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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 1,231.42 -0.83 -0.18 -3.38 1.01 3.50 2.46 7.04 4.71 -3.16 -1.60 17.34
NAV 1,190.79 -0.79 -0.37 -2.63 0.57 2.72 3.27 6.98 4.01 -2.39 -1.84 10.96
Difference 0.03 -0.20 0.75 -0.45 -0.78 0.82 -0.07 -0.69 0.78 -0.24 -6.39
* 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 - - - - - - - - 20.51
NAV 6.70 1.40 1.92 10.27 1.10 -1.37 2.82 2.53 12.80 0.56 - - - - - - - - 13.34
Difference -4.93 -0.49 0.51 -5.07 -1.11 1.05 -1.05 -1.07 -6.14 -1.06 - - - - - - - - -7.16
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
-1.08%
1Yr Disc
-2.57%
3Yr Disc
-2.03%
5Yr Disc
-3.00%
Rel Disc Range (3yr)
60.53%
Mkt Yield
9.64%
Lev Adj NAV Yield
7.68%
After Tax Yield*
8.12%
Est Tax Friction*
1.52%
3Yr NAV Volatiliy
9.64
1 Yr RoC
30.66%
3 Yr Dest RoC
18.16%
Leverage
26.65%
Non Lev Exp Ratio
2.11%
Beta (2yr)
0.51
Equity Exposure
43.89%
Bond Exposure
53.86%
# Holdings
83
Cash Weighted Duration
1.28
Comp NAV TR
0.68%
Comp Discount
1.54%
Net Assets (M)
815
Liquidity - 90d (K)
2,771
* 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


83 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NIE AG Eq & Convt Incm Fd Allianz 1.16 -6.59 7.10 0.00 0.00 635 1,551
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.16 0.57 7.96 37.42 31.27 1,911 3,429
DDF DI Div & Incm Fd Delaware 1.11 27.26 8.22 6.37 29.38 80 349
ZTR Virtus Glbl Div & Inc Fd Virtus 1.10 5.43 12.70 63.20 27.96 250 895
FOF C&S CE Opp Fd Cohen & Steers 1.16 -4.13 8.34 41.39 0.00 355 880
NHF NexPoint Stgc Opp Fd Highland Capital 1.13 -14.80 13.27 54.69 21.80 977 4,271
EGIF Eagle Gwth & Incm Opp Fd Four Wood 1.14 -14.85 6.44 9.00 29.94 126 185
CGO Calamos Glbl Tot Rtn Fd Calamos 1.10 4.75 10.08 45.00 32.50 98 218
GLV Clough Glbl Div & Incm Fd Clough 1.12 -13.62 11.73 70.61 36.25 86 406
CHW Calamos Glbl Dyn Incm Fd Calamos 1.14 -0.39 10.85 42.43 36.76 460 1,145
RIV RiverNorth Opp Fd RiverNorth 1.17 -0.53 12.09 89.71 15.65 122 496
SCD LMP Cap & Incm Fd Legg Mason 1.19 -8.66 9.25 62.35 23.50 264 790
GLO Clough Glbl Opp Fd Clough 1.17 -11.26 11.75 56.14 36.21 335 1,117
BTZ BR Cr Alloc Incm Tr BlackRock 1.23 -8.93 5.93 0.00 30.75 1,547 3,542
DBL DbLin Opportunistic Cr Fd Doubleline 1.16 -0.86 6.39 12.62 20.98 311 1,282
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 1.19 -5.93 12.06 55.49 27.48 151 561
GGM Gghm Cr Alloc Fd Guggenheim Funds 1.13 2.78 10.92 7.53 25.15 150 592
GOF Gghm Stgc Opp Fd Guggenheim Funds 1.17 14.67 10.83 30.55 0.00 662 2,954
AWF AB Glbl Hi Incm Fd AllianceBernstein 1.18 -10.46 6.70 10.95 41.62 1,130 1,851
PFN PIMCO Incm Stgy Fd II PIMCO 1.16 7.18 9.32 0.00 25.84 613 2,083
PFL PIMCO Incm Stgy Fd PIMCO 1.15 7.21 9.43 13.10 27.63 296 983
DSL DbLin Incm Solutions Fd Doubleline 1.17 2.74 9.07 2.34 30.34 1,959 8,043
RA Brkf Real Ast Incm Fd Brookfield 1.22 -4.97 10.77 40.19 23.54 851 2,806
PHK PIMCO Hi Incm Fd PIMCO 1.18 26.41 9.38 20.43 27.68 814 3,213
BIT BR Mlt-Sctr Incm Tr BlackRock 1.16 -6.67 8.20 11.11 37.13 687 1,949
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 1.09 25.19 9.91 15.44 33.79 99 485
CLM Cornerstone Stgc Val Fd Cornerstone 0.94 9.12 21.67 88.66 0.00 771 4,787
CRF Cornerstone Tot Rtn Fd Cornerstone 0.94 9.30 21.56 85.67 0.00 396 3,123
DNP DNP Sel Incm Fd Duff & Phelps 1.01 20.91 6.24 17.80 25.10 3,069 4,193
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 0.93 2.34 13.73 89.77 13.00 582 4,686
EOD WF Glbl Div Opp Fd Wells Fargo 0.95 -5.12 10.86 17.33 15.23 251 659
BTO JH Fin Opp Fd John Hancock 0.89 -1.18 7.30 0.00 16.79 569 1,887
UTG Reaves Util Incm Fd W.H. Reaves 0.97 4.10 5.96 0.00 20.94 1,696 5,029
UTF C&S Infra Fd Cohen & Steers 0.96 -1.40 7.14 0.22 27.30 2,253 5,251
THW Tekla Wld Health Fd Tekla 0.98 -2.89 10.69 73.01 22.17 408 1,802
HQH Tekla Health Invstr Tekla 0.90 -10.45 9.46 46.74 0.00 900 2,498
IAE Voya AP Hi Div Eq Incm Fd Voya 0.84 -11.20 10.24 72.35 0.00 107 292
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 0.94 -1.00 7.16 52.97 0.00 865 2,293
THQ Tekla Health Opp Fd Tekla 0.91 -8.74 7.93 66.67 21.71 774 2,284
DPG D&P Glbl Util Incm Fd Duff & Phelps 0.95 -7.06 9.17 8.43 28.79 623 1,985
BGY BR Enh Intl DivTr BlackRock 0.92 -10.23 7.46 44.40 0.00 650 1,192
MIN MFS Imd Incm Tr MFS 1.18 -7.09 9.08 69.51 0.00 478 899
BKT BR Incm Tr BlackRock 1.19 -6.66 6.85 33.15 32.01 412 938
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 1.23 -2.78 12.57 49.13 27.10 198 921
HFRO Highland Incm Fd Highland Capital 1.13 -7.77 7.08 29.80 31.12 1,018 1,494
ARDC Ares Dyn Cr Alloc Fd Ares 1.19 -10.78 8.57 0.00 30.46 387 1,173
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 1.22 1.15 6.62 0.00 33.60 890 2,689
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.18 -14.85 7.99 45.03 31.74 1,207 2,793
PPR Voya Prime Rt Tr Voya 1.17 -13.86 7.08 0.00 26.91 800 1,487
GIM Tmp Glbl Incm Fd Franklin 1.15 -9.73 6.27 8.27 0.00 909 1,931
BGB B/GSO Stgc Cr Fd GSO / Blackstone 1.17 -6.96 9.56 0.00 37.17 687 2,057
VVR Invsc Sr Incm Tr Invesco 1.15 -11.86 6.63 0.00 31.00 850 1,950
RCS PIMCO Stgc Incm Fd PIMCO 1.17 39.06 7.76 22.82 41.51 296 938
ARCC Ares Capital Corp Ares 1.05 7.53 8.62 0.00 43.51 7,369 31,402
PSEC Prospect Capital Corp Prospect Capital 1.05 -27.31 10.91 0.00 40.71 3,332 9,836
FSK FS KKR Capital Corp FS/KKR 1.00 -27.54 13.31 0.00 44.56 4,086 10,163
HTGC Hercules Capital Hercules 1.05 21.91 9.91 0.00 50.66 1,107 7,367
CGBD TCG BDC Carlyle 0.97 -17.12 10.47 0.00 50.42 1,019 5,351
AINV Apollo Inv Corp Apollo 1.07 -14.79 11.12 0.00 50.34 1,288 5,452
TSLX TPG Specialty Lending TSL Advisers 1.10 24.52 7.51 0.00 44.50 1,105 4,255
NMFC New Mountain Fin Corp New Mountain Capital 0.98 0.30 10.11 8.09 57.46 1,174 6,671
GBDC Golub Capital BDC Golub Capital 1.06 16.24 6.90 0.00 51.46 968 3,031
TCPC BR TCP Capital Corp Tennenbaum Capital 0.96 -1.17 10.68 0.00 52.43 802 3,733
TYG Tortoise Nrg Infra Corp Tortoise 0.91 3.00 12.93 69.09 34.00 1,055 3,184
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 0.92 4.20 17.99 91.24 30.12 225 2,910
CEM CB MLP & Midstream Fd Legg Mason 0.91 -9.95 11.05 91.13 32.68 835 2,305
FEI FT MLP & Nrg Incm Fd First Trust 0.99 -4.61 10.55 78.03 24.59 560 1,383
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 0.92 -4.42 12.48 88.19 27.96 342 1,594
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 0.90 -0.85 13.68 83.04 33.92 375 1,256
NML NB MLP Incm Fd Neuberger Berman 0.92 -11.07 9.78 70.02 24.90 430 1,239
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 0.91 1.44 10.96 78.28 30.65 223 1,837
FMO F/C Nrg Infra Fd Guggenheim Funds 0.89 -5.23 15.19 93.43 41.34 318 1,070
SMM Salient Midstream & MLP Fd Salient 0.86 -15.09 9.42 94.89 28.71 152 653
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 2.71 -10.97 7.61 25.37 29.53 516 1,140
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.61 -11.78 8.01 58.11 8.38 580 2,692
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 2.75 -13.10 7.94 70.39 14.05 1,014 2,146
FLC F&C Tot Rtn Fd Flaherty & Crumrine 1.28 -0.28 6.50 0.00 33.80 212 634
JPS Nuv Pref & Incm Sec Fd Nuveen 1.26 -0.82 6.95 0.00 35.71 1,987 4,654
FPF FT Imd Dur Pref & Incm Fd First Trust 1.26 -1.77 7.35 1.93 30.71 1,440 3,464
PDT JH Prm Div Fd John Hancock 1.23 12.10 6.86 17.69 34.04 738 1,119
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 1.23 -1.61 7.48 12.24 30.20 734 1,537
BANX StoneCastle Fin Corp StoneCastle 3.98 -2.06 7.12 0.00 14.27 143 200
OXLC Oxford Lane Cap Corp Oxford Lane 4.08 24.72 16.22 0.00 34.08 341 5,785

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, 2017. 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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Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %