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	845.10	1.15	-1.74	-6.70	-2.83	16.77	-26.57	-8.18	-0.66	-6.76	-4.29	-27.92
NAV	887.62	1.18	-0.56	-5.18	0.18	21.17	-20.73	-5.27	-0.12	-4.92	-1.79	-22.25
Difference		0.02	1.18	1.52	3.01	4.40	5.84	2.90	0.54	1.84	2.50	5.67
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

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	-	-	-	-	-	-	-	-
NAV	-2.14	-8.24	-28.18	-35.50	17.69	6.17	-1.77	22.74	-20.84	2.15	1.12	-	-	-	-	-	-	-	-
Difference	-1.07	2.05	1.97	2.50	-2.66	0.88	2.37	1.27	3.85	1.35	-0.72	-	-	-	-	-	-	-	-
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 -11.17%	1Yr Disc -6.46%	3Yr Disc -5.23%	5Yr Disc -4.88%	Rel Disc Range (3yr) 46.74%
Mkt Yield 7.64%	Lev Adj NAV Yield 5.63%	After Tax Yield* 7.36%	Est Tax Friction* 0.28%	3Yr NAV Volatiliy 25.99
1 Yr RoC 49.90%	3 Yr Dest RoC 38.43%	Leverage 22.11%	Non Lev Exp Ratio 1.43%	Beta (2yr) 0.92
Equity Exposure 58.74%	Bond Exposure 38.87%	# Holdings 62	Cash Weighted Duration 3.25
Comp NAV TR -0.70%	Comp Discount 1.23%	Net Assets (M) 748	Liquidity - 90d (K) 1,527
* 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	1.30	-8.43	4.73	0.00	37.33	4,360	6,519
NVG	Nuv AMT-Fr Muni Cr Incm Fd	Nuveen	1.28	-8.27	5.06	0.00	37.71	3,610	5,174
NAD	Nuv Qlty Muni Incm Fd	Nuveen	1.30	-8.67	4.71	0.00	37.19	3,367	5,203
NZF	Nuv Muni Cr Incm Fd	Nuveen	1.25	-9.41	5.12	0.00	37.69	2,297	3,431
NMZ	Nuv Muni Hi Incm Opp Fd	Nuveen	1.28	0.15	5.56	0.00	35.61	1,098	2,713
NUV	Nuv Muni Val Fd	Nuveen	1.30	0.19	3.52	0.00	1.34	2,186	3,009
BTT	BR Muni 2030 Tgt Trm Tr	BlackRock	1.32	-4.69	3.00	0.00	35.47	1,848	2,905
PML	PIMCO Muni Incm Fd II	PIMCO	1.25	10.77	5.30	0.00	42.54	759	1,568
VMO	Invsc Muni Opp Tr	Invesco	1.29	-8.71	5.13	6.18	40.00	898	1,578
IIM	Invsc Val Muni Incm Tr	Invesco	1.27	-10.71	4.91	2.46	37.00	773	1,262
EIM	EV Muni Bnd Fd	Eaton Vance	1.29	-7.38	4.56	0.00	41.50	1,014	2,014
MYD	BR MuniYld Fd	BlackRock	1.25	-8.23	4.98	0.00	36.28	690	1,080
NMCO	Nuv Muni Cr Opp Fd	Nuveen	1.32	-4.90	6.00	0.00	39.99	695	1,438
EVN	EV Muni Incm Tr	Eaton Vance	1.28	-8.35	4.49	1.68	36.00	551	1,086
VGM	Invsc Tr fr Inv Grd Muni	Invesco	1.29	-9.82	5.18	6.27	40.00	746	1,156
MYI	BR MuniYld Qlty Fd III	BlackRock	1.29	-9.97	3.99	0.46	36.58	1,012	1,211
VKQ	Invsc Muni Tr	Invesco	1.27	-10.43	4.91	6.19	38.00	737	1,002
MQY	BR MuniYld Qlty Fd	BlackRock	1.34	-1.23	4.49	0.00	37.88	499	948
BFK	BR Muni Incm Tr	BlackRock	1.30	-3.78	4.94	0.00	38.84	640	926
MFL	BR MuniHldg Inv Qlty Fd	BlackRock	1.28	-10.56	4.16	0.00	39.57	556	829
IQI	Invsc Qlty Muni Incm Tr	Invesco	1.28	-9.69	5.11	5.14	37.00	715	1,051
MMD	MainStay MK DfinTrm Muni Opp	New York Life	1.29	2.30	4.88	0.00	37.90	566	746
LEO	BNY Mellon Stgc Muni	BNY Mellon	1.34	-1.55	5.08	0.00	37.13	522	976
MUI	BR Muni Imd Dur Fd	BlackRock	1.28	-11.34	4.50	0.00	38.16	604	1,170
MMU	WA Mgd Muni Fd	Legg Mason	1.27	-11.10	4.47	1.66	29.30	590	838
PMX	PIMCO Muni Incm Fd III	PIMCO	1.24	2.82	4.88	3.01	42.30	364	706
VKI	Invsc Adv Muni Incm Tr II	Invesco	1.29	-9.82	5.20	6.76	40.00	529	765
PMO	Putnam Muni Opp Tr	Putnam	1.28	-4.33	4.89	0.00	28.09	465	670
EXD	EV Tx-Mgd By-Wrt Stgs Fd	Eaton Vance	1.76	-9.63	9.52	96.22	0.00	96	318
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	1.73	2.67	9.61	94.96	0.00	1,224	3,313
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	1.77	-12.05	10.03	92.90	0.00	2,538	4,638
SPXX	Nuv S&P 500 Dyn Owrt Fd	Nuveen	1.83	-10.95	7.40	81.79	0.00	256	1,054
GNT	GAMCO NtrRes Gd & Incm	Gabelli	1.84	-13.67	7.21	64.81	19.00	120	423
DIAX	Nuv Dow 30SM Dyn Owrt Fd	Nuveen	1.74	-14.23	8.20	75.06	0.00	565	1,432
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.82	-15.46	9.76	72.75	0.00	563	1,714
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	1.75	-10.46	10.19	60.40	0.00	1,028	2,367
DEX	Dlw Enh Glbl Div & Incm Fd	Delaware	1.93	-10.01	7.19	64.11	28.72	118	640
ETB	EV Tx-Mgd By-Wrt Incm Fd	Eaton Vance	1.71	-1.32	9.60	74.81	0.00	364	901
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	1.79	-8.55	9.27	77.44	0.00	1,810	3,655
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	1.76	-18.94	10.08	60.54	21.44	856	2,361
DNI	Div & Incm Fd	Bexil	1.64	-32.42	10.71	62.26	13.25	173	418
GUT	Gabelli Util Tr	Gabelli	1.91	104.49	7.74	78.95	32.00	208	862
BOE	BR Enh Glbl DivTr	BlackRock	1.79	-14.80	7.91	59.25	0.00	726	1,352
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	1.80	-12.47	7.71	47.28	0.00	1,327	3,186
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	1.76	-16.09	10.34	50.96	0.00	472	1,847
BGY	BR Enh Intl DivTr	BlackRock	1.81	-13.56	7.67	56.93	0.00	640	1,068
BUI	BR Util Infra & Pwr OppTr	BlackRock	1.77	0.28	6.81	36.10	0.00	380	887
DNP	DNP Sel Incm Fd	Duff & Phelps	1.65	19.72	7.69	34.27	27.22	2,573	4,223
CTR	CB MLP & Midstream Tot Rtn Fd	Legg Mason	1.77	-26.25	15.95	100.00	25.91	104	406
DSE	D&P Sel MLP & Midstream Nrg Fd	Virtus	1.51	-27.08	0.00	100.00	16.84	13	108
KYN	KA MLP/Midstream Inv Co	Kayne Anderson	1.78	-25.41	14.81	100.00	33.33	687	3,612
NML	NB MLP & Nrg Incm Fd	Neuberger Berman	1.91	-28.36	6.73	100.00	12.50	190	558
NTG	Tortoise Midstream Nrg Fd	Tortoise	1.99	-27.31	8.53	95.50	25.20	124	703
TTP	Tortoise Pip & Nrg Fd	Tortoise	2.05	-27.46	5.23	99.20	35.70	42	190
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	3.93	-25.54	10.03	98.78	0.00	143	280
MIE	C&S MLP Incm & Nrg Opp Fd	Cohen & Steers	1.73	-26.19	11.61	96.16	20.00	56	241
KMF	KA Midstream/Nrg Fd	Kayne Anderson	2.13	-27.07	8.67	67.94	30.67	269	709
CEN	Center Coast Brkf MLP & Nrg Infr	Brookfield	1.93	-29.15	11.98	77.62	23.70	52	365
TYG	Tortoise Nrg Infra Corp	Tortoise	2.18	-26.04	8.12	81.16	29.00	261	1,713
SMM	Salient Midstream & MLP Fd	Salient	2.03	-29.37	6.74	70.58	24.00	89	274
CEM	CB MLP & Midstream Fd	Legg Mason	1.68	-25.52	16.99	86.73	34.01	209	938
EMO	CB Nrg Midstream Opp Fd	Legg Mason	1.80	-27.60	14.57	85.72	31.35	175	704

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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