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	1,153.55	0.00	0.60	1.46	1.14	26.31	10.02	4.09	1.71	3.54	0.98	12.14
NAV	1,238.02	0.08	1.10	1.77	3.10	13.01	9.66	8.65	5.52	2.50	2.70	11.67
Difference		0.08	0.50	0.31	1.95	-13.29	-0.36	4.56	3.81	-1.05	1.72	-0.47
* 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 (%)
	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	-	-	-	-	-	-	-	-	-	-	-	-	8.60
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	-	-	-	-	-	-	-	-	-	-	-	-	0.57
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 14.47%	1Yr Disc 11.17%	3Yr Disc 8.45%	5Yr Disc 6.09%	Rel Disc Range (3yr) 69.92%
Mkt Yield 8.92%	Lev Adj NAV Yield 8.14%	After Tax Yield* 7.61%	Est Tax Friction* 1.31%	3Yr NAV Volatiliy 8.20
1 Yr RoC 24.85%	3 Yr Dest RoC 9.42%	Leverage 30.47%	Non Lev Exp Ratio 1.94%	Beta (2yr) 0.42
Equity Exposure 27.74%	Bond Exposure 70.35%	# Holdings 33	Cash Weighted Duration 4.35
Comp NAV TR -0.27%	Comp Discount 16.63%	Net Assets (M) 535	Liquidity - 90d (K) 2,085
* 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)
PGP	PIMCO Glbl Stk+ & Incm Fd	PIMCO	3.00	28.88	8.93	20.55	35.56	107	745
RCS	PIMCO Stgc Incm Fd	PIMCO	3.22	35.54	7.64	25.18	40.97	308	1,347
PHK	PIMCO Hi Incm Fd	PIMCO	3.11	26.00	9.32	23.59	27.54	820	6,011
GUT	Gabelli Util Tr	Gabelli	3.57	37.80	8.57	51.07	28.00	272	894
PCQ	PIMCO CA Muni Incm Fd	PIMCO	3.68	34.29	4.91	0.00	47.70	263	589
OXLC	Oxford Lane Cap Corp	Oxford Lane	3.68	22.48	15.90	0.00	34.08	354	5,644
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	3.77	35.43	15.65	63.39	4.96	166	1,776
DDF	DI Div & Incm Fd	Delaware	3.76	26.99	7.94	6.31	29.07	84	332
PDI	PIMCO Dyn Incm Fd	PIMCO	3.63	16.61	8.05	0.00	41.34	1,596	5,106
NCV	AG Convt & Incm Fd	Allianz	3.10	0.89	11.17	43.38	41.98	502	2,106
PMX	PIMCO Muni Incm Fd III	PIMCO	3.44	10.21	4.95	13.77	45.81	368	658
NCZ	AG Convt & Incm Fd II	Allianz	3.12	-0.20	10.80	41.59	42.45	379	1,644
PZC	PIMCO CA Muni Incm Fd III	PIMCO	3.51	10.62	4.55	0.00	47.06	223	393
PCM	PCM Fund	PIMCO	3.60	11.61	8.47	0.00	39.91	118	247
EDI	SH Emrg Mkt Tot Incm Fd	Stone Harbor	3.62	14.64	14.03	63.52	0.00	110	697
PMF	PIMCO Muni Incm Fd	PIMCO	3.72	13.83	4.78	0.00	45.79	339	618
PKO	PIMCO Incm Opp Fd	PIMCO	3.57	8.49	8.49	0.00	33.99	404	1,189
HPI	JH Pref Incm Fd	John Hancock	3.65	10.96	7.12	27.79	34.73	553	1,932
IRR	Voya NtrRes Eq Incm Fd	Voya	3.34	8.14	12.83	90.19	0.00	106	277
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	3.44	3.89	9.04	72.03	0.00	1,100	3,262
GGT	Gabelli Multimedia Tr	Gabelli	3.50	2.00	11.02	47.33	27.00	197	409
ETB	EV Tx-Mgd By-Wrt Incm Fd	Eaton Vance	3.49	4.94	8.36	79.07	0.00	392	873
ETO	EV Tx-Adv Glbl Div Opp Fd	Eaton Vance	3.55	2.67	8.93	31.18	25.70	355	1,076
HPF	JH Pref Incm Fd II	John Hancock	3.66	8.88	7.37	18.28	34.94	446	765
MUA	BR MuniAst Fd	BlackRock	3.60	6.94	4.29	0.00	12.28	514	714
SUNS	Solar Senior Capital	Solar Capital	1.47	-2.74	8.84	0.00	43.88	263	506
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	1.64	4.71	10.12	0.00	27.75	337	2,401
ARCC	Ares Capital Corp	Ares	1.62	4.24	8.92	0.00	44.38	7,337	29,613
GLAD	Gladstone Cap Corp	Gladstone	1.61	14.18	9.07	0.00	39.87	238	1,123
CSWC	Cap Southwest Corp	Capital Southwest	1.58	15.47	7.26	0.00	39.16	326	1,420
NMFC	New Mountain Fin Corp	New Mountain Capital	1.60	4.46	9.68	8.09	57.51	1,083	3,546
TSLX	TPG Specialty Lending	TSL Advisers	1.58	22.64	7.78	0.00	39.17	1,079	3,957
TCPC	BR TCP Capital Corp	Tennenbaum Capital	1.57	1.48	10.01	0.00	48.81	833	2,524

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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