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	1,491.79	-0.56	-1.24	-0.14	0.57	10.15	39.14	7.71	8.87	-1.38	-0.15	21.25
NAV	1,455.46	-0.45	-0.53	0.59	1.56	8.21	26.35	8.11	8.64	-0.88	1.26	13.73
Difference		0.11	0.70	0.73	0.99	-1.94	-12.79	0.40	-0.22	0.50	1.41	-7.52
* 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	4.53	2.38	2.07	9.23	21.43	-0.08	1.33	-	-	-	-	-	-	-	-
NAV	1.30	2.19	2.26	5.86	2.98	1.80	1.21	6.10	12.32	0.65	1.50	-	-	-	-	-	-	-	-
Difference	-1.30	-2.49	-1.24	-5.31	-1.55	-0.58	-0.86	-3.13	-9.11	0.74	0.16	-	-	-	-	-	-	-	-
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 3.10%	1Yr Disc 0.42%	3Yr Disc 0.19%	5Yr Disc -0.12%	Rel Disc Range (3yr) 76.36%
Mkt Yield 8.63%	Lev Adj NAV Yield 7.16%	After Tax Yield* 7.10%	Est Tax Friction* 1.53%	3Yr NAV Volatiliy 20.40
1 Yr RoC 37.78%	3 Yr Dest RoC 17.50%	Leverage 27.35%	Non Lev Exp Ratio 2.47%	Beta (2yr) 1.05
Equity Exposure 47.24%	Bond Exposure 50.28%	# Holdings 75	Cash Weighted Duration 1.18
Comp NAV TR 1.82%	Comp Discount 4.16%	Net Assets (M) 1,018	Liquidity - 90d (K) 4,133
* 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	1.34	-3.33	8.16	0.00	21.99	418	1,306
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	1.36	2.28	6.70	1.97	29.16	2,811	3,447
DDF	DI Div & Incm Fd	Delaware	1.31	2.43	7.47	15.73	25.96	81	221
ZTR	Virtus Tot Rtn Fd	Virtus	1.33	3.58	10.06	69.38	26.00	439	1,145
FOF	C&S CE Opp Fd	Cohen&Steers	1.30	-0.35	7.44	69.58	0.00	385	921
GLV	Clough Glbl Div & Incm Fd	Clough	1.45	4.87	9.98	52.31	35.47	125	1,052
CGO	Calamos Glbl Tot Rtn Fd	Calamos	1.37	6.07	7.30	0.00	31.67	144	330
TEAF	Ecofin Susble & Soc Impact Trm	Tortoise	1.32	-14.89	6.17	20.05	11.30	231	447
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.26	2.10	8.22	0.00	31.76	597	1,327
RIV	RiverNorth Opp Fd	RiverNorth	1.32	5.74	11.42	15.22	8.32	203	1,707
SCD	LMP Cap & Incm Fd	Franklin Templeton	1.34	-9.67	7.28	73.63	17.30	283	726
GLO	Clough Glbl Opp Fd	Clough	1.45	3.28	10.10	3.66	37.02	497	3,570
BIT	BR Mlt-Sctr Incm Tr	BlackRock	0.95	2.35	7.94	33.84	36.85	687	1,996
PKO	PIMCO Incm Opp Fd	PIMCO	0.90	4.15	9.18	1.39	41.45	506	1,683
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.95	-0.89	6.49	15.67	28.68	1,464	3,196
RA	Brkf Real Ast Incm Fd	Brookfield	0.96	8.47	10.90	48.22	30.07	942	4,883
PDI	PIMCO Dyn Incm Fd	PIMCO	0.89	5.40	9.96	0.00	43.07	1,797	8,376
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	0.95	-2.71	8.10	46.70	27.00	138	417
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	0.96	14.96	9.86	32.42	29.44	216	1,498
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.93	24.12	10.33	54.75	24.05	922	5,324
MGF	MFS Govt Mkt Incm Tr	MFS	0.94	-0.90	7.38	70.40	0.00	145	372
PFL	PIMCO Incm Stgy Fd	PIMCO	0.88	10.03	8.32	8.07	38.69	366	1,529
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.88	6.79	8.56	4.32	39.31	725	3,656
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	0.94	-5.58	6.36	6.33	27.32	1,128	2,056
HFRO	Highland Incm Fd	Highland Capital	0.94	-22.80	8.58	17.50	12.99	996	4,423
DSL	DbLin Incm Solutions Fd	Doubleline	0.94	-3.73	7.42	1.77	28.16	1,885	4,957
PHK	PIMCO Hi Incm Fd	PIMCO	0.90	7.90	8.97	0.00	41.02	797	2,893
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	0.91	3.45	9.82	1.71	45.01	3,152	10,388
FINS	Angel Oak Fin Stgs Incm Trm Tr	Angel Oak	0.92	-8.61	7.52	36.12	29.30	288	920
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.42	27.25	14.91	37.36	0.00	1,201	12,053
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.42	30.08	14.56	31.02	0.00	609	6,143
UTG	Reaves Util Incm Fd	W.H. Reaves	1.27	2.82	6.58	0.00	16.17	2,031	7,115
DNP	DNP Sel Incm Fd	Virtus	1.31	14.86	7.21	22.60	24.81	3,199	5,710
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.38	-15.83	8.61	4.01	27.45	258	1,092
CUBA	Herzfeld Caribbean Basin Fd	Herzfeld Cuba	1.14	-13.03	18.45	100.00	0.00	38	208
GUT	Gabelli Util Tr	Gabelli	1.22	82.51	7.77	99.50	26.00	268	885
HQH	Tekla Health Invstr	Tekla	1.29	-0.34	7.80	0.00	0.00	1,194	3,166
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	1.27	1.38	6.09	70.81	0.00	1,267	2,568
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.19	1.34	9.52	85.00	13.00	575	2,171
BMEZ	BR Health Sci Tr II	BlackRock	1.22	-7.07	6.22	5.34	N/A	3,392	3,076
IHD	Voya Emrg Mkt Hi Div Eq Fd	Voya	1.12	-7.15	9.56	85.50	0.00	154	656
PPT	Putnam Prmr Incm Tr	Putnam	1.24	-0.66	6.86	38.67	0.00	468	821
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	1.14	5.17	10.25	0.00	38.01	212	2,196
FCT	FT Sr Flt Rt Incm Fd II	First Trust	1.26	1.20	8.52	45.92	27.40	324	1,304
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	1.25	0.29	7.74	0.00	21.55	182	4,903
DHY	CS Hi Yld Bnd Fd	Credit Suisse	1.26	-1.95	7.38	0.31	22.20	266	2,967
NSL	Nuv Sr Incm Fd	Nuveen	1.26	-5.17	6.95	2.59	36.35	239	2,461
ACP	Abd Incm Cr Stgs Fd	Aberdeen	1.29	3.76	10.61	21.07	38.24	253	1,770
JQC	Nuv Cr Stgs Incm Fd	Nuveen	1.22	-6.76	7.83	63.52	36.71	942	5,613
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	1.29	-4.89	6.96	4.05	36.52	423	2,103
PDT	JH Prm Div Fd	John Hancock	2.52	14.40	6.98	6.43	33.91	714	1,183
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	1.18	-8.57	7.93	44.45	30.07	1,127	2,288
EFT	EV Flt-Rt Incm Tr	Eaton Vance	1.32	3.48	6.13	2.67	35.80	437	2,066
ARCC	Ares Capital Corp	Ares	1.08	9.58	8.24	0.00	51.22	8,097	41,709
PSEC	Prospect Capital Corp	Prospect Capital	1.01	-19.78	9.15	0.00	37.60	3,817	14,603
FSK	FS KKR Capital Corp	FS/KKR	1.14	-16.24	11.57	0.00	49.23	7,653	24,110
HTGC	Hercules Capital	Hercules	1.07	43.30	7.63	0.00	45.60	1,356	10,617
GSBD	Goldman Sachs BDC	Goldman Sachs	1.05	16.76	9.61	0.00	47.85	1,633	8,972
GBDC	Golub Capital BDC	Golub Capital	1.06	1.99	7.55	0.00	45.40	2,547	6,087
TSLX	Sixth St Splty Lending	Sixth St Splty Lending	1.06	28.13	7.60	0.00	50.03	1,227	7,061
OCSL	Oaktree Splty Lending	Oaktree Capital	1.13	-1.66	8.17	0.00	44.83	1,302	5,444
NEWT	Newtek Biz Serv Corp	Newtek	0.82	64.65	13.35	0.00	47.26	369	8,341
NMFC	New Mountain Fin Corp	New Mountain Capital	1.05	-2.40	9.22	4.08	57.85	1,292	4,520
KYN	KA Nrg Infra Fd	Kayne Anderson	0.96	-11.49	8.91	100.00	26.95	1,123	3,646
CEM	CB MLP & Midstream Fd	Franklin Templeton	0.98	-14.00	7.24	100.00	30.67	419	1,272
FEI	FT MLP & Nrg Incm Fd	First Trust	0.98	-10.23	8.44	61.05	20.24	358	1,213
FMO	F/C Nrg Infra Fd	Guggenheim Funds	0.89	-10.94	9.48	100.00	15.43	82	337
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	2.87	-6.24	7.26	39.52	27.95	467	1,093
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	2.94	-6.35	6.67	66.36	20.36	1,120	2,840
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	2.95	-2.68	7.35	65.85	16.48	573	1,940
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen&Steers	1.28	2.61	6.34	4.97	29.30	764	879
JPS	Nuv Pref & Incm Sec Fd	Nuveen	1.31	0.80	6.04	0.00	36.15	2,039	3,077
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.33	2.14	5.93	3.10	30.45	1,535	2,539
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.31	6.05	6.61	0.00	32.90	1,005	1,973
OXLC	Oxford Lane Cap Corp	Oxford Lane	8.38	6.08	11.33	0.00	32.64	677	7,738

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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