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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 1,677.33 -1.28 -2.12 -5.89 -3.73 -1.22 25.31 12.99 11.36 -1.53 0.35 22.58
NAV 1,508.05 -0.76 -1.38 -4.95 -3.19 -0.98 18.80 10.67 9.15 -0.14 1.07 16.28
Difference 0.52 0.74 0.94 0.53 0.24 -6.51 -2.32 -2.21 1.39 0.72 -6.30
* 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 4.83 3.58 1.25 9.94 23.83 -0.47 2.55 -3.35 -1.35 5.54 -3.44 - - - -
NAV 0.78 3.58 3.86 8.42 4.66 2.18 0.70 7.69 16.76 0.17 1.56 -3.15 -1.46 5.20 -3.79 - - - -
Difference -1.58 -1.68 -0.68 -4.21 -0.17 -1.40 -0.55 -2.25 -7.07 0.65 -0.99 0.20 -0.11 -0.34 -0.34 - - - -
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
-2.45%
1Yr Disc
-3.41%
3Yr Disc
-5.05%
5Yr Disc
-4.94%
Rel Disc Range (3yr)
70.41%
Mkt Yield
8.27%
Lev Adj NAV Yield
7.39%
After Tax Yield*
7.30%
Est Tax Friction*
0.97%
3Yr NAV Volatiliy
26.77
1 Yr RoC
50.64%
3 Yr Dest RoC
23.14%
Leverage
12.45%
Non Lev Exp Ratio
1.35%
Beta (2yr)
1.10
Equity Exposure
90.23%
Bond Exposure
8.38%
# Holdings
65
Cash Weighted Duration
0.04
Comp NAV TR
-0.63%
Comp Discount
2.99%
Net Assets (M)
1,053
Liquidity - 90d (K)
2,616
* 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


65 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
BST BR Sci & Tech Tr BlackRock 0.62 -7.48 6.06 7.08 0.00 1,716 7,048
EXG EV Tx-Mgd Glbl Divr Eq Incm Eaton Vance 0.66 0.60 8.21 51.81 0.00 3,032 5,631
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 0.66 2.89 8.29 98.85 0.00 1,531 4,446
BDJ BR Enh Eq Div Tr BlackRock 0.64 -4.36 6.22 6.55 0.00 1,877 3,487
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 0.67 1.21 7.83 44.55 0.00 2,133 3,360
NFJ Virtus Div Int & Prm Stgy Fd Virtus 0.67 -9.95 5.85 25.85 0.00 1,619 2,715
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 0.68 1.10 6.12 76.92 0.00 1,293 2,914
EOS EV Enh Eq Incm Fd II Eaton Vance 0.66 2.45 7.03 24.33 0.00 1,143 2,061
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 0.64 0.86 8.25 34.26 0.00 1,128 2,084
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 0.66 -4.26 5.98 64.47 0.00 1,562 2,073
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 0.65 3.71 8.60 75.10 0.00 654 1,661
BOE BR Enh Glbl DivTr BlackRock 0.65 -8.79 6.45 18.54 0.00 823 1,560
CII BR Enh Cap & Incm Fd BlackRock 0.67 -2.97 5.80 0.35 0.00 935 1,492
KYN KA Nrg Infra Fd Kayne Anderson 0.92 -13.42 9.11 100.00 26.39 1,122 4,074
FEI FT MLP & Nrg Incm Fd First Trust 0.93 -7.72 8.51 39.18 21.04 346 1,432
TYG Tortoise Nrg Infra Corp Tortoise 0.94 -23.09 6.71 100.00 24.10 416 1,681
CEM CB MLP & Midstream Fd Franklin Templeton 0.92 -15.51 7.31 100.00 29.41 422 1,207
KMF KA NextGen Nrg & Infra Kayne Anderson 0.92 -19.47 7.97 74.57 26.74 412 944
FEN FT Nrg Incm & Gwth Fd First Trust 0.94 -2.34 8.99 90.08 21.27 266 801
EMO CB Nrg Midstream Opp Fd Franklin Templeton 0.93 -19.55 7.15 100.00 30.03 352 1,049
NTG Tortoise Midstream Nrg Fd Tortoise 0.97 -20.88 7.77 100.00 21.70 209 919
NML NB MLP & Nrg Incm Fd Neuberger Berman 0.95 -21.04 3.92 100.00 15.10 358 719
RQI C&S Qlty Incm Rty Fd Cohen&Steers 3.04 -4.36 6.00 0.00 24.10 2,247 4,905
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Invst Mgmt 3.02 -8.43 6.73 57.81 20.36 1,134 2,363
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.90 -7.20 7.75 58.50 15.00 570 1,889
BSTZ BR Sci & Tech Tr II BlackRock 1.17 -6.37 6.19 6.70 0.00 3,103 4,426
AOD Abd Tot Dyn Div Fd Aberdeen 1.20 -10.28 7.19 0.49 0.00 1,128 2,131
GLQ Clough Glbl Eq Fd Clough 1.17 0.21 11.47 0.00 39.48 247 1,318
BGY BR Enh Intl DivTr BlackRock 1.20 -6.58 6.65 31.83 0.00 681 1,348
IGD Voya Glbl Eq Div & Prm Opp Voya 1.20 -9.22 8.26 65.58 0.00 517 1,485
HGLB Highland Glbl Alloc Fd Highland Capital 1.17 -23.53 9.75 0.00 10.20 251 692
EOD WF Glbl Div Opp Fd Wells Fargo 1.29 -3.01 9.02 0.00 15.60 259 951
BMEZ BR Health Sci Tr II BlackRock 1.82 -8.22 7.53 5.04 N/A 2,836 3,600
HQH Tekla Health Invstr Tekla 1.89 -0.48 8.87 32.60 0.00 1,032 2,521
THQ Tekla Health Opp Fd Tekla 2.16 -1.54 5.85 30.33 18.71 968 1,989
THW Tekla Wld Health Fd Tekla 2.01 5.22 9.02 98.99 17.50 548 1,530
GDV Gabelli Div & Incm Tr Gabelli 2.82 -9.56 5.13 0.09 14.00 2,572 3,479
ETG EV Tx-Adv Glbl Div Incm Fd Eaton Vance 2.86 -1.70 7.28 15.33 18.50 1,663 2,630
EVT EV Tx-Adv Div Incm Fd Eaton Vance 2.87 0.47 7.01 0.00 18.20 2,036 2,556
BCX BR Res & Com Stgy Tr BlackRock 2.89 -5.69 5.26 56.70 0.00 854 2,329
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 2.87 0.00 9.57 75.56 13.00 579 2,183
NRGX PIMCO Nrg & Tac Cr Opp Fd PIMCO 2.96 -15.04 5.35 76.05 16.50 669 1,845
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.27 1.99 6.66 1.93 28.79 2,850 3,569
GLO Clough Glbl Opp Fd Clough 1.15 0.53 11.36 0.00 39.68 454 2,133
RIV RiverNorth Opp Fd RiverNorth 1.20 0.79 12.29 8.88 10.79 288 2,707
NIE Virtus AG Eq & Convt Incm Fd Virtus 1.23 -11.03 5.04 0.00 0.00 940 1,523
CPZ Calamos Lng-Srt Eq & Dyn Incm Calamos 1.12 -7.74 8.97 0.00 20.79 398 1,094
ZTR Virtus Tot Rtn Fd Virtus 1.23 3.77 10.27 64.27 26.00 430 1,172
CLM Cornerstone Stgc Val Fd Cornerstone 1.57 41.63 15.44 42.55 0.00 1,183 18,248
USA Liberty All-Star Eq Fd ALPS 1.28 0.51 10.66 0.00 0.00 1,974 9,559
CRF Cornerstone Tot Rtn Fd Cornerstone 1.57 41.71 15.31 32.07 0.00 603 8,997
RVT Royce Val Tr Franklin Templeton 1.42 -9.16 17.11 0.00 3.11 2,074 3,388
ASG Liberty All-Star Gwth Fd ALPS 1.36 5.28 8.60 0.00 0.00 429 2,304
TY Tri-Cont Corp Columbia Mngmt 1.46 -10.14 3.45 0.00 1.90 2,021 1,468
UTG Reaves Util Incm Fd W.H. Reaves 1.43 0.46 6.89 0.00 17.26 2,098 8,179
DNP DNP Sel Incm Fd Virtus 1.41 14.67 7.34 29.87 25.13 3,148 4,775
UTF C&S Infra Fd Cohen&Steers 1.43 2.67 6.80 11.42 27.90 2,497 3,834
DPG D&P Util & Infra Fd Virtus 1.47 4.92 9.94 71.93 28.66 509 1,326
BUI BR Util Infra & Pwr OppTr BlackRock 1.43 1.60 5.73 31.22 0.00 531 1,580
GUT Gabelli Util Tr Gabelli 1.45 92.79 7.48 95.50 27.00 264 854
IAE Voya AP Hi Div Eq Incm Fd Voya 3.19 -10.66 10.80 80.22 0.00 106 422
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 3.32 -7.53 10.11 81.88 0.00 147 439
FDEU FT Dyn Euro Eq Incm Fd First Trust 3.22 -13.45 5.89 14.83 22.91 243 497
CUBA Herzfeld Caribbean Basin Fd Herzfeld Cuba 3.10 -16.22 20.09 100.00 0.00 37 142
BTO JH Fin Opp Fd John Hancock 3.29 6.34 5.29 17.07 14.05 736 1,582

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.

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