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11. Alternative Income Index

Data as of

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 1,278.23 0.38 0.64 -0.56 2.72 4.74 14.60 9.24 6.00 0.01 0.64 21.08
NAV 1,227.08 0.27 0.15 -0.73 1.54 3.08 10.26 7.92 4.94 -0.22 0.23 13.95
Difference -0.11 -0.49 -0.17 -1.17 -1.66 -4.34 -1.32 -1.06 -0.23 -0.40 -7.13
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
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 - - - 21.07
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 - - - 14.17
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 - - - -6.90
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
-0.12%
1Yr Disc
-2.47%
3Yr Disc
-2.61%
5Yr Disc
-3.83%
Rel Disc Range (3yr)
64.95%
Mkt Yield
9.63%
Lev Adj NAV Yield
7.70%
After Tax Yield*
8.16%
Est Tax Friction*
1.47%
3Yr NAV Volatiliy
8.97
1 Yr RoC
31.93%
3 Yr Dest RoC
13.58%
Leverage
27.22%
Non Lev Exp Ratio
2.17%
Beta (2yr)
0.50
Equity Exposure
42.75%
Bond Exposure
55.21%
# Holdings
82
Cash Weighted Duration
1.11
Comp NAV TR
1.43%
Comp Discount
1.44%
Net Assets (M)
766
Liquidity - 90d (K)
2,741
* 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


82 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NIE AG Eq & Convt Incm Fd Allianz 1.19 -7.43 6.77 0.00 0.00 672 1,549
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.20 -0.08 7.51 51.26 31.26 2,041 3,114
DDF DI Div & Incm Fd Delaware 1.23 32.85 7.53 13.18 29.41 84 218
ZTR Virtus Glbl Div & Inc Fd Virtus 2.06 7.29 12.28 65.49 27.72 486 987
FOF C&S CE Opp Fd Cohen & Steers 1.16 -1.58 7.96 51.96 0.00 363 783
NHF NexPoint Stgc Opp Fd Highland Capital 1.12 -19.24 14.05 55.08 22.10 973 3,973
EGIF Eagle Gwth & Incm Opp Fd Four Wood 1.18 -10.78 5.91 7.28 29.87 131 279
CGO Calamos Glbl Tot Rtn Fd Calamos 1.22 7.19 9.46 61.05 33.34 103 285
GLV Clough Glbl Div & Incm Fd Clough 1.18 -8.54 10.98 58.17 34.47 100 386
CHW Calamos Glbl Dyn Incm Fd Calamos 1.29 7.08 9.74 58.58 36.95 477 1,637
RIV RiverNorth Opp Fd RiverNorth 1.09 -3.65 12.66 59.81 9.78 156 1,180
SCD LMP Cap & Incm Fd Legg Mason 1.20 -6.55 8.61 64.37 23.00 277 866
GLO Clough Glbl Opp Fd Clough 2.11 -11.85 10.91 40.98 38.29 343 1,189
MGF MFS Govt Mkt Incm Tr MFS 1.25 -3.58 7.51 66.20 0.00 155 625
DBL DbLin Opportunistic Cr Fd Doubleline 1.26 0.29 6.40 3.41 19.50 307 810
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 1.27 -3.87 11.94 51.59 27.74 149 595
GGM Gghm Cr Alloc Fd Guggenheim Funds 1.27 5.89 10.81 12.01 24.28 153 596
GOF Gghm Stgc Opp Fd Guggenheim Funds 1.27 13.59 11.22 44.45 0.08 674 3,088
AWF AB Glbl Hi Incm Fd AllianceBernstein 1.26 -8.80 6.54 2.29 38.12 1,137 1,801
PFN PIMCO Incm Stgy Fd II PIMCO 1.29 9.71 9.13 0.00 26.21 636 1,991
PFL PIMCO Incm Stgy Fd PIMCO 1.29 9.12 9.30 10.93 26.41 307 1,090
DSL DbLin Incm Solutions Fd Doubleline 1.26 4.09 9.06 2.61 30.83 1,935 4,758
RA Brkf Real Ast Incm Fd Brookfield 1.23 -4.22 10.83 43.93 22.00 839 3,211
PHK PIMCO Hi Incm Fd PIMCO 1.26 24.63 9.63 12.97 27.51 805 3,133
BIT BR Mlt-Sctr Incm Tr BlackRock 1.26 -4.08 8.65 17.37 35.62 672 1,866
CRF Cornerstone Tot Rtn Fd Cornerstone 0.90 5.69 19.68 82.42 0.00 409 3,035
CLM Cornerstone Stgc Val Fd Cornerstone 0.89 5.33 19.75 85.51 0.00 798 4,563
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 0.88 2.87 13.95 90.98 12.00 584 3,513
DNP DNP Sel Incm Fd Duff & Phelps 0.87 25.10 6.14 29.49 23.76 3,018 4,712
GUT Gabelli Util Tr Gabelli 0.92 58.28 7.75 90.57 27.00 264 1,021
UTF C&S Infra Fd Cohen & Steers 0.84 -0.57 7.12 0.20 26.80 2,240 5,261
THW Tekla Wld Health Fd Tekla 0.89 -6.47 10.30 91.67 22.75 439 1,414
BTO JH Fin Opp Fd John Hancock 0.94 -1.36 6.34 16.13 16.40 657 1,744
GLQ Clough Glbl Eq Fd Clough 0.92 -8.86 10.54 0.00 34.27 173 689
HQH Tekla Health Invstr Tekla 0.99 -10.97 7.89 73.10 0.00 988 3,557
BGR BR Nrg & Res Tr BlackRock 0.86 -8.83 8.50 60.54 0.00 358 1,416
BGY BR Enh Intl DivTr BlackRock 0.92 -9.27 7.14 58.71 0.00 663 1,544
THQ Tekla Health Opp Fd Tekla 0.94 -9.43 7.28 74.13 22.40 849 1,919
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 0.94 -5.84 9.50 66.15 0.00 153 437
PPR Voya Prime Rt Tr Voya 1.21 -9.31 5.72 0.00 27.12 794 2,340
ARDC Ares Dyn Cr Alloc Fd Ares 1.18 -10.30 8.71 0.00 31.05 378 1,258
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 1.21 5.78 6.23 0.00 33.20 905 2,495
HFRO Highland Incm Fd Highland Capital 1.03 -12.92 7.92 25.35 29.03 963 5,011
VVR Invsc Sr Incm Tr Invesco 1.17 -9.72 6.89 2.69 29.00 834 1,969
BKT BR Incm Tr BlackRock 1.16 -5.65 6.87 33.05 30.46 406 1,028
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.21 -11.34 7.67 49.94 32.47 1,207 2,171
BGB B/GSO Stgc Cr Fd GSO / Blackstone 1.13 -7.17 9.53 0.00 37.24 673 2,405
EFT EV Flt-Rt Incm Tr Eaton Vance 1.19 -10.40 7.55 0.00 35.50 594 1,691
EFR EV Sr Flt-Rt Tr Eaton Vance 1.17 -10.51 7.74 0.00 35.90 537 1,468
JRO Nuv Flt Rt Incm Opp Fd Nuveen 1.19 -9.83 7.54 0.00 37.84 433 1,674
FRA BR Flt Rt Incm Stgc Fd BlackRock 1.22 -9.58 7.21 0.00 28.28 523 2,045
ARCC Ares Capital Corp Ares 1.00 8.52 8.54 0.00 45.64 7,373 29,723
FSK FS KKR Capital Corp FS/KKR 1.12 -20.10 12.10 0.00 45.30 4,001 13,007
PSEC Prospect Capital Corp Prospect Capital 1.00 -26.61 11.06 0.00 39.90 3,259 9,312
NMFC New Mountain Fin Corp New Mountain Capital 0.99 2.62 9.93 4.04 58.35 1,292 9,028
HTGC Hercules Capital Hercules 1.08 36.80 9.01 0.00 51.53 1,086 6,941
AINV Apollo Inv Corp Apollo 1.08 -9.42 10.63 0.00 54.94 1,244 6,353
CGBD TCG BDC Carlyle 0.96 -18.76 10.99 0.00 54.03 978 4,147
TSLX TPG Specialty Lending TSL Advisers 1.04 29.31 7.22 0.00 43.52 1,112 4,664
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.85 3.34 10.34 0.00 41.30 335 3,326
TCPC BR TCP Capital Corp BlackRock 1.05 5.59 10.03 0.00 55.12 799 3,225
TYG Tortoise Nrg Infra Corp Tortoise 0.84 -2.69 15.76 100.00 36.80 918 4,773
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 0.87 3.98 20.81 97.08 30.07 195 3,068
CEM CB MLP & Midstream Fd Legg Mason 0.90 -10.81 11.82 100.00 34.25 788 3,461
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 0.78 1.47 13.43 94.57 33.60 182 1,540
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 0.85 -2.99 13.99 100.00 29.94 301 1,742
NML NB MLP Incm Fd Neuberger Berman 0.88 -10.70 10.41 92.51 25.80 402 1,820
FEN FT Nrg Incm & Gwth Fd First Trust 0.92 4.20 11.39 78.23 27.11 391 1,877
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 0.83 -3.48 16.49 100.00 37.83 319 1,538
FMO F/C Nrg Infra Fd Guggenheim Funds 0.82 -8.38 18.46 100.00 42.72 271 1,572
SMM Salient Midstream & MLP Fd Salient 0.91 -14.82 9.67 95.18 26.91 147 779
PGZ Principal Rel-Est Incm Fd ALPS 2.04 -7.27 6.31 6.52 27.98 156 523
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 2.09 -6.94 7.76 20.70 29.10 534 1,620
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 2.04 -8.54 7.47 68.97 12.84 1,024 2,296
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.11 -9.33 7.37 62.14 8.31 613 2,180
FLC F&C Tot Rtn Fd Flaherty & Crumrine 1.19 2.07 6.22 0.00 33.40 217 909
JPS Nuv Pref & Incm Sec Fd Nuveen 1.26 0.99 6.59 0.17 38.42 2,058 3,766
PDT JH Prm Div Fd John Hancock 1.13 9.66 6.87 19.71 33.42 754 1,537
FPF FT Imd Dur Pref & Incm Fd First Trust 1.23 -0.78 6.61 1.92 30.95 1,473 3,114
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 1.26 1.49 7.02 11.35 29.80 757 1,614
BANX StoneCastle Fin Corp StoneCastle 4.09 4.74 6.67 0.00 14.89 143 317
OXLC Oxford Lane Cap Corp Oxford Lane 3.67 25.64 19.45 0.00 30.12 392 6,298

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.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2019. All rights reserved. Any copying, republication or redistribution of CEFadvisors, CEFdata.com, content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of CEFAdvisors. CEFAdvisors shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %