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02. High Income Index

Data as of

About the Index

50% Equity focused income funds and 50% Bond/BDC focused income funds: (1) Funds need to have 90-day average trading dollar ($) liquidity over $500K. (2) Taxable Bond + Preferred Equity groupings according to CEFdata.com, ranked by top 35% current market price yield (40% of the index weighting), (3) Debt-Focused Business Development Companies (BDCs), top 35% ranked by current market price yield (10% of the index weighting). (4) US Equity, Non-US Equity, Specialty Equity and Hybrid/Balanced Funds groupings in CEFData.com with funds only included if they pay monthly or quarterly distributions without a large year-end distribution in both of the past two calendar years. This selection is then ranked by top 35% of funds by current market price yield (50% of index weighting) 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 1,122.37 2.57 3.35 -10.20 -5.99 -19.64 -19.03 -2.10 -0.67 2.50 2.57 2.57 -20.54
NAV 1,140.94 1.58 1.59 -4.70 -3.04 -14.48 -14.01 -0.72 0.77 3.44 1.58 1.58 -15.59
Difference -0.99 -1.76 5.50 2.95 5.16 5.02 1.38 1.44 0.94 -0.99 -0.99 4.94
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2022 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2022
Price -1.69 -2.49 1.60 -2.60 -6.25 -1.07 -7.60 -14.30 -16.53 8.50 -1.58 -13.08 -7.19 - - - - - -
NAV -2.02 -1.17 1.02 -2.18 -4.70 -0.80 -6.64 -11.75 -13.67 5.69 -2.40 -6.68 -3.74 - - - - - -
Difference -0.33 1.31 -0.58 0.42 1.55 0.27 0.96 2.55 2.85 -2.81 -0.81 6.39 3.45 - - - - - -
2021 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2021
Price 3.07 5.52 4.49 13.65 4.37 2.56 1.93 9.10 24.00 0.24 1.82 -2.85 -0.85 3.98 -2.28 0.60 2.22 1.36 25.68
NAV 1.27 2.22 2.25 5.85 2.91 1.88 1.09 5.98 12.19 0.39 1.40 -1.62 0.15 2.28 -2.07 2.10 2.26 2.41 14.89
Difference -1.80 -3.30 -2.24 -7.79 -1.46 -0.68 -0.84 -3.12 -11.81 0.15 -0.42 1.24 1.00 -1.70 0.20 1.49 0.04 1.05 -10.78
2020 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2020
Price -0.12 -10.78 -34.96 -42.04 21.51 6.53 -1.22 27.86 -25.90 2.19 3.50 -3.28 2.30 -1.47 16.90 3.83 19.59 22.34 -9.34
NAV -1.37 -6.57 -26.08 -31.89 15.62 4.34 0.44 21.17 -17.46 3.59 2.39 -2.11 3.83 0.35 9.24 3.67 13.64 18.00 -2.61
Difference -1.25 4.21 8.88 10.15 -5.89 -2.19 1.67 -6.68 8.43 1.40 -1.11 1.17 1.53 1.82 -7.66 -0.16 -5.95 -4.34 6.73
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 14.98 1.62 1.73 18.85 1.82 -3.40 4.02 2.32 21.61 1.41 -4.11 1.96 -0.84 -0.62 -0.23 3.79 2.91 2.04 24.09
NAV 8.73 1.35 2.01 12.41 1.06 -2.34 3.08 1.74 14.37 -0.10 -2.38 1.20 -1.31 -0.50 -0.41 4.02 3.08 1.73 16.35
Difference -6.25 -0.27 0.29 -6.44 -0.76 1.06 -0.94 -0.58 -7.24 -1.51 1.73 -0.76 -0.46 0.13 -0.18 0.22 0.17 -0.31 -7.74
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 2.43 -4.30 -1.81 -3.75 4.21 2.23 -0.35 6.15 2.17 3.05 1.41 -1.22 3.23 -8.13 0.45 -10.41 -17.31 -14.65 -12.79
NAV 2.81 -4.45 -1.76 -3.49 2.81 1.96 -0.13 4.68 1.03 3.05 0.68 -0.29 3.45 -4.66 0.10 -6.62 -10.89 -7.82 -6.87
Difference 0.38 -0.15 0.06 0.26 -1.40 -0.27 0.22 -1.47 -1.15 0.00 -0.73 0.93 0.22 3.46 -0.36 3.79 6.42 6.83 5.92
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.65 3.04 0.58 8.46 2.68 0.61 0.13 3.45 12.20 2.40 -1.83 2.40 2.94 -2.28 -1.67 3.21 -0.82 2.09 14.55
NAV 2.10 1.90 0.21 4.26 1.12 0.50 0.50 2.14 6.49 1.77 -0.59 1.45 2.64 -0.47 0.18 2.31 2.01 4.70 11.49
Difference -2.55 -1.14 -0.37 -4.20 -1.56 -0.11 0.37 -1.31 -5.71 -0.63 1.24 -0.95 -0.31 1.81 1.84 -0.90 2.83 2.60 -3.06
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -7.98 0.29 10.04 1.55 8.55 1.42 3.32 13.75 15.52 4.99 2.08 0.57 7.78 -2.49 1.07 1.81 0.34 8.15 24.93
NAV -7.03 -0.67 7.13 -1.07 7.12 1.92 2.50 11.91 10.70 2.84 1.52 1.73 6.21 -1.07 0.64 2.00 1.55 7.86 19.40
Difference 0.95 -0.97 -2.91 -2.63 -1.42 0.50 -0.82 -1.84 -4.81 -2.15 -0.56 1.17 -1.58 1.41 -0.42 0.19 1.21 -0.29 -5.53
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 0.75 4.19 -1.61 3.28 2.55 -0.88 -4.38 -2.80 0.39 -3.34 -4.33 -5.75 -12.84 8.36 -3.53 -4.80 -0.49 -13.27 -12.93
NAV -0.18 3.07 -1.02 1.84 2.60 0.15 -2.12 0.58 2.43 -1.11 -3.79 -4.14 -8.80 5.62 -3.04 -5.73 -3.46 -11.95 -9.81
Difference -0.93 -1.12 0.59 -1.44 0.05 1.02 2.26 3.37 2.04 2.23 0.54 1.61 4.04 -2.73 0.49 -0.92 -2.96 1.32 3.12
2014 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2014
Price 0.42 3.75 0.23 4.43 1.61 2.44 2.06 6.25 10.96 -2.33 2.44 -4.27 -4.23 -0.06 -0.64 -5.93 -6.59 -10.54 -0.73
NAV -0.08 2.99 0.70 3.63 1.19 1.52 1.74 4.51 8.30 -1.13 1.83 -2.90 -2.24 -0.23 -0.83 -3.06 -4.08 -6.23 1.55
Difference -0.50 -0.76 0.46 -0.81 -0.43 -0.93 -0.33 -1.74 -2.66 1.21 -0.61 1.37 1.99 -0.17 -0.18 2.87 2.51 4.31 2.29
2013 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2013
Price 6.78 0.51 1.72 9.18 1.21 -1.76 -2.39 -2.96 5.95 1.14 -2.83 2.55 0.78 3.01 -1.11 1.19 3.08 3.89 10.07
NAV 3.64 -0.09 1.47 5.07 1.72 -0.41 -2.71 -1.44 3.55 2.71 -1.44 2.68 3.95 2.35 0.35 0.62 3.34 7.42 11.23
Difference -3.14 -0.61 -0.25 -4.11 0.51 1.36 -0.32 1.51 -2.40 1.58 1.39 0.13 3.16 -0.66 1.46 -0.57 0.26 3.53 1.16
2012 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2012
Price 8.54 3.57 -0.37 12.00 0.07 -5.11 3.45 -1.77 10.01 3.19 2.80 2.50 8.74 -1.57 -1.65 0.06 -3.13 5.34 15.88
NAV 4.29 3.06 0.38 7.88 0.15 -4.81 2.86 -1.93 5.80 2.07 1.88 2.38 6.46 0.17 0.21 1.42 1.81 8.39 14.68
Difference -4.25 -0.52 0.75 -4.11 0.08 0.31 -0.59 -0.16 -4.21 -1.13 -0.92 -0.12 -2.28 1.74 1.86 1.36 4.94 3.06 -1.20

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-7.44%
1Yr Disc
-1.10%
3Yr Disc
-2.90%
5Yr Disc
-2.67%
Rel Disc Range (3yr)
52.85%
Mkt Yield
13.42%
Lev Adj NAV Yield
10.20%
After Tax Yield*
11.19%
Est Tax Friction*
2.23%
3Yr NAV Volatiliy
18.47
1 Yr RoC
39.45%
3 Yr Dest RoC
34.85%
Leverage
25.56%
Non Lev Exp Ratio
2.00%
Beta (2yr)
0.79
Equity Exposure
48.81%
Bond Exposure
48.28%
# Holdings
84
Cash Weighted Duration
1.57
Comp NAV TR
-2.56%
Comp Discount
1.42%
Net Assets (M)
702
Liquidity - 90d (K)
2,431
* 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)
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 1.20 -5.88 18.48 54.30 35.40 234 1,394
ACP abrdn Incm Cr Stgs Fd abrdn 1.15 -2.98 18.40 1.39 43.53 167 713
OXLC Oxford Lane Cap Corp Oxford Lane 1.15 -8.36 17.11 0.00 29.25 829 6,124
NCZ Virtus Convt & Incm Fd II Virtus 1.15 -16.42 16.07 87.63 48.90 255 1,359
NCV Virtus Convt & Incm Fd Virtus 1.17 -14.55 15.79 85.78 46.10 342 1,537
ECC Eagle Point Cr Co Eagle Point 1.19 0.97 14.70 0.00 30.92 507 4,141
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 1.19 -5.01 14.43 0.00 41.27 226 1,083
GOF Gghm Stgc Opp Fd Guggenheim Funds 1.16 22.05 14.10 56.46 22.90 1,367 6,874
RA Brkf Real Ast Incm Fd Brookfield 1.17 12.16 13.55 57.61 28.94 846 3,932
BRW Saba Cap Incm & Opp Fd Saba Capital 1.16 -7.52 13.22 90.99 41.27 367 774
NHS NB Hi Yld Stgs Fd Neuberger Berman 1.16 -5.00 13.61 29.73 42.20 164 548
PDI PIMCO Dyn Incm Fd PIMCO 1.19 5.63 13.31 0.00 44.43 4,315 17,061
HIX WA Hi Incm Fd II Franklin Templeton 1.20 -6.64 13.07 8.53 34.39 313 799
AVK Advent Convt & Incm Fd Guggenheim Funds 1.16 -10.01 13.03 28.13 43.89 415 1,130
FAX abrdn Asia-Pacific Incm Fd abrdn 1.17 -14.95 12.89 43.43 35.50 746 3,078
EVV EV Ltd Dur Incm Fd Eaton Vance 1.16 -9.50 12.85 40.92 38.10 1,199 2,510
TEI Tmp Emrg Mkt Incm Fd Franklin Templeton 1.20 -10.23 12.39 28.07 0.00 248 874
RCS PIMCO Stgc Incm Fd PIMCO 1.20 10.86 12.49 1.16 42.47 199 536
JGH Nuv Glbl Hi Incm Fd Nuveen 1.18 -11.65 12.59 22.03 30.27 283 529
PCF Hi Incm Sec Fd Hi Incm Sec Fd 1.15 -4.29 12.68 28.16 0.00 127 551
PFN PIMCO Incm Stgy Fd II PIMCO 1.20 0.85 12.05 0.00 34.49 562 1,560
PHK PIMCO Hi Incm Fd PIMCO 1.19 2.37 12.10 0.00 31.82 633 1,870
ACV Virtus Divr Incm & Convt Fd Virtus 1.17 -12.41 12.14 0.00 31.38 210 648
PFL PIMCO Incm Stgy Fd PIMCO 1.20 2.23 11.85 0.00 33.80 289 894
DSL DbLin Incm Solutions Fd Doubleline 1.17 -8.83 11.95 0.00 27.17 1,236 3,847
FTF FrkTmp Ltd Dur Incm Tr Franklin Templeton 1.16 -11.33 12.04 15.76 32.31 285 579
PTY PIMCO Corp & Incm Opp Fd PIMCO 1.20 10.96 11.73 0.00 44.55 965 5,068
NPCT Nuv Core Plus Impact Fd Nuveen 1.19 -14.47 11.75 41.80 38.31 354 1,160
EMD WA Emrg Mkt Dbt Fd Franklin Templeton 1.18 -12.86 11.81 31.97 31.67 562 1,453
WDI WA Divr Incm Fd Franklin Templeton 1.18 -14.41 11.75 2.47 32.89 773 1,859
GHY PGIM Glbl Hi Yld Fd Prudential 1.17 -10.87 11.65 18.87 14.69 497 1,232
CHY Calamos Convt & Hi Incm Fd Calamos 1.17 -3.01 11.64 0.00 36.84 794 1,672
CHI Calamos Convt Opp & Incm Calamos 1.16 -3.36 11.67 0.00 36.73 740 1,572
CCD Calamos Dyn Convt & Incm Fd Calamos 1.16 1.35 11.57 0.00 36.43 508 1,721
GECC Great Elm Cap Corp Great Elm Capital 0.61 -25.23 18.75 0.00 41.15 98 155
ICMB Investcorp Cr Mgmt BDC Investcorp 0.61 -39.08 15.15 0.00 60.47 94 66
NEWT Newtek Biz Serv Corp Newtek 0.61 0.98 15.79 0.00 49.87 397 2,459
FSK FS KKR Capital Corp FS/KKR 0.61 -34.42 15.47 0.00 54.38 7,480 19,123
FCRD First Eagle Alt Cap BDC First Eagle Alt Cr 0.61 -44.72 15.02 0.00 57.57 159 150
CION CION Inv Corp CION Inv Mgmt 0.61 -46.76 14.66 0.00 58.14 905 2,439
TRIN Trinity Capital Trinity Capital 0.61 -14.77 14.45 0.00 53.73 512 2,787
OFS OFS Capital Corp OFS Capital 0.61 -42.42 13.83 12.07 63.55 196 389
OXSQ Oxford Square Cap Corp Oxford Lane 0.61 -16.62 13.73 4.70 46.85 183 441
MRCC Monroe Capital Corp Monroe Capital 0.61 -30.63 13.46 0.00 57.52 232 377
SLRC SLR Inv Corp SLR Capital 0.61 -32.54 13.12 10.16 41.72 1,015 3,307
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.61 -14.30 12.91 0.00 53.85 453 2,783
WHF WhiteHorse Finance H.I.G. Capital 0.61 -26.56 12.93 0.00 52.93 347 559
MFIC MidCap Fin Invt Corp Apollo 0.61 -33.57 12.42 0.00 60.80 986 2,767
GSBD Goldman Sachs BDC Goldman Sachs 0.61 -6.83 12.44 0.00 54.91 1,587 5,189
CSWC Cap Southwest Corp Capital Southwest 0.61 3.02 12.21 0.00 54.84 455 3,033
CRF Cornerstone Tot Rtn Fd Cornerstone 1.49 31.00 24.74 69.01 0.00 629 8,339
CLM Cornerstone Stgc Val Fd Cornerstone 1.47 30.42 24.68 72.60 0.00 1,390 16,488
GLO Clough Glbl Opp Fd Clough 1.49 -7.10 19.65 32.11 46.16 257 1,104
GLQ Clough Glbl Eq Fd Clough 1.48 -8.02 19.61 29.33 46.05 143 633
RIV RiverNorth Opp Fd RiverNorth 1.52 3.54 15.84 60.24 33.56 224 1,217
ZTR Virtus Tot Rtn Fd Virtus 1.48 -8.01 14.93 55.94 29.35 479 1,499
CHW Calamos Glbl Dyn Incm Fd Calamos 1.45 2.50 13.68 40.73 32.65 373 1,454
BSTZ BR Sci & Tech Tr II BlackRock 1.46 -16.27 12.86 11.35 0.00 1,680 4,437
JCE Nuv Core Eq Alpha Fd Nuveen 1.54 -0.32 12.53 0.00 0.00 203 646
NBXG NB Nxt Gen Connectivity Fd Neuberger Berman 1.48 -17.01 12.30 90.83 0.00 926 2,288
AWP abrdn Glbl Prmr Prop Fd abrdn 1.45 -8.51 12.40 56.82 24.50 361 1,134
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Invst Mgmt 1.47 -4.68 12.18 9.40 29.32 723 2,000
NMAI Nuv Multi-Asset Incm Fd Nuveen 1.52 -14.32 11.94 0.00 33.52 458 1,344
BMEZ BR Health Sci Tr II BlackRock 1.47 -15.78 11.40 0.00 0.00 2,031 5,210
USA Liberty All-Star Eq Fd ALPS 1.47 0.00 11.27 0.00 0.00 1,444 4,547
BIGZ BR Innovation & Gwth Tr BlackRock 1.46 -18.37 11.32 100.00 0.00 2,143 6,799
AIO Virtus AI & Tech Opp Fd Virtus 1.48 -13.59 11.33 0.00 16.06 632 1,848
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.48 -2.74 11.16 5.36 0.00 880 2,089
IFN India Fund abrdn 1.45 -8.91 11.32 0.00 0.00 494 1,137
EXG EV Tx-Mgd Glbl Divr Eq Incm Eaton Vance 1.49 -0.66 11.01 6.29 0.00 2,310 4,286
CPZ Calamos Lng-Srt Eq & Dyn Incm Calamos 1.47 -10.93 10.97 0.00 24.76 338 756
HGLB Highland Glbl Alloc Fd Highland Capital 1.46 -24.06 10.92 0.00 1.22 260 643
MCN Madison Cov Call & Eq Stgc Madison 1.46 0.30 10.94 21.39 0.00 138 527
LGI Lzrd Glbl Tot Rtn & Incm Fd Lazard 1.47 -7.59 10.79 18.92 28.23 195 537
GUG Gghm Active Alloc Fd Guggenheim Funds 1.53 -10.55 10.38 4.77 24.43 506 1,274
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.47 6.02 10.79 29.12 0.00 535 1,263
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.48 -2.59 10.62 89.72 14.00 536 2,014
DPG D&P Util & Infra Fd Virtus 1.49 11.34 10.57 88.04 27.84 453 928
THW Tekla Wld Health Fd Tekla 1.47 6.40 10.66 73.13 19.50 462 1,159
JRS Nuv Rel-Est Incm Fd Nuveen 1.50 -5.62 10.60 0.00 30.39 242 618
EOS EV Enh Eq Incm Fd II Eaton Vance 1.47 -0.82 10.49 27.35 0.00 814 2,189
FOF C&S CE Opp Fd Cohen&Steers 1.47 -4.04 10.47 30.24 0.00 284 577
ETO EV Tx-Adv Glbl Div Opp Fd Eaton Vance 1.46 -2.97 10.45 20.10 21.60 347 1,298
MEGI MainStay CBRE Glbl Infra MTrnd New York Life 1.51 -13.97 9.96 0.00 30.00 790 1,923

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.

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