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	1,350.89	-0.43	-0.16	0.40	6.92	9.70	14.26	8.12	7.02	1.75	3.22	3.22
NAV	1,278.28	-0.32	-0.38	-0.03	4.87	7.35	10.60	7.20	5.83	0.94	1.10	1.10
Difference		0.11	-0.22	-0.43	-2.05	-2.35	-3.66	-0.92	-1.20	-0.81	-2.12	-2.12
* 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	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.47
NAV	0.16	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.16
Difference	-1.29	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1.31
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	18.94	1.61	-2.20	2.13	1.50	0.44	0.19	2.40	3.04	4.54	23.48
NAV	6.70	1.40	1.92	10.27	1.10	-1.37	2.82	2.53	12.80	0.56	-0.87	1.23	0.91	0.26	0.20	2.81	3.28	4.19	16.99
Difference	-4.93	-0.49	0.51	-5.07	-1.11	1.05	-1.05	-1.07	-6.14	-1.06	1.33	-0.90	-0.58	-0.18	0.01	0.41	0.24	-0.35	-6.49
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	1.68	2.60	0.89	-1.21	2.25	-7.13	0.69	-6.11	-12.21	-9.95	-8.28
NAV	2.01	-3.24	-0.92	-2.21	1.49	1.17	-0.24	2.42	0.21	2.19	0.90	-0.15	2.95	-3.57	0.01	-3.76	-7.18	-4.23	-4.01
Difference	0.96	-0.40	-0.32	0.21	-1.03	-0.32	-0.29	-1.67	-1.46	-0.41	0.01	1.07	0.70	3.56	-0.68	2.36	5.03	5.73	4.27
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	11.80	1.97	-0.94	1.43	2.45	-0.87	-1.20	2.13	0.03	2.49	14.29
NAV	2.31	1.85	0.63	4.86	1.08	0.49	0.71	2.30	7.16	1.65	-0.02	0.61	2.24	0.15	0.35	1.71	2.22	4.46	11.62
Difference	-2.25	-1.45	-0.15	-4.00	-1.65	0.72	0.28	-0.65	-4.64	-0.32	0.92	-0.82	-0.21	1.02	1.54	-0.42	2.18	1.97	-2.67
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	11.22	4.34	2.37	-0.17	6.63	-2.74	0.72	1.93	-0.15	6.48	17.70
NAV	-3.91	-0.74	4.48	-0.34	3.57	1.33	3.17	8.27	7.93	2.75	0.80	2.01	5.65	-1.34	-0.14	2.28	0.76	6.41	14.34
Difference	1.56	-0.97	-3.35	-2.53	-1.08	0.59	-0.26	-0.77	-3.30	-1.59	-1.57	2.18	-0.98	1.40	-0.87	0.35	0.91	-0.07	-3.36
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	-1.37	-1.93	-3.19	-5.42	-10.20	7.13	-2.06	-3.19	1.57	-8.62	-9.99
NAV	0.06	2.09	-0.37	1.77	1.82	-0.27	-2.32	-0.81	0.96	-0.29	-3.12	-4.35	-7.60	4.18	-1.71	-3.84	-1.54	-9.13	-8.17
Difference	-0.49	-1.01	0.92	-0.56	-0.25	0.57	2.53	2.89	2.33	1.64	0.07	1.07	2.60	-2.95	0.35	-0.65	-3.11	-0.51	1.82

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount 2.09%	1Yr Disc -0.48%	3Yr Disc -1.25%	5Yr Disc -2.66%	Rel Disc Range (3yr) 68.70%
Mkt Yield 9.54%	Lev Adj NAV Yield 7.76%	After Tax Yield* 8.05%	Est Tax Friction* 1.49%	3Yr NAV Volatiliy 8.97
1 Yr RoC 30.47%	3 Yr Dest RoC 13.35%	Leverage 27.52%	Non Lev Exp Ratio 2.26%	Beta (2yr) 0.49
Equity Exposure 40.99%	Bond Exposure 56.70%	# Holdings 84	Cash Weighted Duration 1.05
Comp NAV TR 0.42%	Comp Discount 1.56%	Net Assets (M) 854	Liquidity - 90d (K) 3,759
* 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

84 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
NIE	AG Eq & Convt Incm Fd	Allianz	1.22	-6.70	6.27	0.00	0.00	720	1,575
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	1.19	1.78	7.77	53.07	30.66	2,174	3,779
DDF	DI Div & Incm Fd	Delaware	1.16	41.56	7.12	17.03	28.34	85	235
ZTR	Virtus Glbl Div & Inc Fd	Virtus	1.19	7.78	11.39	79.13	26.09	523	1,750
FOF	C&S CE Opp Fd	Cohen & Steers	1.16	-0.22	7.55	55.74	0.00	377	822
NHF	NexPoint Stgc Opp Fd	Highland Capital	1.11	-15.78	13.84	52.63	26.00	944	3,997
GLV	Clough Glbl Div & Incm Fd	Clough	1.21	-3.85	10.31	55.47	40.50	103	431
CGO	Calamos Glbl Tot Rtn Fd	Calamos	1.14	9.00	8.93	61.05	32.36	107	343
TEAF	Tortoise Ess Ast Incm Trm Fd	Tortoise	2.19	-8.21	7.61	0.00	12.30	251	1,999
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.17	6.94	9.40	58.58	35.51	496	1,610
RIV	RiverNorth Opp Fd	RiverNorth	2.19	-0.65	12.75	62.28	9.78	159	981
SCD	LMP Cap & Incm Fd	Legg Mason	1.10	-5.54	8.08	70.56	22.59	292	1,045
GLO	Clough Glbl Opp Fd	Clough	2.26	-8.89	10.60	47.29	42.42	359	1,428
PKO	PIMCO Incm Opp Fd	PIMCO	0.90	15.71	7.94	0.00	32.93	453	1,684
BIT	BR Mlt-Sctr Incm Tr	BlackRock	0.89	-3.90	8.86	26.88	34.96	654	4,233
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.90	-4.99	6.87	13.91	27.10	1,442	6,603
DBL	DbLin Opportunistic Cr Fd	Doubleline	0.87	0.38	6.30	7.66	19.50	311	1,150
PDI	PIMCO Dyn Incm Fd	PIMCO	0.88	19.69	8.00	0.00	40.24	1,613	5,698
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	0.97	3.26	10.86	62.17	27.30	152	1,112
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	0.89	6.00	10.62	14.86	19.21	166	863
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.89	9.34	11.74	53.15	0.00	697	4,319
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	0.89	-6.92	6.28	0.00	38.07	1,159	3,372
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.89	9.99	8.81	0.00	22.71	682	2,363
PFL	PIMCO Incm Stgy Fd	PIMCO	0.91	11.75	8.74	5.87	22.63	331	1,177
DSL	DbLin Incm Solutions Fd	Doubleline	0.88	0.85	8.90	3.31	30.83	2,037	7,239
RA	Brkf Real Ast Incm Fd	Brookfield	0.91	-4.18	10.74	43.78	21.84	846	5,102
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	0.88	9.09	8.21	0.00	44.67	3,288	11,513
PHK	PIMCO Hi Incm Fd	PIMCO	0.88	20.63	9.68	2.70	29.94	830	3,909
FINS	Angel Oak Fin Stgs Incm Trm Tr	Angel Oak	0.86	1.37	6.43	33.29	12.88	236	754
PGP	PIMCO Glbl Stk+ & Incm Fd	PIMCO	0.91	24.06	9.03	4.56	32.99	110	710
HGLB	Highland Glbl Alloc Fd	Highland Capital	0.94	-21.40	11.25	18.36	39.16	258	969
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.00	6.69	19.29	77.86	0.00	416	3,518
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.01	6.56	19.27	73.95	0.00	813	5,966
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	0.95	2.67	14.18	91.83	11.00	575	4,504
DNP	DNP Sel Incm Fd	Duff & Phelps	1.00	15.91	5.98	28.08	24.63	3,386	4,189
GUT	Gabelli Util Tr	Gabelli	1.01	54.23	7.48	98.00	27.00	281	1,127
HQL	Tekla Life Sci Invstr	Tekla	0.99	-9.62	8.73	41.69	0.00	458	1,817
UTF	C&S Infra Fd	Cohen & Steers	1.02	-5.26	6.80	0.00	24.70	2,700	8,932
EOD	WF Glbl Div Opp Fd	Wells Fargo	1.01	-5.56	10.20	0.00	15.37	269	1,100
BGY	BR Enh Intl DivTr	BlackRock	0.95	-9.00	7.04	65.65	0.00	669	1,636
HQH	Tekla Health Invstr	Tekla	1.00	-9.85	8.70	62.72	0.00	1,026	3,777
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	1.18	-10.10	7.57	52.00	32.68	1,201	2,854
ARDC	Ares Dyn Cr Alloc Fd	Ares	1.18	-7.20	8.13	0.00	30.10	392	1,467
JPS	Nuv Pref & Incm Sec Fd	Nuveen	2.39	0.00	6.47	0.17	34.86	2,115	5,902
PPT	Putnam Prmr Incm Tr	Putnam	1.18	2.39	7.54	15.98	6.57	562	1,557
PIM	Putnam Mstr Imd Incm Tr	Putnam	1.16	-1.23	7.47	38.10	12.95	253	721
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.19	6.99	5.89	0.00	32.40	947	2,296
JQC	Nuv Cr Stgs Incm Fd	Nuveen	1.13	-5.86	14.62	54.47	37.40	1,088	7,203
VVR	Invsc Sr Incm Tr	Invesco	1.14	-9.07	6.68	6.85	34.00	725	5,887
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	1.19	-1.20	9.32	0.00	28.35	368	1,729
ACP	Abd Incm Cr Stgs Fd	Aberdeen	1.22	-2.41	11.87	12.25	25.88	217	2,003
JFR	Nuv Flt Rt Incm Fd	Nuveen	1.14	-6.31	7.21	0.00	37.78	622	3,336
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.15	-0.47	6.93	0.30	36.13	1,096	2,624
ARCC	Ares Capital Corp	Ares	0.99	9.70	8.42	0.00	46.77	7,466	36,142
FSK	FS KKR Capital Corp	FS/KKR	1.02	-20.61	12.18	0.00	45.30	4,001	13,588
GBDC	Golub Capital BDC	Golub Capital	0.97	10.44	7.17	0.00	50.69	2,229	11,057
NMFC	New Mountain Fin Corp	New Mountain Capital	1.00	6.37	9.58	0.00	58.35	1,292	7,577
PSEC	Prospect Capital Corp	Prospect Capital	1.00	-24.60	11.03	0.00	39.41	3,184	10,159
AINV	Apollo Inv Corp	Apollo	0.98	-5.97	10.48	0.00	58.52	1,216	9,036
HTGC	Hercules Capital	Hercules	1.11	51.56	8.01	0.00	52.28	1,166	8,850
CGBD	TCG BDC	Carlyle	1.03	-17.49	10.82	0.00	54.03	978	5,669
BCSF	Bain Cap Splty Fin	BCSF Advisors	1.00	0.96	8.24	0.00	60.77	1,018	5,556
TSLX	TPG Specialty Lending	TSL Advisers	1.06	36.84	7.12	0.00	47.98	1,123	4,711
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	0.92	-5.21	11.00	66.67	36.76	1,745	14,335
TYG	Tortoise Nrg Infra Corp	Tortoise	0.85	-8.85	10.10	100.00	37.20	923	9,273
CEM	CB MLP & Midstream Fd	Legg Mason	0.90	-5.92	11.25	92.00	32.57	785	4,830
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	0.91	-1.03	21.78	100.00	32.43	248	4,212
FEI	FT MLP & Nrg Incm Fd	First Trust	0.96	-0.60	10.33	89.58	26.53	550	2,935
FMO	F/C Nrg Infra Fd	Guggenheim Funds	0.86	-5.63	18.36	100.00	39.14	264	2,473
NML	NB MLP Incm Fd	Neuberger Berman	0.94	-9.05	10.11	100.00	26.07	407	2,428
MIE	C&S MLP Incm & Nrg Opp Fd	Cohen & Steers	0.87	7.85	10.08	99.15	33.40	177	2,221
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	0.83	-4.40	17.34	100.00	35.20	307	2,557
JMF	Nuv Nrg MLP Total Rtn Fd	Nuveen	0.93	-0.41	13.36	100.00	27.51	295	2,278
PGZ	Principal Rel-Est Incm Fd	ALPS	1.99	-8.23	6.13	6.86	27.86	162	657
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	2.02	-7.48	7.37	13.38	34.29	566	1,614
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	2.04	-9.60	7.16	68.17	12.84	1,081	2,647
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	2.06	-9.91	7.04	66.34	5.65	647	2,607
FLC	F&C Tot Rtn Fd	Flaherty & Crumrine	1.23	3.44	5.88	0.00	32.50	227	616
PDT	JH Prm Div Fd	John Hancock	1.22	13.95	6.26	25.42	33.07	797	1,334
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.23	-2.57	6.45	2.66	30.03	1,539	5,245
PSF	C&S Sel Pref & Incm Fd	Cohen & Steers	1.21	16.51	6.32	11.73	28.20	337	808
BANX	StoneCastle Fin Corp	StoneCastle	2.56	-0.14	7.00	0.00	14.89	143	488
OCCI	OFS Credit Company	OFS Capital	2.82	9.55	12.68	0.00	30.21	46	433
OXLC	Oxford Lane Cap Corp	Oxford Lane	2.93	33.77	17.78	0.00	30.12	403	7,476

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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