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02. High Income Index

Data as of 07/06/2020 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(%)	MTD(%)	QTD(%)	YTD(%)
Price	929.55	0.14	3.14	-7.34	36.50	-26.21	-24.53	-6.14	0.31	1.19	1.19	-25.02
NAV	1,007.71	0.27	2.56	-4.97	24.68	-17.50	-16.02	-1.77	1.39	1.07	1.07	-16.58
Difference		0.13	-0.59	2.37	-11.82	8.71	8.51	4.38	1.07	-0.12	-0.12	8.43
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2020 - Monthly Performance (%) Show Previous Years
	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	-14.18	-	-	-	-	-	-	-	-	-	-
NAV	-1.37	-6.57	-26.08	-31.89	15.62	4.34	0.44	21.17	-10.71	-	-	-	-	-	-	-	-	-	-
Difference	-1.25	4.21	8.88	10.15	-5.89	-2.19	1.67	-6.68	3.47	-	-	-	-	-	-	-	-	-	-
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	21.17	1.41	-4.11	1.96	-0.84	-0.62	-0.23	3.79	2.91	2.06	23.24
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	4.02	3.08	1.77	15.92
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	0.22	0.17	-0.29	-7.31
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 -11.40%	1Yr Disc -6.29%	3Yr Disc -4.93%	5Yr Disc -5.66%	Rel Disc Range (3yr) 54.21%
Mkt Yield 12.80%	Lev Adj NAV Yield 8.89%	After Tax Yield* 10.73%	Est Tax Friction* 2.07%	3Yr NAV Volatiliy 19.99
1 Yr RoC 34.31%	3 Yr Dest RoC 27.25%	Leverage 26.75%	Non Lev Exp Ratio 2.07%	Beta (2yr) 0.88
Equity Exposure 44.89%	Bond Exposure 52.90%	# Holdings 99	Cash Weighted Duration 1.33
Comp NAV TR -2.17%	Comp Discount -0.26%	Net Assets (M) 482	Liquidity - 90d (K) 2,470
* 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)
OXLC	Oxford Lane Cap Corp	Oxford Lane	0.94	44.18	19.24	0.00	47.78	220	8,016
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.95	-13.01	16.34	54.82	34.41	928	3,696
ACP	Abd Incm Cr Stgs Fd	Aberdeen	0.95	-7.29	15.52	11.05	30.36	174	1,495
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	0.94	-4.69	15.19	50.84	26.10	200	968
RA	Brkf Real Ast Incm Fd	Brookfield	0.94	-11.49	14.09	34.06	25.26	860	3,935
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	0.94	6.19	13.31	59.74	28.24	113	1,125
ECC	Eagle Point Cr Co	Eagle Point	0.97	16.07	12.78	28.92	39.83	193	2,599
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.94	10.29	12.67	62.83	9.86	670	3,615
EDI	SH Emrg Mkt Tot Incm Fd	Stone Harbor	0.92	-1.67	12.55	59.68	29.16	77	509
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	0.97	1.02	12.10	2.46	30.78	75	525
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	0.94	5.05	12.02	18.46	22.81	152	749
KIO	KKR Incm Opp Fd	KKR Credit	0.95	-7.46	11.74	0.00	32.79	281	1,748
FCT	FT Sr Flt Rt Incm Fd II	First Trust	0.91	-12.66	11.71	15.83	28.76	326	1,458
NCV	AG Convt & Incm Fd	Allianz	0.96	-6.97	11.23	39.76	45.76	441	1,894
HFRO	Highland Incm Fd	Highland Capital	0.90	-36.33	11.67	16.00	36.01	892	3,530
DSL	DbLin Incm Solutions Fd	Doubleline	0.95	0.76	11.31	9.60	27.07	1,609	9,895
NCZ	AG Convt & Incm Fd II	Allianz	0.97	-6.62	11.00	36.67	46.26	333	2,429
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	0.96	4.44	10.97	0.00	44.98	2,612	15,091
PFL	PIMCO Incm Stgy Fd	PIMCO	0.95	7.19	10.81	2.40	26.40	285	1,436
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.95	5.95	10.79	0.39	24.71	589	2,563
PHT	Pioneer Hi Incm Tr	Pioneer	0.94	-10.47	10.64	0.00	29.10	248	1,119
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	0.92	-8.09	10.78	60.23	27.85	137	766
PHK	PIMCO Hi Incm Fd	PIMCO	0.94	9.07	10.65	0.00	26.66	656	3,726
AVK	Advent Convt & Incm Fd	Guggenheim Funds	0.94	-11.71	10.48	67.33	38.41	525	1,594
PDI	PIMCO Dyn Incm Fd	PIMCO	0.94	9.87	10.61	0.00	42.41	1,363	8,574
EVV	EV Ltd Dur Incm Fd	Eaton Vance	0.93	-12.20	10.49	23.84	36.54	1,513	4,350
IVH	Ivy Hi Incm Opp Fd	Ivy Investment	0.93	-11.89	10.52	0.00	29.27	215	773
DMO	WA Mortg Opp Fd	Legg Mason	0.95	6.24	10.21	11.00	38.40	148	1,051
ERC	WF Mlt-Sctr Incm Fd	Wells Fargo	0.93	-8.26	10.42	22.32	26.80	366	1,388
FTF	FrkTmp Ltd Dur Incm Tr	Franklin	0.93	-6.03	10.31	45.54	30.73	275	945
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	0.94	-6.88	10.28	50.36	39.60	222	885
BIT	BR Mlt-Sctr Incm Tr	BlackRock	0.94	-10.82	10.12	21.22	37.20	617	2,775
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	0.95	29.59	9.87	0.12	36.62	1,075	8,424
VTA	Invsc Dyn Cr Opp Fd	Invesco	0.93	-15.73	10.00	1.02	32.00	673	2,666
PKO	PIMCO Incm Opp Fd	PIMCO	0.94	7.84	9.92	0.00	38.93	400	2,722
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	0.94	-10.82	9.99	0.00	22.97	286	1,312
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	0.95	-11.67	9.74	0.00	30.60	218	4,261
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	0.92	-12.54	9.93	2.44	27.18	163	1,465
FSD	FT Hi Incm Lng/Srt Fd	First Trust	0.92	-12.82	9.90	29.61	27.63	519	1,416
DHY	CS Hi Yld Bnd Fd	Credit Suisse	0.92	-12.23	9.85	9.74	27.87	237	3,932
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	0.92	-13.13	9.91	0.00	36.07	585	2,314
BGX	B/GSO Lng-Srt Cr Incm Fd	GSO / Blackstone	0.92	-11.89	9.93	0.00	38.56	174	1,201
GHY	PGIM Glbl Hi Yld Fd	Prudential	0.94	-13.97	9.70	0.00	25.84	618	1,662
FSK	FS KKR Capital Corp	FS/KKR	0.75	-40.72	66.48	0.00	57.24	3,015	12,549
SCM	Stellus Cap Inv Corp	Stellus Capital	0.70	-28.14	36.14	0.00	63.92	225	1,316
GECC	Great Elm Cap Corp	Great Elm Capital	0.60	-17.62	23.94	0.00	43.78	51	438
HCAP	Harvest Cap Cr Corp	Harvest Capital	0.60	-60.75	23.59	14.08	53.21	62	122
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	0.64	-57.99	21.24	48.05	46.25	120	219
AINV	Apollo Inv Corp	Apollo	0.62	-38.60	18.67	0.00	62.67	1,025	7,595
GARS	Garrison Capital	Garrison Capital	0.62	-48.25	17.60	0.00	72.76	106	475
CGBD	TCG BDC	Carlyle	0.60	-41.18	17.75	0.00	59.38	798	3,932
ICMB	Investcorp Cr Mgmt BDC	Investcorp	0.61	-58.16	17.60	0.00	58.99	113	137
TCPC	BR TCP Capital Corp	BlackRock	0.63	-21.26	15.55	1.05	58.47	679	4,056
OFS	OFS Capital Corp	OFS Capital	0.63	-52.32	14.69	0.00	70.97	130	512
CSWC	Cap Southwest Corp	Capital Southwest	0.61	-11.76	15.28	0.00	51.85	272	1,855
BCSF	Bain Cap Splty Fin	BCSF Advisors	0.61	-37.02	15.06	0.00	63.54	893	3,759
BKCC	BR Cap Inv Corp	BlackRock	0.62	-49.72	14.87	0.33	44.56	365	1,503
MRCC	Monroe Capital Corp	Monroe Capital	0.59	-34.26	15.15	0.00	67.06	205	1,291
OXSQ	Oxford Square Cap Corp	Oxford Lane	0.65	-11.45	14.29	8.36	38.94	165	1,377
NRGX	Nrg & Tac Cr Opp Fd	PIMCO	1.26	-19.43	23.53	15.10	0.00	377	1,938
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.28	10.99	20.98	82.81	0.00	725	5,941
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.27	12.92	20.90	85.21	0.00	366	3,701
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.25	-33.09	15.44	17.27	16.03	220	1,095
RIV	RiverNorth Opp Fd	RiverNorth	1.28	3.23	14.09	69.76	6.64	139	1,062
EOD	WF Glbl Div Opp Fd	Wells Fargo	1.29	-10.84	12.99	16.76	18.69	214	717
NRO	NB Rel-Est Sec Incm Fd	Neuberger Berman	1.26	-7.94	12.94	67.81	14.23	191	1,225
DPG	D&P Util & Infra Fd	Duff & Phelps	1.23	-10.44	12.84	48.64	31.88	462	1,583
CEM	CB MLP & Midstream Fd	Legg Mason	1.15	-21.49	12.84	78.88	30.40	265	1,654
GLQ	Clough Glbl Eq Fd	Clough	1.27	-15.77	12.10	19.85	45.40	172	635
SCD	LMP Cap & Incm Fd	Legg Mason	1.28	-12.20	12.30	56.64	25.10	206	905
GLO	Clough Glbl Opp Fd	Clough	1.28	-15.07	11.93	55.72	45.04	342	1,174
CTR	CB MLP & Midstream Tot Rtn Fd	Legg Mason	1.14	-22.77	12.75	100.00	21.69	125	753
NHF	NexPoint Stgc Opp Fd	Highland Capital	1.17	-43.09	12.05	59.26	19.80	801	2,725
ZTR	Virtus Tot Rtn Fd	Virtus	1.26	-4.89	11.48	74.53	26.74	417	1,425
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	1.17	-19.48	12.00	100.00	31.55	785	6,254
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.27	-4.07	11.14	29.94	32.64	466	1,693
EMO	CB Nrg Midstream Opp Fd	Legg Mason	1.18	-22.68	11.56	77.68	29.41	209	1,098
FEI	FT MLP & Nrg Incm Fd	First Trust	1.18	-19.34	11.24	59.12	18.53	311	1,808
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.21	-16.07	11.37	71.69	18.79	252	1,567
PGZ	Principal Rel-Est Incm Fd	ALPS	1.23	-18.61	11.02	4.08	28.88	102	490
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.23	-14.25	10.50	83.22	12.00	623	4,641
IFN	India Fund	Aberdeen	1.30	-12.86	10.33	7.01	0.00	424	2,264
FPL	FT New Opp MLP & Nrg Fd	First Trust	1.17	-18.76	11.06	41.88	19.26	129	745
IDE	Voya Infra Ind & Matrls Fd	Voya	1.22	-17.61	10.30	73.45	0.00	208	638
HEQ	JH Hgd Eq & Incm Fd	John Hancock	1.28	-3.33	9.99	46.01	0.00	147	763
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.26	-15.60	10.08	42.64	0.00	482	2,131
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	1.27	-5.84	9.85	72.17	0.00	1,011	3,937
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	1.25	-8.56	9.88	91.56	0.00	2,477	6,318
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.26	-14.29	9.76	72.45	0.00	557	1,834
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.12	-27.32	10.64	84.18	22.10	57	579
BTO	JH Fin Opp Fd	John Hancock	1.20	9.66	9.83	10.82	24.01	381	2,509
JRS	Nuv Rel-Est Incm Fd	Nuveen	1.31	-13.09	9.87	27.53	27.09	256	926
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	1.26	-15.44	9.79	12.69	25.67	384	1,596
DNI	Div & Incm Fd	Bexil	1.26	-22.85	9.62	60.32	14.70	168	527
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	1.26	-16.83	9.87	61.58	18.83	852	2,875
IGA	Voya Glbl Adv & Prm Opp Fd	Voya	1.23	-13.53	9.63	0.00	0.00	173	692
USA	Liberty All-Star Eq Fd	ALPS	1.26	-7.92	9.64	0.16	0.00	1,318	4,640
FOF	C&S CE Opp Fd	Cohen & Steers	1.25	-4.19	9.71	54.43	0.00	305	1,137
THW	Tekla Wld Health Fd	Tekla	1.26	1.32	9.61	93.40	24.06	433	2,978

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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