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(%)	MTD(%)	QTD(%)	YTD(%)
Price	825.82	5.13	-0.83	-32.60	-37.41	-34.52	-32.10	-9.05	-3.11	-1.90	-1.90	-37.58
NAV	968.52	2.43	1.04	-19.28	-23.79	-20.50	-18.89	-2.74	-0.12	0.28	0.28	-23.33
Difference		-2.71	1.87	13.32	13.61	14.01	13.21	6.31	2.99	2.18	2.18	14.25
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

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	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-35.68
NAV	0.16	-4.81	-19.88	-23.61	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-23.61
Difference	-1.29	5.48	9.44	12.07	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12.07
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	18.94	1.61	-2.20	2.13	1.50	0.44	0.19	2.40	3.04	4.54	23.48
NAV	6.70	1.40	1.92	10.27	1.10	-1.37	2.82	2.53	12.80	0.56	-0.87	1.23	0.91	0.26	0.20	2.81	3.28	4.19	16.99
Difference	-4.93	-0.49	0.51	-5.07	-1.11	1.05	-1.05	-1.07	-6.14	-1.06	1.33	-0.90	-0.58	-0.18	0.01	0.41	0.24	-0.35	-6.49
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	1.68	2.60	0.89	-1.21	2.25	-7.13	0.69	-6.11	-12.21	-9.95	-8.28
NAV	2.01	-3.24	-0.92	-2.21	1.49	1.17	-0.24	2.42	0.21	2.19	0.90	-0.15	2.95	-3.57	0.01	-3.76	-7.18	-4.23	-4.01
Difference	0.96	-0.40	-0.32	0.21	-1.03	-0.32	-0.29	-1.67	-1.46	-0.41	0.01	1.07	0.70	3.56	-0.68	2.36	5.03	5.73	4.27
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	11.80	1.97	-0.94	1.43	2.45	-0.87	-1.20	2.13	0.03	2.49	14.29
NAV	2.31	1.85	0.63	4.86	1.08	0.49	0.71	2.30	7.16	1.65	-0.02	0.61	2.24	0.15	0.35	1.71	2.22	4.46	11.62
Difference	-2.25	-1.45	-0.15	-4.00	-1.65	0.72	0.28	-0.65	-4.64	-0.32	0.92	-0.82	-0.21	1.02	1.54	-0.42	2.18	1.97	-2.67
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	11.22	4.34	2.37	-0.17	6.63	-2.74	0.72	1.93	-0.15	6.48	17.70
NAV	-3.91	-0.74	4.48	-0.34	3.57	1.33	3.17	8.27	7.93	2.75	0.80	2.01	5.65	-1.34	-0.14	2.28	0.76	6.41	14.34
Difference	1.56	-0.97	-3.35	-2.53	-1.08	0.59	-0.26	-0.77	-3.30	-1.59	-1.57	2.18	-0.98	1.40	-0.87	0.35	0.91	-0.07	-3.36
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	-1.37	-1.93	-3.19	-5.42	-10.20	7.13	-2.06	-3.19	1.57	-8.62	-9.99
NAV	0.06	2.09	-0.37	1.77	1.82	-0.27	-2.32	-0.81	0.96	-0.29	-3.12	-4.35	-7.60	4.18	-1.71	-3.84	-1.54	-9.13	-8.17
Difference	-0.49	-1.01	0.92	-0.56	-0.25	0.57	2.53	2.89	2.33	1.64	0.07	1.07	2.60	-2.95	0.35	-0.65	-3.11	-0.51	1.82

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -15.05%	1Yr Disc -0.98%	3Yr Disc -1.24%	5Yr Disc -2.40%	Rel Disc Range (3yr) 44.79%
Mkt Yield 16.62%	Lev Adj NAV Yield 10.65%	After Tax Yield* 14.37%	Est Tax Friction* 2.25%	3Yr NAV Volatiliy 18.74
1 Yr RoC 33.46%	3 Yr Dest RoC 27.05%	Leverage 26.54%	Non Lev Exp Ratio 2.26%	Beta (2yr) 0.87
Equity Exposure 44.25%	Bond Exposure 53.46%	# Holdings 90	Cash Weighted Duration 1.29
Comp NAV TR 4.10%	Comp Discount 1.08%	Net Assets (M) 631	Liquidity - 90d (K) 3,748
* 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

90 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
NIE	AG Eq & Convt Incm Fd	Allianz	1.09	-12.42	8.19	0.00	0.00	587	2,279
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	1.10	-5.57	11.29	0.00	32.85	1,613	5,863
DDF	DI Div & Incm Fd	Delaware	1.05	3.76	13.78	11.24	28.87	59	309
ZTR	Virtus Glbl Div & Inc Fd	Virtus	1.09	-7.22	18.83	79.20	26.09	368	1,907
FOF	C&S CE Opp Fd	Cohen & Steers	2.01	-2.58	11.07	55.16	0.00	263	1,320
NHF	NexPoint Stgc Opp Fd	Highland Capital	1.06	-51.46	15.02	49.51	26.00	755	3,043
EGIF	Eagle Gwth & Incm Opp Fd	Four Wood	1.10	-12.60	9.55	3.43	29.20	87	242
GLV	Clough Glbl Div & Incm Fd	Clough	1.06	-12.67	14.88	56.50	43.19	78	496
CGO	Calamos Glbl Tot Rtn Fd	Calamos	1.01	-4.34	14.32	35.86	34.79	77	328
TEAF	Tortoise Ess Ast Incm Trm Fd	Tortoise	1.09	-20.41	12.94	0.00	8.20	171	1,005
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.06	-8.09	15.08	38.08	37.35	360	1,921
RIV	RiverNorth Opp Fd	RiverNorth	2.01	-6.44	17.69	66.37	9.78	122	1,194
SCD	LMP Cap & Incm Fd	Legg Mason	1.14	-14.88	15.27	66.08	22.10	172	752
GLO	Clough Glbl Opp Fd	Clough	1.98	-16.95	15.47	38.81	44.61	270	1,353
PKO	PIMCO Incm Opp Fd	PIMCO	0.72	0.64	12.03	0.00	31.97	349	2,660
BIT	BR Mlt-Sctr Incm Tr	BlackRock	0.74	-16.07	12.63	12.76	37.40	526	3,406
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.78	-7.51	8.52	13.62	29.42	1,195	7,138
DBL	DbLin Opportunistic Cr Fd	Doubleline	0.74	-2.41	7.95	7.66	19.30	254	1,720
PDI	PIMCO Dyn Incm Fd	PIMCO	0.75	6.36	12.36	0.00	38.06	1,188	10,433
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	0.75	-11.53	16.02	62.50	27.30	121	1,054
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	0.72	-8.54	15.51	16.06	19.10	134	835
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.75	4.01	14.53	55.02	6.25	600	5,360
MGF	MFS Govt Mkt Incm Tr	MFS	0.79	-3.11	7.45	66.61	0.00	157	616
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.74	-2.29	13.24	0.00	21.72	519	3,663
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	0.74	-13.80	8.80	0.00	45.44	893	4,004
DSL	DbLin Incm Solutions Fd	Doubleline	0.69	-3.38	14.98	3.36	28.98	1,264	9,720
RA	Brkf Real Ast Incm Fd	Brookfield	0.74	-17.56	16.90	43.79	21.80	769	5,187
PFL	PIMCO Incm Stgy Fd	PIMCO	0.74	-1.71	13.42	5.21	22.00	249	1,816
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	0.73	-2.95	13.21	0.00	43.95	2,313	18,660
PHK	PIMCO Hi Incm Fd	PIMCO	0.77	7.06	15.17	0.73	27.23	597	5,396
FINS	Angel Oak Fin Stgs Incm Trm Tr	Angel Oak	0.74	-9.94	7.33	35.07	24.48	212	961
BHK	BR Core Bnd Tr	BlackRock	0.80	-6.19	5.89	17.23	24.01	792	3,264
FT	Frk Univ Tr	Franklin	0.74	-16.27	6.49	0.00	23.62	178	548
PGP	PIMCO Glbl Stk+ & Incm Fd	PIMCO	0.78	21.36	14.07	3.26	35.19	72	861
CRF	Cornerstone Tot Rtn Fd	Cornerstone	0.95	1.92	27.11	79.48	0.00	311	5,337
CLM	Cornerstone Stgc Val Fd	Cornerstone	0.97	1.84	26.82	76.19	0.00	614	9,035
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.07	-7.85	19.67	93.17	14.00	516	5,394
HQH	Tekla Health Invstr	Tekla	0.95	-16.25	10.57	0.00	0.00	909	4,366
THQ	Tekla Health Opp Fd	Tekla	0.96	-13.70	8.71	25.00	20.62	745	3,395
THW	Tekla Wld Health Fd	Tekla	0.95	-11.88	12.34	90.10	21.11	388	2,446
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	0.97	-6.21	10.78	85.05	0.00	575	3,500
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	1.00	-4.66	7.94	95.78	0.00	813	4,220
EOD	WF Glbl Div Opp Fd	Wells Fargo	1.01	-10.66	15.61	0.00	15.37	186	984
DNP	DNP Sel Incm Fd	Duff & Phelps	0.93	17.24	8.13	10.90	23.10	2,462	7,403
IAE	Voya AP Hi Div Eq Incm Fd	Voya	0.92	-15.64	13.63	66.69	0.00	89	341
IHD	Voya Emrg Mkt Hi Div Eq Fd	Voya	0.90	-13.81	13.11	58.19	0.00	121	566
BBN	BR Taxable Muni BndTr	BlackRock	1.03	-3.32	6.07	0.96	35.77	1,307	8,244
ARDC	Ares Dyn Cr Alloc Fd	Ares	0.94	-14.47	12.91	0.00	32.00	268	1,776
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	1.02	-5.59	16.82	54.78	24.10	182	1,621
JPS	Nuv Pref & Incm Sec Fd	Nuveen	2.18	-8.62	8.66	0.17	37.64	1,561	9,403
HFRO	Highland Incm Fd	Highland Capital	1.00	-32.20	11.05	40.23	29.03	887	2,994
JLS	Nuv Mortg Opp Trm Fd	Nuveen	1.04	-9.75	6.52	31.88	28.18	102	808
BKT	BR Incm Tr	BlackRock	1.05	-6.33	6.97	24.69	30.93	403	2,461
GIM	Tmp Glbl Incm Fd	Franklin	1.02	-15.40	3.42	0.00	0.00	845	4,346
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	0.98	1.71	8.37	0.00	39.60	701	4,262
MIN	MFS Imd Incm Tr	MFS	1.03	-6.91	9.21	70.40	0.00	457	2,033
DUC	D&P Util & Corp Bnd Tr	Duff & Phelps	1.05	-3.68	6.94	24.14	28.00	247	865
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	1.01	-18.34	9.88	60.17	28.24	1,013	3,881
PDT	JH Prm Div Fd	John Hancock	2.06	2.65	10.43	21.99	35.40	531	2,313
CCD	Calamos Dyn Convt & Incm Fd	Calamos	0.92	-8.36	13.34	26.92	33.65	401	1,823
ARCC	Ares Capital Corp	Ares	0.92	-43.94	16.48	0.00	46.77	7,466	44,331
MAIN	Main Street Cap Corp	Main Street Capital	0.94	-21.16	13.05	0.00	41.08	1,540	15,014
PSEC	Prospect Capital Corp	Prospect Capital	0.91	-56.35	19.05	0.00	39.41	3,184	13,894
FSK	FS KKR Capital Corp	FS/KKR	1.08	-60.99	25.50	0.00	51.06	3,846	12,654
GBDC	Golub Capital BDC	Golub Capital	0.81	-40.04	13.21	0.00	50.69	2,229	10,350
HTGC	Hercules Capital	Hercules	0.97	-30.81	17.53	0.00	52.28	1,166	9,348
NMFC	New Mountain Fin Corp	New Mountain Capital	0.75	-62.14	27.09	0.00	60.01	1,284	6,106
TSLX	TPG Specialty Lending	TSL Advisers	0.93	-24.42	12.89	0.00	47.98	1,123	7,349
AINV	Apollo Inv Corp	Apollo	0.98	-67.21	30.05	0.00	58.52	1,216	5,663
NEWT	Newtek Biz Serv Corp	Newtek	0.85	-29.87	15.99	0.00	54.17	327	3,928
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	1.06	-17.18	38.30	72.73	60.98	574	6,611
TYG	Tortoise Nrg Infra Corp	Tortoise	1.14	-13.86	55.24	100.00	65.00	178	2,546
FEI	FT MLP & Nrg Incm Fd	First Trust	1.02	-19.96	27.21	47.93	18.02	259	1,732
CEM	CB MLP & Midstream Fd	Legg Mason	1.20	-17.94	54.88	96.00	37.04	184	1,748
NML	NB MLP Incm Fd	Neuberger Berman	1.05	-21.69	7.20	100.00	24.90	141	1,054
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.05	-12.73	37.50	91.67	32.43	47	993
JMF	Nuv Nrg MLP Total Rtn Fd	Nuveen	0.98	2.22	16.81	100.00	33.93	55	695
SMM	Salient Midstream & MLP Fd	Salient	0.97	-21.05	20.73	96.35	26.10	74	725
FMO	F/C Nrg Infra Fd	Guggenheim Funds	1.13	-9.74	92.98	100.00	42.56	55	687
MIE	C&S MLP Incm & Nrg Opp Fd	Cohen & Steers	0.98	-5.62	10.71	99.13	33.40	48	581
PGZ	Principal Rel-Est Incm Fd	ALPS	1.95	-21.33	11.40	4.08	27.40	102	595
NRO	NB Rel-Est Sec Incm Fd	Neuberger Berman	1.96	-11.08	16.61	42.33	26.90	154	1,016
RFI	C&S Tot Rtn Ry Fd	Cohen & Steers	2.03	-6.59	9.53	3.43	0.00	282	1,377
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.98	-16.12	11.68	34.80	5.65	418	2,611
FLC	F&C Tot Rtn Fd	Flaherty & Crumrine	1.18	-4.84	8.67	0.00	39.80	167	985
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen & Steers	1.20	-0.79	9.27	8.71	29.20	587	2,795
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.17	-6.64	9.35	3.04	27.48	1,107	5,358
BANX	StoneCastle Fin Corp	StoneCastle	2.39	-34.72	10.67	0.00	10.70	143	442
OCCI	OFS Credit Company	OFS Capital	3.11	-52.14	27.31	57.71	29.54	52	311
OXLC	Oxford Lane Cap Corp	Oxford Lane	2.65	-40.23	39.80	0.00	30.37	403	5,713

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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