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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 1,400.63 0.24 1.47 4.20 9.92 8.66 21.50 10.67 6.68 2.54 2.54 2.54
NAV 1,300.67 0.54 1.41 3.75 8.70 7.34 18.25 8.46 5.35 1.94 1.94 1.94
Difference 0.30 -0.06 -0.46 -1.22 -1.33 -3.25 -2.21 -1.33 -0.60 -0.60 -0.60
* 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 2.12 -4.95 6.38 3.26 20.84 0.90 -2.93 3.04 0.91 1.27 1.15 3.56 6.07 6.99 27.83
NAV 9.97 1.97 1.63 13.96 1.41 -4.72 5.58 2.01 15.98 -0.12 -1.83 1.88 -0.11 1.39 0.96 3.70 6.16 6.05 22.02
Difference -3.73 0.20 0.01 -3.62 -0.71 0.22 -0.79 -1.24 -4.86 -1.02 1.10 -1.16 -1.02 0.13 -0.19 0.14 0.08 -0.94 -5.80
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
-4.50%
1Yr Disc
-5.42%
3Yr Disc
-5.25%
5Yr Disc
-6.05%
Rel Disc Range (3yr)
55.94%
Mkt Yield
8.57%
Lev Adj NAV Yield
7.31%
After Tax Yield*
7.77%
Est Tax Friction*
0.80%
3Yr NAV Volatiliy
14.11
1 Yr RoC
48.76%
3 Yr Dest RoC
18.40%
Leverage
13.36%
Non Lev Exp Ratio
1.36%
Beta (2yr)
0.82
Equity Exposure
89.57%
Bond Exposure
8.15%
# Holdings
68
Cash Weighted Duration
Comp NAV TR
-0.20%
Comp Discount
0.88%
Net Assets (M)
927
Liquidity - 90d (K)
2,869
* 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


68 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 0.65 -2.16 8.14 87.27 0.00 2,811 5,188
BDJ BR Enh Eq Div Tr BlackRock 0.61 -4.34 6.19 0.00 0.00 1,900 4,608
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 0.64 4.24 8.59 93.79 0.00 1,221 4,375
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 0.64 1.75 7.89 67.94 0.00 1,892 3,635
NFJ AG NFJ Div Int & Prm Stgy Allianz 0.65 -9.93 6.80 48.00 0.00 1,394 2,859
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 0.63 -0.95 8.32 63.71 0.00 1,137 2,707
BST BR Sci & Tech Tr BlackRock 0.67 3.48 5.62 0.00 0.00 782 2,805
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 0.62 -1.66 6.81 82.66 0.00 1,443 2,360
BOE BR Enh Glbl DivTr BlackRock 0.64 -9.99 6.77 58.95 0.00 814 2,220
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 0.64 -0.93 6.36 94.88 0.00 978 2,214
EOS EV Enh Eq Incm Fd II Eaton Vance 0.65 1.15 6.43 21.47 0.00 877 1,820
CII BR Enh Cap & Incm Fd BlackRock 0.63 -3.79 5.99 39.65 0.00 804 1,838
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 0.64 1.17 9.55 92.86 0.00 601 1,782
KYN KA MLP/Midstream Inv Co Kayne Anderson 0.72 -6.77 9.86 58.33 36.50 1,978 16,154
TYG Tortoise Nrg Infra Corp Tortoise 0.74 -4.02 13.53 100.00 35.20 1,084 10,345
NTG Tortoise Midstream Nrg Fd Tortoise 0.71 -6.68 14.76 100.00 37.80 776 9,069
CEM CB MLP & Midstream Fd Legg Mason 0.71 -9.38 10.09 96.00 33.56 908 6,077
EMO CB Nrg Midstream Opp Fd Legg Mason 0.72 -11.34 10.33 78.75 34.25 721 4,637
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 0.72 1.51 18.63 100.00 30.07 283 4,422
FEI FT MLP & Nrg Incm Fd First Trust 0.69 -3.27 10.14 92.07 26.09 575 3,359
KMF KA Midstream/Nrg Fd Kayne Anderson 0.70 -14.31 8.30 92.89 34.01 597 3,195
FMO F/C Nrg Infra Fd Guggenheim Funds 0.73 -7.46 15.33 100.00 44.39 323 2,869
NML NB MLP Incm Fd Neuberger Berman 0.72 -11.25 9.30 100.00 25.80 453 2,794
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 0.70 1.12 8.82 99.16 33.60 216 2,659
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 0.72 -7.54 14.10 100.00 37.83 390 2,760
RQI C&S Qlty Incm Rty Fd Cohen & Steers 2.58 -6.03 6.77 0.00 21.70 1,647 5,992
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 2.74 -9.59 7.40 68.62 12.84 1,046 2,527
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.84 -10.66 7.25 68.73 5.65 633 2,437
IGD Voya Glbl Eq Div & Prm Opp Voya 0.93 -10.20 7.57 58.42 0.00 685 3,777
BSTZ BR Sci & Tech Tr II BlackRock 0.95 -2.76 5.57 99.73 0.00 1,729 3,140
AOD Abd Tot Dyn Div Fd Aberdeen 0.93 -10.95 7.57 26.53 0.00 1,079 2,520
BGY BR Enh Intl DivTr BlackRock 0.90 -10.12 6.92 65.80 0.00 689 1,614
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 0.92 3.31 12.06 66.21 34.00 198 1,232
IDE Voya Infra Ind & Matrls Fd Voya 0.94 -10.42 7.78 33.72 0.00 254 1,146
HGLB Highland Glbl Alloc Fd Highland Capital 0.91 -21.28 10.77 21.27 39.16 269 1,022
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 0.95 -8.28 6.70 51.68 25.75 215 902
EOD WF Glbl Div Opp Fd Wells Fargo 0.92 -8.29 10.30 0.00 15.37 270 910
HQH Tekla Health Invstr Tekla 2.79 -10.43 7.67 62.72 0.00 1,023 3,825
THQ Tekla Health Opp Fd Tekla 2.74 -9.73 6.99 79.12 22.40 886 2,416
HQL Tekla Life Sci Invstr Tekla 2.76 -10.13 7.47 41.69 0.00 455 1,792
GDV Gabelli Div & Incm Tr Gabelli 2.76 -8.45 5.88 37.58 19.00 2,020 7,332
EVT EV Tx-Adv Div Incm Fd Eaton Vance 2.76 0.08 6.65 12.46 20.03 1,916 2,918
ETG EV Tx-Adv Glbl Div Incm Fd Eaton Vance 2.78 -3.85 6.66 36.46 24.16 1,466 2,709
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 2.70 3.07 13.73 91.17 12.00 592 3,971
BCX BR Res & Com Stgy Tr BlackRock 2.71 -10.85 7.69 66.51 0.00 822 2,314
BGR BR Nrg & Res Tr BlackRock 2.72 -4.01 7.77 56.23 0.00 372 2,474
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.39 -1.62 7.95 56.96 30.64 2,199 3,393
TEAF Tortoise Ess Ast Incm Trm Fd Tortoise 1.41 -8.90 7.61 0.00 11.80 253 2,328
NIE AG Eq & Convt Incm Fd Allianz 1.45 -7.10 6.39 0.00 0.00 710 1,534
ZTR Virtus Glbl Div & Inc Fd Virtus 1.38 6.00 11.81 79.65 27.42 512 1,542
GLO Clough Glbl Opp Fd Clough 1.44 -11.55 10.89 58.70 41.36 360 1,390
RIV RiverNorth Opp Fd RiverNorth 1.41 -1.11 12.74 61.03 9.78 160 1,127
CLM Cornerstone Stgc Val Fd Cornerstone 1.38 4.38 19.42 74.84 0.00 823 4,993
USA Liberty All-Star Eq Fd ALPS 1.44 -0.28 9.60 0.00 0.00 1,453 5,081
RVT Royce Val Tr Legg Mason 1.38 -11.12 6.92 0.83 4.33 1,607 3,569
CRF Cornerstone Tot Rtn Fd Cornerstone 1.37 4.81 19.38 78.02 0.00 422 3,192
BIF Boulder Gwth & Incm Fd Boulder 1.37 -14.66 3.42 19.85 0.00 1,448 1,524
TY Tri-Cont Corp Columbia Mngmt 1.39 -9.37 3.49 0.00 2.30 1,690 1,275
UTF C&S Infra Fd Cohen & Steers 1.68 -4.20 6.86 0.23 26.80 2,415 8,095
DNP DNP Sel Incm Fd Duff & Phelps 1.65 17.37 6.07 30.13 24.63 3,292 4,615
UTG Reaves Util Incm Fd W.H. Reaves 1.68 -0.13 5.66 0.00 19.97 2,174 3,927
DPG D&P Util & Infra Fd Duff & Phelps 1.71 -8.45 8.91 52.71 29.36 651 1,563
GUT Gabelli Util Tr Gabelli 1.68 55.51 7.59 98.33 28.00 274 1,188
IAE Voya AP Hi Div Eq Incm Fd Voya 3.47 -8.38 9.60 63.68 0.00 116 397
AEF Abd Emrg Mkt Eq Incm Fd Aberdeen 3.40 -10.80 2.25 8.47 9.12 456 480
FDEU FT Dyn Euro Eq Incm Fd First Trust 3.36 -5.14 9.47 9.21 25.68 278 1,165
CUBA Herzfeld Caribbean Basin Fd Herzfeld Cuba 3.33 -14.14 16.74 81.10 0.00 49 137
BTO JH Fin Opp Fd John Hancock 3.15 -1.87 6.25 17.25 15.84 671 1,540

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 %