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08. US Bond Index

Data as of 07/06/2020 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	1,132.50	0.31	2.30	-0.73	21.69	-11.33	-6.01	1.40	5.56	1.26	1.26	-11.18
NAV	1,141.00	0.37	1.56	0.29	15.90	-6.97	-3.71	2.42	4.41	1.23	1.23	-6.57
Difference		0.06	-0.74	1.02	-5.79	4.36	2.29	1.02	-1.16	-0.03	-0.03	4.62
* 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	1.51	-5.77	-19.87	-23.35	5.97	6.11	1.78	14.44	-8.91	-	-	-	-	-	-	-	-	-	-
NAV	0.86	-1.51	-17.75	-18.30	4.67	5.15	2.65	12.98	-5.32	-	-	-	-	-	-	-	-	-	-
Difference	-0.65	4.25	2.13	5.05	-1.30	-0.97	0.88	-1.46	3.59	-	-	-	-	-	-	-	-	-	-
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 -5.86%	1Yr Disc -3.95%	3Yr Disc -3.99%	5Yr Disc -4.36%	Rel Disc Range (3yr) 64.61%
Mkt Yield 8.08%	Lev Adj NAV Yield 5.96%	After Tax Yield* 6.12%	Est Tax Friction* 1.96%	3Yr NAV Volatiliy 9.05
1 Yr RoC 2.58%	3 Yr Dest RoC 1.44%	Leverage 28.08%	Non Lev Exp Ratio 1.34%	Beta (2yr) 0.44
Equity Exposure 1.17%	Bond Exposure 96.47%	# Holdings 79	Cash Weighted Duration 3.28
Comp NAV TR -0.48%	Comp Discount 1.41%	Net Assets (M) 432	Liquidity - 90d (K) 1,892
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

79 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
AFT	Apollo Sr Flt Rt Fd	Apollo	1.26	-15.90	6.35	0.00	34.96	231	905
AIF	Apollo Tactical Incm Fd	Apollo	1.27	-14.23	6.86	0.00	34.82	212	769
ARDC	Ares Dyn Cr Alloc Fd	Ares	1.26	-16.03	9.71	0.00	25.82	329	1,311
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	1.29	-12.43	7.54	0.00	47.36	1,027	2,317
BGB	B/GSO Stgc Cr Fd	GSO / Blackstone	1.25	-13.13	9.91	0.00	36.07	585	2,314
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	1.27	-10.82	9.99	0.00	22.97	286	1,312
BGIO	2022 Glbl Incm Opp Tr	BlackRock	1.26	-2.32	7.13	0.00	18.25	191	330
BGT	BR Flt Rt Incm Fd	BlackRock	1.25	-13.77	8.36	6.09	27.37	288	1,071
BGX	B/GSO Lng-Srt Cr Incm Fd	GSO / Blackstone	1.25	-11.89	9.93	0.00	38.56	174	1,201
BHK	BR Core Bnd Tr	BlackRock	1.27	-2.75	5.21	6.97	24.79	863	2,720
BLW	BR Ltd Dur Incm Tr	BlackRock	1.28	-10.33	8.27	3.60	30.94	567	2,008
BSL	B/GSO Sr Flt Rt Trm Fd	GSO / Blackstone	1.26	-11.01	8.63	0.00	31.00	222	1,280
BTZ	BR Cr Alloc Incm Tr	BlackRock	1.28	-8.40	7.45	12.72	27.55	1,380	4,323
BWG	BwGlobal Glbl Incm Opp Fd	Legg Mason	1.28	-14.49	7.16	0.00	35.04	288	1,301
CBH	AG Convt & Incm 2024 Tgt Trm	Allianz	1.23	-5.84	6.34	0.00	29.86	169	270
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	1.26	-12.54	9.93	2.44	27.18	163	1,465
DBL	DbLin Opportunistic Cr Fd	Doubleline	1.28	0.99	6.83	7.38	20.48	286	1,463
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	1.29	-11.67	9.74	0.00	30.60	218	4,261
DHY	CS Hi Yld Bnd Fd	Credit Suisse	1.26	-12.23	9.85	9.74	27.87	237	3,932
DMO	WA Mortg Opp Fd	Legg Mason	1.29	6.24	10.21	8.92	38.40	148	1,051
DSL	DbLin Incm Solutions Fd	Doubleline	1.30	0.76	11.31	9.60	27.07	1,609	9,895
DSU	BR Dbt Stgs Fd	BlackRock	1.27	-13.25	8.99	8.87	31.69	514	1,780
EAD	WF Incm Opp Fd	Wells Fargo	1.29	-12.09	9.58	0.00	25.90	497	1,847
EFF	EV Flt-Rt Inc+ Fd	Eaton Vance	1.27	-8.56	5.32	6.90	36.00	116	268
EFL	EV Flt-Rt 2022 Tgt Trm Tr	Eaton Vance	1.29	-3.58	5.17	0.00	35.80	205	525
EFR	EV Sr Flt-Rt Tr	Eaton Vance	1.25	-13.64	6.88	0.00	36.38	483	1,566
EFT	EV Flt-Rt Incm Tr	Eaton Vance	1.25	-14.39	5.99	0.00	35.90	532	1,802
EHT	EV Hi Incm 2021 Tgt Trm Tr	Eaton Vance	1.25	-3.48	3.82	0.00	0.00	210	451
EVF	EV Sr Incm Tr	Eaton Vance	1.25	-14.45	6.08	2.27	37.70	236	942
EVG	EV Srt Dur Divr Incm Fd	Eaton Vance	1.26	-13.15	7.87	2.69	41.30	235	657
FCT	FT Sr Flt Rt Incm Fd II	First Trust	1.24	-12.66	11.71	15.83	28.76	326	1,458
FIV	FT Sr Flt Rt 2022 Tgt Trm Fd	First Trust	1.26	-6.19	2.92	0.00	29.56	319	732
FSLF	First Eagle Sr Ln Fd	THL Credit	1.23	-14.04	8.51	0.00	29.98	105	384
GGM	Gghm Cr Alloc Fd	Guggenheim Funds	1.28	5.05	12.02	18.46	22.81	152	749
GHY	PGIM Glbl Hi Yld Fd	Prudential	1.28	-13.97	9.70	0.00	25.84	618	1,662
HIO	WA Hi Incm Opp Fd	Legg Mason	1.28	-9.81	8.32	7.56	0.00	661	2,242
HIX	WA Hi Incm Fd II	Legg Mason	1.27	-6.71	9.39	6.83	30.65	565	1,932
HYB	New Amrc Hi Incm Fd	T. Rowe Price	1.28	-12.54	7.55	0.00	27.00	212	605
HYI	WA Hi Yld Dfin Opp Fd	Legg Mason	1.26	-6.91	8.10	0.00	0.00	342	1,185
HYT	BR Corp Hi Yld Fd	BlackRock	1.29	-4.19	8.89	8.62	30.32	1,339	6,727
IGI	WA Inv Grd Dfin Opp Tr	Legg Mason	1.27	2.63	3.89	0.00	0.00	231	618
IHIT	Invsc Hi Incm 2023 Tgt Trm Fd	Invesco	1.21	-1.05	7.93	0.00	31.00	184	726
IHTA	Invsc Hi Incm 2024 Tgt Trm Fd	Invesco	1.19	-2.12	7.57	0.00	32.00	66	273
ISD	PGIM Hi Yld Bnd Fd	Prudential	1.27	-12.90	9.38	1.67	26.08	513	1,909
IVH	Ivy Hi Incm Opp Fd	Ivy Investment	1.27	-11.89	10.52	0.00	29.27	215	773
JCO	Nuveen Cr Opp 2022 Tgt Trm Fd	Nuveen	1.21	3.27	6.87	0.00	28.34	221	349
JFR	Nuv Flt Rt Incm Fd	Nuveen	1.26	-14.18	6.96	0.00	34.10	526	2,075
JGH	Nuv Glbl Hi Incm Fd	Nuveen	1.27	-13.37	7.69	1.44	26.27	357	915
JHB	Nuv Hi Incm Nov 2021 Tgt Trm Fd	Nuveen	1.27	-3.00	4.18	0.00	10.79	521	831
JHI	JH Invstr Tr	John Hancock	1.26	-6.14	9.69	0.00	38.02	145	431
JHS	JH Incm Sec Tr	John Hancock	1.27	-7.29	5.60	0.00	33.71	184	335
JHY	Nuv Hi Incm 2020 Tgt Trm Fd	Nuveen	1.25	-1.79	1.22	0.00	0.00	150	289
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	1.26	-14.41	6.89	0.00	33.69	371	1,253
JSD	Nuv Srt Dur Cr Opp Fd	Nuveen	1.26	-14.13	7.18	0.00	34.30	139	541
KIO	KKR Incm Opp Fd	KKR Credit	1.30	-7.46	11.74	0.00	32.79	281	1,748
MCI	Barings Corp Invstr	Barings	1.23	-7.86	7.25	0.00	9.24	291	379
NSL	Nuv Sr Incm Fd	Nuveen	1.25	-14.15	7.84	0.00	34.14	210	985
PAI	WA Inv Grd Incm Fd	Legg Mason	1.28	-1.42	3.93	1.09	0.00	147	424
PCI	PIMCO Dyn Cr & Mortg Incm	PIMCO	1.30	4.44	10.97	0.00	44.98	2,612	15,091
PCM	PCM Fund	PIMCO	1.29	13.29	9.97	0.35	42.41	99	468
PCN	PIMCO Corp & Incm Stgy Fd	PIMCO	1.27	26.79	8.49	0.00	22.00	500	1,943
PDI	PIMCO Dyn Incm Fd	PIMCO	1.27	9.87	10.61	0.00	42.41	1,363	8,574
PFL	PIMCO Incm Stgy Fd	PIMCO	1.30	7.19	10.81	2.40	26.40	285	1,436
PFN	PIMCO Incm Stgy Fd II	PIMCO	1.29	5.95	10.79	0.39	24.71	589	2,563
PGP	PIMCO Glbl Stk+ & Incm Fd	PIMCO	1.26	6.53	10.15	0.00	24.92	84	464
PHD	Pioneer Flt Rt Tr	Pioneer	1.25	-9.41	7.56	0.00	29.10	260	1,161
PHK	PIMCO Hi Incm Fd	PIMCO	1.27	9.07	10.65	0.00	26.66	656	3,726
PHT	Pioneer Hi Incm Tr	Pioneer	1.28	-10.47	10.64	0.00	29.10	248	1,119
PKO	PIMCO Incm Opp Fd	PIMCO	1.28	7.84	9.92	0.00	38.93	400	2,722
PPR	Voya Prime Rt Tr	Voya	1.27	-10.97	4.29	0.00	25.48	685	1,595
PPT	Putnam Prmr Incm Tr	Putnam	1.27	-0.62	8.77	14.79	9.97	499	1,373
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.29	29.59	9.87	0.12	36.62	1,075	8,424
RCS	PIMCO Stgc Incm Fd	PIMCO	1.31	10.52	9.24	0.00	32.09	263	1,510
TLI	WA Corp Ln Fd	Legg Mason	1.26	-7.05	9.24	19.76	31.00	91	329
VLT	Invsc Hi Incm Tr II	Invesco	1.26	-12.21	9.63	7.47	26.00	89	289
VTA	Invsc Dyn Cr Opp Fd	Invesco	1.26	-15.73	10.00	1.02	32.00	673	2,666
VVR	Invsc Sr Incm Tr	Invesco	1.25	-16.22	6.94	7.65	30.00	632	2,951
WEA	WA Prmr Bnd Fd	Legg Mason	1.29	-3.24	5.89	0.00	31.20	165	342
WIW	WA Inf-Lnk Opp & Incm Fd	Legg Mason	1.26	-14.11	3.36	0.02	35.00	789	1,667

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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