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07. Taxable Bond & BDC Index

Data as of 08/20/2019 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	1,226.09	0.29	-0.57	-0.27	3.55	7.24	7.59	6.70	5.69	-0.96	0.95	17.23
NAV	1,196.87	0.11	-0.19	-0.26	2.93	5.49	7.19	6.48	4.80	-0.76	0.23	10.20
Difference		-0.19	0.38	0.02	-0.62	-1.75	-0.41	-0.23	-0.88	0.20	-0.72	-7.03
* 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	8.77	2.17	0.80	12.02	1.75	-0.72	3.21	4.25	16.28	1.93	-	-	-	-	-	-	-	-	18.19
NAV	4.22	1.21	0.93	6.46	1.28	-0.10	2.30	3.51	9.97	1.00	-	-	-	-	-	-	-	-	10.96
Difference	-4.55	-0.96	0.13	-5.57	-0.46	0.63	-0.91	-0.74	-6.31	-0.93	-	-	-	-	-	-	-	-	-7.23
2018 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2018
Price	-0.16	-1.29	0.62	-0.84	0.80	0.31	-0.15	0.96	0.11	1.98	0.88	-0.82	2.03	-5.03	-0.47	-2.97	-8.28	-6.25	-6.14
NAV	0.93	-0.88	0.15	0.19	0.04	-0.23	-0.10	-0.28	-0.09	1.34	-0.08	0.52	1.78	-1.64	-0.61	-1.48	-3.69	-1.91	-2.00
Difference	1.09	0.41	-0.46	1.04	-0.76	-0.54	0.05	-1.24	-0.20	-0.65	-0.96	1.34	-0.25	3.38	-0.13	1.48	4.59	4.34	4.14
2017 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2017
Price	2.86	2.17	-0.32	4.75	2.20	0.62	0.83	3.68	8.43	2.09	-0.63	0.97	2.44	-0.45	-1.08	1.33	-0.21	2.22	10.66
NAV	1.42	1.61	0.25	3.32	1.28	0.96	0.57	2.84	6.16	1.39	0.67	0.54	2.61	0.65	0.24	0.59	1.49	4.10	10.26
Difference	-1.43	-0.55	0.57	-1.43	-0.92	0.34	-0.25	-0.85	-2.28	-0.70	1.29	-0.43	0.18	1.09	1.32	-0.74	1.70	1.88	-0.40
2016 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2016
Price	-1.47	0.44	6.33	5.23	2.79	0.55	2.43	5.86	11.08	4.38	1.82	-0.67	5.58	-1.82	-1.42	2.74	-0.57	5.00	16.09
NAV	-0.98	-0.69	3.41	1.69	2.45	0.54	1.27	4.31	6.00	2.61	1.17	0.85	4.70	0.16	-1.74	1.33	-0.27	4.44	10.44
Difference	0.50	-1.13	-2.92	-3.53	-0.34	-0.01	-1.16	-1.55	-5.08	-1.77	-0.65	1.52	-0.88	1.99	-0.31	-1.41	0.31	-0.57	-5.65
2015 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2015
Price	1.59	1.51	-0.71	2.39	1.77	-1.19	-3.77	-3.23	-0.84	-1.43	-2.33	-2.65	-6.29	4.69	-0.98	-0.73	2.90	-3.39	-4.23
NAV	1.08	1.14	-0.25	1.98	1.20	0.07	-1.28	-0.02	1.96	-0.15	-1.63	-1.73	-3.48	1.77	-0.48	-2.07	-0.82	-4.31	-2.35
Difference	-0.51	-0.37	0.46	-0.41	-0.57	1.26	2.50	3.21	2.80	1.28	0.70	0.92	2.80	-2.92	0.50	-1.34	-3.72	-0.92	1.89

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -1.37%	1Yr Disc -3.40%	3Yr Disc -3.08%	5Yr Disc -4.60%	Rel Disc Range (3yr) 63.74%
Mkt Yield 8.06%	Lev Adj NAV Yield 6.31%	After Tax Yield* 6.38%	Est Tax Friction* 1.68%	3Yr NAV Volatiliy 5.05
1 Yr RoC 12.97%	3 Yr Dest RoC 7.97%	Leverage 30.28%	Non Lev Exp Ratio 1.50%	Beta (2yr) 0.17
Equity Exposure 2.38%	Bond Exposure 94.77%	# Holdings 79	Cash Weighted Duration 4.17
Comp NAV TR 0.15%	Comp Discount 1.87%	Net Assets (M) 850	Liquidity - 90d (K) 2,442
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

79 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
BBN	BR Taxable Muni BndTr	BlackRock	4.05	-1.26	5.35	4.32	36.97	1,451	3,878
NBB	Nuv Taxable Muni Incm Fd	Nuveen	4.03	-2.79	5.55	0.00	36.66	627	1,741
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.97	0.18	9.10	27.10	33.14	819	1,943
CHI	Calamos Convt Opp & Incm	Calamos	1.93	-1.69	9.18	27.25	32.93	754	1,896
NCV	AG Convt & Incm Fd	Allianz	1.95	2.53	11.11	32.84	41.09	497	1,566
NCZ	AG Convt & Incm Fd II	Allianz	1.93	1.21	10.76	40.56	41.55	376	1,070
EMD	WA Emrg Mkt Dbt Fd	Legg Mason	2.48	-11.89	8.71	16.60	28.78	950	2,179
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	2.39	38.04	16.63	60.66	0.00	153	1,655
EDD	MS Emrg Mkt Dom Dbt	Morgan Stanley	2.48	-12.45	9.08	16.67	26.17	499	1,468
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	1.52	-15.02	7.99	45.03	31.74	1,209	2,834
GIM	Tmp Glbl Incm Fd	Franklin	1.48	-9.57	6.25	8.27	0.00	911	1,904
RCS	PIMCO Stgc Incm Fd	PIMCO	1.51	40.06	7.72	22.82	41.64	295	958
PPT	Putnam Prmr Incm Tr	Putnam	1.58	-2.42	8.00	0.13	17.08	556	1,294
MIN	MFS Imd Incm Tr	MFS	1.52	-6.13	9.01	69.51	0.00	477	903
HYT	BR Corp Hi Yld Fd	BlackRock	0.68	-10.10	8.23	0.00	27.51	1,424	3,717
DSU	BR Dbt Stgs Fd	BlackRock	0.70	-11.29	7.64	0.80	31.32	603	1,312
EAD	WF Incm Opp Fd	Wells Fargo	0.69	-9.21	8.77	8.83	28.66	561	1,484
KIO	KKR Incm Opp Fd	KKR Credit	0.69	-2.89	9.69	0.00	29.85	324	1,589
GHY	PGIM Glbl Hi Yld Fd	Prudential	0.68	-12.43	8.47	2.27	29.45	662	1,467
ISD	PGIM Hi Yld Bnd Fd	Prudential	0.68	-13.01	8.34	0.00	24.53	550	1,470
HIX	WA Hi Incm Fd II	Legg Mason	0.67	-7.57	8.39	4.64	28.90	619	1,589
HIO	WA Hi Incm Opp Fd	Legg Mason	0.69	-7.29	7.07	0.00	0.00	702	1,294
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	0.71	-1.71	9.97	0.00	29.05	364	1,163
ACP	Abd Incm Cr Stgs Fd	Aberdeen	0.68	-3.13	11.92	0.00	31.21	163	995
FSD	FT Hi Incm Lng/Srt Fd	First Trust	0.69	-12.33	8.92	23.01	22.78	580	1,178
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	2.52	26.71	8.70	2.13	36.83	1,246	5,431
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	2.63	21.50	7.66	0.00	24.11	575	1,731
PIM	Putnam Mstr Imd Incm Tr	Putnam	2.57	-4.55	7.81	23.69	7.96	257	625
EVV	EV Ltd Dur Incm Fd	Eaton Vance	3.80	-13.12	6.71	0.00	35.23	1,674	3,535
BLW	BR Ltd Dur Incm Tr	BlackRock	3.92	-9.32	6.21	0.00	24.24	607	1,358
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.61	-11.26	16.76	45.17	37.52	1,132	5,148
VVR	Invsc Sr Incm Tr	Invesco	0.62	-11.86	6.63	0.00	32.00	850	2,047
VTA	Invsc Dyn Cr Opp Fd	Invesco	0.62	-12.43	7.14	8.94	33.00	924	2,064
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	0.63	-6.52	9.45	0.00	37.17	692	2,113
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	0.63	-12.86	6.62	0.00	29.65	525	1,547
HFRO	Highland Incm Fd	Highland Capital	0.60	-8.61	7.14	24.96	31.12	1,018	1,489
EFT	EV Flt-Rt Incm Tr	Eaton Vance	0.63	-12.31	6.88	0.00	34.10	602	1,154
JFR	Nuv Flt Rt Incm Fd	Nuveen	0.63	-12.04	7.71	0.00	37.75	619	1,402
EFR	EV Sr Flt-Rt Tr	Eaton Vance	0.63	-11.92	7.01	0.00	34.50	544	1,610
PPR	Voya Prime Rt Tr	Voya	0.63	-13.12	7.02	0.00	26.91	800	1,516
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	0.63	-12.04	7.89	0.00	37.24	438	1,124
ARDC	Ares Dyn Cr Alloc Fd	Ares	0.63	-11.01	8.58	0.00	30.46	387	1,177
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	3.95	-2.67	12.57	49.13	27.10	198	918
BKT	BR Incm Tr	BlackRock	3.88	-5.12	6.75	30.21	30.92	411	916
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	0.77	6.26	8.66	0.00	45.13	3,126	12,896
PHK	PIMCO Hi Incm Fd	PIMCO	0.76	26.33	9.41	20.43	26.89	811	3,191
DSL	DbLin Incm Solutions Fd	Doubleline	0.76	2.12	9.10	2.34	30.34	1,964	7,981
PDI	PIMCO Dyn Incm Fd	PIMCO	0.76	17.30	8.31	0.00	41.10	1,541	6,255
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.77	16.15	10.70	30.55	0.00	658	2,971
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.80	-9.16	5.96	0.00	29.98	1,541	3,442
RA	Brkf Real Ast Incm Fd	Brookfield	0.79	-4.92	10.74	40.19	23.54	853	2,771
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	0.77	-9.95	6.68	10.95	41.62	1,126	1,900
BIT	BR Mlt-Sctr Incm Tr	BlackRock	0.75	-6.24	8.18	10.14	35.37	685	1,964
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.76	7.94	9.29	0.00	24.23	611	2,072
JPS	Nuv Pref & Incm Sec Fd	Nuveen	1.12	-0.72	6.97	0.00	35.93	1,979	4,650
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.12	-2.37	7.41	1.93	30.71	1,437	3,429
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.13	2.24	6.55	0.00	33.60	890	2,679
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.08	-2.50	7.52	0.00	36.33	1,032	2,298
HPI	JH Pref Incm Fd	John Hancock	1.14	13.54	6.96	16.21	35.01	553	1,547
DFP	F&C Dyn Pref and Incm Fd	Flaherty & Crumrine	1.12	-0.43	6.68	0.00	33.90	494	1,413
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen & Steers	1.10	-1.42	7.48	11.34	30.20	732	1,535
WIW	WA Inf-Lnk Opp & Incm Fd	Legg Mason	7.63	-13.29	3.87	0.00	30.33	787	810
ARCC	Ares Capital Corp	Ares	0.47	9.50	8.46	0.00	43.51	7,369	31,898
PSEC	Prospect Capital Corp	Prospect Capital	0.46	-26.87	10.84	0.00	40.71	3,332	9,881
FSK	FS KKR Capital Corp	FS/KKR	0.45	-26.78	13.17	0.00	44.56	4,086	10,204
MAIN	Main Street Cap Corp	Main Street Capital	0.48	80.68	5.63	0.00	39.58	1,526	10,303
HTGC	Hercules Capital	Hercules	0.47	23.23	9.81	0.00	50.66	1,107	7,408
CGBD	TCG BDC	Carlyle	0.43	-16.47	10.39	0.00	50.42	1,019	5,399
AINV	Apollo Inv Corp	Apollo	0.47	-13.79	10.99	0.00	50.34	1,288	5,552
TSLX	TPG Specialty Lending	TSL Advisers	0.49	25.60	7.45	0.00	44.50	1,105	4,220
NMFC	New Mountain Fin Corp	New Mountain Capital	0.44	2.24	9.92	8.09	57.46	1,174	6,667
GBDC	Golub Capital BDC	Golub Capital	0.47	17.55	6.83	0.00	51.46	968	3,089
BCSF	Bain Cap Splty Fin	BCSF Advisors	0.45	-8.35	9.05	0.00	58.12	1,021	2,786
TCPC	BR TCP Capital Corp	Tennenbaum Capital	0.43	-0.66	10.63	0.00	52.43	802	3,673
GSBD	Goldman Sachs BDC	Goldman Sachs	0.46	16.33	8.99	0.00	53.76	694	2,597
NEWT	Newtek Biz Serv Corp	Newtek	0.42	46.12	8.21	0.00	52.72	294	2,220
PFLT	PennantPark Flt Rt Cap	PennantPark	0.46	-11.25	9.83	0.00	49.79	507	1,834
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	0.52	15.79	8.76	0.00	30.27	353	3,684
OCSL	Oaktree Splty Lending	Oaktree Capital	0.43	-20.45	7.24	11.87	36.18	930	1,883

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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