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07. Taxable Bond & BDC Index

Data as of 04/01/2020 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	944.92	-4.48	-0.47	-25.76	-27.00	-23.70	-19.36	-3.37	0.50	-22.90	-4.48	-28.05
NAV	1,031.78	-0.74	3.60	-17.29	-16.93	-14.54	-10.96	-0.04	1.70	-16.94	-0.74	-17.05
Difference		3.74	4.07	8.47	10.07	9.15	8.39	3.33	1.20	5.97	3.74	11.00
* 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	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5.15
NAV	1.23	-1.20	-16.32	-16.31	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.11
Difference	-0.52	5.73	2.97	7.26	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5.04
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 -13.23%	1Yr Disc -3.43%	3Yr Disc -3.96%	5Yr Disc -5.16%	Rel Disc Range (3yr) 45.67%
Mkt Yield 10.81%	Lev Adj NAV Yield 7.07%	After Tax Yield* 8.49%	Est Tax Friction* 2.32%	3Yr NAV Volatiliy 9.26
1 Yr RoC 12.12%	3 Yr Dest RoC 9.84%	Leverage 30.16%	Non Lev Exp Ratio 1.48%	Beta (2yr) 0.50
Equity Exposure 2.41%	Bond Exposure 93.82%	# Holdings 92	Cash Weighted Duration 3.95
Comp NAV TR -0.80%	Comp Discount -0.27%	Net Assets (M) 756	Liquidity - 90d (K) 3,820
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

92 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
BBN	BR Taxable Muni BndTr	BlackRock	3.94	-7.89	6.28	0.96	35.77	1,324	7,984
NBB	Nuv Taxable Muni Incm Fd	Nuveen	3.81	-9.63	6.16	0.00	35.11	545	2,619
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.47	-8.52	12.67	13.32	33.83	645	2,964
CHI	Calamos Convt Opp & Incm	Calamos	1.43	-11.14	12.94	13.88	34.00	592	2,816
NCV	AG Convt & Incm Fd	Allianz	1.46	-11.61	18.81	39.15	42.24	342	2,310
AVK	Advent Convt & Incm Fd	Guggenheim Funds	1.51	-15.72	14.11	68.34	46.28	408	2,155
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.47	-2.31	13.15	26.92	33.65	382	1,783
EMD	WA Emrg Mkt Dbt Fd	Legg Mason	2.67	-15.82	11.56	15.06	28.50	749	4,829
TEI	Tmp Emrg Mkt Incm Fd	Franklin	2.64	-16.38	9.75	0.00	0.00	422	2,490
EDD	MS Emrg Mkt Dom Dbt	Morgan Stanley	2.59	-17.94	9.54	0.00	23.96	405	1,572
GIM	Tmp Glbl Incm Fd	Franklin	1.57	-17.64	6.36	0.00	0.00	852	4,743
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	1.59	-19.37	9.91	60.17	32.91	1,023	3,821
RCS	PIMCO Stgc Incm Fd	PIMCO	1.51	2.76	13.14	6.63	39.19	238	2,279
MIN	MFS Imd Incm Tr	MFS	1.62	-7.91	9.29	70.40	0.00	458	2,414
PPT	Putnam Prmr Incm Tr	Putnam	1.49	-8.35	10.07	20.50	2.00	470	2,087
HYT	BR Corp Hi Yld Fd	BlackRock	0.65	-10.07	11.02	8.71	31.34	1,150	8,938
HIO	WA Hi Incm Opp Fd	Legg Mason	0.63	-15.63	9.90	4.21	0.00	598	3,527
HIX	WA Hi Incm Fd II	Legg Mason	0.65	-17.19	12.33	8.98	29.07	490	3,451
GHY	PGIM Glbl Hi Yld Fd	Prudential	0.64	-15.81	11.89	0.00	27.04	515	2,987
ISD	PGIM Hi Yld Bnd Fd	Prudential	0.64	-16.60	11.35	0.00	29.51	443	2,921
EAD	WF Incm Opp Fd	Wells Fargo	0.65	-14.00	11.78	1.10	29.18	436	2,770
DHY	CS Hi Yld Bnd Fd	Credit Suisse	0.64	-11.62	11.31	13.95	27.87	205	2,573
DSU	BR Dbt Stgs Fd	BlackRock	0.65	-15.88	10.39	9.80	31.11	482	2,498
FSD	FT Hi Incm Lng/Srt Fd	First Trust	0.65	-14.32	11.25	28.43	27.34	471	2,213
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	0.65	-13.83	11.83	0.00	31.36	184	2,166
KIO	KKR Incm Opp Fd	KKR Credit	0.63	-13.65	15.11	0.00	23.96	234	1,796
HYI	WA Hi Yld Dfin Opp Fd	Legg Mason	0.64	-13.10	9.72	0.00	0.00	306	1,559
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.52	11.44	12.91	1.96	31.41	955	9,476
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	1.50	9.71	10.97	0.00	21.90	446	2,863
PIM	Putnam Mstr Imd Incm Tr	Putnam	1.49	-9.22	9.63	22.14	12.95	213	1,003
DUC	D&P Util & Corp Bnd Tr	Duff & Phelps	1.61	-6.26	7.15	24.14	28.49	246	834
GDO	WA Glbl Corp Dfin Opp Fd	Legg Mason	1.61	-10.97	8.89	19.94	27.78	229	767
EVV	EV Ltd Dur Incm Fd	Eaton Vance	2.58	-13.01	11.81	16.53	35.76	1,357	5,873
BLW	BR Ltd Dur Incm Tr	BlackRock	2.57	-13.57	9.73	0.51	28.00	502	3,151
ERC	WF Mlt-Sctr Incm Fd	Wells Fargo	2.59	-12.90	12.99	0.00	29.80	322	1,854
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.56	-15.60	20.41	54.98	38.52	869	8,014
VVR	Invsc Sr Incm Tr	Invesco	0.57	-16.54	9.06	6.78	34.00	583	5,685
JFR	Nuv Flt Rt Incm Fd	Nuveen	0.55	-14.22	10.28	0.00	38.70	476	3,929
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	0.56	-13.94	10.14	0.00	38.06	337	3,880
VTA	Invsc Dyn Cr Opp Fd	Invesco	0.56	-18.86	11.69	16.06	35.00	598	3,686
NSL	Nuv Sr Incm Fd	Nuveen	0.55	-15.15	10.43	0.00	39.24	191	3,126
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	0.54	-15.08	12.57	0.00	37.08	512	3,126
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	0.56	-17.06	9.68	1.42	30.17	423	3,196
EFR	EV Sr Flt-Rt Tr	Eaton Vance	0.55	-16.39	8.47	0.00	35.60	418	3,096
HFRO	Highland Incm Fd	Highland Capital	0.57	-33.04	10.91	40.23	29.03	910	3,065
EFT	EV Flt-Rt Incm Tr	Eaton Vance	0.56	-14.25	8.10	0.00	35.10	462	2,920
PPR	Voya Prime Rt Tr	Voya	0.56	-15.02	6.63	0.00	27.46	630	2,902
ARDC	Ares Dyn Cr Alloc Fd	Ares	0.55	-15.01	12.59	0.00	32.00	276	1,780
BSL	B/GSO Sr Flt Rt Trm Fd	GSO / Blackstone	0.53	-15.11	10.96	0.00	33.00	193	1,166
BKT	BR Incm Tr	BlackRock	2.03	-7.92	7.10	24.69	30.93	403	2,337
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	1.92	-11.35	17.73	54.78	24.10	184	1,545
DMO	WA Mortg Opp Fd	Legg Mason	1.90	-3.55	14.05	26.70	32.40	130	1,217
JLS	Nuv Mortg Opp Trm Fd	Nuveen	2.05	-10.62	6.55	31.88	28.18	102	784
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	0.69	-4.59	13.39	0.00	43.95	2,320	18,159
DSL	DbLin Incm Solutions Fd	Doubleline	0.66	-5.04	14.94	3.36	28.98	1,289	9,684
PDI	PIMCO Dyn Incm Fd	PIMCO	0.67	-0.64	13.20	0.00	38.06	1,191	9,717
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.73	-9.40	8.70	13.62	29.42	1,194	7,097
RA	Brkf Real Ast Incm Fd	Brookfield	0.69	-17.89	17.23	43.79	21.80	758	5,492
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.70	0.55	14.97	55.02	0.00	600	5,237
PHK	PIMCO Hi Incm Fd	PIMCO	0.71	2.85	15.69	0.73	27.23	601	5,210
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	0.71	-14.42	8.71	0.00	45.44	909	4,228
BIT	BR Mlt-Sctr Incm Tr	BlackRock	0.71	-12.35	12.68	12.76	37.40	502	3,778
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.68	-5.91	13.71	0.00	21.72	520	3,492
BHK	BR Core Bnd Tr	BlackRock	0.74	-9.38	6.09	17.23	24.01	793	3,145
JPS	Nuv Pref & Incm Sec Fd	Nuveen	1.07	-10.79	10.03	0.17	37.64	1,530	9,261
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.04	-10.44	9.91	2.16	27.48	1,089	5,405
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.05	-8.55	11.04	0.30	38.08	749	4,104
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.04	-5.86	8.91	0.00	44.30	7,124	3,877
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen & Steers	1.06	-5.30	9.88	8.71	29.20	577	2,569
PDT	JH Prm Div Fd	John Hancock	1.00	2.92	11.07	26.12	35.40	499	2,105
DFP	F&C Dyn Pref and Incm Fd	Flaherty & Crumrine	1.06	-4.69	9.17	0.00	44.90	376	1,979
WIW	WA Inf-Lnk Opp & Incm Fd	Legg Mason	4.05	-15.70	4.50	0.00	31.20	697	2,428
WIA	WA Inf-Lnk Incm Fd	Legg Mason	3.97	-13.68	4.00	0.00	31.70	350	1,330
ARCC	Ares Capital Corp	Ares	0.39	-42.78	16.15	0.00	46.77	7,466	43,755
MAIN	Main Street Cap Corp	Main Street Capital	0.38	-23.13	13.38	0.00	41.08	1,540	13,952
PSEC	Prospect Capital Corp	Prospect Capital	0.39	-54.50	18.27	0.00	39.41	3,184	14,092
FSK	FS KKR Capital Corp	FS/KKR	0.40	-63.09	26.95	0.00	51.06	3,846	11,693
GBDC	Golub Capital BDC	Golub Capital	0.40	-28.45	11.07	0.00	50.69	2,229	11,288
ORCC	Owl Rock Capital Corp	Owl Rock	0.41	-26.05	11.00	0.00	33.01	6,019	11,415
HTGC	Hercules Capital	Hercules	0.39	-32.99	18.10	0.00	52.28	1,166	8,783
NMFC	New Mountain Fin Corp	New Mountain Capital	0.37	-55.05	22.82	0.00	60.01	1,284	6,900
TSLX	TPG Specialty Lending	TSL Advisers	0.40	-21.69	12.44	0.00	47.98	1,123	7,274
AINV	Apollo Inv Corp	Apollo	0.38	-67.10	29.95	0.00	58.52	1,216	5,493
NEWT	Newtek Biz Serv Corp	Newtek	0.37	-26.69	15.29	0.00	54.17	327	3,887
OCSL	Oaktree Splty Lending	Oaktree Capital	0.42	-51.29	11.80	0.00	35.37	932	3,872
GSBD	Goldman Sachs BDC	Goldman Sachs	0.39	-31.94	15.79	0.00	52.18	677	3,399
TCPC	BR TCP Capital Corp	BlackRock	0.38	-57.76	25.81	0.00	53.16	776	3,171
SLRC	Solar Capital	Solar Capital	0.40	-48.55	14.87	0.00	30.11	906	3,207
BCSF	Bain Cap Splty Fin	BCSF Advisors	0.37	-59.38	20.47	0.00	59.52	1,019	2,805
CGBD	TCG BDC	Carlyle	0.40	-70.11	29.90	0.00	53.84	947	2,644
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	0.38	-61.47	28.02	0.00	49.08	409	2,379
CSWC	Cap Southwest Corp	Capital Southwest	0.35	-43.43	21.54	0.00	45.56	312	2,003

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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