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06. Tax-Sensitive Income Index

Data as of 12/03/2021 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(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,266.75	-0.73	-1.75	-4.69	-2.34	-0.95	25.60	6.65	5.21	-1.75	0.61	25.86
NAV	1,221.38	-0.38	-1.44	-3.41	-0.98	-0.29	20.90	5.48	4.77	-1.44	1.36	20.85
Difference		0.35	0.31	1.27	1.36	0.66	-4.70	-1.17	-0.43	0.31	0.76	-5.01
* 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 (%) Show Previous Years
	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	4.22	4.64	2.56	11.85	27.99	-1.01	0.73	-1.99	-2.26	4.47	-1.98	-	-	-	-
NAV	2.67	2.22	4.72	9.92	4.32	3.31	2.33	10.28	21.22	-0.74	0.15	-1.06	-1.64	4.17	-1.27	-	-	-	-
Difference	-1.12	-2.89	-0.16	-4.52	0.09	-1.33	-0.23	-1.57	-6.78	0.27	-0.59	0.93	0.62	-0.30	0.70	-	-	-	-
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 -3.78%	1Yr Disc -4.72%	3Yr Disc -5.91%	5Yr Disc -4.75%	Rel Disc Range (3yr) 65.74%
Mkt Yield 6.62%	Lev Adj NAV Yield 5.46%	After Tax Yield* 6.31%	Est Tax Friction* 0.31%	3Yr NAV Volatiliy 28.94
1 Yr RoC 69.36%	3 Yr Dest RoC 44.73%	Leverage 22.54%	Non Lev Exp Ratio 1.40%	Beta (2yr) 1.01
Equity Exposure 63.52%	Bond Exposure 34.33%	# Holdings 58	Cash Weighted Duration 2.94
Comp NAV TR -1.79%	Comp Discount 2.86%	Net Assets (M) 794	Liquidity - 90d (K) 1,912
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

58 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
NEA	Nuv AMT-Fr Qlty Muni Incm Fd	Nuveen	1.34	-4.84	4.64	0.00	37.55	4,755	6,401
NAD	Nuv Qlty Muni Incm Fd	Nuveen	1.34	-4.54	4.59	0.00	36.92	3,807	5,749
NMZ	Nuv Muni Hi Incm Opp Fd	Nuveen	1.36	0.81	5.23	0.00	35.10	1,430	4,478
NVG	Nuv AMT-Fr Muni Cr Incm Fd	Nuveen	1.38	0.57	4.59	0.00	37.21	3,743	4,827
NDMO	Nuv Dyn Muni Opp Fd	Nuveen	1.31	-1.45	5.89	21.22	32.57	927	3,020
NUV	Nuv Muni Val Fd	Nuveen	1.21	-4.21	3.28	0.00	1.33	2,220	3,307
NZF	Nuv Muni Cr Incm Fd	Nuveen	1.37	-1.28	4.65	0.00	36.49	2,452	2,479
NMCO	Nuv Muni Cr Opp Fd	Nuveen	1.38	-1.90	4.80	0.00	36.60	842	1,395
IIM	Invsc Val Muni Incm Tr	Invesco	1.35	-0.84	4.64	0.00	37.50	785	1,620
MYI	BR MuniYld Qlty Fd III	BlackRock	1.32	-5.35	4.26	0.00	36.56	1,045	1,488
EIM	EV Muni Bnd Fd	Eaton Vance	1.34	-4.29	4.45	0.00	39.80	1,006	1,640
BTT	BR Muni 2030 Tgt Trm Tr	BlackRock	1.33	-4.96	2.94	0.00	34.33	1,889	1,464
VMO	Invsc Muni Opp Tr	Invesco	1.31	-1.76	4.64	0.00	38.64	920	1,271
MQY	BR MuniYld Qlty Fd	BlackRock	1.32	-3.23	4.76	0.00	37.37	1,203	1,420
MIO	Pioneer Muni Hi Incm Opp Fd	Amundi Asset Mgmt	1.18	-8.35	2.98	0.00	N/A	297	571
RFMZ	RivNth Flex Muni Incm Fd II	RiverNorth	1.33	1.51	5.94	54.71	26.20	484	877
MHD	BR MuniHldg Fd	BlackRock	1.33	-5.46	4.46	0.00	37.73	919	1,384
VGM	Invsc Tr fr Inv Grd Muni	Invesco	1.32	-3.70	4.61	0.40	38.44	763	1,151
PML	PIMCO Muni Incm Fd II	PIMCO	1.31	15.86	4.92	0.00	42.42	786	1,435
IQI	Invsc Qlty Muni Incm Tr	Invesco	1.33	-4.51	4.66	0.00	36.14	727	1,069
VKQ	Invsc Muni Tr	Invesco	1.35	-0.88	4.49	0.87	37.83	756	1,129
BLE	BR Muni Incm Tr II	BlackRock	1.30	-2.00	5.06	0.00	38.54	731	1,121
RMM	RivNth Mgd Dur Muni Incm Fd	RiverNorth	1.33	-0.80	5.57	32.30	37.20	393	898
VKI	Invsc Adv Muni Incm Tr II	Invesco	1.30	-0.74	4.67	0.00	38.81	540	837
NID	Nuv Imd Dur Muni Trm Fd	Nuveen	1.36	0.07	3.72	0.00	35.85	704	786
THW	Tekla Wld Health Fd	Tekla	1.76	5.22	9.02	98.99	17.50	548	1,530
GUT	Gabelli Util Tr	Gabelli	1.90	92.79	7.48	95.50	27.00	264	854
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	1.87	2.89	8.29	98.85	0.00	1,531	4,446
SPXX	Nuv S&P 500 Dyn Owrt Fd	Nuveen	1.90	-4.02	5.62	86.92	0.00	314	660
IDE	Voya Infra Ind & Matrls Fd	Voya	1.73	-7.80	7.90	72.33	0.00	208	526
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	1.89	-4.26	5.98	64.47	0.00	1,562	2,073
DPG	D&P Util & Infra Fd	Virtus	1.93	4.92	9.94	71.93	28.66	509	1,326
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	1.93	1.10	6.12	76.92	0.00	1,293	2,914
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Invst Mgmt	1.98	-8.43	6.73	57.81	20.36	1,134	2,363
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.90	-7.20	7.75	58.50	15.00	570	1,889
ETB	EV Tx-Mgd By-Wrt Incm Fd	Eaton Vance	1.90	2.58	7.96	56.58	0.00	435	992
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	1.85	-9.29	7.70	34.85	28.80	455	1,176
CLM	Cornerstone Stgc Val Fd	Cornerstone	2.07	41.63	15.44	42.55	0.00	1,183	18,248
HEQ	JH Hgd Eq & Incm Fd	John Hancock	1.88	-1.01	9.07	39.43	0.00	158	450
BUI	BR Util Infra & Pwr OppTr	BlackRock	1.88	1.60	5.73	31.22	0.00	531	1,580
HTD	JH Tax-Adv Div Incm Fd	John Hancock	1.99	0.04	6.79	12.94	32.03	863	1,619
SPE	Spl Opp Fd	Bulldog	1.88	-7.02	8.32	16.93	6.04	212	532
CEM	CB MLP & Midstream Fd	Franklin Templeton	2.17	-15.51	7.31	100.00	29.41	422	1,207
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	2.17	-20.04	6.57	100.00	19.84	84	368
CTR	CB MLP & Midstream Tot Rtn Fd	Franklin Templeton	2.17	-17.75	7.24	100.00	26.46	201	530
EMO	CB Nrg Midstream Opp Fd	Franklin Templeton	2.19	-19.55	7.15	100.00	30.03	352	1,049
FMO	F/C Nrg Infra Fd	Guggenheim Funds	2.15	-13.66	9.69	100.00	14.84	83	310
KYN	KA Nrg Infra Fd	Kayne Anderson	2.17	-13.42	9.11	100.00	26.39	1,122	4,074
NML	NB MLP & Nrg Incm Fd	Neuberger Berman	2.25	-21.04	3.92	100.00	15.10	358	719
NTG	Tortoise Midstream Nrg Fd	Tortoise	2.29	-20.88	7.77	100.00	21.70	209	919
SMM	Salient Midstream & MLP Fd	Salient	2.22	-16.07	4.43	73.08	27.20	133	516
TYG	Tortoise Nrg Infra Corp	Tortoise	2.22	-23.09	6.71	100.00	24.10	416	1,681
FEN	FT Nrg Incm & Gwth Fd	First Trust	2.22	-2.34	8.99	90.08	21.27	266	801
FPL	FT New Opp MLP & Nrg Fd	First Trust	2.08	-11.41	8.52	67.69	20.21	147	501
NDP	Tortoise Nrg Ind Fd	Tortoise	2.26	-12.77	5.67	83.87	5.90	46	445
KMF	KA NextGen Nrg & Infra	Kayne Anderson	2.17	-19.47	7.97	74.57	26.74	412	944
FEI	FT MLP & Nrg Incm Fd	First Trust	2.19	-7.72	8.51	39.18	21.04	346	1,432
NMAI	Nuv Multi-Asset Incm Fd	Nuveen	1.75	-5.78	7.60	N/A	N/A	653	2,643

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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