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02. High Income Index

Data as of 02/21/2020 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(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,256.56	-0.69	-0.57	-0.84	6.55	7.36	8.25	5.58	5.65	1.49	1.36	1.36
NAV	1,196.31	-0.52	-0.70	-1.64	3.98	5.44	4.99	4.83	4.73	0.40	-0.97	-0.97
Difference		0.17	-0.13	-0.80	-2.57	-1.92	-3.26	-0.75	-0.92	-1.08	-2.34	-2.34
* 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 (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	-0.12	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.12
NAV	-1.37	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1.37
Difference	-1.25	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1.25
2019 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2019
Price	14.98	1.62	1.73	18.85	1.82	-3.40	4.02	2.32	21.17	1.41	-4.11	1.96	-0.84	-0.62	-0.23	3.79	2.91	2.06	23.24
NAV	8.73	1.35	2.01	12.41	1.06	-2.34	3.08	1.74	14.15	-0.10	-2.38	1.20	-1.31	-0.50	-0.41	4.02	3.08	1.77	15.92
Difference	-6.25	-0.27	0.29	-6.44	-0.76	1.06	-0.94	-0.58	-7.02	-1.51	1.73	-0.76	-0.46	0.13	-0.18	0.22	0.17	-0.29	-7.31
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	3.05	1.41	-1.22	3.23	-8.13	0.45	-10.41	-17.31	-14.09	-11.68
NAV	2.81	-4.45	-1.76	-3.49	2.81	1.96	-0.13	4.68	1.19	3.05	0.68	-0.29	3.45	-4.66	0.10	-6.62	-10.89	-7.44	-6.25
Difference	0.38	-0.15	0.06	0.26	-1.40	-0.27	0.22	-1.47	-1.21	0.00	-0.73	0.93	0.22	3.46	-0.36	3.79	6.42	6.65	5.43
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 -1.57%	1Yr Disc -3.36%	3Yr Disc -3.43%	5Yr Disc -4.38%	Rel Disc Range (3yr) 62.98%
Mkt Yield 11.32%	Lev Adj NAV Yield 8.94%	After Tax Yield* 9.85%	Est Tax Friction* 1.47%	3Yr NAV Volatiliy 11.53
1 Yr RoC 42.68%	3 Yr Dest RoC 26.97%	Leverage 28.01%	Non Lev Exp Ratio 2.15%	Beta (2yr) 0.58
Equity Exposure 46.43%	Bond Exposure 50.92%	# Holdings 98	Cash Weighted Duration 1.39
Comp NAV TR -1.34%	Comp Discount 0.44%	Net Assets (M) 512	Liquidity - 90d (K) 2,690
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

98 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
OXLC	Oxford Lane Cap Corp	Oxford Lane	1.09	33.77	17.78	0.00	30.12	403	7,476
ECC	Eagle Point Cr Co	Eagle Point	1.00	33.10	16.09	24.17	37.21	321	3,029
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.96	-5.86	14.62	54.47	37.40	1,088	7,203
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	0.94	50.34	15.32	63.25	6.43	146	1,661
EDI	SH Emrg Mkt Tot Incm Fd	Stone Harbor	0.99	19.61	14.94	53.87	6.46	99	682
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	0.99	-3.96	12.91	52.75	27.20	233	1,713
ACP	Abd Incm Cr Stgs Fd	Aberdeen	1.04	-2.41	11.87	12.25	25.88	217	2,003
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	1.09	3.26	10.86	62.17	27.30	152	1,112
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	1.00	9.34	11.74	53.15	0.00	697	4,319
RA	Brkf Real Ast Incm Fd	Brookfield	1.02	-4.18	10.74	43.78	21.84	846	5,102
NCV	AG Convt & Incm Fd	Allianz	1.03	4.48	10.40	38.45	40.44	523	2,650
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	1.00	6.00	10.62	14.86	19.21	166	863
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	0.99	3.65	10.63	0.00	32.92	97	1,009
NCZ	AG Convt & Incm Fd II	Allianz	1.02	2.30	10.11	38.19	40.89	397	1,423
FTF	FrkTmp Ltd Dur Incm Tr	Franklin	0.99	-3.19	10.35	49.15	27.30	303	1,079
PHK	PIMCO Hi Incm Fd	PIMCO	0.99	20.63	9.68	2.70	29.94	830	3,909
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	1.01	-1.20	9.32	0.00	28.35	368	1,729
KIO	KKR Incm Opp Fd	KKR Credit	1.00	0.56	9.23	0.00	31.01	329	1,632
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.04	0.90	8.92	65.71	32.40	545	1,321
TEI	Tmp Emrg Mkt Incm Fd	Franklin	0.98	-5.52	7.91	0.00	0.00	470	2,820
PGP	PIMCO Glbl Stk+ & Incm Fd	PIMCO	1.02	24.06	9.03	4.56	32.99	110	710
ERC	WF Mlt-Sctr Incm Fd	Wells Fargo	1.00	-0.60	9.06	0.00	29.45	405	1,418
BIT	BR Mlt-Sctr Incm Tr	BlackRock	1.01	-3.90	8.86	26.88	34.96	654	4,233
PFL	PIMCO Incm Stgy Fd	PIMCO	1.02	11.75	8.74	5.87	22.63	331	1,177
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.01	9.99	8.81	0.00	22.71	682	2,363
DSL	DbLin Incm Solutions Fd	Doubleline	0.99	0.85	8.90	3.31	30.83	2,037	7,239
EVV	EV Ltd Dur Incm Fd	Eaton Vance	1.00	-6.70	8.89	10.44	35.15	1,681	4,456
AVK	Advent Convt & Incm Fd	Guggenheim Funds	1.00	-7.03	8.78	67.84	39.20	595	1,832
MIN	MFS Imd Incm Tr	MFS	0.98	-4.00	8.83	70.14	0.00	468	1,976
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.04	-0.90	8.39	41.25	32.78	899	2,221
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	0.99	-2.32	8.59	24.94	32.59	253	649
BGX	B/GSO Lng-Srt Cr Incm Fd	GSO / Blackstone	1.01	1.88	8.49	0.00	39.23	203	980
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	1.00	-3.96	8.51	0.00	37.24	689	2,585
DMO	WA Mortg Opp Fd	Legg Mason	0.98	4.53	8.18	27.25	31.90	206	1,458
CHI	Calamos Convt Opp & Incm	Calamos	1.03	-0.26	8.25	41.50	32.48	827	1,767
HIX	WA Hi Incm Fd II	Legg Mason	1.01	-6.40	8.38	11.72	29.45	639	3,823
IVH	Ivy Hi Incm Opp Fd	Ivy Investment	0.99	-6.48	8.48	0.00	30.90	251	1,046
PHT	Pioneer Hi Incm Tr	Pioneer	1.01	-3.51	8.17	0.00	29.60	300	1,223
MCR	MFS Charter Incm Tr	MFS	0.99	-5.30	8.40	49.02	20.00	409	890
FSD	FT Hi Incm Lng/Srt Fd	First Trust	0.99	-7.18	8.31	27.82	22.79	589	2,411
EMD	WA Emrg Mkt Dbt Fd	Legg Mason	1.02	-7.22	7.98	18.32	29.60	984	3,993
ICMB	Investcorp Cr Mgmt BDC	Investcorp	0.77	-25.62	13.25	0.00	51.10	140	243
OXSQ	Oxford Square Cap Corp	Oxford Lane	0.75	13.28	13.09	0.00	37.03	259	2,023
TCRD	THL Credit	THL Credit	0.70	-19.66	12.54	0.00	40.41	253	869
GECC	Great Elm Cap Corp	Great Elm Capital	0.69	-12.10	12.47	0.00	40.09	91	373
MRCC	Monroe Capital Corp	Monroe Capital	0.68	-8.91	12.46	0.00	63.60	252	1,895
NEWT	Newtek Biz Serv Corp	Newtek	0.63	40.10	13.15	0.00	53.68	300	4,097
OFS	OFS Capital Corp	OFS Capital	0.68	-8.95	11.72	0.00	64.82	170	599
FSK	FS KKR Capital Corp	FS/KKR	0.69	-20.61	12.18	0.00	45.30	4,001	13,588
CPTA	Capitala Finance Corp	Capitala	0.69	-3.94	11.07	0.00	62.54	152	1,163
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	0.71	-36.06	10.57	0.00	41.78	159	340
BKCC	BR Cap Inv Corp	BlackRock	0.69	-22.34	11.11	4.87	37.18	447	1,967
PSEC	Prospect Capital Corp	Prospect Capital	0.68	-24.60	11.03	0.00	39.41	3,184	10,159
HCAP	Harvest Cap Cr Corp	Harvest Capital	0.67	-23.09	10.84	0.00	47.71	68	157
CGBD	TCG BDC	Carlyle	0.70	-17.49	10.82	0.00	54.03	978	5,669
PNNT	PennantPark Inv Corp	PennantPark	0.68	-25.37	10.98	0.00	52.40	589	2,800
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.23	6.56	19.27	73.95	0.00	813	5,966
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.21	6.69	19.29	77.86	0.00	416	3,518
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.10	-1.03	21.78	100.00	32.43	248	4,212
FMO	F/C Nrg Infra Fd	Guggenheim Funds	1.05	-5.63	18.36	100.00	39.14	264	2,473
DSE	D&P Sel MLP & Midstream Nrg Fd	Virtus	1.05	-2.10	18.35	100.00	39.49	88	613
NTG	Tortoise Midstream Nrg Fd	Tortoise	1.01	-9.13	9.94	100.00	39.70	658	8,182
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.01	-4.40	17.34	100.00	35.20	307	2,557
TYG	Tortoise Nrg Infra Corp	Tortoise	1.03	-8.85	10.10	100.00	37.20	923	9,273
JMLP	Nuv All Cap Nrg MLP Opp Fd	Nuveen	1.06	-2.34	15.34	100.00	27.52	63	500
NHF	NexPoint Stgc Opp Fd	Highland Capital	1.16	-15.78	13.84	52.63	26.00	944	3,997
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.16	2.67	14.18	91.83	11.00	575	4,504
GMZ	GS MLP Incm Opp Fd	Goldman Sachs	1.07	2.04	15.25	100.00	36.43	240	2,136
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.14	-21.40	11.25	18.36	39.16	258	969
JMF	Nuv Nrg MLP Total Rtn Fd	Nuveen	1.13	-0.41	13.36	100.00	27.51	295	2,278
RIV	RiverNorth Opp Fd	RiverNorth	1.23	-0.65	12.75	62.28	9.78	159	981
HIE	Miller/Howard Hi Incm Eq Fd	Miller/Howard	1.20	5.87	12.24	63.66	34.00	193	1,058
SZC	Cushing Renaissance Fd	Cushing	1.11	-10.74	12.91	50.08	0.00	148	883
GPM	Gghm Enh Eq Incm Fd	Guggenheim Funds	1.21	2.73	11.58	99.95	30.95	390	1,203
ZTR	Virtus Glbl Div & Inc Fd	Virtus	1.25	7.78	11.39	79.13	26.09	523	1,750
GLO	Clough Glbl Opp Fd	Clough	1.27	-8.89	10.60	47.29	42.42	359	1,428
IFN	India Fund	Aberdeen	1.21	-10.99	11.26	0.00	0.00	612	2,118
MCN	Madison Cov Call & Eq Stgc	Madison	1.18	-8.00	10.79	32.74	0.00	152	486
EMO	CB Nrg Midstream Opp Fd	Legg Mason	1.10	-8.81	11.69	74.25	33.11	619	3,919
GLQ	Clough Glbl Eq Fd	Clough	1.27	-5.98	10.28	0.00	40.71	181	796
DEX	Dlw Enh Glbl Div & Incm Fd	Delaware	1.20	-4.79	10.55	55.12	30.63	133	609
CEM	CB MLP & Midstream Fd	Legg Mason	1.09	-5.92	11.25	92.00	32.57	785	4,830
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.14	5.26	10.84	100.00	26.38	407	2,047
EOD	WF Glbl Div Opp Fd	Wells Fargo	1.23	-5.56	10.20	0.00	15.37	269	1,100
CTR	CB MLP & Midstream Tot Rtn Fd	Legg Mason	1.09	-8.37	11.01	100.00	31.06	335	2,039
FEI	FT MLP & Nrg Incm Fd	First Trust	1.16	-0.60	10.33	89.58	26.53	550	2,935
HEQ	JH Hgd Eq & Incm Fd	John Hancock	1.18	1.29	10.07	58.30	0.00	180	840
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	1.11	-5.21	11.00	66.67	36.76	1,745	14,335
THW	Tekla Wld Health Fd	Tekla	1.21	-6.84	9.89	100.00	22.75	458	2,000
USA	Liberty All-Star Eq Fd	ALPS	1.23	-0.14	9.84	0.00	0.00	1,417	5,439
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	1.22	2.45	9.50	92.62	0.00	597	2,115
FPL	FT New Opp MLP & Nrg Fd	First Trust	1.17	-4.20	9.86	86.82	26.21	245	1,394
NML	NB MLP Incm Fd	Neuberger Berman	1.14	-9.05	10.11	100.00	26.07	407	2,428
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.23	6.94	9.40	58.58	35.51	496	1,610
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	1.20	-4.81	9.65	17.55	26.41	272	1,043
NRGX	Nrg & Tac Cr Opp Fd	PIMCO	1.14	-4.83	10.27	17.61	28.11	732	6,997
NDP	Tortoise Nrg Ind Fd	Tortoise	0.96	-7.79	11.27	11.86	30.80	57	574
DPG	D&P Util & Infra Fd	Duff & Phelps	1.23	-8.51	8.80	46.29	29.36	660	1,649

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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