Fund Summary

Data as of: 2/16/2018

Primary Exchange Bats BZX Exchange, Inc.
Ticker  CEFS
Number 541865
CUSIP 30151E806
Net Assets $21,159,878.96
Shares Outstanding 1,000,001
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 01/31/17
6.57%
Distribution Yield* 7.90%
Net Asset Value (NAV)  
NAV $21.16
Daily Change $0.05
Price  
Market Price $21.18
Market Change $0.08
Premium/Discount  
Premium/Discount $0.02
Premium/Discount % 0.09%
Month End Performance as of: 12/31/2017
  1 Mo. 3 Mo. YTD 1 Yr. Since Inception
Fund NAV 1.68% 1.82% N/A N/A 14.24%
Market Price 1.87% 2.54% N/A N/A 13.71%
Quarter End Performance as of: 12/31/2017
  1 Mo. 3 Mo. YTD 1 Yr. Since Inception
Fund NAV 1.68% 1.82% N/A N/A 14.24%
Market Price 1.87% 2.54% N/A N/A 13.71%

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.

*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: 02/16/2018

Name CUSIP Shares Market Value % of Market Value % of Net Assets
Morgan Stanley Emerging Markets Debt Fund Inc 61744H105 110,996 $1,053,352.04 8.89% 9.03%
PRUDENTIAL SHORT DURATION HI 74442F107 57,788 $833,302.96 7.03% 7.14%
DELAWARE ENHANCED GLOBAL DIV 246060107 67,000 $806,680.00 6.81% 6.92%
MFS CHARTER INCOME TRUST 552727109 98,000 $795,760.00 6.72% 6.82%
INVESCO HIGH INCOME TRUST II 46131F101 49,355 $693,931.30 5.86% 5.95%
DELAWARE INV DIVIDEND & INC 245915103 32,816 $350,474.88 2.96% 3.00%
ALPINE TOTAL DYNAMIC DIVIDEN 021060207 324,008 $3,081,316.08 26.00% 26.42%
TEMPLETON EMERG MKTS INC FD 880192109 207,086 $2,433,260.50 20.53% 20.86%
WELLS FARGO INCOME OPPORTUNITIES FUND 94987B105 42,700 $346,724.00 2.93% 2.97%
WESTERN ASSET GLOBAL HIGH IN 95766B109 26,445 $254,665.35 2.15% 2.18%
Royce Micro-Cap Trust Inc 780915104 26,652 $251,594.88 2.12% 2.16%
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC 95766K109 415,837 $2,033,442.93 17.16% 17.43%
BLACKROCK CORPORATE HIGH YIE 09255P107 178,895 $1,908,809.65 16.11% 16.36%
WESTERN ASSET HIGH YIELD DEF 95768B107 118,441 $1,745,820.34 14.73% 14.97%
PRUDENTIAL GL SH DUR HI YLD 74433A109 120,557 $1,698,648.13 14.34% 14.56%
ALLIANZGI NFJ DIVIDEND INTER 01883A107 108,901 $1,432,048.15 12.09% 12.28%
LIBERTY ALL STAR EQUITY FUND 530158104 188,683 $1,192,476.56 10.06% 10.22%
FIRST TRUST STRAT HIGH INC 2 337353304 18,024 $221,334.72 1.87% 1.90%
CLOUGH GLBL OPPORTUNITIES FD 18914E106 6,470 $71,881.70 0.61% 0.62%
US 5YR NOTE (CBT) MAR18 FVH8 (79) $-9,030,070.31 -76.21% -77.42%
SABA BNP COLLATERAL/LOAN SABCOLLAT (326,035.72) $-326,035.72 -2.75% -2.80%
CASH CASH - $184,935.31 1.56% -

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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