Saba Capital Income & Opportunities Fund NPORTP/A (Jul 2022 report)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Principal Amount		Fair Value
CORPORATE BONDS - 15.90%
Agriculture - 2.77%

Altria Group, Inc., 3.400%, 02/04/2041	$	15,531,000	$	10,724,466
				10,724,466
Banks - 1.50%

Credit Suisse AG, 0.000% (Variable Rate), 07/31/2030		10,000		6,986
Credit Suisse AG, 0.000% (Variable Rate), 10/30/2030		420,000		305,475
Morgan Stanley, 0.000% (Variable Rate), 04/30/2030		25,000		21,181
Morgan Stanley, 0.160% (Variable Rate), 07/31/2030		80,000		59,483
Morgan Stanley, 0.000% (Variable Rate), 10/30/2030		80,000		67,582
Morgan Stanley, 0.000% (Variable Rate), 09/26/2033		428,000		308,885
Morgan Stanley, 0.000% (Variable Rate), 10/31/2033		266,000		176,406
Morgan Stanley, 0.000% (Variable Rate), 02/28/2034		478,000		305,140
Morgan Stanley, 0.000% (Variable Rate), 03/31/2034		276,000		196,610
Morgan Stanley, 0.000% (Variable Rate), 03/31/2034		26,000		17,782
Morgan Stanley, 0.000% (Variable Rate), 04/30/2034		66,000		44,133
Morgan Stanley, 0.000% (Variable Rate), 05/30/2034		89,000		64,412
Morgan Stanley, 0.000% (Variable Rate), 06/30/2034		460,000		284,303
Morgan Stanley, 0.000% (Variable Rate), 07/31/2034		25,000		15,442
Morgan Stanley, 0.000% (Variable Rate), 08/29/2034		161,000		107,596
Morgan Stanley, 0.000% (Variable Rate), 08/29/2034		10,000		6,715
Morgan Stanley, 0.000% (Variable Rate), 09/30/2034		231,000		169,381
Morgan Stanley, 0.000% (Variable Rate), 09/30/2034		88,000		62,693
Morgan Stanley, 0.000% (Variable Rate), 10/08/2034		32,000		19,948
Morgan Stanley, 0.000% (Variable Rate), 10/31/2034		103,000		67,476
Morgan Stanley, 0.000% (Variable Rate), 10/31/2034		181,000		122,464
Morgan Stanley, 0.000% (Variable Rate), 10/31/2034		357,000		260,506
Morgan Stanley, 0.000% (Variable Rate), 11/28/2034		231,000		158,074
Morgan Stanley, 0.000% (Variable Rate), 11/28/2034		25,000		16,649
Morgan Stanley, 0.000% (Variable Rate), 01/30/2035		69,000		44,244
Morgan Stanley, 0.000% (Variable Rate), 01/30/2035		175,000		114,655
Morgan Stanley, 0.000% (Variable Rate), 02/27/2035		36,000		24,445
Morgan Stanley, 0.000% (Variable Rate), 03/31/2035		527,000		422,187
Morgan Stanley, 0.000% (Variable Rate), 03/31/2035		114,000		73,204
Morgan Stanley, 0.000% (Variable Rate), 02/29/2036		61,000		43,572
Morgan Stanley, 0.000% (Variable Rate), 04/28/2036		10,000		6,509
Morgan Stanley, 0.000% (Variable Rate), 06/30/2036		40,000		29,113
Morgan Stanley, 0.000% (Variable Rate), 08/31/2036		2,289,000		1,415,405
Morgan Stanley, 0.000% (Variable Rate), 09/30/2036		40,000		26,186
Morgan Stanley, 2.782% (Variable Rate), 11/29/2036		103,000		54,723
Morgan Stanley, 0.000% (Variable Rate), 01/31/2037		224,000		166,567
Morgan Stanley, 0.000% (Variable Rate), 03/31/2037		747,000		446,706
Morgan Stanley, 0.000% (Variable Rate), 04/28/2037		40,000		28,660
Morgan Stanley, 0.000% (Variable Rate), 05/31/2037		25,000		18,328
Morgan Stanley, 0.000% (Variable Rate), 08/31/2037		58,000		34,334
				5,814,160

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Principal Amount		Fair Value
Commercial Services - 1.51%

Adtalem Global Education, Inc., 5.500%, 03/01/2028^(a)	$	6,195,000	$	5,854,275
				5,854,275
E-Commerce/Services - 0.64%

Uber Technologies, Inc., 6.250%, 01/15/2028^(a)		2,500,000		2,462,500
				2,462,500
Electric - 3.84%

American Electric Power Co., Inc., 2.300%, 03/01/2030		10,000,000		8,655,655
Dominion Energy, Inc., 2.250%, 08/15/2031		5,000,000		4,295,682
Southern Co., 3.700%, 04/30/2030		2,000,000		1,931,167
				14,882,504
Food - 0.18%

Post Holdings, Inc., 5.500%, 12/15/2029^(a)		750,000		714,375
				714,375
Media - 1.17%

Charter Communications Operating LLC / Charter Communications Operating Capital, 3.500%, 03/01/2042		5,000,000		3,647,043
Diamond Sports Group LLC / Diamond Sports Finance Co., 5.375%, 08/15/2026^(a)		4,000,000		890,000
				4,537,043
Real Estate - 0.12%

China Evergrande Group, 8.250%, 03/23/2022^(b)		4,324,000		362,135
China Evergrande Group, 7.500%, 06/28/2023		1,000,000		83,750
				445,885
Retail - 2.03%

Lowe's Cos., Inc., 3.750%, 04/01/2032		8,077,000		7,841,285
				7,841,285
Specialty Finance - 1.92%

Nationstar Mortgage Holdings, Inc., 5.500%, 08/15/2028^(a)		6,125,000		5,412,969
PennyMac Financial Services, Inc., 5.375%, 10/15/2025^(a)		1,250,000		1,175,000
PennyMac Financial Services, Inc., 5.750%, 09/15/2031^(a)		1,000,000		832,500
				7,420,469
Steel-Producers - 0.22%

Cleveland-Cliffs Steel Corp., 7.000%, 03/15/2027		880,000		853,600
				853,600
TOTAL CORPORATE BONDS				61,550,562
(Cost $70,316,800)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Principal Amount		Fair Value
SENIOR LOANS - 3.44%
Chemicals - 0.04%

CPC Acquisition Corp., Second Lien Initial Term Loan, 3M US L + 7.75%, 12/29/2028	$	175,000	$	155,094
				155,094
Commercial Services - 2.10%

RR Donnelley & Sons Co., First Lien Term Loan, 1M US L + 5.00%, 11/01/2026		8,180,370		7,825,015
Travelport Finance S.a r.l., First Lien Initial Term Loan, 6M US L + 5.00%, 05/29/2026		372,888		285,026
				8,110,041
Food - 0.40%

Moran Foods LLC, First Lien Term Loan, 0.000%, 04/01/2024^(b)(c)		117,570		–
Moran Foods LLC, First Lien -2020 Term Loan, 3M US L + 7.00%, 04/01/2024		903,127		791,740
Moran Foods, LLC TLA, Second Lien Term Loan, 3M US L + 10.75%, 10/01/2024		1,250,690		766,048
				1,557,788
Leisure Facilities & Services - 0.86%

24 Hour Fitness Worldwide, Inc., First Lien Term Loan, 3M US L + 5.00%, 12/29/2025		275,532		92,647
Carnival Corporation TLB 1L, First Lien Term Loan, 3M US L + 3.25%, 10/06/2028		3,482,500		3,242,347
				3,334,994
Pipelines - 0.04%

GMP Borrower LLC, First Lien Term Loan, 3M US L + 4.50%, 10/28/2027		170,584		144,996
				144,996
Retail - 0.00%^(d)

NPC International, Inc., Second Lien Initial Term Loan, 1M US L + 0.00%, 04/18/2025^(c)		605,000		–
				–
Theaters - 0.00%^(d)

Crown Finance US, Inc., First Lien Initial B-1 Term Loan, 3M US L + 7.00 (PIK Rate 8.25%, Cash Rate 7.00%)%, 05/23/2024^(e)		11,493		12,730
				12,730
TOTAL SENIOR LOANS				13,315,643
(Cost $14,837,402)

	Principal Amount		Fair Value
CONVERTIBLE CORPORATE BOND - 0.25%
Internet - 0.25%

Delivery Hero SE, 1.000%, 04/30/2026		300,000		228,783
Delivery Hero SE, 2.125%, 03/10/2029		1,100,000		764,164

TOTAL CONVERTIBLE CORPORATE BOND				992,947
(Cost $867,429)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Principal Amount		Fair Value
SOVEREIGN DEBT OBLIGATIONS - 0.97%
Sovereign - 0.97%

Ukraine Government International Bond, 7.750%, 09/01/2023^(f)	$	320,000	$	80,000
Ukraine Government International Bond, 7.750%, 09/01/2024^(f)		829,000		178,235
Ukraine Government International Bond, 7.750%, 09/01/2025^(f)		2,820,000		599,250
Ukraine Government International Bond, 7.750%, 09/01/2026^(f)		664,000		139,440
Ukraine Government International Bond, 7.750%, 09/01/2027^(f)		1,658,000		348,180
Ukraine Government International Bond, 9.750%, 11/01/2028^(f)		4,146,000		870,660
Ukraine Government International Bond, 6.876%, 05/21/2029^(f)		1,464,000		300,120
Ukraine Government International Bond, 7.375%, 09/25/2032^(f)		1,332,000		269,730
Ukraine Government International Bond, 7.253%, 03/15/2033^(f)		3,980,000		796,000
Ukraine Government International Bond, 0.000%, 05/31/2040^(f)		630,000		171,675
				3,753,290
TOTAL SOVEREIGN DEBT OBLIGATIONS				3,753,290
(Cost $3,872,216)

	Shares		Fair Value
COMMON STOCK - 6.80%
Agricultural Operations - 0.33%
Benson Hill, Inc.^(g)		388,702		1,263,282

E-Commerce/Products - 0.13%
Chewy, Inc.^(g)		13,195		512,098

REITS-Mortgage - 0.53%
Blackstone Mortgage Trust, Inc.^(g)		69,138		2,056,164

Medical-Drugs - 0.20%
Compass Pathways PLC^(g)		48,875		761,961

Publishing-Periodicals - 0.01%
Delaware Enhanced Global Dividend & Income Fund		3,115		24,577

Oil Companies - Exploration & Production - 1.22%
Earthstone Energy, Inc.^(g)		331,490		4,703,843

Electronics & Appliances Stores - 0.00%^(d)
Everyware Global^(c)(g)		43,777		–

Internet Content - Entertainment - 1.44%
Meta Platforms, Inc.^(g)		16,700		2,656,970
Netflix, Inc.^(g)		12,965		2,915,829
				5,572,799

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
Enterprise Software/Services - 0.65%
Palantir Technologies, Inc.^(g)		242,795	$	2,512,928

Credit & Debit - 0.81%
PayPal Holdings, Inc.^(g)		36,232		3,135,155

Online Communities - 0.63%
Snap, Inc.^(g)		248,399		2,454,182

Marine Services - 0.03%
Harvey Gulf Intl. Marine^(g)		7,413		118,608

Entertainment Facilities - 0.02%
24 Hour Fitness Worldwide^(g)		306,005		89,659

Mineral & Precious Stone Mining - 0.58%
Covia Equity^(g)		169,353		2,243,927

IT Services - 0.00%^(d)
IQOR^(g)		4,941		19,764

Power Generation - 0.20%
Longview Power LLC^(g)		61,813		772,663

Auto/Truck Parts & Equipment - 0.02%
Arbe Robotics, Ltd.^(g)		13,142		70,441

TOTAL COMMON STOCK				26,312,051
(Cost $22,429,201)

	Shares		Fair Value
CLOSED END FUNDS - 13.88%
Aberdeen New India Investment Trust PLC		85,681		588,493
abrdn Japan Equity Fund, Inc.		47,038		282,228
abrdn Smaller Companies Income Trust PLC		161,889		525,402
Allianz Technology Trust PLC^(g)		209,170		613,895
Angel Oak Dynamic Financial Strategies Income Term Trust		236		4,095
Baillie Gifford UK Growth Trust PLC		15,583		33,855
Baillie Gifford US Growth Trust PLC^(g)		814,458		1,735,738
Blackrock Capital Allocation Trust		18,478		282,529
Blackrock ESG Capital Allocation Trust		34,838		526,054
BlackRock Smaller Cos. Trust PLC		53,465		944,094
Center Coast Brookfield MLP & Energy Infrastructure Fund		146,912		2,565,084
Citadel Income Fund		127,000		280,668
ClearBridge Energy Midstream Opportunity Fund, Inc.		10,345		290,901
ClearBridge MLP & Midstream Fund, Inc.		1,191		39,791
Cushing MLP & Infrastructure Total Return Fund		65,283		2,043,358
Cushing NextGen Infrastructure Income Fund		23,585		1,011,089

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
Deezer SA^(g)		8,179	$	30,929
Delaware Investments National Municipal Income Fund		186,240		2,337,312
Delaware Ivy High Income Opportunities Fund		144,101		1,583,670
Eaton Vance New York Municipal Bond Fund		9,127		91,361
Ecofin Sustainable and Social Impact Term Fund		31,254		455,996
Ellsworth Growth and Income Fund, Ltd.		116,777		1,082,523
European Opportunities Trust PLC		61,426		561,784
First Trust/abrdn Emerging Opportunity Fund		13,198		112,579
Goldman Sachs MLP Energy and Renaissance Fund		278		3,567
Guggenheim Active Allocation Fund		848		13,169
Henderson Opportunities Trust PLC		111,656		1,505,925
Henderson Smaller Companies Investment Trust PLC		33,764		374,173
Invesco Perpetual UK Smaller Cos. Investment Trust PLC		61,481		352,646
Japan Smaller Capitalization Fund, Inc.		7,794		51,440
JPMorgan Mid Cap Investment Trust PLC		3,319		38,519
JPMorgan UK Smaller Companies Investment Trust PLC		54,113		195,720
Kayne Anderson NextGen Energy & Infrastructure, Inc.		77,500		649,450
Korea Fund, Inc.		27,872		709,900
Mercantile Investment Trust PLC		75,753		189,117
MFS High Yield Municipal Trust		6,257		22,588
Miller/Howard High Dividend Fund		333,513		3,355,141
Morgan Stanley Emerging Markets Debt Fund, Inc.		103,203		714,165
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		107,623		475,694
Neuberger Berman MLP & Energy Income Fund, Inc.		87,199		600,801
Neuberger Berman New York Municipal Fund, Inc.		360		3,784
Neuberger Berman Next Generation Connectivity Fund, Inc.		122,261		1,342,426
New Ireland Fund, Inc.		95,326		724,478
Nuveen Core Plus Impact Fund		60,933		762,881
Nuveen Multi-Asset Income Fund		13,985		192,294
Pershing Square Holdings, Ltd.		50,990		1,652,076
PGIM Global High Yield Fund, Inc.		79		946
PGIM Short Duration High Yield Opportunities Fund		9		140
PIMCO Energy & Tactical Credit Opportunities Fund		254,162		3,743,806
Pioneer Municipal High Income Opportunities Fund, Inc.		1		13
Principal Real Estate Income Fund		51,780		681,943
River & Mercantile UK Micro Cap Investment Co., Ltd.^(g)		172,240		346,095
Salient Midstream & MLP Fund		528,128		4,399,306
Schroder British Opportunities Trust PLC^(g)		1,453,746		1,336,636
Schroder UK Mid Cap Fund PLC		659,095		4,623,257
Taiwan Fund, Inc.		3,223		83,754
Templeton Emerging Markets Fund		1,470		17,807
Templeton Global Income Fund		261,646		1,200,955
Tortoise Energy Independence Fund, Inc.		29,984		904,317
Tortoise Midstream Energy Fund, Inc.		62,654		2,292,510
Tortoise Pipeline & Energy Fund, Inc.		8,718		256,309
Tortoise Power and Energy Infrastructure Fund, Inc.		63,685		1,197,127
Vertical Capital Income Fund		38,522		360,181
Virtus Convertible & Income Fund II		353		1,207

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
Voya Emerging Markets High Income Dividend Equity Fund		55,586	$	314,061
Voya Infrastructure Industrials and Materials Fund		1,024		10,353
Western Asset Diversified Income Fund		686		9,796
Western Asset Emerging Markets Debt Fund, Inc.		173		1,595
				53,735,496

TOTAL CLOSED END FUNDS				53,735,496
(Cost $53,879,581)

	Shares		Fair Value
PREFERRED STOCK - 0.68%
Entertainment Facilities - 0.08%
24 Hour Fitness Worldwide, Inc.^(g)		407,959		305,969

Transportation - 0.60%
G-ILS Transportation Ltd. Preferred B-3 Shares^(c)(g)		1,332		2,219,500
TERACT SA^(g)		13,079		99,720
				2,319,220

TOTAL PREFERRED STOCK				2,625,189
(Cost $2,859,327)

	Shares		Fair Value
UNIT TRUST - 0.44%
Grayscale Bitcoin Trust^(h)		60,400		893,920
Grayscale Ethereum Trust^(g)(h)		64,858		815,265
				1,709,185

TOTAL UNIT TRUST				1,709,185
(Cost $1,891,358)

	Shares		Fair Value
SPECIAL PURPOSE ACQUISITION COMPANIES - 94.18%
Investment Companies - 94.18%
10X Capital Venture Acquisition Corp. II^(g)		834		8,277
10X Capital Venture Acquisition Corp. III^(g)		111,508		1,119,540
26 Capital Acquisition Corp.^(g)		69,009		681,464
5:01 Acquisition Corp.^(g)		91,755		911,586
7 Acquisition Corp.^(g)		50,470		504,448
7GC & Co. Holdings, Inc.^(g)		48,684		481,485
8i ACQUISITION 2 Corp.^(g)		46,160		457,907
A SPAC I Acquisition Corp.^(g)		2		20
A SPAC II Acquisition Corp.^(g)		68,843		680,857
ABG Acquisition Corp. I^(g)		34,184		336,029
Abri SPAC I, Inc.^(g)		47,464		474,165
Accelerate Acquisition Corp.^(g)		66,589		652,572
Accretion Acquisition Corp.^(g)		102,643		1,016,166
Acropolis Infrastructure Acquisition Corp.^(g)		76,319		741,821

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
Adara Acquisition Corp.^(g)		35,768	$	355,180
Adit EdTech Acquisition Corp.^(g)		68,464		675,055
Advanced Merger Partners, Inc.^(g)		35,355		347,716
AEA-Bridges Impact Corp.^(g)		136,970		1,366,961
Aequi Acquisition Corp.^(g)		76,958		762,654
Aesther Healthcare Acquisition Corp.^(g)		115,745		1,192,173
AF Acquisition Corp.^(g)		97,266		954,179
African Gold Acquisition Corp.^(g)		176,315		1,734,940
Agile Growth Corp.^(g)		59,098		580,933
Agrinam Acquisition Corp.^(g)		19,798		194,020
Ahren Acquisition Corp.^(g)		19,716		196,569
AIB Acquisition Corp.^(g)		62,010		618,550
Alpha Healthcare Acquisition Corp. III^(g)		22,899		222,807
Alpha Partners Technology Merger Corp.^(g)		19,691		192,184
Alpine Acquisition Corp.^(g)		119,504		1,217,746
Alset Capital Acquisition Corp.^(g)		40,719		401,897
ALSP Orchid Acquisition Corp. I^(g)		104,793		1,050,026
AltC Acquisition Corp.^(g)		61,326		594,862
AltEnergy Acquisition Corp.^(g)		22,461		224,498
Andretti Acquisition Corp.^(g)		50,274		500,729
Angel Oak Financial Strategies Income Term Trust^(g)		469		6,941
Angel Pond Holdings Corp.^(g)		33,960		332,129
Anthemis Digital Acquisitions I Corp.^(g)		99,433		995,324
Anzu Special Acquisition Corp. I^(g)		18,438		181,153
AP Acquisition Corp.^(g)		52,489		528,039
Apeiron Capital Investment Corp.^(g)		112,889		1,133,970
Apollo Strategic Growth Capital II^(g)		45,066		443,900
APx Acquisition Corp. I^(g)		46,626		467,659
Arbor Rapha Capital Bioholdings Corp. I^(g)		91,921		928,862
Arctos NorthStar Acquisition Corp.^(g)		39,600		390,456
Arena Fortify Acquisition Corp.^(g)		103,357		1,038,221
Ares Acquisition Corp.^(g)		74,515		735,463
Argus Capital Corp.^(g)		56,098		562,102
Aries I Acquisition Corp.^(g)		11,338		115,194
Arisz Acquisition Corp.^(g)		34,348		340,732
Armada Acquisition Corp. I^(g)		102		1,015
Arrowroot Acquisition Corp.^(g)		205,758		2,022,601
Artemis Strategic Investment Corp., Class B^(c)(g)		12,038		11,556
Artemis Strategic Investment Corp.^(g)		142,048		1,419,060
ARYA Sciences Acquisition Corp. V^(g)		12,591		122,888
Ascendant Digital Acquisition Corp. III^(g)		183,145		1,844,270
Astrea Acquisition Corp.^(g)		1,854		18,280
Athena Consumer Acquisition Corp.^(g)		93,080		938,246
Athlon Acquisition Corp.^(g)		94,859		935,310
Atlantic Avenue Acquisition Corp.^(g)		143,984		1,432,641
Atlantic Coastal Acquisition Corp.^(g)		51,070		500,997
Atlantic Coastal Acquisition Corp. II^(g)		95,202		951,068
Atlas Crest Investment Corp. II^(g)		74,345		731,555

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
Ault Disruptive Technologies Corp.^(g)		24,919	$	249,688
Aura FAT Projects Acquisition Corp.^(g)		58,439		583,806
Aurora Technology Acquisition Corp.^(g)		63,578		632,601
Austerlitz Acquisition Corp. II^(g)		61,850		605,511
Authentic Equity Acquisition Corp.^(g)		12,713		125,732
Avalon Acquisition, Inc.^(g)		77,027		771,040
Avanti Acquisition Corp.^(g)		187,777		1,870,259
Avista Public Acquisition Corp. II^(g)		2,914		29,504
Axios Sustainable Growth Acquisition Corp.^(g)		60,175		605,360
B Riley Principal 250 Merger Corp.^(g)		52,757		514,381
Bannix Acquisition Corp.^(g)		57,872		577,852
Banyan Acquisition Corp.^(g)		87,049		868,749
Battery Future Acquisition Corp.^(g)		92,866		922,159
BCLS Acquisition Corp.^(g)		15,905		158,096
Beard Energy Transition Acquisition Corp.^(g)		120,587		1,201,047
Belong Acquisition Corp.^(g)		60,448		596,320
Berenson Acquisition Corp. I^(g)		67,257		659,119
BGP Acquisition Corp.^(g)		32,622		316,597
BioPlus Acquisition Corp.^(g)		99,655		993,560
Biotech Acquisition Co.^(g)		109,702		1,080,565
Bite Acquisition Corp.^(g)		82,922		816,782
Black Mountain Acquisition Corp.^(g)		103,581		1,034,774
Black Spade Acquisition Co.^(g)		28,533		277,769
Blockchain Coinvestors Acquisition Corp. I^(g)		211,857		2,114,333
Blockchain Moon Acquisition Corp.^(g)		41,209		409,617
Blue Ocean Acquisition Corp.^(g)		50,462		503,106
Blue Safari Group Acquisition Corp.^(g)		20,853		211,866
Blue Whale Acquisition Corp. I^(g)		16,386		159,518
Blue World Acquisition Corp.^(g)		51,687		514,286
BlueRiver Acquisition Corp.^(g)		23,897		235,863
Bluescape Opportunities Acquisition Corp.^(g)		175,838		1,749,588
BOA Acquisition Corp.^(g)		74,344		730,802
Bridgetown Holdings, Ltd.^(g)		7,835		78,037
Broad Capital Acquisition Corp.^(g)		69,924		696,443
Broadscale Acquisition Corp.^(g)		10,459		103,335
Build Acquisition Corp.^(g)		36,073		354,237
BurTech Acquisition Corp.^(g)		163,595		1,631,042
BYTE Acquisition Corp.^(g)		163,063		1,602,909
C5 Acquisition Corp.^(g)		144,119		1,441,190
Cactus Acquisition Corp. 1, Ltd.^(g)		49,956		499,060
Canna-Global Acquisition Corp.^(g)		163,278		1,645,842
Capitalworks Emerging Markets Acquisition Corp.^(g)		138,241		1,386,557
Carney Technology Acquisition Corp. II^(g)		81,138		802,861
Cartica Acquisition Corp.^(g)		148,709		1,496,756
Catalyst Partners Acquisition Corp.^(g)		20,382		199,947
Catcha Investment Corp.^(g)		120,767		1,190,763
CC Neuberger Principal Holdings III^(g)		47,093		466,221
CENAQ Energy Corp.^(g)		122,480		1,241,335
CF Acquisition Corp. IV^(g)		120,117		1,186,756

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
CF Acquisition Corp. VII^(g)		21,449	$	213,632
CF Acquisition Corp. VIII^(g)		46,841		474,968
Chain Bridge I^(g)		66,734		666,005
Chardan NexTech Acquisition 2 Corp.^(g)		30,163		306,456
Chenghe Acquisition Co.^(g)		800		8,016
Churchill Capital Corp. VI^(g)		26,323		259,018
Churchill Capital Corp. VII^(g)		50,077		491,255
CIIG Capital Partners II, Inc.^(g)		42,062		419,358
Clarim Acquisition Corp.^(g)		43,321		428,011
Clean Earth Acquisitions Corp.^(g)		99,174		978,352
ClimateRock^(g)		23,557		234,157
Clover Leaf Capital Corp.^(g)		17,736		180,819
Cohn Robbins Holdings Corp.^(g)		17,985		179,490
Colicity, Inc.^(g)		46,304		455,631
Colombier Acquisition Corp.^(g)		77,686		756,662
Compute Health Acquisition Corp.^(g)		83,083		818,368
Concord Acquisition Corp. III^(g)		98,857		989,064
Consilium Acquisition Corp. I, Ltd.^(g)		78,255		771,203
Constellation Acquisition Corp. I^(g)		24,177		238,385
Conx Corp.^(g)		30,069		298,886
Corazon Capital V838 Monoceros Corp.^(g)		12,882		126,501
Corner Growth Acquisition Corp.^(g)		65,955		653,284
Counter Press Acquisition Corp.^(g)		20,213		202,332
COVA Acquisition Corp.^(g)		105,029		1,035,061
Crixus BH3 Acquisition Co.^(g)		15,539		154,069
Crown PropTech Acquisitions^(g)		65,036		639,954
Crucible Acquisition Corp.^(g)		125,933		1,242,971
Crypto 1 Acquisition Corp.^(g)		20,390		203,288
Crystal Peak Acquisition^(g)		334,985		3,349,850
D & Z Media Acquisition Corp.^(g)		68,000		670,480
DA32 Life Science Tech Acquisition Corp.^(g)		108,727		1,059,001
Data Knights Acquisition Corp.^(g)		43,918		452,355
Decarbonization Plus Acquisition Corp. IV^(g)		44,370		442,147
DEE Tech SA^(g)		41,293		415,703
Deep Lake Capital Acquisition Corp.^(g)		55,459		547,935
Deep Medicine Acquisition Corp.^(g)		74,268		745,651
Denali Capital Acquisition Corp.^(g)		27,621		276,210
DHB Capital Corp.^(g)		19,989		196,392
DHC Acquisition Corp.^(g)		44,994		442,741
DiamondHead Holdings Corp.^(g)		74,868		738,198
Digital Health Acquisition Corp.^(g)		62,890		633,302
Digital Transformation Opportunities Corp.^(g)		141,108		1,387,092
Digital World Acquisition Corp., Class B^(c)(g)		25,893		276,019
DILA Capital Acquisition Corp.^(g)		20,741		205,336
Direct Selling Acquisition Corp.^(g)		154,081		1,553,136
Disruptive Acquisition Corp. I^(g)		12,124		119,179
Disruptive Capital Acquisition Co., Ltd.^(g)		58,870		718,714
dMY Technology Group, Inc. VI^(g)		27,831		272,744

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
DP Cap Acquisition Corp. I^(g)		89,472	$	894,273
Dragoneer Growth Opportunities Corp. III^(g)		28,687		281,133
DTRT Health Acquisition Corp.^(g)		172,359		1,740,826
DUET Acquisition Corp.^(g)		5,996		59,570
Edify Acquisition Corp.^(g)		52,112		514,085
EG Acquisition Corp.^(g)		107,079		1,046,162
Elliott Opportunity II Corp.^(g)		27,348		267,463
Emerging Markets Horizon Corp.^(g)		112,680		1,126,237
Empowerment & Inclusion Capital I Corp.^(g)		145,975		1,440,773
Endurance Acquisition Corp.^(g)		30,511		301,296
Energem Corp.^(g)		72,341		729,197
Energy Transition Partners BV^(g)		50,557		508,965
Enterprise 4.0 Technology Acquisition Corp.^(g)		44,710		447,324
Epiphany Technology Acquisition Corp.^(g)		188,936		1,864,798
EQ Health Acquisition Corp.^(g)		76,034		748,935
ESG Core Investments BV^(g)		281,009		2,745,670
ESGEN Acquisition Corp.^(g)		158,733		1,603,203
ESM Acquisition Corp.^(g)		18,627		183,290
Eucrates Biomedical Acquisition Corp.^(g)		22,562		224,266
Eureking SA^(g)		59,955		605,108
European Biotech Acquisition Corp.^(g)		1,223		12,059
EVe Mobility Acquisition Corp.^(g)		83,089		828,397
Everest Consolidator Acquisition Corp.^(g)		100,984		1,013,879
Evergreen Corp.^(g)		70,091		702,312
Evo Acquisition Corp.^(g)		56,878		559,680
ExcelFin Acquisition Corp.^(g)		51,002		509,765
Executive Network Partnering Corp.^(g)		83,964		834,602
Far Peak Acquisition Corp.^(g)		21,242		209,234
FAST Acquisition Corp. II^(g)		28,787		282,400
Fat Projects Acquisition Corp., Class B^(c)(g)		4,886		5,081
Fat Projects Acquisition Corp.^(g)		61,845		614,739
FG Acquisition Corp.^(g)		50,526		497,681
FG Merger Corp.^(g)		1,483		14,815
Fifth Wall Acquisition Corp. III^(g)		77,093		753,199
Figure Acquisition Corp. I^(g)		6,245		61,451
Financial Strategies Acquisition Corp.^(g)		65,207		651,744
Financials Acquisition Corp.^(g)		57,393		691,945
Finnovate Acquisition Corp.^(g)		100,186		999,856
FinServ Acquisition Corp. II^(g)		50,815		500,020
FinTech Acquisition Corp. VI^(g)		150,553		1,487,464
Fintech Ecosystem Development Corp.^(g)		54,704		550,322
Fintech Evolution Acquisition Group^(g)		61,069		599,698
First Light Acquisition Group, Inc.^(g)		45,338		451,566
First Reserve Sustainable Growth Corp.^(g)		17,131		168,055
Flame Acquisition Corp.^(g)		177,120		1,741,090
Focus Impact Acquisition Corp.^(g)		56,923		568,945
Forbion European Acquisition Corp.^(g)		22,181		222,365
Forest Road Acquisition Corp. II^(g)		108,352		1,062,933
Fortistar Sustainable Solutions Corp.^(g)		27,088		266,817

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
Fortress Capital Acquisition Corp.^(g)		124,120	$	1,227,547
Fortress Value Acquisition Corp. III^(g)		34,526		340,772
Fortress Value Acquisition Corp. IV^(g)		13,870		136,203
Fortune Rise Acquisition Corp.^(g)		36,191		366,615
Forum Merger IV Corp.^(g)		104,456		1,025,758
Frazier Lifesciences Acquisition Corp.^(g)		19,116		189,822
Freedom Acquisition I Corp.^(g)		18,275		180,191
Frontier Acquisition Corp.^(g)		57,947		569,040
FTAC Athena Acquisition Corp.^(g)		5,118		50,336
FTAC Hera Acquisition Corp.^(g)		227,355		2,234,900
FTAC Parnassus Acquisition Corp.^(g)		39,792		391,951
FTAC Zeus Acquisition Corp.^(g)		121,313		1,202,212
Fusion Acquisition Corp. II^(g)		188,052		1,848,551
Future Health ESG Corp.^(g)		77,163		769,315
FutureTech II Acquisition Corp.^(g)		52,279		525,404
G Squared Ascend II, Inc.^(g)		34,568		341,013
Galata Acquisition Corp.^(g)		53,213		527,341
Games & Esports Experience Acquisition Corp.^(g)		118,761		1,197,111
Gaming & Hospitality Acquisition Corp.^(g)		48,459		477,563
Gardiner Healthcare Acquisitions Corp.^(g)		19,715		196,953
Genesis Growth Tech Acquisition Corp.^(g)		47,855		480,943
Genesis Unicorn Capital Corp.^(g)		6,940		69,400
GFJ Esg Acquisition I SE^(g)		75,358		770,193
GigCapital5, Inc.^(g)		60,253		605,543
GigInternational1, Inc.^(g)		47,940		483,715
Gladstone Acquisition Corp.^(g)		37,300		378,222
Glass Houses Acquisition Corp.^(g)		150,419		1,477,115
Global Blockchain Acquisition Corp.^(g)		40,470		398,427
Global Consumer Acquisition Corp.^(g)		36,026		364,583
Global Partner Acquisition Corp. II^(g)		31,433		310,872
Global Technology Acquisition Corp. I^(g)		85,831		858,310
Globalink Investment, Inc.^(g)		58,520		584,030
GO Acquisition Corp.^(g)		133,924		1,340,579
Goal Acquisitions Corp.^(g)		88,824		874,028
GoGreen Investments Corp.^(g)		130,678		1,313,314
Golden Arrow Merger Corp.^(g)		92,834		912,558
Golden Falcon Acquisition Corp.^(g)		139,454		1,379,200
Goldenstone Acquisition, Ltd.^(g)		5,502		54,745
Good Works II Acquisition Corp.^(g)		61,516		612,699
Gores Holdings IX, Inc.^(g)		121,537		1,169,186
Gores Holdings VII, Inc.^(g)		297,586		2,925,270
Gores Holdings VIII, Inc.^(g)		21,559		212,141
Gores Technology Partners II, Inc.^(g)		49,313		484,254
Gores Technology Partners, Inc.^(g)		1,934		18,992
Graf Acquisition Corp. IV^(g)		55,750		545,235
Green Visor Financial Technology Acquisition Corp. I^(g)		95,725		962,994
Group Nine Acquisition Corp.^(g)		12,236		120,769
GSR II Meteora Acquisition Corp.^(g)		142,738		1,413,106

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
Hamilton Lane Alliance Holdings I, Inc.^(g)		21,117	$	208,425
Hawks Acquisition Corp.^(g)		117,468		1,150,012
Health Assurance Acquisition Corp.^(g)		20,290		201,277
Healthcare Services Acquisition Corp.^(g)		51,077		504,130
Healthwell Acquisition Corp. I^(g)		2,001		19,470
Heartland Media Acquisition Corp., Class A^(g)		2,998		29,860
Hennessy Capital Investment Corp. V^(g)		16,611		163,951
HH&L Acquisition Co.^(g)		89,355		879,253
HHG Capital Corp.^(g)		17,425		174,773
HIG Acquisition Corp.^(g)		103,397		1,027,766
Highland Transcend Partners I Corp.^(g)		31,494		312,420
HNR Acquisition Corp.^(g)		44,874		450,086
Home Plate Acquisition Corp.^(g)		46,382		455,471
Hudson Executive Investment Corp. II^(g)		44,517		438,492
Hudson Executive Investment Corp. III^(g)		134,382		1,323,663
HumanCo Acquisition Corp.^(g)		24,511		242,659
Hunt Cos. Acquisition Corp. I^(g)		128,300		1,294,547
Ibere Pharmaceuticals^(g)		6,446		63,429
Iconic Sports Acquisition Corp.^(g)		85,644		861,579
IG Acquisition Corp.^(g)		13,337		132,703
Ignyte Acquisition Corp.^(g)		17,138		170,095
Inception Growth Acquisition, Ltd.^(g)		33,772		335,525
Independence Holdings Corp.^(g)		3,378		33,172
Industrial Human Capital, Inc.^(g)		14,916		150,502
Industrial Tech Acquisitions II, Inc.^(g)		101,997		1,017,930
Infinite Acquisition Corp.^(g)		28,365		280,530
InFinT Acquisition Corp.^(g)		110,294		1,111,212
Innovative International Acquisition Corp.^(g)		134,343		1,352,834
Insight Acquisition Corp.^(g)		36,845		364,029
INSU Acquisition Corp. III^(g)		14,981		148,012
Integral Acquisition Corp. 1^(g)		38,577		382,298
Integrated Rail and Resources Acquisition Corp.^(g)		153,090		1,532,431
Integrated Wellness Acquisition Corp.^(g)		58,418		587,685
Intelligent Medicine Acquisition Corp.^(g)		128,628		1,291,425
InterPrivate IV InfraTech Partners, Inc.^(g)		80,861		793,246
Investcorp Europe Acquisition Corp. I^(g)		55,193		554,138
Investcorp India Acquisition Corp.^(g)		74,944		752,438
ION Acquisition Corp. 3, Ltd.^(g)		1,887		18,530
Iron Spark I, Inc.^(g)		38,366		379,440
Isleworth Healthcare Acquisition Corp.^(g)		50,061		499,358
Itiquira Acquisition Corp.^(g)		119,763		1,183,857
IX Acquisition Corp.^(g)		22,361		220,708
Jack Creek Investment Corp.^(g)		24,302		239,861
Jackson Acquisition Co.^(g)		5,642		55,856
Jaws Juggernaut Acquisition Corp.^(g)		14,501		141,892
Jaws Mustang Acquisition Corp.^(g)		159,559		1,578,039
Jiya Acquisition Corp.^(g)		788		7,809
JOFF Fintech Acquisition Corp.^(g)		122,924		1,209,572
Juniper II Corp.^(g)		40,172		400,113

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
Jupiter Acquisition Corp.^(g)		14,439	$	140,491
Jupiter Wellness Acquisition Corp.^(g)		88,009		879,650
Kadem Sustainable Impact Corp.^(g)		75,482		741,233
Kairos Acquisition Corp.^(g)		11,597		114,694
Kairous Acquisition Corp. ltd^(g)		13,555		135,753
Kensington Capital Acquisition Corp. V^(g)		58,918		585,645
Kernel Group Holdings, Inc.^(g)		59,893		591,144
Keyarch Acquisition Corp.^(g)		20,135		197,726
Khosla Ventures Acquisition Co.^(g)		18,131		177,502
Kimbell Tiger Acquisition Corp.^(g)		119,582		1,206,582
Kismet Acquisition Two Corp.^(g)		39,461		388,099
KKR Acquisition Holdings I Corp.^(g)		168,511		1,658,148
KL Acquisition Corp.^(g)		92,996		916,941
KnightSwan Acquisition Corp.^(g)		8,994		89,760
L Catterton Asia Acquisition Corp.^(g)		5,761		56,717
Lakeshore Acquisition I Corp.^(g)		12,332		123,258
LAMF Global Ventures Corp. I^(g)		138,675		1,381,203
Landcadia Holdings IV, Inc.^(g)		72,758		712,301
Larkspur Health Acquisition Corp.^(g)		35,393		353,753
LAVA Medtech Acquisition Corp.^(g)		37,985		380,610
Lazard Growth Acquisition Corp. I^(g)		64,054		631,572
LDH Growth Corp. I^(g)		42,328		416,508
Lefteris Acquisition Corp.^(g)		43,328		430,247
Legato Merger Corp. II^(g)		25,933		258,033
Leo Holdings Corp. II^(g)		50,399		498,446
Levere Holdings Corp.^(g)		54,573		537,817
LF Capital Acquisition Corp. II, Class A^(g)		166,778		1,676,119
Liberty Resources Acquisition Corp.^(g)		76,982		773,669
Lionheart III Corp.^(g)		77,022		772,531
LIV Capital Acquisition Corp. II^(g)		58,346		584,043
LMF Acquisition Opportunities, Inc.^(g)		59,099		603,992
Logistics Innovation Technologies Corp.^(g)		30,319		295,610
Longview Acquisition Corp. II^(g)		40,650		399,996
Lux Health Tech Acquisition Corp.^(g)		40,694		403,888
M3-Brigade Acquisition II Corp.^(g)		86,250		846,975
M3-Brigade Acquisition III Corp.^(g)		14,905		149,497
Macondray Capital Acquisition Corp. I^(g)		84,283		839,459
Magnum Opus Acquisition, Ltd.^(g)		36,420		357,644
Malacca Straits Acquisition Co., Ltd.^(g)		26,253		268,043
Mana Capital Acquisition Corp.^(g)		39,874		398,341
Marblegate Acquisition Corp.^(g)		153,146		1,520,740
Marlin Technology Corp.^(g)		269,133		2,664,417
Maxpro Capital Acquisition Corp.^(g)		37,123		374,942
McLaren Technology Acquisition Corp.^(g)		122,181		1,227,919
MDH Acquisition Corp.^(g)		54,356		534,863
Medicus Sciences Acquisition Corp.^(g)		80,321		791,162
Mercato Partners Acquisition Corp.^(g)		99,370		995,191
Metal Sky Star Acquisition Corp.^(g)		40,420		398,945

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
Metals Acquisition Corp.^(g)		35,266	$	344,901
Minority Equality Opportunities Acquisition, Inc.^(g)		140,593		1,424,207
Mission Advancement Corp.^(g)		89,303		876,955
Model Performance Acquisition Corp.^(g)		8,645		88,438
Monterey Bio Acquisition Corp.^(g)		60,261		606,226
Monument Circle Acquisition Corp.^(g)		32,069		316,200
Moringa Acquisition Corp.^(g)		35,406		348,395
Motive Capital Corp. II^(g)		12,857		127,606
Mount Rainier Acquisition Corp.^(g)		13,035		131,262
Mountain & Co. I Acquisition Corp.^(g)		125,353		1,271,079
Mountain Crest Acquisition Corp. IV^(g)		34,801		344,008
Mountain Crest Acquisition Corp. V^(g)		18,152		179,705
Mudrick Capital Acquisition Corp. II^(g)		413,808		4,183,599
Murphy Canyon Acquisition Corp.^(g)		51,468		517,768
Music Acquisition Corp.^(g)		108,303		1,065,702
Nabors Energy Transition Corp.^(g)		188,038		1,888,842
Natural Order Acquisition Corp.^(g)		17,524		173,838
New Energy One Acquisition Corp. PLC^(g)		445,953		5,376,526
New Providence Acquisition Corp. II^(g)		77,530		773,749
New Vista Acquisition Corp.^(g)		46,189		455,885
Newbury Street Acquisition Corp.^(g)		20,019		196,386
Newcourt Acquisition Corp.^(g)		126,219		1,271,025
Noble Rock Acquisition Corp.^(g)		56,711		561,439
North Mountain Merger Corp.^(g)		1,650		16,426
Northern Star Investment Corp. II^(g)		201,428		1,984,066
Northern Star Investment Corp. III^(g)		58,650		577,263
Northern Star Investment Corp. IV^(g)		70,002		688,120
NorthView Acquisition Corp.^(g)		38,482		382,896
Nova Vision Acquisition Corp.^(g)		32,258		328,225
Nubia Brand International Corp.^(g)		58,524		586,996
OCA Acquisition Corp.^(g)		9,841		99,000
OceanTech Acquisitions I Corp.^(g)		55,467		562,435
Omega Alpha SPAC^(g)		12,550		123,994
OmniLit Acquisition Corp.^(g)		77,702		779,351
One Equity Partners Open Water I Corp.^(g)		72,832		718,124
Onyx Acquisition Co. I^(g)		137,450		1,381,373
OPY Acquisition Corp. I^(g)		11,708		115,734
Orion Acquisition Corp.^(g)		23,870		234,403
Osiris Acquisition Corp.^(g)		23,661		231,168
Oxbridge Acquisition Corp.^(g)		17,547		176,698
Oxus Acquisition Corp.^(g)		52,867		529,992
Oyster Enterprises Acquisition Corp.^(g)		114,212		1,126,701
Pacifico Acquisition Corp.^(g)		7,239		72,933
Papaya Growth Opportunity Corp. I^(g)		114,924		1,152,688
Parabellum Acquisition Corp.^(g)		66,764		660,296
Parsec Capital Acquisitions Corp.^(g)		41,916		423,561
Pathfinder Acquisition Corp.^(g)		32,966		324,385
Patria Latin American Opportunity Acquisition Corp.^(g)		92,291		928,909
Pearl Holdings Acquisition Corp.^(g)		36,968		367,832

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
Pegasus Digital Mobility Acquisition Corp.^(g)		65,953	$	658,211
Pegasus Digital Mobility Acquisition Corp., Class B^(c)(g)		4,456		4,679
PepperLime Health Acquisition Corp.^(g)		23,753		235,155
Perception Capital Corp. II^(g)		118,089		1,191,518
Peridot Acquisition Corp. II^(g)		30,189		297,060
Phoenix Biotech Acquisition Corp.^(g)		57,685		581,465
PHP Ventures Acquisition Corp.^(g)		32,042		323,304
Pine Island Acquisition Corp.^(g)		32,688		323,938
Pine Technology Acquisition Corp.^(g)		162,272		1,593,511
Pioneer Merger Corp.^(g)		32,375		319,865
Pivotal Investment Corp. III^(g)		14,002		137,920
Plum Acquisition Corp. I^(g)		73,302		722,758
PMV Consumer Acquisition Corp.^(g)		35,259		351,180
Pono Capital Corp.^(g)		42,685		433,466
Pontem Corp.^(g)		70,672		700,360
Population Health Investment Co., Inc.^(g)		5,397		53,700
Power & Digital Infrastructure Acquisition II Corp.^(g)		44,362		438,075
Powered Brands^(g)		32,988		326,086
PowerUp Acquisition Corp.^(g)		141,091		1,414,437
Primavera Capital Acquisition Corp.^(g)		176,947		1,746,467
Priveterra Acquisition Corp.^(g)		42,674		420,339
Progress Acquisition Corp.^(g)		36,214		359,967
PROOF Acquisition Corp. I^(g)		61,707		613,374
Property Solutions Acquisition Corp. II^(g)		25,701		252,384
PropTech Investment Corp. II^(g)		41,944		415,455
Prospector Capital Corp.^(g)		18,816		185,996
Provident Acquisition Corp.^(g)		46,397		459,330
Pyrophyte Acquisition Corp.^(g)		59,361		596,578
RCF Acquisition Corp.^(g)		109,504		1,094,492
Recharge Acquisition Corp.^(g)		126,426		1,271,213
Redwoods Acquisition Corp.^(g)		32,327		319,714
Relativity Acquisition Corp.^(g)		52,087		523,474
Revelstone Capital Acquisition Corp.^(g)		77,115		761,511
Revolution Healthcare Acquisition Corp.^(g)		13,086		128,505
RF Acquisition Corp.^(g)		23,928		237,605
Ribbit LEAP, Ltd.^(g)		12,229		121,801
Rigel Resource Acquisition Corp.^(g)		64,290		643,221
Riverview Acquisition Corp.^(g)		53,597		534,586
ROC Energy Acquisition Corp.^(g)		74,024		740,240
Rocket Internet Growth Opportunities Corp.^(g)		33,430		328,283
Rose Hill Acquisition Corp.^(g)		83,056		836,374
Rosecliff Acquisition Corp. I^(g)		91,784		902,237
Ross Acquisition Corp. II^(g)		2,870		28,183
Roth CH Acquisition IV Co.^(g)		17,880		179,158
Roth CH Acquisition V Co.^(g)		62,531		619,057
RXR Acquisition Corp.^(g)		12,933		127,261
Sagaliam Acquisition Corp.^(g)		100,069		997,688
Sanaby Health Acquisition Corp. I^(g)		90,010		908,651

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
Sandbridge X2 Corp.^(g)		67,694	$	664,078
Sarissa Capital Acquisition Corp.^(g)		712		7,084
Science Strategic Acquisition Corp. Alpha^(g)		107,999		1,064,870
ScION Tech Growth I^(g)		174,243		1,725,877
ScION Tech Growth II^(g)		60,966		601,125
SCP & Co. Healthcare Acquisition Co^(g)		32,688		322,140
Screaming Eagle Acquisition Corp.^(g)		67,654		650,155
Sculptor Acquisition Corp. I^(g)		36,931		367,094
Sculptor Capital Management, Inc.^(g)		78,255		767,682
Seaport Calibre Materials Acquisition Corp.^(g)		39,743		398,026
Seaport Global Acquisition II Corp.^(g)		91,410		913,186
Semper Paratus Acquisition Corp.^(g)		196,100		1,975,708
Senior Connect Acquisition Corp. I^(g)		185,610		1,833,827
Shelter Acquisition Corp. I^(g)		39,147		386,772
ShoulderUp Technology Acquisition Corp.^(g)		151,540		1,511,611
SHUAA Partners Acquisition Corp. I^(g)		45,916		459,160
Sierra Lake Acquisition Corp.^(g)		66,804		664,700
Signal Hill Acquisition Corp.^(g)		26,924		269,240
Silver Crest Acquisition Corp.^(g)		154,643		1,541,791
Silver Spike III Acquisition Corp.^(g)		55,043		571,346
SILVERspac, Inc.^(g)		55,349		537,439
Simon Property Group Acquisition Holdings, Inc.^(g)		10,510		103,523
Sizzle Acquisition Corp.^(g)		87,181		875,297
Skydeck Acquisition Corp.^(g)		13,316		130,230
Slam Corp.^(g)		58,910		580,264
Soar Technology Acquisition Corp.^(g)		57,771		589,264
Social Capital Hedosophia Holdings Corp. VI^(g)		19,215		191,381
Social Capital Suvretta Holdings Corp. I^(g)		67,140		668,714
Social Capital Suvretta Holdings Corp. II^(g)		58,318		568,601
Social Capital Suvretta Holdings Corp. IV^(g)		86,410		842,498
Social Leverage Acquisition Corp. I^(g)		47,446		468,292
Software Acquisition Group, Inc. III^(g)		45,702		462,504
Sound Point Acquisition Corp. I, Ltd.^(g)		99,902		1,007,012
Southport Acquisition Corp.^(g)		49,077		489,298
Spear Investments I BV^(g)		20,690		210,404
Spindletop Health Acquisition Corp.^(g)		122,357		1,232,135
SportsMap Tech Acquisition Corp.^(g)		30,800		308,000
SportsTek Acquisition Corp.^(g)		34,022		335,287
Spree Acquisition Corp. 1, Ltd.^(g)		75,747		760,500
Springwater Special Situations Corp.^(g)		58,969		584,972
ST Energy Transition I, Ltd.^(g)		93,266		927,997
StoneBridge Acquisition Corp.^(g)		109,133		1,094,604
Stratim Cloud Acquisition Corp.^(g)		51,586		507,090
Summit Healthcare Acquisition Corp.^(g)		42,915		419,280
Supernova Partners Acquisition Co. III, Ltd.^(g)		25,440		249,821
Sustainable Development Acquisition I Corp.^(g)		178,237		1,755,634
SVF Investment Corp.^(g)		180,495		1,786,901
SVF Investment Corp. 2^(g)		218,988		2,157,032
Swiftmerge Acquisition Corp.^(g)		72,847		720,093

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
Tailwind Acquisition Corp.^(g)		97,632	$	973,391
Talon 1 Acquisition Corp.^(g)		143,866		1,453,766
Tastemaker Acquisition Corp.^(g)		74,624		744,001
TB SA Acquisition Corp.^(g)		81,664		801,940
Tech and Energy Transition Corp.^(g)		64,240		630,194
Technology & Telecommunication Acquisition Corp.^(g)		52,993		530,990
Tekkorp Digital Acquisition Corp.^(g)		1,256		12,485
Thrive Acquisition Corp.^(g)		95,562		964,698
Thunder Bridge Capital Partners III, Inc.^(g)		71,331		701,897
Tiga Acquisition Corp.^(g)		641		6,615
Tio Tech A^(g)		22,150		217,513
Tishman Speyer Innovation Corp. II^(g)		85,092		837,305
TLG Acquisition One Corp.^(g)		96,180		949,297
TLGY Acquisition Corp.^(g)		136,622		1,367,586
TPG Pace Beneficial II Corp.^(g)		150,036		1,470,353
Transition SA^(g)		33,822		343,948
Tribe Capital Growth Corp. I^(g)		72,859		714,747
Trine II Acquisition Corp.^(g)		125,769		1,257,690
Turmeric Acquisition Corp.^(g)		606		6,024
Twelve Seas Investment Co. II^(g)		85,682		842,682
Twin Ridge Capital Acquisition Corp.^(g)		8,071		79,338
TZP Strategies Acquisition Corp.^(g)		138,058		1,362,632
UTA Acquisition Corp.^(g)		88,121		878,566
Vahanna Tech Edge Acquisition I Corp.^(g)		132,585		1,336,457
Valor Latitude Acquisition Corp.^(g)		22,158		217,038
Valuence Merger Corp. I^(g)		121,556		1,228,931
VAM Investments Spac BV^(g)		25,279		253,196
Vector Acquisition Corp. II^(g)		14,215		139,876
Velocity Acquisition Corp.^(g)		77,596		761,993
Viscogliosi Brothers Acquisition Corp.^(g)		41,703		414,111
Vision Sensing Acquisition Corp.^(g)		26,576		267,886
VMG Consumer Acquisition Corp.^(g)		124,658		1,244,087
VPC Impact Acquisition Holdings II^(g)		7,231		71,008
Vy Global Growth^(g)		14,174		140,890
Warburg Pincus Capital Corp. I-A^(g)		52,113		512,792
Warburg Pincus Capital Corp. I-B^(g)		61,234		601,318
Warrior Technologies Acquisition Co.^(g)		125,462		1,250,856
Welsbach Technology Metals Acquisition Corp.^(g)		29,572		294,389
Western Acquisition Ventures Corp.^(g)		29,980		298,601
Williams Rowland Acquisition Corp.^(g)		143,801		1,446,638
WinVest Acquisition Corp.^(g)		115,745		1,156,293
World Quantum Growth Acquisition Corp.^(g)		84,860		845,206
Worldwide Webb Acquisition Corp.^(g)		2,153		21,379
XPAC Acquisition Corp.^(g)		11,711		114,651
Yotta Acquisition Corp.^(g)		47,369		467,769
Zimmer Energy Transition Acquisition Corp.^(g)		12,320		119,997
Z-Work Acquisition Corp.^(g)		43,015		423,698
				364,566,000

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value

TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES			$	364,566,000
(Cost $359,008,011)

WARRANTS - 0.47%^(g)
10X Capital Venture Acquisition Corp. III, Expires 12/31/2027, Strike Price $11.50		55,754		5,575
7 Acquisition Corp., Expires 11/05/2026, Strike Price $11.50		25,051		3,758
A SPAC II Acquisition Corp., Expires 05/03/2027, Strike Price $11.50		34,421		3,101
Achari Ventures Holdings Corp. I, Expires 08/05/2026, Strike Price $11.50		38,384		2,790
Agrinam Acquisition Corp, Expires 07/21/2027, Strike Price $11.50		19,798		3,861
Ahren Acquisition Corp., Expires 06/17/2028, Strike Price $11.50		47,850		7,177
Alpha Healthcare Acquisition Corp. III, Expires 04/12/2027, Strike Price $11.50		3,816		1,221
Alset Capital Acquisition Corp., Expires 02/02/2027, Strike Price $11.50		13,297		565
ALSP Orchid Acquisition Corp. I, Expires 11/30/2028, Strike Price $11.50		52,397		6,550
Andretti Acquisition Corp., Expires 03/23/2028, Strike Price $11.50		24,523		2,207
AP Acquisition Corp., Expires 12/07/2026, Strike Price $11.50		9,857		1,971
Apeiron Capital Investment Corp., Expires 06/24/2023, Strike Price $11.50		49,159		6,022
APx Acquisition Corp. I, Expires 08/19/2028, Strike Price $11.50		3,981		606
Arbor Rapha Capital Bioholdings Corp. I, Expires 03/14/2023, Strike Price $11.50		23,851		2,467
Arctos NorthStar Acquisition Corp., Expires 12/31/2028, Strike Price $11.50		28,596		3,317
Arena Fortify Acquisition Corp., Expires 12/31/2028, Strike Price $11.50		51,232		8,817
Arisz Acquisition Corp., Expires 11/16/2026, Strike Price $11.50		34,348		2,231
Artemis Strategic Investment Corp., Expires 02/12/2023, Strike Price $11.50		52,405		5,736
Ascendant Digital Acquisition Corp. III, Expires 04/19/2023, Strike Price $11.50		78,866		9,196
Athena Consumer Acquisition Corp., Expires 07/20/2023, Strike Price $11.50		33,717		5,054
Athena Technology Acquisition Corp. II, Expires 10/17/2028, Strike Price $11.50		36,968		5,878
Athlon Acquisition Corp., Expires 03/05/2026, Strike Price $11.50		10,917		764
Atlantic Coastal Acquisition Corp. II, Expires 06/02/2028, Strike Price $11.50		80,774		7,391
Ault Disruptive Technologies Corp., Expires 06/20/2028, Strike Price $11.50		18,483		958
Aura FAT Projects Acquisition Corp., Expires 06/02/2027, Strike Price $11.50		58,439		5,479
Aurora Technology Acquisition Corp., Expires 02/07/2028, Strike Price $11.50		63,578		2,225
Axios Sustainable Growth Acquisition Corp., Expires 02/16/2027, Strike Price $11.50		43,990		2,622
Banyan Acquisition Corp., Expires 09/30/2028, Strike Price $11.50		45,560		5,556
Battery Future Acquisition Corp., Expires 05/26/2028, Strike Price $11.50		36,968		7,390
Beard Energy Transition Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		60,293		12,360
BenevolentAI, Expires 06/30/2026, Strike Price $11.50		7,014		2,867
Benson Hill Inc., Expires 03/25/2027, Strike Price $3.90^(c)		187,607		58,158
BioPlus Acquisition Corp., Expires 07/19/2028, Strike Price $11.50		45,412		6,812
Black Mountain Acquisition Corp., Expires 10/15/2027, Strike Price $11.50		46,279		7,405
Black Spade Acquisition Co., Expires 06/29/2023, Strike Price $11.50		14,266		1,890
bleuacacia, Ltd., Expires 10/30/2026, Strike Price $11.50		100,804		10,564
Blockchain Coinvestors Acquisition Corp. I, Expires 11/01/2028, Strike Price $11.50		93,986		8,482
Blue Ocean Acquisition Corp., Expires 10/21/2028, Strike Price $11.50		16,257		1,706
Blue World Acquisition Corp., Expires 01/10/2029, Strike Price $11.50		23,302		1,050
Bluescape Opportunities Acquisition Corp., Expires 01/31/2026, Strike Price $11.50		49,310		5,232
Bullpen Parlay Acquisition Co., Expires 12/03/2026, Strike Price $11.50		57,733		10,455
BurTech Acquisition Corp., Expires 12/18/2026, Strike Price $11.50		23,368		1,881
BYTE Acquisition Corp., Expires 12/31/2028, Strike Price $11.50		20,143		2,315
C5 Acquisition Corp., Expires 05/19/2028, Strike Price $11.50		72,059		11,529

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
Cactus Acquisition Corp. 1, Ltd., Expires 07/20/2023, Strike Price $11.50		21,180	$	2,858
Canna-Global Acquisition Corp., Expires 02/09/2028, Strike Price $11.50		154,766		6,562
Capitalworks Emerging Markets Acquisition Corp., Expires 04/27/2028, Strike Price $11.50		69,120		6,909
Carney Technology Acquisition Corp. II, Expires 11/30/2027, Strike Price $11.50		46,429		7,426
CARTESIAN GROWTH Corp. II, Expires 07/12/2028, Strike Price $11.50		5,984		1,556
Cartica Acquisition Corp., Expires 04/30/2028, Strike Price $11.50		74,354		13,012
Catalyst Partners Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		4,076		765
CENAQ Energy Corp., Expires 12/31/2027, Strike Price $11.50		327		29
CF Acquisition Corp. IV, Expires 12/14/2025, Strike Price $11.50		13,333		993
CF Acquisition Corp. VII, Expires 03/15/2026, Strike Price $11.50		4,928		702
Chain Bridge I, Expires 12/31/2028, Strike Price $11.50		33,367		6,340
Chenghe Acquisition Co., Expires 04/28/2027, Strike Price $11.50		400		57
Churchill Capital Corp. VII, Expires 02/29/2028, Strike Price $11.50		26,731		5,881
CIIG Capital Partners II, Inc., Expires 02/28/2028, Strike Price $11.50		11,642		1,860
Cineworld, Expires 11/23/2025, Strike Price $0.04		88,914		11,153
Clarim Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		27,552		3,167
Clean Earth Acquisitions Corp., Expires 02/24/2028, Strike Price $11.50		49,587		4,488
Climate Real Impact Solutions II Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		24		3
ClimateRock, Expires 06/01/2027, Strike Price $11.50		11,778		1,187
Compute Health Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		26,926		5,116
Concord Acquisition Corp. II, Expires 12/31/2028, Strike Price $11.50		25,741		6,178
Concord Acquisition Corp. III, Expires 12/31/2028, Strike Price $11.50		54,452		9,513
Consilium Acquisition Corp. I, Ltd., Expires 06/01/2027, Strike Price $11.50		38,488		2,973
Corner Growth Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		41,045		2,467
Counter Press Acquisition Corp., Expires 02/09/2027, Strike Price $11.50		10,106		1,011
Crescera Capital Acquisition Corp., Expires 04/20/2028, Strike Price $11.50		63,791		6,902
Crypto 1 Acquisition Corp., Expires 01/11/2027, Strike Price $11.50		98,684		9,839
Crystal Peak Acquisition, Expires 06/22/2026, Strike Price $11.50		34,484		15,690
D & Z Media Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		1,601		105
DEE Tech SA, Expires 06/23/2023, Strike Price $11.50		35,099		5,203
Deep Lake Capital Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		27,192		1,474
Deezer SA, Expires 06/07/2027, Strike Price $11.50		95,238		14,601
Denali Capital Acquisition Corp., Expires 04/07/2027, Strike Price $11.50		27,621		2,507
DHC Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		25,249		5,052
DiamondHead Holdings Corp., Expires 01/28/2028, Strike Price $11.50		11,333		1,656
Digital Health Acquisition Corp., Expires 10/14/2023, Strike Price $11.50		17,736		1,419
dMY Technology Group, Inc. VI, Expires 06/25/2023, Strike Price $11.50		3,783		946
DUET Acquisition Corp., Expires 07/19/2028, Strike Price $11.50		5,996		775
EG Acquisition Corp., Expires 05/28/2028, Strike Price $11.50		27,981		4,477
Emerging Markets Horizon Corp., Expires 02/08/2028, Strike Price $11.50		73,685		9,579
Empowerment & Inclusion Capital I Corp., Expires 12/31/2027, Strike Price $11.50		16,634		998
Energem Corp., Expires 03/10/2023, Strike Price $11.50		45,714		3,433
Energy Transition Partners BV, Expires 07/16/2026, Strike Price $11.50		16,852		4,220
Epiphany Technology Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		36,039		4,685
EQ Health Acquisition Corp., Expires 02/02/2028, Strike Price $11.50		20,194		2,038
ESGEN Acquisition Corp., Expires 06/28/2023, Strike Price $11.50		61,117		10,084

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
Eureking SA, Expires 05/12/2027, Strike Price $11.50		59,955	$	21,447
EVe Mobility Acquisition Corp., Expires 05/12/2028, Strike Price $11.50		27,110		3,401
Everest Consolidator Acquisition Corp., Expires 07/19/2028, Strike Price $11.50		50,492		5,254
Evergreen Corp., Expires 02/15/2027, Strike Price $11.50		70,092		5,418
ExcelFin Acquisition Corp., Expires 07/05/2023, Strike Price $11.50		22,366		3,688
Executive Network Partnering Corp., Expires 09/25/2028, Strike Price $11.50		229,908		211,515
Fat Projects Acquisition Corp., Expires 12/16/2022, Strike Price $11.50		37,947		2,463
FG Acquisition Corp., Expires 04/05/2030, Strike Price $11.50		25,263		27,537
FG Merger Corp., Expires 06/17/2027, Strike Price $11.50		1,112		131
Financial Strategies Acquisition Corp., Expires 03/31/2028, Strike Price $11.50		6,820		406
Financials Acquisition Corp., Expires 04/04/2027, Strike Price $1150.00		28,696		4,543
Finnovate Acquisition Corp., Expires 04/15/2023, Strike Price $11.50		71,462		7,882
FinServ Acquisition Corp. II, Expires 02/17/2026, Strike Price $11.50		22,794		3,739
FinTech Acquisition Corp. VI, Expires 12/31/2027, Strike Price $11.50		512		67
Fintech Ecosystem Development Corp., Expires 12/31/2028, Strike Price $11.50		27,352		2,222
Fintech Evolution Acquisition Group, Expires 03/31/2028, Strike Price $11.50		17,608		1,914
Flame Acquisition Corp., Expires 12/31/2028, Strike Price $11.50		5,451		1,063
Forbion European Acquisition Corp., Expires 05/23/2028, Strike Price $11.50		7,393		1,109
Fortistar Sustainable Solutions Corp., Expires 12/31/2027, Strike Price $11.50		39,098		3,519
Fortune Rise Acquisition Corp., Expires 11/26/2023, Strike Price $11.50		15,616		1,285
FTAC Emerald Acquisition Corp., Expires 08/22/2028, Strike Price $11.50		27,108		4,473
FTAC Parnassus Acquisition Corp., Expires 03/10/2026, Strike Price $11.50		10,083		2,522
FTAC Zeus Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		135,656		20,348
Fusion Acquisition Corp. II, Expires 12/31/2027, Strike Price $11.50		20,782		2,099
Future Health ESG Corp., Expires 02/19/2023, Strike Price $11.50		37,402		12,728
FutureTech II Acquisition Corp., Expires 02/16/2027, Strike Price $11.50		48,383		2,901
Games & Esports Experience Acquisition Corp., Expires 10/21/2028, Strike Price $11.50		59,290		8,615
Gardiner Healthcare Acquisitions Corp., Expires 07/30/2028, Strike Price $11.50		14,786		1,406
Genesis Growth Tech Acquisition Corp., Expires 05/19/2028, Strike Price $11.50		9,241		2,451
GigCapital5, Inc., Expires 12/31/2028, Strike Price $11.50		3,954		237
GigInternational1, Inc., Expires 12/31/2028, Strike Price $11.50		31,595		1,738
Glass Houses Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		33,299		7,614
Global Blockchain Acquisition Corp., Expires 05/10/2027, Strike Price $11.50		40,470		2,084
Global Technology Acquisition Corp. I, Expires 07/13/2023, Strike Price $11.50		23,734		3,797
Globalink Investment, Inc., Expires 12/03/2026, Strike Price $11.50		14,771		687
GoGreen Investments Corp., Expires 06/04/2023, Strike Price $11.50		65,339		18,295
Gores Holdings IX, Inc., Expires 01/14/2029, Strike Price $11.50		40,512		17,623
Green Visor Financial Technology Acquisition Corp. I, Expires 05/08/2023, Strike Price $11.50		47,750		9,607
Growth For Good Acquisition Corp., Expires 11/12/2026, Strike Price $11.50		51,285		5,641
GSR II Meteora Acquisition Corp., Expires 07/22/2023, Strike Price $11.50		119,353		11,816
Harvey Gulf, Expires 12/31/2049, Strike Price $0.01		16,636		266,176
HCM ACQUISITION Corp., Expires 12/31/2027, Strike Price $11.50		10,493		1,878
Healthcare AI Acquisition Corp., Expires 12/14/2026, Strike Price $11.50		18,681		3,549
Heartland Media Acquisition Corp., Expires 10/21/2027, Strike Price $11.50		1,499		195
HHG Capital Corp., Expires 12/31/2027, Strike Price $11.50		17,425		784
HNR Acquisition Corp., Expires 07/29/2028, Strike Price $11.50		44,874		5,486
Home Plate Acquisition Corp., Expires 03/03/2023, Strike Price $11.50		4,107		534
Hunt Cos. Acquisition Corp. I, Expires 12/31/2028, Strike Price $11.50		52,706		5,271

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
Iconic Sports Acquisition Corp., Expires 04/06/2023, Strike Price $11.50		19,665	$	2,950
Inception Growth Acquisition, Ltd., Expires 10/15/2026, Strike Price $11.50		2,402		198
Industrial Human Capital, Inc., Expires 12/31/2028, Strike Price $11.50		14,916		373
Industrial Tech Acquisitions II, Inc., Expires 12/31/2028, Strike Price $11.50		47,509		6,098
Infinite Acquisition Corp., Expires 11/23/2028, Strike Price $11.50		46,166		8,915
InFinT Acquisition Corp., Expires 05/19/2027, Strike Price $11.50		55,058		3,854
Innovative International Acquisition Corp., Expires 04/03/2023, Strike Price $11.50		71,433		5,036
Integrated Rail and Resources Acquisition Corp., Expires 05/21/2023, Strike Price $11.50		48,874		11,730
Integrated Wellness Acquisition Corp., Expires 10/31/2028, Strike Price $11.50		1,869		374
Intelligent Medicine Acquisition Corp., Expires 01/13/2023, Strike Price $11.50		89,138		10,456
Investcorp Europe Acquisition Corp. I, Expires 11/23/2028, Strike Price $11.50		24,645		2,464
Investcorp India Acquisition Corp., Expires 06/28/2027, Strike Price $11.50		37,472		7,120
Jackson Acquisition Co., Expires 12/31/2028, Strike Price $11.50		11,842		1,776
Jaguar Global Growth Corp. I, Expires 02/11/2027, Strike Price $11.50		43,794		4,817
Jaws Mustang Acquisition Corp., Expires 01/30/2026, Strike Price $11.50		19,820		2,777
Juniper II Corp., Expires 12/31/2028, Strike Price $11.50		9,381		2,099
Jupiter Acquisition Corp., Expires 08/25/2022, Strike Price $11.50		1,531		222
Kairous Acquisition Corp. ltd, Expires 09/15/2026, Strike Price $11.50		6,765		440
Kernel Group Holdings, Inc., Expires 01/31/2027, Strike Price $11.50		1,326		93
Keyarch Acquisition Corp., Expires 07/25/2028, Strike Price $11.50		24,350		2,495
Kimbell Tiger Acquisition Corp., Expires 09/15/2028, Strike Price $11.50		59,791		11,656
KnightSwan Acquisition Corp., Expires 07/21/2028, Strike Price $11.50		4,497		731
LAMF Global Ventures Corp. I, Expires 04/04/2023, Strike Price $11.50		63,179		20,211
Larkspur Health Acquisition Corp., Expires 05/17/2028, Strike Price $11.50		7,100		852
LatAmGrowth SPAC, Expires 01/25/2028, Strike Price $11.50		37,849		5,677
LAVA Medtech Acquisition Corp., Expires 04/01/2023, Strike Price $11.50		57,923		9,847
Lazard Growth Acquisition Corp. I, Expires 12/31/2027, Strike Price $11.50		4,497		724
LDH Growth Corp. I, Expires 12/31/2028, Strike Price $11.50		1,613		245
Lefteris Acquisition Corp., Expires 10/23/2025, Strike Price $11.50		26,999		1,793
Levere Holdings Corp., Expires 12/31/2028, Strike Price $11.50		13,463		2,490
LF Capital Acquisition Corp. II, Expires 01/07/2026, Strike Price $11.50		60,499		6,195
Liberty Resources Acquisition Corp., Expires 10/31/2028, Strike Price $11.50		22,928		2,270
Lionheart III Corp., Expires 03/19/2023, Strike Price $11.50		36,580		4,223
LIV Capital Acquisition Corp. II, Expires 02/16/2027, Strike Price $11.50		43,759		3,063
Mana Capital Acquisition Corp., Expires 12/01/2026, Strike Price $11.50		19,933		2,591
McLaren Technology Acquisition Corp., Expires 03/03/2023, Strike Price $11.50		61,067		6,870
Mercato Partners Acquisition Corp., Expires 12/28/2026, Strike Price $11.50		15,665		2,114
Metal Sky Star Acquisition Corp., Expires 04/01/2027, Strike Price $11.50		40,420		1,764
Metals Acquisition Corp., Expires 07/12/2026, Strike Price $11.50		8,891		3,734
Monterey Bio Acquisition Corp., Expires 06/07/2023, Strike Price $11.50		24,230		1,342
Monument Circle Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		29,822		3,079
Motive Capital Corp. II, Expires 05/15/2028, Strike Price $11.50		8,206		2,257
Mount Rainier Acquisition Corp., Expires 12/04/2022, Strike Price $11.50		12,935		1,552
Mountain & Co. I Acquisition Corp., Expires 08/24/2023, Strike Price $11.50		62,660		5,877
Murphy Canyon Acquisition Corp., Expires 02/03/2027, Strike Price $11.50		51,468		4,761
Music Acquisition Corp., Expires 02/05/2028, Strike Price $11.50		15,545		1,943
Nabors Energy Transition Corp., Expires 11/17/2026, Strike Price $11.50		87,846		16,691
Natural Order Acquisition Corp., Expires 09/15/2025, Strike Price $11.50		17,483		872

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
New Energy One Acquisition Corp. PLC, Expires 03/07/2027, Strike Price $11.50		222,976	$	67,885
New Providence Acquisition Corp. II, Expires 12/31/2027, Strike Price $11.50		21,526		3,875
New Vista Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		14,117		1,412
Newcourt Acquisition Corp., Expires 04/12/2028, Strike Price $11.50		30,398		3,040
NightDragon Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		11,378		2,048
NorthView Acquisition Corp., Expires 08/02/2027, Strike Price $11.50		19,197		1,723
Nova Vision Acquisition Corp., Expires 12/31/2028, Strike Price $11.50		31,088		622
Nubia Brand International Corp., Expires 11/16/2026, Strike Price $11.50		29,262		2,872
OmniLit Acquisition Corp., Expires 11/08/2026, Strike Price $11.50		31,515		2,890
Onyx Acquisition Co. I, Expires 01/07/2023, Strike Price $11.50		24,790		3,345
Orion Acquisition Corp., Expires 02/19/2026, Strike Price $11.50		5,956		624
Oxus Acquisition Corp., Expires 01/27/2023, Strike Price $11.50		20,287		1,945
Papaya Growth Opportunity Corp. I, Expires 12/31/2028, Strike Price $11.50		76,584		9,190
Parsec Capital Acquisitions Corp., Expires 01/08/2023, Strike Price $11.50		9,369		562
Patria Latin American Opportunity Acquisition Corp., Expires 03/10/2027, Strike Price $11.50		46,145		7,559
Pearl Holdings Acquisition Corp., Expires 12/15/2026, Strike Price $11.50		18,484		3,142
PepperLime Health Acquisition Corp., Expires 03/28/2023, Strike Price $11.50		11,876		2,422
Perception Capital Corp. II, Expires 12/31/2028, Strike Price $11.50		58,258		6,324
Phoenix Biotech Acquisition Corp., Expires 09/01/2026, Strike Price $11.50		21,939		2,413
Pine Island Acquisition Corp., Expires 10/29/2027, Strike Price $11.50		2,271		448
Pontem Corp., Expires 12/31/2027, Strike Price $11.50		60,453		7,242
Power & Digital Infrastructure Acquisition II Corp., Expires 12/14/2028, Strike Price $11.50		87,961		16,713
Powered Brands, Expires 12/31/2027, Strike Price $11.50		12,449		967
PowerUp Acquisition Corp., Expires 02/18/2027, Strike Price $11.50		70,545		14,109
PROOF Acquisition Corp. I, Expires 12/03/2028, Strike Price $11.50		20,757		3,114
Prospector Capital Corp., Expires 01/01/2025, Strike Price $11.50		21,521		1,506
RCF Acquisition Corp., Expires 04/25/2023, Strike Price $11.50		31,463		8,495
Redwoods Acquisition Corp., Expires 03/15/2027, Strike Price $11.50		32,327		1,940
Relativity Acquisition Corp., Expires 02/11/2027, Strike Price $11.50		45,142		3,304
Revelstone Capital Acquisition Corp., Expires 05/24/2028, Strike Price $11.50		53		6
RF Acquisition Corp., Expires 05/01/2028, Strike Price $11.50		19,704		1,379
Rigel Resource Acquisition Corp., Expires 04/19/2023, Strike Price $11.50		31,854		8,242
Rose Hill Acquisition Corp., Expires 03/03/2023, Strike Price $11.50		41,528		7,874
Ross Acquisition Corp. II, Expires 02/12/2026, Strike Price $11.50		28,225		3,951
Science Strategic Acquisition Corp. Alpha, Expires 12/31/2027, Strike Price $11.50		79,319		5,600
Screaming Eagle Acquisition Corp., Expires 12/15/2027, Strike Price $11.50		22,674		6,802
Sculptor Acquisition Corp. I, Expires 04/15/2028, Strike Price $11.50		9,858		1,873
Seaport Calibre Materials Acquisition Corp., Expires 01/19/2023, Strike Price $11.50		14,252		2,280
ShoulderUp Technology Acquisition Corp., Expires 07/26/2023, Strike Price $11.50		94,845		13,857
SHUAA Partners Acquisition Corp. I, Expires 03/02/2027, Strike Price $11.50		22,958		4,020
Signal Hill Acquisition Corp., Expires 02/11/2027, Strike Price $11.50		13,462		1,885
SILVERspac, Inc., Expires 02/16/2023, Strike Price $11.50		18,449		4,427
Sizzle Acquisition Corp., Expires 03/12/2026, Strike Price $11.50		43,590		5,087
Sound Point Acquisition Corp. I, Ltd., Expires 03/02/2027, Strike Price $11.50		49,951		7,992
Southport Acquisition Corp., Expires 05/24/2028, Strike Price $11.50		6,161		877
Spindletop Health Acquisition Corp., Expires 12/31/2028, Strike Price $11.50		47,277		6,940
Spree Acquisition Corp. 1, Ltd., Expires 12/22/2028, Strike Price $11.50		20,337		1,973

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
SpringBig Holdings, Inc., Expires 06/14/2027, Strike Price $11.50		24,279	$	3,399
ST Energy Transition I, Ltd., Expires 12/02/2026, Strike Price $11.50		42,980		11,931
Sustainable Development Acquisition I Corp., Expires 12/31/2028, Strike Price $11.50		28,327		2,548
SVF Investment Corp., Expires 12/31/2027, Strike Price $11.50		28,720		4,072
Swiftmerge Acquisition Corp., Expires 06/17/2028, Strike Price $11.50		132		14
Tailwind International Acquisition Corp., Expires 03/01/2028, Strike Price $11.50		17,317		1,610
Talon 1 Acquisition Corp., Expires 04/18/2023, Strike Price $11.50		71,933		9,711
Target Global Acquisition I Corp., Expires 12/31/2027, Strike Price $11.50		18,073		4,236
TCW Special Purpose Acquisition Corp., Expires 12/31/2028, Strike Price $11.50		31,655		4,432
Tech and Energy Transition Corp., Expires 12/31/2027, Strike Price $11.50		59,992		8,999
Technology & Telecommunication Acquisition Corp., Expires 02/15/2027, Strike Price $11.50		52,993		4,571
Thrive Acquisition Corp., Expires 03/09/2023, Strike Price $11.50		47,781		4,998
Tishman Speyer Innovation Corp, Expires 12/31/2027, Strike Price $11.50		4,082		551
TKB Critical Technologies 1, Expires 01/08/2023, Strike Price $11.50		48,884		5,353
TLGY Acquisition Corp., Expires 01/14/2028, Strike Price $11.50		68,311		6,418
Transition SA, Expires 06/16/2026, Strike Price $11.50		33,822		8,651
Tribe Capital Growth Corp. I, Expires 03/05/2026, Strike Price $11.50		27,683		3,984
Trine II Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		78,462		10,781
TZP Strategies Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		40,990		3,755
UTA Acquisition Corp., Expires 10/30/2026, Strike Price $11.50		44,060		15,465
Vahanna Tech Edge Acquisition I Corp., Expires 11/30/2028, Strike Price $11.50		55,430		7,206
Valor Latitude Acquisition Corp., Expires 12/31/2028, Strike Price $11.50		3,725		410
Valuence Merger Corp. I, Expires 03/01/2027, Strike Price $11.50		60,778		7,445
VAM Investments Spac BV, Expires 07/27/2026, Strike Price $11.50		12,639		4,392
VEW AG, Expires 02/28/2026, Strike Price $11.50		19,185		2,503
Viscogliosi Brothers Acquisition Corp., Expires 03/18/2027, Strike Price $11.50		20,851		2,345
Vision Sensing Acquisition Corp., Expires 03/24/2023, Strike Price $11.50		49,182		2,459
VMG Consumer Acquisition Corp., Expires 07/03/2023, Strike Price $11.50		60,937		6,703
Western Acquisition Ventures Corp., Expires 01/12/2027, Strike Price $11.50		29,980		1,574
Yotta Acquisition Corp., Expires 03/15/2027, Strike Price $11.50		47,369		2,605
Zimmer Energy Transition Acquisition Corp., Expires 05/14/2023, Strike Price $11.50		1,716		592

TOTAL WARRANTS				1,820,458
(Cost $4,285,301)

RIGHTS - 0.05%^(g)
A SPAC II Acquisition Corp., Expires 12/31/2049		68,843		7,229
Accretion Acquisition Corp., Expires 12/31/2049		37,215		4,641
Agrinam Acquisition Corp., Expires 12/31/2049		19,798		6,335
AIB Acquisition Corp., Expires 12/31/2049		41,417		4,562
Alset Capital Acquisition Corp., Expires 12/31/2049		26,594		2,127
Arisz Acquisition Corp., Expires 05/01/2023		34,348		2,748
Aurora Technology Acquisition Corp., Expires 02/07/2028		63,578		5,086
Axios Sustainable Growth Acquisition Corp., Expires 12/31/2049		43,990		2,006
bleuacacia, Ltd., Expires 12/31/2049		201,609		24,072
Blue World Acquisition Corp., Expires 12/31/2049		46,604		5,255

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

	Shares		Fair Value
Broad Capital Acquisition Corp., Expires 10/25/2022		53,360	$	5,843
Clean Earth Acquisitions Corp., Expires 12/31/2049		99,174		14,410
ClimateRock, Expires 06/01/2027		23,557		1,946
Consilium Acquisition Corp. I, Ltd., Expires 06/01/2027		76,977		9,195
Deep Medicine Acquisition Corp., Expires 12/09/2022		15,116		2,378
Financial Strategies Acquisition Corp., Expires 03/31/2028		9,858		879
Fintech Ecosystem Development Corp., Expires 12/31/2028		54,704		5,470
Global Blockchain Acquisition Corp., Expires 12/31/2049		40,470		3,035
Globalink Investment, Inc., Expires 08/19/2023		4,837		485
Growth For Good Acquisition Corp., Expires 06/14/2023		75,556		9,422
GSR II Meteora Acquisition Corp., Expires 12/31/2049		7,459		11,077
Inception Growth Acquisition, Ltd., Expires 05/08/2023		7,394		682
Jaguar Global Growth Corp. I, Expires 12/31/2049		87,589		12,262
Jupiter Wellness Acquisition Corp., Expires 12/31/2049		18,463		1,702
Kairous Acquisition Corp. ltd, Expires 11/24/2023		13,555		1,152
Keyarch Acquisition Corp., Expires 07/25/2028		16,489		2,556
Metal Sky Star Acquisition Corp., Expires 12/31/2049		40,420		3,761
Mountain Crest Acquisition Corp. V, Expires 12/31/2049		8,917		714
NorthView Acquisition Corp., Expires 12/31/2049		38,482		4,185
QualTek Services, Inc., Expires 12/31/2049		73,592		9,567
Redwoods Acquisition Corp., Expires 12/31/2049		32,327		4,041
RF Acquisition Corp., Expires 12/31/2049		19,704		2,020
Sagaliam Acquisition Corp., Expires 12/31/2049		84,310		5,902
Welsbach Technology Metals Acquisition Corp., Expires 12/31/2049		29,572		2,403
Yotta Acquisition Corp., Expires 12/31/2049		47,369		3,790

TOTAL RIGHTS				182,938
(Cost $295,070)

SHORT TERM INVESTMENTS - 1.01%
JPMorgan US Treasury Plus Money Market Fund, 7 Day Yield 1.58%		3,821,220		3,821,220
BNY Mellon U.S. Treasury Fund, 7 Day Yield 1.31%^(h)		81,000		81,000

TOTAL SHORT TERM INVESTMENTS				3,902,220
(Cost $3,902,220)

Total Investments - 138.07%			$	534,465,979
(Cost $538,443,916)
Liabilities in Excess of Other Assets - (38.07)%			$	(147,376,186	)

Net Assets - 100.00%			$	387,089,793
Amounts above are shown as a percentage of net assets as of July 31, 2022.

^(a)	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 $17,341,619, which represented approximately 4.48% of net assets as of July 31, 2022. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.
^(b)	Security is in default as of period end and is therefore non-income producing.

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

^(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)	Represents a payment-in-kind (“PIK”) security which may pay interest/dividend in additional par/shares.
^(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 July 31, 2022, the aggregate market value of those securities was $3,753,290, which represents approximately 0.97% 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

PIK - Payment in-kind

Reference Rates:

1M US L - 1 Month LIBOR as of July 31, 2022 was 2.36%

3M US L - 3 Month LIBOR as of July 31, 2022 was 2.79%

6M US L - 6 Month LIBOR as of July 31, 2022 was 3.33%

CREDIT DEFAULT SWAP CONTRACTS - CENTRALLY CLEARED^(a)

Buy/Sell Protection^(a)	Single Name/ Index	Reference Obligations	Annual Payment Rate Received (Paid)	Currency	Maturity Date	Notional Amount^(b)	Value			Upfront Premiums Received/(Paid)			Unrealized Appreciation/ (Depreciation)
Buy	Single Name	RR Donnelley & Sons	(5.00)%	USD	12/20/26	3,845,000	$	(191,728	)	$	506,536		$	314,808
Sell	Index	Markit CDX North America High Yield Index, Series 37	5.00%	USD	12/20/26	49,500,000		1,168,002			(2,784,375	)		(1,616,373	)
Sell	Index	Markit CDX High Yield Index, Series 38	5.00%	USD	6/20/27	495,000		5,703			14,132			19,835
Sell	Single Name	Verizon Wireless	1.00%	USD	6/20/23	19,000,000		46,299			(28,509	)		17,790
							$	1,028,276		$	(2,292,216	)	$	(1,263,940	)

^(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.

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2022

FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Settlement Date	Fund Receiving	Value	Fund Delivering	Cost	Unrealized Appreciation/ (Depreciation)
JP Morgan Chase	05/31/22	EUR	1,195,874	USD	1,195,874	$	(57,597	)
JP Morgan Chase	05/31/22	USD	36,639	GBP	36,639	$	(197,776	)
						$	(255,373	)

Financial instruments, at fair value^(a)	Principal Amount / Quantity		Fair Value
CONTINGENT FORWARD PURCHASE CONTRACTS
Corporate Bonds
Leisure Facilities & Services
Selina Hospitality PLC, 6.000%, 06/27/2022	$	7,539,000	$	6,037,231
Total Corporate Bonds (Commitment $6,031,200)				6,037,231

Warrants
Leisure Facilities & Services
Selina Hospitality PLC, Strike $11.50		218,500		4,370
Total Warrants (Commitment $-)				4,370

Special Purpose Acquisition Company
Leisure Facilities & Services
BOA Acquisition Corp, Class B		56,543		44,104
Total Special Purpose Acquisition Companies (Commitment $-)				44,104
TOTAL CONTINGENT FORWARD PURCHASE CONTRACTS (Commitment $6,031,200)				6,085,705
TOTAL FINANCIAL INSTRUMENTS, AT FAIR VALUE (Commitment $6,031,200)			$	6,085,705

^(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.

Investments in Securities at fair value	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Corporate Bonds	$	–	$	61,550,562	$	–	$	61,550,562
Senior Loans		–		13,315,643		–		13,315,643
Common Stock		23,067,430		3,244,621		–		26,312,051
Convertible Corporate Bond		–		992,947		–		992,947
Closed End Funds		53,735,496		–		–		53,735,496
Special Purpose Acquisition Companies		364,268,665		–		297,335		364,566,000
Preferred Stock		99,720		305,969		2,219,500		2,625,189
Sovereign Debt Obligations		–		3,753,290		–		3,753,290
Unit Trust		1,709,185		–		–		1,709,185
Warrants		1,448,168		314,132		58,158		1,820,458
Rights		182,938		–		–		182,938
Short Term Investments		3,902,220		–		–		3,902,220
Total	$	448,413,822	$	83,477,164	$	2,574,993	$	534,465,979

Financial Instruments, at fair value

Level 1 -

Quoted Prices

Level 2 -

Significant

Observable
Inputs

Level 3 -

Significant

Unobservable
Inputs

Total

Contingent Forward Purchase Contracts

–

6,085,705

Total

–

6,085,705

Derivative contracts, at fair value	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Assets
Forward Foreign Currency Contracts		–		(255,373	)		–		(255,373	)
Credit Default Swaps	$	–	$	1,028,276		$	–	$	1,028,276
Total	$	–	$	772,903		$	–	$	772,903

Saba Capital Income & Opportunities Fund (BRW) NPORT-P/ASaba Capital Income & Opportunities Fund (Jul 2022 report)