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	1,334.07	0.95	2.81	1.65	-2.48	-1.77	-5.70	8.26	2.63	4.64	2.21	0.90	3.31
NAV	1,373.63	1.06	2.09	0.84	-0.43	0.38	-3.50	7.43	3.97	5.08	1.69	0.75	2.44
Difference		0.11	-0.72	-0.82	2.04	2.16	2.20	-0.83	1.34	0.44	-0.52	-0.16	-0.87
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

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	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	5.58	-2.75	-0.97	1.68	1.16	-2.06	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	-3.17	-0.19	2.41	-0.71	0.17	0.19	-	-	-	-	-	-	-	-	-	-	-	-	-
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 -6.83%	1Yr Disc -5.51%	3Yr Disc -3.04%	5Yr Disc -2.83%	Rel Disc Range (3yr) 35.34%
Mkt Yield 10.72%	Lev Adj NAV Yield 7.93%	After Tax Yield* 9.00%	Est Tax Friction* 1.72%	3Yr NAV Volatiliy 13.65
1 Yr RoC 40.04%	3 Yr Dest RoC 16.38%	Leverage 28.45%	Non Lev Exp Ratio 1.95%	Beta (2yr) 0.71
Equity Exposure 43.63%	Bond Exposure 53.71%	# Holdings 76	Cash Weighted Duration 1.40
Comp NAV TR 0.20%	Comp Discount 2.44%	Net Assets (M) 980	Liquidity - 90d (K) 3,771
* 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

76 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
NMAI	Nuv Multi-Asset Incm Fd	Nuveen	1.07	-15.65	10.41	3.42	32.22	457	932
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.03	-16.33	11.27	22.55	25.59	350	631
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	1.06	-2.50	8.76	28.27	33.23	2,305	2,846
ZTR	Virtus Tot Rtn Fd	Virtus	1.04	-6.54	15.26	58.75	29.91	462	1,429
FOF	C&S CE Opp Fd	Cohen&Steers	1.04	0.75	9.77	48.63	0.00	291	497
BCAT	BR Cap Alloc Trm Tr	BlackRock	1.06	-12.33	10.15	47.46	0.00	1,859	3,831
CGO	Calamos Glbl Tot Rtn Fd	Calamos	1.05	-9.03	10.36	72.72	25.19	100	249
GUG	Gghm Active Alloc Fd	Guggenheim Funds	1.05	-12.92	10.27	10.15	26.13	526	1,039
GLV	Clough Glbl Div & Incm Fd	Clough	1.02	-15.93	12.93	91.92	47.97	84	214
TBLD	Thornburg Incm Bldr Opp Tr	Thornburg Inv Mgmt	1.04	-12.24	8.14	0.00	0.00	561	872
TEAF	Ecofin Susble & Soc Impact Trm	Tortoise	1.02	-20.58	8.64	53.28	12.00	212	332
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.04	-11.60	10.22	93.91	26.28	424	774
RIV	RiverNorth Opp Fd	RiverNorth	2.04	-8.26	13.67	63.81	34.96	262	853
SCD	LMP Cap & Incm Fd	Franklin Templeton	1.07	-15.91	8.52	68.19	19.97	253	436
GLO	Clough Glbl Opp Fd	Clough	1.05	-17.10	12.08	76.56	48.75	252	1,030
ECAT	BR ESG Cap Alloc Trm Tr	BlackRock	1.07	-11.82	9.57	72.52	0.00	1,819	5,268
DSL	DbLin Incm Solutions Fd	Doubleline	1.25	-0.17	11.32	4.95	22.69	1,194	3,983
BIT	BR Mlt-Sctr Incm Tr	BlackRock	1.21	0.21	10.22	35.52	32.55	547	1,358
BTZ	BR Cr Alloc Incm Tr	BlackRock	1.21	-8.30	9.79	29.96	35.37	1,048	2,680
DBL	DbLin Opportunistic Cr Fd	Doubleline	1.29	4.79	8.75	46.62	17.43	237	642
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	1.20	28.44	13.71	46.78	23.26	1,475	7,213
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	1.23	-5.73	7.96	0.00	23.80	904	2,072
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.23	4.50	11.97	12.62	25.82	578	1,337
PFL	PIMCO Incm Stgy Fd	PIMCO	1.23	3.84	12.03	7.14	28.21	297	760
HFRO	Highland Incm Fd	Highland Capital	1.26	-32.44	10.15	25.13	15.10	918	2,256
RA	Brkf Real Ast Incm Fd	Brookfield	1.24	11.05	14.32	56.90	26.66	839	3,785
NPCT	Nuv Core Plus Impact Fd	Nuveen	1.20	-15.30	9.94	45.58	39.00	340	857
WDI	WA Divr Incm Fd	Franklin Templeton	1.22	-11.88	12.27	0.00	32.62	776	1,516
PHK	PIMCO Hi Incm Fd	PIMCO	1.21	3.52	12.23	0.00	22.26	665	1,696
FINS	Angel Oak Fin Stgs Incm Trm Tr	Angel Oak	1.16	-14.33	9.68	40.28	29.31	345	936
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.04	16.47	18.28	90.60	0.00	1,535	9,787
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.05	15.66	18.33	90.68	0.00	696	5,185
IAE	Voya AP Hi Div Eq Incm Fd	Voya	0.95	-15.06	10.51	73.40	0.00	81	183
CUBA	Herzfeld Caribbean Basin Fd	Herzfeld Cuba	0.98	-18.44	18.47	100.00	0.00	31	54
AEF	abrdn Emrg Mkt Eq Incm Fd	abrdn	0.95	-13.10	7.63	74.47	15.30	306	200
BTO	JH Fin Opp Fd	John Hancock	0.84	5.69	9.85	10.38	19.71	481	2,741
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.00	-5.87	9.76	57.97	12.00	604	2,007
HQH	Tekla Health Invstr	Tekla	0.94	-14.64	9.40	50.93	0.00	944	1,981
BCX	BR Res & Com Stgy Tr	BlackRock	0.94	-13.28	6.85	54.16	0.00	904	2,137
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	0.99	-5.05	6.57	51.26	23.91	232	681
UTG	Reaves Util Incm Fd	W.H. Reaves	0.94	1.12	8.40	0.00	19.34	2,001	5,404
BSTZ	BR Sci & Tech Trm Tr	BlackRock	0.95	-15.06	10.83	54.08	0.00	1,627	4,597
DNP	DNP Sel Incm Fd	Virtus	0.92	23.20	7.61	28.48	25.29	2,948	5,314
THQ	Tekla Health Opp Fd	Tekla	0.98	-11.21	7.22	22.10	20.56	871	1,754
GLQ	Clough Glbl Eq Fd	Clough	0.98	-17.20	12.04	72.62	49.00	138	443
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	1.51	6.11	15.45	0.00	40.86	242	1,300
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.42	-10.79	8.19	0.00	37.50	760	2,654
JPS	Nuv Pref & Incm Sec Fd	Nuveen	2.82	-10.85	7.03	0.00	36.44	1,498	4,766
PTA	Tx-Adv Pref Sec Pref Sec & Incm Fd	Cohen&Steers	2.66	-10.71	9.46	19.31	36.60	1,052	2,753
FAX	abrdn Asia-Pacific Incm Fd	abrdn	1.45	-14.42	12.36	56.08	31.70	773	1,810
KIO	KKR Incm Opp Fd	KKR Credit	1.48	-10.65	12.97	0.00	37.23	341	1,641
FPF	FT Imd Dur Pref & Incm Fd	First Trust	2.74	-10.42	8.34	6.09	34.21	1,051	2,445
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.48	-7.58	11.75	2.99	23.23	456	1,873
PDT	JH Prm Div Fd	John Hancock	2.58	-1.13	10.25	19.09	38.47	567	1,263
MIN	MFS Imd Incm Tr	MFS	1.48	-3.72	8.92	64.06	0.00	340	734
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.43	-7.69	7.57	0.00	42.40	720	2,121
ARCC	Ares Capital Corp	Ares	1.16	3.47	10.06	0.00	51.18	10,048	61,564
FSK	FS KKR Capital Corp	FS/KKR	1.23	-21.22	13.03	0.00	54.26	6,982	20,727
HTGC	Hercules Capital	Hercules	1.31	35.86	10.61	0.00	52.72	1,541	28,808
MAIN	Main Street Cap Corp	Main Street Capital	1.15	48.07	6.70	0.00	46.34	2,191	13,579
GBDC	Golub Capital BDC	Golub Capital	1.09	-10.12	9.97	0.00	54.95	2,504	9,766
PSEC	Prospect Capital Corp	Prospect Capital	1.02	-33.86	11.48	0.00	49.11	3,813	9,854
GSBD	Goldman Sachs BDC	Goldman Sachs	1.12	-7.76	13.51	21.57	53.67	1,581	8,710
CSWC	Cap Southwest Corp	Capital Southwest	1.17	14.17	11.56	0.00	50.70	601	6,091
PFLT	PennantPark Flt Rt Cap	PennantPark	1.16	-3.32	11.41	0.00	51.76	555	3,281
NMFC	New Mountain Fin Corp	New Mountain Capital	1.11	-7.84	10.57	6.40	59.51	1,326	4,396
KYN	KA Nrg Infra Fd	Kayne Anderson	1.08	-16.72	10.28	10.12	24.75	1,335	3,945
CEM	CB MLP & Midstream Fd	Franklin Templeton	1.16	-15.76	7.76	50.80	31.95	521	940
NML	NB Nrg Infra & Incm Fd	Neuberger Berman	1.12	-15.80	10.78	64.02	17.65	437	975
TYG	Tortoise Nrg Infra Corp	Tortoise	1.09	-19.34	10.12	23.75	22.30	394	1,053
FEI	FT MLP & Nrg Incm Fd	First Trust	1.11	-16.33	7.97	46.12	18.39	407	881
SRV	NXG Cushing Midstream Nrg Fd	Cushing	1.23	-3.47	15.28	22.40	16.67	81	1,033
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.15	-18.28	7.23	0.00	10.35	249	646
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	4.40	-15.95	9.21	42.11	29.84	370	891
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Invst Mgmt	4.45	-12.94	13.90	12.36	31.09	833	3,655
DFP	F&C Dyn Pref & Incm Fd	Flaherty & Crumrine	1.32	-8.60	7.48	0.00	42.50	396	1,651

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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