NPORT-EX 2 fp0082863-1_nportex.htm

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

		Principal Amount				Fair Value
CORPORATE BONDS - 23.55%
Agriculture - 6.19%
Altria Group, Inc., 3.400%, 02/04/2041		$	15,531,000			$	10,940,316
Altria Group, Inc., 4.250%, 08/09/2042			10,614,000				8,284,047
BAT Capital Corp., 3.734%, 09/25/2040			6,090,000				4,426,577
							23,650,940
Banks - 1.35%
Credit Suisse AG, 0.000% (Variable Rate), 07/31/2030(a)			10,000				6,222
Credit Suisse AG, 0.000% (Variable Rate), 10/30/2030(a)			420,000				267,361
Morgan Stanley, 0.000% (Variable Rate), 04/30/2030(a)			25,000				17,187
Morgan Stanley, 0.000% (Variable Rate), 07/31/2030(a)			80,000				53,656
Morgan Stanley, 0.000% (Variable Rate), 10/30/2030(a)			80,000				52,111
Morgan Stanley, 0.000% (Variable Rate), 09/26/2033(a)			428,000				276,407
Morgan Stanley, 0.000% (Variable Rate), 10/31/2033(a)			266,000				169,350
Morgan Stanley, 0.000% (Variable Rate), 02/28/2034(a)			478,000				275,649
Morgan Stanley, 0.000% (Variable Rate), 03/31/2034(a)			276,000				160,087
Morgan Stanley, 0.000% (Variable Rate), 03/31/2034(a)			26,000				15,295
Morgan Stanley, 0.000% (Variable Rate), 04/30/2034(a)			66,000				38,637
Morgan Stanley, 0.000% (Variable Rate), 05/30/2034(a)			89,000				52,912
Morgan Stanley, 0.000% (Variable Rate), 06/30/2034(a)			460,000				264,864
Morgan Stanley, 0.000% (Variable Rate), 07/31/2034(a)			25,000				14,471
Morgan Stanley, 0.000% (Variable Rate), 08/29/2034(a)			161,000				93,794
Morgan Stanley, 0.000% (Variable Rate), 08/29/2034(a)			10,000				6,086
Morgan Stanley, 0.000% (Variable Rate), 09/30/2034(a)			231,000				137,438
Morgan Stanley, 0.000% (Variable Rate), 09/30/2034(a)			88,000				51,088
Morgan Stanley, 0.000% (Variable Rate), 10/08/2034(a)			32,000				18,372
Morgan Stanley, 0.000% (Variable Rate), 10/31/2034(a)			103,000				60,857
Morgan Stanley, 0.000% (Variable Rate), 10/31/2034(a)			181,000				105,190
Morgan Stanley, 0.000% (Variable Rate), 10/31/2034(a)			357,000				224,675
Morgan Stanley, 0.000% (Variable Rate), 11/28/2034(a)			231,000				131,998
Morgan Stanley, 0.000% (Variable Rate), 11/28/2034(a)			25,000				14,617
Morgan Stanley, 0.000% (Variable Rate), 01/30/2035(a)			69,000				41,118
Morgan Stanley, 0.000% (Variable Rate), 01/30/2035(a)			175,000				99,742
Morgan Stanley, 0.000% (Variable Rate), 02/27/2035(a)			36,000				20,092
Morgan Stanley, 0.000% (Variable Rate), 03/31/2035(a)			527,000				302,063
Morgan Stanley, 0.000% (Variable Rate), 03/31/2035(a)			114,000				63,527
Morgan Stanley, 0.000% (Variable Rate), 02/29/2036(a)			61,000				36,392
Morgan Stanley, 0.000% (Variable Rate), 04/28/2036(a)			10,000				5,305
Morgan Stanley, 0.000% (Variable Rate), 06/30/2036(a)			40,000				23,150
Morgan Stanley, 0.000% (Variable Rate), 08/31/2036(a)			2,289,000				1,398,078
Morgan Stanley, 0.000% (Variable Rate), 09/30/2036(a)			40,000				22,183
Morgan Stanley, 0.000% (Variable Rate), 11/29/2036(a)			103,000				59,815
Morgan Stanley, 0.000% (Variable Rate), 01/31/2037(a)			224,000				128,395
Morgan Stanley, 0.000% (Variable Rate), 03/31/2037(a)			747,000				377,659
Morgan Stanley, 0.000% (Variable Rate), 04/28/2037(a)			40,000				24,731
Morgan Stanley, 0.000% (Variable Rate), 05/31/2037(a)			25,000				15,021

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

		Principal Amount				Fair Value
Morgan Stanley, 0.000% (Variable Rate), 08/31/2037(a)		$	58,000			$	35,225
							5,160,820
Commercial Services - 1.79%
Adtalem Global Education, Inc., 5.500%, 03/01/2028(b)			6,195,000				5,807,813
RR Donnelley & Sons Co., 6.125%, 11/01/2026(b)			198,000				192,060
RR Donnelley & Sons Co., 8.250%, 07/01/2027			935,000				826,839
							6,826,712
E-Commerce/Services - 0.64%
Uber Technologies, Inc., 6.250%, 01/15/2028(b)			2,500,000				2,450,000
							2,450,000
Electric - 3.77%
American Electric Power Co., Inc., 2.300%, 03/01/2030			10,000,000				8,409,595
Dominion Energy, Inc., 2.250%, 08/15/2031			5,000,000				4,151,347
Southern Co., 3.700%, 04/30/2030			2,000,000				1,868,473
							14,429,415
Financial Services - 2.07%
Nationstar Mortgage Holdings, Inc., 5.500%, 08/15/2028(b)			6,125,000				5,382,344
PennyMac Financial Services, Inc., 5.375%, 10/15/2025(b)			1,250,000				1,168,750
PennyMac Financial Services, Inc., 5.750%, 09/15/2031(b)			1,000,000				847,500
PRA Group, Inc., 8.375%, 02/01/2028(b)			500,000				503,750
							7,902,344
Food - 0.18%
Post Holdings, Inc., 5.500%, 12/15/2029(b)			750,000				700,312
							700,312
Leisure Facilities & Services - 1.08%
Selina Hospitality PLC, 6.000%, 11/01/2026(b)			7,539,000				4,147,204
							4,147,204
Media - 1.03%
Charter Communications Operating LLC / Charter Communications Operating Capital, 3.500%, 03/01/2042			5,000,000				3,485,372
Diamond Sports Group LLC / Diamond Sports Finance Co., 5.375%, 08/15/2026(b)			4,000,000				300,000
Liberty Interactive LLC, 8.250%, 02/01/2030			339,000				160,100
							3,945,472
Real Estate - 0.15%
China Evergrande Group, 8.250%, 03/23/2022(d)			4,324,000				470,235
China Evergrande Group, 7.500%, 06/28/2023(d)			1,000,000				108,750
							578,985

7 

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

		Principal Amount				Fair Value
Retail - 1.96%
Lowe's Cos., Inc., 3.750%, 04/01/2032		$	8,077,000			$	7,506,017
							7,506,017
Software - 3.11%
Oracle Corp., 3.650%, 03/25/2041			14,937,000				11,881,301
							11,881,301
Steel Producers - 0.23%
Cleveland-Cliffs Steel Corp., 7.000%, 03/15/2027			880,000				880,000
							880,000
TOTAL CORPORATE BONDS							90,059,522
(Cost $101,424,834)

		Principal Amount				Fair Value
SENIOR LOANS - 3.57%
Chemicals - 0.03%
CPC Acquisition Corp., Second Lien Initial Term Loan, 3M US L + 7.75%, 12/29/2028			175,000				108,500
							108,500
Commercial Services - 2.14%
RR Donnelley & Sons Co., First Lien Term Loan, 1M SOFR + 6.25%, 11/01/2026			7,973,790				7,875,114
Travelport Finance S.a r.l., First Lien Initial Term Loan, 3M US L + 5.00%, 05/29/2026			370,947				282,152
							8,157,266
Food - 0.48%
Moran Foods, LLC, TL, First Lien Term Loan, 3M SOFR + 7.25%, 06/30/2026			462,403				374,546
Moran Foods, LLC, TL, First Lien Term Loan, 3M SOFR + 7.25%, 06/30/2026			982,309				893,901
Moran Foods, LLC, TL, First Lien Term Loan, 3M SOFR + 7.25%, 12/31/2026			788,287				564,942
							1,833,389
Leisure Facilities & Services - 0.89%
24 Hour Fitness Worldwide, Inc., First Lien Term Loan, 3M US L + 5.00%, 12/29/2025			281,163				24,250
Carnival Corporation TLB 1L, First Lien Term Loan, 1M US L + 3.25%, 10/06/2028			3,465,000				3,389,931
							3,414,181
Pipelines - 0.03%
GMP Borrower LLC, First Lien Term Loan, 3M US L + 4.50%, 10/28/2027			144,246				120,445
							120,445
Retail - 0.00%(e)
NPC International, Inc., Second Lien Initial Term Loan, 1M US L + 0.00%, 04/18/2025(c)			605,000				–
							–
TOTAL SENIOR LOANS							13,633,781
(Cost $14,462,913)

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

		Principal Amount				Fair Value
CONVERTIBLE CORPORATE BOND - 0.29%
Internet - 0.29%
Delivery Hero SE, 1.000%, 04/30/2026		$	300,000			$	259,855
Delivery Hero SE, 2.125%, 03/10/2029			1,100,000				829,162
TOTAL CONVERTIBLE CORPORATE BOND							1,089,017
(Cost $903,921)

		Principal Amount				Fair Value
SOVEREIGN DEBT OBLIGATIONS - 1.02%
Sovereign - 1.02%
Ukraine Government International Bond, 7.750%, 09/01/2025(d)(f)			320,000				76,800
Ukraine Government International Bond, 7.750%, 09/01/2026(d)(f)			635,000				142,875
Ukraine Government International Bond, 7.750%, 09/01/2027(d)(f)			2,820,000				634,500
Ukraine Government International Bond, 7.750%, 09/01/2028(d)(f)			664,000				149,400
Ukraine Government International Bond, 7.750%, 09/01/2029(d)(f)			1,658,000				373,050
Ukraine Government International Bond, 9.750%, 11/01/2030(d)(f)			4,146,000				932,850
Ukraine Government International Bond, 6.876%, 05/21/2031(d)(f)			1,464,000				300,120
Ukraine Government International Bond, 7.375%, 09/25/2034(d)(f)			1,371,000				281,055
Ukraine Government International Bond, 7.253%, 03/15/2035(d)(f)			3,980,000				815,900
Ukraine Government International Bond, 0.000%, 08/01/2041(d)(f)			630,000				203,962
							3,910,512
TOTAL SOVEREIGN DEBT OBLIGATIONS							3,910,512
(Cost $4,563,558)

		Shares				Fair Value
COMMON STOCK - 8.04%
Financial Services - 0.17%
Acacia Research Corp.(g)			145,056				632,444
Agricultural Operations - 0.10%
Benson Hill, Inc.(g)			136,711				366,386
REITS-Mortgage - 0.56%
Blackstone Mortgage Trust, Inc.			69,138				2,131,525
Medical-Drugs - 0.15%
Compass Pathways PLC(g)			53,586				556,223
Oil Companies - Exploration & Production - 1.68%
Earthstone Energy, Inc.(g)			463,294				6,439,787
Electronics & Appliances Stores - 0.00%(e)
Everyware Global(c)(g)			43,777				–

9 

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

		Shares				Fair Value
Internet Content - Entertainment - 0.72%
Meta Platforms, Inc.(g)			18,478			$	2,752,668
Applications Software - 0.04%
Nogin, Inc.(g)			225,285				160,200
Enterprise Software/Services - 1.74%
Palantir Technologies, Inc.(g)			663,625				5,163,003
UiPath, Inc.(g)			96,440				1,481,318
							6,644,321
Credit & Debit - 0.62%
Pagseguro Digital, Ltd.(g)			161,283				1,627,346
PayPal Holdings, Inc.(g)			9,058				738,136
							2,365,482
Auto-Cars/Light Trucks - 0.01%
Polestar Automotive Holding UK PLC(g)			10,409				58,290
Online Communities - 0.96%
Snap, Inc.(g)			319,014				3,687,802
Diagnostic Equipment - 0.42%
SomaLogic, Inc.(g)			456,455				1,588,463
Marine Services - 0.04%
Harvey Gulf Intl. Marine(g)			7,413				148,260
Entertainment Facilities - 0.00%(e)
24 Hour Fitness Worldwide(g)			306,005				2,448
Mineral & Precious Stone Mining - 0.56%
Covia Equity(g)			169,353				2,145,194
IT Services - 0.00%(e)
IQOR(g)			4,941				18,529
Power Generation - 0.20%
Longview Power LLC(g)			61,813				782,985
Auto/Truck Parts & Equipment - 0.07%
Arbe Robotics, Ltd.(g)			73,871				263,719
TOTAL COMMON STOCK							30,744,726
(Cost $26,186,863)

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

		Shares				Fair Value
CLOSED END FUNDS - 17.33%
Aberdeen Diversified Income and Growth Trust PLC			7,080			$	7,768
Aberdeen Japan Equity Fund, Inc.			47,038				265,765
abrdn Emerging Markets Equity Income Fund. Inc.			1,818				10,254
abrdn Smaller Companies Income Trust			161,889				490,978
abrdn Standard Global Infrastructure Income Fund			1,816				33,124
Angel Oak Financial Strategies Income Term Trust			6,147				82,093
Apollo Senior Floating Rate Fund, Inc.			607				7,970
Apollo Tactical Income Fund, Inc.			25,088				324,890
Ares Dynamic Credit Allocation Fund, Inc.			999				12,667
Barings Global Short Duration High Yield Fund			1,395				19,111
BlackRock California Municipal Income Trust			173,989				1,995,654
BlackRock Capital Allocation Trust			67,144				1,014,546
BlackRock ESG Capital Allocation Trust			409,804				6,061,001
BlackRock Innovation & Growth Trust			41,127				314,210
BlackRock MuniHoldings New York Quality Fund, Inc.			241				2,653
BlackRock MuniYield New York Quality Fund, Inc.			2,178				22,913
BlackRock Science & Technology Trust II			9,919				180,030
Blackstone Long-Short Credit Income Fund			675				7,877
Blackstone Strategic Credit Fund			1,348				15,003
BNY Mellon Municipal Income, Inc.			650				4,316
Center Coast Brookfield MLP & Energy Infrastructure Fund			146,912				2,739,909
Citadel Income Fund			110,020				210,027
ClearBridge Energy Midstream Opportunity Fund, Inc.			68,686				2,122,397
ClearBridge MLP & Midstream Fund, Inc.			17,796				639,944
Cushing MLP & Infrastructure Total Return Fund			61,592				2,218,544
Delaware Enhanced Global Dividend & Income Fund			3,115				26,540
DWS Strategic Municipal Income Trust			59				517
Eaton Vance California Municipal Bond Fund			53,149				494,817
Eaton Vance California Municipal Income Trust			7,671				81,543
Eaton Vance New York Municipal Bond Fund			46,230				448,431
Ecofin Sustainable and Social			37,011				490,026
Ellsworth Growth and Income Fund, Ltd.			116,777				1,024,134
European Opportunities Trust PLC			81,426				745,867
European Smaller Companies			2,626				5,277
Federated Hermes Premier Municipal Income Fund			82				910
First Trust High Yield Opportunities 2027 Term Fund			2,697				39,673
First Trust/abrdn Global Opportunity Income Fund			351				2,169
Goldman Sachs MLP Energy and Renaissance Fund			278				3,817
Guggenheim Active Allocation Fund			125				1,849
Henderson Opportunities Trust PLC			111,656				1,696,596
Herald Investment Trust PLC(g)			2,610				60,429
Invesco High Income Trust II			1				11
Japan Smaller Capitalization Fund, Inc.			7,794				54,012
JPMorgan European Discovery Trust PLC			14,209				74,450
JPMorgan Mid Cap Investment Trust PLC			3,263				37,412
Kayne Anderson NextGen Energy & Infrastructure, Inc.			103,652				805,376
Korea Fund, Inc.			26,553				640,193

11

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

		Shares				Fair Value
Macquarie Global Infrastructure Total Return Fund, Inc.			706			$	17,015
MainStay CBRE Global Infrastructure Megatrends Fund			33,785				512,518
MFS High Yield Municipal Trust			86,805				291,665
MFS Investment Grade Municipal Trust			57,289				434,251
Miller/Howard High Dividend Fund			333,513				3,668,643
Morgan Stanley Emerging Markets Debt Fund, Inc.			103,203				718,293
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.			604,687				2,817,841
Neuberger Berman MLP & Energy Income Fund, Inc.			268,634				1,947,596
Neuberger Berman New York Municipal Fund, Inc.			350				3,468
Neuberger Berman Next Generation Connectivity Fund, Inc.			165,408				1,645,810
New Ireland Fund, Inc.			95,326				992,344
Nuveen Core Plus Impact Fund			196,587				2,270,580
Nuveen Credit Strategies Income Fund			72,739				394,973
Nuveen Multi-Asset Income Fund			207,721				2,640,134
Nuveen New Jersey Quality Municipal Income Fund			2,184				26,372
Nuveen New York Quality Municipal Income Fund			1,105				12,674
Nuveen Pennsylvania Quality Municipal Income Fund			787				9,357
Nuveen Real Asset Income and Growth Fund			25				322
Nuveen Senior Income Fund			1				5
NXG NextGen Infrastructure Income Fund			23,585				971,230
Pershing Square Holdings, Ltd.			50,990				1,815,244
PGIM Global High Yield Fund, Inc.			47				557
PGIM Short Duration High Yield Opportunities Fund			1,433				22,670
PIMCO Energy & Tactical Credit Opportunities Fund			254,162				3,982,719
Pioneer High Income Fund, Inc.			361				2,549
Pioneer Municipal High Income Opportunities Fund, Inc.			18,014				209,143
Principal Real Estate Income Fund			51,780				600,130
Schroder British Opportunities Trust PLC(g)			1,453,746				1,164,961
Schroder UK Mid Cap Fund PLC			629,743				4,487,461
Taiwan Fund, Inc.			3,223				83,659
Templeton Emerging Markets Fund			1,314				16,662
Templeton Global Income Fund			826,356				3,669,021
Thornburg Income Builder Opportunities Trust			503				7,776
Tortoise Energy Independence Fund, Inc.			27,292				843,050
Tortoise Energy Infrastructure Fund, Inc.			14,818				499,218
Tortoise Midstream Energy Fund, Inc.			56,274				2,128,845
Tortoise Pipeline & Energy Fund, Inc.			7,795				222,002
Tortoise Power and Energy Infrastructure Fund, Inc.			42,068				574,649
Vertical Capital Income Fund			38,522				371,352
Virtus Global Multi-Sector Income Fund			876				7,297
Voya Emerging Markets High Dividend Equity Fund			55,586				310,726
Voya Global Advantage and Premium Opportunity Fund			391				3,566
Voya Infrastructure Industrials and Materials Fund			6,140				62,505
Western Asset Diversified Income Fund			7,483				105,884

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

		Shares				Fair Value
Western Asset Intermediate Muni Fund			18,474			$	146,499
							66,250,929
TOTAL CLOSED END FUNDS							66,250,929
(Cost $64,478,467)

		Shares				Fair Value
PREFERRED STOCK - 0.55%
Entertainment Facilities - 0.00%(e)
24 Hour Fitness Worldwide, Inc.(g)			407,959				4,080
Transportation - 0.55%
G-ILS Transportation Ltd. Preferred B-3 Shares(c)(g)			1,332				2,099,232
TOTAL PREFERRED STOCK							2,103,312
(Cost $2,709,436)

		Shares				Fair Value
PRIVATE FUND - 7.72%
Stone Ridge Opportunities Feeder Fund LP(g)			29,527				29,527,000
TOTAL PRIVATE FUND							29,527,000
(Cost $29,527,000)

		Shares				Fair Value
UNIT TRUST - 3.47%
Grayscale Bitcoin Trust BTC(h)			711,235				8,641,505
Grayscale Ethereum Classic Trust(g)			13,402				73,711
Grayscale Ethereum Trust(g)(h)			617,378				4,543,902
							13,259,118
TOTAL UNIT TRUST							13,259,118
(Cost $10,086,219)

		Shares				Fair Value
SPECIAL PURPOSE ACQUISITION COMPANIES - 45.28%(g)
7 Acquisition Corp.			50,470				521,355
A SPAC II Acquisition Corp.			68,843				706,329
ABG Acquisition Corp. I			34,184				346,968
Accretion Acquisition Corp.			102,643				1,044,906
Acropolis Infrastructure Acquisition Corp.			76,319				767,769
African Gold Acquisition Corp.			176,315				1,789,597
Agile Growth Corp.			59,098				600,436
Agrinam Acquisition Corp.			19,798				196,495
Ahren Acquisition Corp.			19,716				203,075
Alpha Healthcare Acquisition Corp. III			22,899				229,562

13

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

		Shares				Fair Value
Alpha Partners Technology Merger Corp.			19,691			$	199,174
Alpine Acquisition Corp.			119,504				1,256,585
Alset Capital Acquisition Corp.			40,719				412,891
ALSP Orchid Acquisition Corp. I			104,793				1,083,036
AltC Acquisition Corp.			61,326				614,487
AltEnergy Acquisition Corp.			22,461				230,899
Andretti Acquisition Corp.			50,274				521,593
Anzu Special Acquisition Corp. I			18,438				185,855
AP Acquisition Corp.			52,489				546,935
Apollo Strategic Growth Capital II			45,066				455,617
APx Acquisition Corp. I			46,626				482,579
Arctos NorthStar Acquisition Corp.			39,600				401,940
Ares Acquisition Corp.			52,696				535,391
Arisz Acquisition Corp.			34,348				350,006
Armada Acquisition Corp. I			39				391
Arrowroot Acquisition Corp.			205,758				2,078,156
Artemis Strategic Investment Corp.			142,048				1,458,833
Artemis Strategic Investment Corp., Class B(c)			12,038				3,491
ARYA Sciences Acquisition Corp. V			12,591				127,484
Ascendant Digital Acquisition Corp. III			116,481				1,206,743
Atlantic Coastal Acquisition Corp.			51,070				515,552
Atlantic Coastal Acquisition Corp. II			95,202				978,677
Ault Disruptive Technologies Corp.			24,919				257,662
Aura FAT Projects Acquisition Corp.			58,439				603,090
Avalon Acquisition, Inc.			77,027				798,000
AXIOS Sustainable Growth Acquisition Corp.			60,175				624,316
B Riley Principal 250 Merger Corp.			52,757				530,735
Bannix Acquisition Corp.			57,872				594,924
Banyan Acquisition Corp.			87,049				898,346
Battery Future Acquisition Corp.			42,855				442,624
BioPlus Acquisition Corp.			99,655				1,029,436
Black Mountain Acquisition Corp.			103,581				1,064,813
Black Spade Acquisition Co.			28,533				288,754
Blue Ocean Acquisition Corp.			50,462				521,272
Blue World Acquisition Corp.			51,687				531,342
Build Acquisition Corp.			36,073				364,698
C5 Acquisition Corp.			144,119				1,484,426
Cactus Acquisition Corp. 1, Ltd.			49,956				516,045
Capitalworks Emerging Markets Acquisition Corp.			88,187				913,617
Cartica Acquisition Corp.			148,709				1,548,061
Catcha Investment Corp.			120,767				1,225,785
CF Acquisition Corp. VII			21,449				219,209
Chain Bridge I			66,734				690,030
Chenghe Acquisition Co.			800				8,312
Churchill Capital Corp. VII			50,077				503,775
CIIG Capital Partners II, Inc.			42,062				430,505
Clean Earth Acquisitions Corp.			99,174				1,006,616
ClimateRock			23,557				241,695
Colombier Acquisition Corp.			77,686				780,744

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

		Shares				Fair Value
Concord Acquisition Corp. III			98,857			$	1,017,239
Consilium Acquisition Corp. I, Ltd.			78,255				799,782
Corazon Capital V838 Monoceros Corp.			12,882				130,752
Counter Press Acquisition Corp.			20,213				208,699
Crown PropTech Acquisitions			65,036				660,766
Crystal Peak Acquisition			334,985				3,349,850
DA32 Life Science Tech Acquisition Corp.			108,727				1,092,706
DEE Tech SA			41,293				444,426
Deezer SA			8,179				20,362
Denali Capital Acquisition Corp.			27,621				286,151
DHC Acquisition Corp.			44,994				457,139
Digital Transformation Opportunities Corp.			141,108				1,428,013
Digital World Acquisition Corp., Class B(c)			25,893				363,020
Direct Selling Acquisition Corp.			154,081				1,600,902
Disruptive Acquisition Corp. I			12,124				123,119
Disruptive Capital Acquisition Co., Ltd.			58,870				740,293
dMY Technology Group, Inc. VI			27,831				282,206
DP Cap Acquisition Corp. I			89,472				925,140
Dragoneer Growth Opportunities Corp. III			28,687				283,428
DUET Acquisition Corp.			5,996				61,309
EG Acquisition Corp.			107,079				1,077,215
Elliott Opportunity II Corp.			27,348				277,856
Emerging Markets Horizon Corp.			112,680				1,165,675
Energy Transition Partners BV			50,557				541,384
Enterprise 4.0 Technology Acquisition Corp.			44,710				462,748
ESG Core Investments BV			281,009				2,993,877
ESM Acquisition Corp.			18,627				189,343
Eureking SA			59,955				645,280
European Biotech Acquisition Corp.			1,223				12,413
EVe Mobility Acquisition Corp.			81,534				841,431
Everest Consolidator Acquisition Corp.			100,984				1,042,155
Evergreen Corp.			70,091				722,673
ExcelFin Acquisition Corp.			51,002				524,811
Far Peak Acquisition Corp.			21,242				215,606
FAST Acquisition Corp. II			28,787				290,461
Fat Projects Acquisition Corp., Class B(c)			4,886				831
FG Acquisition Corp.			50,526				506,523
FG Merger Corp.			1,483				15,290
Fifth Wall Acquisition Corp. III			77,093				780,567
Finnovate Acquisition Corp.			100,186				1,035,923
FinServ Acquisition Corp. II			50,815				513,231
Fintech Ecosystem Development Corp.			54,704				565,639
Fintech Evolution Acquisition Group			61,069				621,072
First Reserve Sustainable Growth Corp.			17,131				173,194
Flame Acquisition Corp.			75,199				762,518
Forbion European Acquisition Corp.			22,181				230,461
Forest Road Acquisition Corp. II			108,352				1,094,355
Fortune Rise Acquisition Corp.			36,191				377,110

15

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

		Shares				Fair Value
Forum Merger IV Corp.			95,701			$	967,059
Freedom Acquisition I Corp.			18,275				185,857
Frontier Acquisition Corp.			57,947				587,583
FTAC Athena Acquisition Corp.			5,118				51,999
FTAC Hera Acquisition Corp.			123,705				1,255,606
FTAC Parnassus Acquisition Corp.			39,792				401,899
Fusion Acquisition Corp. II			133,723				1,353,277
FutureTech II Acquisition Corp.			52,279				540,042
G Squared Ascend II, Inc.			34,568				353,285
Galata Acquisition Corp.			53,213				547,828
Games & Esports Experience Acquisition Corp.			118,761				1,237,490
Genesis Growth Tech Acquisition Corp.			47,855				498,171
Genesis Unicorn Capital Corp.			6,940				72,176
Global Blockchain Acquisition Corp.			40,470				411,175
Global Technology Acquisition Corp. I			85,831				888,359
Globalink Investment, Inc.			58,520				599,830
Goal Acquisitions Corp.			88,824				901,119
GoGreen Investments Corp.			130,678				1,366,892
Goldenstone Acquisition, Ltd.			5,502				56,395
Gores Holdings IX, Inc.			121,537				1,214,155
Green Visor Financial Technology Acquisition Corp. I			95,725				994,583
GSR II Meteora Acquisition Corp.			142,738				1,458,069
Hawks Acquisition Corp.			117,298				1,183,537
Healthwell Acquisition Corp. I			2,001				20,110
Heartland Media Acquisition Corp., Class A			2,998				30,849
HH&L Acquisition Co.			89,355				909,634
HNR Acquisition Corp.			44,874				463,997
Home Plate Acquisition Corp.			46,382				469,386
Ibere Pharmaceuticals			6,446				65,491
Iconic Sports Acquisition Corp.			85,644				891,126
Inception Growth Acquisition, Ltd.			33,772				345,825
Industrial Tech Acquisitions II, Inc.			101,997				1,049,549
Infinite Acquisition Corp.			28,365				292,160
Insight Acquisition Corp.			36,845				373,977
Integral Acquisition Corp. 1			38,577				393,100
Integrated Wellness Acquisition Corp.			58,418				603,458
Investcorp Europe Acquisition Corp. I			55,193				572,627
Investcorp India Acquisition Corp.			74,944				779,418
Israel Acquisitions Corp.			8,683				88,306
Itiquira Acquisition Corp.			119,763				1,215,618
IX Acquisition Corp.			22,361				228,082
Jackson Acquisition Co.			5,642				57,661
Jaws Juggernaut Acquisition Corp.			14,501				147,475
Juniper II Corp.			40,165				413,699
Jupiter Acquisition Corp.			14,439				144,390
Jupiter Wellness Acquisition Corp.			88,009				907,373
Kadem Sustainable Impact Corp.			75,482				761,613
Kensington Capital Acquisition Corp. V			58,918				605,677
Keyarch Acquisition Corp.			20,135				205,176

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

			Shares				Fair Value
Khosla Ventures Acquisition Co.			18,131			$	183,123
Kimbell Tiger Acquisition Corp.			119,582				1,241,261
Kismet Acquisition Two Corp.			39,461				400,924
KnightSwan Acquisition Corp.			8,994				92,503
L Catterton Asia Acquisition Corp.			1,609				16,637
LAMF Global Ventures Corp. I			138,675				1,434,593
LAVA Medtech Acquisition Corp.			37,985				392,005
Lazard Growth Acquisition Corp. I			34,208				347,211
Lead Edge Growth Opportunities, Ltd.			500				5,078
Legato Merger Corp. II			25,933				265,943
Levere Holdings Corp.			54,573				553,370
LF Capital Acquisition Corp. II, Class A			166,778				1,719,481
Liberty Resources Acquisition Corp.			76,982				799,843
LIV Capital Acquisition Corp. II			58,346				602,714
Logistics Innovation Technologies Corp.			30,319				304,554
M3-Brigade Acquisition III Corp.			14,905				152,031
Magnum Opus Acquisition, Ltd.			36,420				369,117
Maxpro Capital Acquisition Corp.			37,123				388,492
McLaren Technology Acquisition Corp.			122,181				1,260,908
Medicus Sciences Acquisition Corp.			80,321				812,045
Metals Acquisition Corp.			35,266				356,539
Moringa Acquisition Corp.			35,406				359,371
Motive Capital Corp. II			12,857				132,684
Mountain & Co. I Acquisition Corp.			125,353				1,317,460
Nabors Energy Transition Corp.			188,038				1,944,313
New Energy One Acquisition Corp. PLC			445,953				5,580,391
New Providence Acquisition Corp. II			77,530				796,233
New Vista Acquisition Corp.			46,189				468,587
Newbury Street Acquisition Corp.			20,019				201,792
NorthView Acquisition Corp.			38,482				393,286
Nubia Brand International Corp.			58,524				603,382
Oxus Acquisition Corp.			52,867				547,702
Papaya Growth Opportunity Corp. I			114,924				1,183,717
Patria Latin American Opportunity Acquisition Corp.			92,291				963,518
Pearl Holdings Acquisition Corp.			36,968				382,249
Pegasus Digital Mobility Acquisition Corp.			65,953				682,614
Pegasus Digital Mobility Acquisition Corp., Class B(c)			4,456				1,381
Peridot Acquisition Corp. II			30,189				306,720
Pine Technology Acquisition Corp.			162,272				1,640,570
Plum Acquisition Corp. I			73,302				744,382
Pono Capital Two, Inc.			9,738				100,253
Power & Digital Infrastructure Acquisition II Corp.			44,362				450,274
PowerUp Acquisition Corp.			141,091				1,467,346
PROOF Acquisition Corp. I			61,707				633,114
Pyrophyte Acquisition Corp.			59,361				617,651
RCF Acquisition Corp.			9,504				98,271
Redwoods Acquisition Corp.			32,327				330,059
Revelstone Capital Acquisition Corp.			77,115				782,332

 17

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

			Shares				Fair Value
RF Acquisition Corp.			23,928			$	243,707
Rigel Resource Acquisition Corp.			64,290				665,402
ROC Energy Acquisition Corp.			74,024				763,187
Rocket Internet Growth Opportunities Corp.			33,430				339,816
Ross Acquisition Corp. II			2,830				28,781
Roth CH Acquisition V Co.			62,531				639,067
ScION Tech Growth II			60,966				620,329
Screaming Eagle Acquisition Corp.			67,654				678,908
Sculptor Acquisition Corp. I			36,931				382,605
Sculptor Capital Management, Inc.			708,589				6,582,792
Seaport Global Acquisition II Corp.			91,410				938,781
SHUAA Partners Acquisition Corp. I			45,916				476,149
Signal Hill Acquisition Corp.			26,924				276,240
SILVERspac, Inc.			55,349				559,025
Sizzle Acquisition Corp.			70,060				727,223
Skydeck Acquisition Corp.			13,316				134,825
Slam Corp.			26,398				267,940
Social Capital Suvretta Holdings Corp. II			58,318				590,761
Social Capital Suvretta Holdings Corp. IV			86,410				873,605
Sound Point Acquisition Corp. I, Ltd.			99,902				1,041,978
Southport Acquisition Corp.			49,077				503,775
Spear Investments I BV			18,796				206,383
SportsMap Tech Acquisition Corp.			30,800				317,240
Spree Acquisition Corp. 1, Ltd.			75,747				783,981
Spring Valley Acquisition Corp. II			26,964				275,572
Springwater Special Situations Corp.			58,969				602,368
ST Energy Transition I, Ltd.			93,266				961,106
Stratim Cloud Acquisition Corp.			51,586				520,761
Summit Healthcare Acquisition Corp.			42,915				434,514
Supernova Partners Acquisition Co. III, Ltd.			25,440				258,216
SVF Investment Corp. 2			218,988				2,227,108
Swiftmerge Acquisition Corp.			72,847				743,768
TB SA Acquisition Corp.			81,664				829,298
Tech and Energy Transition Corp.			64,240				648,824
Tio Tech A			22,150				224,601
TLGY Acquisition Corp.			136,622				1,414,721
TPG Pace Beneficial II Corp.			99,747				988,992
Transition SA			33,822				358,502
Trine II Acquisition Corp.			50,769				524,951
Twelve Seas Investment Co. II			85,682				866,245
Twin Ridge Capital Acquisition Corp.			8,071				82,082
UTA Acquisition Corp.			88,121				906,765
Vahanna Tech Edge Acquisition I Corp.			132,585				1,371,592
Valor Latitude Acquisition Corp.			22,158				224,793
Valuence Merger Corp. I			71,556				747,045
VAM Investments Spac BV			25,279				270,697
Vector Acquisition Corp. II			14,215				144,545
Viscogliosi Brothers Acquisition Corp.			41,703				426,772
Vision Sensing Acquisition Corp.			26,576				276,390

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

			Shares				Fair Value
VMG Consumer Acquisition Corp.			124,658			$	1,277,744
VPC Impact Acquisition Holdings II			7,231				73,612
Warburg Pincus Capital Corp. I-A			52,113				528,947
Warburg Pincus Capital Corp. I-B			61,226				621,750
Welsbach Technology Metals Acquisition Corp.			29,572				304,000
World Quantum Growth Acquisition Corp.			84,860				869,815
Worldwide Webb Acquisition Corp.			2,153				22,047
XPAC Acquisition Corp.			11,711				118,047
Yotta Acquisition Corp.			47,369				481,269
Zimmer Energy Transition Acquisition Corp.			12,320				123,878
							173,110,607
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES							173,110,607
(Cost $165,863,510)
WARRANTS - 0.37%(g)
10X Capital Venture Acquisition Corp. III, Expires 06/30/2028, Strike Price $11.50			55,754				5,620
7 Acquisition Corp., Expires 11/05/2026, Strike Price $11.50			25,051				2,744
A SPAC I Acquisition Corp., Expires 05/21/2027, Strike Price $11.50			1				0
A SPAC II Acquisition Corp., Expires 05/03/2027, Strike Price $11.50			34,421				1,263
Achari Ventures Holdings Corp. I, Expires 08/05/2026, Strike Price $11.50			38,384				1,033
Agrinam Acquisition Corp., Expires 06/30/2027, Strike Price $11.50			19,798				198
Ahren Acquisition Corp., Expires 06/17/2028, Strike Price $11.50			47,850				5,316
Alpha Healthcare Acquisition Corp. III, Expires 04/12/2027, Strike Price $11.50			3,816				1,004
Alset Capital Acquisition Corp., Expires 02/02/2027, Strike Price $11.50			13,297				864
ALSP Orchid Acquisition Corp. I, Expires 11/30/2028, Strike Price $11.50			52,397				1,834
Andretti Acquisition Corp., Expires 03/23/2028, Strike Price $11.50			24,523				1,739
AP Acquisition Corp., Expires 12/07/2026, Strike Price $11.50			9,857				927
Apeiron Capital Investment Corp, Expires 06/24/2023, Strike Price $11.50			49,151				2,458
APx Acquisition Corp. I, Expires 08/19/2028, Strike Price $11.50			3,981				129
Arbor Rapha Capital Bioholdings Corp. I, Expires 03/14/2023, Strike Price $11.50			23,851				2,304
Arctos NorthStar Acquisition Corp., Expires 12/31/2028, Strike Price $11.50			28,596				2,860
Arisz Acquisition Corp., Expires 11/16/2026, Strike Price $11.50			34,348				945
Armada Acquisition Corp. I, Expires 08/13/2026, Strike Price $11.50			19				2
Artemis Strategic Investment Corp., Expires 02/12/2023, Strike Price $11.50			52,405				4,716
Ascendant Digital Acquisition Corp. III, Expires 04/19/2023, Strike Price $11.50			78,866				789
Athena Consumer Acquisition Corp., Expires 07/31/2028, Strike Price $11.50			33,717				5,344
Athena Technology Acquisition Corp. II, Expires 10/17/2028, Strike Price $11.50			36,968				2,316
Atlantic Coastal Acquisition Corp. II, Expires 06/02/2028, Strike Price $11.50			80,774				2,666
Ault Disruptive Technologies Corp., Expires 06/20/2028, Strike Price $11.50			18,483				970
Aura FAT Projects Acquisition Corp., Expires 06/02/2027, Strike Price $11.50			58,439				1,759
Aurora Technology Acquisition Corp., Expires 02/07/2028, Strike Price $11.50			63,578				1,221
AXIOS Sustainable Growth Acquisition Corp., Expires 02/16/2027, Strike Price $11.50			43,990				1,452
Banyan Acquisition Corp., Expires 09/30/2028, Strike Price $11.50			45,560				1,597
Battery Future Acquisition Corp., Expires 05/26/2028, Strike Price $11.50			36,968				2,961
Beard Energy Transition Acquisition Corp., Expires 12/31/2027, Strike Price $11.50			60,293				3,618
BenevolentAI, Expires 06/30/2026, Strike Price $11.50			7,014				2,821
Benson Hill Inc., Expires 03/25/2027, Strike Price $3.90(c)			187,607				35,645

 19

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

			Shares				Fair Value
BioPlus Acquisition Corp., Expires 07/19/2028, Strike Price $11.50			45,412			$	4,496
Black Mountain Acquisition Corp., Expires 10/15/2027, Strike Price $11.50			46,279				2,916
Black Spade Acquisition Co., Expires 06/29/2023, Strike Price $11.50			14,266				1,498
bleuacacia, Ltd., Expires 10/30/2026, Strike Price $11.50			100,804				2,792
Blockchain Coinvestors Acquisition Corp. I, Expires 11/01/2028, Strike Price $11.50			93,986				8,036
Blue Ocean Acquisition Corp., Expires 10/21/2028, Strike Price $11.50			16,257				1,626
Blue World Acquisition Corp., Expires 01/10/2029, Strike Price $11.50			23,302				932
Bluescape Opportunities Acquisition Corp., Expires 01/31/2026, Strike Price $11.50			49,310				10,321
Bullpen Parlay Acquisition Co., Expires 12/03/2026, Strike Price $11.50			57,733				3,527
BurTech Acquisition Corp., Expires 12/18/2026, Strike Price $11.50			23,368				467
BYTE Acquisition Corp., Expires 12/31/2028, Strike Price $11.50			20,143				1,335
C5 Acquisition Corp., Expires 05/19/2028, Strike Price $11.50			72,059				1,592
Cactus Acquisition Corp. 1, Ltd., Expires 07/20/2023, Strike Price $11.50			21,180				828
Canna-Global Acquisition Corp., Expires 02/09/2028, Strike Price $11.50			154,766				2,724
Capitalworks Emerging Markets Acquisition Corp., Expires 04/27/2028, Strike Price $11.50			69,120				2,944
Cardio Diagnostics Holdings, Inc., Expires 12/01/2026, Strike Price $11.50			19,933				1,345
Carney Technology Acquisition Corp. II, Expires 11/30/2027, Strike Price $11.50			46,429				3,946
CARTESIAN GROWTH Corp. II, Expires 07/12/2028, Strike Price $11.50			5,984				1,059
Cartica Acquisition Corp., Expires 04/30/2028, Strike Price $11.50			74,354				5,963
Catalyst Partners Acquisition Corp., Expires 12/31/2027, Strike Price $11.50			4,076				4
CENAQ Energy Corp., Expires 12/31/2027, Strike Price $11.50			327				33
CF Acquisition Corp. IV, Expires 12/14/2025, Strike Price $11.50			13,333				1,089
CF Acquisition Corp. VII, Expires 03/15/2026, Strike Price $11.50			4,928				665
Chain Bridge I, Expires 12/31/2028, Strike Price $11.50			33,367				5,005
Chenghe Acquisition Co., Expires 04/28/2027, Strike Price $11.50			400				42
Churchill Capital Corp. VII, Expires 02/29/2028, Strike Price $11.50			26,731				1,893
CIIG Capital Partners II, Inc., Expires 02/28/2028, Strike Price $11.50			11,642				815
Cineworld, Expires 11/23/2025, Strike Price $0.41			88,914				–
Clean Earth Acquisitions Corp., Expires 02/24/2028, Strike Price $11.50			49,587				5,700
ClimateRock, Expires 06/01/2027, Strike Price $11.50			11,778				418
Compute Health Acquisition Corp., Expires 12/31/2027, Strike Price $11.50			26,926				3,465
Concord Acquisition Corp. II, Expires 12/31/2028, Strike Price $11.50			25,741				3,233
Concord Acquisition Corp. III, Expires 12/31/2028, Strike Price $11.50			54,452				4,258
Consilium Acquisition Corp. I, Ltd., Expires 06/01/2027, Strike Price $11.50			38,488				1,347
Corner Growth Acquisition Corp., Expires 12/31/2027, Strike Price $11.50			41,045				1,231
Counter Press Acquisition Corp., Expires 02/09/2027, Strike Price $11.50			10,106				432
Crescera Capital Acquisition Corp., Expires 04/20/2028, Strike Price $11.50			63,791				3,183
Crystal Peak Acquisition, Expires 06/22/2026, Strike Price $11.50			34,484				17,242
DEE Tech SA, Expires 06/23/2023, Strike Price $11.50			35,099				11,447
Deezer SA, Expires 06/07/2027, Strike Price $11.50			95,238				3,727
Denali Capital Acquisition Corp., Expires 04/07/2027, Strike Price $11.50			27,621				1,660
DHC Acquisition Corp., Expires 12/31/2027, Strike Price $11.50			25,249				470
DiamondHead Holdings Corp., Expires 01/28/2028, Strike Price $11.50			11,333				2,833
Digital Health Acquisition Corp., Expires 10/14/2023, Strike Price $11.50			17,736				2,118
dMY Technology Group, Inc. VI, Expires 06/25/2023, Strike Price $11.50			3,783				901
DUET Acquisition Corp., Expires 07/19/2028, Strike Price $11.50			5,996				138
EG Acquisition Corp., Expires 05/28/2028, Strike Price $11.50			27,981				5,037
Emerging Markets Horizon Corp., Expires 02/08/2028, Strike Price $11.50			73,685				4,421

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

			Shares				Fair Value
Energem Corp., Expires 03/10/2023, Strike Price $11.50			45,714			$	4,110
Energy Transition Partners BV, Expires 07/16/2026, Strike Price $11.50			16,852				4,580
ESGEN Acquisition Corp., Expires 06/28/2023, Strike Price $11.50			61,117				3,820
Eureking SA, Expires 05/12/2027, Strike Price $11.50			59,955				3,259
EVe Mobility Acquisition Corp., Expires 05/12/2028, Strike Price $11.50			27,110				2,171
Everest Consolidator Acquisition Corp., Expires 07/19/2028, Strike Price $11.50			50,492				778
Evergreen Corp., Expires 02/15/2027, Strike Price $11.50			70,092				876
ExcelFin Acquisition Corp., Expires 07/05/2023, Strike Price $11.50			22,349				670
FG Acquisition Corp., Expires 04/05/2030, Strike Price $11.50			25,263				28,295
FG Merger Corp., Expires 06/17/2027, Strike Price $11.50			1,112				111
Financial Strategies Acquisition Corp., Expires 03/31/2028, Strike Price $11.50			6,820				130
Financials Acquisition Corp., Expires 04/04/2027, Strike Price $1150.00			28,696				1,415
Finnovate Acquisition Corp., Expires 04/15/2023, Strike Price $11.50			71,462				1,858
FinServ Acquisition Corp. II, Expires 02/17/2026, Strike Price $11.50			22,794				591
Fintech Ecosystem Development Corp., Expires 12/31/2028, Strike Price $11.50			27,352				711
Fintech Evolution Acquisition Group, Expires 03/31/2028, Strike Price $11.50			17,608				528
Flame Acquisition Corp., Expires 12/31/2028, Strike Price $11.50			5,451				4,906
Forbion European Acquisition Corp., Expires 05/23/2028, Strike Price $11.50			7,393				1,331
Fortune Rise Acquisition Corp., Expires 11/26/2023, Strike Price $11.50			15,616				1,118
FTAC Emerald Acquisition Corp., Expires 08/22/2028, Strike Price $11.50			27,108				2,640
FTAC Parnassus Acquisition Corp., Expires 03/10/2026, Strike Price $11.50			10,083				654
FTAC Zeus Acquisition Corp., Expires 12/31/2027, Strike Price $11.50			135,656				4,070
Fusion Acquisition Corp. II, Expires 12/31/2027, Strike Price $11.50			20,782				416
Future Health ESG Corp., Expires 02/19/2023, Strike Price $11.50			37,402				2,319
FutureTech II Acquisition Corp., Expires 02/16/2027, Strike Price $11.50			48,383				852
Games & Esports Experience Acquisition Corp., Expires 10/21/2028, Strike Price $11.50			59,290				1,779
Gardiner Healthcare Acquisitions Corp., Expires 07/30/2028, Strike Price $11.50			14,786				1,553
Genesis Growth Tech Acquisition Corp., Expires 05/19/2028, Strike Price $11.50			6,030				1,085
GigCapital5, Inc., Expires 12/31/2028, Strike Price $11.50			3,954				128
Global Blockchain Acquisition Corp., Expires 05/10/2027, Strike Price $11.50			40,470				947
Global Technology Acquisition Corp. I, Expires 07/13/2023, Strike Price $11.50			23,734				2,848
Globalink Investment, Inc., Expires 12/03/2026, Strike Price $11.50			14,771				182
GoGreen Investments Corp., Expires 06/04/2023, Strike Price $11.50			65,339				29,403
Gores Holdings IX, Inc., Expires 01/14/2029, Strike Price $11.50			40,512				9,723
Granite Ridge Resources, Inc., Expires 09/25/2028, Strike Price $11.50			228,188				228,188
Green Visor Financial Technology Acquisition Corp. I, Expires 05/08/2023, Strike Price $11.50			47,750				1,791
Growth For Good Acquisition Corp., Expires 11/12/2026, Strike Price $11.50			51,285				4,003
GSR II Meteora Acquisition Corp., Expires 07/22/2023, Strike Price $11.50			119,353				22,438
Harvey Gulf, Expires 12/31/2049, Strike Price $0.01			16,636				332,720
HCM ACQUISITION Corp., Expires 12/31/2027, Strike Price $11.50			10,493				260
Healthcare AI Acquisition Corp., Expires 12/14/2026, Strike Price $11.50			18,681				2,802
Heartland Media Acquisition Corp., Expires 10/21/2027, Strike Price $11.50			1,499				104
HHG Capital Corp., Expires 12/31/2027, Strike Price $11.50			17,425				699
HNR Acquisition Corp., Expires 07/29/2028, Strike Price $11.50			44,874				5,834
Home Plate Acquisition Corp., Expires 03/03/2023, Strike Price $11.50			4,107				271
Iconic Sports Acquisition Corp., Expires 04/06/2023, Strike Price $11.50			19,665				4,388
Inception Growth Acquisition, Ltd., Expires 10/15/2026, Strike Price $11.50			2,402				78

 21

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

			Shares				Fair Value
Industrial Tech Acquisitions II, Inc., Expires 12/31/2028, Strike Price $11.50			47,509			$	3,801
Infinite Acquisition Corp., Expires 11/23/2028, Strike Price $11.50			46,166				5,600
InFinT Acquisition Corp., Expires 05/19/2027, Strike Price $11.50			55,058				4,405
Innovative International Acquisition Corp., Expires 04/03/2023, Strike Price $11.50			71,433				2,964
Integrated Rail and Resources Acquisition Corp., Expires 05/21/2023, Strike Price $11.50			48,874				7,590
Integrated Wellness Acquisition Corp., Expires 10/31/2028, Strike Price $11.50			1,869				568
Investcorp Europe Acquisition Corp. I, Expires 11/23/2028, Strike Price $11.50			24,645				739
Investcorp India Acquisition Corp., Expires 06/28/2027, Strike Price $11.50			37,472				2,998
Iris Acquisition Corp., Expires 03/05/2026, Strike Price $11.50			27,683				2,700
IX Acquisition Corp., Expires 11/24/2026, Strike Price $11.50			112				2
Jackson Acquisition Co., Expires 12/31/2028, Strike Price $11.50			11,842				592
Jaguar Global Growth Corp. I, Expires 02/11/2027, Strike Price $11.50			43,794				3,944
Jaws Mustang Acquisition Corp., Expires 01/30/2026, Strike Price $11.50			19,820				1,298
Juniper II Corp., Expires 12/31/2028, Strike Price $11.50			9,381				1,501
Jupiter Acquisition Corp., Expires 08/17/2028, Strike Price $11.50			1,531				98
Kairous Acquisition Corp. ltd, Expires 09/15/2026, Strike Price $11.50			6,746				607
Kernel Group Holdings, Inc., Expires 01/31/2027, Strike Price $11.50			1,326				123
Keyarch Acquisition Corp., Expires 07/25/2028, Strike Price $11.50			24,350				1,403
Kimbell Tiger Acquisition Corp., Expires 09/15/2028, Strike Price $11.50			59,791				8,969
KnightSwan Acquisition Corp., Expires 07/21/2028, Strike Price $11.50			4,497				473
LAMF Global Ventures Corp. I, Expires 04/04/2023, Strike Price $11.50			63,179				5,680
LatAmGrowth SPAC, Expires 01/25/2028, Strike Price $11.50			37,849				3,785
LAVA Medtech Acquisition Corp., Expires 04/01/2023, Strike Price $11.50			57,923				5,196
Lazard Growth Acquisition Corp. I, Expires 12/31/2027, Strike Price $11.50			4,497				36
LDH Growth Corp. I, Expires 12/31/2028, Strike Price $11.50			1,613				68
Levere Holdings Corp., Expires 12/31/2028, Strike Price $11.50			13,463				404
LF Capital Acquisition Corp. II, Expires 01/07/2026, Strike Price $11.50			60,499				2,420
Liberty Resources Acquisition Corp., Expires 10/31/2028, Strike Price $11.50			22,928				1,330
Lionheart III Corp., Expires 03/19/2023, Strike Price $11.50			36,580				4,024
LIV Capital Acquisition Corp. II, Expires 02/16/2027, Strike Price $11.50			43,759				5,142
McLaren Technology Acquisition Corp., Expires 03/03/2023, Strike Price $11.50			61,067				1,832
Mercato Partners Acquisition Corp., Expires 12/28/2026, Strike Price $11.50			15,665				940
Metal Sky Star Acquisition Corp., Expires 04/01/2027, Strike Price $11.50			40,420				1,811
Metals Acquisition Corp., Expires 07/12/2026, Strike Price $11.50			8,891				6,268
Monterey Bio Acquisition Corp., Expires 06/07/2023, Strike Price $11.50			24,230				600
Motive Capital Corp. II, Expires 05/15/2028, Strike Price $11.50			8,206				696
Mountain & Co. I Acquisition Corp., Expires 08/24/2023, Strike Price $11.50			62,660				2,431
Murphy Canyon Acquisition Corp., Expires 02/03/2027, Strike Price $11.50			51,468				2,959
Nabors Energy Transition Corp., Expires 11/17/2026, Strike Price $11.50			87,846				7,028
New Energy One Acquisition Corp. PLC, Expires 03/07/2027, Strike Price $11.50			222,976				68,724
New Providence Acquisition Corp. II, Expires 12/31/2027, Strike Price $11.50			21,526				975
New Vista Acquisition Corp., Expires 12/31/2027, Strike Price $11.50			14,117				706
Newcourt Acquisition Corp., Expires 04/12/2028, Strike Price $11.50			30,398				632
Nogin, Inc., Expires 08/26/2027, Strike Price $11.50			8,372				310
NorthView Acquisition Corp., Expires 08/02/2027, Strike Price $11.50			19,197				720
Nova Vision Acquisition Corp., Expires 12/31/2028, Strike Price $11.50			31,088				858
Nubia Brand International Corp., Expires 11/16/2026, Strike Price $11.50			29,262				1,829
OmniLit Acquisition Corp., Expires 11/08/2026, Strike Price $11.50			31,515				2,679
Onyx Acquisition Co. I, Expires 11/30/2028, Strike Price $11.50			24,790				3,788

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

			Shares				Fair Value
Oxus Acquisition Corp., Expires 08/26/2026, Strike Price $11.50			20,287			$	1,826
Papaya Growth Opportunity Corp. I, Expires 12/31/2028, Strike Price $11.50			76,584				4,672
Patria Latin American Opportunity Acquisition Corp., Expires 03/10/2027, Strike Price $11.50			46,145				3,692
Pearl Holdings Acquisition Corp., Expires 12/15/2026, Strike Price $11.50			18,484				1,848
PepperLime Health Acquisition Corp., Expires 03/28/2023, Strike Price $11.50			11,876				891
Perception Capital Corp. II, Expires 12/31/2028, Strike Price $11.50			58,258				6,120
Phoenix Biotech Acquisition Corp., Expires 09/01/2026, Strike Price $11.50			21,939				1,117
Pono Capital Two, Inc., Expires 09/23/2027, Strike Price $11.50			9,738				333
Pontem Corp., Expires 12/31/2027, Strike Price $11.50			60,453				14,817
Power & Digital Infrastructure Acquisition II Corp., Expires 12/14/2028, Strike Price $11.50			87,961				7,934
PowerUp Acquisition Corp., Expires 02/18/2027, Strike Price $11.50			70,545				7,760
PROOF Acquisition Corp. I, Expires 12/03/2028, Strike Price $11.50			20,757				884
Prospector Capital Corp., Expires 01/01/2025, Strike Price $11.50			21,521				1,958
RCF Acquisition Corp., Expires 04/25/2023, Strike Price $11.50			31,463				2,517
Redwoods Acquisition Corp., Expires 03/15/2027, Strike Price $11.50			32,327				1,131
Relativity Acquisition Corp., Expires 02/11/2027, Strike Price $11.50			45,142				2,126
Revelstone Capital Acquisition Corp., Expires 05/24/2028, Strike Price $11.50			53				4
RF Acquisition Corp., Expires 05/01/2028, Strike Price $11.50			19,704				350
Rigel Resource Acquisition Corp., Expires 04/19/2023, Strike Price $11.50			31,854				4,138
Rose Hill Acquisition Corp., Expires 03/03/2023, Strike Price $11.50			41,528				5,399
Ross Acquisition Corp. II, Expires 02/12/2026, Strike Price $11.50			28,225				6,209
Screaming Eagle Acquisition Corp., Expires 12/15/2027, Strike Price $11.50			22,674				5,662
Sculptor Acquisition Corp. I, Expires 04/15/2028, Strike Price $11.50			9,858				1,005
Seaport Calibre Materials Acquisition Corp., Expires 07/19/2026, Strike Price $11.50			14,252				695
Selina Hospitality PLC, Expires 12/31/2049, Strike Price $0.01(c)			218,500				39,330
ShoulderUp Technology Acquisition Corp., Expires 07/26/2023, Strike Price $11.50			94,845				3,263
SHUAA Partners Acquisition Corp. I, Expires 03/02/2027, Strike Price $11.50			22,958				1,837
Signal Hill Acquisition Corp., Expires 02/11/2027, Strike Price $11.50			13,462				537
SILVERspac, Inc., Expires 02/16/2023, Strike Price $11.50			18,449				2,769
Sizzle Acquisition Corp., Expires 03/12/2026, Strike Price $11.50			43,590				12,859
Sound Point Acquisition Corp. I, Ltd., Expires 03/02/2027, Strike Price $11.50			49,951				8,244
Southport Acquisition Corp., Expires 05/24/2028, Strike Price $11.50			6,161				280
Spree Acquisition Corp. 1, Ltd., Expires 12/22/2028, Strike Price $11.50			20,337				610
Spring Valley Acquisition Corp. II, Expires 02/16/2023, Strike Price $11.50			13,573				3,258
SpringBig Holdings, Inc., Expires 06/14/2027, Strike Price $11.50			24,279				1,216
ST Energy Transition I, Ltd., Expires 12/02/2026, Strike Price $11.50			42,980				8,596
Sustainable Development Acquisition I Corp., Expires 12/31/2028, Strike Price $11.50			28,327				2,209
Swiftmerge Acquisition Corp., Expires 06/17/2028, Strike Price $11.50			132				18
Tailwind International Acquisition Corp., Expires 03/01/2028, Strike Price $11.50			17,317				346
Talon 1 Acquisition Corp., Expires 04/18/2023, Strike Price $11.50			71,933				4,478
Target Global Acquisition I Corp., Expires 12/31/2027, Strike Price $11.50			18,073				2,257
Tech and Energy Transition Corp., Expires 12/31/2027, Strike Price $11.50			59,992				2,100
Technology & Telecommunication Acquisition Corp., Expires 02/15/2027, Strike Price $11.50			52,993				1,987
TKB Critical Technologies 1, Expires 10/29/2028, Strike Price $11.50			48,884				11,243
TLGY Acquisition Corp., Expires 01/14/2028, Strike Price $11.50			68,311				2,135

 23

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

			Shares				Fair Value
Transition SA, Expires 06/16/2026, Strike Price $11.50			33,822			$	18,385
Trine II Acquisition Corp., Expires 12/31/2027, Strike Price $11.50			78,462				6,622
UTA Acquisition Corp., Expires 10/30/2026, Strike Price $11.50			44,060				8,627
Vahanna Tech Edge Acquisition I Corp., Expires 11/30/2028, Strike Price $11.50			55,430				1,995
Valor Latitude Acquisition Corp., Expires 12/31/2028, Strike Price $11.50			3,725				130
Valuence Merger Corp. I, Expires 03/01/2027, Strike Price $11.50			60,778				5,859
VAM Investments Spac BV, Expires 07/27/2026, Strike Price $11.50			12,639				4,672
Viscogliosi Brothers Acquisition Corp., Expires 03/18/2027, Strike Price $11.50			20,851				3,121
Vision Sensing Acquisition Corp., Expires 03/24/2023, Strike Price $11.50			49,182				1,982
VMG Consumer Acquisition Corp., Expires 07/03/2023, Strike Price $11.50			60,937				3,053
Western Acquisition Ventures Corp., Expires 01/12/2027, Strike Price $11.50			29,980				2,473
Yotta Acquisition Corp., Expires 03/15/2027, Strike Price $11.50			47,369				3,482
Zimmer Energy Transition Acquisition Corp., Expires 05/14/2023, Strike Price $11.50			1,716				265
ZyVersa Therapeutics, Inc., Expires 12/20/2026, Strike Price $11.50(c)			7,100				497
TOTAL WARRANTS							1,401,771
(Cost $3,864,827)
RIGHTS - 0.05%(g)
A SPAC I Acquisition Corp., Expires 12/31/2049			2				0
A SPAC II Acquisition Corp., Expires 12/31/2049			68,843				5,852
Accretion Acquisition Corp., Expires 12/31/2049			37,215				3,815
Agrinam Acquisition Corp., Expires 12/31/2049			19,798				792
AIB Acquisition Corp., Expires 12/31/2049			41,417				5,384
Alset Capital Acquisition Corp., Expires 12/31/2049			26,594				5,063
Arisz Acquisition Corp., Expires 05/01/2023			34,348				3,186
Aurora Technology Acquisition Corp., Expires 02/07/2028			63,578				6,676
AXIOS Sustainable Growth Acquisition Corp., Expires 12/31/2049			43,990				5,499
bleuacacia, Ltd., Expires 12/31/2049			201,609				15,121
Blue World Acquisition Corp., Expires 12/31/2049			46,604				4,451
Broad Capital Acquisition Corp., Expires 12/31/2049			53,360				9,338
Clean Earth Acquisitions Corp., Expires 12/31/2049			99,120				14,868
ClimateRock, Expires 06/01/2027			23,557				2,710
Consilium Acquisition Corp. I, Ltd., Expires 06/01/2027			76,977				6,832
Deep Medicine Acquisition Corp., Expires 10/26/2023			15,116				1,209
Financial Strategies Acquisition Corp., Expires 03/31/2028			9,858				739
Fintech Ecosystem Development Corp., Expires 12/31/2028			54,704				6,151
Global Blockchain Acquisition Corp., Expires 12/31/2049			40,470				2,193
Globalink Investment, Inc., Expires 08/19/2023			4,837				242
Growth For Good Acquisition Corp., Expires 06/14/2023			75,556				3,982
GSR II Meteora Acquisition Corp., Expires 12/31/2049			7,459				11,263
Inception Growth Acquisition, Ltd., Expires 05/08/2023			7,394				699
Jaguar Global Growth Corp. I, Expires 12/31/2049			87,589				8,321
Jupiter Wellness Acquisition Corp., Expires 12/31/2049			18,463				1,479
Kairous Acquisition Corp. ltd, Expires 11/24/2023			13,555				2,982
Keyarch Acquisition Corp., Expires 07/25/2028			16,489				1,608
Metal Sky Star Acquisition Corp., Expires 12/31/2049			40,420				5,255
Mountain Crest Acquisition Corp. V, Expires 12/31/2049			8,917				1,854

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

			Shares				Fair Value
NorthView Acquisition Corp., Expires 12/31/2049			38,482			$	6,157
QualTek Services, Inc., Expires 12/31/2049			73,592				14,696
Redwoods Acquisition Corp., Expires 12/31/2049			32,327				4,332
RF Acquisition Corp., Expires 12/31/2049			19,704				1,970
Sagaliam Acquisition Corp., Expires 12/31/2049			84,310				12,651
Spring Valley Acquisition Corp. II, Expires 02/16/2023			27,147				5,209
Welsbach Technology Metals Acquisition Corp., Expires 12/31/2049			29,572				5,767
Yotta Acquisition Corp., Expires 12/31/2049			47,369				9,947
TOTAL RIGHTS							198,293
(Cost $299,341)
SHORT TERM INVESTMENTS - 1.26%
JPMorgan US Treasury Plus Money Market Fund, 7 Day Yield 4.14%			4,739,172				4,739,172
BNY Mellon U.S. Treasury Fund, 7 Day Yield 4.15%			85,113				85,113
TOTAL SHORT TERM INVESTMENTS							4,824,285
(Cost $4,824,285)
Total Investments -  112.50%						$	430,112,873
(Cost $429,195,174)
Liabilities in Excess of Other Assets - (12.50)%						$	(47,773,864	)
Net Assets - 100.00%						$	382,339,009

Amounts above are shown as a percentage of net assets as of January 31, 2023.

(a)	The security is a floating rate note which has an annual interest rate, reset monthly, that is calculated by taking the product of a leverage multiplier and (USISDA30 - USISDA02). At January 31, 2023, the current coupon rate for these notes is 0%.
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933 (the "Securities Act"). Total market value of Rule 144A securities amounts to $21,499,733, which represented approximately 5.62% of net assets as of January 31, 2023. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.
(c)	Level 3 assets valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.
(d)	Security is in default as of year end and is therefore non-income producing.
(e)	Amount represents less than 0.005% of net assets.
(f)	Securities were originally issued pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of January 31, 2023, the aggregate market value of those securities was $3,910,512, which represents approximately 1.02% of net assets.
(g)	Non-income producing security.
(h)	A portion or all of the security is owned by BRW SPV I, a wholly-owned subsidiary of the Fund.

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

SONIA - Sterling Overnight Interbank Average Rate

OBFR - Overnight Bank Funding Rate

USISDA02- ICE USD Swap Rate 2 year Tenor

 25

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

USISDA30- ICE USD Swap Rate 30 year Tenor

Reference Rates:

1M US L - 1 Month LIBOR as of January 31, 2023 was 4.57%

3M US L - 3 Month LIBOR as of January 31, 2023 was 4.81%

USISDA02 - ICE USE Swap Rate 2 Year Tenor as of January 31, 2023 was 4.50%

USISDA30 - ICE USE Swap Rate 30 Year Tenor as of January 31, 2023 was 3.27%

1M US SOFR - 1 Month SOFR as of January 31, 2023 was 4.31%

3M US SOFR - 3 Month SOFR as of January 31, 2023 was 4.07%

CREDIT DEFAULT SWAP CONTRACTS (CENTRALLY CLEARED)

Buy/Sell Protection(a)		Single Name/ Index		Reference Obligations			Annual Payment Rate Received (Paid)				Currency			Maturity Date			Notional Amount(b)				Value				Upfront Fees Received/(Paid)				Unrealized Appreciation/ (Depreciation)
Sell		Single Name		Verizon Wireless			2.00	%			USD			6/20/24			6,743,000			$	41,461			$	20,736			$	20,726
																				$	41,461			$	20,736			$	20,726
Buy		Single Name		RR Donnelley & Sons			(5.00	)%			USD			12/20/26			8,244,000			$	(839,212	)		$	(689,317	)		$	(149,896	)
Buy		Single Name		Verizon Wireless			(1.00	)%			USD			6/20/23			19,000,000				(64,135	)			(41,350	)			(22,785	)
																				$	(903,348	)		$	(730,667	)		$	(172,681	)

CREDIT DEFAULT SWAP CONTRACTS (OVER THE COUNTER)

Buy/Sell Protection(a)		Single Name/ Index		Counterparty		Reference Obligations		Annual Payment Rate Received (Paid)			Currency		Maturity Date			Notional Amount(b)			Value				Upfront Fees Received/(Paid)				Unrealized Appreciation/  (Depreciation)
Sell		Single Name		Goldman Sachs		Verizon Wireless		5.00	%		USD		6/20/23			19,000,000		$	64,135			$	28,509			$	35,626
Sell		Single Name		Goldman Sachs		Verizon Wireless		5.00	%		USD		12/20/27			20,000,000			392,687				383,718				8,969
Sell		Single Name		Barclays		International Business Machines		5.00	%		USD		12/20/27			10,000,000			196,344				202,764				(6,420	)
Sell		Single Name		Goldman Sachs		Danone SA		5.00	%		EUR		12/20/27			5,000,000			106,498				86,606				19,892
Sell		Single Name		Barclays		Unilever PLC		5.00	%		EUR		12/20/27			10,000,000			283,231				252,774				30,457
Sell		Single Name		Morgan Stanley		Bristol-Myers Squibb Co.		5.00	%		USD		6/20/27			22,000,000			580,473				562,120				18,353
Sell		Single Name		Goldman Sachs		Bristol-Myers Squibb Co.		5.00	%		USD		12/20/27			10,000,000			272,877				268,823				4,054
Sell		Single Name		Morgan Stanley		Bristol-Myers Squibb Co.		5.00	%		USD		12/20/27			10,000,000			272,877				257,109				15,768

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

Sell		Single Name		Goldman Sachs		Target Corp.		5.00	%		USD		12/20/27			10,000,000			206,550				194,677				11,873
Sell		Single Name		Goldman Sachs		International Business Machines		5.00	%		USD		6/20/27			5,750,000			112,961				111,480				1,481
Sell		Single Name		JPMorgan		Target Corp.		5.00	%		USD		12/20/27			5,000,000			103,275				95,150				8,125
Sell		Single Name		Goldman Sachs		Home Depot		5.00	%		USD		12/20/27			8,848,000			244,317				232,486				11,832
Sell		Single Name		Morgan Stanley		Danone SA		5.00	%		EUR		12/20/27			1,264,000			26,923				25,775				1,148
Sell		Single Name		Goldman Sachs		Proctor & Gamble		5.00	%		USD		12/20/27			25,000,000			666,654				633,005				33,648
Sell		Single Name		Barclays		Liberty Interactive		5.00	%		USD		12/20/27			232,000			84,782				87,000				(2,218	)
Sell		Single Name		Goldman Sachs		Pfizer, Inc.		5.00	%		USD		12/20/27			7,300,000			195,702				187,724				7,978
																		$	3,810,285			$	3,609,721			$	200,564

^(a) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

^(b) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty

Reference Obligations

Currency

Notional Amount

Termination Date

Floating Rate Index

Floating Rate Paid/(Received) by Fund

Value

Unrealized Appreciation/ (Depreciation)

JPMorgan Chase & Co

BlackRock Smaller Cos Trust PLC

GBP

$

755,995

12/18/23

SONIA

40 bps

$

918,844

$

(13,183

)

JPMorgan Chase & Co

Henderson Smaller Companies Investment Trust PLC

GBP

271,883

12/18/23

SONIA

40 bps

327,986

(7,204

)

JPMorgan Chase & Co

Invesco Perpetual UK Smaller Cos Investment Trust PLC

GBP

278,202

12/18/23

SONIA

40 bps

341,843

(1,137

)

JPMorgan Chase & Co

JPMorgan UK Smaller Companies Investment Trust PLC

GBP

40,063

12/18/23

SONIA

40 bps

48,475

(916

)

JPMorgan Chase & Co

JPMorgan Mid Cap Investment Trust PLC

GBP

131,386

10/2/23

SONIA

40 bps

160,769

(1,210

)

JPMorgan Chase & Co

Aberdeen Diversified Income and Growth Trust PLC

GBP

86,217

10/2/23

SONIA

40 bps

105,112

(1,181

)

JPMorgan Chase & Co

Aberforth Smaller Companies Trust PLC

GBP

1,080,002

10/2/23

SONIA

40 bps

1,321,900

(9,579

)

 27

Saba Capital Income & Opportunities Fund Consolidated Schedule of Investments

January 31, 2023

JPMorgan Chase & Co		Baillie Gifford European Growth Trust PLC			GBP				129,331			10/2/23		SONIA		40 bps			156,819				(2,627	)
JPMorgan Chase & Co		Baillie Gifford UK Growth Trust PLC			GBP				86,494			10/5/23		SONIA		40 bps			105,409				(1,225	)
JPMorgan Chase & Co		Edinburgh Worldwide Investment Trust PLC			GBP				105,608			10/2/23		SONIA		40 bps			128,033				(2,166	)
JPMorgan Chase & Co		Mercantile Investment Trust PLC			GBP				489,211			10/2/23		SONIA		40 bps			596,011				(7,112	)
JPMorgan Chase & Co		European Smaller Companies Trust PLC			GBP				132,933			10/2/23		SONIA		40 bps			160,924				(2,962	)
JPMorgan Chase & Co		JPMorgan European Discovery Trust PLC			GBP				178,733			10/2/23		SONIA		40 bps			218,806				(1,544	)
JPMorgan Chase & Co		Herald Investment Trust PLC			GBP				372,702			10/2/23		SONIA		40 bps			447,568				(11,916	)
JPMorgan Chase & Co		Allianz Technology Trust PLC			GBP				266,689			12/18/23		SONIA		40 bps			443,319				114,532
JPMorgan Chase & Co		Aberdeen New India Investment Trust PLC			GBP				460,964			12/18/23		SONIA		40 bps			559,848				(8,450	)
JPMorgan Chase & Co		Baillie Gifford US Growth Trust PLC			GBP				1,233,089			12/18/23		SONIA		40 bps			1,508,163				(12,049	)
JPMorgan Chase & Co		Polestar Automotive Holding UK PLC			USD				4,237,760			12/26/23		OBFR		(7,000) bps			3,903,200				(334,560	)
JPMorgan Chase & Co		River & Mercantile UK Micro Ca			GBP				363,685			12/18/23		SONIA		40 bps			326,770				(121,598	)
																		$	11,779,799			$	(426,087	)

All Reference Obligations shown above for Total Return Swap Contracts are closed end funds.

^(a) The Fund receives monthly payments based on any positive monthly return of the Reference Obligation. The Fund makes payments on any negative monthly return of such Reference Obligation

FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty		Settlement Date			Fund Receiving				Value				Fund Delivering				Cost				Unrealized Appreciation/ (Depreciation)
JP Morgan Chase		02/28/23			EUR				2,467,016				GBP			$	2,477,250			$	(10,234	)
JP Morgan Chase		02/28/23			USD				(8,711,006	)			USD				(8,691,160	)			(19,846	)
JP Morgan Chase		02/28/23			EUR				(15,665,550	)			USD				(15,730,537	)			64,987
																				$	34,907

Investments in Securities, at fair value		Level 1 - Quoted Prices				Level 2 - Significant Observable Inputs				Level 3 - Significant Unobservable Inputs				Total
Corporate Bonds		$	-			$	90,059,522			$	-			$	90,059,522
Senior Loans			-				13,633,781				-				13,633,781
Common Stock			27,647,310				3,097,416				-				30,744,726
Convertible Corporate Bond			-				1,089,017				-				1,089,017
Closed End Funds			66,250,929				-				-				66,250,929
Special Purpose Acquisition Companies			172,741,884				-				368,723				173,110,607
Preferred Stock			-				4,080				2,099,232				2,103,312
Sovereign Debt Obligations			-				3,910,512				-				3,910,512
Private Fund			-				29,527,000				-				29,527,000
Unit Trust			13,259,118				-				-				13,259,118
Warrants			968,325				357,974				75,472				1,401,771
Rights			198,293				-				-				198,293
Short Term Investments			4,824,285				-				-				4,824,285
Total		$	285,890,144			$	141,679,302			$	2,543,427			$	430,112,873

Derivative contracts, at fair value		Level 1 - Quoted Prices				Level 2 - Significant Observable Inputs				Level 3 - Significant Unobservable Inputs				Total
Assets
Over the Counter Credit Default Swaps		$	-			$	3,810,286			$	-			$	3,810,286
Forward Foreign Currency Contracts			-				64,987				-				64,987
Total Return Swap			-				114,532				-				114,532
Total Assets		$	-			$	3,989,805			$	-			$	3,989,805
Liabilities
Centrally Cleared Credit Default Swaps		$	-			$	861,886			$	-			$	861,886
Forward Foreign Currency Contracts			-				30,080				-				30,080
Total Return Swap			-				540,619				-				540,619
Total Liabilities		$	-			$	1,432,585			$	-			$	1,432,585