03. Equity Income Index

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	1,584.44	0.30	1.22	3.84	11.67	33.98	59.48	10.13	11.80	2.80	2.80	15.79
NAV	1,437.57	0.20	0.34	1.51	7.47	23.88	50.35	8.70	9.29	2.24	2.24	10.85
Difference		-0.10	-0.88	-2.33	-4.20	-10.10	-9.13	-1.43	-2.51	-0.56	-0.56	-4.94
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2021 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2021
Price	2.36	5.25	4.55	12.64	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	0.78	3.58	3.86	8.42	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	-1.58	-1.68	-0.68	-4.21	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2020 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	-1.07	-11.61	-23.74	-33.31	16.48	4.95	0.26	22.56	-18.26	2.57	3.56	-4.48	1.46	-1.90	17.64	4.67	20.79	22.55	0.17
NAV	-1.90	-8.84	-21.85	-30.11	14.43	4.86	0.67	20.80	-15.58	3.98	3.08	-3.96	2.94	-0.78	13.06	4.26	16.96	20.40	1.65
Difference	-0.83	2.76	1.88	3.19	-2.05	-0.09	0.42	-1.76	2.68	1.41	-0.48	0.52	1.49	1.12	-4.58	-0.41	-3.83	-2.15	1.47
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	2.12	-4.95	6.38	3.26	21.41	0.90	-2.93	3.04	0.91	1.27	1.15	3.56	6.07	7.04	29.96
NAV	9.97	1.97	1.63	13.96	1.41	-4.72	5.58	2.01	16.26	-0.12	-1.83	1.88	-0.11	1.39	0.96	3.70	6.16	6.04	23.28
Difference	-3.73	0.20	0.01	-3.62	-0.71	0.22	-0.79	-1.24	-5.16	-1.02	1.10	-1.16	-1.02	0.13	-0.19	0.14	0.08	-1.00	-6.68
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	-0.17	2.50	1.36	-0.71	3.15	-9.03	2.81	-10.37	-16.17	-13.54	-13.68
NAV	3.73	-6.10	-1.10	-3.67	2.00	1.17	-0.22	2.97	-0.81	3.41	0.76	-0.39	3.80	-6.67	1.65	-8.04	-12.77	-9.46	-10.19
Difference	0.53	-1.29	0.60	-0.23	-0.60	0.35	-0.16	-0.42	-0.64	0.91	-0.60	0.33	0.65	2.35	-1.16	2.33	3.41	4.08	3.49
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	14.38	2.49	-1.14	2.88	4.24	-0.41	-0.55	3.11	2.12	6.45	21.76
NAV	2.39	2.74	0.54	5.76	0.87	0.23	1.09	2.21	8.10	2.35	-0.47	1.71	3.61	-0.10	1.33	1.64	2.89	6.60	15.23
Difference	-2.53	-0.52	-0.05	-3.21	-2.49	-0.09	-0.13	-2.76	-6.29	-0.13	0.67	-1.18	-0.63	0.31	1.88	-1.46	0.77	0.15	-6.53
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	8.46	4.12	-0.03	0.12	4.21	-3.87	0.93	1.69	-1.33	2.83	11.52
NAV	-6.13	-0.69	6.78	-0.46	3.18	1.08	1.58	5.95	5.46	3.29	-0.37	0.59	3.52	-2.77	0.50	2.31	-0.03	3.49	9.14
Difference	1.39	-1.11	-1.33	-0.86	-1.32	0.29	-0.98	-2.08	-3.00	-0.83	-0.33	0.47	-0.69	1.10	-0.43	0.61	1.30	0.67	-2.38
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	-1.15	-2.39	-5.93	-5.94	-13.63	9.45	-3.02	-2.77	3.20	-10.87	-11.89
NAV	-0.60	3.35	-1.65	1.04	2.23	-0.11	-3.10	-1.05	-0.03	-0.45	-5.74	-4.87	-10.74	7.09	-1.92	-3.17	1.70	-9.22	-9.24
Difference	-0.50	-0.28	0.41	-0.36	0.43	0.40	0.63	1.46	1.12	1.93	0.20	1.07	2.90	-2.36	1.10	-0.40	-1.50	1.65	2.65

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -3.65%	1Yr Disc -7.88%	3Yr Disc -6.04%	5Yr Disc -5.96%	Rel Disc Range (3yr) 70.11%
Mkt Yield 7.46%	Lev Adj NAV Yield 6.54%	After Tax Yield* 6.71%	Est Tax Friction* 0.75%	3Yr NAV Volatiliy 26.71
1 Yr RoC 58.20%	3 Yr Dest RoC 28.28%	Leverage 13.00%	Non Lev Exp Ratio 1.41%	Beta (2yr) 1.08
Equity Exposure 88.56%	Bond Exposure 9.10%	# Holdings 67	Cash Weighted Duration 0.04
Comp NAV TR 2.94%	Comp Discount 2.70%	Net Assets (M) 1,022	Liquidity - 90d (K) 3,279
* 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

67 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	0.64	-4.02	7.73	95.81	0.00	3,017	6,682
BST	BR Sci & Tech Tr	BlackRock	0.68	9.38	4.58	49.81	0.00	1,366	6,052
BDJ	BR Enh Eq Div Tr	BlackRock	0.64	-5.83	6.19	15.48	0.00	1,914	5,449
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	0.65	-2.36	7.64	85.12	0.00	2,057	4,201
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	0.66	1.00	6.32	97.94	0.00	1,167	4,000
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	0.64	3.66	8.38	95.56	0.00	1,403	3,929
NFJ	Virtus Div Int & Prm Stgy Fd	Virtus	0.65	-10.69	6.22	34.19	0.00	1,535	3,317
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	0.65	-0.83	8.15	61.08	0.00	1,161	3,509
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	0.65	-4.75	6.21	66.67	0.00	1,513	2,901
EOS	EV Enh Eq Incm Fd II	Eaton Vance	0.66	0.31	5.20	77.63	0.00	1,131	2,734
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	0.64	5.68	8.31	69.85	0.00	664	2,260
BOE	BR Enh Glbl DivTr	BlackRock	0.65	-7.48	6.31	62.34	0.00	830	2,282
STK	ClmbSlgmn Prm Tech Gwth Fd	Columbia Mngmt	0.66	1.88	5.59	69.10	0.00	517	2,060
KYN	KA Nrg Infra Fd	Kayne Anderson	0.82	-12.77	8.29	100.00	29.07	1,050	5,249
CEM	CB MLP & Midstream Fd	Franklin Templeton	0.82	-13.55	8.00	100.00	30.21	381	1,925
TYG	Tortoise Nrg Infra Corp	Tortoise	0.83	-21.99	5.04	100.00	31.20	382	2,000
FEI	FT MLP & Nrg Incm Fd	First Trust	0.82	-11.08	8.60	86.08	20.42	355	1,660
FEN	FT Nrg Incm & Gwth Fd	First Trust	0.83	-2.14	8.77	98.57	20.67	272	1,689
KMF	KA NextGen Nrg & Infra	Kayne Anderson	0.81	-18.61	5.38	20.64	26.96	388	1,296
EMO	CB Nrg Midstream Opp Fd	Franklin Templeton	0.81	-19.08	6.93	100.00	30.40	313	1,167
NML	NB MLP & Nrg Incm Fd	Neuberger Berman	0.82	-21.79	4.16	100.00	14.20	309	1,172
GER	GS MLP & Nrg Renaissance Fd	Goldman Sachs	0.83	-17.21	6.26	79.43	0.00	199	923
NTG	Tortoise Midstream Nrg Fd	Tortoise	0.83	-22.41	5.04	100.00	29.70	190	876
RQI	C&S Qlty Incm Rty Fd	Cohen & Steers	2.80	-2.04	6.65	12.10	26.40	1,977	6,080
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Clarion	2.78	-8.74	7.46	69.33	23.46	1,027	3,033
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	2.79	-3.91	7.82	65.50	15.94	546	2,768
BSTZ	BR Sci & Tech Tr II	BlackRock	1.10	-4.24	5.31	70.21	0.00	3,152	9,502
AOD	Abd Tot Dyn Div Fd	Aberdeen	1.04	-10.46	7.07	2.95	2.31	1,149	3,159
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.04	-7.46	8.23	78.42	0.00	598	1,886
BGY	BR Enh Intl DivTr	BlackRock	1.04	-6.86	6.49	70.16	0.00	699	1,339
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.09	-25.27	10.25	4.27	24.76	242	1,458
GLQ	Clough Glbl Eq Fd	Clough	1.06	-5.08	10.13	0.00	32.28	221	1,409
IDE	Voya Infra Ind & Matrls Fd	Voya	1.01	-4.25	7.39	81.22	0.00	240	1,265
EOD	WF Glbl Div Opp Fd	Wells Fargo	1.07	-8.60	9.36	0.00	16.60	257	1,239
BMEZ	BR Health Sci Tr II	BlackRock	2.07	-7.29	6.48	38.26	N/A	3,263	8,188
HQH	Tekla Health Invstr	Tekla	2.01	-3.59	8.44	6.36	0.00	1,100	3,782
THW	Tekla Wld Health Fd	Tekla	2.09	3.05	9.02	100.00	21.20	560	3,596
THQ	Tekla Health Opp Fd	Tekla	2.08	-2.83	6.06	88.51	20.03	948	2,561
GDV	Gabelli Div & Incm Tr	Gabelli	2.81	-10.10	5.29	0.84	12.00	2,509	4,465
EVT	EV Tx-Adv Div Incm Fd	Eaton Vance	2.77	-1.61	6.47	3.85	19.80	2,010	3,760
ETG	EV Tx-Adv Glbl Div Incm Fd	Eaton Vance	2.81	-6.76	6.19	33.14	19.90	1,625	3,076
BCX	BR Res & Com Stgy Tr	BlackRock	2.80	-1.61	5.22	72.32	0.00	825	5,747
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	2.84	-9.45	9.89	88.29	13.00	628	3,309
NRGX	Nrg & Tac Cr Opp Fd	PIMCO	2.76	-13.82	6.53	79.53	16.08	540	1,810
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	1.43	5.68	6.74	0.00	29.39	2,677	4,642
GLO	Clough Glbl Opp Fd	Clough	1.43	-3.43	10.06	13.89	32.51	433	2,307
NIE	Virtus AG Eq & Convt Incm Fd	Virtus	1.42	-9.19	5.16	0.00	0.00	898	2,113
CPZ	Calamos Lng-Srt Eq & Dyn Incm	Calamos	1.35	-11.00	7.75	0.00	20.84	444	1,896
ZTR	Virtus Tot Rtn Fd	Virtus	1.37	0.00	10.28	75.73	26.99	443	1,447
RIV	RiverNorth Opp Fd	RiverNorth	1.38	3.54	11.45	51.20	7.41	172	1,495
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.37	35.93	14.11	68.20	0.00	782	14,050
USA	Liberty All-Star Eq Fd	ALPS	1.46	2.75	9.73	0.00	0.00	1,737	7,524
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.37	39.36	13.74	69.44	0.00	396	7,292
RVT	Royce Val Tr	Franklin Templeton	1.39	-10.67	5.60	10.04	3.57	2,121	4,570
TY	Tri-Cont Corp	Columbia Mngmt	1.40	-9.44	2.93	0.00	2.10	1,945	1,650
BIF	Boulder Gwth & Incm Fd	Boulder	1.41	-14.68	3.11	3.61	14.05	1,513	1,633
DNP	DNP Sel Incm Fd	Duff & Phelps	1.39	5.88	7.73	19.69	26.82	3,212	8,045
UTG	Reaves Util Incm Fd	W.H. Reaves	1.39	2.61	6.25	8.33	16.47	1,817	7,643
UTF	C&S Infra Fd	Cohen & Steers	1.41	12.06	6.37	13.88	26.90	2,437	7,237
DPG	D&P Util & Infra Fd	Duff & Phelps	1.40	-1.71	10.17	54.79	29.80	531	2,511
BUI	BR Util Infra & Pwr OppTr	BlackRock	1.37	2.36	5.68	49.83	0.00	488	1,853
GUT	Gabelli Util Tr	Gabelli	1.38	62.76	8.47	100.00	32.00	240	1,392
IAE	Voya AP Hi Div Eq Incm Fd	Voya	3.19	-7.86	9.41	79.25	0.00	118	420
IHD	Voya Emrg Mkt Hi Div Eq Fd	Voya	3.18	-7.65	9.17	79.00	0.00	162	681
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	3.32	-11.26	5.53	58.62	23.58	253	559
CUBA	Herzfeld Caribbean Basin Fd	Herzfeld Cuba	3.34	-15.83	10.25	100.00	0.00	42	283
BTO	JH Fin Opp Fd	John Hancock	3.30	6.44	5.62	0.00	15.42	690	2,610

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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