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08. Discount CEF/BDC Index

Data as of 01/13/2025 12/31/2024 11/29/2024 10/31/2024 09/30/2024 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	2,254.43	0.06	-0.74	-0.18	0.05	5.23	20.09	4.75	10.47	10.23	0.86	0.86	0.86
NAV	1,480.48	-0.21	-1.35	-0.54	-0.73	3.42	12.43	2.79	3.79	4.52	-0.89	-0.89	-0.89
Difference		-0.27	-0.61	-0.36	-0.79	-1.82	-7.66	-1.96	-6.68	-5.71	-1.75	-1.75	-1.75
* 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	2.45	7.44	-1.50	3.34	-1.90	-0.15	7.28	21.16
NAV	0.05	1.58	2.62	4.30	-0.99	1.74	1.42	2.16	6.55	2.28	1.26	1.78	5.41	-1.31	2.67	-0.36	0.96	6.42	13.39
Difference	-1.78	-0.45	-1.03	-3.40	0.08	-1.63	-1.14	-2.72	-6.40	-1.46	0.17	-0.67	-2.03	0.19	-0.67	1.54	1.10	-0.86	-7.78
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 -14.81%	1Yr Disc -13.47%	3Yr Disc -11.64%	5Yr Disc -10.33%	Rel Disc Range (3yr) 30.80%
Mkt Yield 7.71%	Lev Adj NAV Yield 5.18%	After Tax Yield* 6.91%	Est Tax Friction* 0.80%	3Yr NAV Volatiliy 10.76
1 Yr RoC 31.00%	3 Yr Dest RoC 23.36%	Leverage 28.08%	Non Lev Exp Ratio 1.94%	Beta (2yr) 0.69
Equity Exposure 33.49%	Bond Exposure 63.75%	# Holdings 60	Cash Weighted Duration 5.22
Comp NAV TR -2.18%	Comp Discount -9.45%	Net Assets (M) 527	Liquidity - 90d (K) 1,703
* 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)
HFRO	Highland Opp & Incm Fd	NexPoint	1.83	-57.37	8.45	0.00	14.86	848	2,127
HGLB	Highland Glbl Alloc Fd	NexPoint	1.90	-42.58	14.14	0.00	14.70	297	523
STEW	SRH Tot Rtn Fd	Paralel Advisors	1.71	-22.44	4.19	16.01	9.94	1,966	1,483
CAF	MS China A Shr Fd	Morgan Stanley	1.69	-19.09	2.70	0.00	0.00	257	489
TDF	Tmp Dragon Fd	Franklin Templeton	1.65	-17.55	1.43	0.00	0.00	248	638
GF	New Germany Fd	Deutsche	1.74	-14.33	0.92	0.00	0.00	148	259
EMF	Tmp Emrg Mkt Fd	Franklin Templeton	1.71	-14.97	4.35	29.16	2.16	209	490
MEGI	MainStay CBRE Glbl Infra MTrnd Trm	New York Life	1.73	-9.81	12.36	25.00	23.50	701	2,464
LEO	BNY Mellon Stgc Muni	BNY Mellon	1.75	-11.48	3.74	0.00	33.91	429	1,097
VFL	abrdn Nat Muni Incm Fd	abrdn	1.74	-11.61	5.92	0.00	40.63	141	388
PGZ	Principal Rel-Est Incm Fd	ALPS	1.75	-11.67	12.61	54.94	28.32	76	345
DMB	BNY Mellon Muni Bnd Infra Fd	BNY Mellon	1.73	-12.60	3.51	0.00	34.21	216	755
MUC	BR MuniHldg CA Qlty Fd	BlackRock	1.72	-12.08	6.09	25.23	37.99	1,130	3,617
BTT	BR Muni 2030 Tgt Trm Tr	BlackRock	1.73	-13.32	2.71	0.59	34.50	1,556	4,172
MUJ	BR MuniHldg NJ Qlty Fd	BlackRock	1.73	-12.40	5.88	25.40	39.21	669	1,778
CEV	EV CA Muni Incm Tr	Eaton Vance	1.72	-11.70	6.02	21.54	24.00	79	345
WIW	WA Inf-Lnk Opp & Incm Fd	Franklin Templeton	1.73	-13.05	8.79	0.00	30.47	581	1,780
PNF	PIMCO NY Muni Incm Fd	PIMCO	1.72	-11.69	5.48	33.29	37.02	65	256
MQT	BR MuniYld Qlty Fd II	BlackRock	1.73	-11.45	6.23	23.98	37.25	246	669
BNY	BR NY Muni Incm Tr	BlackRock	1.73	-10.80	6.02	27.98	39.38	275	669
AFB	AB Nat Muni Incm Fd	AllianceBernstein	1.71	-12.01	4.44	0.00	39.91	350	773
HQH	abrdn Health Invstr	abrdn	1.88	-9.97	14.77	44.57	0.00	989	3,698
MVT	BR MuniVest Fd II	BlackRock	1.73	-10.84	6.15	27.29	34.95	246	927
RFMZ	RivNth Flex Muni Incm Fd II	RiverNorth	1.77	-11.03	7.55	61.01	38.70	373	1,282
PCQ	PIMCO CA Muni Incm Fd	PIMCO	1.70	-12.35	4.91	25.96	40.27	191	668
HQL	abrdn Life Sci Invstr	abrdn	1.84	-10.35	14.89	34.27	0.00	426	1,284
FUND	Sprott Focus Tr	Sprott	1.75	-12.04	8.19	16.87	0.00	251	374
FAX	abrdn Asia-Pacific Incm Fd	abrdn	1.79	-9.24	13.17	42.67	38.06	684	2,542
HEQ	JH Hgd Eq & Incm Fd	John Hancock	1.74	-11.41	9.76	10.82	0.00	140	337
MIY	BR MuniYld MI Qlty Fd	BlackRock	1.76	-9.58	5.78	24.83	38.81	363	860
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.86	-8.86	10.81	11.31	25.97	335	1,114
BYM	BR Muni Incm Qlty Tr	BlackRock	1.73	-10.49	6.14	22.88	34.84	314	1,047
NBH	NB Muni Fd	Neuberger Berman	1.70	-12.36	6.41	21.26	39.28	343	997
MUE	BR MuniHldg Qlty Fd II	BlackRock	1.74	-9.97	6.11	25.24	33.92	244	854
RMMZ	RivNth Mgd Dur Muni Incm Fd II	RiverNorth	1.76	-10.69	7.55	63.35	38.70	143	605
MYD	BR MuniYld Fd	BlackRock	1.75	-9.52	6.26	25.20	38.65	528	1,962
BKN	BR Inv Qlty Muni Tr	BlackRock	1.72	-10.81	6.18	25.79	37.42	213	819
BFK	BR Muni Incm Tr	BlackRock	1.74	-10.25	6.07	25.28	37.50	483	1,334
NIM	Nuv Sel Maturities Muni Fd	Nuveen	1.75	-10.59	3.76	0.00	0.00	122	451
PMM	Putnam Mgd Muni Incm Tr	Putnam	1.75	-9.64	4.76	20.97	26.87	297	769
SPE	Spl Opp Fd	Bulldog	1.74	-10.53	8.96	17.41	25.12	175	737
RFM	RivNth Flex Muni Incm Fd	RiverNorth	1.75	-10.44	7.51	62.95	38.10	103	412
GUG	Gghm Active Alloc Fd	Guggenheim Funds	1.74	-10.34	9.55	32.79	27.85	549	1,423
BFZ	BR CA Muni Incm Tr	BlackRock	1.78	-6.81	6.16	37.49	36.44	371	1,387
TBLD	Thornburg Incm Bldr Opp Tr	Thornburg Inv Mgmt	1.74	-10.55	7.68	5.15	0.00	584	1,333
BCX	BR Res & Com Stgy Tr	BlackRock	1.85	-7.42	9.18	72.17	0.00	789	2,157
RMI	RivNth Opportunistic Muni Incm	RiverNorth	1.76	-9.33	7.43	61.45	36.50	107	470
ADX	Adams Divr Eq Fd	Adams Funds	1.75	-9.62	9.81	0.00	0.00	2,542	5,978
RMM	RivNth Mgd Dur Muni Incm Fd	RiverNorth	1.78	-8.43	7.35	61.24	38.30	319	1,060
CHW	Calamos Glbl Dyn Incm Fd	Calamos	1.73	-9.85	8.98	8.33	34.02	473	1,028
PSBD	Palmer Sq Cap BDC	Palmer Sq BDC Advis	1.28	-8.13	11.01	0.00	58.32	542	341
GSBD	Goldman Sachs BDC	Goldman Sachs	1.22	-11.96	15.10	0.00	52.97	1,588	11,702
EQS	Equus Total Return	Equus	1.23	-63.18	0.00	N/A	57.58	40	11
OCSL	Oaktree Splty Lending	Oaktree Capital	1.22	-16.69	14.60	0.00	51.24	1,488	11,661
PSEC	Prospect Capital Corp	Prospect Capital	1.22	-47.53	12.71	0.00	51.18	3,533	15,766
WHF	WhiteHorse Finance	H.I.G. Capital	1.29	-24.04	15.88	0.00	51.61	297	1,002
ICMB	Investcorp Cr Mgmt BDC	Investcorp	1.30	-45.05	15.74	0.00	55.41	80	127
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	1.26	-17.47	15.98	0.00	51.85	364	3,099
PIAC	Princeton Cap Corp	House Hanover	1.24	-31.58	0.00	N/A	0.00	23	0
OBDE	Blue Owl Cap Corp III	Blue Owl	1.22	-8.72	9.90	0.00	54.75	1,911	4,770

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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