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02. High Income Index

Data as of 10/03/2022 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	1,122.37	2.57	3.35	-10.20	-5.99	-19.64	-19.03	-2.10	-0.67	2.50	2.57	2.57	-20.54
NAV	1,140.94	1.58	1.59	-4.70	-3.04	-14.48	-14.01	-0.72	0.77	3.44	1.58	1.58	-15.59
Difference		-0.99	-1.76	5.50	2.95	5.16	5.02	1.38	1.44	0.94	-0.99	-0.99	4.94
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2022 - Monthly Performance (%) Show Previous Years
	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	-	-	-	-	-	-
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	-	-	-	-	-	-
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	-	-	-	-	-	-
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 -7.44%	1Yr Disc -1.10%	3Yr Disc -2.90%	5Yr Disc -2.67%	Rel Disc Range (3yr) 52.85%
Mkt Yield 13.42%	Lev Adj NAV Yield 10.20%	After Tax Yield* 11.19%	Est Tax Friction* 2.23%	3Yr NAV Volatiliy 18.47
1 Yr RoC 39.45%	3 Yr Dest RoC 34.85%	Leverage 25.56%	Non Lev Exp Ratio 2.00%	Beta (2yr) 0.79
Equity Exposure 48.81%	Bond Exposure 48.28%	# Holdings 84	Cash Weighted Duration 1.57
Comp NAV TR -2.56%	Comp Discount 1.42%	Net Assets (M) 702	Liquidity - 90d (K) 2,431
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

84 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	1.20	-5.88	18.48	54.30	35.40	234	1,394
ACP	abrdn Incm Cr Stgs Fd	abrdn	1.15	-2.98	18.40	1.39	43.53	167	713
OXLC	Oxford Lane Cap Corp	Oxford Lane	1.15	-8.36	17.11	0.00	29.25	829	6,124
NCZ	Virtus Convt & Incm Fd II	Virtus	1.15	-16.42	16.07	87.63	48.90	255	1,359
NCV	Virtus Convt & Incm Fd	Virtus	1.17	-14.55	15.79	85.78	46.10	342	1,537
ECC	Eagle Point Cr Co	Eagle Point	1.19	0.97	14.70	0.00	30.92	507	4,141
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	1.19	-5.01	14.43	0.00	41.27	226	1,083
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	1.16	22.05	14.10	56.46	22.90	1,367	6,874
RA	Brkf Real Ast Incm Fd	Brookfield	1.17	12.16	13.55	57.61	28.94	846	3,932
BRW	Saba Cap Incm & Opp Fd	Saba Capital	1.16	-7.52	13.22	90.99	41.27	367	774
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	1.16	-5.00	13.61	29.73	42.20	164	548
PDI	PIMCO Dyn Incm Fd	PIMCO	1.19	5.63	13.31	0.00	44.43	4,315	17,061
HIX	WA Hi Incm Fd II	Franklin Templeton	1.20	-6.64	13.07	8.53	34.39	313	799
AVK	Advent Convt & Incm Fd	Guggenheim Funds	1.16	-10.01	13.03	28.13	43.89	415	1,130
FAX	abrdn Asia-Pacific Incm Fd	abrdn	1.17	-14.95	12.89	43.43	35.50	746	3,078
EVV	EV Ltd Dur Incm Fd	Eaton Vance	1.16	-9.50	12.85	40.92	38.10	1,199	2,510
TEI	Tmp Emrg Mkt Incm Fd	Franklin Templeton	1.20	-10.23	12.39	28.07	0.00	248	874
RCS	PIMCO Stgc Incm Fd	PIMCO	1.20	10.86	12.49	1.16	42.47	199	536
JGH	Nuv Glbl Hi Incm Fd	Nuveen	1.18	-11.65	12.59	22.03	30.27	283	529
PCF	Hi Incm Sec Fd	Hi Incm Sec Fd	1.15	-4.29	12.68	28.16	0.00	127	551
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.20	0.85	12.05	0.00	34.49	562	1,560
PHK	PIMCO Hi Incm Fd	PIMCO	1.19	2.37	12.10	0.00	31.82	633	1,870
ACV	Virtus Divr Incm & Convt Fd	Virtus	1.17	-12.41	12.14	0.00	31.38	210	648
PFL	PIMCO Incm Stgy Fd	PIMCO	1.20	2.23	11.85	0.00	33.80	289	894
DSL	DbLin Incm Solutions Fd	Doubleline	1.17	-8.83	11.95	0.00	27.17	1,236	3,847
FTF	FrkTmp Ltd Dur Incm Tr	Franklin Templeton	1.16	-11.33	12.04	15.76	32.31	285	579
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.20	10.96	11.73	0.00	44.55	965	5,068
NPCT	Nuv Core Plus Impact Fd	Nuveen	1.19	-14.47	11.75	41.80	38.31	354	1,160
EMD	WA Emrg Mkt Dbt Fd	Franklin Templeton	1.18	-12.86	11.81	31.97	31.67	562	1,453
WDI	WA Divr Incm Fd	Franklin Templeton	1.18	-14.41	11.75	2.47	32.89	773	1,859
GHY	PGIM Glbl Hi Yld Fd	Prudential	1.17	-10.87	11.65	18.87	14.69	497	1,232
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.17	-3.01	11.64	0.00	36.84	794	1,672
CHI	Calamos Convt Opp & Incm	Calamos	1.16	-3.36	11.67	0.00	36.73	740	1,572
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.16	1.35	11.57	0.00	36.43	508	1,721
GECC	Great Elm Cap Corp	Great Elm Capital	0.61	-25.23	18.75	0.00	41.15	98	155
ICMB	Investcorp Cr Mgmt BDC	Investcorp	0.61	-39.08	15.15	0.00	60.47	94	66
NEWT	Newtek Biz Serv Corp	Newtek	0.61	0.98	15.79	0.00	49.87	397	2,459
FSK	FS KKR Capital Corp	FS/KKR	0.61	-34.42	15.47	0.00	54.38	7,480	19,123
FCRD	First Eagle Alt Cap BDC	First Eagle Alt Cr	0.61	-44.72	15.02	0.00	57.57	159	150
CION	CION Inv Corp	CION Inv Mgmt	0.61	-46.76	14.66	0.00	58.14	905	2,439
TRIN	Trinity Capital	Trinity Capital	0.61	-14.77	14.45	0.00	53.73	512	2,787
OFS	OFS Capital Corp	OFS Capital	0.61	-42.42	13.83	12.07	63.55	196	389
OXSQ	Oxford Square Cap Corp	Oxford Lane	0.61	-16.62	13.73	4.70	46.85	183	441
MRCC	Monroe Capital Corp	Monroe Capital	0.61	-30.63	13.46	0.00	57.52	232	377
SLRC	SLR Inv Corp	SLR Capital	0.61	-32.54	13.12	10.16	41.72	1,015	3,307
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	0.61	-14.30	12.91	0.00	53.85	453	2,783
WHF	WhiteHorse Finance	H.I.G. Capital	0.61	-26.56	12.93	0.00	52.93	347	559
MFIC	MidCap Fin Invt Corp	Apollo	0.61	-33.57	12.42	0.00	60.80	986	2,767
GSBD	Goldman Sachs BDC	Goldman Sachs	0.61	-6.83	12.44	0.00	54.91	1,587	5,189
CSWC	Cap Southwest Corp	Capital Southwest	0.61	3.02	12.21	0.00	54.84	455	3,033
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.49	31.00	24.74	69.01	0.00	629	8,339
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.47	30.42	24.68	72.60	0.00	1,390	16,488
GLO	Clough Glbl Opp Fd	Clough	1.49	-7.10	19.65	32.11	46.16	257	1,104
GLQ	Clough Glbl Eq Fd	Clough	1.48	-8.02	19.61	29.33	46.05	143	633
RIV	RiverNorth Opp Fd	RiverNorth	1.52	3.54	15.84	60.24	33.56	224	1,217
ZTR	Virtus Tot Rtn Fd	Virtus	1.48	-8.01	14.93	55.94	29.35	479	1,499
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.45	2.50	13.68	40.73	32.65	373	1,454
BSTZ	BR Sci & Tech Tr II	BlackRock	1.46	-16.27	12.86	11.35	0.00	1,680	4,437
JCE	Nuv Core Eq Alpha Fd	Nuveen	1.54	-0.32	12.53	0.00	0.00	203	646
NBXG	NB Nxt Gen Connectivity Fd	Neuberger Berman	1.48	-17.01	12.30	90.83	0.00	926	2,288
AWP	abrdn Glbl Prmr Prop Fd	abrdn	1.45	-8.51	12.40	56.82	24.50	361	1,134
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Invst Mgmt	1.47	-4.68	12.18	9.40	29.32	723	2,000
NMAI	Nuv Multi-Asset Incm Fd	Nuveen	1.52	-14.32	11.94	0.00	33.52	458	1,344
BMEZ	BR Health Sci Tr II	BlackRock	1.47	-15.78	11.40	0.00	0.00	2,031	5,210
USA	Liberty All-Star Eq Fd	ALPS	1.47	0.00	11.27	0.00	0.00	1,444	4,547
BIGZ	BR Innovation & Gwth Tr	BlackRock	1.46	-18.37	11.32	100.00	0.00	2,143	6,799
AIO	Virtus AI & Tech Opp Fd	Virtus	1.48	-13.59	11.33	0.00	16.06	632	1,848
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	1.48	-2.74	11.16	5.36	0.00	880	2,089
IFN	India Fund	abrdn	1.45	-8.91	11.32	0.00	0.00	494	1,137
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	1.49	-0.66	11.01	6.29	0.00	2,310	4,286
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.47	-10.93	10.97	0.00	24.76	338	756
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.46	-24.06	10.92	0.00	1.22	260	643
MCN	Madison Cov Call & Eq Stgc	Madison	1.46	0.30	10.94	21.39	0.00	138	527
LGI	Lzrd Glbl Tot Rtn & Incm Fd	Lazard	1.47	-7.59	10.79	18.92	28.23	195	537
GUG	Gghm Active Alloc Fd	Guggenheim Funds	1.53	-10.55	10.38	4.77	24.43	506	1,274
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	1.47	6.02	10.79	29.12	0.00	535	1,263
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.48	-2.59	10.62	89.72	14.00	536	2,014
DPG	D&P Util & Infra Fd	Virtus	1.49	11.34	10.57	88.04	27.84	453	928
THW	Tekla Wld Health Fd	Tekla	1.47	6.40	10.66	73.13	19.50	462	1,159
JRS	Nuv Rel-Est Incm Fd	Nuveen	1.50	-5.62	10.60	0.00	30.39	242	618
EOS	EV Enh Eq Incm Fd II	Eaton Vance	1.47	-0.82	10.49	27.35	0.00	814	2,189
FOF	C&S CE Opp Fd	Cohen&Steers	1.47	-4.04	10.47	30.24	0.00	284	577
ETO	EV Tx-Adv Glbl Div Opp Fd	Eaton Vance	1.46	-2.97	10.45	20.10	21.60	347	1,298
MEGI	MainStay CBRE Glbl Infra MTrnd	New York Life	1.51	-13.97	9.96	0.00	30.00	790	1,923

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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