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Saba Capital Income & Opportunities Fund
Ticker Symbol: BRW CUSIP: 78518H202 Previous CUSIP: 78518H103 Exchange: NYSE
Company's Online Profile
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FUND DESCRIPTION: Saba Capital Income & Opportunities Fund formerly Voya Prime Rate Trust, formerly ING Prime Rate Trust, is an exchange-traded closed-end fund (CEF) or a closed-end ETF that is officially described as a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: Saba Capital Income & Opportunities Fund seeks to provide as high a level of current income as is consistent with the preservation of capital. FUND STRATEGY: The Fund invests in a diversified portfolio of non-investment grade senior floating rate loans made primarily to U.S. Based corporations. The Fund may invest in below investment grade senior loans. Senior loans are subject to credit risks and the potential for non-payment of scheduled principal or interest payments, which may result in a reduction of the Fund’s NAV. The use of leverage for investment purposes increases both investment opportunity and investment risk. In the event of a general market decline in the value of assets such as those in which the Fund invests, the effect of that decline will be magnified in the Fund because of the additional assets purchased with the proceeds of the leverage. Changes in market interest rates will effect the yield on the Fund’s Common Shares. If market interest rates fall, the yield on the Fund’s Common Shares will also fall. In addition, changes in market interest rates may cause the Fund’s NAV to experience moderate volatility because of the lag between changes in market rates and the resetting of the floating rates on assets in the Fund’s portfolio. To the extent that market interest rate changes are reflected as a change in the market spreads for loans of the type and quality in which the Fund invests, the value of the Fund’s portfolio may decrease in response to an increase in such spreads. Finally, substantial increases in interest rates may cause an increase in loan defaults as borrowers may lack the resources to meet higher debt service requirements. FUND MANAGEMENT: Saba Capital Management, LP serves as the investment adviser to the Fund.
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Notes: March 31, 2022 -- Saba Capital Income & Opportunities Fund (NYSE: BRW) (the “Fund”), a closed-end management investment company listed on the New York Stock Exchange, today announced that its Board of Trustees has approved a reverse stock split (the "Reverse Split") of the Fund's common shares at a ratio of 1-for-2. The Reverse Split’s effective date, which is the date when the Fund's common shares will begin trading on a split-adjusted basis, will be May 20, 2022. February 24, 2021 -- Voya Prime Rate Trust (NYSE: PPR) (“the Fund”) announced today that Voya Investments, LLC (“VIL”) (the investment manager to the Fund) has notified the Board that it will resign as the Fund’s manager effective June 22, 2021. Upon the effective date, the sub-advisory agreement between VIL and Voya Investment Management Co. LLC (“Voya IM”) will also terminate and the sub-adviser will cease to provide day-to-day investment management services for the Fund.
In making its decision to resign, VIL determined that it is in the best interest of the Fund and its shareholders to provide the Board and the Fund’s shareholders the opportunity to select an investment manager that best aligns with the Board’s goals and objectives for the Fund. The Board has formed a strategic plan committee comprised of three independent trustees to conduct a search for a successor manager and, after Board approval of the new manager, will seek approval from shareholders to approve a new investment management agreement to be entered into with the new manager. The Board has set a record date of March 5, 2021 for determining shareholders of record for the special shareholder meeting tentatively scheduled to be held on Friday, May 21, 2021. Additionally, shortly following the approval by shareholders of the new manager, and as previously approved by the Trust’s shareholders, the Board intends to take steps to undertake a tender offer for approximately 30% of the Fund’s currently outstanding shares.
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IPO - 3/9/1992 -
Previous Ticker Symbol: PPR
Previous Name: Voya Prime Rate Trust Changed: 5/01/2014
Large Cap Stock -
Market Value $ Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 405 Lexington Avenue, 58th Floor, New York, NY 10174 |
| Main Phone Number |
212-542-4644 |
| Fax Number |
Not Available |
| Investor Relations
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212-542-4644
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| Toll Free Phone Number |
844-460-9411 |
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