7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

07. Taxable Bond & BDC Index

Data as of 10/19/2020 09/30/2020 08/31/2020 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	1,212.53	-0.55	-1.61	-1.03	3.59	16.41	-2.64	2.90	7.07	0.68	0.68	-6.32
NAV	1,234.61	-0.02	-0.32	0.28	4.30	13.89	2.27	4.07	6.00	0.89	0.89	-0.60
Difference		0.54	1.29	1.31	0.71	-2.52	4.91	1.17	-1.07	0.21	0.21	5.72
* 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	-10.59	4.10	1.74	-1.74	4.07	-	-	-	-	-	-
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	-	-	-	-	-	-
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	-	-	-	-	-	-
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

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -6.54%	1Yr Disc -4.22%	3Yr Disc -3.95%	5Yr Disc -4.24%	Rel Disc Range (3yr) 64.13%
Mkt Yield 8.51%	Lev Adj NAV Yield 6.04%	After Tax Yield* 6.70%	Est Tax Friction* 1.81%	3Yr NAV Volatiliy 9.80
1 Yr RoC 20.41%	3 Yr Dest RoC 11.82%	Leverage 31.37%	Non Lev Exp Ratio 1.47%	Beta (2yr) 0.46
Equity Exposure 2.14%	Bond Exposure 93.51%	# Holdings 81	Cash Weighted Duration 4.29
Comp NAV TR 0.37%	Comp Discount 1.69%	Net Assets (M) 833	Liquidity - 90d (K) 2,679
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

81 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
BBN	BR Taxable Muni BndTr	BlackRock	3.83	5.44	5.41	0.00	33.56	1,407	4,168
NBB	Nuv Taxable Muni Incm Fd	Nuveen	3.81	0.41	5.00	0.00	36.45	606	1,112
CHY	Calamos Convt & Hi Incm Fd	Calamos	2.00	-11.25	8.34	0.00	30.17	1,009	2,791
NCV	AG Convt & Incm Fd	Allianz	1.98	-14.23	10.85	36.73	42.36	495	3,372
NCZ	AG Convt & Incm Fd II	Allianz	1.97	-14.66	10.74	29.02	42.89	374	3,026
CHI	Calamos Convt Opp & Incm	Calamos	2.01	-11.55	8.30	0.00	29.75	927	2,531
EMD	WA Emrg Mkt Dbt Fd	Legg Mason	2.60	-15.23	9.14	21.36	28.60	894	2,327
TEI	Tmp Emrg Mkt Incm Fd	Franklin	2.51	-17.05	7.18	0.00	0.00	422	1,149
EDD	MS Emrg Mkt Dom Dbt	Morgan Stanley	2.64	-16.89	7.77	0.00	21.73	450	971
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	1.49	-17.09	8.51	46.08	28.85	1,159	2,982
GIM	Tmp Glbl Incm Fd	Franklin	1.50	-14.36	3.57	0.00	0.00	822	1,777
MIN	MFS Imd Incm Tr	MFS	1.52	-6.06	9.14	61.39	0.00	463	1,270
BWG	BwGlobal Glbl Incm Opp Fd	Legg Mason	1.53	-16.08	7.35	0.00	33.15	229	986
PPT	Putnam Prmr Incm Tr	Putnam	1.55	-6.86	9.38	27.19	0.00	498	1,088
HYT	BR Corp Hi Yld Fd	BlackRock	0.64	-6.54	8.72	11.53	30.62	1,398	3,837
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	0.63	-14.06	9.59	0.00	30.22	228	3,964
DHY	CS Hi Yld Bnd Fd	Credit Suisse	0.63	-13.28	9.47	3.63	30.29	249	3,741
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	0.64	-9.51	9.15	2.37	31.47	171	2,542
HIO	WA Hi Incm Opp Fd	Legg Mason	0.64	-8.07	7.96	9.02	0.00	676	1,658
FTHY	FT Hi Yld Opp 2027 Trm Fd	First Trust	0.65	-0.58	6.98	0.00	28.47	759	1,656
DLY	DbLin Yld Opp Fd	Doubleline	0.60	-5.88	8.09	18.90	21.91	1,103	1,805
HIX	WA Hi Incm Fd II	Legg Mason	0.66	-5.76	8.99	4.97	28.50	585	1,547
DSU	BR Dbt Stgs Fd	BlackRock	0.63	-13.33	8.75	20.92	34.17	528	1,395
ISD	PGIM Hi Yld Bnd Fd	Prudential	0.63	-14.74	9.23	3.99	25.16	532	1,334
EAD	WF Incm Opp Fd	Wells Fargo	0.64	-14.39	9.34	0.00	25.00	514	1,255
GHY	PGIM Glbl Hi Yld Fd	Prudential	0.63	-15.53	9.66	2.75	25.88	632	1,270
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	3.87	27.72	9.62	1.59	43.78	1,119	6,576
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	3.85	20.60	8.64	0.40	31.85	518	1,303
EVV	EV Ltd Dur Incm Fd	Eaton Vance	2.64	-11.50	10.26	27.25	34.99	1,535	3,266
BLW	BR Ltd Dur Incm Tr	BlackRock	2.54	-10.23	8.04	7.49	34.15	582	1,616
ERC	WF Mlt-Sctr Incm Fd	Wells Fargo	2.61	-11.02	10.28	0.00	26.60	359	905
HFRO	Highland Incm Fd	Highland Capital	0.61	-34.47	11.20	17.36	35.10	899	3,275
VVR	Invsc Sr Incm Tr	Invesco	0.62	-16.67	7.10	13.08	29.00	652	2,612
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.64	-13.49	16.47	60.52	35.97	925	3,153
JFR	Nuv Flt Rt Incm Fd	Nuveen	0.63	-14.53	7.17	0.00	36.19	541	3,194
VTA	Invsc Dyn Cr Opp Fd	Invesco	0.64	-15.20	9.66	0.99	30.00	692	3,234
NSL	Nuv Sr Incm Fd	Nuveen	0.63	-14.18	7.66	0.00	36.22	215	2,785
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	0.63	-12.74	7.97	0.00	37.61	617	2,063
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	0.63	-14.47	7.09	0.00	36.18	381	3,011
PPR	Voya Prime Rt Tr	Voya	0.63	-9.38	3.86	0.00	28.22	698	1,175
ARDC	Ares Dyn Cr Alloc Fd	Ares	0.64	-14.58	9.21	0.00	28.52	341	1,243
FCT	FT Sr Flt Rt Incm Fd II	First Trust	0.64	-13.20	11.61	33.02	29.49	327	1,046
EFT	EV Flt-Rt Incm Tr	Eaton Vance	0.68	-8.34	5.84	0.00	34.80	555	1,299
BKT	BR Incm Tr	BlackRock	3.83	-2.08	6.75	17.51	29.74	399	1,494
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	3.86	-6.55	15.60	59.24	24.80	198	1,106
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	0.81	2.20	10.96	0.00	47.10	2,708	11,799
PDI	PIMCO Dyn Incm Fd	PIMCO	0.82	3.97	10.88	0.00	44.22	1,436	8,465
DSL	DbLin Incm Solutions Fd	Doubleline	0.84	-1.86	11.40	6.45	28.55	1,639	5,280
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.83	-8.25	7.24	15.10	29.53	1,416	3,620
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.86	9.99	12.25	62.58	24.95	719	2,926
PHK	PIMCO Hi Incm Fd	PIMCO	0.82	2.33	10.95	0.00	31.93	682	2,466
BHK	BR Core Bnd Tr	BlackRock	0.84	-3.85	5.24	5.97	25.25	869	2,588
RA	Brkf Real Ast Incm Fd	Brookfield	0.85	-14.16	14.48	50.80	25.13	847	2,825
PKO	PIMCO Incm Opp Fd	PIMCO	0.84	3.88	10.01	0.00	45.67	425	1,986
JPS	Nuv Pref & Incm Sec Fd	Nuveen	1.11	-3.46	6.78	0.36	36.31	1,887	3,995
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.11	-4.58	7.33	1.70	29.95	1,381	2,521
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.11	6.89	7.28	0.00	33.60	886	2,194
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.11	-5.62	7.42	0.66	36.58	938	2,056
DFP	F&C Dyn Pref and Incm Fd	Flaherty & Crumrine	1.10	7.66	7.19	0.00	33.90	491	1,728
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen & Steers	1.10	-4.98	7.31	16.84	32.00	715	1,596
JPI	Nuv Pref & Incm Trm Fd	Nuveen	1.10	-4.30	7.10	0.19	33.72	524	1,174
WIW	WA Inf-Lnk Opp & Incm Fd	Legg Mason	3.91	-13.73	3.23	33.01	33.60	816	1,509
WIA	WA Inf-Lnk Incm Fd	Legg Mason	3.87	-11.48	2.87	4.51	33.60	406	863
ARCC	Ares Capital Corp	Ares	0.42	-12.70	11.58	0.00	50.96	6,690	28,321
ORCC	Owl Rock Capital Corp	Owl Rock	0.41	-19.97	10.67	0.00	36.80	5,586	12,774
FSKR	FS KKR Capital Corp. II	FS/KKR	0.45	-37.28	14.48	0.00	43.65	4,163	9,647
FSK	FS KKR Capital Corp	FS/KKR	0.43	-33.42	15.42	0.00	56.47	2,892	8,679
MAIN	Main Street Cap Corp	Main Street Capital	0.42	39.86	8.44	0.00	44.46	1,373	9,189
HTGC	Hercules Capital	Hercules	0.42	11.19	11.30	0.00	51.25	1,164	7,698
TSLX	Sixth St Splty Lending	Sixth St Splty Lending	0.43	4.98	9.72	0.00	43.22	1,087	6,712
PSEC	Prospect Capital Corp	Prospect Capital	0.44	-36.92	13.95	0.00	40.33	3,084	6,512
GBDC	Golub Capital BDC	Golub Capital	0.42	-6.05	8.79	0.00	45.74	2,350	5,810
NMFC	New Mountain Fin Corp	New Mountain Capital	0.42	-18.83	12.71	5.36	59.40	1,126	4,123
AINV	Apollo Inv Corp	Apollo	0.43	-46.83	15.25	0.00	62.64	1,028	3,439
NEWT	Newtek Biz Serv Corp	Newtek	0.41	13.86	13.01	0.00	50.20	332	2,720
TCPC	BR TCP Capital Corp	BlackRock	0.42	-20.56	12.37	0.55	56.36	705	2,691
GSBD	Goldman Sachs BDC	Goldman Sachs	0.44	0.07	11.90	0.00	58.64	1,534	2,286
CGBD	TCG BDC	Carlyle	0.43	-41.82	14.87	0.00	55.44	833	1,988
OCSL	Oaktree Splty Lending	Oaktree Capital	0.42	-21.35	8.77	0.00	46.19	858	2,019
BCSF	Bain Cap Splty Fin	BCSF Advisors	0.41	-38.20	13.92	0.00	59.09	1,021	1,812
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	0.42	-16.93	13.16	0.00	41.84	405	1,828

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.