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08. Discount CEF/BDC Index

Data as of 07/25/2024 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	2,120.24	0.11	-0.54	3.38	7.78	13.34	16.34	4.33	10.71	9.08	1.76	1.76	14.94
NAV	1,416.91	-0.12	-0.83	1.24	4.14	7.95	9.71	1.24	3.86	3.99	0.95	0.95	7.56
Difference		-0.23	-0.28	-2.14	-3.64	-5.39	-6.63	-3.09	-6.85	-5.09	-0.81	-0.81	-7.38
* 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	-	-	-	-	-	-	-	-	-	-
NAV	0.05	1.58	2.62	4.30	-0.99	1.74	1.42	2.16	6.55	-	-	-	-	-	-	-	-	-	-
Difference	-1.78	-0.45	-1.03	-3.40	0.08	-1.63	-1.14	-2.72	-6.40	-	-	-	-	-	-	-	-	-	-
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 -14.52%	1Yr Disc -14.46%	3Yr Disc -10.14%	5Yr Disc -9.87%	Rel Disc Range (3yr) 29.54%
Mkt Yield 8.12%	Lev Adj NAV Yield 5.89%	After Tax Yield* 7.07%	Est Tax Friction* 1.05%	3Yr NAV Volatiliy 12.37
1 Yr RoC 46.43%	3 Yr Dest RoC 35.24%	Leverage 19.25%	Non Lev Exp Ratio 2.12%	Beta (2yr) 0.66
Equity Exposure 50.84%	Bond Exposure 46.28%	# Holdings 46	Cash Weighted Duration 2.35
Comp NAV TR -2.19%	Comp Discount -8.47%	Net Assets (M) 649	Liquidity - 90d (K) 1,697
* 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	2.29	-53.99	7.70	19.63	16.00	891	1,548
BXSY	Bexil Investment Tr	Bexil	2.48	-36.36	7.67	0.00	0.00	263	336
HGLB	Highland Glbl Alloc Fd	NexPoint	2.44	-32.22	12.66	9.45	4.63	259	501
TEAF	Ecofin Susble & Soc Impact Trm	Tortoise	2.51	-18.28	8.95	65.94	8.70	199	448
JOF	Japan Sml Caplz Fd	Nomura	2.45	-18.12	3.42	0.00	0.00	269	370
CAF	MS China A Shr Fd	Morgan Stanley	2.30	-21.20	1.08	0.00	0.00	249	306
SPE	Spl Opp Fd	Bulldog	2.43	-15.77	8.61	26.01	26.33	170	308
BANX	ArrowMark Fin Corp	ArrowMark	2.50	-10.57	9.33	0.00	25.85	153	385
BIGZ	BR Innovation & Gwth Trm Tr	BlackRock	2.39	-12.36	14.68	100.00	0.00	1,851	5,396
EMF	Tmp Emrg Mkt Fd	Franklin Templeton	2.38	-13.73	5.90	0.00	2.28	218	217
ASA	ASA Gd & Prcs Mtl	Merk Investments	2.53	-9.96	0.16	0.00	0.00	397	853
RMT	Royce Micro-Cap Tr	Franklin Templeton	2.56	-11.03	6.22	0.00	0.38	550	882
RA	Brkf Real Ast Incm Fd	Brookfield	2.44	-12.18	10.97	44.44	20.17	813	3,132
RVT	Royce Small-Cap Tr	Franklin Templeton	2.58	-10.33	7.17	0.00	1.87	1,977	3,138
IGD	Voya Glbl Eq Div & Prm Opp	Voya	2.56	-8.71	11.01	67.47	0.00	471	1,460
BTT	BR Muni 2030 Tgt Trm Tr	BlackRock	2.41	-12.24	2.66	0.00	34.44	1,566	2,587
ZTR	Virtus Tot Rtn Fd	Virtus	2.46	-12.03	10.66	93.58	30.63	395	1,762
NCV	Virtus Convt & Incm Fd	Virtus	2.42	-10.05	12.33	91.55	37.43	333	2,223
DIAX	Nuv Dow 30SM Dyn Owrt Fd	Nuveen	2.46	-12.49	8.10	72.24	0.00	588	903
PFD	F&C Pref & Incm Fd	Flaherty & Crumrine	2.47	-9.39	6.59	0.00	37.10	153	386
CHW	Calamos Glbl Dyn Incm Fd	Calamos	2.38	-9.36	8.85	40.82	31.83	478	900
CTR	CB MLP & Midstream Tot Rtn Fd	Franklin Templeton	2.33	-13.64	7.04	0.00	27.82	159	780
PMO	Putnam Muni Opp Tr	Putnam	2.42	-10.38	4.05	14.76	29.66	359	1,015
BDJ	BR Enh Eq Div Tr	BlackRock	2.41	-10.62	8.17	17.46	0.00	1,718	3,666
PCQ	PIMCO CA Muni Incm Fd	PIMCO	2.39	-10.84	4.61	41.36	40.83	200	481
ERC	Allspring Mlt-Sctr Incm Fd	Allspring	2.43	-9.05	8.74	0.00	30.00	279	825
PMM	Putnam Mgd Muni Incm Tr	Putnam	2.40	-9.61	4.60	26.12	29.32	314	572
EOT	EV Nat Muni Opp Tr	Eaton Vance	2.40	-8.94	4.85	0.00	12.10	290	587
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	2.36	-10.96	7.23	58.98	0.00	1,530	2,194
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	2.33	-9.55	6.98	53.42	0.00	1,299	2,355
BRW	Saba Cap Incm & Opp Fd	Saba Capital	2.46	-8.24	14.09	63.17	15.14	336	1,036
FCT	FT Sr Flt Rt Incm Fd II	First Trust	2.46	-6.04	11.33	12.68	10.95	284	1,735
MCR	MFS Charter Incm Tr	MFS	2.41	-7.33	8.61	42.62	25.00	287	375
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	2.42	-3.78	8.78	53.91	0.00	623	1,289
RSF	RivNth Cap & Income Fd	RiverNorth	2.37	-7.87	11.03	8.62	42.10	64	303
TSI	TCW Stgc Incm Fd	TCW	2.44	-6.81	5.01	0.00	0.00	246	749
EQS	Equus Total Return	Equus	1.19	-62.13	0.00	N/A	53.43	46	8
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	1.37	-1.00	17.92	0.00	55.21	341	3,648
PSEC	Prospect Capital Corp	Prospect Capital	1.24	-38.71	13.07	0.00	51.14	3,756	8,826
PIAC	Princeton Cap Corp	House Hanover	1.31	-19.05	0.00	N/A	0.00	25	0
SAR	Saratoga Inv Corp	Saratoga	1.26	-13.45	12.74	0.00	67.81	369	1,681
RWAY	Runway Gwth Fin Corp	Runway Gwth Cap	1.25	-10.70	13.41	0.00	46.16	527	4,373
WHF	WhiteHorse Finance	H.I.G. Capital	1.26	-9.93	12.66	0.00	53.10	314	1,217
OFS	OFS Capital Corp	OFS Capital	1.18	-22.92	15.93	0.00	62.39	148	428
FSK	FS KKR Capital Corp	FS/KKR	1.30	-17.19	12.71	0.00	52.59	6,811	25,064
LRFC	Logan Ridge Fin Corpn	Mount Logan	1.23	-33.73	5.91	0.00	53.49	90	47

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.