69	3.01	-1.98	0.70	-0.57	-1.75	1.26	1.95

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -5.03%	1Yr Disc -6.37%	3Yr Disc -6.17%	5Yr Disc -7.26%	Rel Disc Range (3yr) 59.69%
Mkt Yield 8.66%	Lev Adj NAV Yield 7.44%	After Tax Yield* 7.63%	Est Tax Friction* 1.03%	3Yr NAV Volatiliy 13.67
1 Yr RoC 36.00%	3 Yr Dest RoC 12.30%	Leverage 11.92%	Non Lev Exp Ratio 1.32%	Beta (2yr) 0.81
Equity Exposure 90.01%	Bond Exposure 6.47%	# Holdings 83	Cash Weighted Duration
Comp NAV TR 2.93%	Comp Discount 2.23%	Net Assets (M) 830	Liquidity - 90d (K) 2,083
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

83 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
ADX	Adams Divr Eq Fd	Adams Funds	1.44	-11.59	5.87	0.00	0.00	1,829	2,789
AOD	Abd Tot Dyn Div Fd	Aberdeen	2.02	-10.98	8.03	17.23	5.95	1,017	2,320
ASG	Liberty All-Star Gwth Fd	ALPS	1.58	3.97	7.64	0.00	0.00	227	721
BGY	BR Enh Intl DivTr	BlackRock	2.05	-8.93	7.10	58.71	0.00	664	1,552
BIF	Boulder Gwth & Incm Fd	Boulder	2.24	-14.48	3.54	19.85	0.00	1,395	1,374
BSTZ	BR Sci & Tech Tr II	BlackRock	1.86	-0.75	6.02	99.60	0.00	1,570	2,766
CAF	MS China A Shr Fd	Morgan Stanley	1.53	-12.15	0.00	0.00	0.00	524	1,532
CET	Cntrl Sec Corp	Central Securities	1.51	-16.01	0.63	0.00	0.00	958	540
CLM	Cornerstone Stgc Val Fd	Cornerstone	2.22	5.33	19.75	85.51	0.00	798	4,563
CRF	Cornerstone Tot Rtn Fd	Cornerstone	2.23	5.69	19.68	82.42	0.00	409	3,035
EMF	Tmp Emrg Mkt Fd	Templeton	1.56	-11.09	7.62	0.00	3.57	289	455
EOD	WF Glbl Div Opp Fd	Wells Fargo	1.54	-7.42	10.58	0.00	15.70	261	632
ETG	EV Tx-Adv Glbl Div Incm Fd	Eaton Vance	3.08	-1.51	6.97	22.61	24.60	1,367	2,401
ETO	EV Tx-Adv Glbl Div Opp Fd	Eaton Vance	1.50	3.68	8.52	27.14	25.20	368	997
EVT	EV Tx-Adv Div Incm Fd	Eaton Vance	2.90	-0.32	7.00	0.00	20.30	1,819	2,682
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	3.42	-5.38	9.94	6.92	26.01	266	944
GAB	Gabelli Eq Tr	Gabelli	1.54	6.68	9.63	58.55	21.00	1,490	3,100
GAM	General American Invstr	General American Inv	1.48	-12.75	6.73	0.00	15.50	1,019	1,439
GDV	Gabelli Div & Incm Tr	Gabelli	2.79	-10.88	6.32	31.04	21.00	1,932	5,354
GLQ	Clough Glbl Eq Fd	Clough	2.04	-9.08	10.56	0.00	34.27	173	688
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.68	-25.04	14.65	23.63	38.94	270	828
HIE	Miller/Howard Hi Incm Eq Fd	Miller/Howard	2.00	7.13	12.52	67.35	33.95	183	1,133
IDE	Voya Infra Ind & Matrls Fd	Voya	1.92	-13.53	8.19	19.90	0.00	249	928
IFN	India Fund	Aberdeen	1.50	-9.61	11.12	0.00	0.00	621	1,772
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.99	-11.63	7.89	58.36	0.00	668	3,669
IIF	MS India Inv Fd	Morgan Stanley	1.54	-14.46	0.00	0.00	0.00	311	743
INF	Brkf Glbl Lstd Infra Incm Fd	Brookfield	1.89	-8.34	7.37	58.32	25.75	196	804
JCE	Nuv Core Eq Alpha Fd	Nuveen	1.54	-1.14	6.80	59.85	0.00	239	810
RMT	Royce Micro-Cap Tr	Legg Mason	1.52	-11.29	8.24	14.07	5.40	377	1,038
RVT	Royce Val Tr	Legg Mason	2.28	-10.14	7.15	0.46	4.33	1,537	3,461
TDF	Tmp Dragon Fd	Templeton	1.55	-12.14	5.26	0.00	0.00	719	1,281
TY	Tri-Cont Corp	Columbia Mngmt	1.53	-8.88	3.55	0.00	2.30	1,651	1,237
USA	Liberty All-Star Eq Fd	ALPS	2.21	-1.05	10.35	0.00	0.00	1,359	4,024
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	0.31	-2.48	8.55	86.39	0.00	2,686	4,710
BDJ	BR Enh Eq Div Tr	BlackRock	0.31	-3.52	6.26	0.00	0.00	1,864	4,083
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	0.30	2.07	8.98	85.91	0.00	1,193	3,484
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	0.30	2.31	8.17	56.60	0.00	1,812	3,313
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	0.31	-1.36	8.56	59.44	0.00	1,110	2,685
NFJ	AG NFJ Div Int & Prm Stgy	Allianz	0.31	-8.57	6.91	48.63	0.00	1,350	2,818
BST	BR Sci & Tech Tr	BlackRock	0.31	3.90	5.28	0.00	0.00	739	2,087
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	0.32	1.01	6.50	73.47	0.00	934	2,131
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	0.31	0.58	6.74	72.75	0.00	1,424	2,358
BOE	BR Enh Glbl DivTr	BlackRock	0.30	-10.65	7.04	48.11	0.00	792	2,122
EOS	EV Enh Eq Incm Fd II	Eaton Vance	0.31	0.47	6.89	23.48	0.00	825	1,652
CII	BR Enh Cap & Incm Fd	BlackRock	0.30	-5.54	6.00	31.17	0.00	773	1,637
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	0.30	0.87	9.81	89.25	0.00	587	1,448
DIAX	Nuv Dow 30SM Dyn Owrt Fd	Nuveen	0.30	-1.26	6.56	71.13	0.00	662	1,233
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	0.30	-9.49	11.61	40.82	36.63	1,731	8,900
TYG	Tortoise Nrg Infra Corp	Tortoise	0.29	-3.23	15.89	100.00	36.80	916	4,735
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	0.30	3.28	20.91	97.08	30.07	195	3,052
NTG	Tortoise Midstream Nrg Fd	Tortoise	0.28	-5.10	17.14	100.00	40.98	657	4,179
CEM	CB MLP & Midstream Fd	Legg Mason	0.31	-10.91	11.85	100.00	34.25	787	3,454
MIE	C&S MLP Incm & Nrg Opp Fd	Cohen & Steers	0.27	1.48	13.47	94.57	33.60	181	1,535
KMF	KA Midstream/Nrg Fd	Kayne Anderson	0.31	-13.97	9.37	94.81	33.33	527	2,161
EMO	CB Nrg Midstream Opp Fd	Legg Mason	0.30	-12.53	12.20	77.25	35.59	618	2,474
JMF	Nuv Nrg MLP Total Rtn Fd	Nuveen	0.29	-2.99	14.01	100.00	29.94	300	1,739
NML	NB MLP Incm Fd	Neuberger Berman	0.30	-10.70	10.41	92.51	25.80	402	1,820
FEN	FT Nrg Incm & Gwth Fd	First Trust	0.31	2.84	11.46	78.23	27.11	394	1,866
FEI	FT MLP & Nrg Incm Fd	First Trust	0.33	-3.55	11.04	93.69	27.03	530	2,395
RQI	C&S Qlty Incm Rty Fd	Cohen & Steers	1.27	1.49	6.40	0.00	21.70	1,613	5,628
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.44	-9.87	7.41	62.14	8.31	614	2,170
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	1.40	-8.64	7.46	68.97	12.84	1,026	2,299
HQH	Tekla Health Invstr	Tekla	1.54	-11.02	8.00	73.10	0.00	976	3,511
THQ	Tekla Health Opp Fd	Tekla	1.46	-9.34	7.28	74.13	22.40	848	1,919
THW	Tekla Wld Health Fd	Tekla	1.40	-6.55	10.33	91.67	22.75	439	1,411
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.37	2.87	13.95	90.98	12.00	584	3,513
BCX	BR Res & Com Stgy Tr	BlackRock	1.41	-12.49	8.18	60.35	0.00	789	1,720
BGR	BR Nrg & Res Tr	BlackRock	1.35	-9.03	8.56	60.54	0.00	357	1,407
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	0.71	0.15	7.48	51.26	31.26	2,046	3,128
NIE	AG Eq & Convt Incm Fd	Allianz	0.71	-7.18	6.76	0.00	0.00	672	1,554
CHW	Calamos Glbl Dyn Incm Fd	Calamos	0.76	6.83	9.77	58.58	36.95	477	1,634
GLO	Clough Glbl Opp Fd	Clough	0.71	-12.06	10.96	40.98	38.29	342	1,184
ZTR	Virtus Glbl Div & Inc Fd	Virtus	1.39	7.17	12.26	65.49	27.72	487	988
FOF	C&S CE Opp Fd	Cohen & Steers	0.69	-1.58	7.96	51.96	0.00	363	783
UTG	Reaves Util Incm Fd	W.H. Reaves	0.83	4.24	5.82	0.00	19.77	1,734	4,870
UTF	C&S Infra Fd	Cohen & Steers	0.79	-1.29	7.15	0.20	26.80	2,249	5,243
DNP	DNP Sel Incm Fd	Duff & Phelps	0.81	25.22	6.11	29.49	23.76	3,027	4,730
DPG	D&P Util & Infra Fd	Duff & Phelps	0.77	-3.91	9.33	30.57	29.02	592	1,404
GUT	Gabelli Util Tr	Gabelli	0.86	58.98	7.70	90.57	27.00	265	1,027
IAE	Voya AP Hi Div Eq Incm Fd	Voya	1.60	-11.99	10.55	67.19	0.00	110	260
IHD	Voya Emrg Mkt Hi Div Eq Fd	Voya	1.77	-8.89	9.76	66.15	0.00	154	426
CUBA	Herzfeld Caribbean Basin Fd	Herzfeld Cuba	1.70	-14.12	17.17	0.00	0.00	47	89
BTO	JH Fin Opp Fd	John Hancock	1.76	-1.87	6.35	16.13	16.40	660	1,743

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.

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