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. We manually have removed DXYZ from firm benchmarks.

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 1,798.44 0.52 2.15 3.98 4.09 11.29 20.19 5.85 5.89 6.48 0.73 5.07 5.07
NAV 1,730.35 0.55 1.45 2.20 2.30 7.94 14.97 5.58 6.24 6.08 0.83 2.86 2.86
Difference 0.03 -0.69 -1.78 -1.79 -3.35 -5.22 -0.27 0.35 -0.40 0.10 -2.21 -2.21
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.08
2025 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2025
Price 4.31 - - - - - - - - - - - - - - - - - -
NAV 2.02 - - - - - - - - - - - - - - - - - -
Difference -2.29 - - - - - - - - - - - - - - - - - -
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 -1.62 3.48 -3.92 -2.18 5.37 17.68
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 -0.81 2.68 -2.45 -0.65 5.40 12.57
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 0.81 -0.81 1.47 1.53 0.03 -5.12
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
0.55%
1Yr Disc
-1.25%
3Yr Disc
-2.93%
5Yr Disc
-2.18%
Rel Disc Range (3yr)
63.77%
Mkt Yield
10.66%
Lev Adj NAV Yield
8.64%
After Tax Yield*
9.09%
Est Tax Friction*
1.57%
3Yr NAV Volatiliy
12.12
1 Yr RoC
44.76%
3 Yr Dest RoC
30.39%
Leverage
26.50%
Non Lev Exp Ratio
1.84%
Beta (2yr)
0.60
Equity Exposure
43.57%
Bond Exposure
53.49%
# Holdings
84
Cash Weighted Duration
1.69
Comp NAV TR
0.25%
Comp Discount
3.11%
Net Assets (M)
1,291
Liquidity - 90d (K)
6,569
* 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 1.06 -8.30 13.38 76.94 30.19 455 1,521
CPZ Calamos Lng-Srt Eq & Dyn Incm Calamos 2.14 -9.90 10.73 11.31 26.60 341 1,256
AIO Virtus AI & Tech Opp Fd Virtus 1.05 5.00 7.20 8.17 14.28 818 2,395
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.07 -2.08 6.71 82.06 31.42 3,004 3,493
ZTR Virtus Tot Rtn Fd Virtus 2.08 -6.58 9.84 97.50 29.65 403 2,001
FOF C&S CE Opp Fd Cohen&Steers 1.04 2.50 8.21 63.28 0.00 342 626
BCAT BR Cap Alloc Trm Tr BlackRock 1.08 -6.25 22.18 87.72 0.00 1,742 7,170
CGO Calamos Glbl Tot Rtn Fd Calamos 1.05 -3.10 8.30 8.33 35.27 117 287
GUG Gghm Active Alloc Fd Guggenheim Funds 1.09 -6.82 9.06 32.66 27.84 556 1,748
TBLD Thornburg Incm Bldr Opp Tr Thornburg Inv Mgmt 1.09 -9.97 7.29 5.15 0.00 611 1,489
GLV Clough Glbl Div & Incm Fd Clough 1.04 -11.94 11.56 90.11 26.62 78 192
CHW Calamos Glbl Dyn Incm Fd Calamos 1.07 -11.11 8.62 8.33 35.01 500 1,132
RIV RiverNorth Opp Fd RiverNorth 1.10 -2.71 12.54 81.88 33.14 269 1,070
SCD LMP Cap & Incm Fd Franklin Templeton 1.03 -5.36 7.91 11.52 18.14 310 576
GLO Clough Glbl Opp Fd Clough 1.07 -12.40 11.34 100.00 25.15 259 886
ECAT BR ESG Cap Alloc Trm Tr BlackRock 1.07 -5.77 21.90 91.73 0.00 1,773 4,806
DSL DbLin Incm Solutions Fd Doubleline 0.84 1.19 10.35 11.89 22.05 1,387 5,287
BIT BR Mlt-Sctr Incm Tr BlackRock 0.84 1.99 10.00 36.90 37.40 580 2,612
BTZ BR Cr Alloc Incm Tr BlackRock 0.86 -3.96 9.23 33.39 33.66 1,060 2,974
DBL DbLin Opportunistic Cr Fd Doubleline 0.85 2.39 8.32 28.41 14.15 282 970
BRW Saba Cap Incm & Opp Fd Saba Capital 0.85 -7.45 13.03 39.93 20.16 360 1,883
PAXS PIMCO Access Incm Fd PIMCO 0.89 5.31 11.03 10.40 38.83 684 4,656
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.84 31.53 14.08 56.70 17.31 1,875 14,353
PHK PIMCO Hi Incm Fd PIMCO 0.85 4.87 11.64 9.26 13.06 792 3,231
PCF Hi Incm Sec Fd Hi Incm Sec Fd 0.85 -6.70 10.65 27.07 0.00 210 937
PFN PIMCO Incm Stgy Fd II PIMCO 0.85 5.55 11.32 9.62 11.08 656 2,357
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.85 -3.50 7.12 0.00 15.10 986 2,651
HFRO Highland Opp & Incm Fd NexPoint 0.92 -54.86 7.97 0.00 14.86 850 2,347
PDO PIMCO Dyn Incm Opp Fd PIMCO 0.86 6.16 10.99 6.52 36.72 1,629 9,701
RA Brkf Real Ast Incm Fd Brookfield 0.84 -8.46 10.47 22.11 20.23 816 2,996
NPCT Nuv Core Plus Impact Fd Nuveen 0.86 -7.79 13.11 56.63 35.14 340 1,935
PFL PIMCO Incm Stgy Fd PIMCO 0.85 5.18 11.45 18.91 15.70 352 1,345
WDI WA Divr Incm Fd Franklin Templeton 0.88 -0.66 11.77 0.00 32.02 789 3,336
PDI PIMCO Dyn Incm Fd PIMCO 0.90 13.73 13.53 20.37 32.48 6,069 38,928
FINS Angel Oak Fin Stgs Incm Trm Tr Angel Oak 0.87 -5.23 9.75 45.90 26.90 355 1,385
BHK BR Core Bnd Tr BlackRock 0.84 1.92 8.41 37.08 39.32 565 1,610
CRF Cornerstone Tot Rtn Fd Cornerstone 1.00 31.76 15.71 62.69 0.00 788 9,095
CLM Cornerstone Stgc Inv Fd Cornerstone 1.01 26.16 16.37 68.23 0.00 1,766 18,877
DNP DNP Sel Incm Fd Virtus 1.03 4.92 8.31 29.48 25.07 3,307 6,697
GUT Gabelli Util Tr Gabelli 1.05 73.57 11.01 94.67 15.00 274 1,582
BTO JH Fin Opp Fd John Hancock 1.02 2.61 6.82 27.67 14.58 732 1,777
MEGI MainStay CBRE Glbl Infra MTrnd Trm New York Life 0.99 -10.15 12.02 33.33 27.00 723 2,770
UTF C&S Infra Fd Cohen&Steers 0.98 1.24 7.60 8.38 29.20 2,331 4,861
THQ abrdn Health Opp Fd abrdn 1.09 -1.59 10.26 78.08 19.60 885 3,954
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.06 -1.43 8.72 71.94 11.00 647 2,360
HQH abrdn Health Invstr abrdn 1.13 -8.65 13.57 71.76 0.00 1,060 4,567
IAE Voya AP Hi Div Eq Incm Fd Voya 0.98 -12.66 12.70 90.93 0.00 77 265
BST BR Sci & Tech Tr BlackRock 1.00 -4.99 7.88 9.35 0.00 1,391 4,581
AEF abrdn Emrg Mkt Eq Incm Fd abrdn 1.02 -10.73 7.39 90.28 11.73 308 824
BSTZ BR Sci & Tech Trm Tr BlackRock 1.01 -9.08 12.30 57.97 0.00 1,720 4,785
PCN PIMCO Corp & Incm Stgy Fd PIMCO 1.45 15.35 9.82 10.87 4.63 749 2,969
BKT BR Incm Tr BlackRock 1.44 -0.25 8.95 61.72 23.38 253 788
FAX abrdn Asia-Pacific Incm Fd abrdn 1.51 -7.25 12.69 42.84 38.23 694 2,686
PTY PIMCO Corp & Incm Opp Fd PIMCO 1.46 25.49 9.65 14.70 14.08 2,082 9,381
RCS PIMCO Stgc Incm Fd PIMCO 1.20 42.92 7.43 7.23 33.87 210 1,476
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 1.45 -6.64 13.29 39.80 36.40 219 1,249
EVV EV Ltd Dur Incm Fd Eaton Vance 1.48 -1.99 8.50 27.88 40.40 1,225 3,137
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.52 -7.53 13.36 0.00 16.58 334 1,302
XFLT XAI Octgn Flt Rt & Alt Incm Tr XA Investments 1.40 0.46 13.98 5.88 39.60 493 4,894
VVR Invsc Sr Incm Tr Invesco 1.45 4.09 11.20 14.21 32.32 600 3,669
TEI Tmp Emrg Mkt Incm Fd Franklin Templeton 1.49 -7.64 10.48 0.00 19.58 278 851
ARCC Ares Capital Corp Ares 1.15 16.14 8.31 0.00 48.58 13,366 107,385
BXSL Blackstone Secur Lending Fd Blackstone 1.16 22.85 9.19 0.00 51.64 5,909 34,433
FSK FS KKR Capital Corp FS/KKR 1.16 -3.02 11.08 0.00 53.36 6,671 31,657
OBDC Blue Owl Cap Corp Blue Owl 1.11 -1.57 9.85 0.00 54.94 7,796 36,010
HTGC Hercules Capital Hercules 1.14 83.60 7.64 0.00 47.57 1,852 21,049
GBDC Golub Capital BDC Golub Capital 1.11 1.19 10.19 0.00 54.61 4,017 20,533
PSEC Prospect Capital Corp Prospect Capital 1.09 -47.65 12.74 0.00 51.18 3,533 16,479
OCSL Oaktree Splty Lending Oaktree Capital 1.13 -10.49 10.14 0.00 51.16 1,450 12,871
GSBD Goldman Sachs BDC Goldman Sachs 1.21 -4.43 13.91 0.00 52.97 1,588 13,673
CSWC Cap Southwest Corp Capital Southwest 1.14 37.19 10.19 0.00 48.93 830 12,717
KYN KA Nrg Infra Fd Kayne Anderson 1.17 -8.90 7.11 5.76 20.00 2,508 6,522
EMO CB Nrg Midstream Opp Fd Franklin Templeton 1.20 -9.01 7.83 0.00 25.59 1,011 2,445
SRV NXG Cushing Midstream Nrg Fd Cushing 1.16 -0.06 11.60 94.49 28.37 187 2,085
NML NB Nrg Infra & Incm Fd Neuberger Berman 1.15 -9.64 7.63 100.00 17.75 576 1,975
TYG Tortoise Nrg Infra Corp Tortoise 1.21 -8.27 9.47 79.78 18.90 869 3,550
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 3.12 -3.90 12.49 49.63 33.11 366 1,723
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Invst Mgmt 3.17 0.78 13.95 59.97 32.55 724 4,100
AWP abrdn Glbl Prmr Prop Fd abrdn 3.11 2.03 11.91 82.83 19.35 338 1,357
PDT JH Prm Div Fd John Hancock 1.33 -4.18 7.70 22.65 36.56 660 1,526
LDP C&S Ltd Dur Pref & Incm Fd Cohen&Steers 1.38 -4.27 7.46 6.49 33.10 640 1,724
JPC Nuv Pref & Incm Opp Fd Nuveen 1.35 0.00 9.93 8.89 38.20 2,575 8,440
FLC F&C Tot Rtn Fd Flaherty & Crumrine 1.35 -7.38 6.59 0.00 38.20 193 520
FPF FT Imd Dur Pref & Incm Fd First Trust 1.38 -2.80 8.79 29.32 42.35 1,175 2,855

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 %