CEFA’s Portfolio Models Our Principals

C E FA's P o r t f o l i o M o d e l s

? Global Growth: A well-diversified portfolio holding investments from a wide selection of asset classes managed for long-term growth. The portfolio is invested in global, regional and single country funds as well as in REIT funds. This portfolio is well-suited to the more risk tolerant investor.

? Growth & Income: A well-diversified portfolio containing investments from a wide selection of closed-end fund asset classes. Seeks a current yield of 5% to 6%. Foreign exposure is typically limited to diversified global and regional funds rather than country funds to reduce risk. The portfolio is well-suited to the moderately conservative long-term investor who wants both global growth and income.

? International & REIT: A focused growth portfolio concentrated in domestic and global real estate and international equity funds. This portfolio is designed for little direct exposure to U.S. equity markets and is well-suited to the more risk-tolerant investor. The portfolio contains some global bond exposure to reduce volatility.

? Hybrid Income: A well-diversified portfolio that seeks high current income from a wide selection of income-producing closed-end funds. It has an approximate 50/50 equity/ bond exposure with more than 80% of the dividends paid monthly. The portfolio is best suited for our most conservative long-term investor.

Our Principals

George Cole Scott, President & Sr. Portfolio Manager John Cole Scott, Executive Vice-President

Closed-End Fund Advisors ("CEFA") is a fee-based Registered Investment Advisory firm founded in 1989. Known as "The CEF Experts," CEFA is headquartered in Richmond, Virginia. As "a global manager of managers," we build portfolios for individual and institutional clients, either directly or through financial advisors and planners. CEFA portfolios seek to provide investors with highest returns relative to their investment objectives, while managing risk and volatility. CEFA's investment approach can be characterized as a dynamic process that tempers fundamental geopolitical research with technical timing.

For more information on CEFA please visit our website or read our ADV Part II. Past performance cannot predict future

results. Investments may lose value.

20th Floor, 707 E. Main St. Post Office Box 1100

Richmond, Virginia 23218 Phone: (800) 356-3508

Closed-End Fund Advisors

Offering professionally managed global portfolios

Est. 1989

Why Invest Globally?

? Global closed-end fund investing includes both domestic and international funds. The most exciting and rewarding investment arena today lies in the emerging markets which continue to have the world's highest growth rates. Globalization means that more and more of the emerging markets are rapidly joining the developed world.

? Low liquidity, political instability and a lack of infrastructure which have deterred investors from the emerging markets, have now largely disappeared. Despite the higher risks, there are unparalled opportunities for the creation of global wealth. CEFA has found that stronger foreign currencies, especially in China, India and Brazil, have favored U.S. investors. We see an era of better communication, improved accounting transparency and more international commerce, leading to global growth.

? Over the past 20 years, globalization has expanded exponentially due to technological advances. Many opportunities exist to invest in the potentially highly rewarding global markets that can maximize one's portfolio.

Why Closed-End Funds?

Control: Closed-end funds can be purchased and sold using limit, stop and good-till-cancelled orders. In this way, we can control the prices we pay for funds, often getting near the lows for the day.

Transparency: By analyzing the difference between the market price and net asset value (NAV), we can determine the current variance between a fund's actual and perceptive value. These pricing inefficiencies enable us to take advantage of comparative fund discounts.

Cost: Unlike mutual funds, there are no loads, redemption fees or pressures to sell closed-end funds in weak markets. We seek brokers who provide the lowest commissions available, another factor that enables us to outperform our benchmarks.

Leverage: Some funds are able to leverage their portfolios with modest borrowing to increase their returns. The other leverage is inherent: buying a fund at a discount and selling it when it goes to a premium can increase your returns.

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Why Hire CEFA?

Experience: We have 45 combined years of industry experience and are active in the Closed-End Fund Association and the CFA Institute. CEFA has 27 years of closed-end fund board experience, and its President is co-author of the only hard-back book on the industry.

Access to Information: Having access to financial research, data and professional contacts, CEFA is on the leading edge of industry developments.

Accountability: As discretionary fee-based investment managers, CEFA tracks a client's performance for its portfolio models as well as comparable indices to measure our performance on an absolute and relative basis.

Portfolio Monitoring: All portfolios are rebalanced semi-annually and monitored weekly to ensure that asset allocations stay within set percentages and that each position is the best choice for the underlying investment objective.

Vested Interest: We are passionate about our work, offering clients the same investment strategies and funds that we use in our own portfolios. However clients' interests are always favored over our own.

For more information on CEFA please visit our website or read our ADV Part II. Past performance cannot predict future results. Investments may lose value.

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