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	1,629.76	-0.44	-0.59	0.86	2.12	11.80	39.12	11.61	10.52	-0.47	0.92	20.43
NAV	1,526.41	-0.48	-0.30	1.33	1.84	8.54	26.15	9.92	9.18	-0.52	1.21	13.19
Difference		-0.04	0.29	0.47	-0.28	-3.25	-12.97	-1.68	-1.34	-0.05	0.29	-7.25
* 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	3.72	2.45	2.50	8.92	19.33	-0.21	1.61	-	-	-	-	-	-	-	-
NAV	1.14	1.95	1.81	4.98	3.07	1.45	1.87	6.53	11.83	0.43	1.31	-	-	-	-	-	-	-	-
Difference	-0.32	-2.00	-2.07	-4.59	-0.65	-1.00	-0.62	-2.39	-7.50	0.63	-0.30	-	-	-	-	-	-	-	-
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 0.47%	1Yr Disc -3.09%	3Yr Disc -3.98%	5Yr Disc -3.32%	Rel Disc Range (3yr) 77.47%
Mkt Yield 7.23%	Lev Adj NAV Yield 6.02%	After Tax Yield* 6.06%	Est Tax Friction* 1.17%	3Yr NAV Volatiliy 19.23
1 Yr RoC 37.13%	3 Yr Dest RoC 17.74%	Leverage 23.55%	Non Lev Exp Ratio 1.51%	Beta (2yr) 0.91
Equity Exposure 39.28%	Bond Exposure 58.04%	# Holdings 84	Cash Weighted Duration 2.03
Comp NAV TR 1.27%	Comp Discount 2.70%	Net Assets (M) 1,429	Liquidity - 90d (K) 4,245
* 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	1.21	0.80	6.04	0.00	36.15	2,039	3,077
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.23	2.14	5.93	3.10	30.45	1,535	2,539
PTA	Tx-Adv Pref Sec Pref Sec & Incm Fd	Cohen&Steers	1.19	-3.40	6.16	36.15	32.30	1,449	2,064
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.20	0.80	6.34	0.00	36.20	1,033	1,816
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.21	6.05	6.61	0.00	32.90	1,005	1,973
PDT	JH Prm Div Fd	John Hancock	1.18	14.40	6.98	6.43	33.91	714	1,183
DFP	F&C Dyn Pref & Incm Fd	Flaherty & Crumrine	1.18	3.57	6.70	0.00	32.90	558	1,292
ARCC	Ares Capital Corp	Ares	1.20	9.58	8.24	0.00	51.22	8,097	41,709
PSEC	Prospect Capital Corp	Prospect Capital	1.12	-19.78	9.15	0.00	37.60	3,817	14,603
ORCC	Owl Rock Capital Corp	Owl Rock	1.22	-3.15	8.59	0.00	50.52	5,844	16,500
FSK	FS KKR Capital Corp	FS/KKR	1.27	-16.24	11.57	0.00	49.23	7,653	24,110
MAIN	Main Street Cap Corp	Main Street Capital	1.20	76.47	6.10	0.00	45.78	1,607	10,197
HTGC	Hercules Capital	Hercules	1.19	43.30	7.63	0.00	45.60	1,356	10,617
GSBD	Goldman Sachs BDC	Goldman Sachs	1.16	16.76	9.61	0.00	47.85	1,633	8,972
RQI	C&S Qlty Incm Rty Fd	Cohen&Steers	1.20	-4.18	6.07	0.00	23.90	2,216	5,599
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	1.22	-6.35	6.67	66.36	20.36	1,120	2,840
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.23	-2.68	7.35	65.85	16.48	573	1,940
RNP	C&S REIT & Pref Incm Fd	Cohen&Steers	1.19	-1.20	5.46	0.00	25.00	1,313	2,579
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	1.19	-6.24	7.26	39.52	27.95	467	1,093
JRS	Nuv Rel-Est Incm Fd	Nuveen	1.20	-7.29	6.87	68.03	27.44	345	892
RFI	C&S Tot Rtn Rty Fd	Cohen&Steers	1.24	10.21	5.67	0.00	0.00	404	876
CHI	Calamos Convt Opp & Incm	Calamos	1.23	1.83	7.32	0.00	32.87	1,089	2,162
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.20	1.18	7.34	0.00	32.85	1,188	1,966
NCZ	Virtus AG Convt & Incm Fd II	Virtus	1.20	-7.14	8.44	55.52	38.20	437	2,912
NCV	Virtus AG Convt & Incm Fd	Virtus	1.21	-3.59	8.27	53.01	37.71	578	2,243
AVK	Advent Convt & Incm Fd	Guggenheim Funds	1.18	-4.75	7.38	25.93	31.88	691	1,537
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.21	1.41	7.41	0.00	32.02	770	1,759
ACV	Virtus AG Divr Incm & Convt Fd	Virtus	1.23	-2.76	5.63	0.00	21.84	379	1,022
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	1.24	2.32	7.80	70.27	0.00	3,138	5,184
BST	BR Sci & Tech Tr	BlackRock	1.07	-4.88	5.04	7.43	0.00	1,815	7,883
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	1.21	3.08	8.10	97.46	0.00	1,564	4,251
BDJ	BR Enh Eq Div Tr	BlackRock	1.17	-2.92	6.02	6.55	0.00	1,910	3,836
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	1.23	2.92	7.72	54.42	0.00	2,129	3,355
NFJ	Virtus Div Int & Prm Stgy Fd	Virtus	1.20	-8.81	5.87	33.35	0.00	1,593	3,339
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	1.22	1.74	7.85	43.62	0.00	1,176	2,286
JQC	Nuv Cr Stgs Incm Fd	Nuveen	1.16	-6.76	7.83	63.52	36.71	942	5,613
JFR	Nuv Flt Rt Incm Fd	Nuveen	1.20	-4.94	6.96	2.79	36.47	599	3,024
VVR	Invsc Sr Incm Tr	Invesco	1.17	-6.40	5.74	15.97	24.00	718	3,407
NSL	Nuv Sr Incm Fd	Nuveen	1.19	-5.17	6.95	2.59	36.35	239	2,461
VTA	Invsc Dyn Cr Opp Fd	Invesco	1.17	-6.83	7.77	38.23	22.00	783	3,914
FCT	FT Sr Flt Rt Incm Fd II	First Trust	1.20	1.20	8.52	45.92	27.40	324	1,304
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	1.22	-4.89	6.96	4.05	36.52	423	2,103
KYN	KA Nrg Infra Fd	Kayne Anderson	1.07	-11.49	8.91	100.00	26.95	1,123	3,646
CEM	CB MLP & Midstream Fd	Franklin Templeton	1.09	-14.00	7.24	100.00	30.67	419	1,272
TYG	Tortoise Nrg Infra Corp	Tortoise	1.11	-20.78	5.48	100.00	25.20	401	1,339
FEI	FT MLP & Nrg Incm Fd	First Trust	1.08	-10.23	8.44	61.05	20.24	358	1,213
EMO	CB Nrg Midstream Opp Fd	Franklin Templeton	1.11	-18.19	7.14	100.00	31.25	346	853
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.12	-4.35	8.94	92.83	20.42	273	855
KMF	KA NextGen Nrg & Infra	Kayne Anderson	1.14	-17.15	7.78	52.73	27.10	410	1,077
HYT	BR Corp Hi Yld Fd	BlackRock	1.20	0.82	7.56	14.57	30.71	1,496	3,813
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	1.19	0.29	7.74	0.00	21.55	182	4,903
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	1.07	-1.20	7.87	0.00	28.28	241	1,647
DHY	CS Hi Yld Bnd Fd	Credit Suisse	1.20	-1.95	7.38	0.31	22.20	266	2,967
ACP	Abd Incm Cr Stgs Fd	Aberdeen	1.22	3.76	10.61	21.07	38.24	253	1,770
GHY	PGIM Glbl Hi Yld Fd	Prudential	1.19	-5.78	7.97	6.17	27.40	686	2,345
DLY	DbLin Yld Opp Fd	Doubleline	1.16	-4.04	7.19	0.24	22.96	973	1,715
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.16	32.06	7.48	7.59	46.73	1,272	11,232
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	1.19	26.89	7.26	0.00	43.07	613	1,522
VBF	Invsc Bnd Fd	Invesco	1.22	0.47	3.18	0.59	0.00	242	566
GDO	WA Glbl Corp Dfin Opp Fd	Franklin Templeton	1.19	-0.54	6.54	13.35	28.40	278	398
IGI	WA Inv Grd Dfin Opp Tr	Franklin Templeton	1.24	4.18	3.48	3.41	0.00	238	556
PIM	Putnam Mstr Imd Incm Tr	Putnam	1.15	-1.71	6.55	35.52	0.00	210	466
WEA	WA Prmr Bnd Fd	Franklin Templeton	1.17	-2.57	5.49	0.00	28.60	176	339
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.34	27.25	14.91	37.36	0.00	1,201	12,053
USA	Liberty All-Star Eq Fd	ALPS	1.18	8.85	9.48	0.00	0.00	1,803	9,178
BIGZ	BR Innovation & Gwth Tr	BlackRock	1.11	-7.41	6.36	100.00	0.00	4,961	6,125
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.35	30.08	14.56	31.02	0.00	609	6,143
GDV	Gabelli Div & Incm Tr	Gabelli	1.19	-9.17	5.01	0.28	10.00	2,622	3,629
GAB	Gabelli Eq Tr	Gabelli	1.14	4.40	9.02	49.25	19.00	1,835	4,857
RVT	Royce Val Tr	Franklin Templeton	1.15	-9.04	7.17	0.00	3.11	2,091	3,188
BSTZ	BR Sci & Tech Tr II	BlackRock	1.16	-6.33	5.03	8.86	0.00	3,402	4,327
AOD	Abd Tot Dyn Div Fd	Aberdeen	1.17	-7.40	6.89	0.97	1.39	1,140	2,674
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.24	-5.23	7.79	73.49	0.00	525	1,421
GLQ	Clough Glbl Eq Fd	Clough	1.27	2.62	10.28	0.00	36.29	269	2,084
IFN	India Fund	Aberdeen	1.24	-10.93	10.58	30.24	0.00	697	1,831
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.31	-15.83	8.61	4.01	27.45	258	1,092
BGY	BR Enh Intl DivTr	BlackRock	1.15	-6.40	6.45	41.12	0.00	700	1,425
NEA	Nuv AMT-Fr Qlty Muni Incm Fd	Nuveen	1.20	-0.94	4.43	0.00	36.58	4,782	5,953
NAD	Nuv Qlty Muni Incm Fd	Nuveen	1.21	-0.73	4.39	0.00	36.22	3,826	5,670
NVG	Nuv AMT-Fr Muni Cr Incm Fd	Nuveen	1.21	2.84	4.48	0.00	36.46	3,754	4,197
NMZ	Nuv Muni Hi Incm Opp Fd	Nuveen	1.18	2.71	5.15	0.00	35.30	1,359	4,372
BBN	BR Taxable Muni BndTr	BlackRock	1.22	2.13	5.32	5.23	31.79	1,528	3,267
NZF	Nuv Muni Cr Incm Fd	Nuveen	1.20	0.58	4.56	0.00	35.91	2,453	2,280
NUV	Nuv Muni Val Fd	Nuveen	1.20	8.27	2.88	0.00	1.30	2,232	2,372

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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