FUND HOLDINGS

DATA AS OF: 4/1/2020


Name Ticker CUSIP Shares Market Value % of Market Value % of Net Assets
WESTERN ASSET GLOBAL HIGH IN EHI 95766B109 649,210 $4,765,201.40 9.92% 9.92%
INVESCO SENIOR INCOME TRUST VVR 46131H107 1,442,865 $4,588,310.70 9.55% 9.55%
WESTERN ASSET HI INC OPPORT HIO 95766K109 1,143,522 $4,505,476.68 9.38% 9.38%
NEUBERGER BERMAN HIGH YIELD NHS 64128C106 452,315 $3,794,922.85 7.90% 7.90%
VOYA PRIME RATE TRUST PPR 92913A100 678,478 $2,456,090.36 5.11% 5.11%
INVESCO DYNAMIC CREDIT OPP VTA 46132R104 275,760 $2,123,352.00 4.42% 4.42%
WESTERN ASSET HIGH INC II HIX 95766J102 440,578 $2,101,557.06 4.37% 4.37%
PIONEER FLOATING RATE TRUST PHD 72369J102 215,832 $1,623,056.64 3.38% 3.38%
EATON VANCE LTD DURATION FND EVV 27828H105 147,040 $1,493,926.40 3.11% 3.11%
BRANDYWINEGLOBAL GLOBAL INCO BWG 10537L104 141,381 $1,476,017.64 3.07% 3.07%
PGIM GLOBAL HIGH YIELD FUND GHY 69346J106 137,438 $1,456,842.80 3.03% 3.03%
NUVEEN OH QUAL MUNI INC FD NUO 670980101 90,172 $1,291,263.04 2.69% 2.69%
FIRST TRUST HIGH INCOME LONG FSD 33738E109 110,352 $1,294,428.96 2.69% 2.69%
FIRST TRUST SENIOR FLOATING FCT 33733U108 125,710 $1,157,789.10 2.41% 2.41%
NUVEEN CREDIT STRAT INCM JQC 67073D102 175,445 $949,157.45 1.98% 1.98%
ROYCE GLOBAL VALUE TRUST RGT 78081T104 107,429 $839,020.49 1.75% 1.75%
BLACKSTONE/GSO STRATEGIC C BGB 09257R101 85,186 $829,711.64 1.73% 1.73%
NUVEEN GLOBAL H-I FD JGH 67075G103 69,038 $748,371.92 1.56% 1.56%
BLACKROCK CALIFOR MUNI IN TR BFZ 09248E102 60,564 $741,909.00 1.54% 1.54%
NUVEEN FLOAT RATE INC FD JFR 67072T108 87,995 $631,804.10 1.32% 1.32%
EATON VANCE SENIOR INCOME TR EVF 27826S103 130,032 $585,144.00 1.22% 1.22%
EATON VANCE FLOATING-RATE IN EFF 278284104 47,490 $534,262.50 1.11% 1.11%
PGIM HIGH YIELD BOND FUND ISD 69346H100 46,479 $515,916.90 1.07% 1.07%
BLACKROCK FLOAT RT INCOME ST FRA 09255X100 52,693 $514,810.61 1.07% 1.07%
BLACKROCK DEBT STRATEGIES FD DSU 09255R202 57,591 $472,822.11 0.98% 0.98%
EATON VANCE SR FLTG RATE TR EFR 27828Q105 47,802 $453,640.98 0.94% 0.94%
BLACKROCK MULTI-SECTOR INCOM BIT 09258A107 35,811 $419,346.81 0.87% 0.87%
WESTERN ASSET EMRG MRKT DBT EMD 95766A101 38,977 $404,581.26 0.84% 0.84%
WELLS FARGO INCOME OPPORTUNI EAD 94987B105 62,494 $379,963.52 0.79% 0.79%
BLACKROCK FLT RT INC BGT 091941104 31,929 $301,409.76 0.63% 0.63%
APOLLO TACTICAL INCOME FUND AIF 037638103 28,038 $304,773.06 0.63% 0.63%
NUVEEN FLT RATE INC OPP FD JRO 6706EN100 39,820 $285,111.20 0.59% 0.59%
BLACKROCK MUNIHOLDINGS NY QU MHN 09255C106 23,397 $283,782.21 0.59% 0.59%
APOLLO SENIOR FLOATING RATE AFT 037636107 24,806 $275,098.54 0.57% 0.57%
THL CREDIT SENIOR LOAN FUND TSLF 87244R103 22,296 $243,472.32 0.51% 0.51%
KKR INCOME OPPORTUNITIES KIO 48249T106 24,750 $245,767.50 0.51% 0.51%
EATON VANCE FLOAT RT INC TR EFT 278279104 22,626 $224,676.18 0.47% 0.47%
BLACKROCK NEW YORK MUNI BOND BQH 09249P106 15,910 $224,331.00 0.47% 0.47%
INVESCO HIGH INCOME TRUST II VLT 46131F101 18,561 $189,879.03 0.40% 0.40%
NUVEEN SHT DUR CRED OPP FD JSD 67074X107 16,489 $171,815.38 0.36% 0.36%
BLACKROCK MUNIYIELD MI QUALI MIY 09254V105 13,345 $170,282.20 0.35% 0.35%
NUVEEN SENIOR INC FD NSL 67067Y104 35,185 $147,777.00 0.31% 0.31%
CASH CASH 150,973.37 $150,973.37 0.31% 0.31%
WELLS FARGO MULTI-SECTOR INC ERC 94987D101 15,591 $143,125.38 0.30% 0.30%
BLACKROCK LTD DURATION INC BLW 09249W101 12,090 $146,289.00 0.30% 0.30%
NEW AMERICA HIGH INCOME FUND HYB 641876800 18,355 $121,877.20 0.25% 0.25%
ABERDEEN INCOME CREDIT STRAT ACP 003057106 17,887 $119,842.90 0.25% 0.25%
CREDIT SUISSE HIGH YIELD BD DHY 22544F103 63,023 $109,975.14 0.23% 0.23%
BROOKFIELD REAL ASSETS INCOM RA 112830104 7,704 $106,777.44 0.22% 0.22%
NUVEEN GA QUAL MUNI INC FD NKG 67072B107 8,606 $100,604.14 0.21% 0.21%
BLACKSTONE/GSO LONG-SHORT CR BGX 09257D102 9,364 $94,857.32 0.20% 0.20%
Pioneer High Income Trust PHT 72369H106 13,017 $81,226.08 0.17% 0.17%
IVY HIGH INCOME OPPORTUNITY IVH 465893105 8,392 $82,325.52 0.17% 0.17%
ALLIANCEBERNSTEIN GL HI INC AWF 01879R106 8,520 $76,850.40 0.16% 0.16%
NEUBERGER BERMAN NY MUNI NBO 64124K102 6,524 $72,481.64 0.15% 0.15%
WESTERN ASSET CORPORATE LOAN TLI 95790J102 10,084 $69,478.76 0.14% 0.14%
BLACKSTONE/GSO SENIOR FLOAT BSL 09256U105 6,408 $68,757.84 0.14% 0.14%
NUVEEN NY AMT-FR MUNI INC FD NRK 670656107 5,276 $63,628.56 0.13% 0.13%
BLACKROCK NEW YORK MUNICIPAL BSE 09249U105 4,578 $55,805.82 0.12% 0.12%
BARINGS GL SH DUR HI YLD BGH 06760L100 4,476 $47,445.60 0.10% 0.10%
BNYM HIGH YIELD STRAT DHF 09660L105 18,735 $40,842.30 0.09% 0.09%
ARES DYNAMIC CREDIT ALLOCATI ARDC 04014F102 4,359 $44,679.75 0.09% 0.09%
CREDIT SUISSE ASSET MGMT INC CIK 224916106 17,338 $39,877.40 0.08% 0.08%
Morgan Stanley Emerging Markets Debt Fund Inc MSD 61744H105 4,559 $33,918.96 0.07% 0.07%
EATON VANCE CAL MUNI BOND EVM 27828A100 2,735 $27,787.60 0.06% 0.06%
VIRTUS GLOBAL MULTI-SECTOR VGI 92829B101 2,012 $18,289.08 0.04% 0.04%
FRANKLIN LTD DUR INC TR FTF 35472T101 1,751 $12,939.89 0.03% 0.03%
ANGEL OAK FINANC STRAT INC FINS 03464A100 788 $12,584.36 0.03% 0.03%
SOURCE CAPITAL INC SOR 836144105 308 $8,888.88 0.02% 0.02%
BLACKROCK MUNI NY INT DUR FD MNE 09255F109 693 $9,826.74 0.02% 0.02%
EATON VANCE NEW YORK MUNICIP ENX 27827Y109 530 $5,845.90 0.01% 0.01%
SABA BNP COLLATERAL/LOAN SABCOLLAT -6,285,769.75 $-6,285,769.75 0.00% 0.00%
US 5YR NOTE (CBT) Jun20 FVM0 -150 $-18,808,593.75 0.00% 0.00%
MORGAN STANLEY EMERGING MARK EDD 617477104 30 $150.90 0.00% 0.00%
INVESCO HI INC 2024 TRGT TRM IHTA 46136K105 250 $1,787.50 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.

405 LEXINGTON AVENUE
58TH FLOOR
NEW YORK, NY 10174

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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