7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

03. Equity Income Index

Data as of 05/26/2022 04/29/2022 03/31/2022 02/28/2022 02/11/2022 01/31/2022 12/31/2021 11/30/2021 10/29/2021 09/30/2021 08/31/2021 07/30/2021 06/30/2021 05/28/2021 04/30/2021 03/31/2021 02/26/2021 01/29/2021 12/31/2020 11/30/2020 10/30/2020 09/30/2020 08/31/2020 07/31/2020 06/30/2020 05/29/2020 04/30/2020 03/31/2020 02/28/2020 01/31/2020 12/31/2019 11/29/2019 10/31/2019 09/30/2019 08/30/2019 07/31/2019 06/28/2019 05/31/2019 04/30/2019 03/29/2019 02/28/2019 01/31/2019 12/31/2018 11/30/2018 10/31/2018 09/28/2018 08/31/2018 07/31/2018 06/29/2018 05/31/2018 04/30/2018 03/29/2018 02/28/2018 01/31/2018 12/29/2017 11/30/2017 10/31/2017 09/29/2017 08/31/2017 06/30/2017

• About
• Performance
• Discount
• Characteristics
• Asset Allocation
• Constituents
• Prices
• Disclosure

Index Performance

	Current($)	Previous Day(%)	1 Week(%)	1 Month(%)	3 Month(%)	6 Month(%)	1 Year(%)	3 Year(%)	5 Year(%)	10 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	1,622.02	1.77	2.70	-1.05	-0.49	-7.22	-2.21	9.80	7.44	8.29	-1.33	-8.03	-8.38
NAV	1,470.34	1.06	3.16	-0.93	-0.38	-6.03	-1.52	8.15	6.52	7.50	-0.58	-6.58	-6.82
Difference		-0.71	0.46	0.13	0.11	1.19	0.69	-1.65	-0.92	-0.80	0.75	1.45	1.56
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2022 - Monthly Performance (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2022
Price	-2.02	-2.25	4.01	-0.39	-6.79	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NAV	-2.83	-0.70	3.38	-0.26	-6.03	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Difference	-0.81	1.55	-0.63	0.13	0.76	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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	3.93	5.92	4.48	29.38
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	4.49	5.76	4.21	21.67
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	0.55	-0.16	-0.28	-7.71
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
2014 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2014
Price	-1.51	4.96	0.98	4.40	2.35	3.00	2.66	8.23	12.99	-1.65	2.96	-4.09	-2.88	1.12	1.02	-2.65	-0.56	-3.43	9.11
NAV	-1.24	4.35	0.79	3.87	1.79	2.16	2.83	6.93	11.07	-2.04	3.39	-3.91	-2.68	0.90	0.22	-1.33	-0.22	-2.90	7.85
Difference	0.26	-0.62	-0.19	-0.53	-0.56	-0.84	0.17	-1.29	-1.92	-0.39	0.43	0.18	0.20	-0.22	-0.79	1.32	0.34	0.53	-1.27
2013 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2013
Price	7.81	0.66	2.82	11.58	1.57	-0.60	-2.37	-1.43	9.99	2.86	-3.81	2.17	1.09	3.89	-1.03	2.03	4.89	6.04	16.63
NAV	5.12	0.15	2.55	7.96	2.56	-1.08	-2.50	-1.08	6.80	4.00	-2.71	3.70	4.93	3.29	0.31	1.52	5.19	10.38	17.88
Difference	-2.69	-0.51	-0.27	-3.62	0.99	-0.48	-0.13	0.35	-3.19	1.14	1.10	1.53	3.84	-0.59	1.35	-0.51	0.30	4.34	1.25
2012 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2012
Price	8.89	4.10	0.22	13.60	0.39	-7.09	3.55	-3.42	9.72	3.36	2.34	2.56	8.50	-1.16	-1.80	0.32	-2.64	5.63	15.90
NAV	4.65	3.61	0.30	8.75	0.12	-7.27	3.73	-3.69	4.74	2.69	1.87	2.26	6.97	-0.16	-0.25	1.11	0.69	7.71	12.81
Difference	-4.23	-0.49	0.07	-4.85	-0.26	-0.18	0.18	-0.27	-4.98	-0.68	-0.47	-0.30	-1.52	1.00	1.56	0.79	3.33	2.08	-3.09

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -4.20%	1Yr Disc -2.20%	3Yr Disc -4.65%	5Yr Disc -4.45%	Rel Disc Range (3yr) 59.08%
Mkt Yield 9.02%	Lev Adj NAV Yield 7.98%	After Tax Yield* 7.94%	Est Tax Friction* 1.08%	3Yr NAV Volatiliy 27.80
1 Yr RoC 50.22%	3 Yr Dest RoC 26.64%	Leverage 11.66%	Non Lev Exp Ratio 1.33%	Beta (2yr) 0.83
Equity Exposure 91.37%	Bond Exposure 6.81%	# Holdings 65	Cash Weighted Duration 0.04
Comp NAV TR 0.90%	Comp Discount 2.86%	Net Assets (M) 967	Liquidity - 90d (K) 3,151
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

65 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
BST	BR Sci & Tech Tr	BlackRock	0.69	-1.37	8.32	0.00	0.00	1,173	5,420
EXG	EV Tx-Mgd Glbl Divr Eq Incm	Eaton Vance	0.73	-3.18	9.70	14.49	0.00	2,679	5,796
BDJ	BR Enh Eq Div Tr	BlackRock	0.80	-3.75	7.10	0.00	0.00	1,836	5,146
ETV	EV Tx-Mgd By-Wrt Opp Fd	Eaton Vance	0.74	4.72	9.51	99.74	0.00	1,403	4,534
QQQX	Nuv Nasdaq 100 Dyn Owrt Fd	Nuveen	0.71	2.47	8.21	41.32	0.00	1,083	4,402
ETY	EV Tx-Mgd Divr Eq Incm Fd	Eaton Vance	0.72	1.42	9.17	29.36	0.00	1,847	3,105
NFJ	Virtus Div Int & Prm Stgy Fd	Virtus	0.72	-11.50	7.77	0.00	0.00	1,352	3,417
EOS	EV Enh Eq Incm Fd II	Eaton Vance	0.69	-0.63	9.46	13.26	0.00	895	2,543
BXMX	Nuv S&P 500 By-Wrt Inc Fd	Nuveen	0.80	0.22	6.97	32.05	0.00	1,409	3,071
ETW	EV Tx-Mgd Glbl By-Wrt Opp	Eaton Vance	0.71	-5.60	9.95	12.28	0.00	1,011	2,672
ETJ	EV Risk-Mgd Divr Eq Incm Fd	Eaton Vance	0.76	3.20	10.11	49.60	0.00	570	2,156
CII	BR Enh Cap & Incm Fd	BlackRock	0.75	-4.86	6.35	0.00	0.00	872	1,778
KYN	KA Nrg Infra Fd	Kayne Anderson	1.13	-14.51	8.59	94.48	25.13	1,482	7,832
TYG	Tortoise Nrg Infra Corp	Tortoise	1.04	-19.33	8.66	63.53	21.70	485	2,048
CEM	CB MLP & Midstream Fd	Franklin Templeton	1.14	-17.02	6.84	39.67	29.07	571	2,262
FEN	FT Nrg Incm & Gwth Fd	First Trust	1.13	0.18	7.36	47.65	20.42	317	1,027
FEI	FT MLP & Nrg Incm Fd	First Trust	1.14	-12.38	7.07	29.74	18.94	438	1,736
EMO	CB Nrg Midstream Opp Fd	Franklin Templeton	1.14	-18.64	6.82	59.59	30.96	468	1,765
KMF	KA NextGen Nrg & Infra	Kayne Anderson	1.12	-17.97	7.46	98.62	25.19	494	1,403
NML	NB MLP & Nrg Incm Fd	Neuberger Berman	1.18	-19.93	3.60	100.00	14.23	486	1,206
FPL	FT New Opp MLP & Nrg Fd	First Trust	1.13	-14.55	7.03	32.26	18.97	180	743
RQI	C&S Qlty Incm Rty Fd	Cohen&Steers	2.82	-4.94	6.75	0.00	23.90	2,010	4,806
IGR	CBRE Clr Glbl Rel-Est Incm Fd	CBRE Invst Mgmt	2.87	-4.74	9.20	10.00	21.00	958	2,755
AWP	Abd Glbl Prmr Prop Fd	Aberdeen	2.77	-4.78	8.92	63.61	18.01	483	2,800
BSTZ	BR Sci & Tech Tr II	BlackRock	1.02	-15.70	10.97	0.00	0.00	1,956	5,333
AOD	Abd Tot Dyn Div Fd	Aberdeen	1.27	-12.44	8.03	22.99	1.25	1,034	3,337
IGD	Voya Glbl Eq Div & Prm Opp	Voya	1.43	-8.91	8.23	68.17	0.00	516	1,274
BGY	BR Enh Intl DivTr	BlackRock	1.32	-11.72	7.58	48.96	0.00	631	1,306
GLQ	Clough Glbl Eq Fd	Clough	1.15	-2.97	14.74	0.00	43.54	177	818
EOD	Allspring Glbl Div Opp Fd	Allspring	1.33	-7.43	10.99	0.00	15.30	227	739
HGLB	Highland Glbl Alloc Fd	Highland Capital	1.51	-20.46	9.33	21.55	11.96	289	1,068
BMEZ	BR Health Sci Tr II	BlackRock	2.03	-15.03	10.65	0.00	N/A	2,164	6,394
HQH	Tekla Health Invstr	Tekla	2.33	-2.73	8.99	14.12	0.00	914	2,520
THW	Tekla Wld Health Fd	Tekla	2.54	12.36	9.01	76.25	17.85	515	2,224
THQ	Tekla Health Opp Fd	Tekla	2.30	-7.82	6.54	25.08	18.57	925	1,842
BCX	BR Res & Com Stgy Tr	BlackRock	3.18	-9.71	5.09	43.48	0.00	1,037	3,886
GGN	GAMCO Glbl Gd NtrRes Incm	Gabelli	3.29	-1.73	9.07	88.06	12.00	623	3,111
BGR	BR Nrg & Res Tr	BlackRock	3.64	-11.94	4.14	49.22	0.00	416	2,461
CSQ	Calamos Stgc Tot Rtn Fd	Calamos	1.18	-4.44	8.53	0.00	30.10	2,382	3,928
ECAT	BR ESG Cap Alloc Tr	BlackRock	1.26	-16.87	8.15	67.88	0.00	1,864	5,348
NIE	Virtus AG Eq & Convt Incm Fd	Virtus	1.18	-12.33	8.79	0.00	0.00	719	1,984
GLO	Clough Glbl Opp Fd	Clough	1.18	-0.89	14.51	0.00	43.36	323	1,490
RIV	RiverNorth Opp Fd	RiverNorth	1.25	1.67	14.58	30.40	16.61	243	1,684
TBLD	Thornburg Incm Bldr Opp Tr	Thornburg Inv Mgmt	1.33	-11.13	7.87	0.00	0.00	574	1,526
ZTR	Virtus Tot Rtn Fd	Virtus	1.35	4.92	10.47	64.06	27.00	420	957
CLM	Cornerstone Stgc Val Fd	Cornerstone	1.12	46.15	19.69	60.59	0.00	916	22,967
BIGZ	BR Innovation & Gwth Tr	BlackRock	1.03	-18.17	14.56	100.00	0.00	2,389	10,263
USA	Liberty All-Star Eq Fd	ALPS	1.19	3.50	10.59	1.94	0.00	1,670	8,668
CRF	Cornerstone Tot Rtn Fd	Cornerstone	1.07	42.98	20.05	62.46	0.00	465	11,442
RVT	Royce Val Tr	Franklin Templeton	1.26	-6.42	9.50	0.00	3.52	1,715	4,406
NBXG	NB Nxt Gen Connectivity Fd	Neuberger Berman	1.09	-18.44	11.26	79.99	0.00	1,029	3,321
ASG	Liberty All-Star Gwth Fd	ALPS	1.11	3.86	9.46	0.00	0.00	315	1,440
UTG	Reaves Util Incm Fd	W.H. Reaves	1.61	0.60	6.78	0.00	16.17	2,224	6,974
DNP	DNP Sel Incm Fd	Virtus	1.61	9.52	6.85	17.22	24.73	3,572	7,350
UTF	C&S Infra Fd	Cohen&Steers	1.56	-1.13	6.83	0.00	25.90	2,615	4,140
DPG	D&P Util & Infra Fd	Virtus	1.67	5.28	9.12	78.39	28.59	554	1,486
BUI	BR Util Infra & Pwr OppTr	BlackRock	1.46	-5.06	6.50	24.78	0.00	520	1,301
GUT	Gabelli Util Tr	Gabelli	1.66	66.12	8.44	86.57	21.00	312	1,614
IAE	Voya AP Hi Div Eq Incm Fd	Voya	2.57	-11.69	11.98	83.95	0.00	97	360
IHD	Voya Emrg Mkt Hi Div Eq Fd	Voya	2.61	-12.26	11.98	84.30	0.00	130	447
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	2.73	-13.83	5.96	21.82	23.32	242	528
GDV	Gabelli Div & Incm Tr	Gabelli	2.57	-13.06	5.94	4.57	12.00	2,312	4,029
EVT	EV Tx-Adv Div Incm Fd	Eaton Vance	2.46	-2.26	7.79	0.00	18.00	1,887	2,962
CUBA	Herzfeld Caribbean Basin Fd	Herzfeld Cuba	2.41	-14.53	23.38	100.00	0.00	32	107
BTO	JH Fin Opp Fd	John Hancock	2.74	10.84	6.66	7.58	14.64	670	1,998

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.