NPORT-EX 2 fp0095478-2_nportex.htm

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Principal Amount		Fair Value
CORPORATE BONDS - 12.46%
Communications - 3.37%

Altice France Holding S.A., 5.500%, 10/15/2029^(b)	$	1,322,000	$	1,156,750
Clear Channel Outdoor Holdings, 7.500%, 06/01/2029^(b)		3,039,000		2,780,685
CSC Holdings LLC, 3.375%, 02/15/2031^(b)		559,000		370,338
DISH Network Corp., 11.750%, 11/15/2027^(b)		3,401,000		3,562,548
Level 3 Financing Inc., 3.875%, 10/15/2030^(b)		3,706,600		3,215,476
Trump Media & Technology Group Corp., 0.000%, 05/29/2028^(f)		1,462		1,384,410
				12,470,207
Consumer Discretionary - 5.41%

1261229 B.C. Ltd., 10.000%, 04/15/2032		3,045,000		3,105,900
Adtalem Global Education, Inc., 5.500%, 03/01/2028^(b)		4,195,000		4,174,025
Beach Acquisition Bidco LLC, 10.000%, 07/15/2033		1,034,000		1,081,822
Community Health Systems, Inc., 6.875%, 04/15/2029		1,843,000		1,455,970
Community Health Systems, Inc., 9.750%, 01/15/2034^(f)		3,308,000		3,326,608
RR Donnelley & Sons Co., 10.870%, 08/01/2029^(b)		3,610,000		3,533,288
RRD PARENT INC, 12.000%, 02/04/2030		303,000		343,905
Selina Hospitality, 6.000%, 11/01/2029^(a)(f)		4,981,328		61,968
Staples Inc., 10.750%, 09/01/2029^(b)		3,135,000		2,946,900
				20,030,386
Financials - 2.23%

Compass Group Diversified Holdings LLC, 5.250%, 04/15/2029		2,452,000		2,283,425
Morgan Stanley, 0.000% (Variable Rate), 04/30/2030⁽ⁱ⁾		25,000		16,095
Morgan Stanley, 0.000% (Variable Rate), 07/31/2030⁽ⁱ⁾		80,000		54,338
Morgan Stanley, 0.000% (Variable Rate), 10/30/2030⁽ⁱ⁾		80,000		55,172
Morgan Stanley, 0.000% (Variable Rate), 09/26/2033⁽ⁱ⁾		428,000		271,121
Morgan Stanley, 0.000% (Variable Rate), 10/31/2033⁽ⁱ⁾		266,000		161,816
Morgan Stanley, 0.000% (Variable Rate), 02/28/2034⁽ⁱ⁾		478,000		294,091
Morgan Stanley, 0.000% (Variable Rate), 03/31/2034⁽ⁱ⁾		302,000		204,481
Morgan Stanley, 0.000% (Variable Rate), 04/30/2034⁽ⁱ⁾		66,000		40,294
Morgan Stanley, 0.000% (Variable Rate), 05/30/2034^(I)		89,000		53,809
Morgan Stanley, 0.000% (Variable Rate), 06/30/2034^(I)		460,000		283,415
Morgan Stanley, 0.000% (Variable Rate), 07/31/2034^(I)		25,000		15,466
Morgan Stanley, 0.000% (Variable Rate), 08/29/2034^(I)		171,000		107,858
Morgan Stanley, 0.000% (Variable Rate), 09/30/2034^(I)		319,000		198,133
Morgan Stanley, 0.000% (Variable Rate), 10/08/2034^(I)		32,000		20,291
Morgan Stanley, 0.000% (Variable Rate), 10/31/2034⁽ⁱ⁾		641,000		393,389
Morgan Stanley, 0.000% (Variable Rate), 11/28/2034⁽ⁱ⁾		256,000		154,042
Morgan Stanley, 0.000% (Variable Rate), 01/30/2035⁽ⁱ⁾		244,000		151,644
Morgan Stanley, 0.000% (Variable Rate), 02/27/2035⁽ⁱ⁾		36,000		22,943
Morgan Stanley, 0.000% (Variable Rate), 03/31/2035⁽ⁱ⁾		641,000		385,014
Morgan Stanley, 0.000% (Variable Rate), 02/29/2036⁽ⁱ⁾		61,000		36,112
Morgan Stanley, 0.000% (Variable Rate), 04/28/2036⁽ⁱ⁾		10,000		6,098
Morgan Stanley, 0.000% (Variable Rate), 06/30/2036⁽ⁱ⁾		40,000		25,056
Morgan Stanley, 0.000% (Variable Rate), 08/31/2036⁽ⁱ⁾		2,289,000		1,774,895
Morgan Stanley, 0.000% (Variable Rate), 09/30/2036⁽ⁱ⁾		40,000		30,959

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Principal Amount		Fair Value
Morgan Stanley, 0.000% (Variable Rate), 11/29/2036⁽ⁱ⁾	$	103,000	$	81,091
Morgan Stanley, 0.000% (Variable Rate), 01/31/2037⁽ⁱ⁾		224,000		174,901
Morgan Stanley, 0.000% (Variable Rate), 03/31/2037⁽ⁱ⁾		747,000		536,971
Morgan Stanley, 0.000% (Variable Rate), 04/28/2037⁽ⁱ⁾		40,000		30,077
Morgan Stanley, 0.000% (Variable Rate), 05/31/2037⁽ⁱ⁾		25,000		19,212
Morgan Stanley, 0.000% (Variable Rate), 08/31/2037⁽ⁱ⁾		58,000		49,073
UBS Group AG, 0.000% (Variable Rate), 07/31/2030⁽ⁱ⁾		10,000		7,120
UBS Group AG, 0.000% (Variable Rate), 10/30/2030⁽ⁱ⁾		420,000		299,549
				8,237,951
Industrials - 0.45%

LABL Inc., 8.625%, 10/01/2031^(b)		1,998,000		1,665,833
				1,665,833
Real Estate - 1.00%

China Evergrande Group, 8.250%, 03/23/2022^(a)(e)(f)		7,985,000		139,739
China Evergrande Group, 9.500%, 04/11/2022^(a)(e)(f)		3,205,000		56,089
China Evergrande Group, 11.500%, 01/22/2023^(a)(e)(f)		6,500,000		113,751
China Evergrande Group, 10.000%, 04/11/2023^(a)(e)(f)		11,180,000		195,651
China Evergrande Group, 7.500%, 06/28/2023^(a)(e)(f)		16,029,000		280,509
China Evergrande Group, 12.000%, 01/22/2024^(a)(e)(f)		8,094,000		141,646
China Evergrande Group, 9.500%, 03/29/2024^(a)(e)(f)		13,321,000		233,119
China Evergrande Group, 10.500%, 04/11/2024^(a)(e)(f)		17,000,000		297,501
China Evergrande Group, 8.750%, 06/28/2025^(a)(e)(f)		127,633,001		2,233,579
				3,691,584

TOTAL CORPORATE BONDS				46,095,961
(Cost $64,304,583)

	Principal Amount		Fair Value
SENIOR LOANS - 8.08%
Communications - 0.58%

Gogo Intermediate Holdings LLC, Initial Term Loan, TSFR6M + 3.750%, 04/30/2028		2,151,800		2,140,137
				2,140,137
Consumer Discretionary - 5.12%

AMC Entertainment, Term Loan, TSFR1M + 9.000%, 01/04/2029		3,061,857		3,088,137
J Crew Group LLC, Initial Term Loan, TSFR3M + 6.000%, 09/26/2031		8,584,058		7,307,179
NPC International, Inc., Second Lien Term Loan, 3M US L + 7.500%, 04/18/2025^(f)(j)		605,000		-
The GEO Group, Inc., Term B Loan, TSFR1M + 5.250%, 04/13/2029		5,097,350		5,120,288
Vortex Opco LLC, Term Loan, TSFR3M + 6.250%, 4/30/2030		3,436,000		3,438,697
				18,954,301
Consumer Staples - 0.48%

Moran Foods LLC, First Lien A&R 2023 FLFO PIK Term Loan, TSFR3M + 11.954%, 06/30/2026⁽ⁱ⁾		554,036		401,676
Moran Foods LLC, First Lien A&R 2023 FLSO PIK Term Loan, TSFR3M + 11.954%, 06/30/2026⁽ⁱ⁾		968,854		702,419
Moran Foods LLC, First Lien Term Loan, TSFR3M + 7.250%, 06/30/2026		927,417		672,378
				1,776,473

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Principal Amount		Fair Value
Health Care - 0.61%

1261229 B.C. Ltd., Term Loan, 1M SOFR + 6.250%, 10/08/2030	$	1,073,053	$	1,054,194
ModivCare Inc., Term Loan, TSFR3M + 4.750%, 07/01/2031		1,846,970		1,185,145
				2,239,339
Industrials - 0.83%

Multi-Color Corp., Term Loan, TSFR1M + 5.000%, 10/29/2028		3,392,270		3,082,726
				3,082,726
Information Technology - 0.43%

X Corp., Term B3 Loan, 9.500%, 10/29/2029		1,653,198		1,606,247
				1,606,247
Materials - 0.03%

CPC Acquisition Corp., Second Lien Term Loan, TSFR3M + 7.750%, 12/29/2028		175,000		88,303
				88,303

TOTAL SENIOR LOANS				29,887,526
(Cost $33,127,824)

	Principal Amount		Fair Value
CONVERTIBLE CORPORATE BONDS - 2.04%
Financials - 2.04%

BSTR Holdings Inc., 1.000%, 07/15/2030^(c)		2,310		2,310,000
Columbus Circle Capital Corp. I, 0.000%, 12/31/2028^(c)(f)		2,220,157		2,153,552
MI7 Founders, LLC, 1.000%, 07/01/2030^(c)(f)		3,081,950		3,081,950
				7,545,502

TOTAL CONVERTIBLE CORPORATE BONDS				7,545,502
(Cost $7,545,502)

	Principal Amount		Fair Value
MORTGAGE-BACKED SECURITIES - 0.98%
Federal National Mortgage Association (FNMA) - 0.98%

FNMA, Series 427, Class C20, 2.000%, 02/25/2051		6,577,857		886,027
FNMA, Series 428, Class C15, 3.000%, 07/25/2052		2,138,092		386,934
FNMA, Series 429, Class C5, 3.000%, 10/25/2052		7,824,102		1,457,163
FNMA, Series 437, Class C8, 2.500%, 06/25/2052		5,482,582		878,387

TOTAL MORTGAGE-BACKED SECURITIES				3,608,511
(Cost $3,192,738)

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCK - 14.03%
Commercial Services - 0.02%

Travelport LLC^(f)		69	$	69,000
				69,000
Communications - 4.34%

Baidu, Inc.^(f)		18,367		1,613,908
Bumble, Inc.^(f)(g)		1,057,465		8,227,078
Snap Inc.^(f)		99,084		934,362
Telephone and Data Systems Inc.		16,346		638,148
Weibo Corp.^(g)		481,775		4,644,311
				16,057,807
Consumer Discretionary - 1.36%

24 Hour Fitness Worldwide^(f)		306,005		2,142
Arbe Robotics, Ltd.^(f)		217,728		293,933
Capri Holdings Ltd.^(f)		28,458		517,651
Dave & Buster's Entertainment, Inc.^(f)		10,868		317,780
Evolution AB		31,166		2,777,457
Everyware Global^(c)(f)(j)		43,777		-
Next.e.GO N.V.^(f)		5,788		1
Polestar Automotive Holding UK PLC^(f)		116,694		124,863
The RealReal, Inc.^(f)		68,565		360,652
Winnebago Industries, Inc.		21,878		650,214
				5,044,693
Consumer Staples - 0.00%^(d)

Benson Hill, Inc.^(f)(j)		3,906		-
Moran Foods LLC^(c)(f)(j)		3,699,885		-
				-
Energy - 0.05%

Granite Ridge Resources, Inc.		33,264		172,640
				172,640
Financials - 3.16%

Allfunds Group plc		342,549		2,384,595
Cannae Holdings, Inc.		322,675		6,898,792
Compass Diversified Holdings		36,282		231,842
PagSeguro Digital, Ltd.^(g)		277,770		2,174,939
Symphony International Holdings Ltd.^(f)		31,566		12,942
				11,703,110
Health Care - 0.44%

Arbutus Biopharma Corp.^(f)		243,660		799,205
Community Health Systems Inc^(f)		216,402		562,645
Compass Pathways plc^(f)		61,188		266,168
Profusa Inc.^(f)		3,848		2,694
				1,630,712

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares		Fair Value
Industrials - 1.72%

Vertical Aerospace Ltd.^(f)		890,409	$	5,449,303
Voyager Technologies Inc.^(f)		11,180		447,424
				6,360,358
Information Technology - 0.34%

GDS Holdings Ltd.^(f)		34,973		1,261,476
				1,261,476
Materials - 0.98%

Covia Energy LLC		169,353		3,358,777
Critical Metals Corp.^(f)		50,528		252,639
				3,611,416
Real Estate - 0.65%

Anywhere Real Estate, Inc.^(f)		81,845		378,124
CBRE Group Inc.^(f)		3,064		477,186
Star Holdings^(f)		188,549		1,355,666
TAG Immobilien AG		13,120		210,513
				2,421,489
Technology - 0.68%

CommScope Holding Company, Inc.^(f)		83,803		687,184
Core Scientific Inc.^(f)		59,919		811,289
IREN Ltd.^(f)		13,043		210,106
Vertex, Inc.^(f)		24,381		808,684
				2,517,263
Utilities - 0.29%

Longview Power LLC^(f)		61,813		1,081,727
				1,081,727

TOTAL COMMON STOCK				51,931,691
(Cost $44,786,783)

	Shares		Fair Value
CLOSED END FUNDS - 15.58%
Alternative - 2.53%

BlackRock ESG Capital Allocation Term Trust		410,267		6,691,455
Destra Multi-Alternative Fund		56,768		496,152
VGI Partners Global Investments, Ltd.		1,909,713		2,184,549
				9,372,156
Equity - 5.87%

abrdn Emerging Markets Equity Income Fund, Inc.		497		3,002
abrdn Japan Equity Fund, Inc.		46,838		351,753
abrdn Life Sciences Investors		29,264		384,236
Argo Global Listed Infrastructure Limited^(f)		6,263		9,378
Argo Investments Ltd.^(f)		139,250		837,616
ASA Gold and Precious Metals Ltd.		163,658		5,065,215
Australian United Investment Company Ltd^(f)		5,375		38,998
BlackRock Science & Technology Trust II		3,629		77,189

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares		Fair Value
Direxion Daily Robotics Artificial Intelligence & Automation Index Bull 2X Shares^(f)		10,072	$	229,188
Diversified United Investment Ltd.		55,728		196,258
Future Generation Global Ltd.		97,911		98,474
GAMCO Natural Resources, Gold & Income Trust		12,027		75,650
Hearts and Minds Investments, Ltd.		1,096,098		2,373,848
Japan Smaller Capitalization Fund, Inc.		7,763		75,146
MFF Capital Investments, Ltd.		1,163,312		3,438,965
Neuberger Berman MLP & Energy Income Fund, Inc.		3,524		30,870
Neuberger Berman Next Generation Connectivity Fund, Inc.		165,408		2,459,617
NYLI CBRE Global Infrastructure Megatrends Term Fund		74,080		1,062,307
Pengana International Equities, Ltd.		4,101,590		3,308,031
Principal Real Estate Income Fund		8,744		90,763
Taiwan Fund, Inc.		3,223		147,565
Tortoise Energy Infrastructure Fund, Inc.		24,609		1,066,554
Voya Emerging Markets High Dividend Equity Fund		46,770		275,943
Whitefield Ltd.		3,656		13,345
				21,709,911
Fixed Income - 3.18%

AllianceBernstein National Municipal Income Fund		396		4,015
BlackRock California Municipal Income Trust		119,538		1,247,977
BlackRock MuniHoldings California Quality Fund, Inc.		2,532		25,472
BlackRock MuniHoldings New York Quality Fund, Inc.		1,340		12,743
BlackRock MuniYield New York Quality Fund, Inc.		48		442
BlackRock New York Municipal Income Trust		1,606		15,096
BNY Mellon Strategic Municipal Bond Fund, Inc.		190		1,051
Eaton Vance California Municipal Bond Fund		59,833		527,727
Eaton Vance New York Municipal Bond Fund		144,910		1,314,334
Ellsworth Growth and Income Fund, Ltd.		85,672		904,696
Federated Hermes Premier Municipal Income Fund		2,156		22,724
MFS High Income Municipal Trust		1,680		5,964
Neuberger Berman Municipal Fund Inc.		892		8,742
Nuveen New Jersey Quality Municipal Income Fund		4,492		50,221
Nuveen Pennsylvania Quality Municipal Income Fund		60,219		653,376
PIMCO Dynamic Income Strategy Fund		231,564		5,747,418
Pioneer Municipal High Income Advantage Fund, Inc.		961		7,794
Pioneer Municipal High Income Fund, Inc.		108,304		972,570
Pioneer Municipal High Income Opportunities Fund, Inc.		22,790		260,946
				11,783,308
Mixed Allocation - 2.96%

Nuveen Multi-Asset Income Fund		61,273		772,040
Pershing Square Holdings Ltd.		175,609		9,746,300
Tortoise Sustainable and Social Impact Term Fund		37,012		449,685
				10,968,025
Private Equity - 1.04%

Syncona Ltd.^(f)		2,970,624		3,825,090
The Schiehallion Fund^(f)		1,014		1,217
				3,826,307

TOTAL CLOSED END FUNDS				57,659,707
(Cost $43,646,483)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares		Fair Value
INVESTMENT TRUSTS - 7.27%
Alternative - 2.34%

Bitwise 10 Crypto Index Fund^(f)(g)		117,441	$	8,675,108
				8,675,108
Equity - 4.93%

BlackRock Smaller Companies Trust PLC		71,210		1,248,902
Fidelity Emerging Markets Ltd.		932,297		10,268,564
Herald Investment Trust PLC^(f)		2,610		84,794
Schroder British Opportunities Trust PLC^(f)		1,453,746		1,420,724
Schroder UK Mid Cap Fund PLC		570,790		5,216,411
				18,239,395
Mixed Allocation - 0.00%^(d)

abrdn Diversified Income and Growth Trust PLC^(f)		7,080		4,585
				4,585

TOTAL INVESTMENT TRUSTS				26,919,088
(Cost $18,369,035)

	Shares		Fair Value
PREFERRED STOCK - 1.39%
Consumer Discretionary - 0.99%

24 Hour Fitness Worldwide, Inc.^(f)		407,959		2,856
G-ILS Transportation Ltd. Preferred B-3^(c)(f)		1,332		2,139,243
HAAT Delivery Ltd. Preferred Seed-1^(c)(f)		64,188		1,514,538
				3,656,637
Health Care - 0.12%

Integrity Labs, Inc.^(c)(f)		439,521		439,521
				439,521
Technology - 0.28%

Xtend Reality Expansion Ltd. Preferred B-2^(c)(f)		775,774		1,037,210
				1,037,210

TOTAL PREFERRED STOCK				5,133,368
(Cost $4,812,584)

	Fair Value
PARTICIPATION AGREEMENTS - 0.24%

Caesars Entertainment, Inc. (Covid Insurance Claim)^(c)(f)(g)(j)		-
PK Funding 2023 LLC^(c)		888,284

TOTAL PARTICIPATION AGREEMENTS		888,284
(Cost $3,208,289)

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Fair Value
PRIVATE FUNDS - 17.42%

Alternative Capital Investments Fund III LP, Special Class Interests^(f)	$	8,848,523
Alternative Capital Investments Fund III LP, Special Class Interests 2		128,841
Alternative Capital Investments Fund III LP, Standard Class Interests^(f)		665,275
New Holland Special Opportunities Aggregator LP, Class M Interests^(h)(f)		4,732,132
New Holland Special Opportunities Aggregator LP, Class Y-5 Interests^(f)(h)		1,186,445
New Holland Special Opportunities Aggregator LP, Class Y Interests^(h)		3,430
Stone Ridge Opportunities Fund Feeder LP^(f)		48,896,712

TOTAL PRIVATE FUNDS		64,461,358
(Cost $39,117,269)

	Shares		Fair Value
UNIT TRUST - 7.91%
Specialty - 7.91%

Grayscale Ethereum Classic Trust^(f)(g)		2,771,019		29,289,632

TOTAL UNIT TRUST				29,289,632
(Cost $24,477,006)

	Shares		Fair Value
SPECIAL PURPOSE ACQUISITION COMPANIES - 8.08%

180 Life Sciences, Corp.^(c)(f)		231,904		614,546
1RT Acquisition Corp.^(f)		46,371		486,896
Armada II, Class A^(c)(f)		116,917		371
Armada II, Class B^(c)(f)		14,615		146,150
Axiom Intelligence Holdings 1 LLC, Class A^(c)(f)		142,090		568
Axiom Intelligence Holdings 1 LLC, Class B^(c)(f)		17,761		177,610
Bengochea SPAC Sponsors II LLC, Class A^(c)(f)		172,589		690
Bengochea SPAC Sponsors II LLC, Class B^(c)(f)		21,574		215,740
Berto Acquisition Corp.^(f)		97,523		1,058,125
Blue Holdings, Class A^(c)(f)		177,613		710
Blue Holdings, Class B^(c)(f)		17,761		177,610
Blue Water Acquisition III LLC, Class A^(c)(f)		177,972		712
Blue Water Acquisition III LLC, Class B^(c)(f)		22,247		222,470
Cal Redwood Acquisition Corp., Class A^(c)(f)		175,375		526
Cal Redwood Acquisition Corp., Class B^(c)(f)		21,922		219,220
Cantor Equity Partners Inc.^(c)(f)		77,018		770,180
Cantor Equity Partners II Inc.^(f)		39,572		425,399
Cantor Equity Partners III Inc.^(f)		61,275		642,162
CEA Industries Inc.^(c)(f)		30,423		307,272
Cohen Circle Acquisition Corp. II^(f)		43,473		446,902
Cohen Circle Sponsor II, LLC, Class A^(c)(f)		44,405		444
Cohen Circle Sponsor II, LLC, Class B^(c)(f)		8,881		88,810
Columbus Circle Capital Corp. I^(c)(f)		14,801		139,722
Columbus Circle Capital Corp. I LLC, Class A^(c)(f)		25,580		217,942
Columbus Circle Capital Corp. I LLC, Class B^(c)(f)		3,837		42,130
Deezer SA^(f)		8,179		11,574
Digital Asset Acquisition Corp.^(f)		33,822		1,175,121
EGH Sponsor LLC, Class A^(c)(f)		76,184		229
EGH Sponsor LLC, Class B^(c)(f)		9,523		95,230

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares		Fair Value
Empery Digital Inc.^(c)(f)		23,105	$	231,050
EQV Ventures Acquisition Corp. II^(f)		60,591		611,363
Ether Reserve LLC^(c)(f)		77,018		770,180
FIGX Acquisition Partners LLC Class A^(c)(f)		112,488		450
FIGX Acquisition Partners LLC Class B^(c)(f)		14,061		140,610
Gerresheimer AG^(f)		56,542		2,799,128
GP-Act III Acquisition Corp., Class A^(c)(f)		30,730		28,272
Graf Global Corp.^(c)(f)(g)		20,960		21,170
HCM Investor Holdings III, LLC, Class A^(c)(f)		134,835		405
HCM Investor Holdings III, LLC, Class B^(c)(f)		179,780		269,670
Inflection Point Acquisition Corp. III^(f)		107,378		1,125,321
Lightwave Acquisition Corp.^(f)		48,885		497,160
LightWave Founders LLC, Class A^(c)(f)		208,140		833
LightWave Founders LLC, Class B^(c)(f)		20,814		208,140
MI7 Founders, LLC, Class A^(c)(f)		308,194		2,776,828
NewHold Investment Corp III, Class A^(c)(f)		87,582		326
NewHold Investment Corp III, Class B^(c)(f)		10,948		108,429
New Providence Acquisition Corp. III^(f)		35,501		361,045
New Providence Holdings III, LLC^(c)(f)		20,816		208,160
Nogin, Inc.^(f)		11,264		451
Oxley Bridge Holdings LLC, Class A^(c)(f)		166,107		664
Oxley Bridge Holdings LLC, Class B^(c)(f)		207,633		207,633
Oyster Enterprises II LLC, Class A^(c)(f)		175,809		703
Oyster Enterprises II LLC, Class B^(c)(f)		21,976		219,760
Perimeter Acquisition Corp. I^(f)		129,738		1,315,543
Pioneer Acquisition 1 Sponsor Holdco LLC, Class A^(c)(f)		177,613		710
Pioneer Acquisition 1 Sponsor Holdco LLC, Class B^(c)(f)		222,016		222,016
ProCap Acquisition Corp.^(f)		120,801		1,290,155
Real Asset Acquisition Corp.^(f)		99,345		1,048,586
Renatus Tactical Acquisition Corp. I^(f)		10,674		123,818
Republic Digital Acquisition Company^(f)		250,620		2,593,917
Sonnet BioTherapeutics Holdings, Inc.^(c)(f)		369,687		462,108
Soulpower Acquisition Sponsor LLC, Class A^(c)(f)		156,445		626
Soulpower Acquisition Sponsor LLC, Class B^(c)(f)		19,556		195,560
Titan Acquisition Sponsor Holdco, LLC, Class A^(c)(f)		93,906		376
Trump Media & Technology Group Corp.^(f)		56,822		999,499
TV Partners III, LLC, Class A^(c)(f)		221,754		665
TV Partners III, LLC, Class B^(c)(f)		277,192		277,192
VO Sponsor II, LLC Class A^(c)(f)		93,906		282
VO Sponsor II, LLC Class B^(c)(f)		117,383		117,383
Wen Acquisition Corp.^(f)		240,595		2,562,337
Wen Sponsor LLC, Class A^(c)(f)		163,709		655
Wen Sponsor LLC, Class B^(c)(f)		204,637		204,636
XTao Inc.^(c)(f)		46,230		231,145

TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES				29,920,021
(Cost $30,554,433)

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Contracts		Fair Value
WARRANTS - 1.68%

A SPAC II Acquisition Corp., Expires 05/03/2027, Strike Price $11.50^(f)		34,421	$	688
Abpro Holdings Inc., Expires 11/12/2029, Strike Price $11.50^(f)		80,774		4,128
AEYE Health, Inc., Expires 4.5 years after issuance, Strike Price $2.88^(f)(j)		6		-
Agrinam Acquisition Corp., Expires 06/30/2027, Strike Price $11.50^(f)		19,798		99
AirJoule Technologies Corp., Expires 03/15/2029, Strike Price $11.50^(f)		37,175		25,279
Airship AI Holdings Inc., Expires 12/31/2028, Strike Price $11.50^(f)		6,212		10,933
AleAnna Inc., Expires 12/13/2026, Strike Price $11.50^(f)		132		21
Allurion Technologies Inc., Expires 08/01/2030, Strike Price $8.10^(f)		16,492		688
Alternus Clean Energy Inc., Expires 02/24/2028, Strike Price $11.50^(f)		49,587		1,983
APx Acquisition Corp. I, Expires 08/19/2028, Strike Price $11.50^(f)		3,981		239
Arverne Group SA, Expires 09/20/2028, Strike Price $11.50^(f)		33,822		1,930
Aspire Biopharma Holdings Inc., Expires 02/18/2030, Strike Price $11.50^(f)		70,545		4,945
Athena Technology Acquisition Corp. II, Expires 10/17/2028, Strike Price $11.50^(f)		36,968		2,000
Aura FAT Projects Acquisition Corp., Expires 06/02/2027, Strike Price $11.50^(f)		58,439		1,683
Baird Medical Investment Holdings Ltd., Expires 10/02/2029, Strike Price $11.50^(f)		22,349		2,011
BenevolentAI, Expires 06/30/2026, Strike Price $11.50^(f)		7,014		80
Benson Hill Inc., Expires 03/25/2027, Strike Price $3.90^(c)(f)		187,607		13,872
Berto Acquisition Corp., Expires 05/01/2030, Strike Price $11.50^(f)		9,199		6,899
Bitcoin Depot Inc., Expires 07/03/2028, Strike Price $11.50^(f)		84,714		41,942
BitFuFu Inc., Expires 06/07/2028, Strike Price $11.50^(f)		29,947		9,730
Blaize Holdings Inc., Expires 12/18/2026, Strike Price $11.50^(f)		13,861		8,057
Blue Gold Ltd, Expires 06/26/2030, Strike Price $11.50^(f)		31,463		14,772
Borealis Foods Inc., Expires 08/26/2026, Strike Price $11.50^(f)		20,287		2,003
Brand Engagement Network Inc., Expires 03/14/2029, Strike Price $11.50^(f)		25,249		783
Cactus Acquisition Corp. 1, Ltd., Expires 10/29/2026, Strike Price $11.50^(f)		21,180		424
Canna-Global Acquisition Corp., Expires 02/09/2028, Strike Price $11.50^(f)		154,766		15
Capitalworks Emerging Markets Acquisition Corp., Expires 04/27/2028, Strike Price $11.50^(f)		69,120		6,912
Captivision Inc., Expires 11/16/2028, Strike Price $11.50^(f)		43,794		1,104
Cardio Diagnostics Holdings, Inc., Expires 12/01/2026, Strike Price $11.50^(f)		19,933		282
Carmell Therapeutics Corp., Expires 07/12/2028, Strike Price $11.50^(f)		3,816		102
CARTESIAN GROWTH Corp. II, Expires 07/12/2028, Strike Price $11.50^(f)		5,984		957
Cartica Acquisition Corp., Expires 04/30/2028, Strike Price $11.50^(f)		74,354		17,101
CERo Therapeutics Holdings Inc., Expires 02/14/2029, Strike Price $11.50^(f)		21,939		434
Chain Bridge I, Expires 12/31/2028, Strike Price $11.50^(f)		33,367		851
Chenghe Acquisition I Co., Expires 04/22/2027, Strike Price $11.50^(f)		400		23
Chenghe Acquisition I Co., Expires 01/25/2028, Strike Price $11.50^(f)		37,849		2,649
CID Holdco Inc., Expires 11/17/2026, Strike Price $11.50^(f)		94,845		13,753
Classover Holdings Inc., Expires 05/26/2028, Strike Price $0.10^(f)		30,413		2,752
ClimateRock, Expires 06/01/2027, Strike Price $11.50^(f)		11,778		370
Concord Acquisition Corp. II, Expires 12/31/2028, Strike Price $11.50^(f)		25,741		1,712
Conduit Pharmaceuticals Inc., Expires 02/03/2027, Strike Price $11.50^(f)		51,468		813
Consilium Acquisition Corp. I, Ltd., Expires 06/01/2027, Strike Price $11.50^(f)		38,488		5,046
Corner Growth Acquisition Corp., Expires 12/31/2027, Strike Price $11.50^(f)		41,045		8,619
Critical Metals Corp., Expires 06/06/2028, Strike Price $11.50^(f)		32,369		45,317
Critical Metals Corp., Expires 02/07/2029, Strike Price $7.00^(f)		50,528		70,739
Currenc Group Inc., Expires 05/19/2027, Strike Price $11.50^(f)		55,058		446
Deezer SA, Expires 06/07/2027, Strike Price $11.50^(f)		95,238		54
Denali Capital Acquisition Corp., Expires 04/07/2027, Strike Price $11.50^(f)		27,621		2,210
Digital Asset Acquisition Corp., Expires 04/01/2030, Strike Price $11.50^(f)		6,695		5,858

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Contracts		Fair Value
DIH Holdings US Inc., Expires 02/07/2028, Strike Price $11.50^(f)		63,578	$	1,272
Dynamix Corp., Expires 10/25/2029, Strike Price $11.50^(f)		55,156		103,693
Engene Holdings Inc., Expires 08/28/2028, Strike Price $11.50^(f)		5,604		5,100
EQV Ventures Acquisition Corp., Expires 07/01/2031, Strike Price $11.50^(f)		37,448		29,211
EVe Mobility Acquisition Corp., Expires 12/31/2028, Strike Price $11.50^(f)		27,110		1,221
Everest Consolidator Acquisition Corp., Expires 07/19/2028, Strike Price $11.50^(f)		50,492		15
Evergreen Corp., Expires 02/15/2027, Strike Price $11.50^(f)		70,092		1,069
Fact II Acquisition Corp., Expires 11/26/2031, Strike Price $11.50^(f)		29,805		7,448
flyExclusive Inc., Expires 05/28/2028, Strike Price $11.50^(f)		27,981		1,957
Four Leaf Acquisition Corp., Expires 05/12/2028, Strike Price $11.50^(f)		3,750		150
FTAC Emerald Acquisition Corp., Expires 08/22/2028, Strike Price $11.50^(f)		18,690		12,111
FutureTech II Acquisition Corp., Expires 02/16/2027, Strike Price $11.50^(f)		48,383		1,693
GCL Global Holdings Ltd., Expires 05/01/2028, Strike Price $11.50^(f)		19,704		2,183
GCT Semiconductor Holding Inc., Expires 12/31/2028, Strike Price $11.50^(f)		54,452		4,912
Genesis Growth Tech Acquisition Corp., Expires 05/19/2028, Strike Price $11.50^(f)		6,030		1
Globalink Investment, Inc., Expires 12/03/2026, Strike Price $11.50^(f)		14,771		591
Gores Holdings X Inc., Expires 05/02/2030, Strike Price $11.50^(f)		6,723		8,404
GP-Act III Acquisition Corp., Class B Warrants, Expires 5 years after initial business combination, Strike Price $11.50^(c)(f)		38,411		6,637
Graf Global Corp, Expires with the closing of initial business combination, Strike Price $11.50^(c)(f)(g)		26,200		4,847
GP-Act III Acquisition Corp., Expires 12/31/2027, Strike Price $11.50^(f)		42,413		11,867
Graphjet Technology, Expires 11/16/2026, Strike Price $11.50^(f)		45,714		1,509
HCM II Acquisition Corp., Expires 8/02/2029, Strike Price $11.50^(f)		7,176		16,505
Healthcare AI Acquisition Corp., Expires 12/14/2026, Strike Price $11.50^(f)		18,681		1,693
HHG Capital Corp., Expires 12/31/2027, Strike Price $11.50^(f)		17,425		99
HNR Acquisition Corp., Expires 11/15/2028, Strike Price $11.50^(f)		44,874		2,244
Holdco Nuvo Group DG Ltd., Expires 05/01/2029, Strike Price $11.50^(f)		63,179		32
Hwh International Inc., Expires 02/02/2027, Strike Price $11.50^(f)		13,297		641
iCoreConnect Inc., Expires 05/15/2028, Strike Price $11.50^(f)		1,112		15
Inception Growth Acquisition, Ltd., Expires 10/15/2026, Strike Price $11.50^(f)		2,402		449
Integrated Rail and Resources Acquisition Corp., Expires 11/12/2026, Strike Price $11.50^(f)		48,608		14,582
Integrated Wellness Acquisition Corp., Expires 10/31/2028, Strike Price $11.50^(f)		1,475		30
Investcorp Europe Acquisition Corp. I, Expires 11/23/2028, Strike Price $11.50^(f)		24,645		246
Investcorp India Acquisition Corp., Expires 06/28/2027, Strike Price $11.50^(f)		37,472		1,139
Israel Acquisitions Corp., Expires 02/28/2028, Strike Price $11.50^(f)		35,717		6,108
IX Acquisition Corp., Expires 11/24/2026, Strike Price $11.50^(f)		112		13
Jaws Mustang Acquisition Corp., Expires 01/30/2026, Strike Price $11.50^(f)		19,820		867
Launch Two Acquisition Corp., Expires 10/09/2029, Strike Price $11.50^(f)		2,140		1,070
LeddarTech Holdings Inc., Expires 12/21/2028, Strike Price $11.50^(f)		21,521		124
Lifezone Metals Ltd., Expires 07/05/2028, Strike Price $11.50^(f)		46,340		17,841
Liminatus Pharma Inc., Expires 04/30/2030, Strike Price $11.50^(f)		27,683		5,622
Live Oak Acquisition Corp. V, Expires 02/20/2030, Strike Price $11.50^(f)		24,019		16,213
Melar Acquisition Corp I, Expires 6/10/2029, Strike Price $11.50^(f)		42,372		8,390
Metal Sky Star Acquisition Corp., Expires 04/01/2027, Strike Price $11.50^(f)		40,420		511
MI7 Founders, LLC, Class A, Expires 5 years after closing, Strike Price $11.50^(f)		308,194		419,144
MI7 Founders, LLC, Class Z, Expires 5 years after closing, Strike Price $11.50^(f)		102,783		139,785
Mountain & Co. I Acquisition Corp., Expires 09/30/2026, Strike Price $11.50^(f)		62,660		811
Murano Global BV, Expires 03/30/2029, Strike Price $11.50^(f)		10,493		2,047
Nemo Enterprises Inc., Expires 2/10/2035, Strike Price $1,000.00^(f)(j)		84		-
New Horizon Aircraft Ltd., Expires 04/03/2028, Strike Price $11.50^(f)		11,690		2,572
New Providence Acquisition Corp. III, Expires 04/24/2030, Strike Price $11.50^(f)		12,247		6,246
NewGenIvf Group Ltd., Expires 06/26/2028, Strike Price $11.50^(f)(j)		1		-

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Contracts		Fair Value
New Providence Holdings III, LLC, Expires with the closing of initial business combination, Strike Price $11.50^(c)(f)		166,532	$	500
NewHold Investment Corp II-A., Expires 04/17/2030, Strike Price $11.50^(f)		4,085		1,205
NewHold Investment Corp III., Expires 5 years after initial business combination, Strike Price $11.50^(c)(f)(j)		5,474		-
Nogin, Inc., Expires 08/26/2027 Strike Price $11.50^(f)		8,372		72
Nvni Group Ltd., Expires 11/01/2028, Strike Price $11.50^(f)		15,665		1,211
OSR Holdings Inc, Expires 02/29/2028, Strike Price $11.50^(f)		14,638		681
Papaya Growth Opportunity Corp. I, Expires 12/31/2028, Strike Price $11.50^(f)		76,584		4,304
Patria Latin American Opportunity Acquisition Corp., Expires 03/10/2027, Strike Price $11.50^(f)		46,145		1,740
Pearl Holdings Acquisition Corp., Expires 12/15/2026, Strike Price $11.50^(f)		18,484		637
Perimeter Acquisition Corp. I, Expires 05/13/2030, Strike Price $11.50^(f)		64,869		38,824
Pinstripes Holdings Inc., Expires 09/30/2028, Strike Price $11.50^(f)		45,560		431
Plum Acquisition Corp IV, Expires 08/19/2029, Strike Price $11.50^(f)		8,108		2,129
Pono Capital Two, Inc., Expires 10/17/2029, Strike Price $11.50^(f)		9,738		1,852
Profusa Inc., Expires 08/02/2027, Strike Price $11.50^(f)		19,197		3,820
Psyence Biomedical Ltd., Expires 01/25/2029, Strike Price $11.50^(f)		30,398		824
QT Imaging Holdings Inc., Expires 12/31/2028, Strike Price $11.50^(f)		3,954		1,095
Real Asset Acquisition Corp., Expires 04/24/2030, Strike Price $11.50^(f)		110,797		44,319
Real Messenger Corp., Expires 11/19/2029, Strike Price $11.50^(f)		31,088		1,554
Relativity Acquisition Corp., Expires 02/11/2027, Strike Price $11.50^(f)		45,142		2,126
Renatus Tactical Acquisition Corp. I, Expires 05/15/2030, Strike Price $11.50^(f)		6,969		12,056
Republic Digital Acquisition Co, Expires 05/01/2030, Strike Price $11.50^(f)		125,310		102,128
Rigel Resource Acquisition Corp., Expires 11/05/2026, Strike Price $11.50^(f)		15,714		2,789
Rithm Acquisition Corp., Expires 12/30/2025, Strike Price $0.10^(f)		3,070		1,535
Roadzen Inc., Expires 11/30/2028, Strike Price $11.50^(f)		55,430		3,597
Roman DBDR Acquisition Corp II., Expires 10/31/2031, Strike Price $11.50^(f)		25,605		12,900
Roth CH Acquisition Co., Expires 10/29/2028, Strike Price $11.50^(f)		48,884		1,711
Ross Acquisition Corp. II, Expires 02/12/2026, Strike Price $11.50^(f)		28,225		2,546
RRD Parent Inc., Expires 02/09/2035, Strike Price $0.01^(f)		19		121,600
Scage Future, Expires 06/30/2027, Strike Price $0.10^(f)		71,462		3,930
Selina Hospitality PLC, Expires 10/25/2027, Strike Price $11.50^(f)(j)		218,500		-
SIM Acquisition Corp. I, Expires0 6/01/2031, Strike Price $11.50^(f)		15,808		5,217
SMX Security Matters PLC, Expires 03/07/2028, Strike Price $18,975.00^(f)		36,580		768
Solidion Technology Inc., Expires 11/16/2026, Strike Price $11.50^(f)		29,262		3,804
Southport Acquisition Corp., Expires 05/24/2028, Strike Price $11.50^(f)		6,161		2,156
Spectaire Holdings Inc., Expires 10/17/2028, Strike Price $11.50^(f)		58,258		251
Spree Acquisition Corp. 1 Ltd., Expires 12/22/2028, Strike Price $11.50^(f)		20,337		2
Spring Valley Acquisition Corp. II, Expires 02/25/2026, Strike Price $11.50^(f)		13,573		5,293
SpringBig Holdings, Inc., Expires 06/14/2027, Strike Price $11.50^(f)		24,279		67
Syntec Optics Holdings Inc., Expires 11/08/2026, Strike Price $11.50^(f)		27,378		2,738
Target Global Acquisition I Corp., Expires 12/31/2027, Strike Price $11.50^(f)		18,073		213
Technology & Telecommunication Acquisition Corp., Expires 02/15/2027, Strike Price $11.50^(f)		52,993		1,563
Titan Acquisition Sponsor Holdco, LLC, Expires 5 years after initial business combination, Strike Price $11.50^(c)(f)		117,383		117,383
TLGY Acquisition Corp., Expires 01/14/2028, Strike Price $11.50^(f)		65,630		59,067
TNL Mediagene, Expires 06/14/2028, Strike Price $11.50^(f)		16,257		298
Toyo Co Ltd., Expires 01/10/2029, Strike Price $11.50^(f)		23,302		3,147
United Homes Group, Inc., Expires 01/28/2028, Strike Price $11.50^(f)		7,770		7,421
Valuence Merger Corp. I, Expires 03/01/2027, Strike Price $11.50^(f)		60,778		8,929
Vast Solar Pty Ltd., Expires 07/01/2028, Strike Price $11.50^(f)		87,846		1,143
Volato Group Inc., Expires 12/03/2028, Strike Price $11.50^(f)		20,757		356
Verde Clean Fuels, Inc., Expires 12/31/2027, Strike Price $11.50^(f)		327		52
Vertical Aerospace, Ltd. Class A Warrants, Expires 01/22/2030, Strike Price $11.50^(c)(f)		484,471		2,268,623
Vertical Aerospace, Ltd. Class B Warrants, Expires 01/22/2030, Strike Price $11.50^(c)(f)		484,471		2,145,591

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Contracts		Fair Value
VSee Health, Inc., Expires 11/04/2028, Strike Price $11.50^(f)		17,198	$	952
Western Acquisition Ventures Corp., Expires 01/12/2027, Strike Price $11.50^(f)		29,980		1,563
Willow Lane Acquisition Corp., Expires 10/31/2031, Strike Price $11.50^(f)		62		36
Yotta Acquisition Corp., Expires 03/15/2027, Strike Price $11.50^(f)		47,369		1,896
Youlife Group Inc, Expires 07/10/2030, Strike Price $11.50^(f)		5,841		702
Zapata Computing Holdings Inc., Expires 03/23/2028, Strike Price $11.50^(f)(j)		24,523		-
Zapp Electric Vehicles Group L, Expires 03/03/2028, Strike Price $230.00^(f)		11,642		17
Zeo Energy Corp., Expires 03/14/2029, Strike Price $11.50^(f)		61,116		2,938
Zoomcar Holdings Inc., Expires 07/01/2028, Strike Price $11.50^(f)		71,432		644
Zooz Power Ltd., Expires 04/04/2029, Strike Price $11.50^(f)		24,349		2,358
ZyVersa Therapeutics Inc., Expires 12/12/2027, Strike Price $4,025.00^(f)		7,099		498

TOTAL WARRANTS				6,232,040
(Cost $1,877,044)

	Contracts		Fair Value
RIGHTS - 0.02%

A SPAC II Acquisition Corp., Expires 12/31/2049^(f)		68,843		1,377
Agrinam Acquisition Corp., Expires 12/31/2049^(f)		19,798		396
Broad Capital Acquisition Corp., Expires 01/13/2025^(f)		53,360		10,138
ClimateRock, Expires 06/01/2027^(f)		23,557		3,936
Consilium Acquisition Corp. I, Ltd., Expires 06/01/2027^(f)		69,644		16,018
Hennessy Capital Investment Corp. VII, Expires 12/30/2025^(f)		14,189		3,901
Inception Growth Acquisition, Ltd., Expires 01/21/2072^(f)		7,394		1,996
K&F Growth Acquisition Corp. II, Expires 12/30/2025^(f)		8,118		1,056
Mars Acquisition Corp., Expires 03/14/2073^(f)		40,420		10,408
Metal Sky Star Acquisition Corp., Expires 12/31/2049^(f)		8,917		1,407
RF Acquisition Corp., Expires 12/31/2049^(f)		84,310		4,422
Sagaliam Acquisition Corp., Expires 12/31/2049^(f)(j)		27,147		7,601
Welsbach Technology Metals Acquisition Corp., Expires 12/31/2049^(f)		29,572		11,459
Yotta Acquisition Corp., Expires 12/31/2049^(f)		29,452		5,022

TOTAL RIGHTS				79,137
(Cost $83,526)

	Contracts		Fair Value
OPTIONS - 1.88%^(k)
Put Option Contracts - 1.88%

S&P 500 Index, Expires 07/31/2025, Strike Price $5,460^(f)		35		88
S&P 500 Index, Expires 07/31/2025, Strike Price $5,465^(f)		38		95
S&P 500 Index, Expires 08/15/2025, Strike Price $5,705^(f)		3		690
S&P 500 Index, Expires 08/15/2025, Strike Price $5,720^(f)		3		930
S&P 500 Index, Expires 08/15/2025, Strike Price $5,755^(f)		8		2,160
S&P 500 Index, Expires 08/15/2025, Strike Price $5,760^(f)		9		3,600
S&P 500 Index, Expires 08/15/2025, Strike Price $5,770^(f)		17		7,820
S&P 500 Index, Expires 08/15/2025, Strike Price $5,775^(f)		9		2,520
S&P 500 Index, Expires 08/15/2025, Strike Price $5,780^(f)		9		3,735
S&P 500 Index, Expires 08/15/2025, Strike Price $5,785^(f)		10		4,200
S&P 500 Index, Expires 08/15/2025, Strike Price $5,790^(f)		13		3,705

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Contracts		Fair Value
S&P 500 Index, Expires 09/19/2025, Strike Price $5,845^(f)		17	$	41,565
S&P 500 Index, Expires 09/19/2025, Strike Price $5,855^(f)		21		51,324
S&P 500 Index, Expires 09/19/2025, Strike Price $5,860^(f)		64		154,560
S&P 500 Index, Expires 09/19/2025, Strike Price $5,870^(f)		11		31,845
S&P 500 Index, Expires 09/19/2025, Strike Price $5,875^(f)		18		42,624
S&P 500 Index, Expires 09/19/2025, Strike Price $5,880^(f)		57		194,085
S&P 500 Index, Expires 09/19/2025, Strike Price $5,885^(f)		22		75,900
S&P 500 Index, Expires 09/19/2025, Strike Price $5,890^(f)		11		48,070
S&P 500 Index, Expires 09/19/2025, Strike Price $5,950^(f)		14		59,276
S&P 500 Index, Expires 09/19/2025, Strike Price $5,955^(f)		25		102,500
S&P 500 Index, Expires 09/19/2025, Strike Price $5,965^(f)		23		96,485
S&P 500 Index, Expires 09/19/2025, Strike Price $5,975^(f)		14		47,726
S&P 500 Index, Expires 09/19/2025, Strike Price $5,985^(f)		18		58,752
S&P 500 Index, Expires 09/19/2025, Strike Price $5,995^(f)		11		48,730
S&P 500 Index, Expires 09/19/2025, Strike Price $6,000^(f)		12		55,212
S&P 500 Index, Expires 09/19/2025, Strike Price $6,005^(f)		26		106,080
S&P 500 Index, Expires 09/19/2025, Strike Price $6,015^(f)		16		72,160
S&P 500 Index, Expires 10/17/2025, Strike Price $6,050^(f)		12		95,640
S&P 500 Index, Expires 10/17/2025, Strike Price $6,060^(f)		12		96,960
S&P 500 Index, Expires 10/17/2025, Strike Price $6,085^(f)		7		49,189
S&P 500 Index, Expires 10/17/2025, Strike Price $6,090^(f)		8		64,480
S&P 500 Index, Expires 10/17/2025, Strike Price $6,100^(f)		17		152,150
S&P 500 Index, Expires 10/17/2025, Strike Price $6,120^(f)		91		828,100
S&P 500 Index, Expires 10/17/2025, Strike Price $6,125^(f)		7		60,529
S&P 500 Index, Expires 10/17/2025, Strike Price $6,140^(f)		74		690,568
S&P 500 Index, Expires 10/17/2025, Strike Price $6,145^(f)		62		592,410
S&P 500 Index, Expires 10/17/2025, Strike Price $6,150^(f)		66		536,580
S&P 500 Index, Expires 10/17/2025, Strike Price $6,165^(f)		89		857,960
S&P 500 Index, Expires 10/17/2025, Strike Price $6,185^(f)		46		434,240
S&P 500 Index, Expires 10/17/2025, Strike Price $6,205^(f)		35		376,600
S&P 500 Index, Expires 10/17/2025, Strike Price $6,240^(f)		11		125,840
S&P 500 Index, Expires 11/21/2025, Strike Price $6,305^(f)		25		338,750
S&P 500 Index, Expires 11/21/2025, Strike Price $6,310^(f)		25		342,001
				6,958,434

TOTAL OPTIONS				6,958,434
(Premiums paid $15,051,803)

	Shares		Fair Value
MONEY MARKET FUNDS - 4.68%

BNY Mellon U.S. Treasury Fund, 7 Day Yield, 4.150%^(g)(h)		12,728,256		12,728,256
JPMorgan US Treasury Plus Money Market Fund, 7 Day Yield, 4.190%		4,608,944		4,608,944

TOTAL MONEY MARKET FUNDS				17,337,200
(Cost $17,337,200)

Total Investments in Securities - 103.74%				383,947,460
(Cost $351,492,102)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

INVESTMENT IN AFFILIATED FUND

	Shares		Fair Value
Saba Capital Income & Opportunities Fund II^(f)		85,919	$	800,764

Total Investment in Affiliated Fund - 0.22%				800,764
(Cost $652,160)

Other Liabilities in Excess of Assets - (3.96%)				(14,648,850	)

NET ASSETS - 100.00%			$	370,099,374
Amounts above are shown as a percentage of net assets as of July 31, 2025.

SCHEDULE OF SECURITIES SOLD SHORT

	Principal Amount			Fair Value
CORPORATE BONDS - (4.95%)
Consumer Discretionary - (3.29%)

Biocon Biologics Global PLC, 6.670%, 10/09/2029		(7,288,000	)		(6,887,284	)
Star Parent Inc., 9.000%, 10/01/2030		(5,007,000	)		(5,282,385	)
					(12,169,669	)
Industrials - (1.00%)

Icahn Enterprises LP/Icahn Enterprises Finance Corporation, 4.375%, 02/01/2029		(696,001	)		(597,690	)
Icahn Enterprises LP/Icahn Enterprises Finance Corporation, 5.250%, 05/15/2027		(3,169,001	)		(3,097,697	)
					(3,695,387	)
Real Estate - (0.66%)

CPI Property Group SA, 1.750%, 01/14/2030^(e)		(2,462,000	)		(2,461,283	)
					(2,461,283	)

TOTAL CORPORATE BONDS					(18,326,339	)
(Proceeds $17,872,822)

	Principal Amount			Fair Value
SOVEREIGN DEBT OBLIGATIONS - (57.58%)
Sovereign - (57.58%)

United States Treasury, 3.750%, 06/30/2027	$	(46,658,000	)		(46,470,277	)
United States Treasury, 3.875%, 06/30/2030		(73,541,000	)		(73,220,692	)
United States Treasury, 4.250%, 05/15/2035		(94,386,000	)		(93,420,016	)

TOTAL SOVEREIGN DEBT OBLIGATIONS					(213,110,985	)
(Proceeds $212,868,064)

	Shares			Fair Value
COMMON STOCK - (13.82%)
Communications - (3.07%)

Alphabet Inc., Class A Common Shares		(2,773	)		(532,139	)
Alphabet Inc., Class C Common Shares		(8,827	)		(1,702,375	)
Angi Inc.^(f)		(3,495	)		(56,689	)
Cogent Communications Holdings Inc.^(f)		(933	)		(42,535	)

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares			Fair Value
Delivery Hero SE^(b)(f)		(4,959	)	$	(147,083	)
DoorDash, Inc.^(f)		(2,883	)		(721,471	)
Formula One Group^(f)		(1,062	)		(106,572	)
IAC Inc.^(f)		(2,515	)		(98,840	)
Liberty Latin America Ltd.^(f)		(13,614	)		(97,204	)
Live Nation Entertainment Inc.^(f)		(344	)		(50,809	)
Meta Platforms, Inc.		(1,866	)		(1,443,239	)
NetEase, Inc.		(2,396	)		(312,199	)
Netflix, Inc.^(f)		(573	)		(664,336	)
News Corp.^(f)		(3,582	)		(105,024	)
Pinterest, Inc.^(f)		(6,644	)		(256,458	)
Reddit Inc.^(f)		(89	)		(14,293	)
ROBLOX Corp.^(f)		(3,918	)		(539,861	)
Roku Inc.^(f)		(1,128	)		(106,212	)
Spotify Technology SA.^(f)		(779	)		(488,075	)
System1 Inc.^(f)		(4,764	)		(29,630	)
The Trade Desk, Inc.^(f)		(3,234	)		(281,229	)
The Walt Disney Company^(f)		(1,458	)		(173,662	)
Uber Technologies Inc.^(f)		(78	)		(6,844	)
Universal Music Group NV		(106,699	)		(3,090,395	)
Vimeo Inc.^(f)		(22,523	)		(85,362	)
Zillow Group, Inc.^(f)		(2,725	)		(216,774	)
					(11,369,310	)
Consumer Discretionary - (2.46%)

Alibaba Group Holding, Ltd.		(2,176	)		(262,491	)
Amazon.com, Inc.^(f)		(8,060	)		(1,886,927	)
Chegg, Inc.^(f)		(14,927	)		(19,554	)
Chewy Inc.^(f)		(3,625	)		(133,038	)
Chipotle Mexican Grill, Inc.^(f)		(19,841	)		(850,782	)
Cie Financiere Richemont SA^(f)		(3,105	)		(509,950	)
Coupang Inc.^(f)		(2,618	)		(77,048	)
D'ieteren Group^(f)		(469	)		(93,022	)
DraftKings Inc.^(f)		(5,981	)		(269,384	)
Ferrari N.V.^(f)		(162	)		(71,829	)
Hilton Worldwide Holdings Inc.		(4,384	)		(1,175,263	)
JD.com Inc.		(3,742	)		(117,836	)
Lowe's Cos Inc.		(28	)		(6,260	)
MercadoLibre, Inc.^(f)		(196	)		(465,282	)
Moncler SpA^(f)		(1,028	)		(55,068	)
NIKE Inc.^(f)		(15,559	)		(1,162,102	)
PDD Holdings Inc.^(f)		(1,036	)		(117,534	)
Prosus NV^(f)		(412	)		(23,622	)
Restaurant Brands International Inc.		(18,890	)		(1,281,875	)
Rivian Automotive, Inc.^(f)		(911	)		(11,725	)
Sweetgreen, Inc.^(f)		(4,989	)		(64,258	)
Tesla, Inc.^(f)		(55	)		(16,955	)
The Home Depot, Inc.		(671	)		(246,599	)
Wayfair Inc.^(f)		(1,942	)		(127,473	)
YETI Holdings Inc.^(f)		(1,348	)		(49,526	)
					(9,095,403	)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares			Fair Value
Consumer Staples - (0.13%)

Heineken Holding NV		(3,343	)	$	(226,613	)
Heineken NV		(2,850	)		(224,612	)
The Clorox Company^(f)		(296	)		(37,166	)
					(488,391	)
Energy - (0.66%)

Antero Midstream Corp.		(1,026	)		(18,827	)
Archrock, Inc.		(598	)		(13,969	)
Civitas Resources, Inc.		(386	)		(11,719	)
DT Midstream, Inc.		(211	)		(21,676	)
Enbridge, Inc.		(4,235	)		(191,791	)
Energy Transfer LP		(23,653	)		(426,700	)
Enterprise Products Partners LP		(11,026	)		(341,696	)
Genesis Energy LP		(1,072	)		(18,610	)
Hess Midstream LP^(f)		(3,977	)		(173,119	)
Kinder Morgan, Inc.		(2,441	)		(68,494	)
MPLX LP		(7,991	)		(419,528	)
Neste Oyj		(1,283	)		(20,257	)
Occidental Petroleum Corp.		(508	)		(22,322	)
ONEOK Inc.		(931	)		(76,444	)
Pembina Pipeline Corp.		(477	)		(17,729	)
Plains All American Pipeline LP		(2,102	)		(38,362	)
Plains GP Holdings LP		(2,858	)		(56,017	)
Schlumberger NV^(f)		(1,344	)		(45,427	)
Targa Resources Corp.		(416	)		(69,227	)
TC Energy Corp.		(2,185	)		(104,330	)
Western Midstream Partners LP		(3,484	)		(141,903	)
Williams Cos., Inc.		(2,164	)		(129,732	)
					(2,427,879	)
Financials - (1.71%)

Adyen NV^(f)		(54	)		(93,090	)
Affirm Holdings Inc.^(f)		(5,421	)		(371,664	)
Allfunds Group PLC		(687	)		(4,782	)
American Express Co.		(1,352	)		(404,667	)
Apollo Global Management Inc.^(f)		(532	)		(77,310	)
Bank of America Corp.		(7,596	)		(359,063	)
Block Inc.^(f)		(2,948	)		(227,762	)
Brookfield Corp.^(f)		(29,835	)		(2,000,437	)
CME Group Inc.		(1,094	)		(304,438	)
Corpay Inc.^(f)		(124	)		(40,058	)
Credicorp Ltd.		(1,358	)		(321,846	)
EXOR NV^(f)		(336	)		(32,497	)
Intercontinental Exchange, Inc.		(1,546	)		(285,747	)
Marsh & McLennan Cos Inc.		(495	)		(98,604	)
MasterCard Inc.		(1,312	)		(743,209	)
MSCI Inc.^(f)		(78	)		(43,786	)
Paysafe Ltd.^(f)		(7,850	)		(95,378	)
Robinhood Markets Inc.^(f)		(1,497	)		(154,266	)
The Progressive Corporation		(205	)		(49,618	)

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares			Fair Value
Tradeweb Markets Inc.^(f)		(436	)	$	(60,408	)
U.S. Bancorp		(1,077	)		(48,422	)
Visa Inc.		(1,298	)		(448,420	)
Webster Financial Corp.^(f)		(1,220	)		(70,333	)
					(6,335,805	)
Health Care - (0.95%)

10X Genomics Inc.^(f)		(2,482	)		(33,383	)
Agios Pharmaceuticals Inc.^(f)		(1,073	)		(39,937	)
Alnylam Pharmaceuticals, Inc.^(f)		(935	)		(366,744	)
Argenx SE^(f)		(229	)		(155,338	)
Bayer AG		(687	)		(21,274	)
Boston Scientific Corp.^(f)		(2,213	)		(232,188	)
Denali Therapeutics Inc.^(f)		(4,930	)		(68,182	)
Edwards Lifesciences Corp.^(f)		(841	)		(66,700	)
Eli Lilly and Company^(f)		(191	)		(141,353	)
Exact Sciences Corp.^(f)		(616	)		(28,921	)
GE HealthCare Technologies Inc.		(1,722	)		(122,813	)
Genmab A/S^(f)		(102	)		(22,417	)
Guardant Health Inc.^(f)		(2,561	)		(104,950	)
HCA Healthcare Inc.^(f)		(338	)		(119,649	)
Illumina, Inc.^(f)		(121	)		(12,428	)
Incyte Corp.^(f)		(610	)		(45,683	)
Insmed Inc.^(f)		(388	)		(41,625	)
Inspire Medical Systems Inc.^(f)		(676	)		(84,189	)
Insulet Corp.^(f)		(758	)		(218,607	)
Integer Holdings Corp.^(f)		(340	)		(36,893	)
Intuitive Surgical Inc.^(f)		(284	)		(136,630	)
Ionis Pharmaceuticals Inc.^(f)		(3,451	)		(148,324	)
McKesson Corp.^(f)		(70	)		(48,548	)
Moderna, Inc.^(f)		(5,458	)		(161,338	)
Natera Inc.^(f)		(321	)		(42,905	)
Neurocrine Biosciences Inc.^(f)		(956	)		(122,588	)
PACIRA BIOSCIENCES INC.^(f)		(202	)		(4,260	)
Penumbra Inc.^(f)		(332	)		(83,754	)
Recordati Industria Chimica e Farmaceutica SpA^(f)		(785	)		(45,150	)
Revolution Medicines Inc.^(f)		(1,316	)		(49,047	)
RxSight Inc.^(f)		(2,943	)		(22,897	)
SI-BONE Inc.^(f)		(2,521	)		(42,933	)
Stryker Corp.		(310	)		(121,746	)
Tandem Diabetes Care Inc.^(f)		(761	)		(11,856	)
Tenet Healthcare Corp.^(f)		(397	)		(64,028	)
The Ensign Group, Inc.		(481	)		(72,150	)
Thermo Fisher Scientific Inc.^(f)		(158	)		(73,893	)
UnitedHealth Group Inc.^(f)		(457	)		(114,049	)
Vertex Pharmaceuticals Inc.^(f)		(393	)		(179,550	)
					(3,508,920	)
Industrials - (1.32%)

Aerovironment Inc.^(f)		(1	)		(268	)
Aker ASA^(f)		(922	)		(63,585	)
Alight, Inc.		(130,829	)		(701,243	)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares			Fair Value
AMETEK Inc.^(f)		(304	)	$	(56,194	)
Atkore Inc.^(f)		(682	)		(52,528	)
Bilfinger SE		(112	)		(12,091	)
Blade Air Mobility Inc.^(f)		(24,246	)		(96,742	)
Canadian Pacific Kansas City Ltd.		(11,809	)		(868,552	)
Clean Harbors Inc.^(f)		(210	)		(49,520	)
Deere & Co.		(148	)		(77,607	)
Dun & Bradstreet Holdings, Inc.		(197,214	)		(1,794,647	)
Equifax Inc.^(f)		(234	)		(56,214	)
Exponent Inc.^(f)		(561	)		(38,687	)
Geberit AG^(f)		(77	)		(59,154	)
Generac Holdings, Inc.^(f)		(46	)		(8,956	)
Genpact Ltd.^(f)		(1,313	)		(57,838	)
Graco Inc.		(610	)		(51,228	)
HEICO Corp.		(264	)		(86,275	)
Interpump Group S.p.A		(248	)		(10,177	)
Paycom Software Inc.^(f)		(176	)		(40,751	)
Prysmian S.p.A		(338	)		(27,147	)
L3Harris Technologies Inc.^(f)		(368	)		(101,134	)
Leonardo DRS Inc.^(f)		(1,663	)		(69,181	)
Norfolk Southern Corp.^(f)		(160	)		(44,480	)
Rational AG^(f)		(88	)		(68,340	)
Rollins Inc.^(f)		(827	)		(47,362	)
SGS SA^(f)		(429	)		(43,732	)
Union Pacific Corp.^(f)		(237	)		(52,607	)
Verisk Analytics Inc.^(f)		(185	)		(51,561	)
Vicor Corp.^(f)		(1,029	)		(45,729	)
Watsco Inc.		(325	)		(146,536	)
					(4,880,066	)
Information Technology - (0.62%)

Amphenol Corp.^(f)		(1,258	)		(133,990	)
Arlo Technologies Inc.^(f)		(5,730	)		(92,826	)
ASM International NV^(f)		(59	)		(28,784	)
Astera Labs Inc.^(f)		(229	)		(31,311	)
Aurora Innovation Inc.^(f)		(24,298	)		(141,171	)
AvePoint Inc.^(f)		(3,657	)		(69,776	)
Celestica Inc.^(f)		(2,386	)		(476,866	)
CEVA Inc.^(f)		(1,678	)		(35,859	)
Cognizant Technology Solutions Corp.^(f)		(494	)		(35,449	)
Coherent Corp.^(f)		(269	)		(28,944	)
Confluent Inc.^(f)		(1,636	)		(28,998	)
GoDaddy Inc.^(f)		(321	)		(51,867	)
Harmonic Inc.^(f)		(4,102	)		(34,908	)
Kulicke & Soffa Industries Inc.^(f)		(1,178	)		(38,591	)
Littelfuse Inc.^(f)		(160	)		(41,173	)
Marvell Technology Inc.		(72	)		(5,787	)
Micron Technology Inc.		(297	)		(32,415	)
Nemetschek SE^(f)		(274	)		(40,743	)
Oracle Corp.		(607	)		(154,038	)
Pure Storage Inc.^(f)		(362	)		(21,546	)
Qualys Inc.^(f)		(646	)		(85,963	)

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares			Fair Value
Red Violet Inc.^(f)		(671	)	$	(29,745	)
Sabre Corp.^(f)		(11,971	)		(36,272	)
Samsara Inc.^(f)		(4,624	)		(175,851	)
Sprout Social Inc.^(f)		(1,151	)		(19,740	)
Super Micro Computer Inc.^(f)		(3,556	)		(209,697	)
Synopsys Inc.^(f)		(54	)		(34,207	)
Trimble Inc.^(f)		(608	)		(51,005	)
Veeco Instruments Inc.^(f)		(902	)		(18,744	)
VeriSign Inc.^(f)		(335	)		(90,071	)
					(2,276,337	)
Materials - (0.33%)

Agnico Eagle Mines Ltd.^(f)		(1,183	)		(146,859	)
Alamos Gold Inc.^(f)		(8,333	)		(202,491	)
Anglogold Ashanti plc^(f)		(1,022	)		(47,268	)
B2Gold Corp.^(f)		(16,258	)		(54,678	)
CRH plc^(f)		(531	)		(50,684	)
DSM-Firmenich AG^(f)		(1,058	)		(102,049	)
Orla Mining Ltd.^(f)		(52,028	)		(484,383	)
Teck Resources Ltd.^(f)		(4,223	)		(137,079	)
					(1,225,491	)
Real Estate - (0.39%)

CoStar Group Inc.^(f)		(2,905	)		(276,527	)
Crown Castle Inc.^(f)		(507	)		(53,281	)
Lineage Inc.^(f)		(1,425	)		(61,489	)
Prologis Inc.^(f)		(336	)		(35,878	)
The Howard Hughes Corporation^(f)		(14,695	)		(1,009,987	)
					(1,437,162	)
Technology - (2.04%)

Arista Networks, Inc.^(f)		(814	)		(100,301	)
ASML Holding NV		(233	)		(163,023	)
BE Semiconductor Industries NV		(1,112	)		(151,140	)
Blackline Inc.^(f)		(32	)		(1,721	)
Cloudflare, Inc.^(f)		(4,717	)		(979,627	)
Datadog Inc.^(f)		(1,033	)		(144,599	)
Descartes Systems Group, Inc.^(f)		(313	)		(33,069	)
Descartes Systems Group, Inc.^(f)		(1,858	)		(109,158	)
Doximity Inc.^(f)		(837	)		(290,062	)
Fabrinet^(f)		(842	)		(272,581	)
HubSpot, Inc.^(f)		(91	)		(47,288	)
Inficon Holding AG		(97	)		(11,751	)
Infosys Ltd.		(8,959	)		(149,794	)
KLA CORP.^(f)		(135	)		(118,669	)
Microsoft Corp.		(654	)		(348,909	)
MongoDB Inc.^(f)		(83	)		(19,745	)
Monolithic Power Systems Inc.		(54	)		(38,407	)
NVIDIA Corp.		(1,303	)		(231,765	)
Pegasystems Inc.		(3,146	)		(184,702	)
Rapid7, Inc.^(f)		(1,135	)		(23,971	)
Salesforce Inc.		(525	)		(135,623	)
ServiceNow, Inc.^(f)		(69	)		(65,075	)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares			Fair Value
Shopify, Inc.^(f)		(5,642	)	$	(689,120	)
Snowflake Inc.^(f)		(1,308	)		(292,338	)
SPS Commerce Inc.^(f)		(240	)		(26,128	)
Taiwan Semiconductor Manufacturing Co., Ltd.		(10,965	)		(2,649,363	)
Varonis Systems Inc.^(f)		(1,416	)		(79,055	)
Workday, Inc.^(f)		(817	)		(187,403	)
					(7,544,387	)
Utilities - (0.14%)

AES Corp.		(966	)		(12,703	)
Ameren Corp.		(169	)		(17,091	)
CenterPoint Energy, Inc.		(300	)		(11,646	)
Clearway Energy Inc.^(f)		(3,247	)		(105,950	)
CMS Energy Corp.^(f)		(321	)		(23,690	)
DTE Energy Co.		(277	)		(38,340	)
Enel SpA		(10,424	)		(91,991	)
Evergy Inc.^(f)		(536	)		(37,949	)
Eversource Energy		(54	)		(3,569	)
NextEra Energy Partners LP		(1,951	)		(18,593	)
Ormat Technologies Inc.^(f)		(561	)		(50,159	)
Sempra^(f)		(660	)		(53,908	)
Vistra Corp.^(f)		(403	)		(84,041	)
Xcel Energy, Inc.		(44	)		(3,157	)
					(552,787	)

TOTAL COMMON STOCK					(51,141,938	)
(Proceeds $48,250,016)

	Shares			Fair Value
CLOSED END FUNDS - (0.51%) Equity - (0.51%)

Communication Services Select Sector SPDR Fund^(f)		(9,166	)		(984,520	)
Energy Select Sector SPDR Fund^(f)		(64	)		(5,581	)
Industrial Select Sector SPDR Fund^(f)		(624	)		(94,854	)
Utilities Select Sector SPDR Fund^(f)		(9,223	)		(790,134	)
					(1,875,089	)

TOTAL CLOSED END FUNDS					(1,875,089	)
(Proceeds $1,812,488)

	Shares			Fair Value
EXCHANGE TRADED FUNDS - (21.08%) Alternative - (5.40%)

Grayscale Bitcoin Mini Trust B^(f)		(54,060	)		(2,794,902	)
Grayscale Bitcoin Trust^(f)(g)		(186,747	)		(17,139,640	)
					(19,934,542	)

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares			Fair Value
Equity - (15.69%)

Global X Uranium ETF^(F)		(5,931	)	$	(233,444	)
iShares Biotechnology ETF^(f)		(24,089	)		(3,198,056	)
iShares Core MSCI Emerging Markets ETF^(f)		(50,175	)		(3,027,058	)
iShares Global Infrastructure ETF^(f)		(6,689	)		(395,186	)
iShares MSCI ACWI ETF		(80,472	)		(10,458,141	)
iShares MSCI India ETF^(f)		(80,577	)		(4,241,573	)
VanEck Gold Miners ETF^(f)		(3,157	)		(163,027	)
Vanguard FTSE Developed Markets ETF^(f)		(208,179	)		(11,703,823	)
Vanguard FTSE Emerging Markets ETF^(f)		(291,888	)		(14,536,022	)
Vanguard Total Stock Market ETF		(32,534	)		(10,114,495	)
					(58,070,825	)

TOTAL EXCHANGE TRADED FUNDS					(78,005,367	)
(Proceeds $75,116,246)

	Shares			Fair Value
SPECIAL PURPOSE ACQUISITION COMPANIES - (0.20%)

Accenture PLC		(236	)		(63,036	)
Credo Technology Group Holding Ltd.^(f)		(437	)		(48,747	)
CyberArk Software Ltd.^(f)		(422	)		(173,640	)
Globant SA^(f)		(629	)		(53,000	)
JFrog Ltd.^(f)		(1,294	)		(56,173	)
monday.com Ltd.^(f)		(216	)		(56,655	)
Radware Ltd.^(f)		(3,751	)		(96,026	)
SharkNinja Inc.^(f)		(1,203	)		(139,668	)
Trane Technologies plc^(f)		(161	)		(70,531	)
					(757,476	)

TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES					(757,476	)
(Proceeds $749,526)

Total Securities Sold Short - (98.14%)					(363,217,194	)
(Proceeds $356,669,162)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

^(a)

Security is in default as of year-end and is therefore non-income producing.

^(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 $23,165,670, which represented approximately 6.26% of net assets as of July 31, 2025. 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)

Amount represents less than 0.005% of net assets.

^(e)

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 July 31, 2025, the aggregate market value of those securities was $3,691,584, which represents approximately 1.00% of net assets.

^(f)

Non-income producing security.

^(g)

A portion or all of the security is owned by BRW SPV I, a wholly-owned subsidiary of the Fund.

^(h)

A portion or all of the security is owned by BRW SPV II, a wholly-owned subsidiary of the Fund.

⁽ⁱ⁾

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 July 31, 2025, the current coupon rate for these notes is 0%.

^(j)

At July 31, 2025, the value of these investments amounted to $0, representing 0.0% of the net assets of the Fund.

^(k)

At July 31, 2025, all options held by the Fund are exchange traded listed options.

Investment Abbreviations:

ESTRON - Euro Short-Term Rate

OBFR - United States Overnight Bank Funding Rate

RBACOR - RBA Interbank Overnight Cash Rate

SOFR - Secured Overnight Financing Rate

SONIA - Sterling Over Night Index Average

Reference Rates:

ESTRON - Euro Short-Term Rate as of July 31, 2025 was 1.919%

OBFR - United States Overnight Bank Funding Rate as of July 31, 2025 was 4.330%

SOFR - Secured Overnight Financing Rate as of July 31, 2025 was 4.390%

TSFR1M - CME Term SOFR 1 Month as of July 31, 2025 was 4.351%

TSFR3M - CME Term SOFR 3 Month as of July 31, 2025 was 4.301%

TSFR6M - CME Term SOFR 6 Month as of July 31, 2025 was 4.191%

SONIA - Sterling Overnight Index Average as of July 31, 2025 was 4.217%

Counterparty Abbreviations:

JPM - JPMorgan Chase Bank, N.A.

GSI - Goldman Sachs International

MSCS - Morgan Stanley Capital Services

BARC - Barclays Bank PLC

MSCO – Morgan Stanley & Company

Currency Abbreviations:
AUD - Australian Dollar
CAD - Canadian Dollar
CHF - Swiss Franc

DKK - Danish Krone

EUR - Eurozone Currency
GBP - Great British Pound
JPY - Japanese Yen

NOK - Norwegian Krone
SEK - Swedish Krona

USD - United States Dollar

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

SIMPLE AGREEMENT FOR FUTURE EQUITY (SAFE) CONTRACTS

	Cost		Fair Value
AEYE Health Inc.^(a)	$	1,293,014	$	1,649,219
BeeHero Ltd.^(a)		321,841		371,758
Nemo Enterprises, Inc.^(a)		84,210		84,210
Quantalx Neuroscience Ltd.^(a)		3,000,000		3,415,840
Real View Imaging Ltd.^(a)		2,250,000		2,303,475
	$	6,949,065	$	7,824,502

^(a)

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.

FORWARD FOREIGN CURRENCY CONTRACTS

Settlement

Fund

Unrealized

Counterparty

Date

Receiving

Value

Delivering

Cost

Appreciation

JPM

10/09/2025

USD

13,212,974

AUD

13,062,778

150,196

JPM

10/09/2025

USD

220,723

CAD

217,227

3,496

JPM

09/26/2025

USD

41,705,796

EUR

40,867,816

837,980

JPM

09/26/2025

USD

39,345,400

GBP

38,770,248

575,152

JPM

10/09/2025

USD

730,675

JPY

708,318

22,357

JPM

10/09/2025

USD

5,149,740

SEK

4,986,707

163,033

1,752,214

	Settlement	Fund			Fund			Unrealized
Counterparty	Date	Receiving	Value		Delivering	Cost		Depreciation
JPM	10/09/2025	AUD	$	611,312	USD	$	620,541	$	(9,229	)
JPM	10/09/2025	CAD		651,681	USD		658,117		(6,436	)
JPM	09/26/2025	EUR		30,353,059	USD		30,846,292		(493,233	)
JPM	09/26/2025	GBP		54,313,200	USD		55,998,256		(1,685,056	)
								$	(2,193,954	)
								$	(441,740	)

FUTURES CONTRACTS

Description	Number of Contracts	Maturity Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Short Position Contracts
FTSE 100 IDX FUT Sep25	(2)	09/19/2025	$	239,947	$	(9,341	)
FTSE 250 Index FU Sep25	(152)	09/19/2025	$	8,856,534		(261,709	)
NASDAQ 100 E-MINI Sep25	(12)	09/19/2025	$	5,248,750		(358,850	)
NIKKEI 225 (OSE) Sep25	(1)	09/12/2025	$	267,348		(16,179	)
SPI 200 FUTURES Sep25	(12)	09/18/2025	$	1,668,251		(31,835	)
US 5YR NOTE (CBT) Sep25	(82)	09/30/2025		8,847,657		(22,436	)
US 10YR NOTE (CBT) Sep25	(46)	09/19/2025		5,133,017		24,142
					$	(676,208	)
					$	(676,208	)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

TO BE ANNOUNCED (TBA) MORTGAGE-BACKED SECURITIES (MBS) FORWARD CONTRACTS

Counterparty	Description	Maturity Date	Notional Amount		Net Unrealized Appreciation/ (Depreciation)
JPM	FNCL 5.5 9/25 TBA MSFTA	09/11/2025	$	264,602,000	$	413,441
JPM	FNCL 6 9/25 TBA MSFTA	09/11/2025		105,628,000		165,044
					$	578,485

SINGLE NAME CREDIT DEFAULT SWAP CONTRACTS (CENTRALLY CLEARED)

Buy/Sell Protection^(a)	Reference Obligations	Annual Payment Rate Received (Paid)			Currency	Maturity Date	Notional Amount^(b)		Fair Value			Upfront Premiums Received/(Paid)		Unrealized Appreciation/ (Depreciation)
Sell	CSC Holdings Ltd.		5.00	%	USD	06/20/2028	$	800,000	$	(148,700	)	$	298,000	$	149,300
Buy	RR Donnelley & Sons Co.		(5.00	)%	USD	06/20/2029		4,046,000		(18,252	)		392,384		374,132
Buy	UnitedHealth Group Inc.		(1.00	)%	USD	06/20/2028		263,000		(4,166	)		5,056		890
									$	(171,118	)	$	695,440	$	524,322

INDEX CREDIT DEFAULT SWAP CONTRACTS (CENTRALLY CLEARED)

Buy/Sell Protection^(a)	Reference Obligations	Annual Payment Rate Received (Paid)			Currency	Maturity Date	Notional Amount^(b)		Fair Value			Upfront Premiums Received/(Paid)			Unrealized Appreciation/ (Depreciation)
Buy	Markit CDX High Yield Index, Series 43		(5.00	)%	USD	12/20/2029	$	137,478,000	$	(10,397,782	)	$	9,619,729		$	(778,053	)
Sell	Markit CDX High Yield Index, Series 44		5.00	%	USD	06/20/2030		191,018,000		14,860,118			(14,241,167	)		618,951
Buy	Markit iTraxx Europe Subordinated Financials Index, Series 39		(1.00	)%	USD	06/20/2028		45,000,000		(781,386	)		(2,626,045	)		(3,407,431	)
									$	3,680,950		$	(7,247,483	)	$	(3,566,533	)

SINGLE NAME CREDIT DEFAULT SWAP CONTRACTS (OVER THE COUNTER)

Buy/Sell Protection^(a)	Counterparty	Reference Obligations	Annual Payment Rate Received (Paid)			Currency	Maturity Date	Notional Amount^(b)		Fair Value			Upfront Premiums Received/(Paid)			Unrealized Appreciation/ (Depreciation)
Sell	GSI	Bristol-Myers Squibb Company		1.00	%	USD	12/20/2027	$	8,493,000	$	166,457		$	(228,312	)	$	(61,855	)
Sell	MSCS	Bristol-Myers Squibb Company		1.00	%	USD	12/20/2027		10,000,000		195,993			(257,109	)		(61,116	)
Sell	MSCS	Bristol-Myers Squibb Company		1.00	%	USD	06/20/2029		14,307,000		391,631			(449,191	)		(57,560	)
Sell	BARC	CommScope Holding Company, Inc.		5.00	%	USD	06/20/2027		5,375,000		291,324			(168,130	)		123,194
Buy	BARC	CommScope Holding Company, Inc.		(5.00	)%	USD	06/20/2030		5,375,000		(410,701	)		103,925			(306,776	)
Sell	GSI	International Business Machines Corporation		1.00	%	USD	12/20/2027		20,642,000		402,033			(395,100	)		6,933
Sell	BARC	International Business Machines Corporation		1.00	%	USD	12/20/2028		3,675,000		89,842			(81,859	)		7,983
Sell	BARC	NextEra Energy Capital Holdings, Inc.		1.00	%	USD	06/20/2028		4,306,000		72,810			(22,659	)		50,151
Sell	GSI	Pfizer Inc.		1.00	%	USD	12/20/2027		9,152,000		176,759			(228,364	)		(51,605	)
Sell	MSCS	Pfizer Inc.		1.00	%	USD	12/20/2027		7,325,000		141,473			(178,314	)		(36,841	)
Sell	GSI	Pfizer, Inc.		1.00	%	USD	12/20/2028		15,802,000		384,646			(438,142	)		(53,496	)
Sell	GSI	The Procter & Gamble Company		1.00	%	USD	12/20/2027		1,996,000		41,022			(50,539	)		(9,517	)
Buy	BARC	Unisys Corporation		(5.00	)%	USD	06/20/2028		286,000		(24,147	)		(38,292	)		(62,439	)
Sell	MSCS	UnitedHealth Group Incorporated		1.00	%	USD	12/20/2027		11,190,000		177,238			(246,111	)		(68,873	)
Sell	MSCS	Verizon Communications Inc.		1.00	%	USD	06/20/2028		3,181,000		56,699			(2,900	)		53,799
Sell	MSCS	Verizon Communications Inc.		1.00	%	USD	12/20/2027		7,000,000		110,801			4,885			115,686
										$	2,263,880		$	(2,676,212	)	$	(412,332	)

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

^(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. Notional amounts are presented in the currency indicated in the table.

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty

Reference Obligations

Currency

Notional
Amount^(b)

Termination
Date

Financing
Rate Index

Financing
Rate Spread
Paid/(Received)
by Fund

Value

Unrealized
Appreciation/
(Depreciation)

Long Position Contracts

JPM

abrdn Asia Focus PLC

GBP

174,809

03/31/2026

SONIA

35 bps

176,351

1,542

JPM

abrdn Diversified Income and Growth Trust PLC

GBP

155,263

11/28/2025

SONIA

35 bps

155,507

244

JPM

abrdn New India Investment Trust PLC

GBP

910,827

11/28/2025

SONIA

35 bps

906,307

(4,520

)

JPM

abrdn UK Smaller Cos Growth Trust PLC

GBP

2,318,868

11/28/2025

SONIA

35 bps

2,332,170

13,302

JPM

Allianz Technology Trust PLC

EUR

864,398

11/28/2025

ESTRON

35 bps

893,844

29,446

JPM

Anywhere Real Estate, Inc.

USD

670,677

12/31/2025

OBFR

35 bps

648,228

(22,449

)

JPM

Arbutus Biopharma Corp.

USD

70,056

12/31/2025

OBFR

35 bps

69,631

(425

)

JPM

Aurora UK Alpha PLC

GBP

3,540

05/29/2026

SONIA

35 bps

3,568

JPM

Avi Global Trust PLC

GBP

1,617,366

06/30/2026

SONIA

35 bps

1,645,963

28,597

JPM

Baidu, Inc.

USD

617,135

12/31/2025

OBFR

35 bps

630,994

13,859

JPM

Baillie Gifford European Growth Trust PLC

GBP

526,799

11/28/2025

SONIA

35 bps

516,812

(9,987

)

JPM

Baillie Gifford Shin Nippon PLC

GBP

9,259

02/27/2026

SONIA

35 bps

9,362

103

JPM

Baillie Gifford UK Growth Trust PLC

GBP

5,515,606

11/28/2025

SONIA

35 bps

5,650,792

135,186

JPM

Baillie Gifford US Growth Trust PLC

GBP

10,965,318

11/28/2025

SONIA

35 bps

11,129,593

164,275

JPM

Baker Steel Resources Trust, Ltd.

GBP

309,694

11/28/2025

SONIA

35 bps

307,382

(2,312

)

JPM

Bankers Investment Trust PLC

GBP

2,509,999

11/28/2025

SONIA

35 bps

2,526,324

16,325

JPM

BB Biotech AG

CHF

733,091

12/31/2025

SARON

35 bps

770,092

37,001

JPM

Bellevue Healthcare Trust PLC

GBP

60,541

02/27/2026

SONIA

35 bps

60,647

106

JPM

BlackRock Smaller Companies Trust PLC

GBP

1,374,939

11/28/2025

SONIA

35 bps

1,398,101

23,162

JPM

Blackrock Throgmorton Trust PLC

GBP

1,073,172

11/28/2025

SONIA

35 bps

1,087,650

14,478

JPM

Brown Advisory US Smaller Companies PLC

GBP

290,548

11/28/2025

SONIA

35 bps

290,548

JPM

Cannae Holdings, Inc.

USD

138,116

12/31/2025

OBFR

35 bps

137,922

(194

)

JPM

Compass Diversified Holdings

USD

153,639

12/31/2025

OBFR

35 bps

152,210

(1,429

)

JPM

CQS Natural Resources Growth and Income PLC

GBP

523,052

11/28/2025

SONIA

35 bps

506,296

(16,756

)

JPM

Diverse Income Trust PLC

GBP

580,361

11/28/2025

SONIA

35 bps

574,833

(5,528

)

JPM

Ecofin Global Utilities/Infrastructure Trust

GBP

317,420

11/28/2025

SONIA

35 bps

314,548

(2,872

)

JPM

Geiger Counter, Ltd.

GBP

7,248

11/28/2025

SONIA

35 bps

7,105

(143

)

JPM

GEO Group, Inc.

USD

803,151

12/31/2025

OBFR

35 bps

817,983

14,832

JPM

Gresham House Energy Storage Fund PLC

GBP

151,367

04/30/2026

SONIA

35 bps

152,508

1,141

JPM

HarbourVest Global Private Equity, Ltd.

GBP

311,722

08/28/2026

SONIA

35 bps

309,438

(2,284

)

JPM

HBM Healthcare Investments AG

CHF

511,421

04/30/2026

SARON

35 bps

511,421

JPM

Henderson Smaller Companies Inv Trust PLC

GBP

1,236,955

11/28/2025

SONIA

35 bps

1,271,355

34,400

JPM

Herald Investment Trust PLC

GBP

9,258,069

11/28/2025

SONIA

35 bps

9,372,366

114,297

JPM

Impax Environmental Markets PLC

GBP

1,508,085

11/28/2025

SONIA

35 bps

1,517,570

9,485

JPM

International Biotechnology Trust PLC

GBP

3,701

05/29/2026

SONIA

35 bps

3,748

JPM

Invesco Perpetual UK Smaller Cos Inv Trust PLC

USD

1,556

03/31/2026

OBFR

35 bps

1,540

(16

)

JPM

IP Group PLC

GBP

1,201,630

04/30/2026

SONIA

35 bps

1,199,485

(2,145

)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty

Reference Obligations

Currency

Notional
Amount^(b)

Termination
Date

Financing
Rate Index

Financing
Rate Spread
Paid/(Received)
by Fund

Value

Unrealized
Appreciation/
(Depreciation)

Long Position Contracts

JPM

JPM Global Emerging Markets Income Trust PLC

GBP

32,064

05/29/2026

SONIA

35 bps

32,383

319

JPM

Lowland Investment Company PLC

GBP

117,014

11/28/2025

SONIA

35 bps

117,829

815

JPM

Mercantile Investment Trust PLC

GBP

5,403,596

11/28/2025

SONIA

35 bps

5,478,796

75,200

JPM

MFF Capital Investments, Ltd.

AUD

1,067,279

11/28/2025

RBACOR

45 bps

1,079,007

11,728

JPM

Middlefield Canadian Income PC

GBP

76,179

11/28/2025

SONIA

35 bps

75,759

(420

)

JPM

Monks Investment Trust PLC

GBP

85,261

11/28/2025

SONIA

35 bps

85,512

251

JPM

Murray Income Trust PLC

GBP

3,102

04/30/2026

SONIA

35 bps

3,078

(24

)

JPM

Pacific Assets Trust PLC

GBP

46,075

02/27/2026

SONIA

35 bps

45,433

(642

)

JPM

Pacific Horizon Investment Trust PLC

GBP

74,697

03/31/2026

SONIA

35 bps

74,813

116

JPM

Partners Group Private Equity, Ltd.

EUR

729,598

05/29/2026

ESTRON

40 bps

735,506

5,908

JPM

Pengana International Equities, Ltd.

AUD

232,956

11/28/2025

RBACOR

45 bps

235,774

2,818

JPM

Polar Capital Technology Trust PLC

GBP

3,164,974

11/28/2025

SONIA

35 bps

3,241,579

76,605

JPM

RealReal, Inc.

USD

385,377

12/31/2025

OBFR

35 bps

378,894

(6,483

)

JPM

RIT Capital Partners PLC

GBP

1,772,082

11/28/2025

SONIA

35 bps

1,797,698

25,616

JPM

River & Mercantile UK Micro Cap Inv Co Ltd .

GBP

1,135,357

11/28/2025

SONIA

35 bps

1,135,357

JPM

RM Infrastructure Income PLC

GBP

428,863

06/30/2026

SONIA

35 bps

441,761

12,898

JPM

Schroder AsiaPacific Fund PLC

GBP

9,343

05/29/2026

SONIA

35 bps

9,327

(16

)

JPM

Schroder UK Mid Cap Fund PLC

GBP

114,245

11/28/2025

SONIA

35 bps

117,645

3,400

JPM

Schroders Capital Global

GBP

9,842

11/28/2025

SONIA

35 bps

9,227

(615

)

JPM

Scottish Mortgage Investment Trust PLC

GBP

2,812,375

11/28/2025

SONIA

35 bps

2,867,213

54,838

JPM

Scottish Oriental Smaller Companies Trust PLC

GBP

138,122

05/29/2026

SONIA

35 bps

137,201

(921

)

JPM

SDCL Efficiency Income Trust PLC

GBP

4,959,016

07/31/2026

SONIA

35 bps

5,012,053

53,037

JPM

Smithson Investment Trust PLC

GBP

1,462,263

05/29/2026

SONIA

35 bps

1,467,975

5,712

JPM

Snap, Inc.

USD

2,976,631

12/31/2025

OBFR

35 bps

3,011,763

35,132

JPM

Syncona, Ltd.

GBP

962,117

07/31/2026

SONIA

35 bps

977,150

15,033

JPM

Templeton EM Investment Trust PLC

GBP

3,764,678

11/28/2025

SONIA

35 bps

3,764,678

JPM

The Global Smaller Companies Trust PLC

GBP

57,493

05/29/2026

SONIA

35 bps

57,911

418

JPM

The Gore Street Energy Storage Fund PLC

GBP

1,152,355

08/28/2026

SONIA

35 bps

1,195,312

42,957

JPM

Uber Technologies, Inc.

USD

1,039,586

12/31/2025

OBFR

35 bps

1,040,891

1,305

JPM

Utilico Emerging Markets Trust PLC

GBP

95,385

03/31/2026

SONIA

35 bps

96,176

791

JPM

Vertex, Inc.

USD

61,042

12/31/2025

OBFR

35 bps

59,640

(1,402

)

JPM

VGI Partners Global Investments, Ltd.

AUD

533,848

11/28/2025

RBACOR

45 bps

535,352

1,504

JPM

Vietnam Enterprise Investments, Ltd.

GBP

84,661

05/29/2026

SONIA

35 bps

87,040

2,379

JPM

VPC Specialty Lending Investments PLC

GBP

277,065

04/30/2026

SONIA

35 bps

279,864

2,799

JPM

Weibo Corp.

USD

156,102

12/31/2025

OBFR

35 bps

152,929

(3,173

)

JPM

Workspace Group PLC

GBP

1,182,237

08/28/2026

SONIA

35 bps

1,187,975

5,738

JPM

Worldwide Healthcare Trust PLC

GBP

1,112,153

11/28/2025

SONIA

35 bps

1,129,947

17,794

Total Long Position Contracts

86,216,642

1,022,211

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty	Reference Obligations	Currency	Notional Amount^(b)			Termination Date	Financing Rate Index	Financing Rate Spread Paid/(Received) by Fund	Value			Unrealized Appreciation/ (Depreciation)
Short Position Contracts
JPM	3i Group PLC	GBP		(179,740	)	08/28/2026	SONIA	(30) bps	$	(180,304	)	$	(564	)
JPM	4imprint Group PLC	GBP		(374,445	)	11/28/2025	SONIA	(30) bps		(370,325	)		4,120
JPM	AJ Bell PLC	GBP		(346,658	)	08/28/2026	SONIA	(30) bps		(359,107	)		(12,449	)
JPM	Alfa Financial Software Holdings PLC	GBP		(15,783	)	08/28/2026	SONIA	(30) bps		(16,504	)		(721	)
JPM	Alpha Group International PLC	GBP		(230,800	)	05/29/2026	SONIA	(30) bps		(231,077	)		(277	)
JPM	Ashtead Technology Holdings plc	GBP		(48,251	)	08/28/2026	SONIA	(30) bps		(49,504	)		(1,253	)
JPM	Auction Technology Group PLC	GBP		(2,329	)	11/28/2025	SONIA	(30) bps		(2,368	)		(39	)
JPM	Auto Trader Group PLC	GBP		(350,810	)	11/28/2025	SONIA	(30) bps		(356,083	)		(5,273	)
JPM	Babcock International Group PLC	GBP		(245,607	)	08/28/2026	SONIA	(30) bps		(250,831	)		(5,224	)
JPM	Balfour Beatty PLC	GBP		(63,030	)	11/28/2025	SONIA	(30) bps		(63,615	)		(585	)
JPM	Barratt Redrow PLC	GBP		(70,655	)	09/30/2025	SONIA	(30) bps		(70,112	)		543
JPM	Beazley PLC	GBP		(114,219	)	08/28/2026	SONIA	(30) bps		(113,395	)		824
JPM	Bellway PLC	GBP		(174,985	)	11/28/2025	SONIA	(30) bps		(173,531	)		1,454
JPM	BFF Bank SpA	EUR		(28,230	)	11/28/2025	ESTRON	(30) bps		(28,257	)		(27	)
JPM	Big Technologies PLC	GBP		(733	)	11/28/2025	SONIA	(180) bps		(722	)		11
JPM	Bloomsbury Publishing PLC	GBP		(58,275	)	11/28/2025	SONIA	(30) bps		(59,138	)		(863	)
JPM	Bodycote PLC	GBP		(150,497	)	08/28/2026	SONIA	(30) bps		(167,321	)		(16,824	)
JPM	Bollore SE	EUR		(54,199	)	08/31/2026	ESTRON	(30) bps		(53,305	)		894
JPM	Bunzl PLC	GBP		(78,922	)	08/28/2026	SONIA	(30) bps		(77,009	)		1,913
JPM	Bytes Technology Group PLC	GBP		(111,934	)	11/28/2025	SONIA	(30) bps		(116,837	)		(4,903	)
JPM	Cairn Homes PLC	GBP		(47,499	)	08/28/2026	SONIA	(30) bps		(48,532	)		(1,033	)
JPM	Card Factory PLC	GBP		(673	)	11/28/2025	SONIA	(30) bps		(728	)		(55	)
JPM	Central Asia Metals PLC	GBP		(2,275	)	11/28/2025	SONIA	(30) bps		(2,212	)		63
JPM	Chemring Group PLC	GBP		(314,679	)	11/28/2025	SONIA	(30) bps		(321,698	)		(7,019	)
JPM	Cie de Saint-Gobain SA	EUR		(63,288	)	08/31/2026	ESTRON	(30) bps		(62,725	)		563
JPM	Clarkson PLC	GBP		(99,575	)	11/28/2025	SONIA	(30) bps		(100,155	)		(580	)
JPM	Compass Group PLC	GBP		(69,336	)	08/28/2026	SONIA	(30) bps		(70,743	)		(1,407	)
JPM	Computacenter PLC	GBP		(158,352	)	11/28/2025	SONIA	(30) bps		(163,194	)		(4,842	)
JPM	Conduit Holdings, Ltd.	GBP		(2,404	)	11/28/2025	SONIA	(30) bps		(1,909	)		495
JPM	Craneware PLC	GBP		(136,624	)	08/28/2026	SONIA	(30) bps		(129,617	)		7,007
JPM	Cranswick PLC	GBP		(387,157	)	11/28/2025	SONIA	(30) bps		(393,832	)		(6,675	)
JPM	Crest Nicholson Holdings PLC	GBP		(28,885	)	11/28/2025	SONIA	(30) bps		(28,759	)		126
JPM	CVS Group PLC	GBP		(37,869	)	11/28/2025	SONIA	(30) bps		(37,382	)		487
JPM	Dalata Hotel Group PLC	EUR		(99,722	)	08/31/2026	ESTRON	(30) bps		(99,879	)		(157	)
JPM	Diageo PLC	GBP		(61,762	)	08/28/2026	SONIA	(30) bps		(59,222	)		2,540
JPM	Diploma PLC	GBP		(547,094	)	11/28/2025	SONIA	(30) bps		(556,402	)		(9,308	)
JPM	DiscoverIE Group PLC	GBP		(163,992	)	11/28/2025	SONIA	(30) bps		(166,645	)		(2,653	)
JPM	Dunelm Group PLC	GBP		(306,992	)	11/28/2025	SONIA	(30) bps		(308,770	)		(1,778	)
JPM	Edenred	EUR		(16,478	)	11/28/2025	ESTRON	(30) bps		(15,939	)		539
JPM	Elementis PLC	GBP		(68,028	)	08/28/2026	SONIA	(30) bps		(73,109	)		(5,081	)
JPM	Entain PLC	GBP		(131,136	)	08/28/2026	SONIA	(30) bps		(133,554	)		(2,418	)
JPM	Eurofins Scientific SE	EUR		(44,547	)	08/31/2026	ESTRON	(30) bps		(45,097	)		(550	)
JPM	Experian PLC	GBP		(260,746	)	11/28/2025	SONIA	(30) bps		(263,443	)		(2,697	)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty	Reference Obligations	Currency	Notional Amount^(b)			Termination Date	Financing Rate Index	Financing Rate Spread Paid/(Received) by Fund	Value			Unrealized Appreciation/ (Depreciation)
Short Position Contracts
JPM	FDJ UNITED	EUR		(124,441	)	08/31/2026	ESTRON	(30) bps	$	(113,267	)	$	11,174
JPM	Flutter Entertainment PLC	GBP		(146,080	)	08/28/2026	SONIA	(30) bps		(149,180	)		(3,100	)
JPM	Forterra PLC	GBP		(41,689	)	08/28/2026	SONIA	(30) bps		(41,178	)		511
JPM	Future PLC	GBP		(82,207	)	11/28/2025	SONIA	(30) bps		(82,554	)		(347	)
JPM	Games Workshop Group PLC	GBP		(801,313	)	11/28/2025	SONIA	(30) bps		(811,273	)		(9,960	)
JPM	Gamma Communications PLC	GBP		(113,367	)	11/28/2025	SONIA	(30) bps		(114,418	)		(1,051	)
JPM	GB Group PLC	GBP		(143,353	)	08/28/2026	SONIA	(30) bps		(147,774	)		(4,421	)
JPM	Genus PLC	GBP		(254,613	)	11/28/2025	SONIA	(30) bps		(253,092	)		1,521
JPM	GlobalData PLC	GBP		(124,849	)	08/28/2026	SONIA	(30) bps		(122,235	)		2,614
JPM	Grafton Group PLC	GBP		(170,403	)	11/28/2025	SONIA	(30) bps		(170,231	)		172
JPM	Greatland Resources, Ltd.	GBP		(175,715	)	08/28/2026	SONIA	(30) bps		(166,757	)		8,958
JPM	Halma PLC	GBP		(248,846	)	08/28/2026	SONIA	(30) bps		(250,600	)		(1,754	)
JPM	Helical PLC	GBP		(11,378	)	08/28/2026	SONIA	(30) bps		(10,966	)		412
JPM	Hermes International SCA	EUR		(56,989	)	08/31/2026	ESTRON	(30) bps		(51,549	)		5,440
JPM	Hikma Pharmaceuticals PLC	GBP		(126,331	)	08/28/2026	SONIA	(30) bps		(125,564	)		767
JPM	Hill & Smith PLC	GBP		(220,862	)	08/28/2026	SONIA	(30) bps		(225,269	)		(4,407	)
JPM	Hilton Food Group PLC	GBP		(76,394	)	08/28/2026	SONIA	(30) bps		(77,120	)		(726	)
JPM	Hollywood Bowl Group PLC	GBP		(47,356	)	11/28/2025	SONIA	(30) bps		(48,401	)		(1,045	)
JPM	Howden Joinery Group PLC	GBP		(248,556	)	08/28/2026	SONIA	(30) bps		(243,290	)		5,266
JPM	Hunting PLC	GBP		(15,832	)	11/28/2025	SONIA	(30) bps		(15,634	)		198
JPM	Ibstock PLC	GBP		(52,007	)	08/28/2026	SONIA	(30) bps		(52,709	)		(702	)
JPM	IMI PLC	GBP		(158,060	)	11/28/2025	SONIA	(30) bps		(158,345	)		(285	)
JPM	Impax Asset Management Group PLC	GBP		(1,885	)	11/28/2025	SONIA	(30) bps		(1,844	)		41
JPM	Inchcape PLC	GBP		(274,184	)	11/28/2025	SONIA	(30) bps		(272,438	)		1,746
JPM	IntegraFin Holdings PLC	GBP		(310,665	)	08/28/2026	SONIA	(30) bps		(310,380	)		285
JPM	Intermediate Capital Group PLC	GBP		(237,953	)	11/28/2025	SONIA	(30) bps		(241,501	)		(3,548	)
JPM	JET2 PLC	GBP		(169,964	)	08/28/2026	SONIA	(30) bps		(171,015	)		(1,051	)
JPM	Johnson Service Group PLC	GBP		(57,446	)	08/28/2026	SONIA	(30) bps		(58,863	)		(1,417	)
JPM	Judges Scientific PLC	GBP		(32,448	)	08/28/2026	SONIA	(30) bps		(30,903	)		1,545
JPM	Just Group PLC	GBP		(414,721	)	08/28/2026	SONIA	(30) bps		(693,628	)		(278,907	)
JPM	Kainos Group PLC	GBP		(83,914	)	11/28/2025	SONIA	(30) bps		(85,297	)		(1,383	)
JPM	Kering SA	EUR		(49,702	)	11/28/2025	ESTRON	(30) bps		(50,649	)		(947	)
JPM	Lancashire Holdings, Ltd.	GBP		(121,848	)	08/28/2026	SONIA	(30) bps		(121,075	)		773
JPM	Legal & General Group PLC	GBP		(153,463	)	08/28/2026	SONIA	(30) bps		(154,365	)		(902	)
JPM	Lloyds Banking Group PLC	GBP		(100,165	)	08/28/2026	SONIA	(30) bps		(98,240	)		1,925
JPM	London Stock Exchange Group PLC	GBP		(68,146	)	08/28/2026	SONIA	(30) bps		(63,103	)		5,043
JPM	LondonMetric Property PLC	GBP		(128,697	)	08/28/2026	SONIA	(30) bps		(128,630	)		67
JPM	Luceco PLC	GBP		(59,028	)	08/28/2026	SONIA	(30) bps		(56,385	)		2,643
JPM	Man Group PLC	GBP		(119,072	)	11/28/2025	SONIA	(30) bps		(111,880	)		7,192
JPM	ME Group International PLC	GBP		(99,821	)	08/28/2026	SONIA	(30) bps		(101,413	)		(1,592	)
JPM	Mitie Group PLC	GBP		(75,734	)	08/28/2026	SONIA	(30) bps		(78,392	)		(2,658	)
JPM	Molten Ventures PLC	GBP		282,891		09/30/2026	SONIA	(0) bps		293,160			10,269
JPM	MONY Group PLC	GBP		(103,039	)	08/28/2026	SONIA	(30) bps		(100,832	)		2,207
JPM	Moonpig Group PLC	GBP		(251,191	)	08/28/2026	SONIA	(30) bps		(255,508	)		(4,317	)

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty	Reference Obligations	Currency	Notional Amount^(b)			Termination Date	Financing Rate Index	Financing Rate Spread Paid/(Received) by Fund		Value			Unrealized Appreciation/ (Depreciation)
Short Position Contracts
JPM	Morgan Advanced Materials PLC	GBP		(983	)	11/28/2025	SONIA	(30) bps	$		(1,011	)	$	(28	)
JPM	Morgan Sindall Group PLC	GBP		(316,269	)	11/28/2025	SONIA	(30) bps			(314,971	)		1,298
JPM	Mortgage Advice Bureau Holdings, Ltd.	GBP		(63,027	)	08/28/2026	SONIA	(30) bps			(61,756	)		1,271
JPM	National Grid PLC	GBP		(124,847	)	08/28/2026	SONIA	(30) bps			(126,760	)		(1,913	)
JPM	Nexans SA	EUR		(17,039	)	11/28/2025	ESTRON	(30) bps			(18,190	)		(1,151	)
JPM	Next Fifteen Communications	GBP		(83	)	11/28/2025	SONIA	(205) bps			(82	)		1
JPM	On the Beach Group PLC	GBP		(79,207	)	08/28/2026	SONIA	(30) bps			(78,051	)		1,156
JPM	OSB Group PLC	GBP		(116,968	)	08/28/2026	SONIA	(30) bps			(119,329	)		(2,361	)
JPM	Oxford Instruments PLC	GBP		(197,517	)	11/28/2025	SONIA	(30) bps			(192,225	)		5,292
JPM	Pagegroup PLC	GBP		(253	)	11/28/2025	SONIA	(30) bps			(249	)		4
JPM	Paragon Banking Group PLC	GBP		(407,298	)	08/28/2026	SONIA	(30) bps			(422,590	)		(15,292	)
JPM	PayPoint PLC	GBP		(83,117	)	08/28/2026	SONIA	(30) bps			(83,003	)		114
JPM	Plus500, Ltd.	GBP		(73,175	)	08/28/2026	SONIA	(30) bps			(74,548	)		(1,373	)
JPM	Polestar Automotive Holding UK PLC	USD		(745,790	)	11/28/2025	OBFR	(1100) bps			(731,850	)		13,940
JPM	Pollen Street Group, Ltd.	GBP		(43,847	)	08/28/2026	SONIA	(75) bps			(45,800	)		(1,953	)
JPM	Porvair PLC	GBP		(56,688	)	08/28/2026	SONIA	(30) bps			(57,152	)		(464	)
JPM	Premier Foods PLC	GBP		(131,567	)	08/28/2026	SONIA	(30) bps			(131,431	)		136
JPM	Prudential PLC	GBP		(121,618	)	08/28/2026	SONIA	(30) bps			(124,459	)		(2,841	)
JPM	QinetiQ Group PLC	GBP		(217,514	)	11/28/2025	SONIA	(30) bps			(216,903	)		611
JPM	Reach PLC	GBP		(75	)	11/28/2025	SONIA	(30) bps			(75	)		-
JPM	Reckitt Benckiser Group PLC	GBP		(52,398	)	08/28/2026	SONIA	(30) bps			(52,360	)		38
JPM	RELX PLC	GBP		(127,335	)	08/28/2026	SONIA	(30) bps			(128,445	)		(1,110	)
JPM	Renishaw PLC	GBP		(158,409	)	08/28/2026	SONIA	(30) bps			(159,751	)		(1,342	)
JPM	Rightmove PLC	GBP		(125,623	)	08/28/2026	SONIA	(30) bps			(130,368	)		(4,745	)
JPM	Rotork PLC	GBP		(45,695	)	08/28/2026	SONIA	(30) bps			(45,864	)		(169	)
JPM	Samsung Electronics Co., Ltd.	USD		(76,921	)	11/28/2025	OBFR	(95) bps			(76,677	)		244
JPM	Savills PLC	GBP		(41,325	)	08/28/2026	SONIA	(30) bps			(41,115	)		210
JPM	Schneider Electric SE	EUR		(113,379	)	08/31/2026	ESTRON	(30) bps			(108,620	)		4,759
JPM	Scout24 SE	EUR		(10,228	)	05/29/2026	ESTRON	(30) bps			(10,048	)		180
JPM	Senior PLC	GBP		(1,939	)	11/28/2025	SONIA	(30) bps			(1,990	)		(51	)
JPM	Serco Group PLC	GBP		(129,043	)	08/28/2026	SONIA	(30) bps			(129,629	)		(586	)
JPM	Sirius Real Estate, Ltd.	GBP		(115,493	)	08/28/2026	SONIA	(30) bps			(117,664	)		(2,171	)
JPM	Softcat PLC	GBP		(273,013	)	08/28/2026	SONIA	(30) bps			(275,617	)		(2,604	)
JPM	Soitec	EUR		(8,048	)	11/28/2025	ESTRON	(30) bps			(7,683	)		365
JPM	Spirax Group PLC	GBP		(53,916	)	08/28/2026	SONIA	(30) bps			(55,221	)		(1,305	)
JPM	Spire Healthcare Group PLC	GBP		(47,727	)	08/28/2026	SONIA	(30) bps			(46,139	)		1,588
JPM	SSP Group PLC	GBP		(63,300	)	11/28/2025	SONIA	(30) bps			(64,430	)		(1,130	)
JPM	St James's Place PLC	GBP		(238,824	)	08/28/2026	SONIA	(30) bps			(268,457	)		(29,633	)
JPM	Telecom Plus PLC	GBP		(402,052	)	11/28/2025	SONIA	(30) bps			(407,355	)		(5,303	)
JPM	Trainline PLC	GBP		(70,910	)	08/28/2026	SONIA	(30) bps			(73,653	)		(2,743	)
JPM	Trustpilot Group PLC	GBP		(253,939	)	08/28/2026	SONIA	(30) bps			(249,557	)		4,382
JPM	Vesuvius PLC	GBP		(20,683	)	11/28/2025	SONIA	(30) bps			(20,870	)		(187	)
JPM	Victrex PLC	GBP		(16,056	)	08/28/2026	SONIA	(30) bps			(16,150	)		(94	)
JPM	Virbac SACA	EUR		(15,201	)	11/28/2025	ESTRON	(30) bps			(14,673	)		528
JPM	Volution Group PLC	GBP		(655,219	)	08/28/2026	SONIA	(30) bps			(660,568	)		(5,349	)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty	Reference Obligations	Currency	Notional Amount^(b)			Termination Date	Financing Rate Index	Financing Rate Spread Paid/(Received) by Fund	Value			Unrealized Appreciation/ (Depreciation)
Short Position Contracts
JPM	Watches of Switzerland Group PLC	GBP		(83,274	)	11/28/2025	SONIA	(30) bps	$	(82,381	)	$	893
JPM	WH Smith PLC	GBP		(164,757	)	11/28/2025	SONIA	(30) bps		(160,545	)		4,212
JPM	Wise PLC	GBP		(384,346	)	11/28/2025	SONIA	(30) bps		(385,866	)		(1,520	)
JPM	XPS Pensions Group PLC	GBP		(267,990	)	08/28/2026	SONIA	(30) bps		(274,529	)		(6,539	)
JPM	YouGov PLC	GBP		(45,418	)	08/28/2026	SONIA	(30) bps		(44,843	)		575
Total Short Position Contracts									$	(19,058,981	)	$	(379,587	)

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

^(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.

^(b)

Notional amounts are presented in U.S. dollar equivalent.

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund

Notes to Consolidated Financial Statements

July 31, 2025 (Unaudited)

The following table summarizes the valuation of the Fund’s financial instruments in accordance with the fair value hierarchy levels as of July 31, 2025. Refer to the Consolidated Schedule of Investments for additional details.

Investments in Securities, at Fair Value	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Corporate Bonds	$	-	$	46,095,961	$	-	$	46,095,961
Senior Loans		-		29,887,526		-		29,887,526
Convertible Corporate Bonds		-		-		7,545,502		7,545,502
Mortgage-Backed Securities		-		3,608,511		-		3,608,511
Common Stock*		47,489,043		4,442,648		-		51,931,691
Closed End Funds		57,659,707		-		-		57,659,707
Investment Trusts		26,919,088		-		-		26,919,088
Preferred Stock		-		2,856		5,130,512		5,133,368
Participation Agreements*		-		-		888,284		888,284
Private Funds**		-		-		-		64,461,358
Unit Trust		29,289,632		-		-		29,289,632
Special Purpose Acquisition Companies		19,574,502		-		10,345,519		29,920,021
Warrants*		1,685,782		2,677		4,543,581		6,232,040
Rights		79,137		-		-		79,137
Options***		6,958,434		-		-		6,958,434
Money Market Funds		17,337,200		-		-		17,337,200
Total	$	206,992,525	$	84,040,179	$	28,453,398	$	383,947,460

Investment in Affiliated Fund, at Fair Value	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Closed End Fund	$	800,764	$	-	$	-	$	800,764
Total	$	800,764	$	-	$	-	$	800,764

Securities Sold Short, at Fair Value	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Corporate Bonds	$	-	$	18,326,339	$	-	$	18,326,339
Sovereign Debt Obligations		213,110,985		-		-		213,110,985
Common Stock		51,141,938		-		-		51,141,938
Closed End Funds		1,875,089		-		-		1,875,089
Exchange Traded Funds		78,005,367		-		-		78,005,367
Special Purpose Acquisition Companies		757,476		-		-		757,476
Total	$	344,890,855	$	18,326,339	$	-	$	363,217,194

Derivative Contracts, at Fair Value	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Assets
Simple Agreement For Future Equity Contracts	$	-	$	-	$	7,824,502	$	7,824,502
Forward Foreign Currency Contracts		-		1,752,214		-		1,752,214
Futures Contracts		24,142		-		-		24,142
Centrally Cleared Credit Default Swaps		-		14,860,118		-		14,860,118
Over-the-Counter Credit Default Swaps		-		2,698,728		-		2,698,728
TBA MBS forward contracts		-		578,485		-		578,485
Total Return Swaps		-		1,241,112		-		1,241,112
Total Assets	$	24,142	$	21,130,657	$	7,824,502	$	28,979,301
Liabilities
Forward Foreign Currency Contracts	$	-	$	2,193,954	$	-	$	2,193,954
Futures Contracts		700,350		-		-		700,350
Centrally Cleared Credit Default Swaps		-		11,350,286		-		11,350,286
Over-the-Counter Credit Default Swaps		-		434,848		-		434,848
Total Return Swaps		-		598,488		-		598,488
Total Liabilities	$	700,350	$	14,577,576	$	-	$	15,277,926

The Fund held Level 3 investments that are priced at $0.

In accordance with ASC 820-10, investments that are measured at fair value using the NAV per share (or its equivalent) as practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Schedule of Investments and Consolidated Statement of Assets and Liabilities.

***

All options held by the Fund are exchange traded listed options.