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02. High Income Index

Data as of 06/06/2023 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	1,242.67	0.74	3.90	2.11	-2.04	2.73	-3.02	7.39	0.95	3.13	3.17	2.02	8.38
NAV	1,241.07	0.22	2.31	0.58	0.93	3.40	-0.97	5.38	1.76	3.60	1.82	1.61	5.86
Difference		-0.52	-1.59	-1.53	2.97	0.67	2.05	-2.01	0.80	0.46	-1.36	-0.41	-2.52
* 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 -6.87%	1Yr Disc -6.59%	3Yr Disc -4.58%	5Yr Disc -4.25%	Rel Disc Range (3yr) 39.51%
Mkt Yield 12.29%	Lev Adj NAV Yield 9.32%	After Tax Yield* 10.34%	Est Tax Friction* 1.95%	3Yr NAV Volatiliy 14.47
1 Yr RoC 45.32%	3 Yr Dest RoC 26.95%	Leverage 25.74%	Non Lev Exp Ratio 2.33%	Beta (2yr) 0.73
Equity Exposure 46.15%	Bond Exposure 50.54%	# Holdings 86	Cash Weighted Duration 1.47
Comp NAV TR -0.44%	Comp Discount 2.23%	Net Assets (M) 757	Liquidity - 90d (K) 2,566
* 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	1.19	14.98	22.56	0.00	38.12	80	542
ACP	abrdn Incm Cr Stgs Fd	abrdn	1.11	-2.17	17.73	0.00	29.70	360	1,769
OXLC	Oxford Lane Cap Corp	Oxford Lane	1.08	17.95	17.34	0.00	37.49	757	5,281
ECC	Eagle Point Cr Co	Eagle Point	1.03	18.81	15.92	0.00	29.48	518	3,762
PDI	PIMCO Dyn Incm Fd	PIMCO	1.14	6.28	14.21	0.00	41.85	4,512	20,771
RA	Brkf Real Ast Incm Fd	Brookfield	1.11	11.90	14.19	56.90	27.02	840	3,794
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	1.08	-11.90	14.40	52.69	34.58	222	973
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	1.14	6.72	15.29	0.00	40.22	243	1,334
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	1.07	28.66	13.67	46.78	23.26	1,476	7,181
FSCO	FS Cr Opp Corp	FS/KKR	1.14	-28.68	12.76	0.00	36.35	1,293	3,108
KIO	KKR Incm Opp Fd	KKR Credit	1.11	-10.97	12.93	0.00	37.23	344	1,544
BRW	Saba Cap Incm & Opp Fd	Saba Capital	1.05	-8.49	13.11	81.08	26.94	366	916
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	0.96	-8.56	14.33	26.74	42.30	161	691
VVR	Invsc Sr Incm Tr	Invesco	1.10	-8.13	12.55	17.86	33.76	621	2,610
FAX	abrdn Asia-Pacific Incm Fd	abrdn	1.10	-13.42	12.18	56.08	32.10	775	1,788
PDO	PIMCO Dyn Incm Opp Fd	PIMCO	1.15	1.00	11.74	0.00	45.02	1,433	5,630
EVV	EV Ltd Dur Incm Fd	Eaton Vance	1.00	-11.87	10.15	39.79	35.40	1,204	3,019
AVK	Advent Convt & Incm Fd	Guggenheim Funds	1.07	-7.43	12.27	68.42	44.76	428	1,035
NCV	Virtus Convt & Incm Fd	Virtus	1.08	-14.06	12.36	86.36	43.62	347	1,874
HIX	WA Hi Incm Fd II	Franklin Templeton	1.08	2.35	12.28	7.53	28.02	306	761
AIF	Apollo Tactical Incm Fd	Apollo	1.09	-13.97	11.95	0.00	37.12	206	783
PHK	PIMCO Hi Incm Fd	PIMCO	1.09	4.61	12.08	0.00	20.64	666	1,731
PAXS	PIMCO Access Incm Fd	PIMCO	1.08	-3.88	12.27	0.00	45.07	669	2,346
PHD	Pioneer Flt Rt Fd	Amundi Asset Mgmt	1.05	-14.11	12.77	0.00	32.30	122	627
BWG	BwGlobal Glbl Incm Opp Fd	Franklin Templeton	1.07	-16.18	12.36	43.21	41.65	156	417
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.10	4.78	11.90	9.91	24.92	580	1,329
PFL	PIMCO Incm Stgy Fd	PIMCO	1.10	4.08	11.97	5.46	26.26	298	739
NCZ	Virtus Convt & Incm Fd II	Virtus	1.07	-14.04	12.24	88.67	43.87	260	1,398
WDI	WA Divr Incm Fd	Franklin Templeton	1.09	-11.45	12.18	0.00	32.62	778	1,510
FTF	FrkTmp Ltd Dur Incm Tr	Franklin Templeton	1.06	-13.74	11.72	15.86	32.71	285	956
DSL	DbLin Incm Solutions Fd	Doubleline	1.12	0.34	11.24	4.95	22.69	1,196	4,017
BGT	BR Flt Rt Incm Fd	BlackRock	1.09	-10.00	12.02	2.93	23.97	281	1,020
RCS	PIMCO Stgc Incm Fd	PIMCO	1.08	20.59	11.61	3.23	34.93	198	572
GHY	PGIM Glbl Hi Yld Fd	Prudential	1.10	-10.39	11.32	7.27	22.23	508	1,562
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.11	-7.47	11.69	2.99	23.23	457	1,867
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.18	23.15	10.59	0.00	35.27	1,514	6,012
TEI	Tmp Emrg Mkt Incm Fd	Franklin Templeton	1.08	-10.09	11.24	58.55	15.62	268	772
ICMB	Investcorp Cr Mgmt BDC	Investcorp	0.71	-35.56	13.16	0.00	61.46	88	86
GECC	Great Elm Cap Corp	Great Elm Capital	0.58	-32.74	17.52	0.00	47.26	90	261
FSK	FS KKR Capital Corp	FS/KKR	0.73	-20.22	12.87	0.00	54.26	6,982	21,440
RWAY	Runway Gwth Fin Corp	Runway Gwth Cap	0.68	-13.50	13.15	0.00	49.76	570	1,800
TRIN	Trinity Capital	Trinity Capital	0.70	0.77	14.27	0.00	54.08	470	5,113
PNNT	PennantPark Inv Corp	PennantPark	0.73	-25.00	14.04	0.00	55.16	496	2,113
CION	CION Inv Corp	CION Inv Mgmt	0.67	-33.42	13.52	0.00	61.24	828	2,184
MFIC	MidCap Fin Invt Corp	Apollo	0.71	-19.04	12.37	0.00	59.24	994	2,554
OXSQ	Oxford Square Cap Corp	Oxford Lane	0.59	-0.71	15.11	0.00	55.65	140	671
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	0.61	-5.89	14.31	0.00	58.51	421	3,376
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	0.63	-19.14	14.49	0.00	59.59	225	342
GSBD	Goldman Sachs BDC	Goldman Sachs	0.67	-6.30	13.30	21.57	53.67	1,581	8,198
MRCC	Monroe Capital Corp	Monroe Capital	0.66	-24.88	12.94	0.00	59.49	223	401
OFS	OFS Capital Corp	OFS Capital	0.61	-28.54	13.76	0.00	63.70	180	307
BCSF	Bain Cap Splty Fin	BCSF Advisors	0.73	-25.73	11.78	0.00	54.02	1,121	2,385
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.56	17.02	18.12	90.85	0.00	696	5,205
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.56	17.77	18.08	90.71	0.00	1,535	9,751
SRV	NXG Cushing Midstream Nrg Fd	Cushing	1.60	-3.69	15.31	22.40	16.67	81	1,019
ZTR	Virtus Tot Rtn Fd	Virtus	1.42	-7.89	15.51	58.75	29.91	461	1,413
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Invst Mgmt	1.46	-12.19	13.69	12.36	31.09	838	3,655
RIV	RiverNorth Opp Fd	RiverNorth	1.46	-8.56	13.67	63.81	34.96	263	836
GLQ	Clough Glbl Eq Fd	Clough	1.48	-15.88	11.80	72.62	43.83	138	459
GLO	Clough Glbl Opp Fd	Clough	1.45	-17.04	12.02	76.56	41.84	253	1,035
AWP	abrdn Glbl Prmr Prop Fd	abrdn	1.38	-8.77	12.47	72.08	16.45	360	1,077
NBXG	NB Nxt Gen Connectivity Fd	Neuberger Berman	1.47	-20.00	11.54	100.00	0.00	1,024	2,184
IFN	India Fund	abrdn	1.48	-3.30	10.05	1.62	0.00	477	1,129
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.44	-15.71	11.07	22.55	25.59	354	643
NML	NB Nrg Infra & Incm Fd	Neuberger Berman	1.44	-16.02	10.87	64.02	17.65	435	967
DPG	D&P Util & Infra Fd	Virtus	1.39	14.59	10.87	80.46	27.83	428	1,079
BIGZ	BR Innovation & Gwth Trm Tr	BlackRock	1.42	-15.80	10.80	100.00	0.00	2,097	6,477
BMEZ	BR Health Sci Trm Tr	BlackRock	1.42	-14.56	10.75	36.94	0.00	2,053	4,643
NMAI	Nuv Multi-Asset Incm Fd	Nuveen	1.48	-15.74	10.38	3.42	32.22	459	928
JCE	Nuv Core Eq Alpha Fd	Nuveen	1.53	-3.20	10.08	23.24	0.00	211	568
BSTZ	BR Sci & Tech Trm Tr	BlackRock	1.41	-14.88	10.78	54.08	0.00	1,631	4,540
AIO	Virtus AI & Tech Opp Fd	Virtus	1.51	-9.37	10.17	54.62	16.28	671	1,441
THW	Tekla Wld Health Fd	Tekla	1.51	11.95	9.90	73.67	20.01	474	1,166
NIE	Virtus Eq & Convt Incm Fd	Virtus	1.50	-11.69	9.80	4.12	0.00	640	1,344
GUG	Gghm Active Alloc Fd	Guggenheim Funds	1.45	-13.20	10.27	10.15	26.13	527	1,030
BCAT	BR Cap Alloc Trm Tr	BlackRock	1.48	-11.20	10.00	47.46	0.00	1,863	3,919
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.44	-11.71	10.20	93.91	26.28	425	789
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	1.52	-3.31	9.47	57.97	12.00	606	2,077
KYN	KA Nrg Infra Fd	Kayne Anderson	1.39	-16.92	10.31	10.12	24.75	1,335	3,917
USA	Liberty All-Star Eq Fd	ALPS	1.46	-1.29	9.79	10.52	0.00	1,665	3,924
TYG	Tortoise Nrg Infra Corp	Tortoise	1.41	-19.35	10.11	23.75	22.30	395	1,052
ECAT	BR ESG Cap Alloc Trm Tr	BlackRock	1.48	-11.59	9.54	72.52	0.00	1,820	5,267
FOF	C&S CE Opp Fd	Cohen&Steers	1.44	0.66	9.72	48.72	0.00	293	499
HQH	Tekla Health Invstr	Tekla	1.40	-14.41	9.36	50.93	0.00	946	1,963
HQL	Tekla Life Sci Invstr	Tekla	1.41	-15.20	9.40	51.18	0.00	412	924
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.44	-12.67	9.54	56.60	0.00	457	1,099

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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