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(%)	10 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,444.43	-0.40	-1.86	-0.01	-2.23	-0.22	9.23	9.75	7.32	7.08	-2.33	-2.33	-2.33
NAV	1,371.49	-0.01	-0.38	0.02	-0.15	0.90	5.29	7.24	6.29	7.21	-0.63	-0.63	-0.63
Difference		0.39	1.49	0.03	2.08	1.12	-3.94	-2.51	-1.03	0.14	1.69	1.69	1.69
* 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 (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2021
Price	1.61	1.97	2.52	6.22	2.19	1.55	2.09	5.94	12.53	-0.29	1.67	-1.36	-0.01	1.53	-1.34	1.01	1.18	1.18	13.85
NAV	1.16	0.80	0.18	2.15	1.37	0.81	1.12	3.34	5.56	0.33	0.82	0.05	1.20	-0.07	-0.90	1.31	0.32	0.32	7.17
Difference	-0.45	-1.17	-2.34	-4.07	-0.82	-0.73	-0.97	-2.60	-6.97	0.62	-0.85	1.42	1.21	-1.60	0.44	0.30	-0.86	-0.86	-6.68
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	5.97	6.11	1.78	14.44	-12.29	3.40	1.96	-0.14	5.28	-0.88	8.52	2.54	10.31	16.13	1.86
NAV	0.86	-1.51	-17.75	-18.30	4.67	5.15	2.65	12.98	-7.70	3.62	2.07	-0.07	5.68	0.38	4.95	2.62	8.11	14.26	5.46
Difference	-0.65	4.25	2.13	5.05	-1.30	-0.97	0.88	-1.46	4.59	0.22	0.10	0.07	0.40	1.26	-3.57	0.08	-2.19	-1.88	3.60
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	15.11	1.30	-0.95	1.79	2.13	0.74	0.81	2.68	4.28	6.50	22.59
NAV	4.07	1.63	0.67	6.47	1.70	-0.41	1.67	2.98	9.64	0.75	-0.22	0.41	0.94	-0.11	0.58	2.04	2.51	3.48	13.46
Difference	-3.10	-1.12	0.18	-4.18	-0.76	0.58	-0.87	-1.05	-5.47	-0.54	0.73	-1.38	-1.19	-0.85	-0.23	-0.64	-1.77	-3.02	-9.13
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	-6.43	-5.69
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	-2.75	-1.78
Difference	1.49	-0.07	-0.71	0.70	-0.37	-0.23	0.10	-0.50	0.20	0.40	-0.61	0.62	0.41	2.68	0.00	0.68	3.23	3.68	3.91
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	8.23	1.82	-0.55	1.15	2.43	-0.17	-1.75	1.42	-0.51	1.90	10.29
NAV	1.78	1.33	0.17	3.30	1.15	1.11	0.42	2.70	6.09	1.16	0.28	0.71	2.17	0.68	-0.06	0.48	1.10	3.29	9.59
Difference	-1.53	-0.50	0.76	-1.26	-1.13	0.21	0.12	-0.81	-2.14	-0.66	0.83	-0.44	-0.26	0.84	1.69	-0.95	1.61	1.39	-0.70
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	10.49	3.98	2.18	0.22	6.48	-0.45	0.22	3.10	2.86	9.53	21.02
NAV	-1.71	-0.89	4.00	1.31	3.22	1.06	1.17	5.53	6.92	2.62	1.83	1.31	5.87	0.84	-0.17	1.79	2.48	8.50	16.01
Difference	0.97	-0.33	-3.56	-2.78	0.21	-0.34	-0.45	-0.61	-3.57	-1.36	-0.35	1.09	-0.61	1.29	-0.38	-1.31	-0.38	-1.03	-5.01
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	0.26	-1.02	-2.60	-1.92	-5.45	4.10	-1.94	-0.55	1.52	-4.01	-3.76
NAV	0.68	2.15	0.09	2.94	1.35	0.42	-0.99	0.77	3.73	-0.27	-1.54	-2.04	-3.81	1.44	-1.50	-2.48	-2.55	-6.26	-2.77
Difference	-0.24	-0.57	0.51	-0.28	-0.16	1.29	2.48	3.63	3.47	0.75	1.06	-0.12	1.64	-2.66	0.44	-1.93	-4.08	-2.26	0.98
2014 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2014
Price	1.43	2.29	-0.03	3.72	1.28	1.07	1.29	3.70	7.55	-2.46	1.32	-2.72	-3.87	0.84	-0.30	-2.11	-1.58	-5.39	1.75
NAV	1.44	1.46	0.45	3.39	0.70	1.18	0.84	2.75	6.23	-0.50	0.93	-1.40	-0.97	0.41	-0.12	-2.06	-1.78	-2.73	3.33
Difference	0.01	-0.82	0.49	-0.32	-0.58	0.11	-0.45	-0.95	-1.32	1.97	-0.38	1.32	2.90	-0.43	0.18	0.05	-0.20	2.66	1.58
2013 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2013
Price	4.65	1.00	0.73	6.47	1.37	-3.93	-2.53	-5.07	1.08	-0.94	-1.93	1.51	-1.39	2.05	-1.44	1.37	1.96	0.54	1.63
NAV	2.21	0.59	1.02	3.86	1.71	-0.32	-2.57	-1.22	2.59	1.63	-0.45	1.11	2.30	2.14	0.51	0.20	2.87	5.24	7.97
Difference	-2.44	-0.41	0.29	-2.62	0.34	3.61	-0.04	3.85	1.52	2.57	1.49	-0.40	3.69	0.09	1.96	-1.17	0.91	4.70	6.34
2012 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2012
Price	5.44	2.34	0.07	7.99	1.65	-1.16	2.10	2.58	10.78	3.44	2.48	2.30	8.44	-1.18	-0.49	-0.18	-1.84	6.45	17.92
NAV	3.36	2.52	0.60	6.60	1.03	-1.23	1.58	1.35	8.04	2.38	1.85	2.09	6.46	1.05	0.66	1.12	2.86	9.51	18.31
Difference	-2.08	0.17	0.53	-1.39	-0.63	-0.07	-0.53	-1.23	-2.74	-1.06	-0.62	-0.21	-1.98	2.23	1.15	1.30	4.70	3.06	0.39

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -1.57%	1Yr Disc -0.55%	3Yr Disc -3.17%	5Yr Disc -3.21%	Rel Disc Range (3yr) 69.05%
Mkt Yield 7.43%	Lev Adj NAV Yield 5.67%	After Tax Yield* 5.68%	Est Tax Friction* 1.75%	3Yr NAV Volatiliy 9.91
1 Yr RoC 9.42%	3 Yr Dest RoC 1.37%	Leverage 29.22%	Non Lev Exp Ratio 1.45%	Beta (2yr) 0.54
Equity Exposure 1.48%	Bond Exposure 95.58%	# Holdings 62	Cash Weighted Duration 3.33
Comp NAV TR 0.06%	Comp Discount 0.28%	Net Assets (M) 556	Liquidity - 90d (K) 1,967
* 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

62 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
AFT	Apollo Sr Flt Rt Fd	Apollo	1.74	2.29	5.65	0.00	33.75	259	1,409
AIF	Apollo Tactical Incm Fd	Apollo	1.70	-5.41	6.48	0.00	33.77	241	900
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	1.58	-7.86	6.77	2.11	25.88	1,086	2,167
BGB	Blackstone Stgc Cr Fd	Blackstone	1.67	-6.06	5.81	0.00	36.53	649	2,515
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	1.59	-7.28	7.65	0.00	28.24	358	1,251
BGT	BR Flt Rt Incm Fd	BlackRock	1.68	4.13	5.49	17.76	32.18	304	1,381
BGX	Blackstone Lng-Srt Cr Incm Fd	Blackstone	1.66	-3.79	6.35	0.00	38.77	195	687
BHK	BR Core Bnd Tr	BlackRock	1.44	-5.01	6.30	0.00	32.61	808	1,731
BLW	BR Ltd Dur Incm Tr	BlackRock	1.52	-4.98	7.61	16.36	34.66	581	1,217
BSL	Blackstone Sr Flt Rt Trm Fd	Blackstone	1.55	-1.47	5.60	0.00	32.68	221	749
BTZ	BR Cr Alloc Incm Tr	BlackRock	1.53	-5.84	7.26	15.26	29.22	1,377	2,865
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	1.62	-0.88	8.01	0.00	23.39	178	1,059
DBL	DbLin Opportunistic Cr Fd	Doubleline	1.58	-1.08	7.19	0.73	12.65	286	903
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	1.64	-6.79	7.35	0.00	28.49	236	980
DHY	CS Hi Yld Bnd Fd	Credit Suisse	1.63	-3.19	7.65	0.00	23.73	260	683
DLY	DbLin Yld Opp Fd	Doubleline	1.62	-5.36	7.63	0.82	25.45	930	4,006
DSL	DbLin Incm Solutions Fd	Doubleline	1.59	-7.19	8.53	0.00	29.10	1,701	8,098
DSU	BR Dbt Stgs Fd	BlackRock	1.62	-1.64	6.35	17.03	31.48	542	1,558
EAD	Allspring Incm Opp Fd	Allspring	1.55	-4.36	8.53	3.52	25.60	542	1,492
EFL	EV Flt-Rt 2022 Tgt Trm Tr	Eaton Vance	1.68	0.64	4.09	1.72	33.39	221	554
EFR	EV Sr Flt-Rt Tr	Eaton Vance	1.59	-0.63	6.85	12.00	32.67	405	1,595
EFT	EV Flt-Rt Incm Tr	Eaton Vance	1.60	0.41	6.36	10.08	29.10	434	1,330
EHI	WA Glbl Hi Incm Fd	Franklin Templeton	1.59	-3.48	8.27	0.95	30.80	229	474
ERC	Allspring Mlt-Sctr Incm Fd	Allspring	1.53	-0.33	9.50	0.00	27.66	343	867
EVF	EV Sr Incm Tr	Eaton Vance	1.67	-1.88	5.82	7.80	33.80	127	296
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.71	-0.93	5.78	18.54	31.35	492	2,113
FTHY	FT Hi Yld Opp 2027 Trm Fd	First Trust	1.60	-3.11	9.14	2.65	27.15	744	1,646
GDO	WA Glbl Corp Dfin Opp Fd	Franklin Templeton	1.60	-2.13	7.13	13.00	28.97	259	600
HIO	WA Hi Incm Opp Fd	Franklin Templeton	1.54	-7.79	7.42	11.05	0.00	500	1,069
HIX	WA Hi Incm Fd II	Franklin Templeton	1.57	0.44	8.66	7.81	30.37	398	1,194
HNW	Pioneer Divr Hi Incm Fd	Pioneer	1.62	-1.13	8.85	0.00	32.70	126	390
HYB	New Amrc Hi Incm Fd	T. Rowe Price	1.59	-6.94	6.67	0.00	27.00	226	736
HYI	WA Hi Yld Dfin Opp Fd	Franklin Templeton	1.56	-2.81	7.62	15.21	0.00	347	923
HYT	BR Corp Hi Yld Fd	BlackRock	1.56	-1.61	8.06	17.14	30.52	1,441	3,943
IGI	WA Inv Grd Dfin Opp Tr	Franklin Templeton	1.53	-3.21	3.94	5.66	0.00	227	480
IHIT	Invsc Hi Incm 2023 Tgt Trm Fd	Invesco	1.62	-0.65	5.74	0.00	26.00	223	465
ISD	PGIM Hi Yld Bnd Fd	Prudential	1.62	-6.46	8.05	13.71	24.00	556	1,530
IVH	Ivy Hi Incm Opp Fd	Ivy Investment	1.63	-6.86	6.12	0.00	26.32	244	856
JCO	Nuv Cr Opp 2022 Tgt Trm Fd	Nuveen	1.65	-0.25	5.04	0.00	0.00	226	833
JFR	Nuv Flt Rt Incm Fd	Nuveen	1.68	-1.15	6.73	8.26	36.36	595	2,373
JGH	Nuv Glbl Hi Incm Fd	Nuveen	1.61	-5.51	8.78	14.51	29.20	379	870
JHI	JH Invstr Tr	John Hancock	1.57	1.89	8.51	0.00	35.18	157	343
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	1.67	-1.25	6.74	8.94	36.42	420	1,980
JSD	Nuv Srt Dur Cr Opp Fd	Nuveen	1.68	-3.77	6.89	4.42	36.29	158	399
KIO	KKR Incm Opp Fd	KKR Credit	1.60	-1.86	7.70	0.00	32.84	339	1,064
MCI	Barings Corp Invstr	Barings	1.67	-5.75	6.04	0.00	8.07	342	357
NSL	Nuv Sr Incm Fd	Nuveen	1.70	-1.30	6.72	7.50	36.25	237	1,076
OCCI	OFS Credit Company	OFS Capital	1.66	-0.52	16.42	0.00	31.77	104	805
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	1.57	14.41	8.37	1.80	37.44	599	1,584
PDI	PIMCO Dyn Incm Fd	PIMCO	1.61	4.38	10.58	2.05	42.80	5,272	19,329
PDO	PIMCO Dyn Incm Opp Fd	PIMCO	1.61	-0.68	7.49	0.00	44.44	2,098	7,253
PFL	PIMCO Incm Stgy Fd	PIMCO	1.61	4.03	9.22	15.47	34.50	354	1,578
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.62	3.34	9.28	12.42	33.75	701	2,913
PGP	PIMCO Glbl Stk+ & Incm Fd	PIMCO	1.61	3.14	7.88	0.00	35.88	114	443
PHD	Pioneer Flt Rt Fd	Pioneer	1.69	1.98	5.82	0.21	32.60	144	555
PHK	PIMCO Hi Incm Fd	PIMCO	1.66	7.73	9.40	12.07	34.62	765	3,029
PHT	Pioneer Hi Incm Fd	Pioneer	1.54	-3.72	8.27	0.00	31.90	275	855
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.62	15.45	8.87	13.58	46.02	1,226	8,899
RCS	PIMCO Stgc Incm Fd	PIMCO	1.60	9.03	9.39	15.72	43.45	267	913
SDHY	PGIM Srt Dur Hi Yld Opp Fd	Prudential	1.66	-5.14	7.03	8.21	24.00	480	2,643
WDI	WA Divr Incm Fd	Franklin Templeton	1.67	-5.26	7.56	12.68	24.80	980	4,870
WEA	WA Prmr Bnd Fd	Franklin Templeton	1.55	-4.28	5.90	0.00	29.10	166	338

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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