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09. Premium CEF/BDC Index

Data as of 06/14/2019 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	1,146.70	0.02	0.06	0.73	1.17	16.31	7.70	4.39	1.56	2.93	0.38	11.54
NAV	1,224.61	-0.09	-0.34	0.61	3.21	9.82	7.57	8.67	5.44	1.39	1.59	10.56
Difference		-0.11	-0.40	-0.12	2.04	-6.49	-0.13	4.27	3.88	-1.54	1.21	-0.98
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2019 - Monthly Performance (%) Show Previous Years
	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	-	-	-	-	-	-	-	-	-	-	-	-	8.61
NAV	5.18	1.21	2.36	8.97	1.65	-1.43	-	-	-	-	-	-	-	-	-	-	-	-	9.17
Difference	-2.15	-0.69	0.72	-2.20	1.75	0.96	-	-	-	-	-	-	-	-	-	-	-	-	0.56
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	-1.93	1.65	1.27	-0.94	1.98	-7.25	1.85	1.58	-4.05	-2.07	-4.00
NAV	1.18	-2.30	-0.61	-1.75	1.79	1.81	-0.03	3.60	1.85	1.29	0.66	0.63	2.61	-2.75	0.09	-2.02	-4.62	-2.02	-0.17
Difference	3.81	0.65	0.20	4.51	-1.46	-0.44	1.15	-0.73	3.78	-0.36	-0.61	1.57	0.63	4.50	-1.76	-3.60	-0.58	0.06	3.84
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	6.95	0.49	-0.79	0.80	0.49	-0.46	-0.74	1.02	-0.19	0.30	7.25
NAV	1.46	1.56	0.52	3.58	1.37	1.27	0.17	2.83	6.41	1.25	0.54	0.47	2.27	0.62	0.66	0.66	1.95	4.22	10.63
Difference	-0.64	0.73	0.51	0.63	-1.07	-0.27	0.18	-1.17	-0.54	0.76	1.32	-0.32	1.78	1.08	1.40	-0.36	2.14	3.92	3.38
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	11.60	2.68	0.53	-1.61	1.56	-5.01	-1.71	0.69	-5.98	-4.43	7.17
NAV	-1.37	0.13	2.10	0.82	4.51	1.22	3.13	9.09	9.91	1.19	0.47	1.69	3.38	-0.75	-2.50	2.04	-1.26	2.12	12.03
Difference	1.24	-1.26	-1.72	-1.68	0.04	1.24	-1.32	-0.00	-1.69	-1.49	-0.05	3.30	1.82	4.26	-0.79	1.35	4.73	6.55	4.86
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	-8.15	-0.91	-4.17	-4.03	-8.87	6.68	-3.72	-0.92	1.76	-7.11	-15.26
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	-5.59	-4.85
Difference	1.43	0.71	1.16	3.29	0.31	2.08	3.26	5.60	8.89	1.35	1.01	1.55	3.72	-1.72	1.66	-2.23	-2.20	1.52	10.41

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount 15.10%	1Yr Disc 11.08%	3Yr Disc 8.44%	5Yr Disc 6.09%	Rel Disc Range (3yr) 71.68%
Mkt Yield 8.96%	Lev Adj NAV Yield 8.21%	After Tax Yield* 7.64%	Est Tax Friction* 1.32%	3Yr NAV Volatiliy 8.16
1 Yr RoC 24.03%	3 Yr Dest RoC 9.14%	Leverage 30.57%	Non Lev Exp Ratio 1.95%	Beta (2yr) 0.41
Equity Exposure 27.37%	Bond Exposure 70.72%	# Holdings 33	Cash Weighted Duration 4.39
Comp NAV TR -0.17%	Comp Discount 16.82%	Net Assets (M) 533	Liquidity - 90d (K) 2,104
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

33 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
PGP	PIMCO Glbl Stk+ & Incm Fd	PIMCO	2.95	28.65	9.13	20.55	35.56	104	734
RCS	PIMCO Stgc Incm Fd	PIMCO	3.26	37.22	7.60	25.18	40.97	305	1,344
PHK	PIMCO Hi Incm Fd	PIMCO	3.17	28.78	9.19	23.59	27.54	813	6,105
GUT	Gabelli Util Tr	Gabelli	3.54	39.56	8.63	47.66	28.00	267	886
PCQ	PIMCO CA Muni Incm Fd	PIMCO	3.76	36.82	4.84	0.00	47.70	262	619
OXLC	Oxford Lane Cap Corp	Oxford Lane	3.78	24.76	15.61	0.00	34.08	354	5,684
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	3.73	35.46	15.93	65.26	4.96	163	1,724
DDF	DI Div & Incm Fd	Delaware	3.74	27.10	8.02	6.29	29.07	83	322
PDI	PIMCO Dyn Incm Fd	PIMCO	3.66	17.82	8.04	0.00	41.34	1,581	5,249
NCV	AG Convt & Incm Fd	Allianz	3.11	2.00	11.23	43.38	40.95	494	2,106
PMX	PIMCO Muni Incm Fd III	PIMCO	3.50	11.68	4.90	13.99	45.81	367	676
NCZ	AG Convt & Incm Fd II	Allianz	3.14	1.62	10.78	41.59	41.43	373	1,657
PZC	PIMCO CA Muni Incm Fd III	PIMCO	3.52	10.55	4.57	0.00	47.06	222	387
PCM	PCM Fund	PIMCO	3.66	13.14	8.38	0.00	39.91	117	239
EDI	SH Emrg Mkt Tot Incm Fd	Stone Harbor	3.59	14.98	14.23	66.24	0.00	108	694
PMF	PIMCO Muni Incm Fd	PIMCO	3.77	15.02	4.75	0.00	45.79	338	626
PKO	PIMCO Incm Opp Fd	PIMCO	3.57	8.76	8.54	0.00	33.99	398	1,190
HPI	JH Pref Incm Fd	John Hancock	3.63	10.78	7.20	27.79	34.73	548	2,048
IRR	Voya NtrRes Eq Incm Fd	Voya	3.12	3.98	13.79	90.19	0.00	103	283
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	3.40	2.27	9.23	70.23	0.00	1,096	3,178
GGT	Gabelli Multimedia Tr	Gabelli	3.36	2.96	11.24	38.04	27.00	192	415
ETB	EV Tx-Mgd By-Wrt Incm Fd	Eaton Vance	3.49	4.40	8.41	78.27	0.00	392	909
ETO	EV Tx-Adv Glbl Div Opp Fd	Eaton Vance	3.49	2.43	9.14	27.14	25.70	347	1,047
HPF	JH Pref Incm Fd II	John Hancock	3.64	8.58	7.46	18.28	34.94	442	736
MUA	BR MuniAst Fd	BlackRock	3.64	7.88	4.26	0.00	12.28	513	722
SUNS	Solar Senior Capital	Solar Capital	1.51	-0.85	8.67	0.00	43.88	263	520
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	1.64	3.75	10.21	0.00	27.75	337	2,717
ARCC	Ares Capital Corp	Ares	1.62	3.78	8.96	0.00	44.38	7,337	29,146
GLAD	Gladstone Cap Corp	Gladstone	1.65	16.15	8.92	0.00	39.87	238	1,118
CSWC	Cap Southwest Corp	Capital Southwest	1.61	16.65	7.18	0.00	39.16	326	1,438
NMFC	New Mountain Fin Corp	New Mountain Capital	1.61	4.46	9.68	9.71	57.51	1,083	3,544
TSLX	TPG Specialty Lending	TSL Advisers	1.59	22.64	7.78	0.00	39.17	1,079	3,989
TCPC	BR TCP Capital Corp	Tennenbaum Capital	1.58	1.76	9.98	0.00	48.81	833	2,506

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, 2017. 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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