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	1,273.71	0.10	0.98	5.20	19.03	23.24	-5.23	2.62	10.59	3.52	3.52	3.52
NAV	1,308.02	-0.05	0.18	3.36	12.26	16.91	2.33	4.38	9.69	2.21	2.21	2.21
Difference		-0.15	-0.80	-1.84	-6.77	-6.33	7.57	1.76	-0.90	-1.32	-1.32	-1.32
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

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	16.84	-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	11.77	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	-5.07	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 -3.07%	1Yr Disc -6.11%	3Yr Disc -2.08%	5Yr Disc -1.77%	Rel Disc Range (3yr) 66.61%
Mkt Yield 9.10%	Lev Adj NAV Yield 7.11%	After Tax Yield* 7.60%	Est Tax Friction* 1.50%	3Yr NAV Volatiliy 20.33
1 Yr RoC 43.84%	3 Yr Dest RoC 26.71%	Leverage 26.42%	Non Lev Exp Ratio 2.35%	Beta (2yr) 0.99
Equity Exposure 40.21%	Bond Exposure 57.27%	# Holdings 78	Cash Weighted Duration 1.25
Comp NAV TR -0.91%	Comp Discount 2.92%	Net Assets (M) 754	Liquidity - 90d (K) 3,431
* 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

78 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	1.40	-1.54	7.68	10.75	28.00	2,522	4,486
DDF	DI Div & Incm Fd	Delaware	1.42	-4.60	7.35	47.59	27.76	77	298
ZTR	Virtus Tot Rtn Fd	Virtus	1.38	-6.03	11.00	78.94	27.73	441	1,508
FOF	C&S CE Opp Fd	Cohen & Steers	1.43	-0.23	8.04	65.67	0.00	354	1,577
GLV	Clough Glbl Div & Incm Fd	Clough	1.43	-10.99	10.77	82.06	39.34	102	594
CGO	Calamos Glbl Tot Rtn Fd	Calamos	1.47	0.97	7.69	9.44	28.00	138	627
TEAF	Tortoise Ess Ast Incm Trm Fd	Tortoise	1.41	-20.84	6.69	23.55	11.90	229	1,107
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.43	-2.57	8.51	8.18	29.93	602	2,027
RIV	RiverNorth Opp Fd	RiverNorth	1.42	-0.12	12.22	82.28	13.52	167	1,182
SCD	LMP Cap & Incm Fd	Legg Mason	1.40	-14.94	8.78	61.61	20.60	250	715
GLO	Clough Glbl Opp Fd	Clough	2.69	-13.76	10.73	61.17	35.24	454	2,079
PKO	PIMCO Incm Opp Fd	PIMCO	0.83	5.04	9.19	0.00	40.36	480	1,857
BIT	BR Mlt-Sctr Incm Tr	BlackRock	0.84	-5.22	8.52	32.02	34.70	690	1,919
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.86	-4.60	6.74	16.34	29.46	1,463	3,404
DBL	DbLin Opportunistic Cr Fd	Doubleline	0.85	1.07	6.65	0.00	18.74	293	963
PDI	PIMCO Dyn Incm Fd	PIMCO	0.84	5.56	10.09	0.00	38.67	1,677	9,090
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	0.82	-6.12	10.16	58.21	27.63	142	567
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	0.86	7.12	10.79	30.23	29.46	182	996
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.87	17.46	10.90	61.65	27.62	808	4,723
MGF	MFS Govt Mkt Incm Tr	MFS	0.83	-3.21	7.58	70.25	0.00	152	577
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.85	5.40	9.65	2.02	32.57	696	2,562
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	0.83	-10.11	6.75	0.00	43.27	1,118	2,605
DSL	DbLin Incm Solutions Fd	Doubleline	0.84	-7.05	7.95	6.64	27.42	1,819	9,465
RA	Brkf Real Ast Incm Fd	Brookfield	0.87	-6.98	12.89	55.17	25.74	874	3,785
PFL	PIMCO Incm Stgy Fd	PIMCO	0.84	7.24	9.47	2.62	32.77	349	1,305
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	0.85	4.79	9.84	1.38	42.61	3,000	11,992
PHK	PIMCO Hi Incm Fd	PIMCO	0.85	4.44	9.43	0.00	29.08	779	3,304
FINS	Angel Oak Fin Stgs Incm Trm Tr	Angel Oak	0.86	-7.15	7.54	34.43	29.22	283	1,152
PGP	PIMCO Glbl Stk+ & Incm Fd	PIMCO	0.86	4.29	8.12	0.00	28.66	108	534
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.15	26.17	15.24	75.37	0.00	393	4,840
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.15	24.60	15.43	73.46	0.00	770	8,895
HQH	Tekla Health Invstr	Tekla	1.11	-10.34	7.85	6.49	0.00	1,175	3,523
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.10	-12.62	10.20	49.35	12.00	666	3,190
IAE	Voya AP Hi Div Eq Incm Fd	Voya	1.20	-8.43	9.21	78.50	0.00	121	411
BTO	JH Fin Opp Fd	John Hancock	1.18	5.74	6.67	28.26	18.96	583	2,606
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	1.09	2.45	8.73	64.71	0.00	651	2,493
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	1.07	3.56	8.79	94.85	0.00	1,326	3,764
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.13	-34.77	12.47	11.53	25.82	228	1,211
BGY	BR Enh Intl DivTr	BlackRock	1.11	-8.09	6.74	70.49	0.00	683	1,542
THW	Tekla Wld Health Fd	Tekla	1.16	11.11	8.24	100.00	21.96	461	2,254
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	1.10	-3.94	8.13	92.06	0.00	1,965	4,876
HFRO	Highland Incm Fd	Highland Capital	1.28	-22.35	9.01	13.26	32.90	943	4,490
IHIT	Invsc Hi Incm 2023 Tgt Trm Fd	Invesco	1.35	-0.78	6.73	0.00	29.00	216	893
BKT	BR Incm Tr	BlackRock	1.29	-1.61	6.77	15.50	28.52	396	1,710
MIN	MFS Imd Incm Tr	MFS	1.26	-3.84	8.92	57.38	0.00	453	1,290
TEI	Tmp Emrg Mkt Incm Fd	Franklin	1.27	-11.71	7.27	0.00	0.00	418	1,177
PDT	JH Prm Div Fd	John Hancock	2.45	1.97	8.38	13.69	36.20	665	1,892
EDD	MS Emrg Mkt Dom Dbt	Morgan Stanley	1.28	-14.19	6.81	0.00	21.32	475	1,515
DHY	CS Hi Yld Bnd Fd	Credit Suisse	1.29	-9.84	8.65	0.77	28.03	263	4,987
VTA	Invsc Dyn Cr Opp Fd	Invesco	1.31	-8.35	8.20	11.11	30.00	754	2,923
KIO	KKR Incm Opp Fd	KKR Credit	1.30	-10.01	8.59	1.30	36.72	331	1,529
HPF	JH Pref Incm Fd II	John Hancock	1.25	-5.01	7.97	7.53	32.56	418	1,795
ARCC	Ares Capital Corp	Ares	1.04	6.19	9.14	0.00	50.50	6,965	35,064
MAIN	Main Street Cap Corp	Main Street Capital	1.04	53.49	7.45	0.00	44.68	1,426	14,344
HTGC	Hercules Capital	Hercules	1.07	48.93	8.38	0.00	51.61	1,176	10,864
FSK	FS KKR Capital Corp	FS/KKR	1.09	-29.11	13.84	0.00	55.85	3,027	10,342
PSEC	Prospect Capital Corp	Prospect Capital	1.17	-26.07	11.59	0.00	39.74	3,197	12,934
GBDC	Golub Capital BDC	Golub Capital	1.05	3.07	7.85	0.00	45.53	2,397	9,070
TSLX	Sixth St Splty Lending	Sixth St Splty Lending	1.04	24.13	7.83	0.00	43.50	1,141	5,793
NMFC	New Mountain Fin Corp	New Mountain Capital	1.04	-4.41	10.26	0.00	59.57	1,185	5,371
AINV	Apollo Inv Corp	Apollo	1.21	-20.27	10.07	0.00	60.48	1,008	6,445
GSBD	Goldman Sachs BDC	Goldman Sachs	0.98	17.11	9.92	0.00	58.09	1,573	5,257
KYN	KA Nrg Infra Fd	Kayne Anderson	1.14	-16.56	9.23	100.00	31.95	985	7,812
CEM	CB MLP & Midstream Fd	Legg Mason	1.14	-18.67	10.03	100.00	31.75	325	2,705
FEI	FT MLP & Nrg Incm Fd	First Trust	1.09	-13.81	9.62	83.84	18.23	330	2,219
NTG	Tortoise Midstream Nrg Fd	Tortoise	1.16	-25.30	5.24	89.56	28.50	186	1,465
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.12	-22.13	7.31	100.00	0.00	188	1,370
MIE	C&S MLP Incm & Nrg Opp Fd	Cohen & Steers	1.04	-20.33	7.53	100.00	24.30	81	608
PGZ	Principal Rel-Est Incm Fd	ALPS	2.69	-19.53	7.84	4.28	28.70	105	503
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	2.69	-15.28	8.60	42.88	27.64	437	1,416
NRO	NB Rel-Est Sec Incm Fd	Neuberger Berman	2.57	-5.16	8.85	59.00	19.57	211	1,153
JPS	Nuv Pref & Incm Sec Fd	Nuveen	1.16	-3.91	6.48	0.00	36.06	1,983	4,102
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen & Steers	1.17	-0.58	6.65	17.06	30.80	751	1,348
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.16	7.95	6.86	0.00	32.50	933	2,293
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.19	-3.44	6.48	1.54	30.44	1,485	3,037
BANX	StoneCastle Fin Corp	StoneCastle	2.84	-7.65	7.63	0.00	6.67	142	279
OCCI	OFS Credit Company	OFS Capital	2.90	-0.15	15.44	0.00	32.63	44	605
OXLC	Oxford Lane Cap Corp	Oxford Lane	3.24	33.20	12.39	23.53	36.53	431	7,181

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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