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01. 12 Major CEF Sectors Index

Data as of 08/20/2019 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	1,231.13	0.17	-0.00	-1.18	2.55	6.28	4.30	6.87	5.20	-1.58	0.17	19.88
NAV	1,197.32	-0.10	-0.01	-1.10	1.70	4.46	4.06	6.37	4.38	-1.30	-0.51	12.89
Difference		-0.27	-0.01	0.08	-0.85	-1.82	-0.24	-0.50	-0.82	0.28	-0.68	-6.99
* 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	-	-	-	-	-	-	-	-	21.46
NAV	6.68	1.83	1.94	10.74	1.54	-2.04	3.20	2.66	13.40	0.80	-	-	-	-	-	-	-	-	14.19
Difference	-4.85	-0.24	0.17	-5.11	-0.88	0.65	-0.99	-1.20	-6.31	-0.98	-	-	-	-	-	-	-	-	-7.27
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 -3.36%	1Yr Disc -5.13%	3Yr Disc -4.09%	5Yr Disc -5.09%	Rel Disc Range (3yr) 60.14%
Mkt Yield 8.43%	Lev Adj NAV Yield 6.67%	After Tax Yield* 7.08%	Est Tax Friction* 1.35%	3Yr NAV Volatiliy 9.11
1 Yr RoC 21.06%	3 Yr Dest RoC 9.52%	Leverage 24.80%	Non Lev Exp Ratio 1.57%	Beta (2yr) 0.48
Equity Exposure 38.95%	Bond Exposure 59.98%	# Holdings 84	Cash Weighted Duration 2.51
Comp NAV TR 0.76%	Comp Discount 1.25%	Net Assets (M) 1,176	Liquidity - 90d (K) 3,320
* 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	1.22	-0.72	6.97	0.00	35.93	1,979	4,650
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.22	-2.08	7.41	1.93	30.71	1,432	3,428
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.23	2.24	6.55	0.00	33.60	890	2,679
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.18	-2.50	7.52	0.00	36.33	1,032	2,298
HPI	JH Pref Incm Fd	John Hancock	1.25	13.54	6.96	16.21	35.01	553	1,547
DFP	F&C Dyn Pref and Incm Fd	Flaherty & Crumrine	1.23	-0.23	6.68	0.00	33.90	493	1,413
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen & Steers	1.20	-1.58	7.51	11.34	30.20	730	1,529
ARCC	Ares Capital Corp	Ares	1.25	9.32	8.47	0.00	43.51	7,369	31,847
PSEC	Prospect Capital Corp	Prospect Capital	1.22	-26.98	10.86	0.00	40.71	3,332	9,866
FSK	FS KKR Capital Corp	FS/KKR	1.19	-26.65	13.15	0.00	44.56	4,086	10,222
MAIN	Main Street Cap Corp	Main Street Capital	1.27	79.85	5.66	0.00	39.58	1,526	10,256
HTGC	Hercules Capital	Hercules	1.24	23.23	9.81	0.00	50.66	1,107	7,408
CGBD	TCG BDC	Carlyle	1.13	-17.58	10.53	0.00	50.42	1,019	5,327
AINV	Apollo Inv Corp	Apollo	1.26	-14.42	11.07	0.00	50.34	1,288	5,511
RQI	C&S Qlty Incm Rty Fd	Cohen & Steers	1.30	0.47	6.47	0.00	23.10	1,611	5,006
RNP	C&S REIT & Pref Incm Fd	Cohen & Steers	1.28	-4.18	6.42	0.00	24.00	1,150	3,997
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	1.22	-12.69	7.85	70.39	14.05	1,020	2,186
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.16	-11.03	7.93	58.11	8.38	581	2,658
RFI	C&S Tot Rtn Ry Fd	Cohen & Steers	1.22	1.41	6.69	5.73	0.00	370	1,068
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	1.19	-10.59	7.57	25.37	29.53	516	1,159
NRO	NB Rel-Est Sec Incm Fd	Neuberger Berman	1.27	-4.06	8.84	37.90	27.70	268	1,322
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.23	0.18	9.10	27.10	33.14	819	1,943
CHI	Calamos Convt Opp & Incm	Calamos	1.20	-1.69	9.18	27.25	32.93	754	1,896
NCV	AG Convt & Incm Fd	Allianz	1.21	2.53	11.11	32.84	41.09	497	1,566
NCZ	AG Convt & Incm Fd II	Allianz	1.20	1.21	10.76	40.56	41.55	376	1,070
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.23	2.96	9.76	47.49	33.01	488	1,596
AVK	AC Convt Sec & Incm Fd	Guggenheim Funds	1.14	-11.51	9.79	64.01	39.92	561	1,507
ACV	AG Divr Incm & Convt Fd	Allianz	1.24	4.07	8.34	0.00	29.94	238	861
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	1.16	-4.63	9.19	89.53	0.00	2,553	5,254
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	1.19	0.68	8.52	71.24	0.00	1,766	3,419
BDJ	BR Enh Eq Div Tr	BlackRock	1.19	-5.15	6.79	0.00	0.00	1,748	3,645
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	1.19	6.63	8.89	70.21	0.00	1,091	3,398
BST	BR Sci & Tech Tr	BlackRock	1.22	1.04	5.47	0.00	0.00	732	2,990
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	1.17	-3.81	9.10	62.88	0.00	1,071	2,470
NFJ	AG NFJ Div Int & Prm Stgy	Allianz	1.16	-10.54	7.41	30.51	0.00	1,286	2,225
JQC	Nuv Cr Stgs Incm Fd	Nuveen	1.14	-11.26	16.76	45.17	37.52	1,132	5,148
VVR	Invsc Sr Incm Tr	Invesco	1.15	-11.86	6.63	0.00	32.00	850	2,047
VTA	Invsc Dyn Cr Opp Fd	Invesco	1.16	-12.68	7.17	8.94	33.00	923	2,056
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	1.18	-6.91	9.49	0.00	37.17	691	2,103
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.17	-13.01	6.63	0.00	29.65	525	1,543
HFRO	Highland Incm Fd	Highland Capital	1.12	-8.61	7.14	24.96	31.12	1,018	1,489
EFT	EV Flt-Rt Incm Tr	Eaton Vance	1.18	-12.11	6.87	0.00	34.10	602	1,156
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	1.13	-9.04	9.94	15.38	34.84	2,013	6,324
TYG	Tortoise Nrg Infra Corp	Tortoise	1.14	1.55	12.10	61.36	33.50	1,143	3,468
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.09	1.42	17.51	91.24	30.12	237	2,924
NTG	Tortoise Midstream Nrg Fd	Tortoise	1.12	-2.53	13.31	84.22	36.10	824	3,088
CEM	CB MLP & Midstream Fd	Legg Mason	1.13	-10.55	10.39	89.12	32.68	894	2,386
KMF	KA Midstream/Nrg Fd	Kayne Anderson	1.10	-13.83	8.45	94.69	30.96	583	1,877
EMO	CB Nrg Midstream Opp Fd	Legg Mason	1.12	-12.06	10.60	76.39	33.00	708	1,575
HYT	BR Corp Hi Yld Fd	BlackRock	1.17	-10.10	8.23	0.00	27.51	1,424	3,717
DSU	BR Dbt Stgs Fd	BlackRock	1.20	-11.29	7.64	0.80	31.32	603	1,312
EAD	WF Incm Opp Fd	Wells Fargo	1.18	-9.21	8.77	8.83	28.66	561	1,484
KIO	KKR Incm Opp Fd	KKR Credit	1.18	-2.89	9.69	0.00	29.85	324	1,589
GHY	PGIM Glbl Hi Yld Fd	Prudential	1.17	-12.44	8.52	2.27	29.45	658	1,458
ISD	PGIM Hi Yld Bnd Fd	Prudential	1.17	-12.95	8.38	0.00	24.53	547	1,464
HIX	WA Hi Incm Fd II	Legg Mason	1.15	-7.57	8.39	4.64	28.90	619	1,589
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.18	25.94	8.78	2.13	36.83	1,243	5,382
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	1.23	20.57	7.73	0.00	24.11	574	1,716
PIM	Putnam Mstr Imd Incm Tr	Putnam	1.20	-4.98	7.86	23.69	7.96	256	621
VBF	Invsc Bnd Fd	Invesco	1.24	-6.01	4.08	2.05	0.00	235	623
IGI	WA Inv Grd Dfin Opp Tr	Legg Mason	1.20	-0.66	4.85	0.00	0.00	229	558
GDO	WA Glbl Corp Dfin Opp Fd	Legg Mason	1.21	-5.96	7.05	10.96	25.90	273	524
WEA	WA Prmr Bnd Fd	Legg Mason	1.20	-5.35	5.81	0.00	27.10	171	444
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.19	8.63	21.52	88.66	0.00	780	4,964
USA	Liberty All-Star Eq Fd	ALPS	1.13	-3.32	11.11	8.53	0.00	1,271	4,411
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.19	9.39	21.31	85.67	0.00	400	3,307
GAB	Gabelli Eq Tr	Gabelli	1.16	8.29	8.15	48.30	21.00	1,406	3,428
RVT	Royce Val Tr	Legg Mason	1.14	-12.19	8.36	0.00	3.12	1,450	3,285
GDV	Gabelli Div & Incm Tr	Gabelli	1.14	-7.08	6.41	23.24	22.00	1,828	2,804
EVT	EV Tx-Adv Div Incm Fd	Eaton Vance	1.19	0.98	7.38	0.00	20.50	1,704	2,863
CAF	MS China A Shr Fd	Morgan Stanley	1.14	-11.96	8.28	0.00	0.00	519	1,710
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.19	-4.17	11.38	55.34	0.00	651	2,388
IFN	India Fund	Aberdeen	1.11	-10.57	11.87	0.00	0.00	598	1,702
AOD	Abd Tot Dyn Div Fd	Aberdeen	1.16	-11.25	8.57	17.24	5.59	956	2,039
BGY	BR Enh Intl DivTr	BlackRock	1.15	-10.71	7.48	39.60	0.00	651	1,205
TDF	Tmp Dragon Fd	Templeton	1.16	-12.71	2.69	0.00	0.00	723	862
AEF	Abd Emrg Mkt Eq Incm Fd	Aberdeen	1.11	-11.53	2.34	5.25	9.20	392	774
NEA	Nuv AMT-Fr Qlty Muni Incm Fd	Nuveen	1.24	-9.36	4.48	0.00	37.69	4,154	7,062
NAD	Nuv Qlty Muni Incm Fd	Nuveen	1.24	-10.27	4.42	0.00	37.63	3,264	5,780
NVG	Nuv AMT-Fr Muni Cr Incm Fd	Nuveen	1.27	-3.17	4.68	0.00	37.73	3,516	4,801
NZF	Nuv Muni Cr Incm Fd	Nuveen	1.25	-3.18	4.82	0.00	37.41	2,412	3,637
BBN	BR Taxable Muni BndTr	BlackRock	1.26	-1.26	5.35	4.32	36.97	1,451	3,878
NAC	Nuv CA Qlty Muni Inc Fd	Nuveen	1.25	-6.88	4.39	0.00	36.80	2,356	3,089
EIM	EV Muni Bnd Fd	Eaton Vance	1.26	-7.59	3.92	1.15	42.20	1,148	3,056

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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