Fund Summary

Data as of: 9/20/2018

Primary Exchange Bats BZX Exchange, Inc.
Ticker  CEFS
Number 541865
CUSIP 30151E806
Net Assets $26,053,156.58
Shares Outstanding 1,300,001
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 08/31/18
6.50%
Distribution Yield* 7.90%
Net Asset Value (NAV)  
NAV $20.04
Daily Change $-0.09
Price  
Market Price $20.02
Market Change $-0.10
Premium/Discount  
Premium/Discount $-0.02
Premium/Discount % -0.10%
Month End Performance as of: 8/31/2018
  1 Mo. 3 Mo. YTD 1 Yr. Since Inception
Fund NAV 0.40% 1.66% -0.75% 4.25% 12.85%
Market Price 0.80% 1.51% -0.77% 4.61% 13.36%
Quarter End Performance as of: 6/30/2018
  1 Mo. 3 Mo. YTD 1 Yr. Since Inception
Fund NAV -0.11% -0.56% -2.47% 4.67% 10.90%
Market Price -0.25% -0.06% -2.49% 4.99% 11.40%

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: 09/20/2018

Name CUSIP Shares Market Value % of Market Value % of Net Assets
PGIM SHORT DURATION HIGH YIE 69346H100 81788 $1,158,118.08 9.45% 9.45%
WESTERN ASSET HIGH INC II 95766J102 149288 $943,500.16 7.70% 7.70%
WESTERN ASSET GLOBAL HIGH IN 95766B109 90165 $821,403.15 6.70% 6.70%
WELLS FARGO INCOME OPPORTUNITIES FUND 94987B105 97700 $788,439.00 6.43% 6.43%
Morgan Stanley Emerging Markets Debt Fund Inc 61744H105 88996 $779,604.96 6.36% 6.36%
DELAWARE ENHANCED GLOBAL DIV 246060107 67000 $754,420.00 6.16% 6.16%
INVESCO HIGH INCOME TRUST II 46131F101 49355 $673,695.75 5.50% 5.50%
BLACKROCK CREDIT ALLOCATION INCOME TRUST 092508100 49000 $606,620.00 4.95% 4.95%
PGIM GLOBAL SHORT DURATION HIGH YIELD FUND INC 69346J106 179057 $2,470,986.60 20.16% 20.16%
CASH CASH 320072.36 $320,072.36 2.61% 2.61%
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC 95766K109 495837 $2,389,934.34 19.50% 19.50%
NUVEEN CREDIT STRAT INC FD 67073D102 298537 $2,379,339.89 19.41% 19.41%
ALLIANZGI NFJ DIVIDEND INTER 01883A107 173138 $2,276,764.70 18.58% 18.58%
ABERDEEN TTL DYN DIVID 00326L100 254741 $2,269,742.31 18.52% 18.52%
WESTERN ASSET HIGH YIELD DEF 95768B107 133441 $1,925,553.63 15.71% 15.71%
BLACKROCK CORPORATE HIGH YIE 09255P107 172895 $1,824,042.25 14.88% 14.88%
TEMPLETON EMERG MKTS INC FD 880192109 161302 $1,604,954.90 13.10% 13.10%
EATON VANCE LIMITED DURATION INCOME FUND 27828H105 103478 $1,322,448.84 10.79% 10.79%
PIONEER DIVERSIFIED HIGH INC 723653101 16496 $240,180.11 1.96% 1.96%
FIRST TRUST HIGH INCOME LONG 33738E109 14578 $215,900.18 1.76% 1.76%
IVY HIGH INCOME OPPORTUNITY 465893105 15000 $213,750.00 1.74% 1.74%
NEUBERGER BERMAN HIGH YIELD 64128C106 10000 $109,500.00 0.89% 0.89%
INVESCO SENIOR INCOME TRUST 46131H107 20000 $86,600.00 0.71% 0.71%
VOYA PRIME RATE TRUST 92913A100 10255 $50,864.80 0.42% 0.42%
MFS CHARTER INCOME TRUST 552727109 3240 $25,304.40 0.21% 0.21%
SABA BNP COLLATERAL/LOAN SABCOLLAT -287113.8 $-287,113.80 -2.34% -2.34%
US 5YR NOTE (CBT) Dec18 FVZ8 -122 $-13,708,796.88 -111.86% -111.86%

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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