
The Boards of Trustees of Saba Capital Income &amp; Opportunities Fund (NYSE:BRW) and Saba Capital Income &amp; Opportunities Fund II (NYSE:SABA) have reapproved a proposal to merge the funds. The proposed merger, if

<p xmlns="http://www.w3.org/1999/xhtml">
The Boards of Trustees of Saba Capital Income &amp; Opportunities Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BRW">BRW</a>) and Saba Capital Income &amp; Opportunities Fund II (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SABA">SABA</a>) have reapproved a proposal to merge the funds. The proposed merger, if approved by shareholders, would combine SABA into BRW. The merger is intended to create a larger fund with greater investment scale and potentially increased trading volume on the exchange for common shares. The funds are currently targeting closing the proposed merger in the fourth quarter of 2026.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The terms of the proposed merger are substantially identical to the merger that had been previously approved, but which was paused. The merger is subject to customary closing conditions, including necessary shareholder approvals. Detailed information on the proposed merger will be contained in proxy materials expected to be filed with the Securities and Exchange Commission.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Saba Capital Income &amp; Opportunities Fund.</b> Saba Capital Income &amp; Opportunities Fund is a publicly-traded registered closed-end management investment company. The fund’s common shares trade on the New York Stock Exchange under the ticker symbol "BRW." The fund is managed by Saba Capital Management, L.P.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Saba Capital Income &amp; Opportunities Fund II.</b> Saba Capital Income &amp; Opportunities Fund II is a publicly-traded registered closed-end management investment company. The fund’s common shares trade on the New York Stock Exchange under the ticker symbol "SABA." The fund is managed by Saba Capital Management, L.P.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Forward-Looking Statements.</b> This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to: market developments, legal and regulatory developments, the ability to satisfy conditions to the proposed merger, and other additional risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the fund assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Important Information.</b> In connection with the merger proposal discussed herein, the funds expect to file with the Securities and Exchange Commission (the "SEC") solicitation materials in the form of a proxy statement and/or a joint proxy statement/prospectus that will be included in a registration statement on Form N-14. After the registration statement is filed with the SEC, it may be amended or withdrawn and the proxy statement and/or joint proxy statement/prospectus will not be distributed to shareholders unless and until the registration statement is declared effective by the SEC. Investors are urged to read the solicitation materials and any other relevant documents when they become available because they will contain important information about the merger proposal. After they are filed, free copies of the solicitation materials will be available on the SEC’s web site at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=54592819&amp;newsitemid=20260820671650&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=1&amp;md5=1b23087f517bfdcb8ffe35ef647027ee" shape="rect">www.sec.gov</a>. This communication is for informational purposes only and is not a solicitation of a proxy from any fund shareholder and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933. However, the funds, Saba Capital Management and certain of their respective trustees, officers and affiliates may be deemed under the rules of the SEC to be participants in the solicitation of proxies from shareholders in connection with the merger proposal discussed herein. Information about the trustees and officers of the funds may be found in their respective annual reports previously filed with the SEC. Fund shares are not guaranteed or endorsed by any bank or other insured depository institution and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Past performance is no guarantee of future results. Closed-end funds frequently trade at a discount to their net asset value.

</p><p xmlns="http://www.w3.org/1999/xhtml">
For further information on Saba Capital Income &amp; Opportunities Fund and Saba Capital Income &amp; Opportunities Fund II, please visit our website at: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sabacef.com&amp;esheet=54592819&amp;newsitemid=20260820671650&amp;lan=en-US&amp;anchor=www.sabacef.com&amp;index=2&amp;md5=dd6cb58f158e06f8b16898aa7b58cd77" shape="rect">www.sabacef.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260820671650r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260820671650/en/" rel="nofollow">https://www.businesswire.com/news/home/20260820671650/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
844-460-9411

</p>

Saba Capital Income & Opportunities Fund (BRW) and Saba Capital Income & Opportunities Fund II (SABA) Announce Reapproval of Merger

BRW-SABA merger back on track for 2026 close, expanding scale and liquidity

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>The Boards of Trustees of Saba Capital Income &amp;amp; Opportunities Fund (NYSE:BRW) and Saba Capital Income &amp;amp; Opportunities Fund II (NYSE:SABA) have reapproved a proposal to merge the funds. The proposed merger, if</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>BRW and SABA have reapproved the merger plan, targeting a fourth-quarter 2026 close. If completed, the combined fund would gain scale and potentially higher trading volume, improving liquidity for BRW shares. Proxy materials will outline shareholder approvals and customary closing conditions.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>BRW and SABA reapprove merger plan; BRW would absorb SABA if approved.</li><li>Closing targeted for Q4 2026; terms unchanged from prior plan.</li><li>Merger aims to boost scale and trading volume; proxy materials forthcoming.</li><li>Plan paused earlier; now reapproved subject to shareholder approvals.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Saba Capital Income &amp; Opportunities Fund (BRW)</strong>: BRW would be the surviving fund; merger completion could boost asset base and liquidity.</li><li><strong>Saba Capital Income &amp; Opportunities Fund II (SABA)</strong>: SABA would be merged into BRW; would cease to exist as a standalone entity.</li><li><strong>Saba Capital Management, L.P. (N/A)</strong>: Manager of both funds; potential governance/fee implications on a larger combined entity.</li></ul>
  </section>

  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>Category: M&amp;A. The consolidation of two closed-end funds suggests potential liquidity benefits and NAV discount effects for BRW; it’s a strategic reallocation rather than an earnings catalyst.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Approval by BRW and SABA shareholders is a near-term catalyst.</li><li>SEC proxy filing will reveal merger terms and economics.</li><li>Closing risk remains tied to regulatory conditions and shareholder votes.</li><li>Post-merger liquidity may improve BRW trading volume and NAV discount.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Merger would merge SABA into BRW.</li><li>Target closing: Q4 2026.</li><li>Terms substantially identical to previously approved merger.</li><li>Proxy materials to be filed with the SEC.</li><li>Both funds are closed-end management investment companies.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish on BRW from 2026 merger; expect liquidity and discount narrowing.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml">
The Boards of Trustees of Saba Capital Income &amp; Opportunities Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BRW">BRW</a>) and Saba Capital Income &amp; Opportunities Fund II (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SABA">SABA</a>) have reapproved a proposal to merge the funds. The proposed merger, if approved by shareholders, would combine SABA into BRW. The merger is intended to create a larger fund with greater investment scale and potentially increased trading volume on the exchange for common shares. The funds are currently targeting closing the proposed merger in the fourth quarter of 2026.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The terms of the proposed merger are substantially identical to the merger that had been previously approved, but which was paused. The merger is subject to customary closing conditions, including necessary shareholder approvals. Detailed information on the proposed merger will be contained in proxy materials expected to be filed with the Securities and Exchange Commission.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Saba Capital Income &amp; Opportunities Fund.</b> Saba Capital Income &amp; Opportunities Fund is a publicly-traded registered closed-end management investment company. The fund’s common shares trade on the New York Stock Exchange under the ticker symbol "BRW." The fund is managed by Saba Capital Management, L.P.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Saba Capital Income &amp; Opportunities Fund II.</b> Saba Capital Income &amp; Opportunities Fund II is a publicly-traded registered closed-end management investment company. The fund’s common shares trade on the New York Stock Exchange under the ticker symbol "SABA." The fund is managed by Saba Capital Management, L.P.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Forward-Looking Statements.</b> This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to: market developments, legal and regulatory developments, the ability to satisfy conditions to the proposed merger, and other additional risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the fund assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Important Information.</b> In connection with the merger proposal discussed herein, the funds expect to file with the Securities and Exchange Commission (the "SEC") solicitation materials in the form of a proxy statement and/or a joint proxy statement/prospectus that will be included in a registration statement on Form N-14. After the registration statement is filed with the SEC, it may be amended or withdrawn and the proxy statement and/or joint proxy statement/prospectus will not be distributed to shareholders unless and until the registration statement is declared effective by the SEC. Investors are urged to read the solicitation materials and any other relevant documents when they become available because they will contain important information about the merger proposal. After they are filed, free copies of the solicitation materials will be available on the SEC’s web site at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=54592819&amp;newsitemid=20260820671650&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=1&amp;md5=1b23087f517bfdcb8ffe35ef647027ee" shape="rect">www.sec.gov</a>. This communication is for informational purposes only and is not a solicitation of a proxy from any fund shareholder and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933. However, the funds, Saba Capital Management and certain of their respective trustees, officers and affiliates may be deemed under the rules of the SEC to be participants in the solicitation of proxies from shareholders in connection with the merger proposal discussed herein. Information about the trustees and officers of the funds may be found in their respective annual reports previously filed with the SEC. Fund shares are not guaranteed or endorsed by any bank or other insured depository institution and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Past performance is no guarantee of future results. Closed-end funds frequently trade at a discount to their net asset value.

</p><p xmlns="http://www.w3.org/1999/xhtml">
For further information on Saba Capital Income &amp; Opportunities Fund and Saba Capital Income &amp; Opportunities Fund II, please visit our website at: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sabacef.com&amp;esheet=54592819&amp;newsitemid=20260820671650&amp;lan=en-US&amp;anchor=www.sabacef.com&amp;index=2&amp;md5=dd6cb58f158e06f8b16898aa7b58cd77" shape="rect">www.sabacef.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260820671650r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260820671650/en/" rel="nofollow">https://www.businesswire.com/news/home/20260820671650/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
844-460-9411

</p>

BRW and SABA have reapproved the merger plan, targeting a fourth-quarter 2026 close. If completed, the combined fund would gain scale and potentially higher trading volume, improving liquidity for BRW shares. Proxy materials will outline shareholder approvals and customary closing conditions.

News insight

Saba Capital Income & Opportunities Fund (BRW) and Saba Capital Income & Opportunities Fund II (SABA) Announce Reapproval of Merger

AI summary

Sentiment rationale

Key facts

M&A