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02. High Income Index

Data as of 08/23/2019 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	1,170.39	-0.99	-0.31	-5.60	-1.40	-0.06	-3.89	5.73	2.84	-5.00	-3.66	17.51
NAV	1,134.57	-1.08	-0.76	-4.97	-2.07	-0.73	-2.87	5.44	2.80	-4.36	-4.46	9.70
Difference		-0.09	-0.44	0.63	-0.67	-0.67	1.02	-0.29	-0.05	0.64	-0.80	-7.82
* 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	-	-	-	-	-	-	-	-	22.52
NAV	8.73	1.35	2.01	12.41	1.06	-2.34	3.08	1.74	14.15	-0.10	-	-	-	-	-	-	-	-	14.06
Difference	-6.25	-0.27	0.29	-6.44	-0.76	1.06	-0.94	-0.58	-7.02	-1.51	-	-	-	-	-	-	-	-	-8.46
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 -2.69%	1Yr Disc -4.31%	3Yr Disc -3.48%	5Yr Disc -4.81%	Rel Disc Range (3yr) 59.97%
Mkt Yield 11.70%	Lev Adj NAV Yield 9.18%	After Tax Yield* 10.12%	Est Tax Friction* 1.58%	3Yr NAV Volatiliy 11.73
1 Yr RoC 40.69%	3 Yr Dest RoC 29.01%	Leverage 27.76%	Non Lev Exp Ratio 2.06%	Beta (2yr) 0.59
Equity Exposure 46.40%	Bond Exposure 51.15%	# Holdings 93	Cash Weighted Duration 1.39
Comp NAV TR -1.04%	Comp Discount 2.03%	Net Assets (M) 512	Liquidity - 90d (K) 1,962
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

93 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
OXLC	Oxford Lane Cap Corp	Oxford Lane	1.02	24.72	16.22	0.00	34.08	341	5,785
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.98	-11.00	16.69	45.17	37.52	1,134	5,107
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	0.97	39.53	16.36	60.66	0.00	154	1,686
EDI	SH Emrg Mkt Tot Incm Fd	Stone Harbor	0.95	12.42	15.29	56.49	0.00	103	645
ECC	Eagle Point Cr Co	Eagle Point	0.97	29.30	14.20	17.36	32.70	337	3,437
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	1.05	-2.78	12.57	49.13	27.10	198	921
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	1.02	-5.93	12.06	55.49	27.48	151	561
ACP	Abd Incm Cr Stgs Fd	Aberdeen	1.01	-2.00	11.76	0.00	31.21	163	1,002
NCV	AG Convt & Incm Fd	Allianz	1.02	1.08	11.27	32.84	41.09	497	1,539
RA	Brkf Real Ast Incm Fd	Brookfield	1.05	-4.97	10.77	40.19	23.54	851	2,806
FTF	FrkTmp Ltd Dur Incm Tr	Franklin	1.02	-7.23	10.85	53.06	26.84	308	848
NCZ	AG Convt & Incm Fd II	Allianz	1.02	0.60	10.82	40.56	41.55	376	1,044
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	1.01	14.67	10.83	30.55	0.00	662	2,954
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	0.98	2.78	10.92	7.53	25.15	150	592
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	1.03	-2.59	10.07	0.00	29.05	364	1,149
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.04	2.58	9.88	47.49	33.01	483	1,490
KIO	KKR Incm Opp Fd	KKR Credit	0.99	-4.39	9.84	0.00	29.85	324	1,566
ERC	WF Mlt-Sctr Incm Fd	Wells Fargo	1.01	-6.90	9.71	11.08	29.45	410	1,182
AVK	AC Convt Sec & Incm Fd	Guggenheim Funds	0.97	-11.25	9.79	64.01	39.92	559	1,485
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	1.02	7.54	9.59	0.00	33.00	78	443
BGX	B/GSO Lng-Srt Cr Incm Fd	GSO / Blackstone	1.05	2.53	9.04	0.00	38.98	201	1,022
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	1.00	-6.96	9.56	0.00	37.17	687	2,057
PHK	PIMCO Hi Incm Fd	PIMCO	1.02	26.41	9.38	20.43	27.68	814	3,213
DHY	CS Hi Yld Bnd Fd	Credit Suisse	1.06	-0.39	8.94	18.81	29.74	265	620
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	1.02	-7.43	9.27	8.93	33.40	247	688
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.04	-0.09	9.19	27.10	33.14	813	1,848
PFL	PIMCO Incm Stgy Fd	PIMCO	1.00	7.21	9.43	13.10	27.63	296	983
DMO	WA Mortg Dfin Opp Fd	Legg Mason	1.03	7.63	8.45	10.44	32.20	207	679
CHI	Calamos Convt Opp & Incm	Calamos	1.02	-1.51	9.21	27.25	32.93	750	1,848
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.00	7.18	9.32	0.00	25.84	613	2,083
PGP	PIMCO Glbl Stk+ & Incm Fd	PIMCO	0.94	25.19	9.91	15.44	33.79	99	485
DSL	DbLin Incm Solutions Fd	Doubleline	1.01	2.74	9.07	2.34	30.34	1,959	8,043
MIN	MFS Imd Incm Tr	MFS	1.01	-7.09	9.08	69.51	0.00	478	899
PHT	Pioneer Hi Incm Tr	Pioneer	1.04	-7.40	8.86	0.00	30.40	289	1,018
IVH	Ivy Hi Incm Opp Fd	Ivy Investment	1.01	-10.74	8.92	0.00	30.61	250	957
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	1.04	6.11	8.65	0.00	44.71	3,134	13,040
MCR	MFS Charter Incm Tr	MFS	1.05	-7.30	8.57	44.37	20.00	408	800
EDD	MS Emrg Mkt Dom Dbt	Morgan Stanley	0.99	-11.70	9.04	16.67	26.17	497	1,439
MMT	MFS MltMkt Incm Tr	MFS	1.02	-8.45	8.70	42.25	20.00	414	912
EAD	WF Incm Opp Fd	Wells Fargo	1.02	-8.73	8.69	8.83	28.66	563	1,509
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.01	25.97	8.74	2.13	37.51	1,248	5,374
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	0.66	-42.36	11.16	10.42	39.12	139	225
GARS	Garrison Capital	Garrison Capital	0.71	-31.36	13.01	0.00	66.29	165	188
CMFN	CM Finance	CM Investment	0.67	-36.54	14.14	0.00	43.96	152	236
TCRD	THL Credit	THL Credit	0.70	-20.97	12.52	0.00	43.58	264	580
FSK	FS KKR Capital Corp	FS/KKR	0.68	-27.54	13.31	0.00	44.56	4,086	10,163
OXSQ	Oxford Square Cap Corp	Oxford Lane	0.68	-1.58	12.95	16.13	34.14	301	875
MRCC	Monroe Capital Corp	Monroe Capital	0.61	-18.21	13.67	0.00	61.72	256	896
BKCC	BR Cap Inv Corp	BlackRock	0.61	-24.19	10.83	5.18	33.39	469	1,805
GECC	Great Elm Cap Corp	Great Elm Capital	0.69	-17.57	11.73	0.00	34.94	104	454
PNNT	PennantPark Inv Corp	PennantPark	0.71	-27.69	11.39	0.00	53.30	586	2,053
AINV	Apollo Inv Corp	Apollo	0.73	-14.79	11.12	0.00	50.34	1,288	5,452
OFS	OFS Capital Corp	OFS Capital	0.65	-12.90	12.06	0.00	55.76	173	501
PSEC	Prospect Capital Corp	Prospect Capital	0.71	-27.31	10.91	0.00	40.71	3,332	9,836
CPTA	Capitala Finance Corp	Capitala	0.56	-20.63	13.19	0.00	63.38	154	1,082
WHF	WhiteHorse Finance	H.I.G. Capital	0.67	-15.60	10.94	0.00	42.05	316	1,149
NDP	Tortoise Nrg Ind Fd	Tortoise	0.75	-9.39	10.36	59.12	30.90	63	450
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.39	9.12	21.67	88.66	0.00	771	4,787
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.39	9.30	21.56	85.67	0.00	396	3,123
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.27	4.20	17.99	91.24	30.12	225	2,910
ZF	Virtus Total Return Fd	Virtus	1.47	-1.83	13.47	64.13	26.86	236	1,386
FMO	F/C Nrg Infra Fd	Guggenheim Funds	1.23	-5.23	15.19	93.43	41.34	318	1,070
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.37	2.34	13.73	89.77	13.00	582	4,686
NHF	NexPoint Stgc Opp Fd	Highland Capital	1.35	-14.80	13.27	54.69	21.80	977	4,271
NTG	Tortoise Midstream Nrg Fd	Tortoise	1.23	-1.25	14.26	88.17	36.90	759	2,892
HIE	Miller/Howard Hi Incm Eq Fd	Miller/Howard	1.34	5.41	13.23	69.40	31.79	167	762
DSE	D&P Sel MLP & Midstream Nrg Fd	Virtus	1.32	4.72	13.51	100.00	35.55	111	404
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.24	-0.85	13.68	83.04	33.92	375	1,256
RIV	RiverNorth Opp Fd	RiverNorth	1.40	-0.53	12.09	89.71	15.65	122	496
GPM	Gghm Enh Eq Incm Fd	Guggenheim Funds	1.33	3.77	12.47	66.97	31.07	358	929
ZTR	Virtus Glbl Div & Inc Fd	Virtus	1.32	5.43	12.70	63.20	27.96	250	895
SZC	Cushing Renaissace Fd	Cushing	1.29	-11.42	12.75	43.71	12.50	151	1,415
TYG	Tortoise Nrg Infra Corp	Tortoise	1.26	3.00	12.93	69.09	34.00	1,055	3,184
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.39	-4.22	11.51	55.34	0.00	645	2,321
GLO	Clough Glbl Opp Fd	Clough	1.40	-11.26	11.75	56.14	36.21	335	1,117
TTP	Tortoise Pip & Nrg Fd	Tortoise	1.19	-9.99	9.38	98.96	29.80	135	552
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.30	-21.89	12.29	28.05	38.94	309	874
DEX	Dlw Enh Glbl Div & Incm Fd	Delaware	1.37	-10.54	11.46	46.76	30.15	135	560
IFN	India Fund	Aberdeen	1.31	-9.65	11.88	0.00	0.00	591	1,627
THW	Tekla Wld Health Fd	Tekla	1.45	-2.89	10.69	73.01	22.17	408	1,802
JMF	Nuv Nrg MLP Total Rtn Fd	Nuveen	1.27	-4.42	12.48	88.19	27.96	342	1,594
GMZ	GS MLP Incm Opp Fd	Goldman Sachs	1.22	1.50	12.41	89.68	34.65	296	840
EOD	WF Glbl Div Opp Fd	Wells Fargo	1.41	-5.12	10.86	17.33	15.23	251	659
USA	Liberty All-Star Eq Fd	ALPS	1.32	-2.73	11.22	8.53	0.00	1,251	4,391
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	1.35	-6.88	10.95	1.26	26.63	245	800
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.36	1.69	11.03	56.46	26.74	414	1,221
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.36	-0.39	10.85	42.43	36.76	460	1,145
FEI	FT MLP & Nrg Incm Fd	First Trust	1.36	-4.61	10.55	78.03	24.59	560	1,383
EMO	CB Nrg Midstream Opp Fd	Legg Mason	1.24	-11.69	11.27	73.04	33.00	663	1,489
CEM	CB MLP & Midstream Fd	Legg Mason	1.25	-9.95	11.05	91.13	32.68	835	2,305
MIE	C&S MLP Incm & Nrg Opp Fd	Cohen & Steers	1.26	1.44	10.96	78.28	30.65	223	1,837
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	1.39	2.21	9.86	75.28	0.00	576	1,807
IDE	Voya Infra Ind & Matrls Fd	Voya	1.28	-9.93	10.49	19.23	0.00	237	766

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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