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

04. 60/40 Balanced (w/ BDCs) Index

Data as of 05/15/2025 04/30/2025 03/31/2025 02/28/2025 01/31/2025 12/31/2024 11/29/2024 10/31/2024 09/30/2024 08/30/2024 07/31/2024 06/28/2024 05/31/2024 04/30/2024 03/28/2024 02/29/2024 01/31/2024 12/29/2023 11/30/2023 10/31/2023 09/29/2023 08/31/2023 07/31/2023 06/30/2023 05/31/2023 04/28/2023 03/31/2023 03/23/2023 02/28/2023 01/31/2023 12/30/2022 11/30/2022 10/31/2022 09/30/2022 08/31/2022 07/29/2022 06/30/2022 05/31/2022 04/29/2022 03/31/2022 02/28/2022 02/11/2022 01/31/2022 12/31/2021 11/30/2021 10/29/2021 09/30/2021 08/31/2021 07/30/2021 06/30/2021 05/28/2021 04/30/2021 03/31/2021 02/26/2021 01/29/2021 12/31/2020 11/30/2020 10/30/2020 09/30/2020 08/31/2020 07/31/2020 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(%)	10 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	2,094.90	-0.18	2.00	7.33	-0.93	6.14	18.05	11.69	14.75	7.74	3.19	1.63	3.62
NAV	1,832.44	0.16	1.62	5.79	-0.17	1.50	8.36	8.54	11.05	6.23	2.65	2.28	2.75
Difference		0.34	-0.38	-1.54	0.77	-4.64	-9.69	-3.15	-3.70	-1.51	-0.55	0.65	-0.88
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.02

2025 - Monthly Performance (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2025
Price	4.26	-0.54	-1.67	1.96	-1.52	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	2.75	-0.18	-2.05	0.46	-0.36	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	-1.51	0.36	-0.38	-1.50	1.16	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2024 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2024
Price	1.89	2.22	2.96	7.23	-2.79	3.71	1.66	2.49	9.90	2.78	2.09	2.30	7.34	-1.44	7.44	-1.34	4.48	12.14	23.24
NAV	-0.01	2.05	2.65	4.74	-2.28	2.84	0.94	1.45	6.25	2.24	1.87	1.82	6.04	-1.08	3.14	-2.95	-0.98	5.01	11.57
Difference	-1.90	-0.18	-0.31	-2.49	0.51	-0.86	-0.72	-1.04	-3.65	-0.54	-0.22	-0.48	-1.29	0.36	-4.30	-1.62	-5.46	-7.14	-11.67
2023 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2023
Price	9.69	-2.61	-1.88	4.82	0.49	-2.20	5.47	3.66	8.65	3.60	-2.57	-3.33	-2.42	-4.76	8.41	4.29	7.68	5.07	14.15
NAV	6.43	-2.74	0.20	3.72	0.97	-1.65	4.26	3.54	7.39	2.73	-1.77	-2.69	-1.80	-2.63	6.64	4.41	8.41	6.46	14.32
Difference	-3.26	-0.13	2.08	-1.09	0.48	0.55	-1.21	-0.12	-1.26	-0.87	0.80	0.64	0.62	2.13	-1.77	0.12	0.73	1.39	0.17
2022 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2022
Price	-3.17	-2.88	1.76	-4.30	-6.88	-0.81	-7.22	-14.30	-17.99	8.08	-2.59	-11.64	-6.98	5.99	5.77	-5.08	6.40	-1.02	-18.83
NAV	-2.92	-1.40	1.04	-3.28	-5.53	-0.45	-6.68	-12.24	-15.12	5.98	-2.54	-7.51	-4.47	4.17	4.98	-2.87	6.22	1.48	-13.86
Difference	0.25	1.48	-0.72	1.02	1.35	0.36	0.54	2.06	2.87	-2.09	0.05	4.13	2.51	-1.82	-0.78	2.21	-0.18	2.50	4.96
2021 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2021
Price	1.62	4.47	3.74	10.13	3.78	2.48	1.62	8.08	19.02	-0.40	2.11	-2.69	-1.03	4.14	-2.58	2.51	4.00	2.93	22.51
NAV	0.90	2.50	1.98	5.47	3.19	1.67	1.01	5.97	11.76	0.08	1.50	-2.00	-0.45	3.17	-2.03	2.22	3.32	2.85	14.94
Difference	-0.72	-1.97	-1.77	-4.66	-0.59	-0.81	-0.61	-2.11	-7.26	0.48	-0.61	0.69	0.58	-0.97	0.55	-0.29	-0.68	-0.08	-7.56
2020 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	0.36	-9.50	-21.75	-28.93	12.59	5.87	1.68	21.20	-13.87	4.09	3.86	-2.83	5.06	-1.96	14.61	4.35	17.26	23.19	6.10
NAV	-0.28	-5.29	-18.27	-22.82	10.16	4.39	2.27	17.61	-9.23	4.52	3.37	-2.14	5.72	-0.51	9.54	3.90	13.24	19.71	8.67
Difference	-0.64	4.21	3.48	6.12	-2.44	-1.48	0.60	-3.59	4.64	0.42	-0.50	0.68	0.66	1.45	-5.06	-0.46	-4.02	-3.47	2.57
2019 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2019
Price	11.90	2.46	1.13	15.95	2.46	-4.08	5.17	3.37	19.86	1.28	-1.92	2.32	1.63	1.04	1.10	2.96	5.18	6.90	28.13
NAV	7.27	2.04	1.33	10.91	1.97	-3.42	4.31	2.73	13.93	0.35	-1.13	1.36	0.57	1.14	0.95	2.96	5.13	5.72	20.45
Difference	-4.64	-0.42	0.20	-5.04	-0.50	0.66	-0.86	-0.65	-5.93	-0.93	0.79	-0.95	-1.07	0.10	-0.15	-0.00	-0.05	-1.18	-7.68
2018 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2018
Price	2.27	-3.15	-0.68	-1.62	1.62	0.68	-0.18	2.12	0.47	2.52	1.28	-0.97	2.83	-8.02	1.60	-7.42	-13.48	-11.03	-10.61
NAV	3.15	-3.55	-0.69	-1.19	0.89	0.49	-0.22	1.16	-0.05	2.59	0.70	-0.23	3.07	-5.02	0.62	-5.01	-9.22	-6.43	-6.47
Difference	0.88	-0.40	-0.01	0.42	-0.73	-0.19	-0.04	-0.96	-0.52	0.07	-0.57	0.73	0.24	3.00	-0.98	2.41	4.26	4.60	4.14
2017 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2017
Price	3.74	2.93	0.91	7.75	2.97	0.94	0.87	4.85	12.97	2.43	-0.84	2.42	4.03	-0.01	-0.68	1.90	1.18	5.26	18.91
NAV	2.11	2.27	0.74	5.21	1.33	1.08	0.90	3.34	8.72	2.02	0.08	1.29	3.42	0.75	0.81	1.01	2.59	6.10	15.36
Difference	-1.62	-0.65	-0.17	-2.54	-1.64	0.13	0.03	-1.51	-4.25	-0.41	0.92	-1.13	-0.61	0.77	1.50	-0.89	1.41	0.84	-3.56
2016 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2016
Price	-5.40	0.25	7.55	2.00	3.32	0.95	2.24	6.63	8.77	4.62	0.92	-0.50	5.06	-2.65	0.37	2.25	-0.10	4.95	14.16
NAV	-3.90	-0.71	5.51	0.67	2.47	1.09	1.09	4.72	5.42	3.36	0.45	0.51	4.36	-1.25	-0.04	1.69	0.37	4.75	10.43
Difference	1.50	-0.96	-2.05	-1.33	-0.85	0.14	-1.14	-1.91	-3.35	-1.26	-0.47	1.01	-0.70	1.40	-0.41	-0.56	0.47	-0.21	-3.73
2015 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2015
Price	0.83	3.78	-1.13	3.47	1.72	-0.53	-3.83	-2.69	0.68	-2.04	-4.99	-4.34	-10.96	7.42	-1.82	-1.95	3.41	-7.93	-7.30
NAV	0.26	3.08	-0.57	2.76	1.76	0.13	-2.17	-0.31	2.43	-0.34	-4.22	-3.33	-7.73	5.09	-1.41	-2.84	0.68	-7.10	-4.84
Difference	-0.57	-0.70	0.56	-0.71	0.04	0.66	1.66	2.38	1.75	1.70	0.77	1.01	3.24	-2.33	0.41	-0.88	-2.73	0.83	2.46
2014 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2014
Price	-0.57	3.92	0.66	4.00	1.57	2.40	2.25	6.35	10.60	-1.89	2.44	-3.29	-2.80	1.14	0.91	-2.50	-0.50	-3.28	6.98
NAV	-0.36	3.22	1.01	3.89	1.11	2.00	2.01	5.21	9.30	-1.07	2.36	-2.79	-1.56	1.17	0.43	-1.67	-0.09	-1.65	7.50
Difference	0.21	-0.70	0.35	-0.11	-0.45	-0.40	-0.24	-1.13	-1.30	0.81	-0.08	0.50	1.23	0.03	-0.48	0.83	0.41	1.62	0.52
2013 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2013
Price	6.45	0.79	2.03	9.46	1.65	-1.26	-2.51	-2.15	7.11	1.59	-3.00	2.40	0.91	3.55	-0.44	1.68	4.82	5.78	13.30
NAV	4.16	0.38	1.95	6.59	2.30	-0.41	-2.90	-1.08	5.44	3.11	-1.99	3.10	4.18	2.97	0.65	0.99	4.67	9.05	14.99
Difference	-2.29	-0.41	-0.08	-2.87	0.65	0.85	-0.39	1.07	-1.67	1.52	1.00	0.70	3.28	-0.58	1.09	-0.69	-0.15	3.28	1.69
2012 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2012
Price	7.91	3.88	0.14	12.25	0.53	-5.35	3.60	-1.43	10.64	2.77	2.18	2.83	7.97	-0.91	-1.01	1.17	-0.77	7.14	18.55
NAV	4.57	3.36	0.48	8.60	0.36	-5.28	2.76	-2.32	6.08	2.30	1.65	2.44	6.53	0.31	0.34	1.51	2.17	8.84	15.45
Difference	-3.34	-0.52	0.34	-3.64	-0.16	0.06	-0.84	-0.90	-4.57	-0.46	-0.53	-0.38	-1.45	1.22	1.35	0.34	2.94	1.70	-3.09

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -4.72%	1Yr Disc -5.22%	3Yr Disc -6.60%	5Yr Disc -5.83%	Rel Disc Range (3yr) 56.20%
Mkt Yield 10.10%	Lev Adj NAV Yield 8.33%	After Tax Yield* 8.61%	Est Tax Friction* 1.49%	3Yr NAV Volatiliy 14.49
1 Yr RoC 40.42%	3 Yr Dest RoC 18.01%	Leverage 18.31%	Non Lev Exp Ratio 1.56%	Beta (2yr) 0.68
Equity Exposure 57.35%	Bond Exposure 40.31%	# Holdings 153	Cash Weighted Duration 1.29
Comp NAV TR -0.19%	Comp Discount -1.74%	Net Assets (M) 1,049	Liquidity - 90d (K) 4,362
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

153 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
PDI	PIMCO Dyn Incm Fd	PIMCO	0.59	13.27	14.03	22.10	32.41	6,255	50,633
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.58	29.16	14.91	58.45	17.04	1,963	17,975
PDO	PIMCO Dyn Incm Opp Fd	PIMCO	0.60	5.30	11.35	7.98	34.18	1,662	8,998
DSL	DbLin Incm Solutions Fd	Doubleline	0.59	0.74	10.84	12.50	21.17	1,331	5,869
PAXS	PIMCO Access Incm Fd	PIMCO	0.59	1.13	11.78	8.93	38.49	684	3,078
PHK	PIMCO Hi Incm Fd	PIMCO	0.61	4.38	12.08	11.97	7.61	782	3,693
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.60	-5.13	9.54	30.58	35.41	1,038	3,045
RA	Brkf Real Ast Incm Fd	Brookfield	0.60	-9.81	10.93	15.69	24.28	794	2,453
BIT	BR Mlt-Sctr Incm Tr	BlackRock	0.60	0.98	10.34	33.80	33.55	595	2,444
WDI	WA Divr Incm Fd	Franklin Templeton	0.62	-1.16	12.29	0.00	32.30	760	2,941
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	0.61	-3.74	7.28	0.00	17.84	967	2,539
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.59	3.57	11.87	11.55	8.21	652	2,598
HFRO	Highland Opp & Incm Fd	NexPoint	0.60	-57.76	9.08	0.00	15.84	666	1,379
ARCC	Ares Capital Corp	Ares	0.24	10.54	8.76	0.00	49.16	13,669	118,508
OBDC	Blue Owl Cap Corp	Blue Owl	0.25	-2.84	10.06	0.00	55.29	7,737	60,538
FSK	FS KKR Capital Corp	FS/KKR	0.25	-9.41	12.09	0.00	53.70	6,545	44,969
BXSL	Blackstone Secur Lending Fd	Blackstone	0.24	15.52	9.73	0.00	52.85	6,245	42,043
MAIN	Main Street Cap Corp	Main Street Capital	0.24	72.62	5.43	0.00	42.73	2,852	35,893
HTGC	Hercules Capital	Hercules	0.23	54.11	8.99	0.00	49.03	2,026	26,660
GBDC	Golub Capital BDC	Golub Capital	0.24	0.00	10.37	0.00	54.00	4,006	25,245
PFLT	PennantPark Flt Rt Cap	PennantPark	0.23	-7.59	12.02	0.00	55.25	1,098	14,867
MSDL	MS Direct Lending Fd	MS Cap Patnr Advis	0.25	-3.87	10.08	0.00	51.35	1,800	12,436
OCSL	Oaktree Splty Lending	Oaktree Capital	0.23	-14.39	11.16	0.00	47.04	1,475	12,679
CSWC	Cap Southwest Corp	Capital Southwest	0.23	27.96	10.86	0.00	51.43	884	13,338
PSEC	Prospect Capital Corp	Prospect Capital	0.22	-49.10	14.63	0.00	52.32	3,274	11,308
GSBD	Goldman Sachs BDC	Goldman Sachs	0.25	-14.47	11.34	0.00	53.31	1,548	10,056
TSLX	Sixth St Splty Lending	Sixth St Splty Lending	0.25	33.16	8.11	0.00	52.73	1,601	12,247
TRIN	Trinity Capital	Trinity Capital	0.25	13.72	13.75	0.00	51.63	844	9,000
MFIC	MidCap Fin Invt Corp	Apollo	0.25	-13.86	11.82	0.00	57.87	1,393	7,175
TCPC	BR TCP Capital Corp	BlackRock	0.24	-15.58	12.90	0.00	58.25	781	5,833
BBDC	Barings BDC	Barings	0.23	-19.40	11.43	0.00	54.30	1,188	5,450
NMFC	New Mountain Fin Corp	New Mountain Capital	0.24	-13.65	11.91	0.00	56.44	1,343	6,465
BCSF	Bain Cap Splty Fin	BCSF Advisors	0.23	-11.11	10.71	0.00	54.92	1,144	5,905
NCDL	Nuv Churchill Direct Lending	Churchill DLC Advis	0.23	-11.47	11.32	0.00	55.71	903	4,614
FDUS	Fidus Investment Corp	Fidus	0.24	4.07	8.52	0.00	43.08	679	4,953
CGBD	Carlyle Secured Lending	Carlyle	0.22	-14.37	11.24	0.00	49.69	1,212	4,922
HRZN	Horizon Tech Fin Corp	Horizon Tech Fin	0.20	-3.43	18.06	0.00	59.65	305	3,482
JFR	Nuv Flt Rt Incm Fd	Nuveen	0.65	-6.73	12.47	10.03	35.31	1,412	7,835
FSCO	FS Cr Opp Corp	FS/KKR	0.66	-2.85	10.81	0.00	37.49	1,462	7,527
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.66	-5.68	12.20	15.70	39.24	763	6,388
VVR	Invsc Sr Incm Tr	Invesco	0.65	-1.35	12.46	16.44	33.82	570	3,575
XFLT	XAI Octgn Flt Rt & Alt Incm Tr	XA Investments	0.65	-3.57	16.27	0.00	37.89	449	2,853
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	0.65	1.52	11.75	26.99	22.97	441	1,811
BGB	Blackstone Stgc Cr 2027 Trm Fd	Blackstone	0.66	-5.21	8.90	0.00	37.27	565	2,397
BGT	BR Flt Rt Incm Fd	BlackRock	0.66	2.55	11.58	28.63	18.31	327	1,676
ARDC	Ares Dyn Cr Alloc Fd	Ares	0.67	-2.00	9.48	0.00	38.62	333	1,675
HYT	BR Corp Hi Yld Fd	BlackRock	0.46	1.37	9.69	21.51	21.14	1,501	7,895
ACP	abrdn Incm Cr Stgs Fd	abrdn	0.46	-3.61	15.82	39.80	28.69	765	4,134
GHY	PGIM Glbl Hi Yld Fd	Prudential	0.44	0.93	9.65	29.69	20.63	530	2,638
KIO	KKR Incm Opp Fd	KKR Credit	0.46	-4.87	12.04	0.00	35.15	529	3,034
DSU	BR Dbt Stgs Fd	BlackRock	0.46	0.97	11.36	28.34	17.43	563	2,745
DLY	DbLin Yld Opp Fd	Doubleline	0.44	-0.96	9.01	4.01	15.80	755	2,619
HIO	WA Hi Incm Opp Fd	Franklin Templeton	0.45	-2.98	10.90	24.24	0.00	383	2,129
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	0.45	-1.38	9.44	0.00	27.65	159	1,885
HIX	WA Hi Incm Fd II	Franklin Templeton	0.46	-3.93	14.13	33.64	32.77	390	1,858
ISD	PGIM Hi Yld Bnd Fd	Prudential	0.45	0.14	9.09	28.60	18.93	460	1,558
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	0.46	0.40	14.44	48.07	23.50	225	1,123
FTHY	FT Hi Yld Opp 2027 Trm Fd	First Trust	0.45	-4.41	10.48	17.81	19.13	550	1,346
MCI	Barings Corp Invstr	Barings	0.37	10.90	8.45	0.00	11.77	479	927
JPC	Nuv Pref & Incm Opp Fd	Nuveen	0.62	0.51	10.11	10.92	37.33	2,529	8,494
PTA	Tx-Adv Pref Sec Pref Sec & Incm Fd	Cohen&Steers	0.61	-5.36	8.35	12.96	35.00	1,124	2,144
FPF	FT Imd Dur Pref & Incm Fd	First Trust	0.61	-3.40	9.07	25.89	35.23	1,146	2,337
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	0.61	-7.24	7.15	0.00	38.60	819	1,860
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen&Steers	0.62	-6.34	7.77	4.14	33.00	628	1,545
PDT	JH Prm Div Fd	John Hancock	0.60	-5.55	7.75	11.13	36.27	665	1,554
NPFD	Nuv Var Rt Pref & Incm Fd	Nuveen	0.63	-3.86	10.61	32.46	36.56	476	1,154
DFP	F&C Dyn Pref & Incm Fd	Flaherty & Crumrine	0.62	-7.69	6.94	0.00	38.60	452	1,189
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.03	2.62	11.35	45.13	38.43	812	2,983
CHI	Calamos Convt Opp & Incm	Calamos	1.07	6.47	10.99	44.50	38.28	753	3,071
AVK	Advent Convt & Incm Fd	Guggenheim Funds	1.01	-3.61	11.98	69.98	40.74	538	1,812
NCV	Virtus Convt & Incm Fd	Virtus	1.03	-9.68	12.06	98.04	38.17	338	1,360
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.04	20.01	10.52	41.48	38.95	501	1,489
BBN	BR Taxable Muni BndTr	BlackRock	1.87	-5.68	7.06	16.54	32.91	1,034	2,281
GBAB	Gghm Taxable Muni Bnd & Inv Grd Dbt	Guggenheim Funds	1.90	1.08	10.09	45.94	25.30	399	1,293
ADX	Adams Divr Eq Fd	Adams Funds	1.18	-8.40	9.02	2.96	0.00	2,619	6,037
AEF	abrdn Emrg Mkt ex-China Fd	abrdn	1.70	-13.20	10.99	97.41	11.72	255	1,232
AGD	abrdn Glbl Dyn Div Fd	abrdn	1.27	-6.11	11.66	41.01	5.64	273	1,237
AOD	abrdn Tot Dyn Div Fd	abrdn	1.25	-9.49	12.59	44.43	3.29	999	4,310
ASG	Liberty All-Star Gwth Fd	ALPS	0.83	-8.36	7.60	0.00	0.00	345	1,650
BGY	BR Enh Intl DivTr	BlackRock	1.26	-6.65	8.88	46.21	0.00	573	1,860
BSTZ	BR Sci & Tech Trm Tr	BlackRock	1.34	-7.06	13.69	39.98	0.00	1,458	4,865
BTX	BR Tech & Pvt Eq Trm Tr	BlackRock	1.21	-3.79	14.42	100.00	0.00	1,519	5,293
CEE	Cntrl & East Euro Fd	Deutsche	0.84	7.63	2.28	0.00	0.00	93	1,137
CET	Cntrl Sec Corp	Central Securities	0.81	-16.62	4.79	0.00	0.00	1,630	1,613
CLM	Cornerstone Stgc Inv Fd	Cornerstone	1.10	12.27	20.07	60.37	0.00	1,658	19,026
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.09	13.50	19.85	70.72	0.00	741	10,302
EMF	Tmp Emrg Mkt Fd	Franklin Templeton	1.63	-14.09	6.50	20.39	2.21	236	582
EOD	Allspring Glbl Div Opp Fd	Allspring	0.84	-9.81	9.49	0.00	16.60	250	562
ETG	EV Tx-Adv Glbl Div Incm Fd	Eaton Vance	0.86	-5.05	7.79	20.38	19.70	1,602	2,939
ETO	EV Tx-Adv Glbl Div Opp Fd	Eaton Vance	0.82	-8.36	8.04	4.32	18.70	463	818
EVT	EV Tx-Adv Div Incm Fd	Eaton Vance	1.55	-8.12	8.39	0.00	18.90	1,910	3,849
GAB	Gabelli Eq Tr	Gabelli	0.81	5.70	10.43	27.95	18.00	1,671	3,533
GAM	General American Invstr	General American Inv	0.82	-12.69	0.47	0.00	12.29	1,433	1,422
GDV	Gabelli Div & Incm Tr	Gabelli	1.59	-12.90	6.78	14.42	17.00	2,536	4,151
HGLB	Highland Glbl Alloc Fd	NexPoint	0.80	-30.99	12.68	0.00	3.30	278	798
IDE	Voya Infra Ind & Matrls Fd	Voya	0.84	-5.01	10.73	31.33	0.00	178	594
IFN	India Fund	abrdn	0.82	-4.89	9.92	0.00	0.00	694	3,068
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.21	-6.26	10.54	75.25	0.00	479	1,246
IIF	MS India Inv Fd	Morgan Stanley	0.86	-11.61	9.40	0.00	0.00	290	1,212
JOF	Japan Sml Caplz Fd	Nomura	0.83	-12.95	3.49	0.00	0.00	291	775
LGI	Lzrd Glbl Tot Rtn & Incm Fd	Lazard	1.28	-7.16	10.84	34.35	31.31	227	1,277
MXF	Mexico Fund	Impulsora del	0.90	-20.37	5.41	25.11	0.00	297	1,274
NBXG	NB Nxt Gen Connectivity Fd	Neuberger Berman	1.22	-10.97	8.96	100.00	0.00	1,185	3,427
RMT	Royce Micro-Cap Tr	Franklin Templeton	0.81	-12.86	8.63	0.01	0.37	522	1,451
RVT	Royce Small-Cap Tr	Franklin Templeton	1.17	-8.91	7.93	0.15	1.77	1,954	4,637
SOR	Source Capital	First Pacific	0.80	-4.79	5.87	0.00	0.00	367	521
SPE	Spl Opp Fd	Bulldog	0.79	-9.56	8.65	19.77	24.21	179	715
STEW	SRH Tot Rtn Fd	Paralel Advisors	1.15	-18.79	3.70	54.00	9.69	2,120	3,112
TDF	Tmp Dragon Fd	Franklin Templeton	0.77	-15.79	1.20	0.00	0.00	290	916
TWN	Taiwan Fund	Nomura	0.86	-21.14	1.08	0.00	0.00	301	929
TY	Tri-Cont Corp	Columbia Mngmt	0.79	-11.72	3.52	0.00	2.10	1,869	1,644
USA	Liberty All-Star Eq Fd	ALPS	1.13	-1.32	8.93	0.00	0.00	1,989	5,967
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	0.26	-6.17	9.25	23.19	0.00	2,778	6,027
BST	BR Sci & Tech Tr	BlackRock	0.27	-3.52	8.29	14.66	0.00	1,303	4,957
BDJ	BR Enh Eq Div Tr	BlackRock	0.24	-6.54	8.67	14.03	0.00	1,623	4,069
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	0.25	0.48	8.06	0.00	0.00	2,314	4,594
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	0.26	-8.57	8.93	26.54	0.00	1,339	4,362
EOS	EV Enh Eq Incm Fd II	Eaton Vance	0.27	1.68	7.94	31.54	0.00	1,186	3,286
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	0.25	-4.01	8.89	22.22	0.00	1,631	3,380
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	0.25	-8.36	9.57	27.66	0.00	996	3,422
NFJ	Virtus Div Int & Prm Stgy Fd	Virtus	0.24	-11.73	10.07	38.58	0.00	1,302	2,711
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	0.26	-8.59	8.07	71.05	0.00	1,540	3,001
CII	BR Enh Large Cap Core Fd	BlackRock	0.26	-6.64	8.48	0.00	0.00	874	2,674
KYN	KA Nrg Infra Fd	Kayne Anderson	0.87	-11.16	7.73	5.29	16.98	2,364	5,963
TYG	Tortoise Nrg Infra Corp	Tortoise	0.86	-9.77	10.57	89.05	19.60	792	3,752
EMO	CB Nrg Midstream Opp Fd	Franklin Templeton	0.86	-8.75	9.17	8.91	24.89	939	2,076
RQI	C&S Qlty Incm Rty Fd	Cohen&Steers	0.66	-3.61	7.65	0.00	29.00	1,750	4,554
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Invst Mgmt	0.67	2.00	14.12	62.14	32.12	733	3,409
RLTY	C&S Rel-Est Opp & Incm Fd	Cohen&Steers	0.67	-4.68	8.64	62.65	34.00	268	1,267
AWP	abrdn Glbl Prmr Prop Fd	abrdn	0.68	2.07	12.15	79.97	11.88	335	1,290
BMEZ	BR Health Sci Trm Tr	BlackRock	0.65	-3.40	14.18	91.53	0.00	938	4,879
HQH	abrdn Health Invstr	abrdn	0.64	-7.93	13.78	39.87	0.00	917	3,238
THQ	abrdn Health Opp Fd	abrdn	0.59	1.17	11.87	51.63	22.60	745	2,447
THW	abrdn Wld Health Fd	abrdn	0.60	0.87	13.48	64.87	22.08	412	1,381
BCX	BR Res & Com Stgy Tr	BlackRock	0.89	-6.58	9.06	67.07	0.00	773	2,377
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	0.87	-3.47	8.63	65.56	10.00	672	2,910
NXG	NXG NextGen Infra Incm Fd	Cushing	0.91	0.92	13.74	100.00	29.86	164	2,254
ECAT	BR ESG Cap Alloc Trm Tr	BlackRock	0.39	-4.43	22.87	93.64	0.00	1,635	5,459
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	0.41	-2.82	7.14	29.07	33.19	2,842	4,468
ZTR	Virtus Tot Rtn Fd	Virtus	0.39	-11.56	9.80	89.17	30.89	384	1,250
NIE	Virtus Eq & Convt Incm Fd	Virtus	0.40	-8.56	8.59	0.00	0.00	705	1,682
TBLD	Thornburg Incm Bldr Opp Tr	Thornburg Inv Mgmt	0.39	-8.13	6.83	0.00	0.00	639	1,368
CHW	Calamos Glbl Dyn Incm Fd	Calamos	0.41	-10.29	8.82	0.00	36.20	484	1,405
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	0.39	-9.71	10.76	0.00	26.62	340	1,115
UTG	Reaves Util Incm Fd	W.H. Reaves	0.47	0.03	6.59	0.00	17.59	2,921	11,428
DNP	DNP Sel Incm Fd	Virtus	0.44	6.61	7.93	26.41	25.07	3,411	6,727
UTF	C&S Infra Fd	Cohen&Steers	0.45	3.17	7.23	4.39	29.00	2,406	6,080
ASGI	abrdn Glbl Infra Incm Fd	abrdn	0.47	-7.30	12.35	29.23	0.00	607	2,981
MEGI	MainStay CBRE Glbl Infra MTrnd Trm	New York Life	0.47	-7.64	10.60	41.67	25.40	797	2,505
BUI	BR Util Infra & Pwr OppTr	BlackRock	0.48	1.12	6.70	22.85	0.00	546	1,359
IAE	Voya AP Hi Div Eq Incm Fd	Voya	0.83	-8.30	11.76	80.58	0.00	78	448
CUBA	Herzfeld Caribbean Basin Fd	Herzfeld Cuba	0.75	-9.72	35.77	67.40	0.00	45	382
BTO	JH Fin Opp Fd	John Hancock	0.79	2.67	7.42	6.80	16.84	674	1,669

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.