| Saba Closed-End Funds ETF | February 29, 2024 |
| SCHEDULE OF INVESTMENTS | (Unaudited) |
| Number of Shares | Value | |||||||
| CLOSED-END FUNDS – 118.0% | ||||||||
| EQUITY – 53.4% | ||||||||
| abrdn Emerging Markets Equity Income Fund Inc. | 12,467 | $ | 62,834 | |||||
| abrdn Global Dynamic Dividend Fund | 4,591 | 43,155 | ||||||
| abrdn Global Infrastructure Income Fund(a) | 247,710 | 4,265,566 | ||||||
| abrdn Healthcare Investors | 23,082 | 388,239 | ||||||
| abrdn Life Sciences Investors | 58,237 | 797,265 | ||||||
| Adams Diversified Equity Fund, Inc.(a) | 480,357 | 9,170,015 | ||||||
| Adams Natural Resources Fund, Inc. | 201 | 4,265 | ||||||
| Allspring Global Dividend Oppo | 1,048 | 4,737 | ||||||
| ASA Gold and Precious Metals Ltd. | 575,128 | 7,706,715 | ||||||
| BlackRock Enhanced Global Dividend Trust | 2,606 | 26,607 | ||||||
| BlackRock Health Sciences Term Trust(a) | 191,058 | 3,116,156 | ||||||
| BlackRock Innovation and Growth Term Trust(a) | 2,325,655 | 18,628,497 | ||||||
| BlackRock Science and Technology Term Trust | 173,646 | 3,240,234 | ||||||
| ClearBridge Energy Midstream Opportunity Fund, Inc.(a) | 378,834 | 14,088,837 | ||||||
| ClearBridge MLP & Midstream Total Return Fund, Inc.(a) | 194,411 | 7,465,382 | ||||||
| Clough Global Equity Fund | 11 | 70 | ||||||
| First Trust MLP and Energy Income Fund | 7,428 | 64,549 | ||||||
| First Trust New Opportunities MLP & Energy Fund | 151 | 1,060 | ||||||
| First Trust Specialty Finance and Financial Opportunities Fund | 1,473 | 5,406 | ||||||
| Gabelli Healthcare & WellnessRx Trust (The) | 3,581 | 35,273 | ||||||
| GAMCO Natural Resources Gold & Income Trust | 42,277 | 205,678 | ||||||
| General American Investors Co., Inc. | 15,613 | 698,682 | ||||||
| Lazard Global Total Return and Income Fund, Inc. | 14 | 221 | ||||||
| Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund | 582 | 4,353 | ||||||
| MainStay CBRE Global Infrastructure Megatrends Term Fund(a) | 510,491 | 6,279,039 | ||||||
| Mexico Equity and Income Fund, Inc. (The) | 1,943 | 21,295 | ||||||
| Neuberger Berman Energy Infrastructure and Income Fund, Inc. | 13,565 | 94,006 | ||||||
| Neuberger Berman Next Generation Connectivity Fund, Inc.(a) | 644,541 | 7,644,256 | ||||||
| Nuveen Real Asset Income and Growth Fund | 280,100 | 3,204,344 | ||||||
| Principal Real Estate Income Fund(a) | 125,444 | 1,263,221 | ||||||
| Taiwan Fund, Inc. (The)* | 7,184 | 278,847 | ||||||
| Tortoise Energy Independence Fund, Inc.(a) | 12,440 | 383,276 | ||||||
| Number of Shares | Value | |||||||
| CLOSED-END FUNDS (Continued) | ||||||||
| EQUITY (Continued) | ||||||||
| Tortoise Energy Infrastructure Corp. | 2,344 | $ | 68,609 | |||||
| Tortoise Midstream Energy Fund, Inc.(a) | 33,037 | 1,184,000 | ||||||
| Tortoise Pipeline & Energy Fund, Inc. | 4,994 | 145,975 | ||||||
| Voya Emerging Markets High Dividend Equity Fund(a) | 176,295 | 911,445 | ||||||
| Voya Global Advantage and Premium Opportunity Fund | 61,266 | 525,050 | ||||||
| Voya Infrastructure Industrials and Materials Fund(a) | 104,399 | 1,048,166 | ||||||
| 93,075,325 | ||||||||
| FIXED INCOME – 52.8% | ||||||||
| AllianceBernstein National Municipal Income Fund, Inc. | 640 | 6,970 | ||||||
| BlackRock California Municipal Income Trust(a) | 585,715 | 6,882,151 | ||||||
| BlackRock ESG Capital Allocation Term Trust(a) | 2,048,168 | 35,064,636 | ||||||
| BlackRock MuniHoldings California Quality Fund, Inc. | 1,123 | 12,375 | ||||||
| BlackRock MuniHoldings Fund, Inc. | 55 | 660 | ||||||
| BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 332 | 3,798 | ||||||
| BlackRock MuniHoldings New York Quality Fund, Inc. | 516 | 5,480 | ||||||
| BlackRock MuniVest Fund II, Inc. | 153 | 1,659 | ||||||
| BlackRock MuniYield Michigan Quality Fund, Inc. | 395 | 4,491 | ||||||
| BlackRock MuniYield New York Quality Fund, Inc. | 1,627 | 17,051 | ||||||
| BlackRock MuniYield Pennsylvania Quality Fund | 12,106 | 143,456 | ||||||
| BlackRock New York Municipal Income Trust | 167 | 1,775 | ||||||
| BlackRock Virginia Municipal Bond Trust | 187 | 2,045 | ||||||
| BNY Mellon High Yield Strategies Fund | 67,780 | 158,605 | ||||||
| BNY Mellon Municipal Income, Inc. | 125,236 | 828,436 | ||||||
| BNY Mellon Strategic Municipal Bond Fund, Inc. | 461 | 2,669 | ||||||
| Brookfield Real Assets Income Fund, Inc. | 20,747 | 267,429 | ||||||
| Destra Multi-Alternative Fund | 267,238 | 2,111,180 | ||||||
| DWS Municipal Income Trust | 1,653 | 14,778 | ||||||
| DWS Strategic Municipal Income Trust(a) | 151,798 | 1,335,822 | ||||||
| Eaton Vance California Municipal Bond Fund(a) | 323,048 | 2,959,120 | ||||||
| Eaton Vance California Municipal Income Trust | 84,545 | 879,268 | ||||||
| Eaton Vance New York Municipal Bond Fund(a) | 535,515 | 5,301,599 | ||||||
| Ellsworth Growth and Income Fund Ltd.(a) | 186,638 | 1,502,436 | ||||||
| Federated Hermes Premier Municipal Income Fund | 125,047 | 1,384,270 | ||||||
| Saba Closed-End Funds ETF | February 29, 2024 |
| SCHEDULE OF INVESTMENTS (Continued) | (Unaudited) |
| Number of Shares | Value | |||||||
| CLOSED-END FUNDS (Continued) | ||||||||
| FIXED INCOME (Continued) | ||||||||
| Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc. | 138 | $ | 1,140 | |||||
| Invesco California Value Municipal Income Trust | 701 | 6,814 | ||||||
| Invesco Pennsylvania Value Municipal Income Trust | 141,582 | 1,430,983 | ||||||
| Invesco Trust for Investment Grade New York Municipals | 214,320 | 2,256,790 | ||||||
| MFS High Income Municipal Trust | 823 | 2,938 | ||||||
| MFS High Yield Municipal Trust | 80,360 | 262,777 | ||||||
| MFS Investment Grade Municipal Trust | 26,206 | 196,545 | ||||||
| Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.(a) | 590,997 | 2,765,866 | ||||||
| Neuberger Berman Municipal Fund, Inc. | 94,812 | 982,726 | ||||||
| New America High Income Fund, Inc. (The) | 79,120 | 575,202 | ||||||
| Nuveen AMT-Free Municipal Credit Income Fund | 113 | 1,336 | ||||||
| Nuveen Arizona Quality Municipal Income Fund | 215 | 2,327 | ||||||
| Nuveen California Quality Municipal Income Fund | 492 | 5,397 | ||||||
| Nuveen Core Plus Impact Fund(a) | 478,485 | 4,928,396 | ||||||
| Nuveen Massachusetts Quality Municipal Income Fund | 170 | 1,801 | ||||||
| Nuveen Missouri Quality Municipal Income Fund | 4 | 40 | ||||||
| Nuveen Municipal Credit Income Fund | 48,197 | 575,954 | ||||||
| Nuveen New Jersey Quality Municipal Income Fund(a) | 320,762 | 3,849,144 | ||||||
| Nuveen New York Quality Municipal Income Fund | 389 | 4,248 | ||||||
| Nuveen Pennsylvania Quality Municipal Income Fund(a) | 339,900 | 3,939,441 | ||||||
| Nuveen Quality Municipal Income Fund | 432 | 4,873 | ||||||
| Nuveen Variable Rate Preferred & Income Fund | 21,212 | 371,422 | ||||||
| PIMCO Dynamic Income Strategy Fund | 219,208 | 4,399,505 | ||||||
| Pioneer Municipal High Income Advantage Fund, Inc. | 83,575 | 679,465 | ||||||
| Pioneer Municipal High Income Fund Trust | 247,756 | 2,170,343 | ||||||
| Pioneer Municipal High Income Opportunities Fund, Inc.(a) | 96,182 | 1,056,078 | ||||||
| Saba Capital Income & Opportunities Fund II(a) | 652,730 | 2,513,011 | ||||||
| Western Asset Intermediate Muni Fund, Inc. | 24,485 | 193,187 | ||||||
| 92,069,908 | ||||||||
| HYBRID – 11.8% | ||||||||
| abrdn Healthcare Opportunities Fund | 2,853 | 56,175 | ||||||
| BlackRock Capital Allocation Term Trust(a) | 493,474 | 7,673,521 |
| Number of Shares | Value | |||||||
| CLOSED-END FUNDS (Continued) | ||||||||
| HYBRID (Continued) | ||||||||
| Calamos Long/Short Equity & Dynamic Income Trust | 20,361 | $ | 303,786 | |||||
| Ecofin Sustainable and Social Impact Term Fund(a) | 181,675 | 2,056,561 | ||||||
| Nuveen Multi-Asset Income Fund(a) | 810,499 | 9,798,933 | ||||||
| Virtus Dividend Interest & Premium Strategy Fund | 61,849 | 760,124 | ||||||
| Virtus Total Return Fund, Inc. | 97 | 513 | ||||||
| 20,649,613 | ||||||||
| TOTAL INVESTMENTS – 118.0% | ||||||||
| (Cost $187,689,674) | 205,794,846 | |||||||
| Liabilities in Excess of Other Assets – (18.0%) | (31,464,314 | ) | ||||||
| TOTAL NET ASSETS – 100.0% | $ | 174,330,532 |
| * | Non-income producing security. |
| (a) | All or a portion of this security is pledged as collateral for borrowings. As of February 29, 2024, the aggregate value of those securities was $103,688,943, representing 59.5% of net assets. |
| Saba Closed-End Funds ETF | February 29, 2024 |
| SCHEDULE OF INVESTMENTS (Concluded) | (Unaudited) |
FUTURES CONTRACTS
| Expiration Date | Number of Contracts | Notional Value | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||
| Bond Futures (Short Position) | ||||||||||||||||||
| CBOT 10-Year U.S. Treasury Note | June 2024 | (497) | $ | (54,735,242 | ) | $ | (54,887,438 | ) | $ | (152,196 | ) | |||||||
| CBOT 5-Year U.S. Treasury Note | June 2024 | (414) | (44,174,456 | ) | (44,259,187 | ) | (84,731 | ) | ||||||||||
| TOTAL FUTURES CONTRACTS | $ | (98,909,698 | ) | $ | (99,146,625 | ) | $ | (236,927 | ) | |||||||||