FUND HOLDINGS

DATA AS OF: 6/1/2020


Name Ticker CUSIP Shares Market Value % of Market Value % of Net Assets
WESTERN ASSET GLOBAL HIGH IN EHI 95766B109 649,210 $5,907,811.00 11.83% 11.83%
WESTERN ASSET HI INC OPPORT HIO 95766K109 1,143,522 $5,397,423.84 10.81% 10.81%
INVESCO SENIOR INCOME TRUST VVR 46131H107 1,442,865 $5,021,170.20 10.05% 10.05%
NEUBERGER BERMAN HIGH YIELD NHS 64128C106 452,315 $4,916,664.05 9.84% 9.84%
VOYA PRIME RATE TRUST PPR 92913A100 678,478 $2,754,620.68 5.52% 5.52%
WESTERN ASSET HIGH INC II HIX 95766J102 440,578 $2,612,627.54 5.23% 5.23%
INVESCO DYNAMIC CREDIT OPP VTA 46132R104 275,760 $2,412,900.00 4.83% 4.83%
PIONEER FLOATING RATE TRUST PHD 72369J102 215,832 $1,961,912.88 3.93% 3.93%
PGIM GLOBAL HIGH YIELD FUND GHY 69346J106 132,409 $1,688,214.75 3.38% 3.38%
BRANDYWINEGLOBAL GLOBAL INCO BWG 10537L104 141,381 $1,676,778.66 3.36% 3.36%
FIRST TRUST SENIOR FLOATING FCT 33733U108 125,710 $1,392,866.80 2.79% 2.79%
ROYCE GLOBAL VALUE TRUST RGT 78081T104 107,429 $1,227,913.47 2.46% 2.46%
NUVEEN OH QUAL MUNI INC FD NUO 670980101 63,791 $963,882.01 1.93% 1.93%
NUVEEN GLOBAL H-I FD JGH 67075G103 69,038 $914,063.12 1.83% 1.83%
FIRST TRUST HIGH INCOME LONG FSD 33738E109 56,914 $793,950.30 1.59% 1.59%
NUVEEN FLOAT RATE INC FD JFR 67072T108 98,969 $781,855.10 1.57% 1.57%
BLACKSTONE/GSO STRATEGIC C BGB 09257R101 69,595 $781,551.85 1.56% 1.56%
EATON VANCE SENIOR INCOME TR EVF 27826S103 130,032 $693,070.56 1.39% 1.39%
NUVEEN CREDIT STRAT INCM JQC 67073D102 113,404 $688,362.28 1.38% 1.38%
BLACKROCK FLOAT RT INCOME ST FRA 09255X100 60,591 $684,072.39 1.37% 1.37%
EATON VANCE FLOATING-RATE IN EFF 278284104 47,490 $657,261.60 1.32% 1.32%
PGIM HIGH YIELD BOND FUND ISD 69346H100 46,116 $625,794.12 1.25% 1.25%
EATON VANCE SR FLTG RATE TR EFR 27828Q105 47,530 $540,891.40 1.08% 1.08%
EATON VANCE LTD DURATION FND EVV 27828H105 42,663 $482,518.53 0.97% 0.97%
WESTERN ASSET EMRG MRKT DBT EMD 95766A101 38,977 $476,298.94 0.95% 0.95%
NUVEEN FLT RATE INC OPP FD JRO 6706EN100 47,906 $380,373.64 0.76% 0.76%
BLACKROCK FLT RT INC BGT 091941104 31,929 $354,411.90 0.71% 0.71%
APOLLO TACTICAL INCOME FUND AIF 037638103 28,038 $343,465.50 0.69% 0.69%
EATON VANCE FLOAT RT INC TR EFT 278279104 28,753 $328,071.73 0.66% 0.66%
BLACKROCK DEBT STRATEGIES FD DSU 09255R202 33,400 $325,984.00 0.65% 0.65%
APOLLO SENIOR FLOATING RATE AFT 037636107 24,806 $305,361.86 0.61% 0.61%
FIRST EAGLE SENIOR LOAN FUND FSLF 32010E100 22,255 $273,291.40 0.55% 0.55%
BLACKROCK NEW YORK MUNI BOND BQH 09249P106 15,910 $243,900.30 0.49% 0.49%
NUVEEN SENIOR INC FD NSL 67067Y104 46,272 $216,552.96 0.43% 0.43%
INVESCO HIGH INCOME TRUST II VLT 46131F101 16,055 $190,572.85 0.38% 0.38%
NUVEEN SHT DUR CRED OPP FD JSD 67074X107 14,230 $171,186.90 0.34% 0.34%
NEW AMERICA HIGH INCOME FUND HYB 641876800 18,077 $144,796.77 0.29% 0.29%
CASH CASH 100,652.26 $100,652.26 0.20% 0.20%
IVY HIGH INCOME OPPORTUNITY IVH 465893105 7,885 $91,071.75 0.18% 0.18%
WESTERN ASSET CORPORATE LOAN TLI 95790J102 10,084 $86,016.52 0.17% 0.17%
ALLIANCEBERNSTEIN GL HI INC AWF 01879R106 7,002 $72,330.66 0.14% 0.14%
MORGAN STANLEY EMRG MKT DEBT MSD 61744H105 6,593 $56,172.36 0.11% 0.11%
ARES DYNAMIC CREDIT ALLOCATI ARDC 04014F102 4,173 $49,658.70 0.10% 0.10%
BROOKFIELD REAL ASSETS INCOM RA 112830104 2,754 $45,964.26 0.09% 0.09%
ABERDEEN INCOME CREDIT STRAT ACP 003057106 5,559 $46,973.55 0.09% 0.09%
BLACKROCK LTD DURATION INC BLW 09249W101 2,887 $40,879.92 0.08% 0.08%
CREDIT SUISSE ASSET MGMT INC CIK 224916106 12,665 $33,942.20 0.07% 0.07%
CREDIT SUISSE HIGH YIELD BD DHY 22544F103 7,338 $14,529.24 0.03% 0.03%
BLACKSTONE/GSO LONG-SHORT CR BGX 09257D102 1,360 $16,156.80 0.03% 0.03%
WESTERN ASSET INFL-LINK SEC WIA 95766Q106 688 $7,871.20 0.02% 0.02%
VERTICAL CAPITAL INCOME VCIF 92535C104 1,047 $10,051.20 0.02% 0.02%
SOURCE CAPITAL INC SOR 836144105 308 $10,111.64 0.02% 0.02%
BLACKROCK MUNI NY INT DUR FD MNE 09255F109 693 $10,180.17 0.02% 0.02%
NUVEEN GA QUAL MUNI INC FD NKG 67072B107 547 $6,569.47 0.01% 0.01%
BNYM HIGH YIELD STRAT DHF 09660L105 2,329 $6,125.27 0.01% 0.01%
SABA BNP COLLATERAL/LOAN SABCOLLAT -3,532,516.8 $-3,532,516.80 0.00% 0.00%
US 5YR NOTE (CBT) Sep20 FVU0 -150 $-18,844,921.88 0.00% 0.00%
NUVEEN NY MUNI VALUE FD 2 NYV 670706100 1 $13.95 0.00% 0.00%
NUVEEN NY AMT-FR MUNI INC FD NRK 670656107 22 $282.48 0.00% 0.00%
MORGAN STANLEY EMERGING MARK EDD 617477104 30 $173.10 0.00% 0.00%
EATON VANCE CAL MUNI BOND EVM 27828A100 134 $1,495.44 0.00% 0.00%
BARINGS GL SH DUR HI YLD BGH 06760L100 158 $1,918.12 0.00% 0.00%

ETF holdings and allocations are subject to change at any time and should not be interpreted as an offer of these securities

SABA CAPITAL MANAGEMENT, L.P.

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Distributed by Foreside Fund Services, LLC

Exchange Traded Concepts, LLC serves as the investment advisor. Saba Capital Management, L.P. serves as sub advisors to the fund and is responsible for all investment decisions. Foreside Funds Services, LLC serves as the distributor.

Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund's prospectus, which may be obtained by visiting www.sabaETF.com. Investors should read it carefully before investing or sending money.

Investing involves risk, including possible loss of principal. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Because the Fund is a “fund of funds,” its investment performance largely depends on the investment performance of the Underlying Funds in which it invests, and the Fund is subject to the risks associated with the Underlying Funds. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund's portfolio to have disproportionately large effects or cause the NAV of the Fund generally to decline faster than it would otherwise. Derivatives may be more sensitive to changes in market conditions, amplifying risks. The Fund may engage in writing covered call options, which may limit its opportunity to profit from an increase in the price of the underlying stock above the exercise price, but continues to bear the risk of a decline in the stock. A liquid market may not exist for options held by the Fund. While the Fund receives premiums for writing the call options, the price it realizes from the exercise of an option could be substantially below a stock's current market price. High-yield bonds have a higher risk of default or other adverse credit events, but have the potential to pay higher earnings over investment grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high -yield bonds. Diversification may not protect against market risk.

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