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 1,717.17 -0.74 -1.71 -1.04 4.35 11.82 35.47 3.65 6.12 5.99 -1.87 -1.87 18.06
NAV 1,680.28 -0.22 -0.53 -0.27 4.23 9.29 25.21 4.29 6.48 5.68 -0.76 -0.76 12.44
Difference 0.51 1.18 0.76 -0.12 -2.53 -10.26 0.64 0.36 -0.31 1.10 1.10 -5.62
* 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 3.64 2.07 3.72 11.68 2.67 2.06 2.80 7.72 - - - - - -
NAV 0.47 1.59 2.45 4.57 -1.62 2.76 1.01 2.13 6.79 2.02 1.94 2.01 6.09 - - - - - -
Difference -2.03 -0.20 -0.76 -3.10 0.33 -0.88 -1.05 -1.59 -4.89 -0.65 -0.12 -0.79 -1.63 - - - - - -
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
-3.05%
1Yr Disc
-5.02%
3Yr Disc
-4.60%
5Yr Disc
-3.61%
Rel Disc Range (3yr)
56.49%
Mkt Yield
10.61%
Lev Adj NAV Yield
8.35%
After Tax Yield*
9.04%
Est Tax Friction*
1.57%
3Yr NAV Volatiliy
12.20
1 Yr RoC
45.08%
3 Yr Dest RoC
31.08%
Leverage
25.48%
Non Lev Exp Ratio
1.93%
Beta (2yr)
0.69
Equity Exposure
42.76%
Bond Exposure
54.53%
# Holdings
85
Cash Weighted Duration
1.53
Comp NAV TR
0.43%
Comp Discount
1.29%
Net Assets (M)
1,257
Liquidity - 90d (K)
5,396
* 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


85 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NMAI Nuv Multi-Asset Incm Fd Nuveen 1.02 -9.19 13.20 70.54 26.59 466 1,135
CPZ Calamos Lng-Srt Eq & Dyn Incm Calamos 1.03 -10.62 10.79 19.88 25.86 342 918
AIO Virtus AI & Tech Opp Fd Virtus 1.05 -1.10 8.03 22.89 14.55 778 1,729
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.06 -1.78 6.97 68.75 29.31 2,882 3,328
DMA Destra Multi-Alt Fd Destra 1.03 -25.17 7.30 N/A 14.36 104 157
ZTR Virtus Tot Rtn Fd Virtus 1.95 -13.04 10.22 95.24 28.04 417 1,301
FOF C&S CE Opp Fd Cohen&Steers 1.02 5.62 8.17 63.73 0.00 334 581
BCAT BR Cap Alloc Trm Tr BlackRock 0.99 -7.08 21.88 82.71 0.00 1,776 5,796
CGO Calamos Glbl Tot Rtn Fd Calamos 1.04 -0.66 8.01 33.33 34.13 119 250
GUG Gghm Active Alloc Fd Guggenheim Funds 0.98 -7.29 9.11 34.73 26.93 557 1,218
TBLD Thornburg Incm Bldr Opp Tr Thornburg Inv Mgmt 1.00 -10.15 7.31 15.68 0.00 610 1,240
GLV Clough Glbl Div & Incm Fd Clough 1.01 -12.50 11.00 91.42 30.11 82 255
CHW Calamos Glbl Dyn Incm Fd Calamos 1.02 -10.53 8.51 33.33 33.94 503 1,368
RIV RiverNorth Opp Fd RiverNorth 1.00 0.16 12.41 84.05 32.88 267 933
SCD LMP Cap & Incm Fd Franklin Templeton 1.00 -4.08 8.01 22.43 18.15 302 733
GLO Clough Glbl Opp Fd Clough 1.00 -14.29 10.91 99.90 29.98 264 852
ECAT BR ESG Cap Alloc Trm Tr BlackRock 1.00 -5.70 21.04 87.95 0.00 1,812 4,357
DSL DbLin Incm Solutions Fd Doubleline 0.83 -1.83 10.71 10.98 22.81 1,326 4,629
BIT BR Mlt-Sctr Incm Tr BlackRock 0.85 0.82 10.06 37.25 34.53 574 1,914
BTZ BR Cr Alloc Incm Tr BlackRock 0.83 -6.64 9.42 32.94 34.90 1,069 2,669
DBL DbLin Opportunistic Cr Fd Doubleline 0.84 -1.56 8.70 31.44 12.01 272 947
BRW Saba Cap Incm & Opp Fd Saba Capital 0.87 -6.13 13.60 59.64 14.99 340 947
PAXS PIMCO Access Incm Fd PIMCO 0.83 0.58 11.51 14.80 41.64 685 2,698
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.87 31.32 13.97 56.22 17.86 1,817 12,881
PHK PIMCO Hi Incm Fd PIMCO 0.88 5.29 11.57 13.08 17.72 772 2,853
PCF Hi Incm Sec Fd Hi Incm Sec Fd 0.86 -6.99 11.22 28.11 0.00 210 1,069
PFN PIMCO Incm Stgy Fd II PIMCO 0.87 3.88 11.49 12.68 15.55 644 2,080
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.84 -4.84 7.26 0.00 14.17 980 2,430
HFRO Highland Opp & Incm Fd NexPoint 0.81 -55.65 8.18 9.54 14.90 842 1,095
PDO PIMCO Dyn Incm Opp Fd PIMCO 0.85 2.28 11.40 13.16 38.95 1,588 7,580
RA Brkf Real Ast Incm Fd Brookfield 0.87 -10.15 10.59 29.02 20.11 822 2,958
NPCT Nuv Core Plus Impact Fd Nuveen 0.83 -7.49 12.85 55.12 33.71 345 1,466
PFL PIMCO Incm Stgy Fd PIMCO 0.88 4.28 11.46 17.29 16.14 347 1,292
WDI WA Divr Incm Fd Franklin Templeton 0.84 -3.38 11.98 0.00 31.38 797 3,104
PDI PIMCO Dyn Incm Fd PIMCO 0.84 11.39 13.73 21.49 35.62 5,858 37,834
FINS Angel Oak Fin Stgs Incm Trm Tr Angel Oak 0.86 -7.71 10.12 46.46 28.99 351 579
BHK BR Core Bnd Tr BlackRock 0.83 7.46 7.87 36.80 33.96 573 1,689
CLM Cornerstone Stgc Val Fd Cornerstone 1.07 12.92 16.21 64.68 0.00 1,742 12,488
CRF Cornerstone Tot Rtn Fd Cornerstone 1.07 24.30 14.74 60.69 0.00 778 6,141
DNP DNP Sel Incm Fd Virtus 0.99 7.74 8.13 20.31 26.18 3,262 5,477
BST BR Sci & Tech Tr BlackRock 1.05 -6.18 8.23 15.20 0.00 1,348 5,155
BSTZ BR Sci & Tech Trm Tr BlackRock 1.08 -9.66 12.72 58.42 0.00 1,658 4,212
DPG D&P Util & Infra Fd Virtus 1.01 -9.91 7.33 95.31 26.21 486 1,443
THQ abrdn Health Opp Fd abrdn 0.98 -3.20 10.20 61.81 19.60 904 2,278
HQH abrdn Health Invstr abrdn 1.01 -9.25 12.87 49.81 0.00 1,054 2,549
HQL abrdn Life Sci Invstr abrdn 1.02 -9.73 13.12 38.40 0.00 464 1,041
NBXG NB Nxt Gen Connectivity Fd Neuberger Berman 1.03 -13.66 9.35 100.00 0.00 1,170 2,717
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.06 2.81 8.20 86.50 11.00 659 1,661
BTO JH Fin Opp Fd John Hancock 1.05 -0.85 7.67 22.90 16.75 674 1,543
EOS EV Enh Eq Incm Fd II Eaton Vance 1.05 -3.60 8.22 33.80 0.00 1,207 2,167
IAE Voya AP Hi Div Eq Incm Fd Voya 0.99 -12.11 11.94 80.62 0.00 82 226
MEGI MainStay CBRE Glbl Infra MTrnd Trm New York Life 0.97 -7.80 10.66 25.00 23.50 794 1,598
FAX abrdn Asia-Pacific Incm Fd abrdn 1.54 -7.75 12.15 35.41 36.26 729 2,250
BKT BR Incm Tr BlackRock 1.56 -2.07 8.93 58.19 20.96 258 717
PCN PIMCO Corp & Incm Stgy Fd PIMCO 1.60 15.45 9.82 14.44 12.69 724 2,832
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 1.57 -6.75 13.83 44.75 35.29 214 971
EVV EV Ltd Dur Incm Fd Eaton Vance 1.59 -4.16 9.58 31.96 40.30 1,228 3,427
PTY PIMCO Corp & Incm Opp Fd PIMCO 1.66 23.97 9.85 16.61 20.71 1,984 9,166
VVR Invsc Sr Incm Tr Invesco 1.56 -2.53 13.37 16.30 32.98 606 3,242
FSCO FS Cr Opp Corp FS/KKR 1.70 -8.08 10.91 0.00 32.48 1,424 4,682
DHY CS Hi Yld Bnd Fd Credit Suisse 1.58 -1.81 8.57 0.00 25.69 229 1,153
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.56 -10.73 11.59 0.00 6.18 336 1,137
ARCC Ares Capital Corp Ares 1.21 9.99 8.90 0.00 49.67 12,362 70,157
OBDC Blue Owl Cap Corp Blue Owl 1.24 -1.82 9.81 0.00 53.47 5,994 28,998
BXSL Blackstone Secur Lending Fd Blackstone 1.28 14.53 9.89 0.00 51.69 5,464 31,480
FSK FS KKR Capital Corp FS/KKR 1.25 -15.03 12.58 0.00 52.98 6,708 25,877
GBDC Golub Capital BDC Golub Capital 1.19 0.20 10.16 0.00 51.17 4,054 22,861
HTGC Hercules Capital Hercules 1.19 74.89 8.00 0.00 47.58 1,856 18,908
PSEC Prospect Capital Corp Prospect Capital 1.16 -40.27 13.79 0.00 51.17 3,749 14,551
OCSL Oaktree Splty Lending Oaktree Capital 1.16 -10.94 13.58 0.00 51.09 1,496 11,239
PFLT PennantPark Flt Rt Cap PennantPark 1.15 -0.79 10.93 0.00 51.02 833 8,788
GSBD Goldman Sachs BDC Goldman Sachs 1.19 -1.46 13.36 0.00 53.55 1,598 8,875
KYN KA Nrg Infra Fd Kayne Anderson 1.25 -10.51 8.35 5.89 21.05 2,173 4,575
NML NB Nrg Infra & Incm Fd Neuberger Berman 1.17 -9.47 8.53 84.45 17.05 514 1,369
TYG Tortoise Nrg Infra Corp Tortoise 1.19 -11.74 7.80 66.61 18.90 488 1,253
EMO CB Nrg Midstream Opp Fd Franklin Templeton 1.20 -10.93 9.24 0.00 28.35 875 1,534
SRV NXG Cushing Midstream Nrg Fd Cushing 1.07 -5.67 13.15 98.52 28.37 131 1,022
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 3.00 -7.35 12.34 47.53 27.57 384 1,826
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Invst Mgmt 2.78 1.04 12.33 55.88 28.77 812 3,284
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 2.98 -0.51 9.55 52.81 20.62 187 472
FPF FT Imd Dur Pref & Incm Fd First Trust 1.35 -5.67 8.85 24.26 38.35 1,202 2,885
PDT JH Prm Div Fd John Hancock 1.36 -5.33 7.75 29.40 35.57 664 1,326
LDP C&S Ltd Dur Pref & Incm Fd Cohen&Steers 1.35 -5.00 7.53 7.68 32.80 639 1,582
FLC F&C Tot Rtn Fd Flaherty & Crumrine 1.36 -9.36 6.71 0.00 37.80 193 531
NPFD Nuv Var Rt Pref & Incm Fd Nuveen 1.40 -8.24 10.75 19.46 36.52 492 1,826

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 %