09. Premium CEF/BDC Index

About the Index

(1) Traditional CEFs with $250K+ 90-day average trading dollar $, a Discount narrower than -6.5% (above), 1-year Discount Range over 50%, 6 month Relative Z-Stat over 0 and Comp Discount over 0. The remaining funds ranked by 25 largest (highest) CEF premiums. Business Development Companies (BDC): Equity or Debt-Focused BDCs with -6.5% or higher Discounts, Comp Discount over 0 and above average 6-month Relative Z-Stats. The remaining funds are ranked by the highest 8 1-year Relative Discounts. Traditional CEFs are an 87.5% allocation and BDCs are an 12.5% allocation for this index with the underlying funds equal weighted into their overall allocation. The index constituents will be rebalanced each quarter.

Index Performance

	Current($)	Previous Day(%)	1 Week(%)	1 Month(%)	3 Month(%)	6 Month(%)	1 Year(%)	3 Year(%)	5 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,199.33	-0.21	0.15	1.41	5.77	6.21	6.68	5.61	2.10	1.68	2.90	2.90
NAV	1,336.65	-0.06	0.16	1.91	7.57	9.01	13.76	9.29	7.16	1.77	3.97	3.97
Difference		0.15	0.01	0.51	1.80	2.80	7.08	3.69	5.07	0.09	1.07	1.07
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

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	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.22
NAV	2.16	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2.20
Difference	0.96	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.98
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	12.75	0.75	-3.03	1.25	-1.08	-0.39	-0.17	2.10	1.53	0.45	13.20
NAV	5.18	1.21	2.36	8.97	1.65	-1.43	3.11	3.32	12.29	0.23	-0.61	0.86	0.48	0.12	-0.31	2.94	2.74	3.21	15.50
Difference	-2.15	-0.69	0.72	-2.20	1.75	0.96	-1.05	1.73	-0.46	-0.52	2.42	-0.39	1.56	0.51	-0.14	0.84	1.20	2.76	2.30
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 16.70%	1Yr Disc 13.86%	3Yr Disc 9.06%	5Yr Disc 5.31%	Rel Disc Range (3yr) 75.50%
Mkt Yield 7.56%	Lev Adj NAV Yield 6.96%	After Tax Yield* 6.41%	Est Tax Friction* 1.15%	3Yr NAV Volatiliy 7.33
1 Yr RoC 19.51%	3 Yr Dest RoC 6.37%	Leverage 31.04%	Non Lev Exp Ratio 1.97%	Beta (2yr) 0.37
Equity Exposure 30.59%	Bond Exposure 67.43%	# Holdings 33	Cash Weighted Duration 3.03
Comp NAV TR 3.60%	Comp Discount 15.30%	Net Assets (M) 791	Liquidity - 90d (K) 2,738
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents

33 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
GUT	Gabelli Util Tr	Gabelli	3.56	54.23	7.48	98.00	27.00	281	1,127
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	3.33	50.34	15.32	63.25	6.43	146	1,661
ECC	Eagle Point Cr Co	Eagle Point	3.52	33.10	16.09	24.17	37.21	321	3,029
PCQ	PIMCO CA Muni Incm Fd	PIMCO	3.29	29.01	4.09	0.00	46.01	279	779
PML	PIMCO Muni Incm Fd II	PIMCO	3.36	19.26	4.56	0.00	46.17	816	1,718
DNP	DNP Sel Incm Fd	Duff & Phelps	3.51	15.91	5.98	28.08	24.63	3,386	4,189
PDI	PIMCO Dyn Incm Fd	PIMCO	3.51	19.69	8.00	0.00	40.24	1,613	5,698
PKO	PIMCO Incm Opp Fd	PIMCO	3.56	15.71	7.94	0.00	32.93	453	1,684
PMF	PIMCO Muni Incm Fd	PIMCO	3.46	9.48	4.25	3.81	45.27	360	817
PCM	PCM Fund	PIMCO	3.62	18.42	7.99	1.00	40.78	118	362
PSF	C&S Sel Pref & Incm Fd	Cohen & Steers	3.55	16.51	6.32	11.73	28.20	337	808
PDT	JH Prm Div Fd	John Hancock	3.55	13.95	6.26	25.42	33.07	797	1,334
PCK	PIMCO CA Muni Incm Fd II	PIMCO	3.42	5.93	3.84	4.91	44.29	303	495
CGO	Calamos Glbl Tot Rtn Fd	Calamos	3.46	9.00	8.93	61.05	32.36	107	343
ERH	WF Util & Hi Incm Fd	Wells Fargo	3.89	14.16	6.11	0.00	15.20	128	372
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	3.48	9.09	8.21	0.00	44.67	3,288	11,513
ZTR	Virtus Glbl Div & Inc Fd	Virtus	3.62	7.78	11.39	79.13	26.09	523	1,750
IGI	WA Inv Grd Dfin Opp Tr	Legg Mason	3.26	0.64	3.90	0.62	0.00	235	483
FEN	FT Nrg Incm & Gwth Fd	First Trust	3.31	5.26	10.84	100.00	26.38	407	2,047
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	3.59	6.99	5.89	0.00	32.40	947	2,296
BST	BR Sci & Tech Tr	BlackRock	3.59	1.07	5.69	0.00	0.00	803	3,059
CHW	Calamos Glbl Dyn Incm Fd	Calamos	3.56	6.94	9.40	58.58	35.51	496	1,610
OIA	Invsc Muni Incm Opp Tr	Invesco	3.54	3.16	4.64	0.00	23.00	377	471
ASG	Liberty All-Star Gwth Fd	ALPS	3.48	-0.31	7.98	0.00	0.00	246	1,442
MMD	MainStay MK DfinTrm Muni Opp	New York Life	3.48	2.49	4.76	0.00	36.80	577	1,147
TSLX	TPG Specialty Lending	TSL Advisers	1.66	36.84	7.12	0.00	47.98	1,123	4,711
MAIN	Main Street Cap Corp	Main Street Capital	1.57	83.06	5.55	0.00	39.77	1,535	10,567
ARCC	Ares Capital Corp	Ares	1.55	9.70	8.42	0.00	46.77	7,466	36,142
NEWT	Newtek Biz Serv Corp	Newtek	1.45	40.10	13.15	0.00	53.68	300	4,097
HRZN	Horizon Tech Fin Corp	Horizon Tech Fin	1.60	14.74	8.96	0.00	46.89	170	2,271
SUNS	Solar Senior Capital	Solar Capital	1.55	8.58	7.96	0.00	36.21	262	593
GLAD	Gladstone Cap Corp	Gladstone	1.58	26.73	8.20	1.96	42.01	252	1,587
GSBD	Goldman Sachs BDC	Goldman Sachs	1.56	27.76	8.41	0.00	52.18	677	3,101

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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