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08. Discount CEF/BDC Index

Data as of 09/28/2023 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	1,725.94	0.21	-1.60	-3.79	-1.69	2.54	9.67	12.60	9.02	8.17	-4.03	-2.99	7.69
NAV	1,221.96	-0.31	-1.67	-2.81	-2.64	-0.40	6.86	3.13	2.28	3.71	-3.20	-3.73	1.44
Difference		-0.53	-0.08	0.98	-0.95	-2.94	-2.81	-9.47	-6.74	-4.47	0.83	-0.75	-6.25
* 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	10.13	-2.22	-0.74	6.88	0.82	-2.08	5.20	3.86	11.01	3.22	-2.07	-	-	-	-	-	-	-	-
NAV	5.19	-3.06	0.98	2.97	1.09	-2.37	3.68	2.34	5.37	1.88	-2.39	-	-	-	-	-	-	-	-
Difference	-4.94	-0.84	1.72	-3.92	0.27	-0.29	-1.52	-1.53	-5.64	-1.33	-0.32	-	-	-	-	-	-	-	-
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 -17.47%	1Yr Disc -16.34%	3Yr Disc -12.60%	5Yr Disc -12.31%	Rel Disc Range (3yr) 23.20%
Mkt Yield 7.59%	Lev Adj NAV Yield 4.87%	After Tax Yield* 6.70%	Est Tax Friction* 0.89%	3Yr NAV Volatiliy 12.56
1 Yr RoC 29.21%	3 Yr Dest RoC 8.80%	Leverage 29.01%	Non Lev Exp Ratio 2.21%	Beta (2yr) 0.70
Equity Exposure 38.26%	Bond Exposure 59.09%	# Holdings 59	Cash Weighted Duration 4.26
Comp NAV TR -2.67%	Comp Discount -6.44%	Net Assets (M) 703	Liquidity - 90d (K) 1,547
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

59 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
HFRO	Highland Opp & Incm Fd	NexPoint	1.64	-40.71	11.49	10.77	15.20	925	1,577
DNIF	Div & Incm Fd	Bexil	1.77	-34.92	9.25	22.35	8.91	213	238
HGLB	Highland Glbl Alloc Fd	NexPoint	1.71	-28.83	12.60	5.29	3.28	253	642
BANX	ArrowMark Fin Corp	ArrowMark	1.88	-19.95	10.29	0.00	24.42	155	269
TEAF	Ecofin Susble & Soc Impact Trm	Tortoise	1.79	-19.16	9.02	51.41	14.20	200	382
CAF	MS China A Shr Fd	Morgan Stanley	1.76	-19.35	0.02	0.00	0.00	338	345
STEW	SRH Tot Rtn Fd	Paralel Advisors	1.79	-19.58	3.85	49.79	12.36	1,571	746
IIF	MS India Inv Fd	Morgan Stanley	1.86	-19.34	8.87	0.00	0.00	280	559
GRX	Gabelli Health & Well Tr	Gabelli	1.58	-19.81	6.99	75.28	25.00	178	296
GAM	General American Invstr	General American Inv	1.77	-16.86	2.43	0.00	13.68	1,176	922
IDE	Voya Infra Ind & Matrls Fd	Voya	1.78	-14.97	9.71	40.80	0.00	169	360
GLO	Clough Glbl Opp Fd	Clough	1.62	-18.11	13.08	94.11	36.25	234	918
GDV	Gabelli Div & Incm Tr	Gabelli	1.69	-17.10	6.79	59.84	13.00	2,114	2,698
GLQ	Clough Glbl Eq Fd	Clough	1.61	-18.57	13.12	93.13	41.04	128	368
HYB	New Amrc Hi Incm Fd	T. Rowe Price	1.79	-17.14	7.41	0.00	31.00	183	350
VPV	Invsc PA Val Muni Incm Tr	Invesco	1.64	-16.28	4.09	9.72	39.00	255	381
FPL	FT New Opp MLP & Nrg Fd	First Trust	1.93	-13.66	7.19	66.37	20.37	170	373
FEI	FT MLP & Nrg Incm Fd	First Trust	1.91	-14.30	7.59	69.72	18.10	417	654
CEM	CB MLP & Midstream Fd	Franklin Templeton	1.90	-15.64	8.74	60.48	31.55	555	1,412
DMF	BNY Mellon Muni Incm	BNY Mellon	1.65	-16.86	3.17	0.00	33.18	142	355
FIF	FT Nrg Infra Fd	First Trust	1.91	-9.93	7.93	3.89	20.41	263	365
TDF	Tmp Dragon Fd	Franklin Templeton	1.67	-15.86	0.00	N/A	0.00	343	384
NPCT	Nuv Core Plus Impact Fd	Nuveen	1.71	-16.65	10.87	54.12	40.01	316	574
ASA	ASA Gd & Prcs Mtl	Merk Investments	1.62	-15.85	0.23	0.00	0.00	306	480
KYN	KA Nrg Infra Fd	Kayne Anderson	1.98	-15.48	9.99	12.04	23.04	1,355	2,840
WIW	WA Inf-Lnk Opp & Incm Fd	Franklin Templeton	1.71	-16.11	8.82	0.00	37.90	600	1,646
MHI	Pioneer Muni Hi Incm Fd	Amundi Asset Mgmt	1.55	-17.65	4.56	13.82	35.90	200	715
SCD	LMP Cap & Incm Fd	Franklin Templeton	1.76	-11.10	10.85	70.81	19.20	241	494
MAV	Pioneer Muni Hi Incm Adv Fd	Amundi Asset Mgmt	1.55	-17.32	4.90	15.31	40.10	195	553
FMN	Fed Prmr Muni Incm Fd	Federated	1.64	-15.59	4.38	0.00	38.97	131	326
NAN	Nuv NY Qlty Muni Incm Fd	Nuveen	1.63	-15.55	4.47	0.00	39.22	353	549
NZF	Nuv Muni Cr Incm Fd	Nuveen	1.63	-16.29	4.95	0.00	39.95	2,414	4,822
TBLD	Thornburg Incm Bldr Opp Tr	Thornburg Inv Mgmt	1.76	-14.02	8.56	0.00	0.00	545	980
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.75	-13.76	11.36	26.20	25.73	337	661
NVG	Nuv AMT-Fr Muni Cr Incm Fd	Nuveen	1.60	-16.04	4.95	0.00	41.61	2,622	5,270
CXE	MFS Hi Incm Muni Tr	MFS	1.63	-16.58	4.81	0.00	40.00	118	253
MVF	BR MuniVest Fd	BlackRock	1.65	-16.76	4.16	4.60	35.35	465	682
NEA	Nuv AMT-Fr Qlty Muni Incm Fd	Nuveen	1.60	-16.26	4.34	0.00	40.68	3,457	8,076
NAD	Nuv Qlty Muni Incm Fd	Nuveen	1.62	-15.57	4.50	0.00	40.51	2,803	6,303
MHD	BR MuniHldg Fd	BlackRock	1.61	-16.92	4.13	4.72	34.56	653	1,356
BFK	BR Muni Incm Tr	BlackRock	1.63	-17.03	4.13	3.69	35.40	473	1,109
NBH	NB Muni Fd	Neuberger Berman	1.64	-16.80	4.92	7.28	39.30	209	472
FINS	Angel Oak Fin Stgs Incm Trm Tr	Angel Oak	1.86	-11.99	10.86	38.83	28.00	343	603
MUE	BR MuniHldg Qlty Fd II	BlackRock	1.66	-17.64	3.96	4.68	35.26	236	685
BLE	BR Muni Incm Tr II	BlackRock	1.60	-16.91	4.46	3.26	37.19	530	1,027
HNW	Pioneer Divr Hi Incm Fd	Amundi Asset Mgmt	1.85	-13.54	10.57	4.25	30.70	99	374
MQT	BR MuniYld Qlty Fd II	BlackRock	1.64	-15.75	4.67	4.10	35.44	238	461
JQC	Nuv Cr Stgs Incm Fd	Nuveen	1.87	-13.36	12.81	7.48	38.34	792	2,470
SVVC	Firsthand Tech Val Fd	Firsthand Capital	0.86	-73.91	0.00	N/A	0.00	11	5
BBDC	Barings BDC	Barings	1.51	-21.43	11.67	0.00	54.64	1,208	4,433
PSEC	Prospect Capital Corp	Prospect Capital	1.30	-34.52	11.90	0.00	50.92	3,766	8,510
GECC	Great Elm Cap Corp	Great Elm Capital	1.66	-19.16	14.18	0.00	46.12	93	348
TCPC	BR TCP Capital Corp	BlackRock	1.41	-9.27	11.58	0.00	57.19	748	3,054
GBDC	Golub Capital BDC	Golub Capital	1.38	-1.08	10.09	0.00	55.24	2,515	8,403
SLRC	SLR Inv Corp	SLR Capital	1.43	-14.40	10.66	8.77	47.51	981	3,398
RWAY	Runway Gwth Fin Corp	Runway Gwth Cap	1.39	-9.53	12.48	0.00	47.94	574	1,242
BKCC	BR Cap Inv Corp	BlackRock	1.52	-14.32	10.78	1.48	45.75	314	818
PFX	PhenixFIN Corp	PhenixFIN Corp	1.31	-43.44	1.28	N/A	36.12	140	57
JFR	Nuv Flt Rt Incm Fd	Nuveen	3.86	-10.57	12.42	7.13	38.23	1,231	3,674

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.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2019. All rights reserved. Any copying, republication or redistribution of CEFadvisors, CEFdata.com, content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of CEFAdvisors. CEFAdvisors shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.