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BRW Announces Notification of Sources of Distributions

NEW YORK--(BUSINESS WIRE)-- Saba Capital Income & Opportunities Fund (NYSE: BRW) (the 鈥淔und鈥�), a registered closed-end management investment company listed on the New York Stock Exchange, is notifying shareholders, prospective shareholders, and third parties of the sources of distributions pursuant to Section 19(a) of the Investment Company Act of 1940 (the 鈥淚nvestment Company Act鈥�).

IMPORTANT INFORMATION REGARDING MONTHLY DISTRIBUTION

Distribution Notice. Pursuant to Section 19(a) of the Investment Company Act, the Fund is providing its shareholders with an estimate of the source of the Fund's monthly distribution as required by current securities laws.

The Fund鈥檚 estimated sources of the distribution paid on October 31, 2024 and for the fiscal year 2024 year-to-date are as follows:

Estimated Allocations for the distribution paid on October 31, 2024 (estimated as of October 21, 2024):

Cumulative Estimated Allocations fiscal year-to-date as of September 30, 2024, for the fiscal year ending October 31, 2024:

Shareholders, prospective shareholders, and third parties should not draw any conclusions about the Fund鈥檚 investment performance from the amount of this distribution or from the terms of the Fund鈥檚 Plan (as defined below). The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the Fund鈥檚 distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect the Fund鈥檚 investment performance and should not be confused with 鈥測ield鈥� or 鈥渋ncome.鈥� The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund鈥檚 investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund鈥檚 distributions for federal income tax purposes.

The determination of the actual source of distributions can only be made at year-end. The actual source amounts of all Fund distributions will be included in the Fund鈥檚 annual or semi-annual reports. In addition, the tax treatment may differ from the accounting treatment used to calculate the source of the Fund鈥檚 distributions as shown on shareholders鈥� statements. Shareholders should refer to their Form 1099-DIV for the character and amount of distributions for income tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after December 31, 2024 and reported to you on Form 1099-DIV early in 2025. Since each shareholder鈥檚 tax situation is unique, it may be advisable to consult a tax advisor as to the appropriate treatment of Fund distributions.

Effective after the close of business on June 4, 2021, Saba Capital Management, L.P. replaced Voya Financial as the investment adviser to Saba Capital Income & Opportunities Fund (formerly known as the Voya Prime Rate Trust). Performance of the Fund prior to the close of business on June 4, 2021 is not attributable to Saba Capital Management, L.P.

Fund Performance and Distribution Rate Information:

¹Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through September 30, 2024. Annual NAV Total Return is the percentage change in the Fund鈥檚 NAV over a year, assuming reinvestment of distributions paid.

²The Annualized Distribution Rate is the dollar value of distributions for the current fiscal period November 1, 2023 through September 30, 2024 (which includes the special dividend paid during the current fiscal period in January 2024) annualized as a percentage of the Fund鈥檚 NAV as of September 30, 2024. The level of distribution amount shown is not guaranteed and special dividends may not be paid in the future. Further, no conclusions should be drawn about the Fund鈥檚 investment performance from the amount or rate of distribution shown.

³Cumulative Total Return is the percentage change in the Fund鈥檚 NAV from October 31, 2023 through September 30, 2024, assuming reinvestment of distributions paid.

⁴The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the current fiscal period November 1, 2023 through September 30, 2024 (which includes the special dividend paid during the current fiscal period in January 2024) as a percentage of the Fund鈥檚 NAV as of September 30, 2024. The level of distribution amount shown is not guaranteed and special dividends may not be paid in the future. Further, no conclusions should be drawn about the Fund鈥檚 investment performance from the amount or rate of distribution shown.

Managed Distribution Plan. The above distribution was declared in accordance with the Fund鈥檚 currently effective managed distribution plan (the 鈥淧lan鈥�), whereby the Fund will make monthly distributions to shareholders at a fixed amount of $0.085 per share. Thus, the distribution amount shown excludes special dividends (which are not paid pursuant to the plan), including the special dividend paid during the current fiscal period in January 2024. The Fund will generally distribute amounts necessary to satisfy the Fund鈥檚 Plan and the requirements prescribed by excise tax rules and Subchapter M of the Internal Revenue Code. The Plan is intended to provide shareholders with a constant, but not guaranteed, fixed minimum rate of distribution each month and is intended to narrow the discount between the market price and the net asset value of the Fund鈥檚 common shares, but there is no assurance that the Plan will be successful in doing so.

Under the Plan, to the extent that sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution rate. As a result, long-term capital gains and/or return of capital may be a material source of any distribution. No conclusions should be drawn about the Fund鈥檚 investment performance from the amount of the Fund鈥檚 distributions or from the terms of the Fund鈥檚 Plan. The Board of Trustees (the 鈥淏oard鈥�) may amend the terms of the Plan or terminate the Plan at any time without prior notice to Fund shareholders. No level of distribution can be guaranteed. The amendment or termination of the Plan could have an adverse effect on the market price of the Fund鈥檚 common shares. The Plan is subject to the periodic review by the Board, including a yearly review of the annual minimum fixed rate to determine if an adjustment should be made.

Past Performance is No Assurance of Future Results. Investment return and principal value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. Investors should consider the investment objective, risks and expenses carefully. You can obtain the Fund鈥檚 most recent periodic reports and filings by visiting .

Other Information and Certain Risk Factors: The Fund鈥檚 investment objective is to provide investors with a high level of current income, with a secondary goal of capital appreciation. There can be no assurance that the Fund will meet its investment objective. The Fund seeks to achieve this objective by investing globally in debt and equity securities of public and private companies, which includes, among other things, investments in closed鈥恊nd funds, special purpose acquisition companies (鈥淪PACs鈥�), reinsurance, and public and private debt instruments. The Fund also may utilize derivatives including but not limited to total return swaps, credit default swaps, options (including but not limited to index options) and futures, in seeking to enhance returns and/or to reduce portfolio risk. In addition, on an opportunistic basis, the Fund may also invest up to 15% of its total assets in private funds that focus on debt, equity or other investments consistent with the Fund鈥檚 investment objective.

The value of the Fund鈥檚 investments in equity securities of public and private, listed and unlisted companies and equity derivatives generally varies with the performance of the issuer and movements in the equity markets more generally. As a result, the Fund may suffer losses if it invests in equity instruments of issuers whose performance diverges from the Fund鈥檚 investment manager鈥檚 expectations or if equity markets generally move in a single direction and the Fund has not hedged against such a general move. The Fund may invest in closed-end funds and SPACs, which are subject to additional risks and considerations. The performance of reinsurance-related securities and the reinsurance industry itself are tied to the occurrence of various triggering events, including but not limited to weather, natural disasters (hurricanes, earthquakes, etc.), non-natural large catastrophes and other specified events causing physical and/or economic loss. To the extent the Fund invests in reinsurance-related securities for which a triggering event occurs, losses associated with such event could result in losses to the Fund鈥檚 investment, and a series of major triggering events affecting a large portion of the reinsurance- related securities held by the Fund could result in substantial losses to the Fund鈥檚 investment. The Fund may invest in high yield securities, which are speculative in nature and are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on changes in interest rates. Changes in short-term market interest rates may directly affect the yield on the Fund鈥檚 common shares. If such rates fall, the Fund鈥檚 yield may also fall. If interest rate spreads on bonds and loans owned by the Fund decline in general, the yield on the bonds and loans will likely fall and the value of such bonds and loans may decrease. When short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on bonds and loans in the Fund鈥檚 portfolio, the impact of rising rates will be delayed to the extent of such lag. Because of the limited secondary market for certain bonds and loans, the Fund鈥檚 ability to sell such securities in a timely fashion and/or at a favorable price may be limited. An increase in the demand for bonds and loans may adversely affect the rate of interest payable on new bonds and loans acquired by the Fund, and it may also increase the price of bonds and loans purchased by the Fund in the secondary market. A decrease in the demand for bonds and loans may adversely affect the price of bonds and loans in the Fund鈥檚 portfolio, which would cause the Fund鈥檚 net asset value to decrease. The Fund鈥檚 use of leverage, if any, through borrowings or issuance of preferred shares can adversely affect the yield on the Fund鈥檚 common shares. Investment in foreign borrowers involves special risks, including but not limited to potentially less rigorous accounting requirements, differing legal systems and potential political, social and economic adversity. The Fund may engage in currency exchange transactions to seek to hedge, as closely as practicable, all of the economic impact to the Fund arising from foreign currency fluctuations. Other risks include, but are not limited to, the use of derivatives, the potential lack of diversification in the Fund鈥檚 portfolio, and the fact that the Fund鈥檚 portfolio may be concentrated in a small group of industries or industry sectors from time to time. Investors should consult the Fund鈥檚 filings with the Securities and Exchange Commission as well as the materials on the Fund鈥檚 website for a more detailed discussion of these or other risk factors that affect the Fund.

About Saba Capital Income & Opportunities Fund. Saba Capital Income & Opportunities Fund is a publicly-traded registered closed-end management investment company. The Fund鈥檚 common shares trade on the New York Stock Exchange under the ticker symbol 鈥淏RW鈥�. The Fund is managed by Saba Capital Management, L.P.

Forward-Looking Statements. This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including but not limited to statements containing the words 鈥渂elieves,鈥� 鈥減lans,鈥� 鈥渁nticipates,鈥� 鈥渆xpects,鈥� 鈥渆stimates鈥� and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors, including but not limited to the 鈥淐ertain Risk Factors鈥� noted above, are identified from time to time in the Fund鈥檚 filings with the Securities and Exchange Commission as well as the materials on the Fund鈥檚 website. The Fund undertakes no obligation to update such statements to reflect subsequent events, except as may be required by law.

For further information on Saba Capital Income & Opportunities Fund, please visit our website at: .

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Source: Saba Capital Income & Opportunities Fund