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02. High Income Index

Data as of 12/04/2019 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	1,196.64	0.55	1.04	-1.30	1.31	1.24	7.10	6.80	4.50	0.19	-0.66	19.67
NAV	1,157.70	0.34	0.15	-1.90	0.22	-0.42	4.21	5.75	3.98	-0.32	-1.22	11.63
Difference		-0.21	-0.90	-0.60	-1.09	-1.67	-2.88	-1.05	-0.52	-0.51	-0.56	-8.04
* 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	-0.62	-0.23	-	-	-	19.47
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	-	-	-	11.94
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	-	-	-	-7.53
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 -2.64%	1Yr Disc -4.31%	3Yr Disc -4.05%	5Yr Disc -5.15%	Rel Disc Range (3yr) 60.39%
Mkt Yield 11.70%	Lev Adj NAV Yield 9.09%	After Tax Yield* 10.15%	Est Tax Friction* 1.55%	3Yr NAV Volatiliy 11.11
1 Yr RoC 41.16%	3 Yr Dest RoC 24.24%	Leverage 28.65%	Non Lev Exp Ratio 2.00%	Beta (2yr) 0.61
Equity Exposure 45.63%	Bond Exposure 52.05%	# Holdings 94	Cash Weighted Duration 1.46
Comp NAV TR 0.30%	Comp Discount 1.06%	Net Assets (M) 517	Liquidity - 90d (K) 2,004
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

94 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
OXLC	Oxford Lane Cap Corp	Oxford Lane	0.91	25.04	19.54	0.00	30.12	392	6,268
JQC	Nuv Cr Stgs Incm Fd	Nuveen	1.03	-8.11	16.60	52.43	37.78	1,104	4,629
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	1.03	51.80	15.99	54.96	6.26	146	1,213
EDI	SH Emrg Mkt Tot Incm Fd	Stone Harbor	1.02	16.30	15.50	46.11	6.12	98	554
ECC	Eagle Point Cr Co	Eagle Point	0.96	48.37	16.00	20.59	37.38	278	3,496
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	0.96	-5.37	13.27	48.31	27.20	193	1,238
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	1.00	-3.87	11.94	51.59	27.74	149	595
ACP	Abd Incm Cr Stgs Fd	Aberdeen	0.89	-6.66	13.01	0.00	30.65	207	1,958
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	1.01	12.94	11.28	44.45	0.08	674	3,072
NCV	AG Convt & Incm Fd	Allianz	1.02	1.06	11.05	35.95	41.01	508	1,413
FTF	FrkTmp Ltd Dur Incm Tr	Franklin	1.00	-7.13	10.88	49.90	28.96	300	942
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	1.01	5.09	10.86	12.01	24.28	154	593
NCZ	AG Convt & Incm Fd II	Allianz	1.00	-0.59	10.74	40.58	41.45	385	1,027
RA	Brkf Real Ast Incm Fd	Brookfield	0.98	-4.38	10.83	43.93	22.00	841	3,212
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	0.95	-7.05	10.25	0.00	29.79	356	1,062
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.02	2.26	9.62	58.79	33.40	498	1,225
AVK	Advent Convt & Incm Fd	Guggenheim Funds	1.05	-7.53	9.16	66.15	40.41	573	1,627
KIO	KKR Incm Opp Fd	KKR Credit	0.99	-2.23	9.80	0.00	31.56	319	1,178
ERC	WF Mlt-Sctr Incm Fd	Wells Fargo	1.04	-3.05	9.33	0.00	30.00	401	987
PHK	PIMCO Hi Incm Fd	PIMCO	0.99	24.47	9.65	12.97	27.51	805	3,129
PFL	PIMCO Incm Stgy Fd	PIMCO	1.02	8.54	9.33	10.93	26.41	307	1,087
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.03	1.14	8.87	37.08	33.59	833	1,675
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.02	9.80	9.12	0.00	26.21	637	1,995
CHI	Calamos Convt Opp & Incm	Calamos	1.04	1.57	8.74	37.18	33.35	766	1,661
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	0.96	-7.17	9.53	0.00	37.24	673	2,405
MIN	MFS Imd Incm Tr	MFS	0.99	-5.74	9.02	69.56	0.00	469	1,259
DSL	DbLin Incm Solutions Fd	Doubleline	0.99	4.39	9.02	2.61	30.83	1,939	4,782
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	0.99	-5.36	9.05	15.97	33.30	248	797
BGX	B/GSO Lng-Srt Cr Incm Fd	GSO / Blackstone	0.95	-2.90	9.46	0.00	39.23	197	950
DHY	CS Hi Yld Bnd Fd	Credit Suisse	0.99	-0.39	9.01	11.09	30.08	263	575
ACV	AG Divr Incm & Convt Fd	Allianz	1.08	4.45	8.05	0.00	30.39	247	843
GHY	PGIM Glbl Hi Yld Fd	Prudential	1.01	-10.81	8.68	0.00	27.23	666	1,538
FSD	FT Hi Incm Lng/Srt Fd	First Trust	1.01	-9.07	8.60	26.51	22.51	580	1,758
IVH	Ivy Hi Incm Opp Fd	Ivy Investment	0.97	-10.03	8.98	0.00	31.24	246	727
PHT	Pioneer Hi Incm Tr	Pioneer	1.00	-7.81	8.79	0.00	30.00	292	724
EMD	WA Emrg Mkt Dbt Fd	Legg Mason	1.00	-9.22	8.65	19.66	29.60	929	1,909
MCR	MFS Charter Incm Tr	MFS	1.00	-7.05	8.61	47.72	20.00	404	784
ARDC	Ares Dyn Cr Alloc Fd	Ares	1.00	-10.30	8.71	0.00	31.05	378	1,258
EAD	WF Incm Opp Fd	Wells Fargo	1.03	-4.83	8.36	5.56	29.40	549	1,475
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.03	29.99	8.41	2.13	36.66	1,257	3,949
MMT	MFS MltMkt Incm Tr	MFS	1.03	-4.25	8.34	42.79	20.00	413	912
ICMB	Investcorp Cr Mgmt BDC	Investcorp	0.75	-29.34	13.89	0.00	54.97	139	184
MRCC	Monroe Capital Corp	Monroe Capital	0.73	-6.48	12.13	0.00	63.60	252	1,383
GARS	Garrison Capital	Garrison Capital	0.59	-35.62	10.31	0.00	68.63	145	239
FSK	FS KKR Capital Corp	FS/KKR	0.75	-20.10	12.10	0.00	45.30	4,001	13,007
OXSQ	Oxford Square Cap Corp	Oxford Lane	0.59	-1.66	15.08	8.06	37.03	259	1,151
TCRD	THL Credit	THL Credit	0.67	-19.06	12.44	0.00	40.41	253	474
GECC	Great Elm Cap Corp	Great Elm Capital	0.65	-14.96	12.88	0.00	40.09	91	412
CPTA	Capitala Finance Corp	Capitala	0.71	-9.36	11.73	0.00	62.54	152	867
OFS	OFS Capital Corp	OFS Capital	0.65	-11.07	12.00	0.00	64.82	170	426
PNNT	PennantPark Inv Corp	PennantPark	0.70	-28.11	11.54	0.00	53.18	582	1,763
AINV	Apollo Inv Corp	Apollo	0.73	-9.42	10.63	0.00	54.94	1,244	6,353
BKCC	BR Cap Inv Corp	BlackRock	0.71	-21.57	11.00	4.75	37.18	447	1,834
PSEC	Prospect Capital Corp	Prospect Capital	0.68	-26.61	11.06	0.00	39.90	3,259	9,312
TCPC	BR TCP Capital Corp	BlackRock	0.71	5.59	10.03	0.00	55.12	799	3,225
FDUS	Fidus Investment Corp	Fidus	0.73	-6.56	10.14	0.00	44.32	403	1,415
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.33	5.33	19.75	85.51	0.00	798	4,563
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.33	5.69	19.68	82.42	0.00	409	3,035
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.13	3.28	20.91	97.08	30.07	195	3,052
FMO	F/C Nrg Infra Fd	Guggenheim Funds	1.07	-8.63	18.49	100.00	42.72	271	1,570
NTG	Tortoise Midstream Nrg Fd	Tortoise	1.08	-5.10	17.14	100.00	40.98	657	4,179
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.31	2.87	13.95	90.98	12.00	584	3,513
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.08	-4.26	16.75	100.00	37.83	317	1,514
NHF	NexPoint Stgc Opp Fd	Highland Capital	1.26	-19.19	14.07	55.08	22.10	971	3,968
TYG	Tortoise Nrg Infra Corp	Tortoise	1.09	-3.23	15.89	100.00	36.80	916	4,735
HIE	Miller/Howard Hi Incm Eq Fd	Miller/Howard	1.33	7.13	12.52	67.35	33.95	183	1,133
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.12	-25.04	14.65	23.63	38.94	270	828
SZC	Cushing Renaissace Fd	Cushing	1.26	-12.41	12.91	52.78	1.40	151	785
GMZ	GS MLP Incm Opp Fd	Goldman Sachs	1.04	-4.32	15.82	100.00	38.81	247	1,372
GPM	Gghm Enh Eq Incm Fd	Guggenheim Funds	1.34	1.88	11.84	83.46	30.99	384	910
ZTR	Virtus Glbl Div & Inc Fd	Virtus	2.64	7.17	12.26	65.49	27.72	487	988
RIV	RiverNorth Opp Fd	RiverNorth	1.23	-3.59	12.65	59.81	9.78	156	1,181
GLQ	Clough Glbl Eq Fd	Clough	1.36	-9.08	10.56	0.00	34.27	173	688
JMF	Nuv Nrg MLP Total Rtn Fd	Nuveen	1.10	-2.99	14.01	100.00	29.94	300	1,739
GLO	Clough Glbl Opp Fd	Clough	1.35	-12.06	10.96	40.98	38.29	342	1,184
IFN	India Fund	Aberdeen	1.30	-9.61	11.12	0.00	0.00	621	1,772
GLV	Clough Glbl Div & Incm Fd	Clough	1.32	-9.26	11.03	58.17	34.47	101	384
DEX	Dlw Enh Glbl Div & Incm Fd	Delaware	1.35	-8.63	10.93	56.91	31.48	132	637
HEQ	JH Hgd Eq & Incm Fd	John Hancock	1.34	-3.37	10.50	44.64	0.00	181	483
EOD	WF Glbl Div Opp Fd	Wells Fargo	1.34	-7.42	10.58	0.00	15.70	261	632
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.45	6.83	9.77	58.58	36.95	477	1,634
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	1.42	-5.38	9.94	6.92	26.01	266	944
USA	Liberty All-Star Eq Fd	ALPS	1.32	-1.05	10.35	0.00	0.00	1,359	4,024
FEI	FT MLP & Nrg Incm Fd	First Trust	1.26	-3.55	11.04	93.69	27.03	530	2,395
EMO	CB Nrg Midstream Opp Fd	Legg Mason	1.15	-12.53	12.20	77.25	35.59	618	2,474
THW	Tekla Wld Health Fd	Tekla	1.33	-6.55	10.33	91.67	22.75	439	1,411
CEM	CB MLP & Midstream Fd	Legg Mason	1.17	-10.91	11.85	100.00	34.25	787	3,454
MIE	C&S MLP Incm & Nrg Opp Fd	Cohen & Steers	1.01	1.48	13.47	94.57	33.60	181	1,535
GNT	GAMCO NtrRes Gd & Incm	Gabelli	1.39	2.02	9.92	97.67	19.00	124	401
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.19	2.84	11.46	78.23	27.11	394	1,866
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	1.13	-9.49	11.61	40.82	36.63	1,731	8,900
NDP	Tortoise Nrg Ind Fd	Tortoise	1.18	-12.47	10.96	20.35	29.59	62	464
HQH	Tekla Health Invstr	Tekla	1.46	-11.02	8.00	73.10	0.00	976	3,511
CTR	CB MLP & Midstream Tot Rtn Fd	Legg Mason	1.16	-11.42	11.34	100.00	33.67	336	1,275

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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