Investment adviser · CRD 154362

SABA CAPITAL MANAGEMENT, L.P.

Investment adviser filing (IA)

NEW YORK, NY, United States · Form ADV filed May 29, 2026

Regulatory AUM: $18.3B
Client accounts: 41
Employees: 67
Advisory professionals: 17

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client type	Clients	Regulatory assets	Share of AUM
Pooled investment vehicles	30	$15,423,166,765	84.3%
Investment companies	3	$1,513,373,919	8.3%
Other investment advisers	Fewer than 5	$808,705,445	4.4%
Government entities	Fewer than 5	$457,695,729	2.5%
Retirement plans	2	$101,049,715	0.6%

Filing source

Form ADV 2090927 · May 29, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

30 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

SABA CAPITAL MASTER FUND, LTD.Hedge Fund · Last reported May 29, 2026$6.78BGross asset value

Feeder funds

Fund administrator SS&C FINANCIAL SERVICES (CAYMAN) LIMITED GRAND CAYMAN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No

Fund administrator SS&C FINANCIAL SERVICES LLC HARRISON, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG LLP NEW YORK, New York, United States

Auditor ERNST & YOUNG LTD. GRAND CAYMAN, Cayman Islands

Custodian BANK OF NEW YORK MELLON NEW YORK, New York, United States Related to adviser: No

Custodian BARCLAYS CAPITAL INC. NEW YORK, New York, United States Related to adviser: No

Custodian BNP PARIBAS PRIME BROKERAGE, INC. NEW YORK, New York, United States Related to adviser: No

Custodian CIBC WORLD MARKETS CORP. NEW YORK, New York, United States Related to adviser: No

Custodian FIDELITY CAPITAL MARKETS NEW YORK, New York, United States Related to adviser: No

Custodian GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States Related to adviser: No

Custodian JEFFERIES LLC NEW YORK, New York, United States Related to adviser: No

Custodian MORGAN STANLEY & CO. LLC NEW YORK, New York, United States Related to adviser: No

Custodian SILICON VALLEY BANK SANTA CLARA, California, United States Related to adviser: No

Custodian STATE STREET BANK & TRUST COMPANY BOSTON, Massachusetts, United States Related to adviser: No

Custodian TD PRIME SERVICES LLC NEW YORK, New York, United States Related to adviser: No

Custodian THE NORTHERN TRUST INTERNATIONAL BANKING CORPORATION JERSEY CITY, New Jersey, United States Related to adviser: No

Custodian WELLS FARGO PRIME SERVICES, LLC NEW YORK, New York, United States Related to adviser: No

Prime broker BARCLAYS CAPITAL INC. NEW YORK, New York, United States

Prime broker BNP PARIBAS PRIME BROKERAGE, INC. NEW YORK, New York, United States

Prime broker CIBC WORLD MARKETS CORP. NEW YORK, New York, United States

Prime broker FIDELITY BROKERAGE SERVICES LLC NEW YORK, New York, United States

Prime broker GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States

Prime broker JEFFERIES LLC NEW YORK, New York, United States

Prime broker MORGAN STANLEY & CO. LLC NEW YORK, New York, United States

Prime broker TD PRIME SERVICES LLC NEW YORK, New York, United States

Prime broker WELLS FARGO PRIME SERVICES, LLC NEW YORK, New York, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

ERNST & YOUNG LTD.
PCAOB 1655

BARCLAYS CAPITAL INC.
SEC 8-41342

CIBC WORLD MARKETS CORP.
SEC 8-18333

GOLDMAN SACHS & CO. LLC
SEC 8-129

JEFFERIES LLC
SEC 8-15074

MORGAN STANLEY & CO. LLC
SEC 8-15869

SILICON VALLEY BANK
LEI 0K2D5AK28E3O5CC06E35

TD PRIME SERVICES LLC
SEC 8-3337

WELLS FARGO PRIME SERVICES, LLC
SEC 8-66677

BARCLAYS CAPITAL INC.
CRD 19714 · SEC 8-41342

CIBC WORLD MARKETS CORP.
CRD 630 · SEC 8-18333

FIDELITY BROKERAGE SERVICES LLC
CRD 7784 · SEC 8-23292

GOLDMAN SACHS & CO. LLC
CRD 361 · SEC 8-129

JEFFERIES LLC
CRD 2347 · SEC 8-15074

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

TD PRIME SERVICES LLC
CRD 1914 · SEC 8-3337

WELLS FARGO PRIME SERVICES, LLC
CRD 133068 · SEC 8-66677

Fund details & source

Fund ID: 805-1150010701
Reported beneficial owners: 120
Minimum commitment: $5M
Form D file number: 021-134362
Form D file number: 021-138579

Form ADV 2090927 · May 29, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

SABA CAPITAL CARRY NEUTRAL TAIL HEDGE MASTER FUND, LTD.Hedge Fund · Last reported May 29, 2026$3.57BGross asset value

Feeder funds

Fund administrator SS&C FUND SERVICES (CAYMAN) LTD. GRAND CAYMAN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG LLP NEW YORK, New York, United States

Auditor ERNST & YOUNG LTD. GRAND CAYMAN, Cayman Islands

Custodian BANK OF NEW YORK MELLON NEW YORK, New York, United States Related to adviser: No

Custodian GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States Related to adviser: No

Custodian STATE STREET BANK & TRUST COMPANY BOSTON, Massachusetts, United States Related to adviser: No

Custodian TD PRIME SERVICES LLC NEW YORK, New York, United States Related to adviser: No

Prime broker GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States

Prime broker TD PRIME SERVICES LLC NEW YORK, New York, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

ERNST & YOUNG LTD.
PCAOB 1655

TD PRIME SERVICES LLC
SEC 8-3337

GOLDMAN SACHS & CO. LLC
CRD 361 · SEC 8-129

TD PRIME SERVICES LLC
CRD 1914 · SEC 8-3337

Fund details & source

Fund ID: 805-6174398488
Reported beneficial owners: 133
Minimum commitment: $5M
Form D file number: 021-321163
Form D file number: 021-370896

Form ADV 2090927 · May 29, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

SABA CAPITAL BLUEBIRD FUND, LTD.Hedge Fund · Last reported May 29, 2026$1.2BGross asset value