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	1,190.60	-0.05	0.18	1.27	3.56	18.34	7.19	9.48	5.81	1.97	3.45	14.10
NAV	1,175.04	-0.01	0.55	1.17	2.94	9.36	6.21	8.74	5.31	1.24	2.54	9.01
Difference		0.04	0.37	-0.10	-0.62	-8.99	-0.98	-0.74	-0.51	-0.73	-0.91	-5.09
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

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	-	-	-	-	-	-	-	-	-	-	-	-	12.13
NAV	4.07	1.63	0.67	6.47	1.70	-0.41	-	-	-	-	-	-	-	-	-	-	-	-	7.77
Difference	-3.10	-1.12	0.18	-4.18	-0.76	0.58	-	-	-	-	-	-	-	-	-	-	-	-	-4.36
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 -5.20%	1Yr Disc -6.54%	3Yr Disc -5.57%	5Yr Disc -6.58%	Rel Disc Range (3yr) 53.13%
Mkt Yield 7.24%	Lev Adj NAV Yield 5.39%	After Tax Yield* 5.46%	Est Tax Friction* 1.78%	3Yr NAV Volatiliy 4.17
1 Yr RoC 1.81%	3 Yr Dest RoC 0.23%	Leverage 27.94%	Non Lev Exp Ratio 1.35%	Beta (2yr) 0.15
Equity Exposure 2.07%	Bond Exposure 96.29%	# Holdings 87	Cash Weighted Duration 3.19
Comp NAV TR 0.20%	Comp Discount -0.60%	Net Assets (M) 487	Liquidity - 90d (K) 1,302
* 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

87 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
AFT	Apollo Sr Flt Rt Fd	Apollo Credit	1.12	-12.66	8.12	0.00	34.57	263	791
AIF	Apollo Tactical Incm Fd	Apollo Credit	1.13	-12.51	8.17	0.00	34.11	243	691
ARDC	Ares Dyn Cr Alloc Fd	Ares	1.14	-12.36	8.58	0.00	28.20	394	1,148
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	1.15	-10.41	6.67	0.00	41.27	1,135	2,201
BGB	B/GSO Stgc Cr Fd	Blackstone	1.15	-7.11	9.43	0.00	37.17	698	2,257
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	1.13	-3.56	9.94	0.00	28.60	372	1,248
BGIO	2022 Glbl Incm Opp Tr	BlackRock	1.15	-4.13	6.47	0.00	21.86	214	607
BGT	BR Flt Rt Incm Fd	BlackRock	1.13	-12.94	6.06	0.00	28.70	326	887
BGX	B/GSO Lng-Srt Cr Incm Fd	Blackstone	1.15	-2.81	9.40	0.00	38.98	203	962
BHK	BR Core Bnd Tr	BlackRock	1.16	-6.32	5.60	3.57	24.23	802	1,507
BIT	BR Mlt-Sctr Incm Tr	BlackRock	1.18	-7.06	8.06	2.72	35.66	702	2,035
BKT	BR Incm Tr	BlackRock	1.15	-5.16	6.81	20.58	31.33	408	825
BLW	BR Ltd Dur Incm Tr	BlackRock	1.15	-11.13	6.36	0.00	24.56	608	1,286
BSL	B/GSO Sr Flt Rt Trm Fd	Blackstone	1.15	0.36	7.93	0.00	33.08	256	1,085
BTZ	BR Cr Alloc Incm Tr	BlackRock	1.17	-10.82	6.21	0.00	30.18	1,507	2,994
CBH	AG Convt & Incm 2024 Tgt Trm	Allianz	1.15	-6.13	6.01	1.67	28.41	179	438
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	1.12	-10.17	8.74	0.33	31.45	180	454
DCF	BYN A Glbl Cr Incm 2024 Tgt Trm	BNY Mellon	1.16	-3.41	7.15	0.00	30.18	140	280
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	1.13	-9.23	8.46	0.00	31.71	244	503
DHY	CS Hi Yld Bnd Fd	Credit Suisse	1.14	-2.72	9.12	13.16	35.54	266	624
DSL	DbLin Incm Solutions Fd	Doubleline	1.15	0.05	8.86	2.53	29.10	2,058	5,771
DSU	BR Dbt Stgs Fd	BlackRock	1.13	-11.81	7.65	4.99	30.79	609	1,637
DUC	D&P Util & Corp Bnd Tr	Duff & Phelps	1.14	-7.61	4.81	25.50	29.00	260	262
EAD	WF Incm Opp Fd	Wells Fargo	1.17	-9.77	8.72	0.00	28.80	575	1,624
EFF	EV Flt-Rt Inc+ Fd	Eaton Vance	1.13	-13.34	6.69	0.00	35.80	131	319
EFL	EV Flt-Rt 2022 Tgt Trm Tr	Eaton Vance	1.15	-2.00	5.92	0.00	36.60	225	515
EFR	EV Sr Flt-Rt Tr	Eaton Vance	1.14	-11.13	6.92	0.00	35.50	546	1,489
EFT	EV Flt-Rt Incm Tr	Eaton Vance	1.15	-11.34	6.78	0.00	35.00	605	1,590
EHT	EV Hi Incm 2021 Tgt Trm Tr	Eaton Vance	1.16	-0.30	4.93	0.00	22.50	215	487
EVF	EV Sr Incm Tr	Eaton Vance	1.12	-13.31	6.67	0.00	35.00	267	763
EVG	EV Srt Dur Divr Incm Fd	Eaton Vance	1.16	-9.53	6.73	0.00	45.00	264	477
EVV	EV Ltd Dur Incm Fd	Eaton Vance	1.14	-12.59	6.61	0.00	35.30	1,689	3,006
FCT	FT Sr Flt Rt Incm Fd II	First Trust	1.14	-12.86	6.66	0.00	30.34	365	876
FIV	FT Sr Flt Rt 2022 Tgt Trm Fd	First Trust	1.14	-6.74	4.45	0.00	29.93	340	738
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.15	-11.79	6.52	0.00	29.26	530	2,037
GDO	WA Glbl Corp Dfin Opp Fd	Legg Mason	1.16	-7.86	7.18	9.21	26.51	274	509
GGM	Gghm Cr Alloc Fd	Guggenheim	1.16	4.59	10.48	3.73	24.32	147	626
GHY	PGIM Glbl Hi Yld Fd	Prudential	1.15	-13.84	8.42	2.79	29.55	677	1,554
HIO	WA Hi Incm Opp Fd	Legg Mason	1.18	-8.84	7.01	0.51	0.00	709	1,328
HIX	WA Hi Incm Fd II	Legg Mason	1.21	-6.99	8.06	6.43	29.48	634	1,270
HNW	Pioneer Divr Hi Incm Tr	Pioneer	1.13	-11.43	7.96	0.00	31.20	135	360
HYB	New Amrc Hi Incm Fd	T. Rowe Price	1.15	-10.57	7.58	0.00	29.00	228	423
HYI	WA Hi Yld Dfin Opp Fd	Legg Mason	1.16	-7.60	7.03	0.00	0.00	374	1,095
HYT	BR Corp Hi Yld Fd	BlackRock	1.17	-9.34	8.09	0.00	28.52	1,436	3,779
IGI	WA Inv Grd Dfin Opp Tr	Legg Mason	1.20	3.24	4.78	0.00	0.00	224	541
IHIT	Invsc Hi Incm 2023 Tgt Trm Fd	Invesco	1.13	-1.33	5.80	0.00	25.00	252	478
IHTA	Invsc Hi Incm 2024 Tgt Trm Fd	Invesco	1.15	-2.50	5.52	1.65	25.00	91	184
INSI	Insight Sel Incm Fd	Cutwater	1.17	-4.95	4.01	0.00	0.00	225	326
ISD	PGIM Hi Yld Bnd Fd	Prudential	1.15	-13.30	8.29	0.00	24.49	555	1,419
IVH	Ivy Hi Incm Opp Fd	Ivy Investment	1.13	-12.21	8.88	0.00	30.86	255	860
JCO	Nuveen Cr Opp 2022 Tgt Trm Fd	Nuveen	1.15	1.03	5.74	0.00	29.20	269	362
JFR	Nuv Flt Rt Incm Fd	Nuveen	1.15	-11.62	7.58	0.00	37.70	627	1,614
JGH	Nuv Glbl Hi Incm Fd	Nuveen	1.15	-13.31	7.99	2.94	30.74	409	811
JHB	Nuv Hi Incm Nov 2021 Tgt Trm Fd	Nuveen	1.13	-1.40	5.06	0.00	27.31	558	799
JHD	Nuv Hi Incm Dec 2019 Tgt Trm Fd	Nuveen	1.12	-1.50	3.96	0.00	0.00	270	662
JHI	JH Invstr Tr	John Hancock	1.14	-10.30	7.68	0.00	35.97	157	338
JHS	JH Incm Sec Tr	John Hancock	1.11	-6.89	4.24	0.00	34.14	177	278
JHY	Nuv Hi Incm 2020 Tgt Trm Fd	Nuveen	1.11	-0.10	4.29	0.00	28.59	155	285
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	1.14	-11.96	7.78	0.00	37.16	444	1,446
JSD	Nuv Srt Dur Cr Opp Fd	Nuveen	1.12	-9.17	8.09	0.00	38.49	171	470
KIO	KKR Incm Opp Fd	KKR Credit	1.16	-4.00	9.46	0.00	31.16	336	1,581
MCI	Barings Corp Invstr	Barings	1.14	4.00	7.69	0.00	9.04	302	348
NHS	NB Hi Yld Stgs Fd	Neuberger Berman	1.18	-7.71	9.16	1.79	33.60	251	785
NSL	Nuv Sr Incm Fd	Nuveen	1.14	-11.53	7.72	0.00	38.16	254	779
OXLC	Oxford Lane Cap Corp	Oxford Lane	1.18	22.48	15.90	0.00	34.08	354	5,644
PAI	WA Inv Grd Incm Fd	Legg Mason	1.13	-1.53	4.66	0.00	0.00	143	293
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	1.19	4.21	8.04	0.00	45.89	3,233	8,882
PCM	PCM Fund	PIMCO	1.16	11.61	8.47	0.00	39.91	118	247
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	1.19	21.66	7.49	0.52	23.97	587	1,497
PDI	PIMCO Dyn Incm Fd	PIMCO	1.16	16.61	8.05	0.00	41.34	1,596	5,106
PFL	PIMCO Incm Stgy Fd	PIMCO	1.18	8.42	9.11	14.38	25.61	296	986
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.17	7.83	9.05	0.00	24.48	615	2,048
PHD	Pioneer Flt Rt Tr	Pioneer	1.13	-12.80	7.15	0.00	31.70	298	814
PHT	Pioneer Hi Incm Tr	Pioneer	1.17	-7.48	8.73	0.00	29.90	293	925
PIM	Putnam Mstr Imd Incm Tr	Putnam	1.14	-5.00	7.89	18.89	8.00	255	624
PKO	PIMCO Incm Opp Fd	PIMCO	1.14	8.49	8.49	0.00	33.99	404	1,189
PPR	Voya Prime Rt Tr	Voya	1.12	-12.98	6.93	0.00	28.09	808	1,292
PPT	Putnam Prmr Incm Tr	Putnam	1.14	-3.54	8.12	0.00	17.14	554	1,209
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.22	28.68	8.30	2.63	37.97	1,274	5,297
TLI	WA Corp Ln Fd	Legg Mason	1.14	-12.69	7.91	0.53	32.01	109	284
TSI	TCW Stgc Incm Fd	TCW	1.17	-3.23	5.79	1.98	0.00	281	722
TSLF	THL Cr Sr Ln Fd	THL Credit	1.11	-12.90	8.01	0.00	25.31	129	447
VBF	Invsc Bnd Fd	Invesco	1.15	-5.70	4.33	2.31	0.00	228	550
VVR	Invsc Sr Incm Tr	Invesco	1.15	-9.43	5.83	7.63	32.00	859	2,691
WEA	WA Prmr Bnd Fd	Legg Mason	1.20	-3.08	5.71	0.00	27.39	170	440
WIA	WA Inf-Lnk Incm Fd	Western Asset	1.14	-13.68	3.63	3.89	30.90	386	522
WIW	WA Inf-Lnk Opp & Incm Fd	Western Asset	1.16	-13.33	3.88	0.00	29.90	785	931

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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