Saba Capital Income & Opportunities (NYSE: BRW) ends SABA merger but keeps buybacks

Rhea-AI Filing Summary

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.

Insights

Closed-end fund governance analyst

Terminated fund merger shifts strategy focus, buybacks continue.

The Boards of BRW and SABA decided to terminate a previously approved reorganization based on management’s view of current market conditions. This means the funds will keep operating separately instead of combining under the prior plan.

The continuation of each fund’s share repurchase program suggests an ongoing emphasis on returning capital via buybacks, which can support per-share value when funds trade below net asset value. Future disclosures will need to detail what “alternatives” the Boards ultimately pursue as they reassess strategic options.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 24, 2026

Saba Capital Income & Opportunities Fund

(Exact name of registrant as specified in its charter)

Massachusetts		811-05410		95-6874587
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)
405 Lexington Avenue, 58th Floor New York, New York 10174
(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area code): (212) 542-4635

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Shares, without par value	BRW	New York Stock Exchange

false

Item 8.01. Other Events

Saba Capital Income & Opportunities Fund (NYSE: BRW) (“BRW”) and Saba Capital Income & Opportunities Fund II (NYSE: SABA) (“SABA”) today announced that the previously approved reorganization of BRW and SABA has been terminated, with plans to reevaluate alternatives in the future. Each fund Board’s determination to no longer proceed with the reorganization was based on management’s recommendation due to current market conditions.

In addition, each fund’s previously approved share repurchase program will continue in effect.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SABA CAPITAL INCOME AND OPPORTUNITIES FUND
	By:	/s/ Paul Kazarian
		Paul Kazarian
		Chief Executive Officer

Date: March 25, 2026

FAQ

What did Saba Capital Income & Opportunities Fund (BRW) announce in this 8-K?

The filing states that BRW and SABA terminated their previously approved reorganization. Their Boards acted on management’s recommendation, citing current market conditions, and indicated they plan to reevaluate alternatives for the funds in the future instead of proceeding with the merger.

Why was the reorganization between BRW and SABA terminated?

The Boards of BRW and SABA decided not to proceed with the reorganization based on management’s recommendation. Management cited current market conditions as the reason, leading each Board to determine that moving forward with the previously approved transaction was no longer appropriate at this time.

Will BRW’s and SABA’s share repurchase programs continue after canceling the reorganization?

Yes. The filing confirms that each fund’s previously approved share repurchase program will continue in effect. This means both BRW and SABA are keeping their existing authorization to buy back shares rather than changing capital return plans due to the terminated reorganization.

Does the BRW 8-K mention future plans after ending the reorganization with SABA?

The filing explains that, after terminating the reorganization, BRW and SABA plan to reevaluate alternatives in the future. It does not describe specific new transactions, only indicating that the Boards will reassess strategic options rather than complete the prior merger structure.

What role did the Boards of BRW and SABA play in this decision?

Each fund’s Board determined to no longer proceed with the previously approved reorganization. They acted following management’s recommendation, which was based on current market conditions, and formally chose to terminate the merger plan while leaving other options open for later evaluation.

Who signed the Saba Capital Income & Opportunities Fund 8-K filing?

The 8-K was signed on behalf of Saba Capital Income & Opportunities Fund by Paul Kazarian, its Chief Executive Officer. His signature indicates the registrant authorized the disclosure of the termination of the reorganization and the continuation of the share repurchase programs.

Filing Exhibits & Attachments

3 documents

Other Documents

• EX-101 XBRL SCHEMA FILE 2.9 KB
• EX-101 XBRL LABEL FILE 33.4 KB
• EX-101 XBRL PRESENTATION FILE 21.8 KB