<SEC-DOCUMENT>0001752724-22-003948.txt : 20220114
<SEC-HEADER>0001752724-22-003948.hdr.sgml : 20220114
<ACCEPTANCE-DATETIME>20220114171012
ACCESSION NUMBER:		0001752724-22-003948
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20211031
FILED AS OF DATE:		20220114
DATE AS OF CHANGE:		20220114
EFFECTIVENESS DATE:		20220114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Saba Capital Income & Opportunities Fund
		CENTRAL INDEX KEY:			0000826020
		IRS NUMBER:				956874587
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05410
		FILM NUMBER:		22532619

	BUSINESS ADDRESS:	
		STREET 1:		SABA CAPITAL INCOME & OPPORTUNITIES FUND
		STREET 2:		7337 E. DOUBLETREE RANCH ROAD, STE 100
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258
		BUSINESS PHONE:		4804773000

	MAIL ADDRESS:	
		STREET 1:		SABA CAPITAL INCOME & OPPORTUNITIES FUND
		STREET 2:		7337 E. DOUBLETREE RANCH ROAD, STE 100
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Voya PRIME RATE TRUST
		DATE OF NAME CHANGE:	20140421

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ING PRIME RATE TRUST
		DATE OF NAME CHANGE:	20020205

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PILGRIM AMERICA PRIME RATE TRUST
		DATE OF NAME CHANGE:	19960518
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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        <mgmtInvLei>549300MGSUUJ7E55N746</mgmtInvLei>
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        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
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      <isRightsOffering>N</isRightsOffering>
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      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
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      <isSecuritiesModified>N</isSecuritiesModified>
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    <signature registrantSignedName="Saba Capital Income &amp; Opportunities Fund" signedDate="2021-10-31" signature="Pierre Weinstein" title="Founder &amp; Chief Investment Officer"/>
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</DOCUMENT>
<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>3
<FILENAME>fp0072106_g1biii.htm
<TEXT>
<HTML>
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<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">INVESTMENT MANAGEMENT AGREEMENT</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: center">SABA CAPITAL INCOME &amp; OPPORTUNITIES FUND</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 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">This AGREEMENT, dated
as of May 21, 2021, shall be effective&nbsp;as of June 4, 2021 and is between Saba Capital Income &amp; Opportunities Fund (the &ldquo;Trust&rdquo;),
a Massachusetts business trust and Saba Capital Management, L.P. (the &ldquo;Manager&rdquo;), a limited partnership formed and existing
under the laws of the State of Delaware (the &ldquo;Agreement&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">WHEREAS, the Trust
is a closed-end management investment company, registered as such under the Investment Company Act of 1940, as amended (the &ldquo;1940
Act&rdquo;); and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">WHEREAS, the Manager
is registered as an investment adviser under the Investment Advisers Act of 1940, and is engaged in the business of supplying investment
advice and investment management and certain other services, as an independent contractor; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">WHEREAS, the Trust
desires to retain the Manager to render advice and services pursuant to the terms and provisions of this Agreement, and the Manager is
willing to furnish said advice and services.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">NOW, THEREFORE, in
consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound hereby,
mutually agree as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">1.&nbsp;<U>Employment
of Manager</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">The Trust hereby employs
the Manager and the Manager hereby accepts such employment, to render investment advice and investment management services with respect
to the assets of the Trust (&ldquo;Advisory Services&rdquo;), and to provide or arrange for the provision of administrative services as
the Manager may deem reasonably necessary from time to time for the ordinary operation of the Trust (&ldquo;Administrative Services&rdquo;),
subject to the supervision and direction of the Board of Trustees of the Trust (the &ldquo;Trustees&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">The Manager shall,
as part of its duties hereunder (i)&nbsp;furnish the Trust with advice and recommendations with respect to the investment of the Trust&rsquo;s
assets and the purchase and sale of its portfolio securities, including the taking of such other steps as may be necessary to implement
such advice and recommendations, (ii)&nbsp;furnish the Trust with reports, statements and other data on securities, economic conditions
and other pertinent subjects which the Board of Trustees may reasonably request, (iii)&nbsp;permit, with its written consent, its officers
and employees to serve without compensation as Trustees of the Trust if elected to such positions and (iv)&nbsp;in general superintend
and manage the investment of the Trust, subject to the ultimate supervision and direction to the Board of Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">Subject to the approval
of the Board of Trustees, the Manager is authorized to enter into sub-advisory agreements with other registered investment advisers to
serve as investment sub-advisers, whether or not affiliated with the Manager (each, a &ldquo;Sub-Adviser&rdquo;). The Manager will continue
to have responsibility for all services furnished pursuant to any sub-advisory agreement. The Trust and the Manager understand and agree
that the Manager may manage the Trust with one or more Sub-Advisers, which contemplates that the Manager will, among other things: (i)&nbsp;continually
evaluate the performance of any Sub-Adviser to the Trust; and (ii)&nbsp;periodically make recommendations to the Board of Trustees regarding
the results of its evaluation and monitoring functions. The Trust recognizes that, subject to the approval of the Board of Trustees, a
Sub-Adviser&rsquo;s services may be terminated or modified and that the Manager may appoint a new Sub-Adviser for the Trust.</P>

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

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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; font: 9pt Times New Roman, Times, Serif; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo; Options: Hidden -->&nbsp;<!-- Field: /Sequence -->&nbsp;</P></DIV>
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    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">2.&nbsp;&nbsp;<U>Reasonable
Best Judgment</U>. The Manager shall use its reasonable best judgment and efforts in rendering the Advisory Services as contemplated by
this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">3.&nbsp;<U>Exclusivity</U>.
The Manager shall, for all purposes herein, be deemed to be an independent contractor, and shall, unless otherwise expressly provided
and authorized, have no authority to act for or represent the Trust in any way, or in any way be deemed an agent for the Trust. It is
expressly understood and agreed that the Advisory Services to be rendered by the Manager to the Trust under the provisions of this Agreement
are not to be deemed exclusive, and the Manager shall be free to render similar or different services to others so long as its ability
to render the services provided for in this Agreement shall not be materially impaired thereby.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">4.&nbsp;<U>Reasonable
Best Efforts</U>. The Manager agrees to use its reasonable best efforts in the furnishing of such advice and recommendations to the Trust,
in the preparation of reports and information, in the management of the Trust&rsquo;s assets, and in the provision of Advisory Services,
all pursuant to this Agreement, and for this purpose the Manager shall, at its own expense, maintain such staff and employ or retain such
personnel and consult with such other persons as it shall from time to time determine to be necessary to the performance of its obligations
under this Agreement. Without limiting the generality of the foregoing, the staff and personnel of the Manager shall be deemed to include
persons employed or retained by the Manager to furnish statistical, research, and other factual information, advice regarding economic
factors and trends, information with respect to technical and scientific developments, and such other information, advice and assistance
as the Manager may desire and request.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">5.&nbsp;<U>Statements
and Reports</U>. The Trust will from time to time furnish to the Manager detailed statements of the investments and assets of the Trust
and information as to its investment objectives and needs, and will make available to the Manager such financial reports, proxy statements,
legal and other information relating to its investments as may be in the possession of the Trust or available to it and such other information
as the Manager may reasonably request.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">6.&nbsp;<U>Expenses</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(a) In consideration
for the Management Fee, the Manager will provide the Trust with certain operational and managerial services. The Manager shall be responsible
for (i)&nbsp;the compensation of any Sub-Adviser retained pursuant to this Agreement, and (ii)&nbsp;the compensation of any investment
advisory personnel that provide services to the Trust on behalf of the Manager pursuant to this Agreement, along with the allocable portion
of the following &ldquo;overhead expenses&rdquo; (office space, rent and utilities, furniture and fixtures, computer equipment, stationery,
secretarial/managerial services, salaries, entertainment expenses, employee insurance and payroll taxes) attributable to such investment
advisory personnel.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(b) Other than the
expenses expressly borne by the Manager pursuant to Section&nbsp;6(a) above, the Trust shall be responsible for all of the expenses of
its operations, including, without limitation, the Trust&rsquo;s investment-related expenses whether relating to investments that are
consummated or unconsummated (<I>e.g</I>.<I>,</I> brokerage commissions, due diligence costs, expenses relating to short sales, investment
banking fees, sourcing or finder&rsquo;s fees (which may include a base fee component and/or a performance compensation component), borrowing
charges on securities sold short, custodial fees and expenses and nominee fees); bank service fees, clearing and settlement charges and
interest expense; Management Fees; fees and expenses incidental to the purchase and sale of interests in, and the fees and expenses of,
portfolio companies in which the Trust invests; interest payable on debt, if any, to finance the Trust&rsquo;s investments; expenses relating
to software tools, programs or other technology utilized in managing the Trust (including, without limitation, third-party software licensing,
implementation, data management and recovery services and custom development costs); exchange listing fees, expenses relating to proxy
contests, voting, tender offers and solicitation fees and expenses; trading platform and seat fees; research-related expenses, including,
without limitation, news and quotation equipment and services; fees and expenses associated with independent audits and outside legal
costs; fees for data and software providers; other expenses related to the purchase, sale or transmittal of investments; website creation
and maintenance, fees for risk management systems and service providers; legal expenses; other professional fees (including, without limitation,
expenses of consultants and experts); transfer agent and custodial fees; the costs of organizing and maintaining any subsidiaries; costs
relating to swaps (and similar agreements); tax preparation expenses; accounting expenses; fees and expenses associated with marketing
and investor relations efforts including proxy solicitations and shareholder meetings; costs of printing and mailing proxies, reports
and/or notices; market data costs; administration expenses (including fees for the provision of middle-office and back-office services);
directors&rsquo; and officers&rsquo; fees); Trust-related insurance expenses (including, without limitation, premium payments for fidelity
bonds and Directors&rsquo; and Officers&rsquo; and Errors and Omissions insurance); compensation and expenses of the independent members
of the Board of Trustees of the Trust; organizational and offering-related expenses, including the preparation and filing of related registration
statements under the Securities Act of 1933, as amended; filing and registration fees; corporate licensing fees, federal, state and local
taxes and other governmental fees and expenses; all regulatory expenses (including, without limitation, fees and expenses incurred in
connection with ongoing compliance obligations and the preparation and filing of regulatory filings, including those required under the
1940 Act and applicable federal and state securities laws); litigation-related and indemnification expenses; withholding and transfer
fees; trademarks; other expenses related to the purchase, monitoring, sale, allocation, settlement, custody, valuation, appraisal or transmittal
of assets; extraordinary expenses, including the costs of any third party pricing or valuation services; the allocable portion of the
compensation and related overhead expenses attributable to any director, officer, partner or employee of the Manager or any affiliate
thereof when and to the extent providing administrative services to the Trust; and other similar expenses and all other costs and expenses
incurred in connection with the engagement of any third party service providers to provide administrative services to the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(c) To the extent
the Manager incurs or bears any costs or expenses expressly borne by the Trust pursuant to Section&nbsp;6(b) above, the Trust shall promptly
reimburse the Manager for such costs and expenses on no less frequently than a quarterly basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">7.&nbsp;<U>Delegation</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(a) The Manager may
delegate the performance of certain Advisory Services to a Sub-Adviser.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(b) Certain Administrative
Services may be furnished by the directors, officers, partner or employees of the Manager or of affiliates of the Manager, or by any third-party
service provider retained by the Trust to provide such Administrative Services in lieu of the Manager; <U>provided</U>, that any agreement
pertaining to the provision of Administrative Services shall be subject to the approval of the Board of Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(c) The Manager shall
not be liable to the Trust for any service delegated to a third party service provider.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">8.&nbsp;<U>Oversight
of Sub-Advisers</U>. In the event that the Manager wishes to select others to render Advisory Services, the Manager shall analyze, select
and recommend for consideration and approval by the Board of Trustees investment advisory firms (however organized) to provide investment
advice to the Trust, and, at the expense of the Manager, engage (which engagement may also be by the Trust) any such investment advisory
firm to render investment advice and manage the investments of the Trust and the composition the Trust&rsquo;s portfolio of securities
and investments, including cash, and the purchase, retention and disposition thereof, or any offering thereof, in accordance with the
Trust&rsquo;s investment objective or objectives and policies as stated in the Trust&rsquo;s registration statement, as may be supplemented
or amended from time to time (the &ldquo;Registration Statement&rdquo;). The Manager shall take the following actions in respect of the
performance by the Sub-Adviser of its obligations in respect of the Trust:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(a) Periodically monitor
and evaluate the performance of the Sub-Advisers with respect to the investment objectives and policies of the Trust, including without
limitation, perform periodic detailed analysis and review of the Sub-Adviser&rsquo;s investment performance in respect of the Trust and
in respect of other accounts managed by the Sub-Adviser with similar investment strategies;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(b) Prepare and present
periodic reports to the Board of Trustees regarding the investment performance of the Sub-Adviser and other information regarding the
Sub-Adviser, at such times and in such forms as the Board of Trustees may reasonably request;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(c) Review and consider
any changes in the personnel of the Sub-Adviser responsible for performing the Sub-Adviser&rsquo;s obligations and make appropriate reports
to the Board of Trustees;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(d) Review and consider
any changes in the ownership or senior management of the Sub- Adviser and make appropriate reports to the Board of Trustees;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(e) Perform periodic
in-person or telephonic diligence meetings with representatives of the Sub-Adviser;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(f) Supervise Sub-Advisers
with respect to the services that such Sub-Advisers provide under each Sub-Adviser&rsquo;s Sub-Advisory Agreement;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(g) Assist the Board
of Trustees and management of the Trust in developing and reviewing information with respect to the initial approval of the Sub-Adviser
Agreement with the Sub- Adviser and annual consideration of the agreement thereafter;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(h) Monitor the Sub-Advisers
for compliance with the investment objective or objectives, policies and restrictions of the Trust, the 1940 Act, Subchapter M of the
Internal Revenue Code, and if applicable, regulations under such provisions, and other applicable law;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(i) If appropriate,
analyze and recommend for consideration by the Board of Trustees termination of a contract with a Sub-Adviser under which the Sub-Adviser
provides investment advisory services to the Trust;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(j) Identify potential
successors to or replacements of the Sub-Adviser or potential additional Sub-Advisers, perform appropriate due diligence, and develop
and present to the Board of Trustees a recommendation as to any such successor, replacement, or additional Sub-Adviser;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(k) Designate and
compensate from its own resources such personnel as the Manager may consider necessary or appropriate to the performance of its services
hereunder; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(l) Perform such other
review and reporting functions as the Board of Trustees shall reasonably request consistent with this Agreement and applicable law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">9.&nbsp;<U>Compensation</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(a) The Trust agrees
to pay to the Manager, and the Manager agrees to accept, as full compensation for all Advisory Services furnished or provided to the Trust
and as full reimbursement for all expenses assumed by the Manager consistent with Section 6(a), a management fee equal to the amount specified
for the Trust on <I>Schedule A</I>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">(b) The management
fees shall be accrued daily by the Trust and paid to the Manager at the end of each calendar month.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">10.&nbsp;<U>Prohibition
on Short Positions</U>. The Manager agrees that neither it nor any of its officers or employees shall take any short position in the capital
stock of the Trust. This prohibition shall not prevent the purchase of such shares by any of the officers and directors or bona fide employees
of the Manager or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less
than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the 1940 Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">11.&nbsp;<U>Actions
in Contravention of Organizational Documents</U>. Nothing herein contained shall be deemed to require the Trust to take any action contrary
to the Declaration of Trust or By- Laws of the Trust, or any applicable statute or regulation, or to relieve or deprive the Trustees of
the Trust of its responsibility for and control of the conduct of the affairs of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">12.&nbsp;<U>Limitation
of Liability of the Manager; Indemnification</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 42.85pt">(a) In the absence
of willful misfeasance, bad faith, gross negligence, or reckless disregard of obligations or duties hereunder on the part of the Manager,
the Manager (and its officers, managers, agents, employees, partners, controlling persons, members, agents and any other person or entity
affiliated with the Manage) shall not be subject to liability to the Trust, the members of the Board of Trustees or to any shareholder
of the Trust, for any act or omission in the course of, or connected with, rendering Advisory Services and any other services provided
from time to time by the Manager or for any losses that may be sustained in the purchase, holding or sale of any security by the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 42.85pt">(b) No provision
of this Agreement shall be construed to protect any director or officer of the Trust, or of the Manager, from liability in violation of
Section&nbsp;17(i) of the 1940 Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 42.85pt">(c) The Trust shall
indemnify the Manager (and its officers, managers, agents, employees, partners, controlling persons, members, agents and any other person
or entity affiliated with the Manager) (collectively, the &ldquo;Indemnified Parties&rdquo;) and hold them harmless from and against all
damages, liabilities, costs and expenses (including reasonable attorneys&rsquo; fees and amounts reasonably paid in settlement) incurred
by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including
an action or suit by or in the right of the Trust or its security holders) arising out of or otherwise based upon the performance of any
of the Manager&rsquo;s duties or obligations under this Agreement or otherwise as an investment adviser of the Trust.&nbsp;Notwithstanding
the preceding sentence of this Paragraph 12 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified
Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Trust
or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of the Manager&rsquo;s duties or by reason of the reckless disregard of the Manager&rsquo;s duties and obligations
under this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 42.85pt">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">13.&nbsp;<U>Term
and Continuation</U>. This Agreement shall become effective June 4, 2021 (the &ldquo;Effective Date&rdquo;), subject to the condition
that the Board of Trustees, including a majority of those Trustees who are not parties to this Agreement or interested persons (as defined
under the 1940 Act) of either the Trust or the Manager, and a majority of the outstanding voting securities of the Trust, shall have approved
this Agreement. Unless terminated as provided herein, the Agreement shall continue in full force and effect for two years following the
Effective Date, and shall continue from year to year thereafter so long as such continuation is approved at least annually by either (i)&nbsp;the
Board of Trustees, including a majority of those Trustees who are not parties to this Agreement or interested persons (as defined under
the 1940 Act) of either the Trust or the Manager, or (ii)&nbsp;the affirmative vote of a majority of the outstanding voting securities
of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">14.&nbsp;<U>Termination</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-align: justify; text-indent: 42.85pt">(a) This Agreement
may be terminated at any time, without payment of any penalty, by the Board of Trustees of the Trust or by the affirmative vote of a majority
of the outstanding voting securities of the Trust, upon sixty (60)&nbsp;days written notice to the Manager, and by the Manager upon sixty
(60)&nbsp;days written notice to the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-align: justify; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-align: justify; text-indent: 42.85pt">(b) This Agreement
shall terminate automatically in the event of any transfer or assignment thereof, as defined in the 1940 Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-align: justify; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">15. <U>Use of Name</U>.
It is understood that the name &ldquo;Saba Capital Management, L.P.&rdquo; or any trademark, trade name, service mark, or logo, or any
variation of such trademark, service mark, or logo of the Manager or its affiliates, including but not limited to the mark &ldquo;Saba<SUP>&reg;</SUP>&rdquo;
(collectively, the &ldquo;Saba Marks&rdquo;) is the valuable property of the Manager and its affiliates, and that the Trust has the right
to use such Saba Marks only so long as this Agreement or any subsequent agreement with the Manager in replacement of this Agreement shall
continue with respect to such Trust. Upon termination of this Agreement without its replacement by a subsequent agreement, the Trust shall,
as soon as is reasonably possible, discontinue all use of the Saba Marks and shall promptly amend its Declaration of Trust to change its
name (if such Saba Marks are included therein).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">18. <U>Applicable
Law</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-align: justify; text-indent: 42.85pt">(a) If any provision
of this Agreement shall be held or made invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall
not be affected thereby.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-align: justify; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-align: justify; text-indent: 42.85pt">(b) The term &ldquo;majority
of the outstanding voting securities&rdquo; of the Trust shall have the meaning as set forth in the 1940 Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-align: justify; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-align: justify; text-indent: 42.85pt">(c) This Agreement
shall be governed by the laws of the State of New York applicable to contracts formed and to be performed entirely within the State of
New York, without regard to the conflicts of law principles thereof, to the extent such principles would require or permit the application
of the laws of another jurisdiction; <U>provided</U>, that nothing herein shall be construed in a manner inconsistent with the 1940 Act,
the Investment Advisors Act of 1940, as amended, or any rules or orders of the SEC thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-align: justify; text-indent: 42.85pt">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">19. <U>Limitation
of Liability for Claims</U>. The Manager is hereby expressly put on notice of the limitation of liability as set forth in the Trust&rsquo;s
Declaration of Trust and agrees that the obligations assumed by the Trust pursuant to this Agreement shall be limited in all cases to
the Trust and its assets, and the Manager shall not seek satisfaction of any such obligation from the shareholders of the Trust or from
any trustee, officer, employee or agent of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">20. <U>Excess Brokerage
Commissions</U>. The Manager is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Trust to pay
a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess
of the amount of commission another member of such exchange, broker or dealer would have charged for effecting that transaction, if the
Manager determines in good faith, taking into account such factors as price (including the applicable brokerage commission or dealer spread),
size of order, difficulty of execution, and operational facilities of the firm and the firm&rsquo;s risk and skill in positioning blocks
of securities, that such amount of commission is reasonable in relation to the value of the brokerage and/or research services provided
by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to
the Trust&rsquo;s portfolio, and constitutes the best net results for the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">21. <U>Responsibility
of Dual Directors, Officers and/or Employees</U>. If any person who is a manager, partner, officer or employee of the Manager or its affiliates
is or becomes a director, officer, partner and/or employee of the Trust and acts as such in any business of the Trust, then such manager,
partner, officer and/or employee of the Manager or its affiliates shall be deemed to be acting in such capacity solely for the Trust,
and not as a manager, partner, officer or employee of the Manager or its affiliates or under the control or direction of the Manager,
even if paid by the Manager or an affiliate thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">22.&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
of Agreement</U><B>.</B> This Agreement may be amended only by written agreement of the Manager and the Trust and only in accordance with
the provisions of the 1940 Act and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify; text-indent: 30.6pt">23.&nbsp;&nbsp;&nbsp;&nbsp;<U>Proxy
Voting</U>. The Manager shall be responsible for voting any proxies solicited by an issuer of securities held by the Trust in the best
interest of the Trust and in accordance with the Manager&rsquo;s proxy voting policies and procedures, as any such proxy voting policies
and procedures may be amended from time to time. The Manager&rsquo;s proxy voting policies and procedures, and any amendment thereto will
be subject to Board of Trustee&rsquo;s approval. The Trust has been provided with a copy of the Manager&rsquo;s proxy voting policies
and procedures and has been informed as to how it can obtain further information from the Manager regarding proxy voting activities undertaken
on behalf of the Trust. In accordance with its provisions of managerial services to the Trust hereunder, the Manager shall be responsible
for reporting the Trust&rsquo;s proxy voting activities, as required, through periodic filings on Form&nbsp;N-PX or any successor form
thereto.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>IN WITNESS WHEREOF</B> the parties hereto have
caused this instrument to be executed by their officers designated below as of the day and year first written above.</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-size: 11pt">SABA CAPITAL INCOME &amp; OPPORTUNITIES FUND</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; width: 5%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; width: 35%"><FONT STYLE="font-size: 11pt"><U></U></FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-size: 11pt">SABA CAPITAL MANAGEMENT, L.P.</FONT></TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%; vertical-align: bottom">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="fp0072016_001.jpg" ALT="" STYLE="height: 33pt; width: 121.5pt"></P></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Michael D'Angelo</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">Title: COO</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE A</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">with respect to the</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: center">INVESTMENT MANAGEMENT AGREEMENT</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: center">between</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: center">SABA CAPITAL INCOME &amp; OPPORTUNITIES FUND</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: center">and</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: center">SABA CAPITAL MANAGEMENT, L.P.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; border-right: Black 1pt solid; border-left: Black 1pt solid">
  <TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: bottom; width: 50%; border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><U>Series</U></FONT></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Annual Management Fee</U></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(as a percentage of Managed Assets*)</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt">Saba Capital Income &amp; Opportunities Fund</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">1.05%</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">&ldquo;Managed Assets&rdquo; shall mean the Trust&rsquo;s average
daily gross asset value, minus the sum of the Trust&rsquo;s accrued and unpaid dividends on any outstanding preferred shares and accrued
liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued by the Trust
and the liquidation preference of any outstanding preferred shares).</TD>
</TR></TABLE>

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

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