# EDGAR Filing Document

**Accession Number:** 0001547950
**File Stem:** 0001213900-25-068240
**Filing Date:** 2025-7
**Character Count:** 91300
**Document Hash:** 40925af5892eccfba24c9a6c4bfc2738
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-068240.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001213900-25-068240

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**EFFECTIVENESS DATE**: 20250728

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Exchange Listed Funds Trust
- **CENTRAL INDEX KEY:** 0001547950

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22700
- **FILM NUMBER:** 251155932

**BUSINESS ADDRESS:**
- **STREET 1:** 10900 HEFNER POINTE DRIVE
- **STREET 2:** SUITE 400
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73120
- **BUSINESS PHONE:** 405-778-8377

**MAIL ADDRESS:**
- **STREET 1:** 10900 HEFNER POINTE DRIVE
- **STREET 2:** SUITE 400
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73120

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Exchange Traded Concepts Trust II
- **DATE OF NAME CHANGE:** 20120420

## Series and Classes Contracts Data

### Saba Closed-End Funds ETF (Series ID: S000056657)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000179256 | Saba Closed-End Funds ETF | CEFS            |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 **________**

**FORM N-CSRS**

 **________**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act File Number 811-22263**

**Exchange Listed Funds Trust**

(Exact name of registrant as specified in charter)

________

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, OK 73120

(Address of principal executive offices) (Zip code)

J. Garrett Stevens

Exchange Traded Concepts Trust

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, OK 73120

(Name and address of agent for service)

Copy to:

Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

**Registrant's telephone number, including area code: 1-405-778-8377**

**Date of fiscal year end: November 30, 2025**

**Date of reporting period: May 31, 2025**

**Item 1. Reports to Stockholders.**

(a) &nbsp;&nbsp;&nbsp;&nbsp; Included Tailored Shareholder Report

#### Saba Closed-End Funds ETF
(CEFS) Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](i6b4266a9cc5a82cf0f77f7fd.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Saba Closed-End Funds ETF for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://www.sabaetf.com/investor-materials**. You can also request this information by contacting us at 888-615-4310.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Saba Closed-End Funds ETF | $75 | 1.50%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $282031707 |
| Number of Portfolio Holdings | 103 |
| Total Advisory Fee Paid | $1387926 |
| Portfolio Turnover Rate | 10% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2b4862f0e3cdc2f910881e9f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 12.4% |
| Mixed Allocation | 9.1% |
| Alternative | 12.3% |
| Fixed Income | 24.4% |
| Equity | 41.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| BlackRock ESG Capital Allocation Term Trust | 11.5% |
| BlackRock Technology and Private Equity Term Trust | 9.3% |
| ASA Gold and Precious Metals Ltd. | 6.5% |
| Gabelli Dividend & Income Trust (The) | 5.1% |
| PIMCO Dynamic Income Strategy Fund | 4.8% |
| General American Investors Company, Inc. | 3.7% |
| Neuberger Berman Next Generation Connectivity Fund, Inc. | 3.5% |
| Virtus Dividend Interest & Premium Strategy Fund | 2.8% |
| Nuveen Multi-Asset Income Fund | 2.8% |
| Adams Diversified Equity Fund, Inc. | 2.6% |

---

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.sabaetf.com/investor-materials**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i97f74471706fcadb21c078ac.jpg)

TSR-SAR 053125-CEFS

(b) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 2. Code of Ethics.**

Not applicable for semi-annual report.

**Item 3. Audit Committee Financial Expert.**

Not applicable for semi-annual report.

**Item 4. Principal Accountant Fees and Services.**

Not applicable for semi-annual report.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable for semi-annual report.

**Item 6. Investments.**

(a) The Schedule of Investments is included as part of the Financial Statements and Other Information filed under Item 7 of this form.

(b) Not applicable

**Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.**

**(a) Included Long Form Financial Statements**

![](tsaba_logo.jpg)

EXCHANGE LISTED FUNDS TRUST

**Saba Closed**-End **Funds ETF (CEFS)**

**Semi**-Annual **Financials and Other Information**

**May 31, 2025 (Unaudited)**

![](tetc_logo.jpg)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Exchange Listed Funds Trust** <br> **TABLE OF CONTENTS** | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br>|

---

**Financial Statements (Form N**-CSR**, Item 7)**

---

| | |
|:---|:---|
|  Saba Closed-End Funds ETF |  |
|  [Schedule of Investments](#T01) | 1 |
|  [Summary of Investments](#T02) | 5 |
|  [Statement of Assets and Liabilities](#T03) | 6 |
|  [Statement of Operations](#T04) | 7 |
|  [Statements of Changes in Net Assets](#T05) | 8 |
|  [Financial Highlights](#T07) | 9 |
|  [Notes to Financial Statements](#T08) | 10 |
|  [Other Information](#T11) | 21 |

---

&nbsp;&nbsp; For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 888-615-4310<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• https://www.sabaetf.com/investor-materials<br>

i

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Saba Closed-End Funds ETF**<br> SCHEDULE OF INVESTMENTS | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **CLOSED-END FUNDS — 93.5%** | **CLOSED-END FUNDS — 93.5%** |  |
|  **Alternative — 12.3%** |  |  |
|  BlackRock ESG Capital Allocation Term Trust<sup>(a)</sup> | 2048168 | $32422499 |
|  Destra Multi-Alternative Fund | 267238 | 2346350 |
|  |  | **34768849** |
|  **Equity — 47.7%** |  |  |
|  abrdn Emerging Markets ex China Fund, Inc. | 4294 | 23231 |
|  abrdn Global Infrastructure Income Fund<sup>(a)</sup> | 165414 | 3217302 |
|  abrdn Healthcare Investors<sup>(a)</sup> | 152297 | 2317960 |
|  abrdn Japan Equity Fund, Inc. | 142750 | 1023518 |
|  abrdn Total Dynamic Dividend Fund | 78118 | 665565 |
|  Adams Diversified Equity Fund, Inc.<sup>(a)</sup> | 363597 | 7431923 |
|  Adams Natural Resources Fund, Inc. | 14078 | 282686 |
|  ASA Gold and Precious Metals Ltd. | 575128 | 18202802 |
|  BlackRock Enhanced Global Dividend Trust<sup>(a)</sup> | 218155 | 2441154 |
|  BlackRock Enhanced International Dividend Trust | 73226 | 426175 |
|  BlackRock Resources & Commodities Strategy Trust | 241227 | 2226525 |
|  BlackRock Science and Technology Term Trust<sup>(a)</sup> | 206178 | 3995730 |
|  BlackRock Technology and Private Equity Term Trust<sup>(a)</sup> | 3750438 | 26178058 |
|  China Fund, Inc. (The) | 5419 | 66383 |
|  ClearBridge Energy Midstream Opportunity Fund, Inc. | 33694 | 1561043 |
|  Clough Global Equity Fund | 76592 | 516299 |
|  First Trust Specialty Finance and Opportunities Fund | 29821 | 119880 |
|  Gabelli Dividend & Income Trust (The)<sup>(a)</sup> | 584150 | 14510287 |
|  Gabelli Healthcare & WellnessRx Trust (The) | 254986 | 2437666 |
|  GAMCO Natural Resources Gold & Income Trust | 42849 | 265664 |
|  General American Investors Company, Inc.<sup>(a)</sup> | 193877 | 10455787 |
|  Japan Smaller Capitalization Fund, Inc. | 214018 | 2013909 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **CLOSED-END FUNDS (Continued)** | **CLOSED-END FUNDS (Continued)** |  |
|  **Equity (Continued)** |  |  |
|  John Hancock Diversified Income Fund | 5221 | $55055 |
|  Kayne Anderson Energy Infrastructure Fund | 3621 | 44031 |
|  Korea Fund, Inc. (The) | 1191 | 26619 |
|  Mexico Equity and Income Fund, Inc. (The) | 1943 | 19374 |
|  Mexico Fund, Inc. (The) | 89633 | 1492389 |
|  Morgan Stanley China A Share Fund, Inc. | 10348 | 134524 |
|  Morgan Stanley India Investment Fund, Inc. | 67957 | 1819888 |
|  Neuberger Berman Energy Infrastructure and Income Fund, Inc. | 1741 | 14851 |
|  Neuberger Berman Next Generation Connectivity Fund, Inc. | 740885 | 9801909 |
|  New Germany Fund, Inc. (The) | 168760 | 1955928 |
|  Nuveen Dow 30sm Dynamic Overwrite Fund | 61569 | 872433 |
|  NYLI CBRE Global Infrastructure Megatrends Term Fund<sup>(a)</sup> | 510491 | 7187713 |
|  Principal Real Estate Income Fund | 84193 | 875607 |
|  Royce Micro-Cap Trust, Inc. | 7831 | 68521 |
|  Taiwan Fund, Inc. (The) | 7184 | 271340 |
|  Tekla Life Sciences Investors<sup>(a)</sup> | 268088 | 3281397 |
|  Templeton Dragon Fund, Inc. | 40828 | 386641 |
|  Tortoise Energy Infrastructure Corporation<sup>(a)</sup> | 41179 | 1667750 |
|  Total Return Securities, Inc. | 20032 | 126602 |
|  Tri-Continental Corporation | 11342 | 353757 |
|  Voya Asia Pacific High Dividend Equity Income Fund | 320521 | 2144286 |
|  Voya Emerging Markets High Dividend Equity Fund | 176295 | 999575 |
|  Wells Fargo Global Dividend Opportunity Fund | 72555 | 383816 |
|  |  | **134363553** |
|  **FIXED INCOME — 24.4%** |  |  |
|  AllianceBernstein National Municipal Income Fund, Inc. | 217913 | 2255400 |
|  Bancroft Fund Ltd. | 23333 | 417224 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Saba Closed-End Funds ETF**<br> SCHEDULE OF INVESTMENTS (Continued) | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **CLOSED-END FUNDS (Continued)** | **CLOSED-END FUNDS (Continued)** |  |
|  **FIXED INCOME (Continued)** |  |  |
|  BlackRock California Municipal Income Trust<sup>(a)</sup> | 585715 | $6314007 |
|  BlackRock Municipal 2030 Target Term Trust | 53509 | 1145628 |
|  BlackRock MuniHoldings California Quality Fund, Inc. | 39376 | 407148 |
|  BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 3219 | 35151 |
|  BlackRock MuniHoldings New York Quality Fund, Inc. | 1500 | 14655 |
|  BlackRock MuniVest Fund II, Inc. | 21929 | 221702 |
|  BlackRock MuniYield New York Quality Fund, Inc. | 780 | 7441 |
|  BlackRock MuniYield Pennsylvania Quality Fund | 12755 | 138137 |
|  BlackRock New York Municipal Income Trust | 167 | 1615 |
|  BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 75828 | 761313 |
|  BNY Mellon Strategic Municipal Bond Fund, Inc. | 335561 | 1862364 |
|  BNY Mellon Strategic Municipals, Inc. | 429809 | 2505786 |
|  Brookfield Real Assets Income Fund, Inc. | 16878 | 218401 |
|  Delaware Investments National Municipal Income Fund | 17184 | 167372 |
|  Eaton Vance California Municipal Bond Fund<sup>(a)</sup> | 576346 | 5063199 |
|  Eaton Vance California Municipal Income Trust<sup>(a)</sup> | 56366 | 542241 |
|  Eaton Vance New York Municipal Bond Fund | 535515 | 4921383 |
|  Ellsworth Growth and Income Fund Ltd. | 186638 | 1825320 |
|  Federated Hermes Premier Municipal Income Fund | 32801 | 347363 |
|  Highland Opportunities and Income Fund | 184134 | 939083 |
|  MFS High Income Municipal Trust | 137736 | 482076 |
|  MFS Municipal Income Trust | 51794 | 265185 |
|  Neuberger Berman Municipal Fund, Inc.<sup>(a)</sup> | 94851 | 936179 |
|  Nuveen New Jersey Quality Municipal Income Fund<sup>(a)</sup> | 319759 | 3626067 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **CLOSED-END FUNDS (Continued)** | **CLOSED-END FUNDS (Continued)** |  |
|  **FIXED INCOME (Continued)** |  |  |
|  Nuveen Pennsylvania Quality Municipal Income Fund<sup>(a)</sup> | 347696 | $3855949 |
|  PIMCO California Municipal Income Fund | 20540 | 173358 |
|  PIMCO California Municipal Income Fund II | 141134 | 755067 |
|  PIMCO Dynamic Income Strategy Fund<sup>(a)</sup> | 577594 | 13429060 |
|  PIMCO New York Municipal Income Fund II | 31488 | 211914 |
|  PIMCO New York Municipal Income Fund III | 21212 | 112318 |
|  Pioneer Diversified High Income Fund, Inc. | 3531 | 43043 |
|  Pioneer Floating Rate Trust | 34758 | 338891 |
|  Pioneer High Income Trust | 37503 | 297399 |
|  Pioneer Municipal High Income Advantage Fund, Inc.<sup>(a)</sup> | 526549 | 4365091 |
|  Pioneer Municipal High Income Fund, Inc.<sup>(a)</sup> | 539963 | 4962260 |
|  Pioneer Municipal High Income Opportunities Fund, | 182381 | 2170334 |
|  Saba Capital Income & Opportunities Fund II<sup>(b)</sup> | 302398 | 2636911 |
|  Virtus Convertible & Income Fund<sup>(a)</sup> | 4309 | 57999 |
|  |  | **68831034** |
|  **Mixed Allocation — 9.1%** |  |  |
|  Allspring Utilities and High Income Fund | 11257 | 127880 |
|  Bexil Investment Trust | 15634 | 200662 |
|  BlackRock Capital Allocation Term Trust<sup>(a)</sup> | 432706 | 6442992 |
|  Calamos Long/Short Equity & Dynamic Income Trust | 18166 | 288294 |
|  Clough Global Dividend and Income Fund | 6986 | 38772 |
|  Clough Global Opportunities Fund | 68177 | 357247 |
|  Nuveen Multi-Asset Income Fund<sup>(a)</sup> | 636595 | 7881046 |
|  Thornburg Income Builder Opportunities Trust | 14524 | 269130 |
|  Tortoise Sustainable and Social Impact Term Fund | 181675 | 2132865 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Saba Closed-End Funds ETF**<br> SCHEDULE OF INVESTMENTS (Continued) | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **CLOSED-END FUNDS (Continued)** | **CLOSED-END FUNDS (Continued)** |  |
|  **Mixed Allocation (Continued)** |  |  |
|  Virtus Dividend Interest & Premium Strategy Fund | 662129 | $7965413 |
|  Virtus Total Return Fund, Inc. | 5142 | 31726 |
|  |  | **25736027** |
|  **Total Closed End Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $232,201,114) |  | **263699463** |
|  **Total Investments — 93.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $232,201,114) |  | **263699463** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Exchange-Traded Fund Short — (5.9)%** | **Exchange-Traded Fund Short — (5.9)%** | **Exchange-Traded Fund Short — (5.9)%** |
|  **Equity — (5.9)%** |  |  |
|  VanEck Gold Miners ETF | (330951) | $**(16762668)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Exchange-Traded Fund Short**<br> (Proceeds $14,998,625) |  | **(16762668)** |
|  Other Assets in Excess of Liabilities — 12.4% |  | 35094912 |
|  **Total Net Assets — 100.0%** |  | $**282031707** |

---

<sup>(a)</sup>All or a portion of this security is pledged as collateral for borrowings as of May 31, 2025. The aggregate value of those securities was $92,929,493, representing 32.9% of net assets.

<sup>(b)</sup>Affiliated issuer.

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Saba Closed-End Funds ETF**<br> SCHEDULE OF INVESTMENTS (Concluded) | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Short Futures Contracts**  | **Number of <br>Contracts** | **Expiration <br>Date** | **Notional <br>Amount** | **Value** | **Unrealized <br>Appreciation <br>(Depreciation)** |
|  **FUTURES** |  |  |  |  |  |
|  CBOT 10 Year US Treasury Note | (229) | June 2025 | $(25254623) | $(25361750) | $(107127) |
|  CBOT 5 Year US Treasury Note | (378) | September 2025 | (40783072) | (40894875) | (111803) |
|  CME E-Mini Russell 2000 Index Futures | (45) | June 2025 | (4651359) | (4653675) | (2316) |
|  CME E-Mini Standard & Poor's 500 Index | (50) | June 2025 | (14172250) | (14790000) | (617750) |
|  **Total Short Futures Contracts** |  |  | $**(84861304)** | $**(85700300)** | $**(838996)** |

---

**Other Affiliated Investments**

Fiscal period to date transactions with investments which are or were affiliates are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value at <br>beginning <br>of the <br>period** | **Purchases <br>Cost** | **Sales <br>Proceeds** | **Net <br>Realized <br>Gain/(Loss)** | **Net Change <br>in Unrealized <br>Appreciation<br>(Depreciation)** | **Value at <br>the end of <br>the period** | **Number of <br>Shares at <br>the end of <br>the period** | **Dividend <br>Income** | **Capital Gain <br>Distributions** |
|  Saba Capital Income & Opportunities Fund II | $2694366 | $— | $— | $— | $(57455) | $2636911 | 302398 | $105234 | $— |
|  **Total** | $**2694366** | $**—** | $**—** | $**—** | $**(57455)** | $**2636911** | **302398** | $**105234** | $**—** |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Saba Closed-End Funds ETF**<br> SUMMARY OF INVESTMENTS | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | |
|:---|:---|
| **Security Type/Sector** | **Percent of <br>Total Net <br>Assets** |
|  **Closed-End Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | 47.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 24.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alternative | 12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mixed Allocation | 9.1% |
|  **Total Closed-End Funds** | **93.5%** |
|  **Total Investments** | **93.5%** |
|  **Total Exchange-Traded Fund Short** | **(5.9)%** |
|  Other Assets in Excess of Liabilities | 12.4% |
|  **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> STATEMENT OF ASSETS AND LIABILITIES | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | |
|:---|:---|
|  | **Saba Closed-End <br>Funds ETF** |
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value | $261062552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value | 2636911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 14542488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for futures contracts | 16907526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash held at lending agent | 3141762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 434239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend and interest receivable | 442149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 299167627 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities sold short, at fair value (proceeds received $14,998,625) | 16762668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on future contracts | 119019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fee payable | 254233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 17135920 |
|  **Net Assets** | $282031707 |
|  **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $247037536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings | 34994171 |
|  **Net Assets** | $282031707 |
|  **Shares of Beneficial Interest Outstanding <br>(unlimited number of shares authorized, no par value)** | 13000001 |
|  **Net Asset Value, Offering and Redemption Price Per Share** | $21.69 |
|  **Unaffiliated investments, at cost** | $229839105 |
|  **Affiliated investments, at cost** | $2362009 |

---

*See accompanying Notes to Financial Statements.*

&nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> STATEMENT OF OPERATIONS<br>

---

| | |
|:---|:---|
|  | **Saba Closed-End <br>Funds ETF** |
|  | **For the <br>Six Months <br>Ended <br>May 31, 2025<br>(Unaudited)** |
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $13779916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 105234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 67025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 13952175 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 1399118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit | 488924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | 38721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 1926763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Waiver (See Note 3) | (11192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1915571 |
|  **Net Investment Income (Loss)** | 12036604 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Investments | 550339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3264939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions – unaffiliated investments | 400701 |
|  | 4215979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (10245259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (57455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (1764043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 758759 |
|  | (11307998) |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | (7092019) |
|  **Net Increase (Decrease) in Net Assets Resulting From Operations** | $4944585 |

---

*See accompanying Notes to Financial Statements.*

&nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> STATEMENTS OF CHANGES IN NET ASSETS<br>

---

| | | |
|:---|:---|:---|
|  | **Saba Closed-End Funds ETF** | **Saba Closed-End Funds ETF** |
|  | **Six Months <br>Ended <br>May 31, 2025 <br>(Unaudited)** | **Year Ended <br>November 30, <br>2024** |
|  **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $12036604 | $5127753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 4215979 | 13897448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized gain (loss) on investments | (11307998) | 34195204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Operations** | 4944585 | 53220405 |
|  **Distributions to Shareholders** | (12311880) | (16725037) |
|  **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 51113900 | 68452959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (4374550) | (7579423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions** | 46739350 | 60873536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets** | 39372055 | 97368904 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $242659652 | $145290748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $282031707 | $242659652 |
|  **Change in Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2350000 | 3350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (200000) | (350000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding** | 2150000 | 3000000 |

---

*See accompanying Notes to Financial Statements.*

&nbsp;&nbsp;&nbsp; **Saba Closed-End Funds ETF**<br> FINANCIAL HIGHLIGHTS<br>

**(For a Share Outstanding Throughout the Period Presented)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br>Ended <br>May 31, 2025 <br>(Unaudited)** | **Year Ended <br>November 30, <br>2024** | **Year Ended <br>November 30, <br>2023** | **Year Ended <br>November 30, <br>2022** | **Year Ended <br>November 30, <br>2021** | **Year Ended <br>November 30, <br>2020** |
|  Net asset value, beginning of period | $22.36 | $18.51 | $18.26 | $20.91 | $19.37 | $20.05 |
|  **Investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 1.02 | 0.54 | 0.48 | 0.67 | 0.53 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.65) | 5.06 | 1.72 | (1.10) | 2.69 | (0.05)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.37 | 5.60 | 2.20 | (0.43) | 3.22 | 1.00 |
|  **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.92) | (0.83) | (0.62) | (1.45) | (1.59) | (1.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.12) | (0.92) | (0.12) | (0.64) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (1.21) | (0.13) |  | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.04) | (1.75) | (1.95) | (2.22) | (1.68) | (1.68) |
|  Net asset value, end of period | $21.69 | $22.36 | $18.51 | $18.26 | $20.91 | $19.37 |
|  **Net Asset Value, Total Return** | 1.76<br> %<sup>(f)</sup> | 31.56% | 13.13% | (1.76)% | 17.09% | 6.07% |
|  **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $282032 | $242660 | $145291 | $93139 | $85739 | $55214 |
|  **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses<sup>(c)</sup> | 1.50<br> %<sup>(g)(h)</sup> | 1.92<br> %<sup>(e)</sup> | 2.49% | 1.30% | 1.18% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Expense | 0.41<br> %<sup>(g)</sup> | 0.83% | 1.39% | 0.20% | 0.08% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding interest expense<sup>(c)</sup> | 1.09<br> %<sup>(g)(h)</sup> | 1.09<br> %<sup>(e)</sup> | 1.10% | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 9.46<br> %<sup>(g)</sup> | 2.59% | 2.68% | 3.58% | 2.54% | 5.71% |
|  **Portfolio turnover rate**<sup>(d)</sup> | 10<br> %<sup>(f)</sup> | 29% | 44% | 71% | 85% | 76% |

---

<sup>(a)</sup>Per share amounts calculated using average shares method.

<sup>(b)</sup>Per share net realized and unrealized gains or losses on investments is a balancing amount and may not correspond with the realized and change in aggregate unrealized gains and losses in the Fund's securities because of the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund.

<sup>(c)</sup>The Fund invests in other funds and indirectly bears its proportionate shares of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

<sup>(d)</sup>Excludes the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

<sup>(e)</sup>During the year ended November 30, 2024, the Fund voluntarily waived 0.01% of Advisor Fee Expense. See Note 3.

<sup>(f)</sup>Not Annualized for periods less than one year.

<sup>(g)</sup>Annualized for periods less than one year.

<sup>(h)</sup>During the six months ended May 31, 2025, the Fund voluntarily waived 0.01% of Advisor Fee Expense. See Note 3.

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

**1. Organization**

Exchange Listed Funds Trust (the "Trust") was organized on April 4, 2012 as a Delaware statutory trust and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, (the "1940 Act") as an open-end management investment company. The Agreement and Declaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest ("Shares") in one or more series representing interests in separate portfolios of securities. The Trust has registered its Shares in multiple separate series. The assets of each series in the Trust are segregated and a shareholder's interest is limited to the series in which Shares are held. The financial statements presented herein are for the Saba Closed-End Funds ETF (the "Fund").

The Fund is classified as a diversified investment company under the 1940 Act. The Fund is an actively managed exchange-traded fund ("ETF"). Unlike index ETFs, actively managed ETFs do not seek to track the performance of a specified index. Instead, the Fund uses an active investment strategy in seeking to meet its investment objective.

The Fund's investment objective is to seek to provide capital appreciation and dividend income. The Fund commenced operations on March 20, 2017.

Under the Trust's organizational documents, its officers and Board of Trustees (the "Board") are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust may enter into contracts with vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust.

**2. Basis of Presentation and Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Trust in the preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The Trust is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies."

**(a) Use of Estimates**

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and income and expenses during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Fund ultimately realizes upon sale of the securities.

**(b) Valuation of Investments**

The Fund records investments at fair value using procedures approved by the Board and are generally valued using market valuations (Market Approach). A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair-value determinations.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

Pursuant to the requirements of Rule 2a-5, the Board (i) has designated the Adviser as the Board's valuation designee to perform fair-value determinations for the Fund through the Adviser's Valuation Committee and (ii) has approved the Adviser's Valuation Procedures.

In the event that current market valuations are not readily available or such valuations do not reflect current fair market value, the Trust's procedures require the Valuation Committee, in accordance with the Trust's Board-approved Valuation Procedures, to determine a security's fair value. In determining such value, the Valuation Committee may consider, among other things, (i) price comparisons among multiple sources, (ii) a review of corporate actions and news events, and (iii) a review of relevant financial indicators (e.g., movement in interest rates or market indices). Fair value pricing involves subjective judgments and it is possible that the fair value determination for a security is materially different than the value that could be realized upon the sale of the security. With respect to securities that are primarily listed on foreign exchanges, the value of the Fund's portfolio securities may change on days when the investors will not be able to purchase or sell their Shares.

The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund's own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

• Level
 1 – Quoted prices in active markets for identical assets.

• Level
 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
 credit risk, etc.).

• Level
 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Pursuant to the Valuation Procedures noted previously, closed-end funds, ETFs and exchange traded futures contracts and short-term investments are generally categorized as Level 1 in the fair value hierarchy (unless there is a fair valuation event, in which case affected securities are generally categorized as Level 2 or Level 3).

The following is a summary of the valuations as of May 31, 2025, for the Fund based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saba Closed-End Funds ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Closed End Funds<sup>\*</sup> | $263699463 | $— | $— | $263699463 |
|  **Total Assets** | $263699463 | $— | $— | $263699463 |
|  **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>(a)</sup> | $838996 | $— | $— | $838996 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Fund Short\* | 16762668 |  |  | 16762668 |
|  **Total Liabilities** | $17601664 | $— | $— | $17601664 |
|  **Total** | $246097799 | $— | $— | $246097799 |

---

<sup>\*</sup>See Schedule of Investments for additional detailed categorizations.

<sup>(a)</sup>Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. The amount presented reflects the net amount included on the Schedule of Investments, futures contracts. The Statement of Assets and Liabilities reflects the one day variation margin payable/receivable.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

**(c) Investment Transactions and Related Income**

For financial reporting purposes, investment transactions are reported on the trade date. However, for daily Net Asset Value ("NAV") determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount, using the effective yield method. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend Income on the Statements of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with the Fund's understanding of the applicable tax rules and regulations, if any.

**(d) Foreign Currency Transactions**

The accounting records of the Fund are maintained in U.S. dollars. Financial instruments and other assets and liabilities of the Fund denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates. Purchases and sales of financial instruments, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the date of the transaction. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates from those resulting from changes in values to financial instruments. Such fluctuations are included with the net realized and unrealized gains or losses from investments. Realized foreign exchange gains or losses arise from transactions in financial instruments and foreign currencies, currency exchange fluctuations between the trade and settlement date of such transactions, and the difference between the amount of assets and liabilities recorded and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including financial instruments, resulting from changes in currency exchange rates. The Fund may be subject to foreign taxes related to foreign income received, capital gains on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.

**(e) Federal Income Tax**

It is the policy of the Fund to continue to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 (the "Code") and to distribute substantially all of its net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required as long as the Fund qualifies as a regulated investment company.

Management of the Fund has evaluated tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether it is more-likely-than-not (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating expense. In general, tax positions taken in previous tax years remain subject to examination by tax authorities (generally three years for federal income tax purposes). The determination has been made that there are not any uncertain tax positions that would require the Fund to record a tax liability and, therefore, there is no impact to the Fund's financial statements. The Fund's policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. As of May 31, 2025, the Fund did not have any interest or penalties associated with the underpayment of any income taxes.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

**(f) Short Sales**

Short sales are transactions under which the Fund, or an underlying closed-end fund in which the Fund invests (an "Underlying Fund"), sells a security it does not own in anticipation of a decline in the value of that security and/or hedge against a raise in interest rates. To complete such a transaction, the Fund or an Underlying Fund must borrow the security to make delivery to the buyer. The Fund or Underlying Fund then is obligated to replace the security borrowed by purchasing the security at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund or Underlying Fund. When a security is sold short a decrease in the value of the security will be recognized as a gain and an increase in the value of the security will be recognized as a loss, which is potentially limitless. Until the security is replaced, the Fund or Underlying Fund is required to pay the lender amounts equal to dividend or interest that accrue during the period of the loan which is recorded as interest expense for securities sold short. To borrow the security, the Fund or Underlying Fund also may be required to pay a premium or an interest fee, which is also recorded as interest expense for securities sold short. Cash and/or securities are segregated for the broker to meet the necessary margin requirements. The Fund or an Underlying Fund is subject to the risk that it may not always be able to close out a short position at a particular time or at an acceptable price. During the six months ended May 31, 2025, the Fund held short positions.

**(g) Futures Contracts**

The Fund, directly or through an Underlying Fund, may utilize futures contracts to hedge against a rise in interest rates. Futures contracts generally provide for the future sale by one party and purchase by another party of a specified commodity or security at a specified future time and at a specified price. Index futures contracts are settled daily with a payment by one party to the other of a cash amount based on the difference between the level of the index specified in the contract from one day to the next. Futures contracts are standardized as to maturity date and underlying instrument and are traded on futures exchanges.

The Fund is required to make a good faith margin deposit in cash or U.S. government securities with a broker or custodian to initiate and maintain open positions in futures contracts. A margin deposit is intended to assure completion of the contract (delivery or acceptance of the underlying commodity or payment of the cash settlement amount) if it is not terminated prior to the specified delivery date. Brokers may establish deposit requirements which are higher than the exchange minimums. Futures contracts are customarily purchased and sold on margin deposits which may range upward of approximately 5% of the value of the contract being traded.

After a futures contract position is opened, the value of the contract is marked to market daily. If the futures contract price changes to the extent that the margin on deposit does not satisfy margin requirements, payment of additional "variation margin" will be required. Conversely, change in the contract value may reduce the required margin, resulting in a repayment of excess margin to the contract holder. Variation margin payments are made to and from the futures broker for as long as the contract remains open. In such case, the Fund would expect to earn interest income on its margin deposits. Closing out an open futures position is done by taking an opposite position ("buying" a contract which has previously been "sold" or "selling" a contract previously "purchased") in an identical contract to terminate the position. Brokerage commissions are incurred when a futures contract position is opened or closed. During the six months ended May 31, 2025, the Fund held futures contracts.

A margin deposit held at one counterparty for the futures contracts is included in "Deposit at broker for futures contracts" on the Statement of Assets and Liabilities**.**

**(h) Distributions to Shareholders**

The Fund pays out dividends from its net investment income, if any, monthly and distributes its net capital gains, if any, to investors at least annually. In so doing, the Fund seeks to make cash distributions once per month throughout a calendar year based on a rate determined at the beginning of the year. This rate is based on the Sub-Adviser's (as defined below) annual projection of income and forecast of interest rates for the upcoming year. Thus, the rate will vary from year to year. Further, the rate may be adjusted at any time during a given year. The Sub-Adviser monitors the Fund's distributions, the expected cash flow from

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

investments and other metrics in determining whether to adjust the distribution rate during the course of a year. A portion of the distributions made by the Fund may be treated as return of capital for tax purposes (as discussed further below). One or more additional distributions may be made generally in December or after the Fund's fiscal year-end to comply with applicable law.

The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital and distribution reclassifications), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and straddles) do not require a reclassification.

If the Fund's distributions exceed its earnings and profits, all or a portion of the distributions made in the taxable year may be treated as a return of capital to shareholders. A return of capital distribution generally will not be taxable but will reduce a shareholder's cost basis and result in a higher capital gain and lower capital loss when the Shares on which the distribution was received are sold. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."

The estimated characterization of the monthly distributions paid are expected to be either an ordinary income or return of capital distribution. This estimate is based on the Fund's operating results during the period and the most recent industry information available from the Underlying Funds. The actual characterization of the distributions made during the period may not be determined until after the end of the fiscal year and any differences may be adjusted in the subsequent year. The Fund will inform shareholders of the final tax character of the distributions on IRS Form 1099-DIV in February of the following year. The Fund holds certain investments which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the underlying investments' taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

**3. Transactions with Affiliates and Other Servicing Agreements**

**(a) Investment Advisory and Administrative Services**

Exchange Traded Concepts, LLC (the "Adviser") serves as the investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the "Advisory Agreement"). Under the Advisory Agreement, the Adviser provides investment advisory services to the Fund and is responsible for, among other things, overseeing the Sub-Adviser (as defined below), including monitoring of the purchase and sale of securities by the Sub-Adviser and regular review of the Sub-Adviser's performance, subject to the oversight of the Board. The Adviser also arranges for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate. The Adviser administers the Fund's business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services, and provides its officers and employees to serve as officers or Trustees of the Trust. For the services it provides to the Fund, the Adviser receives a fee, which is calculated daily and paid monthly, at an annual rate of 1.10% of average daily net assets of the Fund.

Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Fund except for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, "Excluded Expenses"). As part of an arrangement between the Sub-Adviser and the Adviser, the Sub-Adviser has agreed to assume the Adviser's obligation to pay all the expenses of the Fund (except Excluded Expenses) and to the extent applicable, pay the Adviser a minimum fee.

An interested Trustee and certain officers of the Trust are affiliated with the Adviser and receive no compensation from the Trust for serving as officers and/or Trustee.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

**(b) Sub-Advisory Agreement**

The Adviser has entered into investment sub-advisory agreement (the "Sub-Advisory Agreement") with respect to the Fund with Saba Capital Management, L.P. (the "Sub-Adviser"). The Sub-Adviser is responsible for making investment decisions for the Fund and trading portfolio securities and other investment instruments on behalf of the Fund, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the oversight of the Board. The Advisor pays a fee to the Sub-Adviser out of the fee the Adviser receives from the Fund, which is calculated daily and paid monthly. During the six months ended May 31, 2025, the Adviser voluntarily waived the advisory fees of the underlying affiliated fund in the amount of $11,192.

**(c) Distribution Arrangement**

Foreside Fund Services, LLC (the "Distributor"), a Delaware limited liability company, is the principal underwriter and distributor of the Fund's Shares. The Distributor does not maintain any secondary market in any Fund's Shares.

The Trust has adopted a Rule 12b-1 Distribution and Service Plan (the "Distribution and Service Plan") pursuant to which payments of up to a maximum of 0.25% of a Fund's average daily net assets may be made to compensate or reimburse financial intermediaries for activities principally intended to result in the sale of the Fund's Shares. In accordance with the Distribution and Service Plan, the Distributor may enter into agreements with financial intermediaries and dealers relating to distribution and/or marketing services with respect to the Trust.

Currently, no payments are made under the Distribution and Service Plan. Such payments may only be made after approval by the Board. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Trust.

**(d) Other Servicing Agreements**

Ultimus Fund Solutions, LLC provides administration and fund accounting services to the Trust pursuant to a master servicing agreement. Brown Brothers Harriman & Co. serves as each fund's custodian and transfer agent pursuant to a custodian and transfer agent agreement. The Adviser pays these fees.

An officer of the Trust is affiliated with the administrator and receives no compensation from the Trust for serving as an officer.

**4. Investments Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the six months ended May 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Saba Closed-End Funds ETF | $26183269 | $26723912 |

---

Purchases and sales of in-kind transactions for the six months ended May 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Purchases** | **Sales** | **Sales** |
|  Saba Closed-End Funds ETF | $ |  | $ |  |

---

**5. Capital Share Transactions**

Fund Shares are listed and traded on the Cboe BZX Exchange, Inc. (the "Exchange") each day that the Exchange is open for business ("Business Day"). The Fund's Shares may only be purchased and sold on the Exchange through a broker-dealer. Because the Fund's Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to NAV, greater than NAV (premium) or less than NAV (discount).

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

The Fund offers and redeems Shares on a continuous basis at NAV only in large blocks of shares (each a "Creation Unit"). Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund. Fund Shares may only be purchased from or redeemed directly from the Fund by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed a Participant Agreement with the Distributor. Creation Units are available for purchase and redemption on each Business Day and are offered and redeemed on an in-kind basis, together with the specified cash amount, or for an all cash amount.

To the extent contemplated by a Participant Agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed by the Distributor, on behalf of the Fund, by the time as set forth in a Participant Agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral equal to a percentage of the market value as set forth in the Participant Agreement. A Participant Agreement may permit the Fund to use such collateral to purchase the missing shares, and could subject an Authorized Participant to liability for any shortfall between the cost of the Fund acquiring such shares and the value of the collateral.

Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from the Fund. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker, which will be subject to customary brokerage commissions or fees.

A purchase (i.e., creation) transaction fee may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units, and investors will be required to pay a creation transaction fee regardless of the number of Creation Units created in the transaction. The Fund may adjust the creation transaction fee from time to time based upon actual experience. In addition, a variable fee may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. The Fund may adjust the non-standard charge from time to time based upon actual experience. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the deposit securities to the account of the Trust. The Adviser may retain all or a portion of the transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction fee is designed to cover.

A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and Authorized Participants will be required to pay a redemption transaction fee regardless of the number of Creation Units redeemed in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. The Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a variable fee, payable to the Fund, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for the Fund. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the redemption transaction fees and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the Fund's securities to the account of the Trust. The non-standard charges are payable to the Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of the Fund's securities and the cash redemption amount and other transactions costs.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

**6. Principal Risks**

As with any investment, an investor could lose all or part of their investment in the Fund and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's NAV, trading price, yield, total return and ability to meet its investment objective. Additional principal risks are disclosed in the Fund's prospectus. Please refer to the Fund's prospectus for a complete description of the principal risks of investing in the Fund.

*Derivatives Risk.* A derivative instrument often has risks similar to its underlying instrument and may have additional risks, including imperfect correlation between the value of the derivative and the underlying instrument, risks of default by the counterparty to certain derivative transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative relates, and risks that the derivative instruments may not be liquid. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. Gains or losses in a derivative may be magnified and may be much greater than the derivative's original cost.

*Fund of Funds Risk.* 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. An investment in the Fund is subject to the risks associated with the Underlying Funds. The Fund will pay indirectly a proportional share of the fees and expenses of the Underlying Funds in which it invests (referred to herein as "acquired fund fees and expenses"), including their investment advisory and administration fees, in addition to its own fees and expenses. In addition, at times, certain segments of the market represented by constituent Underlying Funds may be out of favor and underperform other segments.

*Market Risk.* Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, changes in interest rate levels, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats, lack of liquidity in the bond or other markets, volatility in the securities markets, adverse investor sentiment and political events affect the securities markets. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. Securities markets also may experience long periods of decline in value. A change in financial condition or other event affecting a single issuer or market may adversely impact securities markets as a whole. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money.

*Trading Risk.* Shares of the Fund may trade on the Exchange above (premium) or below (discount) their NAV. The NAV of shares of the Fund will fluctuate with changes in the market value of the Fund's holdings. The market prices of the Fund's shares will fluctuate continuously throughout trading hours based on market supply and demand and may deviate significantly from the value of the Fund's holdings, particularly in times of market stress, with the result that investors may pay more or receive less than the underlying value of the Fund shares bought or sold. When buying or selling shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask), which is known as the bid-ask spread. In addition, although the Fund's shares are currently listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable. In stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. In such a circumstance, the Fund's shares could trade at a premium or discount to their NAV.

*Dividend Risk.* An issuer of a security may be unwilling or unable to pay income on a security. Common stocks do not assure dividend payments. Common stockholders have a right to receive dividends only after the company has provided for payment of its creditors, bondholders and preferred stockholders. Dividends are paid only when declared by an issuer's board of directors, and the amount of any dividend may vary over time.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

*Short Selling Risk.* Short selling involves selling securities, which may or may not be owned, and borrowing the same securities for delivery to the purchaser, with an obligation to replace the borrowed securities at a later date. Short selling allows an investor to seek profits from declines in the prices of securities. A short sale creates the risk of a theoretically unlimited loss because the price of the underlying security could theoretically increase without limit and increase the cost of buying those securities to close the short position. There can be no assurance that the securities necessary to close a short position will be available for purchase. Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss. Short strategies can also be implemented synthetically through various instruments and be used with respect to indices or in the over-the-counter market and with respect to futures and other instruments. There can be no assurance that such market makers will be willing to make such quotes. Short strategies can also be implemented on a leveraged basis. Lastly, even though an Underlying Fund generally secure a "good borrow" of the security sold short at the time of execution, the lending institution may recall the lent security at any time, thereby forcing such Underlying Fund to purchase the security at the then-prevailing market price, which may be higher.

**7. Federal Income Taxes**

As of the tax year ended November 30, 2024, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Capital Gains<br>(Losses)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>on Investments** | **Distributable<br>Earnings<br>(Loss)** |
|  Saba Closed-End Funds ETF | $986871 | $— | $41374595 | $42361466 |

---

At May 31, 2025, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br>Investments** | **Unrealized<br>Appreciation <br>on Investments** | **Unrealized <br>(Depreciation) <br>on Investments** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation) <br>on Investments** |
|  Saba Closed-End Funds ETF | $232201114 | $36059678 | $(4561329) | $31498349 |

---

**8. Credit Facility**

Effective March 14, 2017, the Fund entered into a committed line of credit facility (the "LOC") with BNP Paribas used for cash management purposes, such as providing liquidity for investments and redemptions of Creation Units, and leverage. Under the current terms of the LOC, the Fund is allowed to borrow an amount set daily by BNP Paribas that floats depending on the mix of securities held as collateral and of the cash pledged. As of May 31, 2025, the market value of securities and cash pledged as collateral was $92,929,493 and $0, respectively. These securities are noted in the Schedule of Investments and the value of cash pledged as collateral is reflected as Due from broker and any outstanding borrowing is reflected as Credit Facility Receivable/Payable on the Statement of Assets and Liabilities. The interest rate charged on borrowings on the LOC is the Overnight Bank Funding Rate plus a spread of 125 basis points (1.25%). The interest rate at May 31, 2025, was 4.33%. The average interest rate, the average daily loan balance, and the amount recorded as interest expense for line of credit for the 144 days the Fund had outstanding borrowings under the LOC were 4.36%, $21,515,873, and $488,924, respectively, for the six months ended May 31, 2025. The maximum amount borrowed during the six months ended May 31, 2025, was $39,355,140. As of May 31, 2025, the Fund had no outstanding borrowings.

Assets permitted as investment collateral include any cash, securities, and other investments. The LOC agreement can be terminated by the Fund or lender upon delivery of written notice to the other party.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

**9. Derivatives and Hedging Disclosures**

ASB's ASC Topic 815 Derivatives and Hedging requires enhanced disclosures about the Fund's derivative and hedging activities, including how such activities are accounted for and their effects on the Fund's financial position, performance and cash flows. The Fund invested in futures contracts during the six months ended May 31, 2025.

The effects of these derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations are presented in the tables below. The fair values of derivative instruments held as of May 31, 2025, by risk category are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Risk Exposure** | **Statements of Assets <br>and Liabilities** | **Value\*** | **Statements of Assets <br>and Liabilities** | **Value\*** |
|  Interest rate contracts | Unrealized <br>appreciation on open future contracts | $— | Unrealized <br>depreciation on open future contracts | $838996 |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The effects of the Fund's derivative instruments on the Statement of Operations for the six months ended May 31, 2025, are as follows:

**Amount of Realized Gain or (Loss) on Derivatives**

---

| | |
|:---|:---|
| **Risk Exposure** | **Futures Contracts** |
|  Interest rate contracts | $3264939 |

---

**Change in Unrealized Appreciation/(Depreciation) on Derivatives**

---

| | |
|:---|:---|
| **Risk Exposure** | **Futures Contracts** |
|  Interest rate contracts | $758759 |

---

The quarterly average volume of derivative instruments for the six months ended May 31, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| **Risk Exposure** | **Derivative** | **Number of Contracts** |
|  Interest rate contracts | Short futures contracts | 736 |

---

**10. Recent Market Events**

Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the market generally and on specific securities. Periods of market volatility may occur in response to such events and other economic, political, and global macro factors.

Governments and central banks, including the Federal Reserve in the United States, took extraordinary and unprecedented actions to support local and global economies and the financial markets in response to the COVID-19 pandemic, including by keeping interest rates at historically low levels for an extended period. The Federal Reserve concluded its market support activities in 2022 and began to raise interest rates in an effort to fight inflation. The Federal Reserve may determine to raise interest rates further. Trade disputes and the imposition of tariffs, along with other matters, may negatively impact the economies of the United States and its trading partners, as well as the financial markets as a whole. This and other government intervention into the economy and financial markets to address the pandemic, inflation, or other significant events in the future may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Concluded) | &nbsp;&nbsp;&nbsp; **May 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

**11. New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**12. Events Subsequent to Fiscal Period End**

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined there are no subsequent events that would require disclosure in a Fund's financial statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> Other Information (Form N-CSR Items 8-11) | &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.**

Remuneration was paid by the company during the period covered by the report to Trustees on the company's Board of Trustees. The Board of Trustees expensed $9,662 to each Fund in the Trust for the period covered by the report.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

![](tetc_logo.jpg)

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, OK 73120

**Investment Adviser:**

Exchange Traded Concepts, LLC

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, OK 73120

**Investment Sub-Adviser:**

Saba Capital Management, L.P.

405 Lexington Avenue, 58<sup>th</sup> Floor

New York, NY 10174

**Distributor:**

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

**Legal Counsel:**

Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

**This information must be preceded or accompanied by a current prospectus for the Fund.**

&nbsp;&nbsp; For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 888-615-4310<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• https://www.sabaetf.com/investor-materials<br>

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.**

Included under Item 7.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.**

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

 **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to open-end management investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

 **Item 16. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not Applicable

(b) Not Applicable

**Item 19. Exhibits.**

(a)(1) Not applicable for semi-annual report.

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](ea0248595-01_ex99cert.htm)

(a)(4) Not applicable to open-end management investment companies.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)):

[Attached hereto Exhibit 99.906CERT](ea0248595-01_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Exchange Traded Concepts Trust |
| By (Signature and Title) | /s/ J. Garrett Stevens |
|  | J. Garrett Stevens, |
| Date: July 28, 2025 | Principal Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ J. Garrett Stevens |
|  | J. Garrett Stevens, |
| Date: July 28, 2025 | Principal Executive Officer |
| By (Signature and Title) | /s/ Christopher Roleke |
|  | Christopher W. Roleke, |
| Date: July 28, 2025 | Principal Financial Officer |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification**

I, J. Garrett Stevens, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Saba Closed-End Funds ETF (a series of Exchange Listed Funds Trust the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>7/28/25</u> | /s/ J. Garrett Stevens |
|  | J. Garrett Stevens |
|  | Principal Executive Officer/President |

---

**C** **ertification**

I, Christopher W. Roleke, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Saba Closed-End Funds ETF (a series of Exchange Listed Funds Trust the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>7/28/25</u> | /s/ Christopher W. Roleke |
|  | Chrisopher W. Roleke |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**certification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Garrett Stevens , Principal Executive Officer/President, and Christopher Roleke, Principal Financial Officer of Exchange Listed Funds Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the
period ended May 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable,
of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents,
in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer/President | Principal Financial Officer |
| Exchange Listed Funds Trust | Exchange Listed Funds Trust |
| /s/ J. Garrett Stevens | /s/ Christopher W. Roleke |
| J. Garrett Stevens | Chrisopher W. Roleke |
| Date: <u>7/28/25</u> | Date: <u>7/28/25</u> |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.