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02. High Income Index

Data as of 06/21/2019 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	1,205.85	0.18	0.84	0.35	1.58	23.78	3.20	9.76	3.59	3.25	1.56	20.41
NAV	1,179.40	0.13	1.33	0.68	1.14	13.76	5.01	8.75	3.73	2.38	1.05	13.46
Difference		-0.05	0.49	0.33	-0.44	-10.02	1.81	-1.01	0.14	-0.87	-0.51	-6.95
* 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	-	-	-	-	-	-	-	-	-	-	-	-	17.16
NAV	8.73	1.35	2.01	12.41	1.06	-2.34	-	-	-	-	-	-	-	-	-	-	-	-	11.08
Difference	-6.25	-0.27	0.29	-6.44	-0.76	1.06	-	-	-	-	-	-	-	-	-	-	-	-	-6.08
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 -3.68%	1Yr Disc -4.53%	3Yr Disc -3.84%	5Yr Disc -5.23%	Rel Disc Range (3yr) 55.10%
Mkt Yield 11.33%	Lev Adj NAV Yield 8.85%	After Tax Yield* 9.75%	Est Tax Friction* 1.58%	3Yr NAV Volatiliy 11.81
1 Yr RoC 39.48%	3 Yr Dest RoC 23.13%	Leverage 26.90%	Non Lev Exp Ratio 2.13%	Beta (2yr) 0.60
Equity Exposure 46.52%	Bond Exposure 51.36%	# Holdings 99	Cash Weighted Duration 1.41
Comp NAV TR -0.78%	Comp Discount 1.81%	Net Assets (M) 489	Liquidity - 90d (K) 1,801
* 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)
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	1.00	35.43	15.65	63.39	4.96	166	1,776
OXLC	Oxford Lane Cap Corp	Oxford Lane	0.97	22.48	15.90	0.00	34.08	354	5,644
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.97	-7.50	15.74	41.16	36.56	1,157	4,390
ECC	Eagle Point Cr Co	Eagle Point	1.01	27.61	13.35	23.54	34.92	343	3,203
EDI	SH Emrg Mkt Tot Incm Fd	Stone Harbor	0.96	14.64	14.03	63.52	0.00	110	697
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	0.98	-4.98	12.82	47.04	27.10	199	985
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	0.97	-6.16	11.96	58.13	27.44	152	603
NCZ	AG Convt & Incm Fd II	Allianz	0.82	-0.20	10.80	41.59	42.45	379	1,644
NCV	AG Convt & Incm Fd	Allianz	0.82	0.89	11.17	43.38	41.98	502	2,106
ACP	Abd Incm Cr Stgs Fd	Aberdeen	0.97	-1.80	11.46	0.00	30.47	167	1,216
GOF	Gghm Stgc Opp Fd	Guggenheim	0.97	15.08	10.69	19.89	0.00	640	3,189
RA	Brkf Real Ast Incm Fd	Brookfield	0.96	-7.16	10.84	40.31	24.05	866	2,326
FTF	FrkTmp Ltd Dur Incm Tr	Franklin	0.94	-7.12	10.79	55.30	26.56	313	930
GGM	Gghm Cr Alloc Fd	Guggenheim	0.96	4.59	10.48	3.73	24.32	147	626
PHK	PIMCO Hi Incm Fd	PIMCO	0.82	26.00	9.32	23.59	27.54	820	6,011
DMO	WA Mortg Dfin Opp Fd	Legg Mason	0.98	9.88	8.90	8.11	32.60	206	774
ERC	WF Mlt-Sctr Incm Fd	Wells Fargo	0.98	-5.76	9.54	22.01	29.60	416	1,329
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	0.90	-15.40	8.01	56.15	31.74	1,213	3,767
CCD	Calamos Dyn Convt & Incm Fd	Calamos	0.93	-0.10	9.98	35.16	34.25	491	1,462
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	0.93	-3.56	9.94	0.00	28.60	372	1,248
PGP	PIMCO Glbl Stk+ & Incm Fd	PIMCO	0.79	28.88	8.93	20.55	35.56	107	745
KIO	KKR Incm Opp Fd	KKR Credit	0.95	-4.00	9.46	0.00	31.16	336	1,581
AVK	AC Convt Sec & Incm Fd	Guggenheim	0.93	-11.16	9.50	62.69	40.72	576	1,432
CHI	Calamos Convt Opp & Incm	Calamos	0.97	-2.88	9.18	20.52	34.00	763	2,158
PFL	PIMCO Incm Stgy Fd	PIMCO	0.97	8.42	9.11	14.38	25.61	296	986
CHY	Calamos Convt & Hi Incm Fd	Calamos	0.95	-3.26	9.30	20.48	34.25	830	2,175
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.97	7.83	9.05	0.00	24.48	615	2,048
DHY	CS Hi Yld Bnd Fd	Credit Suisse	0.94	-2.72	9.12	13.16	35.54	266	624
BGB	B/GSO Stgc Cr Fd	Blackstone	0.95	-7.11	9.43	0.00	37.17	698	2,257
EDD	MS Emrg Mkt Dom Dbt	Morgan Stanley	0.98	-11.86	8.68	33.33	28.28	518	1,528
PHT	Pioneer Hi Incm Tr	Pioneer	0.96	-7.48	8.73	0.00	29.90	293	925
BGX	B/GSO Lng-Srt Cr Incm Fd	Blackstone	0.95	-2.81	9.40	0.00	38.98	203	962
DSL	DbLin Incm Solutions Fd	Doubleline	0.95	0.05	8.86	2.53	29.10	2,058	5,771
MIN	MFS Imd Incm Tr	MFS	0.93	-6.40	9.03	69.73	0.00	477	879
EAD	WF Incm Opp Fd	Wells Fargo	0.97	-9.77	8.72	0.00	28.80	575	1,624
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.01	28.68	8.30	2.63	37.97	1,274	5,297
IVH	Ivy Hi Incm Opp Fd	Ivy Investment	0.93	-12.21	8.88	0.00	30.86	255	860
ACV	AG Divr Incm & Convt Fd	Allianz	0.97	-0.38	8.58	0.00	31.56	242	830
EMD	WA Emrg Mkt Dbt Fd	Legg Mason	0.97	-12.49	8.52	15.70	29.60	977	1,987
MCR	MFS Charter Incm Tr	MFS	0.96	-8.95	8.62	43.05	20.00	422	729
AIF	Apollo Tactical Incm Fd	Apollo Credit	0.93	-12.51	8.17	0.00	34.11	243	691
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	0.93	-10.17	8.74	0.33	31.45	180	454
ARDC	Ares Dyn Cr Alloc Fd	Ares	0.94	-12.36	8.58	0.00	28.20	394	1,148
OXSQ	Oxford Square Cap Corp	Oxford Lane	0.66	-4.80	12.66	18.83	30.05	318	934
CMFN	CM Finance	CM Investment	0.66	-35.28	13.87	0.00	43.96	152	384
GARS	Garrison Capital	Garrison Capital	0.66	-33.43	13.24	0.00	65.83	168	218
TCRD	THL Credit	THL Credit	0.68	-24.67	12.44	0.00	43.37	285	607
FSK	FS KKR Capital Corp	FS/KKR Advisor	0.67	-23.79	12.69	0.00	43.94	4,108	9,653
CPTA	Capitala Finance Corp	Capitala	0.77	-21.02	10.90	0.00	60.74	187	905
GECC	Great Elm Cap Corp	Great Elm Capital	0.73	-18.00	11.15	0.00	26.34	113	687
BKCC	BR Cap Inv Corp	BlackRock	0.68	-15.80	11.96	5.18	28.93	492	1,646
AINV	Apollo Inv Corp	Apollo Investment	0.71	-16.42	11.30	0.00	45.60	1,312	4,653
OFS	OFS Capital Corp	OFS Capital	0.69	-4.91	10.97	0.00	60.58	174	514
MRCC	Monroe Capital Corp	Monroe Capital	0.62	-8.92	12.13	0.00	58.92	259	933
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	0.48	-34.03	15.75	18.75	40.26	144	407
PSEC	Prospect Capital Corp	Prospect Capital	0.68	-27.31	10.91	0.00	40.71	3,332	9,849
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	0.70	4.71	10.12	0.00	27.75	337	2,401
PNNT	PennantPark Inv Corp	PennantPark	0.61	-28.77	11.45	0.00	51.96	592	1,617
NDP	Tortoise Nrg Ind Fd	Tortoise	1.09	18.41	24.51	62.50	28.10	89	612
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.19	5.03	21.06	87.67	0.00	820	5,132
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.18	5.47	20.95	86.10	0.00	420	3,543
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.18	0.13	15.85	85.39	30.12	266	2,774
ZF	Virtus Total Return Fd	Zweig	1.32	-7.08	13.58	68.56	26.58	246	1,141
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.30	2.71	13.22	91.40	13.00	602	2,913
ZTR	Virtus Glbl Div & Inc Fd	Virtus	1.34	9.79	11.74	60.62	27.73	259	877
RIV	RiverNorth Opp Fd	RiverNorth	1.27	-1.90	11.95	78.10	15.65	125	570
HIE	Miller/Howard Hi Incm Eq Fd	Miller/Howard	1.20	3.91	12.47	70.98	30.41	169	874
FMO	F/C Nrg Infra Fd	Guggenheim	1.12	-7.55	13.53	86.85	38.57	366	989
GPM	Gghm Enh Eq Incm Fd	Guggenheim	1.22	1.53	12.03	66.97	31.62	379	1,002
NTG	Tortoise Midstream Nrg Fd	Tortoise	1.20	-5.32	12.50	76.33	35.20	903	2,687
IRR	Voya NtrRes Eq Incm Fd	Voya	1.16	8.14	12.83	90.19	0.00	106	277
DSE	D&P Sel MLP & Midstream Nrg Fd	Virtus	1.17	-7.96	12.66	100.00	36.10	135	490
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.16	-10.23	12.36	66.08	32.40	459	1,355
EOD	WF Glbl Div Opp Fd	Wells Fargo	1.29	-8.85	10.74	17.33	15.40	266	817
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.23	-7.71	11.33	42.07	0.00	680	2,102
TYG	Tortoise Nrg Infra Corp	Tortoise	1.18	-3.62	11.71	61.36	32.40	1,245	3,631
IFN	India Fund	Aberdeen	1.18	-10.42	11.25	0.00	0.00	630	1,948
NHF	NexPoint Stgc Opp Fd	NexPoint Advisors	1.07	-13.32	12.63	53.29	24.16	1,006	6,832
DEX	Dlw Enh Glbl Div & Incm Fd	Delaware	1.26	-9.85	11.04	28.73	32.10	140	537
GLO	Clough Glbl Opp Fd	Clough	1.19	-13.01	11.33	71.04	36.30	347	1,125
THW	Tekla Wld Health Fd	Tekla	1.22	-8.41	10.99	95.88	22.17	420	1,596
JMLP	Nuv All Cap Nrg MLP Opp Fd	Nuveen	1.08	-9.54	12.36	100.00	28.08	91	282
TTP	Tortoise Pip & Nrg Fd	Tortoise	1.16	-11.46	11.46	98.77	28.30	161	574
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.25	-0.27	10.49	34.68	25.89	443	1,322
MCN	Madison Cov Call & Eq Stgc	Madison	1.14	-9.65	11.15	28.31	0.00	150	409
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.26	-0.37	10.28	35.18	38.01	486	1,221
GMZ	GS MLP Incm Opp Fd	Goldman Sachs	1.18	-5.64	10.91	79.37	32.70	363	970
FEI	FT MLP & Nrg Incm Fd	First Trust	1.28	-5.70	10.07	74.19	26.14	594	1,668
JMF	Nuv Nrg MLP Total Rtn Fd	Nuveen	1.15	-6.70	11.05	76.38	28.33	396	1,518
HEQ	JH Hgd Eq & Incm Fd	John Hancock	1.12	-7.35	10.95	36.65	0.00	181	447
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	1.21	-8.56	10.30	1.26	27.06	266	806
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.27	-8.52	9.63	70.32	2.86	582	1,936
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	1.25	-0.21	9.72	67.93	0.00	598	1,945
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.06	-20.86	11.33	9.63	38.94	330	929
USA	Liberty All-Star Eq Fd	ALPS	1.28	-4.95	10.73	11.78	0.00	1,339	4,318
MIE	C&S MLP Incm & Nrg Opp Fd	Cohen & Steers	1.23	-4.36	9.79	67.43	29.80	264	1,121
CGO	Calamos Glbl Tot Rtn Fd	Calamos	1.29	6.80	9.32	37.31	33.68	104	295
FPL	FT New Opp MLP & Nrg Fd	First Trust	1.24	-9.81	9.69	84.38	25.78	265	1,114
NRO	NB Rel-Est Sec Incm Fd	Neuberger Berman	1.27	-7.99	9.27	50.05	27.40	267	1,167

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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