05. Tax-Advantaged Equity Dividend Index

About the Index

(1) US Equity, Non-US Equity and Specialty Equity groupings according to CEFdata.com with monthly or quarterly distributions. (2) Removing Preferred Equity, MLP Funds and Single Country Funds. (3) Funds with Market Yield of 6% or more. (4) Leverage Adjusted NAV Yield under 10%. (5) 1 Year Trailing Return of Capital dividend classification over 20%. (6) 1 Year Trailing Income + Short Term Capital Gains under 65%. (7) 90-day average trade dollar $ liquidity over $250K. (8) Removing funds with US / Non US Equity over 10% each. Equal weight each fund for the index. 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	1,522.55	-0.27	0.45	6.11	20.14	24.36	6.22	5.80	13.33	4.27	4.27	4.27
NAV	1,448.48	-0.26	0.56	5.33	15.21	20.77	10.36	5.97	11.20	3.60	3.60	3.60
Difference		0.01	0.11	-0.78	-4.93	-3.59	4.14	0.17	-2.13	-0.68	-0.68	-0.68
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2020 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	-0.36	-11.43	-17.84	-27.49	11.82	4.61	0.59	17.67	-14.68	3.39	4.25	-5.19	2.19	-2.41	16.87	4.44	19.12	19.12	3.87
NAV	-1.62	-8.43	-16.11	-24.42	11.06	4.98	1.63	18.48	-10.45	4.28	3.59	-3.04	4.74	-1.27	12.08	3.93	15.00	15.00	7.86
Difference	-1.26	3.00	1.73	3.07	-0.76	0.36	1.04	0.82	4.23	0.89	-0.67	2.15	2.54	1.14	-4.79	-0.51	-4.12	-4.12	3.99
2019 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2019
Price	11.38	2.27	1.29	15.38	1.80	-4.92	6.69	3.27	19.15	0.63	-2.54	2.39	0.42	2.15	1.94	3.09	7.34	7.79	28.43
NAV	7.72	2.16	1.45	11.65	1.50	-4.95	5.62	1.90	13.77	0.24	-1.91	1.43	-0.26	2.08	1.81	3.10	7.15	6.87	21.58
Difference	-3.66	-0.11	0.16	-3.73	-0.29	-0.03	-1.07	-1.36	-5.38	-0.38	0.63	-0.96	-0.68	-0.07	-0.12	0.01	-0.19	-0.92	-6.84
2018 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2018
Price	3.04	-4.37	-1.48	-2.92	3.25	1.64	-0.18	4.74	1.69	2.37	1.16	-0.20	3.36	-9.82	2.92	-9.17	-15.70	-12.87	-11.40
NAV	3.26	-5.10	-1.38	-3.35	1.91	0.86	-0.03	2.76	-0.68	3.16	1.03	-0.03	4.20	-6.77	1.55	-7.19	-12.14	-8.44	-9.06
Difference	0.22	-0.73	0.10	-0.43	-1.33	-0.78	0.15	-1.98	-2.37	0.79	-0.13	0.17	0.85	3.05	-1.37	1.98	3.57	4.43	2.34
2017 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2017
Price	4.64	2.25	1.36	8.45	3.07	1.20	1.02	5.37	14.28	2.92	-0.96	2.99	4.97	0.51	-0.07	2.55	3.00	8.12	23.55
NAV	2.74	2.13	0.86	5.83	1.19	1.14	0.48	2.83	8.82	2.35	0.15	1.41	3.95	0.83	1.72	1.06	3.65	7.74	17.25
Difference	-1.90	-0.12	-0.50	-2.63	-1.88	-0.06	-0.55	-2.54	-5.45	-0.57	1.11	-1.57	-1.02	0.32	1.79	-1.49	0.65	-0.38	-6.31
2016 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2016
Price	-6.71	0.01	7.89	0.66	2.02	1.41	1.46	4.97	5.66	3.89	0.55	0.86	5.37	-3.07	0.86	1.43	-0.84	4.48	10.39
NAV	-5.04	-0.42	6.65	0.85	1.72	0.63	0.90	3.28	4.15	2.93	-0.05	0.72	3.62	-1.80	0.93	1.64	0.74	4.38	8.72
Difference	1.67	-0.44	-1.24	0.18	-0.30	-0.78	-0.56	-1.69	-1.51	-0.97	-0.60	-0.14	-1.75	1.28	0.07	0.21	1.58	-0.09	-1.68
2015 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2015
Price	-0.01	4.32	-1.23	3.03	1.64	0.51	-2.85	-0.75	2.25	0.13	-5.75	-4.57	-9.94	8.41	-0.32	-0.47	7.56	-3.13	-0.95
NAV	-1.11	4.35	-1.71	1.43	2.09	0.78	-2.54	0.28	1.71	0.89	-5.60	-2.78	-7.41	7.06	-0.79	-1.40	4.73	-3.03	-1.37
Difference	-1.09	0.02	-0.48	-1.60	0.45	0.27	0.31	1.03	-0.54	0.76	0.15	1.79	2.53	-1.35	-0.47	-0.93	-2.83	0.10	-0.42

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -8.08%	1Yr Disc -8.84%	3Yr Disc -6.29%	5Yr Disc -6.55%	Rel Disc Range (3yr) 52.30%
Mkt Yield 7.48%	Lev Adj NAV Yield 6.54%	After Tax Yield* 6.95%	Est Tax Friction* 0.53%	3Yr NAV Volatiliy 23.81
1 Yr RoC 65.53%	3 Yr Dest RoC 32.52%	Leverage 6.54%	Non Lev Exp Ratio 1.29%	Beta (2yr) 0.98
Equity Exposure 97.97%	Bond Exposure 0.92%	# Holdings 34	Cash Weighted Duration 0.06
Comp NAV TR -3.07%	Comp Discount 0.78%	Net Assets (M) 638	Liquidity - 90d (K) 2,035
* 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

34 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
ASGI	Abd Std Glbl Infra Incm Fd	Aberdeen	3.04	-9.37	6.52	51.52	0.00	195	977
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	2.97	-7.41	8.73	64.17	10.30	507	2,602
BCX	BR Res & Com Stgy Tr	BlackRock	3.13	-7.53	5.83	61.91	0.00	786	3,831
BGR	BR Nrg & Res Tr	BlackRock	3.09	-10.98	5.78	49.95	0.00	254	1,743
BGY	BR Enh Intl DivTr	BlackRock	2.89	-8.09	6.74	70.49	0.00	683	1,542
BOE	BR Enh Glbl DivTr	BlackRock	2.87	-9.98	6.81	66.69	0.00	790	1,919
BTO	JH Fin Opp Fd	John Hancock	3.06	5.74	6.67	28.26	18.96	583	2,606
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	2.77	-9.12	6.79	51.73	0.00	1,450	3,355
CII	BR Enh Cap & Incm Fd	BlackRock	2.91	-8.52	5.86	28.11	0.00	864	1,912
DIAX	Nuv Dow 30SM Dyn Owrt Fd	Nuveen	2.80	-10.51	7.25	39.56	0.00	612	1,852
DNIF	Div & Incm Fd	Bexil	2.96	-31.13	8.48	67.50	13.25	214	350
DPG	D&P Util & Infra Fd	Duff & Phelps	3.02	-3.62	10.74	77.07	31.32	513	2,731
EOI	EV Enh Eq Incm Fd	Eaton Vance	2.87	-4.19	6.55	84.29	0.00	676	1,742
ETB	EV Tx-Mgd By-Wrt Incm Fd	Eaton Vance	2.79	1.02	8.74	62.10	0.00	390	1,231
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	2.84	2.45	8.73	64.71	0.00	651	2,493
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	2.78	3.56	8.79	94.85	0.00	1,326	3,764
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	2.84	-6.62	8.97	62.26	0.00	1,120	3,721
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	2.86	-3.94	8.13	92.06	0.00	1,965	4,876
EXD	EV Tx-Mgd By-Wrt Stgs Fd	Eaton Vance	2.86	-6.26	8.46	97.19	0.00	104	378
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	2.86	-6.43	8.32	94.59	0.00	2,874	6,539
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	2.91	-13.75	5.95	73.15	24.60	242	802
FFA	FT Enh Eq Incm Fd	First Trust	2.81	-6.39	6.48	74.66	0.00	375	751
FIF	FT Nrg Infra Fd	First Trust	3.00	-15.29	6.77	75.40	20.14	224	1,072
GAB	Gabelli Eq Tr	Gabelli	2.83	5.00	9.52	88.83	23.00	1,558	5,270
GPM	Gghm Enh Eq Incm Fd	Guggenheim Funds	2.87	-12.12	7.20	49.08	31.46	367	1,375
HIE	Miller/Howard Hi Incm Eq Fd	Miller/Howard	3.00	-9.36	5.83	46.19	26.19	170	1,013
IAE	Voya AP Hi Div Eq Incm Fd	Voya	3.12	-8.43	9.21	78.50	0.00	121	411
IDE	Voya Infra Ind & Matrls Fd	Voya	3.03	-12.08	8.45	75.66	0.00	229	876
IGD	Voya Glbl Eq Div & Prm Opp	Voya	2.93	-12.66	8.92	74.42	0.00	586	1,985
IHD	Voya Emrg Mkt Hi Div Eq Fd	Voya	3.19	-7.91	8.97	80.00	0.00	166	637
RMT	Royce Micro-Cap Tr	Legg Mason	3.11	-14.31	5.48	20.56	5.63	560	1,827
SPXX	Nuv S&P 500 Dyn Owrt Fd	Nuveen	2.83	-7.45	6.41	82.59	0.00	284	1,064
STK	ClmbSlgmn Prm Tech Gwth Fd	Columbia Mngmt	3.05	-2.65	6.29	69.10	0.00	480	1,929
SZC	Cushing NextGen Infra Incm Fd	Cushing	3.12	-23.50	6.34	38.76	15.42	137	659

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.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2019. All rights reserved. Any copying, republication or redistribution of CEFadvisors, CEFdata.com, content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of CEFAdvisors. CEFAdvisors shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.