CEF Advisors

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

Data as of July 26, 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 1,155.04 0.11 0.36 2.74 4.97 11.68 17.86 6.20 9.49 1.54 1.54 13.18
NAV 1,106.97 0.13 0.25 1.96 3.98 8.31 13.20 4.87 9.14 1.56 1.56 9.59
Difference 0.02 -0.12 -0.78 -0.99 -3.37 -4.65 -1.33 -0.35 0.02 0.02 -3.60
* 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 Jul Aug Sep Q3 Oct Nov Dec Q4 2017
Price 2.97 2.53 0.34 6.95 2.82 0.65 0.41 4.69 - - - - - - - - 11.64
NAV 1.62 2.09 0.14 4.71 1.32 0.92 0.31 3.32 - - - - - - - - 8.03

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-3.57%
1Yr Disc
-5.87%
3Yr Disc
-7.33%
5Yr Disc
-5.90%
Rel Disc Range (3yr)
74.18%
Mkt Yield
7.67%
Lev Adj NAV Yield
6.34%
After Tax Yield*
6.35%
Est Tax Friction*
1.32%
3Yr NAV Volatiliy
11.92
1 Yr RoC
23.56%
3 Yr Dest RoC
16.08%
Leverage
19.28%
Non Lev Exp Ratio
1.59%
Beta (2yr)
0.76
Equity Exposure
54.93%
Bond Exposure
42.63%
# Holdings
169
Cash Weighted Duration
1.57
Comp NAV TR
1.07%
Comp Discount
1.16%
Net Assets (M)
821
Liquidity - 90d (K)
2,355
* 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 0.74 -1.73 8.66 0.01 46.34 3,175 11,656
DSL DbLin Incm Solutions Fd Doubleline 0.74 -2.23 8.56 1.22 26.43 2,181 6,623
PDI PIMCO Dyn Incm Fd PIMCO 0.74 7.49 8.66 2.53 47.09 1,378 4,797
PHK PIMCO Hi Incm Fd PIMCO 0.72 26.31 11.14 19.16 23.42 881 3,648
BTZ BR Cr Alloc Incm Tr BlackRock 0.72 -9.43 6.29 3.84 20.44 1,595 2,282
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.73 -7.26 6.44 0.00 37.50 1,212 2,035
RA Brkf Real Ast Incm Fd Brookfield 0.74 -7.25 10.09 19.87 21.02 931 2,144
BIT BR Mlt-Sctr Incm Tr BlackRock 0.73 -7.24 7.64 0.00 37.62 754 1,933
PFN PIMCO Incm Stgy Fd II PIMCO 0.75 4.27 8.94 0.00 23.47 610 1,886
GOF Gghm Stgc Opp Fd Guggenheim 0.72 6.68 10.36 0.33 17.91 419 1,730
PKO PIMCO Incm Opp Fd PIMCO 0.73 7.50 8.41 0.00 39.39 379 1,438
ARCC Ares Capital Corp Ares 0.26 -0.42 9.25 0.00 38.24 7,034 30,171
PSEC Prospect Capital Corp Prospect Capital 0.27 -11.56 11.99 0.00 42.90 3,394 18,750
MAIN Main Street Cap Corp Main Street Capital 0.26 73.13 5.71 0.00 38.19 1,255 9,059
FSIC FS Investment Corp FB Income 0.26 -4.76 9.90 0.00 42.68 2,317 9,080
CGBD TCG BDC Carlyle 0.27 0.99 8.03 0.00 45.48 1,113 4,731
HTGC Hercules Capital Hercules 0.26 35.96 9.34 0.00 48.03 808 7,825
NMFC New Mountain Fin Corp New Mountain Capital 0.26 6.56 9.41 0.00 46.08 1,025 4,299
AINV Apollo Inv Corp Apollo Investment 0.27 -5.34 9.40 0.00 35.97 1,481 4,883
GBDC Golub Capital BDC Golub Capital 0.27 22.98 6.55 0.00 48.43 907 4,892
GSBD Goldman Sachs BDC Goldman Sachs 0.26 22.40 8.05 0.00 41.99 664 4,208
FSC Fifth St Fin Corp Fifth Street 0.28 -26.69 9.43 1.81 46.00 1,019 6,794
TCPC TCP Capital Corp Tennenbaum Capital 0.26 11.46 8.66 0.00 43.57 877 3,356
TCAP Triangle Capital Corp Triangle Capital 0.26 13.80 10.34 0.00 40.48 729 3,706
TSLX TPG Specialty Lending TSL Advisers 0.27 28.43 7.57 0.00 37.59 962 3,336
MCC Medley Capital Corp MCC Advisors 0.26 -28.41 10.00 0.00 51.19 487 3,168
PNNT PennantPark Inv Corp PennantPark 0.27 -17.93 9.65 0.00 47.41 646 2,368
SLRC Solar Capital Solar Capital 0.27 0.92 7.29 0.00 20.86 919 2,263
BKCC BR Cap Inv Corp BlackRock 0.27 -8.64 9.59 0.00 37.43 600 2,162
NEWT Newtek Biz Serv Corp Newtek 0.28 20.68 9.26 0.00 39.37 247 2,235
GAIN Gladstone Inv Corp Gladstone 0.26 -4.72 8.10 0.00 40.69 322 1,781
PFLT PennantPark Flt Rt Cap PennantPark 0.27 1.92 7.96 0.00 38.46 456 1,820
SCM Stellus Cap Inv Corp Stellus Capital 0.26 0.07 9.82 0.00 51.58 216 1,447
TICC TICC Capital Corp TICC Management 0.27 -12.48 12.14 4.93 32.99 388 1,923
JQC Nuv Cr Stgs Incm Fd Nuveen 0.47 -6.77 7.26 0.00 35.95 1,264 3,333
VTA Invsc Dyn Cr Opp Fd Invesco 0.46 -7.52 7.07 20.88 31.40 965 2,987
JFR Nuv Flt Rt Incm Fd Nuveen 0.46 1.02 6.84 0.00 36.60 661 2,503
BGB B/GSO Stgc Cr Fd Blackstone 0.47 -5.73 7.81 0.00 36.05 764 2,060
VVR Invsc Sr Incm Tr Invesco 0.46 -6.95 5.41 9.90 28.48 880 1,774
PPR Voya Prime Rt Tr Voya 0.46 -7.01 5.65 0.00 31.49 844 1,646
FRA BR Flt Rt Incm Stgc Fd BlackRock 0.46 -5.99 5.18 0.00 28.85 559 1,826
JRO Nuv Flt Rt Incm Opp Fd Nuveen 0.47 1.37 7.16 0.00 36.39 462 1,498
EFR EV Sr Flt-Rt Tr Eaton Vance 0.46 -1.71 5.79 0.00 34.80 560 1,287
ARDC Ares Dyn Cr Alloc Fd Ares 0.46 -8.41 7.66 1.34 29.86 412 1,254
EFT EV Flt-Rt Incm Tr Eaton Vance 0.46 -1.74 5.42 0.00 34.20 619 1,080
PHD Pioneer Flt Rt Tr Pioneer 0.46 -4.94 6.03 0.00 31.60 311 1,151
BGX B/GSO Lng-Srt Cr Incm Fd Blackstone 0.46 -5.68 7.60 0.00 37.03 219 1,011
HYT BR Corp Hi Yld Fd BlackRock 0.34 -8.61 7.47 0.00 28.91 1,557 3,631
ISD Pru Srt Dur Hi Yld Fd Prudential 0.33 -8.57 7.22 0.00 24.38 559 2,267
GHY Pru Glbl Srt Dur Hi Yld Fd Prudential 0.34 -9.11 7.17 0.50 27.22 678 1,960
FSD FT Hi Incm Lng/Srt Fd First Trust 0.33 -6.39 8.83 2.42 22.40 549 2,293
HIO WA Hi Incm Opp Fd Legg Mason 0.34 -9.35 7.00 5.18 0.00 733 1,409
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.34 -6.26 9.17 5.53 24.86 430 1,599
DSU BR Dbt Stgs Fd BlackRock 0.34 -8.39 7.03 0.00 31.48 771 1,483
HIX WA Hi Incm Fd II Legg Mason 0.34 -6.67 8.24 6.92 26.34 672 1,392
EAD WF Incm Opp Fd Wells Fargo 0.34 -7.81 8.33 0.00 25.94 659 1,343
EHI WA Glbl Hi Incm Fd Legg Mason 0.34 -9.26 7.87 12.16 25.30 513 1,200
KIO KKR Incm Opp Fd KKR 0.33 -3.72 8.52 0.00 25.40 279 1,075
ACP Avenue Incm Cr Stgs Fd Avenue Capital 0.35 -4.94 9.84 2.26 30.07 201 1,136
PHT Pioneer Hi Incm Tr Pioneer 0.33 -8.10 7.82 0.00 28.30 317 1,147
HYI WA Hi Yld Dfin Opp Fd Legg Mason 0.34 -8.15 7.72 0.70 0.00 386 955
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.34 -4.55 9.15 0.00 30.35 273 1,043
JHB Nuv Hi Incm Nov 2021 Tgt Trm Fd Nuveen 0.33 -0.68 5.91 0.00 25.07 571 838
DHY CS Hi Yld Bnd Fd Credit Suisse 0.34 1.79 9.26 3.62 31.48 347 776
NHS NB Hi Yld Stgs Fd Neuberger Berman 0.33 -11.19 7.26 6.24 32.20 264 633
FPF FT Imd Dur Pref & Incm Fd First Trust 0.62 -1.52 7.41 0.00 30.57 1,524 3,707
JPS Nuv Pref Sec Incm Fd Nuveen 0.63 -1.06 7.26 0.00 33.23 2,111 3,679
JPC Nuv Pref Incm Opp Fd Nuveen 0.63 -3.51 7.46 0.00 28.71 1,120 2,694
DFP F&C Dyn Pref and Incm Fd Flaherty & Crumrine 0.63 -0.60 7.23 0.00 32.10 512 1,939
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 0.58 0.44 7.45 0.00 32.40 906 2,389
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 0.62 -2.13 7.01 0.00 29.30 787 1,567
JPI Nuv Pref & Incm Trm Fd Nuveen 0.63 -3.90 6.82 0.00 27.70 590 1,435
PDT JH Prm Div Fd John Hancock 0.63 4.95 6.90 12.49 33.10 780 1,263
CHI Calamos Convt Opp & Incm Calamos 0.86 1.85 9.87 49.52 28.38 794 2,881
CHY Calamos Convt & Hi Incm Fd Calamos 0.85 0.84 9.95 46.70 28.54 868 2,697
NCV AG Convt & Incm Fd Allianz 0.86 5.74 10.85 0.00 37.34 601 1,998
CCD Calamos Dyn Convt & Incm Fd Calamos 0.87 -1.05 9.64 55.74 27.62 512 1,684
NCZ AG Convt & Incm Fd II Allianz 0.86 5.41 10.73 1.85 37.68 455 1,643
AVK AC Convt Sec & Incm Fd Guggenheim 0.85 -5.82 8.15 14.25 38.71 417 1,230
BBN BR Taxable Muni BndTr BlackRock 2.02 -0.43 6.79 0.00 35.67 1,336 2,368
NBB Nuv Bld Amrc Bnd Fd Nuveen 2.02 -3.50 5.82 0.00 28.20 582 1,361
ADX Adams Divr Eq Fd Adams Express 0.75 -14.79 6.68 0.00 0.00 1,718 2,202
AGD Alp Glbl Dyn Div Fd Alpine 0.75 -6.79 7.38 30.35 0.00 142 581
AOD Alp Tot Dyn Div Fd Alpine 1.06 -10.04 7.78 33.35 0.00 1,061 2,867
ASG Liberty All-Star Gwth Fd ALPS 0.75 -6.97 8.68 0.00 7.09 144 602
BGY BR Enh Intl DivTr BlackRock 1.07 -6.65 7.06 78.61 0.00 755 2,660
BIF Boulder Gwth & Incm Fd Boulder 1.17 -15.69 4.10 29.33 3.93 1,251 1,598
CAF MS China A Shr Fd Morgan Stanley 0.72 -12.69 3.74 0.00 0.00 557 4,891
CLM Cornerstone Stgc Val Fd Cornerstone 1.07 12.11 18.73 62.00 0.00 381 7,204
CRF Cornerstone Tot Rtn Fd Cornerstone 1.05 12.93 18.94 55.44 0.00 168 4,151
DNI Div & Incm Fd Bexil 0.75 -16.94 4.72 71.03 0.00 163 620
EMF Tmp Emrg Mkt Fd Templeton 0.78 -10.15 1.22 0.00 0.00 313 840
EOD WF Glbl Div Opp Fd Wells Fargo 1.09 -6.86 10.55 0.00 0.00 305 1,031
ETG EV Tx-Adv Glbl Div Incm Fd Eaton Vance 1.60 -2.88 7.01 11.50 24.40 1,378 2,978
ETO EV Tx-Adv Glbl Div Opp Fd Eaton Vance 0.76 4.76 8.47 2.99 25.63 354 1,152
EVT EV Tx-Adv Div Incm Fd Eaton Vance 1.57 -2.13 7.88 0.00 21.60 1,643 2,584
FDEU FT Dyn Euro Eq Incm Fd First Trust 2.03 -3.44 7.61 29.67 25.02 340 1,974
GAB Gabelli Eq Tr Gabelli 0.74 -1.41 9.54 48.87 23.00 1,399 2,390
GAM General American Invstr General American Inv 0.75 -15.02 1.37 0.00 14.97 1,121 956
GDV Gabelli Div & Incm Tr Gabelli 1.60 -6.03 5.92 31.97 23.00 1,956 3,260
GGT Gabelli Multimedia Tr Gabelli 0.75 -3.56 9.02 47.98 8.00 232 708
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.06 5.05 10.14 54.90 17.69 175 677
IAE Voya AP Hi Div Eq Incm Fd Voya 2.04 -9.25 7.67 79.89 0.00 141 696
IDE Voya Infra Ind & Matrls Fd Voya 1.05 -3.05 7.45 78.93 0.00 310 1,029
IFN India Fund Aberdeen 0.77 -9.28 5.98 0.00 0.00 894 1,862
IGD Voya Glbl Eq Div & Prm Opp Voya 1.07 -6.06 9.45 30.78 0.00 801 2,985
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 2.14 -3.80 7.91 89.01 0.00 185 789
IIF MS India Inv Fd Morgan Stanley 0.80 -8.90 4.06 0.00 0.00 550 1,009
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.04 -10.27 7.10 68.53 26.80 212 759
JCE Nuv Core Eq Alpha Fd Nuveen 0.77 -3.80 7.31 24.84 0.00 253 716
JTD Nuv Tx-Adv Div Gwth Fd Nuveen 0.75 -5.28 7.60 46.78 29.91 250 660
KF Korea Fund Allianz 0.78 -9.00 0.65 0.00 0.00 272 517
LGI Lzrd Glbl Tot Rtn & Incm Fd Lazard 0.75 -8.67 5.86 26.06 28.30 176 518
MXF Mexico Fund Impulsora del 0.76 -12.02 2.87 100.00 0.00 310 689
RMT Royce Micro-Cap Tr Legg Mason 0.74 -11.17 7.13 9.40 10.89 376 843
RVT Royce Val Tr Legg Mason 1.18 -9.99 7.18 6.32 5.00 1,368 3,605
SWZ Swiss Helvetia Fd Schroder 0.73 -9.01 1.02 0.00 0.00 354 648
TDF Tmp Dragon Fd Templeton 0.77 -10.01 2.02 0.00 0.00 814 935
TY Tri-Cont Corp Columbia Mngmt 1.17 -11.55 4.02 0.00 2.40 1,602 1,738
USA Liberty All-Star Eq Fd ALPS 1.16 -12.23 9.06 5.95 1.18 1,239 3,513
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 0.18 -1.16 9.73 89.21 0.00 2,858 7,539
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 0.18 -1.85 8.68 64.61 0.00 1,775 4,886
BDJ BR Enh Eq Div Tr BlackRock 0.18 -6.37 6.25 35.86 0.00 1,797 3,897
BOE BR Enh Glbl DivTr BlackRock 0.18 -6.07 6.87 48.27 0.00 999 3,167
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 0.18 2.79 9.25 88.15 0.00 1,222 3,389
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 0.18 0.64 6.43 48.73 0.00 1,462 3,130
NFJ AG NFJ Div Int & Prm Stgy Allianz 0.18 -7.62 8.92 78.33 0.00 1,381 3,060
QQQX Nuv Nasdaq 100 Dyn Ovr Fd Nuveen 0.19 3.23 6.17 61.24 0.00 804 2,589
BST BR Sci & Tech Tr BlackRock 0.19 -6.81 5.54 99.82 0.00 572 2,717
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 0.18 6.74 8.56 78.62 0.00 931 2,362
CII BR Enh Cap & Incm Fd BlackRock 0.18 -4.84 6.48 85.53 0.00 711 1,866
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 0.18 -5.89 9.68 58.14 0.00 637 1,855
EOS EV Enh Eq Incm Fd II Eaton Vance 0.18 -1.95 6.95 66.33 0.00 734 1,782
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 0.18 -4.73 6.11 63.22 0.00 633 1,772
KYN KA MLP Inv Kayne Anderson 0.18 3.52 9.57 100.00 33.90 2,076 7,637
TYG Tortoise Nrg Infra Corp Tortoise 0.18 9.47 8.42 64.30 27.20 1,393 5,132
CEM CB Nrg MLP Fd Legg Mason 0.18 -2.38 9.09 79.69 30.12 1,121 3,281
NTG Tortoise MLP Fd Tortoise 0.18 3.25 8.72 100.00 29.30 884 2,061
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 0.17 6.14 10.39 100.00 27.97 483 1,995
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 0.18 -1.61 8.74 68.75 32.62 588 1,841
FMO F/C MLP Opp Fd Guggenheim 0.18 3.56 12.08 100.00 32.34 478 2,021
NML NB MLP Incm Fd Neuberger Berman 0.18 -6.61 6.77 91.67 20.20 592 1,896
FEI FT MLP & Nrg Incm Fd First Trust 0.18 3.86 8.95 94.41 25.72 701 1,862
KYE KA Nrg Tot Rtn Fd Kayne Anderson 0.18 -4.65 8.86 46.20 31.35 434 1,766
FEN FT Nrg Incm & Gwth Fd First Trust 0.18 3.80 9.04 72.29 25.61 483 1,500
KMF KA Midstream/Nrg Fd Kayne Anderson 0.18 -4.50 7.85 42.59 29.94 353 1,360
CTR CB Nrg MLP Tot Rtn Fd Legg Mason 0.18 -4.73 8.99 100.00 27.55 520 1,432
GMZ GS MLP Incm Opp Fd Goldman Sachs 0.18 -4.58 8.57 67.50 32.60 455 1,279
RQI C&S Qlty Incm Rty Fd Cohen & Steers 0.65 -3.95 7.32 0.00 23.90 1,491 3,403
AWP Alp Glbl Prmr Prop Fd Alpine 0.64 -10.41 9.17 68.65 2.98 623 2,726
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 0.63 -10.97 7.62 58.32 14.00 1,031 2,534
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 0.64 -7.21 9.76 31.22 30.85 283 1,475
GDL GDL Fund Gabelli 0.31 -12.80 6.22 54.22 38.00 215 1,052
HQH Tekla Health Invstr Tekla 0.86 -2.99 7.69 0.00 0.00 1,068 2,429
THQ Tekla Health Opp Fd Tekla 0.84 -8.01 7.26 0.00 21.49 880 2,304
THW Tekla Wld Health Fd Tekla 0.83 -4.84 9.25 10.53 20.22 491 1,499
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 0.85 0.72 10.68 87.19 11.00 750 2,381
BCX BR Res & Com Stgy Tr BlackRock 0.89 -10.41 7.19 71.92 0.00 942 2,330
BGR BR Nrg & Res Tr BlackRock 0.83 -8.70 7.10 69.27 0.00 428 1,549
CSQ Calamos Stgc Tot Rtn Fd Calamos 0.64 -4.47 8.28 34.14 26.24 1,935 4,000
NIE AG Eq & Convt Incm Fd Allianz 0.64 -8.35 7.45 0.00 0.00 617 1,785
ZTR Virtus Glbl Div & Inc Fd Virtus 0.66 1.39 10.34 13.04 27.52 316 1,666
FOF C&S CE Opp Fd Cohen & Steers 0.64 -4.50 7.81 37.08 0.00 381 928
UTF C&S Infra Fd Cohen & Steers 0.49 -8.62 6.90 0.00 29.40 2,177 4,081
DNP DNP Sel Incm Fd Duff & Phelps 0.52 13.99 6.84 24.99 26.08 2,859 3,374
UTG Reaves Util Incm Fd W.H. Reaves 0.51 2.37 5.43 0.00 21.40 1,187 2,950
DPG D&P Glbl Util Incm Fd Duff & Phelps 0.51 -10.40 8.29 37.00 26.30 715 1,738
MGU Macquarie Glbl Infra Tot Rtn Macquarie 0.51 -10.38 5.81 8.11 28.50 354 939
BTO JH Fin Opp Fd John Hancock 1.22 2.04 4.17 15.82 14.56 647 1,653

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.