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 March 24, 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 1,060.07 0.24 -0.25 -0.00 7.12 6.90 21.50 5.84 8.06 -0.72 6.01 6.01
NAV 1,132.04 0.23 -0.30 0.09 4.85 5.26 16.81 5.58 8.33 -0.28 4.20 4.20
Difference -0.01 -0.05 0.10 -2.26 -1.64 -4.69 -0.27 0.27 0.44 -1.80 -1.80
* 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 2.93 - - - - - - - - - - - - - - -
NAV 2.16 2.28 - - - - - - - - - - - - - - -

Performance Chart

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Discount

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Characteristics

PORTFOLIO
Weighted Average Data
Discount
-5.51%
1Yr Disc
-7.22%
3Yr Disc
-7.53%
5Yr Disc
-6.14%
Rel Disc Range (3yr)
61.34%
Mkt Yield
8.02%
Lev Adj NAV Yield
6.52%
After Tax Yield*
6.67%
Est Tax Friction*
1.35%
1 Yr RoC
23.82%
3 Yr Dest RoC
15.52%
Leverage
19.46%
Non Lev Exp Ratio
1.62%
3Yr NAV Volatiliy
11.90
Equity Exposure
54.73%
Bond Exposure
42.36%
# Holdings
169
Cash Weighted Duration
1.65
Beta (2yr)
0.73
Comp NAV TR
0.45%
Comp Discount
0.91%
Net Assets (M)
783
Liquidity - 90d (K)
2,851
* 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


169 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.81 -3.17 9.34 0.00 45.74 2,989 13,634
DSL DbLin Incm Solutions Fd Doubleline 0.80 -6.34 9.10 0.22 27.53 2,141 9,290
PDI PIMCO Dyn Incm Fd PIMCO 0.80 7.66 9.23 0.00 48.03 1,239 6,112
BTZ BR Cr Alloc Incm Tr BlackRock 0.77 -10.23 6.51 5.34 24.15 1,559 3,812
DBL DbLin Opportunistic Cr Fd Doubleline 0.79 7.95 8.43 2.31 16.22 327 2,276
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.76 -9.57 6.72 0.00 47.70 1,190 3,049
BIT BR Mlt-Sctr Incm Tr BlackRock 0.80 -7.65 8.11 0.00 38.43 716 2,658
BHK BR Core Bnd Tr BlackRock 0.78 -7.17 5.85 0.10 29.51 775 1,649
PFN PIMCO Incm Stgy Fd II PIMCO 0.81 0.70 9.60 0.00 24.12 587 2,332
GOF Gghm Stgc Opp Fd Guggenheim 0.80 3.47 10.79 0.33 28.41 385 1,859
ARCC Ares Capital Corp Ares 0.29 5.59 8.75 0.00 41.90 7,007 53,007
PSEC Prospect Capital Corp Prospect Capital 0.30 -5.72 11.02 0.00 41.99 3,456 23,774
MAIN Main Street Cap Corp Main Street Capital 0.28 68.33 5.97 0.00 40.78 1,222 10,397
AINV Apollo Inv Corp Apollo Investment 0.29 -9.91 9.71 0.00 39.95 1,507 6,408
FSIC FS Investment Corp FB Income 0.25 2.02 9.28 0.00 41.13 2,302 10,054
NMFC New Mountain Fin Corp New Mountain Capital 0.29 9.96 9.19 0.00 42.92 938 5,312
HTGC Hercules Capital Hercules 0.29 49.60 8.37 0.00 44.72 820 7,562
FSC Fifth St Fin Corp Fifth Street 0.24 -36.25 5.15 3.68 49.36 1,030 6,410
TCAP Triangle Capital Corp Triangle Capital 0.28 23.27 9.65 0.00 46.15 721 5,989
GBDC Golub Capital BDC Golub Capital 0.28 21.73 6.68 0.00 50.14 869 4,012
TSLX TPG Specialty Lending TSL Advisers 0.29 25.71 7.78 0.00 40.63 954 5,143
BKCC BR Cap Inv Corp BlackRock 0.29 -10.96 9.85 0.00 35.07 598 2,677
PNNT PennantPark Inv Corp PennantPark 0.28 -14.49 9.24 0.00 47.03 647 3,547
GSBD Goldman Sachs BDC Goldman Sachs 0.29 35.94 7.23 0.00 41.84 665 3,894
MCC Medley Capital Corp MCC Advisors 0.28 -19.38 11.62 0.00 49.05 512 2,596
TCPC TCP Capital Corp Tennenbaum Capital 0.27 14.15 8.46 0.00 41.79 791 2,716
SLRC Solar Capital Solar Capital 0.29 0.37 7.33 0.00 23.47 918 2,298
TICC TICC Capital Corp TICC Management 0.30 -4.40 11.16 0.00 35.92 386 3,231
NEWT Newtek Biz Serv Corp Newtek 0.29 16.43 8.65 0.00 42.66 246 3,580
GLAD Gladstone Cap Corp Gladstone 0.27 8.01 9.30 0.00 28.70 213 1,602
TCRD THL Credit THL Credit 0.26 -17.85 11.12 0.00 41.65 389 1,307
JQC Nuv Cr Stgs Incm Fd Nuveen 0.44 -6.32 7.20 0.00 35.39 1,268 4,511
VTA Invsc Dyn Cr Opp Fd Invesco 0.45 -6.16 6.90 0.65 30.10 975 3,822
JFR Nuv Flt Rt Incm Fd Nuveen 0.44 -2.72 7.08 0.00 34.65 650 4,740
BGB B/GSO Stgc Cr Fd Blackstone 0.45 -7.40 7.99 0.00 36.01 761 4,433
VVR Invsc Sr Incm Tr Invesco 0.45 -4.49 6.03 6.38 28.41 882 2,886
JRO Nuv Flt Rt Incm Opp Fd Nuveen 0.43 1.71 7.10 0.00 34.53 452 2,666
FIV FT Sr Flt Rt 2022 Tgt Trm Fd First Trust 0.43 1.43 5.03 0.00 24.35 351 728
EFT EV Flt-Rt Incm Tr Eaton Vance 0.45 -1.49 5.27 0.00 34.70 617 2,270
PPR Voya Prime Rt Tr Voya 0.44 -4.85 5.68 0.00 28.39 853 2,375
FRA BR Flt Rt Incm Stgc Fd BlackRock 0.45 -1.60 4.97 0.00 27.50 557 2,821
EFR EV Sr Flt-Rt Tr Eaton Vance 0.46 0.99 5.57 0.00 34.70 558 2,178
BGT BR Flt Rt Incm Fd BlackRock 0.45 -0.21 4.85 0.00 27.21 342 1,379
BGX B/GSO Lng-Srt Cr Incm Fd Blackstone 0.45 -4.90 7.58 0.00 34.43 218 1,449
PHK PIMCO Hi Incm Fd PIMCO 0.30 29.28 11.25 18.53 24.54 850 6,236
HYT BR Corp Hi Yld Fd BlackRock 0.32 -9.94 7.79 0.00 27.21 1,514 5,245
GHY Pru Glbl Srt Dur Hi Yld Fd Prudential 0.32 -9.49 8.07 0.00 29.26 672 2,388
ISD Pru Srt Dur Hi Yld Fd Prudential 0.32 -7.81 8.02 0.00 26.90 553 2,027
DSU BR Dbt Stgs Fd BlackRock 0.32 -8.56 7.19 0.00 29.05 768 2,196
HIO WA Hi Incm Opp Fd Legg Mason 0.32 -10.04 7.29 2.96 0.00 721 2,295
FSD FT Hi Incm Lng/Srt Fd First Trust 0.33 -7.58 8.98 0.00 20.50 628 2,270
EAD WF Incm Opp Fd Wells Fargo 0.32 -8.51 8.56 0.00 26.30 648 2,766
HIX WA Hi Incm Fd II Legg Mason 0.33 -6.27 8.79 2.88 26.56 659 1,758
EHI WA Glbl Hi Incm Fd Legg Mason 0.33 -9.48 8.97 9.81 25.04 501 1,702
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.33 -7.37 9.39 0.00 24.66 425 1,759
HYI WA Hi Yld Dfin Opp Fd Legg Mason 0.32 -9.17 7.96 0.85 0.00 380 1,163
ACP Avenue Incm Cr Stgs Fd Avenue Capital 0.33 -9.22 10.52 5.27 29.94 197 1,433
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.33 -6.91 9.63 0.00 31.03 266 1,257
JHB Nuv Hi Incm Nov 2021 Tgt Trm Fd Nuveen 0.33 1.30 5.94 0.00 25.16 557 1,037
KIO KKR Incm Opp Fd KKR 0.34 -6.90 8.90 0.00 30.55 276 1,142
NHS NB Hi Yld Stgs Fd Neuberger Berman 0.32 -11.16 8.21 6.67 32.70 257 785
DHY CS Hi Yld Bnd Fd Credit Suisse 0.33 -1.46 10.22 8.38 28.96 274 1,077
JPS Nuv Qlty Pref Incm Fd 2 Nuveen 0.61 -3.66 7.85 0.00 32.02 2,005 5,838
FPF FT Imd Dur Pref & Incm Fd First Trust 0.62 -3.45 8.39 0.00 30.67 1,462 4,411
JPC Nuv Pref Incm Opp Fd Nuveen 0.60 -6.11 7.80 0.00 28.37 1,015 3,463
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 0.65 3.70 7.60 0.00 33.60 857 2,508
PDT JH Prm Div Fd John Hancock 0.61 0.00 7.33 10.96 33.71 771 1,769
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 0.62 -3.47 7.39 15.86 30.00 757 1,963
DFP F&C Dyn Pref and Incm Fd Flaherty & Crumrine 0.62 -3.87 7.89 0.00 33.30 485 1,884
JPI Nuv Pref & Incm Trm Fd Nuveen 0.63 -4.38 7.59 0.00 28.42 567 1,847
CHI Calamos Convt Opp & Incm Calamos 0.86 -1.47 10.59 55.68 27.97 764 4,054
CHY Calamos Convt & Hi Incm Fd Calamos 0.85 -3.04 10.75 51.01 28.13 835 2,938
NCV AG Convt & Incm Fd Allianz 0.82 -0.31 11.98 0.00 37.09 576 2,977
CCD Calamos Dyn Convt & Incm Fd Calamos 0.87 -4.85 10.54 60.23 28.26 487 1,663
NCZ AG Convt & Incm Fd II Allianz 0.82 -0.68 11.90 1.92 37.47 435 1,571
AVK AC Convt Sec & Incm Fd Guggenheim 0.84 -9.72 7.35 22.52 39.30 400 1,713
BBN BR Taxable Muni BndTr BlackRock 1.98 -2.41 7.09 0.00 36.26 1,306 3,910
NBB Nuv Bld Amrc Bnd Fd Nuveen 1.95 -3.10 5.90 0.00 28.41 572 1,784
ADX Adams Divr Eq Fd Adams Express 0.77 -16.00 7.28 0.00 0.00 1,610 2,407
AGD Alp Glbl Dyn Div Fd Alpine 0.79 -10.60 8.12 22.08 3.50 135 571
AOD Alp Tot Dyn Div Fd Alpine 1.58 -13.21 8.47 24.39 2.84 1,010 3,601
BGY BR Intl Gwth & Incm Tr BlackRock 1.34 -11.37 7.90 82.59 0.00 716 2,666
BIF Boulder Gwth & Incm Fd Boulder 1.20 -17.96 4.40 10.42 4.16 1,199 2,142
CAF MS China A Shr Fd Morgan Stanley 0.80 -16.88 4.17 0.00 0.00 503 1,856
CET Ctrl Sec Corp Central Securities 0.77 -18.33 1.53 0.00 0.00 718 1,311
CLM Cornerstone Stgc Val Fd Cornerstone 1.25 20.33 17.47 77.07 0.00 381 4,742
CRF Cornerstone Tot Rtn Fd Cornerstone 1.26 23.25 17.16 56.38 0.00 170 2,818
CUBA Herzfeld Caribbean Basin Fd Herzfeld Cuba 0.74 -10.91 1.94 0.00 0.00 48 166
DNI Div & Incm Fd Bexil 0.72 -18.06 5.05 72.94 7.15 155 555
EMF Tmp Emrg Mkt Fd Templeton 0.82 -11.27 1.41 0.00 0.00 277 716
EOD WF Glbl Div Opp Fd Wells Fargo 1.52 -11.16 9.42 0.00 0.00 293 1,135
ETG EV Tx-Adv Glbl Div Incm Fd Eaton Vance 1.41 -8.08 7.95 11.50 25.90 1,285 3,699
ETO EV Tx-Adv Glbl Div Opp Fd Eaton Vance 1.43 1.14 9.33 5.97 27.10 333 1,156
EVT EV Tx-Adv Div Incm Fd Eaton Vance 1.31 -4.23 8.18 0.00 22.00 1,617 3,459
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.51 -8.12 8.50 33.79 N/A 321 1,499
GAB Gabelli Eq Tr Gabelli 0.78 -1.84 10.20 57.17 24.00 1,313 2,279
GAM General American Invstr General American Inv 0.76 -15.89 1.48 0.00 15.67 1,074 1,794
GDV Gabelli Div & Incm Tr Gabelli 1.32 -8.36 6.37 55.23 23.00 1,863 3,788
GGT Gabelli Multimedia Tr Gabelli 0.80 -9.38 10.48 30.84 14.00 212 588
GLQ Clough Glbl Eq Fd Clough 1.39 -7.85 9.82 64.87 42.58 232 1,052
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 0.78 3.00 10.41 38.61 17.52 174 974
IDE Voya Infra Ind & Matrls Fd Voya 1.37 -9.66 8.22 65.78 0.00 301 1,078
IFN India Fund Aberdeen 0.82 -11.83 6.91 0.00 0.00 795 3,277
IGD Voya Glbl Eq Div & Prm Opp Voya 1.57 -9.94 10.10 41.76 0.00 781 3,552
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.55 -10.42 8.60 78.69 0.00 183 600
IIF MS India Inv Fd Morgan Stanley 0.85 -11.77 3.75 0.00 0.00 498 870
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.31 -12.88 7.51 59.88 28.77 207 1,472
JCE Nuv Core Eq Alpha Fd Nuveen 0.75 -7.02 8.06 87.36 0.00 237 686
JTD Nuv Tx-Adv Div Gwth Fd Nuveen 0.75 -9.41 8.48 55.08 30.61 234 710
MXF Mexico Fund Impulsora del 0.79 -12.50 3.17 91.76 0.00 281 1,701
NIE AG Eq & Convt Incm Fd Allianz 1.42 -10.87 7.95 0.00 0.00 594 1,684
RMT Royce Micro-Cap Tr Legg Mason 0.73 -13.39 7.73 14.57 11.01 356 1,196
RVT Royce Val Tr Legg Mason 0.75 -13.02 7.56 9.25 5.12 1,294 5,164
SWZ Swiss Helvetia Fd Schroder 0.80 -10.00 2.85 0.00 0.00 357 458
TDF Tmp Dragon Fd Templeton 0.81 -12.65 2.34 0.00 0.00 726 1,064
TY Tri-Cont Corp Columbia Mngmt 1.19 -14.28 4.38 0.00 2.50 1,514 1,760
USA Liberty All-Star Eq Fd ALPS 1.24 -14.65 9.59 0.00 0.80 1,203 3,899
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 0.17 -7.69 10.86 84.58 0.00 2,743 11,126
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 0.17 -5.33 9.19 86.32 0.00 1,738 5,203
BDJ BR Enh Eq Div Tr BlackRock 0.16 -9.15 6.64 60.84 0.00 1,756 3,789
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 0.17 -1.91 10.12 87.20 0.00 1,171 4,112
NFJ AG NFJ Div Int & Prm Stgy Allianz 0.16 -11.29 9.37 100.00 0.00 1,369 3,230
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 0.16 -3.21 6.90 13.52 0.00 1,418 3,206
BOE BR Glbl Opp Eq Tr BlackRock 0.17 -11.32 7.56 72.38 0.00 970 2,715
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 0.16 -8.82 10.02 92.02 0.00 635 3,011
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 0.16 7.11 8.74 49.86 0.00 908 2,413
CII BR Enh Cap & Incm Fd BlackRock 0.16 -8.80 7.00 90.41 0.00 687 2,271
QQQX Nuv Nasdaq 100 Dyn Ovr Fd Nuveen 0.17 1.53 6.83 30.38 0.00 739 3,037
EOS EV Enh Eq Incm Fd II Eaton Vance 0.17 -6.68 7.83 76.80 0.00 685 1,746
EOI EV Enh Eq Incm Fd Eaton Vance 0.17 -7.49 7.99 89.49 0.00 549 1,533
STK ClmbSlgmn Prm Tech Gwth Fd Columbia Mngmt 0.18 4.25 9.08 0.00 0.00 300 1,385
KYN KA MLP Inv Kayne Anderson 0.16 -0.80 11.06 100.00 33.33 2,287 8,030
TYG Tortoise Nrg Infra Corp Tortoise 0.17 6.69 8.05 50.00 25.70 1,494 5,574
CEM CB Nrg MLP Fd Legg Mason 0.17 -5.01 8.72 43.25 28.01 1,202 3,367
NTG Tortoise MLP Fd Tortoise 0.17 -1.34 8.53 100.00 27.90 945 2,509
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 0.16 -2.57 10.17 100.00 25.23 538 2,271
FEI FT MLP & Nrg Incm Fd First Trust 0.16 2.17 8.86 98.88 25.33 715 2,080
NML NB MLP Incm Fd Neuberger Berman 0.17 -9.95 6.76 100.00 19.50 615 2,769
CBA CB Amrc Nrg MLP Fd Legg Mason 0.17 -9.32 8.39 100.00 26.18 616 2,063
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 0.17 -7.55 8.30 93.75 32.50 659 2,615
CTR CB Nrg MLP Tot Rtn Fd Legg Mason 0.17 -8.71 8.78 100.00 25.71 556 1,953
EMO CB Nrg MLP Opp Fd Legg Mason 0.16 -8.29 9.73 100.00 28.25 448 1,685
KYE KA Nrg Tot Rtn Fd Kayne Anderson 0.16 -5.51 8.22 59.00 29.59 471 1,990
FMO F/C MLP Opp Fd Guggenheim 0.16 1.34 11.42 100.00 26.62 505 2,032
GMZ GS MLP Incm Opp Fd Goldman Sachs 0.17 -8.01 8.12 92.50 31.70 498 1,641
HQH Tekla Health Invstr Tekla 0.81 -4.39 7.65 0.00 0.00 960 3,721
THQ Tekla Health Opp Fd Tekla 0.81 -9.55 7.96 0.00 23.06 820 2,789
THW Tekla Wld Health Fd Tekla 0.82 -7.61 9.95 3.97 21.38 470 1,858
RQI C&S Qlty Incm Rty Fd Cohen & Steers 0.74 -8.26 7.86 0.00 23.90 1,454 4,189
JRS Nuv Rel-Est Incm Fd Nuveen 0.75 -1.86 9.02 0.00 29.76 326 1,225
RFI C&S Tot Rtn Ry Fd Cohen & Steers 0.76 -6.56 7.74 0.07 0.00 347 1,499
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 0.79 -1.95 10.83 97.95 10.00 760 4,602
BCX BR Res & Com Stgy Tr BlackRock 0.75 -13.39 7.36 78.63 0.00 962 3,233
BGR BR Nrg & Res Tr BlackRock 0.68 -10.87 7.01 72.77 0.00 444 1,196
CSQ Calamos Stgc Tot Rtn Fd Calamos 0.48 -8.13 9.03 55.36 26.49 1,843 4,520
GLO Clough Glbl Opp Fd Clough 0.50 -9.37 10.26 99.73 42.80 572 2,793
FOF C&S CE Opp Fd Cohen & Steers 0.46 -9.60 8.59 44.99 0.00 366 1,129
ZTR Virtus Glbl Div & Inc Fd Virtus 0.45 -7.94 11.69 15.04 27.14 324 1,550
GLV Clough Glbl Div & Incm Fd Clough 0.48 -7.08 9.53 83.85 42.28 145 531
UTF C&S Infra Fd Cohen & Steers 0.41 -11.26 7.58 0.00 31.20 2,038 5,085
UTG Reaves Util Incm Fd W.H. Reaves 0.39 -3.14 5.88 0.00 22.12 1,158 4,939
DNP DNP Sel Incm Fd Duff & Phelps 0.39 7.80 7.24 18.01 26.75 2,837 3,300
DPG D&P Glbl Util Incm Fd Duff & Phelps 0.38 -13.89 8.72 52.71 26.46 707 1,919
BUI BR Util & Infra Tr BlackRock 0.40 -4.01 7.40 45.35 0.00 346 932
MGU Macquarie Glbl Infra Tot Rtn Macquarie 0.41 -14.13 6.65 50.00 29.61 323 936
LGI Lzrd Glbl Tot Rtn & Incm Fd Lazard 0.69 -12.09 6.59 37.89 25.40 163 300
IAE Voya AP Hi Div Eq Incm Fd Voya 0.72 -12.51 8.20 70.05 0.00 140 604
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 0.64 -14.00 8.14 58.00 4.00 999 3,145
BTO JH Fin Opp Fd John Hancock 0.58 -0.48 4.44 22.92 14.45 624 2,787

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.