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06. Investment Grade Bond Index

Data as of

About the Index

(1) Taxable Bond Funds groupings according to CEFdata.com. (2) Removing funds with US / Non US Equity over 5% each. (3) Removing funds with non investment grade bond exposure over 35%. (4) 90-day average trade dollar $ liquidity over $200K. (5) Adding funds classified as Taxable Municipal Bond Funds on CEFdata.com. Equal weight each fund for the index. 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 1,112.32 -0.49 -0.94 -1.24 1.49 1.67 -0.18 8.81 6.03 -1.31 0.85 -0.12
NAV 1,092.72 0.15 0.25 -0.33 0.72 -0.44 0.20 5.81 4.71 -0.21 0.49 -1.34
Difference 0.64 1.19 0.90 -0.77 -2.11 0.38 -3.00 -1.32 1.10 -0.36 -1.22
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price -0.07 -1.09 0.44 -0.73 -0.06 -0.20 0.01 -0.25 -0.97 1.74 0.44 - - - - - - - 1.19
NAV 0.67 -1.06 0.18 -0.21 -0.54 -0.33 -0.76 -1.62 -1.83 1.30 -0.59 - - - - - - - -1.14
Difference 0.74 0.03 -0.26 0.51 -0.48 -0.13 -0.76 -1.38 -0.86 -0.44 -1.03 - - - - - - - -2.32
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 2.63 1.79 -0.30 4.16 1.99 1.51 0.93 4.49 8.65 2.12 0.27 0.26 2.66 -0.10 -1.61 1.42 -0.32 2.34 10.99
NAV 1.68 1.56 0.15 3.42 1.37 1.31 0.53 3.24 6.67 1.33 1.06 -0.04 2.36 0.45 0.23 0.66 1.34 3.70 10.37
Difference -0.95 -0.23 0.44 -0.74 -0.62 -0.19 -0.41 -1.24 -1.98 -0.79 0.79 -0.30 -0.30 0.55 1.84 -0.76 1.66 1.36 -0.62
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price 0.37 0.70 6.06 7.20 2.29 0.28 3.02 5.68 12.88 3.06 1.48 -0.65 3.90 -2.72 -3.16 1.98 -3.93 -0.02 12.85
NAV -0.06 -0.03 3.16 3.08 2.17 -0.06 2.21 4.36 7.44 2.26 0.70 0.45 3.43 -0.30 -2.90 0.95 -2.27 1.17 8.60
Difference -0.43 -0.73 -2.90 -4.13 -0.12 -0.35 -0.81 -1.32 -5.44 -0.80 -0.78 1.10 -0.47 2.42 0.26 -1.03 1.66 1.19 -4.25
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 2.92 -0.19 -1.07 1.63 1.35 -1.61 -3.87 -4.14 -2.51 -1.08 -1.83 -0.61 -3.48 5.21 -0.80 -1.16 3.16 -0.32 -2.83
NAV 1.38 0.10 -0.20 1.28 0.74 -0.58 -1.41 -1.25 0.03 -0.27 -1.31 -0.95 -2.51 1.80 -0.09 -1.56 0.13 -2.38 -2.36
Difference -1.54 0.29 0.87 -0.35 -0.61 1.02 2.46 2.88 2.53 0.81 0.51 -0.34 0.97 -3.40 0.71 -0.40 -3.03 -2.06 0.47

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-0.89%
1Yr Disc
-1.90%
3Yr Disc
-2.51%
5Yr Disc
-3.31%
Rel Disc Range (3yr)
53.20%
Mkt Yield
7.81%
Lev Adj NAV Yield
6.43%
After Tax Yield*
6.15%
Est Tax Friction*
1.66%
3Yr NAV Volatiliy
6.23
1 Yr RoC
10.73%
3 Yr Dest RoC
7.98%
Leverage
22.08%
Non Lev Exp Ratio
1.34%
Beta (2yr)
0.09
Equity Exposure
4.25%
Bond Exposure
92.30%
# Holdings
40
Cash Weighted Duration
5.39
Comp NAV TR
-0.52%
Comp Discount
1.79%
Net Assets (M)
503
Liquidity - 90d (K)
1,326
* 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


40 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
BHK BR Core Bnd Tr BlackRock 2.51 -7.84 6.09 0.00 29.26 750 1,360
BKT BR Incm Tr BlackRock 2.46 -8.04 7.22 0.13 31.47 397 550
BTZ BR Cr Alloc Incm Tr BlackRock 2.57 -11.88 6.49 1.16 31.57 1,482 2,938
CCD Calamos Dyn Convt & Incm Fd Calamos 2.57 2.53 9.15 45.95 32.33 521 1,397
DBL DbLin Opportunistic Cr Fd Doubleline 2.50 5.18 9.67 29.34 23.96 294 974
DSL DbLin Incm Solutions Fd Doubleline 2.54 -0.93 8.93 2.34 29.18 2,062 5,614
DUC D&P Util & Corp Bnd Tr Duff & Phelps 2.42 -7.65 4.97 34.67 29.16 252 285
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 2.52 -10.48 9.01 25.00 31.32 494 1,234
EDF SH Emrg Mkt Incm Fd Stone Harbor 2.54 17.61 16.41 48.77 29.01 180 1,272
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 2.43 4.04 14.67 46.50 28.97 115 707
FAM FT/Abd Glbl Opp Incm Fd First Trust 2.42 -13.07 8.77 28.94 30.60 143 480
FAX Abd Asia-Pacific Incm Fd Aberdeen 2.39 -13.71 10.27 46.37 32.38 1,194 2,917
GDO WA Glbl Corp Dfin Opp Fd Legg Mason 2.44 -9.41 7.50 0.00 23.34 267 482
GIM Tmp Glbl Incm Fd Franklin 2.46 -13.24 7.06 0.00 0.00 932 1,811
IGI WA Inv Grd Dfin Opp Tr Legg Mason 2.43 2.27 5.03 0.00 0.00 215 385
IHIT Invsc Hi Incm 2023 Tgt Trm Fd Invesco 2.50 -1.98 6.06 0.00 24.76 242 398
INSI Insight Sel Incm Fd Cutwater 2.46 -7.89 4.31 0.00 0.00 216 322
JHS JH Incm Sec Tr John Hancock 2.47 -7.48 5.13 0.00 34.81 168 285
JLS Nuv Mortg Opp Trm Fd Nuveen 2.56 -1.89 5.70 0.00 27.60 387 1,307
MCI Barings Corp Invstr Barings 2.59 2.79 7.75 0.00 9.05 302 272
MIN MFS Imd Incm Tr MFS 2.44 -8.11 9.37 74.38 0.00 479 856
OXLC Oxford Lane Cap Corp Oxford Lane 2.61 7.11 15.15 0.00 39.13 287 3,000
PAI WA Inv Grd Incm Fd Legg Mason 2.48 -6.15 5.08 0.00 0.00 137 257
PCN PIMCO Corp & Incm Stgy Fd PIMCO 2.65 24.49 7.34 7.01 21.77 582 1,408
PFL PIMCO Incm Stgy Fd PIMCO 2.57 9.20 9.01 8.69 23.31 281 786
PFN PIMCO Incm Stgy Fd II PIMCO 2.56 6.14 9.10 0.00 22.29 594 2,036
PHK PIMCO Hi Incm Fd PIMCO 2.44 25.00 12.10 20.10 23.78 830 4,821
PTY PIMCO Corp & Incm Opp Fd PIMCO 2.57 20.56 8.78 5.27 42.73 1,229 4,652
RCS PIMCO Stgc Incm Fd PIMCO 2.45 30.87 9.22 8.63 39.06 308 1,192
TEI Tmp Emrg Mkt Incm Fd Franklin 2.49 -10.76 8.98 0.00 0.00 535 1,598
TSI TCW Stgc Incm Fd TCW 2.57 -4.58 5.50 0.00 0.00 281 301
VBF Invsc Bnd Fd Invesco 2.44 -8.32 4.73 0.89 0.00 217 470
WEA WA Prmr Bnd Fd Legg Mason 2.50 -8.27 6.23 0.00 25.70 163 329
WIA WA Inf-Lnk Incm Fd Western Asset 2.46 -10.97 3.67 0.00 28.00 369 503
WIW WA Inf-Lnk Opp & Incm Fd Western Asset 2.43 -11.65 3.99 0.00 28.00 751 949
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 2.71 2.95 8.47 0.00 32.90 79 361
BBN BR Taxable Muni BndTr BlackRock 2.41 -5.84 6.70 0.00 36.64 1,291 2,515
GBAB Gghm Taxable Muni Mgd Dur Guggenheim 2.48 -3.60 7.04 0.00 17.57 387 620
NBB Nuv Bld Amrc Bnd Fd Nuveen 2.47 -3.89 6.10 0.00 13.67 558 988
NBD Nuv Bld Amrc Bnd Opp Fd Nuveen 2.51 -3.35 5.22 0.00 6.72 164 248

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.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2017. All rights reserved. Any copying, republication or redistribution of CEFadvisors, CEFdata.com, content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of CEFAdvisors. CEFAdvisors shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %