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	909.22	4.18	1.51	-26.30	-32.18	-27.67	-27.11	-5.33	0.39	1.20	1.20	-31.33
NAV	933.31	2.56	1.01	-16.77	-23.43	-19.34	-19.46	-3.70	-1.12	0.66	0.66	-22.84
Difference		-1.62	-0.50	9.53	8.74	8.32	7.64	1.64	-1.51	-0.55	-0.55	8.49
* 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	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-32.54
NAV	-1.05	-4.85	-18.75	-23.50	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-23.50
Difference	-1.58	3.24	8.24	9.04	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9.04
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 -24.85%	1Yr Disc -12.53%	3Yr Disc -10.98%	5Yr Disc -11.18%	Rel Disc Range (3yr) 34.50%
Mkt Yield 20.30%	Lev Adj NAV Yield 11.37%	After Tax Yield* 18.72%	Est Tax Friction* 1.58%	3Yr NAV Volatiliy 21.86
1 Yr RoC 33.08%	3 Yr Dest RoC 26.35%	Leverage 26.57%	Non Lev Exp Ratio 2.14%	Beta (2yr) 0.98
Equity Exposure 52.78%	Bond Exposure 45.28%	# Holdings 60	Cash Weighted Duration 1.50
Comp NAV TR 0.50%	Comp Discount -6.56%	Net Assets (M) 342	Liquidity - 90d (K) 1,498
* 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

60 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
OCCI	OFS Credit Company	OFS Capital	1.98	-52.14	27.31	57.71	29.54	52	311
NHF	NexPoint Stgc Opp Fd	Highland Capital	1.67	-51.46	15.02	49.51	26.00	755	3,043
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.71	-48.32	23.44	21.52	39.16	188	588
VCIF	Vertical Capital Incm Fd	Oakline Advisors	1.77	-27.37	3.50	0.00	1.73	122	621
HFRO	Highland Incm Fd	Highland Capital	1.70	-32.20	11.05	40.23	29.03	887	2,994
CTR	CB MLP & Midstream Tot Rtn Fd	Legg Mason	2.17	-15.61	50.87	100.00	36.64	79	776
CEM	CB MLP & Midstream Fd	Legg Mason	2.03	-17.94	54.88	96.00	37.04	184	1,748
BANX	StoneCastle Fin Corp	StoneCastle	1.52	-34.72	10.67	0.00	10.70	143	442
EMO	CB Nrg Midstream Opp Fd	Legg Mason	2.02	-16.02	60.53	78.75	38.46	130	1,177
MCI	Barings Corp Invstr	Barings	1.82	-19.88	9.83	0.00	8.86	308	428
NTG	Tortoise Midstream Nrg Fd	Tortoise	1.99	-15.52	95.92	100.00	73.20	73	1,111
SZC	Cushing NextGen Infra Incm Fd	Cushing	1.69	-22.95	27.76	51.92	0.62	80	595
TTP	Tortoise Pip & Nrg Fd	Tortoise	1.90	-17.33	39.18	99.59	55.80	35	327
TEAF	Tortoise Ess Ast Incm Trm Fd	Tortoise	1.72	-20.41	12.94	0.00	8.20	171	1,005
FEI	FT MLP & Nrg Incm Fd	First Trust	1.73	-19.96	27.21	47.93	18.02	259	1,732
TYG	Tortoise Nrg Infra Corp	Tortoise	1.93	-13.86	55.24	100.00	65.00	178	2,546
GGZ	Gabelli Glbl Sml & Mid Cap Val	Gabelli	1.70	-19.10	8.94	100.00	26.00	84	266
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.83	-15.17	25.14	100.00	17.97	218	1,440
PEO	Adams Ntr Res Fd	Adams Funds	1.85	-17.70	10.81	0.00	0.00	322	2,013
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	1.71	-18.34	9.88	60.17	28.24	1,013	3,881
PHD	Pioneer Flt Rt Tr	Pioneer	1.76	-16.43	9.64	0.00	31.90	230	863
FCT	FT Sr Flt Rt Incm Fd II	First Trust	1.80	-14.01	10.02	9.43	28.16	307	1,229
JOF	Japan Sml Caplz Fd	Nomura	1.64	-16.48	11.10	0.00	0.00	227	384
GAM	General American Invstr	General American Inv	1.73	-17.88	8.91	0.00	14.68	829	1,709
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	1.73	-16.62	11.90	9.73	36.23	321	1,711
WIW	WA Inf-Lnk Opp & Incm Fd	Legg Mason	1.77	-16.35	4.42	0.00	31.20	715	2,472
FMO	F/C Nrg Infra Fd	Guggenheim Funds	1.91	-9.74	92.98	100.00	42.56	55	687
FEO	FT/Abd Emrg Opp Fd	First Trust	1.73	-16.78	14.11	24.65	8.67	60	283
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	1.66	-18.34	11.93	69.33	10.37	718	2,885
RMT	Royce Micro-Cap Tr	Legg Mason	1.70	-16.74	12.07	18.94	5.15	276	1,311
GRX	Gabelli Health & Well Tr	Gabelli	1.80	-14.45	6.22	2.50	26.00	192	552
AGD	Abd Glbl Dyn Div Fd	Aberdeen	1.77	-14.97	10.40	3.67	0.00	111	639
EVF	EV Sr Incm Tr	Eaton Vance	1.77	-13.74	7.64	1.30	35.40	207	1,155
BGY	BR Enh Intl DivTr	BlackRock	1.77	-14.31	8.80	66.70	0.00	569	1,905
JGH	Nuv Glbl Hi Incm Fd	Nuveen	1.72	-15.32	11.13	0.24	30.78	301	1,210
RA	Brkf Real Ast Incm Fd	Brookfield	1.66	-17.56	16.90	43.79	21.80	769	5,187
LGI	Lzrd Glbl Tot Rtn & Incm Fd	Lazard	1.75	-15.39	10.51	35.51	28.30	187	871
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.71	-16.79	10.64	62.77	0.00	526	3,268
IGA	Voya Glbl Adv & Prm Opp Fd	Voya	1.70	-16.24	10.46	30.82	0.00	165	595
BOE	BR Enh Glbl DivTr	BlackRock	1.79	-13.49	8.80	65.33	0.00	651	2,584
AEF	Abd Emrg Mkt Eq Incm Fd	Aberdeen	1.72	-17.10	4.20	0.00	11.81	315	428
EMF	Tmp Emrg Mkt Fd	Templeton	1.73	-15.66	10.58	0.00	3.57	219	819
HIX	WA Hi Incm Fd II	Legg Mason	1.71	-15.22	12.00	8.98	29.07	492	3,402
EHI	WA Glbl Hi Incm Fd	Legg Mason	1.78	-11.66	10.51	2.79	29.70	382	1,619
NAZ	Nuv AZ Qlty Muni Incm Fd	Nuveen	1.68	-14.84	4.38	0.00	36.78	163	374
EFF	EV Flt-Rt Inc+ Fd	Eaton Vance	1.73	-14.19	7.24	2.83	35.20	103	313
MGU	Macquarie Glbl Infra Tot Rtn	Macquarie	1.68	-16.48	11.20	42.15	29.76	224	1,217
MUI	BR Muni Imd Dur Fd	BlackRock	1.72	-12.47	4.11	0.00	37.42	568	1,650
ECF	Ellsworth Gwth & Incm Fd	Gabelli	1.76	-12.95	5.95	0.00	19.00	128	584
EVM	EV CA Muni Bnd Fd	Eaton Vance	1.68	-14.85	4.12	6.48	42.30	301	855
EQS	Equus Total Return	Equus	1.29	-70.88	0.00	N/A	38.61	46	6
GECC	Great Elm Cap Corp	Great Elm Capital	1.17	-69.18	37.44	0.00	41.17	87	188
OFS	OFS Capital Corp	OFS Capital	1.19	-68.46	34.61	0.00	65.49	167	342
AINV	Apollo Inv Corp	Apollo	1.19	-67.21	30.05	0.00	58.52	1,216	5,663
CGBD	TCG BDC	Carlyle	1.04	-73.55	33.79	0.00	53.84	947	2,393
PSEC	Prospect Capital Corp	Prospect Capital	1.10	-56.35	19.05	0.00	39.41	3,184	13,894
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	1.14	-74.41	27.59	0.00	49.57	152	174
SVVC	Firsthand Tech Val Fd	Firsthand Capital	1.12	-80.96	0.00	N/A	0.00	122	66
WHF	WhiteHorse Finance	H.I.G. Capital	1.22	-56.34	21.35	0.00	47.36	313	1,325
GARS	Garrison Capital	Garrison Capital	1.07	-82.73	40.82	0.00	67.46	137	119

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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