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02. High Income Index

Data as of 01/20/2022 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	1,394.45	-0.83	-2.35	1.23	-2.83	0.59	18.22	7.59	6.36	6.10	-1.27	-1.27	-1.27
NAV	1,324.29	-0.43	-1.55	-0.42	-1.97	0.66	9.19	5.94	5.56	6.04	-2.03	-2.03	-2.03
Difference		0.40	0.80	-1.65	0.86	0.07	-9.03	-1.65	-0.80	-0.07	-0.76	-0.76	-0.76
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2021 - Monthly Performance (%) Show Previous Years
	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	2.22	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	2.26	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	0.04	-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 0.82%	1Yr Disc 0.57%	3Yr Disc -2.58%	5Yr Disc -2.40%	Rel Disc Range (3yr) 74.02%
Mkt Yield 9.70%	Lev Adj NAV Yield 8.21%	After Tax Yield* 8.11%	Est Tax Friction* 1.59%	3Yr NAV Volatiliy 17.82
1 Yr RoC 47.20%	3 Yr Dest RoC 20.34%	Leverage 22.67%	Non Lev Exp Ratio 2.12%	Beta (2yr) 0.86
Equity Exposure 50.48%	Bond Exposure 45.79%	# Holdings 93	Cash Weighted Duration 1.55
Comp NAV TR -1.72%	Comp Discount 3.25%	Net Assets (M) 755	Liquidity - 90d (K) 3,508
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

93 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
OCCI	OFS Credit Company	OFS Capital	1.04	-0.52	16.42	0.00	31.77	104	805
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	1.03	1.59	12.59	63.91	25.20	267	1,861
ACP	Abd Incm Cr Stgs Fd	Aberdeen	1.06	0.49	11.65	19.83	39.77	238	1,766
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	1.05	14.13	11.81	50.35	29.29	1,587	11,582
RA	Brkf Real Ast Incm Fd	Brookfield	1.05	8.60	11.19	56.55	29.56	947	4,847
OXLC	Oxford Lane Cap Corp	Oxford Lane	1.11	19.16	10.96	0.00	25.23	810	11,073
TEI	Tmp Emrg Mkt Incm Fd	Franklin Templeton	1.02	-5.03	10.83	0.00	0.00	363	1,460
PCF	Hi Incm Sec Fd	Hi Incm Sec Fd	1.02	-4.41	10.35	0.00	0.00	49	1,472
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	0.98	2.28	11.45	9.74	30.21	104	727
ECC	Eagle Point Cr Co	Eagle Point	1.04	4.85	10.25	0.00	32.25	488	3,872
PDI	PIMCO Dyn Incm Fd	PIMCO	1.01	4.38	10.58	2.05	42.80	5,272	19,329
FTF	FrkTmp Ltd Dur Incm Tr	Franklin Templeton	0.94	-6.54	11.14	44.62	33.68	263	1,494
EVG	EV Srt Dur Divr Incm Fd	Eaton Vance	1.03	1.00	9.94	47.74	37.08	174	802
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	1.05	11.33	9.69	0.00	39.47	245	2,145
PHK	PIMCO Hi Incm Fd	PIMCO	1.04	7.73	9.40	12.07	34.62	765	3,029
BWG	BwGlobal Glbl Incm Opp Fd	Franklin Templeton	1.02	-8.43	9.38	52.06	35.21	211	790
EVV	EV Ltd Dur Incm Fd	Eaton Vance	1.00	-3.40	9.58	39.21	35.60	1,505	4,822
RCS	PIMCO Stgc Incm Fd	PIMCO	1.01	9.03	9.39	15.72	43.45	267	913
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.02	3.34	9.28	12.42	33.75	701	2,913
DMO	WA Mortg Opp Fd	Franklin Templeton	1.05	0.26	8.80	31.70	30.40	173	548
PFL	PIMCO Incm Stgy Fd	PIMCO	1.01	4.03	9.22	15.47	34.50	354	1,578
NCZ	Virtus AG Convt & Incm Fd II	Virtus	0.97	-7.11	9.57	66.75	38.00	385	1,666
ERC	Allspring Mlt-Sctr Incm Fd	Allspring	0.96	-0.33	9.50	0.00	27.66	343	867
NCV	Virtus AG Convt & Incm Fd	Virtus	0.95	-5.85	9.60	63.34	37.00	510	1,945
FTHY	FT Hi Yld Opp 2027 Trm Fd	First Trust	1.01	-3.11	9.14	2.65	27.15	744	1,646
MIN	MFS Imd Incm Tr	MFS	0.98	-3.41	8.99	60.13	0.00	408	1,333
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	1.03	-10.74	8.82	43.88	32.36	1,038	4,110
BRW	Saba Cap Incm & Opp Fd	Saba Capital	1.05	-5.21	12.66	52.57	11.92	408	1,052
JGH	Nuv Glbl Hi Incm Fd	Nuveen	1.01	-5.51	8.78	14.51	29.20	379	870
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.02	15.45	8.87	13.58	46.02	1,226	8,899
EMD	WA Emrg Mkt Dbt Fd	Franklin Templeton	0.96	-10.37	9.12	43.25	28.20	802	2,715
GHY	PGIM Glbl Hi Yld Fd	Prudential	1.02	-7.17	8.54	14.36	26.70	650	1,826
HFRO	Highland Incm Fd	Highland Capital	1.04	-21.67	8.44	0.00	13.98	998	3,053
HIX	WA Hi Incm Fd II	Franklin Templeton	0.99	0.44	8.66	7.81	30.37	398	1,194
BIT	BR Mlt-Sctr Incm Tr	BlackRock	0.99	-1.49	8.62	33.92	35.29	658	1,856
DSL	DbLin Incm Solutions Fd	Doubleline	1.00	-7.19	8.53	0.00	29.10	1,701	8,098
EAD	Allspring Incm Opp Fd	Allspring	0.98	-4.36	8.53	3.52	25.60	542	1,492
FSD	FT Hi Incm Lng/Srt Fd	First Trust	0.99	-6.82	8.54	28.53	27.94	530	1,313
GIM	Tmp Glbl Incm Fd	Franklin Templeton	1.02	-5.89	8.10	0.00	0.00	558	2,234
GECC	Great Elm Cap Corp	Great Elm Capital	0.64	-15.68	12.82	0.00	36.54	100	270
ICMB	Investcorp Cr Mgmt BDC	Investcorp	0.68	-26.00	11.58	0.00	60.80	101	202
FSK	FS KKR Capital Corp	FS/KKR	0.68	-19.01	11.28	0.00	51.21	7,734	34,199
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	0.64	-16.26	9.97	0.00	53.49	271	1,154
BKCC	BR Cap Inv Corp	BlackRock	0.67	-12.87	9.69	12.92	34.97	351	1,449
OXSQ	Oxford Square Cap Corp	Oxford Lane	0.64	-17.50	10.12	0.00	41.63	250	906
AINV	Apollo Inv Corp	Apollo	0.67	-17.80	9.39	0.00	59.58	1,034	5,331
NEWT	Newtek Biz Serv Corp	Newtek	0.61	62.97	9.83	0.00	47.28	391	5,634
GSBD	Goldman Sachs BDC	Goldman Sachs	0.65	23.81	9.13	0.00	48.94	1,621	9,004
CGBD	TCG BDC	Carlyle	0.66	-16.10	9.16	0.00	54.39	892	3,183
OFS	OFS Capital Corp	OFS Capital	0.61	-25.78	9.51	0.00	58.45	190	396
WHF	WhiteHorse Finance	H.I.G. Capital	0.64	-1.36	9.31	0.00	52.72	358	1,606
CCAP	Crescent Capital BDC	Crescent Capital	0.67	-14.46	9.06	0.00	47.49	596	1,906
CSWC	Cap Southwest Corp	Capital Southwest	0.61	48.66	9.38	0.00	53.93	382	3,335
MRCC	Monroe Capital Corp	Monroe Capital	0.62	-3.76	9.07	0.00	57.18	247	1,036
TCPC	BR TCP Capital Corp	BlackRock	0.64	-3.55	8.83	0.00	53.74	814	3,221
RVT	Royce Val Tr	Franklin Templeton	1.19	-5.77	17.84	0.00	3.24	1,917	4,873
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.31	42.32	15.40	44.19	0.00	1,188	19,837
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.32	43.01	15.30	32.68	0.00	602	9,923
RIV	RiverNorth Opp Fd	RiverNorth	1.36	1.44	12.58	10.82	10.79	280	2,623
GLQ	Clough Glbl Eq Fd	Clough	1.27	1.70	11.10	0.00	36.92	219	1,788
GLO	Clough Glbl Opp Fd	Clough	1.28	1.89	11.05	0.00	37.24	410	2,762
IFN	India Fund	Aberdeen	1.40	-8.03	11.89	12.65	0.00	630	2,072
GLV	Clough Glbl Div & Incm Fd	Clough	1.29	3.07	10.45	31.68	36.09	114	581
USA	Liberty All-Star Eq Fd	ALPS	1.28	3.58	10.23	0.00	0.00	1,901	9,816
ZTR	Virtus Tot Rtn Fd	Virtus	1.34	4.76	10.14	79.06	26.00	433	1,203
DPG	D&P Util & Infra Fd	Virtus	1.32	3.47	9.77	93.57	29.00	526	1,257
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.37	-3.76	9.38	68.89	13.00	615	2,258
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.45	-16.50	9.85	0.00	10.32	261	1,037
KYN	KA Nrg Infra Fd	Kayne Anderson	1.44	-13.20	8.52	100.00	28.33	1,197	5,404
EOD	Allspring Glbl Div Opp Fd	Allspring	1.31	-4.55	9.25	0.00	15.27	256	995
HQL	Tekla Life Sci Invstr	Tekla	1.23	2.01	9.45	41.47	0.00	430	1,468
THW	Tekla Wld Health Fd	Tekla	1.23	4.29	9.29	98.77	17.50	539	1,587
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.42	-5.55	8.16	0.00	22.87	428	1,325
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	1.29	4.24	8.83	69.28	0.00	634	1,963
HQH	Tekla Health Invstr	Tekla	1.24	1.14	9.21	33.40	0.00	994	2,863
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.29	3.46	8.78	0.00	31.99	558	1,264
SPE	Spl Opp Fd	Bulldog	1.27	-10.65	8.94	19.05	0.00	210	690
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.49	4.67	7.76	90.08	20.95	287	1,654
FPL	FT New Opp MLP & Nrg Fd	First Trust	1.46	-8.59	7.55	66.94	20.20	161	799
FEI	FT MLP & Nrg Incm Fd	First Trust	1.44	-7.50	7.72	38.41	20.96	380	1,724
ASG	Liberty All-Star Gwth Fd	ALPS	1.18	6.06	7.97	0.00	0.00	383	2,106
BIGZ	BR Innovation & Gwth Tr	BlackRock	1.18	-5.04	9.36	87.50	0.00	3,216	29,740
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	1.26	3.80	8.38	99.31	0.00	1,500	4,686
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	1.32	4.84	7.90	30.86	0.00	1,134	2,277
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	1.29	2.57	7.98	43.87	0.00	3,075	5,176
KMF	KA NextGen Nrg & Infra	Kayne Anderson	1.41	-18.06	7.53	92.75	27.86	429	1,132
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.33	-5.53	7.80	68.58	0.00	526	1,849
IGA	Voya Glbl Adv & Prm Opp Fd	Voya	1.32	-5.89	7.83	69.04	0.00	175	572
IDE	Voya Infra Ind & Matrls Fd	Voya	1.33	-7.22	7.74	69.43	0.00	211	589
ETB	EV Tx-Mgd By-Wrt Incm Fd	Eaton Vance	1.30	5.75	7.74	52.25	0.00	433	912
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	1.25	3.66	7.87	36.93	0.00	2,105	3,281
NMAI	Nuv Multi-Asset Incm Fd	Nuveen	1.36	-2.62	7.38	0.00	N/A	651	2,122
GUT	Gabelli Util Tr	Gabelli	1.32	96.86	7.36	94.17	27.00	262	805

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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