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07. Taxable Bond & BDC Index

Data as of

About the Index

Funds need to have 90-day average trading dollar ($) liquidity over $500K and then ranked the top 50% of the constituent funds by their respective 90-day average trade liquidity (with a minimum of 2 funds per group; if needed, a lower average trading’s liquidity may be used) for the 13 groupings of CEFs according to CEFData.com: (1) Build America Bond (taxable municipals or BABs), (2) Convertible Bonds, (3) Emerging Market Income, (4) Global Income, (5) High Yield, (6) Investment Grade, (7) Limited Duration, (8) Senior Loan, (9) Mortgage, (10) Multi-Sector, (11) Preferred, (12) US Government Bonds, (13) Debt-Focused Business Development Companies (BDCs). We will combine levered and non-levered groupings to create one larger grouping. Each sector is then equal weighted into 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(%) 10 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,263.89 1.66 1.96 7.10 -1.41 -2.58 -15.71 -0.06 2.77 3.88 7.10 10.80 -15.96
NAV 1,216.65 1.14 1.13 3.93 -1.57 -4.13 -12.26 -0.03 1.95 3.91 3.93 4.46 -13.27
Difference -0.52 -0.83 -3.17 -0.17 -1.56 3.45 0.03 -0.81 0.03 -3.17 -6.33 2.69
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2022 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2022
Price -4.25 -3.06 -0.45 -7.60 -5.50 -1.32 -5.63 -11.99 -18.68 6.64 -1.43 -11.26 -6.73 3.45 7.10 - - - -
NAV -2.11 -1.73 -1.05 -4.82 -3.82 -1.25 -5.21 -9.97 -14.31 4.07 -1.28 -5.69 -3.11 0.52 3.93 - - - -
Difference 2.14 1.33 -0.60 2.78 1.67 0.07 0.41 2.01 4.37 -2.57 0.15 5.57 3.62 -2.93 -3.17 - - - -
2021 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2021
Price 0.40 1.61 2.12 4.18 2.87 2.32 1.51 6.85 11.32 0.94 0.67 -2.18 -0.61 2.27 -2.03 0.30 0.50 -0.11 11.19
NAV 0.84 0.29 -0.35 0.78 1.78 0.96 1.05 3.84 4.65 0.62 0.84 -0.61 0.85 0.33 -1.00 1.17 0.50 1.35 6.06
Difference 0.44 -1.32 -2.47 -3.40 -1.09 -1.36 -0.46 -3.01 -6.67 -0.31 0.17 1.57 1.45 -1.94 1.04 0.87 -0.00 1.46 -5.13
2020 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2020
Price 1.75 -6.93 -19.29 -23.58 8.18 6.27 1.77 16.99 -10.59 4.10 1.74 -1.74 4.07 -0.92 9.86 3.17 12.30 16.87 4.49
NAV 1.23 -1.20 -16.32 -16.31 5.10 3.68 2.77 11.99 -6.28 3.65 1.99 -0.55 5.13 0.17 5.17 2.60 8.08 13.62 6.49
Difference -0.52 5.73 2.97 7.26 -3.08 -2.58 1.00 -5.00 4.31 -0.45 0.25 1.18 1.06 1.09 -4.69 -0.57 -4.22 -3.24 2.00
2019 - Monthly Performance (%)
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 16.79 1.93 -0.77 1.29 2.45 0.96 0.78 2.23 4.02 6.57 24.46
NAV 4.22 1.21 0.93 6.46 1.28 -0.10 2.30 3.51 10.19 1.00 -0.28 0.38 1.10 0.59 0.29 1.98 2.88 4.01 14.62
Difference -4.55 -0.96 0.13 -5.57 -0.46 0.63 -0.91 -0.74 -6.59 -0.93 0.49 -0.91 -1.36 -0.37 -0.49 -0.24 -1.13 -2.56 -9.85
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 -6.42 -6.32
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 -1.98 -2.06
Difference 1.09 0.41 -0.46 1.04 -0.76 -0.54 0.05 -1.24 -0.19 -0.65 -0.96 1.34 -0.25 3.38 -0.13 1.48 4.59 4.45 4.26
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 8.61 2.09 -0.63 0.97 2.44 -0.45 -1.08 1.33 -0.21 2.22 11.02
NAV 1.42 1.61 0.25 3.32 1.28 0.96 0.57 2.84 6.25 1.39 0.67 0.54 2.61 0.65 0.24 0.59 1.49 4.14 10.65
Difference -1.43 -0.55 0.57 -1.43 -0.92 0.34 -0.25 -0.85 -2.36 -0.70 1.29 -0.43 0.18 1.09 1.32 -0.74 1.70 1.92 -0.37
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 11.39 4.38 1.82 -0.67 5.58 -1.82 -1.42 2.74 -0.57 4.97 16.93
NAV -0.98 -0.69 3.41 1.69 2.45 0.54 1.27 4.31 6.07 2.61 1.17 0.85 4.70 0.16 -1.74 1.33 -0.27 4.42 10.77
Difference 0.50 -1.13 -2.92 -3.53 -0.34 -0.01 -1.16 -1.55 -5.32 -1.77 -0.65 1.52 -0.88 1.99 -0.31 -1.41 0.31 -0.55 -6.16
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 -0.92 -1.43 -2.33 -2.65 -6.29 4.69 -0.98 -0.73 2.90 -3.57 -4.46
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 -4.28 -2.40
Difference -0.51 -0.37 0.46 -0.41 -0.57 1.26 2.50 3.21 2.88 1.28 0.70 0.92 2.80 -2.92 0.50 -1.34 -3.72 -0.71 2.06
2014 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2014
Price 1.98 2.92 0.23 5.20 2.06 1.69 1.52 5.37 10.85 -2.51 1.76 -3.18 -3.95 1.08 0.29 -2.48 -1.14 -5.04 5.26
NAV 1.69 1.85 0.86 4.47 1.23 1.77 0.91 3.96 8.60 -0.27 1.17 -1.94 -1.07 0.90 0.12 -2.04 -1.04 -2.10 6.32
Difference -0.29 -1.07 0.63 -0.74 -0.84 0.07 -0.61 -1.41 -2.25 2.24 -0.59 1.24 2.88 -0.19 -0.17 0.44 0.10 2.95 1.06
2013 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2013
Price 3.36 1.06 0.36 4.83 1.70 -4.89 -3.10 -6.27 -1.74 -1.04 -2.42 2.06 -1.44 2.38 -1.53 0.76 1.58 0.12 -1.63
NAV 1.86 0.47 0.84 3.20 1.97 -1.28 -3.32 -2.68 0.44 1.20 -1.18 1.61 1.61 2.04 0.01 -0.24 1.81 3.45 3.90
Difference -1.51 -0.59 0.49 -1.63 0.27 3.61 -0.22 3.59 2.18 2.23 1.24 -0.45 3.06 -0.34 1.54 -1.00 0.22 3.33 5.53
2012 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2012
Price 5.95 2.17 -0.50 7.71 1.27 -1.32 2.95 2.88 10.81 3.40 1.88 1.62 7.05 -0.09 0.12 0.14 0.16 7.22 18.81
NAV 3.52 2.17 0.22 6.00 1.10 -1.25 1.58 1.42 7.50 2.54 1.31 1.96 5.92 1.06 0.74 1.03 2.85 8.94 17.11
Difference -2.43 0.00 0.72 -1.71 -0.18 0.08 -1.36 -1.46 -3.30 -0.86 -0.57 0.34 -1.13 1.15 0.63 0.89 2.69 1.71 -1.70

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-2.76%
1Yr Disc
-3.20%
3Yr Disc
-2.59%
5Yr Disc
-3.31%
Rel Disc Range (3yr)
65.19%
Mkt Yield
10.02%
Lev Adj NAV Yield
7.34%
After Tax Yield*
8.05%
Est Tax Friction*
1.97%
3Yr NAV Volatiliy
11.39
1 Yr RoC
28.72%
3 Yr Dest RoC
29.24%
Leverage
33.76%
Non Lev Exp Ratio
1.56%
Beta (2yr)
0.80
Equity Exposure
3.90%
Bond Exposure
93.62%
# Holdings
72
Cash Weighted Duration
4.57
Comp NAV TR
0.65%
Comp Discount
1.53%
Net Assets (M)
850
Liquidity - 90d (K)
3,136
* 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


72 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
BBN BR Taxable Muni BndTr BlackRock 4.02 7.02 7.86 11.40 33.86 1,082 4,693
NBB Nuv Taxable Muni Incm Fd Nuveen 3.63 -1.82 6.85 0.00 41.63 485 1,419
CCD Calamos Dyn Convt & Incm Fd Calamos 1.98 8.16 10.45 0.00 37.94 540 1,837
CHY Calamos Convt & Hi Incm Fd Calamos 2.05 5.59 10.25 0.00 38.43 839 1,814
CHI Calamos Convt Opp & Incm Calamos 2.06 7.14 10.12 0.00 38.34 779 1,851
NCV Virtus Convt & Incm Fd Virtus 2.01 -10.17 14.09 91.04 49.10 364 1,515
EMD WA Emrg Mkt Dbt Fd Franklin Templeton 4.10 -9.06 10.39 29.39 30.84 612 1,724
TEI Tmp Emrg Mkt Incm Fd Franklin Templeton 4.10 -6.88 9.81 9.83 0.00 263 846
FAX abrdn Asia-Pacific Incm Fd abrdn 2.46 -14.66 12.60 43.74 32.93 760 3,087
GIM Tmp Glbl Incm Fd Franklin Templeton 2.45 -7.42 8.15 8.70 0.00 471 1,403
MIN MFS Imd Incm Tr MFS 2.42 -4.62 8.81 71.45 0.00 352 625
HYT BR Corp Hi Yld Fd BlackRock 0.68 -3.40 10.27 24.18 27.12 1,344 5,338
DLY DbLin Yld Opp Fd Doubleline 0.67 -7.32 9.96 7.23 22.51 727 2,859
FTHY FT Hi Yld Opp 2027 Trm Fd First Trust 0.70 -8.14 10.37 23.01 21.13 588 1,732
ISD PGIM Hi Yld Bnd Fd Prudential 0.71 -7.31 9.84 17.68 18.88 459 1,309
GHY PGIM Glbl Hi Yld Fd Prudential 0.69 -10.51 11.12 20.12 14.11 518 1,520
EAD Allspring Incm Opp Fd Allspring 0.73 -1.25 9.07 16.06 31.90 429 1,006
DSU BR Dbt Stgs Fd BlackRock 0.70 -6.77 8.66 11.47 27.76 488 1,388
FSD FT Hi Incm Lng/Srt Fd First Trust 0.70 -8.44 10.76 34.92 32.21 427 1,035
KIO KKR Incm Opp Fd KKR Credit 0.65 -8.39 10.89 0.00 40.20 257 903
DHF BNY Mellon Hi Yld Stgs Fd BNY Mellon 0.72 -7.09 9.41 0.00 31.29 185 1,011
HIX WA Hi Incm Fd II Franklin Templeton 0.77 3.16 11.24 11.14 35.93 329 1,138
PTY PIMCO Corp & Incm Opp Fd PIMCO 3.98 17.96 10.80 0.00 42.44 986 5,588
PCN PIMCO Corp & Incm Stgy Fd PIMCO 3.80 10.61 10.61 0.00 34.40 521 1,496
EVV EV Ltd Dur Incm Fd Eaton Vance 4.00 -1.61 11.54 39.24 38.10 1,228 2,851
BLW BR Ltd Dur Incm Tr BlackRock 3.94 -0.81 8.70 16.95 38.16 487 1,225
VVR Invsc Sr Incm Tr Invesco 0.83 -6.64 9.75 3.40 34.65 646 3,224
JQC Nuv Cr Stgs Incm Fd Nuveen 0.82 -8.55 10.65 24.23 39.57 793 2,593
FRA BR Flt Rt Incm Stgc Fd BlackRock 0.85 -7.02 8.09 10.83 27.41 452 1,367
FCT FT Sr Flt Rt Incm Fd II First Trust 0.80 -7.71 8.19 32.68 17.78 287 931
JFR Nuv Flt Rt Incm Fd Nuveen 0.82 -7.10 10.52 14.19 38.69 521 1,570
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 0.90 4.49 12.98 0.00 41.68 230 1,110
BGB Blackstone Stgc Cr Fd Blackstone 0.81 -9.60 8.38 0.00 37.53 544 1,238
EFR EV Sr Flt-Rt Tr Eaton Vance 0.82 -6.98 8.38 10.18 37.37 364 1,240
ARDC Ares Dyn Cr Alloc Fd Ares 0.82 -9.71 10.02 0.00 37.11 311 978
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 3.66 -6.38 18.89 54.76 34.00 230 1,315
BKT BR Incm Tr BlackRock 3.53 -6.74 8.50 38.65 30.92 284 761
PDI PIMCO Dyn Incm Fd PIMCO 0.81 6.43 13.33 0.00 44.97 4,383 16,405
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.84 26.26 13.41 56.99 23.70 1,444 7,272
PDO PIMCO Dyn Incm Opp Fd PIMCO 0.88 1.37 10.39 0.00 46.53 1,605 7,443
RA Brkf Real Ast Incm Fd Brookfield 0.82 11.60 13.35 58.04 29.41 881 3,495
DSL DbLin Incm Solutions Fd Doubleline 0.87 -1.33 11.09 0.00 28.84 1,230 5,265
PAXS PIMCO Access Incm Fd PIMCO 0.84 2.19 10.66 0.00 47.11 724 2,637
BTZ BR Cr Alloc Incm Tr BlackRock 0.88 -5.74 9.43 20.47 34.09 1,059 2,746
HFRO Highland Incm Fd Highland Capital 0.93 -22.50 8.01 6.35 13.42 1,013 2,321
WDI WA Divr Incm Fd Franklin Templeton 0.85 -9.33 11.29 2.44 32.95 777 2,281
JPS Nuv Pref & Incm Sec Fd Nuveen 1.09 -7.29 7.33 0.00 39.43 1,580 4,781
PTA Tx-Adv Pref Sec Pref Sec & Incm Fd Cohen&Steers 1.04 -8.86 8.38 28.47 37.80 1,129 3,694
FPF FT Imd Dur Pref & Incm Fd First Trust 1.07 -7.27 7.67 1.68 33.30 1,156 3,307
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 1.06 -2.80 7.67 0.00 39.60 774 2,388
JPC Nuv Pref & Incm Opp Fd Nuveen 1.11 -3.54 8.34 0.00 38.18 831 2,005
DFP F&C Dyn Pref & Incm Fd Flaherty & Crumrine 1.04 -5.75 7.26 0.00 39.40 428 1,489
LDP C&S Ltd Dur Pref & Incm Fd Cohen&Steers 1.07 -7.23 8.41 13.92 34.70 604 1,829
WIW WA Inf-Lnk Opp & Incm Fd Franklin Templeton 7.39 -13.11 7.61 0.00 37.73 672 1,708
ARCC Ares Capital Corp Ares 0.45 5.87 9.77 0.00 53.62 9,433 54,784
FSK FS KKR Capital Corp FS/KKR 0.47 -21.50 13.70 0.00 54.89 7,159 22,798
ORCC Owl Rock Capital Corp Owl Rock 0.49 -13.06 10.22 0.00 53.65 5,848 29,830
BXSL Blackstone Secur Lending Fd Blackstone Cr BDC Advis 0.42 -7.07 10.03 0.00 55.54 4,117 16,076
MAIN Main Street Cap Corp Main Street Capital 0.44 47.42 6.90 0.00 49.30 2,004 13,170
HTGC Hercules Capital Hercules 0.49 35.24 10.17 0.00 52.02 1,363 15,205
PSEC Prospect Capital Corp Prospect Capital 0.49 -22.68 9.30 0.00 46.77 3,980 11,312
TSLX Sixth St Splty Lending Sixth St Splty Lending 0.44 15.16 9.55 0.00 50.95 1,325 8,553
GBDC Golub Capital BDC Golub Capital 0.44 -5.98 9.43 0.00 54.45 2,545 9,996
GSBD Goldman Sachs BDC Goldman Sachs 0.43 3.13 11.62 0.00 56.52 1,544 6,925
OCSL Oaktree Splty Lending Oaktree Capital 0.46 5.74 10.03 0.00 49.16 1,245 5,570
PFLT PennantPark Flt Rt Cap PennantPark 0.47 -0.52 9.86 0.00 54.97 527 3,293
BBDC Barings BDC Barings 0.43 -18.53 10.45 0.00 51.74 1,228 4,104
SLRC SLR Inv Corp SLR Capital 0.47 -19.54 11.10 8.71 46.77 1,006 3,314
NMFC New Mountain Fin Corp New Mountain Capital 0.43 -3.26 10.02 1.37 59.14 1,332 4,308
CSWC Cap Southwest Corp Capital Southwest 0.41 9.74 11.47 0.00 54.20 476 4,618
TRIN Trinity Capital Trinity Capital 0.35 -20.89 16.56 0.00 51.03 483 2,544
MFIC MidCap Fin Invt Corp Apollo 0.48 -19.81 11.95 0.00 58.80 1,011 2,872

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.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2019. 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 %