SABA’s Board of Trustees Approves Share Repurchase Program, Reverse Stock Split, and Declassification of Board of Trustees - Seite 2

Reverse Stock Split. The Board has approved a reverse stock split (the “Reverse Split”) of the Fund’s common shares at a ratio of 1-for-2. The Reverse Split is expected to become effective immediately after the close of trading on the NYSE on June 21, 2024 (“Effective Date”), and the Fund’s common shares are expected to begin trading on the NYSE on a reverse split-adjusted basis at the open of trading on June 24, 2024.

As of the Effective Date, every two shares of the Fund’s issued and outstanding common shares will be converted into one common share. The Fund’s common shares will continue to trade on the NYSE under the symbol “SABA.” The Fund also intends to issue fractional shares in connection with the Reverse Split.

The Fund has also adopted an updated managed distribution plan. In connection with the Reverse Split, the Fund’s fixed monthly distribution will be adjusted from $0.029 per share to $0.058 per share, beginning with the first distribution to be declared following the Effective Date of the Reverse Split. Such adjustment to the Fund’s fixed monthly distribution will result in no change in monthly cash flow to shareholders.

Declassification of Board of Trustees. Subject to shareholder approval at the next annual shareholder meeting, the Board has approved an amendment to the Fund’s Declaration of Trust to declassify the Board so that all trustees are elected on an annual basis. The annual election of all trustees at once will align the Fund’s corporate governance to the best-in-class standard of the industry.

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’s most recent periodic reports and filings by visiting https://www.sec.gov/edgar/browse/?CIK=828803&owner=exclude.

Certain Risk Factors. The Fund’s investment objective is to provide investors with high 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‐end funds, 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’s investment objective.