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08. Discount CEF/BDC Index

Data as of 04/13/2021 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(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,737.08	0.47	1.19	4.27	13.33	38.14	71.82	16.13	14.99	3.64	3.64	17.19
NAV	1,336.30	0.18	0.13	0.53	5.17	16.20	35.64	7.17	7.94	1.38	1.38	7.58
Difference		-0.29	-1.05	-3.73	-8.15	-21.94	-36.19	-8.96	-7.05	-2.26	-2.26	-9.61
* 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	3.28	5.05	4.22	13.07	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	1.56	2.46	1.98	6.11	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	-1.72	-2.59	-2.24	-6.96	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -14.98%	1Yr Disc -19.19%	3Yr Disc -14.01%	5Yr Disc -12.09%	Rel Disc Range (3yr) 52.80%
Mkt Yield 6.47%	Lev Adj NAV Yield 4.61%	After Tax Yield* 5.88%	Est Tax Friction* 0.59%	3Yr NAV Volatiliy 22.66
1 Yr RoC 50.47%	3 Yr Dest RoC 36.27%	Leverage 22.35%	Non Lev Exp Ratio 2.22%	Beta (2yr) 1.02
Equity Exposure 56.13%	Bond Exposure 41.27%	# Holdings 36	Cash Weighted Duration 1.58
Comp NAV TR -2.89%	Comp Discount -9.36%	Net Assets (M) 513	Liquidity - 90d (K) 1,484
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

36 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
NHF	NexPoint Stgc Opp Fd	Highland Capital	3.36	-40.23	5.09	3.04	5.49	727	1,659
DNIF	Div & Incm Fd	Bexil	3.39	-29.11	7.45	34.24	0.00	238	372
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	3.47	-22.91	7.69	75.00	23.75	667	316
SMM	Salient Midstream & MLP Fd	Salient	3.26	-24.04	4.69	66.25	27.76	119	437
SRV	Cushing MLP & Infra Tot Rtn Fd	Cushing	3.24	-24.38	5.80	24.40	22.89	72	273
SZC	Cushing NextGen Infra Incm Fd	Cushing	3.36	-20.52	6.12	23.68	18.57	137	614
NDP	Tortoise Nrg Ind Fd	Tortoise	3.28	-17.90	0.00	N/A	9.80	39	299
SPE	Spl Opp Fd	Bulldog	3.33	-16.79	7.51	0.00	28.85	155	716
CET	Cntrl Sec Corp	Central Securities	3.34	-16.00	4.36	0.00	0.00	1,218	630
CUBA	Herzfeld Caribbean Basin Fd	Herzfeld Cuba	3.35	-15.83	10.25	100.00	0.00	42	283
GNT	GAMCO NtrRes Gd & Incm	Gabelli	3.45	-11.15	6.74	96.43	21.00	119	436
JOF	Japan Sml Caplz Fd	Nomura	3.30	-11.67	3.64	0.00	0.00	303	572
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	3.39	-8.17	7.73	61.85	28.92	1,152	4,601
GPM	Gghm Enh Eq Incm Fd	Guggenheim Funds	3.36	-10.54	6.43	85.19	30.53	404	1,293
NCZ	Virtus AG Convt & Incm Fd II	Virtus	3.39	-9.79	8.72	32.67	38.10	435	2,482
EMF	Tmp Emrg Mkt Fd	Franklin Templeton	3.27	-9.85	3.42	0.00	4.97	345	684
DEX	Dlw Enh Glbl Div & Incm Fd	Delaware	3.35	-8.42	6.95	58.76	26.38	131	339
DYFN	Angel Oak Dyn Fin Stgs Incm Trm	Angel Oak	3.34	-7.67	7.60	39.09	29.71	85	349
ACV	Virtus AG Divr Incm & Convt Fd	Virtus	3.49	-7.09	5.97	0.00	21.89	374	1,839
CEV	EV CA Muni Incm Tr	Eaton Vance	3.31	-7.67	4.19	0.00	36.00	104	307
HEQ	JH Hgd Eq & Incm Fd	John Hancock	3.31	-8.01	9.44	69.58	0.00	163	728
BMEZ	BR Health Sci Tr II	BlackRock	3.32	-7.29	6.48	38.26	N/A	3,263	8,188
RFM	RivNth Flex Muni Incm Fd	RiverNorth	3.36	-6.01	5.47	0.99	36.50	149	501
RMM	RivNth Mgd Dur Muni Incm Fd	RiverNorth	3.36	-5.26	5.71	46.39	35.90	401	1,239
MCI	Barings Corp Invstr	Barings	3.39	-3.19	6.59	0.00	8.96	305	383
FTHY	FT Hi Yld Opp 2027 Trm Fd	First Trust	3.26	-6.03	7.19	0.00	28.15	779	2,420
CPTA	Capitala Finance Corp	Capitala	1.24	-60.54	0.00	N/A	65.26	109	302
SVVC	Firsthand Tech Val Fd	Firsthand Capital	1.41	-57.83	0.00	N/A	0.00	102	316
ORCC	Owl Rock Capital Corp	Owl Rock	1.24	-4.34	8.79	0.00	46.82	5,769	17,508
FCRD	First Eagle Alt Cap BDC	First Eagle Alt Cr	1.25	-31.87	9.55	0.00	46.95	185	291
PNNT	PennantPark Inv Corp	PennantPark	1.40	-26.77	7.47	0.00	47.58	589	3,334
SUNS	SLR Sr Inv Corp	SLR Capital	1.32	0.57	7.50	0.00	13.66	255	1,078
SLRC	SLR Inv Corp	SLR Capital	1.32	-5.46	8.60	0.00	34.68	852	3,390
HCAP	Harvest Cap Cr Corp	Harvest Capital	1.26	-13.63	21.33	0.00	49.20	62	219
AINV	Apollo Inv Corp	Apollo	1.28	-9.04	8.74	0.00	58.80	1,017	5,812
ICMB	Investcorp Cr Mgmt BDC	Investcorp	1.26	-27.55	10.56	0.00	57.96	109	279

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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