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08. Discount CEF/BDC Index

Data as of 01/21/2022 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	1,878.62	-2.17	-4.23	-0.34	-3.16	0.70	20.25	17.68	12.81	10.20	-2.33	-2.33	-2.33
NAV	1,326.71	-1.14	-2.67	-1.13	-4.08	-2.39	3.53	6.48	5.55	5.91	-2.21	-2.21	-2.21
Difference		1.03	1.55	-0.80	-0.92	-3.09	-16.72	-11.20	-7.25	-4.29	0.12	0.12	0.12
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2021 - Monthly Performance (%) Show Previous Years
	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	2.11	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	0.30	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	-1.81	-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 -14.50%	1Yr Disc -13.17%	3Yr Disc -14.23%	5Yr Disc -12.88%	Rel Disc Range (3yr) 52.73%
Mkt Yield 6.26%	Lev Adj NAV Yield 4.54%	After Tax Yield* 5.60%	Est Tax Friction* 0.66%	3Yr NAV Volatiliy 25.76
1 Yr RoC 49.52%	3 Yr Dest RoC 38.51%	Leverage 20.01%	Non Lev Exp Ratio 1.96%	Beta (2yr) 0.99
Equity Exposure 53.56%	Bond Exposure 41.92%	# Holdings 47	Cash Weighted Duration 1.92
Comp NAV TR 0.91%	Comp Discount -7.71%	Net Assets (M) 606	Liquidity - 90d (K) 2,194
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

47 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
DNIF	Div & Incm Fd	Bexil	2.34	-25.45	7.11	0.00	16.18	238	445
EMO	CB Nrg Midstream Opp Fd	Franklin Templeton	2.61	-20.72	6.45	94.55	32.26	393	1,380
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	2.56	-20.32	6.06	4.22	9.92	221	818
MXE	Mexico Eq & Incm Fd	Pichardo	2.38	-19.96	0.00	N/A	0.00	48	192
KMF	KA NextGen Nrg & Infra	Kayne Anderson	2.47	-19.48	7.79	92.75	27.86	421	1,097
CTR	CB MLP & Midstream Tot Rtn Fd	Franklin Templeton	2.56	-19.99	6.69	74.70	27.62	222	636
CEM	CB MLP & Midstream Fd	Franklin Templeton	2.59	-17.17	6.68	82.20	30.03	470	1,836
ASA	ASA Gd & Prcs Mtl	Merk Investments	2.47	-13.22	0.09	0.00	0.00	479	1,513
BIF	Boulder Gwth & Incm Fd	Boulder	2.35	-15.44	3.48	19.97	12.81	1,597	1,457
IIF	MS India Inv Fd	Morgan Stanley	2.51	-15.95	3.74	0.00	0.00	352	691
GAM	General American Invstr	General American Inv	2.23	-16.14	7.50	0.00	13.57	1,160	1,057
PEO	Adams Ntr Res Fd	Adams Funds	2.69	-11.11	4.80	0.00	0.00	497	1,380
ADX	Adams Divr Eq Fd	Adams Funds	2.24	-13.84	6.41	0.00	0.00	2,453	4,436
JOF	Japan Sml Caplz Fd	Nomura	2.33	-14.94	8.01	0.00	0.00	252	534
EDD	MS Emrg Mkt Dom Dbt	Morgan Stanley	2.45	-13.06	6.96	0.00	20.44	415	1,340
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	2.49	-10.54	5.30	10.56	22.44	262	754
NBXG	NB Nxt Gen Connectivity Fd	Neuberger Berman	2.03	-10.27	8.28	100.00	0.00	1,212	7,765
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	2.34	-12.44	9.02	44.03	32.76	1,035	4,274
GNT	GAMCO NtrRes Gd & Incm	Gabelli	2.33	-13.88	6.99	71.39	20.00	113	307
BIGZ	BR Innovation & Gwth Tr	BlackRock	2.07	-5.56	9.67	87.50	0.00	3,130	28,984
ECAT	BR ESG Cap Alloc Tr	BlackRock	2.23	-11.52	6.98	0.00	0.00	2,055	5,853
ECF	Ellsworth Gwth & Incm Fd	Gabelli	2.12	-10.15	6.48	0.00	14.00	154	798
MFD	M/FT Glbl Infra/Util Div & Incm	First Trust	2.48	-7.40	8.10	26.23	26.73	91	305
BOE	BR Enh Glbl DivTr	BlackRock	2.29	-10.13	6.56	15.06	0.00	821	1,845
NCZ	Virtus AG Convt & Incm Fd II	Virtus	2.16	-9.07	9.98	66.75	38.00	378	1,634
AGD	Abd Glbl Dyn Div Fd	Aberdeen	2.34	-8.23	6.72	15.22	0.05	159	515
TBLD	Thornburg Incm Bldr Opp Tr	Thornburg Inv Mgmt	2.48	-4.43	6.59	0.00	0.00	637	2,982
BCV	Bancroft Fund	Gabelli	2.15	-8.44	6.49	0.00	15.00	131	664
VTN	Invsc Tr fr Inv Grd NY Muni	Invesco	2.26	-11.46	4.58	0.00	35.00	275	360
NQP	Nuv PA Qlty Muni Incm Fd	Nuveen	2.28	-11.05	4.45	0.00	36.49	589	640
MIO	Pioneer Muni Hi Incm Opp Fd	Amundi Asset Mgmt	2.31	-8.60	3.59	0.00	N/A	288	1,573
BCAT	BR Cap Alloc Tr	BlackRock	2.23	-9.94	6.96	40.45	21.73	2,224	9,897
AIF	Apollo Tactical Incm Fd	Apollo	2.45	-6.41	6.59	0.00	33.77	239	901
KTF	DWS Muni Incm Tr	Deutsche	2.29	-9.61	4.29	0.00	33.42	489	773
MMU	WA Mgd Muni Fd	Franklin Templeton	2.32	-8.60	3.88	2.01	28.70	595	956
DMF	BNY Mellon Muni Incm	BNY Mellon	2.28	-9.36	4.23	0.00	33.62	188	524
HYB	New Amrc Hi Incm Fd	T. Rowe Price	2.29	-8.49	6.79	0.00	27.00	226	728
SVVC	Firsthand Tech Val Fd	Firsthand Capital	1.28	-71.95	0.00	N/A	0.00	99	100
CION	CION Inv Corp	CION Inv Mgmt	1.23	-24.09	8.93	0.00	44.97	941	1,430
LRFC	Logan Ridge Fin Corpn	Mount Logan	1.39	-38.78	0.00	N/A	51.48	110	299
OXSQ	Oxford Square Cap Corp	Oxford Lane	1.26	-20.28	10.47	0.00	41.63	250	884
RWAY	Runway Gwth Fin Corp	Runway Gwth Cap	1.28	-11.99	7.78	0.00	21.26	604	2,320
GECC	Great Elm Cap Corp	Great Elm Capital	1.33	-13.78	12.54	0.00	36.54	100	276
SUNS	SLR Sr Inv Corp	SLR Capital	1.28	-11.82	8.65	0.00	25.46	252	650
FCRD	First Eagle Alt Cap BDC	First Eagle Alt Cr	1.27	-32.00	9.05	0.00	51.75	196	220
AINV	Apollo Inv Corp	Apollo	1.33	-19.60	9.60	0.00	59.58	1,034	5,262
ICMB	Investcorp Cr Mgmt BDC	Investcorp	1.38	-26.00	11.58	0.00	60.80	101	201

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.