BRW - Saba Capital Income & Opportunities Fund

What this means for you

One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Aug 27, 2026

   The fund proposed taking in SABA; holders of that fund would become holders of this one.

   Original document →

2. March 19, 2026

   The fund proposed taking in SABA; holders of that fund would become holders of this one.

   Original document →

3. Oct 7, 2025

   The fund offered holders the right to buy more shares, until Oct 28, 2025.

   Original document →

4. Sept 19, 2025

   The fund said it may sell new shares.

   Original document →

5. Aug 14, 2025

   RiverNorth sold down below 5% and stopped reporting.

   Original document →

About this fund

• Run by Saba Capital Management, L.P. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $394 million of holdings, as of April 30, 2026. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 49% on top of its own money, as of April 30, 2026. Borrowed money makes gains and losses bigger. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.2% a year in management fees; 5.9% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $1.02 a share, all of it income. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $8.35. The shares traded at $7.40, about 11.4% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 5.4% over the last three months we have (Feb-April 2026), before the share price is taken into account. Over the last 12 months: +2.6%. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Oct 31, 2025): the value of the holdings returned +17.7%. How the share price did: the shares returned +12.2% over the same year, counting payouts and the change in the market price. As of Oct 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 1996.

What the fund holds

Mostly shares (43%), the rest derivatives, bonds and loans. About 39% issued in the U.S.

1.6% of holdings are in default.

1. Derivatives - 36.4%
2. Stone Ridge Opportunities Fund LP - 16.7%
3. Grayscale Ethereum Classic Trust - 4.5%
4. Exor Nv - 4.1%
5. Canopy Growth, Canopy TL 2031 1L - 3.1%
6. ASA Gold and Precious Metals, Ltd. - 2.7%
7. FS KKR Capital Corp. - 2.1%
8. J.Crew 9/24 TLB 1L - 2%
9. Alternative Capital Inv Fund III LP 2 PROVIDER - 1.6%
10. New Holland Special Opportunities Aggregator LP, New Holland Special Opportunitie Aggregator LP Y-7 - 1.5%

As of April 30, 2026, from the fund's quarterly holdings report. Original document →