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09. Premium CEF/BDC Index

Data as of 09/28/2020 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	949.22	1.31	-0.23	-1.65	3.50	12.41	-16.96	-4.09	0.62	-2.21	2.12	-18.56
NAV	1,293.96	0.54	0.27	-0.81	6.74	18.94	3.80	5.91	7.66	-1.11	5.35	0.65
Difference		-0.77	0.50	0.84	3.24	6.53	20.76	10.00	7.04	1.10	3.23	19.21
* 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 (%) Show Previous Years
	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	-	-	-	-	-	-	-	-
NAV	2.16	-2.29	-15.42	-15.57	3.55	5.74	3.35	13.16	-4.46	4.13	2.30	-	-	-	-	-	-	-	-
Difference	0.96	7.11	6.25	12.61	0.61	-0.13	1.46	2.11	15.79	2.13	-0.08	-	-	-	-	-	-	-	-
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 11.20%	1Yr Disc 11.86%	3Yr Disc 9.84%	5Yr Disc 8.65%	Rel Disc Range (3yr) 66.75%
Mkt Yield 10.03%	Lev Adj NAV Yield 8.95%	After Tax Yield* 8.49%	Est Tax Friction* 1.54%	3Yr NAV Volatiliy 15.91
1 Yr RoC 23.86%	3 Yr Dest RoC 14.66%	Leverage 29.33%	Non Lev Exp Ratio 2.16%	Beta (2yr) 0.80
Equity Exposure 34.67%	Bond Exposure 63.73%	# Holdings 31	Cash Weighted Duration 2.82
Comp NAV TR 1.40%	Comp Discount 17.20%	Net Assets (M) 680	Liquidity - 90d (K) 2,808
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

31 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
GUT	Gabelli Util Tr	Gabelli	3.76	104.49	7.74	78.95	32.00	208	862
OXLC	Oxford Lane Cap Corp	Oxford Lane	3.73	15.16	18.71	44.44	47.78	283	4,157
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	3.41	19.27	8.76	0.40	31.69	516	1,297
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	3.64	27.72	9.70	1.59	39.79	1,109	5,966
DNP	DNP Sel Incm Fd	Duff & Phelps	3.25	19.72	7.69	34.27	27.22	2,573	4,223
ERH	WF Util & Hi Incm Fd	Wells Fargo	3.21	-0.08	7.30	0.00	17.30	110	231
PML	PIMCO Muni Incm Fd II	PIMCO	3.45	10.77	5.30	0.00	42.54	759	1,568
CRF	Cornerstone Tot Rtn Fd	Cornerstone	3.79	17.61	20.05	89.12	0.00	370	3,868
HPI	JH Pref Incm Fd	John Hancock	3.34	1.68	7.88	4.09	32.32	483	1,186
JCO	Nuveen Cr Opp 2022 Tgt Trm Fd	Nuveen	3.26	-2.57	7.09	0.00	27.01	226	322
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	3.64	9.19	12.43	62.67	24.33	714	2,726
CLM	Cornerstone Stgc Val Fd	Cornerstone	3.77	14.54	20.46	86.75	0.00	726	6,583
BTO	JH Fin Opp Fd	John Hancock	3.16	9.19	10.40	21.65	23.81	362	1,787
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	3.58	6.14	7.46	0.00	33.70	870	2,130
PKO	PIMCO Incm Opp Fd	PIMCO	3.48	2.15	10.21	0.00	44.85	424	2,040
PFL	PIMCO Incm Stgy Fd	PIMCO	3.66	5.43	10.70	1.17	34.31	300	1,018
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	3.41	2.67	9.61	94.96	0.00	1,224	3,313
JPI	Nuv Pref & Incm Trm Fd	Nuveen	3.40	-2.86	7.09	0.28	33.01	518	1,472
PMF	PIMCO Muni Incm Fd	PIMCO	3.39	2.48	4.90	1.06	42.10	334	685
STK	ClmbSlgmn Prm Tech Gwth Fd	Columbia Mngmt	3.45	-1.99	8.53	44.10	0.00	352	1,354
PFN	PIMCO Incm Stgy Fd II	PIMCO	3.66	5.47	10.60	1.69	33.07	614	1,816
PMX	PIMCO Muni Incm Fd III	PIMCO	3.41	2.82	4.88	3.01	42.30	364	706
ETB	EV Tx-Mgd By-Wrt Incm Fd	Eaton Vance	3.37	-1.32	9.60	74.81	0.00	364	901
JPT	Nuv Pref & Incm 2022 Trm Fd	Nuveen	3.51	-1.56	6.26	0.00	18.98	158	280
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	3.49	0.28	12.34	24.14	28.16	160	551
ARCC	Ares Capital Corp	Ares	1.99	-10.87	11.34	0.00	50.96	6,690	30,243
HRZN	Horizon Tech Fin Corp	Horizon Tech Fin	2.36	5.50	9.77	0.00	48.51	201	1,723
GSBD	Goldman Sachs BDC	Goldman Sachs	2.09	6.47	11.17	0.00	58.64	612	2,484
MAIN	Main Street Cap Corp	Main Street Capital	2.03	45.61	8.10	0.00	44.46	1,373	10,046
GLAD	Gladstone Cap Corp	Gladstone	2.13	3.30	10.39	1.51	49.64	227	1,133
NEWT	Newtek Biz Serv Corp	Newtek	2.19	21.07	12.24	0.00	50.20	332	3,185

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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