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11. Alternative Income Index

Data as of 12/08/2023 11/30/2023 10/31/2023 09/29/2023 08/31/2023 07/31/2023 06/30/2023 05/31/2023 04/28/2023 03/31/2023 03/23/2023 02/28/2023 01/31/2023 12/30/2022 11/30/2022 10/31/2022 09/30/2022 08/31/2022 07/29/2022 06/30/2022 05/31/2022 04/29/2022 03/31/2022 02/28/2022 02/11/2022 01/31/2022 12/31/2021 11/30/2021 10/29/2021 09/30/2021 08/31/2021 07/30/2021 06/30/2021 05/28/2021 04/30/2021 03/31/2021 02/26/2021 01/29/2021 12/31/2020 11/30/2020 10/30/2020 09/30/2020 08/31/2020 07/31/2020 06/30/2020 05/29/2020 04/30/2020 03/31/2020 02/28/2020 01/31/2020 12/31/2019 11/29/2019 10/31/2019 09/30/2019 08/30/2019 07/31/2019 06/28/2019 05/31/2019 04/30/2019 03/29/2019 02/28/2019 01/31/2019 12/31/2018 11/30/2018 10/31/2018 09/28/2018 08/31/2018 07/31/2018 06/29/2018 05/31/2018 04/30/2018 03/29/2018 02/28/2018 01/31/2018 12/29/2017 11/30/2017 10/31/2017 09/29/2017 08/31/2017 06/30/2017

• About
• Performance
• Discount
• Characteristics
• Asset Allocation
• Constituents
• Prices
• Disclosure

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	1,413.63	-0.12	-0.44	5.21	2.34	4.83	6.88	4.78	5.17	5.29	1.15	5.20	9.47
NAV	1,449.37	0.01	-0.08	4.28	3.26	5.02	7.25	4.65	5.57	5.36	0.80	5.10	8.08
Difference		0.12	0.36	-0.93	0.92	0.19	0.37	-0.13	0.40	0.07	-0.36	-0.11	-1.39
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.08

2023 - Monthly Performance (%) Show Previous Years
	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	-	-	-	-
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	-	-	-	-
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	-	-	-	-
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 -7.55%	1Yr Disc -6.78%	3Yr Disc -2.51%	5Yr Disc -2.67%	Rel Disc Range (3yr) 33.36%
Mkt Yield 10.96%	Lev Adj NAV Yield 8.02%	After Tax Yield* 9.26%	Est Tax Friction* 1.70%	3Yr NAV Volatiliy 12.42
1 Yr RoC 45.16%	3 Yr Dest RoC 25.50%	Leverage 27.82%	Non Lev Exp Ratio 1.99%	Beta (2yr) 0.67
Equity Exposure 45.63%	Bond Exposure 51.79%	# Holdings 74	Cash Weighted Duration 1.38
Comp NAV TR 0.47%	Comp Discount 1.02%	Net Assets (M) 1,104	Liquidity - 90d (K) 4,154
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

74 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
NMAI	Nuv Multi-Asset Incm Fd	Nuveen	1.24	-9.16	12.90	29.10	30.76	456	958
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.08	-15.91	11.56	18.68	26.98	339	724
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	1.12	-3.17	8.57	35.17	34.33	2,376	3,310
DMA	Destra Multi-Alt Fd	Destra	1.10	-43.87	10.36	88.03	17.28	97	387
ZTR	Virtus Tot Rtn Fd	Virtus	1.25	-13.26	11.05	73.75	32.57	429	2,046
FOF	C&S CE Opp Fd	Cohen&Steers	1.18	4.71	9.40	57.82	0.00	291	761
BCAT	BR Cap Alloc Trm Tr	BlackRock	1.14	-11.47	10.22	68.70	0.00	1,817	4,860
GUG	Gghm Active Alloc Fd	Guggenheim Funds	1.14	-13.84	10.22	31.34	20.16	534	1,126
TBLD	Thornburg Incm Bldr Opp Tr	Thornburg Inv Mgmt	1.14	-13.01	8.20	6.40	0.00	562	920
GLV	Clough Glbl Div & Incm Fd	Clough	1.13	-17.96	14.13	86.99	39.56	78	281
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.12	-13.67	10.68	57.67	34.37	416	814
RIV	RiverNorth Opp Fd	RiverNorth	1.14	-11.30	14.16	77.96	34.71	262	923
SCD	LMP Cap & Incm Fd	Franklin Templeton	1.18	-12.21	10.37	73.96	20.20	255	562
GLO	Clough Glbl Opp Fd	Clough	1.15	-18.15	12.60	100.00	37.59	241	825
ECAT	BR ESG Cap Alloc Trm Tr	BlackRock	1.18	-9.86	9.43	84.37	0.00	1,798	5,178
DSL	DbLin Incm Solutions Fd	Doubleline	1.13	0.67	11.03	10.16	23.21	1,219	6,373
BIT	BR Mlt-Sctr Incm Tr	BlackRock	1.15	5.13	9.79	38.91	35.82	545	1,375
BTZ	BR Cr Alloc Incm Tr	BlackRock	1.16	-9.31	9.84	36.72	37.11	1,053	3,648
DBL	DbLin Opportunistic Cr Fd	Doubleline	1.14	3.69	8.69	56.36	15.83	242	979
BRW	Saba Cap Incm & Opp Fd	Saba Capital	1.13	-8.22	13.04	91.59	18.53	362	991
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	1.01	10.95	16.21	56.50	22.39	1,570	12,598
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	1.11	-8.88	7.98	0.00	24.51	932	1,640
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.19	1.30	12.29	20.32	23.77	586	1,949
PFL	PIMCO Incm Stgy Fd	PIMCO	1.18	3.43	12.00	11.61	22.18	303	981
HFRO	Highland Opp & Incm Fd	NexPoint	1.16	-33.57	10.96	3.59	15.20	865	2,298
RA	Brkf Real Ast Incm Fd	Brookfield	1.15	-12.49	11.05	65.99	17.32	822	5,077
NPCT	Nuv Core Plus Impact Fd	Nuveen	1.21	-12.95	9.94	58.95	38.74	331	793
WDI	WA Divr Incm Fd	Franklin Templeton	1.16	-8.89	12.49	0.00	32.82	781	2,383
PHK	PIMCO Hi Incm Fd	PIMCO	1.20	5.09	12.13	3.72	22.16	674	2,871
FINS	Angel Oak Fin Stgs Incm Trm Tr	Angel Oak	1.10	-11.61	10.87	40.59	27.90	341	586
CRF	Cornerstone Tot Rtn Fd	Cornerstone	0.90	15.31	19.07	60.31	0.00	690	6,771
CLM	Cornerstone Stgc Val Fd	Cornerstone	0.90	11.08	19.86	60.60	0.00	1,529	12,593
HQH	abrdn Health Invstr	abrdn	0.94	-16.49	9.84	75.00	0.00	894	2,896
THQ	abrdn Health Opp Fd	abrdn	1.00	-13.88	7.64	46.61	21.22	849	2,474
THW	abrdn Wld Health Fd	abrdn	0.96	-0.17	12.05	85.65	20.89	442	1,802
NBXG	NB Nxt Gen Connectivity Fd	Neuberger Berman	0.99	-18.26	11.21	100.00	0.00	1,031	2,472
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	0.99	-5.32	7.26	21.20	0.00	1,194	3,353
BSTZ	BR Sci & Tech Trm Tr	BlackRock	0.97	-19.37	7.33	63.88	0.00	1,583	6,984
BST	BR Sci & Tech Tr	BlackRock	1.04	0.62	8.79	85.28	0.00	1,166	3,297
BGR	BR Nrg & Res Tr	BlackRock	0.88	-12.63	6.51	56.10	0.00	381	982
UTG	Reaves Util Incm Fd	W.H. Reaves	1.04	0.34	8.53	0.00	21.73	2,044	7,833
BMEZ	BR Health Sci Trm Tr	BlackRock	0.94	-16.19	7.75	82.82	0.00	1,802	7,671
DNP	DNP Sel Incm Fd	Virtus	0.86	6.74	9.12	38.66	26.48	2,871	6,118
HGLB	Highland Glbl Alloc Fd	NexPoint	0.99	-28.15	12.26	5.25	3.11	257	785
EOS	EV Enh Eq Incm Fd II	Eaton Vance	1.01	-5.67	7.62	11.15	0.00	1,005	1,470
DPG	D&P Util & Infra Fd	Virtus	1.03	-12.91	8.96	92.18	27.97	411	1,708
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	1.76	4.78	14.53	0.00	40.85	313	2,184
JPC	Nuv Pref & Incm Opp Fd	Nuveen	4.98	-12.42	8.60	0.00	39.13	2,418	3,981
PTA	Tx-Adv Pref Sec Pref Sec & Incm Fd	Cohen&Steers	3.09	-8.64	8.99	29.44	36.40	1,082	3,040
ACP	abrdn Incm Cr Stgs Fd	abrdn	1.66	-4.41	18.43	9.42	29.17	355	2,118
PDT	JH Prm Div Fd	John Hancock	3.33	-8.95	9.36	45.09	41.79	571	1,633
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.65	-8.04	12.25	6.07	24.33	465	1,861
JQC	Nuv Cr Stgs Incm Fd	Nuveen	1.78	-11.75	12.51	5.63	38.85	796	3,005
JFR	Nuv Flt Rt Incm Fd	Nuveen	1.71	-11.87	12.61	4.18	38.66	1,231	5,371
ARCC	Ares Capital Corp	Ares	1.11	5.74	9.56	0.00	50.25	10,814	57,087
FSK	FS KKR Capital Corp	FS/KKR	1.17	-17.76	12.51	0.00	52.30	6,971	26,215
HTGC	Hercules Capital	Hercules	1.05	41.45	10.35	0.00	48.94	1,652	15,081
MAIN	Main Street Cap Corp	Main Street Capital	1.13	48.71	6.84	0.00	43.31	2,373	14,627
GBDC	Golub Capital BDC	Golub Capital	1.08	-2.60	10.12	0.00	54.65	2,547	7,971
PSEC	Prospect Capital Corp	Prospect Capital	1.05	-37.62	12.48	0.00	50.39	3,796	10,102
CSWC	Cap Southwest Corp	Capital Southwest	1.09	40.28	9.87	0.00	51.71	658	8,024
GSBD	Goldman Sachs BDC	Goldman Sachs	1.15	2.26	12.05	0.00	52.78	1,601	7,698
TRIN	Trinity Capital	Trinity Capital	1.20	12.60	13.22	0.00	45.68	575	4,628
PFLT	PennantPark Flt Rt Cap	PennantPark	1.20	3.14	10.71	0.00	42.02	654	4,717
KYN	KA Nrg Infra Fd	Kayne Anderson	1.12	-17.51	9.91	14.94	22.12	1,738	4,489
CEM	CB MLP & Midstream Fd	Franklin Templeton	1.18	-11.59	8.17	69.31	31.95	567	1,560
NML	NB Nrg Infra & Incm Fd	Neuberger Berman	1.08	-12.53	10.35	92.40	18.19	439	1,306
SRV	NXG Cushing Midstream Nrg Fd	Cushing	1.04	-7.94	15.78	60.62	25.09	82	1,047
TYG	Tortoise Nrg Infra Corp	Tortoise	1.07	-19.65	10.15	66.25	21.90	375	1,294
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.23	-7.09	8.17	92.70	20.04	308	834
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	4.70	-14.36	10.65	44.17	31.81	361	851
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Invst Mgmt	4.73	-15.07	15.03	22.08	31.10	789	3,547
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.39	-12.24	10.46	7.73	34.81	1,094	2,929
DFP	F&C Dyn Pref & Incm Fd	Flaherty & Crumrine	1.36	-12.68	7.16	0.00	42.00	410	1,261

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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