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XAI Interval Fund Credit IndexTM (INTVL-C)

The Definitive Benchmark for Tracking Credit-Focused Funds in the Interval Fund Marketplace

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Price as of _

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Market Cap1, 2

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Index Constituents2

Index Overview

The XAI Interval Fund Credit Index™ (the “Index” or “INTVL-C”) is a rules-based net total return index designed to track the performance of credit-focused non-listed closed-end interval funds and tender offer funds registered under the Investment Company Act of 1940. To be included in the Index, a fund must meet the eligibility requirements of INTVL and have over 70% of its net assets invested in credit-related instruments. The Index is calculated daily on a net total return basis and assumes the reinvestment of distributions. The Index is a sub-index of the XAI Interval Fund Index.

Total Return:

Historical Performance

1Market Cap is based on the aggregate net assets of all index constituents.

2Figure is updated at quarter-end.

3ITD stands for "Inception to Date". The Inception date of the Index is 1/1/2023.

Index Highlights

Comprehensive Data

XA Investments has a proprietary database for all interval and tender offer funds in the marketplace and publishes industry leading research on interval fund market trends.

Benchmarking

By accounting for critical factors such as distribution reinvestments, access to private assets, and periodic liquidity, INTVL-C is the most comprehensive benchmark for credit-focused funds, enabling relevant comparisons against a universe of structurally similar peers.

Trusted Source

XA Investments (“XAI”) has consulted with or provided research to roughly 50% of current fund sponsors in the interval and tender offer fund market throughout the firms history.

Asset Class Breakdown

(% as of 09/30/2025)

Historical Performance Attribution By Sub-class

(as of 09/30/2025)

Period Multi-Strategy Credit Direct Lending Asset-Backed Lending Structured Credit
Q1 2023 x.xx% x.xx% x.xx% x.xx%
Q2 2023 x.xx% x.xx% x.xx% x.xx%
Q3 2023 x.xx% x.xx% x.xx% x.xx%
Q4 2023 x.xx% x.xx% x.xx% x.xx%
Q1 2024 x.xx% x.xx% x.xx% x.xx%
Q2 2024 x.xx% x.xx% x.xx% x.xx%
Q3 2024 x.xx% x.xx% x.xx% x.xx%
Q4 2024 x.xx% x.xx% x.xx% x.xx%
Q1 2025 x.xx% x.xx% x.xx% x.xx%
Q2 2025 x.xx% x.xx% x.xx% x.xx%
Q3 2025 x.xx% x.xx% x.xx% x.xx%
← Swipe to see additional data →
View All Constituents

Top 10 Constituents by Net Assets1,2

(as of 09/30/2025)

# Fund Structure Ticker Fund Inception Date Fund Net Assets ($BN) Index Weight (%)
1 Cliffwater Corporate Lending Fund Interval CCLFX 6/5/2019 29.65 15.00
2 ACAP Strategic Fund Interval XCAPX 3/1/2010 9.80 9.18
3 Cliffwater Enhanced Lending Fund Interval CELFX 7/1/2021 5.97 5.59
4 StepStone Private Markets Tender Offer XPMIX 10/1/2020 4.87 4.56
5 CION Ares Diversified Credit Fund Interval CADUX 1/26/2017 4.86 4.55
6 Carlyle Tactical Private Credit Fund Interval TAKIX 6/4/2018 4.43 4.15
7 Apollo Diversified Real Estate Fund Interval GRIFX 6/30/2014 3.85 3.61
8 Bluerock Total Income (plus) Real Estate Fund Interval TIPWX 10/22/2012 3.68 3.45
9 PIMCO Flexible Credit Income Fund Interval PFLEX 2/22/2017 3.60 3.37
10 Cascade Private Capital Fund Interval CPEFX 1/7/2022 3.37 3.15
Top 10 Weight 74.08 56.61
← Swipe to see additional data →

1. See Summary Methodology section "Constituent Weighting Constraints" for more information on how fund weights are determined.

2. Tickers reflect the institutional share class; the share class with the lowest net expense ratio is used for Index calculations.

Index Characteristics

(as of 09/30/2025)

Number of Constituents 93
Market Cap $120.5BN
Weighted Avg. Market Cap $7.3BN
Average Constituent Net Assets $1.3BN
Median Constituent Net Assets $341MM
Largest Constituent Net Assets $29.7BN
Smallest Constituent Net Assets $88MM

Summary Methodology

Index Eligibility Criteria
To be eligible for the Index, a fund must:
  • Have its domicile in the United States
  • Be registered under the Investment Company Act of 1940 (the "1940 Act") as:
    • Be a constituent of the XAI Interval Fund Index; and
    • Be categorized as a “Credit Fund” by the Index Committee. In determining whether a Fund is a Credit Fund, the Index Committee may consider a Fund’s investment objectives, investment strategy, and investment holdings, among other factors. Credit fund securities include but are not limited to structured credit securities, such as collateralized loan obligations (CLOs), broadly syndicated loans, private debt, leveraged loans, asset backed credit securities, floating or variable loan interests, and other assets providing exposure to credit instruments.
  • Not have shares listed on a national stock exchange (or other stock exchange), with the exception of preferred shares
  • Have minimum total net assets of $100 million US Dollars as of rebalancing date
  • Have an inception date or commencement of operations of at least three months prior to base date or rebalancing date
  • Have a Nasdaq Fund Network (NFN) ticker symbol for at least one class of shares that is updated on a daily or weekly basis
Constituent Weighting Constraints
The Index is weighted based on each constituent fund’s NAV. Any constituent fund with an Index weight greater than 15% will be capped at 15% and the remaining weight of that constituent fund will be redistributed proportionally to the remaining constituent funds in the Index. The five (5) highest-weighted constituent funds will be capped at a cumulative 75% of the Index’s weight; the remaining cumulative weight of the five (5) constituent funds will be redistributed proportionally to the remaining constituent funds in the Index.
Reconstitutions and Rebalances
The Index is reconstituted and rebalanced on a quarterly schedule. The rebalanced Index is calculated effective as of the end of day on the last trading day of March, June, September and December each year. The rebalance date may be changed for various reasons including market holidays occurring on or around the scheduled rebalance date. Any such change will be announced with proper advance notice when possible.

Index Information

Base Value $100.00
Base Date January 1, 2023
Rebalance Cycle End of the last trading day in March, June, September, and December
Currency USD
Calculation Frequency Daily
Calculation Method Net Total Return
Index Calculation Agent Indxx, Inc.
Bloomberg Code INTVL-C

License INTVL-C

To inquire regarding a license to use the Index or the information presented, click Learn More below.

Disclosures

The XAI Interval Fund Index ("INTVL") and the XAI Interval Fund Credit Index ("INTVL-C") are the exclusive property of XA Investments LLC. Use of either index for any commercial purpose must be accompanied by a license from XAI. The information contained herein may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of XA Investments. Distribution in hard or soft copy is strictly prohibited without prior permission. To inquire regarding a license to use the Index or the information presented, call (888) 903-3358 or email info@xainvestments.com.

This information is presented in summary form and is, therefore, subject to qualification and further explanation. It is intended for informational purposes only and not intended for trading or investment purposes. The addition, removal or inclusion of a security in the Index is not a recommendation to buy, sell, or hold that security, nor is it investment advice. It is not possible to invest directly in an index. Index performance does not reflect the deduction of any fees and expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted.

The information presented is current as of the publication date or as indicated. However, the information is not all-inclusive and should not be relied upon as such. XAI does not warrant the accuracy, timeliness, or completeness of the information presented and it is not offered as advice on any particular matter and must not be treated as a substitute for specific advice. This information does not constitute a solicitation of an offer to sell and buy any specific security offering. Such an offering is made by the applicable prospectus only. A prospectus should be read carefully by an investor before investing. Investors are advised to consider investment objectives, risks, charges and expenses carefully before investing. Financial advisors should determine if the risks associated with an investment are consistent with their client’s investment objective.

This material is subject to change without notice and should not be relied upon by the reader as research or investment advice. With regard to sources of information, certain of the information contained herein has been obtained from published sources and/or prepared by third parties. While such sources are believed to be reliable, XAI employees or representatives do not assume any responsibility for the accuracy of such information.

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