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03. Equity Income Index

Data as of

About the Index

(1) US Equity, Non-US Equity, Specialty Equity and Hybrid / Balanced Funds groupings according to CEFdata.com with regular distributions monthly or quarterly without a large year-end distribution in both of the past two calendar years. (2) Removing Preferred Equity, Single Country Funds. (3) Funds with US + Non-US Bonds exposure combined under 40%. (4) Top 50% ranked by 90-day average trading dollar ($) liquidity. (5) If there are only 1-3 funds in a group then combine all of these funds equal weight into a double allocation (estimated at 15.2% as each grouping is currently about 7.7% per group, but could change over time). (6) Remove current commodity funds as they are both liquidating in 1Q17; however, allow future commodity funds if they meet the other index criteria. For groups according to CEFdata.com with at least 3 funds, keep them grouped and give each group an equal weighting of the underlying funds. If there are less than 3 funds in the remaining group add them to a separate group. This group will have the double allocation mentioned previously. 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 1,246.10 -0.29 -0.42 1.47 8.10 5.08 3.31 10.73 4.88 0.83 0.83 18.41
NAV 1,183.76 -0.19 -0.57 0.65 7.62 4.51 3.77 8.36 3.89 0.36 0.36 14.33
Difference 0.10 -0.14 -0.83 -0.47 -0.57 0.46 -2.37 -0.99 -0.46 -0.46 -4.08
* 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 13.70 1.76 1.62 17.58 - - - - - - - - - - - - - - 17.58
NAV 9.97 1.97 1.63 13.96 - - - - - - - - - - - - - - 13.96
Difference -3.73 0.20 0.01 -3.62 - - - - - - - - - - - - - - -3.62
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 3.20 -4.81 -1.70 -3.44 2.61 0.83 -0.06 3.39 -0.05 2.50 1.36 -0.71 3.15 -9.03 2.81 -10.37 -16.17 -13.03 -13.08
NAV 3.73 -6.10 -1.10 -3.67 2.00 1.17 -0.22 2.97 -0.70 3.41 0.76 -0.39 3.80 -6.67 1.65 -8.04 -12.77 -8.97 -9.67
Difference 0.53 -1.29 0.60 -0.23 -0.60 0.35 -0.16 -0.42 -0.65 0.91 -0.60 0.33 0.65 2.35 -1.16 2.33 3.41 4.05 3.41
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.91 3.26 0.59 8.97 3.36 0.32 1.23 4.97 13.94 2.49 -1.14 2.88 4.24 -0.41 -0.55 3.11 2.12 6.36 20.30
NAV 2.39 2.74 0.54 5.76 0.87 0.23 1.09 2.21 7.97 2.35 -0.47 1.71 3.61 -0.10 1.33 1.64 2.89 6.50 14.47
Difference -2.53 -0.52 -0.05 -3.21 -2.49 -0.09 -0.13 -2.76 -5.97 -0.13 0.67 -1.18 -0.63 0.31 1.88 -1.46 0.77 0.14 -5.83
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -7.52 0.42 8.11 0.40 4.50 0.79 2.57 8.03 8.43 4.12 -0.03 0.12 4.21 -3.87 0.93 1.69 -1.33 2.88 11.31
NAV -6.13 -0.69 6.78 -0.46 3.18 1.08 1.58 5.95 5.49 3.29 -0.37 0.59 3.52 -2.77 0.50 2.31 -0.03 3.49 8.98
Difference 1.39 -1.11 -1.33 -0.86 -1.32 0.29 -0.98 -2.08 -2.94 -0.83 -0.33 0.47 -0.69 1.10 -0.43 0.61 1.30 0.61 -2.33
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price -0.10 3.63 -2.06 1.40 1.80 -0.51 -3.74 -2.51 -1.11 -2.39 -5.93 -5.94 -13.63 9.45 -3.02 -2.77 3.20 -10.43 -11.54
NAV -0.60 3.35 -1.65 1.04 2.23 -0.11 -3.10 -1.05 -0.02 -0.45 -5.74 -4.87 -10.74 7.09 -1.92 -3.17 1.70 -9.03 -9.05
Difference -0.50 -0.28 0.41 -0.36 0.43 0.40 0.63 1.46 1.09 1.93 0.20 1.07 2.90 -2.36 1.10 -0.40 -1.50 1.40 2.50

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-5.99%
1Yr Disc
-5.71%
3Yr Disc
-5.93%
5Yr Disc
-6.73%
Rel Disc Range (3yr)
51.46%
Mkt Yield
8.80%
Lev Adj NAV Yield
7.44%
After Tax Yield*
7.82%
Est Tax Friction*
0.98%
3Yr NAV Volatiliy
14.47
1 Yr RoC
43.11%
3 Yr Dest RoC
11.71%
Leverage
13.32%
Non Lev Exp Ratio
1.29%
Beta (2yr)
0.81
Equity Exposure
89.27%
Bond Exposure
8.16%
# Holdings
66
Cash Weighted Duration
Comp NAV TR
0.10%
Comp Discount
0.27%
Net Assets (M)
885
Liquidity - 90d (K)
2,285
* 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


66 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 0.65 -4.25 8.87 90.32 0.00 2,633 6,025
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 0.67 -2.15 8.55 55.71 0.00 1,810 4,241
BDJ BR Enh Eq Div Tr BlackRock 0.65 -8.43 6.45 0.00 0.00 1,780 3,715
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 0.66 8.13 8.54 64.56 0.00 1,120 3,299
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 0.65 -3.74 8.68 48.04 0.00 1,122 3,446
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 0.66 -1.66 9.62 71.01 0.00 614 2,374
NFJ AG NFJ Div Int & Prm Stgy Allianz 0.65 -12.24 7.30 100.00 0.00 1,332 2,831
BST BR Sci & Tech Tr BlackRock 0.65 5.66 5.36 0.00 0.00 713 2,722
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 0.67 0.53 6.81 27.13 0.00 888 2,475
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 0.65 -0.82 7.01 76.29 0.00 1,388 2,412
EOS EV Enh Eq Incm Fd II Eaton Vance 0.65 0.18 7.01 13.22 0.00 807 2,296
BOE BR Enh Glbl DivTr BlackRock 0.64 -10.29 7.05 54.04 0.00 807 2,264
CII BR Enh Cap & Incm Fd BlackRock 0.65 -5.64 6.18 42.11 0.00 751 1,557
KYN KA MLP/Midstream Inv Co Kayne Anderson 0.68 -7.64 9.10 0.00 33.11 2,165 8,203
TYG Tortoise Nrg Infra Corp Tortoise 0.68 -3.58 11.30 75.00 30.30 1,290 4,761
NTG Tortoise Midstream Nrg Fd Tortoise 0.69 -5.51 12.02 80.00 33.20 941 3,477
CEM CB MLP & Midstream Fd Legg Mason 0.68 -9.15 9.51 93.74 31.85 962 2,960
KMF KA Midstream/Nrg Fd Kayne Anderson 0.68 -11.85 7.61 92.69 29.15 656 2,523
EMO CB Nrg Midstream Opp Fd Legg Mason 0.68 -12.07 9.71 97.31 32.05 772 2,050
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 0.70 3.69 14.85 94.17 37.44 246 2,695
FEI FT MLP & Nrg Incm Fd First Trust 0.70 -7.69 10.30 69.90 26.36 593 2,070
FEN FT Nrg Incm & Gwth Fd First Trust 0.73 2.91 10.11 100.00 25.78 446 2,174
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 0.68 -9.74 11.70 30.13 37.98 482 1,652
NML NB MLP Incm Fd Neuberger Berman 0.68 -12.53 8.44 100.00 27.50 507 1,406
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 0.67 -6.94 10.65 100.00 26.54 412 1,632
RQI C&S Qlty Incm Rty Fd Cohen & Steers 2.04 -6.43 7.59 0.00 26.43 1,476 3,884
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 2.02 -13.61 8.22 69.38 7.76 985 2,557
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.02 -10.37 10.20 63.98 2.86 560 1,400
RFI C&S Tot Rtn Ry Fd Cohen & Steers 2.01 -2.80 7.47 26.11 0.00 346 1,185
AOD Abd Tot Dyn Div Fd Aberdeen 0.95 -10.97 8.10 29.39 1.54 1,020 2,540
IGD Voya Glbl Eq Div & Prm Opp Voya 0.94 -7.45 11.12 63.07 0.00 690 2,066
BGY BR Enh Intl DivTr BlackRock 0.94 -9.41 7.14 20.65 0.00 674 1,327
HGLB Highland Glbl Alloc Fd Highland Capital 0.90 -15.78 10.06 38.50 36.87 350 1,012
IDE Voya Infra Ind & Matrls Fd Voya 0.93 -9.23 9.29 0.00 0.00 265 790
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 0.95 5.28 11.83 71.66 30.53 171 861
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 0.91 -15.61 8.02 78.13 30.14 195 781
EOD WF Glbl Div Opp Fd Wells Fargo 0.94 -10.15 11.40 34.15 16.30 260 723
LGI Lzrd Glbl Tot Rtn & Incm Fd Lazard 0.93 -10.57 6.84 26.66 33.27 167 460
HQH Tekla Health Invstr Tekla 2.61 -8.95 8.44 49.71 0.00 900 2,547
THQ Tekla Health Opp Fd Tekla 2.62 -7.30 8.06 73.50 22.80 760 2,061
HQL Tekla Life Sci Invstr Tekla 2.61 -7.83 8.13 32.41 0.00 395 1,260
GDV Gabelli Div & Incm Tr Gabelli 2.79 -8.64 6.12 9.36 21.00 1,947 3,479
EVT EV Tx-Adv Div Incm Fd Eaton Vance 2.89 -1.60 7.44 5.56 23.10 1,733 3,422
ETG EV Tx-Adv Glbl Div Incm Fd Eaton Vance 2.87 -8.16 7.59 18.91 27.00 1,347 2,583
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 2.75 -1.14 13.86 89.53 12.00 597 2,853
BCX BR Res & Com Stgy Tr BlackRock 2.78 -13.17 7.51 56.97 0.00 889 1,950
BGR BR Nrg & Res Tr BlackRock 2.81 -9.99 7.54 57.47 0.00 409 1,507
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.72 -0.54 7.73 14.28 32.00 1,990 3,719
NIE AG Eq & Convt Incm Fd Allianz 1.66 -8.50 7.03 0.00 0.00 655 1,729
GLO Clough Glbl Opp Fd Clough 1.65 -9.93 11.14 58.54 37.74 344 1,062
ZTR Virtus Glbl Div & Inc Fd Virtus 1.70 5.32 12.45 79.57 27.49 254 1,118
FOF C&S CE Opp Fd Cohen & Steers 1.68 -4.57 8.33 57.18 0.00 358 1,017
CLM Cornerstone Stgc Val Fd Cornerstone 1.38 8.22 20.13 87.46 0.00 828 4,921
RVT Royce Val Tr Legg Mason 1.43 -10.86 8.12 0.00 3.12 1,522 3,757
USA Liberty All-Star Eq Fd ALPS 1.44 -5.07 10.68 0.00 0.00 1,347 3,981
CRF Cornerstone Tot Rtn Fd Cornerstone 1.38 9.66 19.80 87.52 0.00 425 2,762
TY Tri-Cont Corp Columbia Mngmt 1.41 -10.81 3.56 0.00 2.60 1,629 1,657
BIF Boulder Gwth & Incm Fd Boulder 1.43 -16.48 3.66 43.82 0.00 1,411 1,700
UTG Reaves Util Incm Fd W.H. Reaves 2.08 -0.59 6.01 0.00 23.65 1,663 5,597
UTF C&S Infra Fd Cohen & Steers 2.02 -4.88 7.76 0.22 31.09 2,151 4,600
DNP DNP Sel Incm Fd Duff & Phelps 2.08 17.16 6.76 32.56 28.94 2,888 4,280
DPG D&P Glbl Util Incm Fd Duff & Phelps 2.05 -10.85 9.47 75.36 29.76 629 1,958
IAE Voya AP Hi Div Eq Incm Fd Voya 4.16 -11.52 8.89 75.96 0.00 124 421
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 4.26 -9.91 9.25 69.25 0.00 169 722
FDEU FT Dyn Euro Eq Incm Fd First Trust 4.26 -8.48 9.90 7.30 23.93 276 778
BTO JH Fin Opp Fd John Hancock 4.28 -0.99 6.65 8.91 15.72 623 1,650

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.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2017. 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.

Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %