11. Alternative Income Index

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	1,388.41	0.66	1.98	8.94	10.55	0.03	-5.62	1.54	3.33	5.29	7.52	7.52	7.52
NAV	1,408.56	0.47	1.32	6.08	9.06	1.96	-2.80	3.65	4.10	5.74	5.04	5.04	5.04
Difference		-0.19	-0.66	-2.86	-1.49	1.93	2.81	2.11	0.77	0.45	-2.47	-2.47	-2.47
* 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	-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	3.03	-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	-1.68	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	17.84
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	-3.35	-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	2.07	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	0.52
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	3.61	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 -4.46%	1Yr Disc -3.51%	3Yr Disc -3.04%	5Yr Disc -2.51%	Rel Disc Range (3yr) 58.83%
Mkt Yield 9.35%	Lev Adj NAV Yield 7.10%	After Tax Yield* 7.87%	Est Tax Friction* 1.48%	3Yr NAV Volatiliy 20.52
1 Yr RoC 44.52%	3 Yr Dest RoC 28.85%	Leverage 28.96%	Non Lev Exp Ratio 1.85%	Beta (2yr) 0.70
Equity Exposure 42.17%	Bond Exposure 56.12%	# Holdings 73	Cash Weighted Duration 1.56
Comp NAV TR 1.50%	Comp Discount 2.67%	Net Assets (M) 1,104	Liquidity - 90d (K) 4,352
* 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

73 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.24	-11.76	10.08	8.33	25.77	371	1,244
NIE	Virtus Eq & Convt Incm Fd	Virtus	1.36	-10.34	9.99	0.00	0.00	619	2,229
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	1.21	1.77	8.57	15.86	34.99	2,248	3,334
DDF	DI Div & Incm Fd	Delaware	1.14	-9.99	8.06	4.38	25.86	70	208
ZTR	Virtus Tot Rtn Fd	Virtus	1.18	-7.93	14.01	51.56	28.64	510	1,206
FOF	C&S CE Opp Fd	Cohen&Steers	1.21	0.09	9.26	42.71	0.00	308	641
BCAT	BR Cap Alloc Tr	BlackRock	1.20	-15.13	8.37	52.61	0.00	1,901	7,829
GLV	Clough Glbl Div & Incm Fd	Clough	1.11	-11.56	11.28	99.52	44.78	91	357
CGO	Calamos Glbl Tot Rtn Fd	Calamos	1.28	-5.30	9.60	66.07	31.14	104	350
TEAF	Ecofin Susble & Soc Impact Trm	Tortoise	1.15	-19.06	8.15	8.41	11.70	221	384
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.27	-7.62	9.52	71.24	31.15	436	1,384
RIV	RiverNorth Opp Fd	RiverNorth	2.15	-4.39	12.56	84.59	37.28	274	1,396
SCD	LMP Cap & Incm Fd	Franklin Templeton	1.17	-14.49	8.27	73.27	20.03	257	561
GLO	Clough Glbl Opp Fd	Clough	1.11	-14.16	11.52	65.25	46.71	255	2,081
BIT	BR Mlt-Sctr Incm Tr	BlackRock	1.28	-0.59	9.85	38.40	35.30	572	1,502
BTZ	BR Cr Alloc Incm Tr	BlackRock	1.33	-5.67	9.03	23.12	34.60	1,105	4,180
DBL	DbLin Opportunistic Cr Fd	Doubleline	1.26	3.88	8.51	30.15	17.16	234	1,047
PDI	PIMCO Dyn Incm Fd	PIMCO	1.35	12.31	12.95	0.00	42.51	4,424	24,326
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	1.31	26.24	13.20	57.91	22.47	1,504	8,027
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	1.33	-8.09	7.86	0.19	23.88	938	2,194
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.32	4.66	11.28	0.00	31.08	592	1,784
PFL	PIMCO Incm Stgy Fd	PIMCO	1.31	5.07	11.23	0.00	33.06	305	915
HFRO	Highland Incm Fd	Highland Capital	1.23	-27.86	8.77	0.00	13.42	994	1,851
RA	Brkf Real Ast Incm Fd	Brookfield	1.31	8.48	13.73	53.29	27.10	891	3,591
BHK	BR Core Bnd Tr	BlackRock	1.29	-4.15	8.07	19.69	39.20	625	2,370
PHK	PIMCO Hi Incm Fd	PIMCO	1.33	8.42	11.18	0.00	28.01	662	2,133
FINS	Angel Oak Fin Stgs Incm Trm Tr	Angel Oak	1.25	-10.04	8.60	43.57	30.60	369	1,486
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.12	19.28	18.61	82.54	0.00	1,434	11,985
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.14	20.56	18.19	81.86	0.00	657	5,868
IAE	Voya AP Hi Div Eq Incm Fd	Voya	1.22	-11.11	12.36	70.50	0.00	90	296
AEF	abrdn Emrg Mkt Eq Incm Fd	abrdn	1.19	-12.56	6.23	67.80	15.23	335	485
HQH	Tekla Health Invstr	Tekla	1.09	-11.07	8.30	59.82	0.00	1,001	3,169
BIGZ	BR Innovation & Gwth Tr	BlackRock	1.17	-20.25	10.99	100.00	0.00	2,200	12,546
THQ	Tekla Health Opp Fd	Tekla	1.03	-10.87	6.89	59.75	21.22	909	2,114
BCX	BR Res & Com Stgy Tr	BlackRock	1.09	-12.52	5.97	63.38	0.00	1,041	3,520
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.11	-7.26	9.40	85.28	13.00	637	2,120
UTG	Reaves Util Incm Fd	W.H. Reaves	1.11	1.08	7.65	0.00	20.75	2,107	6,705
DNP	DNP Sel Incm Fd	Virtus	1.09	27.42	6.66	28.59	26.46	3,257	4,998
BMEZ	BR Health Sci Tr II	BlackRock	1.13	-14.73	10.48	17.31	0.00	2,135	8,911
BTO	JH Fin Opp Fd	John Hancock	1.16	10.22	7.05	38.57	16.53	642	1,635
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen&Steers	2.80	-6.57	7.86	15.84	34.70	641	2,689
FAX	abrdn Asia-Pacific Incm Fd	abrdn	1.46	-13.60	11.54	44.79	31.83	820	3,094
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.39	-10.67	8.23	7.89	24.30	462	1,579
NBB	Nuv Taxable Muni Incm Fd	Nuveen	1.38	-4.12	5.23	0.00	40.61	507	1,646
EFT	EV Flt-Rt Incm Tr	Eaton Vance	1.40	-10.62	8.06	6.90	38.00	378	1,094
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.41	-7.66	7.31	0.00	37.77	878	2,188
EFR	EV Sr Flt-Rt Tr	Eaton Vance	1.43	-8.76	8.33	8.36	36.82	373	1,170
BBN	BR Taxable Muni BndTr	BlackRock	1.41	-3.20	6.91	16.77	33.90	1,141	4,540
JPS	Nuv Pref & Incm Sec Fd	Nuveen	2.83	-9.15	6.52	0.00	38.78	1,687	4,697
EMD	WA Emrg Mkt Dbt Fd	Franklin Templeton	1.38	-10.90	10.13	29.58	27.73	641	2,101
BGB	Blackstone Stgc Cr Fd	Blackstone	1.38	-12.46	9.31	0.00	36.45	559	1,925
ARCC	Ares Capital Corp	Ares	1.11	5.71	9.79	0.00	53.62	9,433	54,596
FSK	FS KKR Capital Corp	FS/KKR	1.21	-22.73	13.91	0.00	54.89	7,159	21,217
HTGC	Hercules Capital	Hercules	1.13	36.39	10.08	0.00	52.02	1,363	12,132
MAIN	Main Street Cap Corp	Main Street Capital	1.12	46.31	6.87	0.00	49.30	2,075	11,755
GBDC	Golub Capital BDC	Golub Capital	1.10	-7.12	9.54	0.00	54.45	2,545	10,403
PSEC	Prospect Capital Corp	Prospect Capital	1.13	-24.88	9.57	0.00	46.77	3,980	9,732
GSBD	Goldman Sachs BDC	Goldman Sachs	1.18	3.20	11.61	0.00	56.52	1,544	8,970
TSLX	Sixth St Splty Lending	Sixth St Splty Lending	1.15	19.44	9.21	0.00	50.95	1,325	7,405
OCSL	Oaktree Splty Lending	Oaktree Capital	1.02	-1.37	10.75	0.00	49.16	1,245	7,701
NMFC	New Mountain Fin Corp	New Mountain Capital	1.10	-1.67	9.86	0.00	59.14	1,332	4,719
KYN	KA Nrg Infra Fd	Kayne Anderson	1.15	-11.28	8.70	45.00	25.32	1,412	4,522
CEM	CB MLP & Midstream Fd	Franklin Templeton	1.14	-14.46	6.95	40.52	32.89	565	2,412
TYG	Tortoise Nrg Infra Corp	Tortoise	1.11	-16.82	8.45	100.00	23.80	458	1,595
NML	NB MLP & Nrg Incm Fd	Neuberger Berman	1.14	-14.32	9.68	100.00	18.00	479	1,340
FEI	FT MLP & Nrg Incm Fd	First Trust	1.11	-12.92	7.30	78.72	20.08	427	1,114
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.13	-18.17	5.77	43.88	10.81	273	994
SRV	Cushing MLP & Infra Tot Rtn Fd	Cushing	1.14	-10.62	14.71	48.18	26.48	90	647
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	4.56	-12.42	9.08	37.96	30.96	400	1,068
RNP	C&S REIT & Pref Incm Fd	Cohen&Steers	4.58	1.59	7.32	0.00	31.20	1,045	3,345
PDT	JH Prm Div Fd	John Hancock	1.28	-1.42	8.86	24.03	37.15	655	1,094
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.40	-8.13	7.19	1.22	32.56	1,243	4,113
DFP	F&C Dyn Pref & Incm Fd	Flaherty & Crumrine	1.41	-4.11	6.55	0.00	38.50	449	1,730

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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