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08. Discount CEF/BDC Index

Data as of 09/28/2020 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(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,208.94	1.27	-0.55	-3.10	4.89	34.97	-4.58	2.28	9.08	-3.12	3.57	-9.22
NAV	1,113.93	0.73	-0.03	-2.43	4.32	20.56	-4.27	1.13	4.50	-2.32	2.85	-8.10
Difference		-0.54	0.52	0.66	-0.56	-14.42	0.31	-1.14	-4.58	0.80	-0.72	1.12
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2020 - Monthly Performance (%) Show Previous Years
	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	-	-	-	-	-	-	-	-
NAV	-1.05	-4.85	-18.75	-23.50	14.76	2.78	-0.97	16.81	-10.64	3.75	1.49	-	-	-	-	-	-	-	-
Difference	-1.58	3.24	8.24	9.04	-8.17	-4.31	0.34	-13.12	1.71	-0.14	-1.41	-	-	-	-	-	-	-	-
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

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -20.48%	1Yr Disc -15.84%	3Yr Disc -12.38%	5Yr Disc -11.49%	Rel Disc Range (3yr) 43.06%
Mkt Yield 7.21%	Lev Adj NAV Yield 4.67%	After Tax Yield* 6.38%	Est Tax Friction* 0.83%	3Yr NAV Volatiliy 17.72
1 Yr RoC 22.32%	3 Yr Dest RoC 18.31%	Leverage 24.89%	Non Lev Exp Ratio 1.87%	Beta (2yr) 0.74
Equity Exposure 46.64%	Bond Exposure 48.89%	# Holdings 59	Cash Weighted Duration 2.26
Comp NAV TR -0.27%	Comp Discount -7.74%	Net Assets (M) 456	Liquidity - 90d (K) 1,239
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

59 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
NHF	NexPoint Stgc Opp Fd	Highland Capital	1.47	-48.96	13.61	41.62	16.00	779	2,001
HFRO	Highland Incm Fd	Highland Capital	1.91	-30.68	10.51	17.36	35.10	905	3,234
TYG	Tortoise Nrg Infra Corp	Tortoise	1.61	-26.04	8.12	81.16	29.00	261	1,713
TTP	Tortoise Pip & Nrg Fd	Tortoise	1.52	-27.46	5.23	99.20	35.70	42	190
TEAF	Tortoise Ess Ast Incm Trm Fd	Tortoise	1.65	-27.84	8.49	28.06	12.00	198	514
DNI	Div & Incm Fd	Bexil	1.62	-32.42	10.71	62.26	13.25	173	418
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.43	-29.15	11.98	77.62	23.70	52	365
IRR	Voya NtrRes Eq Incm Fd	Voya	1.70	-17.35	12.67	75.06	0.00	66	303
GGZ	Gabelli Glbl Sml & Mid Cap Val	Gabelli	1.97	-18.90	6.40	83.79	21.00	114	297
ASA	ASA Gd & Prcs Mtl	Merk Investments	2.07	-14.98	0.10	0.00	0.00	478	2,838
CAF	MS China A Shr Fd	Morgan Stanley	1.87	-17.18	3.87	0.00	0.00	560	1,519
NRGX	Nrg & Tac Cr Opp Fd	PIMCO	1.59	-21.94	10.99	33.57	0.00	355	1,336
GAM	General American Invstr	General American Inv	1.83	-17.88	7.24	0.00	16.69	1,016	1,005
SOR	Source Capital	First Pacific	1.91	-11.67	2.74	0.00	0.00	350	621
MGU	Macquarie Glbl Infra Tot Rtn	Macquarie	1.72	-18.18	5.17	13.14	29.76	265	885
IGA	Voya Glbl Adv & Prm Opp Fd	Voya	1.80	-13.92	9.44	0.00	0.00	177	540
TDF	Tmp Dragon Fd	Templeton	2.08	-12.29	8.43	0.00	0.00	839	1,606
RMT	Royce Micro-Cap Tr	Legg Mason	1.86	-17.21	8.10	18.31	5.63	398	1,273
GNT	GAMCO NtrRes Gd & Incm	Gabelli	1.82	-13.67	7.21	64.81	19.00	120	423
HIE	Miller/Howard Hi Incm Eq Fd	Miller/Howard	1.72	-14.35	7.96	59.15	28.05	132	666
CHN	China Fund	Allianz	1.92	-15.42	5.55	0.00	0.00	308	378
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.79	-15.46	9.76	72.75	0.00	563	1,714
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.64	-18.67	9.10	7.86	32.19	350	927
AEF	Abd Emrg Mkt Eq Incm Fd	Aberdeen	1.82	-15.12	2.73	0.00	9.71	383	268
BWG	BwGlobal Glbl Incm Opp Fd	Legg Mason	1.76	-13.87	7.24	0.00	34.80	226	1,092
RSF	RivNth Splty Fin Corpn	RiverNorth	1.76	-14.07	11.70	73.63	30.30	95	162
GLQ	Clough Glbl Eq Fd	Clough	1.83	-17.63	11.91	45.15	38.76	179	556
MFD	M/FT Glbl Infra/Util Div & Incm	First Trust	1.69	-15.77	10.47	49.92	25.98	78	283
WIW	WA Inf-Lnk Opp & Incm Fd	Legg Mason	1.77	-15.19	3.32	30.12	33.60	809	1,506
SBI	WA Imd Muni Fd	Legg Mason	1.87	-8.79	3.06	1.06	25.10	143	310
FUND	Sprott Focus Tr	Sprott	1.78	-15.51	7.49	0.00	3.57	207	314
KSM	DWS Stgc Muni Incm Tr	Deutsche	1.78	-12.69	4.72	0.00	38.07	139	279
EVG	EV Srt Dur Divr Incm Fd	Eaton Vance	1.76	-13.92	7.87	7.25	43.80	238	638
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	1.89	-11.04	9.42	0.00	30.22	224	3,783
VTN	Invsc Tr fr Inv Grd NY Muni	Invesco	1.76	-12.15	4.45	4.84	38.00	274	392
DHY	CS Hi Yld Bnd Fd	Credit Suisse	1.90	-9.62	9.17	5.21	30.29	247	2,975
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	1.92	-8.95	9.15	2.44	31.47	169	3,016
VCV	Invsc CA Val Muni Incm Tr	Invesco	1.86	-7.26	4.56	2.23	37.00	646	1,171
MHI	Pioneer Muni Hi Incm Tr	Pioneer	1.77	-11.15	4.67	0.00	29.40	296	836
MUI	BR Muni Imd Dur Fd	BlackRock	1.76	-11.34	4.50	0.00	38.16	604	1,170
BMEZ	BR Health Sci Tr II	BlackRock	1.89	-12.10	5.26	82.58	N/A	2,924	5,265
MFM	MFS Muni Incm Tr	MFS	1.78	-10.35	5.05	0.00	28.00	294	524
VKI	Invsc Adv Muni Incm Tr II	Invesco	1.78	-9.82	5.20	6.76	40.00	529	765
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	1.88	-10.25	9.46	0.00	25.87	300	774
MVF	BR MuniVest Fd	BlackRock	1.79	-9.91	4.65	1.41	35.40	622	915
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	1.78	-12.47	7.71	47.28	0.00	1,327	3,186
MMU	WA Mgd Muni Fd	Legg Mason	1.75	-11.10	4.47	1.66	29.30	590	838
CMU	MFS Hi Yld Muni Tr	MFS	1.79	-9.27	5.27	0.00	36.00	131	242
CII	BR Enh Cap & Incm Fd	BlackRock	1.84	-10.36	6.86	37.00	0.00	754	1,771
RAND	Rand Capital Corp	Rand Capital	1.25	-42.01	0.00	0.00	17.68	50	28
CPTA	Capitala Finance Corp	Capitala	0.74	-75.44	0.00	7.70	71.19	105	675
FSKR	FS KKR Capital Corp. II	FS/KKR	1.38	-40.21	15.19	0.00	43.65	4,163	10,275
HCAP	Harvest Cap Cr Corp	Harvest Capital	1.05	-64.94	0.00	10.06	53.92	61	87
OFS	OFS Capital Corp	OFS Capital	1.28	-53.47	14.47	0.00	69.91	135	352
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	1.58	-50.18	17.78	24.03	56.39	121	320
SAR	Saratoga Inv Corp	Saratoga	1.38	-30.94	9.23	0.00	43.80	282	1,024
EQS	Equus Total Return	Equus	1.25	-61.24	0.00	N/A	39.26	42	10
MCC	Medley Capital Corp	MCC Advisors	1.45	-66.82	0.00	N/A	49.11	149	257
PNNT	PennantPark Inv Corp	PennantPark	1.18	-58.44	14.77	0.00	60.96	524	865

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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