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08. Discount CEF/BDC Index

Data as of 05/26/2022 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	1,766.43	1.55	2.81	-1.32	-3.55	-8.90	-3.76	12.60	10.19	9.47	-0.95	-6.94	-8.17
NAV	1,276.72	0.93	2.62	-0.66	-2.57	-6.49	-7.62	3.67	3.98	5.44	-0.43	-5.22	-5.90
Difference		-0.62	-0.18	0.66	0.98	2.41	-3.86	-8.93	-6.21	-4.03	0.52	1.72	2.27
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2022 - Monthly Performance (%) Show Previous Years
	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	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	-1.56	0.21	0.65	-0.71	-4.81	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	-0.50	1.73	-0.63	0.60	1.24	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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 -16.40%	1Yr Disc -13.10%	3Yr Disc -15.20%	5Yr Disc -13.83%	Rel Disc Range (3yr) 45.64%
Mkt Yield 7.84%	Lev Adj NAV Yield 5.78%	After Tax Yield* 6.75%	Est Tax Friction* 1.09%	3Yr NAV Volatiliy 24.16
1 Yr RoC 47.81%	3 Yr Dest RoC 26.43%	Leverage 18.00%	Non Lev Exp Ratio 1.60%	Beta (2yr) 0.74
Equity Exposure 62.56%	Bond Exposure 33.49%	# Holdings 60	Cash Weighted Duration 1.39
Comp NAV TR 0.45%	Comp Discount -7.55%	Net Assets (M) 618	Liquidity - 90d (K) 1,569
* 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)
HGLB	Highland Glbl Alloc Fd	Highland Capital	2.01	-20.46	9.33	21.55	11.96	289	1,068
NML	NB MLP & Nrg Incm Fd	Neuberger Berman	2.01	-19.93	3.60	100.00	14.23	486	1,206
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	2.01	-18.41	5.41	38.24	9.16	257	967
CTR	CB MLP & Midstream Tot Rtn Fd	Franklin Templeton	1.98	-19.67	6.77	29.05	27.32	269	1,141
SRV	Cushing MLP & Infra Tot Rtn Fd	Cushing	1.84	-20.92	5.29	79.94	20.16	95	235
SZC	Cushing NextGen Infra Incm Fd	Cushing	1.83	-19.64	5.92	89.67	24.50	140	310
CEM	CB MLP & Midstream Fd	Franklin Templeton	1.96	-17.02	6.84	39.67	29.07	571	2,262
TWN	Taiwan Fund	Allianz	1.54	-17.54	10.83	0.00	0.00	244	264
IIF	MS India Inv Fd	Morgan Stanley	1.70	-18.16	4.42	0.00	0.00	301	502
MGU	Macquarie Glbl Infra Tot Rtn	Macquarie	1.86	-16.50	6.16	0.00	29.40	375	1,019
GAM	General American Invstr	General American Inv	1.66	-17.28	9.47	0.00	13.35	1,105	1,243
GNT	GAMCO NtrRes Gd & Incm	Gabelli	1.79	-14.17	6.83	98.11	19.00	116	344
JOF	Japan Sml Caplz Fd	Nomura	1.70	-14.42	9.37	0.00	0.00	214	410
NBXG	NB Nxt Gen Connectivity Fd	Neuberger Berman	1.45	-18.44	11.26	79.99	0.00	1,029	3,321
ADX	Adams Divr Eq Fd	Adams Funds	1.66	-15.10	7.05	0.00	0.00	2,264	3,176
BCAT	BR Cap Alloc Tr	BlackRock	1.80	-14.18	7.94	46.78	17.99	2,043	5,858
CET	Cntrl Sec Corp	Central Securities	1.70	-12.24	10.04	0.00	0.00	1,160	901
FIF	FT Nrg Infra Fd	First Trust	1.94	-12.56	4.81	71.63	18.43	290	955
CAF	MS China A Shr Fd	Morgan Stanley	1.70	-16.04	9.05	0.00	0.00	386	387
TY	Tri-Cont Corp	Columbia Mngmt	1.77	-12.38	3.84	0.00	1.90	1,807	1,461
ASGI	Abd Std Glbl Infra Incm Fd	Aberdeen	1.78	-15.83	7.59	0.00	0.00	200	400
BIGZ	BR Innovation & Gwth Tr	BlackRock	1.38	-18.17	14.56	100.00	0.00	2,389	10,263
ECF	Ellsworth Gwth & Incm Fd	Gabelli	1.60	-15.12	7.80	0.00	15.00	135	607
GF	New Germany Fd	Deutsche	1.59	-12.02	16.85	0.00	0.00	188	252
WDI	WA Divr Incm Fd	Franklin Templeton	1.75	-11.73	9.71	3.00	27.90	870	2,443
NUO	Nuv OH Qlty Muni Incm Fd	Nuveen	1.79	-13.74	3.98	0.00	36.71	279	736
MSD	MS Emrg Mkt Dbt Fd	Morgan Stanley	1.78	-12.33	6.62	0.00	0.00	169	551
NMAI	Nuv Multi-Asset Incm Fd	Nuveen	1.73	-13.71	9.59	0.00	32.37	566	1,065
ECAT	BR ESG Cap Alloc Tr	BlackRock	1.67	-16.87	8.15	67.88	0.00	1,864	5,348
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	1.82	-13.83	5.96	21.82	23.32	242	528
DEX	Dlw Enh Glbl Div & Incm Fd	Delaware	1.70	-14.59	8.84	34.22	27.83	106	263
BWG	BwGlobal Glbl Incm Opp Fd	Franklin Templeton	1.68	-14.93	12.15	61.61	38.40	175	562
ENX	EV NY Muni Bnd Fd	Eaton Vance	1.76	-13.40	4.06	2.64	35.40	204	449
GDV	Gabelli Div & Incm Tr	Gabelli	1.71	-13.06	5.94	4.57	12.00	2,312	4,029
EMF	Tmp Emrg Mkt Fd	Franklin Templeton	1.68	-12.70	9.01	0.00	8.41	226	411
IGA	Voya Glbl Adv & Prm Opp Fd	Voya	1.88	-10.97	8.29	67.37	0.00	174	455
SDHY	PGIM Srt Dur Hi Yld Opp Fd	Prudential	1.79	-11.25	8.18	11.58	24.05	441	1,079
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	1.78	-11.20	8.11	21.84	29.68	441	1,088
VTN	Invsc Tr fr Inv Grd NY Muni	Invesco	1.82	-10.00	4.53	0.00	36.00	242	548
BOE	BR Enh Glbl DivTr	BlackRock	1.76	-11.49	7.17	8.88	0.00	761	1,804
MPA	BR MuniYld PA Qlty Fd	BlackRock	1.94	-3.97	4.96	0.00	39.21	185	482
SCD	LMP Cap & Incm Fd	Franklin Templeton	1.78	-12.06	7.63	53.31	17.60	274	596
BGY	BR Enh Intl DivTr	BlackRock	1.76	-11.72	7.58	48.96	0.00	631	1,306
AIF	Apollo Tactical Incm Fd	Apollo	1.69	-13.76	8.44	0.78	34.34	215	764
BMEZ	BR Health Sci Tr II	BlackRock	1.54	-15.03	10.65	0.00	N/A	2,164	6,394
IHD	Voya Emrg Mkt Hi Div Eq Fd	Voya	1.74	-12.26	11.98	84.30	0.00	130	447
TBLD	Thornburg Incm Bldr Opp Tr	Thornburg Inv Mgmt	1.77	-11.13	7.87	0.00	0.00	574	1,526
EMD	WA Emrg Mkt Dbt Fd	Franklin Templeton	1.75	-10.42	9.80	33.74	32.90	665	3,887
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.90	-8.91	8.23	68.17	0.00	516	1,274
GUG	Gghm Active Alloc Fd	Guggenheim Funds	1.66	-13.29	9.50	0.00	30.48	571	1,441
SVVC	Firsthand Tech Val Fd	Firsthand Capital	1.18	-76.03	0.00	N/A	0.00	87	57
RAND	Rand Capital Corp	Rand Capital	1.26	-38.66	4.21	0.00	0.00	60	21
LRFC	Logan Ridge Fin Corpn	Mount Logan	1.07	-53.93	0.00	N/A	52.56	106	184
RWAY	Runway Gwth Fin Corp	Runway Gwth Cap	1.35	-7.68	9.00	0.00	20.47	597	1,162
PSEC	Prospect Capital Corp	Prospect Capital	1.25	-29.60	9.46	2.64	42.07	4,239	12,962
GECC	Great Elm Cap Corp	Great Elm Capital	1.14	-17.33	14.46	0.00	45.06	69	273
FCRD	First Eagle Alt Cap BDC	First Eagle Alt Cr	1.16	-38.07	10.55	0.00	55.09	183	141
ICMB	Investcorp Cr Mgmt BDC	Investcorp	1.23	-31.46	12.63	0.00	62.81	100	124
SAR	Saratoga Inv Corp	Saratoga	1.29	-10.43	8.07	0.00	56.93	356	942
SLRC	SLR Inv Corp	SLR Capital	1.18	-21.11	10.63	26.14	36.22	1,071	4,514

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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