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09. Premium CEF/BDC Index

Data as of 12/04/2019 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	1,141.69	0.23	0.50	-1.08	0.37	0.77	11.94	4.85	0.88	0.01	-0.54	11.12
NAV	1,250.07	0.30	0.26	-0.89	0.61	2.22	10.44	8.43	5.54	0.09	-0.10	12.66
Difference		0.07	-0.24	0.19	0.24	1.45	-1.51	3.58	4.66	0.08	0.44	1.53
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

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	4.16	1.59	12.75	0.75	-3.03	1.25	-1.08	-0.39	-0.17	-	-	-	11.11
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	-	-	-	12.57
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	-	-	-	1.46
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 16.67%	1Yr Disc 11.40%	3Yr Disc 7.77%	5Yr Disc 4.27%	Rel Disc Range (3yr) 73.25%
Mkt Yield 8.37%	Lev Adj NAV Yield 7.71%	After Tax Yield* 6.99%	Est Tax Friction* 1.38%	3Yr NAV Volatiliy 8.15
1 Yr RoC 20.81%	3 Yr Dest RoC 7.28%	Leverage 29.92%	Non Lev Exp Ratio 2.08%	Beta (2yr) 0.40
Equity Exposure 33.64%	Bond Exposure 64.04%	# Holdings 33	Cash Weighted Duration 2.68
Comp NAV TR 2.17%	Comp Discount 16.87%	Net Assets (M) 673	Liquidity - 90d (K) 2,434
* 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)
GUT	Gabelli Util Tr	Gabelli	3.72	58.28	7.75	90.57	27.00	264	1,021
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	3.67	49.72	16.23	54.96	6.26	146	1,195
PCQ	PIMCO CA Muni Incm Fd	PIMCO	3.68	42.94	4.54	0.00	46.08	268	487
ECC	Eagle Point Cr Co	Eagle Point	3.45	48.86	15.95	20.59	37.38	278	3,508
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	3.71	30.71	7.08	0.00	25.75	579	1,862
PML	PIMCO Muni Incm Fd II	PIMCO	3.54	24.56	4.99	0.00	46.03	785	1,710
PDI	PIMCO Dyn Incm Fd	PIMCO	3.68	23.00	7.93	0.00	42.75	1,543	5,301
BUI	BR Util Infra & Pwr OppTr	BlackRock	3.16	1.97	6.69	19.28	0.00	366	1,025
PDT	JH Prm Div Fd	John Hancock	3.35	9.66	6.87	19.71	33.42	754	1,537
HPI	JH Pref Incm Fd	John Hancock	3.24	3.48	6.74	21.70	34.13	554	1,435
MCI	Barings Corp Invstr	Barings	3.53	8.21	7.23	0.00	8.83	310	255
PKO	PIMCO Incm Opp Fd	PIMCO	3.77	16.15	8.17	0.00	35.67	420	1,782
DMO	WA Mortg Dfin Opp Fd	Legg Mason	3.36	3.99	8.85	14.24	31.90	205	848
MUA	BR MuniAst Fd	BlackRock	3.43	3.96	4.21	0.00	12.16	519	638
CGO	Calamos Glbl Tot Rtn Fd	Calamos	3.74	7.19	9.46	61.05	33.34	103	285
GGT	Gabelli Multimedia Tr	Gabelli	3.53	4.09	10.80	62.56	27.00	194	407
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	3.41	9.46	10.37	0.00	32.80	87	633
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	3.74	11.25	8.19	0.00	43.67	3,165	9,023
FGB	FT Splty Fin and Fin Opp Fd	First Trust	3.41	-0.17	9.18	12.00	22.66	85	290
HPS	JH Pref Incm Fd III	John Hancock	3.36	1.29	7.00	23.65	34.06	589	1,375
FEN	FT Nrg Incm & Gwth Fd	First Trust	3.25	4.20	11.39	78.23	27.11	391	1,877
FLC	F&C Tot Rtn Fd	Flaherty & Crumrine	3.51	2.07	6.22	0.00	33.40	217	909
HTD	JH Tax-Adv Div Incm Fd	John Hancock	3.41	3.72	6.06	18.20	31.06	933	2,501
MIE	C&S MLP Incm & Nrg Opp Fd	Cohen & Steers	2.75	1.48	13.47	94.57	33.60	181	1,535
BME	BR Health Sci Tr	BlackRock	3.78	0.89	5.89	20.79	0.00	433	1,140
SUNS	Solar Senior Capital	Solar Capital	1.62	10.42	7.83	0.00	32.99	262	687
GLAD	Gladstone Cap Corp	Gladstone	1.69	26.28	8.09	1.25	40.64	249	1,428
GAIN	Gladstone Inv Corp	Gladstone	1.89	17.92	5.59	0.00	29.19	407	1,982
MAIN	Main Street Cap Corp	Main Street Capital	1.57	76.61	5.76	0.00	39.77	1,535	10,424
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	1.35	3.34	10.34	0.00	41.30	335	3,326
GBDC	Golub Capital BDC	Golub Capital	1.51	8.11	7.28	0.00	48.46	2,223	8,704
ARCC	Ares Capital Corp	Ares	1.57	8.52	8.54	0.00	45.64	7,373	29,723
NEWT	Newtek Biz Serv Corp	Newtek	1.62	50.94	12.21	0.00	53.68	300	3,086

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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