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01. 12 Major CEF Sectors Index

Data as of 06/21/2019 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	1,219.17	-0.09	0.73	1.43	3.30	24.89	6.27	8.70	5.29	3.35	3.02	18.87
NAV	1,197.63	-0.02	1.15	1.43	2.41	15.01	6.73	7.79	4.70	2.70	2.16	12.90
Difference		0.08	0.42	0.01	-0.89	-9.88	0.47	-0.90	-0.60	-0.65	-0.86	-5.97
* 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	11.53	2.07	1.77	15.86	2.43	-2.69	-	-	-	-	-	-	-	-	-	-	-	-	15.52
NAV	6.68	1.83	1.94	10.74	1.54	-2.04	-	-	-	-	-	-	-	-	-	-	-	-	10.20
Difference	-4.85	-0.24	0.17	-5.11	-0.88	0.65	-	-	-	-	-	-	-	-	-	-	-	-	-5.32
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 -4.39%	1Yr Disc -5.31%	3Yr Disc -4.45%	5Yr Disc -5.38%	Rel Disc Range (3yr) 55.52%
Mkt Yield 8.27%	Lev Adj NAV Yield 6.45%	After Tax Yield* 6.91%	Est Tax Friction* 1.36%	3Yr NAV Volatiliy 9.03
1 Yr RoC 20.71%	3 Yr Dest RoC 6.17%	Leverage 24.07%	Non Lev Exp Ratio 1.56%	Beta (2yr) 0.50
Equity Exposure 39.47%	Bond Exposure 59.35%	# Holdings 84	Cash Weighted Duration 2.52
Comp NAV TR 0.80%	Comp Discount 1.39%	Net Assets (M) 1,207	Liquidity - 90d (K) 3,157
* 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	1.24	-2.78	7.11	0.00	36.54	1,981	4,230
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.23	-3.49	7.54	2.48	31.09	1,428	3,192
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.20	-2.99	7.53	0.06	36.37	1,035	2,227
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.20	-1.32	6.93	0.00	34.50	870	2,173
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen & Steers	1.22	-2.46	7.62	10.97	30.60	727	1,468
HPI	JH Pref Incm Fd	John Hancock	1.22	10.96	7.12	27.79	34.73	553	1,932
JPI	Nuv Pref & Incm Trm Fd	Nuveen	1.23	-3.86	6.94	4.31	33.25	554	1,419
ARCC	Ares Capital Corp	Ares	1.21	4.24	8.92	0.00	44.38	7,337	29,613
PSEC	Prospect Capital Corp	Prospect Capital	1.20	-27.31	10.91	0.00	40.71	3,332	9,849
FSK	FS KKR Capital Corp	FS/KKR Advisor	1.18	-23.79	12.69	0.00	43.94	4,108	9,653
HTGC	Hercules Capital	Hercules	1.20	24.46	10.02	0.00	52.42	997	7,153
MAIN	Main Street Cap Corp	Main Street Capital	1.30	68.29	5.99	0.00	39.00	1,531	8,726
AINV	Apollo Inv Corp	Apollo Investment	1.25	-16.42	11.30	0.00	45.60	1,312	4,653
NMFC	New Mountain Fin Corp	New Mountain Capital	1.20	4.46	9.68	8.09	57.51	1,083	3,546
RQI	C&S Qlty Incm Rty Fd	Cohen & Steers	1.28	-2.43	6.84	0.00	23.40	1,571	4,685
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	1.18	-14.06	7.98	71.00	7.76	1,020	2,094
RNP	C&S REIT & Pref Incm Fd	Cohen & Steers	1.23	-7.84	6.84	0.00	24.50	1,122	2,913
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	1.22	-12.52	7.65	24.19	29.97	522	1,133
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.22	-8.52	9.63	70.32	2.86	582	1,936
RFI	C&S Tot Rtn Ry Fd	Cohen & Steers	1.27	3.54	6.70	6.21	0.00	362	1,217
JRS	Nuv Rel-Est Incm Fd	Nuveen	1.19	-6.27	7.26	30.09	28.36	323	581
CHI	Calamos Convt Opp & Incm	Calamos	1.22	-2.88	9.18	20.52	34.00	763	2,158
NCV	AG Convt & Incm Fd	Allianz	1.04	0.89	11.17	43.38	41.98	502	2,106
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.20	-3.26	9.30	20.48	34.25	830	2,175
AVK	AC Convt Sec & Incm Fd	Guggenheim	1.18	-11.16	9.50	62.69	40.72	576	1,432
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.17	-0.10	9.98	35.16	34.25	491	1,462
NCZ	AG Convt & Incm Fd II	Allianz	1.04	-0.20	10.80	41.59	42.45	379	1,644
ACV	AG Divr Incm & Convt Fd	Allianz	1.22	-0.38	8.58	0.00	31.56	242	830
EXG	EV Tx-Mgd Glol Divr Eq Incm	Eaton Vance	1.17	-6.81	9.15	89.52	0.00	2,624	5,016
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	1.24	-0.33	8.48	65.42	0.00	1,792	3,535
BDJ	BR Enh Eq Div Tr	BlackRock	1.19	-8.79	6.43	0.00	0.00	1,793	3,152
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	1.15	3.89	9.04	72.03	0.00	1,100	3,262
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	1.16	-5.65	9.01	57.16	0.00	1,103	2,645
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	1.20	-0.21	9.72	67.93	0.00	598	1,945
NFJ	AG NFJ Div Int & Prm Stgy	Allianz	1.17	-12.33	7.40	50.00	0.00	1,315	2,453
JQC	Nuv Cr Stgs Incm Fd	Nuveen	1.23	-7.50	15.74	41.16	36.56	1,157	4,390
VTA	Invsc Dyn Cr Opp Fd	Invesco	1.20	-11.37	6.73	33.04	33.00	932	2,297
VVR	Invsc Sr Incm Tr	Invesco	1.20	-9.43	5.83	7.63	32.00	859	2,691
BGB	B/GSO Stgc Cr Fd	Blackstone	1.20	-7.11	9.43	0.00	37.17	698	2,257
HFRO	Highland Incm Fd	Highland Capital	1.14	-6.11	6.83	15.32	31.12	1,035	1,929
PPR	Voya Prime Rt Tr	Voya	1.16	-12.98	6.93	0.00	28.09	808	1,292
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.20	-11.79	6.52	0.00	29.26	530	2,037
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	1.12	-10.15	9.46	0.00	34.12	2,141	5,948
TYG	Tortoise Nrg Infra Corp	Tortoise	1.13	-3.62	11.71	61.36	32.40	1,245	3,631
NTG	Tortoise Midstream Nrg Fd	Tortoise	1.15	-5.32	12.50	76.33	35.20	903	2,687
CEM	CB MLP & Midstream Fd	Legg Mason	1.11	-10.94	9.92	89.12	33.22	940	2,037
KMF	KA Midstream/Nrg Fd	Kayne Anderson	1.14	-13.74	7.79	92.69	31.06	634	2,046
EMO	CB Nrg Midstream Opp Fd	Legg Mason	1.12	-12.73	10.09	76.39	33.67	749	1,585
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.14	0.13	15.85	85.39	30.12	266	2,774
HYT	BR Corp Hi Yld Fd	BlackRock	1.22	-9.34	8.09	0.00	28.52	1,436	3,779
DSU	BR Dbt Stgs Fd	BlackRock	1.17	-11.81	7.65	4.99	30.79	609	1,637
EAD	WF Incm Opp Fd	Wells Fargo	1.22	-9.77	8.72	0.00	28.80	575	1,624
ISD	PGIM Hi Yld Bnd Fd	Prudential	1.20	-13.30	8.29	0.00	24.49	555	1,419
GHY	PGIM Glbl Hi Yld Fd	Prudential	1.20	-13.84	8.42	2.79	29.55	677	1,554
KIO	KKR Incm Opp Fd	KKR Credit	1.20	-4.00	9.46	0.00	31.16	336	1,581
EHI	WA Glbl Hi Incm Fd	Legg Mason	1.24	-9.43	7.64	5.24	29.38	482	765
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.27	28.68	8.30	2.63	37.97	1,274	5,297
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	1.23	21.66	7.49	0.52	23.97	587	1,497
GDO	WA Glbl Corp Dfin Opp Fd	Legg Mason	1.21	-7.86	7.18	9.21	26.51	274	509
IGI	WA Inv Grd Dfin Opp Tr	Legg Mason	1.24	3.24	4.78	0.00	0.00	224	541
WEA	WA Prmr Bnd Fd	Legg Mason	1.24	-3.08	5.71	0.00	27.39	170	440
VBF	Invsc Bnd Fd	Invesco	1.19	-5.70	4.33	2.31	0.00	228	550
PIM	Putnam Mstr Imd Incm Tr	Putnam	1.18	-5.00	7.89	18.89	8.00	255	624
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.15	5.03	21.06	87.67	0.00	820	5,132
RVT	Royce Val Tr	Legg Mason	1.15	-11.61	8.17	0.00	3.12	1,474	3,340
USA	Liberty All-Star Eq Fd	ALPS	1.23	-4.95	10.73	11.78	0.00	1,339	4,318
GDV	Gabelli Div & Incm Tr	Gabelli	1.19	-7.83	6.10	18.20	22.00	1,936	3,276
EVT	EV Tx-Adv Div Incm Fd	Eaton Vance	1.24	-0.67	7.38	5.13	21.10	1,731	3,074
GAB	Gabelli Eq Tr	Gabelli	1.19	5.08	10.32	48.30	21.00	1,495	3,416
ADX	Adams Divr Eq Fd	Adams Express	1.25	-13.00	5.99	0.00	0.00	1,891	2,413
AOD	Abd Tot Dyn Div Fd	Aberdeen	1.17	-12.65	8.39	29.64	1.54	1,003	1,917
CAF	MS China A Shr Fd	Morgan Stanley	1.05	-11.74	8.13	0.00	0.00	528	2,137
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.18	-7.71	11.33	42.07	0.00	680	2,102
IFN	India Fund	Aberdeen	1.13	-10.42	11.25	0.00	0.00	630	1,948
TDF	Tmp Dragon Fd	Templeton	1.11	-11.34	3.79	0.00	0.00	731	1,074
BGY	BR Enh Intl DivTr	BlackRock	1.16	-11.31	7.39	26.18	0.00	665	1,232
CHN	China Fund	Allianz	1.14	-10.15	2.69	0.00	0.00	241	451
NVG	Nuv AMT-Fr Muni Cr Incm Fd	Nuveen	1.21	-7.33	5.05	0.00	38.05	3,399	5,421
NEA	Nuv AMT-Fr Qlty Muni Incm Fd	Nuveen	1.20	-10.52	4.69	0.00	38.02	4,020	6,327
NAD	Nuv Qlty Muni Incm Fd	Nuveen	1.19	-11.64	4.65	0.00	37.98	3,155	5,727
NZF	Nuv Muni Cr Incm Fd	Nuveen	1.23	-3.72	5.01	0.00	37.66	2,332	3,606
NAC	Nuv CA Qlty Muni Inc Fd	Nuveen	1.22	-8.88	4.63	0.00	37.08	2,282	3,339
BBN	BR Taxable Muni BndTr	BlackRock	1.21	-3.32	6.12	3.44	37.03	1,376	3,305
NUV	Nuv Muni Val Fd	Nuveen	1.18	-2.97	3.67	0.00	1.36	2,160	2,607

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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