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09. Premium CEF/BDC Index

Data as of 09/17/2021 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	1,148.07	-0.43	-0.76	-1.47	-0.72	4.38	18.90	2.39	1.91	-1.88	-2.60	7.97
NAV	1,574.65	-0.36	-0.43	0.90	2.68	8.69	20.67	10.95	9.73	-0.50	1.85	10.51
Difference		0.08	0.33	2.36	3.40	4.31	1.77	8.57	7.82	1.39	4.44	2.53
* 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	-	-	-	-	-	-	-	-
NAV	0.35	0.45	1.86	2.68	2.56	1.42	1.59	5.67	8.50	0.83	1.51	-	-	-	-	-	-	-	-
Difference	-0.15	-1.05	-1.21	-2.47	0.26	0.51	-0.53	0.25	-2.35	1.57	1.50	-	-	-	-	-	-	-	-
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 14.42%	1Yr Disc 10.17%	3Yr Disc 6.68%	5Yr Disc 4.82%	Rel Disc Range (3yr) 77.91%
Mkt Yield 7.29%	Lev Adj NAV Yield 6.68%	After Tax Yield* 5.98%	Est Tax Friction* 1.31%	3Yr NAV Volatiliy 13.85
1 Yr RoC 21.34%	3 Yr Dest RoC 8.08%	Leverage 26.25%	Non Lev Exp Ratio 2.07%	Beta (2yr) 0.81
Equity Exposure 29.30%	Bond Exposure 69.30%	# Holdings 33	Cash Weighted Duration 2.68
Comp NAV TR 1.59%	Comp Discount 13.85%	Net Assets (M) 573	Liquidity - 90d (K) 2,464
* 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)
CIF	MFS Imd Hi Incm Fd	MFS	3.29	24.69	7.60	38.79	28.00	47	223
FCO	Abd Glbl Incm Fd	Aberdeen	3.59	37.44	9.42	56.55	27.29	57	334
PCQ	PIMCO CA Muni Incm Fd	PIMCO	3.57	32.32	4.16	0.25	43.08	268	252
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	3.64	26.89	7.26	0.00	43.07	613	1,522
GGT	Gabelli Multimedia Tr	Gabelli	2.96	4.65	9.53	23.95	29.00	241	687
PFL	PIMCO Incm Stgy Fd	PIMCO	3.38	10.03	8.32	8.07	38.69	366	1,529
PFN	PIMCO Incm Stgy Fd II	PIMCO	3.36	6.79	8.56	4.32	39.31	725	3,656
PDT	JH Prm Div Fd	John Hancock	3.60	14.40	6.98	6.43	33.91	714	1,183
ERH	WF Util & Hi Incm Fd	Wells Fargo	3.62	10.55	6.16	4.42	17.70	120	231
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	3.69	14.96	9.86	32.42	29.44	216	1,498
EDI	SH Emrg Mkt Tot Incm Fd	Stone Harbor	3.44	5.81	9.41	25.89	24.66	84	253
PSF	C&S Sel Pref & Incm Fd	Cohen&Steers	3.37	4.40	6.62	6.06	28.30	328	605
PMX	PIMCO Muni Incm Fd III	PIMCO	3.50	9.57	4.38	0.40	41.19	382	524
MUA	BR MuniAst Fd	BlackRock	3.52	8.42	3.60	4.98	8.82	572	609
USA	Liberty All-Star Eq Fd	ALPS	3.61	8.85	9.48	0.00	0.00	1,803	9,178
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	3.48	5.66	8.28	75.41	0.00	667	1,832
NXR	Nuv Sel Tx-Free Incm Port 3	Nuveen	3.43	4.85	3.15	0.00	0.00	220	266
CHW	Calamos Glbl Dyn Incm Fd	Calamos	3.40	2.10	8.22	0.00	31.76	597	1,327
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	3.27	-1.20	7.87	0.00	28.28	241	1,647
RFI	C&S Tot Rtn Rty Fd	Cohen&Steers	3.77	10.21	5.67	0.00	0.00	404	876
ETX	EV Muni Incm 2028 Trm Tr	Eaton Vance	3.49	3.41	3.79	0.00	35.20	236	352
RIV	RiverNorth Opp Fd	RiverNorth	3.56	5.74	11.42	15.22	8.32	203	1,707
CGO	Calamos Glbl Tot Rtn Fd	Calamos	3.69	6.07	7.30	0.00	31.67	144	330
ETB	EV Tx-Mgd By-Wrt Incm Fd	Eaton Vance	3.57	2.94	7.87	46.19	0.00	438	882
BKT	BR Incm Tr	BlackRock	3.68	8.81	6.43	22.31	22.29	377	1,308
GAIN	Gladstone Inv Corp	Gladstone	1.61	12.72	5.89	0.00	36.93	420	1,473
TSLX	Sixth St Splty Lending	Sixth St Splty Lending	1.59	28.13	7.60	0.00	50.03	1,227	7,061
ARCC	Ares Capital Corp	Ares	1.63	9.58	8.24	0.00	51.22	8,097	41,709
HRZN	Horizon Tech Fin Corp	Horizon Tech Fin	1.58	49.46	7.17	0.00	49.16	224	1,720
HTGC	Hercules Capital	Hercules	1.61	43.30	7.63	0.00	45.60	1,356	10,617
GLAD	Gladstone Cap Corp	Gladstone	1.64	35.45	6.76	1.40	40.70	292	1,567
MAIN	Main Street Cap Corp	Main Street Capital	1.64	76.47	6.10	0.00	45.78	1,607	10,197
NEWT	Newtek Biz Serv Corp	Newtek	1.24	64.65	13.35	0.00	47.26	369	8,341

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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