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11. Alternative Income Index

Data as of 06/06/2023 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	1,340.89	0.69	3.33	1.74	-2.71	1.04	-4.53	7.24	2.63	4.62	2.74	1.42	3.84
NAV	1,378.15	0.38	2.42	0.85	-0.85	1.96	-2.72	6.39	4.00	5.21	2.02	1.08	2.77
Difference		-0.31	-0.91	-0.89	1.87	0.93	1.81	-0.85	1.37	0.58	-0.71	-0.34	-1.06
* 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 (%) 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	-	-	-	-	-	-	-	-	-	-	-	-	-
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 -6.74%	1Yr Disc -5.55%	3Yr Disc -3.04%	5Yr Disc -2.86%	Rel Disc Range (3yr) 35.43%
Mkt Yield 10.57%	Lev Adj NAV Yield 7.85%	After Tax Yield* 8.87%	Est Tax Friction* 1.70%	3Yr NAV Volatiliy 13.64
1 Yr RoC 40.18%	3 Yr Dest RoC 18.24%	Leverage 28.18%	Non Lev Exp Ratio 1.95%	Beta (2yr) 0.69
Equity Exposure 43.89%	Bond Exposure 53.45%	# Holdings 76	Cash Weighted Duration 1.39
Comp NAV TR 0.33%	Comp Discount 2.40%	Net Assets (M) 987	Liquidity - 90d (K) 3,806
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

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	-15.74	10.38	3.42	32.22	459	928
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.04	-15.71	11.07	22.55	25.59	354	643
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	1.07	-1.80	8.69	28.27	33.23	2,307	2,881
ZTR	Virtus Tot Rtn Fd	Virtus	1.02	-7.89	15.51	58.75	29.91	461	1,413
FOF	C&S CE Opp Fd	Cohen&Steers	1.04	0.66	9.72	48.72	0.00	293	499
BCAT	BR Cap Alloc Trm Tr	BlackRock	1.07	-11.20	10.00	47.46	0.00	1,863	3,919
CGO	Calamos Glbl Tot Rtn Fd	Calamos	1.05	-8.90	10.30	72.72	25.19	101	249
GUG	Gghm Active Alloc Fd	Guggenheim Funds	1.04	-13.20	10.27	10.15	26.13	527	1,030
GLV	Clough Glbl Div & Incm Fd	Clough	1.02	-15.53	12.91	91.56	42.23	84	213
TBLD	Thornburg Incm Bldr Opp Tr	Thornburg Inv Mgmt	1.03	-13.23	8.22	0.00	0.00	562	865
TEAF	Ecofin Susble & Soc Impact Trm	Tortoise	1.01	-20.78	8.66	53.28	12.00	212	330
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.04	-11.71	10.20	93.91	26.28	425	789
RIV	RiverNorth Opp Fd	RiverNorth	2.03	-8.56	13.67	63.81	34.96	263	836
SCD	LMP Cap & Incm Fd	Franklin Templeton	1.07	-15.09	8.44	68.19	19.97	253	442
GLO	Clough Glbl Opp Fd	Clough	1.05	-17.04	12.02	76.56	41.84	253	1,035
ECAT	BR ESG Cap Alloc Trm Tr	BlackRock	1.06	-11.59	9.54	72.52	0.00	1,820	5,267
DSL	DbLin Incm Solutions Fd	Doubleline	1.25	0.34	11.24	4.95	22.69	1,196	4,017
BIT	BR Mlt-Sctr Incm Tr	BlackRock	1.20	-0.48	10.28	35.52	32.55	547	1,348
BTZ	BR Cr Alloc Incm Tr	BlackRock	1.20	-8.56	9.81	29.96	35.37	1,049	2,663
DBL	DbLin Opportunistic Cr Fd	Doubleline	1.25	2.29	8.95	46.62	17.43	238	625
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	1.20	28.66	13.67	46.78	23.26	1,476	7,181
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	1.19	-8.66	8.19	0.00	23.80	906	1,999
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.24	4.78	11.90	9.91	24.92	580	1,329
PFL	PIMCO Incm Stgy Fd	PIMCO	1.23	4.08	11.97	5.46	26.26	298	739
HFRO	Highland Incm Fd	Highland Capital	1.25	-32.84	10.15	25.13	15.10	923	2,233
RA	Brkf Real Ast Incm Fd	Brookfield	1.24	11.90	14.19	56.90	27.02	840	3,794
NPCT	Nuv Core Plus Impact Fd	Nuveen	1.19	-15.66	9.94	45.58	39.00	342	829
WDI	WA Divr Incm Fd	Franklin Templeton	1.22	-11.45	12.18	0.00	32.62	778	1,510
PHK	PIMCO Hi Incm Fd	PIMCO	1.22	4.61	12.08	0.00	20.64	666	1,731
FINS	Angel Oak Fin Stgs Incm Trm Tr	Angel Oak	1.16	-14.22	9.64	40.28	29.31	345	941
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.05	17.77	18.08	90.71	0.00	1,535	9,751
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.05	17.02	18.12	90.85	0.00	696	5,205
IAE	Voya AP Hi Div Eq Incm Fd	Voya	0.96	-13.77	10.32	73.40	0.00	81	185
CUBA	Herzfeld Caribbean Basin Fd	Herzfeld Cuba	1.00	-20.87	18.13	100.00	0.00	32	56
AEF	abrdn Emrg Mkt Eq Incm Fd	abrdn	0.96	-12.54	7.55	74.47	15.24	308	199
BTO	JH Fin Opp Fd	John Hancock	0.90	10.97	9.18	10.38	19.71	492	3,008
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.02	-3.31	9.47	57.97	12.00	606	2,077
HQH	Tekla Health Invstr	Tekla	0.94	-14.41	9.36	50.93	0.00	946	1,963
BCX	BR Res & Com Stgy Tr	BlackRock	0.94	-12.96	6.81	54.16	0.00	906	2,164
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	0.98	-5.56	6.60	51.26	23.91	232	695
UTG	Reaves Util Incm Fd	W.H. Reaves	0.94	1.34	8.37	0.00	19.34	2,004	5,321
BSTZ	BR Sci & Tech Trm Tr	BlackRock	0.95	-14.88	10.78	54.08	0.00	1,631	4,540
DNP	DNP Sel Incm Fd	Virtus	0.91	22.21	7.66	28.48	25.29	2,952	5,308
THQ	Tekla Health Opp Fd	Tekla	0.97	-11.42	7.25	19.55	20.56	869	1,744
GLQ	Clough Glbl Eq Fd	Clough	0.99	-15.88	11.80	72.62	43.83	138	459
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	1.52	6.72	15.29	0.00	40.22	243	1,334
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.41	-11.02	8.17	0.00	37.50	763	2,658
JPS	Nuv Pref & Incm Sec Fd	Nuveen	2.79	-11.89	7.07	0.00	36.44	1,506	4,754
PTA	Tx-Adv Pref Sec Pref Sec & Incm Fd	Cohen&Steers	2.66	-10.62	9.41	19.38	36.60	1,057	2,764
FAX	abrdn Asia-Pacific Incm Fd	abrdn	1.47	-13.42	12.18	56.08	32.10	775	1,788
KIO	KKR Incm Opp Fd	KKR Credit	1.48	-10.97	12.93	0.00	37.23	344	1,544
FPF	FT Imd Dur Pref & Incm Fd	First Trust	2.72	-11.17	8.36	6.09	34.21	1,057	2,410
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.48	-7.47	11.69	2.99	23.23	457	1,867
PDT	JH Prm Div Fd	John Hancock	2.61	-0.17	10.07	22.09	38.47	571	1,300
MIN	MFS Imd Incm Tr	MFS	1.48	-3.38	8.89	64.06	0.00	340	705
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.42	-8.19	7.57	0.00	42.40	724	2,177
ARCC	Ares Capital Corp	Ares	1.16	3.36	10.07	0.00	51.18	10,048	60,184
FSK	FS KKR Capital Corp	FS/KKR	1.24	-20.22	12.87	0.00	54.26	6,982	21,440
HTGC	Hercules Capital	Hercules	1.32	37.43	10.49	0.00	52.72	1,541	29,021
MAIN	Main Street Cap Corp	Main Street Capital	1.15	48.55	6.67	0.00	46.34	2,191	13,699
GBDC	Golub Capital BDC	Golub Capital	1.09	-9.64	9.92	0.00	54.95	2,504	9,956
PSEC	Prospect Capital Corp	Prospect Capital	1.02	-33.65	11.45	0.00	49.11	3,813	9,939
GSBD	Goldman Sachs BDC	Goldman Sachs	1.14	-6.30	13.30	21.57	53.67	1,581	8,198
CSWC	Cap Southwest Corp	Capital Southwest	1.19	16.43	11.33	0.00	50.70	601	6,216
PFLT	PennantPark Flt Rt Cap	PennantPark	1.16	-2.87	11.36	0.00	51.76	555	3,370
NMFC	New Mountain Fin Corp	New Mountain Capital	1.12	-6.24	10.39	6.40	59.51	1,326	4,431
KYN	KA Nrg Infra Fd	Kayne Anderson	1.07	-16.92	10.31	10.12	24.75	1,335	3,917
CEM	CB MLP & Midstream Fd	Franklin Templeton	1.16	-15.20	7.69	50.80	31.95	522	949
NML	NB Nrg Infra & Incm Fd	Neuberger Berman	1.11	-16.02	10.87	64.02	17.65	435	967
TYG	Tortoise Nrg Infra Corp	Tortoise	1.09	-19.35	10.11	23.75	22.30	395	1,052
FEI	FT MLP & Nrg Incm Fd	First Trust	1.11	-16.44	7.98	46.12	18.39	407	887
SRV	NXG Cushing Midstream Nrg Fd	Cushing	1.23	-3.69	15.31	22.40	16.67	81	1,019
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.15	-18.02	7.20	0.00	10.33	249	637
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	4.39	-16.04	9.19	42.11	29.84	371	890
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Invst Mgmt	4.49	-12.19	13.69	12.36	31.09	838	3,655
DFP	F&C Dyn Pref & Incm Fd	Flaherty & Crumrine	1.32	-8.51	7.44	0.00	42.50	398	1,662

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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