CEF Advisors AICA Event NAVigator Podcast

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11. Alternative Income Index

Data as of

About the Index

All funds in index must be monthly or quarterly paying funds that have a 6%+ with 65%+ of the yield paid February to October (seeking to avoid large year-end dividends to cause inclusion in the index, and not counting special dividends in this calculation for yield). (1) 15% allocation to all the funds in the Hybrid / Balanced Index, equal weight (2) 15% allocation to all the funds in the Multisector Bond Index, equal weight. (3) 14% allocation to funds in the Equity Income Index (non MLP/Non REIT) 1/3 of funds from the index (after MLP/REIT removal) ranked by lowest daily NAV correlation over the past 6 months to the Equity Income Index NAV, equal weight. (4) 14% allocation to funds in the Taxable Bond and BDC Index (non BDC or Multisector funds) 1/4 of the funds from the index (after BDC / Multisector fund removal) ranked by lowest daily NAV correlation in the past 6 months to the Taxable Bond and BDC Index's NAV, equal weight. (5) 10% allocation to the 10 most liquid as measured by 90 day average trade volume for the BDCs in our BDC index while allowing only 1 BDC per Fund Sponsor, equal weight. (6) 10% allocation to the 10 most liquid as measured by 90 day average trade volume for the MLP funds in our MLP index while only allowing 1 MLP fund per Fund Sponsor, equal weight. (7) 8% allocation to 1/2 of the REIT / Real Asset Funds in our index with the lowest 6 month NAV correlation to the Index's NAV while allowing only 1 fund per Fund Sponsor (lowest correlation), equal weight. (8) 8% allocation to any non-BDC CEFs that report a quarterly NAV, equal weight. (9) 6% allocation to the 5 Preferred Equity funds in our Preferred Equity Index with the lowest 6 month NAV correlation to the Preferred Equity Index's NAV while allowing only 1 fund per Fund Sponsor (lowest correlation), equal weight. 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(%) 10 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,592.37 0.33 0.94 5.54 6.22 15.78 21.86 3.44 5.34 5.36 3.70 1.67 9.48
NAV 1,583.22 0.08 0.80 4.19 4.96 11.93 16.92 4.20 5.87 5.33 2.98 1.31 5.94
Difference -0.24 -0.14 -1.35 -1.27 -3.85 -4.94 0.76 0.53 -0.02 -0.72 -0.36 -3.54
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.08
2024 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2024
Price 2.50 1.78 3.21 7.67 -1.95 - - - - - - - - - - - - - -
NAV 0.47 1.59 2.45 4.57 -1.62 - - - - - - - - - - - - - -
Difference -2.03 -0.20 -0.76 -3.10 0.33 - - - - - - - - - - - - - -
2023 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2023
Price 8.75 -2.56 -3.38 2.38 0.99 -2.25 4.54 3.20 5.66 4.04 -1.79 -3.62 -1.52 -4.16 8.52 4.08 8.25 6.61 12.64
NAV 5.58 -2.75 -0.97 1.68 1.16 -2.06 3.07 2.12 3.83 2.87 -1.45 -2.32 -0.96 -1.88 6.26 3.93 8.37 7.32 11.44
Difference -3.17 -0.19 2.41 -0.71 0.17 0.19 -1.46 -1.08 -1.82 -1.17 0.34 1.31 0.55 2.29 -2.26 -0.15 0.12 0.72 -1.20
2022 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2022
Price -0.51 -3.03 1.97 -1.63 -5.81 -0.29 -6.69 -12.37 -13.79 7.41 -2.04 -12.07 -7.48 5.55 5.35 -4.44 6.27 -1.69 -15.25
NAV -1.59 -0.57 1.17 -1.00 -4.07 0.05 -6.08 -9.85 -10.76 5.03 -2.06 -6.92 -4.26 2.66 4.22 -1.53 5.35 0.86 -9.99
Difference -1.08 2.46 -0.80 0.63 1.73 0.34 0.62 2.51 3.04 -2.38 -0.02 5.15 3.22 -2.90 -1.13 2.90 -0.92 2.54 5.25
2021 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2021
Price 2.60 4.69 3.50 11.17 4.53 2.38 2.07 9.23 21.43 -0.08 1.33 -2.59 -1.38 4.64 -2.56 1.41 3.40 1.98 23.84
NAV 1.30 2.19 2.26 5.86 2.98 1.80 1.21 6.10 12.32 0.65 1.50 -1.38 0.75 2.26 -1.64 2.28 2.87 3.64 16.41
Difference -1.30 -2.49 -1.24 -5.31 -1.55 -0.58 -0.86 -3.13 -9.11 0.74 0.16 1.22 2.13 -2.39 0.92 0.86 -0.53 1.66 -7.43
2020 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2020
Price 1.44 -10.30 -29.32 -35.68 15.28 5.11 0.19 21.41 -21.91 2.71 4.11 -3.64 3.03 -1.22 13.70 4.03 16.84 20.38 -5.99
NAV 0.16 -4.81 -19.88 -23.61 10.34 2.71 0.29 13.65 -13.19 3.29 2.42 -1.40 4.32 -0.14 7.57 4.06 11.77 16.59 1.22
Difference -1.29 5.48 9.44 12.07 -4.95 -2.40 0.09 -7.76 8.72 0.59 -1.69 2.24 1.28 1.08 -6.13 0.02 -5.07 -3.79 7.21
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 11.63 1.90 1.41 15.34 2.21 -2.42 3.87 3.60 19.50 1.61 -2.20 2.13 1.50 0.44 0.19 2.40 3.04 4.58 24.97
NAV 6.70 1.40 1.92 10.27 1.10 -1.37 2.82 2.53 13.06 0.56 -0.87 1.23 0.91 0.26 0.20 2.81 3.28 4.22 17.83
Difference -4.93 -0.49 0.51 -5.07 -1.11 1.05 -1.05 -1.07 -6.44 -1.06 1.33 -0.90 -0.58 -0.18 0.01 0.41 0.24 -0.36 -7.14
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 1.05 -2.84 -0.61 -2.42 2.52 1.49 0.05 4.10 1.58 2.60 0.89 -1.21 2.25 -7.13 0.69 -6.11 -12.21 -10.23 -8.81
NAV 2.01 -3.24 -0.92 -2.21 1.49 1.17 -0.24 2.42 0.16 2.19 0.90 -0.15 2.95 -3.57 0.01 -3.76 -7.18 -4.44 -4.29
Difference 0.96 -0.40 -0.32 0.21 -1.03 -0.32 -0.29 -1.67 -1.42 -0.41 0.01 1.07 0.70 3.56 -0.68 2.36 5.03 5.79 4.53
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.56 3.30 0.79 8.85 2.73 -0.23 0.44 2.95 12.06 1.97 -0.94 1.43 2.45 -0.87 -1.20 2.13 0.03 2.49 14.85
NAV 2.31 1.85 0.63 4.86 1.08 0.49 0.71 2.30 7.27 1.65 -0.02 0.61 2.24 0.15 0.35 1.71 2.22 4.51 12.11
Difference -2.25 -1.45 -0.15 -4.00 -1.65 0.72 0.28 -0.65 -4.79 -0.32 0.92 -0.82 -0.21 1.02 1.54 -0.42 2.18 2.02 -2.74
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -5.47 0.24 7.84 2.19 4.64 0.74 3.43 9.03 11.42 4.34 2.37 -0.17 6.63 -2.74 0.72 1.93 -0.15 6.47 18.63
NAV -3.91 -0.74 4.48 -0.34 3.57 1.33 3.17 8.27 7.90 2.75 0.80 2.01 5.65 -1.34 -0.14 2.28 0.76 6.46 14.86
Difference 1.56 -0.97 -3.36 -2.53 -1.08 0.59 -0.26 -0.77 -3.52 -1.59 -1.57 2.18 -0.98 1.40 -0.87 0.35 0.91 -0.01 -3.76
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 0.55 3.10 -1.29 2.33 2.07 -0.84 -4.86 -3.70 -1.45 -1.93 -3.19 -5.42 -10.20 7.13 -2.06 -3.19 1.57 -8.79 -10.11
NAV 0.06 2.09 -0.37 1.77 1.82 -0.27 -2.32 -0.81 0.95 -0.29 -3.12 -4.35 -7.60 4.18 -1.71 -3.84 -1.54 -9.02 -8.16
Difference -0.49 -1.01 0.92 -0.56 -0.25 0.57 2.53 2.89 2.40 1.64 0.07 1.07 2.60 -2.95 0.35 -0.65 -3.11 -0.23 1.96
2014 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2014
Price 1.10 3.33 0.14 4.62 2.37 2.70 2.78 8.06 13.05 -2.51 2.99 -3.85 -3.45 1.13 0.81 -3.03 -1.14 -4.55 7.90
NAV 0.67 2.68 1.40 4.81 1.55 2.08 2.72 6.47 11.59 -1.09 2.32 -2.29 -1.11 0.19 0.21 -2.15 -1.75 -2.84 8.43
Difference -0.43 -0.66 1.25 0.19 -0.82 -0.62 -0.07 -1.58 -1.46 1.42 -0.67 1.56 2.34 -0.94 -0.60 0.89 -0.60 1.72 0.53
2013 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2013
Price 5.48 1.31 1.95 8.95 1.81 -2.32 -2.02 -2.56 6.16 0.01 -2.84 1.68 -1.20 2.98 0.23 1.53 4.79 3.53 9.92
NAV 3.58 0.52 2.00 6.20 1.83 -0.73 -2.50 -1.44 4.67 1.73 -1.82 2.46 2.34 2.50 0.42 1.50 4.47 6.91 11.90
Difference -1.90 -0.80 0.05 -2.75 0.01 1.59 -0.48 1.12 -1.49 1.73 1.02 0.78 3.54 -0.48 0.19 -0.03 -0.32 3.38 1.99
2012 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2012
Price 8.05 3.70 -0.68 11.28 0.28 -3.41 4.01 0.75 12.12 3.03 2.85 2.39 8.50 -0.05 -0.93 0.24 -0.75 7.69 20.74
NAV 3.62 2.64 0.65 7.04 0.44 -3.63 3.89 0.56 7.64 2.46 1.53 1.30 5.38 0.53 0.01 2.79 3.34 8.89 17.22
Difference -4.43 -1.06 1.33 -4.24 0.16 -0.22 -0.12 -0.19 -4.48 -0.57 -1.32 -1.09 -3.12 0.58 0.94 2.55 4.08 1.20 -3.53

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-4.19%
1Yr Disc
-6.59%
3Yr Disc
-3.91%
5Yr Disc
-3.76%
Rel Disc Range (3yr)
48.46%
Mkt Yield
10.60%
Lev Adj NAV Yield
8.22%
After Tax Yield*
9.03%
Est Tax Friction*
1.57%
3Yr NAV Volatiliy
12.14
1 Yr RoC
46.35%
3 Yr Dest RoC
30.50%
Leverage
25.20%
Non Lev Exp Ratio
1.92%
Beta (2yr)
0.72
Equity Exposure
44.08%
Bond Exposure
53.13%
# Holdings
84
Cash Weighted Duration
1.33
Comp NAV TR
0.52%
Comp Discount
1.86%
Net Assets (M)
1,229
Liquidity - 90d (K)
5,160
* 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


84 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NMAI Nuv Multi-Asset Incm Fd Nuveen 1.04 -10.57 12.78 53.25 25.11 468 798
CPZ Calamos Lng-Srt Eq & Dyn Incm Calamos 1.02 -13.74 10.75 19.88 25.46 356 878
AIO Virtus AI & Tech Opp Fd Virtus 1.00 -8.49 9.03 68.94 14.81 748 2,385
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.00 -2.33 7.53 33.33 30.56 2,682 3,327
DMA Destra Multi-Alt Fd Destra 0.94 -34.40 8.53 100.00 14.60 101 190
ZTR Virtus Tot Rtn Fd Virtus 0.99 -14.55 10.99 92.62 30.17 394 1,757
FOF C&S CE Opp Fd Cohen&Steers 1.02 2.25 8.83 64.89 0.00 318 670
BCAT BR Cap Alloc Trm Tr BlackRock 0.99 -7.75 20.86 73.17 0.00 1,913 5,028
CGO Calamos Glbl Tot Rtn Fd Calamos 1.02 -9.50 9.08 34.87 31.46 115 387
GUG Gghm Active Alloc Fd Guggenheim Funds 1.02 -9.75 9.56 39.04 21.71 545 1,215
TBLD Thornburg Incm Bldr Opp Tr Thornburg Inv Mgmt 1.01 -12.75 7.71 15.68 0.00 596 1,267
GLV Clough Glbl Div & Incm Fd Clough 1.01 -17.09 11.31 94.67 28.39 84 345
CHW Calamos Glbl Dyn Incm Fd Calamos 1.03 -11.86 8.97 45.81 31.42 485 1,374
RIV RiverNorth Opp Fd RiverNorth 1.01 -4.13 12.83 79.13 31.99 270 905
SCD LMP Cap & Incm Fd Franklin Templeton 1.00 -7.19 8.75 69.37 19.16 286 817
GLO Clough Glbl Opp Fd Clough 1.02 -18.23 11.16 99.90 27.92 270 767
ECAT BR ESG Cap Alloc Trm Tr BlackRock 1.00 -8.14 20.64 82.52 0.00 1,915 3,645
DSL DbLin Incm Solutions Fd Doubleline 0.89 1.53 10.48 6.82 21.77 1,273 4,730
BIT BR Mlt-Sctr Incm Tr BlackRock 0.86 5.18 9.75 38.99 35.05 548 1,343
BTZ BR Cr Alloc Incm Tr BlackRock 0.88 -7.00 9.60 32.32 36.56 1,053 2,644
DBL DbLin Opportunistic Cr Fd Doubleline 0.88 0.07 8.72 37.12 12.62 249 778
BRW Saba Cap Incm & Opp Fd Saba Capital 0.90 -8.66 14.01 79.47 20.98 339 1,110
PAXS PIMCO Access Incm Fd PIMCO 0.92 5.50 11.26 19.67 42.48 665 2,735
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.92 21.61 15.05 60.57 19.68 1,681 10,120
PHK PIMCO Hi Incm Fd PIMCO 0.88 4.35 12.00 12.75 20.32 720 2,312
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.91 -4.05 7.37 0.00 19.79 959 1,949
PFN PIMCO Incm Stgy Fd II PIMCO 0.90 5.14 11.69 20.70 20.89 606 2,018
PFL PIMCO Incm Stgy Fd PIMCO 0.90 5.29 11.68 15.72 19.63 316 852
HFRO Highland Opp & Incm Fd NexPoint 0.85 -48.48 6.97 0.00 16.14 879 1,898
PDO PIMCO Dyn Incm Opp Fd PIMCO 0.92 4.57 11.57 20.59 41.03 1,452 5,358
RA Brkf Real Ast Incm Fd Brookfield 0.89 -12.88 11.13 45.29 17.27 810 2,754
NPCT Nuv Core Plus Impact Fd Nuveen 0.92 -11.75 10.45 55.34 35.67 342 888
WDI WA Divr Incm Fd Franklin Templeton 0.93 -5.55 11.64 0.00 31.30 812 3,300
PDI PIMCO Dyn Incm Fd PIMCO 0.91 13.19 13.77 25.25 39.54 5,226 27,137
FINS Angel Oak Fin Stgs Incm Trm Tr Angel Oak 0.90 -9.63 10.48 47.27 28.64 346 537
BHK BR Core Bnd Tr BlackRock 0.88 0.67 8.47 35.53 33.11 567 1,623
CLM Cornerstone Stgc Val Fd Cornerstone 1.01 8.30 17.22 46.16 0.00 1,667 10,685
CRF Cornerstone Tot Rtn Fd Cornerstone 1.02 13.75 16.35 41.50 0.00 749 5,266
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 1.00 -10.51 7.02 37.64 0.00 1,305 2,585
EOS EV Enh Eq Incm Fd II Eaton Vance 1.04 -3.72 8.71 31.32 0.00 1,140 1,780
CUBA Herzfeld Caribbean Basin Fd Herzfeld Cuba 1.00 -26.84 21.83 94.34 0.00 51 209
BST BR Sci & Tech Tr BlackRock 0.99 -1.19 8.21 29.60 0.00 1,284 3,321
IAE Voya AP Hi Div Eq Incm Fd Voya 1.03 -13.43 12.23 81.39 0.00 81 171
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.02 -2.77 8.68 0.00 0.00 2,219 3,273
PDX Dyn Incm Stgy Fd PIMCO 1.02 -11.50 6.31 18.69 9.08 1,088 2,152
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.01 -6.98 9.12 63.88 0.00 1,640 2,774
NBXG NB Nxt Gen Connectivity Fd Neuberger Berman 1.03 -15.34 9.88 100.00 0.00 1,129 3,041
BSTZ BR Sci & Tech Trm Tr BlackRock 0.97 -14.19 13.35 93.03 0.00 1,683 4,400
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.06 -2.62 8.80 85.67 11.00 647 1,828
HGLB Highland Glbl Alloc Fd NexPoint 0.99 -34.78 12.89 0.00 3.11 262 571
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 1.01 -10.01 7.11 42.99 0.00 1,541 2,436
AEF abrdn Emrg Mkt Eq Incm Fd abrdn 1.05 -14.74 6.69 88.02 10.54 320 550
FSCO FS Cr Opp Corp FS/KKR 1.55 -11.50 11.41 0.00 33.41 1,414 4,092
XFLT XAI Octgn Flt Rt & Alt Incm Tr XA Investments 1.47 2.16 14.39 5.79 38.17 406 2,905
VVR Invsc Sr Incm Tr Invesco 1.48 7.67 11.86 16.70 31.36 619 2,844
AIF Apollo Tactical Incm Fd Apollo 1.51 -0.40 11.63 0.00 36.04 216 1,971
FRA BR Flt Rt Incm Stgc Fd BlackRock 1.48 0.15 11.28 10.18 21.38 463 1,931
BGB Blackstone Stgc Cr 2027 Trm Fd Blackstone 1.48 -6.26 9.21 0.00 37.15 578 1,641
FAX abrdn Asia-Pacific Incm Fd abrdn 1.37 -11.71 12.50 44.74 31.25 741 2,068
JFR Nuv Flt Rt Incm Fd Nuveen 1.47 -6.34 11.70 2.00 37.87 1,248 4,707
LDP C&S Ltd Dur Pref & Incm Fd Cohen&Steers 2.77 -7.59 7.97 11.89 33.70 621 1,607
PDT JH Prm Div Fd John Hancock 2.84 -8.07 8.43 24.14 38.02 628 1,520
MIN MFS Imd Incm Tr MFS 1.43 -6.74 9.12 58.59 0.00 322 930
ARCC Ares Capital Corp Ares 1.16 9.22 9.00 0.00 48.21 11,870 74,434
FSK FS KKR Capital Corp FS/KKR 1.23 -17.68 12.79 0.00 52.59 6,811 33,253
OBDC Blue Owl Cap Corp Blue Owl 1.25 6.92 8.95 0.00 51.66 6,029 35,784
BXSL Blackstone Secur Lending Fd Blackstone 1.14 17.62 10.03 0.00 49.27 5,023 28,140
HTGC Hercules Capital Hercules 1.19 67.24 8.23 0.00 47.40 1,886 19,515
MAIN Main Street Cap Corp Main Street Capital 1.18 65.00 5.91 0.00 43.04 2,532 17,558
GBDC Golub Capital BDC Golub Capital 1.12 8.66 9.49 0.00 55.38 2,593 13,643
OCSL Oaktree Splty Lending Oaktree Capital 1.11 3.42 11.36 0.00 49.60 1,524 10,659
PSEC Prospect Capital Corp Prospect Capital 1.16 -37.49 12.81 0.00 51.14 3,756 10,449
CSWC Cap Southwest Corp Capital Southwest 1.20 58.02 8.60 0.00 47.42 756 7,943
KYN KA Nrg Infra Fd Kayne Anderson 1.15 -14.83 8.81 8.49 21.32 1,984 4,515
CEM CB MLP & Midstream Fd Franklin Templeton 1.20 -4.56 6.34 33.18 28.09 676 1,285
NML NB Nrg Infra & Incm Fd Neuberger Berman 1.21 -11.76 8.98 100.00 17.45 501 1,935
TYG Tortoise Nrg Infra Corp Tortoise 1.29 -15.79 8.08 42.07 21.50 449 1,704
SRV NXG Cushing Midstream Nrg Fd Cushing 1.18 -0.63 12.74 93.00 25.86 124 1,412
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 3.00 -14.03 10.36 38.36 29.11 369 889
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Invst Mgmt 2.91 -8.57 14.06 37.85 29.35 784 2,692
AWP abrdn Glbl Prmr Prop Fd abrdn 3.00 -2.99 12.31 72.40 16.86 343 1,029
JPC Nuv Pref & Incm Opp Fd Nuveen 1.38 -10.01 7.93 0.00 37.72 2,553 5,141
FPF FT Imd Dur Pref & Incm Fd First Trust 1.38 -6.14 9.23 18.89 33.88 1,159 2,496
DFP F&C Dyn Pref & Incm Fd Flaherty & Crumrine 1.34 -11.44 7.04 0.00 38.90 438 946

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.

Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %