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08. Discount CEF/BDC Index

Data as of 02/21/2020 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(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,354.32	-0.49	-0.42	-0.73	7.90	9.56	12.62	8.60	9.19	1.16	1.70	1.70
NAV	1,208.08	-0.27	-0.32	-1.10	3.94	6.14	7.26	5.17	4.51	0.73	-0.33	-0.33
Difference		0.22	0.11	-0.37	-3.96	-3.42	-5.36	-3.43	-4.68	-0.43	-2.03	-2.03
* 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 (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	0.53	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.54
NAV	-1.05	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1.06
Difference	-1.58	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1.60
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 -10.95%	1Yr Disc -11.25%	3Yr Disc -10.10%	5Yr Disc -9.76%	Rel Disc Range (3yr) 46.33%
Mkt Yield 7.21%	Lev Adj NAV Yield 5.20%	After Tax Yield* 6.51%	Est Tax Friction* 0.70%	3Yr NAV Volatiliy 11.35
1 Yr RoC 25.13%	3 Yr Dest RoC 16.12%	Leverage 24.49%	Non Lev Exp Ratio 1.73%	Beta (2yr) 0.48
Equity Exposure 47.59%	Bond Exposure 50.70%	# Holdings 57	Cash Weighted Duration 2.80
Comp NAV TR -1.43%	Comp Discount -6.53%	Net Assets (M) 516	Liquidity - 90d (K) 1,768
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

57 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
ASA	ASA Gd & Prcs Mtl	Merk Investments	1.95	-14.32	0.14	0.00	0.00	327	1,559
IIF	MS India Inv Fd	Morgan Stanley	1.90	-14.51	0.14	0.00	0.00	322	931
NML	NB MLP Incm Fd	Neuberger Berman	1.78	-9.05	10.11	100.00	26.07	407	2,428
CTR	CB MLP & Midstream Tot Rtn Fd	Legg Mason	1.70	-8.37	11.01	100.00	31.06	335	2,039
MXF	Mexico Fund	Impulsora del	1.88	-12.41	7.19	56.84	0.00	238	587
EMO	CB Nrg Midstream Opp Fd	Legg Mason	1.71	-8.81	11.69	74.25	33.11	619	3,919
ADX	Adams Divr Eq Fd	Adams Funds	1.91	-11.43	5.48	0.00	0.00	1,955	3,718
GF	New Germany Fd	Deutsche	1.85	-12.90	3.30	0.00	0.00	285	312
GLO	Clough Glbl Opp Fd	Clough	1.99	-8.89	10.60	47.29	42.42	359	1,428
AEF	Abd Emrg Mkt Eq Incm Fd	Aberdeen	1.80	-11.61	2.41	8.47	9.12	428	395
TTP	Tortoise Pip & Nrg Fd	Tortoise	1.72	-10.18	9.43	100.00	31.30	135	964
RMT	Royce Micro-Cap Tr	Legg Mason	1.92	-9.41	7.60	15.72	5.15	400	1,290
FUND	Sprott Focus Tr	Sprott	1.84	-10.44	6.28	16.93	4.55	229	301
SBI	WA Imd Muni Fd	Legg Mason	1.94	-8.39	2.93	3.46	25.00	148	373
RVT	Royce Val Tr	Legg Mason	1.89	-8.97	6.83	0.83	4.12	1,590	3,860
HQH	Tekla Health Invstr	Tekla	1.89	-9.85	8.70	62.72	0.00	1,026	3,777
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.86	-10.65	7.73	55.57	0.00	675	3,582
TEAF	Tortoise Ess Ast Incm Trm Fd	Tortoise	1.92	-8.21	7.61	0.00	12.30	251	1,999
NDP	Tortoise Nrg Ind Fd	Tortoise	1.50	-7.79	11.27	11.86	30.80	57	574
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.95	-9.91	7.04	66.34	5.65	647	2,607
TPZ	Tortoise Pwr & Nrg Infra Fd	Tortoise	1.80	-7.85	9.06	59.69	30.40	125	638
HQL	Tekla Life Sci Invstr	Tekla	1.88	-9.62	8.73	41.69	0.00	458	1,817
HFRO	Highland Incm Fd	Highland Capital	1.87	-9.26	7.31	41.53	29.03	1,002	4,304
MYI	BR MuniYld Qlty Fd III	BlackRock	1.92	-8.97	3.78	0.44	36.02	1,056	1,618
KTF	DWS Muni Incm Tr	Deutsche	1.92	-8.43	4.05	0.00	34.32	511	1,124
MAV	Pioneer Muni Hi Incm Adv Tr	Pioneer	1.92	-8.29	3.99	0.00	35.90	294	1,001
MUE	BR MuniHldg Qlty Fd II	BlackRock	1.90	-8.98	4.04	2.75	37.41	323	641
MUS	BR MuniHldg Qlty Fd	BlackRock	1.90	-8.82	4.10	0.00	38.68	186	467
MFL	BR MuniHldg Inv Qlty Fd	BlackRock	1.92	-8.86	3.93	0.00	39.93	577	1,417
MYC	BR MuniYld CA Fd	BlackRock	1.92	-9.29	3.50	0.58	39.27	348	686
FMO	F/C Nrg Infra Fd	Guggenheim Funds	1.63	-5.63	18.36	100.00	39.14	264	2,473
TEI	Tmp Emrg Mkt Incm Fd	Franklin	1.86	-5.52	7.91	0.00	0.00	470	2,820
VLT	Invsc Hi Incm Tr II	Invesco	1.87	-7.35	7.98	16.50	29.00	102	592
HIX	WA Hi Incm Fd II	Legg Mason	1.92	-6.40	8.38	11.72	29.45	639	3,823
IRR	Voya NtrRes Eq Incm Fd	Voya	1.75	-10.44	7.98	82.17	0.00	98	558
IGA	Voya Glbl Adv & Prm Opp Fd	Voya	1.89	-8.12	7.41	50.06	0.00	212	527
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.57	-4.40	17.34	100.00	35.20	307	2,557
NIE	AG Eq & Convt Incm Fd	Allianz	1.99	-6.70	6.27	0.00	0.00	720	1,575
MEN	BR MuniEnh Fd	BlackRock	1.92	-7.22	4.00	0.00	39.00	374	691
EVN	EV Muni Incm Tr	Eaton Vance	1.99	-3.78	4.14	0.00	36.70	566	1,353
DSE	D&P Sel MLP & Midstream Nrg Fd	Virtus	1.63	-2.10	18.35	100.00	39.49	88	613
VKQ	Invsc Muni Tr	Invesco	1.92	-6.38	4.55	6.60	39.00	763	1,652
RA	Brkf Real Ast Incm Fd	Brookfield	1.94	-4.18	10.74	43.78	21.84	846	5,102
VMO	Invsc Muni Opp Tr	Invesco	1.92	-6.03	4.43	6.91	40.00	928	1,803
IQI	Invsc Qlty Muni Incm Tr	Invesco	1.90	-6.68	4.50	5.34	37.00	737	1,086
VKI	Invsc Adv Muni Incm Tr II	Invesco	1.89	-6.67	4.49	3.51	40.00	546	1,093
MHI	Pioneer Muni Hi Incm Tr	Pioneer	1.89	-5.97	4.34	0.00	29.80	301	712
HCAP	Harvest Cap Cr Corp	Harvest Capital	1.25	-23.09	10.84	0.00	47.71	68	157
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	1.32	-36.06	10.57	0.00	41.78	159	340
SVVC	Firsthand Tech Val Fd	Firsthand Capital	1.19	-64.75	0.00	N/A	0.00	127	170
CGBD	TCG BDC	Carlyle	1.31	-17.49	10.82	0.00	54.03	978	5,669
MCC	Medley Capital Corp	MCC Advisors	1.16	-49.38	9.76	0.00	47.35	221	359
PSEC	Prospect Capital Corp	Prospect Capital	1.27	-24.60	11.03	0.00	39.41	3,184	10,159
GARS	Garrison Capital	Garrison Capital	1.30	-31.97	9.76	0.00	68.63	145	430
BKCC	BR Cap Inv Corp	BlackRock	1.28	-22.34	11.11	4.87	37.18	447	1,967
WHF	WhiteHorse Finance	H.I.G. Capital	1.31	-7.23	9.96	0.00	41.57	316	1,888
FDUS	Fidus Investment Corp	Fidus	1.27	-6.74	10.16	0.00	44.32	403	1,582

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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