Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

Share Name	Share Symbol	Market	Type
Saba Capital Income & Opportunities Fund	NYSE:BRW	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.038	0.49%	7.738	7.7699	7.70	7.73	43,730	00:00:00

Saba Capital Income & Opportunities Fund	Consolidated Schedule of Investments
	July 31, 2024

	Principal Amount		Fair Value
CORPORATE BONDS - 18.88%
Communications - 5.13%

Altice France Holding SA, 5.500%, 10/15/2029	$	2,644,000	$	1,867,325
Charter Communications Operating Capital, 3.500%, 03/01/2042		5,000,000		3,446,388
Clear Channel Outdoor Ho, 7.500%, 06/01/2029		4,000,000		3,450,000
CommScope Inc, 8.250%, 03/01/2027		699,000		484,931
CSC Holdings LLC, 3.375%, 02/15/2031		559,000		374,530
DISH Network Corp., 11.750%, 11/15/2027		2,570,000		2,574,819
Gray Television Inc., 7.000%, 05/15/2027		3,338,000		3,242,032
Level 3 Financing Inc., 10.500%, 05/15/2030		1,556,000		1,608,515
Level 3 Financing Inc., 3.875%, 10/15/2030		621,600		400,155
				17,448,695
Consumer Discretionary - 8.25%

Adtalem Global Education, Inc., 5.500%, 03/01/2028^(a)		4,195,000		4,084,881
RR Donnelley & Sons Company, 9.750%, 07/31/2028^(a)		1,397,000		1,498,282
RR Donnelley & Sons Company, 9.500%, 08/01/2029^(a)		13,203,000		13,335,030
RR Donnelley & Sons Company, 10.975%, 08/01/2029^(a)		8,802,000		8,846,010
Selina Hospitality PLC, 6.000%, 11/01/2029^(a)		4,981,328		302,516
				28,066,719
Consumer Staples - 2.58%

Altria Group, Inc., 4.250%, 08/09/2042		10,614,000		8,771,330
				8,771,330
Financials - 1.57%

Morgan Stanley, 0.000% (Variable Rate), 04/30/2030^(h)		25,000		17,165
Morgan Stanley, 0.000% (Variable Rate), 07/31/2030^(h)		80,000		54,234
Morgan Stanley, 0.000% (Variable Rate), 10/30/2030^(h)		80,000		54,183
Morgan Stanley, 0.000% (Variable Rate), 09/26/2033^(h)		428,000		258,251
Morgan Stanley, 0.000% (Variable Rate), 10/31/2033^(h)		266,000		161,211
Morgan Stanley, 0.000% (Variable Rate), 02/28/2034^(h)		478,000		275,963
Morgan Stanley, 0.000% (Variable Rate), 03/31/2034^(h)		302,000		182,411
Morgan Stanley, 0.000% (Variable Rate), 04/30/2034^(h)		66,000		37,740
Morgan Stanley, 0.000% (Variable Rate), 05/30/2034^(h)		89,000		51,395
Morgan Stanley, 0.000% (Variable Rate), 06/30/2034^(h)		460,000		264,287
Morgan Stanley, 0.000% (Variable Rate), 07/31/2034^(h)		25,000		14,333
Morgan Stanley, 0.000% (Variable Rate), 08/29/2034^(h)		171,000		105,584
Morgan Stanley, 0.000% (Variable Rate), 09/30/2034^(h)		319,000		196,584
Morgan Stanley, 0.000% (Variable Rate), 10/08/2034^(h)		32,000		18,116
Morgan Stanley, 0.000% (Variable Rate), 10/31/2034^(h)		641,000		410,882
Morgan Stanley, 0.000% (Variable Rate), 11/28/2034^(h)		256,000		149,494
Morgan Stanley, 0.000% (Variable Rate), 01/30/2035^(h)		244,000		140,630
Morgan Stanley, 0.000% (Variable Rate), 02/27/2035^(h)		36,000		19,920
Morgan Stanley, 0.000% (Variable Rate), 03/31/2035^(h)		641,000		380,992
Morgan Stanley, 0.000% (Variable Rate), 02/29/2036^(h)		61,000		34,970
Morgan Stanley, 0.000% (Variable Rate), 04/28/2036^(h)		10,000		6,623
Morgan Stanley, 0.000% (Variable Rate), 06/30/2036^(h)		40,000		26,299
Morgan Stanley, 0.000% (Variable Rate), 08/31/2036^(h)		2,289,000		1,347,006
Morgan Stanley, 0.000% (Variable Rate), 09/30/2036^(h)		40,000		25,064
Morgan Stanley, 0.000% (Variable Rate), 11/29/2036^(h)		103,000		69,481
Morgan Stanley, 0.000% (Variable Rate), 01/31/2037^(h)		224,000		153,384

Quarterly Report | July 31, 2024

Saba Capital Income & Opportunities Fund	Consolidated Schedule of Investments
	July 31, 2024

	Principal Amount		Fair Value
Morgan Stanley, 0.000% (Variable Rate), 03/31/2037^(h)	$	747,000	$	496,444
Morgan Stanley, 0.000% (Variable Rate), 04/28/2037^(h)		40,000		27,133
Morgan Stanley, 0.000% (Variable Rate), 05/31/2037^(h)		25,000		14,988
Morgan Stanley, 0.000% (Variable Rate), 08/31/2037^(h)		58,000		36,055
UBS Group AG, 0.000% (Variable Rate), 07/31/2030^(h)		10,000		7,321
UBS Group AG, 0.000% (Variable Rate), 10/30/2030^(h)		420,000		311,220
				5,349,363
Materials - 0.26%

Cleveland-Cliffs Steel Corp., 7.000%, 03/15/2027		880,000		877,800

Real Estate - 0.99%

China Evergrande Group, 8.250%, 03/23/2022^(b)(e)		7,985,000		129,756
China Evergrande Group, 9.500%, 04/11/2022^(b)(e)		3,205,000		52,081
China Evergrande Group, 11.500%, 01/22/2023^(b)(e)		6,500,000		105,625
China Evergrande Group, 10.000%, 04/11/2023^(b)(e)		10,409,000		169,146
China Evergrande Group, 7.500%, 06/28/2023^(b)(e)		16,029,000		260,471
China Evergrande Group, 12.000%, 01/22/2024^(b)(e)		8,094,000		131,528
China Evergrande Group, 9.500%, 03/29/2024^(b)(e)		12,165,000		197,681
China Evergrande Group, 10.500%, 04/11/2024^(b)(e)		17,000,000		301,070
China Evergrande Group, 8.750%, 06/28/2025^(b)(e)		109,833,000		2,020,927
				3,368,285
Technology - 0.10%

RRD Parent Inc., 10.000%, 10/15/2031^(a)		202,641		353,754
				353,754

TOTAL CORPORATE BONDS				64,235,946
(Cost $77,889,655)

	Principal Amount		Fair Value
SENIOR LOANS - 10.73%
Communication Services - 2.04%

Level 3 Financing Inc., Term B-1 Loan, TSFR1M + 6.560%, 04/15/2029		7,000,000		6,954,990
				6,954,990
Consumer Discretionary - 5.74%

24 Hour Fitness Worldwide, Inc., First Lien Term Loan, TSFR3M + 5.000%, 12/29/2025^(b)		298,690		126,446
Chinos Intermediate 2 LLC, Term Loan, TSFR3M + 8.000%, 09/10/2027		8,359,872		8,461,402
ClubCorp Holdings Inc., Term Loan, TSFR1M + 5.000%, 09/18/2026		6,118,029		3,682,797
NPC International, Inc., Second Lien Term Loan, 3M US L + 7.500%, 04/18/2025⁽ⁱ⁾		605,000		-
The GEO Group, Inc., Term B Loan, TSFR1M + 5.250%, 04/18/2029		217,250		221,867
Wok Holdings Inc., First Lien Term Loan, TSFR3M + 6.500%, 03/01/2026		7,105,475		7,032,502
				19,525,014

Saba Capital Income & Opportunities Fund	Consolidated Schedule of Investments
	July 31, 2024

	Principal Amount		Fair Value
Consumer Staples - 0.41%

Moran Foods LLC, First Lien Term Loan, TSFR3M + 7.250%, 06/30/2026	$	927,417	$	718,749
Moran Foods LLC, First Lien A&R 2023 FLFO PIK Term Loan, TSFR3M +7.250%, 06/30/2026⁽ⁱ⁾		500,990		-
Moran Foods LLC, First Lien A&R 2023 FLSO PIK Term Loan, TSFR3M + 7.250%, 12/31/2026		919,177		666,403
				1,385,152
Industrials - 0.98%

Multi-Color Corp., Term Loan, TSFR1M + 5.000%, 10/29/2028		3,427,423		3,332,450
				3,332,450
Information Technology - 1.53%

Diebold Nixdorf Inc., Term Loan, TSFR1M + 7.550%, 08/11/2028		5,040,000		5,218,517

Materials - 0.03%

CPC Acquisition Corp., Second Lien Term Loan, TSFR3M + 7.750%, 12/29/2028		175,000		105,220

TOTAL SENIOR LOANS				36,521,343
(Cost $37,497,916)

	Principal Amount		Fair Value
CONVERTIBLE CORPORATE BOND - 0.05%
Communications - 0.05%

Altice France Holding SA, 8.000%, 05/15/2027		429,000		158,117

TOTAL CONVERTIBLE CORPORATE BOND				158,117
(Cost $173,597)

	Principal Amount		Fair Value
SOVEREIGN DEBT OBLIGATIONS - 3.03%
Sovereign - 3.03%

Lebanese Republic International Bond, 6.150%, 06/19/2020^(b)		21,159,000		1,534,028
Ukraine Government International Bond, 7.750%, 09/01/2025^(b)(e)		6,883,000		2,563,918
Ukraine Government International Bond, 7.750%, 09/01/2026^(b)(e)		369,000		128,228
Ukraine Government International Bond, 7.750%, 09/01/2027^(b)(e)		29,000		9,679
Ukraine Government International Bond, 6.750%, 06/20/2028^(b)(e)		805,000		262,409
Ukraine Government International Bond, 7.750%, 09/01/2028^(b)(e)		3,337,000		1,113,724
Ukraine Government International Bond, 7.750%, 09/01/2029^(b)(e)		10,741,000		3,584,809
Ukraine Government International Bond, 9.750%, 11/01/2030^(b)(e)		3,228,000		1,129,800

TOTAL SOVEREIGN DEBT OBLIGATIONS				10,326,595
(Cost $10,373,034)

Quarterly Report | July 31, 2024

Saba Capital Income & Opportunities Fund	Consolidated Schedule of Investments
	July 31, 2024

	Principal Amount		Fair Value
MORTGAGE-BACKED SECURITIES - 1.13%
Federal National Mortgage Association (FNMA) - 1.13%

FNMA, Series 427, Class C20, 2.000%, 02/25/2051	$	7,035,962	$	932,780
FNMA, Series 437, Class C8, 2.500%, 06/25/2052		5,866,109		927,183
FNMA, Series 428, Class C15, 3.000%, 07/25/2052		2,336,262		417,286
FNMA, Series 429, Class C5, 3.000%, 10/25/2052		8,457,765		1,563,802

TOTAL MORTGAGE-BACKED SECURITIES				3,841,051
(Cost $3,493,180)

	Shares		Fair Value
COMMON STOCK - 8.57%
Commercial Services - 0.07%

Travel Port Technology Ltd.		69		254,653

Communication Services - 2.92%

Baidu Inc.		19,222		1,702,493
Bumble Inc.		321,000		2,998,140
Trump Media & Technology Group^(c)(f)		34,903		698,060
Weibo Corp		586,434		4,527,270
				9,925,963
Consumer Discretionary - 0.26%

24 Hour Fitness Worldwide^(f)		306,005		1,530
Arbe Robotics, Ltd.^(f)		118,198		250,580
Everyware Global^(c)(i)		43,777		-
Next.e.GO NV⁽ⁱ⁾		5,788		-
Pinduoduo Inc.		4,127		531,930
Polestar Automotive Holding UK PLC		116,694		85,805
				869,845
Consumer Staples - 0.01%

Benson Hill Inc^(f)		3,906		25,780
Moran Foods LLC^(c)(i)		3,699,885		-
				25,780
Energy - 0.07%

Granite Ridge Resources Inc.		33,264		227,858

Financials - 1.46%

Cannae Holdings Inc.		234,418		4,714,146
Compass Diversified Holdings		10,111		243,271
				4,957,417
Health Care - 0.31%

Arbutus Biopharma Corp		155,610		586,650
Compass Pathways PLC^(f)		61,188		466,864
				1,053,514
Industrials - 0.69%

Harvey Gulf Intl. Marine		24,044		769,408
The GEO Group, Inc.^(f)		109,403		1,586,344
				2,355,752

Saba Capital Income & Opportunities Fund	Consolidated Schedule of Investments
	July 31, 2024

	Shares		Fair Value
Information Technology - 0.48%

CommScope Holding Co Inc.		179,822	$	465,739
SCHMID Group NV		4,456		20,097
Unisys Corp.		91,580		435,921
Vertex Inc.		18,815		746,015
				1,667,772
Materials - 0.73%

Covia Holdings		169,353		2,483,900

Real Estate - 0.75%

Star Holdings^(f)		188,549		2,535,984

Technology - 0.60%

Bitcoin Depot Inc.^(f)		4,449		7,519
Pagseguro Digital, Ltd.^(f)		160,067		2,045,656
				2,053,175
Utilities - 0.22%

Longview Power LLC		61,813		741,756

TOTAL COMMON STOCK				29,153,369
(Cost $26,959,828)

	Shares		Fair Value
CLOSED END FUNDS - 27.70%
Alternative - 3.52%

BlackRock ESG Capital Allocation Trust		410,267		7,159,159
Destra Multi-Alternative Fund^(f)		56,768		476,284
VGI Partners Global Investments, Ltd.		3,459,204		4,343,318
				11,978,761
Equity - 13.76%

Aberdeen Global Dynamic Dividend Fund		634		6,346
Aberdeen Japan Equity Fund, Inc.		46,838		289,927
abrdn Emerging Markets Equity Income Fund, Inc.		865		4,584
abrdn Healthcare Investors^(f)		22,254		413,257
abrdn Life Sciences Investors^(f)		37,835		581,524
abrdn Standard Global Infrastructure Income Fund		9,471		180,423
Adams Diversified Equity Fund, Inc.		41,702		895,759
ASA Gold and Precious Metals Ltd.		163,658		3,129,141
BlackRock Health Services Term Trust		19,805		316,088
BlackRock Innovation & Growth Trust		330,506		2,435,829
BlackRock Science & Technology Trust II		9,706		182,861
ClearBridge Energy Midstream Opportunity Fund, Inc.		11,304		453,856
ClearBridge Energy MLP Total Return Fund Inc.		1,625		65,422

Quarterly Report | July 31, 2024

Saba Capital Income & Opportunities Fund	Consolidated Schedule of Investments
	July 31, 2024

	Shares		Fair Value
Fidelity Emerging Markets Ltd.		932,297	$	8,490,245
GAMCO Natural Resources Gold & Income Trust		17,606		98,594
Hearts and Minds Investments, Ltd.		836,372		1,493,160
Japan Smaller Capitalization Fund, Inc.		7,794		62,820
Kayne Anderson Energy Infrastructure Fund, Inc.		15,410		161,805
Korea Fund, Inc.		7,117		178,772
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund^(f)		64		507
MainStay CBRE Global Infrastructure Megatrends Term Fund		74,080		1,003,043
MFF Capital Investments, Ltd.		3,069,685		7,748,638
Miller/Howard High Dividend Fund		293,928		3,424,261
Neuberger Berman MLP & Energy Income Fund, Inc.		126,422		1,015,169
Neuberger Berman Next Generation Connectivity Fund, Inc.		165,408		2,027,902
Nuveen Real Asset Income and Growth Fund		19		239
Pengana International Equities, Ltd.		4,054,812		2,903,548
Platinum Capital, Ltd.		484,988		467,808
Principal Real Estate Income Fund		51,187		536,440
Taiwan Fund, Inc.		3,223		135,882
Tortoise Energy Independence Fund, Inc.		16,435		581,432
Tortoise Energy Infrastructure Fund, Inc.		13,232		464,443
Tortoise Midstream Energy Fund, Inc.		50,952		2,218,960
Tortoise Pipeline & Energy Fund, Inc.		7,027		248,475
Voya Emerging Markets High Dividend Equity Fund		55,342		300,507
Voya Infrastructure Industrials and Materials Fund		20,690		218,486
WAM Global Ltd.		2,542,816		3,724,836
WCM Global Growth, Ltd.		363,186		361,008
				46,821,997
Fixed Income - 5.84%

AllianceBernstein National Municipal Income Fund		396		4,459
BlackRock California Municipal Income Trust		173,997		2,093,184
BlackRock MuniHoldings California Quality Fund, Inc.		7,592		84,651
BlackRock MuniHoldings New Jersey Quality Fund, Inc.		2,851		32,986
BlackRock MuniHoldings New York Quality Fund, Inc.		1,803		19,418
BlackRock MuniHoldings Quality Fund II		310		3,240
BlackRock MuniVest Fund II Inc.		141		1,556
BlackRock MuniYield Michigan Quality Fund, Inc.		3,169		36,792
BlackRock MuniYield New York Quality Fund, Inc.		344		3,640
BlackRock MuniYield Pennsylvania Quality Fund, Inc.		4,708		58,144
BlackRock New York Municipal Income Trust		2,297		24,601
BlackRock Virginia Municipal Bond Trust		97		1,078
BNY Mellon Municipal Income, Inc.		6,580		47,639
BNY Mellon Strategic Municipal Bond Fund, Inc.		200		1,198
Brookfield Real Assets Income Fund, Inc.		831		10,761
DWS Municipal Income Trust		4,327		41,972
DWS Strategic Municipal Income Trust		228		2,271
Eaton Vance California Municipal Bond Fund		59,833		576,192
Eaton Vance California Municipal Income Trust		14,728		161,419
Eaton Vance New York Municipal Bond Fund		144,910		1,427,364

Saba Capital Income & Opportunities Fund	Consolidated Schedule of Investments
	July 31, 2024

	Shares		Fair Value
Ellsworth Growth and Income Fund, Ltd.		85,672	$	737,636
Federated Hermes Premier Municipal Income Fund		15,998		184,777
Invesco California Value Municipal Income Trust		311		3,290
Invesco Municipal Opportunity Trust		20		202
Invesco Pennsylvania Value Municipal Income Trust		11,626		126,258
Invesco Trust for Investment Grade New York Municipals		17,462		195,225
MFS High Income Municipal Trust		2,068		7,755
MFS High Yield Municipal Trust		13,452		47,620
MFS Investment Grade Municipal Trust		10,724		86,435
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		309,203		1,490,358
Neuberger Berman Municipal Fund, Inc.		1,548		17,105
New America High Income Fund, Inc.		27,003		203,603
Nuveen AMT-Free Quality Municipal Income Fund		191		2,202
Nuveen Arizona Quality Municipal Income Fund		1		12
Nuveen California Quality Municipal Income Fund		28,591		331,370
Nuveen Core Plus Impact Fund		196,587		2,276,477
Nuveen Massachusetts Quality Municipal Income Fund		516		5,759
Nuveen Municipal Credit Income Fund		125		1,579
Nuveen New Jersey Quality Municipal Income Fund		92,993		1,176,361
Nuveen New York Quality Municipal Income Fund		492		5,584
Nuveen Pennsylvania Quality Municipal Income Fund		71,523		894,038
Nuveen Variable Rate Preferred and Income Fund		20		376
PIMCO Energy & Tactical Credit Opportunities Fund		239,738		5,499,590
Pioneer Municipal High Income Advantage Fund, Inc.		961		8,236
Pioneer Municipal High Income Fund, Inc.		108,304		1,001,812
Pioneer Municipal High Income Opportunities Fund, Inc.		22,790		272,340
Tortoise Power and Energy Infrastructure Fund, Inc.		36,023		593,839
Western Asset Intermediate Muni Fund, Inc.		3,785		30,091
Western Asset Managed Municipals Fund, Inc.		2,464		25,995
				19,858,490
Mixed Allocation - 4.58%

BlackRock Capital Allocation Trust		67,260		1,103,064
Ecofin Sustainable and Social Impact Term Fund		37,011		455,605
Nuveen Multi-Asset Income Fund		404,273		5,340,446
Pershing Square Holdings, Ltd.		175,609		8,701,426
Voya Global Advantage and Premium Opportunity Fund		98		915
				15,601,456

TOTAL CLOSED END FUNDS				94,260,704
(Cost $79,243,611)

	Shares		Fair Value
INVESTMENT TRUSTS - 6.10%
Alternative - 3.28%

Bitwise 10 Crypto Index Fund^(g)(f)		312,202		11,175,302

Quarterly Report | July 31, 2024

Saba Capital Income & Opportunities Fund	Consolidated Schedule of Investments
	July 31, 2024

	Shares		Fair Value
Equity - 2.81%

BlackRock Smaller Companies Trust PLC		71,210	$	1,464,699
Henderson Opportunities Trust		558,280		1,614,812
Herald Investment Trust PLC^(f)		2,610		75,997
Schroder British Opportunities Trust PLC^(f)		1,453,746		1,499,757
Schroder UK Mid Cap Fund PLC		570,790		4,916,302
The European Smaller Companies Turst PLC		2,626		6,347
				9,577,914

Mixed Allocation - 0.01%

Aberdeen Diversified Income and Growth Trust PLC		7,080		4,096
Citadel Income Fund		7,319		13,041
				17,137

TOTAL INVESTMENT TRUSTS				20,770,353
(Cost $11,176,450)

	Shares		Fair Value
PREFERRED STOCK - 1.14%
Consumer Discretionary - 0.33%

HAAT Delivery Ltd. Preferred Seed-1^(c)(f)		64,188		1,138,695

Entertainment Facilities - 0.00%^(d)

24 Hour Fitness Worldwide, Inc.^(f)		407,959		10,199

Technology - 0.20%

Xtend Reality Expansion Ltd.^(c)		775,774		663,627

Transportation - 0.61%

G-ILS Transportation Ltd. Preferred B-3 Shares^(c)(f)		1,332		2,076,588

TOTAL PREFERRED STOCK				3,889,109
(Cost $4,373,063)

	Fair Value
PARTICIPATION AGREEMENT - 0.00%^(d)

Caesars Entertainment, Inc (Covid Insurance Claim)^(c)(f)(g)(i)		-

TOTAL PARTICIPATION AGREEMENT		-
(Cost $2,320,000)

	Fair Value
PRIVATE FUNDS - 13.43%

Alternative Capital Investments Fund III LP		3,457,200
Stone Ridge Opportunities Fund Feeder LP^(f)		42,253,137

TOTAL PRIVATE FUNDS		45,710,337
(Cost $32,984,200)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2024

	Shares		Fair Value
UNIT TRUST - 3.88%

Grayscale Ethereum Classic Trust^(g)(f)		1,268,046	$	13,187,678

TOTAL UNIT TRUST				13,187,678
(Cost $8,807,642)

	Shares		Fair Value
SPECIAL PURPOSE ACQUISITION COMPANIES - 0.21%

Deezer SA^(f)		8,179		16,464
Fat Projects Acquisition Corp., Class B^(c)(f)(i)		4,886		-
GP-Act III Acquisition Corp., Class A^(c)		30,730		123
Graf Global Corp.^(c)(g)		20,960		84
Mercer Park Opportunities Corp		70,314		706,656
Nogin, Inc.^(f)		11,264		451

TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES				723,778
(Cost $1,200,984)

	Contracts		Fair Value
WARRANTS - 0.16%

10X Capital Venture Acquisition Corp. III, Expires 12/31/2027, Strike Price $11.50		55,754		463
A SPAC II Acquisition Corp., Expires 05/03/2027, Strike Price $11.50		34,421		964
Achari Ventures Holdings Corp. I, Expires 08/05/2026, Strike Price $11.50		38,384		942
Agrinam Acquisition Corp., Expires 06/30/2027, Strike Price $11.50		19,798		99
Airship AI Holdings Inc., Expires 12/31/2028, Strike Price $11.50		14,696		5,878
Allurion Technologies Inc., Expires 08/02/2030, Strike Price $11.50		16,492		2,474
Alternus Clean Energy Inc., Expires 02/24/2028, Strike Price $11.50		49,587		1,983
Anew Medical Inc., Expires 06/21/2029, Strike Price $11.50		32,327		2,266
APx Acquisition Corp. I, Expires 08/19/2028, Strike Price $11.50		3,981		657
Armada Acquisition Corp. I, Expires 08/13/2026, Strike Price $11.50		19		2
Arverne Group SA, Expires 06/16/2026, Strike Price $11.50		33,822		5,491
Athena Technology Acquisition Corp. II, Expires 10/17/2028, Strike Price $11.50		36,968		1,059
Atlantic Coastal Acquisition Corp. II, Expires 06/02/2028, Strike Price $11.50		80,774		4,846
Ault Disruptive Technologies Corp., Expires 06/20/2028, Strike Price $11.50		18,483		1,626
Aura FAT Projects Acquisition Corp., Expires 06/02/2027, Strike Price $11.50		58,439		1,683
Battery Future Acquisition Corp., Expires 05/26/2028, Strike Price $11.50		36,968		989
Bellevue Life, Sciences Acquisi, Expires 02/10/2028, Strike Price $11.50		14,638		582
BenevolentAI, Expires 06/30/2026, Strike Price $11.50		7,014		76
Benson Hill Inc., Expires 03/25/2027, Strike Price $11.50^(c)		187,607		9,337
Bitcoin Depot Inc., Expires 07/03/2028, Strike Price $11.50		116,268		5,802
BitFuFu Inc., Expires 06/07/2028, Strike Price $11.50		30,476		14,324
Bleuacacia, Ltd., Expires 10/30/2026, Strike Price $11.50		100,804		2,697
Blockchain Coinvestors Acquisition Corp. I, Expires 11/01/2028, Strike Price $11.50		93,986		7,228
Blue Ocean Acquisition Corp., Expires 10/21/2028, Strike Price $11.50		16,257		260
Borealis Foods Inc, Expires 08/26/2026, Strike Price $11.50		20,287		1,219
Brand Engagement Network Inc., Expires 03/14/2029, Strike Price $11.50		25,249		3,037
BurTech Acquisition Corp., Expires 12/18/2026, Strike Price $11.50		19,696		5,119
Cactus Acquisition Corp. 1, Ltd., Expires 02/18/2072, Strike Price $11.50		21,180		1,008
Canna-Global Acquisition Corp., Expires 02/09/2028, Strike Price $11.50		154,766		1,408
Capitalworks Emerging Markets Acquisition Corp., Expires 04/27/2028, Strike Price $11.50		69,120		3,560
Captivision Inc., Expires 11/16/2028, Strike Price $11.50		43,794		1,496
Cardio Diagnostics Holdings, Inc., Expires 12/01/2026, Strike Price $11.50		19,933		602
Carmell Therapeutics Corp., Expires 07/12/2028, Strike Price $11.50		3,816		343
CARTESIAN GROWTH Corp. II, Expires 07/12/2028, Strike Price $11.50		5,984		419
Cartica Acquisition Corp., Expires 04/30/2028, Strike Price $11.50		74,354		14,120

Quarterly Report | July 31, 2024

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2024

	Contracts		Fair Value
CERo Therapeutics Holdings Inc., Expires 02/14/2029, Strike Price $11.50		21,939	$	807
CF Acquisition Corp. VII, Expires 03/15/2026, Strike Price $11.50		4,928		419
Chain Bridge I, Expires 12/31/2028, Strike Price $11.50		33,367		334
Churchill Capital Corp. VII, Expires 02/29/2028, Strike Price $11.50		26,731		9,620
ClimateRock, Expires 06/01/2027, Strike Price $11.50		11,778		356
Concord Acquisition Corp. II, Expires 12/31/2028, Strike Price $11.50		25,741		2,703
Conduit Pharmaceuticals Inc, Expires 02/03/2027, Strike Price $11.50		51,468		1,392
Consilium Acquisition Corp. I, Ltd., Expires 06/01/2027, Strike Price $11.50		38,488		5,927
Corner Growth Acquisition Corp., Expires 12/31/2027, Strike Price $11.50		41,045		8,619
Critical Metals Corp, Expires 06/06/2028, Strike Price $11.50		43,590		14,548
Deezer, SA, Expires 06/07/2027, Strike Price $11.50		95,238		52
Denali Capital Acquisition Corp., Expires 04/07/2027, Strike Price $11.50		27,621		1,312
DIH Holdings US Inc., Expires 02/07/2028, Strike Price $11.50		63,578		3,223
Distoken Acquisition Corp., Expires 03/30/2028, Strike Price $11.50		5,841		95
DUET Acquisition Corp., Expires 07/19/2028, Strike Price $11.50		5,996		149
Engene Holdings Inc., Expires 08/28/2028, Strike Price $11.50		6,044		8,159
EVe Mobility Acquisition Corp., Expires 05/12/2028, Strike Price $11.50		27,110		2,277
Everest Consolidator Acquisition Corp., Expires 07/19/2028, Strike Price $11.50		50,492		4,491
Evergreen Corp., Expires 02/15/2027, Strike Price $11.50		70,092		3,501
ExcelFin Acquisition Corp., Expires 10/25/2028, Strike Price $11.50		22,349		894
FG Acquisition Corp., Expires 04/05/2030, Strike Price $11.50		25,263		25,516
FG Merger Corp., Expires 05/15/2028, Strike Price $11.50		1,112		557
Finnovate Acquisition Corp., Expires 09/30/2026, Strike Price $11.50		71,462		936
Fintech Ecosystem Development Corp., Expires 12/31/2028, Strike Price $11.50		27,352		566
flyExclusive Inc, Expires 05/28/2028, Strike Price $11.50		27,981		16,509
Fortune Rise Acquisition Corp., Expires 12/06/2027, Strike Price $11.50		15,616		547
Four Leaf Acquisition Corp., Expires 05/12/2028, Strike Price $11.50		3,750		178
FTAC Emerald Acquisition Corp., Expires 08/22/2028, Strike Price $11.50		23,822		3,573
Future Health ESG Corp., Expires 09/09/2026, Strike Price $11.50		37,402		2,104
FutureTech II Acquisition Corp., Expires 02/16/2027, Strike Price $11.50		48,383		1,749
GCT Semiconductor Holding Inc., Expires 12/31/2028, Strike Price $11.50		54,452		8,712
Genesis Growth Tech Acquisition Corp., Expires 05/19/2028, Strike Price $11.50		6,030		60
Global Blockchain Acquisition Corp., Expires 05/10/2027, Strike Price $11.50		40,470		913
Global Technology Acquisition Corp. I, Expires 07/13/2026, Strike Price $11.50		23,734		2,670
Globalink Investment, Inc., Expires 12/03/2026, Strike Price $11.50		14,771		591
Gores Holdings IX, Inc., Expires 01/14/2029, Strike Price $11.50		40,512		3,650
GP-Act III Acquisition Corp., Expires 01/25/2029, Strike Price $11.50^(c)		38,411		38,411
GP-Act III Acquisition-A, Expires 05/09/2029, Strike Price $11.50		42,413		6,574
Graf Global Corp., Expires 01/25/2029, Strike Price $11.50^(c)(g)		26,200		26,200
Graphjet Technology, Expires 11/16/2026, Strike Price $11.50		45,714		1,509
Healthcare AI Acquisition Corp., Expires 12/14/2026, Strike Price $11.50		18,681		968
HHG Capital Corp., Expires 12/31/2027, Strike Price $11.50		17,425		256
HNR Acquisition Corp., Expires 07/29/2028, Strike Price $11.50		44,874		3,478
Holdco Nuvo Group DG Ltd., Expires 05/01/2029, Strike Price $11.50		63,179		1,741
Hwh International Inc., Expires 02/02/2027, Strike Price $11.50		13,297		641
Inception Growth Acquisition, Ltd., Expires 10/15/2026, Strike Price $11.50		2,402		228
InFinT Acquisition Corp., Expires 05/19/2027, Strike Price $11.50		55,058		446
Integrated Rail and Resources Acquisition Corp., Expires 11/12/2026, Strike Price $11.50		48,874		2,444
Integrated Wellness Acquisition Corp., Expires 10/31/2028, Strike Price $11.50		1,475		38
Investcorp Europe Acquisition Corp. I, Expires 11/23/2028, Strike Price $11.50		24,645		1,232
Investcorp India Acquisition Corp., Expires 06/28/2027, Strike Price $11.50		37,472		1,360
Iris Acquisition Corp., Expires 03/05/2026, Strike Price $11.50		27,683		1,938
Israel Acquisitions Corp., Expires 02/28/2028, Strike Price $11.50		8,683		382
IX Acquisition Corp., Expires 11/24/2026, Strike Price $11.50		112		10
Jaws Mustang Acquisition Corp., Expires 01/30/2026, Strike Price $11.50		19,820		1,070

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2024

	Contracts		Fair Value
Kairous Acquisition Corp. Ltd, Expires 09/15/2026, Strike Price $11.50		6,746	$	41
Kernel Group Holdings, Inc., Expires 01/31/2027, Strike Price $11.50		1,326		199
LatAmGrowth SPAC, Expires 01/25/2028, Strike Price $11.50		37,849		19,492
LeddarTech Holdings Inc., Expires 12/21/2028, Strike Price $11.50		21,521		549
Liberty Resources Acquisition Corp., Expires 10/31/2028, Strike Price $11.50		22,928		736
Lifezone Metals Ltd., Expires 07/05/2028, Strike Price $11.50		49,986		39,864
Metal Sky Star Acquisition Corp., Expires 04/01/2027, Strike Price $11.50		40,420		461
Montana Technologies Corporation, Expires 03/15/2029, Strike Price $11.50		43,480		43,480
Mountain & Co. I Acquisition Corp., Expires 11/04/2026, Strike Price $11.50		62,660		4,198
Murano Global BV, Expires 06/14/2028, Strike Price $11.50		10,493		1,442
New Horizon Aircraft Ltd., Expires 04/03/2028, Strike Price $11.50		11,690		327
New Providence Acquisition Corp. II, Expires 12/31/2027, Strike Price $11.50		21,526		861
NewGenIvf Group Ltd., Expires 05/21/2027, Strike Price $11.50⁽ⁱ⁾		1		-
Nogin Inc., Expires 08/26/2027, Strike Price $11.50		8,372		72
NorthView Acquisition Corp., Expires 08/02/2027, Strike Price $11.50		19,197		959
Nova Vision Acquisition Corp., Expires 12/31/2028, Strike Price $11.50		31,088		622
Nvni Group Ltd., Expires 11/01/2028, Strike Price $11.50		15,665		744
Onyx Acquisition Co. I, Expires 11/30/2028, Strike Price $11.50		24,790		496
Papaya Growth Opportunity Corp. I, Expires 12/31/2028, Strike Price $11.50		76,584		1,930
Patria Latin American Opportunity Acquisition Corp., Expires 03/10/2027, Strike Price $11.50		46,145		1,957
Pearl Holdings Acquisition Corp., Expires 12/15/2026, Strike Price $11.50		18,484		974
Perception Capital Corp IV., Expires 11/10/2026, Strike Price $11.50		31,463		2,751
Pinstripes Holdings Inc., Expires 09/30/2028, Strike Price $11.50		45,560		5,069
Pono Capital Two, Inc., Expires 09/23/2027, Strike Price $11.50		9,738		915
PowerUp Acquisition Corp., Expires 02/18/2027, Strike Price $11.50		70,545		4,233
Psyence Biomedical Ltd., Expires 01/25/2029, Strike Price $11.50		30,398		450
QT Imaging Holdings Inc., Expires 12/31/2028, Strike Price $11.50		3,954		135
Relativity Acquisition Corp., Expires 02/11/2027, Strike Price $11.50		45,142		2,126
RF Acquisition Corp., Expires 05/01/2028, Strike Price $11.50		19,704		590
Rigel Resource Acquisition Corp., Expires 11/05/2026, Strike Price $11.50		22,493		7,985
Roadzen Inc., Expires 11/30/2028, Strike Price $11.50		55,430		4,642
Ross Acquisition Corp. II, Expires 02/12/2026, Strike Price $11.50		28,225		2,546
Selina Hospitality PLC, Expires 10/25/2027, Strike Price $11.50		218,500		1,311
Semilux Ltd., Expires 04/28/2027, Strike Price $11.50^(c)		400		23
ShoulderUp Technology Acquisition Corp., Expires 11/17/2026, Strike Price $11.50		94,845		3,215
SMX Security Matters PLC, Expires 03/07/2028, Strike Price $11.50		36,580		391
Solidion Technology Inc., Expires 11/16/2026, Strike Price $11.50		29,262		3,804
Southport Acquisition Corp., Expires 05/24/2028, Strike Price $11.50		6,161		270
Spectaire Holdings Inc., Expires 12/31/2028, Strike Price $11.50		58,258		1,998
Spree Acquisition Corp. 1, Ltd., Expires 12/22/2028, Strike Price $11.50		20,337		584
Spring Valley Acquisition Corp. II, Expires 02/25/2026, Strike Price $11.50		13,573		543
SpringBig Holdings, Inc., Expires 06/14/2027, Strike Price $11.50		24,279		126
Swiftmerge Acquisition Corp., Expires 06/17/2028, Strike Price $11.50		132		10
Syntec Optics Holdings Inc., Expires 11/08/2026, Strike Price $11.50		31,515		4,688
Target Global Acquisition I Corp., Expires 12/31/2027, Strike Price $11.50		18,073		2,756
Technology & Telecommunication Acquisition Corp., Expires 02/15/2027, Strike Price $11.50		52,993		1,855

Quarterly Report | July 31, 2024

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2024

	Contracts		Fair Value
TKB Critical Technologies 1, Expires 10/20/2026, Strike Price $11.50		48,884	$	271
TLGY Acquisition Corp., Expires 01/14/2028, Strike Price $11.50		68,311		3,416
Toyo Co LTD., Expires 01/10/2029, Strike Price $11.50		23,302		1,864
United Homes Group, Inc., Expires 01/28/2028, Strike Price $11.50		9,922		6,715
Valuence Merger Corp. I, Expires 03/01/2027, Strike Price $11.50		60,778		2,662
Vast Solar Pty Ltd., Expires 06/29/2028, Strike Price $11.50		87,846		6,852
Verde Clean Fuels, Inc., Expires 12/31/2027, Strike Price $11.50		327		72
Vision Sensing Acquisition Corp., Expires 10/21/2026, Strike Price $11.50		49,182		1,662
Volato Group Inc., Expires 12/03/2028, Strike Price $11.50		20,757		270
VSee Health Inc., Expires 11/02/2026, Strike Price $11.50		17,198		1,723
Western Acquisition Ventures Corp., Expires 01/12/2027, Strike Price $11.50		29,980		956
Yotta Acquisition Corp., Expires 03/15/2027, Strike Price $11.50		47,369		1,184
Zapata Computing Holdings Inc., Expires 03/23/2028, Strike Price $11.50		24,523		1,469
Zapp Electric Vehicles Group L, Expires 03/03/2028, Strike Price $11.50		11,642		302
Zeo Energy Corp., Expires 03/14/2029, Strike Price $11.50		61,117		4,202
Zoomcar Holdings Inc., Expires 07/01/2028, Strike Price $11.50		71,433		936
Zooz Power Ltd., Expires 01/24/2027, Strike Price $11.50		24,350		1,461
ZyVersa Therapeutics Inc., Expires 12/20/2026, Strike Price $11.50		7,100		497

TOTAL WARRANTS				539,628
(Cost $1,879,177)

	Contracts		Fair Value
RIGHTS - 0.02%

A SPAC II Acquisition Corp., Expires 12/31/2049		68,843		5,163
Agrinam Acquisition Corp., Expires 12/31/2049		19,798		99
Bellevue Life Sciences Acquisition Corp., Expires 03/16/2073		14,638		1,848
bleuacacia, Ltd., Expires 12/31/2049		201,609		10,625
Broad Capital Acquisition Corp., Expires 03/02/2072		53,360		8,004
ClimateRock, Expires 06/01/2027		23,557		2,356
Consilium Acquisition Corp. I, Ltd., Expires 06/01/2027		69,644		9,663
Distoken Acquisition Corp., Expires 11/18/2024		5,841		693
Fintech Ecosystem Development Corp., Expires 12/31/2028		54,704		6,745
Global Blockchain Acquisition Corp., Expires 12/31/2049		40,470		2,975
Globalink Investment, Inc., Expires 12/23/2071		4,837		855
Inception Growth Acquisition, Ltd., Expires 01/21/2072		7,394		994
Kairous Acquisition Corp. ltd, Expires 01/20/2072		13,555		1,688
Mars Acquisition Corp., Expires 03/14/2073		10,247		2,562
Metal Sky Star Acquisition Corp., Expires 12/31/2049		40,420		3,638
Mountain Crest Acquisition Corp. V, Expires 12/31/2049		8,917		1,129
NorthView Acquisition Corp., Expires 12/31/2049		38,482		3,944
RF Acquisition Corp., Expires 12/31/2049		19,704		2,158
Sagaliam Acquisition Corp., Expires 12/31/2049		84,310		4,422
Spring Valley Acquisition Corp. II, Expires 02/25/2026		27,147		3,258
Welsbach Technology Metals Acquisition Corp., Expires 12/31/2049		29,572		3,552
Yotta Acquisition Corp., Expires 12/31/2049		29,452		4,126

TOTAL RIGHTS				80,497
(Cost $155,360)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2024

	Contracts		Fair Value
OPTIONS^(j) - 1.92%
Put Option Contracts - 1.92%

S&P 500 Index, Expires 09/20/2024, Strike Price $5,215		63	$	194,985
S&P 500 Index, Expires 09/20/2024, Strike Price $5,235		62		226,238
S&P 500 Index, Expires 09/20/2024, Strike Price $5,240		69		238,947
S&P 500 Index, Expires 09/20/2024, Strike Price $5,245		43		167,270
S&P 500 Index, Expires 09/20/2024, Strike Price $5,250		21		72,870
S&P 500 Index, Expires 09/20/2024, Strike Price $5,255		21		74,340
S&P 500 Index, Expires 09/20/2024, Strike Price $5,270		21		77,658
S&P 500 Index, Expires 09/20/2024, Strike Price $5,290		9		35,865
S&P 500 Index, Expires 09/20/2024, Strike Price $5,295		21		83,265
S&P 500 Index, Expires 09/20/2024, Strike Price $5,300		207		849,114
S&P 500 Index, Expires 09/20/2024, Strike Price $5,320		25		109,075
S&P 500 Index, Expires 09/20/2024, Strike Price $5,355		121		613,833
S&P 500 Index, Expires 10/18/2024, Strike Price $5,275		41		210,781
S&P 500 Index, Expires 10/18/2024, Strike Price $5,340		57		384,750
S&P 500 Index, Expires 10/18/2024, Strike Price $5,375		58		433,260
S&P 500 Index, Expires 10/18/2024, Strike Price $5,405		72		558,720
S&P 500 Index, Expires 10/18/2024, Strike Price $5,410		25		197,500
S&P 500 Index, Expires 10/18/2024, Strike Price $5,415		40		391,600
S&P 500 Index, Expires 10/18/2024, Strike Price $5,430		43		377,110
S&P 500 Index, Expires 10/18/2024, Strike Price $5,445		22		191,840
S&P 500 Index, Expires 10/18/2024, Strike Price $5,450		21		202,650
S&P 500 Index, Expires 10/18/2024, Strike Price $5,465		44		399,080
S&P 500 Index, Expires 10/18/2024, Strike Price $5,475		11		111,144
S&P 500 Index, Expires 10/18/2024, Strike Price $5,395		45		340,200
				6,542,095

TOTAL OPTIONS				6,542,095
(Premiums paid $10,681,208)

	Shares		Fair Value
MONEY MARKET FUNDS - 2.26%

BNY Mellon U.S. Treasury Fund, 7 Day Yield, 4.940%^(g)		108		108
JPMorgan US Treasury Plus Money Market Fund, 7 Day Yield, 5.190%		7,653,428		7,653,428

TOTAL MONEY MARKET FUNDS				7,653,536
(Cost $7,653,536)

Total Investments in securities - 99.21%				337,594,136
(Cost $316,862,441)

INVESTMENT IN AFFILIATED FUND

	Shares		Fair Value
CLOSED END FUND - 0.25%
Fixed Income - 0.25%

Saba Capital Income & Opportunities Fund II		100,532		843,463

Total Investment in affiliated fund - 0.25%				843,463
(Cost $837,677)

Other Assets in Excess of Liabilities - 0.54%				1,835,090

NET ASSETS - 100.00%			$	340,272,689
Amounts above are shown as a percentage of net assets as of July 31, 2024.

Quarterly Report | July 31, 2024

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2024

SCHEDULE OF SECURITIES SOLD SHORT
	Principal Amount			Fair Value
SOVEREIGN DEBT OBLIGATIONS - (45.13%)
Sovereign - (45.13%)

United States Treasury, 4.500%, 05/31/2029	$	(40,859,000	)	$	(41,905,215	)
United States Treasury, 4.250%, 06/30/2029		(56,897,000	)		(57,712,670	)
United States Treasury, 4.000%, 02/15/2034		(45,728,000	)		(45,619,931	)
United States Treasury, 4.000%, 02/15/2034		(8,090,000	)		(8,313,265	)

TOTAL SOVEREIGN DEBT OBLIGATIONS					(153,551,081	)
(Proceeds $151,017,720)

	Shares			Fair Value
COMMON STOCK - (11.2%)
Communications - (0.61%)

Airbnb Inc.^(f)		(61	)		(8,513	)
Alphabet, Inc.^(f)		(256	)		(43,914	)
Delivery Hero SE^(a)(f)		(2,989	)		(66,282	)
DoorDash Inc.^(f)		(2,486	)		(275,250	)
Meta Platforms, Inc.^(f)		(562	)		(266,854	)
NetEase Inc.		(2,396	)		(220,696	)
Netflix, Inc.^(f)		(85	)		(53,410	)
Pinterest Inc.^(f)		(2,480	)		(79,236	)
ROBLOX Corp.		(3,555	)		(147,604	)
Spotify Technology SA.^(f)		(361	)		(124,162	)
System1 Inc		(82,786	)		(112,589	)
Uber Technologies Inc.^(f)		(602	)		(38,811	)
Upwork Inc.^(f)		(19,049	)		(230,874	)
Zillow Group Inc.^(f)		(8,516	)		(414,729	)
					(2,082,924	)
Consumer Discretionary - (0.96%)

Alibaba Group Holding, Ltd.^(f)		(37	)		(2,917	)
Amazon.com, Inc.^(f)		(3,858	)		(721,369	)
Brembo NV		(5,840	)		(65,479	)
Chegg Inc.		(14,927	)		(50,901	)
Cie Financiere Richemont SA		(776	)		(118,467	)
CTS Eventim AG & Co. KGaA		(378	)		(33,300	)
Ferrari N.V.^(f)		(137	)		(56,582	)
JD.com Inc.^(f)		(3,742	)		(98,751	)
Lowe's Cos Inc.		(5,483	)		(1,263,696	)
MercadoLibre Inc.^(f)		(289	)		(482,312	)
NIO Inc.^(f)		(3,787	)		(16,814	)
Pinduoduo Inc.		(1,036	)		(133,530	)
Rivian Automotive, Inc.^(f)		(911	)		(14,950	)
Sanlorenzo SpA/Ameglia		(8	)		(326	)
Tesla, Inc.^(f)		(331	)		(76,815	)
Wayfair Inc.^(f)		(1,942	)		(105,703	)
Zalando SE^(a)(f)		(731	)		(18,789	)
					(3,260,701	)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2024

	Shares			Fair Value
Consumer Staples - (0.1%)

Heineken Holding NV		(2,528	)	$	(186,317	)
Heineken NV		(1,749	)		(155,252	)
HelloFresh SE^(f)		(2,395	)		(15,044	)
					(356,613	)
Electric-Generation - (0.00%)^(d)

Constellation Energy Corp.		(15	)		(2,847	)

Electric-Integrated - (0.05%)
AES Corp.		(966	)		(17,185	)
Ameren Corp.		(169	)		(13,397	)
DTE Energy Co.		(277	)		(33,387	)
Duke Energy Corp.		(184	)		(20,106	)
NextEra Energy, Inc.		(918	)		(70,126	)
Xcel Energy, Inc.		(43	)		(2,506	)
					(156,707	)
Electricity Networks - (0.02%)

CenterPoint Energy, Inc.		(1,383	)		(38,378	)
Eversource Energy		(54	)		(3,505	)
PPL Corp.		(922	)		(27,402	)
					(69,285	)
Energy - (3.49%)

Antero Midstream Corp.		(22,615	)		(324,751	)
Archrock, Inc.		(598	)		(12,397	)
Chesapeake Energy Corp.		(817	)		(62,362	)
Civitas Resources, Inc.		(386	)		(26,927	)
ConocoPhillips		(489	)		(54,377	)
DT Midstream, Inc.		(6,253	)		(471,226	)
Enbridge, Inc.		(9,217	)		(344,941	)
Energy Transfer LP		(104,290	)		(1,696,798	)
EnLink Midstream LLC		(12,763	)		(174,470	)
Enterprise Products Partners LP		(43,801	)		(1,264,097	)
EQT Corp.		(1,158	)		(39,963	)
Exxon Mobil Corp.		(2,195	)		(260,305	)
Genesis Energy LP		(1,072	)		(14,944	)
Kinder Morgan, Inc.		(9,040	)		(191,015	)
Marathon Oil Corp.		(1,727	)		(48,442	)
MPLX LP		(17,554	)		(751,662	)
Neste Oyj		(1,283	)		(25,910	)
Occidental Petroleum Corp.		(508	)		(30,897	)
ONEOK Inc.		(8,647	)		(720,555	)
Pembina Pipeline Corp.		(3,934	)		(152,470	)
Plains All American Pipeline LP		(23,149	)		(421,080	)
Plains GP Holdings LP		(34,856	)		(665,750	)
Targa Resources Corp.		(6,974	)		(943,443	)
TC Energy Corp.		(13,910	)		(590,594	)
Western Midstream Partners LP		(17,660	)		(722,647	)
Williams Cos., Inc.		(43,155	)		(1,853,076	)
					(11,865,099	)

Quarterly Report | July 31, 2024

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2024

	Shares			Fair Value
Financials - (0.19%)

BFF Bank SpA.^(a)		(12,822	)	$	(145,011	)
Credicorp Ltd.^(f)		(961	)		(163,985	)
Deutsche Boerse AG		(301	)		(61,503	)
Paysafe Ltd		(12,479	)		(261,934	)
Van Lanschot Kempen N.V.		(8	)		(346	)
					(632,779	)
Health Care - (1.05%)

10X Genomics Inc.^(f)		(2,482	)		(51,303	)
Alnylam Pharmaceuticals, Inc.^(f)		(5,010	)		(1,189,675	)
Bayer AG		(687	)		(20,357	)
Denali Therapeutics Inc.^(f)		(556	)		(13,550	)
DexCom Inc.		(908	)		(61,581	)
Exact Sciences Corp.^(f)		(6,763	)		(308,934	)
Genmab A/S		(376	)		(106,604	)
GRAIL Inc		(20	)		(308	)
Illumina, Inc.		(121	)		(14,835	)
Merck & Co Inc.		(1,304	)		(147,522	)
Moderna, Inc.^(f)		(835	)		(99,549	)
Novocure Ltd.^(f)		(8,253	)		(187,921	)
Novo Nordisk A/S		(6,106	)		(809,839	)
PACIRA BIOSCIENCES INC.		(4,237	)		(87,494	)
Progyny Inc.^(f)		(4,555	)		(128,451	)
Recursion Pharmaceuticals Inc.^(f)		(6,087	)		(49,913	)
STAAR Surgical Co.		(7,346	)		(303,022	)
					(3,580,858	)
Industrials - (1.65%)

Aalberts Industries NV.^(f)		(1,110	)		(42,406	)
Aerovironment Inc.^(f)		(312	)		(55,704	)
Alight Inc		(193,568	)		(1,465,310	)
Arcadis NV.		(127	)		(9,065	)
Axon Enterprise, Inc.^(f)		(1,884	)		(565,219	)
Bravida Holding AB^(a)		(3,360	)		(27,155	)
Dayforce Inc		(5,544	)		(328,648	)
Deere & Co.		(261	)		(97,087	)
Dun & Bradstreet Holdings Inc		(254,908	)		(2,773,399	)
Generac Holdings, Inc.		(46	)		(7,161	)
Hexpol AB.^(f)		(4,048	)		(45,246	)
Interpump Group SpA		(248	)		(10,763	)
Prysmian SpA^(f)		(338	)		(23,243	)
TKH Group NV		(1,725	)		(75,422	)
Trelleborg AB		(507	)		(18,833	)
Watsco Inc.		(110	)		(53,844	)
					(5,598,505	)
Renewable Energy Generation - (0.02%)

Atlantica Sustainable Infrastructure PLC		(81	)		(1,790	)
NextEra Energy Partners LP		(1,951	)		(49,848	)
					(51,638	)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2024

	Shares			Fair Value
Technology - (3.06%)

Adyen NV^(a)(f)		(54	)	$	(66,074	)
Appian Corp.^(f)		(264	)		(9,752	)
Apple, Inc.		(16,104	)		(3,576,376	)
Arista Networks Inc.^(f)		(296	)		(102,579	)
ASML Holding NV		(598	)		(550,432	)
BE Semiconductor Industries NV		(1,112	)		(143,393	)
Blackline Inc.^(f)		(815	)		(38,729	)
Cloudflare, Inc.^(f)		(2,965	)		(229,788	)
CoStar Group Inc.^(f)		(2,236	)		(174,453	)
Crowdstrike Holdings Inc.^(f)		(112	)		(25,980	)
Datadog Inc.^(f)		(1,033	)		(120,283	)
Descartes Systems Group, Inc.		(313	)		(31,834	)
Doximity Inc.^(f)		(4,288	)		(120,064	)
Duolingo Inc.^(f)		(1,314	)		(225,929	)
Fabrinet.^(f)		(51	)		(11,249	)
HashiCorp Inc.		(5,297	)		(178,774	)
HubSpot, Inc.		(16	)		(7,952	)
Infineon Technologies AG		(999	)		(34,797	)
Infosys Ltd.		(8,959	)		(198,263	)
MarketAxess Holdings, Inc.		(1,305	)		(291,707	)
MasterCard Inc.		(1,187	)		(550,424	)
Melexis NV		(2,272	)		(198,062	)
Microsoft Corp.		(55	)		(23,009	)
MongoDB Inc.^(f)		(83	)		(20,946	)
Monolithic Power Systems Inc.		(120	)		(103,571	)
NVIDIA Corp.		(2,440	)		(285,529	)
Palo Alto Networks, Inc.		(43	)		(13,963	)
Pegasystems Inc.		(933	)		(65,049	)
Relx Plc		(1,872	)		(88,211	)
Salesforce Inc.^(f)		(239	)		(61,853	)
ServiceNow, Inc.^(f)		(9	)		(7,330	)
Shopify Inc.^(f)		(4,755	)		(291,204	)
Snowflake Inc.		(1,175	)		(153,196	)
SPS Commerce Inc.^(f)		(240	)		(51,701	)
Super Micro Computer, Inc.^(f)		(236	)		(165,589	)
Taiwan Semiconductor Manufacturing Co., Ltd.		(8,638	)		(1,432,180	)
Varonis Systems Inc.		(1,416	)		(78,064	)
Visa Inc.		(1,978	)		(525,495	)
Workday, Inc.^(f)		(817	)		(185,557	)
					(10,439,341	)

TOTAL COMMON STOCK					(38,097,297	)
(Proceeds $33,780,206)

	Shares			Fair Value
EXCHANGE TRADED FUNDS - (4.59%)

Grayscale Bitcoin Mini Trust^(f)		(270,301	)		(1,564,962	)
Grayscale Bitcoin Trust^(f)		(270,301	)		(14,074,573	)

TOTAL EXCHANGE TRADED FUNDS					(15,639,535	)
(Proceeds $16,365,772)

Quarterly Report | July 31, 2024

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2024

	Shares			Fair Value
PREFERRED STOCK - (0.01%)
Materials - (0.01%)

Fuchs Petrolub SE^(f)		(1,103	)	$	(47,940	)

TOTAL PREFERRED STOCK					(47,940	)
(Proceeds $46,964)

Total Securities Sold Short - (60.93%)					(207,335,853	)
(Proceeds $201,210,662)

^(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 $28,097,162, which represented approximately 8.26% of net assets as of July 31, 2024. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.
^(b)	Security is in default as of year-end and is therefore non-income producing.
^(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, 2024, the aggregate market value of those securities was $12,160,852, which represents approximately 3.57% 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)	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, 2024, the current coupon rate for these notes is 0.0%.
⁽ⁱ⁾	At July 31, 2024, the value of these investments amounted to $0, representing 0.0% of the net assets of the Fund.
^(j)	At July 31, 2024, 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

LIBOR - London Interbank Offered 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, 2024 was 3.89%

OBFR - United States Overnight Bank Funding Rate as of July 31, 2024 was 5.32%

SOFR - Secured Overnight Financing Rate as of July 31, 2024 was 5.34%

3M US L - 3 Month LIBOR as of July 31, 2024 was 5.59%

TSFR1M - CME Term SOFR 1 Month as of July 31, 2024 was 5.32%

TSFR3M - CME Term SOFR 3 Month as of July 31, 2024 was 5.33%

SONIA- Sterling Overnight Index Average as of July 31, 2024 was 5.20%

PRIME - United States Prime Rate as of July 31, 2024 was 8.50%

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

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2024

SIMPLE AGREEMENT FOR FUTURE EQUITY (SAFE) CONTRACTS

	Cost		Fair Value
AEYE Health Inc.^(a)(b)	$	1,000,000	$	1,185,470
BeeHero Ltd.^(a)(b)		321,841		321,841
Quantalx Neuroscience Ltd.^(a)(b)		3,000,000		3,000,540
Real View Imaging Ltd.^(a)(b)		2,250,000		2,599,920
	$	6,571,841	$	7,107,771

^(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.
^(b)	Non-income producing security.

FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Settlement Date	Fund Receiving		Value		Fund Delivering		Cost		Unrealized Appreciation
JPM	09/05/2024		USD	$	22,508,691		AUD	$	21,862,322	$	646,369
JPM	08/12/2024		USD		1,526,055		EUR		1,515,859		10,196
JPM	09/05/2024		USD		1,620,765		GBP		1,607,492		13,273
JPM	09/05/2024		GBP		5,143,976		USD		5,086,150		57,826
										$	727,664

Counterparty	Settlement Date	Fund Receiving		Value		Fund Delivering		Cost		Unrealized Depreciation
JPM	09/05/2024		USD	$	23,408,361		GBP	$	23,688,007	$	(279,646	)
										$	(279,646	)
										$	448,018

FUTURES CONTRACTS

Description	Number of Contracts			Maturity Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Short Position Contracts

US 5YR NOTE (CBT) Sep24		(174	)	09/30/2024	$	18,672,596	$	(100,372	)
NASDAQ 100 E-MINI Sep24		(36	)	09/30/2024		14,363,537		319,757
S&P500 EMINI FUT Sep24		(175	)	09/30/2024		48,148,207		(484,293	)
							$	(264,908	)

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

Counterparty	Description	Maturity Date	Notional Amount		Net Unrealized Appreciation/ (Depreciation)
MSCO	FNCL 5.5 9/23	09/12/2024	$	264,602,000	$	2,113,715
MSCO	FNCL 6 9/23	09/12/2024		105,628,000		431,176
					$	2,544,891

Quarterly Report | July 31, 2024

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2024

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)		Value			Upfront Premiums Received/(Paid)		Unrealized Appreciation/ (Depreciation)
Sell	CSC Holdings, LLC		5.00	%	USD	06/20/2028	$	800,000	$	(313,505	)	$	298,000	$	(15,505	)
Buy	R.R. Donnelley & Sons Company		(5.00	)%	USD	06/20/2028		2,434,000		(87,515	)		153,219		65,704
Buy	R.R. Donnelley & Sons Company		(5.00	)%	USD	06/20/2029		6,468,000		(97,421	)		629,074		531,653
									$	(498,441	)	$	1,080,293	$	581,852

INDEX CREDIT DEFAULT SWAP CONTRACTS (CENTRALLY CLEARED)

Buy/Sell Protection^(a)	Reference Obligations	Annual Payment Rate Received (Paid)			Currency	Maturity Date	Notional Amount^(b)		Value			Upfront Premiums Received/(Paid)			Unrealized Appreciation/ (Depreciation)
Buy	Markit CDX High Yield Index, Series 42		(5.00	)%	USD	06/20/2029	$	17,392,600	$	(1,582,171	)	$	1,160,816		$	(421,355	)
Buy	Markit iTraxx Europe Subordinated Financials Index, Series 39		(1.00	)%	USD	06/20/2028		45,000,000		(297,500	)		(2,626,045	)		(2,923,545	)
									$	(1,879,671	)	$	(1,465,229	)	$	(3,344,900	)

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)		Value			Upfront Premiums Received/(Paid)			Unrealized Appreciation/ (Depreciation)
Sell	BARC	AT&T Inc.		1.00	%	USD	06/20/2025	$	2,249,000	$	16,359		$	(11,224	)	$	5,135
Sell	GSI	AT&T Inc.		1.00	%	USD	12/20/2024		7,090,000		28,520			(34,619	)		(6,099	)
Sell	GSI	Bristol-Myers Squibb Company		1.00	%	USD	12/20/2027		10,000,000		246,314			(268,823	)		(22,509	)
Sell	MSCS	Bristol-Myers Squibb Company		1.00	%	USD	12/20/2027		10,000,000		246,314			(257,109	)		(10,795	)
Sell	MSCS	Bristol-Myers Squibb Company		1.00	%	USD	06/20/2029		14,307,000		413,622			(449,191	)		(35,569	)
Sell	GSI	British American Tobacco p.l.c.		1.00	%	EUR	12/20/2027		1,541,000		19,122			(7,104	)		12,018
Buy	JPM	CommScope, Inc.		(5.00	)%	USD	06/20/2027		589,000		129,118			(212,888	)		(83,770	)
Sell	BARC	Dish DBS Corp.		5.00	%	USD	12/20/2026		1,156,000		(439,919	)		468,180			28,261
Sell	GSI	International Business Machines Corporation		1.00	%	USD	12/20/2027		20,642,000		493,822			(395,100	)		98,722
Sell	BARC	International Business Machines Corporation		1.00	%	USD	12/20/2027		10,000,000		239,232			(202,764	)		36,468
Sell	GSI	International Business Machines Corporation		1.00	%	USD	06/20/2027		1,000		22			(19	)		3
Sell	BARC	International Business Machines Corporation		1.00	%	USD	12/20/2028		3,675,000		100,016			(81,859	)		18,157
Sell	BARC	NextEra Energy Capital Holdings, Inc.		1.00	%	USD	06/20/2028		4,306,000		73,222			(22,659	)		50,563
Sell	GSI	Pfizer Inc.		1.00	%	USD	12/20/2027		9,152,000		232,596			(228,364	)		4,232
Sell	MSCS	Pfizer Inc.		1.00	%	USD	12/20/2027		7,325,000		186,163			(178,314	)		7,849
Sell	GSI	Pfizer, Inc.		1.00	%	USD	12/20/2028		15,802,000		462,739			(438,142	)		24,597
Buy	BARC	R.R. Donnelley & Sons Company		(5.00	)%	USD	06/20/2029		6,755,000		(101,743	)		687,973			586,230
Buy	GS	R.R. Donnelley & Sons Company		(5.00	)%	USD	06/20/2029		113,000		(1,702	)		10,902			9,200
Sell	GSI	The Procter & Gamble Company		1.00	%	USD	12/20/2027		6,951,000		185,645			(176,001	)		9,644
Sell	MSCS	The Sherwin-Williams Company		1.00	%	USD	12/20/2027		1,436,000		33,120			(3,082	)		30,038
Sell	MSCS	The Southern Company		1.00	%	USD	06/20/2026		847,000		12,913			(14,141	)		(1,228	)
Buy	BARC	Unisys Corporation		(5.00	)%	USD	06/20/2028		286,000		(1,070	)		(38,292	)		(39,362	)
Sell	MSCS	UnitedHealth Group Incorporated		1.00	%	USD	12/20/2027		15,248,000		386,085			(335,362	)		50,723
Sell	MSCS	Verizon Communications Inc.		1.00	%	USD	06/20/2028		3,181,000		61,137			(2,900	)		58,237
Sell	MSCS	Verizon Communications Inc.		1.00	%	USD	12/20/2027		7,000,000		126,292			4,885			131,177

										$	3,147,939		$	(2,186,017	)	$	961,922

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2024

^(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.

INDEX CREDIT DEFAULT SWAPTION CONTRACTS (CENTRALLY CLEARED)

Payer/ Receiver^(a)	Reference Obligations	Strike Price		Currency		Expiry Date	Notional Amount		Value			Upfront Premiums (Received)/Paid			Unrealized Appreciation/ (Depreciation)
Payer	Markit CDX High Yield Index, Series 42, Payer Option		105.00		USD	10/16/2024	$	35,559,000	$	(204,418	)	$	(384,495	)	$	180,077
Payer	Markit CDX High Yield Index, Series 42, Payer Option		104.50		USD	10/16/2024		46,802,000		(219,199	)		(567,474	)		348,275
									$	(423,617	)	$	(951,969	)	$	528,352

^(a)

If the Fund is a payer in the credit default swaption, the Fund has the right to enter into the underlying credit default swap where the Fund pays premiums and, if the Fund is a receiver in the credit default swaption, the Fund has the right to enter into the underlying credit default swap where the Fund receives premiums.

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

Aberdeen Diversified Income and Growth Trust

GBP

55,574

10/31/2024

SONIA

40 bps

55,206

(368

)

JPM

Aberdeen New India Investment Trust PLC

GBP

882,212

10/31/2024

SONIA

40 bps

897,613

15,401

JPM

Abrdn UK Smaller Cos Growth Trust PLC

GBP

2,144,087

10/31/2024

SONIA

40 bps

2,185,161

41,074

JPM

Baillie Gifford European Growth Trust PLC

GBP

493,804

10/31/2024

SONIA

40 bps

504,848

11,044

JPM

Baillie Gifford UK Growth Trust PLC

GBP

4,711,010

10/31/2024

SONIA

40 bps

4,789,966

78,956

JPM

Baillie Gifford US Growth Trust PLC

GBP

9,524,383

10/31/2024

SONIA

40 bps

9,612,031

87,648

JPM

Baker Steel Resources Trust, Ltd.

GBP

242,968

10/31/2024

SONIA

40 bps

242,968

JPM

BlackRock Smaller Companies Trust PLC

GBP

1,633,464

10/31/2024

SONIA

40 bps

1,641,672

8,208

JPM

Brown Advisory US Smaller Companies PLC

GBP

206,664

10/31/2024

SONIA

40 bps

208,145

1,481

JPM

CQS Natural Resources Growth and Income PLC

GBP

431,412

10/31/2024

SONIA

40 bps

427,933

(3,479

)

JPM

Edinburgh Worldwide Investment Trust PLC

GBP

17,147,672

10/31/2024

SONIA

40 bps

17,339,147

191,475

JPM

European Smaller Companies

GBP

5,673,672

10/31/2024

SONIA

40 bps

5,734,679

61,007

JPM

Henderson Opportunities Trust PLC

GBP

200,056

10/31/2024

SONIA

40 bps

202,760

2,704

JPM

Henderson Smaller Companies Inv Trust PLC

GBP

270,799

10/31/2024

SONIA

40 bps

273,895

3,096

JPM

Herald Investment Trust PLC

GBP

5,640,383

10/31/2024

SONIA

40 bps

5,754,715

114,332

JPM

JPMorgan European Discovery Trust PLC

GBP

39,889,744

10/31/2024

SONIA

40 bps

40,354,069

464,325

JPM

Keystone Positive Change Investment Trust PLC

GBP

2,810,446

10/31/2024

SONIA

40 bps

2,848,945

38,499

JPM

Mercantile Investment Trust PLC

GBP

5,769,608

10/31/2024

SONIA

40 bps

5,858,543

88,935

JPM

MFF Capital Investments, Ltd.

AUD

907,028

10/31/2024

RBACOR

45 bps

921,349

14,321

JPM

Middlefield Canadian Income PC

GBP

1,736

10/31/2024

SONIA

40 bps

1,752

JPM

Pengana International Equities, Ltd.

AUD

207,891

10/31/2024

RBACOR

45 bps

206,946

(945

)

JPM

River & Mercantile UK Micro Cap Inv Co Ltd

GBP

1,045,664

10/31/2024

SONIA

40 bps

1,031,496

(14,168

)

JPM

Schroder UK Mid Cap Fund PLC

GBP

158,279

10/31/2024

SONIA

40 bps

161,411

3,132

JPM

Schroders Capital Global

GBP

9,769

10/31/2024

SONIA

40 bps

9,769

JPM

Templeton EM Investment Trust PLC

GBP

2,986,644

10/31/2024

SONIA

40 bps

3,023,290

36,646

Quarterly Report | July 31, 2024

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2024

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

VGI Partners Global Investments, Ltd.

AUD

595,264

10/31/2024

RBACOR

45 bps

587,613

(7,651

)

JPM

WAM Global, Ltd.

AUD

386,451

10/31/2024

RBACOR

45 bps

388,184

1,733

Total Long Position Contracts

105,264,106

1,237,422

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	4imprint Group PLC		GBP		(523,799	)	10/31/2024	SONIA	(40) bps	$	(536,082	)	$	(12,283	)
JPM	Alpha Financial Markets Consulting PLC		GBP		(7,178	)	10/31/2024	SONIA	(40) bps		(7,164	)		14
JPM	Alpha Group International PLC		GBP		(89,087	)	10/31/2024	SONIA	(40) bps		(89,432	)		(345	)
JPM	Alten SA		EUR		(33,009	)	10/31/2024	ESTRON	(40) bps		(33,603	)		(594	)
JPM	Auction Technology Group PLC		GBP		(2,298	)	10/31/2024	SONIA	(40) bps		(2,372	)		(74	)
JPM	Balfour Beatty PLC		GBP		(85,106	)	10/31/2024	SONIA	(40) bps		(86,170	)		(1,064	)
JPM	Bellway PLC		GBP		(6,078	)	10/31/2024	SONIA	(40) bps		(6,116	)		(38	)
JPM	Big Technologies PLC		GBP		(1,028	)	10/31/2024	SONIA	(75) bps		(1,044	)		(16	)
JPM	BioMerieux		EUR		(35,388	)	10/31/2024	ESTRON	(40) bps		(35,316	)		72
JPM	Bloomsbury Publishing PLC		GBP		(53	)	10/31/2024	SONIA	(40) bps		(57	)		(4	)
JPM	Bytes Technology Group PLC		GBP		(71,320	)	10/31/2024	SONIA	(40) bps		(74,488	)		(3,168	)
JPM	Card Factory PLC		GBP		(834	)	10/31/2024	SONIA	(40) bps		(826	)		8
JPM	Central Asia Metals PLC		GBP		(2,821	)	10/31/2024	SONIA	(40) bps		(2,909	)		(88	)
JPM	Chemring Group PLC		GBP		(269,962	)	10/31/2024	SONIA	(40) bps		(282,947	)		(12,985	)
JPM	Clarkson PLC		GBP		(36,940	)	10/31/2024	SONIA	(40) bps		(37,603	)		(663	)
JPM	Computacenter PLC		GBP		(76,453	)	10/31/2024	SONIA	(40) bps		(77,900	)		(1,447	)
JPM	Conduit Holdings, Ltd.		GBP		(3,102	)	10/31/2024	SONIA	(40) bps		(3,187	)		(85	)
JPM	Crest Nicholson Holdings PLC		GBP		(40,298	)	10/31/2024	SONIA	(40) bps		(40,819	)		(521	)
JPM	CVS Group PLC		GBP		(32,417	)	10/31/2024	SONIA	(40) bps		(33,780	)		(1,363	)
JPM	Dassault Systemes SE		EUR		(42,951	)	10/31/2024	ESTRON	(40) bps		(43,686	)		(735	)
JPM	Diploma PLC		GBP		(529,035	)	10/31/2024	SONIA	(40) bps		(539,961	)		(10,926	)
JPM	DiscoverIE Group PLC		GBP		(4,462	)	10/31/2024	SONIA	(40) bps		(4,482	)		(20	)
JPM	Dunelm Group PLC		GBP		(300,067	)	10/31/2024	SONIA	(40) bps		(304,763	)		(4,696	)
JPM	Edenred		EUR		(22,697	)	10/31/2024	ESTRON	(40) bps		(23,173	)		(476	)
JPM	Elis SA		EUR		(84,934	)	10/31/2024	ESTRON	(40) bps		(85,173	)		(239	)
JPM	Esker SA		EUR		(6,591	)	10/31/2024	ESTRON	(40) bps		(6,591	)		-
JPM	Experian PLC		GBP		(130,848	)	10/31/2024	SONIA	(40) bps		(133,874	)		(3,026	)
JPM	Future PLC		GBP		(69,446	)	10/31/2024	SONIA	(40) bps		(71,357	)		(1,911	)
JPM	Games Workshop Group PLC		GBP		(122,209	)	10/31/2024	SONIA	(40) bps		(123,407	)		(1,198	)
JPM	Gamma Communications PLC		GBP		(4,429	)	10/31/2024	SONIA	(40) bps		(4,508	)		(79	)
JPM	Genus PLC		GBP		(160,186	)	10/31/2024	SONIA	(40) bps		(164,882	)		(4,696	)
JPM	Grafton Group PLC		GBP		(155,847	)	10/31/2024	SONIA	(75) bps		(160,026	)		(4,179	)
JPM	Grifols SA		EUR		(29,162	)	10/31/2024	ESTRON	(40) bps		(29,816	)		(654	)
JPM	Hollywood Bowl Group PLC		GBP		(330	)	10/31/2024	SONIA	(40) bps		(342	)		(12	)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

July 31, 2024

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	Hunting PLC		GBP		(21,643	)	10/31/2024	SONIA	(40) bps	$	(22,175	)	$	(532	)
JPM	IMI PLC		GBP		(128,747	)	10/31/2024	SONIA	(40) bps		(131,383	)		(2,636	)
JPM	Impax Asset Management Group PLC		GBP		(3,625	)	10/31/2024	SONIA	(40) bps		(3,684	)		(59	)
JPM	Inchcape PLC		GBP		(118,807	)	10/31/2024	SONIA	(40) bps		(119,089	)		(282	)
JPM	Intermediate Capital Group PLC		GBP		(317,248	)	10/31/2024	SONIA	(40) bps		(330,806	)		(13,558	)
JPM	IPSOS		EUR		(64,096	)	10/31/2024	ESTRON	(40) bps		(63,706	)		390
JPM	Kainos Group PLC		GBP		(16,386	)	10/31/2024	SONIA	(40) bps		(15,979	)		407
JPM	Kering SA		EUR		(62,787	)	10/31/2024	ESTRON	(40) bps		(63,120	)		(333	)
JPM	Man Group PLC		GBP		(162,731	)	10/31/2024	SONIA	(40) bps		(161,411	)		1,320
JPM	Morgan Advanced Materials PLC		GBP		(1,421	)	10/31/2024	SONIA	(40) bps		(1,449	)		(28	)
JPM	Morgan Sindall Group PLC		GBP		(19,053	)	10/31/2024	SONIA	(40) bps		(19,744	)		(691	)
JPM	Next Fifteen Communications		GBP		(228	)	10/31/2024	SONIA	(40) bps		(241	)		(13	)
JPM	Ocado Group PLC		GBP		(148,441	)	10/31/2024	SONIA	(40) bps		(139,177	)		9,264
JPM	Oxford Instruments PLC		GBP		(372,691	)	10/31/2024	SONIA	(40) bps		(385,754	)		(13,063	)
JPM	Oxford Nanopore Technologies PLC		GBP		(110,117	)	10/31/2024	SONIA	(40) bps		(104,990	)		5,127
JPM	Pagegroup PLC		GBP		(378	)	10/31/2024	SONIA	(40) bps		(389	)		(11	)
JPM	Polestar Automotive Holding UK PLC		USD		(512,504	)	10/31/2024	OBFR	(700) bps		(502,955	)		9,549
JPM	QinetiQ Group PLC		GBP		(318,557	)	10/31/2024	SONIA	(40) bps		(330,173	)		(11,616	)
JPM	Reach PLC		GBP		(106	)	10/31/2024	SONIA	(40) bps		(110	)		(4	)
JPM	Redrow PLC		GBP		(6,514	)	10/31/2024	SONIA	(40) bps		(6,540	)		(26	)
JPM	Samsung Electronics Co., Ltd.		USD		(89,121	)	10/31/2024	OBFR	(40) bps		(93,879	)		(4,758	)
JPM	Sartorius AG		EUR		(36,397	)	10/31/2024	ESTRON	(40) bps		(39,234	)		(2,837	)
JPM	Scout24 SE		EUR		(55,364	)	10/31/2024	ESTRON	(40) bps		(56,326	)		(962	)
JPM	SEB SA		EUR		(3,129	)	10/31/2024	ESTRON	(40) bps		(3,105	)		24
JPM	Senior PLC		GBP		(1,550	)	10/31/2024	SONIA	(40) bps		(1,569	)		(19	)
JPM	Soitec		EUR		(22,057	)	10/31/2024	ESTRON	(40) bps		(22,724	)		(667	)
JPM	Spie SA		EUR		(87,326	)	10/31/2024	ESTRON	(40) bps		(89,632	)		(2,306	)
JPM	SSP Group PLC		GBP		(105	)	10/31/2024	SONIA	(40) bps		(111	)		(6	)
JPM	Telecom Plus PLC		GBP		(58,426	)	10/31/2024	SONIA	(40) bps		(60,135	)		(1,709	)
JPM	Verallia SA		EUR		(47,242	)	10/31/2024	ESTRON	(40) bps		(48,454	)		(1,212	)
JPM	Vesuvius PLC		GBP		(26,620	)	10/31/2024	SONIA	(40) bps		(27,560	)		(940	)
JPM	Watches of Switzerland Group PLC		GBP		(91,810	)	10/31/2024	SONIA	(40) bps		(93,045	)		(1,235	)
JPM	WH Smith PLC		GBP		(8,620	)	10/31/2024	SONIA	(40) bps		(8,807	)		(187	)
JPM	Wise PLC		GBP		(20,780	)	10/31/2024	SONIA	(40) bps		(20,780	)		-
JPM	Workspace Group PLC		GBP		(152	)	10/31/2024	SONIA	(40) bps		(149	)		3
Total Short Position Contracts										$	(6,016,241	)	$	(101,097	)

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, 2024

Saba Capital Income & Opportunities Fund

Notes to Consolidated Financial Statements

July 31, 2024

The following table summarizes the valuation of the Fund’s financial instruments in accordance with the fair value hierarchy levels as of July 31, 2024. Refer to the portfolio 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	$	-	$	64,235,946	$	-	$	64,235,946
Senior Loans***		-		36,521,343		-		36,521,343
Convertible Corporate Bond		-		158,117		-		158,117
Sovereign Debt Obligations**		-		10,326,595		-		10,326,595
Mortgage-Backed Securities		-		3,841,051		-		3,841,051
Common Stock***		24,458,715		3,996,594		698,060		29,153,369
Closed End Funds		94,260,704		-		-		94,260,704
Investment Trusts		20,770,353		-		-		20,770,353
Preferred Stock		-		10,199		3,878,910		3,889,109
Private Funds*		-		-		-		45,710,337
Unit Trust		13,187,678		-		-		13,187,678
Special Purpose Acquisition Companies***		723,571		-		207		723,778
Warrants		430,588		35,069		73,971		539,628
Rights		80,497		-		-		80,497
Options		6,542,095		-		-		6,542,095
Money Market Funds		7,653,536		-		-		7,653,536
Total	$	168,107,737	$	119,124,914	$	4,651,148	$	337,594,136

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	$	843,463	$	-	$	-	$	843,463
Total	$	843,463	$	-	$	-	$	843,463

Securities Sold Short, at Fair Value	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Sovereign Debt Obligations**	$	153,551,081	$	-	$	-	$	153,551,081
Common Stock		38,097,297		-		-		38,097,297
Exchange Traded Funds		15,639,535		-		-		15,639,535
Preferred Stock		47,940		-		-		47,940
Total	$	207,335,853	$	-	$	-	$	207,335,853

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	$	-	$	-	$	7,107,771	$	7,107,771
Forward Foreign Currency Contracts		-		727,664		-		727,664
Futures Contracts		319,757		-		-		319,757
Over-the-Counter Credit Default Swaps		-		3,692,373		-		3,692,373
TBA MBS forward contracts		-		2,544,891		-		2,544,891
Total Return Swaps		-		1,290,209		-		1,290,209
Total Assets	$	319,757	$	8,255,137	$	7,107,771	$	15,682,665

Liabilities
Forward Foreign Currency Contracts	$	-	$	279,646	$	-	$	279,646
Futures Contracts		584,665		-		-		584,665
Centrally Cleared Credit Default Swaps		-		2,378,112		-		2,378,112
Over-the-Counter Credit Default Swaps		-		544,434		-		544,434
Centrally Cleared Credit Default Swaptions		-		423,617		-		423,617
Total Return Swaps		-		153,884		-		153,884
Total Liabilities	$	584,665	$	3,779,693	$	-	$	4,364,358

In accordance with ASC 820-10, investments that are measured at fair value using the NAV per share (or its equivalent) as a 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.

Investments classified in Level 1 include sovereign debt obligations issued by G10 countries. All other sovereign debt obligations are classified as Level 2.

***

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

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BRW Saba Capital Income & Opportunities Fund