SCHEDULE: Saba Capital Trims Stake in Tortoise Sustainable Fund

Saba Capital Management, L.P. and its affiliates have reduced their beneficial ownership in Tortoise Sustainable and Social Impact Term Fund to 8.82% through recent open market sales.

Summary

• Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein (collectively, the "Reporting Persons") jointly filed Amendment No. 7 to Schedule 13D.
• The filing reports the Reporting Persons' beneficial ownership in Tortoise Sustainable and Social Impact Term Fund (Common Shares, $0.001 par value).
• As of November 5, 2025, the Reporting Persons beneficially own 1,189,792 common shares, representing 8.82% of the outstanding class.
• This percentage is calculated based on 13,491,127 shares outstanding as of May 31, 2025, as disclosed in the company's N-CSRS filed August 4, 2025.
• Funds for the initial acquisition of shares were derived from investor subscription proceeds, capital appreciation, and margin account borrowings, with approximately $15,788,351 paid to acquire the reported common shares.
• Within 60 days prior to November 5, 2025, Saba Capital executed several open market sales: 19,221 shares at $12.39 on November 3, 2025; 121,062 shares at $12.44 on November 4, 2025; and 219,151 shares at $12.43 on November 5, 2025.

Sentiment

Score: 3

Explanation: The sentiment is negative due to a significant reduction in stake by an activist investor, which can signal a lack of confidence or a strategic exit, potentially impacting the stock price negatively.

Negatives

• Saba Capital, a known activist investor, has reduced its stake by selling 359,434 shares in the open market over three days, which could signal a loss of conviction or a strategic shift away from the investment.

Risks

• A significant reduction in ownership by an activist investor like Saba Capital could be perceived negatively by the market, potentially leading to downward pressure on the stock price.
• The sale of a substantial block of shares (359,434 shares) over a short period could increase selling pressure on the stock.

Future Outlook

No forward-looking statements or guidance are provided in this filing.

Industry Context

Saba Capital is a prominent activist investor known for taking significant stakes in closed-end funds and advocating for changes, often aimed at narrowing discounts to Net Asset Value (NAV). A reduction in their stake could indicate a shift in their strategy regarding this specific fund, a realization of gains, or a signal that their activist objectives have been met or are no longer pursued, potentially impacting market perception of the fund.

Stakeholder Impact

• Shareholders: May view the reduction in Saba Capital's stake as a negative signal, potentially leading to decreased investor confidence and downward pressure on the share price.

Key Dates

Recommendation

The reduction in stake by Saba Capital, a prominent activist investor, suggests a potential loss of conviction or a strategic move away from the investment. Such a move by a significant shareholder can be interpreted negatively by the market, potentially leading to further selling pressure and a decline in the fund's share price. Investors might consider reducing their exposure or exiting their position in anticipation of potential negative market reaction.

Keywords

Saba Capital, Tortoise Sustainable and Social Impact Term Fund, Schedule 13D/A, Beneficial Ownership, Stake Reduction, Activist Investor, Closed-End Fund, Common Shares, SEC Filing