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10. All Sector Equity CEF Index

Data as of 07/06/2020 06/30/2020 05/29/2020 04/30/2020 03/31/2020 02/28/2020 01/31/2020 12/31/2019 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	1,226.47	0.99	3.85	-2.92	32.25	-13.73	-8.20	1.69	4.47	2.04	2.04	-13.43
NAV	1,195.31	1.20	3.91	-2.07	28.67	-10.23	-5.33	2.69	3.90	2.20	2.20	-9.90
Difference		0.21	0.06	0.85	-3.58	3.50	2.87	1.00	-0.57	0.16	0.16	3.53
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2020 - Monthly Performance (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	-0.69	-10.84	-21.27	-30.29	14.01	5.04	1.63	21.71	-8.58	-	-	-	-	-	-	-	-	-	-
NAV	-1.49	-7.88	-19.54	-26.98	12.95	4.92	1.88	20.74	-6.24	-	-	-	-	-	-	-	-	-	-
Difference	-0.80	2.96	1.73	3.31	-1.06	-0.12	0.25	-0.97	2.34	-	-	-	-	-	-	-	-	-	-
2019 - Monthly Performance (%)
	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	3.64	6.35	7.09	27.41
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	3.64	6.60	6.35	22.31
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	0.00	0.25	-0.74	-5.11
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 -10.72%	1Yr Disc -8.04%	3Yr Disc -7.06%	5Yr Disc -8.03%	Rel Disc Range (3yr) 49.51%
Mkt Yield 8.83%	Lev Adj NAV Yield 7.24%	After Tax Yield* 7.74%	Est Tax Friction* 1.09%	3Yr NAV Volatiliy 24.17
1 Yr RoC 33.45%	3 Yr Dest RoC 23.15%	Leverage 11.68%	Non Lev Exp Ratio 1.29%	Beta (2yr) 1.01
Equity Exposure 90.57%	Bond Exposure 7.27%	# Holdings 85	Cash Weighted Duration 0.07
Comp NAV TR 2.69%	Comp Discount 0.84%	Net Assets (M) 750	Liquidity - 90d (K) 2,501
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

85 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
ADX	Adams Divr Eq Fd	Adams Funds	1.36	-14.77	5.89	0.00	0.00	1,951	3,592
AGD	Abd Glbl Dyn Div Fd	Aberdeen	1.35	-12.55	8.54	3.67	0.00	131	502
AOD	Abd Tot Dyn Div Fd	Aberdeen	1.87	-13.64	8.79	7.93	0.00	958	2,623
ASG	Liberty All-Star Gwth Fd	ALPS	1.38	-1.20	6.70	0.00	0.00	303	1,362
BGY	BR Enh Intl DivTr	BlackRock	1.90	-11.50	7.64	34.28	0.00	631	1,523
BIF	Boulder Gwth & Incm Fd	Boulder	2.04	-17.06	4.26	24.69	0.00	1,186	2,228
BSTZ	BR Sci & Tech Tr II	BlackRock	1.92	-11.84	5.05	100.00	0.00	2,105	5,831
CAF	MS China A Shr Fd	Morgan Stanley	1.47	-17.44	3.79	0.00	0.00	573	2,182
CET	Cntrl Sec Corp	Central Securities	1.35	-16.62	4.61	0.00	0.00	907	704
CLM	Cornerstone Stgc Val Fd	Cornerstone	2.08	10.99	20.98	82.81	0.00	725	5,941
CRF	Cornerstone Tot Rtn Fd	Cornerstone	2.06	12.92	20.90	85.21	0.00	366	3,701
DNI	Div & Incm Fd	Bexil	1.35	-22.85	9.62	60.32	14.70	168	527
EMF	Tmp Emrg Mkt Fd	Templeton	1.39	-13.89	7.98	0.00	3.64	274	773
EOD	WF Glbl Div Opp Fd	Wells Fargo	1.91	-10.84	12.99	16.76	18.69	214	717
ETG	EV Tx-Adv Glbl Div Incm Fd	Eaton Vance	2.74	-9.66	8.43	13.86	24.97	1,232	3,147
ETO	EV Tx-Adv Glbl Div Opp Fd	Eaton Vance	1.36	-5.89	8.05	6.95	24.77	354	1,452
EVT	EV Tx-Adv Div Incm Fd	Eaton Vance	2.72	-5.86	8.95	7.07	23.48	1,519	4,025
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	3.01	-12.83	6.84	51.18	22.03	208	1,083
GAB	Gabelli Eq Tr	Gabelli	1.33	7.89	11.86	45.43	27.00	1,206	3,233
GAM	General American Invstr	General American Inv	1.35	-17.52	7.54	0.00	18.94	971	1,664
GDV	Gabelli Div & Incm Tr	Gabelli	2.72	-14.06	7.42	12.35	19.00	1,877	5,272
GLQ	Clough Glbl Eq Fd	Clough	1.36	-15.77	12.10	19.85	45.40	172	635
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.86	-33.09	15.44	17.27	16.03	220	1,095
HIE	Miller/Howard Hi Incm Eq Fd	Miller/Howard	1.85	-15.85	7.79	64.87	29.96	137	992
IDE	Voya Infra Ind & Matrls Fd	Voya	1.31	-17.61	10.30	73.45	0.00	208	638
IFN	India Fund	Aberdeen	1.39	-12.86	10.33	7.01	0.00	424	2,264
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.87	-14.29	9.76	72.45	0.00	557	1,834
IIF	MS India Inv Fd	Morgan Stanley	1.39	-12.37	0.16	0.00	0.00	259	1,045
JCE	Nuv Core Eq Alpha Fd	Nuveen	1.36	-8.94	7.30	18.14	0.00	217	605
JTD	Nuv Tx-Adv Div Gwth Fd	Nuveen	1.40	-8.59	8.92	14.19	27.34	209	523
LGI	Lzrd Glbl Tot Rtn & Incm Fd	Lazard	1.87	-14.23	8.90	35.27	29.38	218	829
RMT	Royce Micro-Cap Tr	Legg Mason	1.34	-16.69	8.78	12.94	7.24	368	1,578
RVT	Royce Val Tr	Legg Mason	2.02	-12.95	8.23	4.66	5.89	1,380	4,257
SOR	Source Capital	First Pacific	1.36	-17.01	2.94	0.00	0.00	347	513
TDF	Tmp Dragon Fd	Templeton	1.46	-14.56	4.41	0.00	0.00	882	1,348
TY	Tri-Cont Corp	Columbia Mngmt	2.04	-13.02	4.50	0.00	2.80	1,549	1,841
USA	Liberty All-Star Eq Fd	ALPS	2.04	-7.92	9.64	0.16	0.00	1,318	4,640
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	0.32	-8.56	9.88	91.56	0.00	2,477	6,318
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	0.33	-0.79	6.50	92.81	0.00	973	5,122
BST	BR Sci & Tech Tr	BlackRock	0.33	-0.76	5.06	15.57	0.00	952	5,063
BDJ	BR Enh Eq Div Tr	BlackRock	0.32	-10.42	8.12	3.50	0.00	1,547	4,671
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	0.31	6.31	9.40	94.45	0.00	1,153	4,379
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	0.32	-6.12	9.28	63.24	0.00	1,761	4,201
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	0.32	-5.84	9.85	72.17	0.00	1,011	3,937
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	0.33	-10.48	7.69	54.97	0.00	1,301	3,619
EOS	EV Enh Eq Incm Fd II	Eaton Vance	0.32	-0.83	6.62	39.09	0.00	885	3,319
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	0.32	-0.52	9.45	69.54	0.00	619	3,168
NFJ	AG Div Int & Prm Stgy Fd	Allianz	0.32	-13.85	7.91	7.00	0.00	1,252	2,765
STK	ClmbSlgmn Prm Tech Gwth Fd	Columbia Mngmt	0.32	4.98	8.20	19.10	0.00	341	2,319
CII	BR Enh Cap & Incm Fd	BlackRock	0.32	-9.95	7.12	24.96	0.00	723	2,139
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	0.35	-19.48	12.00	100.00	31.55	785	6,254
TYG	Tortoise Nrg Infra Corp	Tortoise	0.36	-27.27	0.00	83.93	26.80	282	2,849
FEI	FT MLP & Nrg Incm Fd	First Trust	0.35	-19.34	11.24	59.12	18.53	311	1,808
CEM	CB MLP & Midstream Fd	Legg Mason	0.35	-21.49	12.84	78.88	30.40	265	1,654
NTG	Tortoise Midstream Nrg Fd	Tortoise	0.35	-26.11	0.00	100.00	22.50	139	1,609
FEN	FT Nrg Incm & Gwth Fd	First Trust	0.36	-16.07	11.37	71.69	18.79	252	1,567
KMF	KA Midstream/Nrg Fd	Kayne Anderson	0.36	-25.55	8.24	89.28	30.67	277	1,423
EMO	CB Nrg Midstream Opp Fd	Legg Mason	0.35	-22.68	11.56	77.68	29.41	209	1,098
NML	NB MLP & Nrg Incm Fd	Neuberger Berman	0.36	-19.44	5.64	100.00	8.10	201	919
CTR	CB MLP & Midstream Tot Rtn Fd	Legg Mason	0.34	-22.77	12.75	100.00	21.69	125	753
FPL	FT New Opp MLP & Nrg Fd	First Trust	0.35	-18.76	11.06	41.88	19.26	129	745
RQI	C&S Qlty Incm Rty Fd	Cohen & Steers	1.39	-8.77	8.63	0.00	27.00	1,636	8,812
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	1.39	-16.83	9.87	61.58	18.83	852	2,875
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.39	-15.60	10.08	42.64	0.00	482	2,131
HQH	Tekla Health Invstr	Tekla	1.37	-13.66	7.63	0.00	0.00	1,072	4,147
THQ	Tekla Health Opp Fd	Tekla	1.38	-10.81	7.47	50.00	23.70	838	3,032
THW	Tekla Wld Health Fd	Tekla	1.39	1.32	9.61	93.40	24.06	433	2,978
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.36	-14.25	10.50	83.22	12.00	623	4,641
BCX	BR Res & Com Stgy Tr	BlackRock	1.38	-16.06	7.72	64.46	0.00	670	2,480
BGR	BR Nrg & Res Tr	BlackRock	1.34	-12.78	7.94	59.95	0.00	243	1,544
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	0.70	-2.44	8.68	11.47	32.68	2,031	4,957
NIE	AG Eq & Convt Incm Fd	Allianz	0.69	-11.79	6.64	0.00	0.00	719	1,902
ZTR	Virtus Tot Rtn Fd	Virtus	0.69	-4.89	11.48	74.53	26.74	417	1,425
GLO	Clough Glbl Opp Fd	Clough	0.70	-15.07	11.93	55.72	45.04	342	1,174
FOF	C&S CE Opp Fd	Cohen & Steers	0.69	-4.19	9.71	54.43	0.00	305	1,137
RIV	RiverNorth Opp Fd	RiverNorth	0.70	3.23	14.09	69.76	6.64	139	1,062
UTG	Reaves Util Incm Fd	W.H. Reaves	0.83	1.90	7.08	0.00	23.47	1,474	9,300
UTF	C&S Infra Fd	Cohen & Steers	0.85	-1.55	8.16	0.00	31.00	2,166	7,929
DNP	DNP Sel Incm Fd	Duff & Phelps	0.83	26.26	7.08	20.77	27.22	2,649	4,691
DPG	D&P Util & Infra Fd	Duff & Phelps	0.81	-10.44	12.84	48.64	31.88	462	1,583
MGU	Macquarie Glbl Infra Tot Rtn	Macquarie	0.85	-16.93	4.95	8.48	34.80	273	1,282
IAE	Voya AP Hi Div Eq Incm Fd	Voya	1.66	-9.51	11.03	80.68	0.00	103	328
AEF	Abd Emrg Mkt Eq Incm Fd	Aberdeen	1.74	-14.91	2.65	0.00	10.31	385	462
CUBA	Herzfeld Caribbean Basin Fd	Herzfeld Cuba	1.66	-20.13	16.47	89.34	0.00	29	90
BTO	JH Fin Opp Fd	John Hancock	1.59	9.66	9.83	10.82	24.01	381	2,509

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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