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06. Tax-Sensitive Income Index

Data as of 05/27/2022 04/29/2022 03/31/2022 02/28/2022 02/11/2022 01/31/2022 12/31/2021 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(%)	10 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,328.60	1.77	6.81	3.85	5.41	3.04	6.39	5.85	4.40	4.83	3.83	-1.01	1.18
NAV	1,283.51	1.50	5.67	2.82	4.30	3.57	7.75	5.10	4.41	4.98	3.42	-1.25	2.29
Difference		-0.27	-1.14	-1.03	-1.11	0.53	1.36	-0.74	0.01	0.15	-0.42	-0.24	1.11
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2022 - Monthly Performance (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2022
Price	0.03	-0.36	2.55	2.21	-4.66	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	0.20	1.10	2.24	3.58	-4.51	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	0.17	1.46	-0.30	1.37	0.15	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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	4.22	4.64	2.56	11.85	27.99	-1.01	0.73	-1.99	-2.26	4.47	-1.98	1.84	4.29	1.93	30.46
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	1.26	4.14	2.42	24.15
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	-0.58	-0.15	0.50	-6.31
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
2014 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2014
Price	1.00	1.86	0.88	3.79	3.05	2.76	1.70	7.70	11.77	-1.99	4.12	-2.00	0.00	-0.18	-0.08	-1.78	-2.04	-2.04	9.50
NAV	0.86	2.14	0.96	4.00	2.35	2.69	2.48	7.71	12.02	-1.49	4.38	-1.31	1.48	-0.67	-0.35	-1.26	-2.27	-0.82	11.10
Difference	-0.14	0.27	0.08	0.21	-0.70	-0.08	0.78	0.01	0.24	0.50	0.26	0.69	1.48	-0.49	-0.27	0.52	-0.23	1.22	1.60
2013 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2013
Price	6.55	0.72	1.06	8.45	1.55	-2.36	-0.95	-1.79	6.51	-2.11	-2.58	1.47	-3.23	2.50	-1.47	1.99	3.00	-0.32	6.17
NAV	4.41	0.64	1.76	6.92	1.88	-1.15	-2.67	-1.97	4.81	0.70	-2.64	2.98	0.96	2.32	0.54	0.97	3.87	4.87	9.90
Difference	-2.14	-0.08	0.70	-1.53	0.34	1.21	-1.72	-0.18	-1.70	2.80	-0.07	1.51	4.18	-0.18	2.01	-1.02	0.87	5.19	3.74
2012 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2012
Price	5.83	2.40	-0.61	7.71	1.50	-3.11	3.03	1.32	9.13	3.21	0.85	2.54	6.73	-1.12	0.18	-2.58	-3.50	2.99	12.40
NAV	3.78	2.20	-0.37	5.66	0.98	-3.06	1.49	-0.65	4.97	3.47	0.98	1.81	6.37	-0.03	1.04	-1.20	-0.20	6.16	11.44
Difference	-2.05	-0.20	0.24	-2.05	-0.51	0.04	-1.54	-1.97	-4.16	0.26	0.13	-0.73	-0.36	1.09	0.86	1.38	3.30	3.16	-0.96

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -6.67%	1Yr Disc -5.76%	3Yr Disc -7.02%	5Yr Disc -5.96%	Rel Disc Range (3yr) 61.34%
Mkt Yield 6.45%	Lev Adj NAV Yield 5.07%	After Tax Yield* 5.99%	Est Tax Friction* 0.46%	3Yr NAV Volatiliy 29.30
1 Yr RoC 49.58%	3 Yr Dest RoC 30.91%	Leverage 22.29%	Non Lev Exp Ratio 1.34%	Beta (2yr) 0.86
Equity Exposure 64.26%	Bond Exposure 33.77%	# Holdings 58	Cash Weighted Duration 3.47
Comp NAV TR 2.73%	Comp Discount 1.63%	Net Assets (M) 735	Liquidity - 90d (K) 2,380
* 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	1.30	-6.52	5.00	0.00	39.83	4,034	12,537
NAD	Nuv Qlty Muni Incm Fd	Nuveen	1.34	-4.55	5.40	0.00	39.35	3,230	10,596
NVG	Nuv AMT-Fr Muni Cr Incm Fd	Nuveen	1.30	-3.21	5.41	0.00	40.79	3,130	8,060
NMZ	Nuv Muni Hi Incm Opp Fd	Nuveen	1.31	1.46	6.22	0.00	39.62	1,258	7,149
NUV	Nuv Muni Val Fd	Nuveen	1.33	-2.40	3.59	0.00	1.04	1,992	5,214
NZF	Nuv Muni Cr Incm Fd	Nuveen	1.26	-6.49	5.18	0.00	39.11	2,060	6,501
VMO	Invsc Muni Opp Tr	Invesco	1.27	-7.16	5.48	2.45	41.00	782	2,915
BTT	BR Muni 2030 Tgt Trm Tr	BlackRock	1.33	-2.93	3.23	0.00	35.25	1,683	2,978
NDMO	Nuv Dyn Muni Opp Fd	Nuveen	1.27	-3.93	7.51	18.54	35.37	756	3,205
MQY	BR MuniYld Qlty Fd	BlackRock	1.31	-4.82	5.71	1.37	39.45	1,019	3,602
IIM	Invsc Val Muni Incm Tr	Invesco	1.37	-1.05	5.33	0.00	39.00	671	2,497
EIM	EV Muni Bnd Fd	Eaton Vance	1.32	-6.99	4.87	0.33	41.60	865	2,846
NMCO	Nuv Muni Cr Opp Fd	Nuveen	1.36	0.22	5.51	0.00	38.87	718	2,261
MYI	BR MuniYld Qlty Fd III	BlackRock	1.31	-7.23	5.12	0.00	39.70	887	2,635
BLE	BR Muni Incm Tr II	BlackRock	1.30	-7.40	5.31	6.40	40.18	620	2,034
PML	PIMCO Muni Incm Fd II	PIMCO	1.37	13.79	6.13	4.63	49.26	644	2,631
VKQ	Invsc Muni Tr	Invesco	1.27	-7.24	5.35	4.46	40.00	642	1,989
VGM	Invsc Tr fr Inv Grd Muni	Invesco	1.29	-7.44	5.36	3.96	41.00	649	1,802
MYD	BR MuniYld Fd	BlackRock	1.27	-7.67	5.24	2.53	38.60	599	1,862
MHD	BR MuniHldg Fd	BlackRock	1.27	-8.04	5.47	0.00	40.05	770	2,167
RMMZ	RivNth Mgd Dur Muni Incm Fd II	RiverNorth	1.26	-3.55	6.97	0.00	29.22	157	273
NXP	Nuv Sel Tx-Free Incm Port	Nuveen	1.35	-2.76	3.79	0.00	0.00	694	1,655
IQI	Invsc Qlty Muni Incm Tr	Invesco	1.30	-6.67	5.16	2.29	38.00	619	1,886
EVN	EV Muni Incm Tr	Eaton Vance	1.34	-3.54	4.88	0.00	36.10	482	1,490
MVF	BR MuniVest Fd	BlackRock	1.29	-7.84	5.18	0.00	38.11	546	1,455
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	1.73	5.52	9.27	99.74	0.00	1,428	4,573
THW	Tekla Wld Health Fd	Tekla	1.96	12.85	8.86	76.25	17.85	522	2,242
GUT	Gabelli Util Tr	Gabelli	1.91	66.44	8.34	86.57	21.00	315	1,630
SPXX	Nuv S&P 500 Dyn Owrt Fd	Nuveen	1.75	-0.24	7.11	19.96	0.00	287	808
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	1.64	2.17	8.07	41.32	0.00	1,106	4,481
DIAX	Nuv Dow 30SM Dyn Owrt Fd	Nuveen	1.87	-3.26	7.04	51.33	0.00	613	1,161
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.90	-9.12	8.16	68.17	0.00	522	1,283
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.63	-3.80	8.62	63.61	18.01	495	2,811
NRO	NB Rel-Est Sec Incm Fd	Neuberger Berman	1.77	2.40	7.97	66.05	22.63	218	549
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	1.84	0.51	6.87	32.05	0.00	1,427	3,109
BGY	BR Enh Intl DivTr	BlackRock	1.79	-11.07	7.43	48.96	0.00	639	1,323
THQ	Tekla Health Opp Fd	Tekla	1.80	-6.68	6.35	25.08	18.57	941	1,887
BUI	BR Util Infra & Pwr OppTr	BlackRock	1.68	-4.99	6.41	24.78	0.00	527	1,290
JRI	Nuv Rel-Ast Incm & Gwth Fd	Nuveen	1.80	-11.22	8.00	21.84	29.68	448	1,093
BTO	JH Fin Opp Fd	John Hancock	1.81	8.92	6.67	7.58	14.64	680	1,998
AOD	Abd Tot Dyn Div Fd	Aberdeen	1.71	-12.65	7.93	22.99	1.25	1,050	3,379
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	1.84	-13.21	5.86	21.82	23.32	244	531
BOE	BR Enh Glbl DivTr	BlackRock	1.78	-11.51	7.07	8.88	0.00	772	1,829
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	2.29	-14.83	5.07	100.00	18.81	103	497
KMF	KA NextGen Nrg & Infra	Kayne Anderson	2.33	-18.05	7.34	98.62	25.19	502	1,426
KYN	KA Nrg Infra Fd	Kayne Anderson	2.35	-14.72	8.47	94.48	25.13	1,507	7,896
NML	NB MLP & Nrg Incm Fd	Neuberger Berman	2.44	-20.52	3.55	100.00	14.23	497	1,228
NTG	Tortoise Midstream Nrg Fd	Tortoise	2.27	-17.81	8.03	61.72	19.40	263	749
SMM	Salient Midstream & MLP Fd	Salient	2.35	-12.67	4.09	100.00	25.63	174	785
TYG	Tortoise Nrg Infra Corp	Tortoise	2.20	-18.49	8.38	63.53	21.70	496	2,105
EMO	CB Nrg Midstream Opp Fd	Franklin Templeton	2.40	-18.57	6.64	59.59	30.96	480	1,819
FEN	FT Nrg Incm & Gwth Fd	First Trust	2.32	0.06	7.28	47.65	20.42	320	1,036
CEM	CB MLP & Midstream Fd	Franklin Templeton	2.39	-17.22	6.68	39.67	29.07	586	2,288
TTP	Tortoise Pip & Nrg Fd	Tortoise	2.32	-15.91	7.80	86.80	20.20	80	313
NDP	Tortoise Nrg Ind Fd	Tortoise	2.49	-15.92	5.84	75.78	4.10	72	613
CTR	CB MLP & Midstream Tot Rtn Fd	Franklin Templeton	2.42	-19.65	6.61	29.05	27.32	275	1,166
FPL	FT New Opp MLP & Nrg Fd	First Trust	2.33	-15.00	6.97	32.26	18.97	183	747
SRV	Cushing MLP & Infra Tot Rtn Fd	Cushing	2.25	-21.09	5.18	79.94	20.16	97	242

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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