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(%)	10 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,637.97	0.24	-0.59	2.47	7.06	10.88	16.87	3.33	5.21	5.28	0.83	0.83	12.61
NAV	1,602.79	-0.25	-1.06	1.04	4.54	7.31	12.56	3.63	5.60	5.09	0.43	0.43	7.25
Difference		-0.49	-0.47	-1.43	-2.52	-3.56	-4.31	0.29	0.39	-0.19	-0.41	-0.41	-5.36
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.08

2024 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2024
Price	2.50	1.78	3.21	7.67	-1.95	3.64	2.07	3.72	11.68	-	-	-	-	-	-	-	-	-	-
NAV	0.47	1.59	2.45	4.57	-1.62	2.76	1.01	2.13	6.79	-	-	-	-	-	-	-	-	-	-
Difference	-2.03	-0.20	-0.76	-3.10	0.33	-0.88	-1.05	-1.59	-4.89	-	-	-	-	-	-	-	-	-	-
2023 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2023
Price	8.75	-2.56	-3.38	2.38	0.99	-2.25	4.54	3.20	5.66	4.04	-1.79	-3.62	-1.52	-4.16	8.52	4.08	8.25	6.61	12.64
NAV	5.58	-2.75	-0.97	1.68	1.16	-2.06	3.07	2.12	3.83	2.87	-1.45	-2.32	-0.96	-1.88	6.26	3.93	8.37	7.32	11.44
Difference	-3.17	-0.19	2.41	-0.71	0.17	0.19	-1.46	-1.08	-1.82	-1.17	0.34	1.31	0.55	2.29	-2.26	-0.15	0.12	0.72	-1.20
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	3.04	-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	-1.69	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	17.83
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	-3.36	-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	2.08	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	0.53
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	3.62	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 -4.14%	1Yr Disc -7.15%	3Yr Disc -5.25%	5Yr Disc -4.85%	Rel Disc Range (3yr) 55.02%
Mkt Yield 11.21%	Lev Adj NAV Yield 8.67%	After Tax Yield* 9.55%	Est Tax Friction* 1.66%	3Yr NAV Volatiliy 12.28
1 Yr RoC 42.94%	3 Yr Dest RoC 29.60%	Leverage 26.36%	Non Lev Exp Ratio 2.07%	Beta (2yr) 0.68
Equity Exposure 44.52%	Bond Exposure 52.79%	# Holdings 82	Cash Weighted Duration 1.36
Comp NAV TR -0.52%	Comp Discount 0.91%	Net Assets (M) 1,204	Liquidity - 90d (K) 4,941
* 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)
NMAI	Nuv Multi-Asset Incm Fd	Nuveen	1.07	-6.95	13.13	67.75	28.47	457	1,363
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	2.05	-12.30	10.86	19.88	26.04	346	1,004
AIO	Virtus AI & Tech Opp Fd	Virtus	0.97	-1.42	8.62	40.72	14.67	727	2,448
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	1.00	-0.12	7.36	50.00	30.08	2,683	3,003
DMA	Destra Multi-Alt Fd	Destra	1.05	-26.06	7.51	N/A	14.52	102	338
ZTR	Virtus Tot Rtn Fd	Virtus	1.04	-12.03	10.66	93.58	30.63	395	1,762
FOF	C&S CE Opp Fd	Cohen&Steers	1.02	3.95	8.63	64.12	0.00	321	569
BCAT	BR Cap Alloc Trm Tr	BlackRock	0.98	-6.74	21.43	75.72	0.00	1,848	6,479
CGO	Calamos Glbl Tot Rtn Fd	Calamos	1.03	-1.91	8.51	33.85	31.80	113	342
GUG	Gghm Active Alloc Fd	Guggenheim Funds	1.04	-6.98	9.22	37.52	24.67	548	1,167
TBLD	Thornburg Incm Bldr Opp Tr	Thornburg Inv Mgmt	1.01	-12.85	7.74	15.68	0.00	594	1,361
GLV	Clough Glbl Div & Incm Fd	Clough	1.00	-14.46	11.11	93.97	30.79	83	324
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.00	-9.36	8.85	40.82	31.83	478	900
RIV	RiverNorth Opp Fd	RiverNorth	1.01	-2.31	12.63	84.97	32.00	269	1,078
SCD	LMP Cap & Incm Fd	Franklin Templeton	1.02	-6.88	8.71	35.07	19.06	286	576
GLO	Clough Glbl Opp Fd	Clough	0.99	-13.73	10.91	99.90	30.48	262	849
ECAT	BR ESG Cap Alloc Trm Tr	BlackRock	0.97	-6.81	21.14	82.74	0.00	1,855	4,941
DSL	DbLin Incm Solutions Fd	Doubleline	0.91	1.04	10.48	6.86	22.36	1,316	4,987
BIT	BR Mlt-Sctr Incm Tr	BlackRock	0.91	0.75	10.11	39.43	35.49	564	1,727
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.89	-6.51	9.48	33.18	36.00	1,060	2,500
DBL	DbLin Opportunistic Cr Fd	Doubleline	0.91	1.31	8.51	38.10	12.21	270	639
BRW	Saba Cap Incm & Opp Fd	Saba Capital	0.93	-8.24	14.09	63.17	15.14	336	1,036
PAXS	PIMCO Access Incm Fd	PIMCO	0.88	2.13	11.67	17.20	42.86	663	2,351
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.92	28.17	14.34	55.81	17.53	1,729	9,599
PCF	Hi Incm Sec Fd	Hi Incm Sec Fd	0.85	-13.67	11.36	20.11	0.00	133	771
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.90	2.74	12.10	14.86	16.09	609	1,863
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	0.90	-6.08	7.48	0.00	16.76	965	1,888
HFRO	Highland Opp & Incm Fd	NexPoint	0.86	-53.99	7.70	19.63	16.00	891	1,548
PDO	PIMCO Dyn Incm Opp Fd	PIMCO	0.91	4.87	11.51	19.38	41.02	1,472	5,257
RA	Brkf Real Ast Incm Fd	Brookfield	0.92	-12.18	10.97	44.44	20.17	813	3,132
NPCT	Nuv Core Plus Impact Fd	Nuveen	0.94	-6.42	12.73	53.37	34.62	345	1,227
PFL	PIMCO Incm Stgy Fd	PIMCO	0.91	4.33	11.91	14.80	17.58	320	895
WDI	WA Divr Incm Fd	Franklin Templeton	0.93	-4.20	12.03	0.00	31.54	801	3,673
PDI	PIMCO Dyn Incm Fd	PIMCO	0.92	12.53	13.96	26.99	38.76	5,306	24,055
PHK	PIMCO Hi Incm Fd	PIMCO	0.90	5.04	12.03	11.73	15.22	721	2,413
BHK	BR Core Bnd Tr	BlackRock	0.92	3.31	8.18	36.45	35.04	572	1,463
CRF	Cornerstone Tot Rtn Fd	Cornerstone	0.98	14.69	16.10	58.11	0.00	762	5,043
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.00	9.19	16.88	62.14	0.00	1,703	10,400
BST	BR Sci & Tech Tr	BlackRock	0.92	-4.39	8.60	21.14	0.00	1,267	3,534
NBXG	NB Nxt Gen Connectivity Fd	Neuberger Berman	0.94	-10.88	9.90	100.00	0.00	1,071	3,035
EOS	EV Enh Eq Incm Fd II	Eaton Vance	0.96	-3.19	8.73	44.39	0.00	1,131	1,736
BSTZ	BR Sci & Tech Trm Tr	BlackRock	0.93	-12.17	13.73	93.48	0.00	1,613	4,269
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	0.97	-9.55	6.98	53.42	0.00	1,299	2,355
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	0.96	-4.53	8.82	0.00	0.00	2,225	3,090
IAE	Voya AP Hi Div Eq Incm Fd	Voya	1.01	-11.10	12.32	78.07	0.00	78	190
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	0.97	-3.76	8.95	76.19	0.00	1,616	2,611
BME	BR Health Sci Tr	BlackRock	1.01	-7.49	6.21	51.10	0.00	620	1,395
CUBA	Herzfeld Caribbean Basin Fd	Herzfeld Cuba	1.05	-25.40	23.04	70.47	0.00	48	100
AEF	abrdn Emrg Mkt Eq Incm Fd	abrdn	0.98	-13.98	7.74	87.59	9.91	305	316
HQH	abrdn Health Invstr	abrdn	1.06	-10.52	12.67	38.98	0.00	1,054	3,027
BIGZ	BR Innovation & Gwth Trm Tr	BlackRock	1.00	-12.36	14.68	100.00	0.00	1,851	5,396
FSCO	FS Cr Opp Corp	FS/KKR	1.55	-13.17	11.61	0.00	33.51	1,416	3,973
VVR	Invsc Sr Incm Tr	Invesco	1.57	5.99	12.14	21.12	32.12	614	3,012
PDT	JH Prm Div Fd	John Hancock	3.00	-6.36	8.30	25.69	38.03	627	1,297
XFLT	XAI Octgn Flt Rt & Alt Incm Tr	XA Investments	1.62	3.97	14.43	5.79	38.58	430	3,102
JFR	Nuv Flt Rt Incm Fd	Nuveen	1.65	-4.54	11.54	2.07	38.03	1,241	4,547
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.67	3.91	10.98	12.19	24.00	459	2,132
ACP	abrdn Incm Cr Stgs Fd	abrdn	1.53	-2.11	18.52	40.70	29.22	762	2,589
FAX	abrdn Asia-Pacific Incm Fd	abrdn	1.64	-5.80	11.96	41.02	30.59	726	2,460
HIX	WA Hi Incm Fd II	Franklin Templeton	1.62	-3.10	13.46	25.87	32.28	406	1,695
ARCC	Ares Capital Corp	Ares	1.14	6.35	9.24	0.00	48.21	11,870	67,953
OBDC	Blue Owl Cap Corp	Blue Owl	1.17	-0.65	9.63	0.00	51.66	6,029	29,993
BXSL	Blackstone Secur Lending Fd	Blackstone	1.13	16.13	10.16	0.00	49.27	5,023	27,172
FSK	FS KKR Capital Corp	FS/KKR	1.21	-17.19	12.71	0.00	52.59	6,811	25,064
GBDC	Golub Capital BDC	Golub Capital	1.12	1.85	10.13	0.00	55.38	2,593	18,965
HTGC	Hercules Capital	Hercules	1.18	81.69	7.57	0.00	47.40	1,886	19,043
OCSL	Oaktree Splty Lending	Oaktree Capital	1.10	-3.26	12.15	0.00	49.60	1,524	11,215
GSBD	Goldman Sachs BDC	Goldman Sachs	1.14	3.44	11.96	0.00	51.61	1,633	9,252
PFLT	PennantPark Flt Rt Cap	PennantPark	1.13	-0.26	10.82	0.00	53.31	761	10,689
PSEC	Prospect Capital Corp	Prospect Capital	1.15	-38.71	13.07	0.00	51.14	3,756	8,826
KYN	KA Nrg Infra Fd	Kayne Anderson	1.18	-12.42	8.43	8.51	22.27	2,016	4,826
NML	NB Nrg Infra & Incm Fd	Neuberger Berman	1.14	-8.59	8.78	61.12	17.45	495	1,818
TYG	Tortoise Nrg Infra Corp	Tortoise	1.14	-13.87	8.14	54.05	19.70	436	1,476
CEM	CB MLP & Midstream Fd	Franklin Templeton	1.06	-14.70	7.02	0.00	26.78	385	1,657
SRV	NXG Cushing Midstream Nrg Fd	Cushing	1.15	-0.10	12.89	95.33	29.23	126	923
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	4.75	-6.77	12.78	44.40	29.63	369	1,662
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Invst Mgmt	5.04	0.72	12.93	45.97	30.90	774	3,268
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen&Steers	1.36	-7.75	7.96	10.26	33.70	623	1,407
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.37	-4.74	9.02	21.45	33.55	1,169	2,723
NPFD	Nuv Var Rt Pref & Incm Fd	Nuveen	1.41	-6.76	10.71	1.93	36.60	486	1,405
DFP	F&C Dyn Pref & Incm Fd	Flaherty & Crumrine	1.39	-9.04	6.90	0.00	38.40	441	998
MFIC	MidCap Fin Invt Corp	Apollo	1.50	-7.46	10.65	0.00	57.75	1,446	3,506

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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