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02. High Income Index

Data as of 06/02/2023 05/31/2023 04/28/2023 03/31/2023 03/23/2023 02/28/2023 01/31/2023 12/30/2022 11/30/2022 10/31/2022 09/30/2022 08/31/2022 07/29/2022 06/30/2022 05/31/2022 04/29/2022 03/31/2022 02/28/2022 02/11/2022 01/31/2022 12/31/2021 11/30/2021 10/29/2021 09/30/2021 08/31/2021 07/30/2021 06/30/2021 05/28/2021 04/30/2021 03/31/2021 02/26/2021 01/29/2021 12/31/2020 11/30/2020 10/30/2020 09/30/2020 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(%)	10 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,231.92	0.97	2.99	1.85	-1.92	-0.19	-4.46	9.11	0.88	3.10	2.28	1.14	7.44
NAV	1,238.07	0.90	2.11	0.86	1.60	1.61	-1.70	6.98	1.79	3.54	1.57	1.36	5.60
Difference		-0.07	-0.88	-0.99	3.52	1.80	2.76	-2.13	0.91	0.44	-0.71	0.22	-1.84
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2023 - Monthly Performance (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2023
Price	11.21	-1.88	-2.64	6.23	0.60	-1.70	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	6.02	-2.12	0.39	4.18	1.07	-1.26	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	-5.19	-0.24	3.04	-2.05	0.47	0.44	-	-	-	-	-	-	-	-	-	-	-	-	-
2022 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2022
Price	-1.69	-2.49	1.60	-2.60	-6.25	-1.07	-7.60	-14.30	-16.53	8.50	-1.58	-13.08	-7.19	6.10	5.91	-6.75	4.79	-2.74	-18.82
NAV	-2.02	-1.17	1.02	-2.18	-4.70	-0.80	-6.64	-11.75	-13.67	5.69	-2.40	-6.68	-3.74	3.13	4.52	-3.17	4.38	0.47	-13.27
Difference	-0.33	1.31	-0.58	0.42	1.55	0.27	0.96	2.55	2.85	-2.81	-0.81	6.39	3.45	-2.98	-1.38	3.58	-0.41	3.22	5.55
2021 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2021
Price	3.07	5.52	4.49	13.65	4.37	2.56	1.93	9.10	24.00	0.24	1.82	-2.85	-0.85	3.98	-2.28	0.60	2.22	1.36	25.68
NAV	1.27	2.22	2.25	5.85	2.91	1.88	1.09	5.98	12.19	0.39	1.40	-1.62	0.15	2.28	-2.07	2.10	2.26	2.41	14.89
Difference	-1.80	-3.30	-2.24	-7.79	-1.46	-0.68	-0.84	-3.12	-11.81	0.15	-0.42	1.24	1.00	-1.70	0.20	1.49	0.04	1.05	-10.78
2020 - Monthly Performance (%)
	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	-3.28	2.30	-1.47	16.90	3.83	19.59	22.34	-9.34
NAV	-1.37	-6.57	-26.08	-31.89	15.62	4.34	0.44	21.17	-17.46	3.59	2.39	-2.11	3.83	0.35	9.24	3.67	13.64	18.00	-2.61
Difference	-1.25	4.21	8.88	10.15	-5.89	-2.19	1.67	-6.68	8.43	1.40	-1.11	1.17	1.53	1.82	-7.66	-0.16	-5.95	-4.34	6.73
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
2014 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2014
Price	0.42	3.75	0.23	4.43	1.61	2.44	2.06	6.25	10.96	-2.33	2.44	-4.27	-4.23	-0.06	-0.64	-5.93	-6.59	-10.54	-0.73
NAV	-0.08	2.99	0.70	3.63	1.19	1.52	1.74	4.51	8.30	-1.13	1.83	-2.90	-2.24	-0.23	-0.83	-3.06	-4.08	-6.23	1.55
Difference	-0.50	-0.76	0.46	-0.81	-0.43	-0.93	-0.33	-1.74	-2.66	1.21	-0.61	1.37	1.99	-0.17	-0.18	2.87	2.51	4.31	2.29
2013 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2013
Price	6.78	0.51	1.72	9.18	1.21	-1.76	-2.39	-2.96	5.95	1.14	-2.83	2.55	0.78	3.01	-1.11	1.19	3.08	3.89	10.07
NAV	3.64	-0.09	1.47	5.07	1.72	-0.41	-2.71	-1.44	3.55	2.71	-1.44	2.68	3.95	2.35	0.35	0.62	3.34	7.42	11.23
Difference	-3.14	-0.61	-0.25	-4.11	0.51	1.36	-0.32	1.51	-2.40	1.58	1.39	0.13	3.16	-0.66	1.46	-0.57	0.26	3.53	1.16
2012 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2012
Price	8.54	3.57	-0.37	12.00	0.07	-5.11	3.45	-1.77	10.01	3.19	2.80	2.50	8.74	-1.57	-1.65	0.06	-3.13	5.34	15.88
NAV	4.29	3.06	0.38	7.88	0.15	-4.81	2.86	-1.93	5.80	2.07	1.88	2.38	6.46	0.17	0.21	1.42	1.81	8.39	14.68
Difference	-4.25	-0.52	0.75	-4.11	0.08	0.31	-0.59	-0.16	-4.21	-1.13	-0.92	-0.12	-2.28	1.74	1.86	1.36	4.94	3.06	-1.20

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -7.48%	1Yr Disc -6.58%	3Yr Disc -4.62%	5Yr Disc -4.27%	Rel Disc Range (3yr) 37.44%
Mkt Yield 12.40%	Lev Adj NAV Yield 9.32%	After Tax Yield* 10.43%	Est Tax Friction* 1.97%	3Yr NAV Volatiliy 14.55
1 Yr RoC 45.32%	3 Yr Dest RoC 25.39%	Leverage 25.93%	Non Lev Exp Ratio 2.32%	Beta (2yr) 0.75
Equity Exposure 46.22%	Bond Exposure 50.44%	# Holdings 86	Cash Weighted Duration 1.47
Comp NAV TR -0.62%	Comp Discount 1.89%	Net Assets (M) 755	Liquidity - 90d (K) 2,541
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

86 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
OCCI	OFS Credit Company	OFS Capital	1.20	14.39	22.68	0.00	38.12	80	539
ACP	abrdn Incm Cr Stgs Fd	abrdn	1.11	-2.76	17.91	0.00	29.70	359	1,758
OXLC	Oxford Lane Cap Corp	Oxford Lane	1.08	11.28	17.54	0.00	38.35	793	5,351
ECC	Eagle Point Cr Co	Eagle Point	1.01	14.98	16.45	0.00	29.48	518	3,631
PDI	PIMCO Dyn Incm Fd	PIMCO	1.13	4.81	14.45	0.00	41.69	4,500	20,245
RA	Brkf Real Ast Incm Fd	Brookfield	1.11	11.05	14.32	56.90	26.66	839	3,785
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	1.08	-12.94	14.57	52.69	34.58	222	980
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	1.14	6.11	15.45	0.00	40.86	242	1,300
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	1.08	28.44	13.71	46.78	23.26	1,475	7,213
FSCO	FS Cr Opp Corp	FS/KKR	1.13	-29.80	12.98	0.00	36.35	1,291	3,016
KIO	KKR Incm Opp Fd	KKR Credit	1.12	-10.65	12.97	0.00	37.23	341	1,641
BRW	Saba Cap Incm & Opp Fd	Saba Capital	1.06	-8.57	13.08	81.40	26.94	367	933
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	0.98	-8.08	14.25	26.74	42.30	161	693
VVR	Invsc Sr Incm Tr	Invesco	1.11	-7.90	12.55	17.86	33.76	620	2,663
FAX	abrdn Asia-Pacific Incm Fd	abrdn	1.09	-14.42	12.36	56.08	31.70	773	1,810
PDO	PIMCO Dyn Incm Opp Fd	PIMCO	1.15	0.54	11.82	0.00	47.09	1,429	5,552
EVV	EV Ltd Dur Incm Fd	Eaton Vance	1.02	-11.03	10.07	38.40	35.40	1,202	3,053
AVK	Advent Convt & Incm Fd	Guggenheim Funds	1.08	-6.99	12.29	68.42	44.76	426	1,017
NCV	Virtus Convt & Incm Fd	Virtus	1.08	-14.14	12.44	86.36	43.62	345	1,883
HIX	WA Hi Incm Fd II	Franklin Templeton	1.07	1.07	12.48	7.26	28.02	304	760
AIF	Apollo Tactical Incm Fd	Apollo	1.10	-14.36	12.03	0.00	37.12	206	791
PHK	PIMCO Hi Incm Fd	PIMCO	1.09	3.52	12.23	0.00	22.26	665	1,696
PAXS	PIMCO Access Incm Fd	PIMCO	1.08	-4.42	12.36	0.00	44.74	667	2,345
PHD	Pioneer Flt Rt Fd	Amundi Asset Mgmt	1.06	-13.97	12.80	0.00	32.30	121	618
BWG	BwGlobal Glbl Incm Opp Fd	Franklin Templeton	1.07	-15.75	12.47	43.21	41.65	153	409
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.11	4.50	11.97	12.62	25.82	578	1,337
PFL	PIMCO Incm Stgy Fd	PIMCO	1.10	3.84	12.03	7.14	28.21	297	760
NCZ	Virtus Convt & Incm Fd II	Virtus	1.07	-14.41	12.37	88.67	43.87	259	1,386
WDI	WA Divr Incm Fd	Franklin Templeton	1.09	-11.88	12.27	0.00	32.62	776	1,516
FTF	FrkTmp Ltd Dur Incm Tr	Franklin Templeton	1.08	-12.91	11.63	15.86	32.83	285	943
DSL	DbLin Incm Solutions Fd	Doubleline	1.12	-0.17	11.32	4.95	22.69	1,194	3,983
BGT	BR Flt Rt Incm Fd	BlackRock	1.10	-10.04	12.07	2.93	23.97	280	1,045
RCS	PIMCO Stgc Incm Fd	PIMCO	1.06	17.93	11.93	3.08	36.75	198	579
GHY	PGIM Glbl Hi Yld Fd	Prudential	1.08	-11.95	11.56	6.35	22.36	507	1,517
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.11	-7.58	11.75	2.99	23.23	456	1,873
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.15	19.39	10.97	0.00	34.96	1,507	5,663
TEI	Tmp Emrg Mkt Incm Fd	Franklin Templeton	1.07	-10.41	11.45	58.55	15.68	264	765
ICMB	Investcorp Cr Mgmt BDC	Investcorp	0.70	-36.70	13.40	0.00	61.46	88	88
GECC	Great Elm Cap Corp	Great Elm Capital	0.58	-33.08	17.61	0.00	47.26	90	263
FSK	FS KKR Capital Corp	FS/KKR	0.73	-21.22	13.03	0.00	54.26	6,982	20,727
RWAY	Runway Gwth Fin Corp	Runway Gwth Cap	0.67	-15.99	13.54	0.00	49.76	570	1,789
TRIN	Trinity Capital	Trinity Capital	0.68	-2.52	14.76	0.00	54.08	470	4,999
PNNT	PennantPark Inv Corp	PennantPark	0.72	-26.32	14.29	0.00	55.16	496	2,060
CION	CION Inv Corp	CION Inv Mgmt	0.65	-36.14	14.09	0.00	61.24	828	2,067
MFIC	MidCap Fin Invt Corp	Apollo	0.70	-20.62	12.61	0.00	59.24	994	2,520
OXSQ	Oxford Square Cap Corp	Oxford Lane	0.62	3.21	14.53	0.00	55.65	140	666
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	0.59	-9.18	14.83	0.00	58.51	421	3,295
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	0.64	-18.46	14.37	0.00	59.59	225	346
GSBD	Goldman Sachs BDC	Goldman Sachs	0.67	-7.76	13.51	21.57	53.67	1,581	8,710
MRCC	Monroe Capital Corp	Monroe Capital	0.65	-26.72	13.26	0.00	59.49	223	399
OFS	OFS Capital Corp	OFS Capital	0.60	-30.33	14.12	0.00	63.70	180	302
BCSF	Bain Cap Splty Fin	BCSF Advisors	0.72	-27.46	12.06	0.00	54.02	1,121	2,358
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.56	15.66	18.33	90.68	0.00	696	5,185
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.55	16.47	18.28	90.60	0.00	1,535	9,787
SRV	NXG Cushing Midstream Nrg Fd	Cushing	1.61	-3.47	15.28	22.40	16.67	81	1,033
ZTR	Virtus Tot Rtn Fd	Virtus	1.45	-6.54	15.26	58.75	29.91	462	1,429
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Invst Mgmt	1.45	-12.94	13.90	12.36	31.09	833	3,655
RIV	RiverNorth Opp Fd	RiverNorth	1.47	-8.26	13.67	63.81	34.96	262	853
GLQ	Clough Glbl Eq Fd	Clough	1.46	-17.20	12.04	72.62	49.00	138	443
GLO	Clough Glbl Opp Fd	Clough	1.46	-17.10	12.08	76.56	48.75	252	1,030
AWP	abrdn Glbl Prmr Prop Fd	abrdn	1.38	-8.83	12.57	72.08	13.78	358	1,082
NBXG	NB Nxt Gen Connectivity Fd	Neuberger Berman	1.47	-20.35	11.62	100.00	0.00	1,022	2,249
IFN	India Fund	abrdn	1.49	-3.12	10.05	1.62	0.00	476	1,134
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.43	-16.33	11.27	22.55	25.59	350	631
NML	NB Nrg Infra & Incm Fd	Neuberger Berman	1.47	-15.80	10.78	64.02	17.65	437	975
DPG	D&P Util & Infra Fd	Virtus	1.38	12.20	11.11	80.46	27.83	428	1,060
BIGZ	BR Innovation & Gwth Trm Tr	BlackRock	1.41	-16.59	10.99	100.00	0.00	2,078	6,340
BMEZ	BR Health Sci Trm Tr	BlackRock	1.44	-14.10	10.73	36.94	0.00	2,045	4,654
NMAI	Nuv Multi-Asset Incm Fd	Nuveen	1.49	-15.65	10.41	3.42	32.22	457	932
JCE	Nuv Core Eq Alpha Fd	Nuveen	1.56	-1.53	9.92	23.24	0.00	211	570
BSTZ	BR Sci & Tech Trm Tr	BlackRock	1.42	-15.06	10.83	54.08	0.00	1,627	4,597
AIO	Virtus AI & Tech Opp Fd	Virtus	1.47	-12.05	10.49	54.62	16.28	670	1,374
THW	Tekla Wld Health Fd	Tekla	1.53	12.17	9.87	73.67	20.01	475	1,179
NIE	Virtus Eq & Convt Incm Fd	Virtus	1.51	-11.64	9.83	4.12	0.00	638	1,358
GUG	Gghm Active Alloc Fd	Guggenheim Funds	1.46	-12.92	10.27	10.15	26.13	526	1,039
BCAT	BR Cap Alloc Trm Tr	BlackRock	1.47	-12.33	10.15	47.46	0.00	1,859	3,831
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.45	-11.60	10.22	93.91	26.28	424	774
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.49	-5.87	9.76	57.97	12.00	604	2,007
KYN	KA Nrg Infra Fd	Kayne Anderson	1.41	-16.72	10.28	10.12	24.75	1,335	3,945
USA	Liberty All-Star Eq Fd	ALPS	1.43	-1.29	9.82	10.52	0.00	1,660	3,940
TYG	Tortoise Nrg Infra Corp	Tortoise	1.43	-19.34	10.12	23.75	22.30	394	1,053
ECAT	BR ESG Cap Alloc Trm Tr	BlackRock	1.48	-11.82	9.57	72.52	0.00	1,819	5,268
FOF	C&S CE Opp Fd	Cohen&Steers	1.44	0.75	9.77	48.63	0.00	291	497
HQH	Tekla Health Invstr	Tekla	1.40	-14.64	9.40	50.93	0.00	944	1,981
HQL	Tekla Life Sci Invstr	Tekla	1.42	-15.02	9.43	51.18	0.00	410	947
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.45	-13.19	9.60	56.60	0.00	457	1,105

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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