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 1,587.21 0.24 0.51 5.45 5.60 15.92 21.67 3.50 5.29 5.42 3.36 1.34 9.12
NAV 1,582.00 0.06 0.71 4.10 4.83 12.20 16.89 4.26 5.86 5.38 2.90 1.23 5.86
Difference -0.17 0.20 -1.35 -0.77 -3.72 -4.78 0.77 0.56 -0.04 -0.46 -0.11 -3.26
* 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
-4.44%
1Yr Disc
-6.61%
3Yr Disc
-3.90%
5Yr Disc
-3.77%
Rel Disc Range (3yr)
47.23%
Mkt Yield
10.35%
Lev Adj NAV Yield
7.96%
After Tax Yield*
8.79%
Est Tax Friction*
1.56%
3Yr NAV Volatiliy
12.13
1 Yr RoC
46.44%
3 Yr Dest RoC
30.35%
Leverage
25.23%
Non Lev Exp Ratio
1.92%
Beta (2yr)
0.67
Equity Exposure
44.03%
Bond Exposure
53.17%
# Holdings
84
Cash Weighted Duration
1.33
Comp NAV TR
0.65%
Comp Discount
1.72%
Net Assets (M)
1,228
Liquidity - 90d (K)
5,144
* 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 -10.91 12.81 53.25 25.11 469 787
CPZ Calamos Lng-Srt Eq & Dyn Incm Calamos 1.02 -14.33 10.81 19.88 25.46 356 874
AIO Virtus AI & Tech Opp Fd Virtus 1.00 -8.30 9.05 68.94 14.81 745 2,388
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.00 -2.75 7.56 33.33 30.56 2,681 3,303
DMA Destra Multi-Alt Fd Destra 0.95 -34.07 8.47 100.00 14.60 101 193
ZTR Virtus Tot Rtn Fd Virtus 0.99 -14.64 10.95 92.62 30.17 396 1,772
FOF C&S CE Opp Fd Cohen&Steers 1.01 2.08 8.88 64.89 0.00 317 662
BCAT BR Cap Alloc Trm Tr BlackRock 0.96 -11.19 9.69 73.17 0.00 1,911 4,733
CGO Calamos Glbl Tot Rtn Fd Calamos 1.03 -8.79 9.07 34.87 31.46 114 390
GUG Gghm Active Alloc Fd Guggenheim Funds 1.03 -9.27 9.52 39.04 21.71 544 1,224
TBLD Thornburg Incm Bldr Opp Tr Thornburg Inv Mgmt 1.01 -13.06 7.73 15.68 0.00 597 1,258
GLV Clough Glbl Div & Incm Fd Clough 1.02 -16.49 11.23 95.10 28.39 84 349
CHW Calamos Glbl Dyn Incm Fd Calamos 1.03 -12.04 9.02 45.81 31.42 483 1,374
RIV RiverNorth Opp Fd RiverNorth 1.01 -3.29 12.84 79.13 31.99 267 910
SCD LMP Cap & Incm Fd Franklin Templeton 1.00 -7.20 8.77 69.37 19.16 286 821
GLO Clough Glbl Opp Fd Clough 1.02 -18.05 11.23 99.91 27.92 268 767
ECAT BR ESG Cap Alloc Trm Tr BlackRock 0.97 -10.67 10.75 82.52 0.00 1,909 3,469
DSL DbLin Incm Solutions Fd Doubleline 0.90 1.53 10.48 6.82 21.77 1,272 4,748
BIT BR Mlt-Sctr Incm Tr BlackRock 0.86 5.11 9.76 38.99 35.05 548 1,318
BTZ BR Cr Alloc Incm Tr BlackRock 0.88 -7.54 9.65 32.32 36.56 1,053 2,642
DBL DbLin Opportunistic Cr Fd Doubleline 0.89 0.13 8.71 37.12 12.62 250 786
BRW Saba Cap Incm & Opp Fd Saba Capital 0.90 -8.35 14.09 79.47 20.98 336 1,112
PAXS PIMCO Access Incm Fd PIMCO 0.92 5.31 11.29 19.67 42.48 664 2,719
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.91 20.79 15.16 60.57 19.68 1,680 10,065
PHK PIMCO Hi Incm Fd PIMCO 0.88 3.48 12.10 12.75 20.32 720 2,309
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.90 -4.77 7.42 0.00 19.79 959 1,941
PFN PIMCO Incm Stgy Fd II PIMCO 0.90 4.85 11.72 20.70 20.89 606 2,021
PFL PIMCO Incm Stgy Fd PIMCO 0.90 5.03 11.70 15.72 19.63 317 855
HFRO Highland Opp & Incm Fd NexPoint 0.85 -48.29 6.94 0.00 16.14 880 1,920
PDO PIMCO Dyn Incm Opp Fd PIMCO 0.91 3.70 11.66 20.59 41.03 1,453 5,339
RA Brkf Real Ast Incm Fd Brookfield 0.89 -12.95 11.14 45.29 17.27 810 2,759
NPCT Nuv Core Plus Impact Fd Nuveen 0.92 -11.93 10.48 55.34 35.67 342 891
WDI WA Divr Incm Fd Franklin Templeton 0.94 -5.68 11.64 0.00 31.30 812 3,294
PDI PIMCO Dyn Incm Fd PIMCO 0.91 12.90 13.80 25.25 39.54 5,226 27,186
FINS Angel Oak Fin Stgs Incm Trm Tr Angel Oak 0.91 -9.21 10.45 47.27 28.64 346 541
BHK BR Core Bnd Tr BlackRock 0.89 1.24 8.41 35.53 33.11 568 1,639
CLM Cornerstone Stgc Val Fd Cornerstone 1.01 7.73 17.31 46.16 0.00 1,667 10,645
CRF Cornerstone Tot Rtn Fd Cornerstone 1.01 13.00 16.46 41.50 0.00 749 5,248
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 1.00 -10.37 7.04 37.64 0.00 1,299 2,590
EOS EV Enh Eq Incm Fd II Eaton Vance 1.03 -3.97 8.78 31.32 0.00 1,134 1,770
CUBA Herzfeld Caribbean Basin Fd Herzfeld Cuba 0.99 -27.00 22.01 94.34 0.00 51 210
BST BR Sci & Tech Tr BlackRock 0.98 -1.74 8.32 29.60 0.00 1,274 3,284
IAE Voya AP Hi Div Eq Incm Fd Voya 1.04 -13.28 12.19 81.39 0.00 81 172
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.02 -3.21 8.77 0.00 0.00 2,208 3,237
PDX Dyn Incm Stgy Fd PIMCO 1.03 -10.73 6.29 18.69 9.08 1,083 2,169
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.02 -6.62 9.08 63.88 0.00 1,640 2,767
NBXG NB Nxt Gen Connectivity Fd Neuberger Berman 1.03 -15.08 9.91 100.00 0.00 1,123 3,053
BSTZ BR Sci & Tech Trm Tr BlackRock 0.95 -16.22 6.84 93.03 0.00 1,674 4,212
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.07 -1.19 8.70 85.67 11.00 646 1,855
HGLB Highland Glbl Alloc Fd NexPoint 0.98 -35.32 12.98 0.00 3.11 262 565
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 1.01 -10.28 7.13 42.99 0.00 1,540 2,439
AEF abrdn Emrg Mkt Eq Incm Fd abrdn 1.05 -15.19 6.72 88.02 10.54 321 555
FSCO FS Cr Opp Corp FS/KKR 1.52 -13.34 11.67 0.00 33.41 1,412 4,009
XFLT XAI Octgn Flt Rt & Alt Incm Tr XA Investments 1.48 2.02 14.41 5.79 38.17 406 2,906
VVR Invsc Sr Incm Tr Invesco 1.49 8.42 11.78 16.70 31.36 619 2,867
AIF Apollo Tactical Incm Fd Apollo 1.51 -0.87 11.69 0.00 36.04 216 1,972
FRA BR Flt Rt Incm Stgc Fd BlackRock 1.50 0.76 11.21 10.18 21.38 464 1,953
BGB Blackstone Stgc Cr 2027 Trm Fd Blackstone 1.48 -6.19 9.20 0.00 37.15 578 1,633
FAX abrdn Asia-Pacific Incm Fd abrdn 1.35 -13.67 12.74 46.38 31.25 743 2,026
JFR Nuv Flt Rt Incm Fd Nuveen 1.48 -5.91 11.64 2.00 37.87 1,248 4,752
LDP C&S Ltd Dur Pref & Incm Fd Cohen&Steers 2.76 -7.97 8.01 11.89 33.70 620 1,608
PDT JH Prm Div Fd John Hancock 2.85 -7.99 8.43 24.14 38.02 628 1,530
MIN MFS Imd Incm Tr MFS 1.43 -7.45 9.19 58.59 0.00 322 931
ARCC Ares Capital Corp Ares 1.16 8.96 9.02 0.00 48.21 11,870 73,909
FSK FS KKR Capital Corp FS/KKR 1.24 -17.64 12.78 0.00 52.59 6,811 33,445
OBDC Blue Owl Cap Corp Blue Owl 1.24 6.27 9.00 0.00 51.66 6,029 35,633
BXSL Blackstone Secur Lending Fd Blackstone 1.14 17.32 10.06 0.00 49.27 5,023 28,061
HTGC Hercules Capital Hercules 1.19 66.47 8.26 0.00 47.40 1,886 19,416
MAIN Main Street Cap Corp Main Street Capital 1.18 65.03 5.91 0.00 43.04 2,532 17,608
GBDC Golub Capital BDC Golub Capital 1.12 8.40 9.52 0.00 55.38 2,593 13,646
OCSL Oaktree Splty Lending Oaktree Capital 1.12 3.47 11.36 0.00 49.60 1,524 10,688
PSEC Prospect Capital Corp Prospect Capital 1.18 -37.04 12.72 0.00 51.14 3,756 10,507
CSWC Cap Southwest Corp Capital Southwest 1.19 56.23 8.70 0.00 47.42 756 7,796
KYN KA Nrg Infra Fd Kayne Anderson 1.15 -14.81 8.84 8.49 21.32 1,975 4,508
CEM CB MLP & Midstream Fd Franklin Templeton 1.20 -4.50 6.37 33.18 28.09 673 1,269
NML NB Nrg Infra & Incm Fd Neuberger Berman 1.20 -12.37 9.08 100.00 17.45 499 1,928
TYG Tortoise Nrg Infra Corp Tortoise 1.26 -17.27 8.27 42.07 21.50 447 1,637
SRV NXG Cushing Midstream Nrg Fd Cushing 1.18 -0.26 12.78 93.00 25.86 123 1,414
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 3.01 -14.16 10.36 38.36 29.11 370 893
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Invst Mgmt 2.95 -7.98 13.87 37.85 29.35 789 2,733
AWP abrdn Glbl Prmr Prop Fd abrdn 3.00 -3.96 12.37 74.22 16.86 345 1,013
JPC Nuv Pref & Incm Opp Fd Nuveen 1.37 -10.39 7.96 0.00 37.72 2,553 5,127
FPF FT Imd Dur Pref & Incm Fd First Trust 1.38 -5.93 9.21 18.89 33.88 1,159 2,502
DFP F&C Dyn Pref & Incm Fd Flaherty & Crumrine 1.35 -11.37 7.04 0.00 38.90 437 948

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 %