Saba Capital Income & Opportunities Fund SEC Filings

Saba Capital Income & Opportunities Fund reported that the previously approved reorganization between BRW and Saba Capital Income & Opportunities Fund II (SABA) has been terminated. The Boards of both funds acted on management’s recommendation, citing current market conditions as the reason for not moving forward.

The funds plan to reevaluate alternatives in the future rather than proceed with the prior reorganization plan. At the same time, each fund’s previously approved share repurchase program will remain in effect, so existing capital return plans through buybacks are unchanged.

Focus Partners Wealth, LLC disclosed a significant stake in Saba Capital Income & Opportunities Fund. The firm reports beneficial ownership of 3,071,767 shares of beneficial interest, representing 5.7% of the fund’s outstanding class identified by CUSIP 78518H202.

Focus Partners Wealth states it has sole voting and dispositive power over all reported shares and no shared authority. The position is certified as being acquired and held in the ordinary course of business, not for the purpose of changing or influencing control of the fund.

The registrant submitted a Form N-CEN annual report for registered investment companies, providing operational and trading data rather than a narrative financial discussion. The filing details service providers such as investment advisers, custodians, transfer agents, administrators, pricing services, and shareholder servicing agents.

For trading activity, the report lists brokers used and shows aggregate brokerage commissions paid by the fund during the reporting period of 111,896. It also discloses principal transactions with multiple dealers, including total values of purchases and sales such as 80,919,860 and 96,965,662 with individual counterparties, giving a sense of the scale of the fund’s trading volume.

Saba Capital Income & Opportunities Fund reports strong results for the period from November 1, 2024 to October 31, 2025. The Fund adopted a managed distribution plan targeting fixed monthly payouts of $0.085 per share, which may include income, capital gains or return of capital, and can be amended or terminated by the Board.

Over the period, the Fund delivered a total return of 12.22% at market value, outperforming its primary benchmark, the iShares iBoxx High Yield Corporate Bond ETF at 8.18%. On an average annual basis as of October 31, 2025, returns at NAV were 17.68% for 1 year versus 8.18% for the benchmark. Performance was driven mainly by closed-end funds, reinsurance, agency MBS, private funds and equities, while equity and credit hedges and certain cross-asset relative value trades detracted.

The Fund completed a rights offering that added capital to pursue opportunities, and continues to run with defensive net equity exposure using hedges. Major portfolio allocations include private funds, common stocks, closed-end funds, corporate bonds, unit trusts and senior loans, alongside derivatives and digital-asset-related exposures. The report emphasizes extensive risk factors, including leverage, derivatives, illiquidity, credit, interest rate, digital assets, cybersecurity, geopolitical and activist strategy risks, all of which could lead to losses and NAV volatility.

Saba Capital Income & Opportunities Fund files a prospectus-ex for a shelf offering that lists the documents and agreements incorporated by reference, including its Agreement and Declaration of Trust, amended bylaws, custody and services agreements, investment management and credit agreements, and codes of ethics. The filing itemizes estimated issuance and distribution expenses totaling $355,833.73, led by $325,000 in legal fees and including an $18,333.73 SEC registration fee and a $2,500 NYSE listing fee. The filing also shows two special-purpose vehicles, BRW SPV I and BRW SPV II, are each 100% controlled by the Fund and lists officer and trustee names. The registrant makes standard Securities Act undertakings for post-effective amendments and prospectus use.

Saba Capital Income & Opportunities Fund (BRW) is offering common shares through a rights offering and describes its closed-end fund strategy, fees, leverage and risks. The fund invests primarily in closed-end funds, SPACs, public and private debt, reinsurance, public and private equity, derivatives and other investment companies to generate income and total return. The Adviser fee is contractually 1.05% of Managed Assets, while the table shows a management fee figure of 1.27% in the expense example. The Fund has a $125,000,000 credit facility with TD Bank maturing on January 20, 2026, with $45,000,000 outstanding as of April 30, 2025. Total annual expenses (including leverage and acquired fund fees) are shown as 6.79% in the illustrative table. The prospectus explains tax treatment of rights, shareholder subscription deadlines tied to the rights offering (example: payment due October 28, 2025), and notes that market price of shares may trade below NAV. It discloses an expense limitation agreement and the Adviser may recoup waived fees subject to conditions.

RiverNorth Capital Management reported ownership of 1,884,634 shares of Saba Capital Income & Opportunities Fund, representing 4.43% of the outstanding class. The filing shows RiverNorth has sole voting and sole dispositive power over those shares, and the statement includes a certification that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

The filing notes that other persons have the right to receive proceeds from the sale of the reported securities and that no group or subsidiary is identified as having acquired the securities. This disclosure is a routine 13G/A ownership update reflecting a non-controlling, passive stake below the 5% significant-ownership threshold.