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03. Equity Income Index

Data as of 08/05/2025 07/31/2025 06/30/2025 05/30/2025 04/30/2025 03/31/2025 02/28/2025 01/31/2025 12/31/2024 11/29/2024 10/31/2024 09/30/2024 08/30/2024 07/31/2024 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	2,363.93	-0.15	-0.17	-0.79	8.22	5.88	31.02	13.02	15.10	9.39	-0.37	0.06	12.27
NAV	1,938.76	-0.24	-0.19	0.04	7.43	4.61	17.40	10.06	11.13	7.00	0.14	0.87	8.99
Difference		-0.09	-0.01	0.83	-0.78	-1.27	-13.62	-2.96	-3.97	-2.39	0.51	0.81	-3.28
* Periods greater than 1 Year are annualized.      ** On Inception Date (Dec. 30, 2016), Index Price was $1,000 and NAV was $1,000.00

2025 - Monthly Performance (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2025
Price	6.04	-0.92	-0.82	4.20	-1.73	4.49	4.87	7.69	12.21	0.43	-	-	-	-	-	-	-	-	-
NAV	3.99	-0.09	-2.34	1.47	-1.09	3.45	4.08	6.50	8.06	0.73	-	-	-	-	-	-	-	-	-
Difference	-2.05	0.83	-1.52	-2.73	0.64	-1.04	-0.79	-1.19	-4.15	0.30	-	-	-	-	-	-	-	-	-
2024 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2024
Price	0.72	2.26	4.34	7.46	-3.50	4.35	1.92	2.63	10.29	3.75	2.83	3.18	10.08	-1.07	8.94	-3.80	3.67	14.13	25.87
NAV	-1.15	2.42	3.87	5.15	-3.30	3.97	0.72	1.26	6.48	3.44	2.64	1.97	8.27	-1.21	5.01	-5.44	-1.91	6.20	13.08
Difference	-1.87	0.16	-0.47	-2.31	0.21	-0.38	-1.21	-1.37	-3.81	-0.31	-0.19	-1.21	-1.82	-0.14	-3.93	-1.63	-5.58	-7.93	-12.79
2023 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2023
Price	9.19	-3.51	-0.43	4.91	-0.05	-3.20	5.81	2.37	7.40	4.40	-3.77	-4.69	-4.24	-5.10	8.47	4.16	7.22	2.67	10.27
NAV	6.70	-3.92	0.78	3.33	1.25	-3.20	5.24	3.15	6.58	3.80	-3.06	-3.91	-3.31	-3.01	8.37	3.54	8.82	5.22	12.15
Difference	-2.49	-0.41	1.21	-1.58	1.30	0.00	-0.57	0.78	-0.82	-0.60	0.71	0.77	0.93	2.09	-0.11	-0.62	1.60	2.55	1.88
2022 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2022
Price	-2.02	-2.25	4.01	-0.39	-6.79	0.73	-8.34	-13.94	-14.27	8.02	-2.54	-11.87	-7.23	7.26	5.84	-5.10	7.73	-0.05	-14.31
NAV	-2.83	-0.70	3.38	-0.26	-6.03	1.08	-8.53	-13.12	-13.35	7.03	-3.08	-9.48	-6.11	6.88	6.68	-4.17	9.26	2.59	-11.11
Difference	-0.81	1.55	-0.63	0.13	0.76	0.34	-0.19	0.81	0.92	-0.99	-0.54	2.39	1.12	-0.38	0.84	0.93	1.52	2.64	3.20
2021 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2021
Price	2.36	5.25	4.55	12.64	4.83	3.58	1.25	9.94	23.83	-0.47	2.55	-3.35	-1.35	5.54	-3.44	3.93	5.92	4.48	29.38
NAV	0.78	3.58	3.86	8.42	4.66	2.18	0.70	7.69	16.76	0.17	1.56	-3.15	-1.46	5.20	-3.79	4.49	5.76	4.21	21.67
Difference	-1.58	-1.68	-0.68	-4.21	-0.17	-1.40	-0.55	-2.25	-7.07	0.65	-0.99	0.20	-0.11	-0.34	-0.34	0.55	-0.16	-0.28	-7.71
2020 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	-1.07	-11.61	-23.74	-33.31	16.48	4.95	0.26	22.56	-18.26	2.57	3.56	-4.48	1.46	-1.90	17.64	4.67	20.79	22.55	0.17
NAV	-1.90	-8.84	-21.85	-30.11	14.43	4.86	0.67	20.80	-15.58	3.98	3.08	-3.96	2.94	-0.78	13.06	4.26	16.96	20.40	1.65
Difference	-0.83	2.76	1.88	3.19	-2.05	-0.09	0.42	-1.76	2.68	1.41	-0.48	0.52	1.49	1.12	-4.58	-0.41	-3.83	-2.15	1.47
2019 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2019
Price	13.70	1.76	1.62	17.58	2.12	-4.95	6.38	3.26	21.41	0.90	-2.93	3.04	0.91	1.27	1.15	3.56	6.07	7.04	29.96
NAV	9.97	1.97	1.63	13.96	1.41	-4.72	5.58	2.01	16.26	-0.12	-1.83	1.88	-0.11	1.39	0.96	3.70	6.16	6.04	23.28
Difference	-3.73	0.20	0.01	-3.62	-0.71	0.22	-0.79	-1.24	-5.16	-1.02	1.10	-1.16	-1.02	0.13	-0.19	0.14	0.08	-1.00	-6.68
2018 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2018
Price	3.20	-4.81	-1.70	-3.44	2.61	0.83	-0.06	3.39	-0.17	2.50	1.36	-0.71	3.15	-9.03	2.81	-10.37	-16.17	-13.54	-13.68
NAV	3.73	-6.10	-1.10	-3.67	2.00	1.17	-0.22	2.97	-0.81	3.41	0.76	-0.39	3.80	-6.67	1.65	-8.04	-12.77	-9.46	-10.19
Difference	0.53	-1.29	0.60	-0.23	-0.60	0.35	-0.16	-0.42	-0.64	0.91	-0.60	0.33	0.65	2.35	-1.16	2.33	3.41	4.08	3.49
2017 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2017
Price	4.91	3.26	0.59	8.97	3.36	0.32	1.23	4.97	14.38	2.49	-1.14	2.88	4.24	-0.41	-0.55	3.11	2.12	6.45	21.76
NAV	2.39	2.74	0.54	5.76	0.87	0.23	1.09	2.21	8.10	2.35	-0.47	1.71	3.61	-0.10	1.33	1.64	2.89	6.60	15.23
Difference	-2.53	-0.52	-0.05	-3.21	-2.49	-0.09	-0.13	-2.76	-6.29	-0.13	0.67	-1.18	-0.63	0.31	1.88	-1.46	0.77	0.15	-6.53
2016 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2016
Price	-7.52	0.42	8.11	0.40	4.50	0.79	2.57	8.03	8.46	4.12	-0.03	0.12	4.21	-3.87	0.93	1.69	-1.33	2.83	11.52
NAV	-6.13	-0.69	6.78	-0.46	3.18	1.08	1.58	5.95	5.46	3.29	-0.37	0.59	3.52	-2.77	0.50	2.31	-0.03	3.49	9.14
Difference	1.39	-1.11	-1.33	-0.86	-1.32	0.29	-0.98	-2.08	-3.00	-0.83	-0.33	0.47	-0.69	1.10	-0.43	0.61	1.30	0.67	-2.38
2015 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2015
Price	-0.10	3.63	-2.06	1.40	1.80	-0.51	-3.74	-2.51	-1.15	-2.39	-5.93	-5.94	-13.63	9.45	-3.02	-2.77	3.20	-10.87	-11.89
NAV	-0.60	3.35	-1.65	1.04	2.23	-0.11	-3.10	-1.05	-0.03	-0.45	-5.74	-4.87	-10.74	7.09	-1.92	-3.17	1.70	-9.22	-9.24
Difference	-0.50	-0.28	0.41	-0.36	0.43	0.40	0.63	1.46	1.12	1.93	0.20	1.07	2.90	-2.36	1.10	-0.40	-1.50	1.65	2.65
2014 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2014
Price	-1.51	4.96	0.98	4.40	2.35	3.00	2.66	8.23	12.99	-1.65	2.96	-4.09	-2.88	1.12	1.02	-2.65	-0.56	-3.43	9.11
NAV	-1.24	4.35	0.79	3.87	1.79	2.16	2.83	6.93	11.07	-2.04	3.39	-3.91	-2.68	0.90	0.22	-1.33	-0.22	-2.90	7.85
Difference	0.26	-0.62	-0.19	-0.53	-0.56	-0.84	0.17	-1.29	-1.92	-0.39	0.43	0.18	0.20	-0.22	-0.79	1.32	0.34	0.53	-1.27
2013 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2013
Price	7.81	0.66	2.82	11.58	1.57	-0.60	-2.37	-1.43	9.99	2.86	-3.81	2.17	1.09	3.89	-1.03	2.03	4.89	6.04	16.63
NAV	5.12	0.15	2.55	7.96	2.56	-1.08	-2.50	-1.08	6.80	4.00	-2.71	3.70	4.93	3.29	0.31	1.52	5.19	10.38	17.88
Difference	-2.69	-0.51	-0.27	-3.62	0.99	-0.48	-0.13	0.35	-3.19	1.14	1.10	1.53	3.84	-0.59	1.35	-0.51	0.30	4.34	1.25
2012 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2012
Price	8.89	4.10	0.22	13.60	0.39	-7.09	3.55	-3.42	9.72	3.36	2.34	2.56	8.50	-1.16	-1.80	0.32	-2.64	5.63	15.90
NAV	4.65	3.61	0.30	8.75	0.12	-7.27	3.73	-3.69	4.74	2.69	1.87	2.26	6.97	-0.16	-0.25	1.11	0.69	7.71	12.81
Difference	-4.23	-0.49	0.07	-4.85	-0.26	-0.18	0.18	-0.27	-4.98	-0.68	-0.47	-0.30	-1.52	1.00	1.56	0.79	3.33	2.08	-3.09

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -4.95%	1Yr Disc -6.37%	3Yr Disc -8.37%	5Yr Disc -7.38%	Rel Disc Range (3yr) 62.19%
Mkt Yield 10.69%	Lev Adj NAV Yield 9.38%	After Tax Yield* 9.59%	Est Tax Friction* 1.10%	3Yr NAV Volatiliy 18.08
1 Yr RoC 48.75%	3 Yr Dest RoC 17.49%	Leverage 11.11%	Non Lev Exp Ratio 1.39%	Beta (2yr) 0.78
Equity Exposure 90.60%	Bond Exposure 7.85%	# Holdings 59	Cash Weighted Duration 0.08
Comp NAV TR 3.07%	Comp Discount -0.85%	Net Assets (M) 1,102	Liquidity - 90d (K) 2,807
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

59 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	0.83	-5.54	9.06	22.08	0.00	2,818	5,023
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	0.84	-7.89	8.45	48.81	0.00	1,405	3,980
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	0.84	2.22	7.60	0.00	0.00	2,413	3,662
BST	BR Sci & Tech Tr	BlackRock	0.85	-6.31	7.68	25.17	0.00	1,448	3,487
BDJ	BR Enh Eq Div Tr	BlackRock	0.82	-6.64	8.52	7.59	0.00	1,653	3,370
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	0.84	-8.31	9.14	25.99	0.00	1,042	2,506
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	0.83	-6.07	8.65	24.17	0.00	1,712	2,548
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	0.85	-8.70	7.81	77.12	0.00	1,593	2,138
NFJ	Virtus Div Int & Prm Stgy Fd	Virtus	0.84	-10.24	9.73	35.33	0.00	1,324	2,521
EOS	EV Enh Eq Incm Fd II	Eaton Vance	0.82	-0.25	7.68	25.94	0.00	1,250	2,112
CII	BR Enh Large Cap Core Fd	BlackRock	0.85	-5.20	7.80	0.00	0.00	937	1,715
KYN	KA Nrg Infra Fd	Kayne Anderson	2.98	-9.86	7.72	9.58	13.32	2,332	4,154
TYG	Tortoise Nrg Infra Corp	Tortoise	3.01	-7.60	10.11	69.13	20.00	808	2,989
EMO	CB Nrg Midstream Opp Fd	Franklin Templeton	3.01	-6.66	9.21	40.45	21.88	914	2,350
RQI	C&S Qlty Incm Rty Fd	Cohen&Steers	2.27	-3.89	7.77	0.00	29.04	1,727	3,404
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Invst Mgmt	2.12	-0.20	14.75	57.38	32.08	733	2,803
AWP	abrdn Glbl Prmr Prop Fd	abrdn	2.25	1.84	12.37	75.11	12.34	334	1,415
RLTY	C&S Rel-Est Opp & Incm Fd	Cohen&Steers	2.34	-3.85	8.52	65.90	34.37	270	933
BSTZ	BR Sci & Tech Trm Tr	BlackRock	1.58	-6.09	12.12	28.70	0.00	1,569	4,843
AOD	abrdn Tot Dyn Div Fd	abrdn	1.53	-7.02	13.53	44.43	2.10	1,006	4,148
AGD	abrdn Glbl Dyn Div Fd	abrdn	1.55	1.45	11.80	40.91	3.27	274	1,371
BGY	BR Enh Intl DivTr	BlackRock	1.50	-5.79	8.98	30.74	0.00	547	1,582
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.51	-5.27	10.43	76.67	0.00	479	1,236
LGI	Lzrd Glbl Tot Rtn & Incm Fd	Lazard	1.54	-4.62	10.38	37.71	29.57	231	824
BMEZ	BR Health Sci Trm Tr	BlackRock	2.25	-8.63	14.16	99.86	0.00	956	3,559
HQH	abrdn Health Invstr	abrdn	2.32	-9.92	13.67	42.84	0.00	960	3,481
THQ	abrdn Health Opp Fd	abrdn	1.97	-7.39	13.67	61.05	30.52	706	3,379
BME	BR Health Sci Tr	BlackRock	2.24	-8.53	8.83	7.73	0.00	503	1,641
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	3.13	-1.32	8.00	52.78	10.00	710	2,301
BCX	BR Res & Com Stgy Tr	BlackRock	3.09	-7.26	8.73	63.07	0.00	788	1,704
NXG	NXG NextGen Infra Incm Fd	Cushing	2.96	-3.74	13.31	100.00	23.38	192	2,012
ECAT	BR ESG Cap Alloc Trm Tr	BlackRock	1.35	-0.18	21.27	90.26	0.00	1,629	5,073
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	1.30	-4.68	6.79	45.74	30.55	3,047	3,344
NIE	Virtus Eq & Convt Incm Fd	Virtus	1.31	-9.79	8.31	0.00	0.00	739	1,384
TBLD	Thornburg Incm Bldr Opp Tr	Thornburg Inv Mgmt	1.31	-4.60	6.35	0.00	0.00	662	1,767
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.32	-10.14	8.36	6.38	26.50	510	1,055
ZTR	Virtus Tot Rtn Fd	Virtus	1.31	-11.61	9.62	61.00	29.73	392	1,074
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.31	-8.39	10.33	7.46	25.66	348	1,029
CLM	Cornerstone Stgc Inv Fd	Cornerstone	1.14	20.18	18.27	55.25	0.00	1,899	13,084
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.15	20.34	18.09	75.19	0.00	991	8,196
ADX	Adams Divr Eq Fd	Adams Funds	1.12	-7.56	8.59	7.46	0.00	2,782	5,948
USA	Liberty All-Star Eq Fd	ALPS	1.08	-4.86	11.15	0.00	0.00	2,002	5,173
BTX	BR Tech & Pvt Eq Trm Tr	BlackRock	1.15	-4.16	12.82	100.00	0.00	899	4,738
RVT	Royce Small-Cap Tr	Franklin Templeton	1.15	-11.20	7.62	0.00	1.72	2,017	4,227
NBXG	NB Nxt Gen Connectivity Fd	Neuberger Berman	1.14	-9.85	8.25	100.00	0.00	1,271	2,979
STEW	SRH Tot Rtn Fd	Paralel Advisors	1.14	-19.98	3.76	26.17	9.50	2,114	1,929
UTG	Reaves Util Incm Fd	W.H. Reaves	1.63	0.21	6.21	0.00	18.05	3,452	8,892
DNP	DNP Sel Incm Fd	Virtus	1.52	4.60	7.98	18.76	24.21	3,481	5,142
UTF	C&S Infra Fd	Cohen&Steers	1.52	3.31	6.92	10.58	29.84	2,509	4,803
ASGI	abrdn Glbl Infra Incm Fd	abrdn	1.60	0.57	11.86	29.39	0.00	612	3,574
MEGI	MainStay CBRE Glbl Infra MTrnd Trm	New York Life	1.56	-7.54	10.36	41.67	24.30	815	2,220
BUI	BR Util Infra & Pwr OppTr	BlackRock	1.57	4.53	6.15	14.00	0.00	577	1,438
IAE	Voya AP Hi Div Eq Incm Fd	Voya	2.61	-6.53	11.13	82.08	0.00	81	507
AEF	abrdn Emrg Mkt ex-China Fd	abrdn	2.64	-9.30	9.92	96.94	10.65	271	870
IHD	Voya Emrg Mkt Hi Div Eq Fd	Voya	2.58	-7.74	11.30	83.58	0.00	112	455
GDV	Gabelli Div & Incm Tr	Gabelli	2.63	-10.42	6.40	23.58	16.00	2,610	3,951
EVT	EV Tx-Adv Div Incm Fd	Eaton Vance	2.57	-8.29	8.34	7.00	19.87	1,924	2,899
HERZ	Herzfeld Cr Incm Fd	Herzfeld Cuba	2.46	-8.05	38.75	54.37	0.00	41	242
BTO	JH Fin Opp Fd	John Hancock	2.52	1.75	7.57	12.01	16.26	667	1,211

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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