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02. High Income Index

Data as of 04/06/2020 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(%)	MTD(%)	QTD(%)	YTD(%)
Price	710.69	4.36	0.90	-35.81	-43.31	-40.44	-40.79	-13.44	-5.85	-1.08	-1.08	-43.13
NAV	826.53	2.26	2.10	-24.00	-32.06	-28.85	-29.99	-7.59	-2.92	0.45	0.45	-31.44
Difference		-2.10	1.19	11.81	11.25	11.59	10.79	5.85	2.92	1.53	1.53	11.69
* 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	-10.78	-34.96	-42.04	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-42.04
NAV	-1.37	-6.57	-26.08	-31.89	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-31.89
Difference	-1.25	4.21	8.88	10.15	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10.15
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 -16.89%	1Yr Disc -4.54%	3Yr Disc -3.91%	5Yr Disc -4.79%	Rel Disc Range (3yr) 42.88%
Mkt Yield 25.28%	Lev Adj NAV Yield 15.29%	After Tax Yield* 22.41%	Est Tax Friction* 2.87%	3Yr NAV Volatiliy 22.74
1 Yr RoC 39.81%	3 Yr Dest RoC 34.27%	Leverage 31.81%	Non Lev Exp Ratio 2.02%	Beta (2yr) 0.99
Equity Exposure 48.34%	Bond Exposure 48.57%	# Holdings 104	Cash Weighted Duration 1.22
Comp NAV TR -2.77%	Comp Discount -0.78%	Net Assets (M) 355	Liquidity - 90d (K) 2,451
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

104 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
OXLC	Oxford Lane Cap Corp	Oxford Lane	0.82	-40.23	39.80	0.00	30.37	403	5,713
ECC	Eagle Point Cr Co	Eagle Point	0.63	-47.82	46.69	20.42	36.31	293	1,943
EDI	SH Emrg Mkt Tot Incm Fd	Stone Harbor	0.81	3.84	29.15	53.61	26.82	59	702
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	0.74	23.77	31.10	63.54	25.15	87	1,367
ACP	Abd Incm Cr Stgs Fd	Aberdeen	0.78	-14.30	21.27	10.44	30.97	138	1,379
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	0.83	-10.27	16.48	4.68	38.22	62	759
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.85	-12.52	18.74	54.98	38.52	877	7,960
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	0.85	-5.59	16.82	54.78	24.10	182	1,621
NCV	AG Convt & Incm Fd	Allianz	0.77	-12.50	15.18	39.15	42.24	347	2,300
RA	Brkf Real Ast Incm Fd	Brookfield	0.81	-17.56	16.90	43.79	21.80	769	5,187
NCZ	AG Convt & Incm Fd II	Allianz	0.75	-13.95	18.24	39.39	42.70	262	1,732
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	0.82	-11.53	16.02	62.50	27.30	121	1,054
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	0.78	-13.55	16.66	0.00	30.76	235	1,290
PHK	PIMCO Hi Incm Fd	PIMCO	0.84	7.06	15.17	0.73	27.23	597	5,396
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	0.79	-8.54	15.51	16.06	19.10	134	835
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.83	4.01	14.53	55.02	6.25	600	5,360
PGP	PIMCO Glbl Stk+ & Incm Fd	PIMCO	0.86	21.36	14.07	3.26	35.19	72	861
KIO	KKR Incm Opp Fd	KKR Credit	0.79	-11.06	15.05	0.00	23.96	228	1,844
DSL	DbLin Incm Solutions Fd	Doubleline	0.76	-3.38	14.98	3.36	28.98	1,264	9,720
RSF	RivNth Mktplc Lending Corpn	RiverNorth	0.83	-12.59	13.58	21.01	23.70	112	556
AVK	Advent Convt & Incm Fd	Guggenheim Funds	0.82	-15.04	13.60	68.34	46.28	420	2,275
DMO	WA Mortg Opp Fd	Legg Mason	0.76	-7.48	14.76	26.76	32.40	129	1,184
PFL	PIMCO Incm Stgy Fd	PIMCO	0.81	-1.71	13.42	5.21	22.00	249	1,816
BGX	B/GSO Lng-Srt Cr Incm Fd	GSO / Blackstone	0.80	-14.36	13.41	0.00	39.02	149	950
FTF	FrkTmp Ltd Dur Incm Tr	Franklin	0.79	-13.15	13.51	48.54	30.13	257	1,158
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.81	-2.29	13.24	0.00	21.72	519	3,663
PHT	Pioneer Hi Incm Tr	Pioneer	0.80	-13.00	13.30	0.00	29.60	205	1,048
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	0.85	-7.14	12.45	25.61	33.00	183	972
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	0.80	-2.95	13.21	0.00	43.95	2,313	18,660
ERC	WF Mlt-Sctr Incm Fd	Wells Fargo	0.79	-13.86	13.32	0.00	29.80	318	1,843
BIT	BR Mlt-Sctr Incm Tr	BlackRock	0.82	-16.07	12.63	12.76	37.40	526	3,406
RCS	PIMCO Stgc Incm Fd	PIMCO	0.88	14.39	11.69	6.63	39.19	240	2,599
PCM	PCM Fund	PIMCO	0.81	0.53	12.72	1.00	40.94	87	548
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	0.85	19.58	12.05	1.96	31.41	954	10,242
CCD	Calamos Dyn Convt & Incm Fd	Calamos	0.76	-8.36	13.34	26.92	33.65	401	1,823
PDI	PIMCO Dyn Incm Fd	PIMCO	0.82	6.36	12.36	0.00	38.06	1,188	10,433
ARDC	Ares Dyn Cr Alloc Fd	Ares	0.78	-14.47	12.91	0.00	32.00	268	1,776
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	0.81	-13.08	12.28	0.00	37.08	512	3,223
HIX	WA Hi Incm Fd II	Legg Mason	0.83	-15.22	12.00	8.98	29.07	492	3,402
CHY	Calamos Convt & Hi Incm Fd	Calamos	0.80	-8.11	12.17	13.32	33.83	668	3,106
IVH	Ivy Hi Incm Opp Fd	Ivy Investment	0.79	-13.64	12.31	0.00	31.73	187	1,096
CHI	Calamos Convt Opp & Incm	Calamos	0.79	-9.03	12.21	13.88	34.00	613	3,109
EMD	WA Emrg Mkt Dbt Fd	Legg Mason	0.84	-15.99	11.54	15.06	28.50	752	4,787
GHY	PGIM Glbl Hi Yld Fd	Prudential	0.83	-13.16	11.57	0.00	26.89	513	3,058
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	0.81	-13.25	11.94	0.00	31.36	181	2,121
EVV	EV Ltd Dur Incm Fd	Eaton Vance	0.81	-12.80	11.82	16.53	35.76	1,352	5,964
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	0.81	-13.21	11.74	2.77	27.18	139	608
PKO	PIMCO Incm Opp Fd	PIMCO	0.80	0.64	12.03	0.00	31.97	349	2,660
ICMB	Investcorp Cr Mgmt BDC	Investcorp	0.93	-69.26	32.05	0.00	51.10	140	133
GECC	Great Elm Cap Corp	Great Elm Capital	0.64	-69.18	37.44	0.00	41.17	87	188
GARS	Garrison Capital	Garrison Capital	0.58	-82.73	40.82	0.00	67.46	137	119
MCC	Medley Capital Corp	MCC Advisors	0.56	-88.15	41.67	N/A	47.35	221	124
OFS	OFS Capital Corp	OFS Capital	0.65	-68.46	34.61	0.00	65.49	167	342
CPTA	Capitala Finance Corp	Capitala	0.56	-71.55	38.45	0.00	63.78	148	555
TCRD	THL Credit	THL Credit	0.54	-72.25	39.62	0.00	42.49	227	631
OXSQ	Oxford Square Cap Corp	Oxford Lane	0.60	-55.86	35.58	0.00	34.88	251	1,111
CGBD	TCG BDC	Carlyle	0.57	-73.55	33.79	0.00	53.84	947	2,393
PNNT	PennantPark Inv Corp	PennantPark	0.76	-69.06	26.47	0.00	52.40	589	1,579
AINV	Apollo Inv Corp	Apollo	0.65	-67.21	30.05	0.00	58.52	1,216	5,663
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	0.62	-74.41	27.59	0.00	49.57	152	174
BKCC	BR Cap Inv Corp	BlackRock	0.59	-69.83	29.32	2.92	40.51	435	1,133
FSK	FS KKR Capital Corp	FS/KKR	0.72	-60.99	25.50	0.00	51.06	3,846	12,654
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	0.61	-61.09	27.75	0.00	49.08	409	2,446
NTG	Tortoise Midstream Nrg Fd	Tortoise	1.42	-15.52	95.92	100.00	73.20	73	1,111
FMO	F/C Nrg Infra Fd	Guggenheim Funds	1.36	-9.74	92.98	100.00	42.56	55	687
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.27	-3.95	87.67	100.00	43.86	60	602
GMZ	GS MLP Incm Opp Fd	Goldman Sachs	1.23	-11.45	72.41	100.00	43.08	58	591
EMO	CB Nrg Midstream Opp Fd	Legg Mason	1.44	-16.02	60.53	78.75	38.46	130	1,177
JMF	Nuv Nrg MLP Total Rtn Fd	Nuveen	1.18	2.22	16.81	100.00	33.93	55	695
CEM	CB MLP & Midstream Fd	Legg Mason	1.45	-17.94	54.88	96.00	37.04	184	1,748
CTR	CB MLP & Midstream Tot Rtn Fd	Legg Mason	1.55	-15.61	50.87	100.00	36.64	79	776
TYG	Tortoise Nrg Infra Corp	Tortoise	1.38	-13.86	55.24	100.00	65.00	178	2,546
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	1.28	-17.18	38.30	72.73	60.98	574	6,611
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.27	-12.73	37.50	91.67	32.43	47	993
NRGX	Nrg & Tac Cr Opp Fd	PIMCO	1.52	-7.52	26.02	18.04	31.24	297	2,569
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.26	1.84	26.82	76.19	0.00	614	9,035
FEI	FT MLP & Nrg Incm Fd	First Trust	1.23	-19.96	27.21	47.93	18.02	259	1,732
SZC	Cushing NextGen Infra Incm Fd	Cushing	1.21	-22.95	27.76	51.92	0.62	80	595
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.23	1.92	27.11	79.48	0.00	311	5,337
KMF	KA Midstream/Nrg Fd	Kayne Anderson	1.20	-19.65	27.86	92.61	55.56	190	1,724
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.30	-15.17	25.14	100.00	17.97	218	1,440
FPL	FT New Opp MLP & Nrg Fd	First Trust	1.23	-12.20	25.00	21.89	18.36	105	894
HIE	Miller/Howard Hi Incm Eq Fd	Miller/Howard	1.10	-16.33	9.56	60.90	34.00	108	797
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.22	-48.32	23.44	21.52	39.16	188	588
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.38	-7.85	19.67	93.17	14.00	516	5,394
SMM	Salient Midstream & MLP Fd	Salient	1.17	-21.05	20.73	96.35	26.10	74	725
GPM	Gghm Enh Eq Incm Fd	Guggenheim Funds	1.22	-6.35	19.71	75.00	31.60	251	1,475
ZTR	Virtus Glbl Div & Inc Fd	Virtus	1.23	-7.22	18.83	79.20	26.09	368	1,907
RIV	RiverNorth Opp Fd	RiverNorth	1.21	-6.44	17.69	66.37	9.78	122	1,194
IFN	India Fund	Aberdeen	1.20	-13.03	17.26	0.49	0.00	409	2,419
NRO	NB Rel-Est Sec Incm Fd	Neuberger Berman	1.19	-11.08	16.61	42.33	26.90	154	1,016
EOD	WF Glbl Div Opp Fd	Wells Fargo	1.31	-10.66	15.61	0.00	15.37	186	984
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	1.22	-13.56	16.04	33.84	20.59	180	924
SCD	LMP Cap & Incm Fd	Legg Mason	1.29	-14.88	15.27	66.08	22.10	172	752
GLO	Clough Glbl Opp Fd	Clough	1.20	-16.95	15.47	38.81	44.61	270	1,353
GLQ	Clough Glbl Eq Fd	Clough	1.22	-13.77	15.11	0.00	43.87	135	764
DPG	D&P Util & Infra Fd	Duff & Phelps	1.19	-12.56	15.35	38.57	29.02	396	1,733
HEQ	JH Hgd Eq & Incm Fd	John Hancock	1.24	-10.36	14.73	44.18	0.00	139	674
FIF	FT Nrg Infra Fd	First Trust	1.18	-14.47	15.40	65.15	21.89	176	905
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.20	-8.09	15.08	38.08	37.35	360	1,921
NHF	NexPoint Stgc Opp Fd	Highland Capital	1.19	-51.46	15.02	49.51	26.00	755	3,043
MCN	Madison Cov Call & Eq Stgc	Madison	1.24	-13.33	14.20	25.88	0.00	123	551
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	1.23	-16.62	11.90	9.73	36.23	321	1,711
USA	Liberty All-Star Eq Fd	ALPS	1.21	-9.70	14.32	0.00	0.00	1,098	7,072

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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