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

About the Index

30% weighting of the index from CEF Advisors' Equity Income Index, 30% weighting of the index from CEF Advisors' Global Equity Index, then for bond exposure; the top 50% ranked by 90-day average trading dollar ($) liquidity: Multi-Sector Bond (8%) Debt-Focused Business Development Companies (BDCs) (6%), Sr. Loan Funds (6%), High Yield Bond (6%), Preferred Equity (5%), Convertible (5%), and Build America Bond (taxable municipals / BABs) (4%). 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	1,282.15	0.23	0.11	-0.79	-0.51	2.41	11.70	9.27	6.83	-0.98	-0.98	19.98
NAV	1,230.70	0.57	0.13	-0.60	-0.65	1.36	7.78	7.75	5.79	-0.44	-0.44	13.76
Difference		0.34	0.02	0.19	-0.14	-1.05	-3.92	-1.52	-1.04	0.54	0.54	-6.22
* 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 (%)
	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	19.32	1.28	-1.92	2.32	1.63	-	-	-	-	-	20.96
NAV	7.27	2.04	1.33	10.91	1.97	-3.42	4.31	2.73	13.64	0.35	-1.13	1.36	0.57	-	-	-	-	-	14.20
Difference	-4.64	-0.42	0.20	-5.04	-0.50	0.66	-0.86	-0.65	-5.69	-0.93	0.79	-0.95	-1.07	-	-	-	-	-	-6.75
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	0.50	2.52	1.28	-0.97	2.83	-8.02	1.60	-7.42	-13.48	-10.65	-10.14
NAV	3.15	-3.55	-0.69	-1.19	0.89	0.49	-0.22	1.16	-0.04	2.59	0.70	-0.23	3.07	-5.02	0.62	-5.01	-9.22	-6.14	-6.18
Difference	0.88	-0.40	-0.01	0.42	-0.73	-0.19	-0.04	-0.96	-0.54	0.07	-0.57	0.73	0.24	3.00	-0.98	2.41	4.26	4.50	3.97
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	12.59	2.43	-0.84	2.42	4.03	-0.01	-0.68	1.90	1.18	5.21	17.81
NAV	2.11	2.27	0.74	5.21	1.33	1.08	0.90	3.34	8.55	2.02	0.08	1.29	3.42	0.75	0.81	1.01	2.59	6.01	14.56
Difference	-1.62	-0.65	-0.17	-2.54	-1.64	0.13	0.03	-1.51	-4.04	-0.41	0.92	-1.13	-0.61	0.77	1.50	-0.89	1.41	0.80	-3.25
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	8.64	4.62	0.92	-0.50	5.06	-2.65	0.37	2.25	-0.10	4.96	13.60
NAV	-3.90	-0.71	5.51	0.67	2.47	1.09	1.09	4.72	5.39	3.36	0.45	0.51	4.36	-1.25	-0.04	1.69	0.37	4.73	10.12
Difference	1.50	-0.96	-2.05	-1.33	-0.85	0.14	-1.14	-1.91	-3.25	-1.26	-0.47	1.01	-0.70	1.40	-0.41	-0.56	0.47	-0.23	-3.47
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	0.77	-2.04	-4.99	-4.34	-10.96	7.42	-1.82	-1.95	3.41	-7.56	-6.78
NAV	0.26	3.08	-0.57	2.76	1.76	0.13	-2.17	-0.31	2.44	-0.34	-4.22	-3.33	-7.73	5.09	-1.41	-2.84	0.68	-7.05	-4.61
Difference	-0.57	-0.70	0.56	-0.71	0.04	0.66	1.66	2.38	1.67	1.70	0.77	1.01	3.24	-2.33	0.41	-0.88	-2.73	0.51	2.18

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -4.23%	1Yr Disc -5.43%	3Yr Disc -5.03%	5Yr Disc -6.24%	Rel Disc Range (3yr) 59.25%
Mkt Yield 8.71%	Lev Adj NAV Yield 7.05%	After Tax Yield* 7.33%	Est Tax Friction* 1.38%	3Yr NAV Volatiliy 10.36
1 Yr RoC 25.10%	3 Yr Dest RoC 9.76%	Leverage 20.88%	Non Lev Exp Ratio 1.60%	Beta (2yr) 0.61
Equity Exposure 55.10%	Bond Exposure 41.97%	# Holdings 165	Cash Weighted Duration 1.22
Comp NAV TR 0.31%	Comp Discount 1.26%	Net Assets (M) 851	Liquidity - 90d (K) 2,389
* 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

165 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	0.68	7.99	8.49	0.00	43.86	3,139	11,686
DSL	DbLin Incm Solutions Fd	Doubleline	0.68	3.74	9.02	2.18	30.34	1,951	7,294
PDI	PIMCO Dyn Incm Fd	PIMCO	0.68	19.84	8.13	0.00	42.18	1,543	5,582
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.67	-8.60	7.46	0.00	28.60	1,533	4,320
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.67	11.83	11.33	37.03	0.00	662	3,140
PHK	PIMCO Hi Incm Fd	PIMCO	0.68	25.77	9.55	15.38	28.71	804	2,892
RA	Brkf Real Ast Incm Fd	Brookfield	0.68	-2.43	10.43	41.63	22.13	856	2,888
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.68	9.13	9.23	0.00	26.71	615	1,995
BHK	BR Core Bnd Tr	BlackRock	0.67	-6.44	5.64	7.33	24.12	829	1,919
BIT	BR Mlt-Sctr Incm Tr	BlackRock	0.67	-6.39	8.74	11.46	35.15	681	1,893
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	0.66	-9.77	6.65	11.07	35.44	1,130	1,670
PKO	PIMCO Incm Opp Fd	PIMCO	0.68	10.88	8.57	0.00	35.63	404	1,615
ARCC	Ares Capital Corp	Ares	0.27	6.31	8.71	0.00	43.51	7,369	29,352
FSK	FS KKR Capital Corp	FS/KKR	0.28	-26.52	13.13	0.00	44.56	4,086	12,115
MAIN	Main Street Cap Corp	Main Street Capital	0.27	74.06	5.85	0.00	39.58	1,526	10,576
PSEC	Prospect Capital Corp	Prospect Capital	0.27	-28.19	11.13	0.00	41.08	3,309	9,797
NMFC	New Mountain Fin Corp	New Mountain Capital	0.27	0.82	10.06	4.04	57.46	1,174	5,755
HTGC	Hercules Capital	Hercules	0.28	25.97	9.60	0.00	50.66	1,107	6,137
AINV	Apollo Inv Corp	Apollo	0.28	-18.00	11.55	0.00	50.34	1,288	4,845
CGBD	TCG BDC	Carlyle	0.27	-17.70	10.54	0.00	50.42	1,019	4,601
TSLX	TPG Specialty Lending	TSL Advisers	0.27	24.28	7.53	0.00	44.50	1,105	4,404
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	0.27	14.87	8.83	0.00	30.27	353	4,271
TCPC	BR TCP Capital Corp	BlackRock	0.27	-1.98	10.77	0.00	52.43	802	4,070
GBDC	Golub Capital BDC	Golub Capital	0.26	12.54	7.13	0.00	51.46	968	4,511
BCSF	Bain Cap Splty Fin	BCSF Advisors	0.27	-6.02	8.83	0.00	58.12	1,021	2,748
NEWT	Newtek Biz Serv Corp	Newtek	0.26	39.79	13.25	0.00	52.72	294	2,683
PNNT	PennantPark Inv Corp	PennantPark	0.28	-30.09	11.78	0.00	53.30	586	2,036
GSBD	Goldman Sachs BDC	Goldman Sachs	0.27	13.89	9.18	0.00	53.76	694	2,116
SAR	Saratoga Inv Corp	Saratoga	0.28	1.76	9.00	0.00	53.86	238	2,023
BKCC	BR Cap Inv Corp	BlackRock	0.28	-28.74	11.52	4.75	33.39	469	1,814
CSWC	Cap Southwest Corp	Capital Southwest	0.28	17.01	9.20	0.00	40.14	329	1,622
OCSL	Oaktree Splty Lending	Oaktree Capital	0.28	-21.52	7.34	5.94	36.18	930	1,673
PFLT	PennantPark Flt Rt Cap	PennantPark	0.28	-11.86	9.90	0.00	49.79	507	1,652
SLRC	Solar Capital	Solar Capital	0.28	-8.19	8.13	0.00	32.39	929	1,634
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.40	-11.15	17.13	48.54	37.35	1,107	5,119
VTA	Invsc Dyn Cr Opp Fd	Invesco	0.40	-12.43	8.29	8.92	33.00	918	2,300
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	0.39	-6.89	9.47	0.00	37.23	674	2,048
HFRO	Highland Incm Fd	Highland Capital	0.37	-12.64	7.60	17.36	29.03	1,001	2,927
VVR	Invsc Sr Incm Tr	Invesco	0.40	-11.37	6.97	0.82	30.00	839	1,623
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	0.40	-13.00	7.60	0.00	28.17	520	1,795
JFR	Nuv Flt Rt Incm Fd	Nuveen	0.39	-12.57	7.86	0.00	37.91	611	1,715
PPR	Voya Prime Rt Tr	Voya	0.40	-12.03	6.28	0.00	27.46	786	1,733
EFR	EV Sr Flt-Rt Tr	Eaton Vance	0.40	-12.28	7.88	0.00	34.50	537	1,386
EFT	EV Flt-Rt Incm Tr	Eaton Vance	0.40	-12.41	7.72	0.00	34.10	594	1,403
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	0.40	-12.58	7.80	0.00	37.44	432	1,236
ARDC	Ares Dyn Cr Alloc Fd	Ares	0.40	-12.48	8.80	0.00	30.93	384	1,158
BGX	B/GSO Lng-Srt Cr Incm Fd	GSO / Blackstone	0.39	-1.03	9.29	0.00	39.14	197	983
FCT	FT Sr Flt Rt Incm Fd II	First Trust	0.40	-12.47	8.40	0.00	29.80	360	905
FIV	FT Sr Flt Rt 2022 Tgt Trm Fd	First Trust	0.40	-6.81	4.15	0.00	27.64	337	872
HYT	BR Corp Hi Yld Fd	BlackRock	0.35	-9.67	8.85	0.22	28.14	1,425	3,603
ISD	PGIM Hi Yld Bnd Fd	Prudential	0.35	-11.05	8.60	0.00	24.66	548	2,142
GHY	PGIM Glbl Hi Yld Fd	Prudential	0.35	-12.26	8.89	2.18	27.09	661	1,524
KIO	KKR Incm Opp Fd	KKR Credit	0.35	-2.58	9.91	0.00	30.73	316	1,361
HIX	WA Hi Incm Fd II	Legg Mason	0.36	-8.22	8.42	5.04	28.39	622	1,232
DSU	BR Dbt Stgs Fd	BlackRock	0.35	-11.90	8.06	0.73	29.91	597	1,360
EAD	WF Incm Opp Fd	Wells Fargo	0.36	-8.92	8.66	7.78	29.10	559	1,301
FSD	FT Hi Incm Lng/Srt Fd	First Trust	0.36	-10.20	8.72	21.91	22.74	580	1,335
HIO	WA Hi Incm Opp Fd	Legg Mason	0.36	-8.36	7.14	0.00	0.00	704	1,080
HYI	WA Hi Yld Dfin Opp Fd	Legg Mason	0.36	-7.39	7.22	0.00	0.00	369	1,018
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	0.36	-3.26	10.35	0.00	29.64	356	959
IVH	Ivy Hi Incm Opp Fd	Ivy Investment	0.35	-9.44	8.88	0.00	30.82	247	916
ACP	Abd Incm Cr Stgs Fd	Aberdeen	0.35	-0.88	11.62	0.00	31.07	163	1,039
PHT	Pioneer Hi Incm Tr	Pioneer	0.35	-8.23	8.86	0.00	30.10	291	815
JHB	Nuv Hi Incm Nov 2021 Tgt Trm Fd	Nuveen	0.36	0.00	5.04	0.00	27.15	553	743
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	0.35	-5.23	9.08	13.66	33.40	247	921
EHI	WA Glbl Hi Incm Fd	Legg Mason	0.36	-7.63	7.67	4.17	28.99	474	713
JPS	Nuv Pref & Incm Sec Fd	Nuveen	0.64	-0.20	6.79	0.16	35.56	2,019	4,191
FPF	FT Imd Dur Pref & Incm Fd	First Trust	0.62	-3.08	6.82	1.35	30.79	1,461	3,280
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	0.63	3.14	6.39	0.00	33.20	904	2,616
JPC	Nuv Pref & Incm Opp Fd	Nuveen	0.63	-1.28	7.29	0.28	36.21	1,051	2,180
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen & Steers	0.63	-2.12	7.38	11.08	30.20	748	1,464
HPI	JH Pref Incm Fd	John Hancock	0.60	6.58	6.44	17.14	34.11	563	1,489
HPS	JH Pref Incm Fd III	John Hancock	0.60	0.74	6.94	24.18	34.06	597	1,386
DFP	F&C Dyn Pref and Incm Fd	Flaherty & Crumrine	0.63	-0.65	6.61	0.00	33.60	501	1,219
CHI	Calamos Convt Opp & Incm	Calamos	1.02	-0.66	9.15	30.35	33.57	748	1,841
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.01	-0.81	9.26	30.24	33.81	812	1,630
AVK	AC Convt Sec & Incm Fd	Guggenheim Funds	1.00	-10.97	9.74	64.77	40.31	560	1,668
NCV	AG Convt & Incm Fd	Allianz	1.02	2.17	11.13	35.42	41.11	499	1,649
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.01	2.03	9.95	50.95	33.69	483	1,403
BBN	BR Taxable Muni BndTr	BlackRock	1.97	-2.19	5.56	4.02	37.96	1,408	4,378
NBB	Nuv Taxable Muni Incm Fd	Nuveen	1.99	-1.08	5.34	0.00	36.19	606	1,802
ADX	Adams Divr Eq Fd	Adams Funds	0.92	-11.40	5.86	0.00	0.00	1,891	2,815
AOD	Abd Tot Dyn Div Fd	Aberdeen	1.20	-11.49	8.29	16.90	5.95	991	2,363
ASG	Liberty All-Star Gwth Fd	ALPS	0.90	0.52	8.23	0.00	0.00	218	1,037
BGY	BR Enh Intl DivTr	BlackRock	1.19	-10.78	7.54	45.95	0.00	644	1,338
BIF	Boulder Gwth & Incm Fd	Boulder	1.33	-15.99	3.66	33.82	0.00	1,374	1,420
BSTZ	BR Sci & Tech Tr II	BlackRock	1.14	1.65	6.07	98.93	0.00	1,515	3,073
CAF	MS China A Shr Fd	Morgan Stanley	0.95	-12.11	4.18	0.00	0.00	524	1,911
CET	Cntrl Sec Corp	Central Securities	0.93	-15.01	4.40	0.00	0.00	954	549
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.31	4.43	22.23	85.80	0.00	788	4,603
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.30	4.09	22.26	81.80	0.00	404	2,998
EMF	Tmp Emrg Mkt Fd	Templeton	0.93	-11.48	5.28	0.00	3.62	279	523
EOD	WF Glbl Div Opp Fd	Wells Fargo	0.93	-7.43	10.88	0.00	15.50	255	551
ETG	EV Tx-Adv Glbl Div Incm Fd	Eaton Vance	1.75	-4.16	7.52	22.61	24.30	1,302	2,463
ETO	EV Tx-Adv Glbl Div Opp Fd	Eaton Vance	0.92	9.27	8.49	27.14	24.90	351	1,215
EVT	EV Tx-Adv Div Incm Fd	Eaton Vance	1.74	1.30	7.18	0.00	20.50	1,745	2,737
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	1.98	-8.19	10.45	1.91	26.58	261	875
GAB	Gabelli Eq Tr	Gabelli	0.91	6.67	10.81	63.55	21.00	1,416	3,451
GAM	General American Invstr	General American Inv	0.91	-14.65	0.81	0.00	15.24	1,059	1,652
GDV	Gabelli Div & Incm Tr	Gabelli	1.69	-9.47	6.40	33.34	22.34	1,879	3,473
GLQ	Clough Glbl Eq Fd	Clough	1.19	-9.03	11.33	0.00	34.27	166	884
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.18	-23.25	12.63	30.39	38.94	306	736
HIE	Miller/Howard Hi Incm Eq Fd	Miller/Howard	1.20	4.10	12.74	69.34	34.69	176	865
IDE	Voya Infra Ind & Matrls Fd	Voya	1.16	-12.45	8.24	26.44	0.00	245	851
IFN	India Fund	Aberdeen	0.89	-9.88	11.61	0.00	0.00	596	1,877
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.22	-10.83	7.88	59.08	0.00	663	3,090
IIF	MS India Inv Fd	Morgan Stanley	0.90	-13.78	0.00	0.00	0.00	292	1,294
INF	Brkf Glbl Lstd Infra Incm Fd	Brookfield	1.17	-10.71	7.31	58.58	25.90	203	651
JCE	Nuv Core Eq Alpha Fd	Nuveen	0.92	-2.62	7.08	59.85	0.00	232	957
RMT	Royce Micro-Cap Tr	Legg Mason	0.90	-11.41	9.31	14.07	5.40	358	1,128
RVT	Royce Val Tr	Legg Mason	1.31	-11.92	8.03	0.46	4.33	1,451	3,592
TDF	Tmp Dragon Fd	Templeton	0.93	-12.14	4.44	0.00	0.00	696	1,132
TY	Tri-Cont Corp	Columbia Mngmt	0.91	-9.67	3.86	0.00	2.60	1,587	1,374
USA	Liberty All-Star Eq Fd	ALPS	1.34	-1.54	10.66	8.53	0.00	1,326	4,480
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	0.18	-3.98	9.00	89.07	0.00	2,589	5,295
BDJ	BR Enh Eq Div Tr	BlackRock	0.18	-5.26	6.66	0.00	0.00	1,784	3,803
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	0.18	5.48	8.86	70.27	0.00	1,170	3,350
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	0.18	0.68	8.55	63.92	0.00	1,760	3,261
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	0.18	-4.04	8.95	64.52	0.00	1,092	2,623
NFJ	AG NFJ Div Int & Prm Stgy	Allianz	0.18	-10.60	7.36	40.38	0.00	1,297	2,563
BST	BR Sci & Tech Tr	BlackRock	0.18	1.76	5.57	0.00	0.00	713	2,354
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	0.19	-1.06	6.95	73.47	0.00	892	2,283
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	0.18	-1.36	7.11	72.75	0.00	1,377	2,338
BOE	BR Enh Glbl DivTr	BlackRock	0.18	-11.05	7.34	38.41	0.00	770	2,051
EOS	EV Enh Eq Incm Fd II	Eaton Vance	0.18	2.08	7.10	23.94	0.00	788	1,894
CII	BR Enh Cap & Incm Fd	BlackRock	0.18	-4.42	6.20	42.57	0.00	739	1,860
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	0.18	1.65	9.88	81.67	0.00	578	1,607
DIAX	Nuv Dow 30SM Dyn Owrt Fd	Nuveen	0.18	-0.96	6.70	71.13	0.00	645	1,616
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	0.19	-11.87	10.78	26.09	34.60	1,915	6,863
TYG	Tortoise Nrg Infra Corp	Tortoise	0.20	-3.01	13.56	80.68	34.70	107	3,346
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	0.20	0.73	18.23	94.17	29.02	230	3,333
NTG	Tortoise Midstream Nrg Fd	Tortoise	0.20	-3.88	14.53	88.17	37.30	765	2,947
CEM	CB MLP & Midstream Fd	Legg Mason	0.20	-10.60	10.85	94.30	32.79	857	2,312
MIE	C&S MLP Incm & Nrg Opp Fd	Cohen & Steers	0.19	1.47	11.19	83.71	30.65	218	1,882
KMF	KA Midstream/Nrg Fd	Kayne Anderson	0.20	-13.49	8.61	95.04	31.75	570	1,924
EMO	CB Nrg Midstream Opp Fd	Legg Mason	0.20	-11.38	10.94	76.78	33.44	681	1,675
JMF	Nuv Nrg MLP Total Rtn Fd	Nuveen	0.20	-2.43	12.45	90.55	29.18	336	1,619
NML	NB MLP Incm Fd	Neuberger Berman	0.20	-12.11	9.68	71.56	24.90	440	1,526
FEN	FT Nrg Incm & Gwth Fd	First Trust	0.21	5.98	10.47	56.46	26.17	418	1,571
FEI	FT MLP & Nrg Incm Fd	First Trust	0.20	-8.52	11.06	81.67	25.87	558	1,539
RQI	C&S Qlty Incm Rty Fd	Cohen & Steers	0.83	3.70	6.11	0.00	23.10	1,653	5,321
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	0.85	-12.20	7.67	57.57	8.31	609	2,611
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	0.84	-11.15	7.60	69.75	13.58	1,035	2,235
HQH	Tekla Health Invstr	Tekla	0.84	-10.76	9.87	59.27	0.00	865	2,786
THQ	Tekla Health Opp Fd	Tekla	0.83	-8.87	7.87	75.00	21.79	780	1,841
THW	Tekla Wld Health Fd	Tekla	0.82	-2.83	10.74	75.00	22.27	406	1,723
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	0.84	3.84	13.86	89.45	12.24	582	4,342
BCX	BR Res & Com Stgy Tr	BlackRock	0.84	-13.11	8.35	59.48	0.00	786	1,864
BGR	BR Nrg & Res Tr	BlackRock	0.84	-6.32	8.37	59.17	0.00	354	1,508
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	0.42	-1.18	7.86	44.11	31.58	1,970	3,489
NIE	AG Eq & Convt Incm Fd	Allianz	0.42	-8.16	7.15	0.00	0.00	641	1,449
CHW	Calamos Glbl Dyn Incm Fd	Calamos	0.42	0.26	10.69	50.76	37.12	464	1,326
GLO	Clough Glbl Opp Fd	Clough	0.42	-10.43	11.51	52.67	38.29	327	1,043
ZTR	Virtus Glbl Div & Inc Fd	Virtus	0.43	8.55	12.14	65.12	27.48	254	878
FOF	C&S CE Opp Fd	Cohen & Steers	0.42	-0.30	7.98	44.63	0.00	357	897
ZF	Virtus Total Return Fd	Virtus	0.43	5.28	12.71	59.70	26.51	233	1,261
UTG	Reaves Util Incm Fd	W.H. Reaves	0.50	-0.71	5.97	0.00	20.64	1,775	5,770
UTF	C&S Infra Fd	Cohen & Steers	0.49	-3.25	7.09	0.22	27.30	2,312	5,302
DNP	DNP Sel Incm Fd	Duff & Phelps	0.50	20.09	6.13	23.21	23.76	3,149	4,487
DPG	D&P Glbl Util Incm Fd	Duff & Phelps	0.49	-7.01	9.10	16.86	29.02	628	1,628
GUT	Gabelli Util Tr	Gabelli	0.51	48.12	8.02	74.70	27.18	273	1,196
IAE	Voya AP Hi Div Eq Incm Fd	Voya	0.98	-10.68	10.49	65.11	0.00	109	295
IHD	Voya Emrg Mkt Hi Div Eq Fd	Voya	1.00	-9.86	10.10	67.37	0.00	151	481
CUBA	Herzfeld Caribbean Basin Fd	Herzfeld Cuba	1.02	-14.53	17.76	0.00	0.00	46	76
BTO	JH Fin Opp Fd	John Hancock	0.99	-3.08	7.00	16.13	16.88	606	1,855

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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