BRW Announces Notification of Sources of Distributions

NEW YORK--(BUSINESS WIRE)--November 27, 2024-- 

Saba Capital Income & Opportunities Fund $(BRW)$ (the "Fund"), 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 "Investment Company Act").

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's estimated sources of the distribution to be paid on November 29, 2024 and for the fiscal year 2024 year-to-date are as follows:

Estimated Allocations for the distribution to be paid on November 29, 2024 (estimated as of November 21, 2024):

 
 Distribution   Net Investment   Net Realized    Net Realized     Return of 
  Per Share       Income Per     Short- Term      Long- Term     Capital Per 
                  Share and     Capital Gains   Capital Gains     Share and 
                Percentage of   Per Share and   Per Share and   Percentage of 
                     Such       Percentage of   Percentage of        Such 
                 Distribution        Such            Such        Distribution 
                    Amount       Distribution    Distribution       Amount 
                                    Amount          Amount 
--------------  --------------  --------------  --------------  -------------- 
   $0.08500        $0.02029        $0.00000        $0.00000        $0.06471 
                   (23.87%)        (0.00%)         (0.00%)         (76.13%) 
--------------  --------------  --------------  --------------  -------------- 
 

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

 
 Distribution   Net Investment   Net Realized    Net Realized     Return of 
  Per Share       Income Per     Short- Term      Long- Term     Capital Per 
                  Share and     Capital Gains   Capital Gains     Share and 
                Percentage of   Per Share and   Per Share and   Percentage of 
                     Such       Percentage of   Percentage of        Such 
                 Distribution        Such            Such        Distribution 
                    Amount       Distribution    Distribution       Amount 
                                    Amount          Amount 
--------------  --------------  --------------  --------------  -------------- 
   $1.13400        $0.46960        $0.00000        $0.00000        $0.66440 
                   (41.41%)        (0.00%)         (0.00%)         (58.59%) 
--------------  --------------  --------------  --------------  -------------- 
 

Shareholders, prospective shareholders, and third parties should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's 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's 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's investment performance and should not be confused with "yield" or "income." 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's 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's 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's annual or semi-annual reports. In addition, the tax treatment may differ from the accounting treatment used to calculate the source of the Fund's distributions as shown on shareholders' 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's 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.

 
  Average Annual 
 Total Return (in                        Cumulative Total 
 relation to the        Annualized          Return (in      Cumulative Fiscal 
  change in net     Distribution Rate    relation to the      Year-To- Date 
asset value $(NAV)$    (for the current   change in NAV for   Distribution Rate 
  for the 5-year    fiscal period as a  the current fiscal   (as a percentage 
 period ended on    percentage of NAV     period through       of NAV as of 
   October 31,      as of October 31,      October 31,         October 31, 
     2024)(1)            2024)(2)            2024)(3)            2024)(4) 
------------------  ------------------  ------------------  ------------------ 
      4.38%               14.16%              12.20%              14.16% 
------------------  ------------------  ------------------  ------------------ 
 

Fund Performance and Distribution Rate Information:

(1) Average 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 October 31, 2024. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.

(2) The Annualized Distribution Rate is the dollar value of distributions for the current fiscal period November 1, 2023 through October 31, 2024 (which includes the special dividend paid during the current fiscal period in January 2024) annualized as a percentage of the Fund's NAV as of October 31, 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's investment performance from the amount or rate of distribution shown.

(3) Cumulative Total Return is the percentage change in the Fund's NAV from October 31, 2023 through October 31, 2024, assuming reinvestment of distributions paid.

(4) The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the current fiscal period November 1, 2023 through October 31, 2024 (which includes the special dividend paid during the current fiscal period in January 2024) as a percentage of the Fund's NAV as of October 31, 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's investment performance from the amount or rate of distribution shown.

Managed Distribution Plan. The above distribution was declared in accordance with the Fund's currently effective managed distribution plan (the "Plan"), 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's 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's 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's investment performance from the amount of the Fund's distributions or from the terms of the Fund's Plan. The Board of Trustees (the "Board") 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's 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.

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November 27, 2024 19:00 ET (00:00 GMT)