08. Discount CEF/BDC Index

About the Index

(1) Traditional closed-end funds (CEFs) according to CEFdata.com with $250K+ 90-day average trading dollar $ liquidity. The funds also meet the following criteria: Discount wider than -6.5%, 1-year Discount Range under 65%, 6-month Relative Z-stat under -0.25 and Comp Discount under 0. Rank the remaining funds by the 50 largest (smallest/lowest) discounts. (2) Business Development Companies (BDCs): Equity or Debt-Focused BDCs with -6.5% or lower Discounts, Comp Discount under 0 and below average 6-month Relative Z-Stats. Rank the remaining lowest 10 3-year relative discounts. Traditional CEFs are an 87.5% allocation and BDCs are an 12.5% allocation for this index with the underlying funds equal weighted into their overall allocation. The index constituents will be rebalanced each quarter.

Index Performance

	Current($)	Previous Day(%)	1 Week(%)	1 Month(%)	3 Month(%)	6 Month(%)	1 Year(%)	3 Year(%)	5 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,234.96	-0.85	-0.72	-3.66	0.12	1.83	9.55	7.84	6.88	-3.50	-2.51	15.82
NAV	1,138.22	-0.92	-0.78	-3.50	-0.42	0.78	4.44	4.82	3.47	-2.84	-3.05	6.91
Difference		-0.07	-0.06	0.16	-0.54	-1.06	-5.11	-3.02	-3.41	0.66	-0.54	-8.91
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

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	-	-	-	-	-	-	-	-	19.33
NAV	4.80	1.14	1.71	7.81	0.92	-1.70	2.97	2.15	9.96	-0.21	-	-	-	-	-	-	-	-	9.76
Difference	-6.38	-1.05	0.31	-7.40	-1.19	0.88	-0.70	-0.98	-8.37	-1.24	-	-	-	-	-	-	-	-	-9.57
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 -14.14%	1Yr Disc -13.47%	3Yr Disc -10.72%	5Yr Disc -10.45%	Rel Disc Range (3yr) 33.85%
Mkt Yield 7.90%	Lev Adj NAV Yield 5.44%	After Tax Yield* 6.83%	Est Tax Friction* 1.07%	3Yr NAV Volatiliy 11.03
1 Yr RoC 25.73%	3 Yr Dest RoC 19.29%	Leverage 26.85%	Non Lev Exp Ratio 1.87%	Beta (2yr) 0.47
Equity Exposure 44.81%	Bond Exposure 50.84%	# Holdings 54	Cash Weighted Duration 1.58
Comp NAV TR -0.57%	Comp Discount -6.99%	Net Assets (M) 538	Liquidity - 90d (K) 1,466
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents

54 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
DNI	Div & Incm Fd	Bexil	1.95	-21.80	7.27	41.60	13.05	174	303
RIF	RMR Rel-Est Incm Fd	RMR	2.13	-20.17	6.89	15.15	30.54	245	458
ASA	ASA Gd & Prcs Mtl	ASA	2.37	-15.87	0.15	0.00	0.00	305	1,547
SZC	Cushing Renaissace Fd	Cushing	1.88	-11.42	12.75	43.71	12.50	151	1,415
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.90	-21.89	12.29	28.05	38.94	309	874
BIF	Boulder Gwth & Incm Fd	Boulder	1.94	-16.82	3.86	30.75	0.00	1,318	1,349
BWG	BwGlobal Glbl Incm Opp Fd	Legg Mason	2.10	-15.75	6.51	25.48	34.51	298	658
SMM	Salient Midstream & MLP Fd	Salient	1.72	-15.09	9.42	94.89	28.71	152	653
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	2.03	-14.85	7.99	45.03	31.74	1,207	2,793
SOR	Source Capital	First Pacific	1.96	-14.19	2.84	0.00	0.00	351	439
GLO	Clough Glbl Opp Fd	Clough	2.03	-11.26	11.75	56.14	36.21	335	1,117
KMF	KA Midstream/Nrg Fd	Kayne Anderson	1.81	-12.83	8.83	93.59	30.96	552	1,793
NHF	NexPoint Stgc Opp Fd	Highland Capital	1.97	-14.80	13.27	54.69	21.80	977	4,271
JGH	Nuv Glbl Hi Incm Fd	Nuveen	2.02	-13.10	8.10	1.97	29.86	403	1,050
EFF	EV Flt-Rt Inc+ Fd	Eaton Vance	2.08	-11.03	6.49	0.00	35.80	130	619
PGZ	Principal Rel-Est Incm Fd	ALPS	2.21	-7.50	6.45	10.84	29.17	153	506
EMO	CB Nrg Midstream Opp Fd	Legg Mason	1.81	-11.69	11.27	73.04	33.00	663	1,489
TSLF	THL Cr Sr Ln Fd	THL Credit	1.97	-13.73	8.28	0.00	25.31	126	501
MXF	Mexico Fund	Impulsora del	1.82	-12.04	8.30	75.47	0.00	206	396
DSU	BR Dbt Stgs Fd	BlackRock	2.04	-11.93	7.68	0.80	29.28	604	1,302
RMT	Royce Micro-Cap Tr	Legg Mason	1.92	-11.16	7.25	9.54	4.30	352	1,024
BGT	BR Flt Rt Incm Fd	BlackRock	2.02	-12.55	6.54	0.00	27.88	325	703
EFR	EV Sr Flt-Rt Tr	Eaton Vance	2.02	-12.58	7.09	0.00	34.50	542	1,566
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	2.00	-13.41	6.66	0.00	28.70	526	1,540
AEF	Abd Emrg Mkt Eq Incm Fd	Aberdeen	1.86	-12.22	2.40	5.25	9.20	386	753
EFT	EV Flt-Rt Incm Tr	Eaton Vance	2.00	-12.89	6.96	0.00	34.10	600	1,143
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	2.01	-12.30	7.91	0.00	37.20	438	1,119
CEM	CB MLP & Midstream Fd	Legg Mason	1.82	-9.95	11.05	91.13	32.68	835	2,305
JMLP	Nuv All Cap Nrg MLP Opp Fd	Nuveen	1.83	-8.22	13.99	100.00	27.98	79	400
EIM	EV Muni Bnd Fd	Eaton Vance	2.15	-7.77	3.94	1.06	42.20	1,143	2,707
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	1.87	-7.70	10.35	15.38	34.84	1,904	6,066
MYC	BR MuniYld CA Fd	BlackRock	2.13	-8.66	3.55	0.47	41.02	341	626
HQH	Tekla Health Invstr	Tekla	1.93	-10.45	9.46	46.74	0.00	900	2,498
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.81	-0.85	13.68	83.04	33.92	375	1,256
IDE	Voya Infra Ind & Matrls Fd	Voya	1.86	-9.93	10.49	19.23	0.00	237	766
MFD	M/FT Glbl Infra/Util Div & Incm	First Trust	1.87	-11.51	10.49	50.40	28.77	92	312
MAV	Pioneer Muni Hi Incm Adv Tr	Pioneer	2.10	-9.06	4.08	0.00	36.20	290	951
EVN	EV Muni Incm Tr	Eaton Vance	2.13	-8.19	4.41	0.00	37.70	557	950
BBK	BR Muni Bnd Tr	BlackRock	2.19	-5.55	4.13	0.00	38.35	176	384
RA	Brkf Real Ast Incm Fd	Brookfield	2.12	-4.97	10.77	40.19	23.54	851	2,806
MCN	Madison Cov Call & Eq Stgc	Madison	1.93	-9.83	11.54	27.82	0.00	145	375
THW	Tekla Wld Health Fd	Tekla	2.11	-2.89	10.69	73.01	22.17	408	1,802
DUC	D&P Util & Corp Bnd Tr	Duff & Phelps	2.08	-7.99	4.74	29.08	29.00	265	355
TEAF	Tortoise Ess Ast Incm Trm Fd	Tortoise	1.89	-7.49	7.99	0.00	11.50	238	612
EQS	Equus Total Return	Equus	1.23	-55.77	0.00	N/A	36.00	48	5
MCC	Medley Capital Corp	MCC Advisors	1.41	-43.30	7.75	59.23	49.79	248	269
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	1.23	-42.36	11.16	10.42	39.12	139	225
PNNT	PennantPark Inv Corp	PennantPark	1.32	-27.69	11.39	0.00	53.30	586	2,053
SVVC	Firsthand Tech Val Fd	Firsthand Capital	1.04	-65.66	0.45	0.00	0.00	157	105
BBDC	Barings BDC	Barings	1.29	-14.84	5.67	4.37	51.54	583	1,226
PFLT	PennantPark Flt Rt Cap	PennantPark	1.29	-12.32	9.95	0.00	49.79	507	1,790
PSEC	Prospect Capital Corp	Prospect Capital	1.32	-27.31	10.91	0.00	40.71	3,332	9,836
FSK	FS KKR Capital Corp	FS/KKR	1.27	-27.54	13.31	0.00	44.56	4,086	10,163
WHF	WhiteHorse Finance	H.I.G. Capital	1.24	-15.60	10.94	0.00	42.05	316	1,149

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, 2017. 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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