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	1,244.66	-0.23	0.02	0.11	2.30	14.96	11.56	11.52	7.34	1.86	1.33	16.54
NAV	1,155.12	-0.22	-0.14	0.38	1.79	8.24	6.52	7.39	4.15	1.31	0.51	8.32
Difference		0.01	-0.16	0.27	-0.51	-6.72	-5.04	-4.12	-3.19	-0.55	-0.82	-8.22
* 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	-	-	-	-	-	-	-	-	-	-	-	-	14.68
NAV	4.80	1.14	1.71	7.81	0.92	-1.70	-	-	-	-	-	-	-	-	-	-	-	-	7.00
Difference	-6.38	-1.05	0.31	-7.40	-1.19	0.88	-	-	-	-	-	-	-	-	-	-	-	-	-7.67
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 -12.52%	1Yr Disc -12.34%	3Yr Disc -9.99%	5Yr Disc -10.08%	Rel Disc Range (3yr) 36.94%
Mkt Yield 7.37%	Lev Adj NAV Yield 5.15%	After Tax Yield* 6.38%	Est Tax Friction* 0.99%	3Yr NAV Volatiliy 9.33
1 Yr RoC 18.18%	3 Yr Dest RoC 9.54%	Leverage 26.71%	Non Lev Exp Ratio 1.97%	Beta (2yr) 0.43
Equity Exposure 37.19%	Bond Exposure 61.05%	# Holdings 60	Cash Weighted Duration 2.92
Comp NAV TR -0.46%	Comp Discount -5.19%	Net Assets (M) 554	Liquidity - 90d (K) 1,358
* 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

60 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
INF	Brkf Glbl Lstd Infra Incm Fd	Brookfield	1.79	-14.48	7.79	74.41	26.29	198	662
MGU	Macquarie Glbl Infra Tot Rtn	Macquarie	1.83	-12.65	7.16	43.98	28.60	335	802
BWG	BwGlobal Glbl Incm Opp Fd	Legg Mason	1.81	-15.76	6.42	41.06	37.70	286	577
ADX	Adams Divr Eq Fd	Adams Express	1.82	-12.79	6.11	0.00	0.00	1,848	2,397
ASA	ASA Gd & Prcs Mtl	ASA	1.77	-15.64	0.19	0.00	0.00	241	949
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.51	-21.31	11.48	12.83	38.94	328	943
EFF	EV Flt-Rt Inc+ Fd	Eaton Vance	1.78	-12.36	6.60	0.00	35.80	131	360
WIW	WA Inf-Lnk Opp & Incm Fd	Western Asset	1.78	-12.62	3.92	0.00	29.90	771	952
DTF	DTF Tx-Free Incm	Duff & Phelps	1.82	-10.69	3.03	0.00	33.81	132	339
FCT	FT Sr Flt Rt Incm Fd II	First Trust	1.77	-12.70	6.27	0.00	30.34	366	895
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.79	-11.53	6.51	0.00	29.26	529	2,091
EFT	EV Flt-Rt Incm Tr	Eaton Vance	1.79	-11.41	6.75	0.00	35.00	608	1,677
JGH	Nuv Glbl Hi Incm Fd	Nuveen	1.77	-12.28	8.05	3.16	29.90	402	813
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	1.69	-15.32	8.07	55.09	31.74	1,203	3,628
BGT	BR Flt Rt Incm Fd	BlackRock	1.77	-11.96	6.00	0.00	28.70	326	924
EMO	CB Nrg Midstream Opp Fd	Legg Mason	1.67	-11.59	10.13	76.39	33.67	737	1,593
JFR	Nuv Flt Rt Incm Fd	Nuveen	1.80	-10.81	7.52	0.00	37.32	627	1,644
EFR	EV Sr Flt-Rt Tr	Eaton Vance	1.77	-11.67	6.92	0.00	35.50	549	1,463
TTP	Tortoise Pip & Nrg Fd	Tortoise	1.62	-10.65	11.77	98.77	28.30	155	561
ECF	Ellsworth Gwth & Incm Fd	Gabelli	1.77	-12.18	4.89	0.00	17.00	143	276
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	1.78	-11.24	7.72	0.00	36.83	444	1,439
CTR	CB MLP & Midstream Tot Rtn Fd	Legg Mason	1.69	-11.20	9.48	92.93	31.75	401	732
DEX	Dlw Enh Glbl Div & Incm Fd	Delaware	1.81	-8.95	11.05	28.60	32.10	139	519
TDF	Tmp Dragon Fd	Templeton	1.61	-9.81	3.93	0.00	0.00	693	1,130
EAD	WF Incm Opp Fd	Wells Fargo	1.79	-10.65	8.89	0.00	28.80	569	1,674
CHN	China Fund	Allianz	1.60	-10.84	2.87	0.00	0.00	227	437
BGY	BR Enh Intl DivTr	BlackRock	1.70	-11.02	7.50	24.00	0.00	654	1,224
MYC	BR MuniYld CA Fd	BlackRock	1.83	-9.04	4.12	0.00	40.71	329	749
RMT	Royce Micro-Cap Tr	Legg Mason	1.65	-11.16	9.30	9.54	4.30	363	1,040
NRO	NB Rel-Est Sec Incm Fd	Neuberger Berman	1.82	-7.55	9.34	45.20	27.40	264	1,123
MNP	WA Muni Patnr Fd	Legg Mason	1.82	-8.86	4.60	0.00	35.00	160	321
EOD	WF Glbl Div Opp Fd	Wells Fargo	1.83	-8.16	10.86	17.33	15.40	261	778
IHD	Voya Emrg Mkt Hi Div Eq Fd	Voya	1.66	-9.00	9.89	71.75	0.00	157	478
JHI	JH Invstr Tr	John Hancock	1.77	-9.22	7.71	0.00	35.97	155	329
IIM	Invsc Val Muni Incm Tr	Invesco	1.83	-6.82	4.65	0.34	39.00	766	1,944
BKN	BR Inv Qlty Muni Tr	BlackRock	1.83	-7.54	4.61	0.42	39.20	276	814
DSE	D&P Sel MLP & Midstream Nrg Fd	Virtus	1.68	-6.71	12.68	100.00	36.10	133	504
MFL	BR MuniHldg Inv Qlty Fd	BlackRock	1.79	-8.44	4.76	0.00	40.81	548	1,330
BDJ	BR Enh Eq Div Tr	BlackRock	1.75	-8.92	6.53	0.00	0.00	1,767	3,112
IDE	Voya Infra Ind & Matrls Fd	Voya	1.69	-9.68	9.63	9.56	0.00	257	751
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	1.84	-4.90	12.87	45.16	27.10	198	1,044
RA	Brkf Real Ast Incm Fd	Brookfield	1.78	-6.86	10.93	40.31	24.05	856	2,320
ETG	EV Tx-Adv Glbl Div Incm Fd	Eaton Vance	1.75	-8.35	7.89	22.61	24.70	1,297	2,279
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	1.81	-5.78	12.04	58.53	27.44	151	611
HQL	Tekla Life Sci Invstr	Tekla	1.62	-7.95	9.20	37.59	0.00	398	1,464
GDV	Gabelli Div & Incm Tr	Gabelli	1.74	-7.53	6.22	15.24	22.00	1,893	3,289
MAV	Pioneer Muni Hi Incm Adv Tr	Pioneer	1.74	-9.30	4.19	0.00	36.50	283	671
NCA	Nuv CA Muni Val Fd	Nuveen	1.83	-4.47	3.40	0.00	0.00	296	410
NXR	Nuv Sel Tx-Free Incm Port 3	Nuveen	1.82	-4.88	3.39	0.00	0.00	211	359
NEV	Nuv Enh Muni Val Fd	Nuveen	1.79	-6.17	4.79	0.00	35.98	376	593
EQS	Equus Total Return	Equus	1.11	-50.00	0.00	N/A	36.59	47	6
MCC	Medley Capital Corp	MCC Advisors	0.98	-51.47	8.06	0.00	57.26	278	282
PSEC	Prospect Capital Corp	Prospect Capital	1.22	-30.29	11.37	0.00	40.71	3,332	9,337
HCAP	Harvest Cap Cr Corp	Harvest Capital	1.26	-13.46	9.16	8.49	28.60	75	138
RAND	Rand Capital Corp	Rand Capital	1.18	-51.61	0.00	N/A	25.06	35	15
FSK	FS KKR Capital Corp	FS/KKR Advisor	1.31	-20.48	12.16	0.00	43.94	4,108	10,220
TCRD	THL Credit	THL Credit	1.24	-26.45	12.75	0.00	43.37	285	599
CGBD	TCG BDC	Carlyle	1.32	-12.54	9.78	0.00	50.00	1,049	5,017
PNNT	PennantPark Inv Corp	PennantPark	1.17	-27.97	11.32	0.00	51.96	592	1,666
CPTA	Capitala Finance Corp	Capitala	1.47	-19.90	10.75	0.00	60.74	187	847

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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