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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 1,124.51 -0.29 -1.13 1.01 6.51 5.14 5.56 7.84 2.90 0.03 0.03 17.27
NAV 1,108.93 -0.14 -0.95 0.23 5.79 3.35 6.94 7.57 2.43 -0.63 -0.63 13.22
Difference 0.15 0.19 -0.78 -0.72 -1.79 1.38 -0.28 -0.46 -0.66 -0.66 -4.06
* 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 12.52 0.98 3.18 17.24 - - - - - - - - - - - - - - 17.24
NAV 9.26 1.02 3.14 13.85 - - - - - - - - - - - - - - 13.85
Difference -3.26 0.04 -0.04 -3.39 - - - - - - - - - - - - - - -3.39
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 1.56 -4.98 -3.63 -7.00 4.27 2.08 -0.50 5.91 -1.10 2.36 1.11 -1.07 2.39 -8.01 1.30 -7.57 -13.88 -11.49 -12.58
NAV 2.66 -5.95 -2.84 -6.19 3.22 2.90 -0.17 6.03 -0.16 3.30 1.32 -0.95 3.68 -5.75 0.45 -5.94 -10.95 -7.27 -7.44
Difference 1.10 -0.97 0.80 0.81 -1.05 0.82 0.33 0.12 0.93 0.95 0.21 0.12 1.29 2.27 -0.85 1.63 2.93 4.21 5.15
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
-5.75%
1Yr Disc
-6.14%
3Yr Disc
-4.46%
5Yr Disc
-5.20%
Rel Disc Range (3yr)
44.69%
Mkt Yield
8.40%
Lev Adj NAV Yield
6.65%
After Tax Yield*
8.18%
Est Tax Friction*
0.22%
3Yr NAV Volatiliy
13.08
1 Yr RoC
56.56%
3 Yr Dest RoC
12.22%
Leverage
24.58%
Non Lev Exp Ratio
1.30%
Beta (2yr)
0.57
Equity Exposure
64.20%
Bond Exposure
35.19%
# Holdings
62
Cash Weighted Duration
2.91
Comp NAV TR
0.96%
Comp Discount
0.23%
Net Assets (M)
768
Liquidity - 90d (K)
1,985
* 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)
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 1.25 -6.52 5.17 0.00 38.61 3,294 7,143
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 1.20 -12.59 4.95 0.00 38.54 3,901 6,051
NAD Nuv Qlty Muni Incm Fd Nuveen 1.21 -12.91 4.86 0.00 38.52 3,064 5,356
NZF Nuv Muni Cr Incm Fd Nuveen 1.24 -5.03 5.25 0.00 38.24 2,260 4,627
NUV Nuv Muni Val Fd Nuveen 1.22 -3.62 3.78 0.00 1.74 2,114 2,780
IIM Invsc Val Muni Incm Tr Invesco 1.23 -9.99 4.93 0.00 39.00 749 2,589
BTT BR Muni 2030 Tgt Trm Tr BlackRock 1.24 -8.98 3.36 0.00 36.81 1,728 2,090
EIM EV Muni Bnd Fd Eaton Vance 1.23 -7.85 4.18 1.40 40.80 1,205 2,572
NMZ Nuv Muni Hi Incm Opp Fd Nuveen 1.24 0.45 5.28 0.00 40.01 863 2,310
PML PIMCO Muni Incm Fd II PIMCO 1.25 19.90 5.44 0.00 46.93 746 2,262
VMO Invsc Muni Opp Tr Invesco 1.22 -9.88 5.10 5.83 40.00 880 2,028
MYI BR MuniYld Qlty Fd III BlackRock 1.22 -10.33 4.75 0.00 39.46 970 1,673
VGM Invsc Tr fr Inv Grd Muni Invesco 1.22 -9.27 5.06 2.90 40.00 731 1,545
BFK BR Muni Incm Tr BlackRock 1.26 -2.84 5.14 0.00 38.16 630 1,706
MUI BR Muni Imd Dur Fd BlackRock 1.22 -11.29 3.93 0.00 39.25 587 1,518
VKQ Invsc Muni Tr Invesco 1.22 -9.18 5.23 2.87 39.00 723 1,415
MYD BR MuniYld Fd BlackRock 1.24 -3.39 5.07 0.00 36.89 678 1,378
MFL BR MuniHldg Inv Qlty Fd BlackRock 1.22 -10.03 4.95 0.00 40.41 537 1,337
EVN EV Muni Incm Tr Eaton Vance 1.22 -9.31 4.75 0.00 39.80 377 1,319
VKI Invsc Adv Muni Incm Tr II Invesco 1.22 -9.24 5.09 1.35 40.00 519 1,161
IQI Invsc Qlty Muni Incm Tr Invesco 1.23 -8.87 5.15 0.00 38.00 698 1,156
NID Nuv Imd Dur Muni Trm Fd Nuveen 1.24 -6.06 3.87 0.00 36.01 658 1,309
MAV Pioneer Muni Hi Incm Adv Tr Pioneer 1.21 -8.82 4.83 0.00 36.80 277 1,098
PMO Putnam Muni Opp Tr Putnam 1.24 -7.56 5.21 0.09 29.70 470 1,057
MVF BR MuniVest Fd BlackRock 1.22 -5.13 5.20 0.00 36.28 607 1,050
MHI Pioneer Muni Hi Incm Tr Pioneer 1.22 -5.81 5.32 0.00 30.60 286 1,084
LEO Dreyfus Stgc Muni Dreyfus 1.23 -5.86 5.34 0.00 37.63 520 970
NFJ AG NFJ Div Int & Prm Stgy Allianz 1.70 -12.24 7.30 100.00 0.00 1,332 2,831
THW Tekla Wld Health Fd Tekla 1.63 -3.62 11.20 92.99 23.30 392 1,274
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.71 -4.25 8.87 90.32 0.00 2,633 6,025
CLM Cornerstone Stgc Val Fd Cornerstone 1.67 8.22 20.13 87.46 0.00 828 4,921
CRF Cornerstone Tot Rtn Fd Cornerstone 1.67 9.66 19.80 87.52 0.00 425 2,762
FFA FT Enh Eq Incm Fd First Trust 1.69 -4.74 7.47 79.13 0.00 320 618
ZF Virtus Total Return Fd Zweig 1.68 -8.61 14.80 82.41 24.61 230 966
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 1.69 5.46 8.18 79.84 0.00 399 1,099
INB C&S Glbl Incm Bldr Cohen & Steers 1.65 -10.12 8.82 76.06 25.63 217 509
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.73 5.28 11.83 71.66 30.53 171 861
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.72 -1.66 9.62 71.01 0.00 614 2,374
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 1.70 -0.82 7.01 76.29 0.00 1,388 2,412
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 1.63 -13.61 8.22 69.38 7.76 985 2,557
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.73 8.13 8.54 64.56 0.00 1,120 3,299
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.63 -10.37 10.20 63.98 2.86 560 1,400
MGU Macquarie Glbl Infra Tot Rtn Macquarie 1.68 -13.87 7.51 59.43 31.65 324 760
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.74 -2.15 8.55 55.71 0.00 1,810 4,241
BOE BR Enh Glbl DivTr BlackRock 1.67 -10.29 7.05 54.04 0.00 807 2,264
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 1.70 -0.39 6.52 58.20 0.00 658 1,434
CII BR Enh Cap & Incm Fd BlackRock 1.70 -5.64 6.18 42.11 0.00 751 1,557
DSE D&P Sel MLP & Midstream Nrg Fd Virtus 2.24 -6.47 11.86 100.00 33.77 142 612
FEN FT Nrg Incm & Gwth Fd First Trust 2.35 2.91 10.11 100.00 25.78 446 2,174
FMO F/C Nrg Infra Fd Guggenheim 2.21 -4.29 12.33 100.00 36.14 388 1,335
FPL FT New Opp MLP & Nrg Fd First Trust 2.21 -9.78 9.86 85.29 25.59 260 1,090
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 2.16 -6.94 10.65 100.00 26.54 412 1,632
JMLP Nuv All Cap Nrg MLP Opp Fd Nuveen 2.13 -6.48 11.30 100.00 26.47 96 453
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 2.23 -5.69 9.78 100.00 34.49 268 1,201
NML NB MLP Incm Fd Neuberger Berman 2.18 -12.53 8.44 100.00 27.50 507 1,406
SMM Salient Midstream & MLP Fd Salient 2.16 -14.94 7.65 100.00 26.87 186 864
TTP Tortoise Pip & Nrg Fd Tortoise 2.21 -11.44 10.80 99.95 26.20 171 554
CTR CB MLP & Midstream Tot Rtn Fd Legg Mason 2.19 -11.80 9.20 97.34 30.49 417 1,175
EMO CB Nrg Midstream Opp Fd Legg Mason 2.19 -12.07 9.71 97.31 32.05 772 2,050
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 2.25 3.69 14.85 94.17 37.44 246 2,695
FEI FT MLP & Nrg Incm Fd First Trust 2.27 -7.69 10.30 69.90 26.36 593 2,070
CEM CB MLP & Midstream Fd Legg Mason 2.18 -9.15 9.51 93.74 31.85 962 2,960

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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Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %