Fund Summary

Data as of: 1/14/2019

Primary Exchange Bats BZX Exchange, Inc.
Ticker  CEFS
Number 541865
CUSIP 30151E806
Net Assets $35,834,060.83
Shares Outstanding 1,900,001
Fund Inception Date 03/21/2017
Expense Ratio 1.10%
Other Fund Fees 0.15%
Total Annual Fund Operating Expenses 2.55%
30-day SEC Yield**
as of 10/31/18
6.75%
Distribution Yield* 7.90%
Net Asset Value (NAV)  
NAV $18.86
Daily Change $-0.03
Price  
Market Price $18.83
Market Change $-0.04
Premium/Discount  
Premium/Discount $-0.03
Premium/Discount % -0.16%
Month End Performance as of: 12/31/2018
  1 Mo. 3 Mo. YTD 1 Yr. Since Inception
Fund NAV -5.28% -10.22% -10.40% -10.40% 1.88%
Market Price -5.25% -10.35% -10.47% -10.47% 2.29%
Quarter End Performance as of: 12/31/2018
  1 Mo. 3 Mo. YTD 1 Yr. Since Inception
Fund NAV -5.28% -10.22% -10.40% -10.40% 1.88%
Market Price -5.25% -10.35% -10.47% -10.47% 2.29%

The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Returns less than one year are not annualized. You cannot invest directly in an index. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time when the NAV is typically calculated. Brokerage commissions will reduce returns.

All of the distributions made from the inception of the Fund through its fiscal year end have been solely attributable to net investment income and capital gains. In the future, distributions could be attributable to net investment income, capital gains and / or from a return of capital. A return of capital is a return of all or part of a shareholder’s original investment in the Fund which could occur if the Fund makes distributions in an amount that exceeds the Fund’s net investment income and net capital gain.

*Distribution Yield  is the annual yield an investor would receive if the most recent distribution remained the same going forward. The yield represents a single distribution from the fund and does not represent total return to the fund. The distribution yield is calculated by annualizing the most recent distribution and dividing it by the most recent NAV.
**30-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among bond funds. It is based on the most recent month end. This figure reflects the interest earned during the period after deducting the Fund’s expenses for the period.
NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

Holdings

Date as of: 01/14/2019

Name Ticker CUSIP Shares Market Value % of Market Value % of Net Assets
NUVEEN CREDIT STRAT INC FD JQC 67073D102 907532 $6,933,544.48 14.08% 14.12%
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC HIO 95766K109 1136169 $5,271,824.16 10.71% 10.73%
PGIM GLOBAL SHORT DURATION HIGH YIELD FUND INC GHY 69346J106 324365 $4,340,003.70 8.81% 8.84%
WESTERN ASSET HIGH INC II HIX 95766J102 686730 $4,278,327.90 8.69% 8.71%
WESTERN ASSET GLOBAL HIGH IN EHI 95766B109 469267 $4,237,481.01 8.61% 8.63%
EATON VANCE LIMITED DURATION INCOME FUND EVV 27828H105 345824 $4,201,761.60 8.53% 8.56%
INVESCO SENIOR INCOME TRUST VVR 46131H107 742880 $3,008,664.00 6.11% 6.13%
NEUBERGER BERMAN HIGH YIELD NHS 64128C106 248816 $2,537,923.20 5.15% 5.17%
VOYA PRIME RATE TRUST PPR 92913A100 452851 $2,132,928.21 4.33% 4.34%
PGIM SHORT DURATION HIGH YIE ISD 69346H100 155127 $2,094,214.50 4.25% 4.26%
INVESCO DYNAMIC CREDIT OPP VTA 46132R104 192065 $2,060,857.45 4.19% 4.20%
FIRST TRUST HIGH INCOME LONG FSD 33738E109 118484 $1,632,709.52 3.32% 3.32%
INVESCO HIGH INCOME TRUST II VLT 46131F101 93389 $1,264,487.06 2.57% 2.57%
WESTERN ASSET HIGH YIELD DEF HYI 95768B107 86837 $1,207,034.30 2.45% 2.46%
WELLS FARGO INCOME OPPORTUNITIES FUND EAD 94987B105 152280 $1,158,850.80 2.35% 2.36%
BLACKROCK CREDIT ALLOCATION INCOME TRUST BTZ 092508100 94000 $1,097,920.00 2.23% 2.24%
IVY HIGH INCOME OPPORTUNITY IVH 465893105 48502 $629,070.94 1.28% 1.28%
EATON VANCE SENIOR INCOME TR EVF 27826S103 72000 $438,480.00 0.89% 0.89%
ABERDEEN TTL DYN DIVID AOD 00326L100 35611 $276,697.47 0.56% 0.56%
PIONEER DIVERSIFIED HIGH INC HNW 723653101 16496 $220,716.48 0.45% 0.45%
DELAWARE ENHANCED GLOBAL DIV DEX 246060107 19208 $173,640.32 0.35% 0.35%
CASH - - - $129,001.24 0.26% 0.26%
ROYCE GLOBAL VALUE TRUST RGT 78081T104 4600 $42,872.00 0.09% 0.09%
US 5YR NOTE (CBT) Mar19 - - - $-21,414,421.88 0% 0%
SABA BNP COLLATERAL/LOAN - - - $-13,745,352.81 0% 0%

ETF holdings and allocations are subject to change at any time and should not be interpreted as an offer of these securities

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