I added to a few CEF's today in the Old Folk Portfolio.
CII .. ETV .. ETY .. EOI.
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CII has a yield of 5.41% and raised their distribution twice last year, selling now at a slight discount to NAV. The amount of leverage used is almost non-existent.
Investment Objective:
The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of common stocks in an attempt to generate current income and by employing a strategy of writing (selling) call options on equity indexes in an attempt to generate gains from option premiums primarily on the S&P 500 Index.
Top Holdings
As of 9/30/2021 reported by Fund Sponsor
| Microsoft Corp | $62.57M | 6.78% | | Alphabet Inc Class A | $59.56M | 6.46% | | Amazon.com Inc | $48.99M | 5.31% | | Apple Inc | $41.73M | 4.52% | | Meta Platforms Inc Class A | $30.31M | 3.29% | | Visa Inc Class A | $25.80M | 2.80% | | UnitedHealth Group Inc | $24.26M | 2.63% | | Comcast Corp Class A | $23.77M | 2.58% | | Corteva Inc | $22.03M | 2.39% | | Berkshire Hathaway Inc Class B | $22.03M | 2.39%
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ETV has a yield of 7.91%, is selling at a small premium to NAV and uses no leverage.
Investment Objective:
The Fund will normally invest at least 80% of its total assets in a diversified portfolio of common stocks, seeking to exceed the total return performance of the S&P 500 and the NASDAQ-100. Initially, Segment One (S&P 500) is expected to represent approximately 55% to 65% of the portfolio value and Segment Two (NASDAQ-100) approximately 35% to 45%. Over time, these percentages may vary. Stock holdings may include stocks not included in either index, but the investments are primarily made in common stocks of U.S. issuers. The Fund intends to sell index options that qualify for treatment as section 1256 contracts on which capital gains and losses are generally treated as 60% long-term and 40% short-term, regardless of holding period. Options strategy of writing (selling) index call options on the S&P 500 (at least 80%) and the NASDAQ-100 (at least 80%) will be employed. Up to 10% of its total assets may be invested in securities of non-U.S. issuers, including up to 5% of issuers located in emerging markets.
Top Holdings
As of 10/31/2021 reported by Fund Sponsor
| Microsoft Corp | $153.87M | 9.03% | | Apple Inc | $148.08M | 8.69% | | Amazon.com Inc | $100.19M | 5.88% | | Tesla Inc | $64.73M | 3.80% | | Alphabet Inc Class A | $60.96M | 3.58% | | Alphabet Inc Class C | $56.91M | 3.34% | | Meta Platforms Inc Class A | $53.39M | 3.13% | | Intuitive Surgical Inc | $27.67M | 1.62% | | Adobe Inc | $27.65M | 1.62% | | Netflix Inc | $27.00M | 1.58% |
Some as the same holdings of CII but managed differently.
ETY has a yield of 9.17%, selling at a slight premium to NAV, has raised the distribution twice in the past year, and uses no leverage.
Investment Objective:
The Fund seeks to generate current earnings from dividends on stocks held and from option premiums. Under normal market conditions, the Fund will invest at least 80% of its total assets in a combination of: 1. Dividend-paying common stocks, primarily in common stocks of United States issuers, but may invest up to 40% of its assets in common stocks of foreign issuers, including up to 5% of its total assets in securities of issuers located in emerging markets; 2. Common stocks the value of which is subject to covered written index call options. The Fund intends initially to write call options on the S&P 500 Composite Stock Price Index(R), and may also initially write call options on other domestic and foreign stock indices. The Fund will emphasize investments in stocks that pay dividends that qualify for federal income taxation at rates applicable to long-term capital gains, and will seek to enhance the level of tax-advantaged dividend income it receives by engaging in dividend capture trading.
Top Holdings
As of 10/31/2021 reported by Fund Sponsor
| Microsoft Corp | $184.07M | 8.20% | | Apple Inc | $142.16M | 6.33% | | Alphabet Inc Class C | $122.64M | 5.46% | | Amazon.com Inc | $114.99M | 5.12% | | JPMorgan Chase & Co | $63.88M | 2.84% | | UnitedHealth Group Inc | $56.07M | 2.50% | | Intuit Inc | $56.04M | 2.50% | | Danaher Corp | $54.71M | 2.44% | | Bank of America Corp | $54.58M | 2.43% | | Eaton Corp PLC | $49.71M | 2.21% |
EOI has a yield of 6.53%, selling at a slight premium to NAV and uses no leverage.
Investment Objective:
The Fund will invest at least 80% of its total assets in common stocks. Normally, the Fund will invest in common stocks of large- and mid-capitalization issuers. The Fund expects to invest in at least 75 securities, seeking to reduce the exposure to individual stocks risks. The Fund will generally invest in common stocks on which exchange-traded call options are currently available. Under normal market conditions the Fund will seek to generate current earnings from option premiums by selling covered call options on a substantial portion of its portfolio securities. It will invest primarily in common stocks of U.S. issuers, although up to 10% of its total assets may be invested in securities of foreign issuers, including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts. The Fund will allow the sale of stock underlying a call option prior to purchasing back the call option on up to 5% of the Funds net assets, provided such sales occur no more than three days before the option buy back.
Top Holdings
As of 10/31/2021 reported by Fund Sponsor
| Microsoft Corp | $64.12M | 8.33% | | Apple Inc | $49.52M | 6.43% | | Alphabet Inc Class C | $42.24M | 5.49% | | Amazon.com Inc | $40.03M | 5.20% | | JPMorgan Chase & Co | $22.25M | 2.89% | | UnitedHealth Group Inc | $19.53M | 2.54% | | Intuit Inc | $19.52M | 2.54% | | Danaher Corp | $19.06M | 2.48% | | Bank of America Corp | $19.01M | 2.47% | | Eaton Corp PLC | $17.16M | 2.23% |
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