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08. Discount CEF/BDC Index

Data as of 07/06/2022 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	1,656.69	-0.39	0.20	-8.38	-12.93	-14.05	-12.54	9.04	8.73	8.41	0.35	0.35	-13.87
NAV	1,204.16	-0.14	-0.19	-7.46	-10.79	-10.95	-14.09	0.57	2.82	4.57	0.10	0.10	-11.25
Difference		0.24	-0.39	0.92	2.15	3.10	-1.55	-8.47	-5.91	-3.84	-0.26	-0.26	2.63
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2022 - Monthly Performance (%) Show Previous Years
	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	-	-	-	-	-	-	-	-	-	-
NAV	-1.56	0.21	0.65	-0.71	-4.81	0.98	-7.09	-10.69	-11.33	-	-	-	-	-	-	-	-	-	-
Difference	-0.50	1.73	-0.63	0.60	1.24	0.10	1.15	2.34	2.84	-	-	-	-	-	-	-	-	-	-
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 -17.05%	1Yr Disc -11.80%	3Yr Disc -12.47%	5Yr Disc -11.37%	Rel Disc Range (3yr) 43.14%
Mkt Yield 8.14%	Lev Adj NAV Yield 5.65%	After Tax Yield* 7.09%	Est Tax Friction* 1.05%	3Yr NAV Volatiliy 19.47
1 Yr RoC 36.77%	3 Yr Dest RoC 33.47%	Leverage 23.80%	Non Lev Exp Ratio 1.80%	Beta (2yr) 0.83
Equity Exposure 40.47%	Bond Exposure 57.02%	# Holdings 60	Cash Weighted Duration 3.43
Comp NAV TR -1.36%	Comp Discount -9.76%	Net Assets (M) 568	Liquidity - 90d (K) 2,036
* 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)
DNIF	Div & Incm Fd	Bexil	1.72	-30.04	8.73	2.49	5.66	207	246
HFRO	Highland Incm Fd	Highland Capital	1.75	-26.27	8.19	38.13	13.84	1,040	2,520
SZC	Cushing NextGen Infra Incm Fd	Cushing	1.75	-23.23	6.87	87.33	24.50	126	292
KMF	KA NextGen Nrg & Infra	Kayne Anderson	1.68	-17.39	8.86	97.73	25.25	413	1,184
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	1.67	-19.95	6.56	42.36	9.16	216	782
MCI	Barings Corp Invstr	Barings	1.77	-19.24	7.06	0.00	10.89	341	330
TYG	Tortoise Nrg Infra Corp	Tortoise	1.68	-19.48	9.99	63.53	22.60	421	1,717
TTP	Tortoise Pip & Nrg Fd	Tortoise	1.69	-17.00	9.80	90.81	20.60	65	267
OCCI	OFS Credit Company	OFS Capital	1.73	-19.32	24.39	25.00	37.06	93	549
NBXG	NB Nxt Gen Connectivity Fd	Neuberger Berman	1.81	-16.15	11.67	81.66	0.00	966	3,660
TEAF	Ecofin Susble & Soc Impact Trm	Tortoise	1.71	-15.65	7.95	13.44	11.50	217	487
FAX	abrdn Asia-Pacific Incm Fd	abrdn	1.64	-18.21	12.04	43.95	34.88	830	2,578
NUO	Nuv OH Qlty Muni Incm Fd	Nuveen	1.77	-14.71	3.56	0.00	37.81	275	836
BIGZ	BR Innovation & Gwth Tr	BlackRock	1.83	-14.46	10.07	100.00	0.00	2,312	11,481
ASGI	abrdn Glbl Infra Incm Fd	abrdn	1.69	-14.50	8.22	0.00	0.00	181	357
CMU	MFS Hi Yld Muni Tr	MFS	1.78	-13.60	5.25	0.00	40.00	112	478
GNT	GAMCO NtrRes Gd & Incm	Gabelli	1.70	-13.58	7.86	97.67	20.00	100	254
MEGI	MainStay CBRE Glbl Infra MTrnd	New York Life	1.74	-12.82	8.20	0.00	28.00	909	2,466
NIE	Virtus Eq & Convt Incm Fd	Virtus	1.79	-12.69	9.41	0.00	0.00	675	2,228
AIF	Apollo Tactical Incm Fd	Apollo	1.78	-12.74	8.81	0.67	34.79	203	732
NCZ	Virtus Convt & Incm Fd II	Virtus	1.68	-14.08	14.75	80.77	42.79	270	1,888
ENX	EV NY Muni Bnd Fd	Eaton Vance	1.77	-14.23	4.19	2.69	35.40	200	471
ECF	Ellsworth Gwth & Incm Fd	Gabelli	1.77	-12.78	8.07	0.00	17.00	127	627
BSTZ	BR Sci & Tech Tr II	BlackRock	1.87	-9.69	10.98	0.00	0.00	1,824	6,007
WIA	WA Inf-Lnk Incm Fd	Franklin Templeton	1.78	-10.73	5.41	0.00	35.80	261	672
GDV	Gabelli Div & Incm Tr	Gabelli	1.76	-12.14	6.40	3.77	13.00	2,122	3,672
NPCT	Nuv Core Plus Impact Fd	Nuveen	1.76	-13.58	10.56	43.68	38.74	390	1,134
MHI	Pioneer Muni Hi Incm Fd	Amundi Asset Mgmt	1.80	-12.30	5.03	1.44	36.90	248	818
VPV	Invsc PA Val Muni Incm Tr	Invesco	1.77	-12.73	5.25	1.23	38.47	290	603
DMO	WA Mortg Opp Fd	Franklin Templeton	1.78	-11.28	10.17	21.63	33.20	152	535
NFJ	Virtus Div Int & Prm Stgy Fd	Virtus	1.79	-12.27	8.26	0.00	0.00	1,283	3,421
MFM	MFS Muni Incm Tr	MFS	1.80	-10.26	4.39	0.00	30.00	257	1,015
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	1.68	-11.96	6.70	21.41	24.00	210	416
FMN	Fed Prmr Muni Incm Fd	Federated	1.80	-11.96	4.34	0.00	42.77	148	543
EMF	Tmp Emrg Mkt Fd	Franklin Templeton	1.73	-11.59	9.33	0.00	8.41	214	318
TBLD	Thornburg Incm Bldr Opp Tr	Thornburg Inv Mgmt	1.73	-11.96	8.71	0.00	0.00	523	1,264
AGD	abrdn Glbl Dyn Div Fd	abrdn	1.74	-12.03	8.33	25.92	1.07	134	417
AIO	Virtus AI & Tech Opp Fd	Virtus	1.81	-11.61	10.79	0.00	13.68	648	2,165
IVH	Dlw Ivy Hi Incm Opp Fd	Delaware	1.75	-11.71	8.55	0.00	27.27	192	701
CXE	MFS Hi Incm Muni Tr	MFS	1.82	-10.50	5.05	0.00	41.00	138	666
AOD	abrdn Tot Dyn Div Fd	abrdn	1.74	-11.33	8.56	20.74	0.00	958	3,025
BOE	BR Enh Glbl DivTr	BlackRock	1.75	-11.80	7.72	9.06	0.00	707	1,674
DLY	DbLin Yld Opp Fd	Doubleline	1.75	-10.95	9.73	3.95	24.78	775	2,453
BCV	Bancroft Fund	Gabelli	1.77	-10.70	8.32	0.00	19.00	105	317
EVM	EV CA Muni Bnd Fd	Eaton Vance	1.75	-12.24	4.58	0.00	42.60	265	769
SBI	WA Imd Muni Fd	Franklin Templeton	1.76	-11.68	3.49	0.00	26.30	129	262
IGA	Voya Glbl Adv & Prm Opp Fd	Voya	1.73	-10.57	8.71	68.10	0.00	164	405
MAV	Pioneer Muni Hi Incm Adv Fd	Amundi Asset Mgmt	1.80	-10.34	5.32	0.78	42.70	241	642
WDI	WA Divr Incm Fd	Franklin Templeton	1.73	-11.54	10.55	2.72	27.90	799	2,300
DMF	BNY Mellon Muni Incm	BNY Mellon	1.78	-10.78	5.07	0.00	35.26	160	449
SVVC	Firsthand Tech Val Fd	Firsthand Capital	1.23	-85.73	0.00	N/A	0.00	87	35
CION	CION Inv Corp	CION Inv Mgmt	1.16	-50.06	13.84	0.00	48.48	923	1,621
RWAY	Runway Gwth Fin Corp	Runway Gwth Cap	1.30	-18.55	10.20	0.00	20.47	597	980
LRFC	Logan Ridge Fin Corpn	Mount Logan	1.22	-60.67	0.00	N/A	52.56	106	153
SSSS	SuRo Capital Corp	SuRo Capital Corp	1.27	-46.48	0.00	0.00	15.91	375	1,479
ORCC	Owl Rock Capital Corp	Owl Rock	1.27	-15.79	9.90	0.00	53.27	5,871	34,765
GBDC	Golub Capital BDC	Golub Capital	1.27	-14.14	9.10	0.00	53.00	2,623	14,986
OXSQ	Oxford Square Cap Corp	Oxford Lane	1.23	-22.58	11.67	9.39	43.66	231	741
FCRD	First Eagle Alt Cap BDC	First Eagle Alt Cr	1.20	-44.44	11.76	0.00	55.09	183	123
AINV	Apollo Inv Corp	Apollo	1.27	-30.21	11.25	0.00	59.82	1,003	3,774

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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