06. Tax-Sensitive Income Index

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	1,175.28	0.23	0.86	2.00	12.39	32.36	49.07	4.12	5.79	2.04	2.04	16.77
NAV	1,131.49	0.18	0.42	0.52	7.83	23.13	43.45	3.74	5.08	1.85	1.85	11.95
Difference		-0.05	-0.44	-1.48	-4.56	-9.24	-5.62	-0.38	-0.71	-0.19	-0.19	-4.82
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2021 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2021
Price	3.79	5.12	4.88	14.44	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	2.67	2.22	4.72	9.92	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	-1.12	-2.89	-0.16	-4.52	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2020 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	-1.06	-10.29	-30.14	-38.00	20.35	5.29	-4.14	21.46	-24.69	0.80	1.84	-6.77	-4.30	0.01	15.53	3.09	19.11	13.99	-14.16
NAV	-2.14	-8.24	-28.18	-35.50	17.69	6.17	-1.77	22.74	-20.84	2.15	1.12	-5.05	-1.93	0.32	10.59	2.78	14.02	11.83	-11.48
Difference	-1.07	2.05	1.97	2.50	-2.66	0.88	2.37	1.27	3.85	1.35	-0.72	1.72	2.37	0.32	-4.94	-0.32	-5.09	-2.16	2.68
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	1.00	-1.85	3.19	2.30	19.93	1.78	-2.00	1.12	0.86	-2.18	-0.96	4.34	1.09	1.96	22.28
NAV	9.26	1.02	3.14	13.85	0.22	-1.66	2.78	1.30	15.33	0.26	-1.56	0.86	-0.45	-1.89	-1.05	4.51	1.45	0.99	16.47
Difference	-3.26	0.04	-0.04	-3.39	-0.77	0.19	-0.42	-1.00	-4.61	-1.53	0.44	-0.25	-1.31	0.28	-0.09	0.17	0.36	-0.96	-5.81
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	-1.51	2.36	1.11	-1.07	2.39	-8.01	1.30	-7.57	-13.88	-11.82	-13.15
NAV	2.66	-5.95	-2.84	-6.19	3.22	2.90	-0.17	6.03	-0.54	3.30	1.32	-0.95	3.68	-5.75	0.45	-5.94	-10.95	-7.68	-8.17
Difference	1.10	-0.97	0.80	0.81	-1.05	0.82	0.33	0.12	0.97	0.95	0.21	0.12	1.29	2.27	-0.85	1.63	2.93	4.14	4.98
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	7.37	2.04	-1.69	1.35	1.67	-2.77	-0.43	4.47	1.14	2.83	10.40
NAV	2.02	1.64	0.22	3.92	-0.03	-1.00	0.10	-0.93	2.95	1.64	-1.04	0.85	1.44	-1.32	0.01	3.58	2.22	3.69	6.75
Difference	-2.55	-0.30	0.68	-2.20	-1.29	-0.56	-0.26	-2.12	-4.42	-0.40	0.65	-0.50	-0.23	1.45	0.44	-0.89	1.08	0.87	-3.65
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	13.39	1.39	1.06	0.83	3.31	-4.57	1.13	1.40	-2.13	1.11	14.65
NAV	-7.11	-0.69	6.17	-2.06	6.36	1.98	2.67	11.36	9.06	1.24	0.95	1.25	3.48	-2.55	-0.06	2.74	0.06	3.54	12.93
Difference	-0.73	-1.83	0.28	-2.32	-1.08	0.13	-0.68	-1.73	-4.32	-0.16	-0.10	0.43	0.17	2.02	-1.20	1.34	2.19	2.43	-1.72
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	-4.02	-1.44	-3.14	-6.27	-10.52	7.49	-4.49	-2.75	-0.16	-10.66	-14.26
NAV	-0.99	1.72	-1.40	-0.70	2.09	-0.65	-3.74	-2.37	-3.06	-0.87	-4.07	-6.32	-10.92	5.89	-3.35	-3.13	-0.86	-11.68	-14.38
Difference	-1.21	-0.44	0.17	-1.47	0.18	0.94	1.29	2.39	0.97	0.57	-0.93	-0.05	-0.40	-1.60	1.14	-0.38	-0.70	-1.02	-0.12

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -5.58%	1Yr Disc -10.39%	3Yr Disc -6.89%	5Yr Disc -5.31%	Rel Disc Range (3yr) 65.97%
Mkt Yield 6.49%	Lev Adj NAV Yield 5.37%	After Tax Yield* 6.37%	Est Tax Friction* 0.12%	3Yr NAV Volatiliy 29.44
1 Yr RoC 73.84%	3 Yr Dest RoC 42.62%	Leverage 21.28%	Non Lev Exp Ratio 1.42%	Beta (2yr) 1.00
Equity Exposure 63.94%	Bond Exposure 34.13%	# Holdings 62	Cash Weighted Duration 3.11
Comp NAV TR -2.05%	Comp Discount 1.88%	Net Assets (M) 785	Liquidity - 90d (K) 2,239
* 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)
NEA	Nuv AMT-Fr Qlty Muni Incm Fd	Nuveen	1.24	-5.45	4.66	0.00	37.48	4,770	8,837
NAD	Nuv Qlty Muni Incm Fd	Nuveen	1.22	-6.15	4.68	0.00	37.07	3,793	6,414
NVG	Nuv AMT-Fr Muni Cr Incm Fd	Nuveen	1.23	-1.78	4.73	0.00	37.47	3,717	6,047
NUV	Nuv Muni Val Fd	Nuveen	1.24	6.25	3.27	0.00	1.33	2,221	3,342
NZF	Nuv Muni Cr Incm Fd	Nuveen	1.24	-2.72	4.81	0.00	37.10	2,408	3,102
NMZ	Nuv Muni Hi Incm Opp Fd	Nuveen	1.25	3.06	5.27	0.00	33.19	1,221	3,070
NMCO	Nuv Muni Cr Opp Fd	Nuveen	1.26	-2.69	5.13	0.00	37.91	793	2,598
BTT	BR Muni 2030 Tgt Trm Tr	BlackRock	1.23	-4.38	2.91	0.00	34.31	1,899	2,002
NDMO	Nuv Dyn Muni Opp Fd	Nuveen	1.22	1.70	5.69	56.94	28.17	902	1,845
VMO	Invsc Muni Opp Tr	Invesco	1.22	-2.27	4.86	3.52	39.31	920	1,945
EIM	EV Muni Bnd Fd	Eaton Vance	1.22	-5.50	4.45	0.00	41.40	1,020	1,837
RFMZ	RivNth Flex Muni Incm Fd II	RiverNorth	1.21	-2.39	0.60	N/A	N/A	125	1,518
IIM	Invsc Val Muni Incm Tr	Invesco	1.23	-5.08	4.84	0.75	38.13	787	1,691
MYI	BR MuniYld Qlty Fd III	BlackRock	1.22	-6.45	4.30	0.00	36.65	1,047	1,702
PML	PIMCO Muni Incm Fd II	PIMCO	1.21	20.18	4.77	0.00	42.45	778	1,491
VGM	Invsc Tr fr Inv Grd Muni	Invesco	1.23	-2.34	4.80	3.19	39.19	763	1,535
VKI	Invsc Adv Muni Incm Tr II	Invesco	1.22	-1.72	4.85	3.74	39.12	542	1,481
VKQ	Invsc Muni Tr	Invesco	1.21	-3.15	4.85	3.41	38.02	756	1,436
RMM	RivNth Mgd Dur Muni Incm Fd	RiverNorth	1.25	-5.26	5.71	46.39	35.90	401	1,239
IQI	Invsc Qlty Muni Incm Tr	Invesco	1.23	-4.36	4.74	2.85	37.34	728	1,234
NID	Nuv Imd Dur Muni Trm Fd	Nuveen	1.22	-1.78	3.69	0.00	36.50	683	1,142
EVN	EV Muni Incm Tr	Eaton Vance	1.21	-3.31	4.16	0.00	34.90	564	1,117
MUI	BR Muni Imd Dur Fd	BlackRock	1.22	-6.39	4.29	0.00	37.89	617	1,064
BFK	BR Muni Incm Tr	BlackRock	1.22	2.58	4.65	0.00	38.53	661	1,084
MYD	BR MuniYld Fd	BlackRock	1.25	-3.48	4.57	0.46	35.94	716	1,091
MAV	Pioneer Muni Hi Incm Adv Tr	Pioneer	1.24	-1.63	5.21	0.00	38.50	294	1,101
LEO	BNY Mellon Stgc Muni	BNY Mellon	1.24	0.23	4.80	0.00	35.31	543	1,047
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	1.74	1.00	6.32	97.94	0.00	1,167	4,000
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	1.68	-4.02	7.73	95.81	0.00	3,017	6,682
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	1.67	3.66	8.38	95.56	0.00	1,403	3,929
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	1.69	-2.36	7.64	85.12	0.00	2,057	4,201
EOI	EV Enh Eq Incm Fd	Eaton Vance	1.71	-3.30	6.14	80.77	0.00	714	1,583
EOS	EV Enh Eq Incm Fd II	Eaton Vance	1.72	0.31	5.20	77.63	0.00	1,131	2,734
SPXX	Nuv S&P 500 Dyn Owrt Fd	Nuveen	1.74	-0.06	5.66	83.41	0.00	298	1,084
IHD	Voya Emrg Mkt Hi Div Eq Fd	Voya	1.60	-7.65	9.17	79.00	0.00	162	681
IDE	Voya Infra Ind & Matrls Fd	Voya	1.64	-4.25	7.39	81.22	0.00	240	1,265
IRR	Voya Ntr Res Eq Incm Fd	Voya	1.61	-1.80	9.42	71.00	0.00	70	594
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	1.68	-8.74	7.46	69.33	23.46	1,027	3,033
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.66	39.36	13.74	69.44	0.00	396	7,292
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.65	35.93	14.11	68.20	0.00	782	14,050
BOE	BR Enh Glbl DivTr	BlackRock	1.70	-7.48	6.31	62.34	0.00	830	2,282
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	1.70	-0.83	8.15	61.08	0.00	1,161	3,509
JDD	Nuv Divr Div & Incm Fd	Nuveen	1.75	-8.64	7.89	60.93	28.79	214	620
NRO	NB Rel-Est Sec Incm Fd	Neuberger Berman	1.68	-3.50	7.98	60.21	17.60	230	1,098
JTA	Nuv Tx-Adv Tot Rtn Stgy Fd	Nuveen	1.69	-10.05	7.03	58.78	27.80	168	699
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	1.67	-11.26	5.53	58.62	23.58	253	559
ETB	EV Tx-Mgd By-Wrt Incm Fd	Eaton Vance	1.67	3.74	8.05	54.41	0.00	413	1,102
CEM	CB MLP & Midstream Fd	Franklin Templeton	2.22	-13.55	8.00	100.00	30.21	381	1,925
CTR	CB MLP & Midstream Tot Rtn Fd	Franklin Templeton	2.22	-17.51	7.84	100.00	27.25	179	671
EMO	CB Nrg Midstream Opp Fd	Franklin Templeton	2.19	-19.08	6.93	100.00	30.40	313	1,167
FMO	F/C Nrg Infra Fd	Guggenheim Funds	2.19	-9.51	9.90	100.00	16.55	78	684
KYN	KA Nrg Infra Fd	Kayne Anderson	2.20	-12.77	8.29	100.00	29.07	1,050	5,249
MIE	C&S MLP Incm & Nrg Opp Fd	Cohen & Steers	2.22	-5.23	5.52	100.00	19.40	93	865
NML	NB MLP & Nrg Incm Fd	Neuberger Berman	2.22	-21.79	4.16	100.00	14.20	309	1,172
NTG	Tortoise Midstream Nrg Fd	Tortoise	2.22	-22.41	5.04	100.00	29.70	190	876
TYG	Tortoise Nrg Infra Corp	Tortoise	2.23	-21.99	5.04	100.00	31.20	382	2,000
FEN	FT Nrg Incm & Gwth Fd	First Trust	2.23	-2.14	8.77	98.57	20.67	272	1,689
FPL	FT New Opp MLP & Nrg Fd	First Trust	2.14	-12.81	8.59	88.97	20.52	150	890
FEI	FT MLP & Nrg Incm Fd	First Trust	2.20	-11.08	8.60	86.08	20.42	355	1,660
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	2.23	-17.21	6.26	79.43	0.00	199	923
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	2.33	-22.91	7.69	75.00	23.75	667	316
SMM	Salient Midstream & MLP Fd	Salient	2.19	-24.04	4.69	66.25	27.76	119	437

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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