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07. Master Limited Partnership (MLP) Fund Index

Data as of 06/18/2021 05/28/2021 04/30/2021 03/31/2021 02/26/2021 01/29/2021 12/31/2020 11/30/2020 10/30/2020 09/30/2020 08/31/2020 07/31/2020 06/30/2020 05/29/2020 04/30/2020 03/31/2020 02/28/2020 01/31/2020 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	527.08	-3.40	-6.75	4.67	22.29	46.90	60.55	-18.23	-9.58	2.78	19.15	54.24
NAV	547.75	-2.67	-5.99	4.90	19.70	38.05	50.22	-16.26	-8.66	3.65	17.86	42.26
Difference		0.73	0.76	0.23	-2.59	-8.85	-10.33	1.97	0.92	0.86	-1.29	-11.98
* 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 (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2021
Price	8.19	10.84	7.95	29.44	7.00	8.34	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	6.27	5.34	7.82	20.70	6.76	6.52	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	-1.92	-5.50	-0.12	-8.74	-0.25	-1.82	-	-	-	-	-	-	-	-	-	-	-	-	-
2020 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	-6.45	-17.25	-69.62	-76.49	54.40	7.65	-11.47	47.15	-65.40	-6.06	2.96	-14.61	-17.41	5.52	29.19	2.99	40.40	15.95	-59.88
NAV	-8.16	-17.93	-65.79	-74.22	47.08	10.64	-6.86	51.57	-60.92	-0.83	0.98	-11.90	-11.77	3.93	22.38	3.12	31.16	15.72	-54.77
Difference	-1.71	-0.68	3.83	2.27	-7.31	2.99	4.61	4.42	4.48	5.23	-1.98	2.71	5.64	-1.58	-6.82	0.13	-9.24	-0.23	5.11
2019 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2019
Price	21.14	-2.21	4.91	24.29	0.34	-3.88	2.14	-1.48	22.45	-0.20	-7.60	2.73	-5.27	-7.76	-4.35	10.83	-2.22	-7.38	13.41
NAV	18.42	-0.12	5.07	24.28	-1.71	-3.72	2.88	-2.65	20.99	-1.73	-7.06	2.65	-6.25	-6.50	-5.10	10.90	-1.59	-7.74	11.62
Difference	-2.72	2.09	0.16	-0.01	-2.05	0.15	0.74	-1.17	-1.46	-1.53	0.54	-0.08	-0.98	1.27	-0.75	0.07	0.63	-0.36	-1.79
2018 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2018
Price	6.57	-10.10	-8.69	-12.52	10.28	3.97	-2.08	12.27	-1.79	4.43	-0.09	-1.07	3.22	-12.46	-1.75	-12.83	-25.03	-22.61	-24.00
NAV	6.41	-12.45	-7.09	-13.45	8.99	6.18	-0.91	14.67	-0.75	6.39	1.74	-1.93	6.15	-9.98	-1.92	-12.98	-23.17	-18.44	-19.05
Difference	-0.16	-2.35	1.60	-0.92	-1.29	2.21	1.17	2.41	1.05	1.95	1.83	-0.86	2.92	2.49	-0.17	-0.15	1.86	4.17	4.95
2017 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2017
Price	5.24	3.37	-1.62	7.02	-0.56	-5.21	-0.93	-6.62	-0.06	1.88	-5.28	2.45	-1.13	-7.91	-2.07	10.90	0.01	-1.12	-1.18
NAV	2.66	0.98	-0.08	3.58	-2.22	-6.70	-0.54	-9.26	-6.01	2.45	-5.42	2.26	-0.91	-5.23	-1.27	8.12	1.17	0.25	-5.77
Difference	-2.58	-2.38	1.54	-3.44	-1.66	-1.48	0.39	-2.64	-5.95	0.57	-0.14	-0.19	0.22	2.68	0.80	-2.77	1.16	1.37	-4.60
2016 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2016
Price	-12.96	1.10	9.81	-3.38	17.53	3.18	5.50	27.93	23.61	-0.18	2.55	4.56	7.03	-5.18	6.31	1.42	2.23	9.41	35.24
NAV	-16.65	-1.33	13.10	-6.99	17.12	4.16	5.22	28.36	19.39	0.90	1.55	4.27	6.84	-4.52	4.76	4.75	4.77	11.94	33.64
Difference	-3.69	-2.43	3.29	-3.61	-0.41	0.98	-0.28	0.43	-4.22	1.08	-1.00	-0.29	-0.19	0.66	-1.55	3.33	2.55	2.53	-1.60
2015 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2015
Price	-4.33	4.57	-5.49	-5.46	4.84	-3.71	-10.26	-9.41	-14.35	-4.86	-5.14	-17.16	-25.23	11.18	-13.24	-12.35	-15.45	-36.78	-45.85
NAV	-4.13	3.34	-3.29	-4.19	5.56	-2.48	-8.53	-5.83	-9.78	-4.99	-7.73	-19.07	-29.05	10.93	-10.50	-12.24	-12.87	-38.19	-44.23
Difference	0.20	-1.23	2.20	1.27	0.72	1.23	1.73	3.57	4.57	-0.13	-2.60	-1.92	-3.82	-0.25	2.74	0.10	2.58	-1.41	1.62

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -13.93%	1Yr Disc -19.80%	3Yr Disc -12.46%	5Yr Disc -8.48%	Rel Disc Range (3yr) 49.58%
Mkt Yield 6.08%	Lev Adj NAV Yield 4.41%	After Tax Yield* 5.95%	Est Tax Friction* 0.13%	3Yr NAV Volatiliy 54.06
1 Yr RoC 90.34%	3 Yr Dest RoC 77.66%	Leverage 20.79%	Non Lev Exp Ratio 1.99%	Beta (2yr) 1.58
Equity Exposure 97.03%	Bond Exposure 1.85%	# Holdings 15	Cash Weighted Duration
Comp NAV TR -4.09%	Comp Discount 0.65%	Net Assets (M) 334	Liquidity - 90d (K) 1,225
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

15 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
CEM	CB MLP & Midstream Fd	Franklin Templeton	7.01	-14.25	6.67	100.00	28.90	456	1,948
CTR	CB MLP & Midstream Tot Rtn Fd	Franklin Templeton	7.15	-16.85	6.68	100.00	25.77	215	670
EMO	CB Nrg Midstream Opp Fd	Franklin Templeton	7.00	-18.21	6.61	100.00	28.90	374	1,394
FEI	FT MLP & Nrg Incm Fd	First Trust	6.37	-8.87	7.78	78.37	18.86	383	1,378
FEN	FT Nrg Incm & Gwth Fd	First Trust	6.16	-2.10	8.32	96.47	19.53	286	1,102
FMO	F/C Nrg Infra Fd	Guggenheim Funds	7.40	-1.84	7.66	100.00	13.95	92	572
FPL	FT New Opp MLP & Nrg Fd	First Trust	6.10	-12.17	7.89	87.82	18.96	160	791
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	6.77	-15.14	5.71	53.56	0.00	222	746
KMF	KA NextGen Nrg & Infra	Kayne Anderson	6.03	-19.14	5.01	30.81	25.71	419	978
KYN	KA Nrg Infra Fd	Kayne Anderson	6.66	-9.64	7.03	100.00	26.67	1,194	4,743
MIE	C&S MLP Incm & Nrg Opp Fd	Cohen & Steers	6.91	-5.31	4.59	100.00	16.50	111	660
NML	NB MLP & Nrg Incm Fd	Neuberger Berman	6.69	-19.52	3.56	100.00	13.40	351	783
NTG	Tortoise Midstream Nrg Fd	Tortoise	6.55	-22.47	4.84	100.00	25.00	216	788
SMM	Salient Midstream & MLP Fd	Salient	6.61	-23.59	4.03	100.00	23.92	138	404
TYG	Tortoise Nrg Infra Corp	Tortoise	6.60	-20.43	4.78	100.00	26.20	427	1,445

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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