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08. Discount CEF/BDC Index

Data as of 01/26/2023 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	1,749.88	0.61	1.95	6.11	9.71	0.47	-6.05	9.13	8.59	8.08	9.19	9.19	9.19
NAV	1,264.30	0.42	1.26	5.87	10.59	1.24	-4.15	1.64	2.53	4.24	4.95	4.95	4.95
Difference		-0.20	-0.69	-0.24	0.88	0.77	1.90	-7.49	-6.06	-3.84	-4.23	-4.23	-4.23
* 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	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 -15.02%	1Yr Disc -13.50%	3Yr Disc -12.94%	5Yr Disc -12.43%	Rel Disc Range (3yr) 46.08%
Mkt Yield 8.42%	Lev Adj NAV Yield 5.99%	After Tax Yield* 7.12%	Est Tax Friction* 1.30%	3Yr NAV Volatiliy 23.41
1 Yr RoC 35.73%	3 Yr Dest RoC 25.30%	Leverage 21.39%	Non Lev Exp Ratio 2.12%	Beta (2yr) 0.76
Equity Exposure 47.59%	Bond Exposure 50.59%	# Holdings 60	Cash Weighted Duration 2.55
Comp NAV TR -0.76%	Comp Discount -6.27%	Net Assets (M) 638	Liquidity - 90d (K) 2,453
* 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)
BIGZ	BR Innovation & Gwth Tr	BlackRock	1.80	-20.25	10.99	100.00	0.00	2,200	12,546
NBXG	NB Nxt Gen Connectivity Fd	Neuberger Berman	1.76	-20.43	12.04	100.00	0.00	987	3,735
OCCI	OFS Credit Company	OFS Capital	1.86	0.21	23.33	0.00	40.45	89	584
BSTZ	BR Sci & Tech Tr II	BlackRock	1.89	-13.19	12.50	48.25	0.00	1,658	8,964
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.74	-18.17	5.77	43.88	10.81	273	994
TEAF	Ecofin Susble & Soc Impact Trm	Tortoise	1.65	-19.06	8.15	8.41	11.70	221	384
NTG	Tortoise Midstream Nrg Fd	Tortoise	1.74	-16.39	8.19	58.75	21.20	241	1,100
ECAT	BR ESG Cap Alloc Tr	BlackRock	1.77	-15.53	8.11	72.67	0.00	1,794	7,598
TYG	Tortoise Nrg Infra Corp	Tortoise	1.70	-16.82	8.45	100.00	23.80	458	1,595
JOF	Japan Sml Caplz Fd	Nomura	1.71	-15.59	0.67	0.00	0.00	233	349
CTR	CB MLP & Midstream Tot Rtn Fd	Franklin Templeton	1.78	-17.43	7.02	49.70	29.76	263	818
BMEZ	BR Health Sci Tr II	BlackRock	1.73	-14.73	10.48	17.31	0.00	2,135	8,911
MEGI	MainStay CBRE Glbl Infra MTrnd	New York Life	1.78	-15.37	8.58	0.00	33.00	931	3,878
PGZ	Principal Rel-Est Incm Fd	ALPS	1.76	-12.45	11.06	11.05	31.07	88	293
CET	Cntrl Sec Corp	Central Securities	1.69	-15.71	6.96	0.00	0.00	1,138	792
NDP	Tortoise Nrg Ind Fd	Tortoise	1.72	-16.30	7.17	44.81	4.60	65	290
ASA	ASA Gd & Prcs Mtl	Merk Investments	1.85	-14.05	0.12	0.00	0.00	371	1,127
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.72	-14.50	4.83	50.00	18.79	107	265
ASGI	abrdn Glbl Infra Incm Fd	abrdn	1.75	-13.97	7.80	8.47	0.00	190	413
IDE	Voya Infra Ind & Matrls Fd	Voya	1.76	-15.21	9.34	20.63	0.00	183	493
ADX	Adams Divr Eq Fd	Adams Funds	1.70	-15.86	6.96	0.00	0.00	2,155	3,915
TPZ	Tortoise Pwr & Nrg Infra Fd	Tortoise	1.72	-14.09	9.18	67.97	19.90	99	260
PEO	Adams Ntr Res Fd	Adams Funds	1.70	-16.27	5.19	0.00	0.00	676	1,772
NPCT	Nuv Core Plus Impact Fd	Nuveen	1.78	-12.89	10.76	40.61	38.55	379	1,756
AIO	Virtus AI & Tech Opp Fd	Virtus	1.73	-13.14	10.39	21.44	15.84	685	2,558
BCV	Bancroft Fund	Gabelli	1.80	-11.60	6.97	0.00	21.00	106	317
EVM	EV CA Muni Bnd Fd	Eaton Vance	1.71	-13.03	3.99	4.27	44.98	261	1,183
ECF	Ellsworth Gwth & Incm Fd	Gabelli	1.76	-12.42	5.95	0.00	30.00	128	419
BFZ	BR CA Muni Incm Tr	BlackRock	1.68	-14.43	3.60	1.42	35.29	405	1,830
HQL	Tekla Life Sci Invstr	Tekla	1.67	-13.05	8.38	50.18	0.00	437	1,513
AOD	abrdn Tot Dyn Div Fd	abrdn	1.73	-12.92	8.25	31.91	1.05	1,012	3,658
GUG	Gghm Active Alloc Fd	Guggenheim Funds	1.72	-12.53	9.86	7.48	26.26	545	2,382
CEV	EV CA Muni Incm Tr	Eaton Vance	1.70	-12.59	4.22	0.00	43.50	86	360
HQH	Tekla Health Invstr	Tekla	1.67	-11.07	8.30	59.82	0.00	1,001	3,169
DMF	BNY Mellon Muni Incm	BNY Mellon	1.69	-13.29	3.82	0.00	37.80	158	616
AFT	Apollo Sr Flt Rt Fd	Apollo	1.66	-12.33	10.13	0.00	36.80	227	868
NFJ	Virtus Div Int & Prm Stgy Fd	Virtus	1.74	-13.48	8.04	0.00	0.00	1,336	3,559
MUC	BR MuniHldg CA Qlty Fd	BlackRock	1.70	-12.12	4.06	9.37	37.94	1,258	4,993
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.77	-11.76	10.08	8.33	25.77	371	1,244
NIE	Virtus Eq & Convt Incm Fd	Virtus	1.94	-10.34	9.99	0.00	0.00	619	2,229
PHT	Pioneer Hi Incm Fd	Amundi Asset Mgmt	1.71	-11.37	9.94	3.65	32.40	230	743
MNP	WA Muni Patnr Fd	Franklin Templeton	1.74	-10.22	4.08	4.62	41.54	137	669
MSD	MS Emrg Mkt Dbt Fd	Morgan Stanley	1.73	-12.70	6.92	0.00	0.00	162	428
HNW	Pioneer Divr Hi Incm Fd	Amundi Asset Mgmt	1.70	-11.41	10.08	8.33	30.30	101	347
ARDC	Ares Dyn Cr Alloc Fd	Ares	1.72	-10.78	10.39	0.00	34.01	319	1,273
FCT	FT Sr Flt Rt Incm Fd II	First Trust	1.70	-10.77	8.32	27.22	13.62	292	1,080
AFB	AB Nat Muni Incm Fd	AllianceBernstein	1.71	-12.02	3.52	0.00	40.57	364	1,531
BNY	BR NY Muni Incm Tr	BlackRock	1.76	-9.71	4.07	5.99	40.04	301	1,035
BGY	BR Enh Intl DivTr	BlackRock	1.73	-12.72	7.48	57.98	0.00	638	1,941
FTHY	FT Hi Yld Opp 2027 Trm Fd	First Trust	1.74	-10.17	10.52	29.43	15.32	593	2,169
SVVC	Firsthand Tech Val Fd	Firsthand Capital	1.31	-80.47	0.00	N/A	0.00	38	14
TRIN	Trinity Capital	Trinity Capital	1.46	-3.64	13.90	0.00	51.03	483	4,568
RWAY	Runway Gwth Fin Corp	Runway Gwth Cap	1.26	-9.35	11.25	0.00	36.49	572	1,483
ORCC	Owl Rock Capital Corp	Owl Rock	1.33	-12.05	10.11	0.00	53.65	5,848	28,241
GECC	Great Elm Cap Corp	Great Elm Capital	1.23	-28.90	20.16	0.00	48.74	95	229
CCAP	Crescent Capital BDC	Crescent Capital	1.36	-26.98	11.14	0.00	51.67	623	1,205
BBDC	Barings BDC	Barings	1.21	-23.76	11.16	0.00	51.74	1,228	3,922
BCSF	Bain Cap Splty Fin	BCSF Advisors	1.27	-22.20	10.90	0.00	53.92	1,096	2,551
ICMB	Investcorp Cr Mgmt BDC	Investcorp	1.33	-39.10	15.23	0.00	60.96	93	95
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	1.30	-6.62	12.49	0.00	52.13	448	3,823

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.