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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 1,258.52 0.57 2.35 9.19 11.06 0.22 -6.81 0.45 1.01 3.47 9.76 9.76 9.76
NAV 1,234.92 0.46 1.57 5.27 7.93 1.53 -5.35 1.11 1.24 3.80 5.33 5.33 5.33
Difference -0.11 -0.78 -3.92 -3.13 1.31 1.46 0.66 0.23 0.33 -4.43 -4.43 -4.43
* 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 6.10 5.91 -6.75 4.79 -2.74 -18.82
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 3.13 4.52 -3.17 4.38 0.47 -13.27
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 -2.98 -1.38 3.58 -0.41 3.22 5.55
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
-4.30%
1Yr Disc
-4.24%
3Yr Disc
-3.32%
5Yr Disc
-2.42%
Rel Disc Range (3yr)
59.43%
Mkt Yield
11.51%
Lev Adj NAV Yield
8.85%
After Tax Yield*
9.63%
Est Tax Friction*
1.88%
3Yr NAV Volatiliy
20.40
1 Yr RoC
47.09%
3 Yr Dest RoC
32.15%
Leverage
27.48%
Non Lev Exp Ratio
2.16%
Beta (2yr)
0.84
Equity Exposure
47.46%
Bond Exposure
50.20%
# Holdings
88
Cash Weighted Duration
1.59
Comp NAV TR
-1.97%
Comp Discount
1.83%
Net Assets (M)
721
Liquidity - 90d (K)
3,245
* 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


88 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 1.01 -11.41 13.72 55.58 34.00 232 1,483
OXLC Oxford Lane Cap Corp Oxford Lane 1.13 25.49 15.49 0.00 36.40 669 6,321
ACP abrdn Incm Cr Stgs Fd abrdn 1.16 8.29 15.31 0.00 42.25 180 1,232
ECC Eagle Point Cr Co Eagle Point 1.08 16.63 15.86 0.00 31.24 468 4,396
NCZ Virtus Convt & Incm Fd II Virtus 1.16 -7.73 13.47 97.25 42.97 276 1,990
NCV Virtus Convt & Incm Fd Virtus 1.15 -3.20 12.98 96.75 42.66 367 1,418
RA Brkf Real Ast Incm Fd Brookfield 1.07 8.48 13.73 53.29 27.10 891 3,591
GOF Gghm Stgc Opp Fd Guggenheim Funds 1.07 26.24 13.20 57.91 22.47 1,504 8,027
PDI PIMCO Dyn Incm Fd PIMCO 1.10 12.31 12.95 0.00 42.51 4,424 24,326
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 1.07 4.73 12.75 0.00 40.95 234 1,156
EIC Eagle Point Incm Co Eagle Point 1.00 8.52 13.70 0.00 35.21 98 694
BRW Saba Cap Incm & Opp Fd Saba Capital 1.06 -9.12 12.78 96.30 32.00 382 965
AVK Advent Convt & Incm Fd Guggenheim Funds 1.12 -6.07 11.36 70.19 43.62 456 1,728
EVV EV Ltd Dur Incm Fd Eaton Vance 1.09 -4.29 11.68 39.13 35.42 1,247 3,880
NHS NB Hi Yld Stgs Fd Neuberger Berman 1.02 -1.45 12.27 31.06 42.01 175 890
FSCO FS Cr Opp Corp FS/KKR 1.05 -21.75 11.87 0.00 36.39 1,259 2,427
FAX abrdn Asia-Pacific Incm Fd abrdn 1.08 -13.60 11.54 44.79 31.83 820 3,094
PFN PIMCO Incm Stgy Fd II PIMCO 1.08 4.66 11.28 0.00 31.08 592 1,784
PHK PIMCO Hi Incm Fd PIMCO 1.08 8.42 11.18 0.00 28.01 662 2,133
HIX WA Hi Incm Fd II Franklin Templeton 1.13 4.93 10.63 13.49 34.06 343 1,325
PAXS PIMCO Access Incm Fd PIMCO 1.06 -1.50 11.40 0.00 46.23 703 3,772
WDI WA Divr Incm Fd Franklin Templeton 1.10 -8.20 10.81 2.00 32.95 802 3,070
AIF Apollo Tactical Incm Fd Apollo 1.03 -11.16 11.56 0.00 37.45 206 850
JGH Nuv Glbl Hi Incm Fd Nuveen 1.06 -8.78 10.21 22.21 30.00 309 864
PFL PIMCO Incm Stgy Fd PIMCO 1.07 5.07 11.23 0.00 33.06 305 915
PDO PIMCO Dyn Incm Opp Fd PIMCO 1.10 3.07 10.89 0.00 48.00 1,509 10,612
NPCT Nuv Core Plus Impact Fd Nuveen 1.09 -12.89 10.76 40.61 38.55 379 1,756
DSL DbLin Incm Solutions Fd Doubleline 1.10 0.57 10.62 1.06 23.71 1,261 6,499
PTY PIMCO Corp & Incm Opp Fd PIMCO 1.13 20.25 10.44 0.00 38.52 1,001 7,011
ACV Virtus Divr Incm & Convt Fd Virtus 1.18 2.98 9.93 0.00 32.11 219 906
PHD Pioneer Flt Rt Fd Amundi Asset Mgmt 1.02 -11.15 11.33 0.00 32.40 125 600
GHY PGIM Glbl Hi Yld Fd Prudential 1.08 -9.61 10.71 11.10 16.75 532 2,078
FTF FrkTmp Ltd Dur Incm Tr Franklin Templeton 1.02 -10.91 11.07 4.38 32.63 293 982
KIO KKR Incm Opp Fd KKR Credit 1.04 -11.31 10.85 0.00 39.97 266 1,655
CCD Calamos Dyn Convt & Incm Fd Calamos 1.13 12.95 10.01 0.00 38.52 544 1,650
PCN PIMCO Corp & Incm Stgy Fd PIMCO 1.12 14.77 10.16 0.00 29.80 536 2,014
CHY Calamos Convt & Hi Incm Fd Calamos 1.15 9.68 9.80 0.00 39.06 846 1,959
GECC Great Elm Cap Corp Great Elm Capital 0.61 -28.90 20.16 0.00 48.74 95 229
NEWT Newtek Biz Serv Corp Newtek 0.65 15.52 15.11 0.00 54.20 392 3,583
ICMB Investcorp Cr Mgmt BDC Investcorp 0.66 -39.10 15.23 0.00 60.96 93 95
TRIN Trinity Capital Trinity Capital 0.72 -3.64 13.90 0.00 51.03 483 4,568
FSK FS KKR Capital Corp FS/KKR 0.66 -22.73 13.91 0.00 54.89 7,159 21,217
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.65 -6.62 12.49 0.00 52.13 448 3,823
OXSQ Oxford Square Cap Corp Oxford Lane 0.62 2.40 12.28 0.00 51.98 166 495
GSBD Goldman Sachs BDC Goldman Sachs 0.64 3.20 11.61 0.00 56.52 1,544 8,970
MFIC MidCap Fin Invt Corp Apollo 0.64 -20.19 12.00 0.00 58.80 1,011 2,504
CCAP Crescent Capital BDC Crescent Capital 0.68 -26.98 11.14 0.00 51.67 623 1,205
CION CION Inv Corp CION Inv Mgmt 0.62 -34.50 11.64 0.00 58.33 901 2,976
RWAY Runway Gwth Fin Corp Runway Gwth Cap 0.63 -9.35 11.25 0.00 36.49 572 1,483
CSWC Cap Southwest Corp Capital Southwest 0.63 14.88 10.95 0.00 54.20 476 6,281
BCSF Bain Cap Splty Fin BCSF Advisors 0.63 -22.20 10.90 0.00 53.92 1,096 2,551
OFS OFS Capital Corp OFS Capital 0.56 -26.29 11.99 0.00 64.96 182 335
SLRC SLR Inv Corp SLR Capital 0.64 -15.90 10.61 0.00 46.77 1,006 3,690
GLO Clough Glbl Opp Fd Clough 1.29 -14.16 11.52 65.25 46.71 255 2,081
GLQ Clough Glbl Eq Fd Clough 1.26 -13.74 11.45 62.27 46.83 139 932
CLM Cornerstone Stgc Val Fd Cornerstone 1.40 19.28 18.61 82.54 0.00 1,434 11,985
CRF Cornerstone Tot Rtn Fd Cornerstone 1.42 20.56 18.19 81.86 0.00 657 5,868
RIV RiverNorth Opp Fd RiverNorth 1.29 -4.39 12.56 84.59 37.28 274 1,396
SRV Cushing MLP & Infra Tot Rtn Fd Cushing 1.42 -10.62 14.71 48.18 26.48 90 647
BSTZ BR Sci & Tech Tr II BlackRock 1.53 -13.19 12.50 48.25 0.00 1,658 8,964
ZTR Virtus Tot Rtn Fd Virtus 1.38 -7.93 14.01 51.56 28.64 510 1,206
NBXG NB Nxt Gen Connectivity Fd Neuberger Berman 1.43 -20.43 12.04 100.00 0.00 987 3,735
IFN India Fund abrdn 1.58 -1.88 11.60 0.00 0.00 484 2,066
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Invst Mgmt 1.51 -6.06 10.81 11.41 29.98 827 3,041
BIGZ BR Innovation & Gwth Tr BlackRock 1.46 -20.25 10.99 100.00 0.00 2,200 12,546
AWP abrdn Glbl Prmr Prop Fd abrdn 1.48 -6.21 10.96 71.17 11.03 399 1,666
NMAI Nuv Multi-Asset Incm Fd Nuveen 1.42 -13.67 11.20 9.31 34.44 484 1,480
JCE Nuv Core Eq Alpha Fd Nuveen 1.23 1.66 12.31 3.23 0.00 203 708
BMEZ BR Health Sci Tr II BlackRock 1.40 -14.73 10.48 17.31 0.00 2,135 8,911
AIO Virtus AI & Tech Opp Fd Virtus 1.41 -13.14 10.39 21.44 15.84 685 2,558
CPZ Calamos Lng-Srt Eq & Dyn Incm Calamos 1.44 -11.76 10.08 8.33 25.77 371 1,244
JRS Nuv Rel-Est Incm Fd Nuveen 1.46 -7.14 9.88 20.22 30.81 263 726
NIE Virtus Eq & Convt Incm Fd Virtus 1.58 -10.34 9.99 0.00 0.00 619 2,229
CHW Calamos Glbl Dyn Incm Fd Calamos 1.48 -7.62 9.52 71.24 31.15 436 1,384
GUG Gghm Active Alloc Fd Guggenheim Funds 1.40 -12.53 9.86 7.48 26.26 545 2,382
BST BR Sci & Tech Tr BlackRock 1.52 4.70 9.04 19.30 0.00 1,046 5,209
USA Liberty All-Star Eq Fd ALPS 1.44 -1.13 9.79 0.00 0.00 1,576 5,337
NML NB MLP & Nrg Incm Fd Neuberger Berman 1.42 -14.32 9.68 100.00 18.00 479 1,340
DPG D&P Util & Infra Fd Virtus 1.34 10.09 10.10 93.71 29.59 480 1,069
HGLB Highland Glbl Alloc Fd Highland Capital 1.37 -20.82 10.19 0.00 1.17 279 525
LGI Lzrd Glbl Tot Rtn & Incm Fd Lazard 1.42 -7.69 7.07 17.21 27.94 223 706
FOF C&S CE Opp Fd Cohen&Steers 1.40 0.09 9.26 42.71 0.00 308 641
IDE Voya Infra Ind & Matrls Fd Voya 1.43 -15.21 9.34 20.63 0.00 183 493
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.38 -7.26 9.40 85.28 13.00 637 2,120
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 1.42 -12.42 9.08 37.96 30.96 400 1,068
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 1.44 6.05 8.73 10.29 0.00 1,033 3,681
THW Tekla Wld Health Fd Tekla 1.30 11.98 9.54 72.21 20.89 490 1,444
MEGI MainStay CBRE Glbl Infra MTrnd New York Life 1.44 -15.37 8.58 0.00 33.00 931 3,878

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 %