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	1,123.29	-1.24	-0.99	-4.53	0.09	2.70	-0.57	3.26	1.49	-4.03	-2.32	17.22
NAV	1,083.83	-1.70	-1.46	-5.35	-2.31	-0.37	-3.09	3.18	0.53	-4.37	-4.13	11.02
Difference		-0.45	-0.47	-0.82	-2.40	-3.07	-2.52	-0.08	-0.97	-0.34	-1.81	-6.20
* 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	1.00	-1.85	3.19	2.30	19.54	1.78	-	-	-	-	-	-	-	-	21.25
NAV	9.26	1.02	3.14	13.85	0.22	-1.66	2.78	1.30	15.15	0.26	-	-	-	-	-	-	-	-	15.39
Difference	-3.26	0.04	-0.04	-3.39	-0.77	0.19	-0.42	-1.00	-4.39	-1.53	-	-	-	-	-	-	-	-	-5.86
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 -3.98%	1Yr Disc -6.32%	3Yr Disc -4.66%	5Yr Disc -5.22%	Rel Disc Range (3yr) 55.51%
Mkt Yield 8.54%	Lev Adj NAV Yield 6.86%	After Tax Yield* 8.24%	Est Tax Friction* 0.30%	3Yr NAV Volatiliy 13.05
1 Yr RoC 50.04%	3 Yr Dest RoC 32.20%	Leverage 24.96%	Non Lev Exp Ratio 1.29%	Beta (2yr) 0.61
Equity Exposure 62.09%	Bond Exposure 37.29%	# Holdings 62	Cash Weighted Duration 3.24
Comp NAV TR 0.55%	Comp Discount 0.84%	Net Assets (M) 763	Liquidity - 90d (K) 1,839
* 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	1.32	-9.43	4.49	0.00	37.69	4,151	7,166
NAD	Nuv Qlty Muni Incm Fd	Nuveen	1.32	-10.28	4.43	0.00	37.63	3,260	5,821
NVG	Nuv AMT-Fr Muni Cr Incm Fd	Nuveen	1.34	-3.63	4.70	0.00	37.73	3,516	4,816
NZF	Nuv Muni Cr Incm Fd	Nuveen	1.32	-3.48	4.84	0.00	37.41	2,409	3,606
EIM	EV Muni Bnd Fd	Eaton Vance	1.33	-7.77	3.94	1.06	42.20	1,143	2,707
NUV	Nuv Muni Val Fd	Nuveen	1.31	-1.78	3.54	0.00	1.35	2,211	2,527
BTT	BR Muni 2030 Tgt Trm Tr	BlackRock	1.30	-9.13	3.15	0.00	35.96	1,845	2,252
PML	PIMCO Muni Incm Fd II	PIMCO	1.36	24.32	4.91	0.00	46.27	799	2,309
NMZ	Nuv Muni Hi Incm Opp Fd	Nuveen	1.31	0.99	4.98	0.00	38.94	921	2,378
VMO	Invsc Muni Opp Tr	Invesco	1.32	-6.31	4.70	7.24	40.00	918	1,813
IIM	Invsc Val Muni Incm Tr	Invesco	1.30	-6.64	4.52	1.41	37.00	786	1,814
VGM	Invsc Tr fr Inv Grd Muni	Invesco	1.31	-6.83	4.73	3.39	39.00	762	1,791
MYI	BR MuniYld Qlty Fd III	BlackRock	1.31	-10.22	3.92	0.00	37.46	1,034	1,972
BFK	BR Muni Incm Tr	BlackRock	1.30	-3.34	4.53	0.00	37.52	658	1,162
MFL	BR MuniHldg Inv Qlty Fd	BlackRock	1.31	-8.32	4.00	0.00	41.04	565	1,153
VKQ	Invsc Muni Tr	Invesco	1.31	-6.60	4.87	5.87	38.00	755	1,449
IQI	Invsc Qlty Muni Incm Tr	Invesco	1.31	-6.75	4.82	2.43	36.00	728	1,433
MYD	BR MuniYld Fd	BlackRock	1.32	-1.33	4.51	0.63	35.71	708	1,018
MUI	BR Muni Imd Dur Fd	BlackRock	1.33	-8.84	3.65	0.00	38.44	615	998
MVF	BR MuniVest Fd	BlackRock	1.32	-3.16	4.49	0.00	35.39	635	1,163
OIA	Invsc Muni Incm Opp Tr	Invesco	1.30	1.16	4.82	0.00	24.00	370	750
MQT	BR MuniYld Qlty Fd II	BlackRock	1.33	-8.90	4.03	0.00	39.47	325	967
PMO	Putnam Muni Opp Tr	Putnam	1.34	-3.62	4.78	3.97	30.12	476	882
NID	Nuv Imd Dur Muni Trm Fd	Nuveen	1.30	-5.26	3.73	0.00	35.58	677	977
BYM	BR Muni Incm Qlty Tr	BlackRock	1.31	-9.70	4.07	0.58	38.85	414	863
MMU	WA Mgd Muni Fd	Legg Mason	1.34	2.56	4.21	0.00	29.22	608	1,091
EVN	EV Muni Incm Tr	Eaton Vance	1.32	-8.19	4.41	0.00	37.70	557	950
THW	Tekla Wld Health Fd	Tekla	1.76	-2.89	10.69	73.01	22.17	408	1,802
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	1.67	-2.54	9.17	89.29	0.00	2,505	5,402
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.70	9.12	21.67	88.66	0.00	771	4,787
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.69	9.30	21.56	85.67	0.00	396	3,123
SPXX	Nuv S&P 500 Dyn Owrt Fd	Nuveen	1.79	6.96	6.50	80.86	0.00	256	612
THQ	Tekla Health Opp Fd	Tekla	1.64	-8.74	7.93	66.67	21.71	774	2,284
EOI	EV Enh Eq Incm Fd	Eaton Vance	1.69	0.89	7.29	51.11	0.00	575	1,333
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	1.73	-13.10	7.94	70.39	14.05	1,014	2,146
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.65	-11.78	8.01	58.11	8.38	580	2,692
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	1.68	7.48	9.07	72.00	0.00	1,061	3,203
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	1.69	2.21	9.86	75.28	0.00	576	1,807
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	1.67	1.39	8.68	72.77	0.00	1,721	3,358
GPM	Gghm Enh Eq Incm Fd	Guggenheim Funds	1.62	3.77	12.47	66.97	31.07	358	929
DIAX	Nuv Dow 30SM Dyn Owrt Fd	Nuveen	1.68	-2.12	6.91	67.21	0.00	633	1,310
MGU	Macquarie Glbl Infra Tot Rtn	Macquarie	1.65	-10.72	7.37	62.68	30.00	319	807
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	1.69	-1.00	7.16	52.97	0.00	865	2,293
NRO	NB Rel-Est Sec Incm Fd	Neuberger Berman	1.82	-3.37	8.82	37.90	27.70	267	1,320
IGA	Voya Glbl Adv & Prm Opp Fd	Voya	1.71	-4.56	8.60	33.50	0.00	201	734
JCE	Nuv Core Eq Alpha Fd	Nuveen	1.71	-3.16	7.25	42.37	0.00	228	774
CII	BR Enh Cap & Incm Fd	BlackRock	1.65	-5.76	6.53	39.23	0.00	712	1,743
DSE	D&P Sel MLP & Midstream Nrg Fd	Virtus	2.14	4.72	13.51	100.00	35.55	111	404
JMLP	Nuv All Cap Nrg MLP Opp Fd	Nuveen	2.04	-8.22	13.99	100.00	27.98	79	400
TTP	Tortoise Pip & Nrg Fd	Tortoise	1.93	-9.99	9.38	98.96	29.80	135	552
SMM	Salient Midstream & MLP Fd	Salient	1.92	-15.09	9.42	94.89	28.71	152	653
CTR	CB MLP & Midstream Tot Rtn Fd	Legg Mason	2.02	-11.49	10.58	94.19	31.06	361	791
KMF	KA Midstream/Nrg Fd	Kayne Anderson	2.02	-12.83	8.83	93.59	30.96	552	1,793
SRV	Cushing MLP & Infra Tot Rtn Fd	Cushing	2.13	-9.20	11.44	91.67	28.10	70	252
CEM	CB MLP & Midstream Fd	Legg Mason	2.03	-9.95	11.05	91.13	32.68	835	2,305
FMO	F/C Nrg Infra Fd	Guggenheim Funds	2.00	-5.23	15.19	93.43	41.34	318	1,070
FPL	FT New Opp MLP & Nrg Fd	First Trust	2.19	-6.98	10.08	83.33	24.54	247	1,026
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	2.07	4.20	17.99	91.24	30.12	225	2,910
GMZ	GS MLP Incm Opp Fd	Goldman Sachs	1.98	1.50	12.41	89.68	34.65	296	840
EMO	CB Nrg Midstream Opp Fd	Legg Mason	2.02	-11.69	11.27	73.04	33.00	663	1,489
JMF	Nuv Nrg MLP Total Rtn Fd	Nuveen	2.06	-4.42	12.48	88.19	27.96	342	1,594
NTG	Tortoise Midstream Nrg Fd	Tortoise	2.00	-1.25	14.26	88.17	36.90	759	2,892

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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