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	1,373.72	0.23	1.43	4.66	9.65	7.36	19.30	10.14	10.04	3.15	3.15	3.15
NAV	1,233.39	0.32	0.87	3.24	6.57	4.67	12.30	6.70	5.32	1.76	1.76	1.76
Difference		0.08	-0.56	-1.42	-3.07	-2.69	-6.99	-3.44	-4.72	-1.39	-1.39	-1.39
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

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	18.33	1.03	-2.01	1.71	0.69	-0.90	0.39	4.95	4.41	5.10	23.43
NAV	4.80	1.14	1.71	7.81	0.92	-1.70	2.97	2.15	9.96	-0.21	-1.11	0.83	-0.50	-0.03	-0.01	3.81	3.76	3.26	13.22
Difference	-6.38	-1.05	0.31	-7.40	-1.19	0.88	-0.70	-0.98	-8.37	-1.24	0.90	-0.88	-1.19	0.88	-0.41	-1.14	-0.64	-1.84	-10.21
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	-0.88	1.33	0.78	-1.19	0.90	-3.67	1.69	-2.86	-4.84	-3.93	-4.82
NAV	1.58	-2.73	0.23	-0.97	0.29	0.09	-0.09	0.29	-0.68	1.14	-0.26	-0.01	0.87	-2.24	0.66	-0.75	-2.33	-1.47	-2.15
Difference	-0.05	0.41	0.20	0.57	-0.40	-0.18	0.21	-0.37	0.20	-0.19	-1.04	1.18	-0.04	1.42	-1.03	2.11	2.50	2.47	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	8.94	2.50	-0.26	1.31	3.57	-1.80	-0.25	1.23	-0.85	2.73	11.67
NAV	2.01	1.68	0.45	4.19	0.48	0.10	0.26	0.84	5.03	1.63	0.29	0.57	2.50	-0.21	0.13	1.26	1.18	3.68	8.71
Difference	-2.12	-0.25	0.02	-2.40	-1.26	-0.04	-0.21	-1.52	-3.91	-0.87	0.55	-0.74	-1.07	1.59	0.39	0.03	2.03	0.95	-2.96
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	12.92	4.60	1.81	1.40	7.99	-2.75	0.52	2.74	0.43	8.42	21.34
NAV	-2.80	0.17	4.60	1.85	3.43	0.82	2.04	6.41	8.26	2.39	0.43	1.25	4.12	-1.64	-0.11	2.14	0.35	4.47	12.74
Difference	2.06	-0.78	-4.02	-2.48	-1.35	0.08	-0.83	-2.18	-4.66	-2.21	-1.38	-0.15	-3.87	1.11	-0.63	-0.60	-0.08	-3.94	-8.60
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	3.29	-2.06	-3.57	-3.71	-9.07	6.91	-1.58	-1.18	3.97	-5.10	-1.81
NAV	1.16	1.65	0.29	3.13	1.64	-0.26	-1.79	-0.45	2.69	-1.21	-3.32	-3.72	-8.03	3.35	-1.31	-3.14	-1.20	-9.24	-6.55
Difference	-1.61	-1.27	0.41	-2.51	-0.46	0.84	1.50	1.91	-0.60	0.86	0.26	-0.01	1.03	-3.56	0.27	-1.95	-5.18	-4.14	-4.74

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -11.75%	1Yr Disc -11.19%	3Yr Disc -9.97%	5Yr Disc -9.66%	Rel Disc Range (3yr) 41.65%
Mkt Yield 7.05%	Lev Adj NAV Yield 5.02%	After Tax Yield* 6.38%	Est Tax Friction* 0.67%	3Yr NAV Volatiliy 11.71
1 Yr RoC 27.50%	3 Yr Dest RoC 16.57%	Leverage 24.67%	Non Lev Exp Ratio 1.91%	Beta (2yr) 0.53
Equity Exposure 49.10%	Bond Exposure 49.18%	# Holdings 57	Cash Weighted Duration 2.73
Comp NAV TR -1.80%	Comp Discount -6.55%	Net Assets (M) 514	Liquidity - 90d (K) 1,762
* 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

57 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
ASA	ASA Gd & Prcs Mtl	Merk Investments	1.80	-15.37	0.15	0.00	0.00	310	1,500
IIF	MS India Inv Fd	Morgan Stanley	1.89	-13.57	0.13	0.00	0.00	324	911
NML	NB MLP Incm Fd	Neuberger Berman	1.92	-11.25	9.30	100.00	25.80	453	2,787
CTR	CB MLP & Midstream Tot Rtn Fd	Legg Mason	1.92	-11.38	9.75	100.00	31.95	391	2,296
MXF	Mexico Fund	Impulsora del	1.96	-10.41	6.64	60.04	0.00	252	567
EMO	CB Nrg Midstream Opp Fd	Legg Mason	1.92	-11.34	10.33	78.75	34.25	721	4,666
ADX	Adams Divr Eq Fd	Adams Funds	1.85	-12.66	5.57	0.00	0.00	1,949	3,532
GF	New Germany Fd	Deutsche	1.82	-12.51	3.25	0.00	0.00	291	256
GLO	Clough Glbl Opp Fd	Clough	1.92	-11.55	10.89	58.70	41.36	360	1,386
AEF	Abd Emrg Mkt Eq Incm Fd	Aberdeen	1.89	-10.80	2.25	8.47	9.12	456	484
TTP	Tortoise Pip & Nrg Fd	Tortoise	1.90	-10.77	8.44	100.00	29.20	152	1,160
RMT	Royce Micro-Cap Tr	Legg Mason	1.84	-11.02	7.80	15.72	5.40	397	1,176
FUND	Sprott Focus Tr	Sprott	1.83	-10.43	6.21	16.93	4.55	232	265
SBI	WA Imd Muni Fd	Legg Mason	1.86	-9.05	2.98	3.37	25.00	146	330
RVT	Royce Val Tr	Legg Mason	1.84	-11.12	6.92	0.83	4.33	1,607	3,557
HQH	Tekla Health Invstr	Tekla	1.86	-10.43	7.67	62.72	0.00	1,023	3,828
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.86	-10.20	7.57	58.42	0.00	685	3,815
TEAF	Tortoise Ess Ast Incm Trm Fd	Tortoise	1.87	-8.90	7.61	0.00	11.80	253	2,330
NDP	Tortoise Nrg Ind Fd	Tortoise	1.76	-10.40	9.48	20.35	28.10	70	693
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.89	-10.66	7.25	68.73	5.65	633	2,413
TPZ	Tortoise Pwr & Nrg Infra Fd	Tortoise	1.86	-10.21	8.61	64.95	26.40	135	676
HQL	Tekla Life Sci Invstr	Tekla	1.84	-10.13	7.47	41.69	0.00	455	1,800
HFRO	Highland Incm Fd	Highland Capital	1.79	-12.11	7.54	30.75	29.03	1,003	4,741
MYI	BR MuniYld Qlty Fd III	BlackRock	1.84	-9.47	3.88	0.43	36.66	1,037	1,327
KTF	DWS Muni Incm Tr	Deutsche	1.85	-8.90	4.15	0.00	34.13	501	957
MAV	Pioneer Muni Hi Incm Adv Tr	Pioneer	1.86	-8.85	4.08	0.00	35.80	289	896
MUE	BR MuniHldg Qlty Fd II	BlackRock	1.84	-9.19	4.11	2.72	37.92	319	597
MUS	BR MuniHldg Qlty Fd	BlackRock	1.85	-8.76	4.17	0.00	39.22	183	416
MFL	BR MuniHldg Inv Qlty Fd	BlackRock	1.85	-8.77	4.01	0.00	40.58	566	1,301
MYC	BR MuniYld CA Fd	BlackRock	1.84	-9.74	3.59	0.57	39.93	341	628
FMO	F/C Nrg Infra Fd	Guggenheim Funds	1.94	-7.46	15.33	100.00	44.39	323	2,870
TEI	Tmp Emrg Mkt Incm Fd	Franklin	1.81	-7.79	9.36	0.00	0.00	475	2,514
VLT	Invsc Hi Incm Tr II	Invesco	1.84	-7.47	7.91	16.50	27.00	103	511
HIX	WA Hi Incm Fd II	Legg Mason	1.85	-8.63	8.46	8.86	29.45	641	2,981
IRR	Voya NtrRes Eq Incm Fd	Voya	1.82	-11.01	7.62	84.26	0.00	103	710
IGA	Voya Glbl Adv & Prm Opp Fd	Voya	1.90	-7.89	7.34	64.40	0.00	213	621
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.92	-7.54	14.10	100.00	37.83	390	2,755
NIE	AG Eq & Convt Incm Fd	Allianz	1.93	-7.10	6.39	0.00	0.00	710	1,539
MEN	BR MuniEnh Fd	BlackRock	1.84	-7.21	4.09	0.00	39.68	366	632
EVN	EV Muni Incm Tr	Eaton Vance	1.83	-6.88	4.38	0.00	36.60	553	1,182
DSE	D&P Sel MLP & Midstream Nrg Fd	Virtus	1.93	-7.53	14.81	100.00	38.27	115	675
VKQ	Invsc Muni Tr	Invesco	1.84	-6.72	4.64	6.67	39.00	750	1,661
RA	Brkf Real Ast Incm Fd	Brookfield	1.86	-6.18	10.93	44.09	21.88	849	4,795
VMO	Invsc Muni Opp Tr	Invesco	1.84	-6.50	4.74	7.86	40.00	912	1,732
IQI	Invsc Qlty Muni Incm Tr	Invesco	1.83	-6.65	4.57	5.16	37.00	724	1,005
VKI	Invsc Adv Muni Incm Tr II	Invesco	1.82	-6.61	4.77	3.99	40.00	538	932
MHI	Pioneer Muni Hi Incm Tr	Pioneer	1.85	-6.06	4.41	0.00	29.80	297	702
HCAP	Harvest Cap Cr Corp	Harvest Capital	1.23	-22.22	10.71	0.00	47.71	68	158
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	1.31	-35.21	10.43	0.00	41.78	159	332
SVVC	Firsthand Tech Val Fd	Firsthand Capital	1.26	-68.71	0.00	N/A	0.00	152	183
CGBD	TCG BDC	Carlyle	1.26	-15.38	10.55	0.00	54.03	978	5,446
MCC	Medley Capital Corp	MCC Advisors	1.22	-44.33	9.05	0.00	51.77	216	484
PSEC	Prospect Capital Corp	Prospect Capital	1.24	-25.59	10.91	0.00	39.90	3,259	10,367
GARS	Garrison Capital	Garrison Capital	1.29	-32.96	9.90	0.00	68.63	145	411
BKCC	BR Cap Inv Corp	BlackRock	1.25	-22.34	11.11	4.87	37.18	447	2,204
WHF	WhiteHorse Finance	H.I.G. Capital	1.27	-8.72	10.13	0.00	41.57	316	1,716
FDUS	Fidus Investment Corp	Fidus	1.23	-9.11	10.42	0.00	44.32	403	1,464

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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