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08. Discount CEF/BDC Index

Data as of 04/01/2025 03/31/2025 02/28/2025 01/31/2025 12/31/2024 11/29/2024 10/31/2024 09/30/2024 08/30/2024 07/31/2024 06/28/2024 05/31/2024 04/30/2024 03/28/2024 02/29/2024 01/31/2024 12/29/2023 11/30/2023 10/31/2023 09/29/2023 08/31/2023 07/31/2023 06/30/2023 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	2,344.92	0.81	0.25	-1.52	5.86	4.55	18.15	6.98	21.32	10.22	-1.52	0.81	4.91
NAV	1,506.13	0.49	0.12	-1.30	1.14	1.64	9.50	3.61	10.42	4.37	-1.30	0.49	0.83
Difference		-0.33	-0.13	0.21	-4.72	-2.92	-8.65	-3.37	-10.90	-5.85	0.21	-0.33	-4.08
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2025 - Monthly Performance (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2025
Price	4.95	1.50	-2.31	4.07	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	1.39	0.76	-1.78	0.34	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	-3.56	-0.74	0.53	-3.72	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2024 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2024
Price	1.83	2.04	3.65	7.69	-1.08	3.38	2.56	4.88	12.95	3.74	1.09	2.45	7.44	-1.50	3.34	-1.90	-0.15	7.28	21.16
NAV	0.05	1.58	2.62	4.30	-0.99	1.74	1.42	2.16	6.55	2.28	1.26	1.78	5.41	-1.31	2.67	-0.36	0.96	6.42	13.39
Difference	-1.78	-0.45	-1.03	-3.40	0.08	-1.63	-1.14	-2.72	-6.40	-1.46	0.17	-0.67	-2.03	0.19	-0.67	1.54	1.10	-0.86	-7.78
2023 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2023
Price	10.13	-2.22	-0.74	6.88	0.82	-2.08	5.20	3.86	11.01	3.22	-2.07	-9.11	-8.13	-3.60	12.59	3.99	12.86	3.69	15.10
NAV	5.19	-3.06	0.98	2.97	1.09	-2.37	3.68	2.34	5.37	1.88	-2.39	-5.44	-5.96	-2.75	9.22	3.90	10.36	3.78	9.35
Difference	-4.94	-0.84	1.72	-3.92	0.27	-0.29	-1.52	-1.53	-5.64	-1.33	-0.32	3.68	2.17	0.86	-3.37	-0.09	-2.51	0.09	-5.75
2022 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2022
Price	-1.06	-1.52	1.29	-1.31	-6.05	0.88	-8.24	-13.03	-14.18	6.82	-1.07	-11.76	-6.74	4.92	7.69	-7.87	4.10	-2.92	-16.68
NAV	-1.56	0.21	0.65	-0.71	-4.81	0.98	-7.09	-10.69	-11.33	4.70	-2.99	-7.34	-5.89	1.90	4.81	-0.37	6.40	0.14	-11.21
Difference	-0.50	1.73	-0.63	0.60	1.24	0.10	1.15	2.34	2.84	-2.12	-1.92	4.42	0.86	-3.02	-2.88	7.49	2.30	3.05	5.47
2021 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2021
Price	3.28	5.05	4.22	13.07	6.24	3.97	1.66	12.29	26.97	-0.29	0.96	-0.58	0.09	3.57	-2.35	0.96	2.11	2.20	29.77
NAV	1.56	2.46	1.98	6.11	2.71	2.63	0.98	6.44	12.94	-2.47	0.57	-1.70	-3.58	1.99	-2.47	0.84	0.30	-3.29	9.22
Difference	-1.72	-2.59	-2.24	-6.96	-3.53	-1.34	-0.68	-5.85	-14.03	-2.18	-0.39	-1.12	-3.67	-1.59	-0.12	-0.13	-1.81	-5.50	-20.54
2020 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	0.53	-8.09	-26.99	-32.54	22.93	7.09	-1.31	29.93	-12.35	3.89	2.90	-2.97	3.74	-1.17	17.51	5.40	22.41	26.99	11.30
NAV	-1.05	-4.85	-18.75	-23.50	14.76	2.78	-0.97	16.81	-10.64	3.75	1.49	-2.23	2.95	-0.23	8.34	3.06	11.40	14.69	2.48
Difference	-1.58	3.24	8.24	9.04	-8.17	-4.31	0.34	-13.12	1.71	-0.14	-1.41	0.74	-0.79	0.93	-9.16	-2.34	-11.01	-12.30	-8.82
2019 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2019
Price	11.18	2.19	1.40	15.20	2.11	-2.58	3.67	3.13	18.81	1.03	-2.01	1.71	0.69	-0.90	0.39	4.95	4.41	5.13	24.90
NAV	4.80	1.14	1.71	7.81	0.92	-1.70	2.97	2.15	10.13	-0.21	-1.11	0.83	-0.50	-0.03	-0.01	3.81	3.76	3.24	13.70
Difference	-6.38	-1.05	0.31	-7.40	-1.19	0.88	-0.70	-0.98	-8.68	-1.24	0.90	-0.88	-1.19	0.88	-0.41	-1.14	-0.64	-1.89	-11.20
2018 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2018
Price	1.63	-3.14	0.02	-1.54	0.68	0.27	-0.30	0.66	-0.89	1.33	0.78	-1.19	0.90	-3.67	1.69	-2.86	-4.84	-3.98	-4.84
NAV	1.58	-2.73	0.23	-0.97	0.29	0.09	-0.09	0.29	-0.69	1.14	-0.26	-0.01	0.87	-2.24	0.66	-0.75	-2.33	-1.49	-2.16
Difference	-0.05	0.41	0.20	0.57	-0.40	-0.18	0.21	-0.37	0.21	-0.19	-1.04	1.18	-0.04	1.42	-1.03	2.11	2.50	2.49	2.67
2017 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2017
Price	4.12	1.93	0.42	6.58	1.74	0.14	0.46	2.36	9.10	2.50	-0.26	1.31	3.57	-1.80	-0.25	1.23	-0.85	2.70	12.04
NAV	2.01	1.68	0.45	4.19	0.48	0.10	0.26	0.84	5.06	1.63	0.29	0.57	2.50	-0.21	0.13	1.26	1.18	3.71	8.96
Difference	-2.12	-0.25	0.02	-2.40	-1.26	-0.04	-0.21	-1.52	-4.03	-0.87	0.55	-0.74	-1.07	1.59	0.39	0.03	2.03	1.01	-3.08
2016 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2016
Price	-4.86	0.96	8.62	4.33	4.78	0.74	2.87	8.59	13.29	4.60	1.81	1.40	7.99	-2.75	0.52	2.74	0.43	8.45	22.87
NAV	-2.80	0.17	4.60	1.85	3.43	0.82	2.04	6.41	8.38	2.39	0.43	1.25	4.12	-1.64	-0.11	2.14	0.35	4.49	13.25
Difference	2.06	-0.78	-4.02	-2.48	-1.35	0.08	-0.83	-2.18	-4.91	-2.21	-1.38	-0.15	-3.87	1.11	-0.63	-0.60	-0.08	-3.96	-9.62
2015 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2015
Price	2.77	2.92	-0.12	5.65	2.09	-1.11	-3.29	-2.36	3.15	-2.06	-3.57	-3.71	-9.07	6.91	-1.58	-1.18	3.97	-5.46	-2.48
NAV	1.16	1.65	0.29	3.13	1.64	-0.26	-1.79	-0.45	2.67	-1.21	-3.32	-3.72	-8.03	3.35	-1.31	-3.14	-1.20	-9.14	-6.71
Difference	-1.61	-1.27	0.41	-2.51	-0.46	0.84	1.50	1.91	-0.48	0.86	0.26	-0.01	1.03	-3.56	0.27	-1.95	-5.18	-3.68	-4.23
2014 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2014
Price	0.79	2.75	-0.28	3.28	1.60	2.33	2.15	6.19	9.67	-1.50	1.98	-3.60	-3.17	0.69	0.05	-3.64	-2.92	-5.99	3.10
NAV	0.57	2.64	0.55	3.79	1.25	2.03	1.54	4.89	8.87	-0.45	1.63	-1.96	-0.82	0.66	-0.07	-0.64	-0.05	-0.88	7.91
Difference	-0.22	-0.11	0.82	0.52	-0.35	-0.30	-0.61	-1.30	-0.81	1.04	-0.35	1.64	2.34	-0.03	-0.12	3.00	2.87	5.12	4.81
2013 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2013
Price	4.09	0.22	0.94	5.29	0.99	-2.61	-3.30	-4.88	0.15	-0.11	-2.17	3.69	1.33	2.35	-1.07	1.62	2.90	4.26	4.42
NAV	2.41	0.29	0.98	3.72	2.02	-1.08	-3.40	-2.51	1.12	1.52	-1.86	3.38	3.00	2.22	0.06	0.99	3.30	6.40	7.59
Difference	-1.68	0.07	0.05	-1.57	1.03	1.53	-0.11	2.38	0.97	1.62	0.31	-0.31	1.67	-0.13	1.13	-0.62	0.40	2.13	3.16
2012 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2012
Price	6.93	2.71	-0.21	9.59	0.50	-4.31	2.17	-1.75	7.68	2.31	0.94	2.29	5.64	-0.27	-0.56	1.19	0.35	6.01	14.15
NAV	3.28	2.19	-0.09	5.44	0.83	-3.42	1.73	-0.92	4.47	1.79	0.82	1.77	4.45	0.03	0.60	1.38	2.02	6.56	11.32
Difference	-3.66	-0.52	0.12	-4.15	0.33	0.90	-0.43	0.82	-3.22	-0.52	-0.11	-0.52	-1.19	0.29	1.16	0.20	1.67	0.55	-2.83

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -13.01%	1Yr Disc -11.21%	3Yr Disc -10.30%	5Yr Disc -8.76%	Rel Disc Range (3yr) 36.17%
Mkt Yield 8.52%	Lev Adj NAV Yield 6.12%	After Tax Yield* 7.63%	Est Tax Friction* 0.89%	3Yr NAV Volatiliy 12.46
1 Yr RoC 46.10%	3 Yr Dest RoC 28.90%	Leverage 24.89%	Non Lev Exp Ratio 2.09%	Beta (2yr) 0.67
Equity Exposure 46.58%	Bond Exposure 51.06%	# Holdings 56	Cash Weighted Duration 4.24
Comp NAV TR -0.79%	Comp Discount -7.63%	Net Assets (M) 598	Liquidity - 90d (K) 1,821
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

56 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
HFRO	Highland Opp & Incm Fd	NexPoint	1.88	-57.95	8.92	0.00	15.88	681	1,701
CET	Cntrl Sec Corp	Central Securities	1.89	-17.15	4.99	0.00	0.00	1,576	1,185
CAF	MS China A Shr Fd	Morgan Stanley	1.88	-17.03	2.51	0.00	0.00	269	413
KF	Korea Fund	Allianz	1.91	-15.53	2.25	0.00	0.00	99	256
CHN	China Fund	Allianz	1.88	-15.41	1.17	0.00	0.00	146	445
AEF	abrdn Emrg Mkt ex-China Fd	abrdn	1.89	-13.74	12.10	94.07	11.41	233	1,322
ECF	Ellsworth Gwth & Incm Fd	Gabelli	1.89	-13.12	5.84	5.28	19.00	142	340
KYN	KA Nrg Infra Fd	Kayne Anderson	1.91	-12.01	7.40	4.91	15.27	2,493	5,754
ZTR	Virtus Tot Rtn Fd	Virtus	1.89	-12.17	10.02	97.50	31.19	379	1,987
DIAX	Nuv Dow 30SM Dyn Owrt Fd	Nuveen	1.93	-11.31	8.30	0.00	0.00	595	945
MFM	MFS Muni Incm Tr	MFS	1.91	-10.98	4.82	0.00	28.00	248	538
NML	NB Nrg Infra & Incm Fd	Neuberger Berman	1.93	-10.33	7.62	100.00	17.75	581	1,735
FMN	Fed Prmr Muni Incm Fd	Federated	1.90	-11.37	4.40	0.00	40.46	96	425
VFL	abrdn Nat Muni Incm Fd	abrdn	1.90	-11.37	5.88	0.00	40.97	141	358
PZC	PIMCO CA Muni Incm Fd III	PIMCO	1.92	-10.68	5.36	30.18	41.01	166	489
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.89	-10.97	9.36	0.00	34.89	460	1,241
PCQ	PIMCO CA Muni Incm Fd	PIMCO	1.92	-10.77	4.83	22.81	41.19	190	655
ADX	Adams Divr Eq Fd	Adams Funds	1.90	-10.43	9.82	3.42	0.00	2,514	5,895
DPG	D&P Util & Infra Fd	Virtus	1.89	-10.86	6.87	58.33	25.08	512	1,075
NCV	Virtus Convt & Incm Fd	Virtus	1.89	-10.44	12.60	98.04	36.82	327	1,659
BFZ	BR CA Muni Incm Tr	BlackRock	1.92	-9.69	6.38	34.76	36.54	369	880
NCZ	Virtus Convt & Incm Fd II	Virtus	1.92	-8.91	12.26	98.06	37.67	245	1,101
OCCI	OFS Credit Company	OFS Capital	1.97	-5.88	21.56	0.00	37.45	159	2,253
BYM	BR Muni Incm Qlty Tr	BlackRock	1.91	-9.65	6.13	21.01	37.42	311	1,085
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	1.93	-9.80	8.28	70.90	0.00	1,520	2,486
MPA	BR MuniYld PA Qlty Fd	BlackRock	1.90	-10.01	7.05	40.27	38.06	162	297
BFK	BR Muni Incm Tr	BlackRock	1.91	-8.77	6.01	22.11	39.45	480	766
LGI	Lzrd Glbl Tot Rtn & Incm Fd	Lazard	1.89	-8.74	11.38	44.75	29.65	220	981
CCIF	Carlyle Cr Incm Fd	Carlyle Glbl Cr Inv Mgmt	1.94	-6.20	18.10	0.00	31.13	135	1,125
EVT	EV Tx-Adv Div Incm Fd	Eaton Vance	1.88	-8.83	8.50	0.00	18.90	1,899	3,302
RFM	RivNth Flex Muni Incm Fd	RiverNorth	1.90	-8.33	7.60	66.52	38.10	99	284
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	1.90	-8.31	9.19	41.40	0.00	624	1,455
GUG	Gghm Active Alloc Fd	Guggenheim Funds	1.91	-7.23	9.33	31.98	28.04	543	1,325
PFD	F&C Pref & Incm Fd	Flaherty & Crumrine	1.90	-7.85	6.50	0.00	36.40	157	294
DFP	F&C Dyn Pref & Incm Fd	Flaherty & Crumrine	1.89	-8.17	6.83	0.00	37.70	452	1,025
MYD	BR MuniYld Fd	BlackRock	1.91	-7.57	6.15	22.78	39.80	526	1,208
ASGI	abrdn Glbl Infra Incm Fd	abrdn	1.89	-7.94	12.37	27.92	0.00	579	3,315
EIM	EV Muni Bnd Fd	Eaton Vance	1.90	-7.82	6.08	29.47	34.00	588	1,575
RMM	RivNth Mgd Dur Muni Incm Fd	RiverNorth	1.90	-7.07	7.52	61.79	39.90	307	837
CII	BR Enh Large Cap Core Fd	BlackRock	1.89	-8.14	9.15	0.00	0.00	824	2,122
EOT	EV Nat Muni Opp Tr	Eaton Vance	1.91	-7.13	4.88	2.52	12.20	283	724
ETB	EV Tx-Mgd By-Wrt Incm Fd	Eaton Vance	1.90	-7.30	9.26	43.32	0.00	434	1,110
ASG	Liberty All-Star Gwth Fd	ALPS	1.91	-6.97	9.72	0.00	0.00	319	1,608
BCAT	BR Cap Alloc Trm Tr	BlackRock	1.91	-6.55	23.69	89.82	0.00	1,631	7,109
BGR	BR Nrg & Res Tr	BlackRock	1.89	-7.09	8.57	57.30	0.00	373	1,222
MIO	Pioneer Muni Hi Incm Opp Fd	Amundi Asset Mgmt	1.90	-6.30	5.05	15.55	10.70	214	322
GSBD	Goldman Sachs BDC	Goldman Sachs	1.24	-13.81	10.97	0.00	53.46	1,588	10,030
PSBD	Palmer Sq Cap BDC	Palmer Sq BDC Advis	1.29	-16.24	10.42	0.00	57.61	538	437
EQS	Equus Total Return	Equus	1.24	-65.88	0.00	N/A	57.58	40	5
RWAY	Runway Gwth Fin Corp	Runway Gwth Cap	1.27	-23.42	12.50	0.00	50.61	515	3,081
PSEC	Prospect Capital Corp	Prospect Capital	1.23	-48.21	13.30	0.00	57.04	3,471	10,506
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	1.22	-27.31	13.32	0.00	58.45	179	590
OCSL	Oaktree Splty Lending	Oaktree Capital	1.25	-12.54	10.38	0.00	51.16	1,450	11,693
WHF	WhiteHorse Finance	H.I.G. Capital	1.23	-22.18	16.08	0.00	52.17	286	774
PIAC	Princeton Cap Corp	House Hanover	1.24	-42.11	0.00	N/A	0.00	23	0
NMFC	New Mountain Fin Corp	New Mountain Capital	1.25	-11.63	11.54	0.00	57.32	1,354	4,892

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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