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07. Taxable Bond & BDC Index

Data as of 01/20/2021 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(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,364.59	0.44	1.08	1.85	12.06	15.23	3.54	6.98	10.65	0.89	0.89	0.89
NAV	1,335.73	0.23	0.56	1.81	8.16	11.67	6.33	6.24	8.56	0.99	0.99	0.99
Difference		-0.22	-0.51	-0.04	-3.91	-3.56	2.78	-0.74	-2.09	0.09	0.09	0.09
* 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	-0.92	9.86	3.17	12.30	12.30	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	8.08	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	-4.22	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

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -3.80%	1Yr Disc -5.68%	3Yr Disc -4.12%	5Yr Disc -3.98%	Rel Disc Range (3yr) 72.59%
Mkt Yield 7.32%	Lev Adj NAV Yield 5.43%	After Tax Yield* 5.76%	Est Tax Friction* 1.56%	3Yr NAV Volatiliy 10.30
1 Yr RoC 21.65%	3 Yr Dest RoC 8.40%	Leverage 29.67%	Non Lev Exp Ratio 1.44%	Beta (2yr) 0.50
Equity Exposure 2.58%	Bond Exposure 93.32%	# Holdings 86	Cash Weighted Duration 4.56
Comp NAV TR 0.68%	Comp Discount 0.56%	Net Assets (M) 874	Liquidity - 90d (K) 3,213
* 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	3.69	2.37	5.41	0.00	31.07	1,450	4,087
NBB	Nuv Taxable Muni Incm Fd	Nuveen	3.83	4.05	5.00	0.00	36.20	628	1,494
NCZ	AG Convt & Incm Fd II	Allianz	1.53	-13.18	8.88	24.31	38.91	445	6,337
NCV	AG Convt & Incm Fd	Allianz	1.54	-11.81	8.87	31.48	38.42	589	4,116
CHY	Calamos Convt & Hi Incm Fd	Calamos	1.60	-9.53	6.85	0.00	28.28	1,206	3,563
CHI	Calamos Convt Opp & Incm	Calamos	1.59	-10.12	6.84	0.00	28.16	1,107	3,428
CCD	Calamos Dyn Convt & Incm Fd	Calamos	1.62	-7.38	6.74	0.00	28.00	786	2,593
EMD	WA Emrg Mkt Dbt Fd	Legg Mason	2.51	-9.42	7.85	25.53	29.30	922	2,589
EDD	MS Emrg Mkt Dom Dbt	Morgan Stanley	2.56	-14.05	6.73	0.00	21.32	480	1,466
TEI	Tmp Emrg Mkt Incm Fd	Franklin	2.52	-12.21	7.27	0.00	0.00	420	1,202
FAX	Abd Asia-Pacific Incm Fd	Aberdeen	1.52	-10.02	7.50	51.24	27.65	1,211	3,334
GIM	Tmp Glbl Incm Fd	Franklin	1.56	-7.88	3.44	0.00	0.00	817	3,825
PPT	Putnam Prmr Incm Tr	Putnam	1.55	-6.20	6.65	39.15	0.00	517	1,604
MIN	MFS Imd Incm Tr	MFS	1.52	-2.81	8.83	57.38	0.00	453	1,277
RCS	PIMCO Stgc Incm Fd	PIMCO	1.53	4.06	8.84	0.00	23.70	294	1,097
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	0.59	-9.67	8.63	0.00	29.27	241	5,247
DHY	CS Hi Yld Bnd Fd	Credit Suisse	0.59	-9.45	8.61	0.77	28.03	263	5,018
HYT	BR Corp Hi Yld Fd	BlackRock	0.58	-6.40	8.29	14.17	31.96	1,468	4,539
DLY	DbLin Yld Opp Fd	Doubleline	0.60	-6.16	7.35	12.67	20.31	1,213	3,953
HIO	WA Hi Incm Opp Fd	Legg Mason	0.59	-10.16	7.88	11.70	0.00	524	2,860
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	0.59	-7.85	8.52	0.61	31.47	180	3,328
HIX	WA Hi Incm Fd II	Legg Mason	0.59	-5.38	8.57	6.54	28.08	425	2,031
GHY	PGIM Glbl Hi Yld Fd	Prudential	0.59	-11.56	8.67	2.75	27.01	673	1,751
ISD	PGIM Hi Yld Bnd Fd	Prudential	0.60	-10.33	8.29	8.84	24.75	563	1,818
DSU	BR Dbt Stgs Fd	BlackRock	0.60	-8.87	6.80	25.01	29.76	546	1,875
JHB	Nuv Corp Incm Nov 2021 Tgt Trm	Nuveen	0.59	-2.43	2.66	0.00	0.00	529	1,608
FTHY	FT Hi Yld Opp 2027 Trm Fd	First Trust	0.56	-9.29	7.34	0.00	28.03	790	1,538
KIO	KKR Incm Opp Fd	KKR Credit	0.60	-9.82	8.58	1.30	36.72	331	1,522
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	2.57	26.77	8.69	3.35	42.79	1,247	6,446
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	2.54	19.57	7.89	0.41	30.45	575	1,310
VBF	Invsc Bnd Fd	Invesco	2.37	-3.98	3.34	0.93	0.00	240	543
EVV	EV Ltd Dur Incm Fd	Eaton Vance	3.79	-9.52	9.64	30.73	34.84	1,598	4,472
BLW	BR Ltd Dur Incm Tr	BlackRock	3.90	-5.21	7.27	10.76	31.25	609	1,923
HFRO	Highland Incm Fd	Highland Capital	0.63	-22.27	9.01	14.37	32.90	943	4,689
JQC	Nuv Cr Stgs Incm Fd	Nuveen	0.64	-9.46	14.36	63.87	35.95	960	4,597
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	0.67	-9.58	6.23	0.00	35.75	410	3,299
VTA	Invsc Dyn Cr Opp Fd	Invesco	0.65	-7.87	8.17	11.11	30.00	753	2,917
JFR	Nuv Flt Rt Incm Fd	Nuveen	0.67	-9.49	6.29	0.00	35.75	582	2,714
BGB	Blackstone Stgc Cr Fd	Blackstone	0.67	-9.79	6.69	0.00	36.68	648	2,616
VVR	Invsc Sr Incm Tr	Invesco	0.66	-8.79	6.07	19.05	30.00	696	2,056
EFT	EV Flt-Rt Incm Tr	Eaton Vance	0.67	-5.00	5.53	0.00	36.40	582	2,128
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	0.67	-9.33	6.29	24.09	29.76	495	2,162
PPR	Voya Prime Rt Tr	Voya	0.64	-10.06	3.62	0.00	20.54	608	1,962
NSL	Nuv Sr Incm Fd	Nuveen	0.66	-9.67	6.75	0.00	35.76	232	961
EFR	EV Sr Flt-Rt Tr	Eaton Vance	0.68	-6.32	5.88	0.00	37.53	530	1,717
BKT	BR Incm Tr	BlackRock	2.58	-0.97	6.75	15.50	28.52	394	1,709
OPP	RiverNorth DbLin Stgc Opp Fd	RiverNorth	2.59	-4.83	13.06	60.46	24.70	212	1,418
IHIT	Invsc Hi Incm 2023 Tgt Trm Fd	Invesco	2.67	-0.67	6.78	0.00	29.00	214	886
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	0.77	4.65	9.88	1.38	42.61	2,991	11,900
PDI	PIMCO Dyn Incm Fd	PIMCO	0.76	5.32	10.13	0.00	38.67	1,674	9,088
DSL	DbLin Incm Solutions Fd	Doubleline	0.77	-6.71	7.91	6.64	27.42	1,821	9,303
GOF	Gghm Stgc Opp Fd	Guggenheim Funds	0.78	16.60	10.99	61.65	27.62	801	4,539
RA	Brkf Real Ast Incm Fd	Brookfield	0.79	-7.72	12.88	55.17	26.80	882	3,818
BTZ	BR Cr Alloc Incm Tr	BlackRock	0.78	-5.03	6.75	16.34	29.46	1,469	3,369
PHK	PIMCO Hi Incm Fd	PIMCO	0.77	4.46	9.46	0.00	29.08	776	3,284
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	0.76	-9.95	6.73	0.00	43.27	1,118	2,601
PFN	PIMCO Incm Stgy Fd II	PIMCO	0.78	6.15	9.59	2.02	32.57	695	2,512
BHK	BR Core Bnd Tr	BlackRock	0.77	0.18	5.47	5.11	25.08	881	2,164
JPS	Nuv Pref & Incm Sec Fd	Nuveen	1.05	-4.01	6.49	0.00	36.06	1,983	4,078
FPF	FT Imd Dur Pref & Incm Fd	First Trust	1.07	-4.01	6.52	1.54	30.44	1,486	3,003
JPC	Nuv Pref & Incm Opp Fd	Nuveen	1.06	-4.96	6.91	0.00	36.05	1,000	2,507
FFC	F&C Pref Sec Incm Fd	Flaherty & Crumrine	1.05	8.00	6.83	0.00	32.50	937	2,297
PDT	JH Prm Div Fd	John Hancock	1.07	0.65	8.45	13.69	36.20	669	1,845
DFP	F&C Dyn Pref & Incm Fd	Flaherty & Crumrine	1.10	8.00	6.76	0.00	32.80	521	1,634
HPF	JH Pref Incm Fd II	John Hancock	1.07	-5.05	7.96	7.53	32.56	419	1,773
WIW	WA Inf-Lnk Opp & Incm Fd	Legg Mason	3.83	-11.56	2.98	47.23	32.60	863	1,656
WIA	WA Inf-Lnk Incm Fd	Legg Mason	3.61	-9.33	2.74	2.08	32.60	333	831
ARCC	Ares Capital Corp	Ares	0.42	6.13	9.15	0.00	50.50	6,965	34,891
ORCC	Owl Rock Capital Corp	Owl Rock	0.44	-8.66	9.25	0.00	42.07	5,695	21,337
MAIN	Main Street Cap Corp	Main Street Capital	0.41	51.58	7.54	0.00	44.68	1,426	14,055
FSKR	FS KKR Capital Corp. II	FS/KKR	0.43	-31.51	13.03	0.00	42.49	4,195	10,254
HTGC	Hercules Capital	Hercules	0.43	48.93	8.38	0.00	51.61	1,176	10,816
FSK	FS KKR Capital Corp	FS/KKR	0.44	-28.95	13.81	0.00	55.85	3,027	10,451
PSEC	Prospect Capital Corp	Prospect Capital	0.46	-27.02	11.75	0.00	39.74	3,197	12,534
GBDC	Golub Capital BDC	Golub Capital	0.42	1.95	7.94	0.00	45.53	2,397	8,854
TSLX	Sixth St Splty Lending	Sixth St Splty Lending	0.42	25.43	7.75	0.00	43.50	1,141	5,858
NMFC	New Mountain Fin Corp	New Mountain Capital	0.42	-3.27	10.14	0.00	59.57	1,185	5,385
AINV	Apollo Inv Corp	Apollo	0.47	-21.83	10.27	0.00	60.48	1,008	6,271
GSBD	Goldman Sachs BDC	Goldman Sachs	0.39	18.27	9.83	0.00	58.09	1,573	5,229
BCSF	Bain Cap Splty Fin	BCSF Advisors	0.43	-21.14	10.60	0.00	57.76	1,050	4,131
NEWT	Newtek Biz Serv Corp	Newtek	0.42	34.63	9.23	0.00	51.44	324	3,312
TCPC	BR TCP Capital Corp	BlackRock	0.43	-5.90	10.03	0.00	55.54	734	3,337
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	0.42	2.33	10.60	0.00	37.74	409	2,863
OCSL	Oaktree Splty Lending	Oaktree Capital	0.41	-11.71	7.68	0.00	43.23	915	2,962
CGBD	TCG BDC	Carlyle	0.46	-24.85	11.35	0.00	56.01	845	2,833
PNNT	PennantPark Inv Corp	PennantPark	0.45	-35.46	9.49	0.00	51.00	526	3,201

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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