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07. Taxable Bond & BDC Index

Data as of 01/20/2022 12/31/2021 11/30/2021 10/29/2021 09/30/2021 08/31/2021 07/30/2021 06/30/2021 05/28/2021 04/30/2021 03/31/2021 02/26/2021 01/29/2021 12/31/2020 11/30/2020 10/30/2020 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(%)	10 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,447.95	-0.68	-3.13	-1.48	-4.88	-3.66	6.11	9.45	7.41	6.69	-3.72	-3.72	-3.72
NAV	1,378.63	0.03	-0.82	-0.79	-1.37	-0.45	3.21	7.34	6.48	6.59	-1.73	-1.73	-1.73
Difference		0.71	2.31	0.69	3.51	3.22	-2.90	-2.11	-0.94	-0.10	2.00	2.00	2.00
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2021 - Monthly Performance (%) Show Previous Years
	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	0.50	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	0.50	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	-0.00	-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 -0.64%	1Yr Disc 1.85%	3Yr Disc -1.58%	5Yr Disc -2.20%	Rel Disc Range (3yr) 67.28%
Mkt Yield 8.14%	Lev Adj NAV Yield 6.30%	After Tax Yield* 6.56%	Est Tax Friction* 1.58%	3Yr NAV Volatiliy 9.84
1 Yr RoC 29.05%	3 Yr Dest RoC 14.46%	Leverage 30.12%	Non Lev Exp Ratio 1.54%	Beta (2yr) 0.53
Equity Exposure 4.79%	Bond Exposure 90.58%	# Holdings 81	Cash Weighted Duration 4.00
Comp NAV TR 0.30%	Comp Discount 1.24%	Net Assets (M) 904	Liquidity - 90d (K) 3,564
* 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	3.63	-3.74	6.23	4.86	33.76	1,469	3,291
GBAB	Gghm Taxable Muni Bnd & Inv Grd Dbt	Guggenheim Funds	3.64	-2.22	6.99	17.55	28.21	479	1,329
NCV	Virtus AG Convt & Incm Fd	Virtus	1.47	-5.85	9.60	63.34	37.00	510	1,945
CHI	Calamos Convt Opp & Incm	Calamos	1.45	-0.87	8.35	0.00	33.06	994	2,113
NCZ	Virtus AG Convt & Incm Fd II	Virtus	1.48	-7.11	9.57	66.75	38.00	385	1,666
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.44	0.00	8.26	0.00	33.24	1,074	1,745
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.41	0.36	8.47	0.00	32.32	688	1,643
EMD	WA Emrg Mkt Dbt Fd	Franklin Templeton	3.70	-10.37	9.12	43.25	28.20	802	2,715
TEI	Tmp Emrg Mkt Incm Fd	Franklin Templeton	3.93	-5.03	10.83	0.00	0.00	363	1,460
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	1.97	-10.74	8.82	43.88	32.36	1,038	4,110
GIM	Tmp Glbl Incm Fd	Franklin Templeton	1.97	-5.89	8.10	0.00	0.00	558	2,234
MIN	MFS Imd Incm Tr	MFS	1.89	-3.41	8.99	60.13	0.00	408	1,333
PPT	Putnam Prmr Incm Tr	Putnam	1.98	-4.76	7.43	60.61	0.00	451	1,238
HYT	BR Corp Hi Yld Fd	BlackRock	0.63	-1.61	8.06	17.14	30.52	1,441	3,943
DLY	DbLin Yld Opp Fd	Doubleline	0.65	-5.36	7.63	0.82	25.45	930	4,006
SDHY	PGIM Srt Dur Hi Yld Opp Fd	Prudential	0.67	-5.14	7.03	8.21	24.00	480	2,643
GHY	PGIM Glbl Hi Yld Fd	Prudential	0.66	-7.17	8.54	14.36	26.70	650	1,826
ACP	Abd Incm Cr Stgs Fd	Aberdeen	0.68	0.49	11.65	19.83	39.77	238	1,766
FTHY	FT Hi Yld Opp 2027 Trm Fd	First Trust	0.65	-3.11	9.14	2.65	27.15	744	1,646
PCF	Hi Incm Sec Fd	Hi Incm Sec Fd	0.65	-4.41	10.35	0.00	0.00	49	1,472
ISD	PGIM Hi Yld Bnd Fd	Prudential	0.65	-6.46	8.05	13.71	24.00	556	1,530
EAD	Allspring Incm Opp Fd	Allspring	0.63	-4.36	8.53	3.52	25.60	542	1,492
DSU	BR Dbt Stgs Fd	BlackRock	0.65	-1.64	6.35	17.03	31.48	542	1,558
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	0.65	-0.88	8.01	0.00	23.39	178	1,059
FSD	FT Hi Incm Lng/Srt Fd	First Trust	0.64	-6.82	8.54	28.53	27.94	530	1,313
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	3.91	15.45	8.87	13.58	46.02	1,226	8,899
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	3.79	14.41	8.37	1.80	37.44	599	1,584
EVV	EV Ltd Dur Incm Fd	Eaton Vance	2.57	-3.40	9.58	39.21	35.60	1,505	4,822
FTF	FrkTmp Ltd Dur Incm Tr	Franklin Templeton	2.41	-6.54	11.14	44.62	33.68	263	1,494
BLW	BR Ltd Dur Incm Tr	BlackRock	2.46	-4.98	7.61	16.36	34.66	581	1,217
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.80	-5.22	7.08	50.47	36.99	934	4,524
BGB	Blackstone Stgc Cr Fd	Blackstone	0.81	-6.06	5.81	0.00	36.53	649	2,515
JFR	Nuv Flt Rt Incm Fd	Nuveen	0.81	-1.15	6.73	8.26	36.36	595	2,373
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	0.81	11.33	9.69	0.00	39.47	245	2,145
VVR	Invsc Sr Incm Tr	Invesco	0.82	-3.46	5.64	7.65	33.00	709	2,961
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	0.83	-0.93	5.78	18.54	31.35	492	2,113
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	0.81	-1.25	6.74	8.94	36.42	420	1,980
EFR	EV Sr Flt-Rt Tr	Eaton Vance	0.77	-0.63	6.85	12.00	32.67	405	1,595
ARDC	Ares Dyn Cr Alloc Fd	Ares	0.78	-4.46	7.38	0.00	36.33	380	1,407
BGT	BR Flt Rt Incm Fd	BlackRock	0.81	4.13	5.49	17.76	32.18	304	1,381
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	3.96	1.59	12.59	63.91	25.20	267	1,861
BKT	BR Incm Tr	BlackRock	3.85	-2.35	7.63	30.16	24.17	354	1,538
PDI	PIMCO Dyn Incm Fd	PIMCO	0.86	4.38	10.58	2.05	42.80	5,272	19,329
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.90	14.13	11.81	50.35	29.29	1,587	11,582
DSL	DbLin Incm Solutions Fd	Doubleline	0.85	-7.19	8.53	0.00	29.10	1,701	8,098
PDO	PIMCO Dyn Incm Opp Fd	PIMCO	0.87	-0.68	7.49	0.00	44.44	2,098	7,253
RA	Brkf Real Ast Incm Fd	Brookfield	0.90	8.60	11.19	56.55	29.56	947	4,847
WDI	WA Divr Incm Fd	Franklin Templeton	0.90	-5.26	7.56	12.68	24.80	980	4,870
HFRO	Highland Incm Fd	Highland Capital	0.89	-21.67	8.44	0.00	13.98	998	3,053
PHK	PIMCO Hi Incm Fd	PIMCO	0.89	7.73	9.40	12.07	34.62	765	3,029
NPCT	Nuv Core Plus Impact Fd	Nuveen	0.82	-10.35	7.35	66.01	35.03	539	2,660
NPFD	Nuv Var Rt Pref & Incm Fd	Nuveen	1.03	5.94	6.31	N/A	0.00	545	4,276
PTA	Tx-Adv Pref Sec Pref Sec & Incm Fd	Cohen&Steers	1.01	-4.63	6.48	35.62	33.00	1,396	6,378
JPS	Nuv Pref & Incm Sec Fd	Nuveen	0.97	-1.15	6.41	0.00	36.55	1,967	4,569
JPC	Nuv Pref & Incm Opp Fd	Nuveen	0.98	-1.04	6.66	0.00	36.80	1,012	3,073
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	0.98	2.64	6.96	0.00	33.70	986	1,925
FPF	FT Imd Dur Pref & Incm Fd	First Trust	0.98	-1.40	6.40	0.21	30.68	1,476	1,984
DFP	F&C Dyn Pref & Incm Fd	Flaherty & Crumrine	0.98	1.30	6.95	0.00	33.60	543	1,391
PDT	JH Prm Div Fd	John Hancock	0.98	9.01	7.16	10.74	33.79	731	1,301
WIW	WA Inf-Lnk Opp & Incm Fd	Franklin Templeton	3.68	-9.08	4.65	0.00	31.10	842	1,925
WIA	WA Inf-Lnk Incm Fd	Franklin Templeton	3.75	-7.23	3.76	0.00	32.90	313	600
ARCC	Ares Capital Corp	Ares	0.40	15.06	7.70	0.00	52.17	8,533	60,435
FSK	FS KKR Capital Corp	FS/KKR	0.43	-19.01	11.28	0.00	51.21	7,734	34,199
ORCC	Owl Rock Capital Corp	Owl Rock	0.41	-3.14	8.56	0.00	53.04	5,878	22,072
PSEC	Prospect Capital Corp	Prospect Capital	0.42	-13.34	8.21	0.00	37.61	3,945	16,172
HTGC	Hercules Capital	Hercules	0.42	49.57	7.65	0.00	50.47	1,337	18,140
MAIN	Main Street Cap Corp	Main Street Capital	0.39	79.69	5.92	0.00	45.43	1,689	12,176
GBDC	Golub Capital BDC	Golub Capital	0.40	1.71	7.77	0.00	49.74	2,583	10,816
GSBD	Goldman Sachs BDC	Goldman Sachs	0.41	23.81	9.13	0.00	48.94	1,621	9,004
NEWT	Newtek Biz Serv Corp	Newtek	0.38	62.97	9.83	0.00	47.28	391	5,634
OCSL	Oaktree Splty Lending	Oaktree Capital	0.41	3.71	8.21	0.00	48.12	1,313	7,023
TSLX	Sixth St Splty Lending	Sixth St Splty Lending	0.41	38.30	6.90	0.00	45.24	1,256	6,517
AINV	Apollo Inv Corp	Apollo	0.42	-17.80	9.39	0.00	59.58	1,034	5,331
BXSL	Blackstone Secur Lending Fd	Blackstone Cr BDC Advis	0.35	14.38	7.09	0.00	50.53	4,418	4,284
CSWC	Cap Southwest Corp	Capital Southwest	0.39	48.66	9.38	0.00	53.93	382	3,335
NMFC	New Mountain Fin Corp	New Mountain Capital	0.38	-1.28	9.17	0.00	57.76	1,285	3,424
RWAY	Runway Gwth Fin Corp	Runway Gwth Cap	0.41	-10.48	7.65	0.00	21.26	604	2,468
TCPC	BR TCP Capital Corp	BlackRock	0.40	-3.55	8.83	0.00	53.74	814	3,221
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	0.38	22.27	8.46	0.00	44.31	431	2,691
BCSF	Bain Cap Splty Fin	BCSF Advisors	0.41	-8.51	8.73	0.00	53.88	1,099	3,009
CGBD	TCG BDC	Carlyle	0.42	-16.10	9.16	0.00	54.39	892	3,183

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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