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08. Discount CEF/BDC Index

Data as of 06/02/2023 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	1,723.98	1.14	2.08	1.75	-0.01	-1.01	-5.16	12.72	9.04	8.02	1.94	0.64	7.57
NAV	1,246.21	1.10	1.93	0.50	1.35	2.17	-4.59	3.89	2.80	3.88	1.79	0.47	3.45
Difference		-0.04	-0.15	-1.25	1.37	3.17	0.57	-8.82	-6.24	-4.14	-0.15	-0.17	-4.12
* 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	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	5.19	-3.06	0.98	2.97	1.09	-2.37	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	-4.94	-0.84	1.72	-3.92	0.27	-0.29	-	-	-	-	-	-	-	-	-	-	-	-	-
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 -17.98%	1Yr Disc -15.08%	3Yr Disc -13.60%	5Yr Disc -12.49%	Rel Disc Range (3yr) 24.37%
Mkt Yield 9.24%	Lev Adj NAV Yield 5.98%	After Tax Yield* 7.68%	Est Tax Friction* 1.56%	3Yr NAV Volatiliy 14.74
1 Yr RoC 35.28%	3 Yr Dest RoC 12.98%	Leverage 26.29%	Non Lev Exp Ratio 2.13%	Beta (2yr) 0.77
Equity Exposure 50.68%	Bond Exposure 46.98%	# Holdings 60	Cash Weighted Duration 2.40
Comp NAV TR -1.13%	Comp Discount -7.55%	Net Assets (M) 553	Liquidity - 90d (K) 1,150
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

60 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
HFRO	Highland Incm Fd	Highland Capital	1.83	-32.44	10.15	25.13	15.10	918	2,256
DNIF	Div & Incm Fd	Bexil	1.70	-34.83	9.09	25.06	10.07	215	253
NXG	NXG NextGen Infra Incm Fd	Cushing	1.79	-23.57	8.72	50.21	26.22	127	286
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.67	-23.63	11.86	26.74	1.33	249	488
TYG	Tortoise Nrg Infra Corp	Tortoise	1.70	-19.34	10.12	23.75	22.30	394	1,053
STEW	SRH Tot Rtn Fd	Paralel Advisors	1.82	-19.62	3.94	32.96	13.12	1,538	1,014
TEAF	Ecofin Susble & Soc Impact Trm	Tortoise	1.70	-20.58	8.64	53.28	12.00	212	332
NTG	Tortoise Midstream Nrg Fd	Tortoise	1.79	-15.16	9.22	45.00	20.90	211	517
IIF	MS India Inv Fd	Morgan Stanley	1.85	-18.64	9.57	0.00	0.00	263	596
JOF	Japan Sml Caplz Fd	Nomura	1.83	-13.52	0.63	0.00	0.00	239	377
PEO	Adams Ntr Res Fd	Adams Funds	1.72	-16.45	5.95	0.00	0.00	608	1,623
NRGX	PIMCO Nrg & Tac Cr Opp Fd	PIMCO	1.79	-19.06	5.95	42.50	17.50	816	906
SPE	Spl Opp Fd	Bulldog	1.76	-17.10	9.54	14.42	27.77	151	272
CET	Cntrl Sec Corp	Central Securities	1.78	-16.23	7.45	0.00	0.00	1,188	666
PGZ	Principal Rel-Est Incm Fd	ALPS	1.77	-15.23	13.39	34.25	32.79	75	319
CEM	CB MLP & Midstream Fd	Franklin Templeton	1.81	-15.76	7.76	50.80	31.95	521	940
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Invst Mgmt	1.74	-12.94	13.90	12.36	31.09	833	3,655
IDE	Voya Infra Ind & Matrls Fd	Voya	1.76	-16.58	9.63	53.01	0.00	177	450
GLV	Clough Glbl Div & Incm Fd	Clough	1.70	-15.93	12.93	91.92	47.97	84	214
MEGI	MainStay CBRE Glbl Infra MTrnd	New York Life	1.76	-14.32	9.20	0.00	25.00	858	1,788
ADX	Adams Divr Eq Fd	Adams Funds	1.81	-16.23	6.63	0.00	0.00	2,331	2,803
GRX	Gabelli Health & Well Tr	Gabelli	1.68	-17.81	6.16	25.83	23.00	202	281
EDD	MS Emrg Mkt Dom Dbt	Morgan Stanley	1.82	-14.99	6.88	48.28	16.06	360	967
ECF	Ellsworth Gwth & Incm Fd	Gabelli	1.74	-15.80	6.42	0.00	29.00	133	457
GLQ	Clough Glbl Eq Fd	Clough	1.75	-17.20	12.04	72.62	49.00	138	443
NPCT	Nuv Core Plus Impact Fd	Nuveen	1.75	-15.30	9.94	45.58	39.00	340	857
FEI	FT MLP & Nrg Incm Fd	First Trust	1.74	-16.33	7.97	46.12	18.39	407	881
NQP	Nuv PA Qlty Muni Incm Fd	Nuveen	1.70	-15.81	3.14	0.00	39.65	491	580
WIW	WA Inf-Lnk Opp & Incm Fd	Franklin Templeton	1.72	-14.37	8.12	0.00	37.02	639	1,454
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	1.78	-13.83	8.26	0.00	29.87	184	732
NMAI	Nuv Multi-Asset Incm Fd	Nuveen	1.78	-15.65	10.41	3.42	32.22	457	932
GDV	Gabelli Div & Incm Tr	Gabelli	1.73	-15.74	6.45	33.51	13.00	2,189	2,877
BCV	Bancroft Fund	Gabelli	1.69	-16.50	7.76	0.00	21.00	116	309
GLO	Clough Glbl Opp Fd	Clough	1.74	-17.10	12.08	76.56	48.75	252	1,030
BGX	Blackstone Lng-Srt Cr Incm Fd	Blackstone	1.76	-14.39	10.97	0.00	36.14	161	609
VPV	Invsc PA Val Muni Incm Tr	Invesco	1.70	-15.52	3.76	13.46	39.00	275	312
AIF	Apollo Tactical Incm Fd	Apollo	1.78	-14.36	12.03	0.00	37.12	206	791
EMD	WA Emrg Mkt Dbt Fd	Franklin Templeton	1.75	-14.56	9.94	26.15	29.43	596	1,330
IGA	Voya Glbl Adv & Prm Opp Fd	Voya	1.71	-16.07	9.61	20.52	0.00	153	416
DMO	WA Mortg Opp Fd	Franklin Templeton	1.78	-13.86	12.14	4.03	41.09	137	609
AOD	abrdn Tot Dyn Div Fd	abrdn	1.77	-14.03	8.53	16.93	4.03	992	2,071
BWG	BwGlobal Glbl Incm Opp Fd	Franklin Templeton	1.73	-15.75	12.47	43.21	41.65	153	409
NFJ	Virtus Div Int & Prm Stgy Fd	Virtus	1.75	-15.18	8.27	0.00	0.00	1,324	2,327
FINS	Angel Oak Fin Stgs Incm Trm Tr	Angel Oak	1.69	-14.33	9.68	40.28	29.31	345	936
AGD	abrdn Glbl Dyn Div Fd	abrdn	1.76	-14.18	8.37	24.47	0.10	270	733
SCD	LMP Cap & Incm Fd	Franklin Templeton	1.78	-15.91	8.52	68.19	19.97	253	436
NAC	Nuv CA Qlty Muni Inc Fd	Nuveen	1.69	-15.67	4.08	0.00	40.07	1,819	3,473
MIY	BR MuniYld MI Qlty Fd	BlackRock	1.71	-15.21	3.81	10.97	38.43	376	726
HQL	Tekla Life Sci Invstr	Tekla	1.70	-15.02	9.43	51.18	0.00	410	947
HNW	Pioneer Divr Hi Incm Fd	Amundi Asset Mgmt	1.75	-13.92	10.78	9.56	30.40	97	364
BBDC	Barings BDC	Barings	1.25	-28.74	12.56	0.00	54.58	1,205	4,275
MRCC	Monroe Capital Corp	Monroe Capital	1.22	-26.72	13.26	0.00	59.49	223	399
CCAP	Crescent Capital BDC	Crescent Capital	1.28	-29.57	12.01	0.00	54.22	718	1,490
RWAY	Runway Gwth Fin Corp	Runway Gwth Cap	1.26	-15.99	13.54	0.00	49.76	570	1,789
ICMB	Investcorp Cr Mgmt BDC	Investcorp	1.32	-36.70	13.40	0.00	61.46	88	88
PSEC	Prospect Capital Corp	Prospect Capital	1.14	-33.86	11.48	0.00	49.11	3,813	9,854
BCSF	Bain Cap Splty Fin	BCSF Advisors	1.36	-27.46	12.06	0.00	54.02	1,121	2,358
TCPC	BR TCP Capital Corp	BlackRock	1.29	-17.46	12.67	0.00	57.30	751	2,978
BKCC	BR Cap Inv Corp	BlackRock	1.21	-25.85	12.23	4.43	43.67	320	719
WHF	WhiteHorse Finance	H.I.G. Capital	1.20	-17.32	12.61	0.00	54.24	330	661

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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