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09. Premium CEF/BDC Index

Data as of 06/02/2023 05/31/2023 04/28/2023 03/31/2023 03/23/2023 02/28/2023 01/31/2023 12/30/2022 11/30/2022 10/31/2022 09/30/2022 08/31/2022 07/29/2022 06/30/2022 05/31/2022 04/29/2022 03/31/2022 02/28/2022 02/11/2022 01/31/2022 12/31/2021 11/30/2021 10/29/2021 09/30/2021 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(%)	10 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	854.75	0.80	2.51	0.70	-2.06	0.09	-8.27	-2.58	-4.35	-0.75	2.26	-1.54	-1.96
NAV	1,438.67	0.82	2.02	1.44	1.51	-0.63	-1.48	6.23	4.79	5.66	1.41	0.81	3.70
Difference		0.03	-0.49	0.74	3.57	-0.73	6.79	8.81	9.14	6.41	-0.85	2.35	5.65
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2023 - Monthly Performance (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2023
Price	3.62	-3.05	-0.88	-0.42	-0.80	-2.94	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	5.38	-2.99	0.63	2.87	0.22	-0.81	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	1.76	0.05	1.51	3.29	1.02	2.13	-	-	-	-	-	-	-	-	-	-	-	-	-
2022 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2022
Price	-6.56	-3.13	0.22	-9.28	-8.57	-2.49	-8.03	-18.01	-25.62	6.56	-3.32	-11.57	-8.90	4.05	4.74	3.08	12.33	2.34	-23.88
NAV	-2.81	-1.34	-0.13	-4.24	-6.37	-0.03	-7.02	-12.97	-16.66	5.62	-2.08	-6.71	-3.52	3.69	6.27	-3.32	6.54	2.79	-14.34
Difference	3.75	1.78	-0.35	5.04	2.20	2.47	1.01	5.04	8.96	-0.95	1.24	4.86	5.38	-0.36	1.54	-6.40	-5.80	0.45	9.54
2021 - Monthly Performance (%)
	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	-4.01	-4.71	1.49	-0.83	1.31	1.97	-2.83	7.71
NAV	0.35	0.45	1.86	2.68	2.56	1.42	1.59	5.67	8.50	0.83	1.51	-1.38	0.94	1.92	-0.74	2.58	3.77	4.75	13.66
Difference	-0.15	-1.05	-1.21	-2.47	0.26	0.51	-0.53	0.25	-2.35	1.57	1.50	2.63	5.65	0.43	0.09	1.26	1.80	7.59	5.95
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
2014 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2014
Price	1.89	2.54	0.28	4.76	1.67	3.08	2.03	6.93	12.02	-2.13	3.99	-2.36	-0.63	1.72	1.47	-0.74	2.45	1.80	14.04
NAV	1.46	2.29	0.55	4.36	1.42	2.03	2.61	6.19	10.82	-1.25	2.95	-1.29	0.35	-0.51	-0.40	-1.99	-2.87	-2.53	8.01
Difference	-0.43	-0.25	0.27	-0.41	-0.25	-1.05	0.58	-0.74	-1.20	0.88	-1.04	1.07	0.98	-2.23	-1.86	-1.25	-5.32	-4.33	-6.03
2013 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2013
Price	6.40	1.67	0.48	8.70	2.11	-1.01	-1.75	-0.69	7.95	-0.44	-1.61	2.01	-0.07	2.47	0.10	2.17	4.81	4.74	13.06
NAV	3.84	0.45	2.02	6.42	2.01	-0.08	-2.17	-0.29	6.10	1.79	-1.68	2.59	2.68	2.00	0.78	1.01	3.84	6.61	13.12
Difference	-2.56	-1.22	1.54	-2.28	-0.11	0.93	-0.42	0.40	-1.84	2.23	-0.07	0.57	2.74	-0.47	0.67	-1.16	-0.97	1.87	0.06
2012 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2012
Price	5.58	2.84	0.06	8.64	1.38	-2.44	3.24	2.11	10.94	2.83	0.97	2.39	6.31	-0.67	-1.12	-1.22	-2.98	3.14	14.42
NAV	4.00	2.55	0.19	6.85	0.91	-2.37	1.24	-0.27	6.56	2.14	1.54	1.84	5.62	0.59	0.64	-0.02	1.22	6.91	13.92
Difference	-1.58	-0.30	0.13	-1.79	-0.47	0.07	-2.01	-2.39	-4.38	-0.69	0.58	-0.54	-0.68	1.26	1.77	1.20	4.20	3.78	-0.49

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount 10.55%	1Yr Disc 9.26%	3Yr Disc 8.02%	5Yr Disc 7.01%	Rel Disc Range (3yr) 54.90%
Mkt Yield 10.68%	Lev Adj NAV Yield 9.45%	After Tax Yield* 8.90%	Est Tax Friction* 1.78%	3Yr NAV Volatiliy 13.94
1 Yr RoC 35.67%	3 Yr Dest RoC 24.53%	Leverage 25.31%	Non Lev Exp Ratio 2.03%	Beta (2yr) 0.81
Equity Exposure 35.34%	Bond Exposure 62.17%	# Holdings 33	Cash Weighted Duration 2.68
Comp NAV TR -0.75%	Comp Discount 16.33%	Net Assets (M) 577	Liquidity - 90d (K) 2,097
* 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	3.46	110.43	8.75	87.08	22.00	241	767
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	3.58	28.44	13.71	46.78	23.26	1,475	7,213
FCO	abrdn Glbl Incm Fd	abrdn	3.83	30.32	15.76	72.25	25.00	54	319
RCS	PIMCO Stgc Incm Fd	PIMCO	3.53	17.93	11.93	3.08	36.75	198	579
BTO	JH Fin Opp Fd	John Hancock	3.07	5.69	9.85	10.38	19.71	481	2,741
ECC	Eagle Point Cr Co	Eagle Point	3.35	14.98	16.45	0.00	29.48	518	3,631
DPG	D&P Util & Infra Fd	Virtus	3.36	12.20	11.11	80.46	27.83	428	1,060
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	3.75	15.30	10.47	0.00	24.47	545	1,478
HPS	JH Pref Incm Fd III	John Hancock	3.43	4.28	9.50	13.82	39.13	424	829
MCN	Madison Cov Call & Eq Stgc	Madison	3.42	5.23	9.42	0.00	0.00	153	493
EDI	Virtus SH Emrg Mkt Tot Incm Fd	Virtus	3.10	-2.93	18.10	53.90	23.29	48	183
CCD	Calamos Dyn Convt & Incm Fd	Calamos	4.05	22.22	9.82	0.00	37.19	516	1,846
HPI	JH Pref Incm Fd	John Hancock	3.33	-1.01	10.05	9.20	39.34	394	962
STK	ClmbSlgmn Prm Tech Gwth Fd	Columbia Mngmt	3.86	10.69	6.22	0.00	0.00	434	1,108
EDF	Virtus SH Emrg Mkt Incm Fd	Virtus	3.22	-0.25	17.91	57.68	24.13	69	260
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	3.76	3.06	6.74	0.00	0.00	1,172	2,593
HPF	JH Pref Incm Fd II	John Hancock	3.41	-0.95	10.12	14.52	39.30	317	619
OIA	Invsc Muni Incm Opp Tr	Invesco	3.32	-2.54	5.17	7.98	26.00	300	442
GBAB	Gghm Taxable Muni Bnd & Inv Grd Dbt	Guggenheim Funds	3.47	2.44	9.22	30.95	25.09	367	880
PFN	PIMCO Incm Stgy Fd II	PIMCO	3.68	4.50	11.97	12.62	25.82	578	1,337
HIX	WA Hi Incm Fd II	Franklin Templeton	3.55	1.07	12.48	7.26	28.02	304	760
FOF	C&S CE Opp Fd	Cohen&Steers	3.52	0.75	9.77	48.63	0.00	291	497
BST	BR Sci & Tech Tr	BlackRock	3.80	2.01	8.82	49.03	0.00	1,125	3,190
MMD	MainStay MK DfinTrm Muni Opp	New York Life	3.49	-1.05	5.33	0.00	35.50	476	996
BDJ	BR Enh Eq Div Tr	BlackRock	3.43	-5.22	8.25	0.00	0.00	1,608	3,260
PIAC	Princeton Cap Corp	House Hanover	1.17	-3.85	0.00	0.00	0.00	31	0
OXSQ	Oxford Square Cap Corp	Oxford Lane	1.49	3.21	14.53	0.00	55.65	140	666
SCM	Stellus Cap Inv Corp	Stellus Capital	1.60	0.36	11.49	0.00	67.02	289	1,772
FDUS	Fidus Investment Corp	Fidus	1.59	-1.44	8.58	0.00	46.06	485	1,678
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	1.42	-9.18	14.83	0.00	58.51	421	3,295
BXSL	Blackstone Secur Lending Fd	Blackstone	1.70	-0.50	10.78	0.00	56.13	4,196	20,500
TRIN	Trinity Capital	Trinity Capital	1.65	-2.52	14.76	0.00	54.08	470	4,999
MAIN	Main Street Cap Corp	Main Street Capital	1.64	48.07	6.70	0.00	46.34	2,191	13,579

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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