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02. High Income Index

Data as of 10/11/2019 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	1,189.93	0.17	-0.53	-1.61	-4.04	-1.03	3.76	6.59	4.43	-1.22	-1.22	19.11
NAV	1,158.20	0.37	-0.68	-1.50	-3.52	-1.81	1.97	5.89	4.18	-1.18	-1.18	11.67
Difference		0.19	-0.15	0.11	0.52	-0.78	-1.79	-0.70	-0.25	0.04	0.04	-7.44
* 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	-	-	-	-	-	20.33
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	-	-	-	-	-	12.85
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	-	-	-	-	-	-7.48
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 -3.71%	1Yr Disc -5.01%	3Yr Disc -4.14%	5Yr Disc -5.51%	Rel Disc Range (3yr) 57.19%
Mkt Yield 11.65%	Lev Adj NAV Yield 8.98%	After Tax Yield* 10.06%	Est Tax Friction* 1.59%	3Yr NAV Volatiliy 11.48
1 Yr RoC 40.33%	3 Yr Dest RoC 26.87%	Leverage 28.28%	Non Lev Exp Ratio 2.02%	Beta (2yr) 0.59
Equity Exposure 46.75%	Bond Exposure 50.84%	# Holdings 95	Cash Weighted Duration 1.38
Comp NAV TR -1.22%	Comp Discount 1.21%	Net Assets (M) 502	Liquidity - 90d (K) 1,933
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

95 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
OXLC	Oxford Lane Cap Corp	Oxford Lane	1.01	18.85	17.02	0.00	32.01	341	6,597
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.97	-11.15	17.13	48.54	37.35	1,107	5,119
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	1.01	43.35	16.17	58.18	3.94	152	1,390
EDI	SH Emrg Mkt Tot Incm Fd	Stone Harbor	1.03	15.90	14.99	52.74	3.06	102	572
ECC	Eagle Point Cr Co	Eagle Point	1.05	45.76	14.38	19.93	33.94	308	4,264
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	1.00	-0.51	12.43	45.95	26.90	196	1,047
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	0.99	-3.74	11.98	52.05	27.48	148	516
ACP	Abd Incm Cr Stgs Fd	Aberdeen	0.98	-0.88	11.62	0.00	31.07	163	1,039
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.99	11.83	11.33	37.03	0.00	662	3,140
NCV	AG Convt & Incm Fd	Allianz	1.00	2.17	11.13	35.42	41.11	499	1,649
FTF	FrkTmp Ltd Dur Incm Tr	Franklin	0.97	-8.75	11.14	51.48	28.61	303	869
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	0.99	5.12	10.81	9.77	26.32	150	592
NCZ	AG Convt & Incm Fd II	Allianz	0.99	0.40	10.80	40.95	41.56	378	997
RA	Brkf Real Ast Incm Fd	Brookfield	1.00	-2.43	10.43	41.63	22.13	856	2,888
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	0.98	-3.26	10.35	0.00	29.64	356	959
CCD	Calamos Dyn Convt & Incm Fd	Calamos	0.99	2.03	9.95	50.95	33.69	483	1,403
AVK	AC Convt Sec & Incm Fd	Guggenheim Funds	0.98	-10.97	9.74	64.77	40.31	560	1,668
KIO	KKR Incm Opp Fd	KKR Credit	0.96	-2.58	9.91	0.00	30.73	316	1,361
ERC	WF Mlt-Sctr Incm Fd	Wells Fargo	0.99	-6.94	9.64	5.56	29.60	407	1,155
PHK	PIMCO Hi Incm Fd	PIMCO	0.99	25.77	9.55	15.38	28.71	804	2,892
PFL	PIMCO Incm Stgy Fd	PIMCO	1.01	9.54	9.31	11.39	26.01	297	1,024
CHY	Calamos Convt & Hi Incm Fd	Calamos	0.99	-0.81	9.26	30.24	33.81	812	1,630
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.00	9.13	9.23	0.00	26.71	615	1,995
CHI	Calamos Convt Opp & Incm	Calamos	1.00	-0.66	9.15	30.35	33.57	748	1,841
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	0.95	-6.89	9.47	0.00	37.23	674	2,048
MIN	MFS Imd Incm Tr	MFS	0.98	-6.67	9.13	69.49	0.00	473	968
DSL	DbLin Incm Solutions Fd	Doubleline	0.99	3.74	9.02	2.18	30.34	1,951	7,294
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	0.98	-5.23	9.08	13.66	33.40	247	921
BGX	B/GSO Lng-Srt Cr Incm Fd	GSO / Blackstone	0.96	-1.03	9.29	0.00	39.14	197	983
DHY	CS Hi Yld Bnd Fd	Credit Suisse	0.97	-1.57	9.12	10.83	30.08	263	604
ACV	AG Divr Incm & Convt Fd	Allianz	0.99	-0.92	8.85	0.00	30.40	236	905
GHY	PGIM Glbl Hi Yld Fd	Prudential	0.97	-12.26	8.89	2.18	27.09	661	1,524
FSD	FT Hi Incm Lng/Srt Fd	First Trust	0.99	-10.20	8.72	21.91	22.74	580	1,335
IVH	Ivy Hi Incm Opp Fd	Ivy Investment	0.97	-9.44	8.88	0.00	30.82	247	916
PHT	Pioneer Hi Incm Tr	Pioneer	0.98	-8.23	8.86	0.00	30.10	291	815
EMD	WA Emrg Mkt Dbt Fd	Legg Mason	1.00	-9.68	8.58	17.47	28.78	941	2,034
MCR	MFS Charter Incm Tr	MFS	0.99	-7.21	8.67	45.60	20.00	407	795
ARDC	Ares Dyn Cr Alloc Fd	Ares	0.97	-12.48	8.80	0.00	30.93	384	1,158
EAD	WF Incm Opp Fd	Wells Fargo	0.99	-8.92	8.66	7.78	29.10	559	1,301
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.00	28.73	8.58	2.13	36.97	1,245	4,610
MMT	MFS MltMkt Incm Tr	MFS	0.99	-7.06	8.65	42.64	20.00	413	1,027
ICMB	Investcorp Cr Mgmt BDC	Investcorp	0.66	-38.15	15.38	0.00	43.78	143	167
MRCC	Monroe Capital Corp	Monroe Capital	0.66	-17.41	13.54	0.00	61.72	256	1,016
GARS	Garrison Capital	Garrison Capital	0.65	-35.05	13.75	0.00	66.29	165	180
FSK	FS KKR Capital Corp	FS/KKR	0.69	-26.52	13.13	0.00	44.56	4,086	12,115
OXSQ	Oxford Square Cap Corp	Oxford Lane	0.64	-6.81	13.67	9.40	34.14	301	992
TCRD	THL Credit	THL Credit	0.67	-20.38	12.43	0.00	43.58	264	488
GECC	Great Elm Cap Corp	Great Elm Capital	0.68	-20.39	12.15	0.00	34.94	104	428
CPTA	Capitala Finance Corp	Capitala	0.69	-10.79	11.73	0.00	63.38	154	1,124
OFS	OFS Capital Corp	OFS Capital	0.69	-8.88	11.53	0.00	55.76	173	525
PNNT	PennantPark Inv Corp	PennantPark	0.68	-30.09	11.78	0.00	53.30	586	2,036
AINV	Apollo Inv Corp	Apollo	0.67	-18.00	11.55	0.00	50.34	1,288	4,845
BKCC	BR Cap Inv Corp	BlackRock	0.67	-28.74	11.52	4.75	33.39	469	1,814
PSEC	Prospect Capital Corp	Prospect Capital	0.66	-28.19	11.13	0.00	41.08	3,309	9,797
TCPC	BR TCP Capital Corp	BlackRock	0.67	-1.98	10.77	0.00	52.43	802	4,070
FDUS	Fidus Investment Corp	Fidus	0.66	-11.11	10.77	0.00	42.81	399	1,446
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.27	4.43	22.23	85.80	0.00	788	4,603
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.26	4.09	22.26	81.80	0.00	404	2,998
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.25	0.73	18.23	94.17	29.02	230	3,333
FMO	F/C Nrg Infra Fd	Guggenheim Funds	1.22	-6.52	15.55	93.43	39.75	315	1,196
NTG	Tortoise Midstream Nrg Fd	Tortoise	1.23	-3.88	14.53	88.17	37.30	765	2,947
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.29	3.84	13.86	89.45	12.24	582	4,342
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.26	-4.12	13.73	83.04	37.26	386	1,497
NHF	NexPoint Stgc Opp Fd	Highland Capital	1.28	-16.92	13.61	56.33	21.80	977	3,380
TYG	Tortoise Nrg Infra Corp	Tortoise	1.23	-3.01	13.56	80.68	34.70	107	3,346
ZF	Virtus Total Return Fd	Virtus	1.31	5.28	12.71	59.70	26.51	233	1,261
HIE	Miller/Howard Hi Incm Eq Fd	Miller/Howard	1.30	4.10	12.74	69.34	34.69	176	865
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.28	-23.25	12.63	30.39	38.94	306	736
SZC	Cushing Renaissace Fd	Cushing	1.27	-13.15	12.61	47.35	12.50	156	1,209
GMZ	GS MLP Incm Opp Fd	Goldman Sachs	1.20	-5.04	13.10	89.68	37.96	300	932
GPM	Gghm Enh Eq Incm Fd	Guggenheim Funds	1.28	1.45	12.50	83.46	31.85	365	895
ZTR	Virtus Glbl Div & Inc Fd	Virtus	1.32	8.55	12.14	65.12	27.48	254	878
RIV	RiverNorth Opp Fd	RiverNorth	1.27	0.83	12.02	93.22	9.78	121	847
GLQ	Clough Glbl Eq Fd	Clough	1.29	-9.03	11.33	0.00	34.27	166	884
JMF	Nuv Nrg MLP Total Rtn Fd	Nuveen	1.21	-2.43	12.45	90.55	29.18	336	1,619
GLO	Clough Glbl Opp Fd	Clough	1.29	-10.43	11.51	52.67	38.29	327	1,043
IFN	India Fund	Aberdeen	1.26	-9.88	11.61	0.00	0.00	596	1,877
GLV	Clough Glbl Div & Incm Fd	Clough	1.31	-9.00	10.99	69.20	34.47	101	591
DEX	Dlw Enh Glbl Div & Incm Fd	Delaware	1.29	-10.33	11.19	56.04	30.15	138	512
HEQ	JH Hgd Eq & Incm Fd	John Hancock	1.30	-4.69	10.88	44.64	0.00	177	510
EOD	WF Glbl Div Opp Fd	Wells Fargo	1.32	-7.43	10.88	0.00	15.50	255	551
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.30	0.26	10.69	50.76	37.12	464	1,326
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	1.33	-8.19	10.45	1.91	26.58	261	875
USA	Liberty All-Star Eq Fd	ALPS	1.29	-1.54	10.66	8.53	0.00	1,326	4,480
FEI	FT MLP & Nrg Incm Fd	First Trust	1.23	-8.52	11.06	81.67	25.87	558	1,539
EMO	CB Nrg Midstream Opp Fd	Legg Mason	1.25	-11.38	10.94	76.78	33.44	681	1,675
THW	Tekla Wld Health Fd	Tekla	1.26	-2.83	10.74	75.00	22.27	406	1,723
CEM	CB MLP & Midstream Fd	Legg Mason	1.24	-10.60	10.85	94.30	32.79	857	2,312
MIE	C&S MLP Incm & Nrg Opp Fd	Cohen & Steers	1.19	1.47	11.19	83.71	30.65	218	1,882
GNT	GAMCO NtrRes Gd & Incm	Gabelli	1.33	-0.34	10.22	97.83	18.52	123	513
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.27	5.98	10.47	56.46	26.17	418	1,571
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	1.20	-11.87	10.78	26.09	34.60	1,915	6,863
NDP	Tortoise Nrg Ind Fd	Tortoise	1.23	-11.71	10.20	46.46	29.10	66	564
HQH	Tekla Health Invstr	Tekla	1.29	-10.76	9.87	59.27	0.00	865	2,786
CTR	CB MLP & Midstream Tot Rtn Fd	Legg Mason	1.24	-12.12	10.38	96.21	31.45	371	855

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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