Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Principal Amount		Fair Value
CORPORATE BONDS - 12.71%
Communications - 2.74%

Altice France Holding S.A., 6.875%, 07/15/2032^(b)	$	1,007,623	$	984,453
Clear Channel Outdoor Holdings, 7.500%, 06/01/2029^(b)		2,229,000		2,209,058
CSC Holdings LLC, 3.375%, 02/15/2031^(b)		559,000		333,661
DISH Network Corp., 11.750%, 11/15/2027^(b)		3,401,000		3,520,226
Level 3 Financing Inc., 3.875%, 10/15/2030^(b)		3,706,600		3,412,931
Level 3 Financing Inc., 8.500%, 01/15/2036^(b)(f)		695,000		712,643
				11,172,972
Consumer Discretionary - 5.37%

1261229 B.C. Ltd., 10.000%, 04/15/2032^(b)		3,045,000		3,128,324
Adtalem Global Education, Inc., 5.500%, 03/01/2028^(b)		4,195,000		4,192,196
Bath and Body Works Inc., 7.600%, 07/15/2037^(b)		2,684,000		2,676,658
Community Health Systems, Inc., 6.875%, 04/15/2029^(b)		344,000		316,740
Community Health Systems, Inc., 9.750%, 01/15/2034^(b)		3,308,000		3,451,426
RR Donnelley & Sons Co., 10.870%, 08/01/2029^(b)		3,126,000		3,214,536
RRD PARENT INC, 12.000%, 02/04/2030^(b)		303,000		360,001
Selina Hospitality, 6.000%, 11/01/2029^(f)		4,981,328		44,782
Six Flags Entertainment Corporation, 7.250%, 05/15/2031^(b)		1,875,000		1,852,365
Staples Inc., 10.750%, 09/01/2029^(b)		2,705,000		2,660,270
				21,897,298
Energy - 0.22%

1261229 B.C. Ltd., 10.000%, 04/15/2032^(b)		925,000		899,963
				899,963
Financials - 2.85%

Compass Group Diversified Holdings LLC, 5.250%, 04/15/2029^(b)		2,524,017		2,355,373
Morgan Stanley, 3.978% (Variable Rate), 04/30/2030⁽ⁱ⁾		25,000		21,354
Morgan Stanley, 5.304% (Variable Rate), 07/31/2030⁽ⁱ⁾		80,000		73,515
Morgan Stanley, 4.641% (Variable Rate), 10/30/2030⁽ⁱ⁾		80,000		69,258
Morgan Stanley, 2.604% (Variable Rate), 09/26/2033⁽ⁱ⁾		428,000		312,859
Morgan Stanley, 2.652% (Variable Rate), 10/31/2033⁽ⁱ⁾		266,000		193,148
Morgan Stanley, 2.652% (Variable Rate), 02/28/2034⁽ⁱ⁾		478,000		350,069
Morgan Stanley, 2.652% (Variable Rate), 03/31/2034⁽ⁱ⁾		302,000		226,323
Morgan Stanley, 2.652% (Variable Rate), 04/30/2034⁽ⁱ⁾		66,000		48,387
Morgan Stanley, 2.652% (Variable Rate), 05/30/2034⁽ⁱ⁾		89,000		60,243
Morgan Stanley, 3.315% (Variable Rate), 06/30/2034⁽ⁱ⁾		460,000		318,086
Morgan Stanley, 2.652% (Variable Rate), 07/31/2034⁽ⁱ⁾		25,000		18,699
Morgan Stanley, 3.315% (Variable Rate), 08/29/2034⁽ⁱ⁾		171,000		126,831
Morgan Stanley, 3.315% (Variable Rate), 09/30/2034⁽ⁱ⁾		88,000		66,071
Morgan Stanley, 4.641% (Variable Rate), 09/30/2034⁽ⁱ⁾		231,000		167,449
Morgan Stanley, 3.633% (Variable Rate), 10/08/2034⁽ⁱ⁾		32,000		23,456
Morgan Stanley, 4.641% (Variable Rate), 10/31/2034⁽ⁱ⁾		357,000		285,248
Morgan Stanley, 3.315% (Variable Rate), 10/31/2034⁽ⁱ⁾		284,000		213,510
Morgan Stanley, 4.641% (Variable Rate), 11/28/2034⁽ⁱ⁾		231,000		177,654
Morgan Stanley, 3.315% (Variable Rate), 11/28/2034⁽ⁱ⁾		25,000		18,778
Morgan Stanley, 5.304% (Variable Rate), 01/30/2035⁽ⁱ⁾		69,000		55,037
Morgan Stanley, 3.315% (Variable Rate), 01/30/2035⁽ⁱ⁾		175,000		128,003
Morgan Stanley, 3.226% (Variable Rate), 02/27/2035⁽ⁱ⁾		36,000		26,132
Morgan Stanley, 3.978% (Variable Rate), 03/31/2035⁽ⁱ⁾		641,000		466,715
Morgan Stanley, 6.630% (Variable Rate), 02/29/2036⁽ⁱ⁾		61,000		48,355
Morgan Stanley, 6.630% (Variable Rate), 04/28/2036⁽ⁱ⁾	$	10,000	$	8,277

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Principal Amount		Fair Value
Morgan Stanley, 6.630% (Variable Rate), 06/30/2036⁽ⁱ⁾	$	40,000	$	32,738
Morgan Stanley, 9.000% (Variable Rate), 08/31/2036⁽ⁱ⁾		2,289,000		2,027,903
Morgan Stanley, 9.000% (Variable Rate), 09/30/2036⁽ⁱ⁾		40,000		34,457
Morgan Stanley, 9.000% (Variable Rate), 11/29/2036^(f)(i)		103,000		92,560
Morgan Stanley, 9.000% (Variable Rate), 01/31/2037^(f)(i)		224,000		196,100
Morgan Stanley, 9.000% (Variable Rate), 03/31/2037^(f)(i)		747,000		641,197
Morgan Stanley, 9.000% (Variable Rate), 04/28/2037^(f)(i)		40,000		34,457
Morgan Stanley, 9.000% (Variable Rate), 05/31/2037^(f)(i)		25,000		21,879
Morgan Stanley, 9.000% (Variable Rate), 08/31/2037^(f)(i)		58,000		49,963
Procap Financial Inc., 0.000%,12/05/2028^(b)		2,200,000		2,134,000
UBS Group AG, 5.304% (Variable Rate), 07/31/2030⁽ⁱ⁾		10,000		8,567
UBS Group AG, 5.304% (Variable Rate), 10/30/2030⁽ⁱ⁾		420,000		366,050
UBS Group AG, 7.742% (Variable Rate), 01/29/2031⁽ⁱ⁾		67,000		56,774
UBS Group AG, 9.291% (Variable Rate), 04/29/2031⁽ⁱ⁾		58,000		51,579
				11,607,054
Health Care - 0.19%

CHS/Community Health Systems Inc., 6.125%, 04/01/2030^(b)		933,000		770,588
				770,588
Industrials - 0.61%

LABL Inc., 8.625%, 10/01/2031^(b)(f)		5,374,000		2,473,719
				2,473,719
Real Estate - 0.73%

China Evergrande Group, 8.250%, 03/23/2022^(a)(e)(f)		7,985,000		111,431
China Evergrande Group, 9.500%, 04/11/2022^(a)(e)(f)		3,205,000		45,729
China Evergrande Group, 11.500%, 01/22/2023^(a)(e)(f)		6,500,000		91,101
China Evergrande Group, 10.000%, 04/11/2023^(a)(e)(f)		11,180,001		157,204
China Evergrande Group, 7.500%, 06/28/2023^(a)(e)(f)		16,029,001		225,738
China Evergrande Group, 12.000%, 01/22/2024^(a)(e)(f)		8,094,001		114,983
China Evergrande Group, 9.500%, 03/29/2024^(a)(e)(f)		13,321,001		190,660
China Evergrande Group, 10.500%, 04/11/2024^(a)(e)(f)		17,000,001		241,788
China Evergrande Group, 8.750%, 06/28/2025^(a)(e)(f)		127,633,001		1,804,819
				2,983,453

TOTAL CORPORATE BONDS				51,805,047
(Cost $70,891,927)

	Principal Amount		Fair Value
SENIOR LOANS - 9.54%
Communications - 0.51%

Gogo Intermediate Holdings LLC, Initial Term Loan, TSFR6M + 3.750%, 04/30/2028		2,328,254		2,076,220
				2,076,220
Consumer Discretionary - 3.94%

AMC Entertainment, Term Loan, TSFR1M + 9.000%, 01/04/2029		4,134,414		4,115,541
J Crew Group LLC, Initial Term Loan, TSFR3M + 6.000%, 09/26/2031		10,314,184		8,249,181
NPC International, Inc., Second Lien Term Loan, 3M US L + 7.500%, 04/18/2025^(j)		605,000		-
Vortex Opco LLC, Term Loan, TSFR3M + 6.250%, 4/30/2030		3,436,000		3,686,828
				16,051,550
Consumer Staples - 0.36%

Moran Foods LLC, First Lien A&R 2023 FLFO PIK Term Loan, TSFR3M + 11.954%, 06/30/2026^(i)(j)		581,260		-
Moran Foods LLC, First Lien A&R 2023 FLSO PIK Term Loan, TSFR3M + 11.954%, 06/30/2026⁽ⁱ⁾		1,071,772		777,035
Moran Foods LLC, First Lien Term Loan, TSFR3M + 7.250%, 06/30/2026		927,417		672,378
				1,449,413

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Principal Amount		Fair Value
Health Care - 3.61%

1261229 B.C. Ltd., Term Loan, SOFR1M + 6.250%, 10/08/2030	$	2,076,392	$	2,029,673
Canopy Growth Corporation, Term Loan, SOFR1M + 6.25%, 01/31/2031		13,213,166		12,225,733
ModivCare Inc., Term Loan, TSFR3M + 4.750%, 07/01/2031		480,685		461,458
				14,716,864
Industrials - 0.38%

Multi-Color Corp., Term Loan, TSFR1M + 5.000%, 10/29/2028		3,374,694		1,559,834
				1,559,834
Information Technology - 0.73%

X Corp., Term B3 Loan, 9.500%, 10/29/2029		2,869,780		2,975,244
				2,975,244
Materials - 0.01%

CPC Acquisition Corp., Second Lien Term Loan, TSFR3M + 7.750%, 12/29/2028		175,000		51,624
				51,624

TOTAL SENIOR LOANS				38,880,749
(Cost $44,050,505)

	Principal Amount		Fair Value
CONVERTIBLE CORPORATE BONDS - 1.47%
Communications - 0.34%

Trump Media & Technology Group Corp., 0.000%, 05/29/2028^(b)(f)		1,462,000		1,404,790
				1,404,790
Financials - 1.13%

BSTR Holdings Inc., 1.000%, 07/15/2030^(c)		1,540		1,428,658
MI7 Founders, LLC, 1.000%, 07/01/2030^(c)		3,081,950		3,163,622
				4,592,280

TOTAL CONVERTIBLE CORPORATE BONDS				5,997,070
(Cost $5,875,842)

	Principal Amount		Fair Value
MORTGAGE-BACKED SECURITIES - 1.70%
Federal National Mortgage Association (FNMA) - 1.70%

FNMA, Series 427, Class C20, 2.000%, 02/25/2051		6,334,808		826,149
FNMA, Series 437, Class C8, 2.500%, 06/25/2052		5,236,428		814,449
FNMA, Series 428, Class C15, 3.000%, 07/25/2052		2,043,040		361,001
FNMA, Series 429, Class C5, 3.000%, 10/25/2052		7,489,952		1,376,044
FNMA, Series 5441, Class SA, 0.767%, 08/25/2054		20,814,341		582,469
FNMA, Series 5468, Class SB, 0.617%, 11/25/2054		9,333,226		273,640
FNMA, Series 5518, Class SC, 0.997%, 03/25/2055		8,739,400		288,406
FNMA, Series 25-44, Class SA, 0.817%, 06/25/2055		19,972,692		711,196
FNMA, Series 5557, Class SC, 0.867%, 07/25/2055		14,803,493		576,075
FNMA, Series 5575, Class SB, 0.967%, 09/25/2055		17,414,896		828,691
FNMA, Series 25-107, Class HS, 1.133%, 12/25/2055		5,786,820		273,401

TOTAL MORTGAGE-BACKED SECURITIES				6,911,521
(Cost $7,547,962)

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Shares		Fair Value
COMMON STOCK - 16.90%
Commercial Services - 0.01%

Travelport LLC^(f)		69	$	36,225
				36,225
Communications - 2.86%

Altice France LUXCO 3^(f)		5,984		86,050
Altice USA, Inc.^(f)		271,667		415,651
Bumble, Inc.^(f)		1,068,650		3,579,978
Meta Platforms, Inc.		733		525,194
Netflix, Inc.^(f)		2,778		231,935
Snap Inc.^(f)		99,084		686,652
Telephone and Data Systems Inc.^(f)		16,346		737,695
Trump Media & Technology Group^(f)		52,814		674,963
Weibo Corp.^(f)(g)		446,546		4,724,457
				11,662,575
Consumer Discretionary - 1.57%

24 Hour Fitness Worldwide^(f)		306,005		2,142
Arbe Robotics, Ltd.^(f)		108,864		133,903
Avax One Technology Ltd.^(f)		378,404		306,810
Capri Holdings Ltd.^(f)		22,875		516,289
Chipotle Mexican Grill, Inc.^(f)		21,133		821,440
Dave & Buster's Entertainment, Inc.^(f)(g)		56,569		1,061,800
Empery Digital Inc.^(f)		54,589		268,032
Everyware Global^(c)(f)(j)		43,777		-
Evolution AB^(b)(f)		31,166		2,024,434
Next.e.GO N.V.^(f)		5,788		1
Polestar Automotive Holding UK^(f)		3,889		58,841
Six Flags Entertainment Corp.^(f)		26,075		469,611
Vera Bradley Inc.^(f)		59,039		141,694
Winnebago Industries, Inc.^(g)		12,884		591,504
				6,396,501
Consumer Staples - 0.00%^(d)

Benson Hill, Inc.^(f)(j)		3,906		-
Moran Foods LLC^(c)(f)(j)		3,699,885		-
				-
Energy - 0.04%

Granite Ridge Resources, Inc.		33,264		166,985
				166,985
Financials - 7.06%

Allfunds Group plc^(f)		342,549		3,317,361
Cannae Holdings, Inc.		390,845		5,632,076
Compass Diversified Holdings^(f)		81,001		532,177
Etoro Group Ltd.^(f)		42,359		1,245,355
EXOR NV^(f)		180,336		14,770,951
PagSeguro Digital, Ltd.^(g)		277,770		3,124,912
Procap Financial Inc.^(f)		42,346		106,288
Procap Financial. Inc. Founder Shares^(c)(f)		25,579		27,370
Symphony International Holdings Ltd.^(f)		31,566		13,984
VEF AB^(f)		56,831		13,334
				28,783,808

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Shares		Fair Value
Health Care - 0.89%

AirSculpt Technologies Inc.^(f)		62,675	$	186,145
Alps Group Inc.^(f)		452		438
Community Health Systems Inc^(f)		125,299		402,210
Compass Pathways plc^(f)		61,188		409,348
Ethzilla Corp.^(f)		107,343		460,501
Hyperliquid Strategies Inc.^(f)		115,070		522,417
Kindly MD Inc.^(f)		967,321		342,528
ModivCare Inc.^(f)		83,072		706,112
Sharps Technology Inc.^(f)		294,334		609,271
				3,638,970
Industrials - 1.63%

Babcock & Wilcox Enterprises Inc.^(f)		106,430		1,025,985
CEA Industries Inc.^(f)		236,157		1,178,423
The GEO Group, Inc.^(f)		17,887		285,834
Vertical Aerospace Ltd.^(f)		791,382		3,727,409
Voyager Technologies Inc.^(f)		14,320		437,190
				6,654,841
Information Technology - 0.41%

GDS Holdings Ltd.^(f)		23,289		1,040,785
JFrog Ltd.^(f)		4,230		231,804
Oracle Corp.		1,368		225,145
Sabre Corp^(f)		140,597		182,776
				1,680,510
Materials - 0.93%

ASP Isotopes Inc.^(f)		61,270		388,452
Covia Energy LLC^(f)		169,353		3,387,060
Evolution Metals & Technologies Corp.^(f)		1,787		12,027
				3,787,539
Real Estate - 0.65%

CBRE Group Inc.^(f)(g)		3,064		521,891
Compass Inc.^(f)		50,619		633,762
Star Holdings^(f)		188,548		1,474,453
				2,630,106
Technology - 0.85%

CommScope Holding Company, Inc.^(f)		27,916		502,488
Descartes Systems Group, Inc.^(f)		2,743		204,926
Fusemachines Inc.^(f)		4,363		6,895
IREN Ltd.^(f)		12,860		691,150
TON Strategy Co^(f)		176,968		461,889
Vertex, Inc.^(f)		76,981		1,428,016
xTAO Inc.^(f)		321,038		160,521
				3,455,885

TOTAL COMMON STOCK				68,893,945
(Cost $74,282,709)

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Shares		Fair Value
CLOSED END FUNDS - 11.07%
Alternative - 0.92%

Regal Partners Global Investment Ltd.^(f)		1,903,723	$	3,261,116
Destra Multi-Alternative Fund^(f)		56,768		508,641
				3,769,757
Equity - 6.19%

abrdn Life Sciences Investors		17,547		297,597
Argo Investments Ltd.^(f)		90,437		572,450
ASA Gold and Precious Metals Ltd.		163,658		10,562,487
Australian United Investment Company Ltd.^(f)		5,375		43,043
BB Biotech AG^(f)		1,622		97,251
BlackRock Science & Technology Trust II		3,199		71,594
Bluerock Private Real Estate Fund		189,934		3,149,106
Direxion Daily Robotics Artificial Intelligence & Automation Index Bull 2X Shares		27,386		736,582
Diversified United Investment Ltd.^(f)		55,728		214,986
Future Generation Global Ltd.		11,911		12,690
HBM Healthcare Investments AG^(f)		1,855		575,901
Hearts and Minds Investments, Ltd.^(f)		1,084,819		2,371,998
Japan Smaller Capitalization Fund, Inc.		2,631		30,151
Neuberger Berman MLP & Energy Income Fund, Inc.		2,710		25,447
Neuberger Berman Next Generation Connectivity Fund, Inc.		160,944		2,314,375
Pengana International Equities, Ltd.		4,101,590		3,655,861
Taiwan Fund, Inc.		3,223		185,677
Voya Emerging Markets High Dividend Equity Fund		45,666		313,725
				25,230,921
Fixed Income - 1.41%

BNY Mellon Strategic Municipal Bond Fund, Inc.		190		1,176
Ellsworth Growth and Income Fund, Ltd.		85,672		1,065,761
Federated Hermes Premier Municipal Income Fund		1,567		17,598
MFS High Income Municipal Trust		733		2,772
PIMCO Dynamic Income Strategy Fund		230,572		4,648,312
				5,735,619
Mixed Allocation - 1.57%

Pershing Square Holdings Ltd.		102,700		6,398,210
				6,398,210
Private Equity - 0.98%

Syncona Ltd.^(f)		2,970,623		3,995,734
				3,995,734

TOTAL CLOSED END FUNDS				45,130,241
(Cost $28,066,629)

	Shares		Fair Value
INVESTMENT TRUSTS - 2.12%
Equity - 2.12%

BlackRock Smaller Companies Trust PLC		71,210		1,336,874
Herald Investment Trust PLC^(f)		2,610		90,534
Schroder British Opportunities Trust PLC^(f)		1,453,746		1,412,349
Schroder UK Mid Cap Fund PLC		570,790		5,779,676
				8,619,433

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Shares		Fair Value
Mixed Allocation - 0.00%^(d)

abrdn Diversified Income and Growth Trust PLC		7,080	$	2,684
				2,684

TOTAL INVESTMENT TRUSTS				8,622,117
(Cost $6,246,815)

	Shares		Fair Value
PREFERRED STOCK - 1.56%
Consumer Discretionary - 0.77%

24 Hour Fitness Worldwide, Inc.^(f)		407,959		2,856
G-ILS Transportation Ltd. Preferred B-3^(c)(f)		1,332		1,458,800
HAAT Delivery Ltd. Preferred Seed-1^(c)(f)		64,188		1,686,392
				3,148,048
Health Care - 0.15%

Integrity Labs, Inc.^(c)(f)		608,976		592,655
				592,655
Technology - 0.64%

Strategy Inc. Cumulative Preferred Series A		15,686		1,576,726
Xtend Reality Expansion Ltd. Preferred B-2^(c)(f)		775,774		1,037,132
				2,613,858

TOTAL PREFERRED STOCK				6,354,561
(Cost $6,433,728)

	Fair Value
PARTICIPATION AGREEMENT - 0.29%

PK Funding 2023 LLC^(c)		1,182,369

TOTAL PARTICIPATION AGREEMENT		1,182,369
(Cost $1,175,101)

	Fair Value
PRIVATE FUNDS - 21.67%

Alternative Capital Investments Fund III LP, Special Class Interests KLINGER^(f)		947,760
Alternative Capital Investments Fund III LP, Special Class Interests MILBERG^(f)		4,410,294
Alternative Capital Investments Fund III LP, Special Class Interests PANNOX^(f)		1,454,890
Alternative Capital Investments Fund III LP, Special Class Interests PROVIDER^(f)		6,690,235
Alternative Capital Investments Fund III LP, Special Class Interests VGASA^(f)		2,124,161
Alternative Capital Investments Fund III LP, Standard Class Interests^(f)		485,669
New Holland Special Opportunities Aggregator LP, Class M Interests^(f)(h)		2,016,095
New Holland Special Opportunities Aggregator LP, Class Y-6 Interests^(f)(h)		369,381
New Holland Special Opportunities Aggregator LP, Class Y-7 Interests^(f)(h)		8,237,499
Stone Ridge Opportunities Fund Feeder LP^(f)		61,563,795

TOTAL PRIVATE FUNDS		88,299,779
(Cost $51,536,880)

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Shares		Fair Value
UNIT TRUST - 4.77%
Specialty - 4.77%

Grayscale Ethereum Classic Trust^(f)(g)		3,726,735	$	19,453,544

TOTAL UNIT TRUST				19,453,544
(Cost $32,653,812)

	Shares		Fair Value
SPECIAL PURPOSE ACQUISITION COMPANIES - 6.97%

1RT Acquisition Corp.^(f)		44,903		458,460
Activate Energy Sponsors LLC, Class A^(f)		135,564		407
Activate Energy Sponsors LLC, Class B^(f)		16,945		157,080
AI Infrastructure Acquisition Corp.^(f)		12,121		121,210
American Exceptionalism Acquisition Corp. A^(f)		14,373		166,727
Aldabra 4 LOV Sponsor Partnership, Class A^(f)		120,329		361
Aldabra 4 LOV Sponsor Partnership, Class B^(f)		100,274		150,411
Apex Treasury Corp.^(f)		21,359		213,163
Art Technology Acquisition Corp.^(f)		12,610		126,100
Art Technology Sponsor, LLC, Class A^(f)		125,568		1,256
Art Technology Sponsor, LLC, Class B^(f)		25,114		251,140
Axiom Intelligence Holdings 1 LLC, Class A^(c)(f)		142,090		282,759
Axiom Intelligence Holdings 1 LLC, Class B^(c)(f)		17,761		39,252
Bain Capital GSS Investment Corp.^(f)		52,732		535,757
Bengochea SPAC Sponsors II LLC, Class A^(c)(f)(j)		172,589		-
Bengochea SPAC Sponsors II LLC, Class B^(c)(f)		21,574		201,717
Berto Acquisition Corp.^(f)		48,761		497,850
Bitcoin Infrastructure Acquisition Corp Ltd.^(f)		9,337		93,557
Bleichroeder Acquisition Corp. II^(f)		10,447		103,739
Blue Holdings, Class A^(c)(f)		177,613		561,257
Blue Holdings, Class B^(c)(f)		17,761		61,986
BTC Development Corp.^(f)		30,758		310,656
Cal Redwood Acquisition Corp., Class A^(c)(f)		175,375		533,140
Cal Redwood Acquisition Corp., Class B^(c)(f)		21,922		74,535
Cantor Equity Partners Inc.^(c)(f)		77,018		797,136
Cantor Equity Partners II Inc.^(f)		36,274		450,523
Cantor Equity Partners III Inc.^(f)		61,275		626,843
Cantor Equity Partners IV Inc^(f)		23,439		245,406
Cantor Equity Partners V Inc.^(f)		26,771		274,403
Chenghe Investment III LLC, Class A Unit^(c)(f)(j)		173,916		118,263
Chenghe Investment III LLC, Class B Unit^(c)(f)		21,740		16,740
Churchill Capital Corp XI^(f)		8,426		86,788
Cohen Circle Sponsor II, LLC, Class A^(c)(f)		44,405		121,226
Cohen Circle Sponsor II, LLC, Class B^(c)(f)		8,881		26,110
Crane Harbor Acquisition Corp. II^(f)		18,951		189,510
Crane Harbor Sponsor II LLC, Class A^(f)		63,063		315
Crane Harbor Sponsor II LLC, Class B^(f)		12,613		126,130
Deezer SA^(f)		8,179		10,858
Digital Asset Acquisition Corp.^(f)		92,769		948,099
EGH Sponsor LLC, Class A^(c)(f)		76,184		184,365
EGH Sponsor LLC, Class B^(c)(f)		9,523		25,426
Ether Reserve LLC^(c)(f)		77,018		784,044
Evolution Global Acquisition Corp.^(f)		23,808		239,985

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Shares		Fair Value
FG Imperii Acquisition Corp.^(f)		21,543	$	215,215
FIGX Acquisition Partners LLC Class A^(c)(f)		112,488		114,738
FIGX Acquisition Partners LLC Class B^(c)(f)		14,061		16,311
FutureCrest Acquisition Corp.^(f)		28,974		298,142
Gerresheimer AG^(f)		100,854		3,026,947
GP-Act III Acquisition Corp., Class A^(c)(f)		30,730		56,543
Graf Global Corp., Class A^(c)(f)(g)		20,960		40,453
Hall Chadwick Acquisition Corp.^(f)		55,633		557,443
Hall Chadwock Acquisition Corp., Class A^(f)		135,564		542
Hall Chadwock Acquisition Corp., Class B^(f)		16,945		157,250
HCM III Acquisition Corp.^(f)		54,942		560,408
HCM Investor Holdings III, LLC, Class A^(c)(f)		134,835		250,793
HCM Investor Holdings III, LLC, Class B^(c)(f)		179,780		84,497
Insight Digital Partners II^(f)		20,986		208,601
KRAKacquisition Corp.^(f)		15,164		153,687
Lafayette Digital Acquisition Corp. I, Class A^(f)		105,412		316
Lafayette Digital Acquisition Corp. I, Class B^(f)		21,082		210,820
Launchpad Cadenza Acquisition Corp. I, Class A^(f)		100,902		404
Launchpad Cadenza Acquisition Corp. I, Class B^(f)		84,084		126,126
Leapfrog Acquisition Corp.^(f)		8,520		85,882
LeapFrog Partners LLC, Class A^(f)		124,341		622
LeapFrog Partners LLC, Class B^(f)		15,543		155,430
Legato Merger Corp. IV^(f)		7,855		78,786
LightWave Founders LLC, Class A^(c)(f)		208,140		183,163
LightWave Founders LLC, Class B^(c)(f)		20,814		20,190
M3 Brigade Sponsor VI LLC, Class A Unit^(c)(f)(j)		111,012		150,976
M3 Brigade Sponsor VI LLC, Class B Unit^(c)(f)		148,016		50,325
M3 Brigade Acquisition V Corp.^(f)		3		32
M Evo Global Acquisition Corp. II^(f)		12,568		126,183
MI7 Founders, LLC, Class A^(c)(f)		308,194		2,471,716
Muzero Acquisition Corp.^(f)		6,284		62,840
NewHold Investment Corp III, Class A^(c)(f)		87,582		162,027
NewHold Investment Corp III, Class B^(c)(f)		10,948		22,334
New Providence Holdings III, LLC^(c)(f)		20,816		46,836
Nogin, Inc.^(f)(j)		11,264		451
OneIM Acquisition Corp.^(f)		131,070		1,323,807
OTG Acquisition Corp. I^(f)		8,784		88,543
Oxley Bridge Holdings LLC, Class A^(c)(f)		166,107		146,174
Oxley Bridge Holdings LLC, Class B^(c)(f)		207,633		43,603
Oyster Enterprises II LLC, Class A^(c)(f)		175,809		334,037
Oyster Enterprises II LLC, Class B^(c)(f)		21,976		46,589
Perimeter Acquisition Corp. I^(f)		129,735		1,346,649
Petit Monts LLC, Class A^(f)		96,696		168,251
Pioneer Acquisition 1 Sponsor Holdco LLC, Class A^(c)(f)		177,613		163,404
Pioneer Acquisition 1 Sponsor Holdco LLC, Class B^(c)(f)		222,016		46,623
ProCap Acquisition Corp.^(f)		35,757		365,079
Range Capital Acquisition Corp. II^(f)		38,969		389,300
Range Capital Acquisition Sponsor II, LLC, Class A Unit^(c)(f)		93,280		106,339
Range Capital Acquisition Sponsor II, LLC, Class B Unit^(c)(f)		11,660		15,041
Real Asset Acquisition Corp.^(f)		99,345		1,033,188
Renatus Tactical Acquisition Corp. I^(f)(j)		10,674		114,212
Republic Digital Acquisition Company^(f)		85,056		875,226
Rice Acquisition Corp. 3^(f)		16,671		173,378

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Shares		Fair Value
Soulpower Acquisition Sponsor LLC, Class A^(c)(f)		156,445	$	270,650
Soulpower Acquisition Sponsor LLC, Class B^(c)(f)		19,556		37,548
Space Asset Acquisition Corp.^(f)		25,138		256,145
Spring Valley Acquisition Corp.^(f)		11,180		120,520
Titan Acquisition Sponsor Holdco, LLC, Class A^(c)(f)		93,906		127,712
Trailblazer Acquisition Corp.^(f)		46,052		465,586
VO Sponsor II, LLC Class A^(c)(f)		93,906		151,189
VO Sponsor II, LLC Class B^(c)(f)		1,174		20,894
Wen Sponsor LLC, Class A^(c)(f)		163,709		199,725
Wen Sponsor LLC, Class B^(c)(f)		204,636		59,344

TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES				28,400,475
(Cost $29,678,702)

	Shares		Fair Value
DIGITAL ASSET TREASURY COMPANY - 0.25%

SeeQC, Inc.^(f)		200,910		1,004,550

TOTAL DIGITAL ASSET TREASURY COMPANY				1,004,550
(Cost $1,004,550)

	Contracts		Fair Value
WARRANTS - 1.43%

1RT Acquisition Corp., Expires 06/20/2031, Strike Price $11.50^(f)		11,592		7,535
A SPAC II Acquisition Corp., Expires 05/03/2027, Strike Price $11.50^(f)		34,421		1,069
Abpro Holdings Inc., Expires 11/12/2029, Strike Price $11.50^(f)		80,774		1,066
AEYE Health, Inc., Expires 4.5 years after issuance, Strike Price $2.88^(f)(j)		6		-
AirJoule Technologies Corp., Expires 03/15/2029, Strike Price $11.50^(f)		37,175		28,253
Airship AI Holdings Inc., Expires 12/31/2028, Strike Price $11.50^(f)		5,153		5,617
AleAnna Inc., Expires 12/13/2026, Strike Price $11.50^(f)		132		36
ALPS Group Inc., Expires 10/31/2030, Strike Price $11.50^(f)		14,771		1,013
Allurion Technologies Inc., Expires 08/01/2030, Strike Price $8.10^(f)		16,492		327
Alternus Clean Energy Inc., Expires 02/24/2028, Strike Price $11.50^(f)		49,587		1,983
Alussa Energy Acquisition Corp., Expires 04/10/2026, Strike Price $11.50^(f)		2,597		1,328
Apex Treasury Corp., Expires 10/31/2032, Strike Price $11.50^(f)		16,019		5,126
Armada Acquisition Corp. II, Expires 05/20/2030, Strike Price $11.50^(f)		109,500		91,980
Arverne Group SA, Expires 09/20/2028, Strike Price $11.50^(f)		33,822		2,005
Aspire Biopharma Holdings Inc., Expires 02/18/2030, Strike Price $11.50^(f)		70,545		2,391
Athena Technology Acquisition Corp. II, Expires 10/17/2028, Strike Price $11.50^(f)		36,968		1,874
Aura FAT Projects Acquisition Corp., Expires 06/02/2027, Strike Price $11.50^(f)		58,439		1,683
Bain Capital GSS Investment Corp., Expires 01/01/2028, Strike Price $11.50^(f)		10,546		8,964
Baird Medical Investment Holdings Ltd., Expires 10/02/2029, Strike Price $11.50^(f)		22,349		1,229
BenevolentAI, Expires 06/30/2026, Strike Price $11.50^(f)(j)		7,014		83
Benson Hill Inc., Expires 03/25/2027, Strike Price $3.90^(c)(f)(j)		187,607		13,872
Berto Acquisition Corp., Expires 05/01/2030, Strike Price $11.50^(f)		57,960		20,866
Bitcoin Depot Inc., Expires 07/03/2028, Strike Price $11.50^(f)		84,714		4,176
BitFuFu Inc., Expires 06/07/2028, Strike Price $11.50^(f)		29,947		6,738
Blaize Holdings Inc., Expires 12/18/2026, Strike Price $11.50^(f)		12,241		4,499
Bleichroeder Acquisition Corp. II, Expires 01/28/2032, Strike Price $11.50^(f)		3,482		2,037
Blue Gold Ltd, Expires 06/26/2030, Strike Price $11.50^(f)		31,463		10,647
Borealis Foods Inc., Expires 08/26/2026, Strike Price $11.50^(f)		20,287		1,065

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Contracts		Fair Value
Brand Engagement Network Inc., Expires 03/14/2029, Strike Price $11.50^(f)		25,249	$	6,481
BTC Development Corp., Expires 08/19/2030, Strike Price $11.50^(f)		7,689		5,195
Cactus Acquisition Corp. 1, Ltd., Expires 10/29/2026, Strike Price $11.50^(f)		21,180		1,676
Canna-Global Acquisition Corp., Expires 02/09/2028, Strike Price $11.50^(f)		154,766		774
Canopy Growth Corp., Expires 01/08/2031, Strike Price $1.30^(f)(j)		1,524,596		-
Capitalworks Emerging Markets Acquisition Corp., Expires 04/27/2028, Strike Price $11.50^(f)		69,120		878
Captivision Inc., Expires 11/16/2028, Strike Price $11.50^(f)		43,794		2,536
Cardio Diagnostics Holdings, Inc., Expires 12/01/2026, Strike Price $11.50^(f)		19,933		341
Carmell Therapeutics Corp., Expires 07/12/2028, Strike Price $11.50^(f)		3,816		20
CARTESIAN GROWTH Corp. II, Expires 07/12/2028, Strike Price $11.50^(f)		5,984		898
Cartica Acquisition Corp., Expires 04/30/2028, Strike Price $11.50^(f)		74,354		275
CEA Industries, Inc., Expires 3 years after initial business combination, Stike Price $15.15^(c)(f)		30,423		52,632
CERo Therapeutics Holdings Inc., Expires 02/14/2029, Strike Price $11.50^(f)		21,939		161
Chain Bridge I, Expires 12/31/2028, Strike Price $11.50^(f)		33,367		3,448
Chenghe Acquisition I Co., Expires 04/22/2027, Strike Price $11.50^(f)(j)		400		23
Chenghe Acquisition I Co., Expires 01/25/2028, Strike Price $11.50^(f)		37,849		2,649
CID Holdco Inc., Expires 11/17/2026, Strike Price $11.50^(f)		94,845		6,070
Classover Holdings Inc., Expires 05/26/2028, Strike Price $0.10^(f)		30,413		511
ClimateRock, Expires 06/01/2027, Strike Price $11.50^(f)		11,778		569
Cohen Circle Acquisition Corp., Expires 05/23/2030, Strike Price $11.50^(f)		10,868		9,020
Concord Acquisition Corp. II, Expires 12/31/2028, Strike Price $11.50^(f)		25,741		1,296
Conduit Pharmaceuticals Inc., Expires 02/03/2027, Strike Price $11.50^(f)		51,468		324
Corner Growth Acquisition Corp., Expires 12/31/2027, Strike Price $11.50^(f)(j)		41,045		8,619
Critical Metals Corp., Expires 06/06/2028, Strike Price $11.50^(f)		198		1,228
Critical Metals Corp., Expires 02/07/2029, Strike Price $7.00^(c)(f)		50,528		209,186
Currenc Group Inc., Expires 05/19/2027, Strike Price $11.50^(f)		55,058		446
D Boral ARC Acquisition I Corp., Expires 05/06/2030, Strike Price $11.50^(f)		19,724		17,357
Deezer SA, Expires 06/07/2027, Strike Price $11.50^(f)		95,238		56
Digital Asset Acquisition Corp., Expires 04/01/2030, Strike Price $11.50^(f)		61,301		26,972
DIH Holdings US Inc., Expires 02/07/2028, Strike Price $11.50^(f)		63,578		13
Dynamix Corp., Expires 10/25/2029, Strike Price $11.50^(f)		49,549		53,017
Dynamix Corp. III, Expires 11/19/2030, Strike Price $11.50^(f)		9,344		3,084
Engene Holdings Inc., Expires 08/28/2028, Strike Price $11.50^(f)		4,017		11,047
EQV Ventures Acquisition Corp., Expires 06/30/2031, Strike Price $11.50^(f)		20,197		9,695
EQV Ventures Acquisition Corp., Expires 07/01/2031, Strike Price $11.50^(f)		37,448		18,275
Everest Consolidator Acquisition Corp., Expires 07/19/2028, Strike Price $11.50^(f)		50,492		15
Evolution Global Acquisition Corp., Expires 10/22/2030, Strike Price $11.50^(f)		11,904		5,952
Fact II Acquisition Corp., Expires 11/26/2031, Strike Price $11.50^(f)		29,805		13,138
flyExclusive Inc., Expires 05/28/2028, Strike Price $11.50^(f)		21,911		8,764
Four Leaf Acquisition Corp., Expires 05/12/2028, Strike Price $11.50^(f)		3,750		112
FTAC Emerald Acquisition Corp., Expires 08/22/2028, Strike Price $11.50^(f)		18,690		2,858
Fusemachines Inc., Expires 10/22/2030, Strike Price $11.50^(f)		38,488		3,443
FutureCrest Acquisition Corp., Expires 11/05/2030, Strike Price $11.50^(f)		7,243		6,338
FutureTech II Acquisition Corp., Expires 02/16/2027, Strike Price $11.50^(f)		48,383		1,451
GCL Global Holdings Ltd., Expires 05/01/2028, Strike Price $11.50^(f)		19,704		835
GCT Semiconductor Holding Inc., Expires 12/31/2028, Strike Price $11.50^(f)		54,452		6,834
Genesis Growth Tech Acquisition Corp., Expires 05/19/2028, Strike Price $11.50^(f)(j)		6,030		-
GigCapital7 Corp., Expires 09/11/2029, Strike Price $11.50^(f)		6		3
Gores Holdings X Inc., Expires 05/02/2030, Strike Price $11.50^(f)		6,723		5,656
GP-Act III Acquisition Corp., Class B Warrants, Expires 5 years after initial business combination, Strike Price $11.50^(c)(f)		38,411		10,755
Graphjet Technology, Expires 11/16/2026, Strike Price $11.50^(f)(j)		45,714		1,509
Graf Global Corp, Expires with the closing of initial business combination, Strike Price $11.50^(c)(f)(g)		26,200		9,170
GP-Act III Acquisition Corp., Expires 12/31/2027, Strike Price $11.50^(f)		42,413		11,129
HCM III Acquisition Corp., Expires 07/31/2030, Strike Price $11.50^(f)		19,285		11,745

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Contracts		Fair Value
Healthcare AI Acquisition Corp., Expires 12/14/2026, Strike Price $11.50^(f)		18,681	$	247
HHG Capital Corp., Expires 12/31/2027, Strike Price $11.50^(f)(j)		17,425		99
HNR Acquisition Corp., Expires 11/15/2028, Strike Price $11.50^(f)		44,874		1,965
Holdco Nuvo Group DG Ltd., Expires 05/01/2029, Strike Price $11.50^(f)		63,179		32
Hwh International Inc., Expires 02/02/2027, Strike Price $11.50^(f)(j)		13,297		641
iCoreConnect Inc., Expires 05/15/2028, Strike Price $11.50^(f)		1,112		1
Inception Growth Acquisition, Ltd., Expires 10/15/2026, Strike Price $11.50^(f)		2,402		139
Insight Digital Partners II, Expires 12/31/2030, Strike Price $11.50^(f)		10,502		3,364
Integrated Wellness Acquisition Corp., Expires 10/31/2028, Strike Price $11.50^(f)		1,475		125
Investcorp Europe Acquisition Corp. I, Expires 11/23/2028, Strike Price $11.50^(f)		24,645		2
Investcorp India Acquisition Corp., Expires 06/28/2027, Strike Price $11.50^(f)		37,472		1,199
Israel Acquisitions Corp., Expires 02/28/2028, Strike Price $11.50^(f)		35,717		4,465
IX Acquisition Corp., Expires 11/24/2026, Strike Price $11.50^(f)		112		13
Jaws Mustang Acquisition Corp., Expires 01/30/2026, Strike Price $11.50^(f)		19,820		991
Launch Two Acquisition Corp., Expires 10/09/2029, Strike Price $11.50^(f)		2,140		618
LeddarTech Holdings Inc., Expires 12/21/2028, Strike Price $11.50^(f)		21,521		30
Lifezone Metals Ltd., Expires 07/05/2028, Strike Price $11.50^(f)		41,153		29,165
Lightwave Acquisition Corp., Expires 06/24/2030, Strike Price $11.50^(f)		24,442		7,577
Liminatus Pharma Inc., Expires 04/30/2030, Strike Price $11.50^(f)		27,683		970
Live Oak Acquisition Corp. V, Expires 02/20/2030, Strike Price $11.50^(f)		15,182		26,568
Melar Acquisition Corp I, Expires 6/10/2029, Strike Price $11.50^(f)		42,372		7,199
Mercer Park Opportunities Corp., Expires 08/29/2029, Strike Price $11.50^(f)		21,163		7,090
Metal Sky Star Acquisition Corp., Expires 04/01/2027, Strike Price $11.50^(f)		40,420		550
MI7 Founders, LLC, Class A, Expires 5 years after closing, Strike Price $11.50^(c)(f)		308,194		237,309
MI7 Founders, LLC, Class Z, Expires 5 years after closing, Strike Price $11.50^(c)(f)		102,783		71,948
Mountain & Co. I Acquisition Corp., Expires 09/30/2026, Strike Price $11.50^(f)(j)		62,660		811
Murano Global BV, Expires 03/30/2029, Strike Price $11.50^(f)		10,493		683
Nemo Enterprises Inc., Expires 2/10/2035, Strike Price $1,000.00^(f)(j)		84		-
New Providence Acquisition Corp. III, Expires 04/24/2030, Strike Price $11.50^(f)		12,247		6,246
New Horizon Aircraft Ltd., Expires 04/03/2028, Strike Price $11.50^(f)		11,690		4,179
NewGenIvf Group Ltd., Expires 06/26/2028, Strike Price $11.50^(f)(j)		1		-
New Providence Holdings III, LLC, Expires with the closing of initial business combination, Strike Price $11.50^(c)(f)		166,532		343,056
NewHold Investment Corp II-A., Expires 04/17/2030, Strike Price $11.50^(f)		4,085		1,772
Nogin, Inc., Expires 08/26/2027 Strike Price $11.50^(f)(j)		8,372		72
Nvni Group Ltd., Expires 11/01/2028, Strike Price $11.50^(f)		15,665		904
OSR Holdings Inc, Expires 02/29/2028, Strike Price $11.50^(f)		14,638		878
OTG Acquisition Corp. I, Expires 10/22/2030, Strike Price $11.50^(f)		7,321		3,038
Papaya Growth Opportunity Corp. I, Expires 12/31/2028, Strike Price $11.50^(f)		76,584		774
Pearl Holdings Acquisition Corp., Expires 12/15/2026, Strike Price $11.50^(f)(j)		18,484		637
Perimeter Acquisition Corp. I, Expires 05/13/2030, Strike Price $11.50^(f)		64,869		55,139
Pinstripes Holdings Inc., Expires 09/30/2028, Strike Price $11.50^(f)		45,560		248
Plum Acquisition Corp IV, Expires 08/19/2029, Strike Price $11.50^(f)		8,108		3,811
Pono Capital Two, Inc., Expires 10/17/2029, Strike Price $11.50^(f)		9,738		2,697
ProCap Acquisition Corp., Expires 05/13/2030, Strike Price $11.50^(f)		40,267		15,454
Procap Financial Inc., Expires 05/16/2030, Strike Price $11.50		1,918		1,074
Procap Financial Inc., Expires 12/31/2030, Strike Price $11.50^(f)		12,790		-
Profusa Inc., Expires 08/02/2027, Strike Price $11.50^(f)		19,197		538
Psyence Biomedical Ltd., Expires 01/25/2029, Strike Price $11.50^(f)		30,398		644
QT Imaging Holdings Inc., Expires 12/31/2028, Strike Price $11.50^(f)		3,954		518
Range Capital Acquisition Corp. II, Expires 09/16/2030, Strike Price $11.50^(f)		26,203		8,779
Real Asset Acquisition Corp., Expires 04/24/2030, Strike Price $11.50^(f)		160,469		80,892
Real Messenger Corp., Expires 11/19/2029, Strike Price $11.50^(f)		31,088		1,321
Relativity Acquisition Corp., Expires 02/11/2027, Strike Price $11.50^(f)(j)		45,142		2,126
Renatus Tactical Acquisition Corp. I, Expires 05/15/2030, Strike Price $11.50^(f)		6,969		5,924

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Contracts		Fair Value
Republic Digital Acquisition Co, Expires 05/01/2030, Strike Price $11.50^(f)		125,310	$	71,427
Rice Acquisition Corp. 3, Expires 09/29/2031, Strike Price $11.50^(f)		20,790		20,292
Rithm Acquisition Corp., Expires 12/30/2075, Strike Price $0.10^(f)		3,070		2,409
Roadzen Inc., Expires 11/30/2028, Strike Price $11.50^(f)		55,430		10,061
Roman DBDR Acquisition Corp II., Expires 10/31/2031, Strike Price $11.50^(f)		25,605		19,360
Ross Acquisition Corp. II, Expires 02/12/2026, Strike Price $11.50^(f)(j)		28,225		2,546
RRD Parent Inc., Expires 02/09/2035, Strike Price $0.01^(f)		19		136,800
Scage Future, Expires 06/30/2027, Strike Price $0.10^(f)		71,462		3,966
Semnur Pharmaceuticals Inc., Expires 09/23/2030, Strike Price $11.50^(f)		27,621		2,915
SharonAI Holdings Inc., Expires 12/16/2030, Strike Price $575.00^(f)		48,884		24
Sharps Technology Inc., Pre Funded Warrant, Expires 03/20/2026, Strike Price $0.00^(f)		59,833		112,486
Sharps Technology Inc., Stapled Warrant, Expires 11/30/2028, Strike Price $9.75^(f)		236,960		49,762
SIM Acquisition Corp. I, Expires0 6/01/2031, Strike Price $11.50^(f)		15,808		4,584
SMX Security Matters PLC, Expires 03/07/2028, Strike Price $18,975.00^(f)		36,580		2,045
Solidion Technology Inc., Expires 11/16/2026, Strike Price $11.50^(f)(j)		29,262		3,804
Spectaire Holdings Inc., Expires 10/17/2028, Strike Price $11.50^(f)(j)		58,258		-
Spree Acquisition Corp. 1 Ltd., Expires 12/22/2028, Strike Price $11.50^(f)		20,337		2
Spring Valley Acquisition Corp. II, Expires 02/25/2026, Strike Price $11.50^(f)		13,573		14,117
Spring Valley Acquisition Corp., Expires 09/30/2030, Strike Price $11.50^(f)		4,908		7,362
SpringBig Holdings, Inc., Expires 06/14/2027, Strike Price $11.50^(f)		24,279		50
Syntec Optics Holdings Inc., Expires 11/08/2026, Strike Price $11.50^(f)		27,378		26,010
Target Global Acquisition I Corp., Expires 12/31/2027, Strike Price $11.50^(f)		18,073		192
Technology & Telecommunication Acquisition Corp., Expires 02/15/2027, Strike Price $11.50^(f)		52,993		1,150
Terrestrial Energy Inc., Expires 10/10/2029, Strike Price $11.50^(f)		6,084		25,188
Titan Acquisition Sponsor Holdco, LLC, Expires 5 years after initial business combination, Strike Price $11.50^(c)(f)		117,383		35,215
TLGY Acquisition Corp., Expires 01/14/2028, Strike Price $11.50^(f)		65,630		70,913
TNL Mediagene, Expires 06/14/2028, Strike Price $11.50^(f)		16,257		258
Toyo Co Ltd., Expires 01/10/2029, Strike Price $11.50^(f)		23,266		25,593
Trailblazer Acquisition Corp., Expires 07/24/2030, Strike Price $11.50^(f)		15,350		7,368
Uinta Infrastructure Group C, Expires 01/09/2031, Strike Price $11.50^(f)		48,608		27,707
United Homes Group, Inc., Expires 01/28/2028, Strike Price $11.50^(f)		6,505		2,082
Valuence Merger Corp. I, Expires 03/01/2027, Strike Price $11.50^(f)		60,778		2,438
Vast Solar Pty Ltd., Expires 07/01/2028, Strike Price $11.50^(f)		87,846		45
Volato Group Inc., Expires 12/03/2028, Strike Price $11.50^(f)		20,757		229
Verde Clean Fuels, Inc., Expires 12/31/2027, Strike Price $11.50^(f)		327		14
Vertical Aerospace, Ltd. Class A Warrants, Expires 01/22/2030, Strike Price $11.50^(c)(f)		484,471		1,700,493
Vertical Aerospace, Ltd. Class B Warrants, Expires 01/22/2030, Strike Price $11.50^(c)(f)		484,471		1,598,754
VSee Health, Inc., Expires 11/04/2028, Strike Price $11.50^(f)		17,198		771
Wen Acquisition Corp., Expires 05/15/2031, Strike Price $11.50^(f)		120,297		50,526
Western Acquisition Ventures Corp., Expires 01/12/2027, Strike Price $11.50^(f)		29,980		956
Willow Lane Acquisition Corp., Expires 10/31/2031, Strike Price $11.50^(f)		8,944		32,021
Yotta Acquisition Corp., Expires 03/15/2027, Strike Price $11.50^(f)		47,369		58
Youlife Group Inc, Expires 07/10/2030, Strike Price $11.50^(f)		5,841		702
Zapata Computing Holdings Inc., Expires 03/23/2028, Strike Price $11.50^(f)		24,523		6,867
Zapp Electric Vehicles Group L, Expires 03/03/2028, Strike Price $230.00^(f)		11,642		45
Zeo Energy Corp., Expires 03/14/2029, Strike Price $11.50^(f)		61,117		3,057
Zoomcar Holdings Inc., Expires 07/01/2028, Strike Price $11.50^(f)		71,433		572
ZOOZ Strategy Ltd., Expires 04/05/2029, Strike Price $11.50^(f)		24,349		1,072
ZyVersa Therapeutics Inc., Expires 12/12/2027, Strike Price $4,025.00^(f)		7,099		498

TOTAL WARRANTS				5,811,269
(Cost $2,699,483)

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Contracts		Fair Value
RIGHTS - 0.03%

A SPAC II Acquisition Corp., Expires 12/31/2049^(f)		68,843	$	7,122
AI Infrastructure Acquisition Corp., Expires 12/01/2075^(f)		12,121		3,273
Broad Capital Acquisition Corp., Expires 03/02/2072^(f)(j)		53,360	$	10,138
ClimateRock, Expires 06/01/2027^(f)		23,557		4,065
Crane Harbor Acquisition Corp., Expires 05/19/2075^(f)		5,965		5,130
Crane Harbor Acquisition Corp. II, Expires 05/19/2075^(f)		18,951		4,558
Hall Chadwick Acquisition Corp., Expires 01/27/2076^(f)		55,633		14,465
Hennessy Capital Investment Corp. VII, Expires 12/30/2075^(f)		14,189		3,973
Inception Growth Acquisition, Ltd., Expires 01/21/2072^(f)		7,394		1,996
Inflection Point Acquisition Corp. III, Expires 06/16/2075^(f)		107,378	$	40,804
K&F Growth Acquisition Corp. II, Expires 12/30/2075^(f)		8,118		1,299
Mountain Crest Acquisition Corp. V, Expires 12/31/2049^(f)		8,917		1,116
Mountain Lake Acquisition Corp., Expires 12/31/2025^(f)		18,813	$	3,951
Spring Valley Acquisition Corp. II, Expires 10/12/2027^(f)		27,147		17,629
Yotta Acquisition Corp., Expires 12/31/2049^(f)		29,452		2,946

TOTAL RIGHTS				122,465
(Cost $111,419)

	Contracts		Fair Value
OPTIONS - 1.78%^(k)
Put Option Contracts - 1.78%

iShares Bitcoin Trust ETF, Expires 01/15/2027, Strike Price $15.00^(f)		200		8,200
iShares Bitcoin Trust ETF, Expires 06/18/2027, Strike Price $45.00^(f)		198		75,240
Russell 2000 Index, Expires 04/17/2026, Strike Price $2,590^(f)		55		484,000
Russell 2000 Index, Expires 04/17/2026, Strike Price $2,630^(f)		42		414,666
Russell 2000 Index, Expires 04/17/2026, Strike Price $2,650^(f)		42		443,352
Russell 2000 Index, Expires 04/17/2026, Strike Price $2,660^(f)		11		127,270
Russell 2000 Index, Expires 04/17/2026, Strike Price $2,660^(f)		66		667,458
S&P 500 Index, Expires 04/17/2026, Strike Price $6,755^(f)		80		971,200
S&P 500 Index, Expires 04/17/2026, Strike Price $6,760^(f)		29		355,975
S&P 500 Index, Expires 04/17/2026, Strike Price $6,825^(f)		110		1,521,850
S&P 500 Index, Expires 04/17/2026, Strike Price $6,830^(f)		153		1,939,520
S&P 500 Index, Expires 04/17/2026, Strike Price $6,980^(f)		15		263,998
				7,272,729

TOTAL OPTIONS				7,272,729
(Premiums paid $7,163,515)

	Shares		Fair Value
MONEY MARKET FUNDS - 2.26%

BNY Mellon U.S. Treasury Fund, 7 Day Yield, 3.200%^(g)(h)		5,000,283		5,000,283
JPMorgan US Treasury Plus Money Market Fund, 7 Day Yield, 3.630%		4,205,987		4,205,987

TOTAL MONEY MARKET FUNDS				9,206,270
(Cost $9,206,270)

Total Investments in Securities - 96.52%				393,348,701
(Cost $378,625,849)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

INVESTMENT IN AFFILIATED FUND	Shares		Fair Value
Saba Capital Income & Opportunities Fund II^(f)		79,692	$	648,692

Total Investment in Affiliated Fund - 0.16%				648,692
(Cost $664,219)

Other Assets in Excess of Liabilities - 3.33%				13,553,959

NET ASSETS - 100.00%			$	407,551,352

Amounts above are shown as a percentage of net assets as of January 31, 2026.

SCHEDULE OF SECURITIES SOLD SHORT

	Principal Amount			Fair Value
CORPORATE BONDS - (5.87%)
Consumer Discretionary - (3.16%)

Biocon Biologics Global PLC, 6.670%, 10/09/2029^(b)	$	(1,431,000	)		(1,452,828	)
Biocon Biologics Global PLC, 6.670%, 10/09/2029^(e)		(5,250,000	)		(5,330,081	)
Star Parent Inc., 9.000%, 10/01/2030^(b)(f)		(5,738,000	)		(6,088,213	)
					(12,871,122	)
Financials - (0.49%)

Global Auto HO/AAG FH UK, 8.750%, 01/15/2032^(b)(f)		(2,082,000	)		(2,015,521	)
					(2,015,521	)
Industrials - (1.59%)

Icahn Enterprises LP/Icahn Enterprises Finance Corporation, 4.375%, 02/01/2029		(696,000	)		(615,188	)
Icahn Enterprises LP/Icahn Enterprises Finance Corporation, 5.250%, 05/15/2027		(5,908,000	)		(5,848,222	)
					(6,463,410	)
Real Estate - (0.63%)

CPI Property Group SA, 1.750%, 01/14/2030^(e)(f)		(2,462,000	)		(2,553,693	)
					(2,553,693	)

TOTAL CORPORATE BONDS					(23,903,746	)
(Proceeds $22,916,676)

	Principal Amount			Fair Value
SOVEREIGN DEBT OBLIGATIONS - (23.88%)
Sovereign - (23.88%)

US TREASURY N/B, 3.500%, 01/31/2028^(f)		(35,153,000	)		(35,131,029	)
US TREASURY N/B, 4.000%, 11/15/2035		(28,381,000	)		(27,802,294	)
US TREASURY N/B, 3.625%, 12/31/2030		(34,679,999	)		(34,409,063	)

TOTAL SOVEREIGN DEBT OBLIGATIONS					(97,342,386	)
(Proceeds $97,755,690)

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Shares			Fair Value
COMMON STOCK - (9.83%)
Communications - (1.50%)

Alphabet Inc., Class A Common Shares		(2,223	)	$	(751,374	)
Alphabet Inc., Class C Common Shares		(3,943	)		(1,334,824	)
Cogent Communications Holdings Inc.		(933	)		(22,672	)
Delivery Hero SE^(b)(f)		(1,096	)		(30,582	)
DoorDash, Inc.^(f)		(228	)		(46,653	)
Formula One Group^(f)		(1,062	)		(92,415	)
Live Nation Entertainment Inc.^(f)		(145	)		(21,090	)
Meta Platforms, Inc.		(402	)		(288,033	)
Netflix, Inc.^(f)		(959	)		(80,067	)
Reddit Inc.^(f)		(327	)		(58,948	)
ROBLOX Corp.^(f)		(374	)		(24,594	)
Spotify Technology SA.^(f)		(138	)		(69,048	)
Uber Technologies Inc.^(f)		(837	)		(67,002	)
Universal Music Group NV^(f)		(125,731	)		(3,082,059	)
Zillow Group, Inc.^(f)		(2,578	)		(162,491	)
					(6,131,852	)
Consumer Discretionary - (3.18%)

Alibaba Group Holding, Ltd.^(f)		(221	)		(37,473	)
Amazon.com, Inc.^(f)		(2,560	)		(612,608	)
Booking Holdings Inc.^(f)		(13	)		(65,024	)
Chewy Inc.^(f)		(829	)		(24,132	)
Chipotle Mexican Grill, Inc.^(f)		(10,992	)		(427,259	)
Coupang Inc.^(f)		(1,820	)		(36,691	)
DraftKings Inc.^(f)		(929	)		(25,557	)
Ferrari N.V.^(f)		(74	)		(24,655	)
Ferrari NV^(f)		(20,782	)		(6,917,233	)
Hilton Worldwide Holdings Inc.		(2,644	)		(789,260	)
MercadoLibre, Inc.^(f)		(34	)		(73,025	)
Moncler SpA^(f)		(1,771	)		(102,885	)
NIKE Inc.		(9,243	)		(571,310	)
Restaurant Brands International Inc.		(11,326	)		(758,729	)
Stellantis NV^(f)		(254,176	)		(2,501,213	)
					(12,967,054	)
Consumer Staples - (0.03%)

Heineken Holding NV^(f)		(230	)		(16,985	)
Oddity Tech Ltd.^(f)		(1,770	)		(58,127	)
The Clorox Company		(296	)		(33,386	)
					(108,498	)
Energy - (0.25%)

Enbridge, Inc.		(2,777	)		(135,561	)
Energy Transfer LP		(10,064	)		(185,681	)
Enterprise Products Partners LP		(4,770	)		(158,316	)
Hess Midstream LP		(957	)		(33,945	)
MPLX LP		(3,818	)		(213,426	)
NexGen Energy Ltd.^(f)		(13,833	)		(173,798	)
TC Energy Corp.		(1,365	)		(80,036	)
Western Midstream Partners LP^(f)		(1,078	)		(44,694	)
					(1,025,457	)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Shares			Fair Value
Financials - (0.59%)

Adyen NV^(b)(f)		(16	)	$	(23,772	)
Affirm Holdings Inc.^(f)		(332	)		(20,020	)
Allfunds Group PLC^(f)		(687	)		(6,653	)
Aon PLC		(111	)		(38,810	)
Bank of America Corp.^(f)		(27	)		(1,436	)
Block Inc.^(f)		(1,201	)		(72,576	)
Brookfield Corp.		(27,558	)		(1,255,267	)
CME Group Inc.		(245	)		(70,820	)
Corpay Inc.^(f)		(124	)		(39,014	)
Intercontinental Exchange, Inc.		(1,037	)		(180,210	)
MasterCard Inc.		(271	)		(146,012	)
MSCI Inc.		(151	)		(91,992	)
Robinhood Markets Inc.^(f)		(1,280	)		(127,334	)
The Progressive Corporation		(343	)		(71,344	)
Tradeweb Markets Inc.		(1,328	)		(136,877	)
Visa Inc.		(82	)		(26,390	)
Webster Financial Corp.		(1,212	)		(79,713	)
					(2,388,240	)
Health Care - (0.93%)

AbbVie Inc.		(202	)		(45,048	)
Agios Pharmaceuticals Inc.^(f)		(1,073	)		(29,443	)
Alcon Inc.^(f)		(424	)		(34,236	)
Alnylam Pharmaceuticals, Inc.^(f)		(135	)		(45,638	)
Ambu A/S		(4,150	)		(56,055	)
Avidity Biosciences Inc.		(898	)		(65,168	)
Danaher Corp.		(201	)		(43,997	)
Denali Therapeutics Inc.^(f)		(759	)		(16,501	)
GE HealthCare Technologies Inc.		(500	)		(39,485	)
Genmab A/S^(f)		(102	)		(32,735	)
Guardant Health Inc.^(f)		(28	)		(3,193	)
Harmony Biosciences Holdings Inc.^(f)		(1,493	)		(54,524	)
HealthStream Inc.		(1,026	)		(22,870	)
Hyperliquid Strategies Inc.^(f)		(135	)		(612	)
Illumina, Inc.^(f)		(7	)		(1,014	)
Incyte Corp.^(f)		(444	)		(44,431	)
Insmed Inc.^(f)		(146	)		(22,903	)
Insulet Corp.^(f)		(66	)		(16,883	)
Intuitive Surgical Inc.^(f)		(50	)		(25,211	)
Ionis Pharmaceuticals Inc.^(f)		(2,139	)		(176,831	)
Koninklijke Philips NV^(f)		(73,102	)		(2,090,906	)
Medpace Holdings Inc.^(f)		(91	)		(53,006	)
Mineralys Therapeutics Inc.^(f)		(1,914	)		(59,123	)
Moderna, Inc.^(f)		(646	)		(28,469	)
Natera Inc.^(f)		(86	)		(19,878	)
Neurocrine Biosciences Inc.^(f)		(640	)		(87,078	)
Novo Nordisk A/S^(f)		(810	)		(4,860	)
PACIRA BIOSCIENCES INC.^(f)		(202	)		(4,149	)
RaySearch Laboratories AB^(f)		(787	)		(16,805	)
Recordati Industria Chimica e Farmaceutica SpA		(1,408	)		(77,340	)
Repligen Corp.^(f)		(265	)		(39,583	)
Revolution Medicines Inc.^(f)		(1,951	)		(189,149	)
Scholar Rock Holding Corp.^(f)		(1,019	)		(45,182	)
Sharps Technology Inc.		(22,279	)		(46,118	)
SI-BONE Inc.^(f)		(310	)		(5,140	)

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Shares			Fair Value
Tandem Diabetes Care Inc.^(f)		(57	)	$	(1,134	)
Thermo Fisher Scientific Inc.		(23	)		(13,308	)
Travere Therapeutics Inc.^(f)		(1,484	)		(46,138	)
Vertex Pharmaceuticals Inc.^(f)		(342	)		(160,706	)
Zymeworks Inc.^(f)		(803	)		(18,092	)
					(3,782,942	)
Industrials - (1.19%)

Aalberts Industries NV.^(f)		(1,032	)		(39,708	)
Advanced Drainage Systems Inc.		(258	)		(39,226	)
Alfa Laval AB^(f)		(1,127	)		(65,463	)
Alight, Inc.^(f)		(261,319	)		(399,818	)
AMETEK Inc.		(304	)		(68,090	)
Atkore Inc.		(682	)		(47,365	)
Atlas Copco AB^(f)		(2,162	)		(44,599	)
Canadian Pacific Kansas City Ltd.		(7,252	)		(539,114	)
CEA Industries Inc.		(4,706	)		(23,483	)
Clarivate PLC^(f)		(35,761	)		(94,767	)
Clean Harbors Inc.^(f)		(158	)		(41,066	)
CNH Industrial NV^(f)		(150,801	)		(1,622,619	)
Deere & Co.		(148	)		(78,144	)
Epiroc AB^(f)		(2,129	)		(59,681	)
Equifax Inc.		(234	)		(47,128	)
Exponent Inc.		(561	)		(40,319	)
Geberit AG^(f)		(130	)		(99,150	)
Generac Holdings, Inc.^(f)		(131	)		(22,013	)
Graco Inc.		(1,112	)		(97,111	)
HEICO Corp.		(240	)		(79,418	)
IDEX Corp.^(f)		(272	)		(54,006	)
Iveco Group NV^(f)		(26,563	)		(594,151	)
Leonardo DRS Inc.		(358	)		(14,699	)
nVent Electric plc		(374	)		(41,985	)
Paycom Software Inc.		(176	)		(23,716	)
Pentair plc		(307	)		(32,349	)
Prysmian S.p.A^(f)		(338	)		(40,245	)
Rational AG^(f)		(151	)		(121,086	)
Rollins Inc.		(1,517	)		(96,087	)
SGS SA^(f)		(288	)		(34,573	)
Verisk Analytics Inc.		(375	)		(81,548	)
Vertiv Holdings Co		(188	)		(35,002	)
Vicor Corp.^(f)		(216	)		(34,057	)
Waste Connections Inc.		(193	)		(32,288	)
Xylem Inc.		(347	)		(47,841	)
					(4,831,915	)
Information Technology - (0.50%)

Accenture PLC		(136	)		(35,855	)
Adobe Inc.^(f)		(143	)		(41,935	)
Amphenol Corp.		(818	)		(117,857	)
AppLovin Corp.^(f)		(78	)		(36,903	)
Arlo Technologies Inc.^(f)		(1,195	)		(15,165	)
Astera Labs Inc.^(f)		(89	)		(13,405	)
Atlassian Corp.^(f)		(386	)		(45,617	)
Aurora Innovation Inc.^(f)		(3,449	)		(14,486	)
AvePoint Inc.^(f)		(2,269	)		(26,388	)
Bentley Systems Inc.		(630	)		(22,126	)
Broadcom Inc.		(930	)		(308,109	)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Shares			Fair Value
Celestica Inc.^(f)		(599	)	$	(168,313	)
CEVA Inc.^(f)		(1,040	)		(21,934	)
Ciena Corp.^(f)		(216	)		(54,391	)
Coherent Corp.^(f)		(136	)		(28,856	)
Corning Inc.		(397	)		(40,990	)
Credo Technology Group Holding Ltd.^(f)		(241	)		(30,192	)
CyberArk Software Ltd.^(f)		(52	)		(22,403	)
Globant SA^(f)		(235	)		(15,717	)
Harmonic Inc.^(f)		(2,545	)		(24,737	)
Hewlett Packard Enterprise Co^(f)		(2,035	)		(43,793	)
JFrog Ltd.^(f)		(909	)		(49,813	)
Kulicke & Soffa Industries Inc.		(248	)		(14,218	)
Littelfuse Inc.		(153	)		(49,535	)
Marvell Technology Inc.		(72	)		(5,682	)
Micron Technology Inc.		(251	)		(104,135	)
monday.com Ltd.^(f)		(216	)		(24,786	)
Nemetschek SE^(f)		(660	)		(57,854	)
Oracle Corp.		(280	)		(46,082	)
PTC Inc.^(f)		(221	)		(34,505	)
Pure Storage Inc.^(f)		(88	)		(6,120	)
Qualys Inc.^(f)		(646	)		(85,207	)
Radware Ltd.^(f)		(791	)		(19,103	)
Red Violet Inc.^(f)		(671	)		(30,517	)
Samsara Inc.^(f)		(46	)		(1,290	)
Seagate Technology Holdings PLC		(192	)		(78,276	)
Super Micro Computer Inc.^(f)		(739	)		(21,512	)
Synopsys Inc.^(f)		(227	)		(105,581	)
Trimble Inc.^(f)		(608	)		(41,101	)
Veeco Instruments Inc.^(f)		(562	)		(17,551	)
VeriSign Inc.		(486	)		(118,696	)
					(2,040,736	)
Materials - (0.64%)

Agnico Eagle Mines Ltd.		(1,183	)		(224,923	)
Alamos Gold Inc.		(8,157	)		(302,282	)
Ashland Inc.		(633	)		(38,714	)
B2Gold Corp.		(16,076	)		(78,276	)
Critical Metals Corp.^(f)		(40,391	)		(531,949	)
Discovery Silver Corp.^(f)		(40,370	)		(284,026	)
DSM-Firmenich AG^(f)		(1,327	)		(104,130	)
Freeport-McMoRan Inc.		(1,668	)		(100,464	)
GoGold Resources Inc.^(f)		(20,515	)		(48,061	)
Orla Mining Ltd.		(47,371	)		(714,574	)
Teck Resources Ltd.^(f)		(3,390	)		(182,246	)
					(2,609,645	)
Real Estate - (0.29%)

CoStar Group Inc.^(f)		(494	)		(30,381	)
Crown Castle Inc.		(80	)		(6,945	)
Iron Mountain Inc.		(947	)		(87,156	)
Prologis Inc.		(40	)		(5,222	)
The Howard Hughes Corporation^(f)		(13,012	)		(1,062,560	)
					(1,192,264	)

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Shares			Fair Value
Technology - (0.71%)

Advanced Micro Devices, Inc.^(f)		(355	)	$	(83,803	)
Arista Networks, Inc.^(f)		(298	)		(42,239	)
ASML Holding NV^(f)		(93	)		(134,005	)
BE Semiconductor Industries NV^(f)		(287	)		(55,962	)
Cloudflare, Inc.^(f)		(306	)		(54,269	)
Descartes Systems Group, Inc.^(f)		(177	)		(13,219	)
Doximity Inc.^(f)		(780	)		(29,227	)
Fabrinet.^(f)		(237	)		(115,997	)
Fair Isaac Corp.^(f)		(33	)		(48,285	)
HMS Networks AB^(f)		(1,179	)		(53,103	)
Inficon Holding AG^(f)		(97	)		(15,308	)
Intuit Inc.		(14	)		(6,985	)
KLA CORP.		(56	)		(79,965	)
Lam Research Corp.^(f)		(510	)		(118,832	)
Lumentum Holdings Inc.^(f)		(222	)		(86,988	)
Melexis NV^(f)		(400	)		(30,227	)
Microsoft Corp.		(1,191	)		(512,475	)
Monolithic Power Systems Inc.		(54	)		(60,704	)
nLight Inc.^(f)		(876	)		(39,954	)
Nordic Semiconductor ASA^(f)		(4,924	)		(66,263	)
NVIDIA Corp.		(2,763	)		(528,092	)
Pegasystems Inc.		(656	)		(28,661	)
Reply SpA^(f)		(340	)		(44,493	)
ServiceNow, Inc.^(f)		(345	)		(40,368	)
Shopify, Inc.^(f)		(187	)		(24,537	)
Snowflake Inc.^(f)		(326	)		(62,820	)
SPS Commerce Inc.^(f)		(240	)		(21,422	)
Taiwan Semiconductor Manufacturing Co., Ltd.		(1,424	)		(470,717	)
Varonis Systems Inc.^(f)		(420	)		(12,533	)
					(2,881,453	)
Utilities - (0.02%)

Clearway Energy Inc.		(25	)		(904	)
Northland Power Inc.		(2,194	)		(30,244	)
Ormat Technologies Inc.		(521	)		(65,094	)
					(96,242	)

TOTAL COMMON STOCK					(40,056,298	)
(Proceeds $40,644,847)

	Shares			Fair Value
CLOSED END FUNDS - (0.00%)^(d)
Fixed Income - (0.00%)^(d)

Nuveen Municipal High Income Opportunity Fund		(431	)		(4,491	)
					(4,491	)

TOTAL CLOSED END FUNDS					(4,491	)
(Proceeds $4,510)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

	Shares			Fair Value
EXCHANGE TRADED FUNDS - (11.89%)
Alternative - (3.51%)

Grayscale Bitcoin Mini Trust B^(f)(g)		(54,060	)	$	(2,004,545	)
Grayscale Bitcoin Trust^(f)(g)		(188,176	)		(12,301,065	)
					(14,305,610	)
Equity - (7.41%)

iShares Biotechnology ETF		(30,980	)		(5,341,881	)
iShares Global Infrastructure ETF		(906	)		(58,355	)
iShares MSCI ACWI ETF		(54,660	)		(7,953,030	)
iShares MSCI India ETF^(f)		(10,620	)		(549,479	)
State Street Communication Services Select Sector SPDR ETF		(9,166	)		(1,100,653	)
State Street Energy Select Sector SPDR ETF		(64	)		(3,267	)
VanEck Gold Miners ETF		(79,049	)		(7,446,417	)
VanEck Vectors Junior Gold Miners ETF^(f)		(11,321	)		(1,404,824	)
Vanguard FTSE Developed Markets ETF		(21,896	)		(1,449,515	)
Vanguard FTSE Emerging Markets ETF		(48,956	)		(2,764,545	)
Vanguard Information Technology ETF		(480	)		(359,002	)
Vanguard Total Stock Market ETF		(5,180	)		(1,764,154	)
					(30,195,122	)
Real Estate - (0.97%)

Vanguard Real Estate ETF		(43,384	)		(3,939,267	)
					(3,939,267	)

TOTAL EXCHANGE TRADED FUNDS					(48,439,999	)
(Proceeds $47,011,279)

	Shares			Fair Value
PREFERRED STOCK - (0.04%)
Technology - (0.04%)

Strategy Inc. Non-Cumulative Preferred Series A^(f)		(2,522	)		(183,703	)
					(183,703	)

TOTAL PREFERRED STOCK					(183,703	)
(Proceeds $194,437)

	Contracts			Fair Value
WARRANTS - 0.00%^(d)

Engene Holdings Inc., Expires 08/28/2028, Strike Price $11.50^(f)		(1,115	)		(3,066	)

TOTAL WARRANTS					(3,066	)
(Proceeds $3,038)

Total Securities Sold Short - (51.51%)				$	(209,933,689	)
(Proceeds $208,530,477)

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

^(a)

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

^(b)

Security exempt from registration under Rule 144A of the Securities Act of 1933 (the “Securities Act”). Total market value of Rule 144A securities amounts to $35,477,439, which represented approximately 8.71% of net assets as of January 31, 2026. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.

^(c)

Level 3 assets valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.

^(d)

Amount represents less than 0.005% of net assets.

^(e)

Securities were originally issued pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of January 31, 2026, the aggregate market value of those securities was -$4,900,321, which represents approximately -1.20% of net assets.

^(f)

Non-income producing security.

^(g)

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

^(h)

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

⁽ⁱ⁾

The security is a floating rate note which has an annual interest rate, reset monthly, that is calculated by taking the product of a leverage multiplier and (USISDA30 - USISDA02).

^(j)

At January 31, 2026, the value of these investments amounted to $0, representing 0.0% of the net assets of the Fund.

^(k)

At January 31, 2026, all options held by the Fund are exchange traded listed options.

Investment Abbreviations:

ESTRON - Euro Short-Term Rate

OBFR - United States Overnight Bank Funding Rate

RBACOR - RBA Interbank Overnight Cash Rate

SOFR - Secured Overnight Financing Rate

SONIA - Sterling Over Night Index Average

Reference Rates:

ESTRON - Euro Short-Term Rate as of January 31, 2026 was 1.926%

OBFR - United States Overnight Bank Funding Rate as of January 31, 2026 was 3.630%

SOFR - Secured Overnight Financing Rate as of January 31, 2026 was 3.676%

TSFR1M - CME Term SOFR 1 Month as of January 31, 2026 was 3.669%

TSFR3M - CME Term SOFR 3 Month as of January 31, 2026 was 3.660%

TSFR6M - CME Term SOFR 6 Month as of January 31, 2026 was 3.616%

SONIA - Sterling Overnight Index Average as of January 31, 2026 was 3.725%

Counterparty Abbreviations:

JPM - JPMorgan Chase Bank, N.A.

GSI - Goldman Sachs International

MSCS - Morgan Stanley Capital Services

BARC - Barclays Bank PLC

MSCO – Morgan Stanley & Company

Currency Abbreviations:

AUD - Australian Dollar

CAD - Canadian Dollar

CHF - Swiss Franc

DKK - Danish Krone

EUR - Eurozone Currency

GBP - Great British Pound

JPY - Japanese Yen

NOK - Norwegian Krone

SEK - Swedish Krona

USD - United States Dollar

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

SIMPLE AGREEMENT FOR FUTURE EQUITY (SAFE) CONTRACTS

	Cost		Fair Value
AEYE Health Inc.^(a)	$	1,293,010	$	1,628,971
BeeHero Ltd.^(a)		321,840		374,622
Nemo Enterprises, Inc.^(a)		84,210		84,210
Quantalx Neuroscience Ltd.^(a)		3,000,000		3,639,821
Real View Imaging Ltd.^(a)		2,250,000		2,246,438
	$	6,949,060	$	7,974,062

^(a)

Level 3 assets valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.

FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Settlement Date	Fund Receiving	Value		Fund Delivering	Cost		Unrealized Appreciation
JPM	02/09/2026	CAD	$	734,589	USD	$	726,113	$	8,476
JPM	03/20/2026	GBP		6,503,097	USD		6,381,178		121,919
								$	130,395

Counterparty	Settlement Date	Fund Receiving	Value		Fund Delivering	Cost		Unrealized Depreciation
JPM	03/20/2026	GBP	$	684,135	USD	$	689,251	$	(5,116	)
JPM	04/02/2026	USD		9,950,555	AUD		10,339,013		(388,458	)
JPM	04/02/2026	USD		1,148,978	CHF		1,171,816		(22,838	)
JPM	03/20/2026	USD		27,410,145	EUR		27,547,312		(137,167	)
JPM	03/20/2026	USD		14,990,070	GBP		15,290,414		(300,344	)
JPM	04/02/2026	USD		681,357	JPY		688,283		(6,926	)
JPM	04/02/2026	USD		2,996,444	SEK		3,096,763		(100,319	)
								$	(961,168	)
								$	(830,773	)

FUTURES CONTRACTS

Description	Number of Contracts	Maturity Date	Notional Amount		Unrealized Depreciation
Long Position Contracts

AUD/USD Futures Mar26	140	03/16/2026	$	9,293,522	$	467,278
GBP/USD Futures Mar26	57	03/16/2026		4,744,736		134,821
					$	602,099

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

FUTURES CONTRACTS

Description	Number of Contracts	Maturity Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Short Position Contracts
CAD/USD Futures Mar26	(91)	03/17/2026	$	6,591,468	$	(117,962	)
EUR/GBP Futures Mar26	(10)	03/16/2026		1,468,849		16,296
FTSE 250 Index FUT Mar26	(137)	03/20/2026		8,119,622		(415,755	)
LONG GILT FUTURE Mar26	(43)	03/27/2026		5,180,745		5,334
US 5YR NOTE (CBT) Mar26	(82)	03/31/2026		8,999,592		67,357
US 10YR NOTE (CBT) Mar26	(5)	03/20/2026		566,206		7,065
					$	(437,665	)
					$	164,434

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

Counterparty	Description	Maturity Date	Notional Amount		Net Unrealized Appreciation/ (Depreciation)
MSCO	FNCL 5.5 3/26 TBA MSFTA	03/10/2026	$	176,941,000	$	(20,735	)
					$	(20,735	)

SINGLE NAME CREDIT DEFAULT SWAP CONTRACTS (CENTRALLY CLEARED)

Buy/Sell Protection^(a)	Reference Obligations	Annual Payment Rate Received (Paid)			Currency	Maturity Date	Notional Amount^(b)		Fair Value			Upfront Premiums Received/(Paid)		Unrealized Appreciation
Sell	CSC Holdings Ltd.		5.00	%	USD	06/20/2028	$	800,000	$	(282,091	)	$	298,000	$	15,909
Sell	Oracle Corp.		1.00	%	USD	12/20/2030		3,513,000		(79,435	)		64,984		(14,451	)
Buy	RR Donnelley & Sons Co.		(5.00	)%	USD	06/20/2029		3,578,000		(108,566	)		346,648		238,082
Buy	UnitedHealth Group Inc.		(1.00	)%	USD	06/20/2028		263,000		(3,903	)		5,056		1,153
									$	(473,995	)	$	714,688	$	240,693

INDEX CREDIT DEFAULT SWAP CONTRACTS (CENTRALLY CLEARED)

Buy/Sell Protection^(a)	Reference Obligations	Annual Payment Rate Received (Paid)			Currency	Maturity Date	Notional Amount^(b)		Fair Value			Upfront Premiums Received/(Paid)			Unrealized Appreciation/ (Depreciation)
Buy	Markit CDX High Yield Index, Series 43		(5.00	)%	USD	12/20/2029	$	136,790,610	$	(11,571,452	)	$	9,571,268		$	(2,000,184	)
Sell	Markit CDX High Yield Index, Series 44		5.00	%	USD	06/20/2030		146,317,050		13,434,604			(10,787,016	)		2,647,588
Sell	Markit CDX High Yield Index, Series 45		5.00	%	USD	12/20/2030		12,533,400		1,121,833			(869,191	)		252,642
Buy	Markit iTraxx Europe Subordinated Financials Index, Series 39		(1.00	)%	USD	06/20/2028		45,000,000		(866,944	)		(2,626,045	)		(3,492,989	)
									$	2,118,041		$	(4,710,984	)	$	(2,592,943	)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

SINGLE NAME CREDIT DEFAULT SWAP CONTRACTS (OVER THE COUNTER)

Buy/Sell Protection^(a)	Counterparty	Reference Obligations	Annual Payment Rate Received (Paid)			Currency	Maturity Date	Notional Amount^(b)		Fair Value			Upfront Premiums Received/(Paid)			Unrealized Appreciation/ (Depreciation)
Sell	GSI	Bristol-Myers Squibb Company		1.00	%	USD	12/20/2027	$	1,548,000	$	26,015		$	(41,614	)	$	(15,599	)
Sell	MSCS	Bristol-Myers Squibb Company		1.00	%	USD	12/20/2027		10,000,000		168,056			(257,109	)		(89,053	)
Sell	MSCS	Bristol-Myers Squibb Company		1.00	%	USD	06/20/2029		14,307,000		370,321			(449,191	)		(78,870	)
Sell	GSI	Cigna Holding Co.		1.00	%	USD	12/20/2030		2,908,000		64,713			(55,721	)		8,992
Sell	MSCS2	Cigna Holding Co.		1.00	%	USD	12/20/2030		2,357,000		52,451			(44,352	)		8,099
Sell	BARC	CommScope Holding Company, Inc.		5.00	%	USD	06/20/2027		5,375,000		388,684			(168,130	)		220,554
Buy	BARC	CommScope Holding Company, Inc.		(5.00	)%	USD	06/20/2030		5,375,000		(1,033,468	)		103,925			(929,543	)
Sell	MSCS	Google		1.00	%	USD	12/20/2030		624,000		18,838			(18,083	)		755
Sell	GSI	Google, LLC		1.00	%	USD	12/20/2030		27,155,000		819,796			(789,736	)		30,060
Sell	BARC	International Business Machines Corporation		1.00	%	USD	12/20/2028		3,675,000		84,651			(81,859	)		2,792
Sell	GSI	Meta Platforms, Inc.		1.00	%	USD	12/20/2030		276,000		5,664			(6,404	)		(740	)
Sell	BARC	Meta Platforms, Inc.		1.00	%	USD	12/20/2030		5,394,000		110,692			(99,538	)		11,154
Sell	MSCS2	Meta Platforms, Inc.		1.00	%	USD	12/20/2030		9,747,000		200,022			(178,840	)		21,182
Sell	BARC	NextEra Energy Capital Holdings, Inc.		1.00	%	USD	06/20/2028		4,306,000		72,098			(22,659	)		49,439
Sell	GSI	NVIDIA Corp.		1.00	%	USD	12/20/2030		2,567,000		72,833			(68,912	)		3,921
Sell	GSI	Oracle Corp.		1.00	%	USD	12/20/2030		19,927,000		(450,581	)		119,471			(331,110	)
Sell	BARC	Oracle Corp.		1.00	%	USD	12/20/2030		7,034,000		(20,869	)		34,647			13,778
Sell	GSI	Pfizer Inc.		1.00	%	USD	12/20/2027		9,152,000		156,104			(228,364	)		(72,260	)
Sell	MSCS	Pfizer Inc.		1.00	%	USD	12/20/2027		7,325,000		124,941			(178,314	)		(53,373	)
Sell	GSI	Pfizer, Inc.		1.00	%	USD	12/20/2028		15,802,000		368,298			(438,142	)		(69,844	)
Buy	BARC	Unisys Corporation		(5.00	)%	USD	06/20/2028		286,000		(15,881	)		(38,292	)		(54,173	)
Sell	MSCS	UnitedHealth Group Incorporated		1.00	%	USD	12/20/2027		11,190,000		166,062			(246,111	)		(80,049	)
Sell	MSCS	Verizon Communications Inc.		1.00	%	USD	12/20/2027		7,000,000		94,892			4,885			99,777
Sell	MSCS	Verizon Communications Inc.		1.00	%	USD	06/20/2028		3,181,000		49,750			(2,900	)		46,850
										$	1,894,082		$	(3,151,343	)	$	(1,257,261	)

^(a)

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

^(b)

The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. Notional amounts are presented in the currency indicated in the table.

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty

Reference Obligations

Currency

Notional

Amount^(b)

Termination

Date

Financing

Rate Index

Financing
Rate Spread
Paid/(Received)
by Fund

Value

Unrealized
Appreciation/
(Depreciation)

Long Position Contracts

JPM

abrdn Diversified Income and Growth Trust PLC

GBP

127,488

10/15/2026

SONIA

35 bps

127,950

462

JPM

abrdn Asia Focus PLC

GBP

82,757

10/15/2026

SONIA

35 bps

77,762

(4,995

)

JPM

abrdn Diversified Income and Growth Trust PLC

GBP

465,601

10/15/2026

SONIA

35 bps

467,409

1,808

JPM

abrdn New India Investment Trust PLC

EUR

840,870

10/15/2026

SONIA

35 bps

837,801

(3,069

)

JPM

abrdn UK Smaller Cos Growth Trust PLC

GBP

871,643

10/15/2026

SONIA

35 bps

994,043

122,400

JPM

Aquila European Renewables PLC

EUR

35,897

01/15/2027

ESTRON

40 bps

26,412

(9,485

)

JPM

Baillie Gifford UK Growth Trust PLC

GBP

4,992,043

10/15/2026

SONIA

35 bps

4,968,042

(24,001

)

JPM

Baker Steel Resources Trust, Ltd.

GBP

407,083

10/15/2026

SONIA

35 bps

464,553

57,470

JPM

BB Biotech AG

CHF

1,168,761

10/15/2026

SARON

35 bps

1,126,238

(42,523

)

JPM

BlackRock Smaller Companies Trust PLC

GBP

1,450,768

10/15/2026

SONIA

35 bps

1,496,582

45,814

JPM

Blackrock Throgmorton Trust PLC

GBP

1,454,094

10/15/2026

SONIA

35 bps

1,506,845

52,751

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty

Reference Obligations

Currency

Notional

Amount^(b)

Termination

Date

Financing

Rate Index

Financing
Rate Spread
Paid/(Received)
by Fund

Value

Unrealized
Appreciation/
(Depreciation)

Long Position Contracts

JPM

Brown Advisory US Smaller Companies PLC

GBP

320,352

10/15/2026

SONIA

35 bps

312,968

(7,384

)

JPM

Cannae Holdings, Inc.

USD

104,958

10/15/2026

OBFR

35 bps

92,959

(11,999

)

JPM

Compass Diversified Holdings

USD

128,390

10/15/2026

OBFR

35 bps

156,497

28,107

JPM

Derwent London PLC

GBP

66,407

03/15/2027

SONIA

35 bps

67,748

1,341

JPM

Ecofin Global Utilities/Infrastructure Trust

GBP

101,133

10/15/2026

SONIA

35 bps

103,294

2,161

JPM

Edenred SE

EUR

5,892,636

10/15/2026

ESTRON

35 bps

5,882,648

(9,988

)

JPM

GCP Infrastructure Investments, Ltd.

GBP

149,826

01/15/2027

SONIA

35 bps

153,935

4,109

JPM

GEO Group, Inc.

USD

544,376

10/15/2026

OBFR

35 bps

504,297

(40,079

)

JPM

Global Opportunities Trust PLC

GBP

1,128

10/15/2026

SONIA

35 bps

1,115

(13

)

JPM

Grainger PLC

GBP

290,811

01/15/2027

SONIA

35 bps

292,015

1,204

JPM

Gresham House Energy Storage Fund PLC

GBP

154,666

10/15/2026

SONIA

35 bps

148,558

(6,108

)

JPM

HarbourVest Global Private Equity, Ltd.

GBP

2,052,350

10/15/2026

SONIA

35 bps

2,046,302

(6,048

)

JPM

HBM Healthcare Investments AG

CHF

740,850

10/15/2026

SARON

35 bps

763,107

22,257

JPM

Henderson Smaller Companies Inv Trust PLC

GBP

1,143,783

10/15/2026

SONIA

35 bps

1,195,189

51,406

JPM

Herald Investment Trust PLC

GBP

2,442,240

10/15/2026

SONIA

35 bps

2,395,001

(47,239

)

JPM

Impax Environmental Markets PLC

GBP

1,712,396

10/15/2026

SONIA

35 bps

1,742,140

29,744

JPM

Invesco Perpetual UK Smaller Cos Inv Trust PLC

USD

1,585

10/15/2026

SONIA

35 bps

1,627

JPM

IP Group PLC

GBP

3,202,495

10/15/2026

SONIA

35 bps

3,303,212

100,717

JPM

Life Science Reit PLC

GBP

128,265

01/15/2027

SONIA

35 bps

144,676

16,411

JPM

Mercantile Investment Trust PLC

GBP

4,879,490

10/15/2026

SONIA

35 bps

4,981,922

102,432

JPM

Molten Ventures PLC

GBP

2,344,172

10/15/2026

SONIA

35 bps

2,309,867

(34,305

)

JPM

Pantheon International PLC

GBP

1,674,440

10/15/2026

SONIA

35 bps

1,644,105

(30,335

)

JPM

Partners Group Private Equity, Ltd.

EUR

802,724

10/15/2026

ESTRON

40 bps

783,520

(19,204

)

JPM

Patria Private Equity Trust PLC

GBP

25,678

01/15/2027

SONIA

35 bps

25,231

(447

)

JPM

Pengana International Equities, Ltd.

AUD

268,708

10/15/2026

RBACOR

45 bps

260,565

(8,143

)

JPM

Polar Capital Technology Trust PLC

GBP

2,612,865

10/15/2026

SONIA

35 bps

2,677,513

64,648

JPM

Regal Partners Global Investments, Ltd.

AUD

785,399

10/15/2026

RBACOR

45 bps

801,694

16,295

JPM

RIT Capital Partners PLC

GBP

2,071,729

10/15/2026

SONIA

35 bps

2,048,398

(23,331

)

JPM

River & Mercantile UK Micro Cap Inv Co Ltd .

GBP

1,351,301

10/15/2026

SONIA

35 bps

1,508,148

156,847

JPM

RM Infrastructure Income PLC

GBP

420,962

10/15/2026

SONIA

35 bps

414,280

(6,682

)

JPM

Schroder AsiaPacific Fund PLC

GBP

6,145

10/15/2026

SONIA

35 bps

6,181

JPM

Schroder UK Mid Cap Fund PLC

GBP

127,530

10/15/2026

SONIA

35 bps

130,349

2,819

JPM

Schroders Capital Global

GBP

10,924

10/15/2026

SONIA

35 bps

10,552

(372

)

JPM

Scottish Oriental Smaller Companies Trust PLC

GBP

126,435

10/15/2026

SONIA

35 bps

125,516

(919

)

JPM

SDCL Efficiency Income Trust PLC

GBP

5,435,803

10/15/2026

SONIA

35 bps

5,266,924

(168,879

)

JPM

Smithson Investment Trust PLC

GBP

2,471,492

10/15/2026

SONIA

35 bps

2,364,446

(107,046

)

JPM

Snap, Inc.

USD

2,523,110

10/15/2026

OBFR

35 bps

2,213,310

(309,800

)

JPM

Syncona, Ltd.

GBP

1,393,662

10/15/2026

SONIA

35 bps

1,374,092

(19,570

)

JPM

The Gore Street Energy Storage Fund PLC

GBP

1,365,186

10/15/2026

SONIA

35 bps

1,383,049

17,863

JPM

The Renewables Infrastructure Group, Ltd.

GBP

682,337

01/15/2027

SONIA

35 bps

680,323

(2,014

)

JPM

Uber Technologies, Inc.

USD

1,004,118

10/15/2026

OBFR

35 bps

949,553

(54,565

)

JPM

Utilico Emerging Markets Trust PLC

GBP

103,880

10/15/2026

SONIA

35 bps

107,616

3,736

JPM

VEF AB

SEK

36,747

10/15/2026

STIBOR

35 bps

35,721

(1,026

)

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty

Reference Obligations

Currency

Notional

Amount^(b)

Termination

Date

Financing

Rate Index

Financing
Rate Spread
Paid/(Received)
by Fund

Value

Unrealized
Appreciation/
(Depreciation)

Long Position Contracts

JPM

Vertex, Inc.

USD

35,061

10/15/2026

OBFR

35 bps

33,353

(1,708

)

JPM

Vietnam Enterprise Investments, Ltd.

GBP

94,673

10/15/2026

SONIA

35 bps

90,096

(4,577

)

JPM

Vivendi SE

EUR

2,410,482

01/15/2027

ESTRON

35 bps

2,368,228

(42,254

)

JPM

VPC Specialty Lending Investments PLC

GBP

282,029

10/15/2026

SONIA

35 bps

274,365

(7,664

)

JPM

Weibo Corp.

USD

176,090

10/15/2026

OBFR

35 bps

167,841

(8,249

)

JPM

Workspace Group PLC

GBP

3,257,131

10/15/2026

SONIA

35 bps

3,390,487

133,356

Total Long Position Contracts

69,828,170

(27,785

)

Counterparty	Reference Obligations	Currency	Notional Amount^(b)			Termination Date	Financing Rate Index	Financing Rate Spread Paid/(Received) by Fund	Value			Unrealized Appreciation/ (Depreciation)
Short Position Contracts
JPM	3i Group PLC	GBP		(137,850	)	10/15/2026	SONIA	(30) bps	$	(150,811	)	$	(12,961	)
JPM	4imprint Group PLC	GBP		(498,622	)	10/15/2026	SONIA	(30) bps		(478,115	)		20,507
JPM	AddTech AB	SEK		(42,448	)	02/15/2027	STIBOR	(35) bps		(38,817	)		3,631
JPM	AIA Group, Ltd.	HKD		(74,848	)	11/16/2026	HONIA	(40) bps		(80,125	)		(5,277	)
JPM	Air Liquide SA	EUR		(55,610	)	02/15/2027	ESTRON	(30) bps		(55,603	)		7
JPM	Airbus SE	EUR		(66,037	)	02/15/2027	ESTRON	(30) bps		(58,000	)		8,037
JPM	AJ Bell PLC	GBP		(255,748	)	10/15/2026	SONIA	(30) bps		(263,022	)		(7,274	)
JPM	Alfa Financial Software Holdings PLC	GBP		(66,320	)	10/15/2026	SONIA	(30) bps		(67,100	)		(780	)
JPM	Argenx SE	EUR		(214,810	)	11/16/2026	ESTRON	(30) bps		(216,906	)		(2,096	)
JPM	Ashtead Group PLC	GBP		(142,260	)	10/15/2026	SONIA	(30) bps		(123,843	)		18,417
JPM	Ashtead Technology Holdings plc	GBP		(29,719	)	10/15/2026	SONIA	(315) bps		(36,954	)		(7,235	)
JPM	Auction Technology Group PLC	GBP		(1,579	)	10/15/2026	SONIA	(30) bps		(1,539	)		40
JPM	Auto Trader Group PLC	GBP		(229,726	)	10/15/2026	SONIA	(30) bps		(215,543	)		14,183
JPM	Avon Technologies PLC	GBP		(65,819	)	02/15/2027	SONIA	(30) bps		(58,130	)		7,689
JPM	Babcock International Group PLC	GBP		(375,700	)	10/15/2026	SONIA	(30) bps		(358,941	)		16,759
JPM	Balfour Beatty PLC	GBP		(135,171	)	10/15/2026	SONIA	(30) bps		(135,646	)		(475	)
JPM	Intermediate Capital Group PLC	GBP		(248,395	)	10/15/2026	SONIA	(30) bps		(222,526	)		25,869
JPM	Beazley PLC	GBP		(84,111	)	10/15/2026	SONIA	(30) bps		(116,430	)		(32,319	)
JPM	Bellway PLC	GBP		(198,538	)	10/15/2026	SONIA	(30) bps		(197,231	)		1,307
JPM	Bloomsbury Publishing PLC	GBP		(113,935	)	10/15/2026	SONIA	(30) bps		(116,754	)		(2,819	)
JPM	Bodycote PLC	GBP		(220,103	)	10/15/2026	SONIA	(30) bps		(221,739	)		(1,636	)
JPM	Breedon Group PLC	GBP		(42,177	)	02/15/2027	SONIA	(30) bps		(43,205	)		(1,028	)
JPM	Bunzl PLC	GBP		(72,568	)	10/15/2026	SONIA	(30) bps		(72,497	)		71
JPM	Bytes Technology Group PLC	GBP		(14,964	)	10/15/2026	SONIA	(55) bps		(13,686	)		1,278
JPM	Cairn Homes PLC	GBP		(48,145	)	10/15/2026	SONIA	(30) bps		(48,359	)		(214	)
JPM	CaixaBank SA	EUR		(172,391	)	02/15/2027	ESTRON	(30) bps		(179,219	)		(6,828	)
JPM	Card Factory PLC	GBP		(479	)	10/15/2026	SONIA	(30) bps		(497	)		(18	)
JPM	Central Asia Metals PLC	GBP		(3,024	)	10/15/2026	SONIA	(30) bps		(3,522	)		(498	)
JPM	Chemring Group PLC	GBP		(374,326	)	10/15/2026	SONIA	(30) bps		(339,894	)		34,432
JPM	Clarkson PLC	GBP		(93,811	)	10/15/2026	SONIA	(30) bps		(94,715	)		(904	)
JPM	Cohort PLC	GBP		(47,390	)	02/15/2027	SONIA	(200) bps		(47,889	)		(499	)
JPM	Compass Group PLC	GBP		(18,491	)	10/15/2026	SONIA	(30) bps		(17,477	)		1,014

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty	Reference Obligations	Currency	Notional Amount^(b)			Termination Date	Financing Rate Index	Financing Rate Spread Paid/(Received) by Fund	Value			Unrealized Appreciation/ (Depreciation)
Short Position Contracts
JPM	Computacenter PLC	GBP		(232,863	)	10/15/2026	SONIA	(30) bps	$	(245,088	)	$	(12,225	)
JPM	Conduit Holdings, Ltd.	GBP		(2,377	)	10/15/2026	SONIA	(30) bps		(2,484	)		(107	)
JPM	Costain Group PLC	GBP		(44,930	)	02/15/2027	SONIA	(30) bps		(49,580	)		(4,650	)
JPM	Craneware PLC	GBP		(74,290	)	10/15/2026	SONIA	(30) bps		(63,034	)		11,256
JPM	Cranswick PLC	GBP		(391,558	)	10/15/2026	SONIA	(30) bps		(419,470	)		(27,912	)
JPM	Crest Nicholson Holdings PLC	GBP		(51,815	)	10/15/2026	SONIA	(30) bps		(57,101	)		(5,286	)
JPM	Croda International PLC	GBP		(57,100	)	11/16/2026	SONIA	(30) bps		(57,374	)		(274	)
JPM	CVS Group PLC	GBP		(81,691	)	10/15/2026	SONIA	(30) bps		(79,381	)		2,310
JPM	DFS Furniture PLC	GBP		(42,712	)	11/16/2026	SONIA	(30) bps		(45,980	)		(3,268	)
JPM	Diageo PLC	GBP		(55,102	)	10/15/2026	SONIA	(30) bps		(55,482	)		(380	)
JPM	Diploma PLC	GBP		(443,442	)	10/15/2026	SONIA	(30) bps		(421,270	)		22,172
JPM	DiscoverIE Group PLC	GBP		(168,363	)	10/15/2026	SONIA	(30) bps		(179,700	)		(11,337	)
JPM	Dunelm Group PLC	GBP		(304,525	)	10/15/2026	SONIA	(30) bps		(241,529	)		62,996
JPM	Elementis PLC	GBP		(73,137	)	10/15/2026	SONIA	(30) bps		(70,351	)		2,786
JPM	Entain PLC	GBP		(66,907	)	02/15/2027	SONIA	(30) bps		(55,756	)		11,151
JPM	Eurofins Scientific SE	EUR		(50,877	)	10/15/2026	ESTRON	(30) bps		(47,412	)		3,465
JPM	Everplay Group PLC	GBP		(50,722	)	02/15/2027	SONIA	(30) bps		(50,110	)		612
JPM	Experian PLC	GBP		(232,555	)	10/15/2026	SONIA	(30) bps		(192,204	)		40,351
JPM	Forterra PLC	GBP		(37,435	)	10/15/2026	SONIA	(30) bps		(37,478	)		(43	)
JPM	Future PLC	GBP		(49,373	)	10/15/2026	SONIA	(30) bps		(51,022	)		(1,649	)
JPM	Games Workshop Group PLC	GBP		(785,239	)	10/15/2026	SONIA	(30) bps		(717,873	)		67,366
JPM	Gamma Communications PLC	GBP		(6,675	)	10/15/2026	SONIA	(30) bps		(6,617	)		58
JPM	GB Group PLC	GBP		(92,603	)	10/15/2026	SONIA	(30) bps		(93,775	)		(1,172	)
JPM	Genuit Group PLC	GBP		(19,128	)	11/16/2026	SONIA	(30) bps		(19,782	)		(654	)
JPM	Genus PLC	GBP		(335,638	)	10/15/2026	SONIA	(30) bps		(421,717	)		(86,079	)
JPM	GlobalData PLC	GBP		(32,144	)	10/15/2026	SONIA	(30) bps		(28,875	)		3,269
JPM	Grafton Group PLC	GBP		(219,032	)	10/15/2026	SONIA	(30) bps		(220,399	)		(1,367	)
JPM	Great Portland Estates PLC	GBP		(44,696	)	02/15/2027	SONIA	(30) bps		(51,120	)		(6,424	)
JPM	Greencore Group PLC	GBP		(137,937	)	02/15/2027	SONIA	(30) bps		(153,883	)		(15,946	)
JPM	Halma PLC	GBP		(235,998	)	10/15/2026	SONIA	(30) bps		(230,153	)		5,845
JPM	Helical PLC	GBP		(32,965	)	10/15/2026	SONIA	(30) bps		(34,093	)		(1,128	)
JPM	Hermes International SCA	EUR		(2,653	)	10/15/2026	ESTRON	(30) bps		(2,405	)		248
JPM	Hill & Smith PLC	GBP		(188,288	)	10/15/2026	SONIA	(30) bps		(183,756	)		4,532
JPM	Hilton Food Group PLC	GBP		(20,724	)	10/15/2026	SONIA	(30) bps		(19,737	)		987
JPM	Hollywood Bowl Group PLC	GBP		(83,967	)	10/15/2026	SONIA	(30) bps		(78,652	)		5,315
JPM	Howden Joinery Group PLC	GBP		(233,900	)	10/15/2026	SONIA	(30) bps		(234,742	)		(842	)
JPM	Hunting PLC	GBP		(49,121	)	10/15/2026	SONIA	(30) bps		(54,620	)		(5,499	)
JPM	IG Group Holdings PLC	GBP		(283,585	)	10/15/2026	SONIA	(30) bps		(293,799	)		(10,214	)
JPM	IMI PLC	GBP		(118,720	)	10/15/2026	SONIA	(30) bps		(125,059	)		(6,339	)
JPM	Impax Asset Management Group PLC	GBP		(1,418	)	10/15/2026	SONIA	(30) bps		(1,567	)		(149	)
JPM	Inchcape PLC	GBP		(384,965	)	10/15/2026	SONIA	(30) bps		(400,412	)		(15,447	)
JPM	IntegraFin Holdings PLC	GBP		(304,591	)	10/15/2026	SONIA	(30) bps		(314,431	)		(9,840	)
JPM	Intesa Sanpaolo SpA	EUR		(42,453	)	02/15/2027	ESTRON	(30) bps		(42,282	)		171

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty	Reference Obligations	Currency	Notional Amount^(b)			Termination Date	Financing Rate Index	Financing Rate Spread Paid/(Received) by Fund	Value			Unrealized Appreciation/ (Depreciation)
Short Position Contracts
JPM	Ithaca Energy PLC	GBP		(59,874	)	11/16/2026	SONIA	(30) bps	$	(64,664	)	$	(4,790	)
JPM	JET2 PLC	GBP		(71,144	)	10/15/2026	SONIA	(30) bps		(67,333	)		3,811
JPM	Johnson Service Group PLC	GBP		(18,742	)	10/15/2026	SONIA	(30) bps		(19,462	)		(720	)
JPM	JTC PLC	GBP		(37,916	)	10/15/2026	SONIA	(30) bps		(38,033	)		(117	)
JPM	Judges Scientific PLC	GBP		(30,739	)	10/15/2026	SONIA	(1565) bps		(27,216	)		3,523
JPM	Just Group PLC	GBP		(409,647	)	10/15/2026	SONIA	(85) bps		(408,701	)		946
JPM	Kainos Group PLC	GBP		(150,290	)	10/15/2026	SONIA	(30) bps		(133,262	)		17,028
JPM	Keller Group PLC	GBP		(47,941	)	11/16/2026	SONIA	(30) bps		(50,992	)		(3,051	)
JPM	Kering SA	EUR		(14,296	)	10/15/2026	ESTRON	(30) bps		(12,211	)		2,085
JPM	Kingspan Group PLC	EUR		(45,248	)	02/15/2027	ESTRON	(30) bps		(46,611	)		(1,363	)
JPM	Lancashire Holdings, Ltd.	GBP		(175,364	)	10/15/2026	SONIA	(30) bps		(181,249	)		(5,885	)
JPM	Legal & General Group PLC	GBP		(193,865	)	10/15/2026	SONIA	(30) bps		(196,911	)		(3,046	)
JPM	London Stock Exchange Group PLC	GBP		(6,017	)	10/15/2026	SONIA	(30) bps		(5,446	)		571
JPM	LondonMetric Property PLC	GBP		(136,764	)	10/15/2026	SONIA	(30) bps		(139,485	)		(2,721	)
JPM	Luceco PLC	GBP		(59,242	)	10/15/2026	SONIA	(30) bps		(71,565	)		(12,323	)
JPM	Man Group PLC	GBP		(94,583	)	10/15/2026	SONIA	(30) bps		(96,643	)		(2,060	)
JPM	ME Group International PLC	GBP		(88,732	)	10/15/2026	SONIA	(30) bps		(86,243	)		2,489
JPM	Mears Group PLC	GBP		(14,149	)	11/16/2026	SONIA	(30) bps		(14,814	)		(665	)
JPM	Mitie Group PLC	GBP		(212,327	)	10/15/2026	SONIA	(30) bps		(214,116	)		(1,789	)
JPM	MONY Group PLC	GBP		(137,963	)	10/15/2026	SONIA	(30) bps		(137,300	)		663
JPM	Moonpig Group PLC	GBP		(256,075	)	10/15/2026	SONIA	(30) bps		(265,354	)		(9,279	)
JPM	Morgan Advanced Materials PLC	GBP		(1,032	)	10/15/2026	SONIA	(30) bps		(1,034	)		(2	)
JPM	Morgan Sindall Group PLC	GBP		(258,024	)	10/15/2026	SONIA	(30) bps		(262,822	)		(4,798	)
JPM	Mortgage Advice Bureau Holdings, Ltd.	GBP		(50,517	)	10/15/2026	SONIA	(30) bps		(56,290	)		(5,773	)
JPM	National Grid PLC	GBP		(20,614	)	10/15/2026	SONIA	(30) bps		(22,061	)		(1,447	)
JPM	NatWest Group PLC	GBP		(68,162	)	02/15/2027	SONIA	(30) bps		(72,108	)		(3,946	)
JPM	Next Fifteen Communications	GBP		(105	)	10/15/2026	SONIA	(215) bps		(106	)		(1	)
JPM	Novonesis Novozymes B	DKK		(58,244	)	02/15/2027	CIBOR	(35) bps		(53,628	)		4,616
JPM	On the Beach Group PLC	GBP		(65,295	)	10/15/2026	SONIA	(30) bps		(65,594	)		(299	)
JPM	OSB Group PLC	GBP		(191,514	)	10/15/2026	SONIA	(30) bps		(189,037	)		2,477
JPM	Oxford Instruments PLC	GBP		(216,957	)	10/15/2026	SONIA	(30) bps		(248,021	)		(31,064	)
JPM	Pagegroup PLC	GBP		(29,488	)	10/15/2026	SONIA	(30) bps		(29,036	)		452
JPM	Pan African Resources PLC	GBP		(381,843	)	02/15/2027	SONIA	(30) bps		(403,838	)		(21,995	)
JPM	Paragon Banking Group PLC	GBP		(373,257	)	10/15/2026	SONIA	(30) bps		(377,079	)		(3,822	)
JPM	PayPoint PLC	GBP		(70,102	)	10/15/2026	SONIA	(30) bps		(81,050	)		(10,948	)
JPM	Pets at Home Group PLC	GBP		(42,379	)	11/16/2026	SONIA	(30) bps		(44,374	)		(1,995	)
JPM	Plus500, Ltd.	GBP		(116,275	)	10/15/2026	SONIA	(30) bps		(128,263	)		(11,988	)
JPM	Polar Capital Holdings PLC	GBP		(30,412	)	11/16/2026	SONIA	(30) bps		(32,210	)		(1,798	)
JPM	Polestar Automotive Holding UK PLC	USD		(351,515	)	10/15/2026	OBFR	(900) bps		(504,621	)		(153,106	)
JPM	Pollen Street Group, Ltd.	GBP		(111,751	)	10/15/2026	SONIA	(30) bps		(111,508	)		243
JPM	Porvair PLC	GBP		(69,998	)	10/15/2026	SONIA	(30) bps		(68,076	)		1,922
JPM	Premier Foods PLC	GBP		(144,393	)	10/15/2026	SONIA	(30) bps		(162,271	)		(17,878	)
JPM	Prudential PLC	GBP		(185,011	)	10/15/2026	SONIA	(30) bps		(190,792	)		(5,781	)
JPM	QinetiQ Group PLC	GBP		(226,012	)	10/15/2026	SONIA	(30) bps		(225,562	)		450
JPM	Reach PLC	GBP		(62	)	10/15/2026	SONIA	(30) bps		(71	)		(9	)

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund

Consolidated Schedule of Investments

January 31, 2026 (Unaudited)

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty	Reference Obligations	Currency	Notional Amount^(b)			Termination Date	Financing Rate Index	Financing Rate Spread Paid/(Received) by Fund	Value			Unrealized Appreciation/ (Depreciation)
Short Position Contracts
JPM	RELX PLC	GBP		(64,890	)	10/15/2026	SONIA	(30) bps	$	(53,570	)	$	11,320
JPM	Renishaw PLC	GBP		(202,240	)	10/15/2026	SONIA	(30) bps		(211,420	)		(9,180	)
JPM	Rightmove PLC	GBP		(105,589	)	10/15/2026	SONIA	(30) bps		(101,287	)		4,302
JPM	Rotork PLC	GBP		(149,932	)	10/15/2026	SONIA	(30) bps		(158,257	)		(8,325	)
JPM	Sabre Insurance Group PLC	GBP		(36,871	)	11/16/2026	SONIA	(30) bps		(36,701	)		170
JPM	Safestore Holdings PLC	GBP		(153,613	)	11/16/2026	SONIA	(30) bps		(165,522	)		(11,909	)
JPM	Samsung Electronics Co., Ltd.	USD		(141,154	)	10/15/2026	OBFR	(105) bps		(167,994	)		(26,840	)
JPM	Sanofi SA	EUR		(47,520	)	02/15/2027	ESTRON	(30) bps		(46,752	)		768
JPM	SAP SE	EUR		(53,133	)	10/15/2026	ESTRON	(30) bps		(42,457	)		10,676
JPM	Savills PLC	GBP		(44,297	)	10/15/2026	SONIA	(30) bps		(46,907	)		(2,610	)
JPM	Schneider Electric SE	EUR		(160,544	)	10/15/2026	ESTRON	(30) bps		(163,136	)		(2,592	)
JPM	Scout24 SE	EUR		(7,712	)	10/15/2026	ESTRON	(30) bps		(7,472	)		240
JPM	Senior PLC	GBP		(2,343	)	10/15/2026	SONIA	(30) bps		(2,501	)		(158	)
JPM	Serco Group PLC	GBP		(333,252	)	10/15/2026	SONIA	(30) bps		(344,269	)		(11,017	)
JPM	Shaftesbury Capital PLC	GBP		(38,896	)	02/15/2027	SONIA	(30) bps		(39,224	)		(328	)
JPM	Siemens Energy AG	EUR		(53,306	)	02/15/2027	ESTRON	(30) bps		(59,113	)		(5,807	)
JPM	SigmaRoc PLC	GBP		(312,926	)	10/15/2026	SONIA	(120) bps		(341,070	)		(28,144	)
JPM	Sirius Real Estate, Ltd.	GBP		(116,116	)	10/15/2026	SONIA	(30) bps		(115,062	)		1,054
JPM	Softcat PLC	GBP		(284,488	)	10/15/2026	SONIA	(30) bps		(278,071	)		6,417
JPM	Spirax Group PLC	GBP		(209,737	)	10/15/2026	SONIA	(30) bps		(217,211	)		(7,474	)
JPM	Spire Healthcare Group PLC	GBP		(39,999	)	10/15/2026	SONIA	(30) bps		(44,735	)		(4,736	)
JPM	SSP Group PLC	GBP		(79,660	)	10/15/2026	SONIA	(30) bps		(76,767	)		2,893
JPM	St James's Place PLC	GBP		(293,264	)	10/15/2026	SONIA	(30) bps		(308,592	)		(15,328	)
JPM	TBC Bank Group PLC	GBP		(30,789	)	11/16/2026	SONIA	(30) bps		(33,381	)		(2,592	)
JPM	Telecom Plus PLC	GBP		(303,800	)	10/15/2026	SONIA	(30) bps		(297,545	)		6,255
JPM	Tencent Holdings, Ltd.	HKD		(70,525	)	11/16/2026	HONIA	(40) bps		(68,108	)		2,417
JPM	Trainline PLC	GBP		(90,996	)	10/15/2026	SONIA	(30) bps		(86,349	)		4,647
JPM	Trustpilot Group PLC	GBP		(119,497	)	10/15/2026	SONIA	(30) bps		(104,716	)		14,781
JPM	Universal Music Group NV	EUR		(764,938	)	01/15/2027	ESTRON	(30) bps		(715,464	)		49,474
JPM	Veolia Environnement SA	EUR		(60,153	)	11/16/2026	ESTRON	(30) bps		(64,300	)		(4,147	)
JPM	Vesuvius PLC	GBP		(25,155	)	10/15/2026	SONIA	(30) bps		(27,885	)		(2,730	)
JPM	Victrex PLC	GBP		(46,920	)	10/15/2026	SONIA	(30) bps		(44,738	)		2,182
JPM	Volex PLC	GBP		(66,389	)	02/15/2027	SONIA	(90) bps		(67,771	)		(1,382	)
JPM	Volution Group PLC	GBP		(559,362	)	10/15/2026	SONIA	(30) bps		(555,040	)		4,322
JPM	Watches of Switzerland Group PLC	GBP		(156,288	)	10/15/2026	SONIA	(30) bps		(171,831	)		(15,543	)
JPM	WH Smith PLC	GBP		(30,758	)	10/15/2026	SONIA	(30) bps		(33,731	)		(2,973	)
JPM	Wilmington PLC	GBP		(29,512	)	02/15/2027	SONIA	(180) bps		(29,812	)		(300	)
JPM	Wise PLC	GBP		(279,394	)	10/15/2026	SONIA	(30) bps		(320,716	)		(41,322	)
JPM	XPS Pensions Group PLC	GBP		(196,149	)	10/15/2026	SONIA	(30) bps		(201,987	)		(5,838	)
JPM	YouGov PLC	GBP		(36,187	)	10/15/2026	SONIA	(30) bps		(35,666	)		521
JPM	Young & Co's Brewery PLC	GBP		(54,791	)	02/15/2027	SONIA	(115) bps		(56,627	)		(1,836	)
JPM	Zigup PLC	GBP		(40,869	)	11/16/2026	SONIA	(30) bps		(41,743	)		(874	)
Total Short Position Contracts									$	(21,818,853	)	$	(287,690	)

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.

Saba Capital Income & Opportunities Fund

Notes to Consolidated Financial Statements

January 31, 2026 (Unaudited)

The following table summarizes the valuation of the Fund’s financial instruments in accordance with the fair value hierarchy levels as of January 31, 2026. Refer to the Consolidated Schedule of Investments for additional details.

Investments in Securities, at Fair Value	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Corporate Bonds	$	-	$	51,805,047	$	-	$	51,805,047
Senior Loans		-		38,880,749		-		38,880,749
Convertible Corporate Bonds		-		1,404,790		4,592,280		5,997,070
Mortgage-Backed Securities		-		6,911,521		-		6,911,521
Common Stock**		64,685,211		4,181,364		27,370		68,893,945
Closed End Funds		45,130,241		-		-		45,130,241
Investment Trusts		8,622,117		-		-		8,622,117
Preferred Stock		1,576,725		2,857		4,774,979		6,354,561
Participation Agreements**		-		-		1,182,369		1,182,369
Private Funds*		-		-		-		88,299,779
Unit Trust		19,453,544		-		-		19,453,544
Special Purpose Acquisition Companies**		17,625,884		-		10,774,591		28,400,475
Digital Asset Treasury Companies**		-		-		1,004,550		1,004,550
Warrants**		1,377,824		2,679		4,430,766		5,811,269
Rights		122,465		-		-		122,465
Options***		7,272,729		-		-		7,272,729
Money Market Funds		9,206,270		-		-		9,206,270
Total	$	175,073,010	$	103,189,007	$	26,786,905	$	393,348,701

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	$	648,692	$	-	$	-	$	648,692
Total	$	648,692	$	-	$	-	$	648,692

Securities Sold Short, at Fair Value	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Corporate Bonds	$	-	$	23,903,746	$	-	$	23,903,746
Sovereign Debt Obligations		-		97,342,386		-		97,342,386
Common Stock		40,056,298		-		-		40,056,298
Closed End Funds		4,491		-		-		4,491
Exchange Traded Funds		48,439,999		-		-		48,439,999
Preferred Stock		183,703		-		-		183,703
Warrants		3,066		-		-		3,066
Total	$	88,687,557	$	121,246,132	$	-	$	209,933,689

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	$	-	$	-	$	7,974,062	$	7,974,062
Forward Foreign Currency Contracts		-		130,395		-		130,395
Futures Contracts		698,151		-		-		698,151
Centrally Cleared Credit Default Swaps		-		14,556,437		-		14,556,437
Over-the-Counter Credit Default Swaps		-		3,414,881		-		3,414,881
Total Return Swaps		-		1,598,082		-		1,598,082
Total Assets	$	698,151	$	19,699,795	$	7,974,062	$	28,372,008

Liabilities
Forward Foreign Currency Contracts	$	-	$	961,168	$	-	$	961,168
Futures Contracts		533,717		-		-		533,717
TBA MBS Forward Contracts		-		20,735		-		20,735
Centrally Cleared Credit Default Swaps		-		12,912,391		-		12,912,391
Over-the-Counter Credit Default Swaps		-		1,520,799		-		1,520,799
Total Return Swaps		-		1,913,557		-		1,913,557
Total Liabilities	$	533,717	$	17,328,650	$	-	$	17,862,367

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

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

***

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

Semi-Annual Report | January 31, 2026