USINESS DEVELOPMENT COMPANIES AND CLOSED END …THE OF BDCS (BUSINESS DEVELOPMENT COMPANIES)AND...

THE OF BDCS(BUSINESS DEVELOPMENT COMPANIES)

AND CLOSED‐END FUNDS

John Cole Scott, CFSChief 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

May 17, 2017

Important: The information should not be considered an offer, or solicitation, to deal in any of thementioned 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, financialsituation or particular needs of any specific investor.

Any research or analysis used to derive, or in relation to, the information herein has been procured byClosed‐End Fund Advisors (“CEFA”) for its own use, and may have been acted on for its own purpose. Theinformation herein, including any opinions or forecasts has been obtained from or is based on sourcesbelieved by CEFA to be reliable, but CEFA does not warrant the accuracy, adequacy or completeness of thesame, and expressly disclaims liability for any errors or omissions. As such, any person acting upon or inreliance of these materials does so entirely at his or her own risk. Any projections or other forward‐lookingstatements regarding future events or performance of countries, sectors, markets or companies are notnecessarily indicative of, and may differ from, actual events or results. No warranty whatsoever is givenand no liability whatsoever is accepted by CEFA or its affiliates, for any loss, arising directly or indirectly, asa result of any action or omission made in reliance of any information, opinion or projection made in thispresentation.

The information herein shall not be disclosed, used or disseminated, in whole or part, and shall not bereproduced, copied or made available to others without CEFA expressed written permission. CEFA reservesthe right to make changes and corrections to the information, including any opinions or forecastsexpressed herein at any time, without notice. Data comes from our CEFData.com (formerly CEF Universe)service dated May 12, 2017 unless otherwise noted.

2www.CEFadvisors.com

Disclosures

What Is CEF Advisors?

• Investment Management, Research, Data & Indexes• Independent, Fee Only & Family Owned • “Scott Letter: Closed‐End Fund Report”• Discretionary Portfolio Management (SMA),

Unit Investment Trust (UIT) Portfolio Consultant • 20+ Model Portfolios Tracking Service• CEF & BDC News/SEC Alert & “CEFA’s Closed‐End Fund Universe”• Consulting with Institutional Investors and 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.

www.CEFadvisors.comFounded in 1989

What is a Closed‐End Fund (CEF) / Business Development Company (BDC) ?

www.CEFadvisors.com 4

o 1940 Act Investment Company with Fixed‐Capital, Active Management, and Daily Liquidity

o CEFs have traded on The NYSE since 1893o Tax‐advantaged and earnings are passed through to

investors in the form of distributionso CEFs can have debt leverage up to 33% net assets &

preferred equity leverage up to 50% net assets. o BDCs Limited to 200% asset coverage (total assets /

total debt) or “one turn” of leverage, excluding SBIC. o Higher fee structure w/ carry o The closed‐end structure is not an asset class but an

investment vehicleo BDCs were created by Congress in 1980 to provide an opportunity for individual non‐

accredited investors to participate in private investmentso BDCs are closed‐end funds that provide small, growing companies access to capitalo BDCs are Domestically focused and required to offer portfolio companies ‘managerial

assistance’.


BDCs Provide Access to Private Debt Investments

Retail and Institutional

Investors

Investment Dollars

Dividends to Investors

Debt Investments

(Primarily)

Interest and Dividends

BDCs

Small and Middle-Market Businesses

Shareholders taxed on dividends

No tax paid at this entity

$ $

$ $

6

Broad Investable UniverseAssets of Closed-End Funds/BDCs* by type , as of March 31, 2017

# of Funds

Total Net Assets

Premium / Discount

Market Yield Beta Duration Leverage Non LevExpense Ratio

Average Net Assets

Equity Funds 216 $111,964 -9.48% 6.9% 0.42 14.2% 1.33 $518

Taxable Bond 147 $64,883 -3.91% 7.6% 0.30 3.6 25.9% 1.43 $444

Municipal Bond 171 $64,573 -3.79% 5.0% -0.08 9.2 33.1% 1.02 $378

BDCs 51 $29,889 -5.58% 8.1% 0.72 37.8% 5.53 $594

Total CEFs 585 $271,309 -5.13% 7.0% 0.46 6.8 23.5% 1.70 $453

National Muni Bond 90 $46,397 -3.20% 5.2% -0.08 9.0 31.9% 0.93 $516

Debt Focused BDC 43 $29,089 -0.34% 9.2% 0.76 41.3% 5.81 $673

Covered Call 29 $19,712 -5.50% 8.5% 0.83 2.8% 1.14 $680

US Stock 28 $18,924 -9.48% 6.9% 0.96 13.1% 1.62 $676

MLP Funds 27 $15,134 -4.21% 8.7% 1.91 26.7% 1.89 $561

High Yield Bond 34 $12,637 -5.64% 7.8% 0.37 3.7 23.2% 1.26 $372

World Stock 58 $13,433 -9.66% 4.5% 0.96 6.1% 1.59 $232

Senior Loan 26 $11,650 -3.70% 6.4% 0.15 1.0 31.5% 1.65 $448

Preferred Equity 16 $10,563 -0.92% 7.6% 0.19 6.0 32.2% 1.24 $660

REIT Funds 11 $5,897 -10.12% 8.3% 0.65 22.3% 1.39 $536

Convertible Bond 11 $4,322 -5.88% 9.1% 0.84 3.0 28.6% 1.45 $393

Investment Grade Bond 13 $3,898 -3.21% 6.2% 0.18 5.3 19.5% 0.90 $300

$271.3 Billion x 5.1% = ~$14 Billionin total CEF assets average discount exploitable undervaluation

8

• 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.

Discounts / Premiums


‐40

‐30

‐20

‐10

0

10

20

30

40

50

3/1/2007 3/1/2008 3/1/2009 3/1/2010 3/1/2011 3/1/2012 3/1/2013 3/1/2014 3/1/2015 3/1/2016 3/1/2017

Trad CEF ‐ Total ReturnMarch 31, 2007 ‐March 31, 2017

NAV TR Price TR


‐16

‐14

‐12

‐10

‐8

‐6

‐4

‐2

0

2

3/1/2007 3/1/2008 3/1/2009 3/1/2010 3/1/2011 3/1/2012 3/1/2013 3/1/2014 3/1/2015 3/1/2016 3/1/2017

Trad CEF ‐ Average Discount / PremiumMarch 31, 2007 ‐March 31, 2016


‐60

‐40

‐20

0

20

40

60

3/1/2007 3/1/2008 3/1/2009 3/1/2010 3/1/2011 3/1/2012 3/1/2013 3/1/2014 3/1/2015 3/1/2016 3/1/2017

BDC Debt ‐ Total ReturnMarch 31, 2007 ‐March 31, 2017`

NAV TR Price TR


‐60

‐50

‐40

‐30

‐20

‐10

0

10

20

30

3/1/2007 3/1/2008 3/1/2009 3/1/2010 3/1/2011 3/1/2012 3/1/2013 3/1/2014 3/1/2015 3/1/2016 3/1/2017

BDC Debt ‐ Average Discount / PremiumMarch 31, 2007 ‐March 31, 2016


‐40

‐30

‐20

‐10

0

10

20

30

40

50

60

3/1/2007 3/1/2008 3/1/2009 3/1/2010 3/1/2011 3/1/2012 3/1/2013 3/1/2014 3/1/2015 3/1/2016 3/1/2017

Municipal Bonds ‐ Total ReturnMarch 31, 2007 ‐March 31, 2017

NAV TR Price TR


‐14

‐12

‐10

‐8

‐6

‐4

‐2

0

2

4

6

3/1/2007 3/1/2008 3/1/2009 3/1/2010 3/1/2011 3/1/2012 3/1/2013 3/1/2014 3/1/2015 3/1/2016 3/1/2017

Municipal Bonds ‐ Average Discount / PremiumMarch 31, 2007 ‐March 31, 2016


‐60

‐40

‐20

0

20

40

60

80

100

3/1/2007 3/1/2008 3/1/2009 3/1/2010 3/1/2011 3/1/2012 3/1/2013 3/1/2014 3/1/2015 3/1/2016 3/1/2017

MLP ‐ Total ReturnMarch 31, 2007 ‐March 31, 2017

NAV TR Price TR


‐15

‐10

‐5

0

5

10

15

20

3/1/2007 3/1/2008 3/1/2009 3/1/2010 3/1/2011 3/1/2012 3/1/2013 3/1/2014 3/1/2015 3/1/2016 3/1/2017

MLP ‐ Average Discount / PremiumMarch 31, 2007 ‐March 31, 2016

19

Impact of Fund LeverageMunicipal (Tax‐Free) Bond Funds

Credit Quality ranges from A to AAA.

4.90% 4.90%6.00% 5.80%

3.90% 3.00% 3.60% 3.40%

0.0%

5.0%

10.0%NAV Yield

BKN BBK BBF MEN NUV NIM NXP NXR

Leveraged Unleveraged

Source: CEFA’s Closed‐End Fund Universe, March 31 , 2017

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.

*Currently leverage is giving muni CEFs an average of 2.0% higher distribution yield

8.97%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%NAV and Market Price Yield for LCM

Yield on NAV Yield on Market Price

20

Discount Yield Benefit

Advantage of Paying “90 cents for $1.00 of Assets”Example: AC Enh Gwth & Incm Fd (NYSE: LCM)

Market Price: $8.44NAV: $9.36Discount: ‐9.83%

As of March 31, 2017

9.95% Discount Yield Benefit = 0.98%

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.


CEF/BDC Yield Comparison

Data as of 3/31/2017.MLP Index: Alerian MLP Index; REIT Index: Wilshire US REIT Index; Corporate Debt Index: S&P 500 Bond IndexUS High Yield Indices : BofA Merrill Lynch US High Yield (BB Rated, B Rated, CCC and Lower Rated )

22

Closed‐End Funds& BDCs: By Yield

13.1%

33.3%

23.0%

21.0%

8.6%1.0% Yield Under 4%

Yield 4%-6%

Yield 6%-8%

Yield 8% -10%

Yield 10% -12%

Yield Over 12%

Note: 582 CEFs; data as of 3/31/2017 , cefdata.com

Tax Equivalent Yield ComparisonMarried Couple with W‐2 Income of $1MM+

Sources: CEFA’s Universe Data as of 3/31/2017 and tax rates from IRS and NY State.

23

24

1. Discount Direction: CEFs/BDCs trade at prices in relation totheir net asset value (NAV). NAVs are the ‘anchor point’ formarket pricing. We seek generally funds where discountscan recover or are sustainable vs. potential to widendramatically. Small premiums can be healthy for a BDC.

www.CEFadvisors.com

2. Dividend Sustainability: Research the reoccurring earnings/income produced by a bondCEF/BDC as well as trends in the sector and past policies of the Sponsor/ Board. NAV TRlong‐term should exceed the NAV Yield to make policy sustainable. Dividends arepolicies 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 oftenimpact the price investors use as the ‘anchor point’ for Funds. This also helps confirmthat management can produce investment returns after their cost. Example: BDC loancreation is not typically a cheap and easy task, but shareholders need to know thatmanagement costs are in check with their results. Avg BDC NonLev Expense Ratio: 5.2%*

CEFA’s ‘Trifecta’ AnalysisSuggested CEF/BDC Research Process

CEFA feels that getting any of these items wrong can negate good investment research

*Data as of 6/24/16 CEFdata.com

25

Buy at a Discount

Actively Monitor Funds

Track Relative Value / Swap Funds

Anticipate Dividend Changes

When to Raise Cash?

Sell at Premium or Set Stops

CEF Manager Analysis & Results

Adjust Portfolio Allocations

CEFA’s Investment Philosophy

26

1. First Lien Loans: 55%2. Second Lien Loans: 18%3. Unsecured Loans: 11%4. Equity/Other: 16%

www.CEFadvisors.com

Types of Loans Held By BDCs

Avg Portfolio Turnover: 33.5% Avg Variable Loans: 69% / Fixed: 31% Libor Floors: 41% at 1% Avg Level Avg Loan Size: $9.7M 73% of Loans Under $25MM Average Maturity 4.1 with a range of 2 Years to 6 years Avg No of Loans: 127 from 99 Companies

Source: CEFData.com 3/31/2017

Source: CEFA’s CEF Universe 03/30/2017

Market Price volatility vs. NAV volatility (1 Year)

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0

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

Price Volatility NAV Volatility

0

20

40

60

80

100

120

140

U.S. EquityFunds

Non U.S.Equity Funds

SpecialtyEquity Funds

Taxable BondFunds

National MuniBond Funds

Single StateMuni Bond

Funds

Debt FocusedBDC

EquityFocused BDC

Major CEF Groups: Number of dividend decreases / increasesLast Quarter & Previous 1 Year Rolling

Last Q Decreases

Previous 1 Yr Rolling Decreases

Last Q Increases

Previous 1 Yr Rolling Increases

1Q 2017 Closed‐End FundDividend Increases vs. Decreases


Source: Fund Press Releases

Traditional Closed‐End Fund90 Day NAV – Market Price Correlation


Source: March 31, 2017 ‐ CEFA’s Closed‐End Fund Universe Report

Q2‐12

Q3‐12

Q4‐12

Q1‐13

Q2‐13

Q3‐13

Q4‐13

Q1‐14

Q2‐14

Q3‐14

Q4‐14

Q1‐15

Q2‐15

Q3‐15

Q4‐15

Q1‐16

Q2‐16

Q3‐16

Q4‐16

‐20

0

20

40

60

80

100

120

Trad CEFs Groups ‐ 90 Day NAV/Price CorrelationJune 22, 2012 ‐March 31, 2017

All Trad CEFs All Equity All Bond US Equity Non US Equity

Special Equity Taxable Bond Nat Muni Bond State Muni Bond

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% ‐ 4.25%

Relative Pricing Change ‐35.5% ‐35.8%

Source: Telemet

Traditional Closed‐End Fund Historical IPOs (1Q 17)


Source: SEC Filings, Press Releases

YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007

Number of IPOs 3 8 8 9 25 23 19 17 13 2 40

Average Assets

In $ millions$199 $225 $291 $469 $580 $517 $316 $451 $200 $131 $690

Total New CEF IPO

Assets in $ Billions

$0.6B $1.8B $2.3B $4.2B $14.5 $11.9 $6.0 $7.7 $2.6 $0.3 $27.6

10 Year Average: 16 Funds per year, $387MM Ave Fund, $7.8 Billion Per Year

BDC Historical IPOs (1Q 17)


Source: SEC Filings, Press Releases

2015 2014 2013 2012 2011 2010 2009 2008 2007 2006

Number of IPOs 1 6 4 5 7 5 1 1 5 1

Average Assets

In $ millions$120 $575 $78 $96 $101 $98 $87 $141 $138 $203

Total New CEFIPO Assets in $

Billions$0.1 $3.5 $0.3 $0.5 $0.7 $0.5 $0.1 $0.1 $0.7 $0.2

10 Year Average: 3.6 Funds per year, $164M Ave Fund, $0.7 Billion Per Year

33

CEF IPOs: By Investment FocusApril 1, 2016 – March 31, 2017

$1,160

$426

$325

$210

$163

$32

High Yield Bond Funds

Mortgage Bond Funds

Senior Loans

Global Income Funds

Prefered Equity Leveraged

Global Equity

Note: Inception Assets in millions ; data as of 3/31/2017 , cefdata.com

Closed‐End Fund Mergers(Traditional)


Source: Fund Press ReleasesReasons to Merge: 1. Reduce expense ratio 2. Increase liquidity 3. Reduce bid/ask spread 4. Improve cost of future leverage

Avg. – 18 per year36 Last 5 Yrs, 10 previous 7 Yrs

0

10

20

30

40

50

60

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Num

ber o

f Closed ‐E

nd Fun

dsClosed‐End Funds Merged into Other Closed‐End Funds (March 2017)

0

2

4

6

8

10

12

14

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

CEF Funds Open‐Ended, Liquidated or Converted to ETF

Converted to ETF

Liquidated

Open‐ended

Closed‐End Fund Deaths(Traditional)


Source: Fund Press Releases

Causes: Open‐ending, liquidation & conversion. (8.8 per year on average)

Common CEF Mistakes (and non CEF‐only mistakes)


1. Buying a CEF on the IPO2. Only buying a CEF at a discount3. Only buying a CEF because of yield4. 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. Dividend Policies are the policies of the BoD not promises like bonds8. Unknowingly buying a CEF at a high premium or high relative premium9. Buy high correlating funds & think you are diversified b/c different sectors10. Not balancing Beta, Duration and other risk factors 11. Not allocating funds properly (IRA vs. Trust) or taking your tax status into

account when making investment decisions

37

1. Poor Management, Credit Risk2. Discount & Dividend Risk3. Poor Fee / Shareholder Alignment4. Quarterly NAV (BDC), subjective fair

value estimates could take sudden and quick losses

5. Liquidity, Bid/Ask Spread Risk6. Market Prices can be volatile, especially during earnings season,

dividend changes, corporate actions or on ‘headline risk’ and ‘risk off’ trading.

7. Libor floors, variable leverage, spread widening, 8. Irrational trading behavior of retail shareholders

www.CEFadvisors.com

Risks of CEF/BDC Investing

How Have CEFs/BDCs Faired in a Rising Rate Environment?

38

39

Activist & Follower Ownership (13D/13G) by Investment Focus

$6,369

$3,929$3,912

$2,950

$1,829

$1,397$430 Taxable Bond

Non U.S. EquitySpecialty EquityBDCMunicipal BondU.S. EquityHybrid / Balanced

Note: millions of dollars, data as of 4/19/2017, cefdata.com

BDC Debt $2,784Asian Equity $2,084High Yield Bond $1,425Covered Call $1,415MLP Funds $1,303

Top 5 Peer Groups

CEF Activist Ownership $20,816


Activist Ownership vs Fund Discounts

‐25

‐20

‐15

‐10

‐5

0

5

10

15

5 15 25 35 45 55 65 75

Shares owned by Activists (%)

Prem

ium / Discoun

t (%)

Note: Data as of 4/18/2017 , cefdata.com


CEF Institutional Holdings(Traditional CEFs 1Q 17)

Source: CEFA’s Closed‐End Fund Universe (www.cefuniverse.com)

InstitutionalHoldings Trends

Increase: 333 fundsDecrease: 68 funds

Q1‐13 Q2‐13 Q3‐13 Q4‐13 Q1‐14 Q2‐14 Q3‐14 Q4‐14 Q1‐15 Q2‐15 Q3‐15 Q4‐15 Q1‐16 Q2‐16 Q3‐16 Q4‐16

0.0 %

5.0 %

10.0 %

15.0 %

20.0 %

25.0 %

ALL Trad CEFs ‐ % Shares Owned by InstitutionsJanuary 18, 2013 ‐March 31, 2017

All Trad CEFs

www.CEFdata.com/index

Possible Trump Impact to BDCs and CEFs(Sectors / DOL / Trends and Products)


Source: CEFA’s Closed‐End Fund Universe Report

CEF / BDC ‐ Sectors• Municipal Bond CEFs / QDI• MLP / Infrastructure• “Typical” Equity Funds• Duration Bonds/Preferred• Sr. Loans / BDCs

Products of BDCs/CEFs• Index Inclusion ?• Acquired Fund Fees• Banks competing with BDCs?• ETFs, CEFs, OEFs, A‐ETFs

Market Trends• Taxes• Regulations• Market Risk• Interest Rates• Cost & Type of Leverage

DOL• CEF / BDC IPOs & Secondary’s • CEF Products – UITs in IRAs?• Pushed back – How far? Ever?• Fiduciary vs. Suitability• Kill or fix BDC/CEFs IPOs ?

CEFA’s Outlook for 2017


• 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)

• 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

46

In Summary: Why We Like Closed‐End Funds

• Professional Tactical Separate Account Management: $1MM Household Minimum, 1% Fee by CEFA

• CEFA Investment Menu: www.cefdata.com/portfoliocomp

• Model Access: View access to current portfolio with email notice for changes with rationale. $1,050 per quarter (1 Model)

• SmartTrust UIT “CEFA Select BDC Trust Series 9”: $1000 minimum purchase, 0.50% creation & development fee for non‐commission cusip


CEF Advisors’ Services and Portfolio Options

• Daily CEF/BDC News & SEC Filings Alerts: $156 per year (10 Day Trial)

• Weekly CEF/BDC Universe Data: $387.50 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 $1000 minimum

Disclosure: See full portfolio disclosures at the end of this presentation

CEFA Portfolio Composites Summary Performance

54

CEFA’s CEF/BDC Fund Profiles: www.cefdata.comBDC List and Summary Data: www.BDCuniverse.netCEFAnalyzer LLC: http://CEFanalyzer.comThe Closed‐End Fund Association:www.Closed‐EndFunds.comCEF Connect (Nuveen Sponsored): www.CEFconnect.comMorningtar's CEF Site:http://www.morningstar.com/Cover/CEF‐Closed‐End‐Funds.aspxInvestment Company Institute: http://www.ici.org/research#fact_booksCEFNetwork (Pristine Advisers): www.CEFnetwork.comCEF Insight (Activist Info from AST Fund Solutions): www.CEFinsight.comCapital Link's CEF Portal: http://cef.capitallink.com/Morningstar Discussion Board:http://socialize.morningstar.com/NewSocialize/forums/100000006.aspxYahoo CEF Discussion Board: https://groups.yahoo.com/neo/groups/closedendfunds2/infoThe CEF Network on LinkedIN: www.CEF‐Network.comSeeking Alpha: http://seekingalpha.com/articles?filters=closed‐end‐funds

More Useful Links at: www.cefadvisors.com/investRes.html

For Your InformationFree CEF/BDC Resources

55

John Cole Scott, CFSEXPERIENCECIO of Registered Investment Advisor Focused Exclusively on CEFs and BDCs since 2001

EDUCATIONCollege of William & MaryBachelor of Science in Psychology 2000

John Cole Scott, CFSChief Investment Officer of Closed‐End Fund Advisors

Mr. Scott has worked at Closed‐End Fund Advisors since 2001. He sits onthe firm’s investment committee and holds the FINRA 66 License and theCertified Fund Specialist designation (CFS). He is a graduate of The Collegeof William and Mary and has been quoted and interviewed widely in thefinancial press and presented at conferences and for investment groups onmore than 40 occasions.

In 2008 John founded CEFA's Closed‐End Fund Universe, a comprehensiveweekly data service covering 200+ data points for all US listed closed‐endfunds and 200+ for BDCs. He also founded and manages The CEF Networkgroup on LinkedIn and is editor of the firm’s blog. John is a past boardmember of The Richmond Association for Business Economics (RABE), andserves on the Investment Committee for The New York State Society of TheCincinnati.

www.CEFadvisors.com

Speaker’s Biography


Additional DisclosuresCEFData.com makes data for the universe of closed‐end funds (CEFs) and business development companies (BDCs) available to its users. This material is notintended to be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be consideredspecific 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‐specificrisk 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 followinginformation applies to closed‐end funds and business development companies in general: Fund shares are not guaranteed or endorsed by any bank or otherinsured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation (FDIC). Shares of closed‐end funds (CEFs) and businessdevelopment companies (BDCs) are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectiveswill be achieved. Closed‐end funds and business development companies frequently trade at a discount to their net asset value. NAV returns are net of fundexpenses, 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 investmentreferred 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 itshould 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 2016. 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 shallnot be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

SmartTrust “CEFA Select BDC Trust” Series 9 UIT https://www.smarttrustuit.com/trust/smbdgx/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) 505‐2872 to obtain a free prospectus.

Hennion & Walsh is a member of FINRA/SIPC. 2001 Route 46, Waterview Plaza, Parsippany, NJ 07054 (888) 505‐2872 www.smarttrustuit.com NOT FDIC INSURED • NOT BANK GUARANTEED • MAY LOSE VALUE

Closed‐End Fund Advisors, Inc

7204 Glen Forest Drive, Suite #105Richmond, Virginia 23226 U.S.A(800) 356‐3508 / (804) 288‐2482

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