
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 reapproval could lift BRW scale and liquidity by 2026

<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 a merger that would combine SABA into BRW, advancing a plan paused previously. If shareholders and regulators approve, the larger fund could see higher liquidity and trading activity, potentially narrowing BRW&#039;s discount to NAV and enhancing scale-driven benefits.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>BRW and SABA reapprove merger; BRW would absorb SABA if approved.</li><li>Closing targeted for Q4 2026; terms unchanged from prior plan.</li><li>Proxy materials to be filed with the SEC; customary closing conditions apply.</li><li>Greater scale may boost BRW trading volume and liquidity.</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 absorb SABA upon merger approval, increasing fund size and liquidity.</li><li><strong>Saba Capital Income &amp; Opportunities Fund II (SABA)</strong>: Fund to be merged into BRW; separate trading would end if merger closes.</li></ul>
  </section>

  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>Category: M&amp;A within closed-end funds; signals potential liquidity boost and scale economics for BRW, with a watchful eye on proxy/SEC approvals and timing.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Shareholder and SEC approvals are the key near-term catalysts.</li><li>Close timing in 4Q2026 could unlock liquidity and trading volume.</li><li>Discount to NAV may narrow as BRW expands and attracts more trading.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Target closing: Q4 2026.</li><li>Terms substantially identical to previously approved merger.</li><li>Proxy materials to be filed with the SEC (Form N-14).</li><li>BRW and SABA are NYSE-listed closed-end funds.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Over 6–12 months, BRW could see improved liquidity and a narrower discount if the merger closes.</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 a merger that would combine SABA into BRW, advancing a plan paused previously. If shareholders and regulators approve, the larger fund could see higher liquidity and trading activity, potentially narrowing BRW's discount to NAV and enhancing scale-driven benefits.

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