03. Global Equity Index

About the Index

US-Equity and Non-US equity fund grouping according to CEFdata.com with $500K+ in 90 day average dollar $ liquidity. (2) US + Non-US Bond exposure combined under 33.33%. Equal weight the funds that meet these criteria. 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	1,313.49	1.40	4.33	-0.88	32.53	-9.67	-4.10	3.59	5.97	2.89	2.89	-9.56
NAV	1,287.63	1.64	4.20	-0.17	29.32	-5.91	-0.53	4.70	5.56	2.75	2.75	-5.58
Difference		0.24	-0.13	0.71	-3.21	3.76	3.57	1.11	-0.41	-0.14	-0.14	3.98
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2020 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	-0.31	-10.08	-18.87	-27.28	11.54	5.14	3.06	20.87	-6.41	-	-	-	-	-	-	-	-	-	-
NAV	-1.08	-6.92	-17.29	-23.85	11.48	4.99	3.10	20.68	-3.17	-	-	-	-	-	-	-	-	-	-
Difference	-0.77	3.16	1.58	3.43	-0.07	-0.15	0.05	-0.19	3.24	-	-	-	-	-	-	-	-	-	-
2019 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2019
Price	12.13	3.69	0.92	17.33	2.84	-6.37	6.41	2.45	19.79	0.84	-2.91	2.72	0.57	1.88	0.90	3.72	6.62	7.20	26.98
NAV	8.80	2.82	1.36	13.40	2.93	-6.07	6.06	2.54	15.94	-0.14	-2.25	2.03	-0.40	1.96	1.36	3.58	7.04	6.64	22.58
Difference	-3.33	-0.87	0.45	-3.94	0.10	0.30	-0.35	0.09	-3.85	-0.98	0.66	-0.69	-0.97	0.07	0.46	-0.14	0.42	-0.55	-4.40
2018 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2018
Price	5.84	-3.99	-1.84	-0.26	1.37	-0.29	-0.87	0.19	-0.07	3.49	0.76	-0.84	3.40	-10.57	2.98	-7.41	-14.73	-11.33	-11.40
NAV	5.57	-4.64	-1.26	-0.59	0.50	-0.03	-1.01	-0.54	-1.13	3.82	0.41	-0.76	3.45	-7.69	1.75	-6.00	-11.71	-8.26	-9.39
Difference	-0.26	-0.65	0.58	-0.33	-0.87	0.26	-0.14	-0.73	-1.06	0.33	-0.35	0.08	0.05	2.88	-1.23	1.40	3.02	3.07	2.01
2017 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2017
Price	4.06	3.53	2.58	10.51	3.46	2.17	0.87	6.63	17.14	2.81	-0.64	3.41	5.64	0.93	-0.39	2.17	2.72	8.36	25.50
NAV	2.83	2.82	1.73	7.55	1.77	1.92	0.72	4.47	12.02	2.73	0.25	1.64	4.67	1.45	1.13	0.96	3.57	8.24	20.26
Difference	-1.23	-0.71	-0.86	-2.96	-1.69	-0.25	-0.16	-2.16	-5.12	-0.08	0.88	-1.78	-0.97	0.52	1.51	-1.21	0.85	-0.12	-5.24
2016 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2016
Price	-6.97	-0.12	8.34	0.67	2.20	0.78	1.02	4.05	4.72	5.30	0.50	-0.86	4.92	-2.64	0.84	1.69	-0.16	4.76	9.48
NAV	-5.12	-0.81	7.13	0.83	1.41	0.85	0.47	2.76	3.59	4.02	0.04	-0.05	4.02	-1.73	0.44	1.45	0.14	4.16	7.75
Difference	1.85	-0.69	-1.20	0.16	-0.79	0.07	-0.55	-1.29	-1.13	-1.27	-0.46	0.81	-0.90	0.91	-0.40	-0.23	0.31	-0.60	-1.73
2015 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2015
Price	0.98	5.66	-1.33	5.27	2.03	0.36	-3.71	-1.40	3.87	-2.46	-7.92	-4.27	-14.02	9.20	-1.89	-2.13	4.86	-9.16	-5.29
NAV	0.34	4.68	-0.87	4.12	2.44	0.08	-2.42	0.04	4.16	-0.97	-6.30	-3.97	-10.89	7.60	-1.58	-2.88	2.84	-8.05	-3.88
Difference	-0.63	-0.98	0.46	-1.15	0.41	-0.28	1.29	1.44	0.29	1.49	1.61	0.30	3.13	-1.60	0.30	-0.75	-2.01	1.12	1.41

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -11.72%	1Yr Disc -9.02%	3Yr Disc -7.85%	5Yr Disc -9.05%	Rel Disc Range (3yr) 46.19%
Mkt Yield 8.53%	Lev Adj NAV Yield 7.04%	After Tax Yield* 7.32%	Est Tax Friction* 1.21%	3Yr NAV Volatiliy 22.37
1 Yr RoC 23.75%	3 Yr Dest RoC 16.12%	Leverage 9.70%	Non Lev Exp Ratio 1.23%	Beta (2yr) 0.95
Equity Exposure 91.10%	Bond Exposure 6.42%	# Holdings 37	Cash Weighted Duration 0.06
Comp NAV TR 3.27%	Comp Discount 0.86%	Net Assets (M) 709	Liquidity - 90d (K) 2,070
* 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

37 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
ADX	Adams Divr Eq Fd	Adams Funds	2.69	-14.77	5.89	0.00	0.00	1,951	3,592
AGD	Abd Glbl Dyn Div Fd	Aberdeen	2.69	-12.55	8.54	3.67	0.00	131	502
AOD	Abd Tot Dyn Div Fd	Aberdeen	2.68	-13.64	8.79	7.93	0.00	958	2,623
ASG	Liberty All-Star Gwth Fd	ALPS	2.74	-1.20	6.70	0.00	0.00	303	1,362
BGY	BR Enh Intl DivTr	BlackRock	2.71	-11.50	7.64	34.28	0.00	631	1,523
BIF	Boulder Gwth & Incm Fd	Boulder	2.67	-17.06	4.26	24.69	0.00	1,186	2,228
BSTZ	BR Sci & Tech Tr II	BlackRock	2.75	-11.84	5.05	100.00	0.00	2,105	5,831
CAF	MS China A Shr Fd	Morgan Stanley	2.91	-17.44	3.79	0.00	0.00	573	2,182
CET	Cntrl Sec Corp	Central Securities	2.67	-16.62	4.61	0.00	0.00	907	704
CLM	Cornerstone Stgc Val Fd	Cornerstone	2.72	10.99	20.98	82.81	0.00	725	5,941
CRF	Cornerstone Tot Rtn Fd	Cornerstone	2.70	12.92	20.90	85.21	0.00	366	3,701
DNI	Div & Incm Fd	Bexil	2.68	-22.85	9.62	60.32	14.70	168	527
EMF	Tmp Emrg Mkt Fd	Templeton	2.76	-13.89	7.98	0.00	3.64	274	773
EOD	WF Glbl Div Opp Fd	Wells Fargo	2.73	-10.84	12.99	16.76	18.69	214	717
ETG	EV Tx-Adv Glbl Div Incm Fd	Eaton Vance	2.68	-9.66	8.43	13.86	24.97	1,232	3,147
ETO	EV Tx-Adv Glbl Div Opp Fd	Eaton Vance	2.69	-5.89	8.05	6.95	24.77	354	1,452
EVT	EV Tx-Adv Div Incm Fd	Eaton Vance	2.66	-5.86	8.95	7.07	23.48	1,519	4,025
FDEU	FT Dyn Euro Eq Incm Fd	First Trust	2.68	-12.83	6.84	51.18	22.03	208	1,083
GAB	Gabelli Eq Tr	Gabelli	2.64	7.89	11.86	45.43	27.00	1,206	3,233
GAM	General American Invstr	General American Inv	2.68	-17.52	7.54	0.00	18.94	971	1,664
GDV	Gabelli Div & Incm Tr	Gabelli	2.66	-14.06	7.42	12.35	19.00	1,877	5,272
GLQ	Clough Glbl Eq Fd	Clough	2.70	-15.77	12.10	19.85	45.40	172	635
HGLB	Highland Glbl Alloc Fd	Highland Capital	2.66	-33.09	15.44	17.27	16.03	220	1,095
HIE	Miller/Howard Hi Incm Eq Fd	Miller/Howard	2.65	-15.85	7.79	64.87	29.96	137	992
IDE	Voya Infra Ind & Matrls Fd	Voya	2.59	-17.61	10.30	73.45	0.00	208	638
IFN	India Fund	Aberdeen	2.76	-12.86	10.33	7.01	0.00	424	2,264
IGD	Voya Glbl Eq Div & Prm Opp	Voya	2.68	-14.29	9.76	72.45	0.00	557	1,834
IIF	MS India Inv Fd	Morgan Stanley	2.76	-12.37	0.16	0.00	0.00	259	1,045
JCE	Nuv Core Eq Alpha Fd	Nuveen	2.70	-8.94	7.30	18.14	0.00	217	605
JTD	Nuv Tx-Adv Div Gwth Fd	Nuveen	2.78	-8.59	8.92	14.19	27.34	209	523
LGI	Lzrd Glbl Tot Rtn & Incm Fd	Lazard	2.68	-14.23	8.90	35.27	29.38	218	829
RMT	Royce Micro-Cap Tr	Legg Mason	2.66	-16.69	8.78	12.94	7.24	368	1,578
RVT	Royce Val Tr	Legg Mason	2.65	-12.95	8.23	4.66	5.89	1,380	4,257
SOR	Source Capital	First Pacific	2.70	-17.01	2.94	0.00	0.00	347	513
TDF	Tmp Dragon Fd	Templeton	2.90	-14.56	4.41	0.00	0.00	882	1,348
TY	Tri-Cont Corp	Columbia Mngmt	2.67	-13.02	4.50	0.00	2.80	1,549	1,841
USA	Liberty All-Star Eq Fd	ALPS	2.67	-7.92	9.64	0.16	0.00	1,318	4,640

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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