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02. High Income Index

Data as of 07/01/2022 06/30/2022 05/31/2022 04/29/2022 03/31/2022 02/28/2022 02/11/2022 01/31/2022 12/31/2021 11/30/2021 10/29/2021 09/30/2021 08/31/2021 07/30/2021 06/30/2021 05/28/2021 04/30/2021 03/31/2021 02/26/2021 01/29/2021 12/31/2020 11/30/2020 10/30/2020 09/30/2020 08/31/2020 07/31/2020 06/30/2020 05/29/2020 04/30/2020 03/31/2020 02/28/2020 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(%)	10 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,193.89	1.27	1.99	-6.49	-13.21	-15.47	-14.67	-0.82	1.25	3.96	-6.43	1.27	-15.47
NAV	1,176.73	0.84	-0.01	-5.81	-11.00	-12.95	-11.11	-0.41	2.02	4.39	-5.85	0.84	-12.95
Difference		-0.42	-2.00	0.68	2.21	2.53	3.55	0.41	0.77	0.43	0.57	-0.42	2.53
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2022 - Monthly Performance (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2022
Price	-1.69	-2.49	1.60	-2.60	-6.25	-1.07	-7.60	-14.30	-16.53	-	-	-	-	-	-	-	-	-	-
NAV	-2.02	-1.17	1.02	-2.18	-4.70	-0.80	-6.64	-11.75	-13.67	-	-	-	-	-	-	-	-	-	-
Difference	-0.33	1.31	-0.58	0.42	1.55	0.27	0.96	2.55	2.85	-	-	-	-	-	-	-	-	-	-
2021 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2021
Price	3.07	5.52	4.49	13.65	4.37	2.56	1.93	9.10	24.00	0.24	1.82	-2.85	-0.85	3.98	-2.28	0.60	2.22	1.36	25.68
NAV	1.27	2.22	2.25	5.85	2.91	1.88	1.09	5.98	12.19	0.39	1.40	-1.62	0.15	2.28	-2.07	2.10	2.26	2.41	14.89
Difference	-1.80	-3.30	-2.24	-7.79	-1.46	-0.68	-0.84	-3.12	-11.81	0.15	-0.42	1.24	1.00	-1.70	0.20	1.49	0.04	1.05	-10.78
2020 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	-0.12	-10.78	-34.96	-42.04	21.51	6.53	-1.22	27.86	-25.90	2.19	3.50	-3.28	2.30	-1.47	16.90	3.83	19.59	22.34	-9.34
NAV	-1.37	-6.57	-26.08	-31.89	15.62	4.34	0.44	21.17	-17.46	3.59	2.39	-2.11	3.83	0.35	9.24	3.67	13.64	18.00	-2.61
Difference	-1.25	4.21	8.88	10.15	-5.89	-2.19	1.67	-6.68	8.43	1.40	-1.11	1.17	1.53	1.82	-7.66	-0.16	-5.95	-4.34	6.73
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	21.61	1.41	-4.11	1.96	-0.84	-0.62	-0.23	3.79	2.91	2.04	24.09
NAV	8.73	1.35	2.01	12.41	1.06	-2.34	3.08	1.74	14.37	-0.10	-2.38	1.20	-1.31	-0.50	-0.41	4.02	3.08	1.73	16.35
Difference	-6.25	-0.27	0.29	-6.44	-0.76	1.06	-0.94	-0.58	-7.24	-1.51	1.73	-0.76	-0.46	0.13	-0.18	0.22	0.17	-0.31	-7.74
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	2.17	3.05	1.41	-1.22	3.23	-8.13	0.45	-10.41	-17.31	-14.65	-12.79
NAV	2.81	-4.45	-1.76	-3.49	2.81	1.96	-0.13	4.68	1.03	3.05	0.68	-0.29	3.45	-4.66	0.10	-6.62	-10.89	-7.82	-6.87
Difference	0.38	-0.15	0.06	0.26	-1.40	-0.27	0.22	-1.47	-1.15	0.00	-0.73	0.93	0.22	3.46	-0.36	3.79	6.42	6.83	5.92
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	12.20	2.40	-1.83	2.40	2.94	-2.28	-1.67	3.21	-0.82	2.09	14.55
NAV	2.10	1.90	0.21	4.26	1.12	0.50	0.50	2.14	6.49	1.77	-0.59	1.45	2.64	-0.47	0.18	2.31	2.01	4.70	11.49
Difference	-2.55	-1.14	-0.37	-4.20	-1.56	-0.11	0.37	-1.31	-5.71	-0.63	1.24	-0.95	-0.31	1.81	1.84	-0.90	2.83	2.60	-3.06
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	15.52	4.99	2.08	0.57	7.78	-2.49	1.07	1.81	0.34	8.15	24.93
NAV	-7.03	-0.67	7.13	-1.07	7.12	1.92	2.50	11.91	10.70	2.84	1.52	1.73	6.21	-1.07	0.64	2.00	1.55	7.86	19.40
Difference	0.95	-0.97	-2.91	-2.63	-1.42	0.50	-0.82	-1.84	-4.81	-2.15	-0.56	1.17	-1.58	1.41	-0.42	0.19	1.21	-0.29	-5.53
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	0.39	-3.34	-4.33	-5.75	-12.84	8.36	-3.53	-4.80	-0.49	-13.27	-12.93
NAV	-0.18	3.07	-1.02	1.84	2.60	0.15	-2.12	0.58	2.43	-1.11	-3.79	-4.14	-8.80	5.62	-3.04	-5.73	-3.46	-11.95	-9.81
Difference	-0.93	-1.12	0.59	-1.44	0.05	1.02	2.26	3.37	2.04	2.23	0.54	1.61	4.04	-2.73	0.49	-0.92	-2.96	1.32	3.12
2014 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2014
Price	0.42	3.75	0.23	4.43	1.61	2.44	2.06	6.25	10.96	-2.33	2.44	-4.27	-4.23	-0.06	-0.64	-5.93	-6.59	-10.54	-0.73
NAV	-0.08	2.99	0.70	3.63	1.19	1.52	1.74	4.51	8.30	-1.13	1.83	-2.90	-2.24	-0.23	-0.83	-3.06	-4.08	-6.23	1.55
Difference	-0.50	-0.76	0.46	-0.81	-0.43	-0.93	-0.33	-1.74	-2.66	1.21	-0.61	1.37	1.99	-0.17	-0.18	2.87	2.51	4.31	2.29
2013 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2013
Price	6.78	0.51	1.72	9.18	1.21	-1.76	-2.39	-2.96	5.95	1.14	-2.83	2.55	0.78	3.01	-1.11	1.19	3.08	3.89	10.07
NAV	3.64	-0.09	1.47	5.07	1.72	-0.41	-2.71	-1.44	3.55	2.71	-1.44	2.68	3.95	2.35	0.35	0.62	3.34	7.42	11.23
Difference	-3.14	-0.61	-0.25	-4.11	0.51	1.36	-0.32	1.51	-2.40	1.58	1.39	0.13	3.16	-0.66	1.46	-0.57	0.26	3.53	1.16
2012 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2012
Price	8.54	3.57	-0.37	12.00	0.07	-5.11	3.45	-1.77	10.01	3.19	2.80	2.50	8.74	-1.57	-1.65	0.06	-3.13	5.34	15.88
NAV	4.29	3.06	0.38	7.88	0.15	-4.81	2.86	-1.93	5.80	2.07	1.88	2.38	6.46	0.17	0.21	1.42	1.81	8.39	14.68
Difference	-4.25	-0.52	0.75	-4.11	0.08	0.31	-0.59	-0.16	-4.21	-1.13	-0.92	-0.12	-2.28	1.74	1.86	1.36	4.94	3.06	-1.20

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -4.40%	1Yr Disc -0.48%	3Yr Disc -3.23%	5Yr Disc -3.06%	Rel Disc Range (3yr) 63.18%
Mkt Yield 12.08%	Lev Adj NAV Yield 9.52%	After Tax Yield* 10.05%	Est Tax Friction* 2.03%	3Yr NAV Volatiliy 18.11
1 Yr RoC 35.36%	3 Yr Dest RoC 31.96%	Leverage 25.00%	Non Lev Exp Ratio 1.90%	Beta (2yr) 0.69
Equity Exposure 48.81%	Bond Exposure 48.07%	# Holdings 91	Cash Weighted Duration 1.64
Comp NAV TR -2.66%	Comp Discount 1.59%	Net Assets (M) 742	Liquidity - 90d (K) 3,229
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

91 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
OCCI	OFS Credit Company	OFS Capital	1.03	-16.91	23.68	25.00	37.06	93	549
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	1.03	-2.39	16.05	62.20	32.40	220	1,616
ACP	abrdn Incm Cr Stgs Fd	abrdn	1.01	5.70	15.79	2.77	40.50	173	769
OXLC	Oxford Lane Cap Corp	Oxford Lane	1.02	-3.72	15.79	0.00	29.25	855	7,444
NCZ	Virtus Convt & Incm Fd II	Virtus	0.98	-13.28	14.66	80.77	42.79	269	1,853
NCV	Virtus Convt & Incm Fd	Virtus	1.00	-9.57	14.21	77.89	42.22	359	1,513
ECC	Eagle Point Cr Co	Eagle Point	1.02	7.82	14.17	0.00	31.73	475	3,564
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	1.03	21.04	13.42	49.65	24.03	1,409	9,165
BRW	Saba Cap Incm & Opp Fd	Saba Capital	1.02	-9.00	13.35	82.93	24.32	378	894
TEI	Tmp Emrg Mkt Incm Fd	Franklin Templeton	1.01	-8.03	13.16	51.97	9.33	280	807
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	1.01	-3.01	12.94	30.87	36.60	168	1,249
RA	Brkf Real Ast Incm Fd	Brookfield	1.02	10.08	12.94	51.26	29.14	874	4,994
BWG	BwGlobal Glbl Incm Opp Fd	Franklin Templeton	1.04	-11.33	12.66	57.18	38.40	162	552
PDI	PIMCO Dyn Incm Fd	PIMCO	1.03	6.17	12.61	0.00	46.45	4,448	20,463
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	1.03	5.72	12.48	15.34	39.59	221	1,295
RCS	PIMCO Stgc Incm Fd	PIMCO	1.02	8.92	11.93	3.16	49.32	211	778
PCF	Hi Incm Sec Fd	Hi Incm Sec Fd	1.03	-4.01	11.79	12.84	0.00	136	812
HIX	WA Hi Incm Fd II	Franklin Templeton	1.04	-2.34	11.74	5.43	32.90	333	1,625
JGH	Nuv Glbl Hi Incm Fd	Nuveen	1.02	-8.76	11.73	22.05	30.24	294	578
FAX	abrdn Asia-Pacific Incm Fd	abrdn	0.99	-15.43	11.58	43.95	34.88	835	2,605
AVK	Advent Convt & Incm Fd	Guggenheim Funds	1.03	-3.10	11.52	18.34	42.57	436	1,211
EVV	EV Ltd Dur Incm Fd	Eaton Vance	1.02	-3.96	11.52	39.76	38.10	1,261	3,554
FTF	FrkTmp Ltd Dur Incm Tr	Franklin Templeton	1.01	-7.53	11.45	25.86	29.59	295	1,198
ERC	Allspring Mlt-Sctr Incm Fd	Allspring	1.03	-0.10	11.35	9.28	28.50	270	916
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.03	12.66	11.28	4.32	46.86	988	5,858
PHK	PIMCO Hi Incm Fd	PIMCO	1.02	8.42	11.18	2.01	33.52	642	2,270
FSD	FT Hi Incm Lng/Srt Fd	First Trust	1.01	-10.03	11.06	31.34	29.70	424	1,087
FTHY	FT Hi Yld Opp 2027 Trm Fd	First Trust	1.02	-7.25	11.05	10.87	30.12	578	2,038
GHY	PGIM Glbl Hi Yld Fd	Prudential	1.02	-9.24	10.97	15.90	18.79	518	1,417
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.02	6.48	10.92	3.64	33.44	584	2,179
PFL	PIMCO Incm Stgy Fd	PIMCO	1.02	6.77	10.87	9.03	34.89	298	1,107
DSL	DbLin Incm Solutions Fd	Doubleline	1.02	-8.34	10.82	0.00	27.88	1,358	4,790
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.02	5.76	10.79	0.00	37.64	517	2,231
PDO	PIMCO Dyn Incm Opp Fd	PIMCO	1.05	-7.41	10.77	0.00	46.96	1,694	7,333
EMD	WA Emrg Mkt Dbt Fd	Franklin Templeton	1.03	-10.70	10.75	33.03	32.90	602	2,226
EAD	Allspring Incm Opp Fd	Allspring	1.04	-7.19	10.75	0.00	26.00	427	924
KIO	KKR Incm Opp Fd	KKR Credit	1.02	-10.25	10.74	0.00	37.83	266	1,026
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.02	3.02	10.66	0.00	37.67	812	2,285
ACV	Virtus Divr Incm & Convt Fd	Virtus	1.07	-2.96	10.62	0.00	27.24	217	882
NEWT	Newtek Biz Serv Corp	Newtek	0.64	18.37	15.37	0.00	45.43	398	3,686
GECC	Great Elm Cap Corp	Great Elm Capital	0.63	-15.67	14.17	0.00	45.06	114	300
ICMB	Investcorp Cr Mgmt BDC	Investcorp	0.62	-38.38	14.05	0.00	62.81	100	112
FSK	FS KKR Capital Corp	FS/KKR	0.63	-27.55	13.74	0.00	52.15	7,762	28,911
CION	CION Inv Corp	CION Inv Mgmt	0.63	-45.49	12.68	0.00	48.48	923	1,766
OXSQ	Oxford Square Cap Corp	Oxford Lane	0.62	-21.72	11.54	9.39	43.66	231	750
FCRD	First Eagle Alt Cap BDC	First Eagle Alt Cr	0.61	-42.81	11.43	0.00	55.09	183	131
TRIN	Trinity Capital	Trinity Capital	0.63	-2.97	11.43	0.00	51.66	578	2,967
AINV	Apollo Inv Corp	Apollo	0.63	-30.08	11.23	0.00	59.82	1,003	3,770
OFS	OFS Capital Corp	OFS Capital	0.65	-33.18	11.19	24.76	59.61	208	801
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	0.63	-5.64	11.03	0.00	48.38	430	2,606
SLRC	SLR Inv Corp	SLR Capital	0.64	-22.96	10.88	20.33	36.22	1,071	4,949
BKCC	BR Cap Inv Corp	BlackRock	0.62	-21.28	10.81	19.52	32.17	347	1,062
MRCC	Monroe Capital Corp	Monroe Capital	0.64	-17.79	10.76	0.00	56.35	245	577
WHF	WhiteHorse Finance	H.I.G. Capital	0.62	-11.47	10.70	0.00	55.78	348	940
GSBD	Goldman Sachs BDC	Goldman Sachs	0.62	6.96	10.65	0.00	52.64	1,611	8,386
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.40	14.23	24.80	62.99	0.00	1,561	24,904
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.39	15.28	24.62	65.17	0.00	709	12,176
GLO	Clough Glbl Opp Fd	Clough	1.38	-0.13	15.27	0.00	43.22	307	1,514
GLQ	Clough Glbl Eq Fd	Clough	1.38	-0.43	15.17	0.00	42.81	170	806
RIV	RiverNorth Opp Fd	RiverNorth	1.39	7.20	14.27	37.85	16.61	240	1,481
IFN	India Fund	abrdn	1.37	-9.49	13.07	0.00	0.00	490	1,486
GLV	Clough Glbl Div & Incm Fd	Clough	1.41	0.00	12.97	81.83	39.80	97	714
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.38	4.40	12.21	15.73	37.64	404	1,193
EOD	Allspring Glbl Div Opp Fd	Allspring	1.43	-5.77	12.11	16.17	15.30	202	613
ZTR	Virtus Tot Rtn Fd	Virtus	1.37	-0.74	11.90	63.62	27.00	391	770
NBXG	NB Nxt Gen Connectivity Fd	Neuberger Berman	1.40	-16.38	11.87	81.66	0.00	952	3,561
JCE	Nuv Core Eq Alpha Fd	Nuveen	1.43	-0.81	11.67	0.00	0.00	219	807
BSTZ	BR Sci & Tech Tr II	BlackRock	1.39	-12.91	11.58	0.00	0.00	1,795	5,690
USA	Liberty All-Star Eq Fd	ALPS	1.40	4.58	11.25	1.94	0.00	1,556	7,729
AIO	Virtus AI & Tech Opp Fd	Virtus	1.42	-11.86	10.86	0.00	13.68	646	2,137
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	1.39	2.41	10.74	42.52	0.00	541	1,890
NMAI	Nuv Multi-Asset Incm Fd	Nuveen	1.41	-13.29	10.57	0.00	32.37	511	1,043
MCN	Madison Cov Call & Eq Stgc	Madison	1.38	1.03	10.53	42.78	0.00	142	547
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	1.40	-3.79	10.51	12.47	0.00	2,491	5,796
BMEZ	BR Health Sci Tr II	BlackRock	1.40	-12.37	10.36	0.00	0.00	2,148	7,252
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	1.39	-3.32	10.34	10.55	0.00	950	2,924
BIGZ	BR Innovation & Gwth Tr	BlackRock	1.41	-14.44	10.27	100.00	0.00	2,267	11,384
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.34	-2.49	10.23	88.33	12.00	557	2,448
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.37	-9.77	10.23	0.00	23.48	358	928
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.37	-20.75	10.06	15.98	8.36	271	928
DPG	D&P Util & Infra Fd	Virtus	1.39	8.39	9.94	81.79	28.59	494	1,358
EOS	EV Enh Eq Incm Fd II	Eaton Vance	1.40	-0.66	9.94	18.32	0.00	853	2,537
GUG	Gghm Active Alloc Fd	Guggenheim Funds	1.40	-10.45	9.84	0.00	30.14	533	1,562
RVT	Royce Val Tr	Franklin Templeton	1.40	-3.13	9.82	0.43	3.52	1,560	4,333
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Invst Mgmt	1.39	-1.48	9.81	9.84	25.74	869	2,493
LGI	Lzrd Glbl Tot Rtn & Incm Fd	Lazard	1.37	-4.77	9.73	28.13	25.94	210	603
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	1.39	6.45	9.71	91.42	0.00	1,351	4,158
AWP	abrdn Glbl Prmr Prop Fd	abrdn	1.39	-3.31	9.68	62.29	20.80	438	2,140
ETO	EV Tx-Adv Glbl Div Opp Fd	Eaton Vance	1.38	-2.96	9.66	5.89	19.76	369	1,072
HQL	Tekla Life Sci Invstr	Tekla	1.40	-7.47	9.66	7.16	0.00	394	1,084
ETG	EV Tx-Adv Glbl Div Incm Fd	Eaton Vance	1.38	-3.11	9.64	16.01	19.00	1,274	2,556

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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