CEF Advisors

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04. 60/40 Balanced (w/ BDCs) Index

Data as of

About the Index

30% weighting of the index from CEF Advisors' Equity Income Index, 30% weighting of the index from CEF Advisors' Global Equity Index, then for bond exposure; the top 50% ranked by 90-day average trading dollar ($) liquidity: Multi-Sector Bond (8%) Debt-Focused Business Development Companies (BDCs) (6%), Sr. Loan Funds (6%), High Yield Bond (6%), Preferred Equity (5%), Convertible (5%), and Build America Bond (taxable municipals / BABs) (4%). 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 1,157.14 -0.24 0.46 2.12 3.51 9.42 17.31 7.11 8.44 0.27 1.72 13.37
NAV 1,114.67 -0.25 -0.01 1.75 3.38 7.27 13.10 5.42 8.29 0.17 2.27 10.29
Difference -0.00 -0.46 -0.37 -0.13 -2.15 -4.21 -1.69 -0.16 -0.10 0.54 -3.07
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 2.97 2.53 0.34 6.95 2.82 0.65 0.41 4.69 11.64 1.72 -1.02 - - - - - - - 13.10
NAV 1.62 2.09 0.14 4.71 1.32 0.92 0.31 3.32 8.03 1.77 -0.17 - - - - - - - 10.13
Difference -1.35 -0.45 -0.20 -2.25 -1.50 0.28 -0.10 -1.37 -3.61 0.04 0.85 - - - - - - - -2.98

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-4.08%
1Yr Disc
-5.58%
3Yr Disc
-7.33%
5Yr Disc
-6.06%
Rel Disc Range (3yr)
72.22%
Mkt Yield
7.75%
Lev Adj NAV Yield
6.38%
After Tax Yield*
6.40%
Est Tax Friction*
1.35%
3Yr NAV Volatiliy
11.94
1 Yr RoC
23.30%
3 Yr Dest RoC
14.87%
Leverage
19.03%
Non Lev Exp Ratio
1.58%
Beta (2yr)
0.83
Equity Exposure
55.50%
Bond Exposure
42.28%
# Holdings
169
Cash Weighted Duration
1.61
Comp NAV TR
1.31%
Comp Discount
1.11%
Net Assets (M)
816
Liquidity - 90d (K)
2,256
* 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


169 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.75 -2.51 8.60 0.01 45.42 3,221 11,067
DSL DbLin Incm Solutions Fd Doubleline 0.75 -2.94 8.51 1.99 27.62 2,209 7,168
PDI PIMCO Dyn Incm Fd PIMCO 0.74 6.09 8.63 2.53 44.16 1,429 6,881
PHK PIMCO Hi Incm Fd PIMCO 0.70 21.08 11.63 17.08 22.51 883 4,081
BTZ BR Cr Alloc Incm Tr BlackRock 0.73 -9.04 6.27 4.30 19.60 1,593 2,110
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.73 -8.33 6.51 0.00 48.73 1,212 1,826
RA Brkf Real Ast Incm Fd Brookfield 0.75 -6.47 10.08 23.15 20.62 924 3,789
BIT BR Mlt-Sctr Incm Tr BlackRock 0.75 -6.89 7.57 0.00 37.25 759 1,957
PFN PIMCO Incm Stgy Fd II PIMCO 0.74 2.13 9.11 0.00 23.40 612 2,109
GOF Gghm Stgc Opp Fd Guggenheim 0.74 7.81 10.28 0.00 19.56 445 1,993
PKO PIMCO Incm Opp Fd PIMCO 0.71 1.87 8.73 0.00 39.61 386 1,761
ARCC Ares Capital Corp Ares 0.25 -4.17 9.59 0.00 39.24 7,051 24,907
PSEC Prospect Capital Corp Prospect Capital 0.22 -28.22 10.76 0.00 42.80 3,357 18,035
MAIN Main Street Cap Corp Main Street Capital 0.27 76.48 5.71 0.00 37.92 1,285 7,335
FSIC FS Investment Corp FB Income 0.23 -12.90 11.00 0.00 41.60 2,285 9,099
CGBD TCG BDC Carlyle 0.27 3.14 7.91 0.00 34.24 1,122 1,770
HTGC Hercules Capital Hercules 0.25 28.06 9.81 0.00 47.15 817 4,899
NMFC New Mountain Fin Corp New Mountain Capital 0.25 2.35 9.75 0.00 45.05 1,032 4,092
AINV Apollo Inv Corp Apollo Investment 0.25 -12.48 10.19 0.00 37.65 1,479 4,545
GBDC Golub Capital BDC Golub Capital 0.25 16.93 6.84 0.00 47.62 952 2,960
GSBD Goldman Sachs BDC Goldman Sachs 0.26 22.27 8.08 0.00 34.97 731 2,537
FSC Fifth St Fin Corp Fifth Street 0.28 -25.52 9.36 0.00 46.30 1,011 6,999
TCPC TCP Capital Corp Tennenbaum Capital 0.25 7.71 8.89 0.00 38.96 884 2,844
TCAP Triangle Capital Corp Triangle Capital 0.21 -5.39 12.83 0.00 42.71 708 4,798
TSLX TPG Specialty Lending TSL Advisers 0.26 25.94 7.67 0.00 36.00 970 4,269
MCC Medley Capital Corp MCC Advisors 0.23 -33.82 10.94 0.00 51.03 482 1,680
PNNT PennantPark Inv Corp PennantPark 0.27 -18.52 9.63 0.00 44.79 652 2,007
SLRC Solar Capital Solar Capital 0.25 -5.37 7.76 0.00 18.02 921 1,806
BKCC BR Cap Inv Corp BlackRock 0.26 -12.97 9.93 0.00 31.94 609 1,835
NEWT Newtek Biz Serv Corp Newtek 0.28 21.59 10.08 0.00 42.90 250 1,964
GAIN Gladstone Inv Corp Gladstone 0.26 -5.87 8.26 0.00 34.80 321 1,265
PFLT PennantPark Flt Rt Cap PennantPark 0.27 2.42 7.92 0.00 37.78 456 1,947
SCM Stellus Cap Inv Corp Stellus Capital 0.26 -1.52 9.98 0.00 36.31 216 976
TICC TICC Capital Corp TICC Management 0.27 -10.25 11.87 2.72 36.53 387 1,786
JQC Nuv Cr Stgs Incm Fd Nuveen 0.45 -9.04 6.83 0.00 36.09 1,246 2,948
VTA Invsc Dyn Cr Opp Fd Invesco 0.45 -8.51 7.21 17.18 31.04 957 2,891
JFR Nuv Flt Rt Incm Fd Nuveen 0.46 0.95 6.92 0.00 36.50 658 1,730
BGB B/GSO Stgc Cr Fd Blackstone 0.47 -5.71 7.87 0.00 36.25 758 1,944
VVR Invsc Sr Incm Tr Invesco 0.44 -8.85 5.55 9.17 30.37 875 2,128
PPR Voya Prime Rt Tr Voya 0.44 -8.30 5.55 0.00 31.49 836 1,841
FRA BR Flt Rt Incm Stgc Fd BlackRock 0.46 -5.43 5.18 0.00 29.47 556 2,072
JRO Nuv Flt Rt Incm Opp Fd Nuveen 0.46 1.74 7.22 0.00 36.27 460 1,330
EFR EV Sr Flt-Rt Tr Eaton Vance 0.45 -2.31 5.68 0.00 36.10 558 1,138
ARDC Ares Dyn Cr Alloc Fd Ares 0.46 -8.57 7.72 0.45 29.48 410 1,256
EFT EV Flt-Rt Incm Tr Eaton Vance 0.44 -6.07 5.69 0.00 35.50 617 1,239
PHD Pioneer Flt Rt Tr Pioneer 0.45 -4.74 6.07 0.00 31.70 308 814
BGX B/GSO Lng-Srt Cr Incm Fd Blackstone 0.46 -6.60 7.73 0.00 36.25 217 993
HYT BR Corp Hi Yld Fd BlackRock 0.34 -8.89 7.52 0.00 29.54 1,550 3,730
ISD Pru Srt Dur Hi Yld Fd Prudential 0.33 -8.92 7.29 0.00 24.43 556 1,916
GHY Pru Glbl Srt Dur Hi Yld Fd Prudential 0.33 -10.00 7.27 0.91 27.21 675 2,023
FSD FT Hi Incm Lng/Srt Fd First Trust 0.33 -6.49 8.95 5.31 22.59 545 2,735
HIO WA Hi Incm Opp Fd Legg Mason 0.34 -9.79 6.86 5.38 0.00 726 1,548
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.35 -3.72 9.01 3.32 25.41 425 1,378
DSU BR Dbt Stgs Fd BlackRock 0.33 -8.98 7.12 0.00 32.25 762 1,359
HIX WA Hi Incm Fd II Legg Mason 0.34 -7.11 8.18 5.50 26.31 667 1,404
EAD WF Incm Opp Fd Wells Fargo 0.34 -7.19 7.83 0.00 26.00 657 1,588
EHI WA Glbl Hi Incm Fd Legg Mason 0.34 -9.98 7.83 10.21 25.17 512 1,243
KIO KKR Incm Opp Fd KKR 0.34 -4.08 8.51 0.00 22.72 280 1,035
ACP Avenue Incm Cr Stgs Fd Avenue Capital 0.35 -2.93 9.86 0.75 30.32 197 1,282
PHT Pioneer Hi Incm Tr Pioneer 0.33 -8.05 7.85 0.00 28.40 316 1,047
HYI WA Hi Yld Dfin Opp Fd Legg Mason 0.34 -8.09 7.37 1.04 0.00 383 870
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.34 -1.78 9.02 0.00 32.31 269 885
JHB Nuv Hi Incm Nov 2021 Tgt Trm Fd Nuveen 0.33 -1.18 5.97 0.00 25.09 568 919
DHY CS Hi Yld Bnd Fd Credit Suisse 0.34 2.14 9.23 1.22 31.82 283 672
NHS NB Hi Yld Stgs Fd Neuberger Berman 0.34 -10.16 7.23 5.25 32.40 262 679
FPF FT Imd Dur Pref & Incm Fd First Trust 0.62 -1.96 7.45 0.00 30.93 1,522 3,304
JPS Nuv Pref Sec Incm Fd Nuveen 0.63 -0.10 7.20 0.00 33.21 2,107 4,004
JPC Nuv Pref Incm Opp Fd Nuveen 0.63 -2.33 7.43 0.00 33.57 1,111 2,630
DFP F&C Dyn Pref and Incm Fd Flaherty & Crumrine 0.63 0.91 6.97 0.00 32.30 506 1,783
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 0.61 4.36 6.70 0.00 32.50 902 2,635
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 0.63 -1.14 6.95 0.00 28.70 786 1,936
JPI Nuv Pref & Incm Trm Fd Nuveen 0.64 -3.41 6.81 0.00 27.72 588 1,336
PDT JH Prm Div Fd John Hancock 0.63 5.45 6.96 12.49 32.85 770 1,127
CHI Calamos Convt Opp & Incm Calamos 0.86 1.70 10.01 46.48 28.55 785 2,543
CHY Calamos Convt & Hi Incm Fd Calamos 0.85 -0.25 10.18 45.88 28.67 858 2,687
NCV AG Convt & Incm Fd Allianz 0.85 5.43 11.16 0.00 37.89 587 2,190
CCD Calamos Dyn Convt & Incm Fd Calamos 0.87 -0.77 9.78 54.72 27.85 504 1,593
NCZ AG Convt & Incm Fd II Allianz 0.84 4.71 11.08 4.78 38.22 444 1,835
AVK AC Convt Sec & Incm Fd Guggenheim 0.83 -8.40 8.53 10.69 38.85 351 1,375
BBN BR Taxable Muni BndTr BlackRock 2.06 -0.55 6.71 0.00 34.94 1,354 2,547
NBB Nuv Bld Amrc Bnd Fd Nuveen 2.09 -2.43 5.69 0.00 27.79 589 1,418
ADX Adams Divr Eq Fd Adams Express 0.76 -14.38 6.60 0.00 0.00 1,733 2,057
AGD Alp Glbl Dyn Div Fd Alpine 0.76 -6.47 7.39 30.35 0.00 142 522
AOD Alp Tot Dyn Div Fd Alpine 1.07 -9.08 7.74 29.00 0.00 1,054 3,093
ASG Liberty All-Star Gwth Fd ALPS 0.77 -6.11 8.68 0.00 5.15 144 535
BGY BR Enh Intl DivTr BlackRock 1.09 -6.85 6.98 80.25 0.00 764 2,251
BIF Boulder Gwth & Incm Fd Boulder 1.20 -15.73 4.01 29.19 3.97 1,282 1,622
CAF MS China A Shr Fd Morgan Stanley 0.76 -12.41 3.48 0.00 0.00 596 3,846
CLM Cornerstone Stgc Val Fd Cornerstone 1.08 10.20 19.00 58.90 0.00 581 5,780
CRF Cornerstone Tot Rtn Fd Cornerstone 1.08 11.95 18.92 53.93 0.00 286 4,294
DNI Div & Incm Fd Bexil 0.74 -17.21 4.76 71.55 0.00 162 470
EMF Tmp Emrg Mkt Fd Templeton 0.83 -10.19 1.16 0.00 0.00 329 850
EOD WF Glbl Div Opp Fd Wells Fargo 1.09 -5.99 10.41 0.00 0.00 303 973
ETG EV Tx-Adv Glbl Div Incm Fd Eaton Vance 1.55 -4.99 7.26 11.50 23.80 1,361 2,436
ETO EV Tx-Adv Glbl Div Opp Fd Eaton Vance 0.74 1.49 8.83 2.99 25.30 350 1,503
EVT EV Tx-Adv Div Incm Fd Eaton Vance 1.58 -2.57 7.91 0.00 21.50 1,644 2,542
FDEU FT Dyn Euro Eq Incm Fd First Trust 2.06 -3.31 7.53 31.63 22.91 344 1,287
GAB Gabelli Eq Tr Gabelli 0.75 0.47 9.36 72.18 23.00 1,402 2,320
GAM General American Invstr General American Inv 0.75 -15.60 1.36 0.00 14.90 1,128 1,003
GDV Gabelli Div & Incm Tr Gabelli 1.58 -7.28 5.99 42.42 23.00 1,960 3,625
GGT Gabelli Multimedia Tr Gabelli 0.77 4.31 8.57 68.16 8.00 226 671
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.07 6.65 10.33 51.18 17.69 170 755
IAE Voya AP Hi Div Eq Incm Fd Voya 2.04 -8.69 7.65 72.11 0.00 140 426
IDE Voya Infra Ind & Matrls Fd Voya 1.09 -2.06 7.17 59.50 0.00 318 1,009
IFN India Fund Aberdeen 0.74 -11.43 6.69 0.00 0.00 872 1,757
IGD Voya Glbl Eq Div & Prm Opp Voya 1.13 -3.36 9.09 39.53 0.00 809 3,024
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 2.18 -3.44 7.76 80.76 0.00 188 754
IIF MS India Inv Fd Morgan Stanley 0.81 -11.08 4.08 0.00 0.00 560 815
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.03 -11.33 7.28 67.21 26.81 209 718
JCE Nuv Core Eq Alpha Fd Nuveen 0.78 -1.59 7.19 12.42 0.00 251 785
JTD Nuv Tx-Adv Div Gwth Fd Nuveen 0.75 -4.54 7.47 40.98 29.54 252 622
KF Korea Fund Allianz 0.75 -10.77 0.67 0.00 0.00 263 304
LGI Lzrd Glbl Tot Rtn & Incm Fd Lazard 0.75 -10.12 5.82 25.28 28.00 180 437
MXF Mexico Fund Impulsora del 0.74 -12.00 2.95 100.00 0.00 301 1,027
RMT Royce Micro-Cap Tr Legg Mason 0.74 -11.22 7.27 13.86 10.66 387 1,100
RVT Royce Val Tr Legg Mason 1.19 -9.16 7.29 11.25 4.89 1,406 3,796
SWZ Swiss Helvetia Fd Schroder 0.73 -9.16 1.02 0.00 0.00 354 616
TDF Tmp Dragon Fd Templeton 0.77 -10.14 2.30 0.00 0.00 810 1,357
TY Tri-Cont Corp Columbia Mngmt 1.18 -11.31 4.14 0.00 2.40 1,592 1,760
USA Liberty All-Star Eq Fd ALPS 1.22 -9.70 8.72 4.90 1.53 1,258 4,028
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 0.18 -0.86 9.85 91.72 0.00 2,816 6,988
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 0.18 -3.80 8.87 48.71 0.00 1,771 4,301
BDJ BR Enh Eq Div Tr BlackRock 0.18 -6.63 6.22 25.01 0.00 1,810 3,482
BOE BR Enh Glbl DivTr BlackRock 0.18 -6.31 6.93 33.17 0.00 994 2,890
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 0.19 2.26 9.29 88.23 0.00 1,225 3,340
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 0.18 -3.26 6.69 61.23 0.00 1,462 2,788
NFJ AG NFJ Div Int & Prm Stgy Allianz 0.18 -7.93 9.06 86.04 0.00 1,363 2,868
QQQX Nuv Nasdaq 100 Dyn Ovr Fd Nuveen 0.18 -1.42 6.87 73.61 0.00 799 2,106
BST BR Sci & Tech Tr BlackRock 0.20 -6.74 5.42 99.83 0.00 584 2,341
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 0.18 4.38 8.72 76.71 0.00 951 2,390
CII BR Enh Cap & Incm Fd BlackRock 0.18 -5.76 6.46 86.35 0.00 721 1,646
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 0.18 -5.05 9.70 43.02 0.00 630 1,842
EOS EV Enh Eq Incm Fd II Eaton Vance 0.18 -1.25 7.02 59.99 0.00 721 1,849
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 0.18 -6.12 6.58 55.02 0.00 642 1,625
KYN KA MLP Inv Kayne Anderson 0.17 3.39 10.17 100.00 34.60 1,962 5,915
TYG Tortoise Nrg Infra Corp Tortoise 0.17 8.50 9.25 89.30 28.90 1,282 4,637
CEM CB Nrg MLP Fd Legg Mason 0.17 -1.47 9.62 77.34 31.25 1,050 2,692
NTG Tortoise MLP Fd Tortoise 0.17 3.52 9.43 100.00 31.20 816 1,896
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 0.16 2.60 11.37 100.00 28.09 458 1,798
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 0.17 -0.30 9.50 43.75 31.85 535 1,463
FMO F/C MLP Opp Fd Guggenheim 0.16 0.80 13.70 100.00 33.78 441 1,946
NML NB MLP Incm Fd Neuberger Berman 0.17 -7.68 7.14 91.67 21.60 568 1,822
FEI FT MLP & Nrg Incm Fd First Trust 0.18 2.18 9.46 90.35 25.44 681 2,057
KYE KA Nrg Tot Rtn Fd Kayne Anderson 0.17 -6.51 9.42 46.20 32.26 417 1,406
FEN FT Nrg Incm & Gwth Fd First Trust 0.17 1.59 9.53 97.29 25.30 473 1,386
KMF KA Midstream/Nrg Fd Kayne Anderson 0.17 -7.52 8.48 42.59 29.33 337 1,299
CTR CB Nrg MLP Tot Rtn Fd Legg Mason 0.17 -4.44 9.45 100.00 28.33 493 1,218
GMZ GS MLP Incm Opp Fd Goldman Sachs 0.17 -2.76 9.18 42.50 33.00 417 929
RQI C&S Qlty Incm Rty Fd Cohen & Steers 0.63 -6.15 7.67 0.00 23.60 1,456 2,604
AWP Alp Glbl Prmr Prop Fd Alpine 0.65 -9.19 9.20 68.33 2.33 613 2,936
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 0.63 -11.48 7.70 62.19 12.00 1,026 2,098
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 0.65 -5.64 9.78 38.20 30.70 277 1,293
GDL GDL Fund Gabelli 0.31 -12.49 6.30 77.11 38.00 208 390
HQH Tekla Health Invstr Tekla 0.82 -3.27 8.12 0.00 0.00 1,035 2,312
THQ Tekla Health Opp Fd Tekla 0.84 -8.27 7.33 0.62 20.64 873 2,171
THW Tekla Wld Health Fd Tekla 0.80 -6.74 9.73 22.40 19.92 476 1,853
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 0.85 1.81 10.70 78.18 11.00 73 2,257
BCX BR Res & Com Stgy Tr BlackRock 0.92 -11.99 7.03 61.20 0.00 976 2,190
BGR BR Nrg & Res Tr BlackRock 0.86 -9.41 6.91 59.28 0.00 444 1,499
CSQ Calamos Stgc Tot Rtn Fd Calamos 0.65 -3.85 8.25 28.71 26.24 1,928 3,942
NIE AG Eq & Convt Incm Fd Allianz 0.64 -7.31 7.40 0.00 0.00 614 1,739
ZTR Virtus Glbl Div & Inc Fd Virtus 0.66 1.24 10.37 7.17 27.65 315 1,492
FOF C&S CE Opp Fd Cohen & Steers 0.63 -4.85 7.94 47.70 0.00 376 1,027
UTF C&S Infra Fd Cohen & Steers 0.50 -8.49 6.91 0.00 28.60 2,171 3,883
DNP DNP Sel Incm Fd Duff & Phelps 0.52 13.74 6.88 30.34 26.08 2,847 3,194
UTG Reaves Util Incm Fd W.H. Reaves 0.48 -5.46 5.84 0.00 21.52 1,194 3,228
DPG D&P Glbl Util Incm Fd Duff & Phelps 0.48 -9.30 8.70 40.50 26.30 673 1,582
MGU Macquarie Glbl Infra Tot Rtn Macquarie 0.52 -6.67 5.69 8.11 30.10 348 752
BTO JH Fin Opp Fd John Hancock 1.20 0.89 4.22 21.39 14.56 648 1,812

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.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2017. 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.