CEF Advisors

7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

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

Data as of Feb. 17, 2017

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 1,054.04 -0.15 -0.32 3.09 9.47 5.32 30.94 5.79 7.94 1.61 5.40 5.40
NAV 1,126.84 -0.01 0.27 2.30 6.51 4.69 22.86 5.77 8.37 1.53 3.73 3.73
Diference 0.14 0.59 -0.79 -2.96 -0.63 -8.09 -0.02 0.43 -0.08 -1.68 -1.68
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,086.36
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 Jul Aug Sep Q3 Oct Nov Dec Q4 2017
Price 3.74 - - - - - - - - - - - - - - - -
NAV 2.16 - - - - - - - - - - - - - - - -

Performance Chart

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Discount

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Characteristics

PORTFOLIO
Weighted Average Data
Discount
-5.61%
1Yr Disc
-7.64%
3Yr Disc
-7.59%
5Yr Disc
-6.09%
Rel Disc Range (3yr)
59.30%
Mkt Yield
8.15%
Lev Adj NAV Yield
6.58%
After Tax Yield*
6.79%
Est Tax Friction*
1.36%
1 Yr RoC
23.93%
3 Yr Dest RoC
15.22%
Leverage
19.61%
Non Lev Exp Ratio
1.65%
3Yr NAV Volatiliy
11.96
Equity Exposure
54.90%
Bond Exposure
41.83%
# Holdings
170
Cash Weighted Duration
1.75
Beta (2yr)
0.73
Comp NAV TR
0.46%
Comp Discount
0.91%
Net Assets (M)
781
Liquidity - 90d (K)
3,061
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

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Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents


170 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.78 -4.59 9.58 0.00 45.42 2,957 13,622
DSL DbLin Incm Solutions Fd Doubleline 0.81 -5.47 8.98 0.22 26.58 2,150 9,714
PDI PIMCO Dyn Incm Fd PIMCO 0.77 7.03 9.44 0.00 47.27 1,218 6,596
BTZ BR Cr Alloc Incm Tr BlackRock 0.77 -9.47 6.46 5.31 25.05 1,561 4,188
DBL DbLin Opportunistic Cr Fd Doubleline 0.77 5.81 8.60 2.59 15.50 327 2,774
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.78 -7.11 6.55 0.00 44.83 1,188 2,889
BIT BR Mlt-Sctr Incm Tr BlackRock 0.79 -8.32 8.15 0.00 38.00 719 2,825
BHK BR Core Bnd Tr BlackRock 0.78 -7.38 5.86 0.10 29.89 775 1,917
PFN PIMCO Incm Stgy Fd II PIMCO 0.79 -0.41 9.78 0.00 23.76 583 2,062
GOF Gghm Stgc Opp Fd Guggenheim 0.79 3.74 10.80 0.33 28.75 376 1,760
ARCC Ares Capital Corp Ares 0.29 6.45 8.61 0.00 41.43 7,067 55,461
PSEC Prospect Capital Corp Prospect Capital 0.31 -1.87 10.59 0.00 41.99 3,456 22,123
MAIN Main Street Cap Corp Main Street Capital 0.28 72.34 5.96 0.00 40.31 1,147 11,258
AINV Apollo Inv Corp Apollo Investment 0.29 -8.60 9.57 11.43 39.95 1,507 8,560
FSIC FS Investment Corp FB Income 0.28 13.59 8.33 0.00 41.77 2,299 10,454
NMFC New Mountain Fin Corp New Mountain Capital 0.29 11.82 9.16 0.00 44.44 924 4,870
HTGC Hercules Capital Hercules 0.29 53.85 8.17 0.00 45.74 761 6,634
FSC Fifth St Fin Corp Fifth Street 0.24 -36.80 5.19 4.05 49.36 1,030 5,934
TCAP Triangle Capital Corp Triangle Capital 0.30 30.01 9.03 0.00 44.26 619 4,072
GBDC Golub Capital BDC Golub Capital 0.28 18.87 6.84 0.00 50.14 869 3,493
TSLX TPG Specialty Lending TSL Advisers 0.28 22.24 8.09 0.00 40.84 942 4,678
BKCC BR Cap Inv Corp BlackRock 0.30 -7.40 10.82 0.00 33.09 609 3,049
PNNT PennantPark Inv Corp PennantPark 0.30 -6.48 13.15 0.00 47.03 647 3,933
GSBD Goldman Sachs BDC Goldman Sachs 0.29 35.04 7.17 0.00 40.09 675 3,226
MCC Medley Capital Corp MCC Advisors 0.28 -18.42 11.49 0.00 49.05 512 3,087
TCPC TCP Capital Corp Tennenbaum Capital 0.28 16.17 8.35 0.00 44.36 787 2,894
SLRC Solar Capital Solar Capital 0.29 1.89 7.23 0.00 26.14 918 2,413
TICC TICC Capital Corp TICC Management 0.32 10.31 14.85 0.00 45.09 364 3,159
NEWT Newtek Biz Serv Corp Newtek 0.28 13.60 9.88 0.00 44.14 208 3,076
GLAD Gladstone Cap Corp Gladstone 0.27 10.05 9.13 0.00 28.70 213 2,132
TCRD THL Credit THL Credit 0.28 -12.16 10.38 0.00 41.14 393 1,512
JQC Nuv Cr Stgs Incm Fd Nuveen 0.44 -6.06 7.13 0.00 35.65 1,276 5,360
VTA Invsc Dyn Cr Opp Fd Invesco 0.45 -6.05 6.86 0.64 30.00 980 4,035
JFR Nuv Flt Rt Incm Fd Nuveen 0.46 2.54 6.69 0.00 34.92 651 4,116
BGB B/GSO Stgc Cr Fd Blackstone 0.45 -7.07 7.92 0.00 36.01 764 4,427
VVR Invsc Sr Incm Tr Invesco 0.44 -4.89 6.04 6.22 28.30 884 3,575
JRO Nuv Flt Rt Incm Opp Fd Nuveen 0.46 7.15 6.72 0.00 34.86 452 3,342
FIV FT Sr Flt Rt 2022 Tgt Trm Fd First Trust 0.44 2.55 4.97 N/A 12.02 351 1,114
EFT EV Flt-Rt Incm Tr Eaton Vance 0.44 -2.52 5.65 0.00 34.70 617 2,999
PPR Voya Prime Rt Tr Voya 0.44 -3.99 5.85 0.00 28.62 853 2,842
FRA BR Flt Rt Incm Stgc Fd BlackRock 0.45 -2.20 4.99 0.00 27.87 559 3,273
EFR EV Sr Flt-Rt Tr Eaton Vance 0.45 0.07 5.94 0.00 34.70 558 2,223
BGT BR Flt Rt Incm Fd BlackRock 0.45 0.00 4.83 0.00 27.09 343 1,515
BGX B/GSO Lng-Srt Cr Incm Fd Blackstone 0.45 -5.93 7.64 0.00 34.43 218 1,623
PHK PIMCO Hi Incm Fd PIMCO 0.31 33.03 11.03 16.66 27.52 842 6,155
HYT BR Corp Hi Yld Fd BlackRock 0.32 -9.25 7.64 0.00 27.58 1,531 4,740
GHY Pru Glbl Srt Dur Hi Yld Fd Prudential 0.32 -9.66 8.02 0.00 29.60 678 2,610
ISD Pru Srt Dur Hi Yld Fd Prudential 0.32 -6.91 7.87 0.00 26.86 558 2,168
DSU BR Dbt Stgs Fd BlackRock 0.32 -8.56 6.55 0.00 29.20 779 2,248
HIO WA Hi Incm Opp Fd Legg Mason 0.33 -8.90 7.15 2.41 0.00 726 2,541
FSD FT Hi Incm Lng/Srt Fd First Trust 0.33 -6.80 7.83 0.00 20.25 637 2,369
EAD WF Incm Opp Fd Wells Fargo 0.32 -7.69 9.58 0.00 26.30 652 2,446
HIX WA Hi Incm Fd II Legg Mason 0.33 -6.09 8.69 2.23 26.80 665 1,915
EHI WA Glbl Hi Incm Fd Legg Mason 0.33 -10.13 8.98 8.24 25.04 504 1,760
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.33 -6.28 9.20 0.00 25.14 428 1,753
HYI WA Hi Yld Dfin Opp Fd Legg Mason 0.32 -9.16 7.90 0.25 0.00 383 1,190
ACP Avenue Incm Cr Stgs Fd Avenue Capital 0.33 -9.51 10.22 6.02 29.94 204 1,401
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.33 -7.48 9.54 0.00 29.15 270 1,234
JHB Nuv Hi Incm Nov 2021 Tgt Trm Fd Nuveen 0.32 -0.30 6.00 0.00 25.39 560 1,145
KIO KKR Incm Opp Fd KKR 0.33 -7.76 8.96 0.00 30.55 277 1,179
NHS NB Hi Yld Stgs Fd Neuberger Berman 0.33 -11.12 8.06 7.50 32.70 262 916
DHY CS Hi Yld Bnd Fd Credit Suisse 0.33 0.00 10.00 9.58 29.80 276 990
JPS Nuv Qlty Pref Incm Fd 2 Nuveen 0.61 -2.06 7.81 0.00 32.39 1,983 7,004
FPF FT Imd Dur Pref & Incm Fd First Trust 0.62 -2.21 8.33 0.00 30.72 1,455 4,738
JPC Nuv Pref Incm Opp Fd Nuveen 0.60 -4.51 7.71 0.00 28.73 1,011 3,329
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 0.62 1.66 7.82 0.00 33.70 850 2,749
PDT JH Prm Div Fd John Hancock 0.60 0.51 7.41 13.85 34.41 758 2,250
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 0.61 -3.33 7.41 15.86 30.00 753 2,179
DFP F&C Dyn Pref and Incm Fd Flaherty & Crumrine 0.62 -1.75 7.76 0.00 33.30 482 1,960
JPI Nuv Pref & Incm Trm Fd Nuveen 0.62 -3.90 7.63 0.00 28.83 561 2,028
CHI Calamos Convt Opp & Incm Calamos 0.86 -1.36 10.45 59.12 28.20 774 4,075
CHY Calamos Convt & Hi Incm Fd Calamos 0.85 -3.17 10.62 54.04 28.35 847 3,036
NCV AG Convt & Incm Fd Allianz 0.86 0.58 11.34 0.00 37.15 603 2,909
CCD Calamos Dyn Convt & Incm Fd Calamos 0.87 -5.04 10.42 63.91 28.53 494 1,861
NCZ AG Convt & Incm Fd II Allianz 0.86 0.33 11.24 1.92 37.54 456 1,505
AVK AC Convt Sec & Incm Fd Guggenheim 0.86 -8.60 7.07 25.66 38.92 411 1,802
BBN BR Taxable Muni BndTr BlackRock 1.95 -2.98 7.14 0.00 36.17 1,304 4,782
NBB Nuv Bld Amrc Bnd Fd Nuveen 1.91 -4.67 5.99 0.00 28.57 572 1,891
ADX Adams Divr Eq Fd Adams Express 0.76 -16.38 7.32 0.00 0.00 1,570 3,133
AGD Alp Glbl Dyn Div Fd Alpine 0.78 -10.82 8.16 17.83 7.35 135 679
AOD Alp Tot Dyn Div Fd Alpine 1.55 -13.86 8.54 16.29 0.00 1,009 4,592
BGY BR Intl Gwth & Incm Tr BlackRock 1.33 -10.28 7.92 82.44 0.00 706 3,204
BIF Boulder Gwth & Incm Fd Boulder 1.20 -18.97 4.40 9.65 4.16 1,214 2,275
CAF MS China A Shr Fd Morgan Stanley 0.77 -15.92 4.35 0.00 0.00 477 2,061
CET Ctrl Sec Corp Central Securities 0.76 -19.38 1.54 0.00 0.00 720 1,333
CLM Cornerstone Stgc Val Fd Cornerstone 1.19 14.60 18.05 80.94 0.00 292 4,010
CRF Cornerstone Tot Rtn Fd Cornerstone 1.20 16.78 17.78 62.63 0.00 137 2,363
CUBA Herzfeld Caribbean Basin Fd Herzfeld Cuba 0.72 -12.19 1.99 0.00 0.00 47 500
DNI Div & Incm Fd Bexil 0.74 -16.70 8.08 77.50 11.20 157 502
EMF Tmp Emrg Mkt Fd Templeton 0.79 -11.54 1.46 0.00 0.00 269 762
EOD WF Glbl Div Opp Fd Wells Fargo 1.48 -12.66 9.66 0.00 0.00 291 1,513
ETG EV Tx-Adv Glbl Div Incm Fd Eaton Vance 1.37 -9.37 8.10 6.32 25.90 1,278 4,421
ETO EV Tx-Adv Glbl Div Opp Fd Eaton Vance 1.36 -3.18 9.72 2.76 27.10 333 1,230
EVT EV Tx-Adv Div Incm Fd Eaton Vance 1.34 -3.37 7.99 0.00 22.00 1,642 3,633
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.44 -9.28 8.79 27.21 N/A 314 1,712
GAB Gabelli Eq Tr Gabelli 0.76 -4.05 10.14 70.67 24.00 1,353 2,422
GAM General American Invstr General American Inv 0.76 -16.04 1.47 0.00 15.67 1,079 2,468
GDV Gabelli Div & Incm Tr Gabelli 1.32 -9.23 6.33 55.15 23.00 1,893 3,746
GEQ Gghm Eql Wt Enh Eq Incm Fd Guggenheim 0.74 -9.05 10.55 23.21 23.62 160 689
GGT Gabelli Multimedia Tr Gabelli 0.78 -9.98 10.45 34.34 14.00 214 606
GLQ Clough Glbl Eq Fd Clough 1.36 -8.35 9.92 56.25 43.10 230 1,384
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 0.76 -2.02 10.63 48.14 17.68 179 921
IDE Voya Infra Ind & Matrls Fd Voya 1.33 -11.09 8.46 65.78 0.00 297 1,162
IFN India Fund Aberdeen 0.76 -13.30 7.44 0.00 0.00 753 3,342
IGD Voya Glbl Eq Div & Prm Opp Voya 1.55 -9.98 10.14 32.18 0.00 782 3,899
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.48 -10.73 8.98 78.69 0.00 176 596
IIF MS India Inv Fd Morgan Stanley 0.81 -12.76 3.94 0.00 0.00 479 832
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.36 -6.01 10.17 72.93 28.77 202 1,502
JCE Nuv Core Eq Alpha Fd Nuveen 0.76 -7.22 7.93 88.29 0.00 242 820
JTD Nuv Tx-Adv Div Gwth Fd Nuveen 0.75 -10.58 8.48 56.63 31.43 237 752
MXF Mexico Fund Impulsora del 0.70 -11.73 5.82 91.76 0.00 249 1,520
NIE AG Eq & Convt Incm Fd Allianz 1.40 -12.13 7.86 0.00 0.00 610 1,819
RMT Royce Micro-Cap Tr Royce 0.75 -13.90 7.49 6.73 11.55 369 1,405
RVT Royce Val Tr Royce 0.77 -12.99 7.08 12.63 5.50 1,332 6,019
SWZ Swiss Helvetia Fd Schroder 0.76 -11.43 2.98 0.00 0.00 347 638
TDF Tmp Dragon Fd Templeton 0.78 -13.31 2.41 0.00 0.00 711 1,267
TY Tri-Cont Corp Columbia Mngmt 1.21 -14.59 4.15 0.00 2.50 1,569 2,051
USA Liberty All-Star Eq Fd ALPS 1.21 -14.94 9.61 0.00 1.41 1,188 4,456
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 0.17 -5.45 11.25 83.29 0.00 2,764 11,432
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 0.17 -7.69 9.36 89.19 0.00 1,750 5,185
BDJ BR Enh Eq Div Tr BlackRock 0.16 -11.17 6.71 69.69 0.00 1,776 3,722
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 0.17 -1.55 10.84 86.18 0.00 1,164 4,662
NFJ AG NFJ Div Int & Prm Stgy Allianz 0.16 -11.96 9.16 93.75 0.00 1,411 3,288
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 0.16 -4.61 6.90 10.39 0.00 1,437 3,302
BOE BR Glbl Opp Eq Tr BlackRock 0.17 -11.46 7.62 86.75 0.00 964 3,130
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 0.17 -5.74 11.72 84.25 0.00 643 2,988
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 0.16 6.29 8.74 47.53 0.00 914 2,433
CII BR Enh Cap & Incm Fd BlackRock 0.16 -9.79 7.00 87.49 0.00 694 2,236
QQQX Nuv Nasdaq 100 Dyn Ovr Fd Nuveen 0.17 -0.34 6.83 24.18 0.00 752 2,556
EOS EV Enh Eq Incm Fd II Eaton Vance 0.17 -6.89 7.77 73.00 0.00 691 1,819
EOI EV Enh Eq Incm Fd Eaton Vance 0.16 -8.16 8.01 89.31 0.00 552 1,599
STK ClmbSlgmn Prm Tech Gwth Fd Columbia Mngmt 0.17 1.75 9.38 0.00 0.00 298 1,379
KYN KA MLP Inv Kayne Anderson 0.18 1.85 10.23 100.00 32.57 2,407 9,421
TYG Tortoise Nrg Infra Corp Tortoise 0.18 11.46 7.26 40.00 24.50 1,585 6,344
CEM CB Nrg MLP Fd Legg Mason 0.17 -4.19 8.28 36.50 27.40 1,254 4,389
NTG Tortoise MLP Fd Tortoise 0.17 -0.19 7.99 100.00 26.20 998 3,073
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 0.17 -1.48 9.66 100.00 25.27 559 2,592
FEI FT MLP & Nrg Incm Fd First Trust 0.17 3.40 8.49 99.36 24.68 737 2,502
NML NB MLP Incm Fd Neuberger Berman 0.17 -9.71 6.34 100.00 19.50 653 3,179
CBA CB Amrc Nrg MLP Fd Legg Mason 0.17 -10.44 8.04 100.00 26.04 651 2,569
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 0.19 -4.72 7.55 100.00 31.50 703 2,939
CTR CB Nrg MLP Tot Rtn Fd Legg Mason 0.17 -9.81 8.59 100.00 25.58 575 2,359
EMO CB Nrg MLP Opp Fd Legg Mason 0.16 -9.26 9.40 100.00 28.09 468 2,135
KYE KA Nrg Tot Rtn Fd Kayne Anderson 0.17 -5.96 7.92 59.00 28.65 491 2,384
FMO F/C MLP Opp Fd Guggenheim 0.18 7.69 10.26 100.00 25.85 525 2,316
GMZ GS MLP Incm Opp Fd Goldman Sachs 0.18 -8.22 7.60 100.00 31.60 534 2,074
HQH Tekla Health Invstr Tekla 0.83 -3.33 7.48 0.00 0.00 971 4,566
THQ Tekla Health Opp Fd Tekla 0.81 -9.31 7.92 0.00 21.18 822 3,377
THW Tekla Wld Health Fd Tekla 0.81 -7.79 9.86 3.97 19.38 478 2,613
RQI C&S Qlty Incm Rty Fd Cohen & Steers 0.76 -7.51 7.64 0.00 23.90 1,482 4,991
JRS Nuv Rel-Est Incm Fd Nuveen 0.75 -4.31 9.01 0.69 30.54 335 1,367
RFI C&S Tot Rtn Ry Fd Cohen & Steers 0.75 -8.09 7.75 0.00 0.00 352 1,408
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 0.78 -3.45 10.71 100.00 10.00 694 5,258
BCX BR Res & Com Stgy Tr BlackRock 0.77 -15.11 6.14 74.83 0.00 1,016 2,835
BGR BR Nrg & Res Tr BlackRock 0.72 -9.86 6.61 69.70 0.00 466 1,271
CSQ Calamos Stgc Tot Rtn Fd Calamos 0.47 -9.39 9.08 55.83 27.31 1,859 4,430
GLO Clough Glbl Opp Fd Clough 0.49 -10.79 10.40 99.74 43.20 574 3,365
FOF C&S CE Opp Fd Cohen & Steers 0.46 -9.45 8.51 42.21 0.00 369 1,078
ZTR Virtus Glbl Div & Inc Fd Virtus 0.44 -8.83 11.94 13.83 27.42 320 1,273
GLV Clough Glbl Div & Incm Fd Clough 0.46 -9.27 9.81 76.00 42.71 145 721
UTF C&S Infra Fd Cohen & Steers 0.39 -10.26 7.79 0.00 31.20 1,963 5,567
UTG Reaves Util Incm Fd W.H. Reaves 0.39 0.09 5.83 0.00 22.49 1,130 5,038
DNP DNP Sel Incm Fd Duff & Phelps 0.38 9.74 7.29 15.02 27.17 2,766 3,080
DPG D&P Glbl Util Incm Fd Duff & Phelps 0.39 -14.18 8.51 40.64 27.55 727 2,403
BUI BR Util & Infra Tr BlackRock 0.39 -1.71 7.42 48.23 0.00 337 1,079
MGU Macquarie Glbl Infra Tot Rtn Macquarie 0.40 -13.46 6.85 25.00 29.61 311 1,225
LGI Lzrd Glbl Tot Rtn & Incm Fd Lazard 0.67 -12.45 6.71 68.57 25.90 161 345
IAE Voya AP Hi Div Eq Incm Fd Voya 0.69 -12.43 8.50 70.05 0.00 136 595
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 0.65 -14.12 8.02 57.54 8.00 1,016 3,874
BTO JH Fin Opp Fd John Hancock 0.64 2.39 4.01 34.14 14.45 669 3,704

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 the 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.