01. 12 Major CEF Sectors Index

About the Index

The seven most liquid funds by 90-day average trading dollar $ liquidity in each of the 12 major groupings of funds: Business Development Companies (BDCs), Convertible Bonds, Covered Call Funds, Global Equity, High Yield Bonds, Investment Grade Bonds, Master Limited Partnership (MLP), Municipal Bonds, Preferred Equity, REITs/Real Assets, Senior Loans, and US Equity. Combine leverage and non-leverage groupings into one grouping when calculating the seven funds. The funds will be equal weight in the index. If there are less than seven available funds in a specific grouping, then equal weight the grouping with the smaller number of funds available. Each group will be 1/12 of the indexes over-all weighting. 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	1,519.12	0.23	0.85	3.82	11.15	26.78	53.12	10.70	10.98	2.46	2.46	12.26
NAV	1,441.60	0.16	0.29	1.64	5.35	16.60	39.14	9.38	9.34	1.83	1.83	6.90
Difference		-0.07	-0.56	-2.18	-5.81	-10.18	-13.98	-1.33	-1.64	-0.63	-0.63	-5.36
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2021 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2021
Price	1.46	3.95	3.89	9.56	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	1.14	1.95	1.81	4.98	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	-0.32	-2.00	-2.07	-4.59	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2020 - Monthly Performance (%)
	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	13.04	6.26	0.65	20.89	-15.26	3.84	3.38	-2.95	4.18	-0.87	13.74	3.94	17.19	22.09	3.46
NAV	0.34	-4.58	-19.13	-22.57	10.70	4.15	1.68	17.23	-9.23	4.07	2.61	-1.94	4.72	0.16	8.62	3.31	12.39	17.70	6.84
Difference	-0.34	4.96	3.91	7.33	-2.33	-2.12	1.03	-3.66	6.03	0.24	-0.77	1.02	0.55	1.03	-5.12	-0.63	-4.80	-4.38	3.39
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	20.33	1.78	-1.38	1.96	2.34	0.01	1.05	2.90	3.99	6.42	28.05
NAV	6.68	1.83	1.94	10.74	1.54	-2.04	3.20	2.66	13.69	0.80	-0.58	1.01	1.23	0.37	0.44	2.77	3.60	4.88	19.24
Difference	-4.85	-0.24	0.17	-5.11	-0.88	0.65	-0.99	-1.20	-6.64	-0.98	0.80	-0.95	-1.11	0.36	-0.61	-0.13	-0.38	-1.54	-8.82
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	0.56	1.90	1.54	-1.24	2.19	-7.33	0.72	-6.53	-12.76	-10.85	-10.35
NAV	2.26	-3.20	-0.88	-1.88	1.09	1.38	-0.04	2.45	0.52	1.95	1.22	-0.43	2.74	-4.17	0.08	-4.17	-8.09	-5.57	-5.08
Difference	1.14	-0.39	-0.15	0.54	-0.88	-0.36	0.62	-0.62	-0.05	0.05	-0.32	0.81	0.55	3.16	-0.64	2.36	4.67	5.28	5.26
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	9.97	1.94	-1.40	1.97	2.49	-0.71	-0.50	2.32	1.10	3.61	13.94
NAV	1.55	1.95	0.26	3.79	1.07	0.64	0.68	2.41	6.29	1.43	-0.21	1.10	2.32	0.39	0.48	1.67	2.54	4.93	11.53
Difference	-1.65	-0.79	0.37	-2.11	-1.71	0.55	-0.25	-1.43	-3.68	-0.51	1.19	-0.87	-0.16	1.09	0.97	-0.66	1.45	1.31	-2.41
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	9.55	4.00	1.22	-0.56	4.68	-3.13	0.12	2.42	-0.67	3.99	13.92
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	9.38
Difference	0.95	-1.15	-1.88	-1.96	-0.82	0.19	-1.39	-2.10	-4.20	-1.20	-0.58	0.93	-0.84	2.02	-0.68	-0.75	0.64	-0.16	-4.54
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	-0.13	-1.25	-3.50	-4.33	-8.83	6.51	-1.53	-1.81	2.99	-6.10	-6.22
NAV	0.52	2.32	-0.16	2.69	1.26	0.22	-2.34	-0.89	1.77	-0.16	-3.49	-3.31	-6.82	4.37	-1.43	-2.33	0.49	-6.37	-4.71
Difference	-0.92	-0.52	0.28	-1.17	-0.27	0.97	2.23	2.94	1.90	1.09	0.01	1.02	2.00	-2.14	0.10	-0.52	-2.50	-0.27	1.50

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -1.41%	1Yr Disc -6.77%	3Yr Disc -4.61%	5Yr Disc -3.98%	Rel Disc Range (3yr) 75.46%
Mkt Yield 7.24%	Lev Adj NAV Yield 5.90%	After Tax Yield* 6.10%	Est Tax Friction* 1.14%	3Yr NAV Volatiliy 20.39
1 Yr RoC 43.62%	3 Yr Dest RoC 18.00%	Leverage 23.49%	Non Lev Exp Ratio 1.56%	Beta (2yr) 0.90
Equity Exposure 40.20%	Bond Exposure 56.80%	# Holdings 84	Cash Weighted Duration 2.00
Comp NAV TR 2.19%	Comp Discount 2.20%	Net Assets (M) 1,343	Liquidity - 90d (K) 4,938
* 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

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	-0.31	6.20	0.00	36.20	1,997	4,516
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.18	-2.55	6.66	0.00	36.16	1,013	3,247
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.17	-1.06	6.32	6.70	30.71	1,486	2,996
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.16	11.84	6.61	0.00	32.80	936	2,043
PDT	JH Prm Div Fd	John Hancock	1.18	4.68	7.70	0.00	34.91	707	2,362
PTA	Tx-Adv Pref Sec Pref Sec & Incm Fd	Cohen & Steers	1.17	-2.61	6.23	34.46	32.70	1,286	2,317
HPI	JH Pref Incm Fd	John Hancock	1.16	1.58	7.19	2.38	32.26	532	1,734
ARCC	Ares Capital Corp	Ares	1.20	13.55	8.30	0.00	52.43	7,176	43,760
PSEC	Prospect Capital Corp	Prospect Capital	1.21	-11.16	9.05	0.00	37.39	3,456	24,158
ORCC	Owl Rock Capital Corp	Owl Rock	1.19	-4.34	8.79	0.00	46.82	5,769	17,508
MAIN	Main Street Cap Corp	Main Street Capital	1.24	86.76	5.89	0.00	43.64	1,519	15,811
FSKR	FS KKR Capital Corp. II	FS/KKR	1.24	-19.12	10.84	0.00	46.51	4,265	11,368
FSK	FS KKR Capital Corp	FS/KKR	1.25	-17.55	11.63	0.00	55.85	3,096	11,305
HTGC	Hercules Capital	Hercules	1.23	50.09	7.57	0.00	49.03	1,300	11,536
RQI	C&S Qlty Incm Rty Fd	Cohen & Steers	1.20	-2.04	6.65	12.10	26.40	1,977	6,080
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	1.20	-8.74	7.46	69.33	23.46	1,027	3,033
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.20	-3.91	7.82	65.50	15.94	546	2,768
RNP	C&S REIT & Pref Incm Fd	Cohen & Steers	1.17	-2.57	6.04	0.00	26.30	1,204	2,318
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	1.22	-8.06	7.57	46.61	28.22	457	1,720
NRO	NB Rel-Est Sec Incm Fd	Neuberger Berman	1.20	-3.50	7.98	60.21	17.60	230	1,098
RFI	C&S Tot Rtn Rty Fd	Cohen & Steers	1.20	6.44	6.38	21.72	0.00	371	908
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.24	-2.64	7.56	0.00	32.03	1,195	4,540
CHI	Calamos Convt Opp & Incm	Calamos	1.25	-1.36	7.48	0.00	32.00	1,096	4,447
NCZ	Virtus AG Convt & Incm Fd II	Virtus	1.21	-9.79	8.72	32.67	38.10	435	2,482
NCV	Virtus AG Convt & Incm Fd	Virtus	1.20	-8.78	8.76	29.87	37.61	577	2,746
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.19	3.38	7.14	0.00	30.91	776	3,310
AVK	Advent Convt & Incm Fd	Guggenheim Funds	1.21	-10.42	7.65	63.88	31.87	709	2,695
ACV	Virtus AG Divr Incm & Convt Fd	Virtus	1.25	-7.09	5.97	0.00	21.89	374	1,839
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	1.19	-4.02	7.73	95.81	0.00	3,017	6,682
BST	BR Sci & Tech Tr	BlackRock	1.27	9.38	4.58	49.81	0.00	1,366	6,052
BDJ	BR Enh Eq Div Tr	BlackRock	1.19	-5.83	6.19	15.48	0.00	1,914	5,449
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	1.21	-2.36	7.64	85.12	0.00	2,057	4,201
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	1.23	1.00	6.32	97.94	0.00	1,167	4,000
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	1.19	3.66	8.38	95.56	0.00	1,403	3,929
NFJ	Virtus Div Int & Prm Stgy Fd	Virtus	1.22	-10.69	6.22	34.19	0.00	1,535	3,317
JFR	Nuv Flt Rt Incm Fd	Nuveen	1.17	-6.46	7.18	0.00	35.56	590	6,064
JQC	Nuv Cr Stgs Incm Fd	Nuveen	1.22	-4.54	11.38	65.47	35.91	956	5,208
NSL	Nuv Sr Incm Fd	Nuveen	1.18	-7.38	7.22	0.00	35.52	236	5,142
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	1.17	-6.82	7.21	0.00	35.55	416	3,167
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.17	-7.06	6.14	29.70	29.80	494	2,612
VTA	Invsc Dyn Cr Opp Fd	Invesco	1.17	-5.37	7.86	16.98	28.00	762	2,497
VVR	Invsc Sr Incm Tr	Invesco	1.17	-7.64	5.96	19.93	28.00	701	2,221
KYN	KA Nrg Infra Fd	Kayne Anderson	1.17	-12.77	8.29	100.00	29.07	1,050	5,249
CEM	CB MLP & Midstream Fd	Franklin Templeton	1.18	-13.55	8.00	100.00	30.21	381	1,925
TYG	Tortoise Nrg Infra Corp	Tortoise	1.19	-21.99	5.04	100.00	31.20	382	2,000
FEI	FT MLP & Nrg Incm Fd	First Trust	1.17	-11.08	8.60	86.08	20.42	355	1,660
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.19	-2.14	8.77	98.57	20.67	272	1,689
KMF	KA NextGen Nrg & Infra	Kayne Anderson	1.17	-18.61	5.38	20.64	26.96	388	1,296
EMO	CB Nrg Midstream Opp Fd	Franklin Templeton	1.17	-19.08	6.93	100.00	30.40	313	1,167
DHY	CS Hi Yld Bnd Fd	Credit Suisse	1.17	-6.20	7.69	0.00	28.03	267	7,073
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	1.18	-5.76	8.30	0.00	28.74	240	6,519
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	1.18	-2.01	7.89	0.00	25.64	183	4,102
HYT	BR Corp Hi Yld Fd	BlackRock	1.18	-1.98	7.88	15.00	29.55	1,476	4,379
DLY	DbLin Yld Opp Fd	Doubleline	1.19	-3.82	7.13	10.56	20.01	1,212	2,612
FTHY	FT Hi Yld Opp 2027 Trm Fd	First Trust	1.17	-6.03	7.19	0.00	28.15	779	2,420
DSU	BR Dbt Stgs Fd	BlackRock	1.17	-5.21	6.54	24.44	30.17	546	1,868
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.19	31.47	8.37	4.79	41.26	1,248	6,755
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	1.19	22.94	7.66	0.41	32.67	586	1,353
GDO	WA Glbl Corp Dfin Opp Fd	Franklin Templeton	1.18	-4.11	6.83	11.85	27.79	276	680
PIM	Putnam Mstr Imd Incm Tr	Putnam	1.14	-5.17	6.26	45.03	0.00	228	584
VBF	Invsc Bnd Fd	Invesco	1.13	-6.48	3.51	1.92	0.00	235	517
IGI	WA Inv Grd Dfin Opp Tr	Franklin Templeton	1.16	-0.98	3.76	1.63	0.00	232	503
WEA	WA Prmr Bnd Fd	Franklin Templeton	1.16	-4.47	5.70	0.00	27.90	173	372
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.18	35.93	14.11	68.20	0.00	782	14,050
USA	Liberty All-Star Eq Fd	ALPS	1.25	2.75	9.73	0.00	0.00	1,737	7,524
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.18	39.36	13.74	69.44	0.00	396	7,292
GDV	Gabelli Div & Incm Tr	Gabelli	1.21	-10.10	5.29	0.84	12.00	2,509	4,465
RVT	Royce Val Tr	Franklin Templeton	1.19	-10.67	5.60	10.04	3.57	2,121	4,570
GAB	Gabelli Eq Tr	Gabelli	1.19	7.86	8.57	47.08	22.00	1,699	4,073
EVT	EV Tx-Adv Div Incm Fd	Eaton Vance	1.19	-1.61	6.47	3.85	19.80	2,010	3,760
BSTZ	BR Sci & Tech Tr II	BlackRock	1.26	-4.24	5.31	70.21	0.00	3,152	9,502
AOD	Abd Tot Dyn Div Fd	Aberdeen	1.19	-10.46	7.07	2.95	2.31	1,149	3,159
IFN	India Fund	Aberdeen	1.14	-6.50	11.05	51.49	0.00	604	2,050
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.19	-7.46	8.23	78.42	0.00	598	1,886
BGY	BR Enh Intl DivTr	BlackRock	1.20	-6.86	6.49	70.16	0.00	699	1,339
TDF	Tmp Dragon Fd	Franklin Templeton	1.11	-8.38	5.15	0.00	0.00	827	1,023
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.25	-25.27	10.25	4.27	24.76	242	1,458
NEA	Nuv AMT-Fr Qlty Muni Incm Fd	Nuveen	1.19	-5.45	4.66	0.00	37.48	4,770	8,837
NAD	Nuv Qlty Muni Incm Fd	Nuveen	1.18	-6.15	4.68	0.00	37.07	3,793	6,414
NVG	Nuv AMT-Fr Muni Cr Incm Fd	Nuveen	1.18	-1.78	4.73	0.00	37.47	3,717	6,047
BBN	BR Taxable Muni BndTr	BlackRock	1.16	0.16	5.71	4.55	32.77	1,414	4,799
NUV	Nuv Muni Val Fd	Nuveen	1.19	6.25	3.27	0.00	1.33	2,221	3,342
NAC	Nuv CA Qlty Muni Inc Fd	Nuveen	1.19	-6.54	4.32	0.00	36.26	2,345	3,042
NZF	Nuv Muni Cr Incm Fd	Nuveen	1.19	-2.72	4.81	0.00	37.10	2,408	3,102

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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