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

07. Taxable Bond & BDC Index

Data as of 03/24/2023 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	1,222.97	-0.27	-0.01	-4.64	0.65	4.57	-9.64	11.38	2.37	3.08	-5.73	0.45	0.45
NAV	1,221.81	-0.26	0.08	-1.56	0.64	3.02	-7.23	7.72	2.09	3.57	-2.00	0.57	0.57
Difference		0.02	0.09	3.08	-0.01	-1.56	2.41	-3.66	-0.28	0.49	3.73	0.12	0.12
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2023 - Monthly Performance (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2023
Price	9.16	-2.38	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	4.81	-2.09	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	-4.34	0.29	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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	-0.14	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	-6.59	-0.93	0.49	-0.91	-1.36	-0.37	-0.49	-0.24	-1.13	-2.56	-9.85
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	1.20	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	2.50	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 -6.84%	1Yr Disc -4.81%	3Yr Disc -3.08%	5Yr Disc -3.78%	Rel Disc Range (3yr) 35.56%
Mkt Yield 10.25%	Lev Adj NAV Yield 7.26%	After Tax Yield* 8.30%	Est Tax Friction* 1.95%	3Yr NAV Volatiliy 9.63
1 Yr RoC 32.71%	3 Yr Dest RoC 18.40%	Leverage 32.03%	Non Lev Exp Ratio 1.57%	Beta (2yr) 0.83
Equity Exposure 3.00%	Bond Exposure 94.79%	# Holdings 76	Cash Weighted Duration 4.75
Comp NAV TR -0.35%	Comp Discount 0.58%	Net Assets (M) 805	Liquidity - 90d (K) 3,122
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

76 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
BBN	BR Taxable Muni BndTr	BlackRock	4.05	-3.50	7.01	18.92	33.57	1,128	3,568
NBB	Nuv Taxable Muni Incm Fd	Nuveen	3.85	-6.03	5.44	0.00	39.16	497	1,302
NCZ	Virtus Convt & Incm Fd II	Virtus	1.93	-14.63	12.86	86.66	42.50	250	1,797
CHI	Calamos Convt Opp & Incm	Calamos	2.00	8.76	10.67	0.00	37.49	730	1,961
CHY	Calamos Convt & Hi Incm Fd	Calamos	2.04	5.79	10.94	7.66	37.55	787	1,758
CCD	Calamos Dyn Convt & Incm Fd	Calamos	2.00	8.78	11.24	0.00	37.02	505	1,676
EMD	WA Emrg Mkt Dbt Fd	Franklin Templeton	3.60	-15.14	9.99	25.95	26.97	597	1,786
TEI	Tmp Emrg Mkt Incm Fd	Franklin Templeton	3.47	-11.73	11.83	76.08	11.68	264	1,141
FAX	abrdn Asia-Pacific Incm Fd	abrdn	1.97	-16.24	12.55	62.60	31.74	778	2,369
GIM	Tmp Glbl Incm Fd	Franklin Templeton	1.93	-6.32	8.71	75.58	0.00	472	996
PPT	Putnam Prmr Incm Tr	Putnam	1.92	-8.23	8.74	29.78	0.00	387	701
JGH	Nuv Glbl Hi Incm Fd	Nuveen	1.85	-13.63	11.60	26.45	29.22	287	587
HYT	BR Corp Hi Yld Fd	BlackRock	0.76	-7.91	11.00	28.06	27.06	1,317	6,036
DLY	DbLin Yld Opp Fd	Doubleline	0.78	-11.51	10.59	9.00	20.49	716	2,485
FTHY	FT Hi Yld Opp 2027 Trm Fd	First Trust	0.79	-12.21	11.48	32.40	16.37	569	1,509
GHY	PGIM Glbl Hi Yld Fd	Prudential	0.76	-14.34	11.92	7.10	19.25	505	1,690
ISD	PGIM Hi Yld Bnd Fd	Prudential	0.77	-13.10	10.80	15.28	21.26	447	1,346
SDHY	PGIM Srt Dur Hi Yld Opp Fd	Prudential	0.77	-13.40	8.91	16.42	17.08	414	876
DSU	BR Dbt Stgs Fd	BlackRock	0.78	-11.74	11.26	1.70	19.69	488	1,335
FSD	FT Hi Incm Lng/Srt Fd	First Trust	0.75	-11.81	11.48	41.28	32.20	414	1,190
HIX	WA Hi Incm Fd II	Franklin Templeton	0.76	1.50	12.41	4.57	34.50	304	966
HIO	WA Hi Incm Opp Fd	Franklin Templeton	0.74	-10.02	9.55	6.11	0.00	398	1,226
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	2.68	12.90	11.64	0.00	35.20	1,469	7,172
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	2.72	10.92	10.98	0.00	24.97	530	1,949
VBF	Invsc Bnd Fd	Invesco	2.56	-3.34	4.88	1.85	0.00	184	532
EVV	EV Ltd Dur Incm Fd	Eaton Vance	4.07	-6.83	12.40	39.41	35.40	1,207	3,505
BLW	BR Ltd Dur Incm Tr	BlackRock	3.72	-7.05	9.40	12.69	35.51	481	1,209
VVR	Invsc Sr Incm Tr	Invesco	0.74	-9.45	12.86	21.34	32.61	615	3,445
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.76	-13.72	11.47	11.34	38.25	781	2,876
FSCO	FS Cr Opp Corp	FS/KKR	0.69	-33.23	14.20	0.00	36.35	1,242	2,245
BGB	Blackstone Stgc Cr 2027 Trm Fd	Blackstone	0.77	-12.96	10.08	0.00	36.78	538	1,486
JFR	Nuv Flt Rt Incm Fd	Nuveen	0.80	-10.32	11.06	9.65	38.63	513	1,890
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	0.78	-12.08	11.87	0.00	22.29	452	1,504
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	0.78	-12.23	11.36	10.68	38.48	361	1,275
EFR	EV Sr Flt-Rt Tr	Eaton Vance	0.79	-10.61	11.01	7.57	35.30	363	872
EFT	EV Flt-Rt Incm Tr	Eaton Vance	0.79	-10.99	11.30	9.80	35.20	368	985
ARDC	Ares Dyn Cr Alloc Fd	Ares	0.81	-10.86	10.77	0.00	35.25	308	1,409
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	3.87	-12.73	14.30	59.51	34.80	226	1,756
BKT	BR Incm Tr	BlackRock	4.07	-4.15	8.18	50.09	29.06	288	815
PDI	PIMCO Dyn Incm Fd	PIMCO	0.86	3.88	14.75	0.00	40.66	4,368	22,874
PDO	PIMCO Dyn Incm Opp Fd	PIMCO	0.87	-2.09	12.15	0.00	44.74	1,426	7,057
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.90	26.42	13.84	48.50	22.76	1,448	8,185
DSL	DbLin Incm Solutions Fd	Doubleline	0.86	-6.22	12.00	2.97	23.71	1,196	4,742
PAXS	PIMCO Access Incm Fd	PIMCO	0.86	-5.18	12.39	0.00	44.99	671	3,185
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.87	-10.09	9.91	25.59	35.19	1,057	3,362
RA	Brkf Real Ast Incm Fd	Brookfield	0.88	7.81	14.66	43.13	26.59	840	4,131
WDI	WA Divr Incm Fd	Franklin Templeton	0.89	-12.59	11.95	0.00	33.02	773	1,977
BHK	BR Core Bnd Tr	BlackRock	0.89	-4.22	8.40	9.93	38.60	601	1,998
JPS	Nuv Pref & Incm Sec Fd	Nuveen	0.97	-12.57	8.13	0.00	37.25	1,407	3,800
PTA	Tx-Adv Pref Sec Pref Sec & Incm Fd	Cohen&Steers	1.04	-8.52	9.72	34.73	38.10	999	3,164
FPF	FT Imd Dur Pref & Incm Fd	First Trust	0.97	-10.44	8.79	1.94	35.51	997	2,633
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen&Steers	1.00	-6.82	9.49	18.15	34.30	533	1,869
NPFD	Nuv Var Rt Pref & Incm Fd	Nuveen	0.95	-13.53	7.67	0.00	35.61	420	1,673
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	0.97	-7.68	8.52	0.00	38.20	682	1,917
JPC	Nuv Pref & Incm Opp Fd	Nuveen	0.92	-10.09	9.31	0.00	36.28	708	2,226
WIW	WA Inf-Lnk Opp & Incm Fd	Franklin Templeton	3.87	-14.55	7.98	0.00	37.43	652	1,833
WIA	WA Inf-Lnk Incm Fd	Franklin Templeton	3.88	-13.37	6.96	0.00	38.70	232	474
ARCC	Ares Capital Corp	Ares	0.38	-4.67	10.95	0.00	54.51	9,777	61,867
ORCC	Owl Rock Capital Corp	Owl Rock	0.44	-17.68	10.70	0.00	53.60	5,860	25,159
FSK	FS KKR Capital Corp	FS/KKR	0.43	-27.28	15.47	0.00	54.15	6,998	20,490
BXSL	Blackstone Secur Lending Fd	Blackstone Cr BDC Advis	0.46	-3.74	11.22	0.00	55.78	4,164	25,804
HTGC	Hercules Capital	Hercules	0.39	18.33	12.52	0.00	51.98	1,437	18,364
MAIN	Main Street Cap Corp	Main Street Capital	0.44	46.24	6.87	0.00	47.13	2,137	13,156
GBDC	Golub Capital BDC	Golub Capital	0.40	-11.62	10.15	0.00	54.72	2,514	10,345
PSEC	Prospect Capital Corp	Prospect Capital	0.41	-31.09	10.51	0.00	48.20	3,970	9,946
GSBD	Goldman Sachs BDC	Goldman Sachs	0.41	-6.23	13.14	0.00	56.04	1,504	9,099
TSLX	Sixth St Splty Lending	Sixth St Splty Lending	0.40	6.86	10.45	0.00	50.82	1,338	8,802
OCSL	Oaktree Splty Lending	Oaktree Capital	0.36	-6.72	12.02	0.00	52.89	1,513	11,063
CSWC	Cap Southwest Corp	Capital Southwest	0.41	5.91	12.32	0.00	50.88	562	4,993
NMFC	New Mountain Fin Corp	New Mountain Capital	0.39	-7.22	10.60	0.00	59.55	1,314	4,143
CGBD	TCG BDC	Carlyle	0.40	-19.89	10.87	0.00	55.21	863	3,618
BBDC	Barings BDC	Barings	0.40	-29.77	12.89	0.00	53.44	1,192	4,155
TRIN	Trinity Capital	Trinity Capital	0.53	3.73	13.78	0.00	54.21	459	4,484
SLRC	SLR Inv Corp	SLR Capital	0.44	-19.69	11.14	0.00	42.79	1,000	3,161
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	0.44	-4.55	14.11	0.00	55.89	420	3,191
CION	CION Inv Corp	CION Inv Mgmt	0.41	-39.11	13.98	0.00	58.42	879	1,811

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.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2019. 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.