Form N-CEN - Annual Report for Registered Investment Companies
10 Januar 2024 - 9:36PM
Edgar (US Regulatory)
Report of Independent Registered Public Accounting
Firm
To the Shareholders and
Board of Trustees of Saba Capital Income & Opportunities
Fund
In planning and performing our audit of the consolidated
financial statements of Saba Capital Income & Opportunities Fund (the “Company”) as of and for the year ended October
31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Company’s
internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures
for the purpose of expressing our opinion on the consolidated financial statements and to comply with the requirements of Form N-CEN,
but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.
Accordingly, we express no such opinion.
The management of the Company is responsible for establishing
and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting
is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with U.S. generally accepted accounting principles. A company’s internal control
over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of
the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition
of a company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control
over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
A deficiency in internal control over financial reporting
exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned
functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s
annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Company’s internal
control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies
in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United
States). However, we noted no deficiencies in the Company’s internal control over financial reporting and its operation, including
controls over safeguarding securities, that we consider to be a material weakness as defined above as of October 31, 2023.
This report is intended solely for the information
and use of management and the Board of Trustees of Saba Capital Income & Opportunities Fund and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other than these specified parties.
New York, New York
December 21, 2023
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