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 June 22, 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 1,118.85 0.09 0.14 0.32 6.15 13.06 19.73 5.69 9.84 -0.55 3.69 10.64
NAV 1,173.17 0.13 -0.08 0.53 3.98 8.66 14.92 4.97 9.90 -0.39 2.65 7.45
Difference 0.04 -0.22 0.21 -2.17 -4.39 -4.80 -0.72 0.06 0.16 -1.04 -3.19
* 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 2.97 2.53 0.34 6.95 2.82 0.65 - - - - - - - - - - 10.64
NAV 1.65 2.10 0.20 4.80 1.35 0.95 - - - - - - - - - - 7.45

Performance Chart

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Discount

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Characteristics

PORTFOLIO
Weighted Average Data
Discount
-3.85%
1Yr Disc
-5.99%
3Yr Disc
-7.23%
5Yr Disc
-5.76%
Rel Disc Range (3yr)
71.68%
Mkt Yield
7.62%
Lev Adj NAV Yield
6.29%
After Tax Yield*
6.33%
Est Tax Friction*
1.29%
3Yr NAV Volatiliy
12.00
1 Yr RoC
22.81%
3 Yr Dest RoC
15.84%
Leverage
18.87%
Non Lev Exp Ratio
1.58%
Beta (2yr)
0.93
Equity Exposure
55.75%
Bond Exposure
41.66%
# Holdings
168
Cash Weighted Duration
1.59
Comp NAV TR
1.30%
Comp Discount
1.30%
Net Assets (M)
803
Liquidity - 90d (K)
2,313
* 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


168 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.81 -2.38 8.89 0.01 46.38 3,112 12,506
DSL DbLin Incm Solutions Fd Doubleline 0.81 -2.53 8.65 0.22 27.46 2,164 7,096
PHK PIMCO Hi Incm Fd PIMCO 0.79 27.98 11.14 17.91 22.98 869 3,752
PDI PIMCO Dyn Incm Fd PIMCO 0.82 6.97 8.85 0.00 46.95 1,340 4,923
BTZ BR Cr Alloc Incm Tr BlackRock 0.80 -9.19 6.29 4.90 21.54 1,590 2,240
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.80 -7.95 6.53 0.00 43.77 1,204 2,240
BIT BR Mlt-Sctr Incm Tr BlackRock 0.81 -8.16 7.83 0.00 38.09 743 1,901
PFN PIMCO Incm Stgy Fd II PIMCO 0.82 2.74 9.15 0.00 23.32 605 1,864
DBL DbLin Opportunistic Cr Fd Doubleline 0.83 13.39 7.89 1.45 16.05 333 1,229
PKO PIMCO Incm Opp Fd PIMCO 0.85 6.99 8.51 0.00 38.21 376 1,607
ARCC Ares Capital Corp Ares 0.25 -1.58 9.36 0.00 38.24 7,034 30,563
PSEC Prospect Capital Corp Prospect Capital 0.24 -13.79 12.30 0.00 42.90 3,394 18,138
MAIN Main Street Cap Corp Main Street Capital 0.27 71.52 5.77 0.00 38.19 1,255 10,238
FSIC FS Investment Corp FB Income 0.24 -6.88 10.13 0.00 42.68 2,317 9,052
HTGC Hercules Capital Hercules 0.24 35.55 9.37 0.00 48.03 808 8,456
AINV Apollo Inv Corp Apollo Investment 0.26 -6.97 9.57 0.00 35.97 1,481 5,475
FSC Fifth St Fin Corp Fifth Street 0.22 -45.78 2.04 2.40 46.00 1,019 2,938
TCAP Triangle Capital Corp Triangle Capital 0.25 14.39 10.29 0.00 40.48 729 4,118
NMFC New Mountain Fin Corp New Mountain Capital 0.25 5.83 9.48 0.00 46.08 1,025 6,417
TSLX TPG Specialty Lending TSL Advisers 0.27 27.00 7.66 0.00 37.59 962 3,376
GBDC Golub Capital BDC Golub Capital 0.25 20.28 6.70 0.00 48.43 907 5,184
GSBD Goldman Sachs BDC Goldman Sachs 0.25 24.64 7.91 0.00 41.99 664 4,643
PFLT PennantPark Flt Rt Cap PennantPark 0.27 -0.28 8.14 0.00 38.46 456 1,847
NEWT Newtek Biz Serv Corp Newtek 0.26 16.49 9.60 0.00 39.37 247 2,513
PNNT PennantPark Inv Corp PennantPark 0.24 -19.36 9.82 0.00 47.41 646 2,341
TICC TICC Capital Corp TICC Management 0.24 -9.43 11.73 4.93 32.99 388 1,778
TCPC TCP Capital Corp Tennenbaum Capital 0.25 10.46 8.74 0.00 43.57 877 3,948
MCC Medley Capital Corp MCC Advisors 0.21 -29.98 10.22 0.00 51.19 487 2,843
FSFR Fifth St Sr Flt Rt Corp Fifth Street 0.22 -31.95 10.31 0.00 44.93 319 974
SLRC Solar Capital Solar Capital 0.26 -1.06 7.43 0.00 20.86 919 2,265
BKCC BR Cap Inv Corp BlackRock 0.27 -8.88 9.61 0.00 37.43 600 2,217
FDUS Fidus Investment Corp Fidus 0.25 5.95 9.32 0.00 34.72 355 1,370
JFR Nuv Flt Rt Incm Fd Nuveen 0.47 1.72 6.84 0.00 36.59 649 3,002
JQC Nuv Cr Stgs Incm Fd Nuveen 0.44 -8.13 7.43 0.00 35.75 1,253 3,625
BGB B/GSO Stgc Cr Fd Blackstone 0.45 -7.30 8.01 0.00 36.05 758 2,275
VTA Invsc Dyn Cr Opp Fd Invesco 0.44 -8.62 7.17 23.83 31.14 963 3,210
VVR Invsc Sr Incm Tr Invesco 0.44 -6.58 5.42 10.66 28.40 875 1,991
FRA BR Flt Rt Incm Stgc Fd BlackRock 0.43 -6.44 5.25 0.00 29.00 555 1,893
JRO Nuv Flt Rt Incm Opp Fd Nuveen 0.44 -0.43 7.34 0.00 36.27 455 1,548
PPR Voya Prime Rt Tr Voya 0.45 -6.14 5.83 0.00 28.74 843 2,037
EFT EV Flt-Rt Incm Tr Eaton Vance 0.45 -2.07 5.54 0.00 34.20 617 1,250
EFR EV Sr Flt-Rt Tr Eaton Vance 0.43 -3.17 5.98 0.00 34.49 558 1,492
ARDC Ares Dyn Cr Alloc Fd Ares 0.45 -9.54 7.68 1.79 30.64 407 1,317
AIF Apollo Tactical Incm Fd Apollo Credit 0.45 -6.77 7.75 0.00 35.35 252 953
NSL Nuv Sr Incm Fd Nuveen 0.46 -0.58 6.93 0.00 36.81 266 846
HYT BR Corp Hi Yld Fd BlackRock 0.35 -9.73 7.67 0.00 27.78 1,534 3,874
EAD WF Incm Opp Fd Wells Fargo 0.35 -7.57 8.40 0.00 26.12 653 1,348
GHY Pru Glbl Srt Dur Hi Yld Fd Prudential 0.34 -10.37 7.31 0.50 29.27 675 2,004
HIO WA Hi Incm Opp Fd Legg Mason 0.35 -9.45 7.09 4.66 0.00 725 1,775
FSD FT Hi Incm Lng/Srt Fd First Trust 0.36 -4.87 8.76 1.27 21.04 637 1,835
DSU BR Dbt Stgs Fd BlackRock 0.35 -7.85 7.07 0.00 31.91 765 1,675
ISD Pru Srt Dur Hi Yld Fd Prudential 0.34 -9.44 7.32 0.00 26.89 557 2,298
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.34 -8.12 9.46 6.64 25.31 425 1,612
EHI WA Glbl Hi Incm Fd Legg Mason 0.35 -9.81 8.01 11.70 25.30 507 1,159
HIX WA Hi Incm Fd II Legg Mason 0.35 -6.62 8.34 2.82 26.50 664 1,488
PHT Pioneer Hi Incm Tr Pioneer 0.34 -8.04 7.93 0.00 28.40 312 1,067
ACP Avenue Incm Cr Stgs Fd Avenue Capital 0.34 -8.57 10.55 3.01 29.35 195 1,093
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.35 -5.46 9.34 0.00 33.14 270 1,048
HYI WA Hi Yld Dfin Opp Fd Legg Mason 0.35 -8.48 7.83 0.22 0.00 381 1,064
KIO KKR Incm Opp Fd KKR 0.35 -6.28 8.59 0.00 27.28 284 1,127
JHB Nuv Hi Incm Nov 2021 Tgt Trm Fd Nuveen 0.35 -0.49 5.95 0.00 25.02 566 1,037
DHY CS Hi Yld Bnd Fd Credit Suisse 0.37 2.88 9.23 4.81 28.96 278 793
JPS Nuv Pref Sec Incm Fd Nuveen 0.65 -0.97 7.32 0.00 31.25 2,091 3,553
FPF FT Imd Dur Pref & Incm Fd First Trust 0.65 -0.65 7.43 0.00 30.18 1,506 3,922
JPC Nuv Pref Incm Opp Fd Nuveen 0.65 -3.90 7.54 0.00 28.83 1,112 2,687
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 0.65 6.86 7.04 0.00 33.60 900 1,739
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 0.63 -2.92 7.14 0.00 29.30 779 1,563
DFP F&C Dyn Pref and Incm Fd Flaherty & Crumrine 0.64 -1.86 7.41 0.00 33.30 506 1,689
PDT JH Prm Div Fd John Hancock 0.63 2.23 7.09 8.98 33.12 780 1,258
JPI Nuv Pref & Incm Trm Fd Nuveen 0.63 -3.86 6.89 0.00 27.89 584 1,229
CHI Calamos Convt Opp & Incm Calamos 0.84 -0.45 10.20 52.79 28.13 786 2,958
NCV AG Convt & Incm Fd Allianz 0.85 3.71 11.16 0.00 37.53 595 2,061
CHY Calamos Convt & Hi Incm Fd Calamos 0.85 -0.59 10.20 49.27 28.29 858 2,636
AVK AC Convt Sec & Incm Fd Guggenheim 0.83 -7.30 8.43 13.73 39.30 407 1,166
CCD Calamos Dyn Convt & Incm Fd Calamos 0.86 -3.28 10.00 60.68 28.27 505 1,583
NCZ AG Convt & Incm Fd II Allianz 0.84 2.82 11.15 1.85 37.88 449 1,471
BBN BR Taxable Muni BndTr BlackRock 2.01 -1.45 6.85 0.00 35.14 1,338 2,522
NBB Nuv Bld Amrc Bnd Fd Nuveen 1.98 -4.21 5.85 0.00 28.41 584 1,235
ADX Adams Divr Eq Fd Adams Express 0.72 -15.56 6.91 0.00 0.00 1,683 2,188
AGD Alp Glbl Dyn Div Fd Alpine 0.73 -8.13 7.67 30.35 9.16 139 630
AOD Alp Tot Dyn Div Fd Alpine 1.05 -10.05 7.95 31.81 11.02 1,038 2,416
BGY BR Enh Intl DivTr BlackRock 1.09 -7.50 7.25 81.13 0.00 742 2,791
BIF Boulder Gwth & Incm Fd Boulder 1.14 -16.91 4.24 21.96 3.93 1,230 1,429
CAF MS China A Shr Fd Morgan Stanley 0.84 -6.41 3.56 0.00 0.00 546 4,096
CET Ctrl Sec Corp Central Securities 0.73 -15.45 1.42 0.00 0.00 746 466
CHN China Fund Allianz 0.76 -10.39 2.53 0.00 0.00 324 452
CLM Cornerstone Stgc Val Fd Cornerstone 1.04 14.17 18.52 65.77 0.00 379 6,083
CRF Cornerstone Tot Rtn Fd Cornerstone 1.04 16.86 18.35 58.95 0.00 167 3,068
DNI Div & Incm Fd Bexil 0.70 -17.46 4.88 71.03 3.74 159 607
EMF Tmp Emrg Mkt Fd Templeton 0.74 -9.24 1.30 0.00 0.00 293 1,019
EOD WF Glbl Div Opp Fd Wells Fargo 1.09 -5.88 10.57 0.00 0.00 301 1,018
ETG EV Tx-Adv Glbl Div Incm Fd Eaton Vance 1.62 -4.69 7.30 11.50 24.90 1,350 3,150
ETO EV Tx-Adv Glbl Div Opp Fd Eaton Vance 0.74 1.75 8.86 2.99 26.10 348 1,153
EVT EV Tx-Adv Div Incm Fd Eaton Vance 1.56 -2.24 7.99 0.00 21.30 1,624 2,789
FDEU FT Dyn Euro Eq Incm Fd First Trust 2.13 -3.20 7.61 35.62 22.54 340 1,829
GAB Gabelli Eq Tr Gabelli 0.71 -0.16 9.79 50.37 24.00 1,346 2,524
GAM General American Invstr General American Inv 0.70 -15.40 1.41 0.00 14.97 1,092 912
GDV Gabelli Div & Incm Tr Gabelli 1.58 -5.65 6.04 25.61 23.00 1,911 3,365
GGT Gabelli Multimedia Tr Gabelli 0.75 -3.08 9.42 52.19 14.00 221 743
GLQ Clough Glbl Eq Fd Clough 1.01 -8.93 9.38 89.77 35.71 245 414
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.02 6.27 10.27 60.41 17.48 171 720
IAE Voya AP Hi Div Eq Incm Fd Voya 1.98 -8.84 7.88 69.85 0.00 138 724
IDE Voya Infra Ind & Matrls Fd Voya 1.03 -3.36 7.48 77.14 0.00 309 1,353
IFN India Fund Aberdeen 0.74 -10.07 6.22 0.00 0.00 866 2,206
IGD Voya Glbl Eq Div & Prm Opp Voya 1.03 -8.17 9.87 35.02 0.00 784 2,812
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.94 -9.01 8.53 78.03 0.00 182 697
IIF MS India Inv Fd Morgan Stanley 0.74 -9.26 5.49 0.00 0.00 539 973
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.01 -10.42 7.40 75.89 26.89 204 896
JCE Nuv Core Eq Alpha Fd Nuveen 0.74 -5.05 7.56 24.84 0.00 248 716
JFC JPMorgan China Region Fd JF International 0.75 -0.79 1.72 0.00 7.27 130 1,374
JTD Nuv Tx-Adv Div Gwth Fd Nuveen 0.75 -5.10 7.75 50.68 29.96 244 656
KEF Korea Eq Fd Nomura 0.75 -0.42 2.25 0.00 0.00 94 1,045
KF Korea Fund Allianz 0.75 -10.05 0.69 0.00 0.00 262 727
MSF MS Emrg Mkt Fd Morgan Stanley 0.76 -10.00 0.73 0.00 1.56 256 272
MXF Mexico Fund Impulsora del 0.72 -10.47 3.04 100.00 0.00 287 775
RMT Royce Micro-Cap Tr Legg Mason 0.70 -11.86 7.37 9.40 11.01 366 908
RVT Royce Val Tr Legg Mason 1.11 -11.24 7.55 6.32 5.12 1,318 2,911
TDF Tmp Dragon Fd Templeton 0.74 -11.14 2.14 0.00 0.00 781 851
TY Tri-Cont Corp Columbia Mngmt 1.14 -12.61 4.16 0.00 2.41 1,566 1,703
USA Liberty All-Star Eq Fd ALPS 1.15 -13.48 9.20 7.50 0.80 1,237 3,632
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 0.19 -2.56 10.00 88.06 0.00 2,822 7,997
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 0.18 -2.28 8.76 63.15 0.00 1,766 4,943
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 0.18 0.44 9.62 88.30 0.00 1,203 3,177
BDJ BR Enh Eq Div Tr BlackRock 0.18 -8.15 6.46 42.67 0.00 1,772 3,862
NFJ AG NFJ Div Int & Prm Stgy Allianz 0.17 -9.56 9.26 72.08 0.00 1,359 2,996
QQQX Nuv Nasdaq 100 Dyn Ovr Fd Nuveen 0.19 2.52 6.38 63.07 0.00 783 2,612
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 0.18 0.36 6.52 50.95 0.00 1,446 3,150
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 0.18 -6.69 9.75 65.33 0.00 638 1,997
BOE BR Enh Glbl DivTr BlackRock 0.19 -8.81 7.06 55.81 0.00 1,001 3,425
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 0.17 5.12 8.76 75.78 0.00 924 2,353
CII BR Enh Cap & Incm Fd BlackRock 0.18 -6.55 6.70 87.66 0.00 700 2,166
BST BR Sci & Tech Tr BlackRock 0.19 -7.54 5.29 99.82 0.00 549 2,369
EOS EV Enh Eq Incm Fd II Eaton Vance 0.19 -1.72 7.08 73.32 0.00 719 1,941
EOI EV Enh Eq Incm Fd Eaton Vance 0.18 -4.55 7.60 89.65 0.00 560 1,468
KYN KA MLP Inv Kayne Anderson 0.15 3.95 10.20 100.00 32.68 1,940 7,220
TYG Tortoise Nrg Infra Corp Tortoise 0.14 7.65 9.36 64.30 27.10 1,275 4,139
CEM CB Nrg MLP Fd Legg Mason 0.15 -4.16 9.94 79.69 29.76 1,044 2,681
NML NB MLP Incm Fd Neuberger Berman 0.15 -6.99 7.63 83.33 20.20 527 1,491
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 0.14 3.12 9.67 68.75 32.50 507 1,734
NTG Tortoise MLP Fd Tortoise 0.15 3.65 9.45 100.00 28.80 812 1,880
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 0.16 3.86 11.14 100.00 27.81 461 1,766
FEI FT MLP & Nrg Incm Fd First Trust 0.16 1.10 9.68 95.62 25.48 662 1,575
CBA CB Amrc Nrg MLP Fd Legg Mason 0.15 -7.21 9.71 75.00 28.17 520 1,176
FMO F/C MLP Opp Fd Guggenheim 0.14 0.63 13.56 100.00 27.16 437 1,556
KYE KA Nrg Tot Rtn Fd Kayne Anderson 0.14 -6.59 9.93 32.39 28.74 395 1,360
CTR CB Nrg MLP Tot Rtn Fd Legg Mason 0.16 -4.79 9.57 100.00 27.17 489 1,309
FEN FT Nrg Incm & Gwth Fd First Trust 0.16 2.46 9.59 94.58 26.72 458 1,333
KMF KA Midstream/Nrg Fd Kayne Anderson 0.15 -2.90 9.94 25.00 28.01 319 1,258
RQI C&S Qlty Incm Rty Fd Cohen & Steers 0.64 -6.60 7.46 0.00 23.90 1,504 3,779
AWP Alp Glbl Prmr Prop Fd Alpine 0.68 -11.48 9.49 66.03 7.29 610 2,831
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 0.63 -12.00 7.79 56.39 17.00 1,020 2,649
RFI C&S Tot Rtn Ry Fd Cohen & Steers 0.64 -5.66 7.48 5.02 0.00 356 1,088
HQH Tekla Health Invstr Tekla 0.87 -0.91 7.65 0.00 0.00 1,052 2,582
THQ Tekla Health Opp Fd Tekla 0.87 -8.05 7.25 0.00 21.49 882 2,180
HQL Tekla Life Sci Invstr Tekla 0.90 0.98 7.56 0.00 0.00 455 1,396
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 0.81 0.91 10.83 91.25 10.00 738 2,934
BCX BR Res & Com Stgy Tr BlackRock 0.74 -13.62 7.94 69.99 0.00 885 1,987
FIF FT Nrg Infra Fd First Trust 0.76 -3.85 7.34 50.57 26.47 328 976
CSQ Calamos Stgc Tot Rtn Fd Calamos 0.65 -4.63 8.43 39.44 26.68 1,902 3,972
NIE AG Eq & Convt Incm Fd Allianz 0.61 -9.87 7.74 0.00 0.00 604 1,760
ZTR Virtus Glbl Div & Inc Fd Virtus 0.68 -2.40 10.75 13.75 26.93 332 1,679
FOF C&S CE Opp Fd Cohen & Steers 0.63 -6.37 8.17 34.96 0.00 371 1,024
UTF C&S Infra Fd Cohen & Steers 0.53 -6.67 6.88 0.00 29.40 2,136 4,169
UTG Reaves Util Incm Fd W.H. Reaves 0.52 -0.17 5.57 0.00 22.12 1,185 2,509
DNP DNP Sel Incm Fd Duff & Phelps 0.50 12.23 7.03 22.00 26.75 2,805 3,317
DPG D&P Glbl Util Incm Fd Duff & Phelps 0.48 -9.93 8.72 26.36 26.46 676 1,792
BUI BR Util & Infra Tr BlackRock 0.51 -0.43 7.02 33.80 0.00 352 912
BTO JH Fin Opp Fd John Hancock 1.25 4.85 4.20 20.49 14.67 626 2,018

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.