AND CLOSED-END FUNDS. September 22, John Cole Scott, CFS Chief Investment Officer Closed-End Fund Advisors, Inc
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1 THE OF BDCS AND CLOSED-END FUNDS September 22, 2016 John Cole Scott, CFS Chief Investment Officer Closed-End Fund Advisors, Inc Closed-End Fund Advisors is a Registered Investment Advisory Firm Specializing in Closed-End Fund & BDC Research, Trading and Management Founded in 1989
2 Disclosures Important: The information should not be considered an offer, or solicitation, to deal in any of the mentioned funds or sectors. The information is provided on a general basis for information purposes only, and is not to be relied on as advice, as it does not take into account the investment objectives, financial situation or particular needs of any specific investor. Any research or analysis used to derive, or in relation to, the information herein has been procured by Closed-End Fund Advisors ( CEFA ) for its own use, and may have been acted on for its own purpose. The information herein, including any opinions or forecasts has been obtained from or is based on sources believed by CEFA to be reliable, but CEFA does not warrant the accuracy, adequacy or completeness of the same, and expressly disclaims liability for any errors or omissions. As such, any person acting upon or in reliance of these materials does so entirely at his or her own risk. Any projections or other forward-looking statements regarding future events or performance of countries, sectors, markets or companies are not necessarily indicative of, and may differ from, actual events or results. No warranty whatsoever is given and no liability whatsoever is accepted by CEFA or its affiliates, for any loss, arising directly or indirectly, as a result of any action or omission made in reliance of any information, opinion or projection made in this presentation. The information herein shall not be disclosed, used or disseminated, in whole or part, and shall not be reproduced, copied or made available to others without CEFA expressed written permission. CEFA reserves the right to make changes and corrections to the information, including any opinions or forecasts expressed herein at any time, without notice. Data comes from our CEFData.com (formerly CEF Universe) service dated September 2, 2016 unless otherwise noted. 2
3 What Is CEF Advisors? Investment Management, Research & Data Independent, Fee Only & Family Owned Scott Letter: Closed-End Fund Report Discretionary Portfolio Management (SMA), Unit Investment Trust (UIT) Portfolio Consultant Covestor Models (Robo Advisor) Muni & BDC CEF & BDC News/SEC Alert & CEFA s Closed-End Fund Universe Consulting with Institutional Investors and CEF Fund Sponsors CEFData.com: CEF/BDC Web Modules with Daily Data We seek to be the crossroads of BDC/CEF data, trends and news. We maintain strong relationships with Managers, Peers, Analysts and Fund Sponsors. Founded in 1989
4 What is a Closed-End Fund (CEF) / Business Development Company (BDC)? o 1940 Act Investment Company with Fixed-Capital, Active Management, and Daily Liquidity o CEFs have traded on The NYSE since 1893 o Tax-advantaged and earnings are passed through to investors in the form of dividends and distributions (similar to REITs and MLPs) o Limited to 200% asset coverage (total assets / total debt) or one turn of leverage, excluding SBIC facilities (BDCs). o The closed-end structure is not an asset class but an investment vehicle o BDCs were created by Congress in 1980 to provide an opportunity for individual nonaccredited investors to participate in private investments o BDCs are closed-end funds that provide small, growing companies access to capital o BDCs are Domestically focused and required to offer portfolio companies managerial assistance. 4
5 BDCs Provide Access to Private Debt Investments Retail and Institutional Investors Shareholders taxed on dividends Investment Dollars $ $ Dividends to Investors BDCs No tax paid at this entity Debt Investments (Primarily) $ $ Interest and Dividends Small and Middle-Market Businesses 5
6 CLOSED-END FUNDS WHY CEFS / BDCs Broad Investable Universe Assets of Closed-End Funds* by type and end of period # of Funds Q Q Q Q Q Total Equity CEFs 222 $110,672 $118,784 $130,192 $124,963 $103,518 U.S. Equity 38 $20,698 $22,826 $23,608 $23,608 $20,600 Non U.S. Equity 63 $16,799 $17,884 $17,936 $16,758 $14,514 Special Equity 108 $73,176 $78,074 $88,327 $84,598 $68,404 REIT CEF 13 $5,370 $5,293 $6,100 $6,271 $5,933 Total Bond CEFs 345 $134,101 $132,840 $140,157 $137,108 $130,298 Taxable Bond 153 $71,420 $72,761 $74,636 $69,968 $64,592 National Municipal 103 $45, 008 $43,041 $46,981 $48,140 $47,088 Single State Municipal 89 $17,673 $17,038 $18,521 $19,000 $18,617 Total CEFs 567 $244,773 $251,624 $270,349 $262,072 $233,815 Debt-Focused BDC 44 $24,882 $28,936 $29,915 Equity-Focused BDC 9 $7,001 $7,377 $7,314 Total BDC CEF 53 $31,884 $36,312 $37,229 CEF GRAND TOTAL 620 $302,233 $298,384 $271,045 $ Billion x 9 % = ~$23.5 Billion in total CEF assets average discount exploitable undervaluation 6
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8 Discounts / Premiums CEFs and BDCs are often known for their infamous discounts. The discount is the feature built into the closed-ended structure that makes them unique & potentially lucrative. We believe that many CEFs historically trade at discounts because they can, and you have to price this into the value of the fund. BDCs often trade above NAV in normal markets because they are a unique way to own access to the sector. 8
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10 Trad CEF - Total Return July 1, June 30, 2016 NAV TR Price TR /1/2006 7/1/2007 7/1/2008 7/1/2009 7/1/2010 7/1/2011 7/1/2012 7/1/2013 7/1/2014 7/1/
11 2 Trad CEF - Average Discount / Premium July 1, June 30, /1/2006 6/1/2007 6/1/2008 6/1/2009 6/1/2010 6/1/2011 6/1/2012 6/1/2013 6/1/2014 6/1/2015 6/1/
12 BDC Debt - Total Return July 1, June 30, 2016` NAV TR Price TR /1/2006 7/1/2007 7/1/2008 7/1/2009 7/1/2010 7/1/2011 7/1/2012 7/1/2013 7/1/2014 7/1/
13 40 BDC Debt - Average Discount / Premium July 1, June 30, /1/2006 6/1/2007 6/1/2008 6/1/2009 6/1/2010 6/1/2011 6/1/2012 6/1/2013 6/1/2014 6/1/2015 6/1/
14 Municipal Bonds - Total Return July 1, June 30, 2016 NAV TR Price TR /1/2006 7/1/2007 7/1/2008 7/1/2009 7/1/2010 7/1/2011 7/1/2012 7/1/2013 7/1/2014 7/1/
15 6 Municipal Bonds - Average Discount / Premium July 1, June 30, /1/2006 6/1/2007 6/1/2008 6/1/2009 6/1/2010 6/1/2011 6/1/2012 6/1/2013 6/1/2014 6/1/2015 6/1/
16 MLP - Total Return July 1, June 30, 2016 NAV TR Price TR /1/2006 7/1/2007 7/1/2008 7/1/2009 7/1/2010 7/1/2011 7/1/2012 7/1/2013 7/1/2014 7/1/
17 20 MLP - Average Discount / Premium July 1, June 30, /1/2006 6/1/2007 6/1/2008 6/1/2009 6/1/2010 6/1/2011 6/1/2012 6/1/2013 6/1/2014 6/1/2015 6/1/
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19 Impact of Fund Leverage Municipal (Tax-Free) Bond Funds 6.0% 5.0% 4.0% 3.0% Leveraged NAV Yield Unleveraged 5.40% 5.60% 5.30% 5.20% 4.40% 3.80% 3.90% 3.10% 2.0% 1.0% 0.0% NPI NPM NMO NXZ MTT NIM NXP NXR Credit Quality ranges from A to AAA. Source: CEFA s Closed-End Fund Universe, May 8, 2018 *Currently leverage is giving muni CEFs an average of 1.6% higher distribution yield Past performance is not indicative of future results. This presentation is not intended as an offer to sell any of the funds shown. Rather, funds shown are for illustrative purposes only. 19
20 Discount Yield Benefit Advantage of Paying 90 cents for $1.00 of Assets Example: AC Enh Gwth & Incm Fd (NYSE: LCM) 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% NAV and Market Price Yield for LCM 8.74% Discount Yield Benefit = 1.14% 7.60% Market Price: $9.61 NAV: $11.05 Discount: % As of May 81, 2015 Yield on NAV Yield on Market Price Source: CEFA s Closed-End Fund Universe Past performance is not indicative of future results. This presentation is not intended as an offer to sell any of the funds shown. Rather, funds shown are for illustrative purposes only. 20
21 CEF/BDC Yield Comparison BDC Data as of 6/24/2016, Index Data as of 3/31/2016 MLP Index: Alerian MLP Index; REIT Index: Wilshire US REIT Index; Corporate Debt Index: S&P 500 Bond Index US High Yield Indices : BofA Merrill Lynch US High Yield (BB Rated, B Rated, CCC and Lower Rated ) 21
22 Traditional Closed-End Funds: By Yield Yield Under 5% 16.1% 29.2% Yield 5%-6.5% Yield 6.5%-8% 19.5% Yield 8% -10% 20.3% Yield Over 10% 15.0% Note: 548 Traditional CEFs; data as of 6/24/2016, cefdata.com 22
23 Debt Focused BDCs: By Yield 4.7% Yield Under 6% 20.9% 37.2% Yield 6%-8% Yield 8% -10% Yield 10% - 12% 37.2% Yield Over 12% Note: 43 Debt Focused BDCs; data as of 6/30/2016, cefdata.com 23
24 Tax Equivalent Yield Comparison Married Couple with W-2 Income of $1MM+ Sources: CEFA s Universe Data as of 6/30/16 and tax rates from IRS and NY State. 24
25 CEFA s Trifecta Analysis Suggested CEF/BDC Research Process 1. Discount Direction: CEFs/BDCs trade at prices in relation to their net asset value (NAV). NAVs are the anchor point for market pricing. We seek generally funds where discounts can recover or are sustainable vs. potential to widen dramatically. Small premiums can be healthy for a BDC. 2. Dividend Sustainability: Research the reoccurring earnings/income produced by a bond CEF/BDC as well as trends in the sector and past policies of the Sponsor/ Board. NAV TR long-term should exceed the NAV Yield to make policy sustainable. Dividends are policies from the BoD are not promises like coupon payments on bonds or loans. 3. NAV Total Return: Manager performance after costs is important as poor results often impact the price investors use as the anchor point for Funds. This also helps confirm that management can produce investment returns after their cost. Example: BDC loan creation is not typically a cheap and easy task, but shareholders need to know that management costs are in check with their results. Avg BDC NonLev Expense Ratio: 5.2%* CEFA feels that getting any of these items wrong can negate good investment research *Data as of 6/24/16 CEFdata.com 25
26 CEFA s Investment Philosophy Buy at a Discount Actively Monitor Funds Adjust Portfolio Allocations CEF Manager Analysis & Results Track Relative Value / Swap Funds Anticipate Dividend Changes Sell at Premium or Set Stops When to Raise Cash? 26
27 Types of Loans Held By BDCs 1. First Lien Loans: 54.8% 2. Second Lien Loans: 19.5% 3. Unsecured Loans: 11.7% 4. Equity/Other: 14.0% Avg Portfolio Turnover: 23.4% Avg Variable Loans: 76% / Fixed: 24% Libor Floors: 42% at 1.07% Avg Level Avg Loan Size: $10.7M 74% of Loans Under $25MM Average Maturity 4.1 with a range of 2 Years to 6 years Avg No of Loans: 108 from 94 Companies 27
28 Market Price volatility vs. NAV volatility (1 Year) Price Volatility NAV Volatility U.S. Equity Funds Non U.S. Equity Funds Specialty Equity Funds Taxable Bond Funds National Muni Bond Single State Muni Bond Debt Focused BDC Equity Focused BDC Source: CEFA s CEF Universe 5/8/
29 CEF & BDC Dividend Increases vs. Decreases Dividend Announcement 2Q 2016 Number of Announcements 2Q 2016 Average Change 2Q15 1Q16 Number of Announcements 2Q15 1Q16 Average Change Dividend Maintains 1191(87%) N/A 3805 (91%) N/A Dividend Increases 36 (3%) +6.8% 99 (2%) +4.9% Dividend Decreases 134 (10%) -7.1% 292 (7%) -9.2% Under 5% Increase 25 (69%) +1.9% 73 (74%) +2.0% Over 5% Increase 11 (31%) +18.2% 26 (26%) +13.1% Under 5% Decrease 53 (40%) -2.8% 139 (48%) -2.4% Over 5% Decrease 81 (60%) -9.9% 153 (52%) -15.5% Source: Fund Press Releases 29
30 2Q 2016 Closed-End Fund Dividend Increases vs. Decreases Major CEF Groups: Number of dividend decreases / increases Last Quarter & Previous 1 Year Rolling Last Q Decreases Previous 1 Yr Rolling Decreases 80 Last Q Increases 60 Previous 1 Yr Rolling Increases U.S. Equity Funds Non U.S. Specialty Taxable Bond National Muni Single State Debt Focused Equity Equity Funds Equity Funds Funds Bond Funds Muni Bond BDC Focused BDC Funds Source: Fund Press Releases 30
31 Traditional Closed-End Fund 90 Day NAV Market Price Correlation Trad CEFs Groups - 90 Day NAV/Price Correlation June 22, June 30, Q212 Q312 Q412 All Trad CEFs All Equity All Bond US Equity Special Equity Taxable Bond Nat Muni Bond State Muni Bond Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Non US Equity Q115 Q215 Q315 Q415 Q Source: March 31, CEFA s Closed-End Fund Universe Report 31
32 Premiums: A Worst Case Scenario AGD AOD 6/18/10 Monthly Dividend $0.11 $0.12 6/18/10 Premium +38.5% +31.5% 6/19/10 Monthly Dividend $0.06 (-45%) $0.055 (-54%) 6/25/10 - Premium +2.96% % Relative Pricing Change -35.5% -35.8% Source: Telemet 32
33 Traditional Closed-End Fund Historical IPOs (2Q 16) YTD Number of IPOs Average Assets In $ millions Total New CEF IPO Assets in $ Billions $172 $291 $469 $580 $517 $316 $451 $200 $131 $690 $506 $0.5B $10.6 $2.3B $4.2B $14.5 $11.9 $6.0 $7.7 $2.6 $0.3 $ Year Average: 18 Funds per year, $415M Ave Fund, $10 Billion Per Year Source: SEC Filings, Press Releases 33
34 BDC Historical IPOs Number of IPOs Average Assets In $ millions $120 $575 $78 $96 $101 $98 $87 $141 $138 $203 Total New CEF IPO Assets in $ Billions $0.1 $3.5 $0.3 $0.5 $0.7 $0.5 $0.1 $0.1 $0.7 $ Year Average: 3.6 Funds per year, $164M Ave Fund, $0.7 Billion Per Year Source: SEC Filings, Press Releases 34
35 Closed-End Fund Mergers (Traditional) Closed-End Funds Merged into Other Closed-End Funds (June 2016) 60 Number of Closed - End Funds Reasons to Merge: Reduce expense ratio Increase liquidity Reduce bid/ask spread Improve cost of future leverage Source: Fund Press Releases Avg per year 35
36 Closed-End Fund Deaths (Traditional) CEF Funds Open-Ended, Liquidated or Converted to ETF Converted to ETF 8 Liquidated Open-ended Causes: Open-ending, liquidation & conversion Source: Fund Press Releases 36
37 Common CEF Mistakes Buying a CEF on the IPO Only buying a CEF at a discount Only buying a CEF because of yield Buying a selection of CEFs and holding them forever (not swapping funds over time) 5. I have lost so much, I just want to get back to even 6. I have made so much, I am happy with whatever happens (I don t care if I lose 10-15% b/c I am up 70%) 7. Unknowingly buying a CEF at a high premium or high relative premium 37
38 Risks of CEF/BDC Investing Poor Management, Credit Risk Discount & Dividend Risk Poor Fee / Shareholder Alignment Quarterly NAV (BDC), subjective fair value estimates could take sudden and quick losses Liquidity, Bid/Ask Spread Risk Market Prices can be volatile, especially during earnings season, dividend changes, corporate actions or on headline risk and risk off trading. Libor floors, variable leverage, spread widening, Irrational trading behavior of retail shareholders 38
39 How Have CEFs/BDCs Faired in a Rising Rate Environment? 39
40 CEF Institutional Holdings (Traditional CEFs 2Q 16) Institutional Holdings Trends Increase: 332 funds Decrease: 102 funds Trad CEFs Groups - % Shares Owned by Institutions January 18, June 30, % Q1-13 All Trad CEFs All Equity All Bond US Equity Special Equity Taxable Bond Nat Muni Bond State Muni Bond Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Non US Equity Q2-15 Q3-15 Q4-15 Q % 30.0 % 25.0 % 20.0 % 15.0 % 10.0 % 5.0 % 0.0 % Source: CEFA s Closed-End Fund Universe ( 40
41 CEFA s Outlook for 2016 US Equity Funds Non-US Equity Funds Specialty Equity (Sector) Funds Taxable Bond Funds National Municipal Bond (Tax-Free) Funds State Specific Municipal Bond (Tax-Free) Funds Debt-Focused Business Development Companies (BDCs) Equity-Focused Business Development Companies (BDCs) 41
42 In Summary: Why We Like Closed-End Funds Total Return (Yield Driven) Diversification Professional Management Leverage Used by Fund Free Leverage of The Discount Control: Limit & Stop Orders Fixed Capitalization: No Redemption Pressures Capitalize on Market Inefficiencies Low Active Institutional Ownership / Mostly Retail 42
43 CEF Advisors Services and Portfolio Options Professional Tactical Separate Account Management: $1MM Household Minimum, 1% Fee by CEFA Model Access: View access to current portfolio with notice for changes with rationale. $1,050 per quarter (1 Model) SmartTrust UIT CEFA Select BDC Trust Series 7 : $1000 minimum purchase, 0.50% creation & development fee for noncommission cusip. Covestor Yield Animal BDC Model and Municipal Bond Opportunity: $10,000 minimum account size, 0.50% fee (Muni) 1.0% (BDC). Daily CEF/BDC News & SEC Filings Alerts: $156 per year (10 Day Trial) Weekly CEF/BDC Universe Data: $ per quarter (14 Day Trial) CEFData.com: Daily Access to Modules for Fund Screening and Portfolio, Model and Watch List Monitoring: $1K - $4K per quarter depending on subscriber classification. One-Time & Ongoing Consulting: Cost varies with $500 minimum. 43
44 Closed-end Fund Advisors, Inc. ("CEFA") is a Commonwealth of Virginia registered investment adviser located in Richmond, VA. Registered investment adviser does not imply a certain level of skill or training. CEFA may only transact business in those states in which it is registered or has completed the appropriate notice-filing requirements. Prospective clients should consult with a financial consultant to review their investment objectives and financial situation before determining whether any investment, security, or strategy is suitable. A copy of CEFA s Form ADV Part 2A & 2B providing information regarding CEFA s services, fees, and other important disclosure items is available on this website and/or from CEFA upon request. Any opinions expressed in this or in any CEFA authored documents are subject to change without notice and, due to the rapidly changing nature of the security markets, may quickly become outdated. No information should be interpreted to state or imply that past results are an indication of future performance. The discussions and opinions in this are for general information only and for use of the recipient, and are not intended to provide investment advice. All materials presented are compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. Performance data and other information contained herein are estimated and unaudited. Actual yields will vary from one investor to the next depending on their tax bracket. No portion of the should be interpreted as legal, accounting or tax advice and is not to be reproduced or copied or made available to others. All investments involve risk including the loss of principal. The Market Price and Net Asset Value Total Return Performance referenced in the attached PDF files for each of CEFA's Models does not reflect composite performance for CEFA's clients. It is shown to allow investors to compare the current model allocations performance differences between Market prices and Net Asset Value for comparable rolling time periods. If a fund in the model does not have a trading history for the entire period shown (usually the 3 Year figure), it is not included in the results. Investors cannot invest in CEFs' net asset values, but it is considered the best judge of a funds management team after cost for comparison purposes. CEFA also seeks funds with above average NAV performance and recent market price underperformance so we may have the opportunity to experience discount narrowing, and it traded properly, general out performance of the funds NAV returns.
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52 Current CEFPortfolio Advisors Composites CEF Advisors Composites Diversified Growth (1/1999) 80% Equity / 10% Bond / 10% BDC: Tactical and wide mandate w/ 4%-7%+ est. yield Growth & Income (1/1999) 72% Equity / 16% Bond / 12% BDC: Diversified, tactical and wide mandate w/ 6%+ est. yield Primarily equity oriented funds w/ little direct US exposure 3%+ est. yield 50% Equity /30% Bond / 20% BDC: Diversified, tactical and wide mandate w/ 9.5%+ est. yield 55% Equity / 37% Bond / 8% BDC: Diversified and tactical w/ 6%-7.5% est. yield Primarily CEF-based with 37% Equity / 24% Bond / 5% BDC: Diversified & tactical. Exposure to Non traditional equity/bond ETFs & OEFs (34%) seeking to reduce portfolio volatility International Opportunity (11/2002) Hybrid Income (12/2006) Foundation/Balanced (10/2009) Conservative Diversified (5/2009) Special Situations (6/2013) Managed Municipal Bond (8/2014) Actively managed municipal bond portfolio comprising of both National and State Muni funds. Constantly monitoring for diversified, high quality blended tax free yield while seeking to protect principal Diversified Tax-Sensitive Income A focused portfolio of 4-7 CEFs & BDCs looking for ideas in three areas: 1. Activist Involved Funds 2. Severe Discount Arbitrage 3. CEFA s Best Fundamental Ideas 25%-50% exposure to Municipal Bond CEFs and 20%-40% exposure to low correlation and tax sensitive sectors: MLP and Covered Call Funds. Seeking 7%-7.5% after tax income. Business Development Company (BDC) Funds (1/2015) Diversified selection of BDCs seeking consistent income & positive growth of principal and exploiting the increased inefficiencies from a group of funds that trade 5X the liquidity and 20%+ more yield than traditional taxable CEFs. BDCs are generally liquid venture debt exposure to private US companies. Note: When the percentage allocations above do not add up to 100%, the balance is cash exposure for the portfolio model. Account CEFA manages under $100K in value can have allocation variance's due to a smaller number of funds held in the account. Model allocations are as of 3/31/
53 CEFA Portfolio Composites Summary Performance Disclosure: See full portfolio disclosures at the end of this presentation
54 For Your Information Free CEF/BDC Resources CEFA s CEF/BDC Fund Profiles: BDC List and Summary Data: CEFAnalyzer LLC: The Closed-End Fund Association: CEF Connect (Nuveen Sponsored): Morningtar's CEF Site: Investment Company Institute: CEFNetwork (Pristine Advisers): CEF Insight (Activist Info from AST Fund Solutions): Capital Link's CEF Portal: Morningstar Discussion Board: Yahoo CEF Discussion Board: The CEF Network on LinkedIN: Seeking Alpha: More Useful Links at: 54
55 Speaker s Biography John Cole Scott, CFS Chief Investment Officer of Closed-End Fund Advisors Mr. Scott has worked at Closed-End Fund Advisors since He sits on the firm s investment committee and holds the FINRA 66 License and the Certified Fund Specialist designation (CFS). He is a graduate of The College of William and Mary and has been quoted and interviewed widely in the financial press and presented at conferences and for investment groups on more than 40 occasions. John Cole Scott, CFS EXPERIENCE CIO of Registered Investment Advisor Focused Exclusively on CEFs and BDCs since 2001 EDUCATION College of William & Mary Bachelor of Science in Psychology 2000 In 2008 John founded CEFA's Closed-End Fund Universe, a comprehensive weekly data service covering 240+ data points for all US listed closed-end funds and 210+ for BDCs. He also founded and manages The CEF Network group on LinkedIn and is editor of the firm s blog. John is a past board member of The Richmond Association for Business Economics (RABE), and serves on the Investment Committee for The New York State Society of The Cincinnati. 55
56 Additional Disclosures CEFData.com makes data for the universe of closed-end funds (CEFs) and business development companies (BDCs) available to its users. This material is not intended to be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. This site does not list all the risks associated with each fund. Investors should contact a fund s sponsor for fund-specific risk information and/or contact a financial advisor before investing. Distribution type sourced from CEFdata.com. For specific information about a fund's distribution sources, visit the fund sponsor's website. The following information applies to closed-end funds and business development companies in general: Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation (FDIC). Shares of closed-end funds (CEFs) and business development companies (BDCs) are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds and business development companies frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions. This material is presented for informational purposes only. Under no circumstances is it to be considered an offer to sell, or a solicitation to buy any investment referred to on this page. While the information contained herein is from sources believed reliable, we do not represent that it is accurate or complete and it should not be relied upon as such. Past performance is not necessarily indicative of future results. All investments involve risk including the loss of principal. Returns are presented gross of investment management fees and other appropriate fees (i.e. commissions, custodial fees, etc.). Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 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. SmartTrust CEFA Select BDC Trust Series 7 UIT Investors should consider the trust s investment objective, risks, charges and expenses carefully before investing. The prospectus contains this and other information relevant to an investment in the trust. Please read the prospectus carefully before you invest. If a prospectus did not accompany this literature, please contact SmartTrust at (888) to obtain a free prospectus. Hennion & Walsh is a member of FINRA/SIPC Route 46, Waterview Plaza, Parsippany, NJ (888) NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE 56
57 Thank You For Attending Questions? Closed-End Fund Advisors, Inc 7204 Glen Forest Drive, Suite #105 Richmond, Virginia U.S.A (800) / (804)
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