08. Discount CEF/BDC Index

About the Index

(1) Traditional closed-end funds (CEFs) according to CEFdata.com with $250K+ 90-day average trading dollar $ liquidity. The funds also meet the following criteria: Discount wider than -6.5%, 1-year Discount Range under 65%, 6-month Relative Z-stat under -0.25 and Comp Discount under 0. Rank the remaining funds by the 50 largest (smallest/lowest) discounts. (2) Business Development Companies (BDCs): Equity or Debt-Focused BDCs with -6.5% or lower Discounts, Comp Discount under 0 and below average 6-month Relative Z-Stats. Rank the remaining lowest 10 3-year relative discounts. Traditional CEFs are an 87.5% allocation and BDCs are an 12.5% allocation for this index with the underlying funds equal weighted into their overall allocation. The index constituents will be rebalanced each quarter.

Index Performance

	Current($)	Previous Day(%)	1 Week(%)	1 Month(%)	3 Month(%)	6 Month(%)	1 Year(%)	3 Year(%)	5 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,557.94	-0.28	0.43	7.14	25.09	29.85	14.11	10.46	15.71	5.11	5.11	5.11
NAV	1,277.84	-0.29	-0.16	3.95	11.85	14.94	4.69	4.72	8.69	2.87	2.87	2.87
Difference		-0.01	-0.59	-3.19	-13.24	-14.91	-9.42	-5.74	-7.01	-2.23	-2.23	-2.23
* 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 (%)
	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	22.41	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	11.40	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	-11.01	-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

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -15.11%	1Yr Disc -15.74%	3Yr Disc -12.25%	5Yr Disc -11.21%	Rel Disc Range (3yr) 49.35%
Mkt Yield 7.42%	Lev Adj NAV Yield 5.18%	After Tax Yield* 6.31%	Est Tax Friction* 1.11%	3Yr NAV Volatiliy 23.65
1 Yr RoC 44.08%	3 Yr Dest RoC 32.65%	Leverage 22.16%	Non Lev Exp Ratio 2.08%	Beta (2yr) 1.00
Equity Exposure 50.33%	Bond Exposure 45.08%	# Holdings 58	Cash Weighted Duration 1.88
Comp NAV TR -3.65%	Comp Discount -5.59%	Net Assets (M) 472	Liquidity - 90d (K) 1,575
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents

58 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
DNIF	Div & Incm Fd	Bexil	1.82	-31.13	8.48	67.50	13.25	214	350
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.83	-25.21	9.00	56.13	26.56	66	381
EMO	CB Nrg Midstream Opp Fd	Legg Mason	1.98	-22.66	8.46	100.00	29.24	271	1,809
NML	NB MLP & Nrg Incm Fd	Neuberger Berman	1.92	-24.80	4.33	100.00	14.20	281	1,277
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.93	-22.13	7.31	100.00	0.00	188	1,370
CTR	CB MLP & Midstream Tot Rtn Fd	Legg Mason	1.95	-22.36	9.76	100.00	29.67	154	911
PGZ	Principal Rel-Est Incm Fd	ALPS	1.74	-19.53	7.84	4.28	28.70	105	503
ASA	ASA Gd & Prcs Mtl	Merk Investments	1.70	-14.72	0.09	0.00	0.00	486	2,153
BIF	Boulder Gwth & Incm Fd	Boulder	1.76	-18.27	3.62	0.00	0.00	1,384	1,707
PEO	Adams Ntr Res Fd	Adams Funds	1.92	-15.54	5.71	0.00	0.00	356	1,703
IIF	MS India Inv Fd	Morgan Stanley	1.82	-15.39	0.02	0.00	0.00	298	900
TWN	Taiwan Fund	Allianz	2.16	-14.33	9.50	0.00	0.00	247	351
GLQ	Clough Glbl Eq Fd	Clough	1.90	-14.04	10.73	52.21	35.00	231	1,038
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.81	-11.14	8.66	12.78	21.96	398	2,223
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	1.74	-15.28	8.60	42.88	27.64	437	1,416
FUND	Sprott Focus Tr	Sprott	1.89	-14.38	7.30	0.00	3.57	256	371
ASGI	Abd Std Glbl Infra Incm Fd	Aberdeen	1.87	-9.37	6.52	51.52	0.00	195	977
BWG	BwGlobal Glbl Incm Opp Fd	Legg Mason	1.72	-12.92	7.26	0.00	33.85	239	768
AVK	Advent Convt & Incm Fd	Guggenheim Funds	1.79	-14.23	8.27	74.69	32.85	684	1,946
GNT	GAMCO NtrRes Gd & Incm	Gabelli	1.75	-14.55	7.05	28.48	20.00	124	450
AOD	Abd Tot Dyn Div Fd	Aberdeen	1.80	-14.07	7.58	11.43	0.00	1,117	3,448
JOF	Japan Sml Caplz Fd	Nomura	1.76	-11.51	3.76	0.00	0.00	293	654
SCD	LMP Cap & Incm Fd	Legg Mason	1.76	-14.94	8.78	61.61	20.60	250	715
IFN	India Fund	Aberdeen	1.79	-11.79	9.69	29.06	0.00	630	1,938
TEI	Tmp Emrg Mkt Incm Fd	Franklin	1.72	-11.71	7.27	0.00	0.00	418	1,177
JTA	Nuv Tx-Adv Tot Rtn Stgy Fd	Nuveen	1.81	-12.46	7.80	57.08	28.81	156	797
VMM	DI MN Muni Incm Fd II	Delaware	1.76	-11.75	2.93	0.00	30.63	173	292
SPE	Spl Opp Fd	Bulldog	1.79	-14.92	7.76	0.00	32.34	145	380
FGB	FT Splty Fin and Fin Opp Fd	First Trust	1.86	-9.49	9.88	3.08	11.28	53	273
IHD	Voya Emrg Mkt Hi Div Eq Fd	Voya	1.96	-7.91	8.97	80.00	0.00	166	637
MCI	Barings Corp Invstr	Barings	1.83	-7.13	7.02	0.00	9.01	297	473
KIO	KKR Incm Opp Fd	KKR Credit	1.76	-10.01	8.59	1.30	36.72	331	1,529
HEQ	JH Hgd Eq & Incm Fd	John Hancock	1.76	-10.34	9.98	49.66	0.00	158	911
BGX	Blackstone Lng-Srt Cr Incm Fd	Blackstone	1.80	-9.01	7.06	0.00	38.86	195	823
FINS	Angel Oak Fin Stgs Incm Trm Tr	Angel Oak	1.78	-7.15	7.54	34.43	29.22	283	1,152
RMM	RivNth Mgd Dur Muni Incm Fd	RiverNorth	1.80	-6.04	5.94	63.33	38.90	389	1,743
CII	BR Enh Cap & Incm Fd	BlackRock	1.79	-8.52	5.86	28.11	0.00	864	1,912
RMI	RivNth Opportunistic Muni Incm	RiverNorth	1.73	-8.85	5.14	40.85	32.70	150	322
DYFN	Angel Oak Dyn Fin Stgs Incm Trm	Angel Oak	1.71	-9.74	7.99	36.82	15.65	83	385
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	1.75	-7.01	9.20	32.25	34.61	186	967
MMU	WA Mgd Muni Fd	Legg Mason	1.75	-8.16	4.17	1.56	29.00	611	988
DLY	DbLin Yld Opp Fd	Doubleline	1.78	-6.67	7.36	12.67	20.01	1,218	3,974
NMCO	Nuv Muni Cr Opp Fd	Nuveen	1.84	-5.57	5.41	0.00	39.70	775	4,150
EHI	WA Glbl Hi Incm Fd	Legg Mason	1.78	-4.12	7.84	3.19	28.65	243	1,018
BBF	BR Muni Incm Inv Tr	BlackRock	1.80	-4.75	4.38	0.00	37.20	149	363
DCF	BYN A Glbl Cr Incm 2024 Tgt Trm	BNY Mellon	1.79	-5.84	6.89	0.00	28.08	138	403
BMEZ	BR Health Sci Tr II	BlackRock	1.83	-5.38	3.97	39.55	N/A	3,602	5,037
DSL	DbLin Incm Solutions Fd	Doubleline	1.74	-7.05	7.95	6.64	27.42	1,819	9,465
CPTA	Capitala Finance Corp	Capitala	1.37	-58.79	0.00	0.00	65.44	108	497
SVVC	Firsthand Tech Val Fd	Firsthand Capital	1.37	-62.71	0.00	N/A	0.00	95	244
GECC	Great Elm Cap Corp	Great Elm Capital	1.10	-41.41	30.74	0.00	43.63	122	868
OXSQ	Oxford Square Cap Corp	Oxford Lane	1.38	-8.05	11.86	0.00	35.61	191	1,350
MRCC	Monroe Capital Corp	Monroe Capital	1.29	-19.85	11.52	0.00	58.50	231	1,044
PSEC	Prospect Capital Corp	Prospect Capital	1.38	-26.07	11.59	0.00	39.74	3,197	12,934
SAR	Saratoga Inv Corp	Saratoga	1.36	-11.33	7.06	0.00	47.30	300	1,304
BCSF	Bain Cap Splty Fin	BCSF Advisors	1.26	-21.02	10.58	0.00	57.76	1,050	4,149
CGBD	TCG BDC	Carlyle	1.35	-25.05	11.38	0.00	56.01	845	2,842
FCRD	First Eagle Alt Cap BDC	First Eagle Alt Cr	1.16	-42.88	11.20	0.00	47.50	188	220

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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