08. US Bond Index

About the Index

(1) Taxable Bond Funds groupings according to CEFdata.com. (2) Removing funds with US / Non US Equity allocations over 5% each. (3) US Bond allocation over 80%. (4) 1 Year Trailing Income dividend classification over 80%. (5) 90-day average trade dollar $ liquidity over $250K. Equal weight each fund for the index. The index constituents will be rebalanced each quarter.

Index Performance

	Current($)	Previous Day(%)	1 Week(%)	1 Month(%)	3 Month(%)	6 Month(%)	1 Year(%)	3 Year(%)	5 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	958.25	2.97	-0.03	-22.95	-24.99	-21.55	-17.75	-3.07	1.36	-1.95	-1.95	-25.31
NAV	989.38	0.50	0.61	-17.91	-19.27	-16.87	-14.36	-1.60	1.46	-0.83	-0.83	-19.13
Difference		-2.47	0.64	5.04	5.72	4.68	3.39	1.47	0.10	1.12	1.12	6.17
* 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 (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	1.51	-5.77	-19.87	-23.35	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-23.35
NAV	0.86	-1.51	-17.75	-18.30	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-18.30
Difference	-0.65	4.25	2.13	5.05	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5.05
2019 - Monthly Performance (%)
	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	0.74	0.81	2.68	4.28	6.41	21.09
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	-0.11	0.58	2.04	2.51	3.46	12.91
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	-0.85	-0.23	-0.64	-1.77	-2.95	-8.18
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 -8.87%	1Yr Disc -4.15%	3Yr Disc -4.25%	5Yr Disc -4.98%	Rel Disc Range (3yr) 55.06%
Mkt Yield 9.84%	Lev Adj NAV Yield 6.96%	After Tax Yield* 7.46%	Est Tax Friction* 2.38%	3Yr NAV Volatiliy 8.44
1 Yr RoC 3.00%	3 Yr Dest RoC 2.59%	Leverage 28.60%	Non Lev Exp Ratio 1.29%	Beta (2yr) 0.43
Equity Exposure 1.16%	Bond Exposure 96.58%	# Holdings 83	Cash Weighted Duration 3.29
Comp NAV TR -0.52%	Comp Discount 0.77%	Net Assets (M) 393	Liquidity - 90d (K) 2,479
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents

83 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
AFT	Apollo Sr Flt Rt Fd	Apollo	1.18	-16.53	10.05	0.00	35.43	207	1,062
AIF	Apollo Tactical Incm Fd	Apollo	1.17	-15.36	10.78	0.00	34.74	185	1,173
ARDC	Ares Dyn Cr Alloc Fd	Ares	1.14	-14.47	12.91	0.00	32.00	268	1,776
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	1.19	-13.80	8.80	0.00	45.44	893	4,004
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	1.18	-13.08	12.28	0.00	37.08	512	3,223
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	1.13	-13.55	16.66	0.00	30.76	235	1,290
BGIO	2022 Glbl Incm Opp Tr	BlackRock	1.21	-1.19	8.04	0.39	19.72	167	471
BGT	BR Flt Rt Incm Fd	BlackRock	1.23	-15.32	9.32	0.00	29.64	267	1,249
BGX	B/GSO Lng-Srt Cr Incm Fd	GSO / Blackstone	1.17	-14.36	13.41	0.00	39.02	149	950
BHK	BR Core Bnd Tr	BlackRock	1.28	-6.19	5.89	17.23	24.01	792	3,264
BIT	BR Mlt-Sctr Incm Tr	BlackRock	1.20	-16.07	12.63	12.76	37.40	526	3,406
BLW	BR Ltd Dur Incm Tr	BlackRock	1.17	-14.18	9.78	0.51	28.00	503	3,013
BSL	B/GSO Sr Flt Rt Trm Fd	GSO / Blackstone	1.15	-13.36	10.73	0.00	33.00	193	1,276
BTZ	BR Cr Alloc Incm Tr	BlackRock	1.25	-7.51	8.52	13.62	29.42	1,195	7,138
BWG	BwGlobal Glbl Incm Opp Fd	Legg Mason	1.24	-13.68	7.97	2.73	32.72	256	1,137
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	1.18	-13.21	11.74	2.77	27.18	139	608
DBL	DbLin Opportunistic Cr Fd	Doubleline	1.19	-2.41	7.95	7.66	19.30	254	1,720
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	1.18	-13.25	11.94	0.00	31.36	181	2,121
DHY	CS Hi Yld Bnd Fd	Credit Suisse	1.14	-13.33	11.72	13.95	27.87	202	2,496
DSL	DbLin Incm Solutions Fd	Doubleline	1.11	-3.38	14.98	3.36	28.98	1,264	9,720
DSU	BR Dbt Stgs Fd	BlackRock	1.26	-12.83	9.89	9.80	31.11	489	2,620
EAD	WF Incm Opp Fd	Wells Fargo	1.18	-12.75	11.76	1.10	29.18	430	2,720
EFF	EV Flt-Rt Inc+ Fd	Eaton Vance	1.23	-14.19	7.24	2.83	35.20	103	313
EFL	EV Flt-Rt 2022 Tgt Trm Tr	Eaton Vance	1.18	-9.36	7.03	0.00	35.60	187	682
EFR	EV Sr Flt-Rt Tr	Eaton Vance	1.23	-13.87	8.15	0.00	35.60	422	3,001
EFT	EV Flt-Rt Incm Tr	Eaton Vance	1.22	-13.33	7.93	0.00	35.10	466	2,768
EHT	EV Hi Incm 2021 Tgt Trm Tr	Eaton Vance	1.23	-5.58	4.09	0.00	0.00	200	716
ERC	WF Mlt-Sctr Incm Fd	Wells Fargo	1.15	-13.86	13.32	0.00	29.80	318	1,843
EVF	EV Sr Incm Tr	Eaton Vance	1.26	-13.74	7.64	1.30	35.40	207	1,155
EVG	EV Srt Dur Divr Incm Fd	Eaton Vance	1.24	-8.65	8.19	0.00	41.48	215	879
EVV	EV Ltd Dur Incm Fd	Eaton Vance	1.18	-12.80	11.82	16.53	35.76	1,352	5,964
FCT	FT Sr Flt Rt Incm Fd II	First Trust	1.28	-14.01	10.02	9.43	28.16	307	1,229
FIV	FT Sr Flt Rt 2022 Tgt Trm Fd	First Trust	1.24	-10.06	3.69	0.00	26.87	296	1,095
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.25	-14.85	9.26	1.42	30.17	431	3,078
GDO	WA Glbl Corp Dfin Opp Fd	Legg Mason	1.26	-9.22	8.67	19.83	27.78	230	778
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	1.15	-8.54	15.51	16.06	19.10	134	835
GHY	PGIM Glbl Hi Yld Fd	Prudential	1.21	-13.16	11.57	0.00	26.89	513	3,058
HIO	WA Hi Incm Opp Fd	Legg Mason	1.20	-13.01	9.56	5.36	0.00	600	3,572
HIX	WA Hi Incm Fd II	Legg Mason	1.21	-15.22	12.00	8.98	29.07	492	3,402
HNW	Pioneer Divr Hi Incm Tr	Pioneer	1.18	-13.07	11.28	0.00	30.90	97	239
HYB	New Amrc Hi Incm Fd	T. Rowe Price	1.20	-12.34	8.89	0.00	30.00	180	1,037
HYI	WA Hi Yld Dfin Opp Fd	Legg Mason	1.18	-12.41	9.62	0.00	0.00	306	1,631
HYT	BR Corp Hi Yld Fd	BlackRock	1.20	-8.13	10.88	8.71	31.34	1,140	9,128
IGI	WA Inv Grd Dfin Opp Tr	Legg Mason	1.23	-1.48	4.57	0.63	0.00	205	553
IHIT	Invsc Hi Incm 2023 Tgt Trm Fd	Invesco	1.21	2.58	7.54	0.00	24.00	186	733
INSI	Insight Sel Incm Fd	Cutwater	1.20	-2.24	4.17	0.00	0.00	210	640
ISD	PGIM Hi Yld Bnd Fd	Prudential	1.21	-13.28	11.09	0.00	29.17	436	3,031
IVH	Ivy Hi Incm Opp Fd	Ivy Investment	1.15	-13.64	12.31	0.00	31.73	187	1,096
JCO	Nuveen Cr Opp 2022 Tgt Trm Fd	Nuveen	1.21	6.27	7.23	0.00	29.60	203	520
JFR	Nuv Flt Rt Incm Fd	Nuveen	1.20	-13.40	9.37	0.00	38.70	480	3,760
JGH	Nuv Glbl Hi Incm Fd	Nuveen	1.22	-15.32	11.13	0.24	30.78	301	1,210
JHB	Nuv Hi Incm Nov 2021 Tgt Trm Fd	Nuveen	1.19	-4.94	5.37	0.00	20.55	486	1,012
JHI	JH Invstr Tr	John Hancock	1.21	-10.09	9.55	0.00	35.48	120	360
JHS	JH Incm Sec Tr	John Hancock	1.22	-2.05	4.04	0.00	33.09	165	362
JHY	Nuv Hi Incm 2020 Tgt Trm Fd	Nuveen	1.24	-3.05	2.16	0.00	11.24	145	571
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	1.20	-13.86	9.32	0.00	38.06	339	3,947
JSD	Nuv Srt Dur Cr Opp Fd	Nuveen	1.22	-14.18	9.80	0.00	39.80	126	759
KIO	KKR Incm Opp Fd	KKR Credit	1.15	-11.06	15.05	0.00	23.96	228	1,844
MCI	Barings Corp Invstr	Barings	1.29	-19.88	9.83	0.00	8.86	308	428
NSL	Nuv Sr Incm Fd	Nuveen	1.21	-13.65	9.77	0.00	39.24	192	2,873
PAI	WA Inv Grd Incm Fd	Legg Mason	1.17	-7.99	4.98	0.00	0.00	131	359
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	1.17	-2.95	13.21	0.00	43.95	2,313	18,660
PCM	PCM Fund	PIMCO	1.18	0.53	12.72	1.00	40.94	87	548
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	1.20	15.21	10.48	0.00	21.90	445	3,094
PDI	PIMCO Dyn Incm Fd	PIMCO	1.20	6.36	12.36	0.00	38.06	1,188	10,433
PFL	PIMCO Incm Stgy Fd	PIMCO	1.18	-1.71	13.42	5.21	22.00	249	1,816
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.19	-2.29	13.24	0.00	21.72	519	3,663
PGP	PIMCO Glbl Stk+ & Incm Fd	PIMCO	1.25	21.36	14.07	3.26	35.19	72	861
PHD	Pioneer Flt Rt Tr	Pioneer	1.25	-16.43	9.64	0.00	31.90	230	863
PHK	PIMCO Hi Incm Fd	PIMCO	1.23	7.06	15.17	0.73	27.23	597	5,396
PHT	Pioneer Hi Incm Tr	Pioneer	1.17	-13.00	13.30	0.00	29.60	205	1,048
PKO	PIMCO Incm Opp Fd	PIMCO	1.16	0.64	12.03	0.00	31.97	349	2,660
PPR	Voya Prime Rt Tr	Voya	1.23	-13.92	6.47	0.00	28.75	637	3,007
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.25	19.58	12.05	1.96	31.41	954	10,242
RCS	PIMCO Stgc Incm Fd	PIMCO	1.29	14.39	11.69	6.63	39.19	240	2,599
TLI	WA Corp Ln Fd	Legg Mason	1.24	-14.54	11.14	13.47	32.20	82	439
TSLF	THL Cr Sr Ln Fd	THL Credit	1.21	-15.24	10.63	0.00	27.70	100	542
VLT	Invsc Hi Incm Tr II	Invesco	1.15	-11.89	11.57	14.78	30.00	74	429
VTA	Invsc Dyn Cr Opp Fd	Invesco	1.21	-17.37	11.46	16.06	35.00	598	3,641
VVR	Invsc Sr Incm Tr	Invesco	1.26	-14.10	8.75	6.78	34.00	586	5,277
WEA	WA Prmr Bnd Fd	Legg Mason	1.21	-8.99	7.17	0.00	26.80	144	547
WIA	WA Inf-Lnk Incm Fd	Legg Mason	1.23	-14.61	3.94	0.00	31.70	359	1,352
WIW	WA Inf-Lnk Opp & Incm Fd	Legg Mason	1.26	-16.35	4.42	0.00	31.20	715	2,472

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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