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08. Discount CEF/BDC Index

Data as of 07/01/2025 06/30/2025 05/30/2025 04/30/2025 03/31/2025 02/28/2025 01/31/2025 12/31/2024 11/29/2024 10/31/2024 09/30/2024 08/30/2024 07/31/2024 06/28/2024 05/31/2024 04/30/2024 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	2,457.85	0.80	2.73	4.99	5.67	9.96	17.77	13.85	15.97	11.01	4.99	0.80	9.96
NAV	1,551.42	0.37	1.50	3.17	3.51	3.86	10.60	8.59	7.33	4.78	3.17	0.37	3.86
Difference		-0.44	-1.23	-1.83	-2.16	-6.10	-7.18	-5.26	-8.63	-6.22	-1.83	-0.44	-6.10
* Periods greater than 1 Year are annualized.      ** On Inception Date (Dec. 30, 2016), Index Price was $1,000 and NAV was $1,000.00

2025 - Monthly Performance (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2025
Price	4.95	1.50	-2.31	4.07	-1.42	2.09	4.15	4.82	9.09	-	-	-	-	-	-	-	-	-	-
NAV	1.39	0.76	-1.78	0.34	-1.09	1.43	2.79	3.13	3.48	-	-	-	-	-	-	-	-	-	-
Difference	-3.56	-0.74	0.53	-3.72	0.33	-0.66	-1.37	-1.70	-5.60	-	-	-	-	-	-	-	-	-	-
2024 - Monthly Performance (%)
	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	-1.08	3.38	2.56	4.88	12.95	3.74	1.09	2.45	7.44	-1.50	3.34	-1.90	-0.15	7.28	21.16
NAV	0.05	1.58	2.62	4.30	-0.99	1.74	1.42	2.16	6.55	2.28	1.26	1.78	5.41	-1.31	2.67	-0.36	0.96	6.42	13.39
Difference	-1.78	-0.45	-1.03	-3.40	0.08	-1.63	-1.14	-2.72	-6.40	-1.46	0.17	-0.67	-2.03	0.19	-0.67	1.54	1.10	-0.86	-7.78
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 -11.78%	1Yr Disc -10.49%	3Yr Disc -10.69%	5Yr Disc -8.95%	Rel Disc Range (3yr) 41.88%
Mkt Yield 7.97%	Lev Adj NAV Yield 5.56%	After Tax Yield* 7.26%	Est Tax Friction* 0.71%	3Yr NAV Volatiliy 11.60
1 Yr RoC 31.71%	3 Yr Dest RoC 19.45%	Leverage 27.58%	Non Lev Exp Ratio 1.74%	Beta (2yr) 0.88
Equity Exposure 32.94%	Bond Exposure 64.64%	# Holdings 53	Cash Weighted Duration 6.35
Comp NAV TR 0.08%	Comp Discount -7.18%	Net Assets (M) 590	Liquidity - 90d (K) 1,520
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

53 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
CET	Cntrl Sec Corp	Central Securities	2.02	-16.87	4.80	0.00	0.00	1,668	1,428
RMT	Royce Micro-Cap Tr	Franklin Templeton	2.05	-11.90	7.66	0.00	0.37	551	1,464
VFL	abrdn Nat Muni Incm Fd	abrdn	2.04	-10.56	6.16	0.34	42.69	134	365
ZTR	Virtus Tot Rtn Fd	Virtus	2.03	-11.35	9.60	66.33	29.88	392	1,145
IAF	abrdn Australia Eq Fd	abrdn	2.04	-10.34	10.64	51.35	6.66	141	273
SWZ	Swiss Helvetia Fd	Schroder	2.02	-11.72	9.21	6.38	0.00	93	485
CHW	Calamos Glbl Dyn Incm Fd	Calamos	2.02	-10.30	8.40	0.00	27.54	508	1,192
PCK	PIMCO CA Muni Incm Fd II	PIMCO	2.05	-9.97	4.76	13.72	43.07	194	602
MFM	MFS Muni Incm Tr	MFS	2.01	-11.05	5.59	0.00	32.08	238	858
PNI	PIMCO NY Muni Incm Fd II	PIMCO	2.03	-10.62	5.26	22.97	43.47	84	327
ASA	ASA Gd & Prcs Mtl	Merk Investments	2.08	-8.44	0.15	0.00	0.00	674	2,195
NBH	NB Muni Fd	Neuberger Berman	2.03	-10.01	6.57	29.37	40.77	326	1,032
SBI	WA Imd Muni Fd	Franklin Templeton	2.05	-9.55	6.65	40.08	28.22	118	518
PZC	PIMCO CA Muni Incm Fd III	PIMCO	2.04	-10.07	5.66	26.30	43.17	156	519
PNF	PIMCO NY Muni Incm Fd	PIMCO	2.03	-10.03	5.74	30.60	40.04	61	260
RVT	Royce Small-Cap Tr	Franklin Templeton	2.05	-9.70	7.60	0.00	1.77	1,989	4,184
BNY	BR NY Muni Incm Tr	BlackRock	2.04	-9.31	6.28	21.01	42.15	259	519
MHD	BR MuniHldg Fd	BlackRock	2.03	-9.52	6.36	15.95	39.93	647	1,054
RMMZ	RivNth Mgd Dur Muni Incm Fd II	RiverNorth	2.03	-9.49	8.08	77.34	41.00	132	414
PCF	Hi Incm Sec Fd	Hi Incm Sec Fd	2.04	-8.56	11.10	31.62	0.00	131	441
MUC	BR MuniHldg CA Qlty Fd	BlackRock	2.03	-9.44	6.20	17.32	40.81	1,077	2,379
MUE	BR MuniHldg Qlty Fd II	BlackRock	2.04	-9.25	6.37	17.89	40.13	232	765
MVF	BR MuniVest Fd	BlackRock	2.04	-9.08	6.54	15.61	41.49	417	753
MYD	BR MuniYld Fd	BlackRock	2.03	-9.21	6.51	17.47	40.34	506	1,336
MPA	BR MuniYld PA Qlty Fd	BlackRock	2.02	-9.59	7.37	28.57	39.93	154	608
BWG	BwGlobal Glbl Incm Opp Fd	Franklin Templeton	2.05	-8.63	11.48	29.91	40.23	154	723
HQH	abrdn Health Invstr	abrdn	2.05	-8.07	13.73	49.59	0.00	936	3,434
RMM	RivNth Mgd Dur Muni Incm Fd	RiverNorth	2.03	-8.80	8.06	70.65	40.40	292	956
PMO	Putnam Muni Opp Tr	Putnam	2.03	-8.20	4.73	5.83	32.70	321	848
NIE	Virtus Eq & Convt Incm Fd	Virtus	2.01	-8.38	8.39	0.00	0.00	721	1,595
MYI	BR MuniYld Qlty Fd III	BlackRock	2.04	-8.10	6.31	19.31	40.59	763	2,239
RSF	RivNth Cap & Income Fd	RiverNorth	2.02	-8.77	11.18	0.00	43.40	53	443
ASG	Liberty All-Star Gwth Fd	ALPS	2.02	-6.97	7.31	0.00	0.00	354	1,290
NIM	Nuv Sel Maturities Muni Fd	Nuveen	2.05	-6.72	3.60	0.00	0.00	122	257
VKQ	Invsc Muni Tr	Invesco	2.04	-6.86	8.16	33.80	39.00	548	1,677
EOT	EV Nat Muni Opp Tr	Eaton Vance	2.03	-6.94	5.01	2.56	12.30	275	795
MQY	BR MuniYld Qlty Fd	BlackRock	2.04	-7.32	6.25	19.63	38.99	863	1,991
BME	BR Health Sci Tr	BlackRock	2.04	-7.10	8.55	9.36	0.00	512	1,772
SCD	LMP Cap & Incm Fd	Franklin Templeton	2.05	-6.76	9.15	0.00	18.85	289	994
BMEZ	BR Health Sci Trm Tr	BlackRock	2.05	-5.61	13.87	99.86	0.00	958	4,138
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	2.00	-7.53	8.14	0.00	27.30	203	1,325
JRS	Nuv Rel-Est Incm Fd	Nuveen	2.09	-6.42	8.64	82.13	29.62	243	713
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	2.01	-6.24	8.66	28.63	0.00	647	1,433
OTF	Blue Owl Tech Fin Corp	Blue Owl	1.27	-8.95	0.00	N/A	38.79	7,949	1,833
WHF	WhiteHorse Finance	H.I.G. Capital	1.25	-27.17	17.46	0.00	53.20	281	840
PSEC	Prospect Capital Corp	Prospect Capital	1.26	-55.45	16.72	0.00	52.32	3,274	11,032
PIAC	Princeton Cap Corp	House Hanover	1.24	-56.25	0.00	N/A	0.00	19	0
OCSL	Oaktree Splty Lending	Oaktree Capital	1.25	-17.91	11.64	0.00	47.04	1,475	10,063
MSDL	MS Direct Lending Fd	MS Cap Patnr Advis	1.25	-8.57	10.59	0.00	51.35	1,800	8,932
PTMN	Portman Ridge Fin Corpn	Sierra Crest Inv Mgmt	1.24	-33.63	15.03	0.00	57.74	173	632
ICMB	Investcorp Cr Mgmt BDC	Investcorp	1.22	-49.26	17.45	0.00	58.28	78	135
MRCC	Monroe Capital Corp	Monroe Capital	1.27	-24.57	15.36	0.00	58.76	187	582
CCAP	Crescent Capital BDC	Crescent Capital	1.24	-28.13	11.91	0.00	54.70	727	3,161

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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