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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(%) 10 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,388.41 0.66 1.98 8.94 10.55 0.03 -5.62 1.54 3.33 5.29 7.52 7.52 7.52
NAV 1,408.56 0.47 1.32 6.08 9.06 1.96 -2.80 3.65 4.10 5.74 5.04 5.04 5.04
Difference -0.19 -0.66 -2.86 -1.49 1.93 2.81 2.11 0.77 0.45 -2.47 -2.47 -2.47
* 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 5.55 5.35 -4.44 6.27 -1.69 -15.25
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 2.66 4.22 -1.53 5.35 0.86 -9.99
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 -2.90 -1.13 2.90 -0.92 2.54 5.25
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
-4.46%
1Yr Disc
-3.51%
3Yr Disc
-3.04%
5Yr Disc
-2.51%
Rel Disc Range (3yr)
58.83%
Mkt Yield
9.35%
Lev Adj NAV Yield
7.10%
After Tax Yield*
7.87%
Est Tax Friction*
1.48%
3Yr NAV Volatiliy
20.52
1 Yr RoC
44.52%
3 Yr Dest RoC
28.85%
Leverage
28.96%
Non Lev Exp Ratio
1.85%
Beta (2yr)
0.70
Equity Exposure
42.17%
Bond Exposure
56.12%
# Holdings
73
Cash Weighted Duration
1.56
Comp NAV TR
1.50%
Comp Discount
2.67%
Net Assets (M)
1,104
Liquidity - 90d (K)
4,352
* 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


73 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 -11.76 10.08 8.33 25.77 371 1,244
NIE Virtus Eq & Convt Incm Fd Virtus 1.36 -10.34 9.99 0.00 0.00 619 2,229
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.21 1.77 8.57 15.86 34.99 2,248 3,334
DDF DI Div & Incm Fd Delaware 1.14 -9.99 8.06 4.38 25.86 70 208
ZTR Virtus Tot Rtn Fd Virtus 1.18 -7.93 14.01 51.56 28.64 510 1,206
FOF C&S CE Opp Fd Cohen&Steers 1.21 0.09 9.26 42.71 0.00 308 641
BCAT BR Cap Alloc Tr BlackRock 1.20 -15.13 8.37 52.61 0.00 1,901 7,829
GLV Clough Glbl Div & Incm Fd Clough 1.11 -11.56 11.28 99.52 44.78 91 357
CGO Calamos Glbl Tot Rtn Fd Calamos 1.28 -5.30 9.60 66.07 31.14 104 350
TEAF Ecofin Susble & Soc Impact Trm Tortoise 1.15 -19.06 8.15 8.41 11.70 221 384
CHW Calamos Glbl Dyn Incm Fd Calamos 1.27 -7.62 9.52 71.24 31.15 436 1,384
RIV RiverNorth Opp Fd RiverNorth 2.15 -4.39 12.56 84.59 37.28 274 1,396
SCD LMP Cap & Incm Fd Franklin Templeton 1.17 -14.49 8.27 73.27 20.03 257 561
GLO Clough Glbl Opp Fd Clough 1.11 -14.16 11.52 65.25 46.71 255 2,081
BIT BR Mlt-Sctr Incm Tr BlackRock 1.28 -0.59 9.85 38.40 35.30 572 1,502
BTZ BR Cr Alloc Incm Tr BlackRock 1.33 -5.67 9.03 23.12 34.60 1,105 4,180
DBL DbLin Opportunistic Cr Fd Doubleline 1.26 3.88 8.51 30.15 17.16 234 1,047
PDI PIMCO Dyn Incm Fd PIMCO 1.35 12.31 12.95 0.00 42.51 4,424 24,326
GOF Gghm Stgc Opp Fd Guggenheim Funds 1.31 26.24 13.20 57.91 22.47 1,504 8,027
AWF AB Glbl Hi Incm Fd AllianceBernstein 1.33 -8.09 7.86 0.19 23.88 938 2,194
PFN PIMCO Incm Stgy Fd II PIMCO 1.32 4.66 11.28 0.00 31.08 592 1,784
PFL PIMCO Incm Stgy Fd PIMCO 1.31 5.07 11.23 0.00 33.06 305 915
HFRO Highland Incm Fd Highland Capital 1.23 -27.86 8.77 0.00 13.42 994 1,851
RA Brkf Real Ast Incm Fd Brookfield 1.31 8.48 13.73 53.29 27.10 891 3,591
BHK BR Core Bnd Tr BlackRock 1.29 -4.15 8.07 19.69 39.20 625 2,370
PHK PIMCO Hi Incm Fd PIMCO 1.33 8.42 11.18 0.00 28.01 662 2,133
FINS Angel Oak Fin Stgs Incm Trm Tr Angel Oak 1.25 -10.04 8.60 43.57 30.60 369 1,486
CLM Cornerstone Stgc Val Fd Cornerstone 1.12 19.28 18.61 82.54 0.00 1,434 11,985
CRF Cornerstone Tot Rtn Fd Cornerstone 1.14 20.56 18.19 81.86 0.00 657 5,868
IAE Voya AP Hi Div Eq Incm Fd Voya 1.22 -11.11 12.36 70.50 0.00 90 296
AEF abrdn Emrg Mkt Eq Incm Fd abrdn 1.19 -12.56 6.23 67.80 15.23 335 485
HQH Tekla Health Invstr Tekla 1.09 -11.07 8.30 59.82 0.00 1,001 3,169
BIGZ BR Innovation & Gwth Tr BlackRock 1.17 -20.25 10.99 100.00 0.00 2,200 12,546
THQ Tekla Health Opp Fd Tekla 1.03 -10.87 6.89 59.75 21.22 909 2,114
BCX BR Res & Com Stgy Tr BlackRock 1.09 -12.52 5.97 63.38 0.00 1,041 3,520
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.11 -7.26 9.40 85.28 13.00 637 2,120
UTG Reaves Util Incm Fd W.H. Reaves 1.11 1.08 7.65 0.00 20.75 2,107 6,705
DNP DNP Sel Incm Fd Virtus 1.09 27.42 6.66 28.59 26.46 3,257 4,998
BMEZ BR Health Sci Tr II BlackRock 1.13 -14.73 10.48 17.31 0.00 2,135 8,911
BTO JH Fin Opp Fd John Hancock 1.16 10.22 7.05 38.57 16.53 642 1,635
LDP C&S Ltd Dur Pref & Incm Fd Cohen&Steers 2.80 -6.57 7.86 15.84 34.70 641 2,689
FAX abrdn Asia-Pacific Incm Fd abrdn 1.46 -13.60 11.54 44.79 31.83 820 3,094
FRA BR Flt Rt Incm Stgc Fd BlackRock 1.39 -10.67 8.23 7.89 24.30 462 1,579
NBB Nuv Taxable Muni Incm Fd Nuveen 1.38 -4.12 5.23 0.00 40.61 507 1,646
EFT EV Flt-Rt Incm Tr Eaton Vance 1.40 -10.62 8.06 6.90 38.00 378 1,094
JPC Nuv Pref & Incm Opp Fd Nuveen 1.41 -7.66 7.31 0.00 37.77 878 2,188
EFR EV Sr Flt-Rt Tr Eaton Vance 1.43 -8.76 8.33 8.36 36.82 373 1,170
BBN BR Taxable Muni BndTr BlackRock 1.41 -3.20 6.91 16.77 33.90 1,141 4,540
JPS Nuv Pref & Incm Sec Fd Nuveen 2.83 -9.15 6.52 0.00 38.78 1,687 4,697
EMD WA Emrg Mkt Dbt Fd Franklin Templeton 1.38 -10.90 10.13 29.58 27.73 641 2,101
BGB Blackstone Stgc Cr Fd Blackstone 1.38 -12.46 9.31 0.00 36.45 559 1,925
ARCC Ares Capital Corp Ares 1.11 5.71 9.79 0.00 53.62 9,433 54,596
FSK FS KKR Capital Corp FS/KKR 1.21 -22.73 13.91 0.00 54.89 7,159 21,217
HTGC Hercules Capital Hercules 1.13 36.39 10.08 0.00 52.02 1,363 12,132
MAIN Main Street Cap Corp Main Street Capital 1.12 46.31 6.87 0.00 49.30 2,075 11,755
GBDC Golub Capital BDC Golub Capital 1.10 -7.12 9.54 0.00 54.45 2,545 10,403
PSEC Prospect Capital Corp Prospect Capital 1.13 -24.88 9.57 0.00 46.77 3,980 9,732
GSBD Goldman Sachs BDC Goldman Sachs 1.18 3.20 11.61 0.00 56.52 1,544 8,970
TSLX Sixth St Splty Lending Sixth St Splty Lending 1.15 19.44 9.21 0.00 50.95 1,325 7,405
OCSL Oaktree Splty Lending Oaktree Capital 1.02 -1.37 10.75 0.00 49.16 1,245 7,701
NMFC New Mountain Fin Corp New Mountain Capital 1.10 -1.67 9.86 0.00 59.14 1,332 4,719
KYN KA Nrg Infra Fd Kayne Anderson 1.15 -11.28 8.70 45.00 25.32 1,412 4,522
CEM CB MLP & Midstream Fd Franklin Templeton 1.14 -14.46 6.95 40.52 32.89 565 2,412
TYG Tortoise Nrg Infra Corp Tortoise 1.11 -16.82 8.45 100.00 23.80 458 1,595
NML NB MLP & Nrg Incm Fd Neuberger Berman 1.14 -14.32 9.68 100.00 18.00 479 1,340
FEI FT MLP & Nrg Incm Fd First Trust 1.11 -12.92 7.30 78.72 20.08 427 1,114
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.13 -18.17 5.77 43.88 10.81 273 994
SRV Cushing MLP & Infra Tot Rtn Fd Cushing 1.14 -10.62 14.71 48.18 26.48 90 647
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 4.56 -12.42 9.08 37.96 30.96 400 1,068
RNP C&S REIT & Pref Incm Fd Cohen&Steers 4.58 1.59 7.32 0.00 31.20 1,045 3,345
PDT JH Prm Div Fd John Hancock 1.28 -1.42 8.86 24.03 37.15 655 1,094
FPF FT Imd Dur Pref & Incm Fd First Trust 1.40 -8.13 7.19 1.22 32.56 1,243 4,113
DFP F&C Dyn Pref & Incm Fd Flaherty & Crumrine 1.41 -4.11 6.55 0.00 38.50 449 1,730

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 %