# CEF Advisors

> CEF Advisors is an SEC-registered investment advisory firm in Richmond, VA, registered since 2018, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated September 30, 2026.

- CRD: 115562
- Filed as: CEF ADVISORS
- Legal name: Closed-End Fund Advisors Inc.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Richmond, VA
- Filing period: October 2026
- Form ADV filing dated: September 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/115562
- AdvisorCensus page: https://advisorcensus.com/firm/cef-advisors-richmond-va-115562

## Quick answers

**How is CEF Advisors compensated?**
On its Form ADV (Item 5.E, October 2026), CEF Advisors reports these compensation arrangements: a percentage of assets under its management; hourly charges; subscription fees (for a newsletter or periodical); fixed fees (other than subscription fees).

**Where is CEF Advisors located?**
CEF Advisors' principal office is in Richmond, VA, according to its Form ADV.

**Is CEF Advisors registered with the SEC or a state?**
CEF Advisors is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 115562.

**How much does CEF Advisors manage?**
CEF Advisors reports $186,323,115 in regulatory assets under management in its Form ADV filing dated September 30, 2026 (60% discretionary).

**How have CEF Advisors' assets and staff changed since 2021?**
In the Form ADV data for CEF Advisors: Regulatory assets under management: $131,479,463 in the October 2021 data and $186,323,115 in the October 2026 data, up 42%. Total employees: 6 in October 2021 and 6 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does CEF Advisors serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (50); individuals (other than high net worth individuals) (43); investment companies (1).

**Which custodians does CEF Advisors use?**
CEF Advisors' most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. as a custodian holding 10% or more of its separately managed account assets.

**Does CEF Advisors report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/115562

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Hourly charges
- Subscription fees (for a newsletter or periodical)
- Fixed fees (other than subscription fees)

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $186,323,115
- Discretionary: $112,456,229
- Non-discretionary: $73,866,886

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 43 | $11,267,381 |
| High net worth individuals | 50 | $102,017,243 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 1 | $73,038,491 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Publication of periodicals or newsletters
- Security ratings or pricing services
- Other

### Firm details
- Registered since: 2018 (8 years)
- Employees: 6 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, GA, LA, MI, NC, NY, TX, VA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- cefdata.com
- Facebook @CEFADVISORS
- LinkedIn @CLOSED-END-FUND-ADVISORS
- X @CEFADVISORS

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $131,479,463 | 6 | August 6, 2021 |
| October 2022 | $171,037,580 | 5 | August 8, 2022 |
| October 2023 | $144,392,450 | 4 | September 22, 2023 |
| October 2024 | $159,039,289 | 4 | September 10, 2024 |
| October 2025 | $186,613,242 | 5 | April 7, 2025 |
| October 2026 | $186,323,115 | 6 | September 30, 2026 |

Regulatory assets under management: $131,479,463 in the October 2021 data and $186,323,115 in the October 2026 data, up 42%.
Total employees: 6 in October 2021 and 6 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. CEF Advisors (CRD 115562): Form ADV filing data as of October 2026.