CEF Advisors

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02. High Income Index

Data as of

About the Index

50% Equity focused income funds and 50% Bond/BDC focused income funds: (1) Funds need to have 90-day average trading dollar ($) liquidity over $500K. (2) Taxable Bond + Preferred Equity groupings according to CEFdata.com, ranked by top 35% current market price yield (40% of the index weighting), (3) Debt-Focused Business Development Companies (BDCs), top 35% ranked by current market price yield (10% of the index weighting). (4) US Equity, Non-US Equity, Specialty Equity and Hybrid/Balanced Funds groupings in CEFData.com with funds only included if they pay monthly or quarterly distributions without a large year-end distribution in both of the past two calendar years. This selection is then ranked by top 35% of funds by current market price yield (50% of index weighting) 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 1,133.36 -0.42 -0.04 2.03 2.69 6.95 14.16 3.38 5.85 -0.24 0.02 10.84
NAV 1,080.08 -0.32 -0.32 2.06 2.85 4.91 10.69 1.90 6.17 -0.11 0.86 6.58
Difference 0.10 -0.29 0.03 0.16 -2.05 -3.47 -1.48 0.32 0.13 0.84 -4.26
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 3.88 2.39 0.05 7.67 2.39 0.23 -0.41 3.15 10.82 1.40 -1.96 - - - - - - - 11.08
NAV 1.61 1.41 -0.43 3.76 0.95 0.23 -0.07 1.96 5.72 1.20 -0.87 - - - - - - - 6.69
Difference -2.27 -0.98 -0.47 -3.91 -1.44 -0.00 0.35 -1.19 -5.10 -0.20 1.09 - - - - - - - -4.39

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-1.16%
1Yr Disc
-2.70%
3Yr Disc
-5.01%
5Yr Disc
-2.91%
Rel Disc Range (3yr)
72.55%
Mkt Yield
10.35%
Lev Adj NAV Yield
8.24%
After Tax Yield*
8.73%
Est Tax Friction*
1.62%
3Yr NAV Volatiliy
14.05
1 Yr RoC
34.27%
3 Yr Dest RoC
26.71%
Leverage
25.88%
Non Lev Exp Ratio
2.09%
Beta (2yr)
1.00
Equity Exposure
44.95%
Bond Exposure
52.24%
# Holdings
98
Cash Weighted Duration
1.52
Comp NAV TR
1.02%
Comp Discount
2.52%
Net Assets (M)
578
Liquidity - 90d (K)
2,179
* 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


98 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
OXLC Oxford Lane Cap Corp Oxford Lane 0.99 0.59 15.75 0.00 42.06 230 1,440
EDF SH Emrg Mkt Incm Fd Stone Harbor 1.04 11.01 12.83 46.85 30.46 242 1,462
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 1.04 2.74 11.23 38.16 29.63 151 924
ECC Eagle Point Cr Co Eagle Point 1.01 23.29 11.59 3.08 32.12 307 916
NCV AG Convt & Incm Fd Allianz 0.99 5.43 11.16 0.00 37.89 587 2,190
NCZ AG Convt & Incm Fd II Allianz 0.99 4.71 11.08 4.78 38.22 444 1,835
PHK PIMCO Hi Incm Fd PIMCO 0.94 21.08 11.63 17.08 22.51 883 4,081
FTF FrkTmp Ltd Dur Incm Tr Franklin 1.00 -5.51 10.62 40.15 33.86 287 1,577
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 1.03 2.53 10.48 33.07 26.01 196 1,343
DMO WA Mortg Dfin Opp Fd Legg Mason 0.95 16.10 10.60 0.00 31.08 229 1,485
GOF Gghm Stgc Opp Fd Guggenheim 0.99 7.81 10.28 0.00 19.56 445 1,993
ACP Avenue Incm Cr Stgs Fd Avenue Capital 1.02 -2.93 9.86 0.75 30.32 197 1,282
RA Brkf Real Ast Incm Fd Brookfield 1.00 -6.47 10.08 23.15 20.62 924 3,789
CHY Calamos Convt & Hi Incm Fd Calamos 0.99 -0.25 10.18 45.88 28.67 858 2,687
CHI Calamos Convt Opp & Incm Calamos 1.00 1.70 10.01 46.48 28.55 785 2,543
CCD Calamos Dyn Convt & Incm Fd Calamos 1.01 -0.77 9.78 54.72 27.85 504 1,593
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.88 45.98 10.66 20.21 31.91 121 848
PTY PIMCO Corp & Incm Opp Fd PIMCO 1.00 11.79 9.35 1.35 42.21 1,163 5,273
ERC WF Mlt-Sctr Incm Fd Wells Fargo 0.99 -8.06 9.67 1.13 27.00 507 1,940
ACV AG Divr Incm & Convt Fd Allianz 1.00 -4.59 9.45 0.00 31.57 228 976
IVH Ivy Hi Incm Opp Fd Ivy Investment 1.01 -1.78 9.02 0.00 32.31 269 885
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 1.01 -3.72 9.01 3.32 25.41 425 1,378
DHY CS Hi Yld Bnd Fd Credit Suisse 0.99 2.14 9.23 1.22 31.82 283 672
PFN PIMCO Incm Stgy Fd II PIMCO 0.99 2.13 9.11 0.00 23.40 612 2,109
PFL PIMCO Incm Stgy Fd PIMCO 1.01 4.84 8.90 0.00 24.76 294 1,221
MIN MFS Imd Incm Tr MFS 0.97 -4.68 9.01 66.67 0.00 529 1,038
DHF Dreyfus Hi Yld Stgs Fd Dreyfus 0.98 -1.96 8.06 0.00 30.82 260 544
AGC AC Convt Sec & Incm Fd II Guggenheim 0.96 -8.96 9.25 23.57 41.08 183 724
FSD FT Hi Incm Lng/Srt Fd First Trust 0.97 -6.49 8.95 5.31 22.59 545 2,735
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 1.01 -2.51 8.60 0.01 45.42 3,221 11,067
PDI PIMCO Dyn Incm Fd PIMCO 1.00 6.09 8.63 2.53 44.16 1,429 6,881
MCR MFS Charter Incm Tr MFS 0.97 -7.17 8.64 40.09 17.62 438 1,247
DSL DbLin Incm Solutions Fd Doubleline 1.00 -2.94 8.51 1.99 27.62 2,209 7,168
MMT MFS MltMkt Incm Tr MFS 0.98 -7.03 8.62 41.47 17.38 478 1,137
PCM PCM Fund PIMCO 1.02 11.54 8.28 0.00 41.40 120 692
JGH Nuv Glbl Hi Incm Fd Nuveen 1.01 -6.43 8.31 0.43 29.02 430 1,932
PKO PIMCO Incm Opp Fd PIMCO 0.96 1.87 8.73 0.00 39.61 386 1,761
KIO KKR Incm Opp Fd KKR 0.98 -4.08 8.51 0.00 22.72 280 1,035
RCS PIMCO Stgc Incm Fd PIMCO 0.94 25.26 8.89 12.52 22.94 331 1,354
EAD WF Incm Opp Fd Wells Fargo 0.99 -7.19 7.83 0.00 26.00 657 1,588
AVK AC Convt Sec & Incm Fd Guggenheim 0.97 -8.40 8.53 10.69 38.85 351 1,375
GARS Garrison Capital Garrison Capital 0.63 -28.60 13.35 0.00 50.67 189 396
KCAP KCAP Financial KCAP Financial 0.63 -31.57 13.75 9.47 46.69 190 385
TICC TICC Capital Corp TICC Management 0.65 -10.25 11.87 2.72 36.53 387 1,786
PSEC Prospect Capital Corp Prospect Capital 0.53 -28.22 10.76 0.00 42.80 3,357 18,035
CPTA Capitala Finance Corp Capitala 0.45 -37.94 16.79 0.00 56.23 238 1,240
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.63 -2.74 10.95 20.75 26.35 217 1,192
TCRD THL Credit THL Credit 0.57 -19.95 11.75 0.00 44.02 376 1,019
WHF WhiteHorse Finance H.I.G. Capital 0.67 4.56 9.82 0.00 39.45 284 2,128
HRZN Horizon Tech Fin Corp Horizon 0.61 -9.08 10.90 0.00 28.25 140 597
ABDC Alcentra Capital Corp Alcentra 0.51 -14.53 12.50 0.00 31.67 181 916
HCAP Harvest Cap Cr Corp Harvest Capital 0.64 0.68 10.12 0.00 41.43 85 299
TCAP Triangle Capital Corp Triangle Capital 0.50 -5.39 12.83 0.00 42.71 708 4,798
FSC Fifth St Fin Corp Fifth Street 0.67 -25.52 9.36 0.00 46.30 1,011 6,999
SCM Stellus Cap Inv Corp Stellus Capital 0.63 -1.52 9.98 0.00 36.31 216 976
MCC Medley Capital Corp MCC Advisors 0.56 -33.82 10.94 0.00 51.03 482 1,680
NEWT Newtek Biz Serv Corp Newtek 0.67 21.59 10.08 0.00 42.90 250 1,964
CLM Cornerstone Stgc Val Fd Cornerstone 1.15 10.20 19.00 58.90 0.00 581 5,780
CRF Cornerstone Tot Rtn Fd Cornerstone 1.15 11.95 18.92 53.93 0.00 286 4,294
NDP Tortoise Nrg Ind Fd Tortoise 1.22 2.61 13.51 37.50 27.40 184 749
DSE D&P Sel Nrg MLP Fd Virtus 1.12 4.28 13.90 100.00 42.40 983 573
FMO F/C MLP Opp Fd Guggenheim 1.12 0.80 13.70 100.00 33.78 441 1,946
ZF Virtus Total Return Fd Zweig 1.32 -4.78 11.14 4.13 26.12 293 1,623
GPM Gghm Enh Eq Incm Fd Guggenheim 1.23 -1.85 11.31 80.74 31.31 416 1,684
CEN Center Coast MLP & Infr Fd Center Coast 1.16 0.69 12.16 100.00 33.80 223 1,409
NHF NexPoint Cr Stgs Fd NexPoint 1.28 -6.98 10.53 0.00 15.87 557 2,161
EOD WF Glbl Div Opp Fd Wells Fargo 1.27 -5.99 10.41 0.00 0.00 303 973
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.25 1.81 10.70 78.18 11.00 73 2,257
ZTR Virtus Glbl Div & Inc Fd Virtus 1.28 1.24 10.37 7.17 27.65 315 1,492
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.24 6.65 10.33 51.18 17.69 170 755
EMO CB Nrg MLP Opp Fd Legg Mason 1.16 -3.63 10.72 96.75 31.85 387 1,201
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.24 -0.86 9.85 91.72 0.00 2,816 6,988
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.11 2.60 11.37 100.00 28.09 458 1,798
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.26 -5.64 9.78 38.20 30.70 277 1,293
CHW Calamos Glbl Dyn Incm Fd Calamos 1.29 -1.00 9.40 54.86 28.33 533 2,100
GLO Clough Glbl Opp Fd Clough 1.31 -4.82 10.62 97.05 35.99 609 1,858
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.23 -5.05 9.70 43.02 0.00 630 1,842
IGD Voya Glbl Eq Div & Prm Opp Voya 1.32 -3.36 9.09 39.53 0.00 809 3,024
LCM AC Enh Gwth & Incm Fd Guggenheim 1.20 -8.37 9.84 55.55 29.05 86 643
FPL FT New Opp MLP & Nrg Fd First Trust 1.15 -1.06 10.35 98.69 25.55 309 1,136
PGZ Principal Rel-Est Incm Fd Principal 1.23 -7.76 9.63 18.21 30.19 135 649
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.27 2.26 9.29 88.23 0.00 1,225 3,340
AWP Alp Glbl Prmr Prop Fd Alpine 1.26 -9.19 9.20 68.33 2.33 613 2,936
KYN KA MLP Inv Kayne Anderson 1.16 3.39 10.17 100.00 34.60 1,962 5,915
CEM CB Nrg MLP Fd Legg Mason 1.18 -1.47 9.62 77.34 31.25 1,050 2,692
THW Tekla Wld Health Fd Tekla 1.17 -6.74 9.73 22.40 19.92 476 1,853
FEI FT MLP & Nrg Incm Fd First Trust 1.20 2.18 9.46 90.35 25.44 681 2,057
NFJ AG NFJ Div Int & Prm Stgy Allianz 1.22 -7.93 9.06 86.04 0.00 1,363 2,868
FEN FT Nrg Incm & Gwth Fd First Trust 1.18 1.59 9.53 97.29 25.30 473 1,386
USA Liberty All-Star Eq Fd ALPS 1.29 -9.70 8.72 4.90 1.53 1,258 4,028
CTR CB Nrg MLP Tot Rtn Fd Legg Mason 1.19 -4.44 9.45 100.00 28.33 493 1,218
CGO Calamos Glbl Tot Rtn Fd Calamos 1.27 3.36 8.88 29.58 27.56 111 495
KYE KA Nrg Tot Rtn Fd Kayne Anderson 1.17 -6.51 9.42 46.20 32.26 417 1,406
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.24 -3.80 8.87 48.71 0.00 1,771 4,301
HEQ JH Hgd Eq & Incm Fd John Hancock 1.24 -0.84 8.54 29.97 0.00 217 586
JRS Nuv Rel-Est Incm Fd Nuveen 1.21 -0.90 9.08 1.30 30.65 321 728
KED KA Nrg Dev Kayne Anderson 1.12 -4.80 9.72 70.03 32.15 186 646
ETO EV Tx-Adv Glbl Div Opp Fd Eaton Vance 1.23 1.49 8.83 2.99 25.30 350 1,503

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, 2017. 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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