7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

08. US Bond Index

Data as of 06/06/2023 05/31/2023 04/28/2023 03/31/2023 03/23/2023 02/28/2023 01/31/2023 12/30/2022 11/30/2022 10/31/2022 09/30/2022 08/31/2022 07/29/2022 06/30/2022 05/31/2022 04/29/2022 03/31/2022 02/28/2022 02/11/2022 01/31/2022 12/31/2021 11/30/2021 10/29/2021 09/30/2021 08/31/2021 07/30/2021 06/30/2021 05/28/2021 04/30/2021 03/31/2021 02/26/2021 01/29/2021 12/31/2020 11/30/2020 10/30/2020 09/30/2020 08/31/2020 07/31/2020 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(%)	10 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,262.39	0.45	2.73	0.02	-2.52	2.60	-0.57	3.43	2.45	3.97	1.92	1.85	5.69
NAV	1,269.88	0.08	1.40	-0.01	0.25	3.73	0.14	3.73	2.71	4.32	1.00	1.26	4.88
Difference		-0.37	-1.34	-0.02	2.77	1.13	0.71	0.30	0.26	0.35	-0.92	-0.59	-0.80
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2023 - Monthly Performance (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2023
Price	8.34	-0.59	-3.66	3.76	1.40	-1.45	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	4.51	-0.52	-0.37	3.58	1.23	-0.96	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	-3.83	0.06	3.29	-0.19	-0.17	0.49	-	-	-	-	-	-	-	-	-	-	-	-	-
2022 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2022
Price	-4.12	-3.50	-1.22	-8.60	-4.26	-2.49	-5.80	-12.06	-19.62	6.15	-1.04	-8.91	-4.31	2.79	6.72	-4.26	5.02	0.49	-19.23
NAV	-1.47	-1.58	-0.93	-3.93	-2.49	-2.25	-6.57	-10.95	-14.45	4.29	-0.17	-4.72	-0.80	1.33	2.45	-0.44	3.36	2.54	-12.28
Difference	2.65	1.91	0.29	4.67	1.78	0.23	-0.78	1.11	5.17	-1.86	0.87	4.19	3.52	-1.46	-4.27	3.83	-1.65	2.05	6.95
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	1.17	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	1.53	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	0.35	-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 -6.34%	1Yr Disc -6.44%	3Yr Disc -4.67%	5Yr Disc -4.64%	Rel Disc Range (3yr) 31.76%
Mkt Yield 10.67%	Lev Adj NAV Yield 7.77%	After Tax Yield* 8.10%	Est Tax Friction* 2.57%	3Yr NAV Volatiliy 7.25
1 Yr RoC 7.48%	3 Yr Dest RoC 5.35%	Leverage 29.63%	Non Lev Exp Ratio 1.88%	Beta (2yr) 0.55
Equity Exposure 5.20%	Bond Exposure 93.12%	# Holdings 61	Cash Weighted Duration 3.41
Comp NAV TR -0.17%	Comp Discount 0.28%	Net Assets (M) 455	Liquidity - 90d (K) 1,590
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

61 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
AFT	Apollo Sr Flt Rt Fd	Apollo	1.62	-14.38	11.33	0.00	36.38	227	662
AIF	Apollo Tactical Incm Fd	Apollo	1.66	-13.97	11.95	0.00	37.12	206	783
ARDC	Ares Dyn Cr Alloc Fd	Ares	1.64	-12.45	11.29	0.00	33.36	313	1,442
AWF	AB Glbl Hi Incm Fd	AllianceBernstein	1.61	-8.66	8.19	0.00	23.80	906	1,999
BGB	Blackstone Stgc Cr 2027 Trm Fd	Blackstone	1.61	-14.00	10.06	0.00	35.69	545	1,159
BGH	Barings Glbl Srt Dur Hi Yld Fd	Barings	1.65	-11.14	9.81	0.00	26.25	292	890
BGT	BR Flt Rt Incm Fd	BlackRock	1.66	-10.00	12.02	2.93	23.97	281	1,020
BGX	Blackstone Lng-Srt Cr Incm Fd	Blackstone	1.63	-14.48	10.93	0.00	38.80	162	603
BHK	BR Core Bnd Tr	BlackRock	1.59	-3.83	8.49	17.02	34.30	592	1,736
BLW	BR Ltd Dur Incm Tr	BlackRock	1.60	-5.37	9.15	13.07	31.83	485	909
BSL	Blackstone Sr Flt Rt 2027 Trm Fd	Blackstone	1.60	-12.45	10.47	0.00	27.49	184	453
CIK	CS Ast Mgmt Incm Fd	Credit Suisse	1.78	-1.06	9.68	10.03	25.81	148	775
DHF	BNY Mellon Hi Yld Stgs Fd	BNY Mellon	1.64	-14.57	8.29	0.00	29.87	185	733
DHY	CS Hi Yld Bnd Fd	Credit Suisse	1.65	-8.65	9.79	6.90	27.86	215	810
DLY	DbLin Yld Opp Fd	Doubleline	1.67	-5.04	9.79	6.43	21.01	723	2,092
DMO	WA Mortg Opp Fd	Franklin Templeton	1.63	-14.51	12.22	3.87	41.09	137	615
DSL	DbLin Incm Solutions Fd	Doubleline	1.69	0.34	11.24	4.95	22.69	1,196	4,017
DSU	BR Dbt Stgs Fd	BlackRock	1.64	-10.27	11.48	3.73	20.99	495	1,389
EAD	Allspring Incm Opp Fd	Allspring	1.64	-11.16	9.22	0.00	30.80	422	953
ECC	Eagle Point Cr Co	Eagle Point	1.57	18.81	15.92	0.00	29.48	518	3,762
EFR	EV Sr Flt-Rt Tr	Eaton Vance	1.64	-9.85	11.10	5.80	33.43	367	733
EFT	EV Flt-Rt Incm Tr	Eaton Vance	1.63	-10.79	11.57	7.35	35.20	372	940
EHI	WA Glbl Hi Incm Fd	Franklin Templeton	1.67	-3.04	11.45	7.80	31.62	164	367
EIC	Eagle Point Incm Co	Eagle Point	1.56	1.60	14.36	0.00	28.89	111	292
ERC	Allspring Mlt-Sctr Incm Fd	Allspring	1.60	-9.38	8.83	0.00	30.20	275	545
EVF	EV Sr Incm Tr	Eaton Vance	1.64	-11.28	11.89	2.39	35.00	106	329
FRA	BR Flt Rt Incm Stgc Fd	BlackRock	1.68	-7.47	11.69	2.99	23.23	457	1,867
HIO	WA Hi Incm Opp Fd	Franklin Templeton	1.64	-10.43	9.52	4.23	0.00	401	862
HIX	WA Hi Incm Fd II	Franklin Templeton	1.64	2.35	12.28	7.53	28.02	306	761
HNW	Pioneer Divr Hi Incm Fd	Amundi Asset Mgmt	1.62	-14.07	10.78	9.56	30.40	97	372
HYB	New Amrc Hi Incm Fd	T. Rowe Price	1.56	-16.30	7.36	0.00	31.00	182	433
HYI	WA Hi Yld Dfin Opp Fd	Franklin Templeton	1.59	-5.94	9.82	2.40	0.00	278	709
IGI	WA Inv Grd Dfin Opp Tr	Franklin Templeton	1.58	-4.48	4.86	0.00	0.00	186	375
IHIT	Invsc Hi Incm 2023 Tgt Trm Fd	Invesco	1.58	-5.13	5.54	0.00	28.00	193	374
INSI	Insight Sel Incm Fd	Cutwater	1.61	-9.21	4.59	0.00	0.00	185	231
ISD	PGIM Hi Yld Bnd Fd	Prudential	1.65	-9.77	10.25	17.53	22.31	453	1,224
JFR	Nuv Flt Rt Incm Fd	Nuveen	1.59	-12.65	11.36	7.93	39.17	513	1,886
JHS	JH Incm Sec Tr	John Hancock	1.60	-9.00	3.66	0.00	39.34	138	263
JQC	Nuv Cr Stgs Incm Fd	Nuveen	1.61	-13.89	11.49	10.08	38.63	781	2,187
JRO	Nuv Flt Rt Incm Opp Fd	Nuveen	1.59	-13.80	11.56	8.78	39.06	361	1,529
JSD	Nuv Srt Dur Cr Opp Fd	Nuveen	1.61	-13.92	11.70	7.71	39.21	133	528
KIO	KKR Incm Opp Fd	KKR Credit	1.69	-10.97	12.93	0.00	37.23	344	1,544
MCI	Barings Corp Invstr	Barings	1.64	-14.54	8.89	0.00	11.92	341	349
NSL	Nuv Sr Incm Fd	Nuveen	1.63	-13.36	11.50	10.44	38.88	202	676
OCCI	OFS Credit Company	OFS Capital	1.81	14.98	22.56	0.00	38.12	80	542
OXLC	Oxford Lane Cap Corp	Oxford Lane	1.65	17.95	17.34	0.00	37.49	757	5,281
PAXS	PIMCO Access Incm Fd	PIMCO	1.63	-3.88	12.27	0.00	45.07	669	2,346
PDI	PIMCO Dyn Incm Fd	PIMCO	1.73	6.28	14.21	0.00	41.85	4,512	20,771
PDO	PIMCO Dyn Incm Opp Fd	PIMCO	1.75	1.00	11.74	0.00	45.02	1,433	5,630
PGP	PIMCO Glbl Stk+ & Incm Fd	PIMCO	1.66	1.09	11.17	0.00	23.95	83	283
PHD	Pioneer Flt Rt Fd	Amundi Asset Mgmt	1.60	-14.11	12.77	0.00	32.30	122	627
PHT	Pioneer Hi Incm Fd	Amundi Asset Mgmt	1.68	-11.21	9.81	5.63	32.30	222	782
PTY	PIMCO Corp & Incm Opp Fd	PIMCO	1.79	23.15	10.59	0.00	35.27	1,514	6,012
RCS	PIMCO Stgc Incm Fd	PIMCO	1.64	20.59	11.61	3.23	34.93	198	572
SDHY	PGIM Srt Dur Hi Yld Opp Fd	Prudential	1.62	-13.56	8.80	17.08	22.93	421	797
VBF	Invsc Bnd Fd	Invesco	1.60	-5.37	5.03	2.53	0.00	183	380
WDI	WA Divr Incm Fd	Franklin Templeton	1.66	-11.45	12.18	0.00	32.62	778	1,510
WEA	WA Prmr Bnd Fd	Franklin Templeton	1.68	-6.30	7.61	0.00	26.90	132	355
WIA	WA Inf-Lnk Incm Fd	Franklin Templeton	1.58	-14.18	7.13	0.00	38.37	229	274
WIW	WA Inf-Lnk Opp & Incm Fd	Franklin Templeton	1.60	-14.41	8.09	0.00	37.02	641	1,430
XFLT	XAI Octgn Flt Rt & Alt Incm Trm	XA Investments	1.73	6.72	15.29	0.00	40.22	243	1,334

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.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2019. All rights reserved. Any copying, republication or redistribution of CEFadvisors, CEFdata.com, content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of CEFAdvisors. CEFAdvisors shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.