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01. 12 Major CEF Sectors Index

Data as of 04/06/2020 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	898.26	4.91	-1.77	-26.61	-31.63	-27.91	-25.08	-5.62	-1.80	-2.03	-2.03	-31.93
NAV	977.64	2.91	0.58	-18.64	-22.95	-19.37	-17.63	-2.15	-0.38	0.03	0.03	-22.54
Difference		-2.00	2.34	7.97	8.68	8.54	7.45	3.48	1.42	2.06	2.06	9.40
* 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	0.68	-9.54	-23.04	-29.90	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-29.90
NAV	0.34	-4.58	-19.13	-22.57	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-22.57
Difference	-0.34	4.96	3.91	7.33	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7.33
2019 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2019
Price	11.53	2.07	1.77	15.86	2.43	-2.69	4.19	3.86	19.71	1.78	-1.38	1.96	2.34	0.01	1.05	2.90	3.99	6.33	26.04
NAV	6.68	1.83	1.94	10.74	1.54	-2.04	3.20	2.66	13.40	0.80	-0.58	1.01	1.23	0.37	0.44	2.77	3.60	4.83	18.24
Difference	-4.85	-0.24	0.17	-5.11	-0.88	0.65	-0.99	-1.20	-6.31	-0.98	0.80	-0.95	-1.11	0.36	-0.61	-0.13	-0.38	-1.49	-7.80
2018 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2018
Price	1.13	-2.81	-0.73	-2.43	1.98	1.74	-0.66	3.07	0.64	1.90	1.54	-1.24	2.19	-7.33	0.72	-6.53	-12.76	-10.57	-9.93
NAV	2.26	-3.20	-0.88	-1.88	1.09	1.38	-0.04	2.45	0.56	1.95	1.22	-0.43	2.74	-4.17	0.08	-4.17	-8.09	-5.35	-4.79
Difference	1.14	-0.39	-0.15	0.54	-0.88	-0.36	0.62	-0.62	-0.07	0.05	-0.32	0.81	0.55	3.16	-0.64	2.36	4.67	5.22	5.15
2017 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2017
Price	3.20	2.74	-0.12	5.91	2.79	0.09	0.94	3.84	9.74	1.94	-1.40	1.97	2.49	-0.71	-0.50	2.32	1.10	3.58	13.33
NAV	1.55	1.95	0.26	3.79	1.07	0.64	0.68	2.41	6.20	1.43	-0.21	1.10	2.32	0.39	0.48	1.67	2.54	4.87	11.07
Difference	-1.65	-0.79	0.37	-2.11	-1.71	0.55	-0.25	-1.43	-3.54	-0.51	1.19	-0.87	-0.16	1.09	0.97	-0.66	1.45	1.28	-2.26
2016 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2016
Price	-4.92	0.29	6.86	1.90	3.56	1.14	2.65	7.52	9.41	4.00	1.22	-0.56	4.68	-3.13	0.12	2.42	-0.67	4.02	13.43
NAV	-3.97	-0.86	4.98	-0.06	2.73	1.33	1.27	5.41	5.35	2.81	0.64	0.37	3.85	-1.11	-0.56	1.67	-0.02	3.82	9.18
Difference	0.95	-1.15	-1.88	-1.96	-0.82	0.19	-1.39	-2.10	-4.06	-1.20	-0.58	0.93	-0.84	2.02	-0.68	-0.75	0.64	-0.19	-4.25
2015 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2015
Price	1.44	2.83	-0.43	3.86	1.53	-0.75	-4.57	-3.84	0.02	-1.25	-3.50	-4.33	-8.83	6.51	-1.53	-1.81	2.99	-5.84	-5.81
NAV	0.52	2.32	-0.16	2.69	1.26	0.22	-2.34	-0.89	1.80	-0.16	-3.49	-3.31	-6.82	4.37	-1.43	-2.33	0.49	-6.34	-4.54
Difference	-0.92	-0.52	0.28	-1.17	-0.27	0.97	2.23	2.94	1.77	1.09	0.01	1.02	2.00	-2.14	0.10	-0.52	-2.50	-0.50	1.27

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -12.32%	1Yr Disc -3.77%	3Yr Disc -3.65%	5Yr Disc -4.56%	Rel Disc Range (3yr) 49.44%
Mkt Yield 13.19%	Lev Adj NAV Yield 9.06%	After Tax Yield* 11.39%	Est Tax Friction* 1.80%	3Yr NAV Volatiliy 17.73
1 Yr RoC 25.81%	3 Yr Dest RoC 20.18%	Leverage 24.81%	Non Lev Exp Ratio 1.47%	Beta (2yr) 0.82
Equity Exposure 41.35%	Bond Exposure 57.01%	# Holdings 84	Cash Weighted Duration 1.93
Comp NAV TR 3.42%	Comp Discount 1.67%	Net Assets (M) 1,033	Liquidity - 90d (K) 5,208
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

84 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
JPS	Nuv Pref & Incm Sec Fd	Nuveen	1.18	-8.62	8.66	0.17	37.64	1,561	9,403
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.16	-6.64	9.35	3.04	27.48	1,107	5,358
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.15	-6.25	9.22	0.30	38.08	761	4,437
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.17	1.71	8.37	0.00	39.60	701	4,262
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen & Steers	1.19	-0.79	9.27	8.71	29.20	587	2,795
PDT	JH Prm Div Fd	John Hancock	1.12	2.65	10.43	21.99	35.40	531	2,313
DFP	F&C Dyn Pref and Incm Fd	Flaherty & Crumrine	1.17	-3.08	8.80	0.00	40.10	386	2,112
ARCC	Ares Capital Corp	Ares	1.10	-43.94	16.48	0.00	46.77	7,466	44,331
MAIN	Main Street Cap Corp	Main Street Capital	1.12	-21.16	13.05	0.00	41.08	1,540	15,014
PSEC	Prospect Capital Corp	Prospect Capital	1.08	-56.35	19.05	0.00	39.41	3,184	13,894
FSK	FS KKR Capital Corp	FS/KKR	1.29	-60.99	25.50	0.00	51.06	3,846	12,654
GBDC	Golub Capital BDC	Golub Capital	0.97	-40.04	13.21	0.00	50.69	2,229	10,350
ORCC	Owl Rock Capital Corp	Owl Rock	1.16	-27.69	11.25	0.00	33.01	6,019	11,616
HTGC	Hercules Capital	Hercules	1.16	-30.81	17.53	0.00	52.28	1,166	9,348
RQI	C&S Qlty Incm Rty Fd	Cohen & Steers	1.15	-15.40	11.20	0.00	22.10	1,358	9,649
RNP	C&S REIT & Pref Incm Fd	Cohen & Steers	1.19	-13.92	9.40	0.00	22.90	875	4,395
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	1.17	-18.34	11.93	69.33	10.37	718	2,885
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.18	-16.12	11.68	34.80	5.65	418	2,611
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	1.21	-16.62	11.90	9.73	36.23	321	1,711
RFI	C&S Tot Rtn Ry Fd	Cohen & Steers	1.21	-6.59	9.53	3.43	0.00	282	1,377
NRO	NB Rel-Est Sec Incm Fd	Neuberger Berman	1.17	-11.08	16.61	42.33	26.90	154	1,016
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.15	-8.11	12.17	13.32	33.83	668	3,106
CHI	Calamos Convt Opp & Incm	Calamos	1.15	-9.03	12.21	13.88	34.00	613	3,109
NCV	AG Convt & Incm Fd	Allianz	1.11	-12.50	15.18	39.15	42.24	347	2,300
AVK	Advent Convt & Incm Fd	Guggenheim Funds	1.18	-15.04	13.60	68.34	46.28	420	2,275
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.10	-8.36	13.34	26.92	33.65	401	1,823
NCZ	AG Convt & Incm Fd II	Allianz	1.08	-13.95	18.24	39.39	42.70	262	1,732
ACV	AG Divr Incm & Convt Fd	Allianz	1.21	-10.44	11.33	0.00	30.18	204	1,251
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	1.19	-11.65	11.88	90.65	0.00	2,132	8,947
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	1.19	-2.96	11.26	94.28	0.00	1,054	7,284
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	1.23	-8.28	10.74	49.40	0.00	1,542	6,161
BDJ	BR Enh Eq Div Tr	BlackRock	1.22	-11.88	9.19	0.00	0.00	1,390	5,907
BST	BR Sci & Tech Tr	BlackRock	1.24	0.03	6.80	6.95	0.00	683	4,656
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	1.27	-10.14	9.05	84.18	0.00	1,191	4,537
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	1.22	-12.01	11.68	56.33	0.00	912	4,288
JQC	Nuv Cr Stgs Incm Fd	Nuveen	1.23	-12.52	18.74	54.98	38.52	877	7,960
VVR	Invsc Sr Incm Tr	Invesco	1.24	-14.10	8.75	6.78	34.00	586	5,277
JFR	Nuv Flt Rt Incm Fd	Nuveen	1.19	-13.40	9.37	0.00	38.70	480	3,760
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	1.19	-13.86	9.32	0.00	38.06	339	3,947
VTA	Invsc Dyn Cr Opp Fd	Invesco	1.20	-17.37	11.46	16.06	35.00	598	3,641
NSL	Nuv Sr Incm Fd	Nuveen	1.19	-13.65	9.77	0.00	39.24	192	2,873
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	1.16	-13.08	12.28	0.00	37.08	512	3,223
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	1.26	-17.18	38.30	72.73	60.98	574	6,611
TYG	Tortoise Nrg Infra Corp	Tortoise	1.36	-13.86	55.24	100.00	65.00	178	2,546
KMF	KA Midstream/Nrg Fd	Kayne Anderson	1.18	-19.65	27.86	92.61	55.56	190	1,724
FEI	FT MLP & Nrg Incm Fd	First Trust	1.21	-19.96	27.21	47.93	18.02	259	1,732
CEM	CB MLP & Midstream Fd	Legg Mason	1.43	-17.94	54.88	96.00	37.04	184	1,748
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.29	-15.17	25.14	100.00	17.97	218	1,440
NML	NB MLP Incm Fd	Neuberger Berman	1.25	-21.69	7.20	100.00	24.90	141	1,054
HYT	BR Corp Hi Yld Fd	BlackRock	1.19	-8.13	10.88	8.71	31.34	1,140	9,128
HIO	WA Hi Incm Opp Fd	Legg Mason	1.19	-13.01	9.56	5.36	0.00	600	3,572
HIX	WA Hi Incm Fd II	Legg Mason	1.20	-15.22	12.00	8.98	29.07	492	3,402
GHY	PGIM Glbl Hi Yld Fd	Prudential	1.20	-13.16	11.57	0.00	26.89	513	3,058
ISD	PGIM Hi Yld Bnd Fd	Prudential	1.19	-13.28	11.09	0.00	29.17	436	3,031
EAD	WF Incm Opp Fd	Wells Fargo	1.17	-12.75	11.76	1.10	29.18	430	2,720
DHY	CS Hi Yld Bnd Fd	Credit Suisse	1.12	-13.33	11.72	13.95	27.87	202	2,496
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.23	19.58	12.05	1.96	31.41	954	10,242
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	1.18	15.21	10.48	0.00	21.90	445	3,094
PIM	Putnam Mstr Imd Incm Tr	Putnam	1.17	-4.42	9.25	22.14	3.07	211	1,091
DUC	D&P Util & Corp Bnd Tr	Duff & Phelps	1.25	-3.68	6.94	24.14	28.00	247	865
GDO	WA Glbl Corp Dfin Opp Fd	Legg Mason	1.25	-9.22	8.67	19.83	27.78	230	778
INSI	Insight Sel Incm Fd	Cutwater	1.18	-2.34	4.17	0.00	0.00	211	640
VBF	Invsc Bnd Fd	Invesco	1.22	-7.31	4.46	2.59	0.00	218	571
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.24	1.84	26.82	76.19	0.00	614	9,035
GDV	Gabelli Div & Incm Tr	Gabelli	1.21	-14.81	8.96	28.56	24.00	1,568	7,388
USA	Liberty All-Star Eq Fd	ALPS	1.19	-9.70	14.32	0.00	0.00	1,098	7,072
ADX	Adams Divr Eq Fd	Adams Funds	1.23	-16.01	7.09	0.00	0.00	1,646	6,036
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.21	1.92	27.11	79.48	0.00	311	5,337
EVT	EV Tx-Adv Div Incm Fd	Eaton Vance	1.18	-8.07	10.69	5.57	19.20	1,298	4,953
GAB	Gabelli Eq Tr	Gabelli	1.16	5.05	14.42	69.83	31.00	1,018	4,594
BSTZ	BR Sci & Tech Tr II	BlackRock	1.22	-7.55	7.16	99.80	0.00	1,417	4,608
AOD	Abd Tot Dyn Div Fd	Aberdeen	1.22	-14.23	10.41	9.21	0.00	815	3,688
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.20	-16.79	10.64	62.77	0.00	526	3,268
IFN	India Fund	Aberdeen	1.18	-13.03	17.26	0.49	0.00	409	2,419
CAF	MS China A Shr Fd	Morgan Stanley	1.22	-18.18	4.68	0.00	0.00	485	2,440
BGY	BR Enh Intl DivTr	BlackRock	1.25	-14.31	8.80	66.70	0.00	569	1,905
TDF	Tmp Dragon Fd	Templeton	1.23	-14.58	5.71	0.00	0.00	681	1,702
NEA	Nuv AMT-Fr Qlty Muni Incm Fd	Nuveen	1.17	-11.38	4.97	0.00	36.48	4,065	12,183
NAD	Nuv Qlty Muni Incm Fd	Nuveen	1.16	-11.85	4.93	0.00	36.22	3,126	10,371
NVG	Nuv AMT-Fr Muni Cr Incm Fd	Nuveen	1.14	-11.13	5.72	0.00	36.33	3,299	9,775
BBN	BR Taxable Muni BndTr	BlackRock	1.23	-3.32	6.07	0.96	35.77	1,307	8,244
NMZ	Nuv Muni Hi Incm Opp Fd	Nuveen	1.14	-3.72	6.13	0.00	34.69	954	6,337
NZF	Nuv Muni Cr Incm Fd	Nuveen	1.15	-10.99	5.68	0.00	35.83	2,108	6,039
NAC	Nuv CA Qlty Muni Inc Fd	Nuveen	1.18	-11.86	4.72	0.00	35.54	2,172	5,291

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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