Overview: Closed-End Fund Advisors, Inc. (“CEFA” or the “Firm”) is a fee-based registered investment advisory firm focused on investment management services and was founded on March 15, 1989. The Firm has been located in Richmond, Virginia since October 1997 and has four full-time employees. Before retiring, the Firm’s former principal’s background included 27 years on the Board of Directors for a closed-end fund (1976-2003) while co-authoring “Investing in Closed-End Funds; Finding Value and Building Wealth” (NY Institute of Finance: 1991). In addition to the Firm’s CEF data service John Cole Scott founded the largest CEF focused group on LinkedIn “The CEF Network” and a blog, “Closed-End Fund Education & Ideas.” CEFA has 35 CEF/BDC indexes: 11 Diversified Portfolio, 9 Equity sector, 9 Taxable Bond Sector, and 6 Tax-Free Bond Sector Indexes. (www.cefdata.com/index). CEFA’s Team: ❖ President, Chief Investment Officer (“CIO”) & Chief Compliance Officer (“CCO”): John Cole Scott ❖ General Counsel and Compliance Associate: David W. Carter ❖ Executive Assistant: Jennifer Rickman Campbell ❖ Portfolio Manager & Investment Advisory Representative: Daniel Silver The Firm manages assets by primarily selecting an assortment of closed-end funds when combined seek to meet a client’s investment goal. They research closed-end funds that best meet a client’s objectives, often swapping funds in similar sectors as well as adjusting the asset allocation mixture for each model as market conditions change. When needed to fulfill an investment objective, mutual funds, exchange traded funds or common stocks can be utilized for client accounts. What Is a Closed-End Fund? First listed in the United States in 1893, a closed-end fund is a publicly traded investment company that invests in a variety of securities such as stocks and bonds. The fund typically raises capital through an initial public offering (“IPO”). Fund assets are then invested according to the fund's investment objectives. "Closed" refers to the fact that, once the capital is raised, there are typically no more shares available from the fund sponsor and the issuance of new shares is closed to investors. After the IPO, most closed-end funds are listed on a national exchange, where the shares are purchased and sold in transactions with other investors, not with the sponsor company itself. When an investor wishes to purchase or sell shares of a closed-end fund, the investor finds buyers or sellers on an exchange such as the NYSE or the NASDAQ, just like a stock. Unlike a stock, the typical closed-end fund represents a strategy with an actively managed selection of holdings chosen by the portfolio manager. These investments in securities collectively add up to a value, known as its Net Asset Value (“NAV”) that typically will be different from the fund's market price. The market price 5 | P a g e is determined by supply and demand, not the fund's net asset value. This creates either a discount or premium to net asset value in a fund’s price. Fund shares can be purchased intraday with market, limit, stop-loss and good-till-cancelled orders. CEFs are considered by the Firm as the best way to capture market inefficiencies for a client’s benefit. With approximately 755 funds and $752 billion in gross assets (12/31/2023) for the complete universe of listed and non-listed CEFs and BDCs, approximately one-third of listed closed-end funds are municipal (tax- free) bond funds with about half of these being state specific and half national funds. One-third of closed-end funds are in the taxable bond sector, and the remaining one- third are US equity, international equity and specialized equity funds. As of 12/31/2023, there were 47 listed BDCs available to investors and 92 non-listed or private BDCs. Listed and non-listed closed-end funds and BDCs cover just about every investment sector and even a few that are specialized and unique to the universe. What is a Business Development Company? BDCs are closed-end funds that provide small, growing companies access to capital. BDCs were created by Congress in 1980 to provide an opportunity for individual, non-accredited investors to participate in private investments. Listed BDCs (just like traditional closed-end funds) offer 1940 Act investment company status/regulation, fixed capital, active management, daily liquidity, tax advantages, plus earnings are passed through to investors in the form of dividends and distributions (similar to REITS and MLPs). BDCs leverage is limited to 200% (*150%) asset coverage= total assets/total debt or “one turn” of leverage, excluding SBIC facilities (BDCs)- this is higher than other CEFs. BDCs typically have a higher fee structure with carry. All data used is from our CEFData.com unless otherwise noted. 6 | P a g e Account Structure & Model Overview: CEFA uses separate account management for each client at qualified third-party custodians. This means that each client has an account titled in their name at a custodian independent to the Firm in which CEFA is authorized to manage on the client’s behalf. The Firm currently has 14 Diversified and 2 Sector models. Models can be adjusted to bring out various traits if needed. Examples can include: Taxable vs Tax-Deferred accounts, lowering a models’ Beta, or selecting funds that only pay monthly. They help us in managing a client’s account in accordance with their specific investment goals and risk tolerances: ❖ International Opportunity ❖ Diversified Equity ❖ Diversified Growth ❖ Hybrid (High) Income ❖ Discount Opportunity ❖ Alternative Income ❖ Foundation/Balanced ❖ Taxable Bond & BDC ❖ Dividend Confidence Model ❖ Diversified Low Beta ❖ Low Correlation ❖ Diversified Tax-Sensitive Income ❖ BDC Select ❖ Select Municipal ❖ CEFA Select Six Pack Income ❖ CEFA Non-Profit Foundation Diversified Income The Firm’s portfolio management approach can be described as a blend of fundamental research for selecting the asset allocation percentages for each model as well as technical analysis to assist in the timing and price for purchase and sale of the various funds held in an account. Research Articles & Webcasts: Historically the firm has published on Seeking Alpha and WealthManagement.com in addition to our blog (www.cef-blog.com). In recent years we have focused on creating content through our founding membership in The Active Investment Company Alliance (AICA – www.AICAlliance.org). We sponsor

and coordinate the weekly NAVigator Podcast. We have found this a great opportunity to increase our coverage of closed-end fund ideas and trends in addition to engaging in a dialogue with closed-end fund investors and investment professionals. We also have continued our quarterly research and closed-end fund review and outlook webcasts for 45+ consecutive quarters in order to help fill the void in current closed-end fund coverage. More can be found on our webinar page: www.cefadvisors.com/webinars.html. The research articles and webinars are a free service. 7 | P a g e CEF Data Service: The Firm offers a weekly data service, CEFA’s Closed-End Fund Universe, also known as CEFData.com, archived since March 2012, which is used to improve the management of client assets, peer to peer- group comparisons and in tracking the closed-end fund industry from a historical perspective. The service covers hundreds of data points per fund for US listed traditional closed-end funds and BDCs, as well as non-listed CEFS and BDCs (Interval and Tender Offer Funds). The CEF Universe is a paid subscription service on our website for individuals and investment professionals. The service does not give specific recommendations or ratings of funds. Data service fees are usually paid via credit card, but subscription payments can be made via check with the Firm’s prior approval. The firm’s principals have the authority to offer free or discounted rates on the CEF Universe report when warranted. Payments are made in advance for access to the weekly data. CEFData Premium Service: CEFData.com is the premium web-based extension of CEF Advisors’ CEF Universe project. We currently collect and produce data points for US listed traditional closed-end funds and for Business Development Companies (BDCs). Our current offering is weekly XLS and PDF files with our expansive data coverage for the universe of funds and a Daily CEF/BDC News and SEC Filings Alert service. You can learn more about this offering on our main website: www.cefadvisors.com/universe.html Subscription pricing for the premium CEFData.com service depends on the type of subscriber (i.e., individual investor, small RIA, or hedge fund) and ranges from $5,000 - $40,000 per year. Please contact CEFA for a quote. Active Investment Company Alliance: CEFA is a founding member of the Active Investment Company Alliance (AICA). AICA is a 501(c)(6) non-profit trade association for listed closed-end funds, business development companies, interval and tender offer funds. Membership will be broad-based globally across fund sponsors (member firm who manages a closed-ended management company, BDC or equivalent), or product sponsors (member firm who manages an investment product: open-end, UIT, ETF, CEF, SMA, LP where the underlying investments are focused on closed-ended management companies, BDC or equivalent). Firm Services: CEFA specifically does not engage in financial planning services, as it is an investment management firm. The Firm manages both taxable as well as tax-deferred and tax-free accounts. As the Firm’s expertise is in analyzing and the utilization of closed-end funds for client investment objectives, there are limitations in CEFA’s ability to serve clients interested in a portfolio manager that has expertise in individual common stocks or traditional fixed income securities. The Firm does not offer insurance products including variable or fixed annuities. CEFA offers, with limited availability to no more than five research-related services clients, consulting on a retainer or hourly schedule. See Item 5 in this 8 | P a g e brochure for more information. Account Individuation: While CEFA maintains twelve portfolios composites which most clients are assigned, each account and model is allowed to have specific additions or changes to the investment objective. This could be used to avoid a sector (like REITs) when the client is a commercial real estate / REIT attorney and does not want the extra exposure to the sector in their portfolio. In addition, clients sometimes request a type of investment be included in their account, like individual stocks, not followed by the Firm, which would preclude them from inclusion in one of the Firm’s composites. As long as the Firm’s principals agree that the client’s request is prudent and the Firm is comfortable handling the management of the asset, we will modify a client’s account as needed to fulfill their investment goals. CEFA can tailor its advisory services based on a client’s needs and objectives. Investment guidelines and restrictions must be provided to CEFA in writing prior to entering or at the time of entering an engagement. Additionally, as a client’s risk tolerance, financial conditions, marginal tax rate or investment objectives change, the Client should ensure to provide updates in writing to its investment guidelines and any restrictions. Typical Account Types: CEFA deals primarily in the following account types: Individual, Trust, Partnership, Roth IRA, SEP IRA, Simple IRA, Rollover IRA and Defined Benefit Plans. The account types that the Firm is least interested in managing include non-self-directed 401(k), 403(b) and other similar corporate retirement accounts. Portfolio Composites: CEFA maintains composites for all of its portfolio models. We calculate composite performance returns net of the Firm’s fees and brokerage commissions on a time-weighted basis. Each client account is placed in a composite unless the account has management or allocation characteristics making it inconsistent with one of CEFA’s portfolio models. Composites are used to produce figures for public reporting of performance in CEFA’s marketing materials and with investment databases. Accounts are entered into a composite 90 days after being assigned to the specific portfolio model’s investment objective. Personally Identifiable Information: All information collected by CEFA for clients will be treated in the strictest confidence. CEFA will not voluntarily disclose confidential information to third parties without the clients’ prior consent, unless required by law or regulatory agency directive. In the event that the client information is no longer retained by CEFA, the Firm will take responsible measures to destroy client information. 9 | P a g e Firm Ownership: John Cole Scott owns 100% of the Firm’s common stock. There are no intermediate subsidiaries. Firm Assets, Accounts & Households: As of January 31, 2024, CEFA managed approximately $159,039,289 in assets for 148 active accounts or around 80 Clients. The Firm manages both discretionary ($90,067,831) and non-discretionary ($68,971,458) assets. More Information on CEFA: Prospective clients are encouraged to attend an on-demand session of the webinar: “Why Hire CEFA as Your Portfolio Manager” and “The ABCs of BDCs and CEFs” located on our website: www.cefadvisors.com/webinars.html.