CEFA Terms and Conditions
Terms and Conditions

Welcome to the web site for Closed-End Fund Advisors (also referred to hereinafter as the "Site"). This Site provides you with general information about the products and financial services of Closed-End Fund Advisors ("CEFA"). Closed-End Fund Advisors provides authorized clients with access to additional products, services, features and functionality. PLEASE READ THESE TERMS OF USE CAREFULLY. By accessing and using this Site, you acknowledge that you have read, understand and agree to be bound by all of the terms and conditions set forth below. We reserve the right to amend these terms of use from time to time by posting the amended terms on this Site.

Access to the Public Portion of This Site

The public portion of this Site is made available to all persons aged 18 or older who agree to be bound by the terms and conditions set forth in these terms of use. For so long as you comply with these terms of use, we hereby grant you a personal, nonexclusive, non-transferable, revocable license to display, reformat and print copies of the content made available to you on the public portion of this Site, provided such is solely for your personal use. You agree not to modify, reproduce, distribute, rent, lease, loan, sell or create derivative works based upon the materials on this Site, or post any content from this Site to news groups, mailing lists or electronic bulletin boards, without the prior written consent of an authorized representative of Closed-End Fund Advisors.

No Offer, Investment Advice or Performance Guarantees

Neither the information nor any opinion expressed on this Site constitutes an offer by Closed-End Fund Advisors to buy or sell any securities or financial instruments, or to provide any investment advice or service. The services, securities and financial instruments described on this Site may not be available to or suitable for you, and not all strategies are appropriate at all times. Past performance is not necessarily a guide to future performance. Independent advice should be sought in all cases.

Responsible Behavior

In addition to the obligations set forth above, you agree not to access or use this Site to:
1.   reproduce, duplicate, copy, sell, trade, resell or exploit for any commercial purposes, any portion of this Site, use of this Site, or access to this Site;
2.   impersonate any person or entity or falsely state or otherwise misrepresent your affiliation with a person or entity;
3.   forge headers or otherwise manipulate identifiers in order to disguise the origin of any content transmitted on this Site;
4.   make available any content that you do not have a right to make available under any law or under contractual or fiduciary relationships;
5.   make available any content that infringes any patent, trademark, trade secret, copyright or other proprietary rights of any party;
6.   make available any content that is unlawful, harmful, threatening, tortious, defamatory, obscene, invasive of another's privacy, or otherwise objectionable;
7.   make available any unsolicited or unauthorized advertising, promotional materials, "junk mail," "spam," "chain letters," "pyramid schemes," or any other form of solicitation;
8.   make available any material that contains software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications equipment;
9.   interfere with or disrupt this Site or servers or networks connected to this Site, or disobey any requirements, procedures, policies or regulations of networks connected to this Site;
10.   intercept, collect or store personal data about current or former clients of Closed-End Fund Advisors or any other visitors to this Site; or
11.   violate any applicable local, state, national or international laws or regulations.

Links to Third Party Web Sites

This Site may contain links to other web sites, including links to the web sites of companies that provide related information, products and services. These links are solely for the convenience of visitors to this Site, and the inclusion of such links does not necessarily imply an affiliation, sponsorship or endorsement. Closed-End Fund Advisors makes no representation whatsoever regarding such third party web sites. You should review the privacy policies of other web sites carefully before providing any information to such sites. We are not responsible for the content or availability of third party web sites and shall not be responsible or liable for any information, opinions, advice, products, or services available on or through such third party Web sites.

Links to This Web Site

We ask that you notify us in advance of your intention to link to the public portion of this Site by e-mailing us at cefa@cefadvisors.com. You may not (i) hyperlink to the private portion of this Site or any of the pages on the private portion of this Site from another Web site, (ii) display this Site in frames, or (iii) display any of the content found on this Site via inline links, without express written permission from an authorized representative of Closed-End Fund Advisors.

Our Rights in This Site

Closed-End Fund Advisors and our suppliers reserve all right, title and interest in and to this Site and all materials, information, and compilations of information available on or through this Site, as well as the domain name, design, layout, and "look and feel" of this Site, the trademarks, service marks, and trade dress related thereto, and all other intellectual property and other proprietary rights embodied therein and appurtenant thereto. You agree that you will have no rights in or to any of the foregoing, express or implied, other than the rights expressly granted in these terms of use, or otherwise expressly granted to you in writing by an authorized representative of Closed-End Fund Advisors.

Software

This Site may provide you with access to certain software and related documentation of Closed-End Fund Advisors and our suppliers. All such software is licensed, not sold. Your use of any and all software available on or through this Site is subject to your reading and acceptance of the license terms and conditions accompanying such software.

Disclaimer of Representations and Warranties

THIS SITE IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. CLOSED-END FUND ADVISORS MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED, OR STATUTORY, REGARDING YOUR ACCESS TO OR USE OF THIS SITE, OR THE PRODUCTS, SERVICES OR INFORMATION DESCRIBED ON OR AVAILABLE THROUGH THIS SITE. WITHOUT LIMITING THE FOREGOING, WE EXPRESSLY DISCLAIM ANY AND ALL REPRESENTATIONS AND WARRANTIES OF ACCURACY, COMPLETENESS, TIMELINESS, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT OF THIRD-PARTY RIGHTS. THIS SITE INCLUDES FACTS, VIEWS AND OPINIONS OF INDIVIDUALS AND ORGANIZATIONS DEEMED OF INTEREST. NOTHING CONTAINED ON THIS SITE SHALL BE CONSTRUED AS AN ENDORSEMENT OF THESE VIEWS OR OPINIONS. LIMITATIONS OF LIABILITY TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL CLOSED-END FUND ADVISORS OR OUR AFFILIATES, DIRECTORS, OFFICERS, AGENTS, EMPLOYEES OR LICENSORS BE LIABLE TO YOU OR ANYONE ELSE FOR ANY INDIRECT, CONSEQUENTIAL, SPECIAL, INCIDENTAL, EXEMPLARY, PUNITIVE, OR SIMILAR DAMAGES (INCLUDING LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA) ARISING OUT OF OR RELATED TO THIS SITE OR YOUR USE OF THIS SITE, OR FOR ANY DECISION MADE OR ACTION TAKEN BY YOU IN RELIANCE ON THE INFORMATION PROVIDED ON OR AVAILABLE THROUGH THIS SITE, REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, TORT OR OTHERWISE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Assignments

You may not assign or delegate any right or duty under these terms of use or related to this Site without the prior written consent of an authorized officer of Closed-End Fund Advisors. Any attempted assignment or delegation without such consent will be null and void from the beginning and without further effect. We may assign any right or duty under these terms of use or related to this Site with or without notice to you. Subject to the foregoing, these terms of use will be binding upon and will inure to the benefit of you and us, and each of our respective representatives, heirs, administrators, successors and permitted assigns.

Waiver

No duty or breach of these terms of use may be waived by any act, omission or knowledge by us, except by an instrument in writing expressly waiving the duty or breach and signed by an authorized representative of Closed-End Fund Advisors. Any waiver (express or implied) by us of any duty or breach will not constitute a waiver of any other or subsequent duty or breach.

Digital Millennium Copyright Act

Certain areas of this Site permit end users to upload, post or otherwise transmit information such as opinions, comments, questions and other materials. Although we generally do not monitor, and disclaim any responsibility for, the materials provided on or through this Site by end users, we will not allow access to any such materials that we have actual knowledge to be infringing of a third party's intellectual property rights. Such infringing materials will be removed from this Site, and repeat offenders will have their right to access to and use this Site terminated.

Under the Digital Millennium Copyright Act (the "DMCA," codified in relevant part at 17 USC § 512), copyright owners who believe that their rights have been infringed by unauthorized use of their protected works appearing at an online location may contact, directly or through their authorized agents, the service provider hosting such online location and request that the infringing material be removed or access to it blocked. We have designated the following individual to receive notification of claimed infringement:

John Cole Scott, Executive Vice-President
Closed-End Fund Advisors, Inc.
7204 Glen Forest drive, Suite 105
Richmond, Virginia 23226
804-288-2482

Any such notification must be in writing, and must include:

1.   A physical or electronic signature of a person authorized to act on behalf of the owner of the right that is allegedly infringed;
2.   A description of the copyrighted work claimed to have been infringed, including, if available, a URL where the copyrighted work exists or a copy of the copyrighted work;
3.   Identification of the material claimed to be infringing, including a URL or other specific location on this Site where the material can be found;
4.   The name, address, telephone number and e-mail address of the complaining party;
5.   A statement by the complaining party that it has a good faith belief that there is no legal basis for the use of the materials complained of; and
6.   A statement that the information in the notification is accurate, and under penalty of perjury, that the complaining party is authorized to act on behalf of the owner.

Upon receipt of notification of claimed infringement, Closed-End Fund Advisors will investigate and take appropriate action, which may include, promptly notifying the alleged infringer and removing and/or disabling access to the material.

Any individual who has information or materials removed from this Site pursuant to the DMCA, who believes that the materials were removed wrongfully and who does not infringe a third party's intellectual property rights, should send a counter-notification to our designated agent containing the following information:

1.   A physical or electronic signature of the individual whose information or materials was removed;
2.   Identification of the material and its location before it was removed or disabled;
3.   A statement under penalty of perjury that the material was removed or disabled as a result of mistake or misidentification;
4.   The name, address, telephone number and e-mail address of the individual whose materials was removed; and
5.   A statement that the individual consents to federal court jurisdiction in the district in which it resides, or if overseas, to jurisdiction in any district in which we may be found, and that the individual will accept service of process from the party providing the initial notification.

Upon receipt of any such counter notification, we shall promptly provide a copy of it to the party providing the initial notification and shall replace, or restore access to, the material in not less than ten (10) days and not more than fourteen (14) days — provided that the party that submitted the initial notification does not first notify our designated agent that it has filed an action seeking a court order to restrain the individual from engaging in the allegedly infringing activity. Closed-End Fund Advisors advises you to seek the advice of legal counsel before filing any notification or counter notification in accordance with these terms of use. There are substantial penalties for making false claims under the DMCA.

Entire Agreement

These terms of use constitute the entire agreement between you and Closed-End Fund Advisors with regard to your access to and use of this Site, and supersede all prior and contemporaneous negotiations, statements and agreements, whether written or oral, relating to the subject matter hereof, except that, in the case of any Closed-End Fund Advisors Client, this Agreement does not supercede any Service Agreement. To the extent the provisions of any Service Agreement conflicts with these terms of use, the provisions of the Service Agreement shall control. In the event any provision of these terms of use is judicially determined to be invalid or unenforceable, such provision will be changed and interpreted to accomplish the objectives of such provision to the greatest extent permitted under applicable law, and the remaining provisions will continue in full force and effect.

Privacy Statement

The Securities and Exchange Commission has adopted enhanced client privacy rules regarding the security and sharing of non-public personal and account information of clients. These rules were primarily directed at banks and insurance companies but apply to all financial institutions. As a part of these new regulations, Closed-End Fund Advisors are required to issue a "Client Privacy Notice" upon the opening of a new account (and on an annual basis thereafter), discussing how Closed-End Fund Advisors protects information collected from our clients.

Safeguarding Your Information: Closed-End Fund Advisors restricts access to non-public personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal and state regulatory requirements to guard your non-public personal information.

Shared Information: Closed-End Fund Advisors does not disclose any non-public personal information about our customers or former customers to anyone, except as required by law and/or as requested by you in writing.