LEGAL

CEF Advisors – Terms & Conditions

Last updated: August 2025

1. Acceptance of Terms

This website (the “Site”) is operated by Closed-End Fund Advisors, Inc. (“CEF Advisors,” “we,” “our,” or “us”). By accessing or using the Site, you agree to be bound by these Terms & Conditions (“Terms”). If you do not agree, do not use the Site. We may revise these Terms at any time by posting an updated version. Your continued use of the Site constitutes your acceptance of any changes.

2. Jurisdiction & Permitted Use

The Site is controlled from the Commonwealth of Virginia, USA. We make no representation that materials are appropriate or available in other locations, and access from jurisdictions where content may be illegal is prohibited. This Site does not constitute an offer or solicitation in any jurisdiction where such activity would be unlawful. You are granted a revocable, non-transferable, non-exclusive license to access and print public-facing Site content for personal, non-commercial use, provided copyright notices remain intact.

3. No Investment, Tax, or Legal Advice

Information on this Site is provided for general informational purposes only. It does not constitute investment advice, an offer to buy or sell securities, or accounting, tax, or legal advice. You should consult your own financial, legal, or tax advisors before making investment decisions. Past performance is not indicative of future results.

4. Data, Indexes & Intellectual Property

All content on this Site—including text, graphics, software, data, and trademarks—is the property of CEF Advisors or its licensors and is protected by intellectual property laws. This includes proprietary datasets and indexes covering closed-end funds (CEFs), business development companies (BDCs), exchange-traded funds (ETFs), interval funds, tender- offer funds, and related benchmarks or custom indexes created and maintained by CEF Advisors and CEFData®. Except as permitted under Section 2, no content may be copied, distributed, or reused without written permission.

5. Accuracy, Updates & Technical Risk

All Site information is provided “AS IS.” We do not guarantee that content is accurate, complete, current, error-free, or virus-free. We are not obligated to update any content. Use of the Site is at your own risk. We do not warrant that the Site, servers, or communications are free of viruses or other harmful components.

6. Limitation of Liability

To the maximum extent allowed by law, CEF Advisors and its affiliates will not be liable for any direct, indirect, incidental, consequential, or punitive damages arising out of use of, or inability to use, this Site—even if we have been advised of the possibility of such damages.

7. Responsible Conduct

Users agree not to:

  • use the Site for unlawful or commercial exploitation;
  • impersonate others or misrepresent identity;
  • upload harmful, infringing, or unauthorized content;
  • interfere with Site operation or transmit malware;
  • collect or harvest personal data of others;
  • violate any applicable laws or regulations.

8. Privacy Policy

CEF Advisors is committed to protecting your privacy. We may collect non- public personal information from forms, emails, webinar registrations, data subscription requests, or other interactions. This information may include your name, firm, email address, phone number, and service history.

We use your information to:

  • deliver advisory, consulting, or data services;
  • administer research events and webinar registrations;
  • send occasional updates on relevant offerings or insights.

We do not sell or rent your personal information. We may share limited contact details with our affiliated nonprofit, the Active Investment Company Alliance (AICA), only if you have subscribed to our public lists, joined a webinar, or downloaded educational content. We do not share any advisory-client account data unless separately authorized or required by law.

We restrict access to non-public personal information to employees and vendors who need it to provide services. We maintain appropriate physical, electronic, and procedural safeguards to protect your data.

You may unsubscribe from communications at any time using the link provided in our emails or by contacting us at privacy@cefadvisors.com or (804) 288-2482.

We reserve the right to amend our Privacy Policy. Material changes will be communicated via email or on this Site.

9. Business Continuity

CEF Advisors maintains a business continuity plan designed to minimize disruption in services and ensure recovery of critical functions in the event of a business interruption. This plan includes redundant systems, communication protocols, and off-site data backups. We evaluate and update the plan regularly to address operational risks and changing regulatory guidance.

10. Third-Party Links

This Site may contain links to third-party websites for convenience only. We do not control or endorse such sites and are not responsible for their content, privacy policies, or availability.

11. Copyright Infringement (DMCA)

If you believe that any material on this Site infringes your copyright, please contact:

John Cole Scott
Closed-End Fund Advisors
7204 Glen Forest Drive, Suite 105
Richmond, VA 23226
(804) 288-2482 · cefa@cefadvisors.com

Your notice must comply with 17 U.S.C. § 512. We will investigate and act promptly in accordance with the DMCA.

12. Governing Law

These Terms are governed by the laws of the Commonwealth of Virginia without regard to conflict-of-law principles. Any disputes shall be resolved in courts located in Richmond, Virginia.

DISCLOSURES:

CEFData.com provides data and information on closed-end funds (CEFs), business development companies (BDCs), interval funds, tender offer funds, exchange-traded funds (ETFs), and London-listed closed-end funds. CEFData.com is an information service provided by CEF Advisors, Inc., a registered investment advisor. The data and materials presented are for informational purposes only, are not intended to be relied upon as investment advice or recommendations, and do not constitute a solicitation to buy or sell any security. This information should not be considered specific legal, investment, or tax advice. Investors should consult each fund’s sponsor for detailed, fund-specific risk disclosures and/or seek the guidance of a qualified financial advisor before making investment decisions.

NOTES: Distribution type is sourced from CEFData.com. For specific information about a fund's distribution sources, please visit the fund sponsor's website.

The following applies to CEFs, BDCs, interval funds, tender offer funds, ETFs, and London-listed CEFs: Fund shares are not guaranteed or endorsed by any bank or insured depository institution and are not federally insured by the Federal Deposit Insurance Corporation (FDIC). These securities involve investment risks, including the possible loss of principal. There can be no assurance that a fund’s investment objectives will be achieved. Many closed-end funds and similar exchange traded vehicles frequently trade at a discount or premium to their net asset value (NAV). NAV returns are net of fund expenses and assume reinvestment of distributions.

Performance information, if presented, is for illustrative purposes only. Actual client returns may differ based on individual account holdings, timing, fees, and other factors. Past performance is not necessarily indicative of future results. All investments involve risk, including the risk of loss.Data is obtained from sources believed to be reliable; however, accuracy, completeness, and timeliness cannot be guaranteed. Information may change without notice, and CEF Advisors is under no obligation to update such information. Links to third-party websites are provided for convenience only, and CEF Advisors does not control or guarantee the accuracy or relevance of information on third-party sites. This material is presented for informational purposes only. Under no circumstances should it be considered an offer to sell, or a solicitation to buy, any investment product.

© CEF Advisors, Inc. and CEFData.com 2025. All rights reserved. Any copying, republication, or redistribution of CEF Advisors or CEFData.com content, including by caching, framing, or similar means, is expressly prohibited without prior written consent. CEF Advisors shall not be liable for any errors or delays in the content or for any actions taken in reliance thereon.

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7204 Glen Forest Drive
Suite 105
Richmond VA 23226