<SEC-DOCUMENT>0000902664-24-003849.txt : 20240522
<SEC-HEADER>0000902664-24-003849.hdr.sgml : 20240522
<ACCEPTANCE-DATETIME>20240522172908
ACCESSION NUMBER:		0000902664-24-003849
CONFORMED SUBMISSION TYPE:	PREC14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240522
DATE AS OF CHANGE:		20240522

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Municipal Opportunity Trust
		CENTRAL INDEX KEY:			0000884152
		ORGANIZATION NAME:           	
		IRS NUMBER:				363810337
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		PREC14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06567
		FILM NUMBER:		24974506

	BUSINESS ADDRESS:	
		STREET 1:		1331 SPRING STREET N.W.
		STREET 2:		SUITE 2500
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1331 SPRING STREET N.W.
		STREET 2:		SUITE 2500
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco Van Kampen Municipal Opportunity Trust
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
		DATE OF NAME CHANGE:	19981006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN AMERICAN CAPITAL MUNICIPAL OPPORTUNITY TRUST
		DATE OF NAME CHANGE:	19960102

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Saba Capital Management, L.P.
		CENTRAL INDEX KEY:			0001510281
		ORGANIZATION NAME:           	
		IRS NUMBER:				800361690
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PREC14A

	BUSINESS ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE
		STREET 2:		58TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174
		BUSINESS PHONE:		212-542-4635

	MAIL ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE
		STREET 2:		58TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174
</SEC-HEADER>
<DOCUMENT>
<TYPE>PREC14A
<SEQUENCE>1
<FILENAME>p24-1828prec14a.htm
<DESCRIPTION>INVESCO MUNICIPAL OPPORTUNITY TRUST
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">Filed by the Registrant
</FONT> <FONT STYLE="font-family: Wingdings; font-size: 15pt">&#168; </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Filed by a Party other than the Registrant &#9745;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Invesco Municipal Opportunity Trust</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Saba Capital Management, L.P.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Saba Capital Master Fund, Ltd.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Boaz R. Weinstein</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Ketu Desai</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Paul Kazarian</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Jassen Trenkow</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if other
than the Registrant)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">Payment of Filing Fee (check the appropriate box):</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%">&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">No fee required.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Fee computed on table below per Exchange Act Rule 14a-6(i)(4) and 0-11.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">1)</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Title of each class of securities to which transaction applies:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">3)</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Total fee paid:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Fee paid previously with preliminary materials.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">filing for which the offsetting fee was paid previously.&nbsp;&nbsp;Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">1)</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Amount Previously Paid:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Filing Party:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Date Filed:</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: red"><B>PRELIMINARY COPY SUBJECT TO COMPLETION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>DATED
[</B></FONT><B><FONT STYLE="font-family: Wingdings">&#108;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">], 2024</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Invesco Municipal Opportunity Trust</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>__________________________</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>OF</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 97.5pt; width: 222.75pt"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Saba Capital Management, L.P.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>_________________________</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PLEASE SIGN, DATE AND MAIL THE ENCLOSED <U>GOLD</U>
PROXY CARD TODAY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This proxy statement (this &ldquo;Proxy Statement&rdquo;)
and the enclosed <B><U>GOLD</U></B> proxy card are being furnished by Saba Capital Management, L.P. (&ldquo;Saba Capital&rdquo;), Saba
Capital Master Fund, Ltd. (&ldquo;Saba I&rdquo;), Boaz R. Weinstein (&ldquo;Mr. Weinstein,&rdquo; and together with Saba Capital and Saba
I, &ldquo;Saba,&rdquo; &ldquo;we,&rdquo; or &ldquo;us&rdquo;) and the Nominees (as defined below) named in the Proposal (the Nominees
together with Saba, the &ldquo;Participants&rdquo;), in connection with the solicitation of proxies from the shareholders of Invesco Municipal
Opportunity Trust, a Delaware Statutory Trust and a closed-end management investment company registered under the Investment Company Act
of 1940, as amended (the &ldquo;Fund&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We believe that the board of trustees of the Fund
(the &ldquo;Board&rdquo;) needs fresh ideas and perspectives to address the Fund&rsquo;s trading discount; we have therefore nominated a
slate of highly qualified and independent Nominees for election to the Board, whose election will send a strong message that the
Fund&rsquo;s shareholders are not satisfied with the Fund&rsquo;s management and their inability to address the Fund&rsquo;s
significant discount to net asset value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We are convinced that <B><U>NOW</U></B> is the time
to take action to close the Fund&rsquo;s discount and we urge shareholders to elect the Nominees, who we believe, if elected, would serve
the best interests of all shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Consolas; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We are therefore
seeking your support at the upcoming 2024 annual meeting of shareholders, including any adjournments or postponements thereof and any
special meeting which may be called in lieu thereof (the &ldquo;Annual Meeting&rdquo;), that is scheduled to be held at [</FONT><FONT STYLE="font-family: Wingdings">&#108;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">]
on [</FONT><FONT STYLE="font-family: Wingdings">&#108;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">], [</FONT><FONT STYLE="font-family: Wingdings">&#108;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">]
[</FONT><FONT STYLE="font-family: Wingdings">&#108;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">], 2024, at [</FONT><FONT STYLE="font-family: Wingdings">&#108;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">]
[a.m/p.m.], [</FONT><FONT STYLE="font-family: Wingdings">&#108;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">] Time.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Consolas; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This Proxy Statement
and the enclosed <B><U>GOLD</U></B> proxy card are first being furnished to the Fund&rsquo;s shareholders on or about [</FONT><FONT STYLE="font-family: Wingdings">&#108;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">],
2024. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Saba is seeking your support at the Annual Meeting
with respect to the following proposal (the &ldquo;Proposal&rdquo;) and to consider and act upon any other business that may properly
come before the Annual Meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><B>&nbsp;&nbsp;Proposal</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><B>Our Recommendation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #B8CCE4">
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To elect Saba&rsquo;s slate of three nominees&nbsp;&nbsp;- Ketu Desai, Paul Kazarian and Jassen Trenkow (each, a &ldquo;Nominee&rdquo; and collectively, the &ldquo;Nominees&rdquo;) - to serve as Class III trustees to be voted on by the holders of Common Shares (as defined below) and the Preferred Shares (as defined below), voting together as a single class, and hold office until the Fund&rsquo;s 2027 annual meeting of shareholders, or until their respective successors are duly elected and qualified as permitted by law.</FONT></TD>
    <TD STYLE="text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR ALL</B> of the Nominees</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To transact such other business as may properly come before the Annual Meeting.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Based on the Fund&rsquo;s proxy statement for the
2023 annual meeting (the &ldquo;Fund&rsquo;s 2023 Proxy Statement&rdquo;), three trustees  will be up for election at the Annual
Meeting, each for a three-year term expiring at the Fund&rsquo;s 2027 annual meeting of shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Through this Proxy Statement and enclosed <B><U>GOLD</U></B>
proxy card, we are soliciting proxies in support of the election of the Nominees to serve as Class III trustees of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Consolas; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Fund has set
the record date for determining shareholders entitled to notice of and to vote at the Annual Meeting (the &ldquo;Record Date&rdquo;)
as [</FONT><FONT STYLE="font-family: Wingdings">&#108;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">], 2024. Shareholders
of record at the close of business on the Record Date will be entitled to vote at the Annual Meeting. As of the close of business on
the Record Date, the Participants may be deemed to &ldquo;beneficially own&rdquo; (such term as used in Schedule 14A within the meaning
of Rule 13d-3 or Rule 16a-1 under the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;)), in the aggregate, [</FONT><FONT STYLE="font-family: Wingdings">&#108;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">]
common shares of the Fund, no par value per share (the &ldquo;Common Shares&rdquo;), including [</FONT><FONT STYLE="font-family: Wingdings">&#108;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">]
Common Shares held in record name. There were [</FONT><FONT STYLE="font-family: Wingdings">&#108;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">]
Common Shares and [</FONT><FONT STYLE="font-family: Wingdings">&#108;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">]
preferred shares of the Fund (the &ldquo;Preferred Shares&rdquo; and together with the Common Shares, the &ldquo;Shares&rdquo;) outstanding
as of the Record Date according to the Fund&rsquo;s proxy statement for the Annual Meeting. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We urge you to sign, date and return the <B><U>GOLD</U></B>
proxy card <B>&ldquo;<U>FOR ALL</U>&rdquo;</B> of the Nominees in the Proposal. By returning the <B><U>GOLD</U></B> proxy card, you are
authorizing Saba to vote on your behalf, and if you do not indicate how you would like to vote, your vote will be counted &ldquo;<B><U>FOR
ALL</U></B>&rdquo; of the Nominees in the Proposal.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The election of trustees requires
the affirmative vote of a majority of the outstanding Shares present in person or by proxy and entitled to vote at an annual meeting
of shareholders of the Fund at which a quorum is present.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Saba intends to deliver this Proxy Statement and the
accompanying Form of <B><U>GOLD</U></B> Proxy Card to holders of at least the percentage of the Fund&rsquo;s voting shares required under
applicable law to elect the Nominees at the Annual Meeting and otherwise intends to solicit proxies or votes from shareholders of the
Fund in support of the nominations of the Nominees. <B>This proxy solicitation is being made by Saba and not on behalf of the Board or
management of the Fund or any other third party.</B> We are not aware of any other matters to be brought before the Annual Meeting other
than as described herein. Should other matters be brought before the Annual Meeting, the persons named as proxies in the enclosed <B><U>GOLD</U></B>
proxy card will vote on such matters in their discretion to the extent allowed by Rule 14a-4(c)(3) under the Exchange Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>If you have already voted using the Fund&rsquo;s
white proxy card, you have every right to change your vote by completing and mailing the enclosed <U>GOLD</U> proxy card in the enclosed
pre-paid envelope or by voting via Internet or by telephone by following the instructions on the <U>GOLD</U> proxy card. </B> Importantly,
only the latest validly executed proxy that you submit will be counted. In addition, any proxy may be revoked at any time prior to its
exercise at the Annual Meeting by following the instructions under &ldquo;Can I change my vote or revoke my proxy?&rdquo; in the Questions
and Answers section.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>For instructions on how to vote, including the quorum
and voting requirements for the Fund and other information about the proxy materials, see the Questions and Answers section.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: #366091; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0 0 1pt; text-align: center; color: white"><B>We urge you to promptly sign,
    date and return your <U>GOLD</U> proxy card.</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>If you have any questions or require any assistance
with voting your shares, please contact our proxy solicitor, InvestorCom, toll free at (877) 972-0090 or collect at (203) 972-9300.</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: white"><B>REASONS FOR THIS PROXY SOLICITATION</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As one of the Fund&rsquo;s largest shareholders, Saba
is committed to improving the Fund for the benefit of all shareholders and, to this end, has nominated a slate of highly-qualified and
independent Nominees to the Board, who, Saba believes, will bring fresh ideas and perspectives to address the Fund&rsquo;s deep trading
discount.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We urge you to join us and support the election of the Nominees by voting
on the <B><U>GOLD</U></B> proxy card today.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: white"><B>PROPOSAL: ELECTION OF TRUSTEES</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">According to the Fund&rsquo;s 2023 Proxy Statement,
the Board is  divided into three classes. The members of each class are elected to serve three-year
terms or until their successors have been duly elected and qualified as permitted by law with the term of office of each class ending
in successive years, and according to the Fund&rsquo;s 2023 Proxy Statement, there will be three Class III trustees elected by holders
of Common Shares and Preferred Shares, voting together as a single class, at the Annual Meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We are soliciting proxies to elect the Nominees&mdash;
Ketu Desai, Paul Kazarian, and Jassen Trenkow &mdash;to serve as trustees, each with a term expiring at the 2027 annual meeting of shareholders
(the &ldquo;Proposal&rdquo;). The Participants intend to vote all of their Common Shares in favor of the Nominees. The Nominees, if elected,
would constitute  a minority of the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Holders of Preferred Shares are entitled, as a separate
class, to elect two trustees of the Fund at all times (such trustees, the &ldquo;Preferred Shares Trustees&rdquo;). According to the
Fund&rsquo;s 2023 Proxy Statement, the Preferred Shares Trustees are Class II and Class I trustees and are up for election, one per year,
in 2025 and 2026, respectively. This year there are no Preferred Shares Trustee up for election.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Nominees, if elected, will each serve a three-year
term until the 2027 annual meeting of shareholders, or until his successor has been duly elected and qualified as permitted by law. There
is no assurance that any of the Fund&rsquo;s nominees will serve as trustee if one or more of the Nominees are elected to the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Even if all of the Nominees are elected, because the
Nominees would only represent a minority of the members of the Board, there can be no assurance that they would be able to implement the
actions that they believe are necessary to enhance shareholder value without the support of the other members of the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The age and other information related to the Nominees
shown below are as of the date of this Proxy Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Nominees:</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2)</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3)</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(5)</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(6)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Name, Address,</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>and Age</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Position(s) Held</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>with Fund</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Principal Occupation(s)</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>During Past 5 Years</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Number of Portfolios in Fund</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Complex Overseen by Trustee or Nominee for Trustee</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Directorships Held by Trustee or Nominee for Trustee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Ketu Desai</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Address</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">c/o Saba Capital Management, L.P., 405 Lexington Avenue, 58<SUP>th</SUP>
    Floor, New York, New York 10174</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Age</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">41</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify">Ketu Desai has served as the founding partner
    and Principal of i-squared Wealth Management, Inc., a private wealth investment management firm, since 2016 and Chief Investment Officer
    of Centerfin since 2020. Previously, he served as Investment Analyst at Lighthouse Investment Partners, LLC (&ldquo;Lighthouse&rdquo;),
    a global investment firm, from 2007 until 2016. Based out of Lighthouse&rsquo;s NYC office, Mr. Desai helped manage Lighthouse&rsquo;s
    credit funds, including the Lighthouse Credit Opportunities Fund and Lighthouse Credit Compass. At Lighthouse, Mr. Desai was also a member
    of the firm&rsquo;s Relative Value committee, responsible for portfolio allocation decisions and risk management of fixed income, credit,
    event-driven, mortgage, and distressed strategies. Prior to joining Lighthouse, Mr. Desai served as a M&amp;A Investment Banking Analyst
    at Credit Suisse AG.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mr. Desai has served on the board of trustees of Saba Capital Income &amp;
    Opportunities Fund (NYSE: BRW), a closed-end fund, since 2020; on the board of directors of the Saba Capital Income &amp; Opportunities
    Fund II (NYSE: SABA), a closed-end fund, since 2023; and on the board of directors of ASA Gold and Precious Metals Limited (NYSE: ASA),
    a closed-end fund, since April 2024.</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mr. Desai has served on the board of trustees of Saba Capital Income &amp; Opportunities Fund (NYSE: BRW), a closed-end fund, since 2020; on the board of directors of the Saba Capital Income &amp; Opportunities Fund II (NYSE: SABA), a closed-end fund, since 2023; and on the board of directors of ASA Gold and Precious Metals Limited (NYSE: ASA), a closed-end fund, since April 2024.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mr. Desai earned a B.A. in Economics from Stony Brook University, and a
    M.S. in Economics from New York University. Mr. Desai has also received an MBA from NYU Stern in Finance, Financial Instruments and Markets,
    and Entrepreneurship and Innovation.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mr. Desai&rsquo;s qualifications to serve as a trustee of the Fund include
    his extensive leadership experience in the investment and finance industries, including risk management.</P></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2)</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3)</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(5)</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(6)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Name, Address,</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>and Age</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Position(s) Held</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>with Fund</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Principal Occupation(s)</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>During Past 5 Years</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Number of Portfolios in Fund</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Complex Overseen by Trustee or Nominee for Trustee</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Directorships Held by Trustee or Nominee for Trustee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Paul Kazarian</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Address</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">c/o Saba Capital Management, L.P., 405 Lexington Avenue, 58<SUP>th</SUP>
    Floor, New York, New York 10174</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Age</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">40</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Paul Kazarian has served as Partner, Closed-End
    Fund Portfolio Manager at Saba Capital, an investment advisor focused on credit and equity relative value strategies, since March 2013,
    and is responsible for Exchange Traded products, including ETF arb and Closed-End Funds. Prior to that, Mr. Kazarian worked at RBC Capital
    Markets, LLC, an investment banking and management company and subsidiary of the Royal Bank of Canada (NYSE: RY), where he served as a
    Director in its Global Arbitrage and Trading Group, from March 2007 to March 2013. Prior to that, Mr. Kazarian served at Merrill Lynch,
    Pierce, Fenner &amp; Smith Incorporated, an investment banking and management company, where he served as a technology analyst, from July
    2006 to June 2007.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Mr. Kazarian has served on the board of trustees
    of Saba Capital Income &amp; Opportunities Fund II (NYSE: SABA) (f.k.a. Templeton Global Income Fund), a closed-end fund, since May 2021;
    on the board of directors of Miller/Howard High Income Equity Fund (NYSE: HIE), a closed-end fund, since October 2022; on the board of
    directors of Destra Multi-Alternative Fund (NYSE: DMA), a closed-end fund, since October 2023; and on the board of trustees of ASA Gold
    and Precious Metals Limited (NYSE: ASA), a closed-end fund, since April 2024.</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mr. Kazarian has served on the board of trustees of Saba Capital Income &amp; Opportunities Fund II (NYSE: SABA) (f.k.a. Templeton Global Income Fund), a closed-end fund, since May 2021; on the board of directors of Miller/Howard High Income Equity Fund (NYSE: HIE), a closed-end fund, since October 2022; on the board of directors of Destra Multi-Alternative Fund (NYSE: DMA), a closed-end fund, since October 2023; and on the board of trustees of ASA Gold and Precious Metals Limited (NYSE: ASA), a closed-end fund, since April 2024.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Mr. Kazarian received his B.A. in Political Science
    from Bates College.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mr. Kazarian&rsquo;s qualifications to serve as a trustee of the Fund include
    his broad expertise in bonds, loans, equities, derivatives, ETFs and closed-end funds, all of which, in light of the nature of the Fund&rsquo;s
    business and its structure as a closed-end fund, qualifies him to advise the Fund with respect to its investments and governance.</P></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2)</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3)</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(5)</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(6)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Name, Address,</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>and Age</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Position(s) Held</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>with Fund</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Principal Occupation(s)</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>During Past 5 Years</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Number of Portfolios in Fund</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Complex Overseen by Trustee or Nominee for Trustee</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Directorships Held by Trustee or Nominee for Trustee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Jassen Trenkow</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Address</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">c/o Saba Capital Management, L.P., 405 Lexington Avenue, 58<SUP>th</SUP>
    Floor, New York, New York 10174</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Age</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">47</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Jassen Trenkow has served as the Chief Operating Officer
    of Allied Express Group, a corporate services company, since 2022. Prior to this role, Mr. Trenkow worked in private enterprises across
    the real estate, food and beverage and travel industries from 2019 to 2021, after serving as the Head of the Finance Structural Reform
    and Transformation Program at Barclays Services Company (&ldquo;<U>Barclays</U>&rdquo;) from 2017 to 2019. Previously, Mr. Trenkow held
    other positions at Barclays, including as Chief Operating Officer and Global Chief of Staff to the Chief Financial Officer from 2014 to
    2017 and as the Director and Chief of Staff, Americas Finance in 2014. Prior to Barclays, Mr. Trenkow spent a decade at Goldman Sachs,
    serving as Executive Director and Chief Operating Officer of Goldman Sachs Asset Management Asia from 2010 to 2014, as Global Deputy Chief
    of Staff, Internal Audit from 2008 to 2010, as Vice President, Strategic Initiatives from 2007 to 2008, as Change Management Lead from
    2006 to 2007 and as Internal Auditor from 2004 to 2005. Mr. Trenkow previously served as a Technology Project Manager at J.P. Morgan from
    2001 to 2003. He has also served as a founder and managing director of DynamiCOO since 2021.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify">Mr. Trenkow previously served as a Sergeant
    in the Bundeswehr and the NATO Stabilization Force in Bosnia.</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Trenkow received a B.S. from Pace University and
    a M.B.A. from EMBA-Global Asia, in partnership with London Business School, Columbia Business School and The University of Hong Kong.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mr. Trenkow&rsquo;s qualifications to serve as a trustee of the Fund include
    his decades of experience working in the financial services industry at Barclays and Goldman Sachs and his operational efficiency gained
    from service as a chief of staff at both banks.</P></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Nominees do not currently hold, and have not at
any time held, any position with the Fund. The Nominees do not oversee any portfolios in the Fund&rsquo;s Fund Complex (as defined in
the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;)).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As of the date of this Proxy Statement, the dollar
range of the equity securities of the Fund beneficially owned by the Nominees and the aggregate range of equity securities in all funds
to be overseen by the Nominees, are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Name of Nominee</B></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Dollar Range of Equity Securities in the Fund</B></FONT></TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Aggregate Dollar Range of Equity Securities in All Companies to be Overseen by the Nominee in a Family of Investment Companies</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Ketu Desai</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Paul Kazarian</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Jassen Trenkow</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">None</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">None</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">None</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">None</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">None</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">None</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify">None of the organizations or corporations referenced
above is a parent, subsidiary, or other affiliate of the Fund. We believe that, if elected, the Nominees will be considered independent
trustees of the Fund under (i) the pertinent <FONT STYLE="background-color: white">listing standards of the New York Stock Exchange</FONT>,
and (ii) paragraph (a)(1) of Item 407 of Regulation S-K. In addition, we believe that the Nominees are not and will not be &ldquo;interested
persons&rdquo; of the Fund within the meaning of section 2(a)(19) of the 1940 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Each of the Nominees, except for Mr. Kazarian, has
entered into a nominee agreement (the &ldquo;Nominee Agreement&rdquo;) pursuant to which Saba Capital has agreed to advance an amount
not to exceed $5,000 to cover the reimbursement of fees such Nominee may incur in connection with his nomination and to defend and indemnify
such Nominee against, and with respect to, any losses that may be incurred by such Nominee in the event he becomes a party to litigation
based on his nomination as a candidate for election to the Board, the solicitation of proxies in support of his election, or both. If
elected or appointed, the Nominees will be entitled to such compensation from the Fund as is consistent with the Fund&rsquo;s practices
for services of non-employee trustees. The Nominees will not receive any compensation from Saba for their services as trustees of the
Fund if elected or for any other reason.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">Each of the
Nominees has agreed to being nominated as a Nominee in this Proxy Statement and has confirmed his willingness to serve on the Board
if elected. We do not expect that any of the Nominees will be unable to stand for election, but, in the event that any of the
Nominees are unable to or for good cause will not serve, the Common Shares represented by the </FONT><B><U>GOLD</U></B> <FONT STYLE="background-color: white">proxy
card will be voted for substitute candidate(s) selected by Saba, a right that Saba has reserved in its nomination notice. In the
case of any of the foregoing, Saba will give prompt written notice to the Fund if it chooses to nominate any such additional or
substitute nominee(s) and Saba will file and deliver supplemental proxy materials, including a revised proxy card, disclosing the
information relating to such additional person that is required to be disclosed in solicitations for proxies for the election of
trustees pursuant to Section 14 </FONT>of the Exchange Act<FONT STYLE="background-color: white">. If, for any reason, there are to
be more than three trustee seats up for election at the Annual Meeting, Saba reserves the right to nominate additional candidates to
fill such additional seats up for election. If Saba determines to add nominee(s), Saba will supplement this Proxy
Statement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Vote Required.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The election of trustees requires the affirmative vote of a majority of the outstanding Shares present in person or by proxy and entitled
to vote at an annual meeting of shareholders of the Fund at which a quorum is present. <FONT STYLE="background-color: white">Abstentions
will have the same effect as votes &ldquo;against&rdquo; the Proposal.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>We urge you to sign and return our <U>GOLD</U> proxy
card.</B> If you have already voted using the Fund&rsquo;s white proxy card, you have every right to change your vote by completing and
mailing the enclosed <B><U>GOLD</U></B> proxy card in the enclosed pre-paid envelope or by voting via Internet or by telephone by following
the instructions on the <B><U>GOLD</U></B> proxy card. Only the latest validly executed proxy that you submit will be counted; any proxy
may be revoked at any time prior to its exercise at the Annual Meeting by following the instructions under &ldquo;Can I change my vote
or revoke my proxy?&rdquo; If you have any questions or require any assistance with voting your shares, please contact our proxy solicitor,
InvestorCom, toll free at (877) 972-0090 or collect at (203) 972-9300.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: #366091; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>We Recommend a Vote <U>FOR ALL</U> of the Nominees for election at the Annual Meeting on the <U>GOLD</U> proxy card.&nbsp;&nbsp;</B></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: white"><B>QUESTIONS
AND ANSWERS ABOUT THE PROXY MATERIALS AND THE ANNUAL MEETING</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>Who is entitled to vote?</I></B></P>

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<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Only holders of Shares at the close of business on
the Record Date are entitled to notice of and to vote at the Annual Meeting. Shareholders who sold their Shares before the Record Date
(or acquire them without voting rights after the Record Date) may not vote such Shares. Shareholders of record on the Record Date will
retain their voting rights in connection with the Annual Meeting even if they sell such Shares after the Record Date (unless they also
transfer their voting rights as of the Record Date).</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>How do I vote my shares?</I></B></P>

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<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Shares held in record name.</B> If your Shares are
registered in your own name, please vote today by signing, dating and returning the enclosed <B><U>GOLD</U></B> proxy card in the postage-paid
envelope provided. Execution and delivery of a proxy by a record holder of Shares will be presumed to be a proxy with respect to all shares
held by such record holder unless the proxy specifies otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Shares beneficially owned or held in &ldquo;street&rdquo;
name.</B> If you hold your Shares in &ldquo;street&rdquo; name with a broker, bank, dealer, trust company, or other nominee, only that
nominee can exercise the right to vote with respect to the Shares that you beneficially own through such nominee and only upon receipt
of your specific instructions. <U>Accordingly, it is critical that you promptly give instructions to your broker, bank, dealer, trust
company, or other nominee to vote <B>FOR</B> the Nominees</U>. Please follow the instructions to vote provided on the enclosed <B><U>GOLD</U></B>
voting instruction form. If your broker, bank, dealer, trust company, or other nominee provides for proxy instructions to be delivered
to them by telephone or Internet, instructions will be included on the enclosed <B><U>GOLD</U></B> voting instruction form. We urge you
to confirm in writing your instructions to the person responsible for your account and provide a copy of those instructions by emailing
them to&nbsp;<U>Saba@investor-com.com</U>&nbsp;or mailing them to Saba Capital Management, L.P., c/o InvestorCom, 19 Old Kings Highway
S., Suite 130, Darien, CT 06820, so that we will be aware of all instructions given and can attempt to ensure that such instructions are
followed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Note: </B>Shares represented by properly executed
<B><U>GOLD</U></B> proxy cards will be voted at the Annual Meeting as marked and, in the absence of specific instructions, <B><U>FOR ALL</U></B>
of the Nominees named in the Proposal.</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B><I>How should I vote
on the Proposal?</I></B></P>

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<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">We recommend that you vote your shares on the
<B><U>GOLD</U></B> proxy card as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.25in; text-align: justify"><B>&ldquo;FOR ALL&rdquo;</B> of the Nominees
standing for election to the Board named in this Proxy Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">The Participants intend to vote all of their
Common Shares &ldquo;FOR ALL&rdquo; of the Nominees in the Proposal, except for a small percentage of Common Shares owned by certain of
the Saba Entities (as defined in Annex I) that, pursuant to internal proxy voting policies, will be echo voted (i.e. meaning they will
be voted in the same proportion as the votes of all other shareholders).</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white"><B><I>How many shares must be present
to hold the Annual Meeting?</I></B></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: #00355B 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">According to
the bylaws of the Fund, the holders of a majority of the outstanding Shares entitled to vote at the Annual Meeting, which are present
in person or represented by proxy constitutes a quorum. Abstentions will be treated as votes present for purposes of determining a quorum.
For information on the treatment of broker non-votes, if any, in connection with the Annual Meeting, please see the Fund&rsquo;s Proxy
Statement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B><I>What vote is needed
to approve the Proposal?</I></B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: #00355B 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B>Proposal &ndash; Election
of Trustees.</B> The election of trustees requires the affirmative vote of a majority of the outstanding Shares
present in person or by proxy and entitled to vote at an annual meeting of shareholders of the Fund at which a quorum is present. Abstentions
will have the same effect as votes &ldquo;against&rdquo; the Proposal.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>THE ONLY WAY TO SUPPORT ALL OF THE NOMINEES FOR
ELECTION AT THE ANNUAL MEETING IS TO SUBMIT YOUR VOTING INSTRUCTION &ldquo;FOR ALL&rdquo; OF THE NOMINEES ON THE ENCLOSED <U>GOLD</U>
PROXY CARD. PLEASE DO NOT SIGN OR RETURN A WHITE PROXY CARD FROM THE FUND, EVEN IF YOU INSTRUCT TO &ldquo;ABSTAIN&rdquo; YOUR VOTES. DOING
SO WILL REVOKE ANY PREVIOUS VOTING INSTRUCTIONS YOU PROVIDED ON THE <U>GOLD</U> PROXY CARD.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white"><B><I>What should I do if I receive
a proxy card from the Fund?</I></B></FONT></P>

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<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">You may receive
proxy solicitation materials from the Fund, including an opposition proxy statement and a white proxy card. We are not responsible for
the accuracy of any information contained in any proxy solicitation materials used by the Fund or any other statements that it may otherwise
make.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white"><B>We recommend
that you discard any proxy card that may be sent to you by the Fund. Voting &ldquo;ABSTAIN&rdquo; or &ldquo;AGAINST&rdquo; on its white
proxy card is not the same as voting for the Nominees because a vote on the Fund&rsquo;s white proxy card will revoke any previous voting
instructions that you submitted on the <U>GOLD</U> proxy card. If you have already voted using the Fund&rsquo;s white proxy card, you
have every right to change your vote by using the enclosed <U>GOLD</U> proxy card by signing, dating and returning the enclosed <U>GOLD</U>
proxy card in the postage-paid envelope provided. Only the latest validly executed proxy that you submit will be counted; any proxy may
be revoked at any time prior to its exercise at the Annual Meeting by following the instructions below under &ldquo;Can I change my vote
or revoke my proxy?&rdquo;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white"><B>If you have
any questions or require any assistance with voting your shares, please contact our proxy solicitor, InvestorCom. Shareholders may call
toll free at (877) 972-0090 or collect at (203) 972-9300.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B><I>Can I change my vote
or revoke my proxy?</I></B></P>

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<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">If you are the shareholder of record, you may
change your proxy instructions or revoke your proxy at any time before your proxy is voted at the Annual Meeting. Proxies may be revoked
by any of the following actions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">signing, dating and returning
the enclosed <B><U>GOLD</U></B> proxy card in the postage-paid envelope provided or signing, dating and returning a white proxy card (the
latest dated proxy is the only one that counts); </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">delivering a written revocation
to the secretary of the Fund at 11 Greenway Plaza, Houston, Texas 77046-1173; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">attending the Annual Meeting
and voting by ballot in person (although attendance at the Annual Meeting will not, by itself, revoke a proxy).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If your shares are held in a brokerage account by a broker, bank, or other
nominee, you should follow the instructions provided by your broker, bank, or other nominee. If you attend the Annual Meeting and you
beneficially own Shares but are not the record owner, your mere attendance at the Annual Meeting WILL NOT be sufficient to revoke any
previously submitted proxy card. You must have written authority from the record owner to vote your shares held in its name at the meeting
in the form of a &ldquo;legal proxy&rdquo; issued in your name from the bank, broker, or other nominee that holds your shares. If you
have any questions or require any assistance with voting your shares, please contact our proxy solicitor, InvestorCom, toll free at (877)
972-0090 or collect at (203) 972-9300.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>IF YOU HAVE ALREADY VOTED USING THE FUND&rsquo;S
WHITE PROXY CARD, WE URGE YOU TO REVOKE IT BY FOLLOWING THE INSTRUCTIONS ABOVE.</B> Although a revocation is effective if delivered to
the Fund, we request that a copy of any revocation be mailed to Saba Capital Management, L.P., c/o InvestorCom, 19 Old Kings Highway S.,
Suite 130, Darien, CT 06820, so that we will be aware of all revocations.</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B><I>Who is making this
Proxy Solicitation and who is paying for it? </I></B></P>

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<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The solicitation of proxies
pursuant to this proxy solicitation is being made by the Participants. Proxies may be solicited by mail, facsimile, telephone, telegraph,
Internet, in person, or by advertisements. Saba will solicit proxies from individuals, brokers, banks, bank nominees, and other institutional
holders. Saba will request banks, brokerage houses, and other custodians, nominees, and fiduciaries to forward all solicitation materials
to the beneficial owners of the Shares they hold of record. Saba will reimburse these record holders for their reasonable out-of-pocket
expenses in so doing. It is anticipated that certain regular employees of Saba will also participate in the solicitation of proxies in
support of the Nominees. Such employees will receive no additional consideration if they assist in the solicitation of proxies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">Saba has retained InvestorCom
to provide solicitation and advisory services in connection with this solicitation. InvestorCom will be paid a fee not to exceed $[<FONT STYLE="font-family: Wingdings">&#108;</FONT>]
based upon the campaign services provided. In addition, Saba will advance costs and reimburse InvestorCom for reasonable out-of-pocket
expenses and will indemnify InvestorCom against certain liabilities and expenses, including certain liabilities under the federal securities
laws. InvestorCom will solicit proxies from individuals, brokers, banks, bank nominees, and other institutional holders. It is anticipated
that InvestorCom will employ approximately [<FONT STYLE="font-family: Wingdings">&#108;</FONT>] persons to solicit the Fund&rsquo;s shareholders
as part of this solicitation. InvestorCom does not believe that any of its owners, managers, officers, employees, affiliates, or controlling
persons, if any, is a &ldquo;participant&rdquo; in this proxy solicitation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The entire expense of soliciting
proxies is being borne by Saba. Costs of this proxy solicitation are currently estimated to be approximately $[<FONT STYLE="font-family: Wingdings">&#108;</FONT>].
We estimate that through the date hereof, Saba&rsquo;s expenses in connection with the proxy solicitation are approximately $[<FONT STYLE="font-family: Wingdings">&#108;</FONT>].
Saba does not intend to seek reimbursement of these costs from the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>What is Householding of Proxy Materials?</I></B></P>

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<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The SEC has adopted rules
that permit companies and intermediaries (such as brokers and banks) to satisfy the delivery requirements for proxy statements and annual
and semi-annual reports with respect to two or more shareholders sharing the same address by delivering a single proxy statement or periodic
report addressed to those shareholders. Some banks and brokers with account holders who are shareholders of the Fund may be householding
our proxy materials.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Once
you have received notice from your bank or broker that it will be householding communications to your address, householding will continue
until you are notified otherwise or until you revoke your consent. If, at any time, you no longer wish to participate in householding
and would prefer to receive a separate proxy statement and annual report, please notify your bank or broker and direct your requests
to the Fund at [</FONT><FONT STYLE="font-family: Wingdings">&#108;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">], or
by calling [</FONT><FONT STYLE="font-family: Wingdings">&#108;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">].</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">Because Saba
has initiated a contested proxy solicitation, we understand that banks and brokers with account holders who are shareholders of the Fund
will not be householding our proxy materials.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B><I>Where can I find additional
information concerning the Fund?</I></B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: #00355B 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to Rule 14a-5(c) promulgated under the Exchange
Act, we have omitted from this Proxy Statement certain disclosure required by applicable law to be included in the Fund&rsquo;s definitive
proxy statement in connection with the Annual Meeting. Such disclosure includes information regarding securities of the Fund beneficially
owned by the Fund&rsquo;s trustees, nominees and management; the Fund&rsquo;s investment manager and administrator; the Audit Committee
of the Board; certain shareholders&rsquo; beneficial ownership of more than 5% of the Fund&rsquo;s voting securities; information concerning
the Fund&rsquo;s trustees; information concerning executive compensation; and information concerning the procedures for submitting shareholder
proposals and trustee nominations intended for consideration at the 2025 annual meeting of shareholders and for consideration for inclusion
in the proxy materials for that meeting. We take no responsibility for the accuracy or completeness of any information that we expect
to be contained in the Fund&rsquo;s definitive proxy statement. Except as otherwise noted herein, the information in this Proxy Statement
concerning the Fund has been taken from or is based upon documents and records on file with the SEC and other publicly available information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.8pt 0 0; background-color: #00355B"><FONT STYLE="color: White">This Proxy
Statement and all other solicitation materials in connection with this proxy solicitation will be available on the internet, free of
charge, on the SEC&rsquo;s website at https://www.sec.gov/edgar. The Edgar file number for the Fund is 811-06567.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: white"><B>CONCLUSION</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We urge you to carefully consider the information contained
in this Proxy Statement and then support our efforts by signing, dating, and returning the enclosed <B><U>GOLD</U></B> proxy card today.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Thank you for your support,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 97.5pt; width: 222.75pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Saba Capital Management, L.P.</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Saba Capital Master Fund, Ltd.</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Boaz R. Weinstein</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Ketu Desai</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Paul Kazarian</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Jassen Trenkow</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>[</B></FONT><B><FONT STYLE="font-family: Wingdings">&#108;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">],
    2024</FONT></B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 8.1pt 0 0; background-color: #00355B; color: white"><B>ANNEX I: INFORMATION
ON THE PARTICIPANTS</B></P>

<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0 8.1pt 0 0; background-color: #00355B">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Beneficial Ownership and Other Information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This proxy solicitation is being made by the Participants.
As of the date of this Proxy Statement, the Participants may be deemed to &ldquo;beneficially own&rdquo; (such term as used in Schedule
14A within the meaning of Rule 13d-3 or Rule 16a-1 under the Exchange Act for the purposes of this Annex I) 6,705,199 Common Shares in
the aggregate, representing 9.94% of the outstanding Common Shares. The percentage used herein is based upon 67,440,685 Common Shares
outstanding as of February 29, 2024, as disclosed in the Fund&rsquo;s annual report for the fiscal year ended February 29, 2024 filed
with the SEC on May 2, 2024. Of the 6,705,199 Common Shares owned in the aggregate by the Participants, such Common Shares may be deemed
to be beneficially owned as follows: (a) 6,705,199 Common Shares (including 1,007 Common Shares held in record name by Saba I) may be
deemed to be beneficially owned by Saba Capital by virtue of its status as the investment manager of various funds and accounts (such
funds and accounts, the &ldquo;Saba Entities&rdquo;); and (b) 6,705,199 Common Shares (including 1,007 Common Shares held in record name
by Saba I) may be deemed to be beneficially owned by Mr. Weinstein by virtue of his status as the principal of Saba Capital.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As of the date of this Proxy Statement, none of the
Nominees beneficially own any Common Shares or any other securities of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Desai, one of the Nominees, may be deemed to own
&gt;$120,000 worth of stock in funds that may be deemed affiliates of the Fund.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The principal business of Saba Capital is to serve
as investment manager to the Saba Entities. The principal business of Saba I is to serve as a private investment fund. The principal business
of Mr. Weinstein is investment management and serving as the principal of Saba Capital. The principal business of the Saba Entities is
to invest in securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The business address of each member of Saba and the
Saba Entities is 405 Lexington Avenue, 58th Floor, New York, New York 10174.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The principal occupation and business address of each
of the Nominees are disclosed in the section of this Proxy Statement titled &ldquo;PROPOSAL: ELECTION OF TRUSTEES&rdquo;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Unless otherwise noted as shares held in record name
by the Saba Entities, the Common Shares held by the Saba Entities are held in commingled margin accounts, which may extend margin credit
to such parties from time to time, subject to applicable federal margin regulations, stock exchange rules and credit policies. In such
instances, the positions held in the margin account are pledged as collateral security for the repayment of debit balances in the account.
The margin accounts bear interest at a rate based upon the broker&rsquo;s call rate from time to time in effect. Because other securities
are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported
herein since margin may have been attributed to such other securities and since margin used is not disclosed on an individual per-security
basis.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><BR>
<BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Disclaimer</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 9.5pt">Except as set forth
in this Proxy Statement (including the Appendices hereto), (i) within the past 10 years, no Participant in this solicitation has been
convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); (ii) no Participant and no associate or &ldquo;Immediate
Family Member&rdquo; (as defined in Item 22 of Schedule 14A under the Exchange Act (&ldquo;Item 22&rdquo;)) of any Participant, is a record
owner or direct or indirect beneficial owner of any securities of the Fund, any parent or subsidiary of the Fund, any investment adviser,
principal underwriter</FONT><FONT STYLE="font-size: 9pt">, or &ldquo;Sponsoring Insurance Company&rdquo; (as defined in Item 22) of the
Fund, or in any registered investment companies overseen or to be overseen by the Participant within the same &ldquo;Family of Investment
Companies&rdquo; (as defined in Item 22) that directly or indirectly controls, is controlled by or is under common control with an investment
adviser, principal underwriter, or Sponsoring Insurance, or affiliated person of the Fund</FONT><FONT STYLE="font-size: 9.5pt">; (iii)
no Participant in this solicitation directly or indirectly beneficially owns any securities of the Fund which are owned of record but
not beneficially; (iv) no Participant in this solicitation has purchased or sold any securities of the Fund or the Fund&rsquo;s investment
adviser within the past two years, nor from either entity&rsquo;s &ldquo;Parents&rdquo; or &ldquo;Subsidiaries&rdquo; (as defined in Item
22); (v) no Participant has any &ldquo;family relationship&rdquo; for the purposes of Item 22 whereby a family member is an &ldquo;Officer&rdquo;
(as defined in Item 22), director (or person nominated to become an Officer or director), employee, partner, or copartner of the Fund,
the Fund&rsquo;s investment adviser and/or a principal underwriter of any of the foregoing, or any Subsidiary or other potential affiliate
of any of the foregoing; (vi) no part of the purchase price or market value of the securities of the Fund owned by any Participant in
this solicitation is represented by funds borrowed or otherwise obtained for the purpose of acquiring or holding such securities; (vii)
no Participant in this solicitation is, or within the past year was, a party to any contract, arrangements or understandings with any
person with respect to any securities of the Fund, including, but not limited to, joint ventures, loan or option arrangements, puts or
calls, guarantees against loss or guarantees of profit, division of losses or profits, or the giving or withholding of proxies; (viii)
no associate of any Participant in this solicitation owns beneficially, directly or indirectly, any securities of the Fund; (ix) no Participant
in this solicitation owns beneficially, directly or indirectly, any securities of any parent or subsidiary of the Fund; (x) within the
last five years, no Nominee has had any arrangement or understanding with any other person pursuant to which he was selected to be a nominee
for election as a director to the Fund other than the Nominee Agreements described herein; (xi) no Participant and no Immediate Family
Member of any Participant in this solicitation or any of his or its associates was a party to, or had a direct or indirect material relationship
in, any transaction or series of similar transactions since the beginning of the Fund&rsquo;s last fiscal year, or is a party to any currently
proposed transaction, or series of similar transactions in which the amount involved exceeds $120,000 and for which any of the following
was or is a party: (a) the Fund or any of its subsidiaries; (b) an Officer of the Fund; (c) an investment company, or a person that would
be an investment company but for the exclusions provided by sections 3(c)(1) and 3(c)(7) of the 1940 Act, having the same investment adviser,
principal underwriter, or Sponsoring Insurance Company as the Fund or having an investment adviser, principal underwriter, or Sponsoring
Insurance Company that directly or indirectly controls, is controlled by or is under common control with the investment adviser, principal
underwriter, or Sponsoring Insurance Company of the Fund; (d) an investment adviser, principal underwriter, Sponsoring Insurance Company,
or affiliated person of the Fund; (e) any Officer or any person directly or indirectly controlling, controlled by, or under common control
with any investment adviser, principal underwriter, Sponsoring Insurance Company, or affiliated person of the Fund; (f) an Officer of
an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Fund; or (g) an Officer of a person directly or indirectly
controlling, controlled by, or under common control with an investment adviser, principal underwriter, or Sponsoring Insurance Company
of the Fund; (xii) during the last five years, no Participant and no Immediate Family Member of any Participant has had a position or
office with: (a) the Fund; (b) an investment company, or a person that would be an investment company but for the exclusions provided
by Sections 3(c)(1) and 3(c)(7) of the 1940 Act, having the same investment adviser, principal underwriter, or Sponsoring Insurance Company
as the Fund or having an investment adviser, principal underwriter, or Sponsoring Insurance Company that directly or indirectly controls,
is controlled by, or is under common control with an investment adviser, principal underwriter, or Sponsoring Insurance Company of the
Fund; or (c) an investment adviser, principal underwriter, Sponsoring Insurance Company, or affiliated person (xiii) no Participant in
this solicitation or any of his or its associates has any arrangement or understanding with any person with respect to any future employment
by the Fund or its affiliates, or with respect to any future transactions to which the Fund or any of its affiliates will or may be a
party; (xiv) no Participant in this solicitation has a substantial interest, direct or indirect, by securities holdings or otherwise,
in any matter to be acted on at the Annual Meeting; (xv) there are no material pending legal proceedings to which any Nominee or any of
his or her associates is a party adverse to the Fund or, to the best of Saba&rsquo;s knowledge after reasonable investigation, any affiliated
person of the Fund, nor does any Nominee have a material interest in such proceedings that is adverse to the Fund or, to the best of the
Saba&rsquo;s knowledge after reasonable investigation, any affiliated person of the Fund; (xvi) since the beginning of the last two completed
fiscal years, no Participant (and no Immediate Family Member of a Participant) has served on the board of directors or trustees of a company
or trust where an Officer of an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Fund, or any person
directly or indirectly controlling, controlled by, or under common control with any of those, serves on the board of directors or trustees;
and (xvii) no Participant has withheld information that is required to be disclosed under the following Items under Regulation S-K under
the Exchange Act: Item 401(f) with respect to involvement in certain legal proceedings, Item 401(g) with respect to promoters and control
persons, and Item 405 with respect to beneficial ownership and required filings.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>Transactions by the Participants with respect
to the Fund&rsquo;s securities</I></B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: #00355B 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following tables set forth all transactions effected
during the past two years by Saba, by virtue of Saba Capital&rsquo;s direct and indirect control of the Saba Entities, with respect to
securities of the Fund. The Common Shares reported herein are held in either cash accounts or margin accounts in the ordinary course of
business. Unless otherwise indicated, all transactions were effected on the open market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Common Shares: </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Saba Capital, in its capacity as investment manager of the Saba Entities
(including Saba I)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Side</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Common Shares</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/19/23</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">21,198</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/18/24</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5,472,556</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/19/23</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7,015</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/27/23</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">111,036</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/21/23</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">129,162</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">03/28/24</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/03/23</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">300</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/22/23</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">216,390</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">04/12/24</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">32,895</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/26/23</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">96,247</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/26/23</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">112,508</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">05/03/24</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">400,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/18/23</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2,293</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/27/23</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">57,143</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">05/06/24</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6,832</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">05/15/24</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">39,617</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>IMPORTANT</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Tell your Board what you think! YOUR VOTE IS VERY IMPORTANT,
no matter how many or how few shares you own. Please give us your vote <B>&ldquo;FOR ALL&rdquo; of </B>the Nominees by taking three steps:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;<FONT STYLE="font-family: Wingdings">&#108;</FONT></TD><TD STYLE="text-align: justify">SIGNING the enclosed <B><U>GOLD</U></B>
proxy card,</TD></TR>
                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;<FONT STYLE="font-family: Wingdings">&#108;</FONT></TD><TD STYLE="text-align: justify">DATING the enclosed <B><U>GOLD</U></B>
proxy card, and</TD></TR>
                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;<FONT STYLE="font-family: Wingdings">&#108;</FONT></TD><TD STYLE="text-align: justify">MAILING the enclosed <B><U>GOLD</U></B> proxy card TODAY in the envelope provided (no postage is required
if mailed in the United States).</TD></TR>
                                                                                                                                     <TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>If any of your shares are held in the name of a
broker, bank, bank nominee, or other institution, only it can vote your shares and only upon receipt of your specific instructions.</B>
Depending upon your broker or custodian, you may be able to vote either by toll-free telephone or by the Internet. You may also vote by
signing, dating and returning the enclosed <B><U>GOLD</U></B> voting instruction form in the postage-paid envelope provided, and to ensure
that your shares are voted, you should also contact the person responsible for your account and give instructions for a <B><U>GOLD</U></B>
voting instruction form to be issued representing your shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">By returning the <B><U>GOLD</U></B> proxy card, you
are authorizing Saba to vote on your behalf, and if you do not indicate how you would like to vote, your vote will be counted <B>&ldquo;<U>FOR
ALL</U>&rdquo;</B> of the Nominees in the Proposal.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">After signing the enclosed <B><U>GOLD</U></B> proxy
card, <B>DO NOT SIGN OR RETURN THE FUND&rsquo;S WHITE PROXY CARD UNLESS YOU INTEND TO CHANGE YOUR VOTE</B>, because only your latest dated
proxy card will be counted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If you have previously signed, dated, and returned
a white proxy card to the Fund, you have every right to change your vote. Only your latest dated proxy card will count. You may revoke
any proxy card already sent to the Fund by signing, dating, and mailing the enclosed <B><U>GOLD</U></B> proxy card in the postage-paid
envelope provided or by voting by telephone or Internet. Any proxy may be revoked at any time prior to the Annual Meeting by delivering
a written notice of revocation or a later dated proxy for the Annual Meeting to the secretary of the Fund or by voting in person at the
Annual Meeting. Attendance at the Annual Meeting will not in and of itself constitute a revocation.</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>If you have any questions concerning this Proxy Statement,
would like to request additional copies of this Proxy Statement, or need help voting your shares, please contact our proxy solicitor:</I></P>

<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<DIV STYLE="padding: 1pt 1pt 6pt; border: Black 1.5pt solid">

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><IMG SRC="image_002.jpg" ALT="" STYLE="height: 60.75pt; width: 213.75pt"><BR>
<BR>
</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>19 Old Kings Highway S., Suite 130</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Darien, CT 06820<BR>
Shareholders Call Toll-Free at: (877) 972-0090</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>E-mail: Saba@investor-com.com</B></P>

</DIV>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: red"><B>PRELIMINARY COPY SUBJECT TO COMPLETION</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Form of <U>GOLD</U> Proxy Card</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 1pt; text-align: center"><B>INVESCO MUNICIPAL OPPORTUNITY TRUST</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Proxy Card for 2024 Annual Meeting of Shareholders
(the &ldquo;Annual Meeting&rdquo;)</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>THIS PROXY SOLICITATION IS BEING MADE BY SABA CAPITAL
MANAGEMENT, L.P., SABA CAPITAL MASTER FUND, LTD., <FONT STYLE="text-transform: uppercase">Boaz R. Weinstein</FONT> (COLLECTIVELY, &ldquo;SABA&rdquo;)
AND THE INDIVIDUALS NAMED IN THE PROPOSAL</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>THE BOARD OF TRUSTEES (THE &ldquo;BOARD&rdquo;) OF
INVESCO MUNICIPAL OPPORTUNITY TRUST IS NOT SOLICITING THIS PROXY </B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The undersigned appoints Michael D&rsquo;Angelo, Paul
Kazarian, Eleazer Klein, Abraham Schwartz, Pierre Weinstein, and John Grau and each of them, attorneys and agents with full power of substitution
to vote all shares of Invesco Municipal Opportunity Trust, a Delaware statutory trust and a closed-end management investment company registered
under the Investment Company Act of 1940, as amended (the &ldquo;Fund&rdquo;), that the undersigned would be entitled to vote at the Annual
Meeting, including at any adjournments or postponements thereof, with all powers that the undersigned would possess if personally present,
upon and in respect of the instructions indicated herein, with discretionary authority, subject to applicable law, as to any and all other
matters that may properly come before the meeting or any adjournment, postponement, or substitution thereof that are unknown to us a reasonable
time before this solicitation.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The undersigned hereby revokes any other proxy or proxies
heretofore given to vote or act with respect to said shares, and hereby ratifies and confirms all action the herein named attorneys and
proxies, their substitutes, or any of them may lawfully take by virtue hereof. This proxy will be valid until the sooner of one year from
the date indicated on the reverse side and the completion of the Annual Meeting (including any adjournments or postponements thereof).</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>With respect to the Proposal, if this proxy is signed,
dated and returned, it will be voted in accordance with your instructions. If you do not specify how the proxy should be voted, this proxy
will be voted &ldquo;FOR ALL&rdquo; of the nominees in the Proposal (the &ldquo;Nominees&rdquo;). </B>None of the matters currently intended
to be acted upon pursuant to this proxy are conditioned on the approval of other matters.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Should other matters be brought before the Annual Meeting,
the persons named as proxies in the enclosed <B><U>GOLD</U></B> proxy card will vote on such matters in their discretion to the extent
allowed by Rule 14a-4(c)(3) under the Exchange Act.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>INSTRUCTIONS:
</B>FILL IN VOTING BOXES <B>&ldquo;<FONT STYLE="font-family: Wingdings">&#110;</FONT>&rdquo;</B> IN BLACK OR BLUE INK</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt"><B>We recommend that you vote &ldquo;<U>FOR ALL</U>&rdquo; of the
Nominees in the Proposal:</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><B>Proposal </B>&ndash; Election at the Annual
Meeting of the individuals nominated by Saba.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 34%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR ALL</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AGAINST ALL</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ABSTAIN FOR ALL*</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Nominees:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR</B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;AGAINST</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ABSTAIN*</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ketu Desai</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Paul Kazarian</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Jassen Trenkow</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><FONT STYLE="background-color: white"><B>*</B>Abstentions will be treated
as shares that are present and entitled to vote and therefore will count as votes against the Proposal.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 70%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 27%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Signature (Capacity)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Date</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Signature (Joint Owner) (Capacity/Title)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Date</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NOTE: </B>Please sign exactly as your name(s) appear(s) on stock certificates or on the label affixed hereto.&nbsp;&nbsp;When signing as attorney, executor, administrator or other fiduciary, please give full title as such.&nbsp;&nbsp;Joint owners must each sign personally.&nbsp;&nbsp;<B>ALL HOLDERS MUST SIGN. </B>&nbsp;If a corporation or partnership, please sign in full corporate or partnership name by an authorized officer and give full title as such.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>PLEASE <U>SIGN</U>, <U>DATE</U> AND <U>PROMPTLY RETURN</U> THIS PROXY
IN THE ENCLOSED RETURN ENVELOPE THAT IS POSTAGE PREPAID IF MAILED IN THE UNITED STATES.</B></P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
