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

01. 12 Major CEF Sectors Index

Data as of 01/17/2020 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	1,335.11	-0.05	0.86	3.30	7.25	7.17	20.55	9.42	7.19	2.07	2.07	2.07
NAV	1,287.02	0.07	0.90	3.26	5.95	6.31	16.21	8.35	6.00	1.97	1.97	1.97
Difference		0.12	0.04	-0.04	-1.30	-0.86	-4.33	-1.06	-1.19	-0.11	-0.11	-0.11
* 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	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 -2.26%	1Yr Disc -3.68%	3Yr Disc -3.65%	5Yr Disc -4.87%	Rel Disc Range (3yr) 62.34%
Mkt Yield 8.11%	Lev Adj NAV Yield 6.50%	After Tax Yield* 6.94%	Est Tax Friction* 1.17%	3Yr NAV Volatiliy 8.81
1 Yr RoC 27.63%	3 Yr Dest RoC 9.07%	Leverage 23.02%	Non Lev Exp Ratio 1.51%	Beta (2yr) 0.50
Equity Exposure 40.09%	Bond Exposure 57.61%	# Holdings 84	Cash Weighted Duration 2.00
Comp NAV TR 0.70%	Comp Discount 1.63%	Net Assets (M) 1,237	Liquidity - 90d (K) 4,404
* 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	1.17	-1.95	6.67	0.17	34.86	2,093	5,462
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.20	-2.89	6.58	2.43	30.42	1,512	4,612
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.16	-1.23	7.02	0.30	36.13	1,090	2,510
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.20	5.56	6.05	0.00	32.90	935	2,446
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen & Steers	1.17	-1.28	7.12	8.90	29.80	769	1,769
PDT	JH Prm Div Fd	John Hancock	1.18	11.86	6.43	20.29	33.07	791	1,522
HPI	JH Pref Incm Fd	John Hancock	1.18	4.20	6.42	22.14	33.92	577	1,350
ARCC	Ares Capital Corp	Ares	1.19	9.85	8.44	0.00	45.64	7,373	34,789
FSK	FS KKR Capital Corp	FS/KKR	1.24	-19.85	12.06	0.00	45.30	4,001	13,357
GBDC	Golub Capital BDC	Golub Capital	1.16	9.79	7.17	0.00	48.46	2,223	10,747
MAIN	Main Street Cap Corp	Main Street Capital	1.21	84.38	5.51	0.00	39.77	1,535	10,714
NMFC	New Mountain Fin Corp	New Mountain Capital	1.21	6.52	9.56	0.00	58.35	1,292	10,715
PSEC	Prospect Capital Corp	Prospect Capital	1.20	-25.59	10.91	0.00	39.90	3,259	10,460
AINV	Apollo Inv Corp	Apollo	1.20	-6.10	10.26	0.00	54.94	1,244	8,785
RQI	C&S Qlty Incm Rty Fd	Cohen & Steers	1.12	-6.03	6.77	0.00	21.70	1,647	5,992
RNP	C&S REIT & Pref Incm Fd	Cohen & Steers	1.17	-4.66	6.22	0.00	22.90	1,193	3,439
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	1.18	-9.59	7.40	68.62	12.84	1,046	2,527
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.20	-10.66	7.25	68.47	5.65	633	2,437
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	1.19	-8.38	7.51	17.65	34.29	561	1,725
RFI	C&S Tot Rtn Ry Fd	Cohen & Steers	1.18	1.39	6.58	9.17	0.00	376	1,225
NRO	NB Rel-Est Sec Incm Fd	Neuberger Berman	1.18	-3.25	8.48	43.98	26.20	277	1,027
NCV	AG Convt & Incm Fd	Allianz	1.23	2.92	10.52	38.50	40.90	525	2,354
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.21	-2.40	8.66	45.91	32.65	884	2,045
CHI	Calamos Convt Opp & Incm	Calamos	1.20	-2.00	8.53	46.20	32.42	815	1,705
AVK	Advent Convt & Incm Fd	Guggenheim Funds	1.18	-9.55	8.94	67.51	39.20	600	1,683
NCZ	AG Convt & Incm Fd II	Allianz	1.20	0.00	10.33	39.87	41.34	398	1,345
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.21	-0.27	9.21	72.54	32.34	534	1,180
ACV	AG Divr Incm & Convt Fd	Allianz	1.20	-1.06	7.96	0.00	29.73	263	859
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	1.21	-2.16	8.14	87.27	0.00	2,811	5,188
BDJ	BR Enh Eq Div Tr	BlackRock	1.14	-4.34	6.19	0.00	0.00	1,900	4,608
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	1.21	4.24	8.59	93.79	0.00	1,221	4,375
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	1.19	1.75	7.89	67.94	0.00	1,892	3,635
NFJ	AG NFJ Div Int & Prm Stgy	Allianz	1.21	-9.93	6.80	48.00	0.00	1,394	2,859
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	1.18	-0.95	8.32	63.71	0.00	1,137	2,707
BST	BR Sci & Tech Tr	BlackRock	1.24	3.48	5.62	0.00	0.00	782	2,805
HFRO	Highland Incm Fd	Highland Capital	1.15	-12.11	7.54	30.75	29.03	1,003	4,683
JQC	Nuv Cr Stgs Incm Fd	Nuveen	1.17	-6.36	14.41	54.46	37.40	1,109	6,190
VVR	Invsc Sr Incm Tr	Invesco	1.17	-9.87	6.71	5.63	29.00	728	4,815
VTA	Invsc Dyn Cr Opp Fd	Invesco	1.19	-9.33	7.79	17.52	32.00	803	4,171
JFR	Nuv Flt Rt Incm Fd	Nuveen	1.16	-7.69	7.23	0.00	37.78	630	3,544
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	1.19	-5.30	8.59	0.00	37.24	691	2,875
PPR	Voya Prime Rt Tr	Voya	1.19	-6.95	5.49	0.00	27.46	808	2,880
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	1.22	-6.77	9.86	58.33	34.36	1,978	16,154
TYG	Tortoise Nrg Infra Corp	Tortoise	1.26	-4.02	13.53	100.00	34.30	1,084	10,345
NTG	Tortoise Midstream Nrg Fd	Tortoise	1.22	-6.68	14.76	100.00	36.40	776	9,069
CEM	CB MLP & Midstream Fd	Legg Mason	1.21	-9.38	10.09	96.00	32.57	908	6,077
EMO	CB Nrg Midstream Opp Fd	Legg Mason	1.24	-11.34	10.33	78.75	33.11	721	4,637
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.23	1.51	18.63	100.00	30.07	283	4,422
FEI	FT MLP & Nrg Incm Fd	First Trust	1.17	-3.27	10.14	92.07	25.64	575	3,359
HYT	BR Corp Hi Yld Fd	BlackRock	1.19	-5.58	8.24	3.58	29.29	1,464	6,264
ACP	Abd Incm Cr Stgs Fd	Aberdeen	1.20	-4.88	12.32	5.85	25.88	214	2,483
ISD	PGIM Hi Yld Bnd Fd	Prudential	1.19	-8.36	8.09	0.00	24.16	565	2,304
HIX	WA Hi Incm Fd II	Legg Mason	1.19	-8.63	8.46	8.86	29.45	641	3,036
DSU	BR Dbt Stgs Fd	BlackRock	1.19	-7.94	7.50	5.35	30.10	610	2,190
FSD	FT Hi Incm Lng/Srt Fd	First Trust	1.19	-7.61	8.30	27.39	22.79	592	2,235
HIO	WA Hi Incm Opp Fd	Legg Mason	1.18	-8.72	7.49	1.84	0.00	719	2,155
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.20	31.46	8.05	2.18	33.69	1,299	5,458
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	1.21	32.57	6.85	0.00	23.18	591	1,994
PIM	Putnam Mstr Imd Incm Tr	Putnam	1.18	-2.86	7.56	35.72	12.95	254	626
GDO	WA Glbl Corp Dfin Opp Fd	Legg Mason	1.17	-2.83	6.66	18.99	26.47	280	606
VBF	Invsc Bnd Fd	Invesco	1.12	-3.24	3.96	2.68	0.00	235	529
IGI	WA Inv Grd Dfin Opp Tr	Legg Mason	1.13	3.51	4.15	0.61	0.00	232	474
INSI	Insight Sel Incm Fd	Cutwater	1.17	-6.26	4.62	0.00	0.00	229	442
GDV	Gabelli Div & Incm Tr	Gabelli	1.19	-8.45	5.88	37.58	19.00	2,020	7,332
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.19	4.38	19.42	74.84	0.00	823	4,993
USA	Liberty All-Star Eq Fd	ALPS	1.25	-0.28	9.60	0.00	0.00	1,453	5,081
RVT	Royce Val Tr	Legg Mason	1.19	-11.12	6.92	0.83	4.33	1,607	3,569
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.18	4.81	19.38	78.02	0.00	422	3,192
ADX	Adams Divr Eq Fd	Adams Funds	1.19	-12.66	5.57	0.00	0.00	1,949	3,561
GAB	Gabelli Eq Tr	Gabelli	1.19	2.81	9.66	79.50	21.00	1,541	3,157
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.20	-10.20	7.57	58.42	0.00	685	3,777
BSTZ	BR Sci & Tech Tr II	BlackRock	1.23	-2.76	5.57	99.73	0.00	1,729	3,140
AOD	Abd Tot Dyn Div Fd	Aberdeen	1.20	-10.95	7.57	26.53	0.00	1,079	2,520
IFN	India Fund	Aberdeen	1.24	-10.32	10.93	0.00	0.00	626	2,068
BGY	BR Enh Intl DivTr	BlackRock	1.16	-10.12	6.92	65.80	0.00	689	1,614
CAF	MS China A Shr Fd	Morgan Stanley	1.20	-10.18	3.78	0.00	0.00	546	1,470
TDF	Tmp Dragon Fd	Templeton	1.22	-11.20	4.84	0.00	0.00	773	1,295
NEA	Nuv AMT-Fr Qlty Muni Incm Fd	Nuveen	1.17	-8.14	4.44	0.00	37.57	4,382	6,290
NVG	Nuv AMT-Fr Muni Cr Incm Fd	Nuveen	1.17	-3.34	4.69	0.00	37.50	3,702	5,688
NAD	Nuv Qlty Muni Incm Fd	Nuveen	1.18	-8.27	4.35	0.00	38.24	3,246	5,102
NMZ	Nuv Muni Hi Incm Opp Fd	Nuveen	1.19	1.26	4.94	0.00	35.57	1,057	4,925
BBN	BR Taxable Muni BndTr	BlackRock	1.20	0.89	5.40	0.95	38.13	1,407	4,143
NZF	Nuv Muni Cr Incm Fd	Nuveen	1.16	-3.43	4.60	0.00	37.40	2,401	3,492
NUV	Nuv Muni Val Fd	Nuveen	1.17	0.56	3.47	0.00	1.35	2,205	3,149

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.