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	1,044.27	1.08	-0.65	-3.85	4.52	25.41	-17.16	-3.11	4.70	-4.44	2.18	-20.21
NAV	1,138.52	0.70	0.08	-1.61	5.41	18.78	-6.47	1.25	5.19	-1.96	3.73	-9.95
Difference		-0.38	0.74	2.23	0.88	-6.63	10.69	4.36	0.48	2.49	1.55	10.26
* 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	-	-	-	-	-	-	-	-
NAV	0.16	-4.81	-19.88	-23.61	10.34	2.71	0.29	13.65	-13.19	3.29	2.42	-	-	-	-	-	-	-	-
Difference	-1.29	5.48	9.44	12.07	-4.95	-2.40	0.09	-7.76	8.72	0.59	-1.68	-	-	-	-	-	-	-	-
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 -7.87%	1Yr Disc -3.46%	3Yr Disc -1.55%	5Yr Disc -2.05%	Rel Disc Range (3yr) 56.37%
Mkt Yield 11.16%	Lev Adj NAV Yield 8.12%	After Tax Yield* 9.32%	Est Tax Friction* 1.84%	3Yr NAV Volatiliy 19.55
1 Yr RoC 29.82%	3 Yr Dest RoC 22.21%	Leverage 27.56%	Non Lev Exp Ratio 2.46%	Beta (2yr) 0.86
Equity Exposure 37.11%	Bond Exposure 60.39%	# Holdings 77	Cash Weighted Duration 1.15
Comp NAV TR 1.42%	Comp Discount 2.30%	Net Assets (M) 746	Liquidity - 90d (K) 2,688
* 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

77 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
NIE	AG Eq & Convt Incm Fd	Allianz	1.21	-12.58	6.28	5.75	0.00	767	1,901
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	1.20	-3.07	8.37	11.15	29.68	2,120	3,551
DDF	DI Div & Incm Fd	Delaware	1.08	-8.21	8.24	40.32	28.13	67	260
ZTR	Virtus Tot Rtn Fd	Virtus	1.09	-10.58	12.21	68.46	26.27	417	998
FOF	C&S CE Opp Fd	Cohen & Steers	1.16	-2.73	9.47	57.97	0.00	309	1,037
NHF	NexPoint Stgc Opp Fd	Highland Capital	0.95	-48.96	13.61	41.62	16.00	779	2,001
GLV	Clough Glbl Div & Incm Fd	Clough	1.20	-15.59	13.22	76.71	40.97	91	319
CGO	Calamos Glbl Tot Rtn Fd	Calamos	1.18	-4.75	10.15	5.12	30.00	111	316
TEAF	Tortoise Ess Ast Incm Trm Fd	Tortoise	1.06	-27.84	8.49	28.06	12.00	198	514
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.24	-3.62	10.53	13.62	32.10	492	1,488
RIV	RiverNorth Opp Fd	RiverNorth	2.13	-2.89	14.96	76.18	6.64	139	929
SCD	LMP Cap & Incm Fd	Legg Mason	1.15	-14.32	12.27	58.20	21.20	212	741
GLO	Clough Glbl Opp Fd	Clough	2.30	-16.53	11.71	72.52	39.11	355	1,343
PKO	PIMCO Incm Opp Fd	PIMCO	0.92	2.15	10.21	0.00	44.85	424	2,040
BIT	BR Mlt-Sctr Incm Tr	BlackRock	1.01	-10.50	9.46	25.92	33.54	658	1,940
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.98	-6.02	7.16	15.24	28.91	1,398	3,923
DBL	DbLin Opportunistic Cr Fd	Doubleline	0.92	-2.72	6.95	6.38	23.07	292	831
PDI	PIMCO Dyn Incm Fd	PIMCO	0.94	6.45	10.69	0.00	42.88	1,427	6,193
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	0.91	-10.36	11.01	53.13	27.47	138	455
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	0.93	0.28	12.34	24.14	28.16	160	551
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.97	9.19	12.43	62.67	24.33	714	2,726
MGF	MFS Govt Mkt Incm Tr	MFS	0.93	-2.92	7.56	67.67	0.00	156	512
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.97	5.47	10.60	1.69	33.07	614	1,816
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	0.96	-13.67	7.50	5.09	44.88	1,047	2,006
DSL	DbLin Incm Solutions Fd	Doubleline	0.96	-2.04	11.34	7.10	27.89	1,650	5,412
RA	Brkf Real Ast Incm Fd	Brookfield	0.94	-12.38	14.30	22.66	25.13	840	2,677
PFL	PIMCO Incm Stgy Fd	PIMCO	0.97	5.43	10.70	1.17	34.31	300	1,018
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	1.00	5.32	10.65	0.00	45.78	2,705	11,245
PHK	PIMCO Hi Incm Fd	PIMCO	0.94	4.67	10.71	0.00	31.25	682	2,667
FINS	Angel Oak Fin Stgs Incm Trm Tr	Angel Oak	0.91	-9.70	7.23	28.52	25.50	283	685
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.14	17.61	20.05	89.12	0.00	370	3,868
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.13	14.54	20.46	86.75	0.00	726	6,583
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.05	-13.89	10.56	75.68	11.00	653	4,418
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.01	-35.43	16.36	10.82	16.03	215	613
HQH	Tekla Health Invstr	Tekla	0.99	-14.36	9.58	0.00	0.00	1,029	2,843
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	1.05	-1.44	9.52	69.34	0.00	620	2,200
THQ	Tekla Health Opp Fd	Tekla	1.04	-11.49	7.62	75.00	21.56	827	1,918
THW	Tekla Wld Health Fd	Tekla	1.03	0.00	9.97	88.37	22.02	423	1,551
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	1.11	-1.34	6.42	94.72	0.00	1,015	4,385
DNP	DNP Sel Incm Fd	Duff & Phelps	0.98	19.72	7.69	34.27	27.22	2,573	4,223
BGR	BR Nrg & Res Tr	BlackRock	0.88	-12.93	9.31	57.92	0.00	206	966
EOD	WF Glbl Div Opp Fd	Wells Fargo	1.02	-15.62	12.95	0.00	18.50	215	675
HFRO	Highland Incm Fd	Highland Capital	1.46	-30.68	10.51	17.36	35.10	905	3,234
JPS	Nuv Pref & Incm Sec Fd	Nuveen	2.70	-4.25	6.90	0.54	35.33	1,869	3,933
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	1.35	-6.81	15.47	56.83	24.80	201	1,049
BKT	BR Incm Tr	BlackRock	1.31	-3.50	6.80	19.06	30.58	401	1,452
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	2.66	6.14	7.46	0.00	33.70	870	2,130
MIN	MFS Imd Incm Tr	MFS	1.35	-5.53	9.11	61.18	0.00	465	1,443
TEI	Tmp Emrg Mkt Incm Fd	Franklin	1.27	-15.67	6.40	0.00	0.00	426	1,083
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	1.37	-15.37	8.44	45.34	28.85	1,144	3,073
HPI	JH Pref Incm Fd	John Hancock	1.28	1.68	7.88	4.09	32.32	483	1,186
PDT	JH Prm Div Fd	John Hancock	2.40	-1.36	9.47	10.46	37.33	609	1,271
KIO	KKR Incm Opp Fd	KKR Credit	1.48	-6.85	11.04	0.58	32.21	297	1,246
ARCC	Ares Capital Corp	Ares	1.01	-10.87	11.34	0.00	50.96	6,690	30,243
MAIN	Main Street Cap Corp	Main Street Capital	1.03	45.61	8.10	0.00	44.46	1,373	10,046
PSEC	Prospect Capital Corp	Prospect Capital	1.07	-37.41	14.06	0.00	40.33	3,084	7,062
GBDC	Golub Capital BDC	Golub Capital	1.17	-6.19	8.80	0.00	45.74	2,350	6,370
FSK	FS KKR Capital Corp	FS/KKR	1.23	-31.28	14.94	0.00	56.47	2,892	10,390
HTGC	Hercules Capital	Hercules	1.16	12.46	11.17	0.00	51.25	1,164	8,185
NMFC	New Mountain Fin Corp	New Mountain Capital	1.09	-15.91	12.27	5.36	59.40	1,126	4,522
TSLX	Sixth St Splty Lending	Sixth St Splty Lending	1.10	6.90	9.54	0.00	43.22	1,087	7,227
AINV	Apollo Inv Corp	Apollo	0.97	-44.08	14.50	0.00	62.64	1,028	3,802
GSBD	Goldman Sachs BDC	Goldman Sachs	1.05	6.47	11.17	0.00	58.64	612	2,484
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	0.79	-25.41	14.81	100.00	33.33	687	3,612
FEI	FT MLP & Nrg Incm Fd	First Trust	0.89	-23.66	12.74	68.23	20.14	290	1,067
CEM	CB MLP & Midstream Fd	Legg Mason	0.75	-25.52	16.99	86.73	34.01	209	938
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	0.86	-25.54	10.03	98.78	0.00	143	280
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	0.86	-29.15	11.98	77.62	23.70	52	365
FMO	F/C Nrg Infra Fd	Guggenheim Funds	0.84	-26.24	13.41	75.61	12.81	70	274
PGZ	Principal Rel-Est Incm Fd	ALPS	2.53	-23.65	12.17	4.08	28.78	98	356
NRO	NB Rel-Est Sec Incm Fd	Neuberger Berman	2.92	-6.44	12.70	65.58	13.80	192	988
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	2.94	-14.90	9.52	27.81	28.19	393	1,188
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen & Steers	1.29	-5.36	7.42	17.41	32.00	707	1,582
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.26	-5.59	7.47	2.00	30.74	1,370	2,636
BANX	StoneCastle Fin Corp	StoneCastle	3.20	-12.02	8.21	0.00	19.00	138	259
OCCI	OFS Credit Company	OFS Capital	2.91	-15.81	22.98	7.46	34.97	35	293
OXLC	Oxford Lane Cap Corp	Oxford Lane	2.99	15.16	18.71	44.44	47.78	283	4,157

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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