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07. Taxable Bond & BDC Index

Data as of 08/05/2020 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(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,222.74	0.37	2.11	3.91	14.53	-8.02	-0.86	3.26	6.90	1.50	5.66	-5.53
NAV	1,217.53	0.22	1.38	3.27	11.25	-3.63	1.09	4.02	5.31	0.91	4.59	-1.97
Difference		-0.15	-0.73	-0.65	-3.27	4.39	1.96	0.76	-1.59	-0.58	-1.06	3.56
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2020 - Monthly Performance (%) Show Previous Years
	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	-6.58	4.10	-	-	-	-	-	-	-	-	-
NAV	1.23	-1.20	-16.32	-16.31	5.10	3.68	2.77	11.99	-4.32	3.65	-	-	-	-	-	-	-	-	-
Difference	-0.52	5.73	2.97	7.26	-3.08	-2.58	1.00	-5.00	2.26	-0.45	-	-	-	-	-	-	-	-	-
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	16.28	1.93	-0.77	1.29	2.45	0.96	0.78	2.23	4.02	6.47	22.75
NAV	4.22	1.21	0.93	6.46	1.28	-0.10	2.30	3.51	9.97	1.00	-0.28	0.38	1.10	0.59	0.29	1.98	2.88	3.98	13.95
Difference	-4.55	-0.96	0.13	-5.57	-0.46	0.63	-0.91	-0.74	-6.31	-0.93	0.49	-0.91	-1.36	-0.37	-0.49	-0.24	-1.13	-2.49	-8.80
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 -5.08%	1Yr Disc -3.75%	3Yr Disc -3.60%	5Yr Disc -4.22%	Rel Disc Range (3yr) 69.00%
Mkt Yield 8.17%	Lev Adj NAV Yield 5.97%	After Tax Yield* 6.44%	Est Tax Friction* 1.73%	3Yr NAV Volatiliy 10.25
1 Yr RoC 11.41%	3 Yr Dest RoC 8.53%	Leverage 29.95%	Non Lev Exp Ratio 1.43%	Beta (2yr) 0.49
Equity Exposure 2.68%	Bond Exposure 93.38%	# Holdings 86	Cash Weighted Duration 4.39
Comp NAV TR 0.62%	Comp Discount 1.27%	Net Assets (M) 799	Liquidity - 90d (K) 2,771
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

86 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
BBN	BR Taxable Muni BndTr	BlackRock	3.91	4.22	5.03	0.08	34.15	1,461	4,054
NBB	Nuv Taxable Muni Incm Fd	Nuveen	3.90	1.29	4.87	0.00	36.21	616	1,226
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.94	-9.90	8.49	5.71	31.00	976	2,939
CHI	Calamos Convt Opp & Incm	Calamos	1.96	-10.21	8.46	5.95	31.00	896	2,361
NCZ	AG Convt & Incm Fd II	Allianz	2.02	-9.57	10.59	35.80	45.73	358	2,508
CCD	Calamos Dyn Convt & Incm Fd	Calamos	2.03	-7.47	8.60	11.54	30.00	617	1,801
EMD	WA Emrg Mkt Dbt Fd	Legg Mason	2.65	-11.90	9.06	15.77	28.60	914	2,844
TEI	Tmp Emrg Mkt Incm Fd	Franklin	2.41	-14.68	5.51	0.00	0.00	435	1,077
EDD	MS Emrg Mkt Dom Dbt	Morgan Stanley	2.57	-16.14	6.81	28.57	22.21	463	1,140
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	1.59	-11.91	7.97	49.91	28.84	1,164	3,548
GIM	Tmp Glbl Incm Fd	Franklin	1.50	-11.27	3.31	0.00	0.00	833	2,532
MIN	MFS Imd Incm Tr	MFS	1.53	-4.69	8.88	62.21	0.00	473	1,700
RCS	PIMCO Stgc Incm Fd	PIMCO	1.52	7.72	9.33	0.00	35.06	268	1,161
PPT	Putnam Prmr Incm Tr	Putnam	1.48	-1.66	8.84	18.67	9.97	500	1,146
HYT	BR Corp Hi Yld Fd	BlackRock	0.71	-5.81	8.60	9.07	30.90	1,407	5,590
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	0.72	-12.06	9.31	0.00	30.22	229	4,856
DHY	CS Hi Yld Bnd Fd	Credit Suisse	0.70	-11.72	9.38	8.26	30.29	247	3,262
HIO	WA Hi Incm Opp Fd	Legg Mason	0.72	-7.46	7.86	6.56	0.00	681	2,019
HIX	WA Hi Incm Fd II	Legg Mason	0.73	-4.29	8.78	6.14	29.90	590	1,635
ISD	PGIM Hi Yld Bnd Fd	Prudential	0.71	-12.41	8.97	1.67	26.08	533	1,679
EAD	WF Incm Opp Fd	Wells Fargo	0.72	-12.27	9.12	0.00	25.90	519	1,672
DSU	BR Dbt Stgs Fd	BlackRock	0.71	-10.56	8.54	11.23	33.62	524	1,723
KIO	KKR Incm Opp Fd	KKR Credit	0.73	-6.50	11.21	0.00	37.48	291	1,636
GHY	PGIM Glbl Hi Yld Fd	Prudential	0.71	-13.89	9.37	0.00	25.84	639	1,431
DLY	DbLin Yld Opp Fd	Doubleline	0.71	1.96	7.47	40.08	12.52	1,007	1,697
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.88	26.14	9.89	0.00	37.52	1,102	6,279
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	1.86	24.24	8.47	0.00	25.33	512	1,359
PIM	Putnam Mstr Imd Incm Tr	Putnam	1.93	-2.29	8.43	37.53	1.73	224	577
IGI	WA Inv Grd Dfin Opp Tr	Legg Mason	1.91	2.60	3.79	0.00	0.00	238	484
EVV	EV Ltd Dur Incm Fd	Eaton Vance	2.55	-11.39	10.21	16.76	36.54	1,540	3,750
BLW	BR Ltd Dur Incm Tr	BlackRock	2.63	-8.31	7.84	4.90	33.28	585	1,817
ERC	WF Mlt-Sctr Incm Fd	Wells Fargo	2.57	-7.37	9.94	16.78	26.80	377	1,173
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.59	-12.90	16.17	56.01	35.40	936	3,511
HFRO	Highland Incm Fd	Highland Capital	0.57	-35.92	11.44	15.01	36.01	905	2,866
VVR	Invsc Sr Incm Tr	Invesco	0.58	-14.80	6.72	8.05	30.00	641	3,369
VTA	Invsc Dyn Cr Opp Fd	Invesco	0.58	-16.27	9.93	1.01	32.00	681	2,699
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	0.59	-11.62	9.50	0.00	36.07	600	2,104
JFR	Nuv Flt Rt Incm Fd	Nuveen	0.59	-13.36	6.76	0.00	35.85	537	2,002
EFT	EV Flt-Rt Incm Tr	Eaton Vance	0.58	-13.72	6.26	0.00	34.20	541	1,457
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	0.58	-13.74	8.23	10.60	29.17	475	1,164
EFR	EV Sr Flt-Rt Tr	Eaton Vance	0.58	-12.23	6.67	0.00	36.38	491	1,166
PPR	Voya Prime Rt Tr	Voya	0.61	-7.20	3.97	0.00	28.90	691	1,548
FCT	FT Sr Flt Rt Incm Fd II	First Trust	0.57	-12.09	11.48	23.18	29.60	329	1,134
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	0.58	-13.49	6.68	0.00	35.78	379	1,431
BSL	B/GSO Sr Flt Rt Trm Fd	GSO / Blackstone	0.59	-9.95	8.33	0.00	31.00	218	981
BKT	BR Incm Tr	BlackRock	2.43	-2.84	6.71	21.13	31.45	404	1,310
DMO	WA Mortg Opp Fd	Legg Mason	2.35	-1.06	10.98	11.21	28.00	148	880
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	2.53	-4.84	15.06	52.44	24.80	202	815
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	0.78	5.19	10.74	0.00	43.81	2,677	12,752
DSL	DbLin Incm Solutions Fd	Doubleline	0.78	0.62	11.06	7.86	27.89	1,648	7,240
PDI	PIMCO Dyn Incm Fd	PIMCO	0.76	9.20	10.46	0.00	42.11	1,410	7,196
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.80	-6.80	7.00	13.12	28.88	1,442	4,040
RA	Brkf Real Ast Incm Fd	Brookfield	0.76	-12.84	13.96	30.26	25.26	865	3,335
PHK	PIMCO Hi Incm Fd	PIMCO	0.73	4.77	10.93	0.00	32.98	666	3,036
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.76	9.22	12.46	62.83	9.86	698	2,834
BIT	BR Mlt-Sctr Incm Tr	BlackRock	0.78	-8.95	9.66	23.49	36.94	634	2,185
PKO	PIMCO Incm Opp Fd	PIMCO	0.80	12.19	9.31	0.00	42.09	415	2,288
BHK	BR Core Bnd Tr	BlackRock	0.77	-2.65	5.02	6.82	24.24	895	2,631
JPS	Nuv Pref & Incm Sec Fd	Nuveen	1.12	-1.20	6.72	0.89	35.79	1,861	5,126
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.09	7.60	7.39	0.00	34.90	867	2,677
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.07	-1.58	7.28	1.96	29.43	1,348	3,072
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.13	-0.34	7.19	1.59	35.68	918	2,660
DFP	F&C Dyn Pref and Incm Fd	Flaherty & Crumrine	1.14	5.68	7.50	0.00	35.00	479	1,616
PDT	JH Prm Div Fd	John Hancock	1.08	5.82	8.58	10.36	38.57	626	1,625
HPI	JH Pref Incm Fd	John Hancock	1.13	13.91	7.01	1.99	33.96	485	1,693
WIW	WA Inf-Lnk Opp & Incm Fd	Legg Mason	3.81	-14.56	3.25	7.37	33.60	819	1,740
WIA	WA Inf-Lnk Incm Fd	Legg Mason	3.87	-10.71	2.83	7.72	33.60	408	905
ARCC	Ares Capital Corp	Ares	0.39	-5.13	10.83	0.00	51.75	6,584	34,943
FSKR	FS KKR Capital Corp. II	FS/KKR	0.43	-42.22	0.00	N/A	44.40	4,314	17,764
MAIN	Main Street Cap Corp	Main Street Capital	0.39	48.92	7.92	0.00	43.79	1,353	13,486
ORCC	Owl Rock Capital Corp	Owl Rock	0.39	-11.92	9.99	0.00	38.63	5,408	12,560
PSEC	Prospect Capital Corp	Prospect Capital	0.38	-37.34	14.40	0.00	41.86	2,947	10,161
GBDC	Golub Capital BDC	Golub Capital	0.40	-13.45	9.54	0.00	54.34	2,350	7,924
FSK	FS KKR Capital Corp	FS/KKR	0.46	-33.83	14.89	0.00	57.24	3,015	13,418
HTGC	Hercules Capital	Hercules	0.44	17.27	10.71	0.00	51.25	1,164	10,489
NMFC	New Mountain Fin Corp	New Mountain Capital	0.39	-14.63	12.62	10.39	63.88	1,079	5,700
TSLX	Sixth St Splty Lending	Sixth St Splty Lending	0.42	13.36	9.29	0.00	47.08	1,053	6,663
AINV	Apollo Inv Corp	Apollo	0.42	-37.07	18.22	0.00	62.67	1,025	6,026
GSBD	Goldman Sachs BDC	Goldman Sachs	0.39	8.42	11.28	0.00	59.22	595	3,194
CGBD	TCG BDC	Carlyle	0.42	-36.39	16.41	0.00	59.38	798	2,845
TCPC	BR TCP Capital Corp	BlackRock	0.42	-15.05	14.41	1.05	58.47	679	3,345
NEWT	Newtek Biz Serv Corp	Newtek	0.43	31.67	11.75	0.00	55.96	313	3,377
BCSF	Bain Cap Splty Fin	BCSF Advisors	0.37	-40.43	15.92	0.00	63.54	1,116	2,945
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	0.43	-11.28	12.63	0.00	49.77	395	3,018
SLRC	Solar Capital	Solar Capital	0.41	-13.05	9.80	1.61	28.31	813	2,356
OCSL	Oaktree Splty Lending	Oaktree Capital	0.40	-13.67	8.24	0.00	46.53	753	2,173

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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