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	1,410.66	0.25	1.24	3.65	12.68	30.14	51.79	7.59	10.07	3.14	3.14	14.65
NAV	1,373.54	0.07	0.15	1.39	5.97	17.22	35.13	7.55	9.38	1.39	1.39	7.33
Difference		-0.18	-1.09	-2.26	-6.71	-12.92	-16.66	-0.04	-0.69	-1.75	-1.75	-7.33
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

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	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	1.30	2.19	2.26	5.86	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	-1.30	-2.49	-1.24	-5.31	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount 2.31%	1Yr Disc -3.40%	3Yr Disc -0.65%	5Yr Disc -0.70%	Rel Disc Range (3yr) 76.79%
Mkt Yield 8.62%	Lev Adj NAV Yield 7.04%	After Tax Yield* 7.16%	Est Tax Friction* 1.46%	3Yr NAV Volatiliy 21.78
1 Yr RoC 48.01%	3 Yr Dest RoC 23.19%	Leverage 27.68%	Non Lev Exp Ratio 2.52%	Beta (2yr) 0.96
Equity Exposure 45.78%	Bond Exposure 52.23%	# Holdings 77	Cash Weighted Duration 1.51
Comp NAV TR 1.41%	Comp Discount 3.34%	Net Assets (M) 892	Liquidity - 90d (K) 4,500
* 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

77 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.28	-11.00	7.75	0.00	20.84	444	1,896
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	1.35	5.68	6.74	0.00	29.39	2,677	4,642
DDF	DI Div & Incm Fd	Delaware	1.32	0.65	7.10	48.33	25.52	81	273
ZTR	Virtus Tot Rtn Fd	Virtus	1.30	0.00	10.28	75.73	26.99	443	1,447
FOF	C&S CE Opp Fd	Cohen & Steers	1.31	0.81	7.59	69.49	0.00	372	1,290
GLV	Clough Glbl Div & Incm Fd	Clough	1.34	4.44	9.50	73.86	37.26	98	643
CGO	Calamos Glbl Tot Rtn Fd	Calamos	1.37	4.65	7.50	0.00	32.07	136	524
TEAF	Tortoise Ess Ast Incm Trm Fd	Tortoise	1.33	-11.58	6.04	36.56	13.40	227	784
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.35	8.73	7.76	0.00	33.36	592	2,161
RIV	RiverNorth Opp Fd	RiverNorth	1.30	3.54	11.45	51.20	7.41	172	1,495
SCD	LMP Cap & Incm Fd	Franklin Templeton	1.35	-10.43	7.91	69.82	18.60	264	625
GLO	Clough Glbl Opp Fd	Clough	2.43	-3.43	10.06	13.89	32.51	433	2,307
PKO	PIMCO Incm Opp Fd	PIMCO	0.93	15.69	8.45	0.00	45.00	485	1,815
BIT	BR Mlt-Sctr Incm Tr	BlackRock	0.92	-0.75	8.05	35.99	36.85	697	2,402
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.90	-4.68	6.86	19.10	29.41	1,439	3,134
RA	Brkf Real Ast Incm Fd	Brookfield	0.94	8.24	11.01	58.06	28.45	879	7,790
PDI	PIMCO Dyn Incm Fd	PIMCO	0.94	17.99	9.11	0.00	40.09	1,711	9,779
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	0.92	-0.25	9.92	59.54	26.96	137	670
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	0.93	13.71	10.09	32.65	22.50	193	1,361
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.94	28.36	9.96	60.03	30.48	848	6,573
MGF	MFS Govt Mkt Incm Tr	MFS	0.90	-2.22	7.47	70.33	0.00	147	625
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.91	10.81	9.28	3.17	33.31	708	2,655
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	0.91	-6.93	6.57	0.00	40.87	1,108	2,216
HFRO	Highland Incm Fd	Highland Capital	0.91	-17.40	8.21	4.34	26.60	972	2,888
DSL	DbLin Incm Solutions Fd	Doubleline	0.90	-1.04	7.27	5.87	27.42	1,870	6,669
PFL	PIMCO Incm Stgy Fd	PIMCO	0.91	13.43	9.01	4.53	33.77	359	1,527
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	0.93	13.02	9.15	1.38	43.61	3,039	12,083
PHK	PIMCO Hi Incm Fd	PIMCO	0.91	14.94	8.51	0.00	34.15	786	3,047
FINS	Angel Oak Fin Stgs Incm Trm Tr	Angel Oak	0.92	-5.45	7.29	35.72	28.97	288	676
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.03	39.36	13.74	69.44	0.00	396	7,292
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.03	35.93	14.11	68.20	0.00	782	14,050
HQH	Tekla Health Invstr	Tekla	1.01	-3.59	8.44	6.36	0.00	1,100	3,782
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.07	-9.45	9.89	88.29	13.00	628	3,309
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	1.08	1.00	6.32	97.94	0.00	1,167	4,000
BMEZ	BR Health Sci Tr II	BlackRock	1.04	-7.29	6.48	38.26	N/A	3,263	8,188
UTG	Reaves Util Incm Fd	W.H. Reaves	1.05	2.61	6.25	8.33	16.47	1,817	7,643
CUBA	Herzfeld Caribbean Basin Fd	Herzfeld Cuba	1.05	-15.83	10.25	100.00	0.00	42	283
IAE	Voya AP Hi Div Eq Incm Fd	Voya	1.00	-7.86	9.41	79.25	0.00	118	420
IHD	Voya Emrg Mkt Hi Div Eq Fd	Voya	1.00	-7.65	9.17	79.00	0.00	162	681
DNP	DNP Sel Incm Fd	Duff & Phelps	1.05	5.88	7.73	19.69	26.82	3,212	8,045
GLQ	Clough Glbl Eq Fd	Clough	1.07	-5.08	10.13	0.00	32.28	221	1,409
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.10	-25.27	10.25	4.27	24.76	242	1,458
PDT	JH Prm Div Fd	John Hancock	2.46	4.68	7.70	0.00	34.91	707	2,362
BKT	BR Incm Tr	BlackRock	1.20	0.00	6.73	23.56	26.44	391	1,410
DHY	CS Hi Yld Bnd Fd	Credit Suisse	1.20	-6.20	7.69	0.00	28.03	267	7,073
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	1.24	-8.17	7.73	61.85	28.92	1,152	4,601
MIN	MFS Imd Incm Tr	MFS	1.18	-3.17	8.85	53.81	0.00	439	1,843
KIO	KKR Incm Opp Fd	KKR Credit	1.19	-5.04	7.96	1.36	36.53	339	1,297
VVR	Invsc Sr Incm Tr	Invesco	1.20	-7.64	5.96	19.93	28.00	701	2,221
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	1.21	-2.01	7.89	0.00	25.64	183	4,102
FCT	FT Sr Flt Rt Incm Fd II	First Trust	1.20	-3.15	9.51	33.34	28.35	330	2,107
JQC	Nuv Cr Stgs Incm Fd	Nuveen	1.25	-4.54	11.38	65.47	35.91	956	5,208
PPT	Putnam Prmr Incm Tr	Putnam	1.17	-3.65	6.57	44.17	0.00	504	1,364
GBAB	Gghm Taxable Muni Bnd & Inv Grd Dbt	Guggenheim Funds	1.20	4.32	6.38	10.23	41.57	461	1,686
ARCC	Ares Capital Corp	Ares	1.05	13.55	8.30	0.00	52.43	7,176	43,760
PSEC	Prospect Capital Corp	Prospect Capital	1.06	-11.16	9.05	0.00	37.39	3,456	24,158
MAIN	Main Street Cap Corp	Main Street Capital	1.09	86.76	5.89	0.00	43.64	1,519	15,811
FSKR	FS KKR Capital Corp. II	FS/KKR	1.09	-19.12	10.84	0.00	46.51	4,265	11,368
HTGC	Hercules Capital	Hercules	1.08	50.09	7.57	0.00	49.03	1,300	11,536
TSLX	Sixth St Splty Lending	Sixth St Splty Lending	1.14	29.60	7.37	0.00	47.48	1,165	10,687
GBDC	Golub Capital BDC	Golub Capital	1.07	5.14	7.56	0.00	48.57	2,442	8,715
GSBD	Goldman Sachs BDC	Goldman Sachs	1.02	21.87	9.28	0.00	49.12	1,616	7,548
AINV	Apollo Inv Corp	Apollo	1.08	-9.04	8.74	0.00	58.80	1,017	5,812
NMFC	New Mountain Fin Corp	New Mountain Capital	1.07	2.61	9.27	0.00	58.58	1,222	5,967
KYN	KA Nrg Infra Fd	Kayne Anderson	1.03	-12.77	8.29	100.00	29.07	1,050	5,249
CEM	CB MLP & Midstream Fd	Franklin Templeton	1.04	-13.55	8.00	100.00	30.21	381	1,925
FEI	FT MLP & Nrg Incm Fd	First Trust	1.03	-11.08	8.60	86.08	20.42	355	1,660
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.05	-17.21	6.26	79.43	0.00	199	923
FMO	F/C Nrg Infra Fd	Guggenheim Funds	1.02	-9.51	9.90	100.00	16.55	78	684
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	2.85	-8.06	7.57	46.61	28.22	457	1,720
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	2.80	-8.74	7.46	69.33	23.46	1,027	3,033
NRO	NB Rel-Est Sec Incm Fd	Neuberger Berman	2.80	-3.50	7.98	60.21	17.60	230	1,098
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen & Steers	1.25	2.93	6.43	17.07	29.50	749	1,300
JPS	Nuv Pref & Incm Sec Fd	Nuveen	1.24	-0.31	6.20	0.00	36.20	1,997	4,516
FLC	F&C Tot Rtn Fd	Flaherty & Crumrine	1.24	10.18	6.42	0.00	32.80	225	516
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.24	-1.06	6.32	6.70	30.71	1,486	2,996
OXLC	Oxford Lane Cap Corp	Oxford Lane	8.76	12.85	11.98	0.00	36.53	525	6,775

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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