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02. High Income Index

Data as of 01/17/2020 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	1,277.16	-0.22	0.79	3.79	7.39	3.39	14.91	7.56	6.66	3.03	3.03	3.03
NAV	1,230.44	-0.05	0.79	3.18	6.36	3.33	11.32	6.67	5.87	1.85	1.85	1.85
Difference		0.17	0.01	-0.61	-1.03	-0.06	-3.59	-0.89	-0.79	-1.17	-1.17	-1.17
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2019 - Monthly Performance (%) Show Previous Years
	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 -2.72%	1Yr Disc -3.45%	3Yr Disc -3.46%	5Yr Disc -4.37%	Rel Disc Range (3yr) 55.80%
Mkt Yield 11.20%	Lev Adj NAV Yield 8.73%	After Tax Yield* 9.76%	Est Tax Friction* 1.44%	3Yr NAV Volatiliy 11.87
1 Yr RoC 43.96%	3 Yr Dest RoC 26.73%	Leverage 28.32%	Non Lev Exp Ratio 2.12%	Beta (2yr) 0.61
Equity Exposure 48.05%	Bond Exposure 49.22%	# Holdings 98	Cash Weighted Duration 1.38
Comp NAV TR -1.59%	Comp Discount 0.53%	Net Assets (M) 529	Liquidity - 90d (K) 2,767
* 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	1.04	34.54	18.16	0.00	30.12	392	7,886
ECC	Eagle Point Cr Co	Eagle Point	0.99	52.04	15.71	22.92	37.21	280	3,421
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.95	-6.36	14.41	54.46	37.40	1,109	6,190
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	0.94	50.99	15.75	61.31	6.26	149	1,403
EDI	SH Emrg Mkt Tot Incm Fd	Stone Harbor	0.96	16.20	15.05	51.68	6.12	102	591
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	0.96	-4.21	13.02	49.68	27.20	232	1,764
ACP	Abd Incm Cr Stgs Fd	Aberdeen	0.97	-4.88	12.32	5.85	25.88	214	2,483
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	1.01	-1.05	11.45	62.17	27.66	151	888
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.96	7.98	11.88	50.91	0.10	682	3,808
RA	Brkf Real Ast Incm Fd	Brookfield	0.97	-6.18	10.93	44.09	21.88	849	4,835
NCV	AG Convt & Incm Fd	Allianz	1.00	2.92	10.52	38.50	40.90	525	2,354
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	0.96	3.71	10.81	14.03	25.30	161	785
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	0.96	3.27	10.68	0.00	32.92	90	929
NCZ	AG Convt & Incm Fd II	Allianz	0.98	0.00	10.33	39.87	41.34	398	1,345
FTF	FrkTmp Ltd Dur Incm Tr	Franklin	0.97	-3.96	10.29	45.81	27.50	304	990
PHK	PIMCO Hi Incm Fd	PIMCO	0.97	21.25	9.70	6.07	26.00	824	4,055
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	0.99	-2.25	9.28	0.00	29.12	374	1,614
KIO	KKR Incm Opp Fd	KKR Credit	0.95	-2.10	9.45	0.00	31.01	330	1,378
CCD	Calamos Dyn Convt & Incm Fd	Calamos	0.98	-0.27	9.21	72.54	32.80	534	1,180
TEI	Tmp Emrg Mkt Incm Fd	Franklin	0.94	-7.79	9.36	0.00	0.00	475	2,530
PGP	PIMCO Glbl Stk+ & Incm Fd	PIMCO	0.99	24.35	9.08	5.80	33.04	109	606
ERC	WF Mlt-Sctr Incm Fd	Wells Fargo	0.95	-3.90	9.25	0.00	29.45	408	1,197
BIT	BR Mlt-Sctr Incm Tr	BlackRock	0.97	-6.02	9.05	22.00	36.69	655	3,527
PFL	PIMCO Incm Stgy Fd	PIMCO	0.97	9.97	8.99	6.96	23.38	322	1,171
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.97	9.15	8.94	0.00	23.89	670	2,248
DSL	DbLin Incm Solutions Fd	Doubleline	0.96	0.85	8.96	3.20	30.83	2,025	6,532
EVV	EV Ltd Dur Incm Fd	Eaton Vance	0.95	-8.34	9.02	7.73	35.15	1,685	4,259
AVK	Advent Convt & Incm Fd	Guggenheim Funds	0.96	-9.55	8.94	67.51	40.14	600	1,683
MIN	MFS Imd Incm Tr	MFS	0.95	-4.53	8.95	69.91	0.00	464	1,838
CHY	Calamos Convt & Hi Incm Fd	Calamos	0.99	-2.40	8.66	45.91	33.13	884	2,045
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	0.95	-5.07	8.79	22.94	32.59	254	556
BGX	B/GSO Lng-Srt Cr Incm Fd	GSO / Blackstone	0.96	-0.81	8.68	0.00	39.23	204	1,024
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	0.97	-5.30	8.59	0.00	37.24	691	2,875
DMO	WA Mortg Opp Fd	Legg Mason	0.98	6.49	8.57	28.02	31.90	207	1,254
CHI	Calamos Convt Opp & Incm	Calamos	0.98	-2.00	8.53	46.20	32.92	815	1,705
HIX	WA Hi Incm Fd II	Legg Mason	0.97	-8.63	8.46	8.86	29.45	641	3,036
IVH	Ivy Hi Incm Opp Fd	Ivy Investment	0.95	-8.08	8.58	0.00	31.32	252	919
PHT	Pioneer Hi Incm Tr	Pioneer	0.96	-6.23	8.40	0.00	30.00	301	1,011
MCR	MFS Charter Incm Tr	MFS	0.95	-6.01	8.50	48.70	20.00	406	765
FSD	FT Hi Incm Lng/Srt Fd	First Trust	0.96	-7.61	8.30	27.39	22.79	592	2,235
EMD	WA Emrg Mkt Dbt Fd	Legg Mason	0.99	-7.37	8.09	19.58	29.60	973	3,262
ICMB	Investcorp Cr Mgmt BDC	Investcorp	0.70	-31.21	14.27	0.00	54.97	139	182
OXSQ	Oxford Square Cap Corp	Oxford Lane	0.71	9.59	13.54	0.00	37.03	259	1,945
TCRD	THL Credit	THL Credit	0.65	-23.62	13.19	0.00	40.41	253	781
GECC	Great Elm Cap Corp	Great Elm Capital	0.67	-12.76	12.56	0.00	40.09	91	434
MRCC	Monroe Capital Corp	Monroe Capital	0.70	-4.70	11.90	0.00	63.60	252	1,759
NEWT	Newtek Biz Serv Corp	Newtek	0.62	41.66	13.01	0.00	53.68	300	3,481
OFS	OFS Capital Corp	OFS Capital	0.67	-9.73	11.83	0.00	64.82	170	570
FSK	FS KKR Capital Corp	FS/KKR	0.69	-19.85	12.06	0.00	45.30	4,001	13,357
CPTA	Capitala Finance Corp	Capitala	0.66	-5.32	11.23	0.00	62.54	152	1,101
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	0.70	-35.21	10.43	0.00	41.78	159	334
BKCC	BR Cap Inv Corp	BlackRock	0.68	-22.34	11.11	4.87	37.18	447	2,216
PSEC	Prospect Capital Corp	Prospect Capital	0.66	-25.59	10.91	0.00	39.90	3,259	10,460
HCAP	Harvest Cap Cr Corp	Harvest Capital	0.66	-22.22	10.71	0.00	47.71	68	157
CGBD	TCG BDC	Carlyle	0.71	-15.38	10.55	0.00	54.03	978	5,498
PNNT	PennantPark Inv Corp	PennantPark	0.68	-23.16	10.79	0.00	53.18	582	2,697
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.18	4.38	19.42	74.84	0.00	823	4,993
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.17	4.81	19.38	78.02	0.00	422	3,192
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.22	1.51	18.63	100.00	30.07	283	4,422
FMO	F/C Nrg Infra Fd	Guggenheim Funds	1.23	-7.46	15.33	100.00	44.39	323	2,869
DSE	D&P Sel MLP & Midstream Nrg Fd	Virtus	1.22	-7.53	14.81	100.00	38.27	115	678
NTG	Tortoise Midstream Nrg Fd	Tortoise	1.21	-6.68	14.76	100.00	37.80	776	9,069
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.22	-7.54	14.10	100.00	37.83	390	2,760
TYG	Tortoise Nrg Infra Corp	Tortoise	1.25	-4.02	13.53	100.00	35.20	1,084	10,345
JMLP	Nuv All Cap Nrg MLP Opp Fd	Nuveen	1.18	-6.93	13.11	100.00	27.52	78	609
NHF	NexPoint Stgc Opp Fd	Highland Capital	1.13	-17.33	13.86	53.08	22.10	964	4,593
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.15	3.07	13.73	91.17	12.00	592	3,971
GMZ	GS MLP Incm Opp Fd	Goldman Sachs	1.22	-6.14	13.08	100.00	37.49	304	2,551
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.16	-21.28	10.77	21.27	39.16	269	1,022
JMF	Nuv Nrg MLP Total Rtn Fd	Nuveen	1.19	-5.01	12.07	100.00	27.51	342	2,638
RIV	RiverNorth Opp Fd	RiverNorth	1.20	-1.11	12.74	61.03	9.78	160	1,127
HIE	Miller/Howard Hi Incm Eq Fd	Miller/Howard	1.19	3.31	12.06	66.21	34.00	198	1,232
SZC	Cushing Renaissace Fd	Cushing	1.16	-10.04	12.04	53.08	1.40	158	870
GPM	Gghm Enh Eq Incm Fd	Guggenheim Funds	1.18	0.61	11.68	99.95	31.60	395	1,068
ZTR	Virtus Glbl Div & Inc Fd	Virtus	1.18	6.00	11.81	79.65	27.42	512	1,542
GLO	Clough Glbl Opp Fd	Clough	1.21	-11.55	10.89	58.70	41.36	360	1,390
IFN	India Fund	Aberdeen	1.23	-10.32	10.93	0.00	0.00	626	2,068
MCN	Madison Cov Call & Eq Stgc	Madison	1.17	-8.83	10.73	21.15	0.00	154	532
EMO	CB Nrg Midstream Opp Fd	Legg Mason	1.22	-11.34	10.33	78.75	34.25	721	4,637
GLQ	Clough Glbl Eq Fd	Clough	1.22	-7.63	10.42	0.00	39.84	182	688
DEX	Dlw Enh Glbl Div & Incm Fd	Delaware	1.19	-4.95	10.26	57.41	31.48	136	692
CEM	CB MLP & Midstream Fd	Legg Mason	1.20	-9.38	10.09	96.00	33.56	908	6,077
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.18	6.40	10.03	78.23	26.41	435	2,340
EOD	WF Glbl Div Opp Fd	Wells Fargo	1.18	-8.29	10.30	0.00	15.37	270	910
CTR	CB MLP & Midstream Tot Rtn Fd	Legg Mason	1.21	-11.38	9.75	100.00	31.95	391	2,298
FEI	FT MLP & Nrg Incm Fd	First Trust	1.16	-3.27	10.14	92.07	26.09	575	3,359
HEQ	JH Hgd Eq & Incm Fd	John Hancock	1.17	0.93	9.94	58.30	0.00	183	775
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	1.21	-6.77	9.86	58.33	36.50	1,978	16,154
THW	Tekla Wld Health Fd	Tekla	1.19	-7.06	9.86	100.00	22.75	461	1,826
USA	Liberty All-Star Eq Fd	ALPS	1.24	-0.28	9.60	0.00	0.00	1,453	5,081
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	1.18	1.17	9.55	92.86	0.00	601	1,782
FPL	FT New Opp MLP & Nrg Fd	First Trust	1.20	-4.68	9.39	90.00	25.76	258	1,451
NML	NB MLP Incm Fd	Neuberger Berman	1.21	-11.25	9.30	100.00	25.80	453	2,794
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.17	3.08	9.64	66.75	37.07	501	1,568
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	1.20	-5.14	9.47	9.21	25.68	278	1,165
NRGX	Nrg & Tac Cr Opp Fd	PIMCO	1.28	0.00	8.99	17.61	27.03	796	8,929
NDP	Tortoise Nrg Ind Fd	Tortoise	1.12	-10.40	9.48	20.35	28.10	70	698
DPG	D&P Util & Infra Fd	Duff & Phelps	1.19	-8.45	8.91	52.71	29.36	651	1,563

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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