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	1,215.19	0.78	-2.08	-12.07	-7.48	-19.55	-17.53	-1.33	1.14	4.25	-12.07	-7.48	-20.24
NAV	1,272.87	0.22	-1.64	-6.92	-4.26	-14.20	-12.11	1.41	3.02	5.31	-6.92	-4.26	-14.56
Difference		-0.56	0.44	5.15	3.22	5.35	5.42	2.73	1.88	1.07	5.15	3.22	5.68
* 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	-	-	-	-	-	-
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	-	-	-	-	-	-
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	-	-	-	-	-	-
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 -6.84%	1Yr Disc -1.08%	3Yr Disc -2.17%	5Yr Disc -1.47%	Rel Disc Range (3yr) 51.56%
Mkt Yield 10.94%	Lev Adj NAV Yield 8.31%	After Tax Yield* 9.15%	Est Tax Friction* 1.79%	3Yr NAV Volatiliy 19.13
1 Yr RoC 39.56%	3 Yr Dest RoC 34.40%	Leverage 27.11%	Non Lev Exp Ratio 1.65%	Beta (2yr) 0.69
Equity Exposure 43.35%	Bond Exposure 54.77%	# Holdings 75	Cash Weighted Duration 1.53
Comp NAV TR 1.24%	Comp Discount 3.07%	Net Assets (M) 980	Liquidity - 90d (K) 3,353
* 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

75 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	-10.93	10.97	0.00	24.76	338	756
NIE	Virtus Eq & Convt Incm Fd	Virtus	1.33	-11.28	9.63	0.00	0.00	649	1,655
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	1.30	-0.78	9.65	1.28	33.30	2,031	3,350
DDF	DI Div & Incm Fd	Delaware	1.17	-11.32	9.35	0.00	24.05	64	168
ZTR	Virtus Tot Rtn Fd	Virtus	1.05	-8.01	14.93	55.94	29.35	479	1,499
FOF	C&S CE Opp Fd	Cohen&Steers	1.24	-4.04	10.47	30.24	0.00	284	577
BCAT	BR Cap Alloc Tr	BlackRock	1.26	-16.43	8.96	51.40	4.03	1,844	4,790
GLV	Clough Glbl Div & Incm Fd	Clough	1.13	-4.66	15.64	90.79	40.83	90	330
CGO	Calamos Glbl Tot Rtn Fd	Calamos	1.26	5.66	12.13	41.67	32.32	91	257
TEAF	Ecofin Susble & Soc Impact Trm	Tortoise	1.25	-16.45	8.34	6.50	11.40	209	310
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.22	2.50	13.68	40.73	32.65	373	1,454
RIV	RiverNorth Opp Fd	RiverNorth	2.23	3.54	15.84	60.24	33.56	224	1,217
SCD	LMP Cap & Incm Fd	Franklin Templeton	1.24	-11.32	9.03	58.45	20.25	227	426
GLO	Clough Glbl Opp Fd	Clough	1.05	-7.10	19.65	32.11	46.16	257	1,104
BIT	BR Mlt-Sctr Incm Tr	BlackRock	1.47	1.31	10.10	33.14	34.18	546	1,474
BTZ	BR Cr Alloc Incm Tr	BlackRock	1.29	-10.92	10.28	15.55	30.88	1,028	2,299
DBL	DbLin Opportunistic Cr Fd	Doubleline	1.36	-0.47	8.98	10.77	14.95	231	662
PDI	PIMCO Dyn Incm Fd	PIMCO	1.37	5.63	13.31	0.00	44.43	4,315	17,061
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	1.42	22.05	14.10	56.46	22.90	1,367	6,874
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	1.33	-11.19	8.69	0.64	33.77	879	1,635
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.29	0.85	12.05	0.00	34.49	562	1,560
PFL	PIMCO Incm Stgy Fd	PIMCO	1.31	2.23	11.85	0.00	33.80	289	894
HFRO	Highland Incm Fd	Highland Capital	1.26	-33.89	9.38	19.06	13.42	1,013	1,925
RA	Brkf Real Ast Incm Fd	Brookfield	1.38	12.16	13.55	57.61	28.94	846	3,932
BHK	BR Core Bnd Tr	BlackRock	1.29	-7.02	8.78	7.88	41.24	592	1,534
PHK	PIMCO Hi Incm Fd	PIMCO	1.33	2.37	12.10	0.00	31.82	633	1,870
FINS	Angel Oak Fin Stgs Incm Trm Tr	Angel Oak	1.35	-12.75	8.54	42.26	30.29	383	680
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.23	30.42	24.68	72.60	0.00	1,390	16,488
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.20	31.00	24.74	69.01	0.00	629	8,339
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.07	-24.06	10.92	0.00	1.22	260	643
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.09	-2.59	10.62	89.72	14.00	536	2,014
BCX	BR Res & Com Stgy Tr	BlackRock	1.14	-10.66	6.02	57.90	0.00	887	2,582
UTG	Reaves Util Incm Fd	W.H. Reaves	1.04	-0.61	8.26	0.00	16.86	1,941	5,697
DNP	DNP Sel Incm Fd	Virtus	1.13	20.86	7.48	26.60	23.91	3,009	4,119
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	1.01	-11.75	7.38	19.38	20.66	191	494
BTO	JH Fin Opp Fd	John Hancock	1.01	0.53	8.09	40.18	16.11	612	1,116
IHD	Voya Emrg Mkt Hi Div Eq Fd	Voya	1.02	-11.89	14.72	78.82	0.00	104	181
IAE	Voya AP Hi Div Eq Incm Fd	Voya	1.03	-12.41	14.85	75.24	0.00	78	208
HQH	Tekla Health Invstr	Tekla	1.10	-10.18	9.07	34.59	0.00	910	1,811
BMEZ	BR Health Sci Tr II	BlackRock	1.08	-15.78	11.40	0.00	0.00	2,031	5,210
BIGZ	BR Innovation & Gwth Tr	BlackRock	1.09	-18.37	11.32	100.00	0.00	2,143	6,799
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	1.27	-5.01	14.43	0.00	41.27	226	1,083
PPT	Putnam Prmr Incm Tr	Putnam	1.39	-9.41	8.76	33.17	0.00	402	519
NBB	Nuv Taxable Muni Incm Fd	Nuveen	1.30	-5.02	8.29	0.00	40.61	479	1,353
BBN	BR Taxable Muni BndTr	BlackRock	1.27	-4.50	8.91	9.97	33.92	1,064	4,227
RCS	PIMCO Stgc Incm Fd	PIMCO	1.38	10.86	12.49	1.16	42.47	199	536
MIN	MFS Imd Incm Tr	MFS	1.40	-8.22	9.64	71.44	0.00	353	1,093
EDD	MS Emrg Mkt Dom Dbt	Morgan Stanley	1.32	-14.81	6.76	0.00	21.02	321	548
BKT	BR Incm Tr	BlackRock	1.35	-6.73	8.48	35.84	28.42	285	663
EFR	EV Sr Flt-Rt Tr	Eaton Vance	1.34	-9.81	8.84	11.30	37.37	357	1,011
EFT	EV Flt-Rt Incm Tr	Eaton Vance	1.43	-8.53	8.18	7.77	38.80	362	751
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.43	-11.31	7.18	13.15	28.45	443	1,323
FCT	FT Sr Flt Rt Incm Fd II	First Trust	1.48	-8.16	8.42	36.30	18.81	280	1,240
ARCC	Ares Capital Corp	Ares	1.20	-10.26	10.19	0.00	53.81	9,507	44,185
FSK	FS KKR Capital Corp	FS/KKR	1.12	-35.82	15.81	0.00	54.38	7,480	18,715
HTGC	Hercules Capital	Hercules	1.10	11.03	12.09	0.00	52.22	1,327	11,512
MAIN	Main Street Cap Corp	Main Street Capital	1.11	32.60	7.85	0.00	48.54	1,909	12,192
GBDC	Golub Capital BDC	Golub Capital	1.22	-18.16	9.69	0.00	54.67	2,587	7,387
PSEC	Prospect Capital Corp	Prospect Capital	1.13	-40.84	11.61	0.00	44.75	4,137	9,174
GSBD	Goldman Sachs BDC	Goldman Sachs	1.10	-6.95	12.46	0.00	54.91	1,587	5,182
OCSL	Oaktree Splty Lending	Oaktree Capital	1.17	-12.92	11.33	0.00	50.44	1,263	4,371
BBDC	Barings BDC	Barings	1.13	-27.52	11.61	2.70	54.17	1,246	3,501
TSLX	Sixth St Splty Lending	Sixth St Splty Lending	1.15	0.43	10.28	0.00	48.64	1,318	8,716
KYN	KA Nrg Infra Fd	Kayne Anderson	1.23	-12.10	9.49	70.53	25.13	1,306	4,382
CEM	CB MLP & Midstream Fd	Franklin Templeton	1.31	-16.11	7.90	69.11	29.07	495	1,596
TYG	Tortoise Nrg Infra Corp	Tortoise	1.28	-14.92	9.09	82.56	21.90	438	1,649
FEI	FT MLP & Nrg Incm Fd	First Trust	1.18	-13.03	8.17	58.15	22.09	382	918
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.36	-17.56	5.65	46.11	10.00	242	656
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	4.33	-13.06	10.11	29.35	31.37	362	713
AWP	abrdn Glbl Prmr Prop Fd	abrdn	3.97	-8.51	12.40	56.82	24.50	361	1,134
PDT	JH Prm Div Fd	John Hancock	1.47	10.73	8.40	17.01	35.25	615	888
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen&Steers	1.39	-8.28	8.75	10.49	34.00	586	1,298
JPS	Nuv Pref & Incm Sec Fd	Nuveen	1.37	-10.22	7.81	0.00	38.73	1,530	3,666
DFP	F&C Dyn Pref & Incm Fd	Flaherty & Crumrine	1.34	-7.77	7.52	0.00	38.10	423	1,568
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.35	-10.42	8.18	1.50	32.95	1,121	2,270

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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