CEF Advisors AICA Event NAVigator Podcast

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01. 15 Major CEF Sectors Index

Data as of

About the Index

The seven most liquid funds by 90-day average trading dollar $ liquidity in each of the 15 major groupings of funds: Business Development Companies (BDCs), Convertible Bonds, Covered Call Funds, Global Equity, High Yield Bonds, Investment Grade Bonds, Master Limited Partnership (MLP), Municipal Bonds, Preferred Equity, REITs/Real Assets, Senior Loans, US Equity, Hybrid / Balanced Funds, Multi-sector Bonds and International Bonds . For Hybrid / Balanced Funds and Multi-sector Bonds sectors, the selection allows only the most liquid fund from each sponsor. From the selected funds, we exclude the least liquid 5 funds. Each sector has equal weight in the index (6.66%), which is distributed equally to funds within that sector. The index constituents will be rebalanced each quarter. We manually have removed DXYZ from firm benchmarks.

As of June 30, 2022, we updated the index rules to cover 3 more major sectors. Click here to see the previous index rules, used since 2017 for the index.
The seven most liquid funds by 90-day average trading dollar $ liquidity in each of the 12 major groupings of funds: Business Development Companies (BDCs), Convertible Bonds, Covered Call Funds, Global Equity, High Yield Bonds, Investment Grade Bonds, Master Limited Partnership (MLP), Municipal Bonds, Preferred Equity, REITs/Real Assets, Senior Loans, and US Equity. Combine leverage and non-leverage groupings into one grouping when calculating the seven funds. The funds will be equal weight in the index. If there are less than seven available funds in a specific grouping, then equal weight the grouping with the smaller number of funds available. Each group will be 1/12 of the indexes over-all 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 1,790.36 1.37 2.20 -4.60 -5.69 -2.76 10.45 5.90 12.50 6.13 -3.83 -3.83 -3.10
NAV 1,711.49 0.88 1.48 -2.58 -3.42 -0.99 8.52 5.61 10.28 5.50 -1.88 -1.88 -1.51
Difference -0.49 -0.72 2.02 2.27 1.76 -1.93 -0.29 -2.22 -0.64 1.95 1.95 1.58
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.07
2025 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2025
Price 3.30 -0.30 -2.17 0.76 - - - - - - - - - - - - - - -
NAV 2.01 0.27 -1.87 0.37 - - - - - - - - - - - - - - -
Difference -1.29 0.57 0.30 -0.39 - - - - - - - - - - - - - - -
2024 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2024
Price 2.69 2.21 3.14 8.25 -2.83 3.51 2.04 2.63 11.10 2.97 2.27 2.52 7.96 -1.33 4.34 -3.26 -0.40 7.52 19.45
NAV 0.41 1.87 2.26 4.60 -1.98 2.50 1.27 1.75 6.44 1.94 2.12 1.82 6.00 -0.76 3.33 -2.54 -0.06 5.94 12.76
Difference -2.27 -0.34 -0.88 -3.65 0.86 -1.01 -0.77 -0.88 -4.66 -1.03 -0.14 -0.70 -1.96 0.57 -1.01 0.72 0.35 -1.58 -6.69
2023 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2023
Price 10.20 -2.35 -3.17 4.20 1.04 -1.76 4.95 4.18 8.55 3.72 -2.00 -3.94 -2.36 -3.75 8.58 3.78 8.46 5.90 14.96
NAV 6.07 -2.51 -0.13 3.28 0.95 -1.09 3.49 3.34 6.73 2.45 -1.36 -2.58 -1.55 -2.08 6.81 4.07 8.85 7.16 14.37
Difference -4.12 -0.16 3.04 -0.92 -0.09 0.67 -1.46 -0.84 -1.83 -1.27 0.64 1.35 0.80 1.67 -1.77 0.30 0.39 1.26 -0.59
2022 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2022
Price -2.87 -2.93 1.36 -4.43 -6.54 -1.01 -7.34 -14.28 -18.08 8.65 -1.77 -12.76 -6.90 5.43 6.66 -5.41 6.37 -0.97 -18.88
NAV -2.69 -1.26 0.86 -3.09 -5.00 -0.63 -6.55 -11.78 -14.50 6.09 -1.93 -7.47 -3.73 2.86 4.77 -2.35 5.23 1.31 -13.38
Difference 0.18 1.68 -0.50 1.35 1.54 0.38 0.79 2.50 3.58 -2.56 -0.16 5.30 3.17 -2.57 -1.89 3.06 -1.14 2.28 5.49
2021 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2021
Price 1.46 3.95 3.89 9.56 3.72 2.45 2.50 8.92 19.33 -0.21 1.61 -2.41 -1.04 3.97 -2.42 2.30 3.79 2.70 22.56
NAV 1.14 1.95 1.82 4.98 3.07 1.45 1.87 6.53 11.83 0.43 1.31 -1.46 0.26 2.88 -2.02 2.08 2.89 3.15 15.36
Difference -0.32 -2.00 -2.07 -4.58 -0.65 -1.00 -0.62 -2.39 -7.50 0.63 -0.30 0.95 1.30 -1.10 0.40 -0.21 -0.89 0.45 -7.20
2020 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2020
Price 0.68 -9.54 -23.04 -29.90 13.04 6.26 0.65 20.89 -15.26 3.84 3.38 -2.95 4.18 -0.87 13.74 3.94 17.19 22.09 3.46
NAV 0.34 -4.58 -19.13 -22.57 10.70 4.15 1.68 17.23 -9.23 4.07 2.61 -1.94 4.72 0.16 8.62 3.31 12.39 17.70 6.84
Difference -0.34 4.96 3.91 7.33 -2.33 -2.12 1.03 -3.66 6.03 0.24 -0.77 1.02 0.55 1.03 -5.12 -0.63 -4.80 -4.38 3.39
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 11.53 2.07 1.77 15.86 2.43 -2.69 4.19 3.86 20.33 1.78 -1.38 1.96 2.34 0.01 1.05 2.90 3.99 6.42 28.05
NAV 6.68 1.83 1.94 10.74 1.54 -2.04 3.20 2.66 13.69 0.80 -0.58 1.01 1.23 0.37 0.44 2.77 3.60 4.88 19.23
Difference -4.85 -0.24 0.17 -5.11 -0.88 0.65 -0.99 -1.20 -6.64 -0.98 0.80 -0.95 -1.11 0.36 -0.61 -0.13 -0.38 -1.54 -8.82
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 1.13 -2.81 -0.73 -2.43 1.98 1.74 -0.66 3.07 0.56 1.90 1.54 -1.24 2.19 -7.33 0.72 -6.53 -12.76 -10.85 -10.35
NAV 2.27 -3.20 -0.88 -1.88 1.09 1.38 -0.04 2.45 0.52 1.95 1.22 -0.43 2.74 -4.17 0.08 -4.17 -8.10 -5.57 -5.08
Difference 1.14 -0.39 -0.15 0.54 -0.88 -0.35 0.62 -0.62 -0.05 0.05 -0.32 0.81 0.55 3.16 -0.64 2.36 4.67 5.28 5.26
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 3.20 2.74 -0.12 5.91 2.79 0.09 0.94 3.84 9.97 1.94 -1.40 1.97 2.49 -0.71 -0.50 2.32 1.10 3.61 13.94
NAV 1.55 1.95 0.26 3.79 1.07 0.64 0.68 2.41 6.29 1.43 -0.21 1.10 2.32 0.39 0.48 1.67 2.54 4.93 11.53
Difference -1.65 -0.79 0.37 -2.11 -1.71 0.55 -0.25 -1.43 -3.68 -0.51 1.19 -0.87 -0.16 1.09 0.97 -0.66 1.45 1.31 -2.41
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -4.92 0.29 6.86 1.90 3.56 1.14 2.65 7.52 9.55 4.00 1.22 -0.56 4.68 -3.13 0.12 2.42 -0.67 3.99 13.92
NAV -3.97 -0.86 4.98 -0.06 2.73 1.33 1.27 5.41 5.35 2.81 0.64 0.37 3.85 -1.11 -0.56 1.67 -0.02 3.82 9.38
Difference 0.95 -1.15 -1.88 -1.96 -0.82 0.19 -1.39 -2.10 -4.21 -1.20 -0.58 0.93 -0.84 2.02 -0.68 -0.76 0.64 -0.16 -4.54
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 1.44 2.83 -0.43 3.86 1.53 -0.75 -4.57 -3.84 -0.13 -1.25 -3.50 -4.33 -8.83 6.51 -1.53 -1.81 2.99 -6.10 -6.22
NAV 0.52 2.32 -0.16 2.69 1.26 0.22 -2.34 -0.89 1.77 -0.16 -3.49 -3.31 -6.83 4.37 -1.43 -2.33 0.49 -6.37 -4.71
Difference -0.92 -0.52 0.28 -1.17 -0.27 0.97 2.23 2.94 1.90 1.09 0.01 1.02 2.00 -2.14 0.10 -0.52 -2.50 -0.27 1.51
2014 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2014
Price 1.18 3.23 0.29 4.75 1.54 2.10 1.89 5.62 10.64 -2.13 2.81 -2.86 -2.26 1.19 0.87 -1.81 0.22 -2.04 8.38
NAV 0.98 2.68 0.78 4.50 1.28 1.88 1.79 5.04 9.76 -0.87 2.30 -1.87 -0.49 0.93 0.57 -1.12 0.37 -0.12 9.63
Difference -0.19 -0.55 0.49 -0.25 -0.26 -0.21 -0.09 -0.59 -0.88 1.26 -0.52 0.99 1.77 -0.26 -0.30 0.69 0.15 1.92 1.25
2013 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2013
Price 5.93 0.83 1.65 8.57 1.42 -2.58 -2.12 -3.29 5.00 0.48 -3.07 2.33 -0.33 2.99 -0.32 1.27 3.96 3.61 8.80
NAV 3.52 0.55 1.72 5.87 2.11 -0.29 -2.81 -1.04 4.77 2.14 -1.99 2.72 2.83 2.57 0.50 0.64 3.75 6.68 11.77
Difference -2.40 -0.29 0.06 -2.70 0.69 2.29 -0.69 2.25 -0.23 1.66 1.08 0.38 3.16 -0.42 0.83 -0.62 -0.21 3.07 2.97
2012 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2012
Price 6.89 3.27 0.07 10.46 0.88 -3.66 3.57 0.66 11.19 2.60 2.21 2.46 7.44 -0.52 -0.37 0.49 -0.40 7.01 18.98
NAV 4.39 2.58 0.74 7.88 0.83 -3.41 2.34 -0.33 7.52 2.35 1.49 2.16 6.11 0.55 0.62 1.23 2.42 8.67 16.85
Difference -2.50 -0.69 0.67 -2.58 -0.04 0.25 -1.24 -0.99 -3.67 -0.25 -0.72 -0.30 -1.33 1.07 0.99 0.74 2.81 1.66 -2.13

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-1.36%
1Yr Disc
-0.11%
3Yr Disc
-3.10%
5Yr Disc
-2.33%
Rel Disc Range (3yr)
56.99%
Mkt Yield
10.95%
Lev Adj NAV Yield
8.96%
After Tax Yield*
9.31%
Est Tax Friction*
1.64%
3Yr NAV Volatiliy
12.56
1 Yr RoC
37.06%
3 Yr Dest RoC
23.57%
Leverage
23.40%
Non Lev Exp Ratio
1.64%
Beta (2yr)
0.67
Equity Exposure
36.15%
Bond Exposure
61.88%
# Holdings
98
Cash Weighted Duration
2.67
Comp NAV TR
0.97%
Comp Discount
3.04%
Net Assets (M)
1,410
Liquidity - 90d (K)
7,208
* 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


98 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
JPC Nuv Pref & Incm Opp Fd Nuveen 0.96 -0.91 10.42 9.10 38.20 2,487 8,687
PTA Tx-Adv Pref Sec Pref Sec & Incm Fd Cohen&Steers 0.96 -6.29 8.57 17.88 35.00 1,107 2,336
FPF FT Imd Dur Pref & Incm Fd First Trust 0.94 -6.41 9.50 27.29 34.91 1,129 2,291
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 0.94 -8.84 7.44 0.00 38.60 801 1,917
LDP C&S Ltd Dur Pref & Incm Fd Cohen&Steers 0.95 -7.66 8.05 4.26 33.00 615 1,539
PDT JH Prm Div Fd John Hancock 0.96 -5.24 7.81 7.76 35.49 658 1,511
NPFD Nuv Var Rt Pref & Incm Fd Nuveen 0.97 -6.25 11.07 28.05 37.40 468 1,254
ARCC Ares Capital Corp Ares 0.94 6.08 9.10 0.00 48.58 13,356 116,224
OBDC Blue Owl Cap Corp Blue Owl 0.99 -6.62 10.39 0.00 53.79 7,796 60,881
FSK FS KKR Capital Corp FS/KKR 0.98 -15.23 12.77 0.00 51.94 6,621 42,327
BXSL Blackstone Secur Lending Fd Blackstone 0.90 7.30 10.48 0.00 52.38 6,240 40,366
MAIN Main Street Cap Corp Main Street Capital 0.96 72.64 5.49 0.00 41.44 2,803 32,043
HTGC Hercules Capital Hercules 0.92 53.77 8.92 0.00 46.17 2,019 23,699
GBDC Golub Capital BDC Golub Capital 0.95 -4.43 10.79 0.00 54.61 4,017 24,524
RQI C&S Qlty Incm Rty Fd Cohen&Steers 0.94 -4.96 8.07 8.33 29.00 1,682 4,419
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Invst Mgmt 0.93 -0.21 14.88 54.81 32.12 711 3,706
RNP C&S REIT & Pref Incm Fd Cohen&Steers 0.94 2.34 7.79 1.16 31.00 979 2,295
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 0.97 -4.40 12.71 57.61 32.95 361 1,641
RLTY C&S Rel-Est Opp & Incm Fd Cohen&Steers 0.94 -5.44 9.04 59.38 34.00 258 1,246
AWP abrdn Glbl Prmr Prop Fd abrdn 0.97 1.34 12.66 79.97 12.10 323 1,187
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 0.94 -4.56 11.92 74.20 23.66 156 1,031
CHY Calamos Convt & Hi Incm Fd Calamos 1.17 3.91 11.88 39.16 38.43 763 2,827
CHI Calamos Convt Opp & Incm Calamos 1.21 7.94 11.49 38.41 38.28 706 2,750
AVK Advent Convt & Incm Fd Guggenheim Funds 1.10 -4.45 12.84 70.66 39.06 506 1,709
NCV Virtus Convt & Incm Fd Virtus 1.15 -9.37 12.69 98.04 38.06 321 1,564
CCD Calamos Dyn Convt & Incm Fd Calamos 1.16 22.94 11.03 26.44 38.95 466 1,382
NCZ Virtus Convt & Incm Fd II Virtus 1.15 -9.08 12.51 98.06 38.94 241 1,037
EXG EV Tx-Mgd Glbl Divr Eq Incm Eaton Vance 0.96 -9.13 10.03 28.06 0.00 2,646 5,673
BST BR Sci & Tech Tr BlackRock 0.99 -3.79 9.08 14.66 0.00 1,192 5,195
BDJ BR Enh Eq Div Tr BlackRock 0.94 -7.24 9.06 14.15 0.00 1,564 3,793
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 0.94 -2.03 8.82 0.00 0.00 2,169 4,251
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 1.00 -9.49 9.59 26.54 0.00 1,260 4,170
EOS EV Enh Eq Incm Fd II Eaton Vance 0.97 -1.10 8.85 34.62 0.00 1,093 3,275
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 0.95 -6.08 9.41 24.07 0.00 1,574 3,140
JFR Nuv Flt Rt Incm Fd Nuveen 0.95 -7.04 12.67 8.58 35.01 1,394 9,030
FSCO FS Cr Opp Corp FS/KKR 0.94 -7.37 11.62 0.00 37.49 1,426 6,714
JQC Nuv Cr Stgs Incm Fd Nuveen 0.95 -9.25 12.71 14.76 38.92 762 5,418
VVR Invsc Sr Incm Tr Invesco 0.95 -3.49 12.70 14.56 34.36 570 3,444
XFLT XAI Octgn Flt Rt & Alt Incm Tr XA Investments 0.95 -1.06 16.47 0.00 39.60 429 3,176
FRA BR Flt Rt Incm Stgc Fd BlackRock 0.95 0.24 11.99 25.50 24.00 437 1,930
BGB Blackstone Stgc Cr 2027 Trm Fd Blackstone 0.95 -5.83 9.18 0.00 37.27 552 2,347
KYN KA Nrg Infra Fd Kayne Anderson 1.30 -13.50 8.01 2.34 16.98 2,342 5,851
TYG Tortoise Nrg Infra Corp Tortoise 1.27 -11.58 11.10 89.05 19.80 769 4,118
EMO CB Nrg Midstream Opp Fd Franklin Templeton 1.30 -9.32 9.35 8.91 22.85 927 2,000
NML NB Nrg Infra & Incm Fd Neuberger Berman 1.31 -10.18 8.27 100.00 17.75 534 1,665
SRV NXG Cushing Midstream Nrg Fd Cushing 1.23 -0.59 13.85 94.49 23.57 157 1,519
HYT BR Corp Hi Yld Fd BlackRock 0.98 1.06 9.84 21.07 21.14 1,480 7,807
ACP abrdn Incm Cr Stgs Fd abrdn 0.93 -6.73 16.79 39.80 29.04 745 3,844
GHY PGIM Glbl Hi Yld Fd Prudential 0.91 -3.82 10.21 29.61 20.63 525 2,865
KIO KKR Incm Opp Fd KKR Credit 0.95 -5.69 12.39 0.00 35.15 519 3,183
DSU BR Dbt Stgs Fd BlackRock 0.96 -0.78 11.66 26.32 15.43 558 2,736
DLY DbLin Yld Opp Fd Doubleline 0.93 -2.97 9.31 4.01 15.80 746 2,522
HIO WA Hi Incm Opp Fd Franklin Templeton 0.95 -5.03 11.27 24.24 0.00 378 2,131
PTY PIMCO Corp & Incm Opp Fd PIMCO 2.17 17.55 10.59 15.00 9.77 2,083 11,544
PCN PIMCO Corp & Incm Stgy Fd PIMCO 2.14 8.12 10.78 13.10 0.75 742 3,293
RCS PIMCO Stgc Incm Fd PIMCO 2.03 23.92 8.82 4.68 30.82 204 847
CLM Cornerstone Stgc Inv Fd Cornerstone 0.93 18.31 21.04 72.79 0.00 1,491 17,872
CRF Cornerstone Tot Rtn Fd Cornerstone 0.93 19.40 20.89 76.04 0.00 666 9,257
ADX Adams Divr Eq Fd Adams Funds 0.98 -9.81 9.77 3.42 0.00 2,456 5,708
BTX BR Tech & Pvt Eq Trm Tr BlackRock 0.97 -6.72 16.59 100.00 0.00 1,397 4,792
USA Liberty All-Star Eq Fd ALPS 0.95 -0.79 9.57 0.00 0.00 1,826 5,493
RVT Royce Small-Cap Tr Franklin Templeton 0.96 -9.50 8.68 0.15 1.72 1,796 4,161
EVT EV Tx-Adv Div Incm Fd Eaton Vance 0.94 -8.31 8.95 0.00 18.90 1,793 3,322
BSTZ BR Sci & Tech Trm Tr BlackRock 0.98 -7.81 15.23 46.04 0.00 1,337 4,828
AOD abrdn Tot Dyn Div Fd abrdn 0.96 -9.87 13.28 44.43 4.93 951 3,838
IFN India Fund abrdn 0.99 -8.76 11.70 0.00 0.00 687 2,856
BGY BR Enh Intl DivTr BlackRock 0.98 -7.36 9.23 44.56 0.00 556 2,050
IGD Voya Glbl Eq Div & Prm Opp Voya 0.96 -7.69 10.87 80.58 0.00 472 1,271
AEF abrdn Emrg Mkt ex-China Fd abrdn 1.02 -12.99 11.79 97.41 12.85 238 1,433
AGD abrdn Glbl Dyn Div Fd abrdn 0.97 -6.51 13.52 41.01 6.70 260 1,125
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 0.96 -5.78 8.15 35.46 41.02 3,412 11,895
NAD Nuv Qlty Muni Incm Fd Nuveen 0.97 -5.75 8.13 31.13 41.76 2,761 9,524
NZF Nuv Muni Cr Incm Fd Nuveen 0.96 -5.40 8.13 22.42 40.45 2,402 6,078
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 0.94 -6.26 8.12 30.32 41.16 2,660 5,841
NAC Nuv CA Qlty Muni Inc Fd Nuveen 0.95 -5.47 8.24 43.70 41.66 1,640 4,626
NUV Nuv Muni Val Fd Nuveen 0.98 -2.69 4.49 0.00 2.98 1,851 4,204
NMZ Nuv Muni Hi Incm Opp Fd Nuveen 0.95 0.78 7.59 11.67 40.21 1,165 3,607
BCAT BR Cap Alloc Trm Tr BlackRock 0.97 -6.53 24.13 88.52 0.00 1,587 7,400
PDX PIMCO Dyn Incm Stgy Fd PIMCO 0.87 -10.86 7.47 2.29 25.10 1,074 3,148
CSQ Calamos Stgc Tot Rtn Fd Calamos 0.97 -2.66 7.83 20.74 33.19 2,588 4,026
AIO Virtus AI & Tech Opp Fd Virtus 0.97 -1.18 8.92 0.00 15.51 702 2,214
NMAI Nuv Multi-Asset Incm Fd Nuveen 1.01 -8.79 14.12 77.87 29.75 434 1,406
GUG Gghm Active Alloc Fd Guggenheim Funds 0.98 -7.38 9.54 31.82 29.49 532 1,220
TBLD Thornburg Incm Bldr Opp Tr Thornburg Inv Mgmt 0.99 -8.54 7.03 0.00 0.00 624 1,233
PDI PIMCO Dyn Incm Fd PIMCO 0.93 10.69 14.44 24.40 32.41 6,096 49,894
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.91 27.43 15.27 57.04 16.94 1,892 17,595
DSL DbLin Incm Solutions Fd Doubleline 0.93 -1.09 11.15 13.71 21.17 1,318 5,914
BTZ BR Cr Alloc Incm Tr BlackRock 0.97 -5.34 9.63 30.76 34.51 1,030 3,025
RA Brkf Real Ast Incm Fd Brookfield 0.97 -10.47 11.05 15.54 24.28 791 2,622
WDI WA Divr Incm Fd Franklin Templeton 0.96 -4.96 12.92 0.00 32.30 751 2,739
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.97 -5.50 7.50 0.00 17.10 956 2,621
FAX abrdn Asia-Pacific Incm Fd abrdn 0.96 -7.34 12.96 45.77 38.90 681 2,217
EMD WA Emrg Mkt Dbt Fd Franklin Templeton 0.94 -9.82 11.64 27.47 24.31 598 2,170
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.05 -7.47 13.25 0.00 17.15 336 1,255
TEI Tmp Emrg Mkt Incm Fd Franklin Templeton 0.98 -7.93 10.67 0.00 19.31 274 1,053
EDF Virtus SH Emrg Mkt Incm Fd Virtus 0.96 6.72 14.63 30.42 25.06 136 703
MSD MS Emrg Mkt Dbt Fd Morgan Stanley 0.96 2.57 11.61 0.00 0.00 149 656
BWG BwGlobal Glbl Incm Opp Fd Franklin Templeton 0.95 -10.07 12.08 38.83 40.12 148 605

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 %