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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 1,182.25 0.00 -0.38 0.94 4.48 -0.13 3.82 8.85 5.55 1.01 1.01 3.42
NAV 1,136.80 -0.13 -0.40 0.27 3.01 -1.05 5.67 6.14 5.41 0.93 0.93 2.12
Difference -0.13 -0.02 -0.67 -1.47 -0.92 1.85 -2.70 -0.14 -0.08 -0.08 -1.30
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 2.43 -4.30 -1.81 -3.75 4.21 2.23 -0.35 6.15 2.40 - - - - - - - - - 2.40
NAV 2.81 -4.45 -1.76 -3.49 2.81 1.96 -0.13 4.68 1.19 - - - - - - - - - 1.19
Difference 0.38 -0.15 0.06 0.26 -1.40 -0.27 0.22 -1.47 -1.21 - - - - - - - - - -1.21
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.65 3.04 0.58 8.46 2.68 0.61 0.13 3.45 11.91 2.40 -1.83 2.40 2.94 -2.28 -1.67 3.21 -0.82 2.12 14.03
NAV 2.10 1.90 0.21 4.26 1.12 0.50 0.50 2.14 6.40 1.77 -0.59 1.45 2.64 -0.47 0.18 2.31 2.01 4.64 11.04
Difference -2.55 -1.14 -0.37 -4.20 -1.56 -0.11 0.37 -1.31 -5.51 -0.63 1.24 -0.95 -0.31 1.81 1.84 -0.90 2.83 2.53 -2.99
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -7.98 0.29 10.04 1.55 8.55 1.42 3.32 13.75 15.30 4.99 2.08 0.57 7.78 -2.49 1.07 1.81 0.34 8.12 23.43
NAV -7.03 -0.67 7.13 -1.07 7.12 1.92 2.50 11.91 10.83 2.84 1.52 1.73 6.21 -1.07 0.64 2.00 1.55 7.76 18.59
Difference 0.95 -0.97 -2.91 -2.63 -1.42 0.50 -0.82 -1.84 -4.47 -2.15 -0.56 1.17 -1.58 1.41 -0.42 0.19 1.21 -0.36 -4.83
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 0.75 4.19 -1.61 3.28 2.55 -0.88 -4.38 -2.80 0.48 -3.34 -4.33 -5.75 -12.84 8.36 -3.53 -4.80 -0.49 -13.33 -12.85
NAV -0.18 3.07 -1.02 1.84 2.60 0.15 -2.12 0.58 2.42 -1.11 -3.79 -4.14 -8.80 5.62 -3.04 -5.73 -3.46 -12.25 -9.84
Difference -0.93 -1.12 0.59 -1.44 0.05 1.02 2.26 3.37 1.94 2.23 0.54 1.61 4.04 -2.73 0.49 -0.92 -2.96 1.08 3.02

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-2.51%
1Yr Disc
-2.49%
3Yr Disc
-4.26%
5Yr Disc
-3.58%
Rel Disc Range (3yr)
61.36%
Mkt Yield
10.89%
Lev Adj NAV Yield
8.51%
After Tax Yield*
9.26%
Est Tax Friction*
1.63%
3Yr NAV Volatiliy
15.46
1 Yr RoC
36.19%
3 Yr Dest RoC
30.31%
Leverage
27.13%
Non Lev Exp Ratio
2.04%
Beta (2yr)
0.61
Equity Exposure
48.69%
Bond Exposure
48.87%
# Holdings
97
Cash Weighted Duration
1.87
Comp NAV TR
-0.53%
Comp Discount
1.85%
Net Assets (M)
511
Liquidity - 90d (K)
1,832
* 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


97 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
EDF SH Emrg Mkt Incm Fd Stone Harbor 1.02 11.28 15.98 48.51 25.52 195 1,483
OXLC Oxford Lane Cap Corp Oxford Lane 1.06 10.91 14.49 0.00 45.41 290 2,788
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 0.99 0.23 14.08 54.88 27.29 124 747
ECC Eagle Point Cr Co Eagle Point 1.00 11.19 13.06 37.89 33.25 354 1,669
PHK PIMCO Hi Incm Fd PIMCO 1.02 32.40 11.34 15.77 25.53 835 4,748
NCZ AG Convt & Incm Fd II Allianz 0.99 6.19 11.50 11.51 38.90 424 1,259
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 1.00 -5.91 11.17 39.14 29.32 163 1,052
NCV AG Convt & Incm Fd Allianz 1.00 10.97 11.17 4.72 38.58 560 1,442
FTF FrkTmp Ltd Dur Incm Tr Franklin 1.01 -5.06 10.64 53.52 34.69 264 947
RA Brkf Real Ast Incm Fd Brookfield 1.00 -5.43 10.46 48.38 22.69 880 2,219
ACP Abd Incm Cr Stgs Fd Aberdeen 1.00 -7.14 10.34 0.00 29.90 196 912
ERC WF Mlt-Sctr Incm Fd Wells Fargo 0.99 -8.67 10.35 10.75 27.30 447 1,448
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.98 -6.33 10.31 26.67 25.30 205 667
AGC AC Convt Sec & Incm Fd II Guggenheim 0.99 -11.73 10.13 49.64 41.72 173 681
GGM Gghm Cr Alloc Fd Guggenheim 0.99 1.55 10.04 0.00 31.57 157 570
GOF Gghm Stgc Opp Fd Guggenheim 0.95 10.99 10.36 0.00 11.13 544 3,307
DMO WA Mortg Dfin Opp Fd Legg Mason 1.01 9.15 9.81 0.00 31.30 223 1,013
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 1.01 43.94 9.63 17.09 23.17 114 1,348
FAX Abd Asia-Pacific Incm Fd Aberdeen 0.99 -12.15 9.68 43.89 30.93 1,245 3,395
CHI Calamos Convt Opp & Incm Calamos 1.01 7.31 9.48 24.89 32.71 793 2,317
DBL DbLin Opportunistic Cr Fd Doubleline 1.00 4.41 9.52 26.80 22.25 300 1,527
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 1.00 -8.98 9.48 5.81 27.40 413 1,220
CHY Calamos Convt & Hi Incm Fd Calamos 1.01 9.64 9.25 33.91 32.93 864 2,572
CCD Calamos Dyn Convt & Incm Fd Calamos 1.01 3.67 9.08 56.09 32.65 519 1,450
MIN MFS Imd Incm Tr MFS 0.98 -7.26 9.22 79.90 0.00 486 849
AVK AC Convt Sec & Incm Fd Guggenheim 1.00 -10.20 9.08 38.60 40.30 346 914
PFN PIMCO Incm Stgy Fd II PIMCO 1.00 5.33 9.16 0.00 22.36 593 1,915
PFL PIMCO Incm Stgy Fd PIMCO 1.00 7.62 9.11 4.51 23.63 282 961
KIO KKR Incm Opp Fd KKR Credit 0.99 -5.44 9.08 1.77 24.85 355 1,621
DHY CS Hi Yld Bnd Fd Credit Suisse 0.98 -1.88 9.20 1.29 30.52 275 654
EMD WA Emrg Mkt Dbt Fd Legg Mason 1.03 -13.35 8.77 9.20 29.00 960 3,377
DSL DbLin Incm Solutions Fd Doubleline 1.00 -1.42 8.91 2.17 28.87 2,077 5,950
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.05 -11.61 8.66 25.00 29.80 521 1,667
DHF Dreyfus Hi Yld Stgs Fd Dreyfus 0.97 -8.58 9.13 0.00 31.81 246 508
RCS PIMCO Stgc Incm Fd PIMCO 1.01 34.79 8.78 6.58 27.70 314 1,019
PTY PIMCO Corp & Incm Opp Fd PIMCO 1.00 20.58 8.87 4.19 43.75 1,186 6,213
MMT MFS MltMkt Incm Tr MFS 0.98 -10.29 8.96 48.95 18.63 426 700
MCR MFS Charter Incm Tr MFS 0.98 -10.08 8.94 52.89 18.77 430 706
ACV AG Divr Incm & Convt Fd Allianz 1.04 0.50 8.37 0.00 31.03 245 1,537
FSD FT Hi Incm Lng/Srt Fd First Trust 0.99 -13.85 8.66 31.23 20.17 601 1,415
TCRD THL Credit THL Credit 0.65 -20.98 13.09 0.00 44.20 341 981
GARS Garrison Capital Garrison Capital 0.63 -28.77 13.63 0.00 55.46 185 304
BKCC BR Cap Inv Corp BlackRock 0.65 -22.22 12.10 0.00 34.95 553 1,837
KCAP KCAP Financial KCAP Financial 0.62 -32.99 12.31 0.00 34.39 181 243
CPTA Capitala Finance Corp Capitala 0.64 -37.12 11.64 0.00 56.78 218 547
HRZN Horizon Tech Fin Corp Horizon Tech Fin 0.65 -9.53 11.39 0.00 40.80 134 846
OFS OFS Capital Corp OFS Capital 0.63 -14.70 11.66 0.00 50.24 182 537
OXSQ Oxford Square Cap Corp Oxford Lane 0.65 -5.13 11.10 0.00 13.34 383 1,562
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.64 -3.37 11.17 0.00 30.84 237 898
MCC Medley Capital Corp MCC Advisors 0.60 -51.85 11.83 0.00 52.53 382 850
ABDC Alcentra Capital Corp Alcentra 0.62 -44.47 11.56 0.00 37.43 154 358
CMFN CM Finance CM Investment 0.63 -29.88 11.36 0.00 38.26 172 372
FDUS Fidus Investment Corp Fidus 0.64 -9.95 10.64 0.00 38.29 398 1,455
HCAP Harvest Cap Cr Corp Harvest Capital 0.67 -10.39 10.02 0.00 30.42 81 217
GECC Great Elm Cap Corp Great Elm Capital 0.62 -22.14 10.85 0.00 29.47 126 123
AINV Apollo Inv Corp Apollo Investment 0.66 -11.59 10.34 0.00 34.66 1,419 3,728
CLM Cornerstone Stgc Val Fd Cornerstone 1.19 9.86 20.55 76.43 0.00 560 8,070
CRF Cornerstone Tot Rtn Fd Cornerstone 1.17 11.12 20.32 76.85 0.00 276 4,564
CEN Center Coast MLP & Infr Fd Center Coast 1.22 1.58 13.89 100.00 35.30 218 2,015
NDP Tortoise Nrg Ind Fd Tortoise 1.21 2.35 13.88 62.50 26.20 180 909
AEF Abd Emrg Mkt Eq Incm Fd Aberdeen 1.21 -13.33 13.20 0.00 0.00 490 1,525
ZF Virtus Total Return Fd Zweig 1.18 -4.02 13.45 41.27 30.66 241 739
RIV RiverNorth Opp Fd RiverNorth 1.21 9.48 12.19 12.75 12.31 101 743
FPL FT New Opp MLP & Nrg Fd First Trust 1.21 1.48 12.27 83.29 26.49 260 1,079
ZTR Virtus Glbl Div & Inc Fd Virtus 1.22 2.80 11.89 46.09 28.50 272 1,033
EOD WF Glbl Div Opp Fd Wells Fargo 1.25 -6.67 11.69 11.63 14.00 273 758
EMO CB Nrg MLP Opp Fd Legg Mason 1.22 -4.91 11.60 100.00 34.72 362 963
IFN India Fund Aberdeen 1.23 -12.30 11.48 0.00 0.00 778 1,699
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.19 1.20 11.86 75.58 11.00 678 1,902
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.24 3.00 11.26 62.88 20.11 165 710
GPM Gghm Enh Eq Incm Fd Guggenheim 1.25 1.27 10.93 48.85 31.31 417 1,297
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.17 -6.07 9.65 96.21 26.50 450 1,658
FMO F/C MLP Opp Fd Guggenheim 1.19 -5.02 11.21 100.00 37.33 430 1,508
NHF NexPoint Stgc Opp Fd Highland Capital 1.23 -9.45 10.70 4.13 23.10 799 5,256
GLO Clough Glbl Opp Fd Clough 1.24 -8.33 10.86 26.79 37.10 395 1,593
FEI FT MLP & Nrg Incm Fd First Trust 1.21 -0.31 11.00 65.68 26.37 608 2,081
THW Tekla Wld Health Fd Tekla 1.25 -9.30 10.48 57.82 22.01 448 1,450
DSE D&P Sel Nrg MLP Fd Virtus 1.21 -5.14 10.83 100.00 40.14 153 611
USA Liberty All-Star Eq Fd ALPS 1.26 -4.57 10.18 0.00 0.00 1,355 5,433
CBA CB Amrc Nrg MLP Fd Legg Mason 1.21 -6.66 10.57 50.00 34.72 475 1,143
KYE KA Nrg Tot Rtn Fd Kayne Anderson 1.21 -8.56 10.88 100.00 32.68 370 1,140
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.21 -4.09 10.47 32.44 31.78 255 795
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.22 -6.19 10.31 22.66 33.94 525 1,651
CTR CB Nrg MLP Tot Rtn Fd Legg Mason 1.21 -5.49 10.38 100.00 32.68 454 983
GLQ Clough Glbl Eq Fd Clough 1.25 -4.87 10.33 35.59 37.55 172 886
GUT Gabelli Util Tr Gabelli 1.20 16.93 10.22 58.92 32.00 265 1,170
FEN FT Nrg Incm & Gwth Fd First Trust 1.20 -0.09 10.17 50.00 25.88 456 1,332
CEM CB Nrg MLP Fd Legg Mason 1.19 -5.11 10.19 57.85 33.30 1,034 2,351
DDF DI Div & Incm Fd Delaware 1.25 3.02 9.63 3.46 31.42 89 766
IGD Voya Glbl Eq Div & Prm Opp Voya 1.23 -2.50 9.87 69.90 0.00 739 2,082
NTG Tortoise MLP Fd Tortoise 1.09 -3.69 10.99 63.95 35.90 756 3,862
TYG Tortoise Nrg Infra Corp Tortoise 1.19 2.49 9.93 50.00 32.40 1,323 3,858
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.25 3.56 9.51 90.56 0.00 2,794 5,481
DPG D&P Glbl Util Incm Fd Duff & Phelps 1.23 -10.11 9.54 33.24 27.85 619 1,435
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.24 -2.12 9.39 47.63 0.00 632 2,266
SCD LMP Cap & Incm Fd Legg Mason 1.27 -9.47 9.40 54.00 26.40 262 527
KYN KA MLP Inv Kayne Anderson 1.19 0.72 9.95 93.03 35.59 2,073 5,535

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.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2017. All rights reserved. Any copying, republication or redistribution of CEFadvisors, CEFdata.com, content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of CEFAdvisors. CEFAdvisors shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %