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| Portfolio | Discount | 1 Yr Avg Discount | 3 Yr Avg Discount | Rel Disc Range(3yr) | Mk Yield | Lev Adj NAV Yield | After Tax Yield | Tax Friction | 1 Yr RoC % | 3 Yr Dest RoC % | Lev % | Est Lev Cost | Non Lev Expense Ratio | 3 Yr NAV Volatility | 3 Yr NAV TR | Purchases Turnover | Sales Turnover | % Equity Exposure | % Bond Exposure | # Holdings | Cash Weighted Duration | Beta (2yr) | AV exposure to S&P 500 | Comp NAV TR | Comp Discount |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 01. CEFA International Opportunity | -11.46 | -11.81 | -9.78 | 34.48 | 8.30 | 6.39 | 7.34 | 0.96 | 53.0 | 43.5 | 13.5 | 1.01 | 1.42 | 16.12 | -3.01 | 48.98 | 54.24 | 65.98 | 31.92 | 26 | 1.39 | 0.84 | 10.17 | -0.25 | -1.79 |
| 02. CEFA Diversified Equity | -15.62 | -15.49 | -13.16 | 29.72 | 7.24 | 5.73 | 6.43 | 0.81 | 43.1 | 19.5 | 8.3 | 0.60 | 1.37 | 18.63 | 1.21 | 46.04 | 52.84 | 90.75 | 5.35 | 21 | N/A | 0.84 | 43.37 | 1.22 | -5.91 |
| 03. CEFA Diversified Growth | -8.04 | -9.96 | -9.17 | 46.59 | 9.36 | 7.13 | 7.88 | 1.48 | 42.3 | 26.1 | 20.9 | 2.24 | 2.16 | 15.78 | 1.60 | 48.07 | 51.16 | 62.36 | 34.37 | 29 | 0.73 | 0.79 | 31.33 | 1.13 | -1.06 |
| 04. CEFA Hybrid (High) Income | -10.45 | -12.24 | -9.47 | 42.74 | 11.52 | 7.98 | 9.41 | 2.11 | 38.0 | 28.7 | 30.6 | 3.57 | 2.80 | 10.20 | 2.14 | 63.89 | 55.74 | 31.10 | 66.37 | 34 | 1.30 | 0.69 | 15.35 | -0.35 | -5.71 |
| 04.1 CEFA Hybrid (High) Income - Tax Advantaged | -8.08 | -10.73 | -8.24 | 47.03 | 10.01 | 7.19 | 8.37 | 1.64 | 46.7 | 31.4 | 28.6 | 3.06 | 2.51 | 10.46 | 2.38 | 64.74 | 57.52 | 37.56 | 60.26 | 43 | 1.94 | 0.71 | 15.94 | 0.24 | -2.22 |
| 04.2. CEFA Hybrid (High) Income Monthly | -2.47 | -4.27 | -2.11 | 46.19 | 11.91 | 9.41 | 10.30 | 1.61 | 55.6 | 42.1 | 25.8 | 2.69 | 2.36 | 12.46 | 0.23 | 75.15 | 76.68 | 46.73 | 50.19 | 32 | 1.42 | 0.72 | 23.98 | 0.72 | 3.31 |
| 05. CEFA Discount Opportunity | -17.98 | -18.89 | -17.22 | 39.91 | 9.02 | 6.09 | 7.49 | 1.53 | 47.7 | 29.9 | 21.8 | 2.80 | 2.46 | 13.86 | 4.87 | 46.35 | 52.95 | 57.70 | 37.15 | 34 | 0.75 | 0.74 | 25.18 | 1.18 | -12.27 |
| 06. CEFA Alternative Income | -9.57 | -11.76 | -9.68 | 45.83 | 10.77 | 7.50 | 8.86 | 1.91 | 45.1 | 28.0 | 30.3 | 3.33 | 2.68 | 9.08 | 2.94 | 66.47 | 57.03 | 32.49 | 64.99 | 42 | 1.06 | 0.67 | 16.58 | 0.53 | -4.48 |
| 06.1 CEFA Alternative Income - Tax Advantaged | -11.03 | -12.76 | -10.75 | 43.66 | 9.15 | 6.47 | 7.90 | 1.25 | 42.2 | 27.4 | 26.8 | 2.58 | 2.03 | 11.16 | 2.51 | 56.89 | 49.32 | 34.70 | 62.66 | 44 | 3.67 | 0.78 | 12.71 | 1.10 | -4.08 |
| 07. CEFA Foundation / Balanced | -11.79 | -13.62 | -11.48 | 44.19 | 9.94 | 7.24 | 7.66 | 2.28 | 46.6 | 30.8 | 21.6 | 2.17 | 2.08 | 13.12 | 1.41 | 58.75 | 60.23 | 52.10 | 44.78 | 44 | 0.99 | 0.74 | 23.86 | 1.49 | -5.27 |
| 07.1 CEFA Foundation / Balanced - Tax Advantaged | -9.54 | -11.08 | -8.16 | 40.62 | 8.62 | 6.49 | 6.97 | 1.65 | 50.3 | 28.4 | 21.6 | 1.97 | 1.82 | 14.69 | 2.51 | 53.15 | 57.34 | 60.31 | 37.64 | 45 | 2.48 | 0.88 | 28.59 | 1.04 | -1.75 |
| 08. CEFA Taxable Bond & BDC | -4.82 | -8.18 | -7.31 | 58.75 | 10.75 | 7.64 | 7.29 | 3.46 | 25.1 | 22.7 | 34.7 | 3.99 | 2.95 | 6.51 | 1.84 | 65.68 | 53.70 | 9.20 | 88.13 | 32 | 2.86 | 0.56 | 0.90 | -0.27 | -1.76 |
| 08.1 CEFA Fixed Income - Tax Advantaged | -9.89 | -11.12 | -7.72 | 35.93 | 9.04 | 6.16 | 7.60 | 1.44 | 35.6 | 31.1 | 34.5 | 3.24 | 2.53 | 7.58 | -1.79 | 45.74 | 39.00 | 11.35 | 86.51 | 40 | 7.90 | 0.86 | 0.17 | -0.58 | -3.27 |
| 09. CEFA Dividend Confidence Model | -6.90 | -9.38 | -7.89 | 50.41 | 9.30 | 6.96 | 7.73 | 1.57 | 33.2 | 15.1 | 25.0 | 2.53 | 1.94 | 13.12 | 3.23 | 55.88 | 52.71 | 52.63 | 45.62 | 33 | 0.83 | 0.74 | 33.45 | 2.62 | -1.15 |
| 09.1 CEFA Inflation Optimized Tax-Advantaged Income | -5.28 | -7.35 | -5.41 | 47.25 | 10.60 | 7.83 | 8.87 | 1.73 | 48.6 | 34.0 | 29.7 | 3.35 | 2.83 | 11.64 | 3.03 | 63.07 | 49.95 | 46.13 | 51.69 | 46 | 2.52 | 0.72 | 26.10 | 0.80 | -0.58 |
| 10. CEFA Diversified Low Beta | -8.35 | -10.27 | -7.88 | 42.86 | 9.35 | 6.75 | 7.71 | 1.64 | 40.4 | 27.0 | 26.7 | 2.56 | 2.17 | 11.29 | 2.79 | 57.99 | 62.65 | 38.46 | 59.44 | 33 | 1.45 | 0.68 | 20.27 | -0.09 | -2.43 |
| 11. CEFA Low Correlation | -9.36 | -9.76 | -6.70 | 33.99 | 7.73 | 5.79 | 6.37 | 1.36 | 27.1 | 6.4 | 23.6 | 2.59 | 1.97 | 11.21 | 3.11 | 46.46 | 46.70 | 42.55 | 53.09 | 24 | 3.09 | 0.73 | 26.40 | -1.08 | -2.98 |
| 11.2. CEFA Low Correlation - IRA | -5.31 | -6.21 | -4.69 | 41.22 | 8.68 | 6.64 | 7.18 | 1.50 | 34.2 | 12.8 | 24.0 | 2.61 | 2.07 | 13.06 | 4.76 | 31.20 | 34.35 | 44.28 | 53.05 | 23 | 2.83 | 0.83 | 30.64 | 1.55 | 0.21 |
| 12.1 CEFA Div Tax-Sensitive Income | -11.18 | -12.56 | -7.98 | 38.39 | 9.30 | 6.53 | 7.51 | 1.79 | 44.3 | 27.7 | 28.0 | 2.73 | 1.91 | 12.41 | 1.24 | 41.00 | 43.89 | 40.06 | 58.39 | 36 | 3.99 | 0.82 | 21.40 | -0.01 | -4.13 |
| 13. CEFA BDC Select | 15.58 | 7.07 | 14.53 | 66.47 | 10.24 | 7.63 | 7.68 | 2.56 | 0.0 | 0.0 | 51.5 | 8.00 | 3.67 | 3.74 | 10.76 | 18.41 | 18.41 | 5.16 | 92.61 | 8 | N/A | 0.67 | 0.00 | 4.00 | 16.36 |
| 13.2. CEFA BDC - Low Beta | 1.94 | -3.70 | -3.30 | 66.99 | 10.59 | 6.97 | 7.94 | 2.65 | 0.0 | 0.0 | 52.4 | 7.57 | 3.95 | 4.67 | 8.68 | 17.88 | 17.88 | 10.62 | 82.37 | 14 | N/A | 0.66 | 0.00 | -0.09 | 2.72 |
| 13.3. CEFA BDC Premium | 28.08 | 18.52 | 21.03 | 63.71 | 9.61 | 7.94 | 7.21 | 2.40 | 0.0 | 0.0 | 49.6 | 6.93 | 3.48 | 4.52 | 11.92 | 18.08 | 18.08 | 7.79 | 90.40 | 11 | N/A | 0.70 | 0.00 | 4.25 | 28.86 |
| 13.4. CEFA BDC Monthly Income | -1.83 | -5.74 | -4.54 | 59.54 | 10.71 | 6.64 | 8.03 | 2.68 | 0.0 | 0.0 | 53.2 | 8.41 | 3.56 | 5.23 | 4.84 | 17.71 | 17.71 | 12.10 | 82.21 | 8 | N/A | 0.62 | 0.00 | -3.05 | -1.06 |
| 14. CEFA Select Municipal | -11.48 | -13.14 | -8.78 | 27.41 | 4.81 | 3.21 | 4.81 | 0.00 | 11.0 | 7.5 | 33.4 | 2.40 | 1.04 | 6.79 | -3.49 | 19.11 | 20.20 | 0.61 | 98.70 | 19 | 11.03 | 1.10 | 0.00 | 0.14 | -1.20 |
| 14.1. CEFA Low Duration Municipal | -11.14 | -13.01 | -8.44 | 24.95 | 5.19 | 3.39 | 5.19 | 0.00 | 19.1 | 12.3 | 37.1 | 2.71 | 0.99 | 7.90 | -3.86 | 33.14 | 31.87 | 0.00 | 98.26 | 3 | 4.10 | 1.25 | 0.00 | 0.28 | -0.73 |
| 15. CEFA Select "Six Pack" Income | -4.35 | -6.53 | -3.75 | 44.26 | 9.82 | 7.46 | 8.02 | 1.80 | 37.2 | 27.3 | 27.2 | 2.91 | 2.22 | 12.01 | 1.94 | 64.65 | 61.35 | 47.63 | 49.65 | 35 | 0.90 | 0.67 | 29.75 | 0.50 | -0.05 |
| 16. CEFA Non-Profit Foundation Diversified Income | -9.49 | -11.47 | -10.28 | 46.27 | 9.99 | 7.40 | 9.98 | 0.01 | 41.2 | 22.2 | 22.6 | 2.14 | 2.26 | 11.81 | 3.08 | 67.89 | 67.03 | 43.30 | 54.00 | 39 | 1.25 | 0.65 | 17.06 | 1.85 | -3.63 |
DISCLOSURES:
Closed-end Fund Advisors, Inc. ("CEFA") is a SEC Registered Investment Advisory Firm 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 email 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 email 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 email 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.
The results shown do not represent the results of actual trading using client assets but were achieved by means of the retroactive application of an investment process that was designed with the benefit of hindsight, otherwise known as back-testing. Thus, the performance results noted above should not be considered indicative of the skill of the advisor or its investment professionals. The back-tested performance was compiled after the end of the period depicted and does not represent the actual investment decisions of the advisor. These results do not reflect the effect of material economic and market factors on decision making. In addition, back-tested performance results do not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risks associated with actual investing.
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.
NOTES: 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.).
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