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 April 27, 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 1,103.64 0.17 1.36 3.69 6.71 13.34 19.52 6.53 8.62 2.28 2.28 9.23
NAV 1,156.58 0.01 1.17 1.86 4.11 8.57 14.15 5.81 8.61 1.20 1.20 6.00
Difference -0.17 -0.18 -1.82 -2.60 -4.76 -5.37 -0.72 -0.01 -1.08 -1.08 -3.23
* 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 - - - - - - - - - - - - 9.23
NAV 1.65 2.10 0.20 4.80 - - - - - - - - - - - - 6.00

Performance Chart

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Discount

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Characteristics

PORTFOLIO
Weighted Average Data
Discount
-3.64%
1Yr Disc
-6.52%
3Yr Disc
-7.24%
5Yr Disc
-5.68%
Rel Disc Range (3yr)
70.99%
Mkt Yield
7.64%
Lev Adj NAV Yield
6.34%
After Tax Yield*
6.35%
Est Tax Friction*
1.29%
1 Yr RoC
23.62%
3 Yr Dest RoC
15.10%
Leverage
19.15%
Non Lev Exp Ratio
1.62%
3Yr NAV Volatiliy
12.02
Equity Exposure
55.56%
Bond Exposure
42.08%
# Holdings
168
Cash Weighted Duration
1.67
Beta (2yr)
0.81
Comp NAV TR
1.08%
Comp Discount
1.41%
Net Assets (M)
800
Liquidity - 90d (K)
2,656
* 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 0.80 -1.67 9.06 0.00 45.60 3,034 13,083
DSL DbLin Incm Solutions Fd Doubleline 0.79 -5.30 8.84 0.22 27.46 2,180 8,725
PHK PIMCO Hi Incm Fd PIMCO 0.79 27.50 11.17 18.33 24.97 869 6,140
PDI PIMCO Dyn Incm Fd PIMCO 0.80 8.38 9.06 0.00 46.85 1,259 5,333
BTZ BR Cr Alloc Incm Tr BlackRock 0.79 -8.96 6.36 4.51 23.80 1,570 2,695
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.80 -8.66 6.57 0.00 49.21 1,205 2,659
BIT BR Mlt-Sctr Incm Tr BlackRock 0.80 -7.22 7.90 0.00 39.96 729 2,056
PFN PIMCO Incm Stgy Fd II PIMCO 0.81 1.78 9.34 0.00 23.97 598 2,109
DBL DbLin Opportunistic Cr Fd Doubleline 0.79 8.84 8.31 2.02 16.05 329 1,786
PKO PIMCO Incm Opp Fd PIMCO 0.81 4.92 8.92 0.00 40.20 366 1,922
ARCC Ares Capital Corp Ares 0.27 6.14 8.71 0.00 41.90 7,007 39,008
PSEC Prospect Capital Corp Prospect Capital 0.28 -3.12 10.73 0.00 41.99 3,456 22,347
MAIN Main Street Cap Corp Main Street Capital 0.28 82.76 5.50 0.00 40.78 1,222 10,148
FSIC FS Investment Corp FB Income 0.27 3.08 9.19 0.00 41.13 2,302 10,890
HTGC Hercules Capital Hercules 0.27 56.77 7.99 0.00 44.72 820 7,623
AINV Apollo Inv Corp Apollo Investment 0.28 -1.46 8.88 0.00 39.95 1,507 6,986
FSC Fifth St Fin Corp Fifth Street 0.26 -37.62 1.75 3.36 49.36 1,030 6,251
TCAP Triangle Capital Corp Triangle Capital 0.27 25.78 9.46 0.00 46.15 721 6,417
NMFC New Mountain Fin Corp New Mountain Capital 0.27 10.33 9.16 0.00 42.92 938 7,335
TSLX TPG Specialty Lending TSL Advisers 0.27 30.72 7.48 0.00 40.63 954 4,760
GBDC Golub Capital BDC Golub Capital 0.27 28.40 6.33 0.00 50.14 897 4,809
GSBD Goldman Sachs BDC Goldman Sachs 0.28 36.37 7.21 0.00 41.84 665 3,997
PFLT PennantPark Flt Rt Cap PennantPark 0.27 -1.91 8.24 0.00 43.05 377 4,084
NEWT Newtek Biz Serv Corp Newtek 0.26 16.43 8.65 0.00 42.66 246 3,044
PNNT PennantPark Inv Corp PennantPark 0.27 -12.40 9.02 0.00 47.03 647 3,349
TICC TICC Capital Corp TICC Management 0.27 -2.13 10.90 0.00 35.92 386 3,166
TCPC TCP Capital Corp Tennenbaum Capital 0.26 15.16 8.39 0.00 41.79 791 3,743
MCC Medley Capital Corp MCC Advisors 0.27 -17.47 11.35 0.00 49.05 512 2,408
FSFR Fifth St Sr Flt Rt Corp Fifth Street 0.25 -23.94 27.60 0.00 42.32 320 2,394
SLRC Solar Capital Solar Capital 0.28 5.38 6.98 0.00 23.47 918 2,469
BKCC BR Cap Inv Corp BlackRock 0.27 -10.72 9.82 0.00 35.07 598 2,346
FDUS Fidus Investment Corp Fidus 0.27 14.02 8.68 0.00 37.40 354 1,884
JFR Nuv Flt Rt Incm Fd Nuveen 0.46 -1.10 6.94 0.00 36.74 653 4,448
JQC Nuv Cr Stgs Incm Fd Nuveen 0.46 -5.96 7.13 0.00 35.65 1,276 4,363
BGB B/GSO Stgc Cr Fd Blackstone 0.46 -5.21 7.78 0.00 36.01 763 3,600
VTA Invsc Dyn Cr Opp Fd Invesco 0.45 -6.62 6.94 0.65 30.14 974 3,569
VVR Invsc Sr Incm Tr Invesco 0.46 -4.07 5.99 5.53 28.40 884 2,668
FRA BR Flt Rt Incm Stgc Fd BlackRock 0.45 -3.80 5.07 0.00 29.13 558 2,340
JRO Nuv Flt Rt Incm Opp Fd Nuveen 0.46 1.02 7.13 0.00 36.41 459 2,288
PPR Voya Prime Rt Tr Voya 0.45 -5.74 5.98 0.00 28.39 850 2,464
EFT EV Flt-Rt Incm Tr Eaton Vance 0.45 -2.12 5.21 0.00 34.70 619 1,815
EFR EV Sr Flt-Rt Tr Eaton Vance 0.44 -1.91 5.64 0.00 34.49 560 1,994
ARDC Ares Dyn Cr Alloc Fd Ares 0.46 -8.95 7.60 2.72 30.64 409 1,884
AIF Apollo Tactical Incm Fd Apollo Credit 0.45 -5.21 7.97 0.00 35.35 253 1,338
NSL Nuv Sr Incm Fd Nuveen 0.47 -0.29 6.80 0.00 36.74 270 1,174
HYT BR Corp Hi Yld Fd BlackRock 0.36 -7.64 7.47 0.00 27.09 1,540 4,964
EAD WF Incm Opp Fd Wells Fargo 0.35 -8.39 8.43 0.00 26.12 657 2,301
GHY Pru Glbl Srt Dur Hi Yld Fd Prudential 0.35 -9.00 7.97 0.00 29.27 677 2,204
HIO WA Hi Incm Opp Fd Legg Mason 0.36 -7.96 7.04 3.13 0.00 730 2,123
FSD FT Hi Incm Lng/Srt Fd First Trust 0.36 -4.97 8.65 0.00 21.04 638 1,977
DSU BR Dbt Stgs Fd BlackRock 0.35 -7.82 7.04 0.00 29.93 774 2,160
ISD Pru Srt Dur Hi Yld Fd Prudential 0.35 -7.86 7.95 0.00 26.89 558 2,163
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.35 -6.99 9.23 8.85 25.31 430 1,657
EHI WA Glbl Hi Incm Fd Legg Mason 0.35 -9.15 8.80 10.50 25.16 509 1,601
HIX WA Hi Incm Fd II Legg Mason 0.35 -5.40 8.56 3.03 26.56 671 1,620
PHT Pioneer Hi Incm Tr Pioneer 0.35 -7.16 7.82 0.00 28.40 312 1,115
ACP Avenue Incm Cr Stgs Fd Avenue Capital 0.35 -7.89 10.19 4.51 29.35 201 1,371
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.35 -4.28 9.20 0.00 31.37 271 1,185
HYI WA Hi Yld Dfin Opp Fd Legg Mason 0.35 -8.05 7.77 0.85 0.00 385 1,213
KIO KKR Incm Opp Fd KKR 0.35 -5.29 8.65 0.00 27.28 279 1,079
JHB Nuv Hi Incm Nov 2021 Tgt Trm Fd Nuveen 0.35 -0.49 5.94 0.00 25.24 567 1,117
DHY CS Hi Yld Bnd Fd Credit Suisse 0.36 -0.72 9.53 7.20 28.96 279 1,012
JPS Nuv Pref Sec Incm Fd Nuveen 0.63 -2.39 7.58 0.00 32.01 2,050 4,346
FPF FT Imd Dur Pref & Incm Fd First Trust 0.62 -3.98 7.82 0.00 30.67 1,481 3,983
JPC Nuv Pref Incm Opp Fd Nuveen 0.63 -5.08 7.61 0.00 28.37 1,030 3,271
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 0.62 5.00 7.39 0.00 33.60 871 2,030
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 0.62 -2.67 7.23 0.00 29.30 767 1,860
DFP F&C Dyn Pref and Incm Fd Flaherty & Crumrine 0.63 -2.47 7.61 0.00 33.30 496 1,733
PDT JH Prm Div Fd John Hancock 0.63 1.55 7.15 7.74 33.15 778 1,511
JPI Nuv Pref & Incm Trm Fd Nuveen 0.64 -1.50 7.25 0.00 28.34 576 1,326
CHI Calamos Convt Opp & Incm Calamos 0.85 1.61 10.04 55.87 28.13 783 3,630
NCV AG Convt & Incm Fd Allianz 0.84 2.51 11.26 0.00 37.75 596 2,681
CHY Calamos Convt & Hi Incm Fd Calamos 0.84 -0.85 10.27 51.19 28.29 855 3,097
AVK AC Convt Sec & Incm Fd Guggenheim 0.83 -8.41 7.09 17.94 39.30 409 1,619
CCD Calamos Dyn Convt & Incm Fd Calamos 0.84 -3.67 10.17 60.60 28.27 499 1,712
NCZ AG Convt & Incm Fd II Allianz 0.83 0.83 11.31 1.92 38.13 451 1,645
BBN BR Taxable Muni BndTr BlackRock 1.96 -1.41 7.04 0.00 35.96 1,300 3,408
NBB Nuv Bld Amrc Bnd Fd Nuveen 1.94 -3.96 5.99 0.00 28.74 569 1,592
ADX Adams Divr Eq Fd Adams Express 0.71 -15.62 7.05 0.00 0.00 1,656 2,240
AGD Alp Glbl Dyn Div Fd Alpine 0.72 -8.53 7.74 24.83 9.16 138 647
AOD Alp Tot Dyn Div Fd Alpine 1.04 -10.83 8.06 26.58 11.02 1,033 3,047
BGY BR Intl Gwth & Incm Tr BlackRock 1.04 -9.19 7.56 86.58 0.00 730 2,353
BIF Boulder Gwth & Incm Fd Boulder 1.13 -16.83 4.30 16.34 4.16 1,211 1,834
CAF MS China A Shr Fd Morgan Stanley 0.71 -15.99 4.09 0.00 0.00 508 1,795
CET Ctrl Sec Corp Central Securities 0.72 -15.02 1.46 0.00 0.00 721 929
CHN China Fund Allianz 0.73 -10.08 2.68 0.00 0.00 306 602
CLM Cornerstone Stgc Val Fd Cornerstone 1.13 25.32 16.89 75.84 0.00 379 4,815
CRF Cornerstone Tot Rtn Fd Cornerstone 1.13 28.14 16.71 53.45 0.00 168 2,799
DNI Div & Incm Fd Bexil 0.71 -17.97 4.91 71.28 3.74 159 636
EMF Tmp Emrg Mkt Fd Templeton 0.71 -10.61 1.37 0.00 0.00 282 924
EOD WF Glbl Div Opp Fd Wells Fargo 1.05 -9.70 9.06 0.00 0.00 300 1,008
ETG EV Tx-Adv Glbl Div Incm Fd Eaton Vance 1.60 -3.60 7.41 11.50 24.20 1,313 2,952
ETO EV Tx-Adv Glbl Div Opp Fd Eaton Vance 0.71 0.30 9.14 2.99 26.54 342 1,193
EVT EV Tx-Adv Div Incm Fd Eaton Vance 1.56 -2.51 7.99 0.00 21.30 1,627 3,304
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.99 -7.38 8.15 35.91 N/A 332 1,374
GAB Gabelli Eq Tr Gabelli 0.72 -1.76 9.79 73.50 24.00 1,368 2,521
GAM General American Invstr General American Inv 0.71 -15.68 1.44 0.00 15.67 1,101 1,428
GDV Gabelli Div & Incm Tr Gabelli 1.57 -6.68 6.13 50.00 23.00 1,902 3,756
GGT Gabelli Multimedia Tr Gabelli 0.72 -7.72 9.92 48.07 14.00 220 655
GLQ Clough Glbl Eq Fd Clough 1.02 -6.70 9.26 73.32 35.71 243 798
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.02 1.95 10.25 33.09 17.48 179 957
IAE Voya AP Hi Div Eq Incm Fd Voya 1.95 -9.41 8.11 69.85 0.00 136 594
IDE Voya Infra Ind & Matrls Fd Voya 1.01 -4.76 7.74 63.36 0.00 303 1,385
IFN India Fund Aberdeen 0.72 -10.46 6.47 0.00 0.00 837 2,848
IGD Voya Glbl Eq Div & Prm Opp Voya 1.03 -8.47 9.81 41.74 0.00 791 2,710
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.92 -9.32 8.75 78.03 0.00 178 638
IIF MS India Inv Fd Morgan Stanley 0.74 -9.33 3.41 0.00 0.00 531 947
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.03 -11.91 7.28 85.70 26.89 211 1,400
JCE Nuv Core Eq Alpha Fd Nuveen 0.73 -5.68 7.77 65.73 0.00 243 675
JFC JPMorgan China Region Fd JF International 0.73 -3.44 1.81 0.00 7.27 127 761
JTD Nuv Tx-Adv Div Gwth Fd Nuveen 0.74 -7.16 8.03 52.70 30.90 241 681
KEF Korea Eq Fd Nomura 0.72 -3.22 2.39 0.00 0.00 91 690
KF Korea Fund Allianz 0.73 -9.72 0.71 0.00 0.00 281 734
MSF MS Emrg Mkt Fd Morgan Stanley 0.73 -11.56 0.61 0.00 1.56 248 722
MXF Mexico Fund Impulsora del 0.70 -10.62 3.15 100.00 0.00 277 1,377
RMT Royce Micro-Cap Tr Legg Mason 0.73 -11.32 7.18 14.57 11.01 374 1,141
RVT Royce Val Tr Legg Mason 1.15 -11.45 7.12 9.25 5.12 1,350 3,517
TDF Tmp Dragon Fd Templeton 0.70 -10.94 2.28 0.00 0.00 730 984
TY Tri-Cont Corp Columbia Mngmt 1.14 -13.09 4.22 0.00 2.41 1,552 1,863
USA Liberty All-Star Eq Fd ALPS 1.10 -14.69 9.52 8.06 0.80 1,212 3,453
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 0.18 -5.17 10.35 86.00 0.00 2,801 9,716
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 0.18 -3.75 8.96 71.97 0.00 1,753 5,255
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 0.18 -0.18 9.75 86.86 0.00 1,194 3,702
BDJ BR Enh Eq Div Tr BlackRock 0.18 -7.77 6.46 53.69 0.00 1,771 4,017
NFJ AG NFJ Div Int & Prm Stgy Allianz 0.18 -9.54 9.10 93.75 0.00 1,381 3,196
QQQX Nuv Nasdaq 100 Dyn Ovr Fd Nuveen 0.18 2.58 6.51 46.85 0.00 766 3,128
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 0.19 -0.79 6.60 30.39 0.00 1,445 3,127
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 0.18 -7.81 9.90 79.16 0.00 636 2,925
BOE BR Glbl Opp Eq Tr BlackRock 0.18 -8.51 7.19 69.56 0.00 988 2,941
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 0.18 7.64 8.58 50.01 0.00 921 2,335
CII BR Enh Cap & Incm Fd BlackRock 0.18 -6.75 6.72 85.51 0.00 699 2,514
BST BR Sci & Tech Tr BlackRock 0.18 -7.61 5.58 100.00 0.00 521 2,021
EOS EV Enh Eq Incm Fd II Eaton Vance 0.18 -5.15 7.49 67.08 0.00 704 1,799
EOI EV Enh Eq Incm Fd Eaton Vance 0.18 -5.72 7.77 89.61 0.00 555 1,463
KYN KA MLP Inv Kayne Anderson 0.17 1.22 9.02 100.00 32.68 2,248 7,418
TYG Tortoise Nrg Infra Corp Tortoise 0.17 12.10 7.56 39.30 25.40 1,514 5,476
CEM CB Nrg MLP Fd Legg Mason 0.18 -1.67 8.33 69.53 28.00 1,214 3,141
NML NB MLP Incm Fd Neuberger Berman 0.17 -8.89 6.64 91.67 19.50 618 2,336
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 0.17 -3.70 7.94 93.75 32.50 661 2,358
NTG Tortoise MLP Fd Tortoise 0.17 -1.08 8.40 100.00 27.40 958 2,227
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 0.17 0.60 10.07 100.00 25.15 525 1,995
FEI FT MLP & Nrg Incm Fd First Trust 0.18 3.88 8.69 98.06 25.33 717 1,959
CBA CB Amrc Nrg MLP Fd Legg Mason 0.17 -8.63 8.21 100.00 26.11 625 1,711
FMO F/C MLP Opp Fd Guggenheim 0.17 3.25 11.07 100.00 26.62 511 1,947
KYE KA Nrg Tot Rtn Fd Kayne Anderson 0.17 -4.93 8.24 27.89 28.74 467 1,505
CTR CB Nrg MLP Tot Rtn Fd Legg Mason 0.17 -7.27 8.57 100.00 25.64 560 1,637
FEN FT Nrg Incm & Gwth Fd First Trust 0.17 5.80 8.60 94.58 25.95 495 1,775
KMF KA Midstream/Nrg Fd Kayne Anderson 0.17 -6.57 8.72 18.00 28.01 379 1,584
RQI C&S Qlty Incm Rty Fd Cohen & Steers 0.64 -4.51 7.44 0.00 23.90 1,476 3,773
AWP Alp Glbl Prmr Prop Fd Alpine 0.65 -11.09 9.85 60.13 7.29 585 3,188
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 0.62 -12.39 7.85 52.19 17.00 1,017 2,933
RFI C&S Tot Rtn Ry Fd Cohen & Steers 0.63 -4.91 7.51 0.13 0.00 352 1,475
HQH Tekla Health Invstr Tekla 0.86 0.36 7.12 0.00 0.00 982 3,001
THQ Tekla Health Opp Fd Tekla 0.82 -7.53 7.69 0.00 23.07 830 2,359
HQL Tekla Life Sci Invstr Tekla 0.84 -3.22 7.16 0.00 0.00 431 1,607
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 0.84 2.33 10.53 96.97 10.00 749 3,619
BCX BR Res & Com Stgy Tr BlackRock 0.81 -10.03 7.19 68.84 0.00 943 2,782
FIF FT Nrg Infra Fd First Trust 0.82 -3.06 6.82 58.42 26.39 350 1,324
CSQ Calamos Stgc Tot Rtn Fd Calamos 0.63 -5.98 8.63 50.05 26.68 1,885 4,020
NIE AG Eq & Convt Incm Fd Allianz 0.63 -9.88 7.68 0.00 0.00 609 1,834
ZTR Virtus Glbl Div & Inc Fd Virtus 0.64 -3.31 11.05 8.65 26.93 326 1,720
FOF C&S CE Opp Fd Cohen & Steers 0.64 -5.29 7.99 25.78 0.00 375 1,208
UTF C&S Infra Fd Cohen & Steers 0.51 -7.10 7.10 0.00 29.40 2,079 4,444
UTG Reaves Util Incm Fd W.H. Reaves 0.52 0.81 5.53 0.00 22.12 1,183 3,415
DNP DNP Sel Incm Fd Duff & Phelps 0.50 10.02 7.10 24.24 26.75 2,831 3,376
DPG D&P Glbl Util Incm Fd Duff & Phelps 0.51 -10.07 8.29 33.50 26.46 712 2,007
BUI BR Util & Infra Tr BlackRock 0.51 0.39 7.03 30.50 0.00 348 1,039
BTO JH Fin Opp Fd John Hancock 1.28 1.66 4.16 33.17 14.67 652 2,888

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.