Saba Closed-End Funds ETF | August 31, 2023 |
SCHEDULE OF INVESTMENTS | (Unaudited) |
Number of Shares | Value | |||||||
CLOSED-END FUNDS – 116.6% | ||||||||
EQUITY – 42.7% | ||||||||
abrdn Global Infrastructure Income Fund(a) | 63,202 | $ | 1,096,555 | |||||
Adams Diversified Equity Fund, Inc.(a) | 312,594 | 5,511,032 | ||||||
Adams Natural Resources Fund, Inc. | 59 | 1,356 | ||||||
ASA Gold and Precious Metals Ltd.* | 12,202 | 181,566 | ||||||
BlackRock Health Sciences Term Trust(a) | 167,061 | 2,581,093 | ||||||
BlackRock Innovation and Growth Term Trust(a) | 788,902 | 6,082,435 | ||||||
Center Coast Brookfield MLP & Energy Infrastructure Fund(a) | 50,105 | 1,070,744 | ||||||
ClearBridge Energy Midstream Opportunity Fund, Inc.(a) | 259,059 | 8,129,271 | ||||||
ClearBridge MLP & Midstream Total Return Fund, Inc.(a) | 187,434 | 6,130,966 | ||||||
Clough Global Equity Fund | 11 | 66 | ||||||
First Trust MLP and Energy Income Fund | 56 | 455 | ||||||
First Trust New Opportunities MLP & Energy Fund | 151 | 968 | ||||||
GAMCO Natural Resources Gold & Income Trust | 42,277 | 216,458 | ||||||
General American Investors Co., Inc. | 15,613 | 652,623 | ||||||
John Hancock Tax-Advantaged Global Shareholder Yield Fund | 4,632 | 21,909 | ||||||
MainStay CBRE Global Infrastructure Megatrends Term Fund(a) | 370,989 | 4,874,796 | ||||||
Mexico Equity and Income Fund, Inc. (The)* | 1,943 | 19,741 | ||||||
Neuberger Berman Energy Infrastructure and Income Fund, Inc. | 22,066 | 156,448 | ||||||
Neuberger Berman Next Generation Connectivity Fund, Inc.(a) | 644,541 | 6,928,816 | ||||||
Nuveen Real Asset Income and Growth Fund | 125,212 | 1,398,618 | ||||||
NXG NextGen Infrastructure Income Fund(a) | 59,957 | 2,158,452 | ||||||
Principal Real Estate Income Fund(a) | 125,444 | 1,189,209 | ||||||
Royce Global Value Trust, Inc. | 13 | 119 | ||||||
Taiwan Fund, Inc. (The)* | 7,184 | 223,422 | ||||||
Templeton Emerging Markets Fund | 300 | 3,512 | ||||||
Tortoise Energy Independence Fund, Inc.(a) | 13,622 | 424,325 | ||||||
Tortoise Energy Infrastructure Corp. | 2,624 | 79,061 | ||||||
Tortoise Midstream Energy Fund, Inc.(a) | 36,444 | 1,290,118 | ||||||
Tortoise Pipeline & Energy Fund, Inc. | 5,540 | 157,114 | ||||||
Voya Emerging Markets High Dividend Equity Fund(a) | 176,414 | 897,947 | ||||||
Voya Global Advantage and Premium Opportunity Fund | 83 | 707 | ||||||
Voya Infrastructure Industrials and Materials Fund(a) | 103,222 | 1,029,123 | ||||||
$ | 52,509,025 |
Number of Shares | Value | |||||||
CLOSED-END FUNDS (Continued) | ||||||||
FIXED INCOME – 61.3% | ||||||||
AllianceBernstein National Municipal Income Fund, Inc. | 193 | $ | 2,009 | |||||
Apollo Tactical Income Fund, Inc.(a) | 205,048 | 2,712,785 | ||||||
BlackRock California Municipal Income Trust(a) | 585,715 | 6,694,722 | ||||||
BlackRock ESG Capital Allocation Term Trust(a) | 1,443,204 | 22,355,230 | ||||||
BlackRock Municipal Income Trust | 57 | 551 | ||||||
BlackRock MuniHoldings California Quality Fund, Inc. | 33 | 343 | ||||||
BlackRock MuniHoldings Fund, Inc. | 65 | 732 | ||||||
BlackRock MuniHoldings New York Quality Fund, Inc. | 119 | 1,177 | ||||||
BlackRock MuniVest Fund, Inc. | 8 | 53 | ||||||
BlackRock MuniYield Michigan Quality Fund, Inc. | 8 | 86 | ||||||
BlackRock MuniYield New York Quality Fund, Inc. | 57 | 546 | ||||||
BlackRock MuniYield Pennsylvania Quality Fund | 11,310 | 124,071 | ||||||
BlackRock New York Municipal Income Trust | 16 | 157 | ||||||
Blackstone Long-Short Credit Income Fund | 25,947 | 299,688 | ||||||
Blackstone Strategic Credit 2027 Term Fund | 1,200 | 13,260 | ||||||
BNY Mellon High Yield Strategies Fund | 4,380 | 9,767 | ||||||
BNY Mellon Municipal Income, Inc. | 88,616 | 543,216 | ||||||
BNY Mellon Strategic Municipal Bond Fund, Inc. | 93 | 504 | ||||||
BrandywineGLOBAL Global Income Opportunities Fund, Inc. | 19,032 | 153,779 | ||||||
Carlyle Credit Income Fund(a) | 59,693 | 472,769 | ||||||
Destra Multi-Alternative Fund | 129,251 | 778,091 | ||||||
DWS Municipal Income Trust | 149 | 1,247 | ||||||
DWS Strategic Municipal Income Trust(a) | 140,689 | 1,146,615 | ||||||
Eaton Vance California Municipal Bond Fund(a) | 203,052 | 1,756,400 | ||||||
Eaton Vance California Municipal Income Trust | 42,674 | 415,645 | ||||||
Eaton Vance New York Municipal Bond Fund(a) | 535,246 | 5,009,903 | ||||||
Ellsworth Growth and Income Fund Ltd.(a) | 186,807 | 1,615,881 | ||||||
Federated Hermes Premier Municipal Income Fund | 30,978 | 319,383 | ||||||
Franklin Ltd. Duration Income Trust | 52 | 322 | ||||||
Invesco Pennsylvania Value Municipal Income Trust | 18,587 | 178,063 |
Saba Closed-End Funds ETF | August 31, 2023 |
SCHEDULE OF INVESTMENTS (Continued) | (Unaudited) |
Number of Shares | Value | |||||||
CLOSED-END FUNDS (Continued) | ||||||||
FIXED INCOME (Continued) | ||||||||
Invesco Trust for Investment Grade New York Municipals | 25 | $ | 245 | |||||
MFS High Income Municipal Trust | 2 | 7 | ||||||
MFS High Yield Municipal Trust(a) | 475,052 | 1,586,674 | ||||||
MFS Investment Grade Municipal Trust(a) | 96,023 | 721,133 | ||||||
Morgan Stanley Emerging Markets Debt Fund, Inc. | 158,293 | 1,054,231 | ||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.(a) | 962,638 | 4,524,399 | ||||||
Neuberger Berman California Municipal Fund, Inc. | 14,936 | 156,529 | ||||||
Neuberger Berman Municipal Fund, Inc. | 6 | 59 | ||||||
Neuberger Berman New York Municipal Fund, Inc. | 13,700 | 127,067 | ||||||
New America High Income Fund, Inc. (The) | 4,187 | 28,639 | ||||||
Nuveen AMT-Free Municipal Credit Income Fund | 117 | 1,305 | ||||||
Nuveen Arizona Quality Municipal Income Fund | 8 | 83 | ||||||
Nuveen California Quality Municipal Income Fund | 441 | 4,586 | ||||||
Nuveen Core Plus Impact Fund(a) | 478,485 | 4,698,723 | ||||||
Nuveen Mortgage and Income Fund | 3,190 | 51,965 | ||||||
Nuveen Municipal Credit Income Fund | 52,074 | 589,478 | ||||||
Nuveen New Jersey Quality Municipal Income Fund(a) | 143,722 | 1,625,496 | ||||||
Nuveen Pennsylvania Quality Municipal Income Fund(a) | 154,797 | 1,701,219 | ||||||
Nuveen Preferred & Income Securities Fund | 59 | 378 | ||||||
Nuveen Variable Rate Preferred & Income Fund | 3,137 | 50,443 | ||||||
PGIM Short Duration High Yield Opportunities Fund | 4,360 | 66,926 | ||||||
PIMCO Energy & Tactical Credit Opportunities Fund | 94,328 | 1,614,895 | ||||||
Pioneer Municipal High Income Advantage Fund, Inc. | 47 | 347 | ||||||
Pioneer Municipal High Income Opportunities Fund, Inc.(a) | 96,168 | 991,492 | ||||||
Putnam Managed Municipal Income Trust | 694 | 4,004 | ||||||
Templeton Global Income Fund(a) | 2,682,634 | 11,052,452 | ||||||
Western Asset Intermediate Muni Fund, Inc. | 24,862 | 185,470 | ||||||
Western Asset Managed Municipals Fund, Inc. | 21 | 201 | ||||||
Western Asset Municipal Partners Fund, Inc. | 5 | 57 | ||||||
75,445,498 |
Number of Shares | Value | |||||||
CLOSED-END FUNDS (Continued) | ||||||||
HYBRID – 12.6% | ||||||||
BlackRock Capital Allocation Term Trust(a) | 491,874 | $ | 7,333,841 | |||||
Ecofin Sustainable and Social(a) | 181,675 | 2,292,739 | ||||||
Nuveen Multi-Asset Income Fund(a) | 502,768 | 5,942,718 | ||||||
Thornburg Income Builder Opportunities Trust | 1 | 15 | ||||||
15,569,313 | ||||||||
TOTAL INVESTMENTS – 116.6% | ||||||||
(Cost $142,359,985) | 143,523,836 | |||||||
Liabilities in Excess of Other Assets – (16.6%) | (20,479,041 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 123,044,795 |
* | Non-income producing security. |
(a) | All or a portion of this security is pledged as collateral for borrowings. As of August 31, 2023, the aggregate value of those securities was $86,439,877, representing 70.3% of net assets. |
Saba Closed-End Funds ETF | August 31, 2023 |
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 | December 2023 | (44) | $ | (4,876,026 | ) | $ | (4,885,375 | ) | $ | (9,349 | ) | |||||||
CBOT 5-Year U.S. Treasury Note | December 2023 | (414) | (44,197,220 | ) | (44,265,656 | ) | (68,436 | ) | ||||||||||
TOTAL FUTURES CONTRACTS | $ | (49,073,246 | ) | $ | (49,151,031 | ) | $ | (77,785 | ) |