<SEC-DOCUMENT>0001398344-24-009097.txt : 20240509
<SEC-HEADER>0001398344-24-009097.hdr.sgml : 20240509
<ACCEPTANCE-DATETIME>20240509173048
ACCESSION NUMBER:		0001398344-24-009097
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240620
FILED AS OF DATE:		20240509
DATE AS OF CHANGE:		20240509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEMPLETON GLOBAL INCOME FUND
		CENTRAL INDEX KEY:			0000828803
		ORGANIZATION NAME:           	
		IRS NUMBER:				222864496
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05459
		FILM NUMBER:		24932088

	BUSINESS ADDRESS:	
		STREET 1:		300 S.E. 2ND STREET
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301-1923
		BUSINESS PHONE:		9545277500

	MAIL ADDRESS:	
		STREET 1:		300 S.E. 2ND STREET
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301-1923

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEMPLETON GLOBAL INCOME FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>fp0088294-1_pre14a.htm
<TEXT>
<HTML>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 14A INFORMATION</B></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">Proxy Statement Pursuant to Section 14(a) of the Securities</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant [x]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant [&nbsp;&nbsp;&nbsp;]</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">[X]</TD>
    <TD STYLE="width: 95%">Preliminary Proxy Statement</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[&nbsp;&nbsp;&nbsp;]</TD>
    <TD><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>Definitive Proxy Statement</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>Definitive Additional Materials</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>Soliciting Material Pursuant to &sect; 240.14a-12</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SABA CAPITAL INCOME &amp; OPPORTUNITIES FUND II</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<!-- Field: Rule-Page --><DIV STYLE="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check appropriate box):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">[x]</TD>
    <TD STYLE="width: 95%; padding-left: 0.3in; text-indent: -0.3in">No fee required</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[&nbsp;&nbsp;&nbsp;]</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">(1)&nbsp;&nbsp;&nbsp;Title of Each class of securities to which transaction applies:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">(2)&nbsp;&nbsp;&nbsp;Aggregate number of securities to which transaction applies:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">(3)&nbsp;&nbsp;&nbsp;Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">(4)&nbsp;&nbsp;&nbsp;Proposed maximum aggregate value of transaction:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">(5)&nbsp;&nbsp;&nbsp;Total fee paid:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">[&nbsp;&nbsp;&nbsp;]</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in; width: 95%">Fee paid previously with preliminary materials.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">(1)&nbsp;&nbsp;&nbsp;Amount Previously Paid:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">(2)&nbsp;&nbsp;&nbsp;Form, Schedule or Registration No.:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">(3)&nbsp;&nbsp;&nbsp;Filing Party:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">(4)&nbsp;&nbsp;&nbsp;Date Filed:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>Saba Capital Income &amp; Opportunities Fund</B>&nbsp;<B>II</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">405 Lexington Avenue, 58<SUP>th</SUP> Floor</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10174</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">212-542-4644</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">[], 2024</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">Dear Shareholder:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 32.7pt">On behalf of the Board of Trustees
(the &ldquo;Board&rdquo;), we are pleased to invite you to the annual meeting of shareholders (the &ldquo;Annual Meeting&rdquo;) of Saba
Capital Income &amp; Opportunities Fund II (the &ldquo;Fund&rdquo;). The Annual Meeting is scheduled for 1:00 p.m., Eastern Time, on June
20, 2024, via audio teleconference.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 32.7pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 32.7pt">At the Annual Meeting, shareholders
of the Fund are being asked to approve the election of four nominees to the Board of Trustees of the Fund (&ldquo;Proposal One&rdquo;).
The shareholders of the Fund will be further asked to consent to an amendment to the Fund&rsquo;s Declaration of Trust in order to effectuate
the declassification of the Fund&rsquo;s Board (&ldquo;Proposal Two&rdquo; and collectively with Proposal One, the &ldquo;Proposals&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 32.7pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 32.7pt">Formal Notice of the Annual Meeting
appears on the next page, followed by the proxy statement (the &ldquo;Proxy Statement&rdquo;). The Proposals are discussed in detail in
the enclosed Proxy Statement, which you should read carefully.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 32.7pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 32.7pt">After careful consideration,
the Board recommends that you vote&nbsp;<B>&ldquo;FOR&rdquo;</B>&nbsp;the Proposals.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 32.7pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 32.7pt"><B>Your vote is important regardless
of the number of shares you own. To avoid the added cost of follow-up solicitations and possible adjournments, please take a few minutes
to read the Proxy Statement and cast your vote. It is important that your vote be received no later than June 20, 2024.</B></P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 32.7pt">We appreciate your participation
and prompt response in this matter and thank you for your continued support.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 32.7pt">&nbsp;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>Chairman of the Board</I></P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Notice of Annual Meeting of Shareholders</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Saba Capital Income &amp; Opportunities Fund II</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">405 Lexington Avenue, 58<SUP>th</SUP> Floor</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10174</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">212-542-4644</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">Dear Shareholder:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify">NOTICE
IS HEREBY GIVEN that an annual meeting of the shareholders (the &ldquo;Annual Meeting&rdquo;) of Saba Capital Income &amp; Opportunities
Fund II (the &ldquo;Fund&rdquo;) is scheduled for Thursday, June 20, 2024 at 1:00 P.M Eastern Time via audio teleconference for the purposes
described below and more fully described in the accompanying proxy statement (the &ldquo;Proxy Statement&rdquo;). Shareholders will not
have to travel to attend the Annual Meeting but will be able to view the meeting live and cast their votes by accessing a web link.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 32.7pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the Annual Meeting, shareholders will be asked:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">To elect four nominees to the Board of Trustees of the Fund, each to hold office for the term indicated and until his or her successor have been elected and qualified (&ldquo;Proposal One&rdquo;); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">To consent to an amendment
    to the Fund&rsquo;s Declaration of Trust in order to effectuate the declassification of the Fund&rsquo;s Board of Trustees (&ldquo;Proposal
    Two&rdquo; and, collectively, with Proposal One, the &ldquo;Proposals&rdquo;); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">To transact such other business, not currently contemplated, that may properly come before the Annual Meeting, or any adjournment(s) or postponement(s) thereof.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Please read the enclosed Proxy
Statement carefully for information concerning the Proposals to be placed before the Annual Meeting. <B>The Board of Trustees recommends
that you vote &ldquo;FOR&rdquo; the Proposals.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board has fixed the close
of business on May 1, 2024, as the record date for the determination of shareholders entitled to receive notice of, and to vote at, the
Annual Meeting or any adjournment(s) and postponement(s) thereof (&ldquo;Record Date&rdquo;). Your attention is called to the accompanying
Proxy Statement. Regardless of whether you plan to attend the Annual Meeting,&nbsp;<B>please complete, sign, and return promptly, but
in no event later than June 20, 2024, the enclosed Proxy Ballot</B>&nbsp;so that a quorum will be present and a maximum number of shares
may be voted. Proxies may be revoked at any time before they are exercised by submitting a revised Proxy Ballot, by giving written notice
of revocation to the Fund or by voting virtually at the Annual Meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">By Order of the Board of Trustees of the Fund</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"><IMG SRC="fp0088294-1_01.jpg" ALT=""></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">May [], 2024<BR STYLE="clear: both">
</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>PROXY STATEMENT</B></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"><B>May [], 2024</B></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"><B>SABA CAPITAL INCOME &amp; OPPORTUNITIES FUND II</B></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">405 Lexington Avenue, 58<SUP>th</SUP> Floor</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10174&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">212-542-4644</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON JUNE 20, 2024</B></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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"><B>Important Notice Regarding the Availability of Proxy
Materials<BR>
for the Annual Meeting of Shareholders to be Held on June 20, 2024</B></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">This Proxy Statement and Notice of Annual Meeting of
Shareholders are<BR>
available at: www.proxyvote.com</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"><FONT STYLE="text-transform: uppercase"><B>INTRODUCTION</B></FONT></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"><B>Why did you send me this booklet?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This booklet includes a proxy statement (the &ldquo;Proxy
Statement&rdquo;) and a Proxy Ballot for the Saba Capital Income &amp; Opportunities Fund II (the &ldquo;Fund&rdquo;) in which you own
shares. It provides you with information you should review before providing voting instructions on the matters listed in the Notice of
Annual Meeting of Shareholders. The words &ldquo;you&rdquo; and &ldquo;shareholder&rdquo; are used in this Proxy Statement to refer to
the person or entity that has voting rights or is being asked to provide voting instructions in connection with the shares.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>What proposals will be considered at the Annual
Meeting?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the Annual Meeting, shareholders of the Fund are
being asked to approve the election of four nominees to the Board of Trustees of the Fund (&ldquo;Proposal One&rdquo;). The shareholders
of the Fund will be further asked to approve an amendment to the Fund&rsquo;s Declaration of Trust in order to effectuate the declassification
of the Fund&rsquo;s Board of Trustees (&ldquo;Proposal Two&rdquo; and, collectively, with Proposal One, the &ldquo;Proposals&rdquo;).</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"><B>Who is eligible to vote?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders of record holding an investment in shares
of the Fund as of the close of business on May 1, 2024 (the &ldquo;Record Date&rdquo;) are eligible to vote at the Annual Meeting or any
adjournments or postponements thereof.</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"><B>How do I vote?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">You may submit your Proxy Ballot in one of four ways:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 5%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="width: 95%; font-size: 11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>By Internet.</U>&nbsp;Please refer to the enclosed Proxy Ballot, go to the internet address
provided and follow the instructions for voting on the enclosed Proxy Ballot. You will be required to provide your control number located
on the Proxy Ballot.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 5%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="width: 95%; font-size: 11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>By Telephone.</U>&nbsp;Please call the toll-free number for telephone voting, which can be found on the enclosed Proxy Ballot. You will be required to provide your control number located on the Proxy Ballot.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 5%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="width: 95%; font-size: 11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>By Mail.</U>&nbsp;Please mark the enclosed Proxy Ballot, sign and date it, and return it in the postage-paid envelope we provided. Joint owners must each sign the Proxy Ballot.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 5%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="width: 95%; font-size: 11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Virtually at the Annual Meeting.</U>&nbsp;You can vote your shares virtually at the Annual Meeting. There is no physical location for the Annual Meeting. If you expect to attend the Annual Meeting virtually, please call Broadridge Fund Solutions, LLC (&ldquo;Broadridge&rdquo;) at 855-928-4478.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To be certain your vote will be counted, a properly
executed Proxy Ballot must be received no later than 5:00 p.m., local time, on June 20, 2024.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>When and where will the Annual Meeting be held?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Annual Meeting is scheduled to be held via audio
teleconference on Thursday, June 20, 2024, at 1:00 P.M. Eastern Time and, if the Annual Meeting is adjourned or postponed, any adjournment(s)
or postponement(s) of the Annual Meeting will also be held in the same manner. There is no physical location for the Annual Meeting.</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">To participate in the Annual Meeting, shareholders
must register in advance by visiting https://www.viewproxy.com/sabacapital/broadridgevsm2/ and submitting the requested required information
to Broadridge, the Fund&rsquo;s proxy tabulator.</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">Shareholders whose shares are registered directly
with the Fund in the shareholder&rsquo;s name will be asked to submit their name and control number found on the shareholder&rsquo;s proxy
card in order to register to participate in and vote at the Annual Meeting. Shareholders whose shares are held by a broker, bank or other
nominee must first obtain a &ldquo;legal proxy&rdquo; from the applicable nominee/record holder, who will then provide the shareholder
with a newly issued control number. We note that obtaining a legal proxy may take several days. Requests for registration should be received
no later than 2 days prior to Meeting Date, June 18, 2024, but in any event must be received by the scheduled time for commencement of
the Annual Meeting. Once shareholders have obtained a new control number, they must visit https://www.viewproxy.com/sabacapital/broadridgevsm2/,
submit their name and newly issued control number in order to register to participate in and vote at the Annual Meeting. After shareholders
have submitted their registration information, they will receive an email from Broadridge that confirms that their registration request
has been received and is under review by Broadridge. Once shareholders&rsquo; registration requests have been accepted, they will receive
(i) an email containing an event link and dial-in information to attend the Annual Meeting, and (ii) an email with a password to enter
at the event link in order to access the Annual Meeting.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders may vote before or during the Annual
Meeting at proxyvote.com. Only shareholders of the Fund, as of the Record Date, present virtually or by proxy will be able to vote, or
otherwise exercise the powers of a shareholder, at the Annual Meeting.</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"><B>How can I obtain more information about the Fund?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Should you have any questions about the Fund, please
do not hesitate to contact Broadridge toll free at 855-928-4478. A copy of the current annual report and most recent semi-annual report
is available, without charge, on the Internet at www.sabacef.com or by contacting the Fund at:</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: center">Saba Capital Management, LP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">405 Lexington Avenue, 58<SUP>th</SUP> Floor</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, NY 10174<BR>
212-542-4644</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Who are the service providers to the Fund?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Saba Capital Management, L.P. (&ldquo;Saba Capital&rdquo;
or &ldquo;Adviser&rdquo;) serves as the investment adviser to the Fund. Additional information about Saba Capital may be found below.</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">Saba Capital, a Delaware limited partnership, has
overall responsibility for the management of the Fund. Saba Capital oversees all investment advisory and portfolio management services
and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including
custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. Saba Capital is registered with
the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) as an investment adviser.</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">The Adviser is a U.S.-based registered investment
adviser who focuses on credit relative value, tail hedge and closed-end funds. Saba Capital&rsquo;s principal office is located at 405
Lexington Avenue, 58th Floor, New York, New York 10174. As of April 1, 2024, Saba Capital managed approximately $4.6 billion in assets.</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">The Fund has engaged ALPS Fund Services, Inc.
(&ldquo;SS&amp;C ALPS&rdquo;) as the Fund&rsquo;s Administrator, to provide certain administrative services to the Fund. The principal
business address of SS&amp;C ALPS is 1290 Broadway Suite 1000 Denver, CO 80203. The Fund has engaged Equiniti (&ldquo;EQ&rdquo;) as the
Fund&rsquo;s Transfer Agent, to provide transfer agency services to the Fund. The principal business address of EQ is 48 Wall Street,
22<SUP>nd</SUP> Floor, New York, NY 10005. In addition, the Fund has engaged Foreside Fund Officer Services, LLC (&ldquo;Foreside&rdquo;)
to provide third-party compliance officer and treasurer services. The principal business address of Foreside is 3 Canal Plaza, Suite
100, Portland, ME 04101.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>PROPOSAL
ONE &ndash; ELECTION OF THE NOMINEES</B></FONT></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"><B>What is Proposal One?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Trustees of the Fund (the &ldquo;Board&rdquo;)
has nominated four individuals (the &ldquo;Nominees&rdquo;) for election as Trustees of the Fund. Shareholders are being asked to elect
each Nominee as a Trustee, each to serve until his or her death, resignation, or removal or until his or her successor is duly elected
and qualified.</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">The Nominees are: Aditya Bindal, Frederic Gabriel,
Paul Kazarian and Pierre Weinstein, each of whom is a current member of the Board. Mr. Gabriel is not an &ldquo;interested person&rdquo;,
as defined in the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;) of the Fund. Such persons are commonly referred
to as &ldquo;Independent Trustees.&rdquo; Messrs. Bindal, Kazarian and Weinstein are considered interested persons of the Fund, as defined
in the 1940 Act, because each is also employed by Saba Capital. Each Nominee is currently a Trustee of the Fund and has consented to serve
as a Trustee and to being named in this Proxy Statement. Please read the section entitled &ldquo;Further Information about the Trustees
and Officers&rdquo; before voting on the Proposals.</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"><B>Who are the Nominees and what are their qualifications?</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Set forth below is pertinent information about each Nominee.</P>


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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Frederic Gabriel has served as Founder and Chief Executive
Officer of Orion Realty NYC LLC, a real estate investment firm where he focuses on opportunities in the United States and specifically,
the New York Tri-State area, since June 2014. Prior to that, Mr. Gabriel spent more than 15 years in investment banking, working at some
of the highest ranked and most competitive banks at the time, including Lehman Brothers, Merrill Lynch, Credit Suisse, and most recently,
JP Morgan Chase &amp; Co. (NYSE: JPM), where he served as an Executive Director from July 2007 until June 2014. Mr. Gabriel has traded
across the three major financial cities: London, Hong Kong and New York. Prior to his investment banking career, Mr. Gabriel served 13
months in the French Air Force as a Reserve Officer.</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">Mr. Gabriel has served as a trustee on the Board of
Trustees of&nbsp;the Fund&nbsp;since May 2021.</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">Mr. Gabriel attended ENSAM/Paris Tech (Arts et Me&#769;tiers),
located in Paris, France, from 1994 to 1997 and received a degree in mechanical engineering. He also attended HEC Paris, located in Jouy-en-Josas,
France, from 1998 to 1999 and received a MS in International Finance.</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">Mr. Gabriel&rsquo;s qualifications to serve as a Trustee
include his extensive financial experience, his entrepreneurial expertise having founded a real estate investment firm, and his leadership
experience having served in leadership roles at leading financial institutions.&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Interested Trustees</B></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"><B>Aditya Bindal</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Aditya Bindal, has served as Managing Director
and Chief Risk Officer at Saba Capital, an investment advisor focused on credit and equity relative value strategies, since October 2018.
Previously, Mr. Bindal served as Chief Risk Officer at Water Island Capital, an event-driven investment firm with over $2.5 billion in
AUM where he was responsible for firm wide risk management, as well as developing quantitative research, from September 2015 to September
2018. Prior to joining Water Island, Mr. Bindal worked as Senior Risk Manager for Eton Park Capital Management, an investment management
firm, from July 2008 to September 2015. His primary responsibilities included managing risks for credit and derivative portfolios, devising
scenario analysis for complex strategies and providing capital market perspectives to senior management. Mr. Bindal began his career in
2005 at The Bear Stearns Companies, Inc. (formerly NYSE: BSC), a global investment bank, securities trading and brokerage firm, as a risk
associate and subsequently traded credit derivatives for the proprietary desk. Mr. Bindal has served as a trustee on the Board of Trustees
of Saba Capital Income and Opportunities Fund II (ticker: SABA) since May 2021 and as a trustee on the Board of Trustees of Saba Capital
Income &amp; Opportunities Fund (ticker: BRW) since July 2020. Mr. Bindal received a Ph.D. in Chemical Engineering from Rutgers University,
Masters from Purdue University and a B.Tech from Indian Institute of Technology, Kharagpur in India. Mr. Bindal&rsquo;s qualifications
to serve as a trustee include his deep financial expertise and the senior financial management positions he has held at multiple asset
management firms.</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"><B>Paul Kazarian</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Paul Kazarian joined Saba Capital in March 2013
and is responsible for Exchange Traded products, including ETF arbitrage and Closed-End Funds. In addition to managing the Closed-End
Fund strategy, Mr. Kazarian serves as a portfolio manager for Saba Capital Income and Opportunities Fund (ticker: BRW) and Saba Closed-End
Funds ETF (ticker: CEFS). With his experience trading and analyzing closed-end funds, Mr. Kazarian serves as an Independent Trustee on
the Boards of Trustees of the Saba Capital Income &amp; Opportunities Fund II (ticker: SABA), the Miller Howard High Dividend Fund (ticker:
HIE) and the Destra Multi-Alternative Fund (ticker: DMA). Prior to Saba Capital, Mr. Kazarian was a Director at RBC Capital Markets in
the Global Arbitrage and Trading Group from 2007-2013.&nbsp; While there, Mr. Kazarian was responsible for the development and management
of the Fixed Income ETF Group and also responsible for overseeing other ETF and index strategies. Prior to RBC, Mr. Kazarian worked as
a technology analyst at Merrill Lynch. Mr. Kazarian holds a BA in Political Science from Bates College.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pierre Weinstein joined Saba Capital at launch
in April 2009.&nbsp; Prior to Saba Capital, Mr. Weinstein was a Portfolio Manager at Saba Principal Strategies, the proprietary credit
trading group at Deutsche Bank since January 2005, where he managed the equity derivatives, international convertible bond and SPAC arbitrage
strategies. Mr. Weinstein serves as a Trustee and Chairman of the Board of Trustees of the Saba Capital Income and Opportunities Fund
II (ticker: SABA). Mr. Weinstein started his investment career at Soci&eacute;t&eacute; G&eacute;n&eacute;rale in Paris in 1998 as an
equity derivatives market maker and had various roles until 2004 including a position as a convertible bond proprietary trader in New
York. Mr. Weinstein holds a MS in Engineering from &Eacute;cole Centrale Lyon and a MS in Finance from &Eacute;cole HEC in Paris.</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">For additional information on the Nominees, please
see&nbsp;<B>Appendix A</B>. No Nominee is a party adverse to the Fund or any of its affiliates in any material pending legal proceeding,
nor does any Nominee have an interest materially adverse to the Fund.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If any or all of the Nominees become unavailable to
serve as Trustee due to events not now known or anticipated, the persons named as proxies will vote for such other nominee or nominees
as the current Trustees may recommend or the Board may reduce the number of Trustees as provided for in the Fund&rsquo;s charter documents.</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"><B>How long will the Trustees serve on the Board?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board is divided into three classes. Each class
has a term of three years. Each year, the term of office of one class expires. This year, the terms of four Trustees expire. Aditya Bindal,
Frederic Gabriel, Paul Kazarian and Pierre Weinstein were elected for a three-year term, set to expire at the 2024 Annual Meeting. If
elected, each Nominee will serve in the new term until a successor is duly elected and qualified, or if sooner, until their death, resignation,
or removal.</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"><B>What is the required vote?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders of the Fund will vote collectively
as a single class on the election of each Nominee. There is no cumulative voting for the election of Trustees. The election of each Nominee
must be approved by a plurality of the votes cast at the Annual Meeting at which a quorum is present. Shareholders who vote for Proposal
One will vote for each Nominee. Those shareholders who wish to withhold their vote on any specific Nominees may do so on the Proxy Ballot.
Shareholders do not have appraisal rights in connection with the Proposal.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>What is the Board&rsquo;s recommendation?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board, including all of the Independent Trustees,
has unanimously approved the nomination of each of the Nominees, and recommends that the shareholders of the Fund vote&nbsp;<B>&ldquo;FOR&rdquo;</B>&nbsp;the
election of each of the Nominees named herein.</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: center"><FONT STYLE="text-transform: uppercase"><B>FURTHER
INFORMATION ABOUT THE TRUSTEES AND OFFICERS</B></FONT></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"><B>The Board of Trustees</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is governed by the Board, which oversees
the Fund&rsquo;s business and affairs. The Board delegates the day-to-day management of the Fund to the Fund&rsquo;s Officers and to various
service providers that have been contractually retained to provide such day-to-day services. The entities that render services to the
Fund do so pursuant to contracts that have been approved by the Board. The Trustees are experienced executives who, among other duties,
oversee the Fund&rsquo;s activities, review contractual arrangements with companies that provide services to the Fund, and review the
Fund&rsquo;s investment performance.</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"><B>The Board Leadership Structure and Related Matters</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board is comprised of nine members, five of
whom are Independent Trustees; Mr. Frederic Gabriel serves as Lead Independent Trustee.</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">One of the Interested Trustees, Pierre Weinstein,
serves as the Chairperson of the Board. The responsibilities of the Chairperson of the Board include: coordinating with management in
the preparation of agendas for Board meetings; presiding at Board meetings; between Board meetings, serving as a primary liaison with
other Trustees, officers of the Fund, management personnel, and legal counsel to the Independent Trustees; and such other duties as the
Board periodically may determine. Mr. Weinstein is a partner of the Fund&rsquo;s investment adviser, Saba Capital. The designation of
an individual as the Chairperson does not impose on such Trustee any duties, obligations or liabilities greater than the duties, obligations
or liabilities imposed on such person as a member of the Board, generally.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the fiscal year ended October 31, 2023, the
Board held five (5) meetings (not including committee meetings). No Trustee who was a member of the Board during such fiscal year attended
fewer than 75% of the aggregate of: (1) the total number of meetings held by the Board (2) with respect to Trustees currently serving
as members of the Audit Committee, the total number of meetings held by the Audit Committee, and (3) with respect to Trustees currently
serving as members of the Nominating and Corporate Governance Committee (the &ldquo;Nominating Committee&rdquo;), the total number of
meetings held by the Nominating Committee.</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"><B><I>Audit Committee</I></B>. The Board has established
an Audit Committee whose functions include, among other things: the appointment, compensation, retention and oversight of the work of
the Fund&rsquo;s independent registered public accounting firm (&ldquo;auditor&rdquo;) engaged for the purpose of preparing or issuing
an audit report or performing other audit, review or attest services for the Fund. The Audit Committee currently consists of three (3)
Independent Trustees. The following Trustees currently serve as members of the Audit Committee: Ms. Caldwell and Messrs. Hammitt and
Desai. Ms. Caldwell currently serves as the Chairperson of the Audit Committee. Ms. Caldwell has been designated as Audit Committee Financial
Expert under the Sarbanes-Oxley Act of 2002. The Audit Committee held four (4) meetings during the fiscal year ended October 31, 2023.
A copy of the current Audit Committee Charter is available, without charge, on the Internet at www.sabacef.com.</P>

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

<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: justify"><B><I>Nominating Committee.</I></B> The Board has
established a Nominating Committee whose functions include the following:</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">(i) The Nominating Committee shall make recommendations
for nominations of Independent Trustees of the Board to the incumbent Independent Trustees and to the full Board. The Nominating Committee
shall evaluate candidates&rsquo; qualifications for Board membership and the independence of such candidates from the Fund&rsquo;s investment
adviser and other principal service providers. The Nominating Committee shall also consider the effect of any relationships beyond those
delineated in the 1940 Act that might impair independence, e.g., business, financial or family relationships with investment managers
or service providers.</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">(ii) The Nominating Committee also shall evaluate
candidates&rsquo; qualifications and make recommendations for &ldquo;interested&rdquo; members on the Board to the full Board.</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">(iii) The Nominating Committee may adopt from time
to time specific, minimum qualifications that the Nominating Committee believes a candidate must meet before being considered as a candidate
for Board membership and shall comply with any rules adopted from time to time by the SEC regarding investment company nominating committees
and the nomination of persons to be considered as candidates for Board membership. In considering a candidate&rsquo;s qualifications,
the Nominating Committee generally considers the potential candidate&rsquo;s educational background, business or professional experience,
and reputation. In addition, the Nominating Committee has established as minimum qualifications for Board membership as an Independent
Trustee: (1)&nbsp;that such candidate be independent from relationships with the Fund&rsquo;s investment manager and other principal service
providers both within the terms and the spirit of the statutory independence requirements specified under the 1940 Act and the rules thereunder;
(2)&nbsp;that such candidate demonstrate an ability and willingness to make the considerable time commitment, including personal attendance
at Board meetings, believed necessary to his or her function as an effective Board member; and (3)&nbsp;that such candidate have no continuing
relationship as a director, officer or board member of any U.S. registered investment company other than those within the Saba Capital
fund complex or a closed-end business development company primarily investing in non-public entities. The Nominating Committee has not
adopted any specific policy on the issue of diversity, but will take this into account, among other factors, in its consideration of new
candidates to the Board.</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">(iv) The Nominating Committee shall review shareholder
recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Nominating
Committee at the Fund&rsquo;s offices. The Nominating Committee shall adopt, by resolution, a policy regarding its procedures for considering
candidates for the Board, including any recommended by shareholders.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following Trustees currently serve as members
of the Nominating Committee: Ms. Caldwell and Messrs. Desai and Gabriel. Mr. Desai currently serves as the Chairperson of the Nominating
Committee. The Nominating Committee typically meets at least once per year, and may hold special meetings by telephone or in person to
discuss specific matters that may require action prior to the next regular meeting. The Nominating Committee did not meet during the fiscal
year ended October 31, 2023.</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">The Nominating Committee will consider Trustee candidates
recommended by shareholders. In considering candidates submitted by shareholders, the Nominating Committee will take into consideration
the needs of the Board, the qualifications of the candidate and the interests of shareholders.</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">To serve as a Trustee, nominees must (a) have no felony
convictions or felony or misdemeanor convictions involving the purchase or sale of a security; and (b) not have been the subject of any
order, judgment or decree (which was not subsequently reversed, suspended or vacated) of any federal or state authority finding that the
individual violated or is in violation of any federal or state securities laws.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders wishing to recommend candidates to the
Nominating Committee should submit such recommendations to the Secretary of the Fund, who will forward the recommendations to the committee
for consideration. The submission must include: (i) a brief description of the business desired to be brought before the annual or special
meeting and the reasons for conducting such business at the annual or special meeting; (ii) the name and address, as they appear on the
Fund&rsquo;s books, of the shareholder proposing such business or nomination; (iii) a representation that the shareholder is a holder
of record of stock of the Fund entitled to vote at such meeting and intends to appear telephonically or by proxy at the meeting to present
such nomination; (iv) whether the shareholder plans to deliver or solicit proxies from other shareholders; (v) the class and number of
Common Shares of the Fund, which are beneficially owned by the shareholder and the proposed nominee to the Board; (vi) any material interest
of the shareholder or nominee in such business; (vii) to the extent to which such shareholder (including such shareholder&rsquo;s principals)
or the proposed nominee to the Board has entered into any hedging transaction or other arrangement with the effect or intent of mitigating
or otherwise managing profit, loss, or risk of changes in the value of the Common Shares or the daily quoted market price of the Fund
held by such shareholder (including shareholder&rsquo;s principals) or the proposed nominee, including independently verifiable information
in support of the foregoing; and (viii) such other information regarding such nominee proposed by such shareholder as would be required
to be included in a proxy statement filed pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (the &ldquo;1934
Act&rdquo;). Each eligible shareholder or shareholder group may submit no more than one Independent Trustee nominee each calendar year.</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">The Board has not established any committees other
than the Audit Committee and Nominating Committee and does not have a standing compensation committee. The Board believes it is appropriate
for the Fund not to have a standing compensation committee because, given the size of the Board, the Independent Trustees are collectively
capable of effectively and efficiently fulfilling the obligations that would otherwise be delegated to such committee, without the need
for a formal committee structure. The Independent Trustees, acting together as a group, each participate in the consideration of the compensation
of trustees and executive officers.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>The Board&rsquo;s Risk Oversight Role</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board oversees this risk management function consistent
with and as part of its oversight duties. The Board performs this risk management oversight function directly and, with respect to various
matters, through its committees. The following description provides an overview of many, but not all, aspects of the Board&rsquo;s oversight
of risk management for the Fund. In this connection, the Board has been advised that it is not practicable to identify all of the risks
that may impact the Fund or to develop procedures or controls that are designed to eliminate all such risk exposures, and that applicable
securities law regulations do not contemplate that all such risks be identified and addressed.</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">The Board, working with management personnel and other
service providers, has endeavored to identify the primary risks that confront the Fund. In general, these risks include, among others:
(i) investment risks; (ii) credit risks; (iii) liquidity risks; (iv) valuation risks; (v) operational risks; (vi) reputational risks;
(vii) regulatory risks; (viii) risks related to potential legislative changes; (ix) the risk of conflicts of interest affecting affiliates
in managing the Fund; and (x) cybersecurity risks. The Board has adopted and periodically reviews various policies and procedures that
are designed to address these and other risks confronting the Fund. In addition, many service providers to the Fund have adopted their
own policies, procedures, and controls designed to address particular risks to the Fund. The Board and persons retained to render advice
and service to the Board, including SS&amp;C ALPS, which provides certain administrative services to the Fund, EQ which provides transfer
agency services to the Fund, and Foreside, which provides third-party compliance officer and treasurer services to the Fund, periodically
review and/or monitor changes to, and developments relating to, the effectiveness of these policies and procedures.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board oversees risk management activities in
part through receipt and review by the Board of regular and special reports, presentations and other information from Officers of the
Fund, including the chief compliance officer (&ldquo;CCO&rdquo;) for the Fund and the Adviser and the Adviser&rsquo;s Chief Risk Officer,
and from other service providers.</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"><B>Trustee Compensation</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Trustee is reimbursed for reasonable expenses
incurred in connection with each meeting of the Board, Audit Committee or Nominating Committee meetings attended, as applicable. Each
Independent Trustee is compensated for his or her services, on a quarterly basis, according to a fee schedule adopted by the Board. The
Board may from time to time designate other meetings as subject to compensation.</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">For serving on the Board, each Independent Trustee
is paid a $15,000 annual retainer fee for the fiscal year ended October 31, 2023. Additionally, Ms. Caldwell receives an additional fee
of $7,500 per year for her service as Audit Committee Chairperson.<B>&nbsp; Appendix B&nbsp;</B>details the compensation paid to the Trustees
by the Fund.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Trustee Ownership of Securities</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Appendix C&nbsp;</B>provides the dollar value of
all of the shares of the Fund held directly or indirectly by each Trustee as of a recent date.</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"><B>Officers of the Fund</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Officers of the Fund are elected by the Board
and hold office until their successors are chosen and qualified, or until they sooner resign, are removed, or are otherwise disqualified
to serve. The Officers of the Fund, together with each person&rsquo;s position with the Fund and principal occupation for the last five
years, are listed in&nbsp;<B>Appendix D</B>.</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"><B>Officer Compensation</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Officers, who are also Officers or employees of
Saba Capital or its affiliates, are compensated by Saba Capital or its affiliates. The Officers are not paid by the Fund.</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: center"><FONT STYLE="text-transform: uppercase"><B>PROPOSAL
TWO &ndash; Consent to Amend the Fund&rsquo;s Declaration of Trust</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>What is Proposal Two?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Trustees of the Fund (the &ldquo;Board&rdquo;)
has approved an amendment to the Fund&rsquo;s Declaration of Trust to declassify the Board so that all Trustees are elected on an annual
basis. The annual election of all Trustees will align the Fund&rsquo;s corporate governance to the best-in-class standard of the industry.</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: 11pt Times New Roman, Times, Serif; margin: 0"><B>Trustee Vacancies</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Vacancies of Trustees may be filled by not less
than a majority vote of the Trustees then in office, regardless of the number and even if less than a quorum, unless a special meeting
of shareholders is called for the purpose of filling such vacancies, in which case, such vacancies shall be filled in the same manner
as an election of Trustees. A Trustee chosen to fill a vacancy shall hold office until the next election for which such Trustee shall
have been chosen when such Trustee&rsquo;s successor is duly elected and qualified, unless prior thereto such Trustee for any reason ceases
to serve as Trustee.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>What is the required vote?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The approval of the amendment to the Fund&rsquo;s
Declaration of Trust must be approved by a majority of the votes cast at the Annual Meeting at which a quorum is present.</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"><B>What is the Board&rsquo;s recommendation?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board, including all of the Independent Trustees,
has unanimously approved the amendment to the Fund&rsquo;s Declaration of Trust, and recommends that the shareholders of the Fund vote&nbsp;<B>&ldquo;FOR&rdquo;</B>&nbsp;Proposal
Two.</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: center"><FONT STYLE="text-transform: uppercase"><B>GENERAL
INFORMATION ABOUT THE PROXY STATEMENT</B></FONT></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"><B>Who is asking for my vote?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Board is soliciting your vote for the Annual Meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>How is my proxy being solicited?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Solicitation of proxies is being made primarily
by the mailing of the Notice of Annual Meeting of Shareholders, the Proxy Statement, and the Proxy Ballot on or about May 20, 2024. In
addition to the solicitation of proxies by mail, employees of Saba Capital and its affiliates, without additional compensation, may solicit
proxies in person or by telephone, email, facsimile, or oral communications.</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">If a shareholder wishes to participate in the Annual
Meeting, the shareholder may mail the Proxy Ballot originally sent with the Proxy Statement, attend virtually, vote telephonically, or
vote online by logging on to www.proxyvote.com and following the online directions. Should shareholders require additional information
regarding the proxy or require replacement of the Proxy Ballot, they may contact Broadridge at 855-928-4478.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>What happens to my proxy once I submit it?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board has named Michael D&rsquo;Angelo and
Nitin Sapru, or one or more substitutes designated by them, as proxies who are authorized to vote Fund shares as directed by shareholders.</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"><B>Can I revoke my proxy after I submit it?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A shareholder may revoke their proxy at any time
prior to its use by filing with the Fund a written revocation or a duly executed proxy bearing a later date. In addition, any shareholder
who attends the Annual Meeting virtually may vote by ballot at the Annual Meeting, thereby canceling any proxy previously given.</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"><B>How will my Shares be voted?</B>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If you follow the voting instructions, your proxy
will vote your shares as you have directed. If you submitted your Proxy Ballot but did not vote on the Proposals, your proxies will vote
on the Proposals as recommended by the Board. If any other matter is properly presented, your proxies will vote in their discretion in
accordance with their best judgment, including on any Proposal to adjourn the meeting. At the time this Proxy Statement was printed, the
Board knew of no matter that needed to be acted upon at the Annual Meeting other than the Proposals discussed in this Proxy Statement.</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"><U>Quorum and Tabulation</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each shareholder of the Fund is entitled to one
vote for each share held as to any matter on which such shareholder is entitled to vote and for each fractional share that is owned, the
shareholder shall be entitled to a proportionate fractional vote. A majority of shares entitled to vote shall constitute a quorum.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If a quorum is not present at the Annual Meeting,
if there are insufficient votes to approve the Proposals, or for any other reason deemed appropriate by your proxies, your proxies may
propose one or more adjournments of the Annual Meeting to permit additional time for the solicitation of proxies. Solicitation of votes
may continue to be made without any obligation to provide any additional notice of the adjournment. The persons named as proxies will
vote in favor of such adjournments in their discretion.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>Broker Non-Votes and Abstentions</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If a shareholder abstains from voting as to any
matter, or if a broker returns a &ldquo;non-vote&rdquo; proxy, indicating a lack of authority to vote on a matter, then the shares represented
by such abstention or non-vote will be treated as shares that are present at the Annual Meeting for purposes of determining the existence
of a quorum. However, abstentions and broker non-votes will be disregarded in determining the &ldquo;votes cast&rdquo; on a Proposal.
Abstentions and broker non-votes will not affect the outcome of the election of Trustees.</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"><B>How many Shares are outstanding?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Appendix E&nbsp;</B>sets forth the number of shares
of the Fund issued and outstanding as of the Record Date. Shares have no preemptive or subscription rights.</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"><B>Appendix F</B>&nbsp;lists the persons that, as
of the Record Date, owned beneficially or of record 5% or more of the outstanding shares of the Fund. To the best of the Fund&rsquo;s
knowledge, as of the Record Date, no Trustee or Officers owned 1% or more of the outstanding shares of the Fund. As of the Record Date,
none of the Independent Trustees nor their immediate family members owned any shares of the Adviser or principal underwriter or of any
entity controlling, controlled by, or under common control with the Adviser or principal underwriter (not including registered investment
companies).</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Section 16(a) Beneficial Ownership Reporting Compliance</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Section 16(a) of the 1934 Act and Section 30(h) of
the 1940 Act, as applied to the Fund, require the Fund&rsquo;s Officers, Trustees, Adviser, affiliates of the Adviser, and persons who
beneficially own more than 10% of a registered class of the Fund&rsquo;s outstanding securities (&ldquo;Reporting Persons&rdquo;), to
file reports of ownership of the Fund&rsquo;s securities and changes in such ownership with the SEC and the New York Stock Exchange. Such
Reporting Persons are required by the SEC regulations to furnish the Fund with copies of all such filings. Based solely on its review
of the copies of such forms received by it and written representations from certain Reporting Persons, the Fund believes that during the
fiscal year ended October 31, 2023, its Reporting Persons complied with all applicable filing requirements.</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"><B>Shareholder Communications with the Board</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders may send other communications to the
Board or an individual Trustee. Such communications should be sent to the Fund&rsquo;s Secretary at the address on the front of this Proxy
Statement.</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"><B>What is the deadline to submit a proposal for the 2025 Annual Meeting?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is anticipated that the next annual meeting will
be held in June 2025, but the exact date, time, and location of such meeting have yet to be determined. Any proposals of shareholders
that are intended to be presented at the next annual meeting must be in writing and received at the Fund&rsquo;s principal executive offices
no later than February 17, 2025, in order for the proposal to be considered for inclusion in the proxy statement for that meeting. The
submission of a proposal does not guarantee its inclusion in the proxy statement or presentation at the meeting.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders who wish to make a proposal that would
not be included in the Fund&rsquo;s proxy materials or to nominate a person or persons as a Trustee at the 2025 annual meeting of the
Fund must ensure that the proposal or nomination is delivered to the Fund&rsquo;s principal executive offices no earlier than January
17, 2025 and no later than February 17, 2025 and includes the information specified in the Fund&rsquo;s Declaration of Trust and Bylaws.
However, if the annual meeting is not scheduled to be held within 30 days before or after the first anniversary date of the annual meeting
for the preceding year (such annual meeting date outside such period, an &ldquo;Other Annual Meeting Date&rdquo;), notice by shareholders,
to be timely, must be delivered to the Fund&rsquo;s principal executive offices by the later of (i) the date 90 days prior to the Other
Annual Meeting Date or (ii) the 10th day following the date that the Other Annual Meeting Date is first publicly announced or disclosed
and must include the information specified in the Fund&rsquo;s Declaration of Trust and Bylaws. The chairperson of the Annual Meeting
may disregard any nomination or other proposal by a shareholder that is not made in the manner described above.</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"><B>Who is the Fund&rsquo;s independent public accountants?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board has selected the accounting firm of Ernst
&amp; Young LLP (&ldquo;E&amp;Y&rdquo;) as the independent auditor of the Fund for the current fiscal year.</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">PricewaterhouseCoopers LLP (&ldquo;PwC&rdquo;) served
as the independent auditor of the Fund for the fiscal year ended October 31, 2023.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its oversight of the Fund&rsquo;s financial
statements, on December 20, 2023, the Audit Committee held a telephonic meeting to review and discuss with the Adviser and the Fund&rsquo;s
previous independent auditor, PwC, the Fund&rsquo;s audited financial statements for the fiscal year ended October 31, 2023. The Audit
Committee discussed with PwC the matters required to be discussed by Public Company Accounting Oversight Board (&ldquo;PCAOB&rdquo;) Auditing
Standard 1301, Communications with Audit Committees. The Audit Committee has also received and reviewed the written disclosures and the
letter from PwC pursuant to PCAOB Rule 3526 and discussed PwC&rsquo;s independence.</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">Based on the reviews and discussion referred to above,
the Audit Committee recommended to the Board that the audited financial statements be included in the Fund&rsquo;s Annual Report to shareholders.</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: center">Submitted by the Audit Committee of the Board:</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Ketu Desai</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">The fees paid to PwC for professional audit services
during the Fund&rsquo;s most recent fiscal years ended December 31, 2022 and October 31, 2023, amounts billed for other services rendered
by PwC to the Fund, and the aggregate non-audit fees billed by PwC for services rendered to the Fund, the Adviser, and any entity controlling,
controlled by, or under common control with the Adviser that provides ongoing services to the Fund for the fiscal years ended December
31, 2022 and October 31, 2023 are described in&nbsp;<B>Appendix G.</B></P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of the services provided by the previous and current
independent public accounting firm were approved by the Audit Committee pursuant to pre-approval policies and procedures adopted by the
Audit Committee. Pursuant to such policies and procedures, the Audit Committee approves: (i) all audit and non-audit services to be rendered
to the Fund by E&amp;Y and, previously by PwC; and (ii) all non-audit services impacting the operations and financial reporting of the
Fund provided by E&amp;Y and, previously by PwC to the Adviser or any affiliate thereof that provides ongoing services to the Fund (collectively,
&ldquo;Covered Services&rdquo;). The Audit Committee has adopted pre-approval procedures authorizing one or more members of the Audit
Committee to approve from time to time, on behalf of the Audit Committee, all Covered Services to be provided by E&amp;Y and, previously
by PwC, which are not otherwise approved at a meeting of the Audit Committee, provided that such delegate reports to the full Audit Committee
at its next regularly scheduled meeting. The pre-approval procedures do not include delegation of the Audit Committee&rsquo;s responsibilities
to management. Pre-approval has not been waived with respect to any of the services described above since the date on which the Audit
Committee adopted its current pre-approval procedures.</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">The Audit Committee of the Board has considered and
will periodically consider whether E&amp;Y&rsquo;s provision of non-audit services to the Adviser and all entities controlling, controlled
by, or under common control with the Adviser that provide ongoing services to the Fund that were not required to be pre-approved is compatible
with maintaining the independence of E&amp;Y.&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Representatives of E&amp;Y and PwC are not expected
to be at the Annual Meeting but have been given the opportunity to make a statement if they wish.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Why did my household only receive one copy of this
Proxy Statement?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Only one copy of this Proxy Statement may be mailed
to each household, even if more than one person in the household is a Fund shareholder of record, unless the Fund has received contrary
instructions from one or more of the household&rsquo;s shareholders. If a shareholder needs an additional copy of this Proxy Statement,
please contact Broadridge at 855-928-4478 If in the future, any shareholder does not wish to combine or wishes to recombine the mailing
of a proxy statement with household members, please inform the Fund in writing at 405 Lexington Avenue, 58<SUP>th</SUP> Floor, New York,
New York 10174 or via telephone at 212-542-4644.</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"><B>Who pays for this proxy solicitation?</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will pay the expenses incurred in connection
with the Notice of Annual Meeting of Shareholders, Proxy Statement, and the Annual Meeting, including printing, mailing, vote tabulation,
legal, and out of pocket expenses. The total estimated proxy solicitation costs are approximately $41,996.62.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order that the presence of a quorum at the Annual
Meeting may be assured, prompt execution and return of the enclosed Proxy Ballot is requested. A self-addressed postage paid envelope
is enclosed for your convenience. You also may vote via telephone or via the Internet. Please follow the voting instructions as outlined
on your Proxy Ballot.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">May [], 2024</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>APPENDIX
A: NOMINEES</B></FONT>&nbsp;</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">The following table sets forth information concerning
the Nominees to the Board of the Fund. The mailing address for each Nominee is 405 Lexington Avenue, 58<SUP>th</SUP> Floor, New York,
NY 10174.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 19.75pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name, Address</B><BR>
<B>and Date of Birth</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Position(s)</B><BR>
<B>Held with</B><BR>
<B>the Fund</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Term of Office and</B><BR>
<B>Length of Time Served<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Principal Occupation(s)</B><BR>
<B>During the Past 5 Years</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Number of Funds in</B><BR>
<B>the Fund Complex</B><BR>
<B>Overseen by Trustees<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Other Board Positions</B><BR>
<B>Held by Trustees</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD COLSPAN="6" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Independent Nominees</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Frederic Gabriel</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>(1974) </B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trustee; Lead Independent Trustee</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Since May 2021; Lead Independent Trustee Since April 2023</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">See &ldquo;Proposal One &ndash; Election of Nominees&rdquo;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD></TR>
  </TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Name, Address</B><BR>
<B>and Age</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Position(s)</B><BR>
<B>Held with</B><BR>
<B>the Fund</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Term of Office and</B><BR>
<B>Length of Time Served<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Principal Occupation(s)</B><BR>
<B>During the Past 5 Years</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number of Funds in</B><BR>
<B>the Fund Complex</B><BR>
<B>Overseen by Trustees<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="width: 26%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Other Board Positions</B><BR>
<B>Held by Trustees</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD COLSPAN="6" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Nominee who is an &ldquo;Interested Person&rdquo; <SUP>3</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Aditya Bindal</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>(1976)</B></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since May 2021</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">See &ldquo;Proposal One &ndash; Election of Nominees&rdquo;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Saba Capital Income and Opportunities Fund (2020-present).</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Paul Kazarian</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>(1984)</B></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee</FONT></TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Trustee</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Since May 2021</P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">See &ldquo;Proposal One &ndash; Election of Nominees&rdquo;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Miller/Howard Income Equity Fund (2022-present); The Destra Multi-Alternative Fund (2022-present); ASA Gold and Precious Metals Limited Fund (2024 &ndash; present).</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Pierre Weinstein</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>(1975)</B></P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Trustee; Chairman</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Of the Board</P></TD>
    <TD STYLE="border-bottom: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Trustee</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Since May 2021;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Chairman</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Since February 2023</P></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">See &ldquo;Proposal One &ndash; Election of Nominees&rdquo;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trustees serve until their successors are duly elected and qualified. The tenure of each Trustee who is not an &ldquo;interested person&rdquo; as defined in the 1940 Act, of the Fund (as defined below, &ldquo;Independent Trustee&rdquo;) is subject to the Board&rsquo;s retirement policy, which states that each duly elected or appointed Independent Trustee shall retire from and cease to be a member of the Board at the close of business on December 31 of the calendar year in which the Independent Trustee attains the age of 75. A majority vote of the Board&rsquo;s other Independent Trustees may extend the retirement date of an Independent Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Fund under applicable law, whether for the purposes of appointing a successor to the Independent Trustee or otherwise complying under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Trustees).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For the purposes of this table, &ldquo;Fund Complex&rdquo; means the Fund and Saba Capital Income &amp; Opportunities Fund.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Aditya Bindal, Paul Kazarian and Pierre Weinstein are each deemed to be an Interested Trustee because of their current affiliation with the Fund and Saba Capital and its affiliates.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>APPENDIX
B: TRUSTEE COMPENSATION TABLE</B></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">The following table has been provided to the Fund
by the Adviser and its affiliates and sets forth information regarding the compensation paid to the Independent Trustees for the fiscal
year ended October 31, 2023 for service on the Board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 19.75pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 47%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name of Trustee</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Aggregate Compensation from the Fund</B><BR>
<B>(fiscal year ended October 31, 2023)</B></FONT></TD>
    <TD STYLE="width: 30%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total Compensation</B><BR>
<B>from the Fund and</B><BR>
<B>Complex Paid to</B><BR>
<B>Trustees<SUP>1</SUP></B>&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Karen Caldwell</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$22,500</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$22,500</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ketu Desai</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$15,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$15,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Frederic P. Gabriel</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$15,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$15,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mark Hammitt</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$15,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$15,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Garry Khasidy</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$15,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$15,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Anatoli Nakum</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$15,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$15,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Aditya Bindal<SUP>2</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Paul Kazarian<SUP>2</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pierre Weinstein<SUP>2</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">As of October 31, 2023, the Complex consisted only of the Fund.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Aditya Bindal, Paul Kazarian and Pierre Weinstein are each deemed to be an Interested Trustee because
of their current affiliation with the Fund and Saba Capital and its affiliates and therefore do not receive any compensation from the
Fund for their roles as Interested Trustees.</TD></TR></TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>APPENDIX
C: SHARES OWNED BY TRUSTEES</B></FONT><B>&nbsp;AND OFFICERS</B></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">The following table sets forth information regarding
the dollar range of equity securities of the Fund beneficially owned by each Trustee as of March 31, 2024.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 19.75pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 47%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name of Trustee</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 23%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Fund</B></FONT></TD>
    <TD STYLE="width: 30%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Aggregate Dollar Range of Equity Securities in all Registered</B><BR>
<B>Investment Companies Overseen by Trustee in Family of</B><BR>
<B>Investment Companies</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Independent Trustees</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Karen Caldwell</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ketu Desai</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Frederic P. Gabriel</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mark Hammitt</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Garry Khasidy</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Anatoly Nakum</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Trustee who is an &ldquo;Interested Person&rdquo;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Aditya Bindal</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Paul C. Kazarian</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pierre Weinstein</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><B>Named Executive Officers</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: Black 1pt solid">Boaz Weinstein</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; text-align: center">None</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid">Pierre Weinstein</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; text-align: center">None</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: Black 1pt solid">Michael D&rsquo;Angelo</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; text-align: center">None</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid">Patrick Keniston</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; text-align: center">None</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: Black 1pt solid">Troy Statczar</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; text-align: center">None</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid">Nitin Sapru</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; text-align: center">None</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><I>All Trustees and Officers as a group</I></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">$0</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; border-right: Black 1pt solid">None</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>APPENDIX
D: OFFICERS</B></FONT></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">Information for each Officer of the Fund is set forth
in the table below. The mailing address for each Officer is 405 Lexington Avenue, 58<SUP>th </SUP>Floor, New York, NY 10174, except as
noted below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 19.75pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name, Address<SUP>1</SUP> and DOB</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Position(s) Held with</B><BR>
<B>the Fund</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Principal Occupation(s) During the Past 5 Years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Boaz Weinstein</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DOB: 06/06/1973</B></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">President</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Since May 2021</FONT></TD>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">CIO of Saba Capital</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Pierre Weinstein</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DOB: 04/07/1975</B></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Executive Officer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Since May 2021</FONT></TD>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Portfolio Manager at Saba Capital</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Michael D&rsquo;Angelo</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DOB: 09/08/1978</B></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">Secretary</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Since May 2021</FONT></TD>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">COO and General Counsel at Saba Capital</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Patrick Keniston</B><SUP>1</SUP></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DOB: 01/18/1964</B></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">CCO</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Since June 2021</FONT></TD>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Senior Director, Foreside (since 2008)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Troy Statczar</B><SUP>1</SUP></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DOB: 08/31/1971</B>&nbsp;</P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">PFO, Treasurer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Since June 2021</FONT></TD>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Senior Director (2020-present) - Foreside; Director of Fund Administration (2017-2019) - Thornburg Investment Management, Inc.; Director of U.S. Operations (2008-2017) - Henderson Global Investors N.A., Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Nitin Sapru</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DOB: 12/07/1980</B></P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">VP</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Since May 2021</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">CFO at Saba Capital</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Patrick Keniston's and Troy Staczar&rsquo;s address is Foreside Fund Officer Services LLC, 3 Canal Plaza, Suite 100, Portland, ME 04101.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>APPENDIX
E: COMMON SHARES OUTSTANDING</B></FONT>&nbsp;</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">The following table sets forth the Common Shares outstanding
of the Fund as of the Record Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 32.7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Fund</B></FONT></TD>
    <TD STYLE="width: 55%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Number of Common Shares Outstanding</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Saba Capital Income &amp; Opportunities Fund II </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">56,510,504</P>
<FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>APPENDIX
F: BENEFICIAL OWNERSHIP OF 5 PERCENT OR MORE AS OF THE RECORD DATE </B></FONT>&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 20%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name and Address of Shareholder<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Number of Shares</B></FONT></TD>
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Percentage of Fund</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fund</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Saba Capital Management, L.P.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">405 Lexington Ave., 58th Floor</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">New York, NY 10174</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,909,452</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.23%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This entity is the shareholder of record and may be deemed to be the beneficial owner of the shares listed for certain purposes under the securities laws, although in certain instances it may not have an economic interest in these shares and would, therefore, ordinarily disclaim any beneficial ownership therein.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>APPENDIX
G: FEES PAID TO THE INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS</B></FONT></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">The following table shows fees paid to PwC for professional
audit services during the Fund&rsquo;s most recent fiscal years ended December 31, 2022 and October 31, 2023, as well as fees billed for
other services rendered by PwC to the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 19.75pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Fund</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Audit Fees<SUP>1</SUP></B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Audit-Related Fees<SUP>2</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 13%; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 21%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>October 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 21%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 27%; border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>October 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fund</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$55,508</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$55,935</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Tax Fees<SUP>3</SUP></B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>All Other Fees<SUP>4,5</SUP></B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>October 31, 2023</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>October 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fund</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Audit fees consist of fees billed for professional services rendered for the audit of the year-end financial statements and services that are normally provided by PwC in connection with statutory and regulatory filings.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 27px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Audit-related fees consist principally of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Fund&rsquo;s consolidated financial statements and are not reported under &ldquo;Audit Fees.&rdquo; These services include attestation services that are not required by statute or regulations and consultations concerning financial accounting and reporting standards.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 27px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tax fees consist of fees billed for professional services for tax compliance. These services include assistance regarding federal, state, and local tax compliance.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 27px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All other fees would include fees for products and services other than the services reported above, including those related to the review and issuance of consents on various SEC filings.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In addition, <FONT STYLE="background-color: white">the Audit Committee pre-approves PwC&rsquo;s engagement for other services to be provided to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the&nbsp;Fund, which engagements relate directly to the operations and financial reporting of the Fund. The aggregate fees paid to PwC for such services were $113,000 for the fiscal year ended October 31, 2023, and $276,195 for the fiscal year ended December&nbsp;31, 2022. </FONT>The services for which these fees were paid included professional fees in connection with determining the feasibility of a U.S. direct lending structure, professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, fees in connection with a license for accounting and business knowledge platform Viewpoint, professional fees relating to security count and fees in connection with a license for employee development tool ProEdge.</FONT></TD></TR>
  </TABLE>
<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; text-indent: 19.75pt">The following table presents:
(i) the aggregate non-audit fees (<I>i.e.</I>, fees for audit-related, tax, and other services) billed to the Fund by PwC for the Fund&rsquo;s
fiscal years ended December 31, 2022 and October 31, 2023; and (ii) the aggregate non-audit fees billed to the Adviser, or any of its
affiliates, by PwC for the same time periods.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 19.75pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Aggregate Non-Audit Fees</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 42%; border-left: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Registrant/Adviser</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 35%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 23%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fund</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$183,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$346,195</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>


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