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09. Premium CEF/BDC Index

Data as of 08/23/2019 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	1,129.20	-0.55	-0.30	-3.62	0.23	0.07	4.99	1.17	0.86	-3.42	-2.70	10.05
NAV	1,226.22	-0.58	-0.38	-1.86	1.31	4.03	6.84	7.18	4.89	-1.77	-1.54	10.74
Difference		-0.03	-0.08	1.76	1.08	3.97	1.84	6.02	4.03	1.65	1.15	0.69
* 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	-	-	-	-	-	-	-	-	13.47
NAV	5.18	1.21	2.36	8.97	1.65	-1.43	3.11	3.32	12.29	0.23	-	-	-	-	-	-	-	-	12.51
Difference	-2.15	-0.69	0.72	-2.20	1.75	0.96	-1.05	1.73	-0.46	-0.52	-	-	-	-	-	-	-	-	-0.96
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 11.52%	1Yr Disc 6.61%	3Yr Disc 4.06%	5Yr Disc 1.00%	Rel Disc Range (3yr) 73.83%
Mkt Yield 8.76%	Lev Adj NAV Yield 8.01%	After Tax Yield* 7.39%	Est Tax Friction* 1.37%	3Yr NAV Volatiliy 8.01
1 Yr RoC 18.87%	3 Yr Dest RoC 13.06%	Leverage 26.31%	Non Lev Exp Ratio 2.09%	Beta (2yr) 0.42
Equity Exposure 33.79%	Bond Exposure 63.99%	# Holdings 33	Cash Weighted Duration 3.54
Comp NAV TR -0.29%	Comp Discount 13.76%	Net Assets (M) 548	Liquidity - 90d (K) 2,216
* 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)
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	3.44	39.53	16.36	60.66	0.00	154	1,686
DDF	DI Div & Incm Fd	Delaware	3.40	27.26	8.22	6.37	29.38	80	349
ECC	Eagle Point Cr Co	Eagle Point	3.44	29.30	14.20	17.36	32.70	337	3,437
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	3.59	25.97	8.74	2.13	37.51	1,248	5,374
PML	PIMCO Muni Incm Fd II	PIMCO	3.86	24.32	4.91	0.00	46.27	799	2,309
NDP	Tortoise Nrg Ind Fd	Tortoise	1.93	-9.39	10.36	59.12	30.90	63	450
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	3.57	14.67	10.83	30.55	0.00	662	2,954
MUA	BR MuniAst Fd	BlackRock	3.47	5.04	4.14	0.00	12.22	522	585
ZTR	Virtus Glbl Div & Inc Fd	Virtus	3.37	5.43	12.70	63.20	27.96	250	895
HPF	JH Pref Incm Fd II	John Hancock	3.62	9.99	7.30	19.21	34.61	446	799
IRR	Voya NtrRes Eq Incm Fd	Voya	3.06	4.11	15.03	88.99	0.00	94	224
PKO	PIMCO Incm Opp Fd	PIMCO	3.55	9.81	8.63	0.00	33.35	402	1,309
PCK	PIMCO CA Muni Incm Fd II	PIMCO	3.65	4.18	4.33	2.14	45.33	299	489
CGO	Calamos Glbl Tot Rtn Fd	Calamos	3.39	4.75	10.08	45.00	32.50	98	218
PFD	F&C Pref Incm Fd	Flaherty & Crumrine	3.60	4.04	6.13	0.00	34.50	158	456
EOT	EV Nat Muni Opp Tr	Eaton Vance	3.61	4.40	4.00	0.00	6.70	332	634
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	3.64	7.54	9.59	0.00	33.00	78	443
BUI	BR Util Infra & Pwr OppTr	BlackRock	3.82	14.94	6.21	3.34	0.00	347	981
FGB	FT Splty Fin and Fin Opp Fd	First Trust	3.43	3.50	11.82	13.73	22.83	82	246
GBAB	Gghm Taxable Muni Mgd Dur	Guggenheim Funds	3.82	8.65	5.95	0.00	23.44	407	1,149
MHD	BR MuniHldg Fd	BlackRock	3.56	-2.10	4.54	0.49	36.18	244	333
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	3.51	2.34	13.73	89.77	13.00	582	4,686
GAB	Gabelli Eq Tr	Gabelli	3.48	10.15	8.21	48.30	21.00	1,373	3,404
RFI	C&S Tot Rtn Ry Fd	Cohen & Steers	3.68	1.63	6.69	6.21	0.00	369	1,049
HPS	JH Pref Incm Fd III	John Hancock	3.59	3.12	7.65	19.65	34.29	587	1,164
ARCC	Ares Capital Corp	Ares	1.66	7.53	8.62	0.00	43.51	7,369	31,402
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	1.85	15.57	8.78	0.00	30.27	353	3,750
MAIN	Main Street Cap Corp	Main Street Capital	1.71	79.27	5.68	0.00	39.58	1,526	10,207
FDUS	Fidus Investment Corp	Fidus	1.49	-9.09	10.53	0.00	42.81	399	1,447
GLAD	Gladstone Cap Corp	Gladstone	1.60	13.00	9.03	0.25	39.82	250	1,117
OFS	OFS Capital Corp	OFS Capital	1.51	-12.90	12.06	0.00	55.76	173	501
NEWT	Newtek Biz Serv Corp	Newtek	1.57	46.44	10.33	0.00	52.72	294	2,419
NMFC	New Mountain Fin Corp	New Mountain Capital	1.55	0.30	10.11	8.09	57.46	1,174	6,671

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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