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06. Tax-Sensitive Income Index

Data as of

About the Index

(1) 1/3 weighting the top 33% of National Municipal Bond CEFs, excluding Taxable Municipal Bond Funds, ranked by 90-day average trading ($) liquidity, (2) 1/3 Equity Income funds that pay distributions monthly or quarterly, but not including funds with large year-end distributions. Excluding Master Limited Partnership (MLP), Energy, Preferred Equity or Hybrid/Balanced closed-end funds as classified by CEFData.com. Screening for: $500K+ a day in 90-day average trading dollar ($) liquidity. Second, residing in the middle 60% of 1-year net asset value (NAV) total return (TR); removing the top 20% and bottom 20% NAV TR performers that also report at least 20% return of capital (RoC) for past 3 months and then ranked for the highest 20 percentages of 1 Year RoC%. (3) The top 15 MLP Funds with the highest 1-Year RoC% and over $250K in 90-day average trading dollar ($) liquidity. 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 1,134.57 0.61 -0.88 5.47 5.05 4.26 10.88 4.07 4.14 2.77 2.77 2.77
NAV 1,101.68 0.38 -0.50 5.71 6.21 5.93 9.18 2.66 4.67 3.20 3.20 3.20
Difference -0.24 0.38 0.24 1.17 1.68 -1.70 -1.41 0.53 0.44 0.44 0.44
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.57 1.94 -0.46 6.11 1.27 -0.44 0.36 1.18 7.29 2.04 -1.69 1.35 1.67 -2.77 -0.43 4.47 1.14 2.81 10.10
NAV 2.02 1.64 0.22 3.92 -0.03 -1.00 0.10 -0.93 2.98 1.64 -1.04 0.85 1.44 -1.32 0.01 3.58 2.22 3.66 6.64
Difference -2.55 -0.30 0.68 -2.20 -1.29 -0.56 -0.26 -2.12 -4.31 -0.40 0.65 -0.50 -0.23 1.45 0.44 -0.89 1.08 0.85 -3.46
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -6.38 1.14 5.88 0.26 7.44 1.85 3.35 13.09 13.35 1.39 1.06 0.83 3.31 -4.57 1.13 1.40 -2.13 1.18 14.54
NAV -7.11 -0.69 6.17 -2.06 6.36 1.98 2.67 11.36 9.30 1.24 0.95 1.25 3.48 -2.55 -0.06 2.74 0.06 3.54 12.84
Difference -0.73 -1.83 0.28 -2.32 -1.08 0.13 -0.68 -1.73 -4.05 -0.16 -0.10 0.43 0.17 2.02 -1.20 1.34 2.19 2.36 -1.69
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 0.22 2.16 -1.58 0.78 1.91 -1.59 -5.03 -4.76 -3.99 -1.44 -3.14 -6.27 -10.52 7.49 -4.49 -2.75 -0.16 -10.68 -14.67
NAV -0.99 1.72 -1.40 -0.70 2.09 -0.65 -3.74 -2.37 -3.07 -0.87 -4.07 -6.32 -10.92 5.89 -3.35 -3.13 -0.86 -11.77 -14.85
Difference -1.21 -0.44 0.17 -1.47 0.18 0.94 1.29 2.39 0.91 0.57 -0.93 -0.05 -0.40 -1.60 1.14 -0.38 -0.70 -1.09 -0.18

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-3.28%
1Yr Disc
-2.77%
3Yr Disc
-3.96%
5Yr Disc
-3.91%
Rel Disc Range (3yr)
51.23%
Mkt Yield
7.62%
Lev Adj NAV Yield
6.17%
After Tax Yield*
7.39%
Est Tax Friction*
0.23%
3Yr NAV Volatiliy
17.90
1 Yr RoC
56.05%
3 Yr Dest RoC
34.47%
Leverage
23.44%
Non Lev Exp Ratio
1.33%
Beta (2yr)
0.77
Equity Exposure
65.78%
Bond Exposure
33.51%
# Holdings
63
Cash Weighted Duration
3.05
Comp NAV TR
0.24%
Comp Discount
1.08%
Net Assets (M)
808
Liquidity - 90d (K)
2,780
* 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


63 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 1.14 -10.25 5.16 0.00 36.67 3,947 6,122
NAD Nuv Qlty Muni Incm Fd Nuveen 1.13 -10.68 5.03 0.00 36.23 3,099 6,010
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 1.14 -6.90 5.70 0.00 36.74 3,318 5,785
NZF Nuv Muni Cr Incm Fd Nuveen 1.14 -6.09 5.61 0.00 35.76 2,265 4,750
BTT BR Muni 2030 Tgt Trm Tr BlackRock 1.14 -8.47 3.91 0.00 36.93 1,698 3,244
VMO Invsc Muni Opp Tr Invesco 1.15 -8.84 5.42 0.00 42.00 907 2,916
IIM Invsc Val Muni Incm Tr Invesco 1.14 -9.26 5.06 0.00 40.00 762 2,484
KTF Deutsche Muni Incm Tr Deutsche 1.14 -6.17 5.38 0.00 36.09 493 2,418
NUV Nuv Muni Val Fd Nuveen 1.15 -1.86 3.71 0.00 0.00 2,114 2,610
NMZ Nuv Muni Hi Incm Opp Fd Nuveen 1.16 0.96 5.72 0.00 37.38 861 2,157
VGM Invsc Tr fr Inv Grd Muni Invesco 1.15 -6.17 5.84 0.00 42.00 755 1,919
EIM EV Muni Bnd Fd Eaton Vance 1.15 -8.69 5.04 0.68 39.10 926 1,832
VKQ Invsc Muni Tr Invesco 1.15 -7.66 5.71 0.00 39.00 744 1,878
IQI Invsc Qlty Muni Incm Tr Invesco 1.14 -9.22 5.32 0.61 39.00 717 1,794
PML PIMCO Muni Incm Fd II PIMCO 1.15 8.92 5.97 0.00 39.18 743 1,736
MYI BR MuniYld Qlty Fd III BlackRock 1.12 -6.70 5.25 0.00 38.34 977 1,861
MUI BR Muni Imd Dur Fd BlackRock 1.15 -10.21 4.30 0.00 37.98 589 1,556
PMF PIMCO Muni Incm Fd PIMCO 1.17 2.90 5.46 0.00 41.12 327 1,557
MYD BR MuniYld Fd BlackRock 1.14 -2.65 5.61 0.00 37.64 691 1,455
MMD MainStay DfinTrm Muni Opp New York Life 1.16 -1.49 5.46 0.00 35.38 553 1,348
MFL BR MuniHldg Inv Qlty Fd BlackRock 1.16 0.96 5.84 0.00 41.79 551 1,575
VKI Invsc Adv Muni Incm Tr II Invesco 1.15 -6.79 5.83 0.00 41.00 536 1,418
NID Nuv Imd Dur Muni Trm Fd Nuveen 1.15 -6.06 4.67 0.00 36.47 642 1,307
BFK BR Muni Incm Tr BlackRock 1.14 -3.14 5.62 0.00 42.32 643 1,305
NEV Nuv Enh Muni Val Fd Nuveen 1.15 -5.31 5.54 0.00 37.17 371 1,166
BPK BR Muni 2018 Trm Tr BlackRock 1.17 -0.87 0.40 0.00 1.55 239 1,209
EVN EV Muni Incm Tr Eaton Vance 1.15 -7.99 5.32 0.00 41.60 315 1,157
MMU WA Mgd Muni Fd Legg Mason 1.15 1.38 5.42 0.00 29.50 595 1,105
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.69 -0.51 9.33 91.70 0.00 2,965 7,229
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.69 4.18 8.77 86.57 0.00 1,273 3,086
CII BR Enh Cap & Incm Fd BlackRock 1.67 -5.66 5.90 85.08 0.00 787 2,095
INB C&S Glbl Incm Bldr Cohen & Steers 1.65 -7.64 8.25 82.51 22.00 252 877
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.63 1.44 8.59 83.21 0.00 993 2,796
EOI EV Enh Eq Incm Fd Eaton Vance 1.67 -5.10 6.96 82.98 0.00 615 1,411
BGY BR Enh Intl DivTr BlackRock 1.68 -6.23 6.74 80.49 0.00 787 2,046
BME BR Health Sci Tr BlackRock 1.63 -1.69 6.54 78.13 0.00 347 984
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 1.64 1.81 7.68 80.66 0.00 413 971
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 1.62 -2.27 6.44 73.87 0.00 1,504 2,784
GDV Gabelli Div & Incm Tr Gabelli 1.69 -7.37 5.41 59.62 21.00 2,171 3,591
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.67 -11.59 7.34 55.28 27.27 208 884
HTY JH Tx-Adv Glbl ShrHld Yld John Hancock 1.73 4.44 9.36 56.57 0.00 99 825
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.67 -1.34 8.08 57.05 0.00 1,896 4,410
CRF Cornerstone Tot Rtn Fd Cornerstone 1.68 15.80 17.44 56.22 0.00 305 3,320
SPXX Nuv S&P 500 Dyn Owrt Fd Nuveen 1.65 3.48 5.75 60.80 0.00 274 885
IGD Voya Glbl Eq Div & Prm Opp Voya 1.69 -5.55 9.15 47.55 0.00 822 2,779
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 1.66 -1.93 5.71 52.56 0.00 709 1,876
RNP C&S REIT & Pref Incm Fd Cohen & Steers 1.50 -10.09 7.56 38.80 24.50 1,042 2,259
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.72 -3.26 7.31 42.90 22.68 354 1,365
CEN Center Coast MLP & Infr Fd Center Coast 2.35 -0.09 11.54 100.00 32.50 237 3,170
CTR CB Nrg MLP Tot Rtn Fd Legg Mason 2.35 -6.32 9.21 100.00 28.90 516 3,086
DSE D&P Sel Nrg MLP Fd Virtus 2.49 1.97 13.08 100.00 36.57 173 1,514
FEN FT Nrg Incm & Gwth Fd First Trust 2.17 0.76 8.72 100.00 24.66 522 2,788
FMO F/C MLP Opp Fd Guggenheim 2.36 -0.90 12.01 100.00 35.43 512 4,463
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 2.36 -0.88 9.68 100.00 27.26 502 4,083
JMLP Nuv All Cap Nrg MLP Opp Fd Nuveen 2.28 -1.85 9.97 100.00 26.59 122 737
SRV Cushing MLP Tot Rtn Fd Cushing 2.24 -11.10 8.78 100.00 31.50 93 695
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 2.29 -5.97 8.50 99.18 26.10 310 1,826
KMF KA Midstream/Nrg Fd Kayne Anderson 2.35 -6.74 8.18 96.80 26.25 347 2,412
FPL FT New Opp MLP & Nrg Fd First Trust 2.30 3.61 9.98 90.65 25.01 307 1,956
EMO CB Nrg MLP Opp Fd Legg Mason 2.32 -4.16 10.10 93.00 32.15 412 3,153
NML NB MLP Incm Fd Neuberger Berman 2.26 -5.96 6.74 91.67 21.80 590 3,561
SMM Salient Midstream & MLP Fd Salient 2.27 -8.02 8.43 91.39 28.41 223 1,628
KYN KA MLP Inv Kayne Anderson 2.29 -1.99 9.13 88.75 31.25 2,310 19,334

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, 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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