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07. Taxable Bond & BDC Index

Data as of 10/16/2019 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	1,241.80	-0.06	-0.22	0.53	1.10	5.86	12.80	7.86	6.63	-0.21	-0.21	18.52
NAV	1,206.96	0.07	-0.18	0.35	0.72	3.95	8.16	6.44	5.27	-0.02	-0.02	11.04
Difference		0.13	0.04	-0.18	-0.38	-1.91	-4.64	-1.42	-1.36	0.18	0.18	-7.48
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2019 - Monthly Performance (%) Show Previous Years
	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	-	-	-	-	-	18.73
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	-	-	-	-	-	11.07
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	-	-	-	-	-	-7.67
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 -1.79%	1Yr Disc -4.21%	3Yr Disc -3.98%	5Yr Disc -5.33%	Rel Disc Range (3yr) 67.33%
Mkt Yield 7.90%	Lev Adj NAV Yield 6.18%	After Tax Yield* 6.24%	Est Tax Friction* 1.66%	3Yr NAV Volatiliy 4.99
1 Yr RoC 12.49%	3 Yr Dest RoC 5.78%	Leverage 29.70%	Non Lev Exp Ratio 1.53%	Beta (2yr) 0.21
Equity Exposure 2.34%	Bond Exposure 94.86%	# Holdings 82	Cash Weighted Duration 4.02
Comp NAV TR -0.05%	Comp Discount 1.08%	Net Assets (M) 822	Liquidity - 90d (K) 2,395
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

82 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
BBN	BR Taxable Muni BndTr	BlackRock	3.69	-3.41	5.64	0.85	37.96	1,406	4,382
NBB	Nuv Taxable Muni Incm Fd	Nuveen	3.80	-0.90	5.34	0.00	36.19	605	1,811
CHI	Calamos Convt Opp & Incm	Calamos	1.95	-0.19	9.13	30.35	33.57	747	1,820
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.93	-0.18	9.22	30.24	33.81	811	1,635
AVK	AC Convt Sec & Incm Fd	Guggenheim Funds	1.91	-10.91	9.68	65.37	40.87	563	1,616
NCV	AG Convt & Incm Fd	Allianz	1.94	1.08	11.19	35.42	41.11	501	1,535
EMD	WA Emrg Mkt Dbt Fd	Legg Mason	2.61	-9.49	8.61	17.66	28.78	935	1,986
EDF	SH Emrg Mkt Incm Fd	Stone Harbor	2.63	45.28	15.95	55.50	3.94	152	1,396
EDD	MS Emrg Mkt Dom Dbt	Morgan Stanley	2.69	-10.07	8.25	0.00	25.39	499	1,214
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	1.56	-12.94	7.78	45.11	32.51	1,212	2,202
GIM	Tmp Glbl Incm Fd	Franklin	1.52	-8.96	5.11	4.39	0.00	899	1,725
PPT	Putnam Prmr Incm Tr	Putnam	1.55	-2.03	7.92	3.56	6.65	559	1,143
JGH	Nuv Glbl Hi Incm Fd	Nuveen	1.54	-11.50	7.87	0.99	30.05	407	990
MMT	MFS MltMkt Incm Tr	MFS	1.53	-7.09	8.67	42.80	20.00	412	1,032
HYT	BR Corp Hi Yld Fd	BlackRock	0.70	-8.60	8.70	0.24	28.14	1,432	3,782
ISD	PGIM Hi Yld Bnd Fd	Prudential	0.69	-10.30	8.51	0.00	24.66	549	2,158
GHY	PGIM Glbl Hi Yld Fd	Prudential	0.69	-11.55	8.80	0.00	27.09	663	1,529
KIO	KKR Incm Opp Fd	KKR Credit	0.69	-2.31	9.87	0.00	31.56	316	1,353
HIX	WA Hi Incm Fd II	Legg Mason	0.71	-7.01	8.33	4.65	28.39	620	1,263
DSU	BR Dbt Stgs Fd	BlackRock	0.69	-11.87	8.03	0.79	29.91	598	1,444
EAD	WF Incm Opp Fd	Wells Fargo	0.70	-8.96	8.71	6.67	29.10	557	1,323
FSD	FT Hi Incm Lng/Srt Fd	First Trust	0.71	-10.34	8.70	21.91	22.53	582	1,349
HIO	WA Hi Incm Opp Fd	Legg Mason	0.70	-7.85	7.13	0.00	0.00	701	1,171
HYI	WA Hi Yld Dfin Opp Fd	Legg Mason	0.71	-5.93	7.13	0.00	0.00	369	1,033
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	0.70	-2.54	10.29	0.00	29.57	356	949
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	2.60	28.16	8.59	2.13	36.97	1,248	4,584
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	2.61	27.53	7.29	0.00	24.98	576	1,817
DUC	D&P Util & Corp Bnd Tr	Duff & Phelps	2.55	-3.46	4.57	35.58	28.67	262	746
EVV	EV Ltd Dur Incm Fd	Eaton Vance	3.88	-12.28	6.68	0.00	35.23	1,664	3,440
BLW	BR Ltd Dur Incm Tr	BlackRock	3.84	-7.33	7.51	0.00	24.97	606	1,447
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.64	-10.88	17.04	50.23	37.35	1,109	5,127
VTA	Invsc Dyn Cr Opp Fd	Invesco	0.64	-11.51	8.24	10.09	33.00	914	2,398
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	0.62	-6.15	9.39	0.00	37.23	675	2,094
HFRO	Highland Incm Fd	Highland Capital	0.58	-14.13	7.76	17.36	29.03	997	3,504
VVR	Invsc Sr Incm Tr	Invesco	0.63	-11.40	6.99	1.51	30.00	837	1,617
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	0.64	-12.69	7.55	0.00	28.17	519	1,861
JFR	Nuv Flt Rt Incm Fd	Nuveen	0.63	-12.36	7.83	0.00	37.91	612	1,754
PPR	Voya Prime Rt Tr	Voya	0.64	-11.82	6.26	0.00	27.23	788	1,806
EFR	EV Sr Flt-Rt Tr	Eaton Vance	0.64	-11.70	7.81	0.00	34.50	539	1,418
EFT	EV Flt-Rt Incm Tr	Eaton Vance	0.64	-11.77	7.64	0.00	34.10	596	1,434
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	0.63	-12.46	7.77	0.00	37.44	433	1,290
ARDC	Ares Dyn Cr Alloc Fd	Ares	0.64	-11.32	8.72	0.00	30.93	382	1,161
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	2.56	-0.17	12.50	47.43	26.90	194	1,076
BKT	BR Incm Tr	BlackRock	2.57	-4.84	6.78	33.08	30.63	408	967
JLS	Nuv Mortg Opp Trm Fd	Nuveen	2.54	-1.17	5.99	14.02	0.00	126	934
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	0.79	9.02	8.39	0.00	43.86	3,149	11,355
DSL	DbLin Incm Solutions Fd	Doubleline	0.77	4.19	9.04	2.00	30.34	1,938	7,139
PDI	PIMCO Dyn Incm Fd	PIMCO	0.78	20.64	8.05	0.00	42.18	1,548	5,320
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.76	-8.98	7.47	0.00	28.60	1,538	4,426
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.76	10.21	11.50	40.11	0.00	662	3,057
PHK	PIMCO Hi Incm Fd	PIMCO	0.77	25.04	9.57	15.38	28.71	807	2,879
RA	Brkf Real Ast Incm Fd	Brookfield	0.77	-2.66	10.52	42.40	22.13	850	2,937
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.79	9.93	9.13	0.00	26.71	625	2,018
BHK	BR Core Bnd Tr	BlackRock	0.76	-6.64	5.65	7.95	24.12	829	1,904
BIT	BR Mlt-Sctr Incm Tr	BlackRock	0.77	-5.93	8.67	11.29	35.15	683	1,913
JPS	Nuv Pref & Incm Sec Fd	Nuveen	1.11	-0.80	6.79	0.17	35.56	2,032	4,102
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.11	-1.98	6.71	1.35	30.52	1,470	3,320
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.12	4.76	6.29	0.00	33.20	904	2,650
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.10	-2.54	7.33	0.30	36.21	1,058	2,162
LDP	C&S Ltd Dur Pref & Incm Fd	Cohen & Steers	1.10	-1.66	7.35	11.04	30.20	747	1,473
HPI	JH Pref Incm Fd	John Hancock	1.05	5.52	6.46	17.14	34.11	567	1,492
HPS	JH Pref Incm Fd III	John Hancock	1.05	0.68	6.90	24.18	34.06	601	1,400
WIA	WA Inf-Lnk Incm Fd	Legg Mason	3.91	-10.96	3.51	3.89	30.96	386	1,128
WIW	WA Inf-Lnk Opp & Incm Fd	Legg Mason	3.86	-13.31	3.90	0.00	30.33	781	1,013
ARCC	Ares Capital Corp	Ares	0.42	7.24	8.64	0.00	43.51	7,369	29,693
FSK	FS KKR Capital Corp	FS/KKR	0.44	-26.52	13.13	0.00	44.56	4,086	12,010
MAIN	Main Street Cap Corp	Main Street Capital	0.42	73.93	5.85	0.00	39.58	1,526	10,413
PSEC	Prospect Capital Corp	Prospect Capital	0.42	-27.86	11.08	0.00	41.08	3,309	9,845
NMFC	New Mountain Fin Corp	New Mountain Capital	0.42	0.60	10.08	4.04	57.46	1,174	5,459
HTGC	Hercules Capital	Hercules	0.43	27.95	9.45	0.00	50.66	1,107	6,248
AINV	Apollo Inv Corp	Apollo	0.43	-17.21	11.44	0.00	50.34	1,288	4,920
CGBD	TCG BDC	Carlyle	0.42	-17.06	10.46	0.00	50.42	1,019	4,562
TSLX	TPG Specialty Lending	TSL Advisers	0.43	24.94	7.49	0.00	44.50	1,105	4,438
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	0.42	15.50	8.79	0.00	30.27	353	3,702
TCPC	BR TCP Capital Corp	BlackRock	0.42	-0.73	10.64	0.00	52.43	802	3,983
GBDC	Golub Capital BDC	Golub Capital	0.41	12.60	7.13	0.00	51.46	968	5,006
BCSF	Bain Cap Splty Fin	BCSF Advisors	0.42	-5.06	8.74	0.00	58.12	1,021	2,756
NEWT	Newtek Biz Serv Corp	Newtek	0.41	41.75	13.07	0.00	52.72	294	2,767
PNNT	PennantPark Inv Corp	PennantPark	0.43	-30.21	11.80	0.00	53.30	586	1,850
GSBD	Goldman Sachs BDC	Goldman Sachs	0.44	16.79	8.96	0.00	53.76	694	2,169
SAR	Saratoga Inv Corp	Saratoga	0.43	1.51	9.02	0.00	53.86	238	2,029
BKCC	BR Cap Inv Corp	BlackRock	0.42	-29.77	11.69	4.75	33.39	469	1,764

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, 2017. 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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