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02. High Income Index

Data as of 09/28/2020 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(%)	MTD(%)	QTD(%)	YTD(%)
Price	935.71	1.47	-0.84	-3.50	4.29	32.85	-21.73	-6.78	3.07	-3.70	1.86	-24.52
NAV	1,029.80	0.89	0.01	-2.52	5.18	27.20	-11.69	-1.96	3.49	-2.63	3.28	-14.76
Difference		-0.59	0.85	0.98	0.89	-5.65	10.04	4.81	0.42	1.07	1.42	9.76
* 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	21.51	6.53	-1.22	27.86	-25.90	2.19	3.50	-	-	-	-	-	-	-	-
NAV	-1.37	-6.57	-26.08	-31.89	15.62	4.34	0.44	21.17	-17.46	3.59	2.39	-	-	-	-	-	-	-	-
Difference	-1.25	4.21	8.88	10.15	-5.89	-2.19	1.67	-6.68	8.43	1.40	-1.11	-	-	-	-	-	-	-	-
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

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -13.15%	1Yr Disc -8.27%	3Yr Disc -5.57%	5Yr Disc -5.80%	Rel Disc Range (3yr) 50.52%
Mkt Yield 11.90%	Lev Adj NAV Yield 8.32%	After Tax Yield* 10.08%	Est Tax Friction* 1.82%	3Yr NAV Volatiliy 19.53
1 Yr RoC 34.75%	3 Yr Dest RoC 27.62%	Leverage 27.13%	Non Lev Exp Ratio 2.17%	Beta (2yr) 0.86
Equity Exposure 43.70%	Bond Exposure 53.55%	# Holdings 99	Cash Weighted Duration 1.52
Comp NAV TR -2.16%	Comp Discount -0.58%	Net Assets (M) 494	Liquidity - 90d (K) 1,896
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

99 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
OXLC	Oxford Lane Cap Corp	Oxford Lane	0.99	15.16	18.71	44.44	47.78	283	4,157
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.96	-13.99	16.47	59.47	35.74	930	3,201
ACP	Abd Incm Cr Stgs Fd	Aberdeen	1.02	-4.50	12.30	15.71	31.52	178	1,198
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	0.94	-6.81	15.47	56.83	24.80	201	1,049
RA	Brkf Real Ast Incm Fd	Brookfield	0.95	-12.38	14.30	22.66	25.13	840	2,677
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	0.86	-2.87	14.93	62.04	32.97	110	606
ECC	Eagle Point Cr Co	Eagle Point	1.10	-1.64	11.43	20.24	32.90	271	1,241
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.97	9.19	12.43	62.67	24.33	714	2,726
EDI	SH Emrg Mkt Tot Incm Fd	Stone Harbor	0.89	-5.77	13.37	59.76	33.29	75	278
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	0.99	-8.84	12.04	0.00	27.51	85	300
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	0.93	0.28	12.34	24.14	28.16	160	551
KIO	KKR Incm Opp Fd	KKR Credit	1.03	-6.85	11.04	0.58	32.21	297	1,246
FCT	FT Sr Flt Rt Incm Fd II	First Trust	0.96	-11.79	11.38	28.03	29.38	328	1,064
NCV	AG Convt & Incm Fd	Allianz	0.99	-12.85	11.06	36.65	41.79	478	2,738
HFRO	Highland Incm Fd	Highland Capital	1.02	-30.68	10.51	17.36	35.10	905	3,234
DSL	DbLin Incm Solutions Fd	Doubleline	0.96	-2.04	11.34	7.10	27.89	1,650	5,412
NCZ	AG Convt & Incm Fd II	Allianz	0.99	-13.29	10.95	32.01	42.29	361	2,518
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	1.00	5.32	10.65	0.00	45.78	2,705	11,245
PFL	PIMCO Incm Stgy Fd	PIMCO	0.98	5.43	10.70	1.17	34.31	300	1,018
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.98	5.47	10.60	1.69	33.07	614	1,816
PHT	Pioneer Hi Incm Tr	Pioneer	1.00	-7.60	10.10	0.00	28.80	254	717
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	0.92	-10.36	11.01	53.13	27.47	138	455
PHK	PIMCO Hi Incm Fd	PIMCO	0.94	4.67	10.71	0.00	31.25	682	2,667
AVK	Advent Convt & Incm Fd	Guggenheim Funds	0.97	-14.98	10.24	71.20	37.07	558	1,574
PDI	PIMCO Dyn Incm Fd	PIMCO	0.94	6.45	10.69	0.00	42.88	1,427	6,193
EVV	EV Ltd Dur Incm Fd	Eaton Vance	0.94	-13.88	10.57	21.42	34.99	1,531	3,230
IVH	Ivy Hi Incm Opp Fd	Ivy Investment	0.99	-11.23	8.99	0.00	27.71	224	601
DMO	WA Mortg Opp Fd	Legg Mason	0.84	-7.82	10.32	17.09	28.00	156	892
ERC	WF Mlt-Sctr Incm Fd	Wells Fargo	0.92	-10.34	10.39	5.63	26.60	354	838
FTF	FrkTmp Ltd Dur Incm Tr	Franklin	0.98	-4.33	10.53	46.04	30.12	278	664
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	1.00	-4.46	9.76	40.61	36.50	228	483
BIT	BR Mlt-Sctr Incm Tr	BlackRock	1.01	-10.50	9.46	25.92	33.54	658	1,940
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	0.97	27.72	9.70	1.59	39.79	1,109	5,966
VTA	Invsc Dyn Cr Opp Fd	Invesco	0.97	-15.96	9.71	0.99	30.00	695	3,039
PKO	PIMCO Incm Opp Fd	PIMCO	0.93	2.15	10.21	0.00	44.85	424	2,040
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	1.00	-10.25	9.46	0.00	25.87	300	774
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	1.00	-11.04	9.42	0.00	30.22	224	3,783
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	1.02	-8.95	9.15	2.44	31.47	169	3,016
FSD	FT Hi Incm Lng/Srt Fd	First Trust	0.98	-10.46	9.46	30.18	20.89	526	979
DHY	CS Hi Yld Bnd Fd	Credit Suisse	1.01	-9.62	9.17	5.21	30.29	247	2,975
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	0.99	-11.27	7.91	0.00	37.61	611	1,792
BGX	B/GSO Lng-Srt Cr Incm Fd	GSO / Blackstone	0.99	-10.39	8.12	0.00	39.18	182	925
GHY	PGIM Glbl Hi Yld Fd	Prudential	0.97	-13.37	9.49	2.75	25.88	627	1,219
FSK	FS KKR Capital Corp	FS/KKR	0.73	-31.28	14.94	0.00	56.47	2,892	10,390
SCM	Stellus Cap Inv Corp	Stellus Capital	0.77	-33.96	11.35	0.00	58.52	260	1,036
GECC	Great Elm Cap Corp	Great Elm Capital	0.55	-30.20	27.98	0.00	44.95	54	498
HCAP	Harvest Cap Cr Corp	Harvest Capital	0.53	-64.94	0.00	10.06	53.92	61	87
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	0.79	-50.18	17.78	24.03	56.39	121	320
AINV	Apollo Inv Corp	Apollo	0.58	-44.08	14.50	0.00	62.64	1,028	3,802
GARS	Garrison Capital	Garrison Capital	0.72	-37.80	5.13	0.00	72.28	101	212
CGBD	TCG BDC	Carlyle	0.72	-35.54	13.42	0.00	55.44	833	2,314
ICMB	Investcorp Cr Mgmt BDC	Investcorp	0.68	-53.66	16.62	0.00	61.79	108	96
TCPC	BR TCP Capital Corp	BlackRock	0.69	-16.46	11.76	0.55	56.36	705	3,028
OFS	OFS Capital Corp	OFS Capital	0.64	-53.47	14.47	0.00	69.91	135	352
CSWC	Cap Southwest Corp	Capital Southwest	0.67	-1.81	13.90	0.00	53.55	278	1,089
BCSF	Bain Cap Splty Fin	BCSF Advisors	0.62	-31.75	12.60	0.00	59.09	1,021	2,156
BKCC	BR Cap Inv Corp	BlackRock	0.61	-47.31	15.69	0.00	48.10	340	940
MRCC	Monroe Capital Corp	Monroe Capital	0.61	-33.37	14.47	0.00	62.70	221	737
OXSQ	Oxford Square Cap Corp	Oxford Lane	0.58	-27.40	16.34	4.75	36.41	176	624
NRGX	Nrg & Tac Cr Opp Fd	PIMCO	1.14	-21.94	10.99	33.57	0.00	355	1,336
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.35	14.54	20.46	86.75	0.00	726	6,583
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.36	17.61	20.05	89.12	0.00	370	3,868
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.21	-35.43	16.36	10.82	16.03	215	613
RIV	RiverNorth Opp Fd	RiverNorth	1.22	-2.89	14.96	76.18	6.64	139	929
EOD	WF Glbl Div Opp Fd	Wells Fargo	1.22	-15.62	12.95	0.00	18.50	215	675
NRO	NB Rel-Est Sec Incm Fd	Neuberger Berman	1.30	-6.44	12.70	65.58	13.80	192	988
DPG	D&P Util & Infra Fd	Duff & Phelps	1.13	-15.09	13.82	56.00	31.88	453	1,199
CEM	CB MLP & Midstream Fd	Legg Mason	0.89	-25.52	16.99	86.73	34.01	209	938
GLQ	Clough Glbl Eq Fd	Clough	1.31	-17.63	11.91	45.15	38.76	179	556
SCD	LMP Cap & Incm Fd	Legg Mason	1.28	-14.32	12.27	58.20	21.20	212	741
GLO	Clough Glbl Opp Fd	Clough	1.32	-16.53	11.71	72.52	39.11	355	1,343
CTR	CB MLP & Midstream Tot Rtn Fd	Legg Mason	0.94	-26.25	15.95	100.00	25.91	104	406
NHF	NexPoint Stgc Opp Fd	Highland Capital	1.05	-48.96	13.61	41.62	16.00	779	2,001
ZTR	Virtus Tot Rtn Fd	Virtus	1.21	-10.58	12.21	68.46	26.27	417	998
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	0.94	-25.41	14.81	100.00	33.33	687	3,612
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.38	-3.62	10.53	13.62	32.10	492	1,488
EMO	CB Nrg Midstream Opp Fd	Legg Mason	0.95	-27.60	14.57	85.72	31.35	175	704
FEI	FT MLP & Nrg Incm Fd	First Trust	1.06	-23.66	12.74	68.23	20.14	290	1,067
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.07	-22.45	13.16	83.90	20.25	235	960
PGZ	Principal Rel-Est Incm Fd	ALPS	1.13	-23.65	12.17	4.08	28.78	98	356
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.25	-13.89	10.56	75.68	11.00	653	4,418
IFN	India Fund	Aberdeen	1.30	-14.63	11.26	14.29	0.00	515	1,415
FPL	FT New Opp MLP & Nrg Fd	First Trust	1.08	-21.08	12.26	56.07	22.07	120	535
IDE	Voya Infra Ind & Matrls Fd	Voya	1.33	-15.38	9.62	70.28	0.00	215	574
HEQ	JH Hgd Eq & Incm Fd	John Hancock	1.15	-11.05	11.00	47.67	0.00	145	459
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.24	-16.09	10.34	50.96	0.00	472	1,847
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	1.23	-10.46	10.19	60.40	0.00	1,028	2,367
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	1.25	-12.05	10.03	92.90	0.00	2,538	4,638
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.28	-15.46	9.76	72.75	0.00	563	1,714
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.02	-29.15	11.98	77.62	23.70	52	365
BTO	JH Fin Opp Fd	John Hancock	1.13	9.19	10.40	21.65	23.81	362	1,787
JRS	Nuv Rel-Est Incm Fd	Nuveen	1.28	-14.01	9.99	48.79	28.24	256	967
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	1.31	-14.90	9.52	27.81	28.19	393	1,188
DNI	Div & Incm Fd	Bexil	1.16	-32.42	10.71	62.26	13.25	173	418
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	1.24	-18.94	10.08	60.54	21.44	856	2,361
IGA	Voya Glbl Adv & Prm Opp Fd	Voya	1.28	-13.92	9.44	0.00	0.00	177	540
USA	Liberty All-Star Eq Fd	ALPS	1.32	-7.44	10.72	0.00	0.00	1,373	4,152
FOF	C&S CE Opp Fd	Cohen & Steers	1.29	-2.73	9.47	57.97	0.00	309	1,037
THW	Tekla Wld Health Fd	Tekla	1.23	0.00	9.97	88.37	22.02	423	1,551

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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