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08. US Bond Index

Data as of 10/11/2019 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	1,215.92	-0.19	-0.50	-0.17	0.77	4.13	10.75	7.89	6.87	-0.56	-0.56	16.25
NAV	1,184.97	-0.03	-0.52	-0.63	0.15	2.37	5.40	6.53	5.64	-0.53	-0.53	9.87
Difference		0.16	-0.02	-0.47	-0.61	-1.76	-5.35	-1.36	-1.23	0.04	0.04	-6.38
* 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	7.17	2.74	0.49	10.65	2.46	-0.98	2.54	4.03	14.68	1.30	-0.95	1.79	2.13	-	-	-	-	-	16.81
NAV	4.07	1.63	0.67	6.47	1.70	-0.41	1.67	2.98	9.45	0.75	-0.22	0.41	0.94	-	-	-	-	-	10.40
Difference	-3.10	-1.12	0.18	-4.18	-0.76	0.58	-0.87	-1.05	-5.23	-0.54	0.73	-1.38	-1.19	-	-	-	-	-	-6.42
2018 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2018
Price	-0.45	-0.53	0.60	-0.38	0.79	0.38	-0.00	1.17	0.79	0.75	0.97	-0.00	1.72	-3.88	-1.16	-3.18	-8.01	-6.29	-5.50
NAV	1.04	-0.60	-0.11	0.32	0.42	0.15	0.09	0.67	0.99	1.15	0.36	0.62	2.14	-1.20	-1.15	-2.50	-4.78	-2.64	-1.66
Difference	1.49	-0.07	-0.71	0.70	-0.37	-0.23	0.10	-0.50	0.19	0.40	-0.61	0.62	0.41	2.68	0.00	0.68	3.23	3.65	3.84
2017 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2017
Price	3.30	1.82	-0.59	4.56	2.28	0.90	0.30	3.51	8.07	1.82	-0.55	1.15	2.43	-0.17	-1.75	1.42	-0.51	1.91	9.98
NAV	1.78	1.33	0.17	3.30	1.15	1.11	0.42	2.70	6.00	1.16	0.28	0.71	2.17	0.68	-0.06	0.48	1.10	3.27	9.27
Difference	-1.53	-0.50	0.76	-1.26	-1.13	0.21	0.12	-0.81	-2.07	-0.66	0.83	-0.44	-0.26	0.84	1.69	-0.95	1.61	1.35	-0.71
2016 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2016
Price	-2.67	-0.57	7.57	4.10	3.01	1.40	1.62	6.14	10.24	3.98	2.18	0.22	6.48	-0.45	0.22	3.10	2.86	9.34	19.58
NAV	-1.71	-0.89	4.00	1.31	3.22	1.06	1.17	5.53	6.85	2.62	1.83	1.31	5.87	0.84	-0.17	1.79	2.48	8.35	15.20
Difference	0.97	-0.33	-3.56	-2.78	0.21	-0.34	-0.45	-0.61	-3.39	-1.36	-0.35	1.09	-0.61	1.29	-0.38	-1.31	-0.38	-0.99	-4.38
2015 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2015
Price	0.92	2.72	-0.43	3.22	1.51	-0.87	-3.47	-2.87	0.35	-1.02	-2.60	-1.92	-5.45	4.10	-1.94	-0.55	1.52	-3.92	-3.57
NAV	0.68	2.15	0.09	2.94	1.35	0.42	-0.99	0.77	3.70	-0.27	-1.54	-2.04	-3.81	1.44	-1.50	-2.48	-2.55	-6.36	-2.66
Difference	-0.24	-0.57	0.51	-0.28	-0.16	1.29	2.48	3.63	3.35	0.75	1.06	-0.12	1.64	-2.66	0.44	-1.93	-4.08	-2.44	0.91

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -3.83%	1Yr Disc -5.67%	3Yr Disc -4.63%	5Yr Disc -5.34%	Rel Disc Range (3yr) 59.28%
Mkt Yield 7.47%	Lev Adj NAV Yield 5.63%	After Tax Yield* 5.65%	Est Tax Friction* 1.82%	3Yr NAV Volatiliy 3.95
1 Yr RoC 2.01%	3 Yr Dest RoC 0.42%	Leverage 27.80%	Non Lev Exp Ratio 1.32%	Beta (2yr) 0.14
Equity Exposure 1.06%	Bond Exposure 96.54%	# Holdings 87	Cash Weighted Duration 3.10
Comp NAV TR 0.19%	Comp Discount 0.10%	Net Assets (M) 490	Liquidity - 90d (K) 1,353
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

87 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
AFT	Apollo Sr Flt Rt Fd	Apollo	1.13	-12.55	8.28	0.00	35.10	258	775
AIF	Apollo Tactical Incm Fd	Apollo	1.12	-10.67	8.15	0.00	34.46	239	755
ARDC	Ares Dyn Cr Alloc Fd	Ares	1.14	-12.48	8.80	0.00	30.93	384	1,158
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	1.14	-9.77	6.65	11.07	35.44	1,130	1,670
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	1.11	-6.89	9.47	0.00	37.23	674	2,048
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	1.15	-3.26	10.35	0.00	29.64	356	959
BGIO	2022 Glbl Incm Opp Tr	BlackRock	1.15	-1.24	6.28	0.37	21.69	214	329
BGT	BR Flt Rt Incm Fd	BlackRock	1.15	-12.11	7.52	0.00	27.68	321	727
BGX	B/GSO Lng-Srt Cr Incm Fd	GSO / Blackstone	1.13	-1.03	9.29	0.00	39.14	197	983
BHK	BR Core Bnd Tr	BlackRock	1.15	-6.44	5.64	7.33	24.12	829	1,919
BIT	BR Mlt-Sctr Incm Tr	BlackRock	1.14	-6.39	8.74	11.46	35.15	681	1,893
BLW	BR Ltd Dur Incm Tr	BlackRock	1.14	-8.36	7.61	0.00	24.97	604	1,410
BSL	B/GSO Sr Flt Rt Trm Fd	GSO / Blackstone	1.11	-0.12	7.91	0.00	33.19	248	740
BTZ	BR Cr Alloc Incm Tr	BlackRock	1.15	-8.60	7.46	0.00	28.60	1,533	4,320
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	1.15	-8.48	8.63	0.36	27.18	179	408
DBL	DbLin Opportunistic Cr Fd	Doubleline	1.16	0.48	6.33	7.34	20.98	310	1,379
DCF	BYN A Glbl Cr Incm 2024 Tgt Trm	BNY Mellon	1.14	1.10	7.08	0.00	30.03	135	283
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	1.15	-8.18	8.51	0.00	31.56	240	450
DHY	CS Hi Yld Bnd Fd	Credit Suisse	1.13	-1.57	9.12	10.83	30.08	263	604
DSL	DbLin Incm Solutions Fd	Doubleline	1.16	3.74	9.02	2.18	30.34	1,951	7,294
DSU	BR Dbt Stgs Fd	BlackRock	1.14	-11.90	8.06	0.73	29.91	597	1,360
EAD	WF Incm Opp Fd	Wells Fargo	1.15	-8.92	8.66	7.78	29.10	559	1,301
EFF	EV Flt-Rt Inc+ Fd	Eaton Vance	1.16	-9.47	6.67	0.00	35.80	128	676
EFL	EV Flt-Rt 2022 Tgt Trm Tr	Eaton Vance	1.15	-2.04	5.92	0.00	35.60	220	565
EFR	EV Sr Flt-Rt Tr	Eaton Vance	1.13	-12.28	7.88	0.00	34.50	537	1,386
EFT	EV Flt-Rt Incm Tr	Eaton Vance	1.14	-12.41	7.72	0.00	34.10	594	1,403
EHT	EV Hi Incm 2021 Tgt Trm Tr	Eaton Vance	1.15	-0.60	4.48	0.00	19.50	214	449
ERC	WF Mlt-Sctr Incm Fd	Wells Fargo	1.16	-6.94	9.64	5.56	29.60	407	1,155
EVF	EV Sr Incm Tr	Eaton Vance	1.16	-10.87	7.41	0.00	34.50	261	483
EVG	EV Srt Dur Divr Incm Fd	Eaton Vance	1.18	-8.52	6.76	0.00	45.40	260	357
EVV	EV Ltd Dur Incm Fd	Eaton Vance	1.17	-11.75	6.66	0.00	35.23	1,661	3,429
FCT	FT Sr Flt Rt Incm Fd II	First Trust	1.14	-12.47	8.40	0.00	29.80	360	905
FIV	FT Sr Flt Rt 2022 Tgt Trm Fd	First Trust	1.14	-6.81	4.15	0.00	27.64	337	872
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.14	-13.00	7.60	0.00	28.17	520	1,795
GDO	WA Glbl Corp Dfin Opp Fd	Legg Mason	1.16	-5.51	7.00	14.02	26.07	274	528
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	1.16	5.12	10.81	9.77	26.32	150	592
GHY	PGIM Glbl Hi Yld Fd	Prudential	1.14	-12.26	8.89	2.04	27.09	661	1,524
HIO	WA Hi Incm Opp Fd	Legg Mason	1.16	-8.36	7.14	0.00	0.00	704	1,080
HIX	WA Hi Incm Fd II	Legg Mason	1.15	-8.22	8.42	5.04	28.39	622	1,232
HNW	Pioneer Divr Hi Incm Tr	Pioneer	1.15	-9.79	7.88	0.00	31.40	134	345
HYB	New Amrc Hi Incm Fd	T. Rowe Price	1.19	-8.40	7.29	0.00	28.00	231	780
HYI	WA Hi Yld Dfin Opp Fd	Legg Mason	1.15	-7.39	7.22	0.00	0.00	369	1,018
HYT	BR Corp Hi Yld Fd	BlackRock	1.14	-9.67	8.85	0.22	28.14	1,425	3,603
IGI	WA Inv Grd Dfin Opp Tr	Legg Mason	1.14	0.14	4.86	0.00	0.00	227	488
IHIT	Invsc Hi Incm 2023 Tgt Trm Fd	Invesco	1.17	-0.85	5.73	0.00	24.00	253	398
INSI	Insight Sel Incm Fd	Cutwater	1.12	-7.15	4.03	0.00	0.00	229	402
ISD	PGIM Hi Yld Bnd Fd	Prudential	1.13	-11.05	8.60	0.00	24.66	548	2,142
IVH	Ivy Hi Incm Opp Fd	Ivy Investment	1.14	-9.44	8.88	0.00	30.82	247	916
JCO	Nuveen Cr Opp 2022 Tgt Trm Fd	Nuveen	1.16	3.79	5.73	0.00	29.17	263	434
JFR	Nuv Flt Rt Incm Fd	Nuveen	1.12	-12.57	7.86	0.00	37.91	611	1,715
JGH	Nuv Glbl Hi Incm Fd	Nuveen	1.15	-12.01	7.95	1.49	30.05	405	1,012
JHB	Nuv Hi Incm Nov 2021 Tgt Trm Fd	Nuveen	1.16	0.00	5.04	0.00	27.15	553	743
JHD	Nuv Hi Incm Dec 2019 Tgt Trm Fd	Nuveen	1.16	-0.40	3.96	0.00	0.00	268	470
JHI	JH Invstr Tr	John Hancock	1.14	-7.53	7.72	0.00	35.39	158	333
JHS	JH Incm Sec Tr	John Hancock	1.16	-6.08	4.27	0.00	33.62	180	258
JHY	Nuv Hi Incm 2020 Tgt Trm Fd	Nuveen	1.16	1.85	3.18	0.00	28.54	154	265
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	1.14	-12.58	7.80	0.00	37.44	432	1,236
JSD	Nuv Srt Dur Cr Opp Fd	Nuveen	1.15	-9.65	7.82	0.00	38.87	165	535
KIO	KKR Incm Opp Fd	KKR Credit	1.12	-2.58	9.91	0.00	30.73	316	1,361
MCI	Barings Corp Invstr	Barings	1.14	8.50	7.23	0.00	8.87	308	250
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	1.15	-5.23	9.08	13.66	33.40	247	921
NSL	Nuv Sr Incm Fd	Nuveen	1.14	-11.84	7.74	0.00	38.40	248	693
OCCI	OFS Credit Company	OFS Capital	1.15	0.06	11.69	0.00	31.94	53	301
PAI	WA Inv Grd Incm Fd	Legg Mason	1.15	5.56	4.28	0.00	0.00	145	404
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	1.17	7.99	8.49	0.00	43.86	3,139	11,686
PCM	PCM Fund	PIMCO	1.18	12.30	8.55	0.00	39.87	116	452
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	1.17	27.28	7.33	0.00	24.98	574	1,817
PDI	PIMCO Dyn Incm Fd	PIMCO	1.16	19.84	8.13	0.00	42.18	1,543	5,582
PFL	PIMCO Incm Stgy Fd	PIMCO	1.18	9.54	9.31	12.09	26.01	297	1,024
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.17	9.13	9.23	0.00	26.71	615	1,995
PGP	PIMCO Glbl Stk+ & Incm Fd	PIMCO	1.14	21.44	10.00	12.29	35.56	101	464
PHD	Pioneer Flt Rt Tr	Pioneer	1.14	-12.79	7.24	0.00	32.00	294	723
PHK	PIMCO Hi Incm Fd	PIMCO	1.16	25.77	9.55	16.96	28.71	804	2,892
PHT	Pioneer Hi Incm Tr	Pioneer	1.15	-8.23	8.86	0.00	30.10	291	815
PKO	PIMCO Incm Opp Fd	PIMCO	1.16	10.88	8.57	0.00	35.63	404	1,615
PPR	Voya Prime Rt Tr	Voya	1.15	-12.03	6.28	0.00	27.46	786	1,733
PPT	Putnam Prmr Incm Tr	Putnam	1.16	-3.51	8.05	3.56	6.65	559	1,133
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.17	28.73	8.58	1.97	36.97	1,245	4,610
TLI	WA Corp Ln Fd	Legg Mason	1.15	-13.09	8.08	0.65	31.93	107	306
TSI	TCW Stgc Incm Fd	TCW	1.18	-1.89	5.87	0.00	0.00	277	798
TSLF	THL Cr Sr Ln Fd	THL Credit	1.12	-12.61	8.36	0.00	27.20	123	430
VBF	Invsc Bnd Fd	Invesco	1.17	-2.77	3.96	2.11	0.00	234	666
VTA	Invsc Dyn Cr Opp Fd	Invesco	1.14	-12.43	8.29	8.92	33.00	918	2,300
VVR	Invsc Sr Incm Tr	Invesco	1.14	-11.37	6.97	0.82	30.00	839	1,623
WEA	WA Prmr Bnd Fd	Legg Mason	1.18	-0.21	5.50	0.00	27.10	172	448
WIA	WA Inf-Lnk Incm Fd	Legg Mason	1.17	-11.31	3.52	3.89	30.96	387	1,137
WIW	WA Inf-Lnk Opp & Incm Fd	Legg Mason	1.15	-13.75	3.91	0.00	30.33	783	997

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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