Closed-End Fund and Exchange-Traded Products Research

Inter Consultant offers full-service Closed-End Fund and Exchange-Traded Products (ETPs) Research departments. Investors receive detailed information and recommendations on the full universe of closed-end funds from our closed-end fund research analysts, along with product-fit guidance from our ETP analysts.

In addition to ongoing due diligence and research on closed-end funds, the department compiles weekly lists of undervalued and overvalued funds, plus a monthly Idea List highlighting attractive funds on both fundamental and technical bases across sectors. Quarterly, the department publishes the Closed-End Fund Research Guide, a comprehensive report providing information including current fund news, performance statistics and portfolio breakdowns on each domestically traded closed-end fund.

The department also offers three Model Portfolios. The High Income Model focuses on closed-end funds that provide attractive taxable income and invest primarily in income-producing securities. The Municipal Model consists entirely of municipal closed-end funds that provide tax-free income at the federal level. Our Total Return Model seeks to combine long-term capital appreciation with modest income and may include both closed-end funds and exchange-traded funds (ETFs).

The ETP Research department covers more than 1,300 publicly traded exchange-traded funds and exchange-traded notes. Each quarter, the department publishes the Quarterly ETP Report, which provides new fund listings, marketplace highlights, and fund-specific performance data and portfolio compositions. The ETP Market Review is published periodically with updates relevant to the industry.

Additionally, ETP Research maintains four ETP Model Portfolios on a quarterly basis to reflect the asset allocation and sector weightings recommended by Inter Consultant’s Investment Policy Committee. ETP Research also provides Sector Spotlight ETFs to best match recommendations in the bi-monthly Sector Spotlight published by our Equity Research department, and continually updates the ETP Quick Guide with all new product listings.

For more information about closed-end funds, exchange-traded products, or to receive a sample copy of our research reports, please contact your financial advisor or use the convenient Office Locator to find an Inter Consultant office near you.

The Inter Consultant Closed-End Fund Research (CEFR) Domestic Equity Index is a proprietary index composed of closed-end funds recommended by Inter Consultant’s Closed-End Fund Research group as part of our investment analysis and stock research services. The rules for constructing and rebalancing the Index are based on the group’s recommendation methodologies. Funds are selected from a universe of approximately 560 U.S. closed-end funds included in either the Morningstar U.S. Sector Equity category or the Morningstar U.S. Equity category.

Inter Consultant has licensed the Inter Consultant Closed-End Fund Research (CEFR) Domestic Equity Index to third parties as the basis for structured notes and other index-linked securities. From time to time, Inter Consultant may also license the Index to investment firms other than the original licensee as the basis for other index-linked notes or securities.

Investors should carefully consider the investment objectives, risks, charges and expenses of exchange-traded funds before investing. The prospectus contains this and other information about the funds. The prospectus is available from your financial advisor and should be read carefully before investing.

This description of the Inter Consultant Closed-End Fund Research (CEFR) Domestic Equity Index is not an offer to sell, or a solicitation of an offer to buy, any security.

Investing involves risk and investors may incur a profit or a loss.

Municipal bond interest is not subject to federal income tax but may be subject to AMT, state or local taxes. Income from taxable municipal bonds is subject to federal income taxation and may be subject to state and local taxes. Municipal securities typically provide a lower yield than comparable taxable investments in consideration of their tax-advantaged status. Investments in municipal securities may not be appropriate for all investors, particularly those who do not stand to benefit from the tax status of the investment. Please consult a tax professional to assess the impact of holding such securities on your tax liability.