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08. Discount CEF/BDC Index

Data as of 09/18/2024 08/30/2024 07/31/2024 06/28/2024 05/31/2024 04/30/2024 03/28/2024 02/29/2024 01/31/2024 12/29/2023 11/30/2023 10/31/2023 09/29/2023 08/31/2023 07/31/2023 06/30/2023 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	2,192.54	0.08	0.99	2.00	7.20	12.13	23.41	4.55	11.37	9.66	0.34	5.23	18.86
NAV	1,453.66	-0.04	0.91	0.91	4.35	6.98	15.76	1.83	4.36	4.31	-0.00	3.57	10.35
Difference		-0.12	-0.09	-1.09	-2.85	-5.15	-7.65	-2.72	-7.01	-5.36	-0.35	-1.67	-8.51
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2024 - Monthly Performance (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2024
Price	1.83	2.04	3.65	7.69	-1.08	3.38	2.56	4.88	12.95	3.74	1.09	-	-	-	-	-	-	-	-
NAV	0.05	1.58	2.62	4.30	-0.99	1.74	1.42	2.16	6.55	2.28	1.26	-	-	-	-	-	-	-	-
Difference	-1.78	-0.45	-1.03	-3.40	0.08	-1.63	-1.14	-2.72	-6.40	-1.46	0.17	-	-	-	-	-	-	-	-
2023 - Monthly Performance (%)
	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	5.20	3.86	11.01	3.22	-2.07	-9.11	-8.13	-3.60	12.59	3.99	12.86	3.69	15.10
NAV	5.19	-3.06	0.98	2.97	1.09	-2.37	3.68	2.34	5.37	1.88	-2.39	-5.44	-5.96	-2.75	9.22	3.90	10.36	3.78	9.35
Difference	-4.94	-0.84	1.72	-3.92	0.27	-0.29	-1.52	-1.53	-5.64	-1.33	-0.32	3.68	2.17	0.86	-3.37	-0.09	-2.51	0.09	-5.75
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 -13.90%	1Yr Disc -14.75%	3Yr Disc -10.69%	5Yr Disc -10.11%	Rel Disc Range (3yr) 33.99%
Mkt Yield 7.95%	Lev Adj NAV Yield 5.79%	After Tax Yield* 6.89%	Est Tax Friction* 1.06%	3Yr NAV Volatiliy 12.47
1 Yr RoC 39.85%	3 Yr Dest RoC 28.41%	Leverage 19.33%	Non Lev Exp Ratio 2.08%	Beta (2yr) 0.65
Equity Exposure 50.83%	Bond Exposure 46.03%	# Holdings 46	Cash Weighted Duration 2.42
Comp NAV TR -1.48%	Comp Discount -8.33%	Net Assets (M) 663	Liquidity - 90d (K) 1,792
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

46 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
HFRO	Highland Opp & Incm Fd	NexPoint	2.37	-51.53	7.29	16.69	14.90	893	1,553
BXSY	Bexil Investment Tr	Bexil	2.37	-35.72	7.75	6.00	0.00	258	191
HGLB	Highland Glbl Alloc Fd	NexPoint	2.46	-32.99	12.40	4.74	4.63	267	396
TEAF	Ecofin Susble & Soc Impact Trm	Tortoise	2.61	-14.41	8.42	65.75	11.20	202	512
JOF	Japan Sml Caplz Fd	Nomura	2.43	-19.51	3.34	0.00	0.00	280	515
CAF	MS China A Shr Fd	Morgan Stanley	2.23	-19.45	1.07	0.00	0.00	244	380
SPE	Spl Opp Fd	Bulldog	2.47	-14.67	8.30	20.40	25.12	172	396
BANX	ArrowMark Fin Corp	ArrowMark	2.59	-6.14	8.72	0.00	27.68	157	436
BIGZ	BR Innovation & Gwth Trm Tr	BlackRock	2.43	-10.48	13.96	100.00	0.00	1,816	5,822
EMF	Tmp Emrg Mkt Fd	Franklin Templeton	2.36	-14.17	5.77	0.00	2.16	224	242
ASA	ASA Gd & Prcs Mtl	Merk Investments	2.63	-12.37	0.15	0.00	0.00	440	788
RMT	Royce Micro-Cap Tr	Franklin Templeton	2.38	-11.01	6.58	0.00	0.37	539	905
RA	Brkf Real Ast Incm Fd	Brookfield	2.50	-9.97	10.45	31.30	19.65	832	3,549
RVT	Royce Small-Cap Tr	Franklin Templeton	2.44	-10.38	7.33	0.05	1.80	1,967	3,769
IGD	Voya Glbl Eq Div & Prm Opp	Voya	2.59	-7.58	10.70	69.42	0.00	479	1,589
BTT	BR Muni 2030 Tgt Trm Tr	BlackRock	2.42	-11.16	2.58	0.54	33.99	1,593	2,677
ZTR	Virtus Tot Rtn Fd	Virtus	2.65	-11.89	9.76	94.69	28.56	431	1,583
NCV	Virtus Convt & Incm Fd	Virtus	2.48	-8.51	11.86	94.24	36.89	340	1,812
DIAX	Nuv Dow 30SM Dyn Owrt Fd	Nuveen	2.45	-12.07	7.87	71.02	0.00	603	1,125
PFD	F&C Pref & Incm Fd	Flaherty & Crumrine	2.64	-5.68	6.05	0.00	36.30	161	475
CHW	Calamos Glbl Dyn Incm Fd	Calamos	2.37	-10.27	8.70	35.83	34.25	491	1,264
PMO	Putnam Muni Opp Tr	Putnam	2.45	-8.57	3.90	15.60	29.66	366	1,060
BDJ	BR Enh Eq Div Tr	BlackRock	2.42	-9.04	7.98	17.46	0.00	1,686	4,306
PCQ	PIMCO CA Muni Incm Fd	PIMCO	2.47	-7.36	4.34	35.33	40.54	204	545
ERC	Allspring Mlt-Sctr Incm Fd	Allspring	2.48	-7.19	8.38	3.27	30.00	285	896
PMM	Putnam Mgd Muni Incm Tr	Putnam	2.47	-6.56	4.36	22.62	29.06	321	620
EOT	EV Nat Muni Opp Tr	Eaton Vance	2.48	-5.59	4.58	0.00	12.00	296	661
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	2.34	-9.74	7.04	74.96	0.00	1,551	2,552
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	2.32	-9.41	6.79	69.19	0.00	1,334	2,481
BRW	Saba Cap Incm & Opp Fd	Saba Capital	2.48	-7.98	13.82	62.14	14.99	341	1,109
FCT	FT Sr Flt Rt Incm Fd II	First Trust	2.44	-4.79	11.26	16.66	10.95	282	1,711
MCR	MFS Charter Incm Tr	MFS	2.41	-7.59	8.56	40.87	25.00	293	505
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	2.44	-5.09	8.55	53.50	0.00	648	1,399
RSF	RivNth Cap & Income Fd	RiverNorth	2.35	-7.16	10.96	5.19	43.40	64	386
TSI	TCW Stgc Incm Fd	TCW	2.55	-2.82	4.64	0.00	0.00	254	476
EQS	Equus Total Return	Equus	1.31	-60.11	0.00	N/A	51.95	50	16
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	1.07	-18.12	16.60	0.00	52.30	353	3,268
PSEC	Prospect Capital Corp	Prospect Capital	1.19	-37.99	13.28	0.00	51.17	3,749	14,221
PIAC	Princeton Cap Corp	House Hanover	0.89	-40.00	0.00	N/A	0.00	24	0
SAR	Saratoga Inv Corp	Saratoga	1.22	-13.07	12.68	0.00	67.81	369	1,372
RWAY	Runway Gwth Fin Corp	Runway Gwth Cap	1.09	-21.39	15.49	0.00	50.89	507	2,764
WHF	WhiteHorse Finance	H.I.G. Capital	1.18	-11.90	13.00	0.00	51.04	313	1,020
OFS	OFS Capital Corp	OFS Capital	1.21	-21.72	15.09	0.00	60.54	154	557
FSK	FS KKR Capital Corp	FS/KKR	1.22	-18.00	13.03	0.00	52.98	6,708	24,604
LRFC	Logan Ridge Fin Corpn	Mount Logan	1.29	-27.59	5.50	0.00	55.14	89	79
EMO	CB Nrg Midstream Opp Fd	Franklin Templeton	2.39	-12.47	9.42	0.00	29.34	873	1,247

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.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2019. All rights reserved. Any copying, republication or redistribution of CEFadvisors, CEFdata.com, content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of CEFAdvisors. CEFAdvisors shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.