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08. Discount CEF/BDC Index

Data as of 04/26/2024 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	1,967.03	0.48	1.01	-0.23	5.15	26.40	14.96	3.52	9.53	8.79	-0.98	-0.98	6.63
NAV	1,362.92	0.36	0.90	-0.31	3.84	17.79	9.52	0.28	3.32	4.01	-0.80	-0.80	3.46
Difference		-0.13	-0.11	-0.09	-1.31	-8.60	-5.44	-3.24	-6.21	-4.78	0.18	0.18	-3.17
* 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	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	0.05	1.58	2.62	4.30	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	-1.78	-0.45	-1.03	-3.40	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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 -16.13%	1Yr Disc -14.57%	3Yr Disc -10.00%	5Yr Disc -10.39%	Rel Disc Range (3yr) 20.62%
Mkt Yield 7.97%	Lev Adj NAV Yield 5.55%	After Tax Yield* 7.13%	Est Tax Friction* 0.84%	3Yr NAV Volatiliy 12.83
1 Yr RoC 50.68%	3 Yr Dest RoC 28.86%	Leverage 21.07%	Non Lev Exp Ratio 1.99%	Beta (2yr) 0.74
Equity Exposure 48.00%	Bond Exposure 48.39%	# Holdings 60	Cash Weighted Duration 3.25
Comp NAV TR -0.88%	Comp Discount -8.10%	Net Assets (M) 625	Liquidity - 90d (K) 1,713
* 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)
HFRO	Highland Opp & Incm Fd	NexPoint	1.62	-49.88	7.16	0.00	16.14	879	1,988
HGLB	Highland Glbl Alloc Fd	NexPoint	1.60	-38.96	14.01	0.00	3.11	258	513
STEW	SRH Tot Rtn Fd	Paralel Advisors	1.68	-22.77	3.85	33.55	11.11	1,795	1,032
TYG	Tortoise Nrg Infra Corp	Tortoise	1.81	-18.44	8.97	42.07	21.50	418	1,403
IIF	MS India Inv Fd	Morgan Stanley	1.80	-19.24	6.98	0.00	0.00	287	914
NTG	Tortoise Midstream Nrg Fd	Tortoise	1.80	-18.25	7.91	46.63	18.90	242	464
GAM	General American Invstr	General American Inv	1.75	-18.72	5.76	0.00	13.35	1,344	906
TTP	Tortoise Pip & Nrg Fd	Tortoise	1.80	-17.12	7.31	81.63	17.80	78	246
GLO	Clough Glbl Opp Fd	Clough	1.71	-18.98	11.73	99.90	28.61	260	751
PEO	Adams Ntr Res Fd	Adams Funds	1.80	-16.74	5.76	0.00	0.00	718	780
CAF	MS China A Shr Fd	Morgan Stanley	1.79	-17.79	1.00	0.00	0.00	258	718
GLV	Clough Glbl Div & Incm Fd	Clough	1.70	-17.74	11.73	95.91	28.64	82	290
GLQ	Clough Glbl Eq Fd	Clough	1.71	-18.05	11.47	99.48	28.67	145	419
ASA	ASA Gd & Prcs Mtl	Merk Investments	1.99	-17.06	0.23	0.00	0.00	401	1,169
ECF	Ellsworth Gwth & Incm Fd	Gabelli	1.69	-16.59	6.72	10.79	24.00	128	431
AEF	abrdn Emrg Mkt Eq Incm Fd	abrdn	1.76	-15.15	7.14	88.02	10.32	301	516
HQL	abrdn Life Sci Invstr	abrdn	1.68	-14.61	12.03	65.56	0.00	407	1,367
HQH	abrdn Health Invstr	abrdn	1.69	-14.60	11.94	67.98	0.00	931	2,575
TDF	Tmp Dragon Fd	Franklin Templeton	1.85	-15.35	0.00	N/A	0.00	246	443
AOD	abrdn Tot Dyn Div Fd	abrdn	1.71	-15.10	8.58	32.28	2.57	998	2,245
NML	NB Nrg Infra & Incm Fd	Neuberger Berman	1.79	-13.34	9.38	100.00	18.85	488	1,811
DMB	BNY Mellon Muni Bnd Infra Fd	BNY Mellon	1.70	-14.91	3.60	0.00	31.05	216	651
NPCT	Nuv Core Plus Impact Fd	Nuveen	1.73	-13.22	10.94	60.44	35.67	333	899
PCK	PIMCO CA Muni Incm Fd II	PIMCO	1.75	-12.98	4.53	47.39	41.77	211	410
VKI	Invsc Adv Muni Incm Tr II	Invesco	1.71	-14.00	5.09	2.79	37.00	425	859
IDE	Voya Infra Ind & Matrls Fd	Voya	1.75	-12.69	11.79	6.99	0.00	177	376
FT	Frk Univ Tr	Franklin Templeton	1.75	-13.21	7.76	0.00	23.77	190	384
BGR	BR Nrg & Res Tr	BlackRock	1.78	-13.46	5.90	42.80	0.00	424	1,006
RA	Brkf Real Ast Incm Fd	Brookfield	1.73	-13.72	11.32	50.29	17.27	804	2,992
SABA	Saba Cap Incm & Opp Fd II	Saba Capital	1.73	-14.22	9.30	38.83	0.00	246	1,016
NUW	Nuv AMT-Fr Muni Val Fd	Nuveen	1.77	-10.66	3.78	0.00	0.72	271	554
BTT	BR Muni 2030 Tgt Trm Tr	BlackRock	1.73	-12.93	2.71	0.00	34.44	1,563	2,763
VGI	Virtus Glbl Mlt-Sctr Incm Fd	Virtus	1.68	-13.25	13.20	75.07	30.47	95	323
PMO	Putnam Muni Opp Tr	Putnam	1.70	-12.56	4.31	30.98	27.00	350	863
PMM	Putnam Mgd Muni Incm Tr	Putnam	1.73	-11.25	4.89	29.06	24.00	304	661
PCQ	PIMCO CA Muni Incm Fd	PIMCO	1.71	-12.15	4.78	50.51	42.10	195	516
NIE	Virtus Eq & Convt Incm Fd	Virtus	1.73	-10.50	9.13	56.64	0.00	678	1,532
NIM	Nuv Sel Maturities Muni Fd	Nuveen	1.75	-10.79	3.53	0.00	0.00	123	278
EOT	EV Nat Muni Opp Tr	Eaton Vance	1.73	-10.06	4.61	0.00	12.10	283	558
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.74	-10.24	8.13	0.00	37.72	2,495	5,654
NMCO	Nuv Muni Cr Opp Fd	Nuveen	1.71	-11.58	5.91	0.92	40.65	630	1,679
JHI	JH Invstr Tr	John Hancock	1.76	-8.93	6.12	0.00	40.47	126	391
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	1.73	-11.87	7.45	42.99	0.00	1,501	2,407
BRW	Saba Cap Incm & Opp Fd	Saba Capital	1.73	-9.17	14.31	83.23	20.98	334	1,298
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	1.73	-8.08	9.54	38.82	0.00	600	1,527
SPXX	Nuv S&P 500 Dyn Owrt Fd	Nuveen	1.75	-9.70	7.71	50.25	0.00	304	708
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	1.71	-10.89	7.30	37.64	0.00	1,260	2,834
DHY	CS Hi Yld Bnd Fd	Credit Suisse	1.78	-6.48	9.21	0.00	26.17	224	1,097
PPT	Putnam Prmr Incm Tr	Putnam	1.75	-7.75	9.04	28.94	0.00	360	566
MCR	MFS Charter Incm Tr	MFS	1.71	-8.48	8.93	31.67	25.00	285	396
EQS	Equus Total Return	Equus	1.30	-57.75	0.00	N/A	48.06	48	23
ICMB	Investcorp Cr Mgmt BDC	Investcorp	1.38	-40.69	14.77	0.00	60.18	79	96
PSBD	Palmer Sq Cap BDC	Palmer Sq BDC Advis	1.31	-4.25	10.23	0.00	57.21	559	1,111
PSEC	Prospect Capital Corp	Prospect Capital	1.22	-40.92	13.66	0.00	51.03	3,693	11,288
MRCC	Monroe Capital Corp	Monroe Capital	1.28	-22.13	13.66	0.00	59.26	204	495
TCPC	BR TCP Capital Corp	BlackRock	1.22	-15.21	13.48	0.00	58.19	1,019	5,038
SAR	Saratoga Inv Corp	Saratoga	1.30	-13.06	12.25	0.00	67.73	374	1,672
CION	CION Inv Corp	CION Inv Mgmt	1.31	-29.51	11.89	0.00	60.69	874	3,488
WHF	WhiteHorse Finance	H.I.G. Capital	1.36	-5.36	11.94	0.00	52.88	317	1,000
FSK	FS KKR Capital Corp	FS/KKR	1.33	-20.97	13.24	0.00	53.16	6,850	32,855

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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