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. If no BDC funds meet the criteria, the allocation will be split between the qualifying traditional CEFs. 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	812.24	2.49	-3.81	-27.65	-30.54	-28.88	-28.12	-8.06	-5.56	-2.97	-2.97	-31.15
NAV	1,073.37	2.70	-1.34	-16.93	-16.94	-13.99	-11.85	0.93	2.41	-1.11	-1.11	-16.68
Difference		0.22	2.47	10.72	13.60	14.89	16.27	8.99	7.97	1.85	1.85	14.46
* 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	-9.40	-21.67	-28.18	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-28.18
NAV	2.16	-2.29	-15.42	-15.57	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-15.57
Difference	0.96	7.11	6.25	12.61	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12.61
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	12.75	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 0.03%	1Yr Disc 0.82%	3Yr Disc 0.59%	5Yr Disc 1.09%	Rel Disc Range (3yr) 64.00%
Mkt Yield 7.07%	Lev Adj NAV Yield 5.66%	After Tax Yield* 7.11%	Est Tax Friction* -0.04%	3Yr NAV Volatiliy 14.17
1 Yr RoC 15.66%	3 Yr Dest RoC 9.56%	Leverage 26.35%	Non Lev Exp Ratio 1.14%	Beta (2yr) 0.55
Equity Exposure 28.63%	Bond Exposure 66.22%	# Holdings 25	Cash Weighted Duration 5.24
Comp NAV TR 0.10%	Comp Discount 7.31%	Net Assets (M) 580	Liquidity - 90d (K) 4,052
* 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

25 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
PGP	PIMCO Glbl Stk+ & Incm Fd	PIMCO	4.20	21.36	14.07	3.26	35.19	72	861
GGT	Gabelli Multimedia Tr	Gabelli	4.08	9.61	16.42	72.95	45.00	122	664
NMCO	Nuv Muni Cr Opp Fd	Nuveen	3.63	0.09	5.55	0.00	37.83	604	2,198
JCO	Nuveen Cr Opp 2022 Tgt Trm Fd	Nuveen	4.05	6.27	7.23	0.00	29.60	203	520
PCK	PIMCO CA Muni Incm Fd II	PIMCO	4.02	1.49	4.68	4.79	43.50	259	774
BTO	JH Fin Opp Fd	John Hancock	3.84	-5.22	12.89	17.25	16.57	337	1,742
RMM	RivNth Mgd Dur Muni Incm Fd	RiverNorth	3.81	-1.02	6.66	58.18	39.90	329	1,226
PFO	F&C Pref Incm Opp Fd	Flaherty & Crumrine	3.85	0.22	8.11	0.00	39.60	116	405
PFD	F&C Pref Incm Fd	Flaherty & Crumrine	3.85	1.08	7.99	0.00	39.50	125	632
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	4.07	4.01	14.53	55.02	6.25	600	5,360
PHYS	Sprott Physical Gd Tr	Sprott	4.23	0.37	0.00	N/A	0.00	2,970	32,112
PSLV	Sprott Physical Silver Tr	Sprott	4.40	0.36	0.00	N/A	0.00	923	9,796
MFT	BR MuniYld Inv Qlty Fd	BlackRock	3.83	-3.74	4.76	0.00	40.47	111	348
BST	BR Sci & Tech Tr	BlackRock	4.19	0.03	6.80	6.95	0.00	683	4,656
CEF	Sprott Physical Gd & Silver Tr	Sprott	4.29	-0.26	0.00	N/A	0.00	2,998	20,169
MHD	BR MuniHldg Fd	BlackRock	3.93	-3.34	4.91	2.55	35.44	217	496
BKN	BR Inv Qlty Muni Tr	BlackRock	4.00	-2.73	4.84	0.00	38.44	258	1,066
NID	Nuv Imd Dur Muni Trm Fd	Nuveen	3.89	-6.08	4.18	0.00	35.26	610	1,426
BGIO	2022 Glbl Incm Opp Tr	BlackRock	4.06	-1.19	8.04	0.39	19.72	167	471
BTA	BR L-T Muni Adv Tr	BlackRock	3.90	-6.55	5.74	0.00	39.65	152	634
MQY	BR MuniYld Qlty Fd	BlackRock	4.00	-5.95	4.52	0.00	37.24	459	1,399
CCD	Calamos Dyn Convt & Incm Fd	Calamos	3.71	-8.36	13.34	26.92	33.65	401	1,823
IHIT	Invsc Hi Incm 2023 Tgt Trm Fd	Invesco	4.06	2.58	7.54	0.00	24.00	186	733
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	4.04	-2.96	11.26	94.28	0.00	1,054	7,284
JHS	JH Incm Sec Tr	John Hancock	4.11	-2.05	4.04	0.00	33.09	165	362

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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