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06. Tax-Sensitive Income Index

Data as of 10/11/2019 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	1,139.19	-0.05	-1.35	-2.17	-3.37	0.14	7.28	4.39	2.67	-1.78	-1.78	18.62
NAV	1,105.52	0.15	-1.28	-2.06	-4.33	-1.46	3.25	3.87	1.57	-1.76	-1.76	12.93
Difference		0.20	0.07	0.10	-0.96	-1.60	-4.03	-0.52	-1.10	0.02	0.02	-5.68
* 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 (%) Show Previous Years
	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	19.54	1.78	-2.00	1.12	0.86	-	-	-	-	-	20.40
NAV	9.26	1.02	3.14	13.85	0.22	-1.66	2.78	1.30	15.15	0.26	-1.56	0.86	-0.45	-	-	-	-	-	14.69
Difference	-3.26	0.04	-0.04	-3.39	-0.77	0.19	-0.42	-1.00	-4.39	-1.53	0.44	-0.25	-1.31	-	-	-	-	-	-5.70
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 -3.92%	1Yr Disc -5.79%	3Yr Disc -4.46%	5Yr Disc -5.04%	Rel Disc Range (3yr) 55.05%
Mkt Yield 8.95%	Lev Adj NAV Yield 7.10%	After Tax Yield* 8.67%	Est Tax Friction* 0.28%	3Yr NAV Volatiliy 13.31
1 Yr RoC 54.08%	3 Yr Dest RoC 33.47%	Leverage 25.75%	Non Lev Exp Ratio 1.35%	Beta (2yr) 0.62
Equity Exposure 62.75%	Bond Exposure 35.45%	# Holdings 63	Cash Weighted Duration 2.65
Comp NAV TR 0.77%	Comp Discount 1.66%	Net Assets (M) 721	Liquidity - 90d (K) 1,825
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

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	1.21	-8.83	4.51	0.00	37.39	4,106	7,983
NAD	Nuv Qlty Muni Incm Fd	Nuveen	1.22	-10.03	4.47	0.00	37.31	3,222	6,888
NVG	Nuv AMT-Fr Muni Cr Incm Fd	Nuveen	1.21	-3.49	4.73	0.00	37.36	3,484	5,703
NZF	Nuv Muni Cr Incm Fd	Nuveen	1.21	-3.53	4.91	0.00	37.08	2,376	4,153
NMZ	Nuv Muni Hi Incm Opp Fd	Nuveen	1.22	1.85	4.99	0.00	38.02	927	3,007
NUV	Nuv Muni Val Fd	Nuveen	1.22	-0.85	3.54	0.00	1.34	2,193	2,686
BTT	BR Muni 2030 Tgt Trm Tr	BlackRock	1.23	-7.80	3.14	0.00	35.69	1,826	2,479
EIM	EV Muni Bnd Fd	Eaton Vance	1.20	-8.13	4.00	0.00	42.20	1,132	1,809
PML	PIMCO Muni Incm Fd II	PIMCO	1.22	25.24	4.94	0.00	45.91	788	1,917
MYI	BR MuniYld Qlty Fd III	BlackRock	1.22	-9.15	3.92	0.00	36.93	1,021	1,963
VGM	Invsc Tr fr Inv Grd Muni	Invesco	1.22	-7.11	4.79	3.91	40.00	755	1,919
VMO	Invsc Muni Opp Tr	Invesco	1.21	-7.25	4.79	7.83	40.00	911	1,885
IIM	Invsc Val Muni Incm Tr	Invesco	1.23	-5.98	4.53	2.15	38.00	779	1,791
VKQ	Invsc Muni Tr	Invesco	1.21	-7.03	4.67	6.68	39.00	748	1,576
IQI	Invsc Qlty Muni Incm Tr	Invesco	1.20	-7.47	4.62	3.30	37.00	722	1,536
RMM	RivNth Mgd Dur Muni Incm Fd	RiverNorth	1.20	-2.22	5.54	0.00	N/A	401	1,218
BFK	BR Muni Incm Tr	BlackRock	1.21	-3.65	4.59	0.00	36.91	651	1,159
LEO	BNY Mellon Stgc Muni	BNY Mellon	1.20	-1.96	4.94	0.00	36.00	539	1,107
MVF	BR MuniVest Fd	BlackRock	1.21	-5.88	4.67	0.01	35.34	629	1,101
MYD	BR MuniYld Fd	BlackRock	1.22	-0.40	4.52	0.59	35.00	700	1,000
MMD	MainStay MK DfinTrm Muni Opp	New York Life	1.20	0.87	4.91	0.00	36.90	569	1,056
VKI	Invsc Adv Muni Incm Tr II	Invesco	1.22	-6.20	4.76	3.51	40.00	537	1,007
MMU	WA Mgd Muni Fd	Legg Mason	1.25	1.22	4.30	0.00	28.70	603	989
DSM	BNY Mellon Stgc Muni Bnd Fd	BNY Mellon	1.22	1.68	4.96	0.00	34.17	411	1,029
EVN	EV Muni Incm Tr	Eaton Vance	1.21	-7.50	4.44	0.00	37.70	550	977
NEV	Nuv Enh Muni Val Fd	Nuveen	1.22	-5.39	4.71	0.00	35.95	380	1,014
NID	Nuv Imd Dur Muni Trm Fd	Nuveen	1.21	-4.06	3.72	0.00	35.83	670	1,018
MUI	BR Muni Imd Dur Fd	BlackRock	1.21	-11.36	3.80	0.00	38.38	607	910
GNT	GAMCO NtrRes Gd & Incm	Gabelli	1.74	-0.34	10.22	97.83	18.52	123	513
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	1.70	-3.98	9.00	89.07	0.00	2,589	5,295
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.66	4.43	22.23	85.80	0.00	788	4,603
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.65	4.09	22.26	81.80	0.00	404	2,998
GPM	Gghm Enh Eq Incm Fd	Guggenheim Funds	1.67	1.45	12.50	83.46	31.85	365	895
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	1.70	1.65	9.88	81.67	0.00	578	1,607
ETB	EV Tx-Mgd By-Wrt Incm Fd	Eaton Vance	1.73	7.25	8.12	73.84	0.00	395	820
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	1.73	-1.36	7.11	72.75	0.00	1,377	2,338
DIAX	Nuv Dow 30SM Dyn Owrt Fd	Nuveen	1.71	-0.96	6.70	71.13	0.00	645	1,616
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	1.74	5.48	8.86	70.27	0.00	1,170	3,350
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	1.69	-11.15	7.60	69.75	13.58	1,035	2,235
HIE	Miller/Howard Hi Incm Eq Fd	Miller/Howard	1.70	4.10	12.74	69.34	34.69	176	865
JCE	Nuv Core Eq Alpha Fd	Nuveen	1.70	-2.62	7.08	59.85	0.00	232	957
ZF	Virtus Total Return Fd	Virtus	1.71	5.28	12.71	59.70	26.51	233	1,261
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	1.69	0.68	8.55	63.92	0.00	1,760	3,261
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.72	-10.83	7.88	59.08	0.00	663	3,090
INB	C&S Glbl Incm Bldr	Cohen & Steers	1.66	-5.94	8.39	58.88	23.60	218	769
INF	Brkf Glbl Lstd Infra Incm Fd	Brookfield	1.66	-10.71	7.31	58.58	25.90	203	651
FFA	FT Enh Eq Incm Fd	First Trust	1.76	3.54	6.96	55.10	0.00	316	572
DEX	Dlw Enh Glbl Div & Incm Fd	Delaware	1.69	-10.33	11.19	56.04	30.15	138	512
DSE	D&P Sel MLP & Midstream Nrg Fd	Virtus	2.08	-4.37	14.42	100.00	35.55	114	346
JMLP	Nuv All Cap Nrg MLP Opp Fd	Nuveen	2.05	-8.85	14.56	100.00	28.52	76	428
TTP	Tortoise Pip & Nrg Fd	Tortoise	2.16	-11.10	9.01	99.34	29.40	143	714
CTR	CB MLP & Midstream Tot Rtn Fd	Legg Mason	2.15	-12.12	10.38	96.21	31.45	371	855
SMM	Salient Midstream & MLP Fd	Salient	2.18	-14.94	9.04	94.89	29.20	158	808
KMF	KA Midstream/Nrg Fd	Kayne Anderson	2.18	-13.49	8.61	95.04	31.75	570	1,924
CEM	CB MLP & Midstream Fd	Legg Mason	2.16	-10.60	10.85	94.30	32.79	857	2,312
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	2.18	0.73	18.23	94.17	29.02	230	3,333
FMO	F/C Nrg Infra Fd	Guggenheim Funds	2.12	-6.52	15.55	93.43	39.75	315	1,196
SRV	Cushing MLP & Infra Tot Rtn Fd	Cushing	2.21	-9.38	11.10	91.67	28.10	73	255
GMZ	GS MLP Incm Opp Fd	Goldman Sachs	2.09	-5.04	13.10	89.68	37.96	300	932
JMF	Nuv Nrg MLP Total Rtn Fd	Nuveen	2.10	-2.43	12.45	90.55	29.18	336	1,619
NTG	Tortoise Midstream Nrg Fd	Tortoise	2.14	-3.88	14.53	88.17	37.30	765	2,947
FPL	FT New Opp MLP & Nrg Fd	First Trust	2.14	-7.64	10.19	83.33	25.66	246	955
MIE	C&S MLP Incm & Nrg Opp Fd	Cohen & Steers	2.08	1.47	11.19	83.71	30.65	218	1,882

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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