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07. Taxable Bond & BDC Index

Data as of 07/26/2024 06/28/2024 05/31/2024 04/30/2024 03/28/2024 02/29/2024 01/31/2024 12/29/2023 11/30/2023 10/31/2023 09/29/2023 08/31/2023 07/31/2023 06/30/2023 05/31/2023 04/28/2023 03/31/2023 03/23/2023 02/28/2023 01/31/2023 12/30/2022 11/30/2022 10/31/2022 09/30/2022 08/31/2022 07/29/2022 06/30/2022 05/31/2022 04/29/2022 03/31/2022 02/28/2022 02/11/2022 01/31/2022 12/31/2021 11/30/2021 10/29/2021 09/30/2021 08/31/2021 07/30/2021 06/30/2021 05/28/2021 04/30/2021 03/31/2021 02/26/2021 01/29/2021 12/31/2020 11/30/2020 10/30/2020 09/30/2020 08/31/2020 07/31/2020 06/30/2020 05/29/2020 04/30/2020 03/31/2020 02/28/2020 01/31/2020 12/31/2019 11/29/2019 10/31/2019 09/30/2019 08/30/2019 07/31/2019 06/28/2019 05/31/2019 04/30/2019 03/29/2019 02/28/2019 01/31/2019 12/31/2018 11/30/2018 10/31/2018 09/28/2018 08/31/2018 07/31/2018 06/29/2018 05/31/2018 04/30/2018 03/29/2018 02/28/2018 01/31/2018 12/29/2017 11/30/2017 10/31/2017 09/29/2017 08/31/2017 06/30/2017

• About
• Performance
• Discount
• Characteristics
• Asset Allocation
• Constituents
• Prices
• Disclosure

Index Performance

	Current($)	Previous Day(%)	1 Week(%)	1 Month(%)	3 Month(%)	6 Month(%)	1 Year(%)	3 Year(%)	5 Year(%)	10 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,522.81	0.09	-0.11	2.36	7.31	8.73	16.14	0.34	4.35	4.97	1.48	1.48	10.27
NAV	1,421.49	0.09	-0.10	1.57	4.07	5.04	10.90	0.84	3.40	4.15	1.05	1.05	4.76
Difference		-0.00	0.01	-0.79	-3.25	-3.69	-5.23	0.50	-0.95	-0.82	-0.44	-0.44	-5.50
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.04

2024 - Monthly Performance (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2024
Price	2.40	1.49	2.30	6.32	-2.26	3.34	1.18	2.19	8.65	-	-	-	-	-	-	-	-	-	-
NAV	0.42	0.59	1.51	2.55	-1.14	1.65	0.60	1.10	3.67	-	-	-	-	-	-	-	-	-	-
Difference	-1.98	-0.90	-0.79	-3.77	1.12	-1.68	-0.58	-1.09	-4.98	-	-	-	-	-	-	-	-	-	-
2023 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2023
Price	9.16	-2.38	-3.32	3.02	1.18	-1.73	3.68	3.10	6.21	3.41	-1.39	-3.08	-1.16	-2.57	6.98	3.67	8.06	6.80	13.43
NAV	4.81	-2.09	-0.15	2.47	0.82	-0.91	1.98	1.88	4.39	1.89	-0.85	-1.41	-0.40	-1.81	5.24	3.95	7.42	6.99	11.68
Difference	-4.34	0.29	3.17	-0.55	-0.37	0.81	-1.70	-1.22	-1.82	-1.53	0.55	1.67	0.76	0.76	-1.74	0.28	-0.64	0.19	-1.74
2022 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2022
Price	-4.25	-3.06	-0.45	-7.60	-5.50	-1.32	-5.63	-11.99	-18.68	6.64	-1.43	-11.26	-6.73	3.45	7.10	-3.67	6.73	-0.45	-19.04
NAV	-2.11	-1.73	-1.05	-4.82	-3.82	-1.25	-5.21	-9.97	-14.31	4.07	-1.28	-5.69	-3.11	0.52	3.93	-0.15	4.31	1.07	-13.40
Difference	2.14	1.33	-0.60	2.78	1.67	0.07	0.41	2.01	4.37	-2.57	0.15	5.57	3.62	-2.93	-3.17	3.52	-2.42	1.51	5.64
2021 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2021
Price	0.40	1.61	2.12	4.18	2.87	2.32	1.51	6.85	11.32	0.94	0.67	-2.18	-0.61	2.27	-2.03	0.30	0.50	-0.11	11.19
NAV	0.84	0.29	-0.35	0.78	1.78	0.96	1.05	3.84	4.65	0.62	0.84	-0.61	0.85	0.33	-1.00	1.17	0.50	1.35	6.06
Difference	0.44	-1.32	-2.47	-3.40	-1.09	-1.36	-0.46	-3.01	-6.67	-0.31	0.17	1.57	1.45	-1.94	1.04	0.87	-0.00	1.46	-5.13
2020 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	1.75	-6.93	-19.29	-23.58	8.18	6.27	1.77	16.99	-10.59	4.10	1.74	-1.74	4.07	-0.92	9.86	3.17	12.30	16.87	4.49
NAV	1.23	-1.20	-16.32	-16.31	5.10	3.68	2.77	11.99	-6.28	3.65	1.99	-0.55	5.13	0.17	5.17	2.60	8.08	13.62	6.49
Difference	-0.52	5.73	2.97	7.26	-3.08	-2.58	1.00	-5.00	4.31	-0.45	0.25	1.18	1.06	1.09	-4.69	-0.57	-4.22	-3.24	2.00
2019 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2019
Price	8.77	2.17	0.80	12.02	1.75	-0.72	3.21	4.25	16.79	1.93	-0.77	1.29	2.45	0.96	0.78	2.23	4.02	6.57	24.46
NAV	4.22	1.21	0.93	6.46	1.28	-0.10	2.30	3.51	10.19	1.00	-0.28	0.38	1.10	0.59	0.29	1.98	2.88	4.01	14.62
Difference	-4.55	-0.96	0.13	-5.57	-0.46	0.63	-0.91	-0.74	-6.60	-0.93	0.49	-0.91	-1.36	-0.37	-0.49	-0.24	-1.13	-2.56	-9.84
2018 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2018
Price	-0.16	-1.29	0.62	-0.84	0.80	0.31	-0.15	0.96	0.11	1.98	0.88	-0.82	2.03	-5.03	-0.47	-2.97	-8.28	-6.42	-6.32
NAV	0.93	-0.88	0.15	0.19	0.04	-0.23	-0.10	-0.28	-0.09	1.34	-0.08	0.52	1.78	-1.64	-0.61	-1.48	-3.69	-1.98	-2.06
Difference	1.09	0.41	-0.46	1.04	-0.76	-0.54	0.05	-1.24	-0.19	-0.65	-0.96	1.34	-0.25	3.38	-0.13	1.48	4.59	4.45	4.26
2017 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2017
Price	2.86	2.17	-0.32	4.75	2.20	0.62	0.83	3.68	8.61	2.09	-0.63	0.97	2.44	-0.45	-1.08	1.33	-0.21	2.22	11.02
NAV	1.42	1.61	0.25	3.32	1.28	0.96	0.57	2.84	6.25	1.39	0.67	0.54	2.61	0.65	0.24	0.59	1.49	4.14	10.65
Difference	-1.43	-0.55	0.57	-1.43	-0.92	0.34	-0.25	-0.85	-2.36	-0.70	1.29	-0.43	0.18	1.09	1.32	-0.74	1.70	1.92	-0.37
2016 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2016
Price	-1.47	0.44	6.33	5.23	2.79	0.55	2.43	5.86	11.39	4.38	1.82	-0.67	5.58	-1.82	-1.42	2.74	-0.57	4.97	16.93
NAV	-0.98	-0.69	3.41	1.69	2.45	0.54	1.27	4.31	6.07	2.61	1.17	0.85	4.70	0.16	-1.74	1.33	-0.27	4.42	10.77
Difference	0.50	-1.13	-2.92	-3.53	-0.34	-0.01	-1.16	-1.55	-5.32	-1.77	-0.65	1.52	-0.88	1.99	-0.31	-1.41	0.31	-0.55	-6.16
2015 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2015
Price	1.59	1.51	-0.71	2.39	1.77	-1.19	-3.77	-3.23	-0.92	-1.43	-2.33	-2.65	-6.29	4.69	-0.98	-0.73	2.90	-3.57	-4.46
NAV	1.08	1.14	-0.25	1.98	1.21	0.07	-1.28	-0.02	1.96	-0.15	-1.63	-1.73	-3.48	1.77	-0.48	-2.07	-0.82	-4.28	-2.40
Difference	-0.51	-0.37	0.46	-0.41	-0.57	1.26	2.49	3.21	2.88	1.28	0.70	0.92	2.80	-2.92	0.50	-1.34	-3.72	-0.71	2.06
2014 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2014
Price	1.98	2.92	0.23	5.20	2.06	1.69	1.52	5.37	10.85	-2.51	1.76	-3.18	-3.95	1.08	0.29	-2.48	-1.14	-5.04	5.26
NAV	1.69	1.85	0.86	4.47	1.23	1.77	0.91	3.96	8.60	-0.27	1.17	-1.94	-1.07	0.90	0.12	-2.04	-1.04	-2.10	6.32
Difference	-0.29	-1.07	0.63	-0.74	-0.84	0.07	-0.61	-1.41	-2.25	2.24	-0.59	1.24	2.88	-0.19	-0.17	0.44	0.10	2.95	1.06
2013 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2013
Price	3.36	1.06	0.36	4.83	1.70	-4.89	-3.10	-6.27	-1.74	-1.04	-2.42	2.06	-1.44	2.38	-1.53	0.76	1.58	0.12	-1.63
NAV	1.86	0.47	0.84	3.20	1.97	-1.28	-3.32	-2.68	0.44	1.20	-1.18	1.61	1.61	2.04	0.01	-0.24	1.81	3.45	3.90
Difference	-1.51	-0.59	0.49	-1.63	0.27	3.61	-0.22	3.59	2.18	2.23	1.24	-0.45	3.06	-0.34	1.54	-1.00	0.22	3.33	5.53
2012 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2012
Price	5.95	2.17	-0.50	7.71	1.27	-1.32	2.95	2.88	10.81	3.40	1.88	1.62	7.05	-0.09	0.12	0.14	0.16	7.22	18.81
NAV	3.52	2.17	0.22	6.00	1.10	-1.25	1.58	1.42	7.50	2.54	1.31	1.96	5.92	1.06	0.74	1.03	2.85	8.94	17.11
Difference	-2.43	0.00	0.72	-1.71	-0.18	0.08	-1.36	-1.46	-3.30	-0.86	-0.57	0.34	-1.13	1.15	0.63	0.89	2.69	1.71	-1.70

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -0.46%	1Yr Disc -3.49%	3Yr Disc -3.21%	5Yr Disc -3.36%	Rel Disc Range (3yr) 58.85%
Mkt Yield 10.48%	Lev Adj NAV Yield 7.96%	After Tax Yield* 8.65%	Est Tax Friction* 1.83%	3Yr NAV Volatiliy 8.03
1 Yr RoC 37.30%	3 Yr Dest RoC 34.14%	Leverage 31.76%	Non Lev Exp Ratio 1.87%	Beta (2yr) 0.64
Equity Exposure 4.87%	Bond Exposure 90.29%	# Holdings 71	Cash Weighted Duration 3.77
Comp NAV TR 0.56%	Comp Discount 1.76%	Net Assets (M) 1,031	Liquidity - 90d (K) 3,638
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

71 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
CHI	Calamos Convt Opp & Incm	Calamos	2.26	15.64	9.95	72.47	37.39	747	1,877
NCV	Virtus Convt & Incm Fd	Virtus	2.27	-10.54	12.33	91.55	37.43	334	2,211
CHY	Calamos Convt & Hi Incm Fd	Calamos	2.27	6.58	10.74	74.54	37.53	806	1,812
CCD	Calamos Dyn Convt & Incm Fd	Calamos	2.29	17.32	10.50	55.99	37.06	509	1,420
EMD	WA Emrg Mkt Dbt Fd	Franklin Templeton	3.10	-8.39	10.55	37.63	27.51	613	1,612
EDD	MS Emrg Mkt Dom Dbt	Morgan Stanley	3.16	-10.00	11.32	19.44	12.19	342	1,199
TEI	Tmp Emrg Mkt Incm Fd	Franklin Templeton	3.08	-7.48	10.48	19.92	15.41	278	515
FAX	abrdn Asia-Pacific Incm Fd	abrdn	4.61	-6.12	11.96	41.02	30.59	728	2,462
SABA	Saba Cap Incm & Opp Fd II	Saba Capital	4.67	-9.25	8.55	100.00	30.65	2,220	1,014
HYT	BR Corp Hi Yld Fd	BlackRock	0.90	0.82	9.56	21.14	25.56	1,405	3,633
ACP	abrdn Incm Cr Stgs Fd	abrdn	0.86	-2.26	18.52	40.70	29.22	764	2,601
DLY	DbLin Yld Opp Fd	Doubleline	0.90	-1.24	8.82	1.33	18.40	771	1,920
FTHY	FT Hi Yld Opp 2027 Trm Fd	First Trust	0.93	-3.90	10.56	25.59	17.34	565	1,639
GHY	PGIM Glbl Hi Yld Fd	Prudential	0.93	-5.23	10.23	42.20	21.45	532	1,694
DSU	BR Dbt Stgs Fd	BlackRock	0.91	2.14	10.81	11.67	21.00	507	1,574
HIO	WA Hi Incm Opp Fd	Franklin Templeton	0.92	-6.04	10.95	15.95	0.00	394	1,738
ISD	PGIM Hi Yld Bnd Fd	Prudential	0.94	-3.59	9.38	29.27	20.65	464	1,606
KIO	KKR Incm Opp Fd	KKR Credit	0.91	3.84	10.37	0.00	35.27	367	1,592
HIX	WA Hi Incm Fd II	Franklin Templeton	0.91	-3.54	13.49	25.87	32.28	407	1,747
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	3.00	26.58	10.01	16.89	18.71	1,829	7,239
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	3.11	18.82	9.90	15.15	13.96	662	2,760
WIW	WA Inf-Lnk Opp & Incm Fd	Franklin Templeton	2.95	-13.91	8.56	0.00	29.82	603	1,757
EVV	EV Ltd Dur Incm Fd	Eaton Vance	4.54	-7.98	9.69	38.68	38.30	1,238	3,183
BLW	BR Ltd Dur Incm Tr	BlackRock	4.49	-0.64	9.72	9.53	41.12	503	1,263
JFR	Nuv Flt Rt Incm Fd	Nuveen	1.03	-4.64	11.54	2.07	38.03	1,243	4,576
FSCO	FS Cr Opp Corp	FS/KKR	0.97	-11.90	11.45	0.00	33.51	1,416	4,026
XFLT	XAI Octgn Flt Rt & Alt Incm Tr	XA Investments	1.01	3.97	14.43	5.79	38.58	430	3,112
VVR	Invsc Sr Incm Tr	Invesco	0.98	6.23	12.11	21.12	32.12	614	3,041
JQC	Nuv Cr Stgs Incm Fd	Nuveen	1.01	-4.24	11.47	6.89	38.20	800	3,101
BGB	Blackstone Stgc Cr 2027 Trm Fd	Blackstone	0.99	-7.13	10.23	0.00	36.94	570	2,141
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.05	4.14	10.94	12.19	24.00	460	2,157
ARDC	Ares Dyn Cr Alloc Fd	Ares	0.99	0.81	9.49	0.00	37.02	338	1,434
BKT	BR Incm Tr	BlackRock	4.50	-1.80	8.81	58.15	22.82	261	766
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	4.53	-7.72	13.80	49.39	35.70	217	726
PDI	PIMCO Dyn Incm Fd	PIMCO	0.91	12.45	13.95	26.99	38.76	5,315	24,197
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.92	28.36	14.28	55.81	17.53	1,734	9,696
PDO	PIMCO Dyn Incm Opp Fd	PIMCO	0.91	4.55	11.51	19.38	41.02	1,476	5,303
DSL	DbLin Incm Solutions Fd	Doubleline	0.90	0.72	10.49	6.86	22.36	1,319	5,005
WDI	WA Divr Incm Fd	Franklin Templeton	0.93	-3.55	11.92	0.00	31.54	803	3,720
RA	Brkf Real Ast Incm Fd	Brookfield	0.92	-12.21	10.94	44.44	20.17	815	3,153
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.89	-6.05	9.40	33.18	36.00	1,064	2,490
PAXS	PIMCO Access Incm Fd	PIMCO	0.88	1.26	11.76	17.20	42.86	664	2,377
PHK	PIMCO Hi Incm Fd	PIMCO	0.90	4.59	12.03	11.73	15.22	724	2,437
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	0.90	-5.71	7.44	0.00	16.76	967	1,925
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.53	-5.24	10.51	0.00	38.06	2,559	7,050
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.50	-4.11	8.94	21.45	33.55	1,171	2,772
PTA	Tx-Adv Pref Sec Pref Sec & Incm Fd	Cohen&Steers	1.49	-3.68	8.09	21.50	34.60	1,141	2,122
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.49	-11.02	7.28	0.00	38.40	800	1,674
PDT	JH Prm Div Fd	John Hancock	1.51	-5.85	8.20	25.69	38.03	631	1,320
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen&Steers	1.48	-7.98	7.97	10.26	33.69	623	1,419
ARCC	Ares Capital Corp	Ares	0.45	7.27	9.16	0.00	48.21	11,870	68,258
OBDC	Blue Owl Cap Corp	Blue Owl	0.46	0.13	9.55	0.00	51.66	6,029	30,160
BXSL	Blackstone Secur Lending Fd	Blackstone	0.46	17.82	10.02	0.00	49.27	5,023	27,494
FSK	FS KKR Capital Corp	FS/KKR	0.47	-16.69	12.64	0.00	52.59	6,811	25,198
MAIN	Main Street Cap Corp	Main Street Capital	0.45	71.11	5.77	0.00	43.04	2,554	18,703
GBDC	Golub Capital BDC	Golub Capital	0.44	2.18	10.10	0.00	55.38	2,593	19,097
HTGC	Hercules Capital	Hercules	0.46	84.26	7.47	0.00	47.40	1,886	19,285
OCSL	Oaktree Splty Lending	Oaktree Capital	0.43	-1.66	11.95	0.00	49.60	1,524	11,698
GSBD	Goldman Sachs BDC	Goldman Sachs	0.46	3.92	11.90	0.00	51.61	1,633	9,292
PFLT	PennantPark Flt Rt Cap	PennantPark	0.45	0.09	10.78	0.00	53.31	761	10,734
PSEC	Prospect Capital Corp	Prospect Capital	0.45	-38.26	12.97	0.00	51.14	3,756	8,799
TSLX	Sixth St Splty Lending	Sixth St Splty Lending	0.44	22.36	8.76	0.00	52.27	1,592	7,204
CSWC	Cap Southwest Corp	Capital Southwest	0.44	56.63	8.77	0.00	49.52	748	7,616
TRIN	Trinity Capital	Trinity Capital	0.47	13.98	13.90	0.00	51.73	637	6,231
BCSF	Bain Cap Splty Fin	BCSF Advisors	0.45	-5.14	10.01	0.00	52.62	1,143	4,161
NMFC	New Mountain Fin Corp	New Mountain Capital	0.45	-2.51	10.28	0.00	54.40	1,357	4,912
TCPC	BR TCP Capital Corp	BlackRock	0.45	-2.96	12.58	0.00	57.21	953	3,971
FDUS	Fidus Investment Corp	Fidus	0.45	1.24	8.78	0.00	41.62	611	4,526
RWAY	Runway Gwth Fin Corp	Runway Gwth Cap	0.46	-10.10	13.32	0.00	46.16	527	4,380
CGBD	Carlyle Secured Lending	Carlyle	0.47	7.21	8.74	0.00	51.99	867	3,686
MFIC	MidCap Fin Invt Corp	Apollo	0.94	-6.49	10.54	0.00	57.75	1,446	3,707

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, 2019. 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.

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