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09. Premium CEF/BDC Index

Data as of 12/03/2021 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(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,123.06	-0.64	-0.53	-1.55	-4.28	-3.87	7.67	3.26	2.55	-0.65	-0.01	5.62
NAV	1,585.42	-0.10	0.28	-0.91	-0.38	3.42	13.10	11.89	10.09	0.41	1.59	11.26
Difference		0.54	0.81	0.63	3.90	7.28	5.43	8.62	7.54	1.07	1.60	5.64
* 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	0.50	1.51	3.08	5.15	2.30	0.91	2.12	5.42	10.85	-0.74	0.01	-4.01	-4.71	1.49	-0.83	-	-	-	-
NAV	0.35	0.45	1.86	2.68	2.56	1.42	1.59	5.67	8.50	0.83	1.51	-1.38	0.94	1.92	-0.74	-	-	-	-
Difference	-0.15	-1.05	-1.21	-2.47	0.26	0.51	-0.53	0.25	-2.35	1.57	1.50	2.63	5.65	0.43	0.09	-	-	-	-
2020 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	1.20	-9.40	-21.67	-28.18	2.94	5.87	1.90	11.05	-20.25	2.00	2.37	-1.35	3.01	-1.99	9.31	3.65	11.05	14.39	-8.77
NAV	2.16	-2.29	-15.42	-15.57	3.55	5.74	3.35	13.16	-4.46	4.13	2.30	-0.32	6.18	0.72	5.73	2.59	9.25	16.01	10.84
Difference	0.96	7.11	6.25	12.61	0.61	-0.13	1.46	2.11	15.79	2.13	-0.08	1.04	3.17	2.71	-3.58	-1.06	-1.79	1.62	19.61
2019 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2019
Price	7.34	1.90	1.64	11.16	-0.09	-2.39	4.16	1.59	12.93	0.75	-3.03	1.25	-1.08	-0.39	-0.17	2.10	1.53	0.43	13.42
NAV	5.18	1.21	2.36	8.97	1.65	-1.43	3.11	3.32	12.58	0.23	-0.61	0.86	0.48	0.12	-0.31	2.94	2.74	3.23	16.22
Difference	-2.15	-0.69	0.72	-2.20	1.75	0.96	-1.05	1.73	-0.34	-0.52	2.42	-0.39	1.56	0.51	-0.14	0.84	1.20	2.79	2.80
2018 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2018
Price	-2.63	-2.95	-0.80	-6.26	3.26	2.25	-1.18	4.33	-2.20	1.65	1.27	-0.94	1.98	-7.25	1.85	1.58	-4.05	-2.15	-4.31
NAV	1.18	-2.30	-0.61	-1.75	1.79	1.81	-0.03	3.60	1.79	1.29	0.66	0.63	2.61	-2.75	0.09	-2.02	-4.62	-2.14	-0.39
Difference	3.81	0.65	0.20	4.51	-1.46	-0.44	1.15	-0.73	3.99	-0.36	-0.61	1.57	0.63	4.50	-1.76	-3.60	-0.58	0.01	3.92
2017 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2017
Price	2.10	0.83	0.01	2.95	2.44	1.54	-0.01	4.00	7.07	0.49	-0.79	0.80	0.49	-0.46	-0.74	1.02	-0.19	0.30	7.39
NAV	1.46	1.56	0.52	3.58	1.37	1.27	0.17	2.83	6.51	1.25	0.54	0.47	2.27	0.62	0.66	0.66	1.95	4.26	11.06
Difference	-0.64	0.73	0.51	0.63	-1.07	-0.27	0.18	-1.17	-0.56	0.76	1.32	-0.32	1.78	1.08	1.40	-0.36	2.14	3.97	3.67
2016 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2016
Price	-2.61	1.39	3.81	2.51	4.47	-0.03	4.45	9.09	11.82	2.68	0.53	-1.61	1.56	-5.01	-1.71	0.69	-5.98	-4.52	6.77
NAV	-1.37	0.13	2.10	0.82	4.51	1.22	3.13	9.09	9.98	1.19	0.47	1.69	3.38	-0.75	-2.50	2.04	-1.26	2.08	12.27
Difference	1.24	-1.26	-1.72	-1.68	0.04	1.24	-1.32	-0.00	-1.84	-1.49	-0.05	3.30	1.82	4.26	-0.79	1.35	4.73	6.60	5.50
2015 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2015
Price	-2.05	1.51	-1.76	-2.31	0.74	-1.39	-5.22	-5.84	-8.02	-0.91	-4.17	-4.03	-8.87	6.68	-3.72	-0.92	1.76	-7.27	-14.70
NAV	-0.62	2.22	-0.60	0.98	1.06	0.69	-1.96	-0.24	0.74	0.43	-3.16	-2.49	-5.15	4.96	-2.06	-3.15	-0.44	-5.57	-4.87
Difference	1.43	0.71	1.16	3.29	0.31	2.08	3.26	5.60	8.76	1.35	1.01	1.55	3.72	-1.72	1.66	-2.23	-2.20	1.69	9.83

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount 13.75%	1Yr Disc 10.96%	3Yr Disc 6.67%	5Yr Disc 5.28%	Rel Disc Range (3yr) 74.55%
Mkt Yield 7.51%	Lev Adj NAV Yield 7.26%	After Tax Yield* 6.33%	Est Tax Friction* 1.18%	3Yr NAV Volatiliy 15.60
1 Yr RoC 24.59%	3 Yr Dest RoC 10.95%	Leverage 26.85%	Non Lev Exp Ratio 1.68%	Beta (2yr) 0.88
Equity Exposure 31.34%	Bond Exposure 67.89%	# Holdings 28	Cash Weighted Duration 2.92
Comp NAV TR 0.33%	Comp Discount 13.98%	Net Assets (M) 1,077	Liquidity - 90d (K) 4,683
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

28 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
GUT	Gabelli Util Tr	Gabelli	3.61	92.79	7.48	95.50	27.00	264	854
PCQ	PIMCO CA Muni Incm Fd	PIMCO	3.55	34.37	4.11	1.78	43.67	267	255
CRF	Cornerstone Tot Rtn Fd	Cornerstone	3.92	41.71	15.31	32.07	0.00	603	8,997
CLM	Cornerstone Stgc Val Fd	Cornerstone	3.93	41.63	15.44	42.55	0.00	1,183	18,248
PML	PIMCO Muni Incm Fd II	PIMCO	3.46	15.86	4.92	0.00	42.42	786	1,435
DNP	DNP Sel Incm Fd	Virtus	3.53	14.67	7.34	29.87	25.13	3,148	4,775
PDT	JH Prm Div Fd	John Hancock	3.68	20.15	6.77	10.53	34.00	702	1,166
BTO	JH Fin Opp Fd	John Hancock	3.42	6.34	5.29	17.07	14.05	736	1,582
PMX	PIMCO Muni Incm Fd III	PIMCO	3.53	9.00	4.42	0.40	42.01	381	610
RFI	C&S Tot Rtn Rty Fd	Cohen&Steers	3.46	2.97	6.02	0.00	0.00	407	730
USA	Liberty All-Star Eq Fd	ALPS	3.21	0.51	10.66	0.00	0.00	1,974	9,559
EOT	EV Nat Muni Opp Tr	Eaton Vance	3.41	3.67	3.28	2.33	5.40	342	347
PCK	PIMCO CA Muni Incm Fd II	PIMCO	3.47	3.84	4.06	0.09	40.83	293	360
DMB	BNY Mellon Muni Bnd Infra Fd	BNY Mellon	3.18	-3.84	4.53	0.00	33.52	268	568
HPF	JH Pref Incm Fd II	John Hancock	3.37	4.29	7.17	13.00	31.75	424	653
CGO	Calamos Glbl Tot Rtn Fd	Calamos	3.46	2.85	7.74	0.00	31.22	142	337
NBH	NB Muni Fd	Neuberger Berman	3.34	1.26	4.93	0.00	37.50	283	446
ERC	WF Mlt-Sctr Incm Fd	Wells Fargo	3.48	6.90	8.78	0.00	27.60	346	1,575
MMT	MFS MltMkt Incm Tr	MFS	3.52	7.95	7.48	36.04	21.00	364	563
HPI	JH Pref Incm Fd	John Hancock	3.33	0.65	7.34	9.67	31.47	527	702
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen&Steers	3.44	4.24	6.46	3.62	29.30	738	802
BHK	BR Core Bnd Tr	BlackRock	3.55	4.65	5.37	0.00	32.23	859	2,095
HTY	JH Tx-Adv Glbl ShrHld Yld	John Hancock	3.48	2.52	9.83	39.98	0.00	69	320
BKT	BR Incm Tr	BlackRock	3.35	0.17	7.15	24.54	21.91	368	1,536
ARCC	Ares Capital Corp	Ares	4.17	9.77	8.07	0.00	52.17	8,533	39,755
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	4.56	24.43	8.31	0.00	44.31	431	3,084
GBDC	Golub Capital BDC	Golub Capital	4.05	1.18	7.81	0.00	49.74	2,583	10,547
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	3.53	14.44	11.54	52.07	23.70	1,580	9,252

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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