# EDGAR Filing Document

**Accession Number:** 0000826020
**File Stem:** 0001999371-25-014875
**Filing Date:** 2025-10
**Character Count:** 88450
**Document Hash:** d42a82ae15355292f9dc38e7a7b9235a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-014875.hdr.sgml**: 20251008

**ACCESSION NUMBER**: 0001999371-25-014875

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20251008

**DATE AS OF CHANGE**: 20251007

**EFFECTIVENESS DATE**: 20251008

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Saba Capital Income & Opportunities Fund
- **CENTRAL INDEX KEY:** 0000826020

**ORGANIZATION NAME:**
- **EIN:** 956874587
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1030

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288532
- **FILM NUMBER:** 251381069

**BUSINESS ADDRESS:**
- **STREET 1:** 405 LEXINGTON AVENUE
- **STREET 2:** 58TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10174
- **BUSINESS PHONE:** 212-542-3610

**MAIL ADDRESS:**
- **STREET 1:** 405 LEXINGTON AVENUE, 58TH FLOOR
- **STREET 2:** C/O SABA CAPITAL MANAGEMENT, L.P.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10174

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Voya PRIME RATE TRUST
- **DATE OF NAME CHANGE:** 20140421

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING PRIME RATE TRUST
- **DATE OF NAME CHANGE:** 20020205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PILGRIM AMERICA PRIME RATE TRUST
- **DATE OF NAME CHANGE:** 19960518

**As filed with the Securities and Exchange Commission on October 7, 2025** 

**Securities Act File No. 333-288532**

**Investment Company Act File No. 811-05410**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

------

**FORM N-2**

**Registration Statement** 

***under***

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| | |
|:---|:---|
| ***the Securities Act of 1933*** | ☒ |
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No. 1** | ☒ |

---

**and/or** 

**Registration Statement** 

***Under***

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| | |
|:---|:---|
| ***the Investment Company Act of 1940*** | ☒ |
| **Amendment No. 9** | ☒ |

---

**Saba Capital Income & Opportunities Fund**

(Exact Name of Registrant as Specified In Charter)

**405 Lexington Avenue, 58th Floor**

**New York, New York 10174**

(Address of Principal Executive Offices**)**

Registrant's Telephone Number, including Area Code: **(212) 542-4644**

**Michael D'Angelo**

**Saba Capital Income & Opportunities Fund**

**405 Lexington Avenue**

**New York, New York 10174**

(Name and Address of Agent For Service**)**

------

*Copies of information to:*

**George Silfen**

**Alston & Bird LLP**

**90 Park Avenue**

**New York, New York 10016**

------

**Approximate Date of Commencement of Proposed Public Offering:** From time to time after the effective date of this Registration Statement.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, check the following box ☐

If any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan, check the following box ☒

If this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto, check the following box ☒

If this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box ☒

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box ☐

It is proposed that this filing will become effective (check appropriate box):

☐ when declared effective pursuant to Section 8(c) of the Securities Act

If appropriate, check the following box:

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:<u> </u>.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:<u> </u>.

☒ This Form is a post-effective
 amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of
 the earlier effective registration statement for the same offering is: 333-288532.

Check each box that appropriately characterizes the Registrant:

☒ Registered Closed-End
 Fund (closed-end company that is registered under the Investment Company Act of 1940 (the "Investment Company Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☒ A.2 Qualified (qualified
 to register securities pursuant to General Instruction A.2 of this Form).

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities and Exchange Act of 1934).

☐ If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

☐ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

**EXPLANATORY NOTE** 

This Post-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File Nos. 333-288532 and 811-05410) of Saba Capital Income & Opportunities Fund (the "Registration Statement") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 1 consists only of a facing page, this explanatory note and Part C of the Registration Statement on Form N-2 setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 1 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment No. 1 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.

**PART C**

**Other Information** 

**Item 25.** **Financial Statements And Exhibits** 

The agreements included or incorporated by reference as exhibits to this Registration Statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosures that were made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of "materiality" that are different from "materiality" under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement.

The Registrant acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this Registration Statement not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial
 Statements

Included in Part A:

Financial Highlights for the year(s) ended October 31, 2024 and the semi-annual period ended April 30, 2025.

Included in Part B:

Audited financial statements and financial highlights for the fiscal year ended October 31, 2024 and related Report of Independent Registered Public Accounting Firm are incorporated herein by reference to the October 31, 2024 Annual Report. Unaudited financial statements and financial highlights for the period ended April 30, 2025 are incorporated herein by reference to the April 2025 Semi-Annual Report.

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| | |
|:---|:---|
| (2) | Exhibits |
| (a)(1) | [Agreement and Declaration of Trust dated December 2, 1987 - Incorporated herein by reference to Amendment No. 20 to Registrant's Registration Statement under the Investment Company Act of 1940 (the "Investment Company Act") on Form](http://www.sec.gov/Archives/edgar/data/826020/0000943663-96-000235.txt)[N-2](http://www.sec.gov/Archives/edgar/data/826020/0000943663-96-000235.txt) [(File No.](http://www.sec.gov/Archives/edgar/data/826020/0000943663-96-000235.txt)[811-5410),](http://www.sec.gov/Archives/edgar/data/826020/0000943663-96-000235.txt) [filed on September 16, 1996.](http://www.sec.gov/Archives/edgar/data/826020/0000943663-96-000235.txt) |
| (i) | [Amendment effective April 12, 1996 to the Agreement and Declaration of Trust dated December 2, 1987 - Incorporated herein by reference to Amendment No. 20 to Registrant's Registration Statement under the Investment Company Act on Form](http://www.sec.gov/Archives/edgar/data/826020/0000943663-96-000235.txt)[N-2](http://www.sec.gov/Archives/edgar/data/826020/0000943663-96-000235.txt) [(File No.](http://www.sec.gov/Archives/edgar/data/826020/0000943663-96-000235.txt)[811-5410),](http://www.sec.gov/Archives/edgar/data/826020/0000943663-96-000235.txt) [filed on September 16, 1996.](http://www.sec.gov/Archives/edgar/data/826020/0000943663-96-000235.txt) |
| (ii) | [Amendment, effective November 16, 1998, to the Agreement and Declaration of Trust dated December 2, 1987 - Incorporated herein by reference to Amendment No. 29 to Registrant's Registration Statement under the Investment Company Act on Form](http://www.sec.gov/Archives/edgar/data/826020/0000950147-98-001002.txt)[N-2](http://www.sec.gov/Archives/edgar/data/826020/0000950147-98-001002.txt) [(File No.](http://www.sec.gov/Archives/edgar/data/826020/0000950147-98-001002.txt)[811-5410),](http://www.sec.gov/Archives/edgar/data/826020/0000950147-98-001002.txt) [filed on December 2, 1998.](http://www.sec.gov/Archives/edgar/data/826020/0000950147-98-001002.txt) |
| (iii) | [Amendment, dated October 20, 2000, to the Agreement and Declaration of Trust dated December 2, 1987 - Incorporated herein by reference to Amendment No. 38 to Registrant's Registration Statement under the Investment Company Act on Form](http://www.sec.gov/Archives/edgar/data/826020/000095014700001615/0000950147-00-001615-0002.txt)[N-2](http://www.sec.gov/Archives/edgar/data/826020/000095014700001615/0000950147-00-001615-0002.txt) [(File No.](http://www.sec.gov/Archives/edgar/data/826020/000095014700001615/0000950147-00-001615-0002.txt)[811-5410),](http://www.sec.gov/Archives/edgar/data/826020/000095014700001615/0000950147-00-001615-0002.txt) [filed on October 23, 2000.](http://www.sec.gov/Archives/edgar/data/826020/000095014700001615/0000950147-00-001615-0002.txt) |
| (iv) | [Amendment, effective March 1, 2002, to the Agreement and Declaration of Trust dated December 2, 1987 - Incorporated herein by reference to Amendment No. 45 to Registrant's Registration Statement under the Investment Company Act on Form](http://www.sec.gov/Archives/edgar/data/826020/000095014702000591/ex2av.txt)[N-2](http://www.sec.gov/Archives/edgar/data/826020/000095014702000591/ex2av.txt) [(File No.](http://www.sec.gov/Archives/edgar/data/826020/000095014702000591/ex2av.txt)[811-5410),](http://www.sec.gov/Archives/edgar/data/826020/000095014702000591/ex2av.txt) [filed on April 30, 2002.](http://www.sec.gov/Archives/edgar/data/826020/000095014702000591/ex2av.txt) |

---

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| | |
|:---|:---|
| (v) | [Amendment to the Agreement and Declaration of Trust dated June 11, 2010 - Incorporated herein by reference to Amendment No. 85 to the](http://www.sec.gov/Archives/edgar/data/826020/000114544311000426/d28143_ex-2a1v.htm) [Registrant's Registration Statement under the Investment Company Act on Form](http://www.sec.gov/Archives/edgar/data/826020/000114544311000426/d28143_ex-2a1v.htm)[N-2](http://www.sec.gov/Archives/edgar/data/826020/000114544311000426/d28143_ex-2a1v.htm) [(File No.](http://www.sec.gov/Archives/edgar/data/826020/000114544311000426/d28143_ex-2a1v.htm)[811-5410),](http://www.sec.gov/Archives/edgar/data/826020/000114544311000426/d28143_ex-2a1v.htm) [filed on April 27, 2011.](http://www.sec.gov/Archives/edgar/data/826020/000114544311000426/d28143_ex-2a1v.htm) |
| (vi) | [Amendment to the Agreement and Declaration of Trust dated January 23, 2014 - Incorporated herein by reference to Amendment No. 100 to the Registrant's Registration Statement under the Investment Company Act on Form](http://www.sec.gov/Archives/edgar/data/826020/000110465914048043/a14-15434_3ex99d2avi.htm)[N-2](http://www.sec.gov/Archives/edgar/data/826020/000110465914048043/a14-15434_3ex99d2avi.htm) [(File No.](http://www.sec.gov/Archives/edgar/data/826020/000110465914048043/a14-15434_3ex99d2avi.htm)[811-5410),](http://www.sec.gov/Archives/edgar/data/826020/000110465914048043/a14-15434_3ex99d2avi.htm) [filed on June 24, 2014.](http://www.sec.gov/Archives/edgar/data/826020/000110465914048043/a14-15434_3ex99d2avi.htm) |
| (b)(1) | [Amended and Restated](http://www.sec.gov/Archives/edgar/data/826020/000168386320011390/f6225d2.htm)[By-Laws](http://www.sec.gov/Archives/edgar/data/826020/000168386320011390/f6225d2.htm) [- Incorporated herein by reference to exhibit (b) of the Registrant's Registration Statement on Form N-2 (File No. 811-05410) filed on June 26, 2020.](http://www.sec.gov/Archives/edgar/data/826020/000168386320011388/f6224d2.htm) |
| (b)(2) | [Amended and Restated By-Laws, dated August 5, 2020 – Incorporated herein by reference to exhibit (b) of the Registrant's Registration Statement under the Investment Company Act on Form N-2 (File No. 811-05410) filed on July 3, 2025](http://www.sec.gov/Archives/edgar/data/826020/000139834425012720/fp0094187-1_ex9928b2.htm). |
| (c) | Not Applicable. |
| (d)(1) | [Form of Subscription Certificate – filed herein](ex99-d1.htm). |
| (d)(2) | [Form of Notice of Guaranteed Delivery – filed herein](ex99-d2.htm). |
| (e) | [Shareholder Reinvestment Program – Incorporated herein by reference to exhibit (e) of the Registrant's Amendment No. 1 to the Registration Statement under the Investment Company Act on Form N-2 (File No. 811-05410) filed on September 18, 2025](http://www.sec.gov/Archives/edgar/data/826020/000199937125013586/ex99-e.htm). |
| (f) | Not Applicable. |
| (g)(1) | [Investment Management Agreement between Saba Capital Income & Opportunities Fund and Saba Capital Management, L.P., dated May 21, 2021 – Incorporated herein by reference to exhibit (g)(1) of the Registrant's Amendment No. 1 to the Registration Statement under the Investment Company Act on Form N-2 (File No. 811-05410) filed on September 18, 2025](http://www.sec.gov/Archives/edgar/data/826020/000199937125013586/ex99-g1.htm). |
| (h) | Not Applicable. |
| (i) | Not Applicable. |
| (j)(1) | [Custodian and Investment Accounting Agreement between Registrant and State Street Bank and Trust Company effective November 1, 2001 - Incorporated herein by reference to Amendment No. 57 to Registrant's Registration Statement under the Investment Company Act on Form](http://www.sec.gov/Archives/edgar/data/826020/000104746904021914/a2137992zex-99_ji.txt)[N-2](http://www.sec.gov/Archives/edgar/data/826020/000104746904021914/a2137992zex-99_ji.txt) [(File No.](http://www.sec.gov/Archives/edgar/data/826020/000104746904021914/a2137992zex-99_ji.txt)[811-5410),](http://www.sec.gov/Archives/edgar/data/826020/000104746904021914/a2137992zex-99_ji.txt) [filed on June 28, 2004.](http://www.sec.gov/Archives/edgar/data/826020/000104746904021914/a2137992zex-99_ji.txt) |
| (i) | [First Amendment, dated March 1, 2002, to the Custodian and Investment Accounting Agreement between Registrant and State Street Bank and Trust Company effective November 1, 2001 - Incorporated herein by reference to Amendment No. 57 to Registrant's Registration Statement under the Investment Company Act on Form](http://www.sec.gov/Archives/edgar/data/826020/000104746904021914/a2137992zex-99_ji1.txt)[N-2](http://www.sec.gov/Archives/edgar/data/826020/000104746904021914/a2137992zex-99_ji1.txt) [(File No.](http://www.sec.gov/Archives/edgar/data/826020/000104746904021914/a2137992zex-99_ji1.txt)[811-5410),](http://www.sec.gov/Archives/edgar/data/826020/000104746904021914/a2137992zex-99_ji1.txt) [filed on June 28, 2004.](http://www.sec.gov/Archives/edgar/data/826020/000104746904021914/a2137992zex-99_ji1.txt) |
| (ii) | [Second Amendment dated October 1, 2007 to the Custodian and Investment Accounting Agreement between Registrant and State Street Bank and Trust Company effective November 1, 2001 - Incorporated herein by reference to Amendment No. 73 to Registrant's Registration Statement under the Investment Company Act on Form](http://www.sec.gov/Archives/edgar/data/826020/000110465908042788/a08-11032_2ex99dbj1ii.htm)[N-2](http://www.sec.gov/Archives/edgar/data/826020/000110465908042788/a08-11032_2ex99dbj1ii.htm) [(File No.](http://www.sec.gov/Archives/edgar/data/826020/000110465908042788/a08-11032_2ex99dbj1ii.htm)[811-5410),](http://www.sec.gov/Archives/edgar/data/826020/000110465908042788/a08-11032_2ex99dbj1ii.htm) [filed on June 27, 2008.](http://www.sec.gov/Archives/edgar/data/826020/000110465908042788/a08-11032_2ex99dbj1ii.htm) |
| (iii) | [Third Amendment, dated August 2, 2010, to the Custodian and Investment Accounting Agreement between Registrant and State Street Bank and Trust Company effective November 1, 2001- Incorporated herein by reference to Amendment No. 85 to the Registrant's Registration Statement under the Investment Company Act on Form](http://www.sec.gov/Archives/edgar/data/826020/000114544311000426/d28143_ex-2j1v.htm)[N-2](http://www.sec.gov/Archives/edgar/data/826020/000114544311000426/d28143_ex-2j1v.htm) [(File No.](http://www.sec.gov/Archives/edgar/data/826020/000114544311000426/d28143_ex-2j1v.htm)[811-5410),](http://www.sec.gov/Archives/edgar/data/826020/000114544311000426/d28143_ex-2j1v.htm) [filed on April 27, 2011.](http://www.sec.gov/Archives/edgar/data/826020/000114544311000426/d28143_ex-2j1v.htm) |

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| | |
|:---|:---|
| (j)(2) | [Custody Agreement between Registrant and the Bank of New York Mellon, dated June 4, 2021 – Incorporated herein by reference to exhibit (j)(2) of the Registrant's Amendment No. 1 to the Registration Statement under the Investment Company Act on Form N-2 (File No. 811-05410) filed on September 18, 2025.](http://www.sec.gov/Archives/edgar/data/826020/000199937125013586/ex99-j2.htm) |
| (i) | [Amendment, dated February 8, 2022, to the Custody Agreement, dated June 4, 2021- Incorporated herein by reference to exhibit (j)(2)(i) of the Registrant's Amendment No. 1 to the Registration Statement under the Investment Company Act on Form N-2 (File No. 811-05410) filed on September 18, 2025.](http://www.sec.gov/Archives/edgar/data/826020/000199937125013586/ex99-j2i.htm) |
| (k)(1) | [Services Agreement between Registrant and ALPS Fund Services, Inc. and DST Asset Manager Solutions, Inc., dated June 4, 2021 – Incorporated herein by reference to exhibit (k)(1) of the Registrant's Amendment No. 1 to the Registration Statement under the Investment Company Act on Form N-2 (File No. 811-05410) filed on September 18, 2025.](http://www.sec.gov/Archives/edgar/data/826020/000199937125013586/ex99-k1.htm) |
| (k)(2) | [Credit Agreement between Registrant and Toronto-Dominion Bank, New York Branch dated June 20, 2021 – Incorporated herein by reference to exhibit (k)(2) of the Registrant's Amendment No. 1 to the Registration Statement under the Investment Company Act on Form N-2 (File No. 811-05410) filed on September 18, 2025.](http://www.sec.gov/Archives/edgar/data/826020/000199937125013586/ex99-k2.htm) |
| (i) | [Amendment No. 10, dated January 17, 2025, to the Credit Agreement dated June 20, 2021 – Incorporated herein by reference to exhibit (k)(2)(i) of the Registrant's Amendment No. 1 to the Registration Statement under the Investment Company Act on Form N-2 (File No. 811-05410) filed on September 18, 2025.](http://www.sec.gov/Archives/edgar/data/826020/000199937125013586/ex99-k2i.htm) |
| (k)(3) | [Subscription Agent Agreement](ex99-k3.htm) – filed herein. |
| (k)(4) | [Information Agent Agreement](ex99-k4.htm) – filed herein. |
| (l) | [Opinion and Consent of Counsel – Incorporated herein by reference to exhibit (l) of the Registrant's Amendment No. 1 to the Registration Statement under the Investment Company Act on Form N-2 (File No. 811-05410) filed on September 18, 2025.](http://www.sec.gov/Archives/edgar/data/826020/000199937125013586/ex99-l.htm) |
| (m) | Not Applicable. |
| (n) | [Consent of Registered Public Accounting Firm – Incorporated herein by reference to exhibit (n) of the Registrant's Amendment No. 1 to the Registration Statement under the Investment Company Act on Form N-2 (File No. 811-05410) filed on September 18, 2025](http://www.sec.gov/Archives/edgar/data/826020/000199937125013586/ex99-n.htm). |
| (o) | Not Applicable. |
| (p) | Certificate of Initial Capital - Incorporated herein by reference to Pre-Effective Amendment No. 1 to Registrant's initial registration statement on form N-2 (File No. 33- 18886), filed on January 22, 1988. |
| (q) | Not Applicable. |
| (r)(1) | [Code of Ethics of Saba Capital Income & Opportunities Fund – Incorporated herein by reference to exhibit (r)(1) of the Registrant's Amendment No. 1 to the Registration Statement under the Investment Company Act on Form N-2 (File No. 811-05410) filed on September 18, 2025.](http://www.sec.gov/Archives/edgar/data/826020/000199937125013586/ex99-r1.htm) |
| (r)(2) | [Code of Ethics of Saba Capital Management, L.P. – Incorporated herein by reference to exhibit (r)(2) of the Registrant's Amendment No. 1 to the Registration Statement under the Investment Company Act on Form N-2 (File No. 811-05410) filed on September 18, 2025.](http://www.sec.gov/Archives/edgar/data/826020/000199937125013586/ex99-r2.htm) |
| (s) | [Calculation of Filing Fee Table – Incorporated herein by reference to exhibit (s) of the Registrant's Amendment No. 1 to the Registration Statement under the Investment Company Act on Form N-2 (File No. 811-05410) filed on September 18, 2025.](http://www.sec.gov/Archives/edgar/data/826020/000199937125013586/ex99-s.htm) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) [Powers of Attorney – Incorporated herein by reference to exhibit (t) of the Registrant's Amendment No. 1 to the Registration Statement under the Investment Company Act on Form N-2 (File No. 811-05410) filed on September 18, 2025.](http://www.sec.gov/Archives/edgar/data/826020/000199937125013586/ex99-t.htm)

**Item 26.** **Marketing Arrangements** 

The information contained under the section entitled "Plan of Distribution" in the Prospectus is incorporated by reference, and any information concerning any underwriters will be contained in the accompanying Prospectus Supplement, if any.

**Item 27.** **Other Expenses Of Issuance And Distribution** 

The following table sets forth the estimated expenses to be incurred in connection with the offering described in this Registration Statement:

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| | | |
|:---|:---|:---|
| SEC registration fee | $18333.73 |  |
| NYSE listing fee | 2500 |  |
| Accounting fees and expenses | 10000 |  |
| Legal fees and expenses | $325000 |  |
| FINRA fee | 0.00 |  |
| &nbsp;&nbsp;&nbsp;Total | $355833.73 | (1) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimate is based
 on the aggregate estimated expenses to be incurred during a three year shelf offering period.

**Item 28.** **Persons Controlled By Or Under Common Control With The Registrant**

The following table sets forth all persons that are controlled by or under common control with the Registrant:

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| | | |
|:---|:---|:---|
| **Name** | **Controlling Person** | **Percentage** |
| BRW SPV I | Saba Capital Income & Opportunities Fund | 100% |
| BRW SPV II | Saba Capital Income & Opportunities Fund | 100% |

---

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| | |
|:---|:---|
| **Item 29.** | **Number Of Holders Of Shares** |
| As of April 30, 2025: | 1730 |

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| | |
|:---|:---|
| **Title Of Class** | **Number Of Record Holders** |
| Common Shares of Beneficial Interest | 1730 |

---

**Item 30.** **Indemnification** 

Registrant's Agreement and Declaration of Trust generally provides that the Fund shall indemnify each of its Trustees and officers (including persons who serve at the Trust's request as directors, officers, or trustees of another organization in which the Fund has any interest as a shareholder, creditor, or otherwise) ("Covered Persons") against all liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably incurred in connection with the defense or disposition of any action, suit, or other proceeding, whether civil or criminal, by reason of being or having been such a Covered Person except with respect to any matter as to which such Covered Person shall have been finally adjudicated: (a) not to have acted in good faith in the reasonable belief that such Covered Person's action was in the best interest of the Trust; or (b) to be liable to the Fund or its shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of duties involved in the conduct of such Covered Person's office. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to Trustees, officers, and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment of the Registrant of expenses incurred or paid by a Trustee, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding) is asserted by such Trustee, officer, or controlling person in connection with the securities being registered, the Registrant will submit, unless in the opinion of its counsel the matter has been settled by controlling precedent, to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**Item 31.** **Business And Other Connections Of Investment Advisor**

Information as to the Trustees and officers of the Adviser, together with information as to any other business, profession, vocation, or employment of a substantial nature engaged in by the directors and officers of the Adviser in the last two years, is included in its application for registration as an investment adviser on Form ADV (File No. 801-71740) filed under the Investment Advisers Act of 1940, as amended ("Advisers Act"), and is incorporated herein by reference thereto.

**Item 32.** **Location Of Accounts And Records** 

Omitted pursuant to the Instruction of Item 32 of Form N-2.

**Item 33.** **Management Services** 

Not Applicable

**Item 34.** **Undertakings** 

(1) The Registrant undertakes to suspend the Offer until the prospectus is amended if: (a) subsequent to the effective date of this registration statement, the net asset value declines more than ten percent from its net asset value as of the effective date of this registration statement; or (b) the net asset value increases to an amount greater than the net proceeds as stated in the prospectus included in this registration statement.

(2) Not applicable.

(3) The securities being registered will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933. Accordingly, the Registrant undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to file, during
 any period in which offers or sales are being made, a post-effective amendment to the Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) that for the purpose
 of determining any liability under the Securities Act of 1933, each post-effective amendment shall be deemed to be a new registration
 statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
 be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;(c) to remove from registration
 by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the
 offering; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose
 of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the Registrant is relying on Rule 430B [17 CFR 230.430B]:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. *Provided, however*, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the Registrant is subject to Rule 430C [17 CFR 230.430C]: Each prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933 as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;(e) that for the purpose
 of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of
 securities: The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant
 to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the
 securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant
 will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser: (1) any preliminary
 prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424
 under the Securities Act of 1933; (2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned
 Registrant or used or referred to by the undersigned Registrant; (3) the portion of any other free writing prospectus or advertisement
 pursuant to Rule 482 under the Securities Act of 1933 relating to the offering containing material information about the undersigned
 Registrant or its securities provided by or on behalf of the undersigned Registrant; and (4) any other communication that
 is an offer in the offering made by the undersigned Registrant to the purchaser.

(4) If applicable:

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purposes
 of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as
 part of a registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant
 under Rule 424(b)(1) under the Securities Act of 1933 shall be deemed to be part of the Registration Statement as of the time
 it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose
 of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus
 shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities
 at that time shall be deemed to be the initial bona fide offering thereof.

(5) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference into the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(6) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

(7) The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information constituting Part B of this Registration Statement.

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Fund has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York, on the 7th day of October, 2025.

---

| | |
|:---|:---|
| SABA CAPITAL INCOME & OPPORTUNITIES FUND | SABA CAPITAL INCOME & OPPORTUNITIES FUND |
| By: | /s/ Paul Kazarian |
|  | Paul Kazarian |
|  | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated and on the 7th day of October, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Paul Kazarian | Chief Executive Officer |
| Paul Kazarian |  |
| /s/ Troy Statczar | Principal Financial Officer, Treasurer |
| Troy Statczar |  |
| /s/ Andrew Kellerman\* | Trustee |
| Andrew Kellerman |  |
| /s/ Thomas Bumbolow\* | Trustee |
| Thomas Bumbolow |  |
| /s/ Karen Caldwell\* | Trustee |
| Karen Caldwell |  |
| /s/ Ketu Desai\* | Trustee |
| Ketu Desai |  |
| /s/ Anatoly Nakum\* | Trustee |
| Anatoly Nakum |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Michael D'Angelo |
|  | (Michael D'Angelo, Attorney-In-Fact) |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **<u>Exhibit</u>** <br> **Number**<br>| **Description** |
| [(d)(1)](ex99-d1.htm) | [Form of Subscription Certificate](ex99-d1.htm) |
| [(d)(2)](ex99-d2.htm) | [Form of Notice of Guaranteed Delivery](ex99-d2.htm) |
| [(k)(3)](ex99-k3.htm) | [Subscription Agent Agreement](ex99-k3.htm) |
| [(k)(4)](ex99-k4.htm) | [Information Agent Agreement](ex99-k4.htm) |

---

## Ex-99.(D)(1)

**[Saba Capital Income & Opportunities Fund POS EX](saba_posex-100725.htm)**

**Exhibit (d)(1)**

---

| | |
|:---|:---|
| **RIGHTS CERTIFICATE #:** | **NUMBER OF RIGHTS** |

---

THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY'S PROSPECTUS

SUPPLEMENT DATED [•], 2025 AND ACCOMPANYING PROSPECTUS (TOGETHER, THE "PROSPECTUS") AND ARE INCORPORATED HEREIN BY REFERENCE. COPIES OF

THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM INVESTORCOM, LLC, THE INFORMATION AGENT.

**SABA CAPITAL INCOME & OPPORTUNITIES FUND**

**Formed under the laws of the State of Massachusetts**

**TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATE**

Evidencing Transferable Subscription Rights to Purchase Common Shares of Beneficial Interest, without par value ("Common Shares") of Saba Capital Income & Opportunities Fund

Estimated Subscription Price: $7.21 per Share

**THE SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE 5:00 P.M., NEW YORK CITY TIME,** 

**ON OCTOBER 28, 2025, UNLESS EXTENDED BY THE FUND**

**REGISTERED <br> OWNER:**

---

| | | |
|:---|:---|:---|
| THIS CERTIFIES THAT the registered owner whose name is inscribed hereon is the owner of the number of transferable subscription rights ("Rights") set forth above. Three whole Rights entitle the holder thereof to subscribe for and purchase one Common Share, of Saba Capital Income & Opportunities Fund, a Massachusetts business trust, at an estimated price of $7.21 per share (the "Primary Subscription Privilege"), pursuant to a rights offering (the "Rights Offering"), on the terms and subject to the conditions set forth in the Prospectus and the "Instructions as to Use of Saba Capital Income & Opportunities Fund Subscription Rights Certificates" accompanying this Subscription Rights Certificate. If any Common Shares available for purchase in the Rights Offering are not purchased by other holders of Rights | pursuant to the exercise of their Primary Subscription Privilege (the "Excess Shares"), any Rights holder who was a holder or record of Common Shares as of 5:00 P.M. Eastern Time on October 6, 2025 (a "Record Date Shareholder") that exercises its Primary Subscription Privilege in full may subscribe for a number of Excess Shares pursuant to the terms and conditions of the Rights Offering, subject to proration, as described in the Prospectus (the "Over-Subscription Privilege"). The Rights represented by this Subscription Rights Certificate may be exercised by completing Form 1 and any other appropriate forms on the reverse side hereof and by returning the full payment of the estimated subscription price for each Common Share in accordance with the "Instructions as to Use of Saba Capital Income & Opportunities Fund Subscription Rights Certificates" that accompany this Subscription Rights Certificate. | ![](ex99d3001.jpg) |
| This Subscription Rights Certificate is not valid unless countersigned by the subscription agent and registered by the registrar. | This Subscription Rights Certificate is not valid unless countersigned by the subscription agent and registered by the registrar. |  |
| Witness the signatures of the duly authorized officers of Saba Capital Income & Opportunities Fund. | Witness the signatures of the duly authorized officers of Saba Capital Income & Opportunities Fund. |  |
| Dated: October 6, 2025 |  |  |

---

---

| | |
|:---|:---|
| **/s/ Paul Kazarian** | **/s/ Troy Statczar** |
| **Chief Executive Officer** | **Principal Financial Officer** |

---

DELIVERY OPTIONS FOR SUBSCRIPTION RIGHTS CERTIFICATE

Delivery other than in the manner or to the addresses listed below will not constitute valid delivery.

---

| | |
|:---|:---|
| &nbsp;&nbsp; <u>If delivering by express mail, courier or other expedited service:</u><br>Equiniti Trust Company, LLC <br> 1110 Centre Pointe Curve, Suite #101 <br> Mendota Heights, MN 55120 <br> Attn: Onbase - Reorganization Department  | &nbsp;&nbsp; <u>If delivering by mail:</u><br>Equiniti Trust Company, LLC <br> Operations Center <br> Attn: Onbase - Reorganization Department <br> 1110 Centre Pointe Curve, Suite # 101 <br> Mendota Heights, MN 55120  |

---

**PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY.**

**FORM 1-EXERCISE OF SUBSCRIPTION RIGHTS**

To subscribe for Common Shares pursuant to your Primary Subscription Privilege, please complete lines (a) and (c) and sign under Form 4 below. To subscribe for Common Shares pursuant to your Over-Subscription Privilege, please also complete line (b) and sign under Form 4 below. To the extent you subscribe for more Common Shares than you are entitled under either the Primary Subscription Privilege or the Over-Subscription Privilege, you will be deemed to have elected to purchase the maximum number of Common Shares for which you are entitled to subscribe under the Basic Subscription Privilege or Over-Subscription Privilege, as applicable.

(a) EXERCISE OF BASIC SUBSCRIPTION PRIVILEGE:

---

| | |
|:---|:---|
| I apply for _________ ÷ 3 = ________ shares x $7.21= | $___________ |

---

(rights exercised) (no. of new shares) (estimated subscription price) (amount enclosed)

(b) EXERCISE OF OVER-SUBSCRIPTION PRIVILEGE

The Over-Subscription Privilege may only be exercised if the Primary Subscription Privilege is exercised to the fullest extent possible and may only be Record Date Shareholders. Over-subscriptions may not be accepted by the Fund and are subject to pro rata reductions.

---

| | |
|:---|:---|
| I apply for ______________ shares x $7.21 = | $_______________ |

---

(no. of new shares) (estimated subscription price) (amount enclosed)

(c) Total Amount of Payment Enclosed = $__________________

METHOD OF PAYMENT (CHECK ONE)

☐ Check or bank draft payable to "Equiniti Trust Company, LLC as Subscription Agent."

☐ Wire transfer of immediately available funds directly to the account maintained by Equiniti Trust Company, LLC, as Subscription Agent, for purposes of accepting subscriptions in this Rights Offering at JPMorgan Chase Bank, 55 Water Street, New York, New York 10005, ABA #021000021 or Swift Code: CHASUS33, Account # 530-354616 Equiniti Trust Company, LLC Saba Capital Income & Opportunities Fund, with reference to the rights holder's name.

Please note $[•] is an estimated subscription price only. The subscription price will be determined as described in the Prospectus.

**FORM 2-TRANSFER TO DESIGNATED TRANSFEREE**

To transfer your subscription rights to another person, complete this Form 2 and have your signature guaranteed under Form 5.

For value received ______________ of the subscription rights represented by this Subscription Rights Certificate are assigned to:

________________________________________________________________

________________________________________________________________

Social Security # _______________________________________________

Signature(s): __________________________________________________

IMPORTANT: The signature(s) must correspond with the name(s) as printed on the reverse of this Subscription Rights Certificate in every particular, without alteration or enlargement, or any other change whatsoever.

**FORM 3-SALE OF RIGHTS (ONLY APPLICABLE TO DIRECT HOLDERS)**

If you would like to sell all or any of your Rights either (a) contact your financial advisor or broker-dealer to initiate the sale or (b) complete this Form 3 if you hold Common Shares directly (not through a financial advisor or broker-dealer).

&nbsp;&nbsp;&nbsp;&nbsp;□ Sell any remaining unexercised Rights (submit to Subscription Agent
by October 21, 2025)

□ Sell all of my Rights (submit to Subscription Agent by October 21, 2025)

**FORM 4-DELIVERY TO DIFFERENT ADDRESS**

If you wish for the Common Shares underlying your subscription rights, a<br> certificate representing unexercised subscription rights or the proceeds of any sale of subscription rights to be delivered to an address different from that shown on the face of this Subscription Rights Certificate, please enter the alternate address below, sign under Form 5 and have your signature guaranteed under Form 6.

________________________________________________________________

________________________________________________________________

________________________________________________________________

**FORM 5-SIGNATURE**

TO SUBSCRIBE: I acknowledge that I have received the Prospectus for this Rights Offering and I hereby irrevocably subscribe for the number of shares indicated above on the terms and conditions specified in the Prospectus.

Signature(s): ______________________________________________________

IMPORTANT: The signature(s) must correspond with the name(s) as printed on the reverse of this Subscription Rights Certificate in every particular, without alteration or enlargement, or any other change whatsoever.

**FORM 6-SIGNATURE GUARANTEE**

This form must be completed if you have completed any portion of Forms 2 or 4.

Signature Guaranteed: _______________________________________________

(Name of Bank or Firm)

By:_______________________________________________________________

(Signature of Officer)

IMPORTANT: The signature(s) should be guaranteed by an eligible guarantor institution (bank, stock broker, savings & loan association or credit union) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.

FOR INSTRUCTIONS ON THE USE OF SABA CAPITAL INCOME & OPPORTUNITIES FUND SUBSCRIPTION RIGHTS CERTIFICATES, CONSULT THE INFORMATION AGENT, AT 877 – 972- 0090.

## Ex-99.(D)(2)

**[Saba Capital Income & Opportunities Fund POS EX](saba_posex-100725.htm)**

**Exhibit (d)(2)**

**NOTICE OF GUARANTEED DELIVERY**

**For Common Shares of<br> Saba Capital Income & Opportunities Fund<br> Subscribed for under the Primary Subscription<br> and Pursuant to the Over-Subscription Privilege**

As set forth in the Prospectus Supplement, dated October 6, 2025, and the accompanying Prospectus, dated September 23, 2025 (collectively, the "<u>Prospectus"</u>), this form or one substantially equivalent hereto may be used as a means of effecting subscription and payment for all of the Fund's common shares of beneficial interest, without par value ("<u>Common Shares</u>"), subscribed for under the primary subscription and pursuant to the over-subscription privilege. Such form may be delivered by email, overnight courier, express mail or first class mail to the Subscription Agent and must be received prior to 5:00 p.m., Eastern time, on October 28, 2025, as such date may be extended from time to time (the "<u>Expiration Date</u>"). The terms and conditions of the Offer set forth in the Prospectus are incorporated by reference herein. Capitalized terms used and not otherwise defined herein have the meaning attributed to them in the Prospectus.

**The Subscription Agent is:**

Equiniti Trust Company, LLC

---

| | |
|:---|:---|
| &nbsp;&nbsp;*By First Class Mail* | &nbsp;&nbsp;*By Express Mail or Overnight Courier:* |
| &nbsp;&nbsp;Saba Capital Income & Opportunities Fund<br>c/o Equiniti Trust Company, LLC<br> 1110 Centre Pointe Curve, Suite # 101<br>Mendota Heights, MN 55120<br> Attn: Onbase - Reorganization Department  | &nbsp;&nbsp;Saba Capital Income & Opportunities Fund<br> c/o Equiniti Trust Company, LLC<br>1110 Centre Pointe Curve, Suite # 101<br>Mendota Heights, MN 55120<br>Attn: Onbase - Reorganization Department |
|  | &nbsp;&nbsp;*Via email: Domenick.Apisa@equiniti.com* |
|  | &nbsp;&nbsp;For information call the Information Agent,<br> InvestorCom, LLC: (877) 972-0090.<br>|

---

**DELIVERY OF THIS INSTRUMENT TO AN ADDRESS, OTHER THAN AS SET FORTH ABOVE, DOES NOT CONSTITUTE A VALID DELIVERY.**

The New York Stock Exchange (the "<u>NYSE</u>") member firm or bank or trust company which completes this form must communicate this guarantee and the number of Common Shares subscribed for in connection with this guarantee (separately disclosed as to the primary subscription and the over-subscription privilege) to the Subscription Agent and must deliver this Notice of Guaranteed Delivery, to the Subscription Agent, prior to 5:00 p.m., Eastern time, on the Expiration Date, guaranteeing delivery of (a) a properly completed and signed Subscription Certificate (which certificate must then be delivered to the Subscription Agent no later than the close of business of the first business day after the Expiration Date). Failure to do so will result in a forfeiture of the Rights.

**GUARANTEE**

The undersigned, a member firm of the NYSE or a bank or trust company having an office or correspondent in the United States, guarantees delivery to the Subscription Agent by no later than 5:00 p.m., Eastern time, on the first Business Day after the Expiration Date (October 28, 2025) unless extended, as described in the Prospectus) of a properly completed and executed Subscription Certificate, as subscription for such Common Shares is indicated herein or in the Subscription Certificate. Participants should notify the Depositary prior to covering through the submission of a physical security directly to the Depositary based on a guaranteed delivery that was submitted via the PTOP platform of The Depository Trust Company ("<u>DTC</u>").

---

| | |
|:---|:---|
| **SABA CAPITAL INCOME & OPPORTUNITIES FUND** | **Broker Assigned Control #_______** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;1. Primary Subscription | &nbsp;&nbsp;Number of Rights to be exercised | &nbsp;&nbsp;Number of Common Shares under the Primary subscription requested for which you are guaranteeing delivery of Rights | &nbsp;&nbsp;Payment to be made in connection with the Common Shares Subscribed for under the primary subscription |
|  | &nbsp;&nbsp;__________ Rights | &nbsp;&nbsp;__________ Common Shares (Rights ![](ex99d4001.jpg) by 3) | &nbsp;&nbsp;$_________________________<u> </u> |
| &nbsp;&nbsp;2. Over-Subscription |  | &nbsp;&nbsp;Number of Common Shares Requested Pursuant to the Over-Subscription Privilege | &nbsp;&nbsp;Payment to be made in connection with the Common Shares Requested Pursuant to the Over-Subscription Privilege |
|  |  | &nbsp;&nbsp;__________ Common Shares | &nbsp;&nbsp;$_________________________<u> </u> |
| &nbsp;&nbsp;3. Totals | &nbsp;&nbsp;Total Number of Rights to be Delivered | &nbsp;&nbsp;Total Number of Common Shares Subscribed for and/or Requested |  |
|  | &nbsp;&nbsp;__________ Rights | &nbsp;&nbsp;Common Shares:<br>__________  | &nbsp;&nbsp;$_________________________<u> </u><br> Total Payment |

---

Method of delivery of the Notice of Guaranteed Delivery (circle one)

A. Through DTC<br> B. Direct to Equiniti Trust Company, LLC, as Subscription Agent.

Please reference below the registration of the Rights to be delivered.

PLEASE ASSIGN A UNIQUE CONTROL NUMBER FOR EACH GUARANTEE SUBMITTED. This number needs to be referenced on any direct delivery of Rights or any delivery through DTC.

Name of Firm Authorized Signature

DTC Participant Number   Title  

Address   Name (Please Type or Print)  

Zip Code   Phone Number  

Contact Name   Date  

**BENEFICIAL OWNER LISTING CERTIFICATION<br> Saba Capital Income & Opportunities Fund**

The undersigned, a bank, broker or other nominee holder of Rights ("<u>Rights</u>") to purchase common shares of beneficial interest, without par value ("<u>Common Shares</u>"), of Saba Capital Income & Opportunities Fund (the "<u>Fund</u>") pursuant to the rights offering (the "<u>Offer</u>") described and provided for in the Fund's Prospectus Supplement, dated October 6, 2025, and the accompanying Prospectus, dated September 23, 2025 (collectively the "<u>Prospectus</u>"), hereby certifies to the Fund and to Equiniti Trust Company, LLC, as Subscription Agent for such Offer, that for each numbered line filled in below, the undersigned has exercised, on behalf of the beneficial owner thereof (which may be the undersigned), the number of Rights specified on such line pursuant to the primary subscription (as specified in the Prospectus) and such beneficial owner wishes to subscribe for the purchase of additional Common Shares pursuant to the over-subscription privilege (as defined in the Prospectus, in the amount set forth in the third column of such line.

---

| | | | |
|:---|:---|:---|:---|
| | **Number of Record Date** <br> **Common Shares Owned** | **NUMBER OF RIGHTS** <br> **exercised pursuant to the** <br> **Primary Subscription** | **NUMBER OF**<br>**COMMON SHARES<br> requested pursuant to the<br> Over-Subscription**<br> **Privilege**  |
| 1. |  |  |  |
| 2. |  |  |  |
| 3. |  |  |  |
| 4. |  |  |  |
| 5. |  |  |  |
| 6. |  |  |  |
| 7. |  |  |  |
| 8. |  |  |  |
| 9. |  |  |  |
| 10. |  |  |  |

---

Name of Nominee Holder

---

| | |
|:---|:---|
| By: |  |
| Name: |  |
| Title: |  |
| Dated: | , 2025 |

---

Provide the following information, if applicable:

Depository Trust Corporation ("<u>DTC</u>") Participant Number

---

| | |
|:---|:---|
|  | Name of Broker |
| DTC Primary Subscription Confirmation Number(s) | Address |

---

## Ex-99.(K)(3)

**[Saba Capital Income & Opportunities Fund POS EX](saba_posex-100725.htm)**

**Exhibit (k)(3)**

**SUBSCRIPTION AGENT AGREEMENT**

This SUBSCRIPTION AGENT AGREEMENT (this "Agreement") is entered into as of October 6, 2025, by and between Equiniti Trust Company, LLC (the "Subscription Agent") and Saba Capital Income & Opportunities Fund (the "Company").

1. The
 Company is offering (the "Rights Offering") transferable subscription rights
 (the "Rights") to its common shareholders (the "Common Shareholders")
 to subscribe for an aggregate of 14,176,498 common shares of beneficial interest (each,
 a "Common Share" and collectively, the "Common Shares"), on October
 6, 2025 (the "Record Date"). Except as set forth in Sections 9 and 10 below,
 Rights shall cease to be exercisable at 5:00 P.M., New York City time, on October 28,
 2025 or such later date of which the Company notifies the Subscription Agent orally and
 confirms in writing (the "Expiration Date"). 42,529,493 Rights are being
 issued for 14,176,498 Common Shares held on the Record Date. Three Rights and payment
 in full of the subscription price (the "Subscription Price"), which will
 be determined as set forth in the Rights Offering Supplement (defined below) are required
 to subscribe for one Common Share. Rights are evidenced by transferable subscription
 certificates in registered form ("Subscription Certificates"). Each holder
 of Subscription Certificate(s) who exercises the holder's right to subscribe for
 all Common Shares that can be subscribed for with the Rights evidenced by such Subscription
 Certificate(s) (the "Basic Subscription Right") will have the right to subscribe
 for additional Common Shares, if any, available as a result of any unexercised Rights,
 provided that the Company's board of trustees, in its sole discretion, may eliminate
 such right to subscribe for additional Common Shares (such additional subscription right
 being referred to hereafter as the "Over-Subscription Privilege"). The Rights
 Offering will be conducted in the manner and upon the terms set forth in the supplement
 to the Company's Prospectus dated October 6, 2025 (the "Rights Offering Supplement").

2. The
 Subscription Agent is hereby appointed to affect the Rights Offering as set forth herein.
 The Subscription Agent may rely on, and shall be protected in acting upon, any certificate,
 instrument, opinion, representation, notice letter or other document delivered to it
 and believed by it to be genuine and to have been signed by the proper party or parties.

3. Enclosed
 herewith are the following, the receipt of which the Subscription Agent acknowledges
 by its execution hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 copy of the Rights Offering Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 form of Subscription Certificate (with instructions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resolutions
 adopted by the board of trustees of the Company in connection with the Rights Offering,
 certified by the secretary of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) notice
 of guaranteed delivery ("Notice of Guaranteed Delivery").

4. As
 soon as is reasonably practical, the Subscription Agent shall mail or cause to be mailed
 to each holder of Common Shares at the close of business on the Record Date a Subscription
 Certificate evidencing the Rights to which such holder is entitled, a Notice of Guaranteed
 Delivery, a prospectus, including the Rights Offering Supplement, and an envelope addressed
 to the Subscription Agent. Prior to mailing, the Company shall provide the Subscription
 Agent with blank Subscription Certificates which the Subscription Agent shall prepare
 and issue in the names of holders of Common Shares of record at the close of business
 on the Record Date and for the number of Rights to which they are entitled. The Company
 shall also provide the Subscription Agent with a sufficient number of copies of each
 of the documents to be mailed with the Subscription Certificates.

5. Subscription
 Procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 the Subscription Agent's receipt prior to 5:00 P.M., New York City time, on the
 Expiration Date (by mail or delivery) of (ii) any Subscription Certificate completed
 and endorsed for exercise, as provided on the reverse side of the Subscription Certificate
 (except as provided in Section 9 hereof), and (ii) payment in full of the Subscription
 Price in U.S. funds by check or bank draft payable at par (without deduction for bank
 service charges or otherwise) to the order of "Equiniti Trust Company, LLC"
 the Subscription Agent shall as soon as practicable after the Expiration Date, but after
 performing the procedures described in subsections (b) and (c) below, mail to the subscriber's
 registered address on the books of the Company certificates representing the securities
 underlying each Common Share duly subscribed for (pursuant to the Basic Subscription
 Right and the Over-Subscription Privilege) and furnish a list of all such information
 to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 soon as practicable after the Expiration Date the Subscription Agent shall calculate
 the number of Common Shares to which each subscriber is entitled pursuant to the Over-Subscription
 Privilege. The Over-Subscription Privilege may only be exercised by holders who subscribe
 to all the Common Shares that can be subscribed for under the Basic Subscription Right.
 The Common Shares available for additional subscriptions will be those that have not
 been subscribed and paid for pursuant to the Basic Subscription Right (the "Remaining
 Common Shares"). Where there are sufficient Remaining Common Shares to satisfy
 all additional subscriptions by holders exercising their rights under the Over-Subscription
 Privilege, each holder shall be allotted the number of Additional Common Shares subscribed
 for. If the aggregate number of Common Shares subscribed for under the Over-Subscription
 Privilege exceeds the number of Remaining Common Shares, the available Remaining Common
 Shares will be allocated pro rata among those fully exercising holders who over-subscribe
 based on the number of Rights originally issued to them by the Company. Fractional shares
 will not be issued upon the exercise of the Rights. Accordingly, Common Shares may be
 purchased only pursuant to the exercise of Rights in integral multiples of three; however,
 any holder who owns fewer than three Common Shares as of the close of business on the
 Record Date may subscribe for one full Common Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 calculating the number of Common Shares to which each subscriber is entitled pursuant
 to the Over-Subscription Privilege and the amount overpaid, if any, by each subscriber,
 the Subscription Agent shall, as soon as practicable, furnish a list of all such information
 to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon
 calculating the number of Common Shares to which each subscriber is entitled pursuant
 to the Over-Subscription Privilege and assuming payment for the additional Common Shares
 subscribed for has been delivered, the Subscription Agent shall mail, as contemplated
 in subsection (a) above, the certificates representing the additional securities which
 the subscriber has been allotted. If a lesser number of Common Shares is allotted to
 a subscriber under the Over-Subscription Privilege than the subscriber has tendered payment
 for, the Subscription Agent shall remit the difference to the subscriber without interest
 or deduction at the same time as certificates representing the securities allotted pursuant
 to the Over-Subscription Privilege are mailed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Funds
 received by the Subscription Agent pursuant to the Basic Subscription Right and the Over-Subscription
 Privilege shall be held by it in a segregated account. Upon mailing certificates representing
 the securities and refunding subscribers for additional Common Shares subscribed for
 but not allocated, if any, the Subscription Agent shall promptly remit to the Company
 all funds received in payment of the Subscription Price for Common Shares issued in the
 Rights Offering. The Subscription Agent will not be obligated to calculate or pay interest
 to any holder or party.

6. Until
 5:00 P.M., New York City time, on the third Business Day (as defined below) prior to
 the Expiration Date, the Subscription Agent shall facilitate subdivision or transfers
 of Subscription Certificates by issuing new Subscription Certificates in accordance with
 the instructions set forth on the reverse side of the Subscription Certificates. As used
 in herein, "Business Day" shall mean any day other than a Saturday, a Sunday,
 or a day on which banking institutions in the State of New York are authorized or obligated
 by law or executive order to close. The Subscription Agent will facilitate the sale of
 any Rights held directly (and not through a broker-dealer), provided that the Subscription
 Certificate is received 5 Business Days prior to the Expiration Date (or, if the Subscription
 Period is extended, prior to 5:00 PM, Eastern Time, on the fifth Business Day prior to
 the extended Expiration Date).

7. The
 Company shall have the absolute right to reject any defective exercise of Rights or to
 waive any defect in exercise. Unless requested to do so by the Company, the Subscription
 Agent shall not be under any duty to give notification to holders of Subscription Certificates
 of any defects or irregularities in subscriptions. Subscriptions will not be deemed to
 have been made until any such defects or irregularities have been cured or waived within
 such time as the Company shall determine. The Subscription Agent shall as soon as practicable
 return Subscription Certificates with the defects or irregularities which have not been
 cured or waived to the holder of the Rights. If any Subscription Certificate is alleged
 to have been lost, stolen or destroyed, the Subscription Agent should follow the same
 procedures followed for lost stock certificates representing Common Stock it uses in
 its capacity as transfer agent for the Company's Common Shares.

8. If
 prior to 5:00 P.M., New York City time, on the Expiration Date the Subscription Agent
 receives (i) payment in full of the Subscription Price for the Common Shares being subscribed
 for and (ii) a guarantee notice substantially in the form of the notice of guaranteed
 delivery ("Notice of Guaranteed Delivery") delivered with the Subscription
 Certificate, from a financial institution having an office or correspondent in the United
 States, or a member firm of any registered United States national securities exchange
 or of FINRA stating the certificate number of the Subscription Certificate relating to
 the Rights, the name and address of the exercising subscriber, the number of Rights represented
 by the Subscription Certificate held by such exercising subscriber, the number of Common
 Shares being subscribed for pursuant to the Rights and guaranteeing the delivery to the
 Subscription Agent of the Subscription Certificate evidencing such Rights no later than
 5:00 p.m., New York City time, on the first Business Day after the Expiration Date, then
 the Rights may be exercised even though the Subscription Certificate was not delivered
 to the Subscription Agent prior to 5:00 P.M., New York City time, on the Expiration Date,
 provided that on the first Business Day after the Expiration Date the Subscription Agent
 receives the properly completed Subscription Certificate evidencing the Rights being
 exercised, with signatures guaranteed if required.

9. If
 requested, the Subscription Agent shall deliver to the Company copies of the exercised
 Subscription Certificates in accordance with written directions received from the Company.
 The Subscription Agent shall deliver to the subscribers who have duly exercised Rights,
 at their registered addresses certificates representing the securities subscribed for
 as instructed on the reverse side of the Subscription Certificates.

10. Subscription
 Agent shall request the transfer agent for the Common Shares to issue the appropriate
 number of Common Shares as required in order to effectuate transfers of Common Shares
 pursuant to the Basic Subscription Right and the Over-Subscription Privilege as set forth
 in the Rights Offering Supplement and this Agreement.

11. The
 Subscription Agent shall notify the Company by telephone on or before the close of business
 on each Business Day during the period commencing five (5) Business Days after the mailing
 of the Rights and ending at the Expiration Date (and in the case of guaranteed deliveries
 ending one (1) Trading Day after the Expiration Date) (a "daily notice"),
 which notice shall thereafter be confirmed in writing, of (i) the number of Rights exercised
 an the day covered by such daily notice, (ii) the number of Rights subject to guaranteed
 exercises on the day covered by such daily notice, (iii) the number of Rights for which
 defective exercises have been received on the day covered by such daily notice, and (iv)
 the cumulative total of the information set forth in clauses (i) through (iii) above.
 At or before 5:00 P.M., New York City time, on the first Trading Day following the Expiration
 Date the Subscription Agent shall certify in writing to the Company the cumulative total
 through the Expiration Date of all the information set forth in clauses (i) through (iii)
 above. At or before 10:00 A.M., New York City time, on the fifth Trading Day following
 the Expiration Date the Subscription Agent will execute and deliver to the Company a
 certificate setting forth the number of Rights exercised pursuant to a Notice of Guaranteed
 Delivery and as to which Subscription Certificates have been timely received. The Subscription
 Agent shall also maintain and update a listing of holders who have fully or partially
 exercised their Rights, holders who have transferred their Rights and their transferees,
 and holders who have not exercised their Rights. The Subscription Agent shall provide
 the Company or its designees with such information compiled by the Subscription Agent
 pursuant to this Section 10 as any of them shall request.

12. With
 respect to notices or instructions to be provided by the Company hereunder, the Subscription
 Agent may rely and act on any written instruction signed by any one or more of the following
 authorized officers or employees of the Company:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Title |
| &nbsp;&nbsp;Paul Kazarian | &nbsp;&nbsp;Principal Executive Officer |
| &nbsp;&nbsp;Michael D'Angelo | &nbsp;&nbsp;Secretary |
| &nbsp;&nbsp;Nitin Sapru | &nbsp;&nbsp;Chief Financial Officer of the Company's Investment Manager (Saba Capital Management, LP) |
| &nbsp;&nbsp;Max Luing | &nbsp;&nbsp;Legal Counsel of the Company's Investment Manager (Saba Capital Management, LP) |

---

13. Whether
 or not the Rights Offering is consummated (unless the SEC does not provide approval for
 the Rights Offering and no public announcement is made), the Company agrees to pay the
 Subscription Agent for services rendered hereunder, as set forth in the schedule attached
 to this Agreement.

14. The
 Subscription Agent may employ or retain such agents (including but not limited to, vendors,
 advisors and subcontractors) as it reasonably requires to perform its duties and obligations
 hereunder; may pay reasonable remuneration for all services so performed by such agents;
 and in the case of counsel, may rely on the written advice or opinion of such counsel,
 which shall be full and complete authorization and protection in respect of any action
 taken, suffered or omitted by the Subscription Agent hereunder in good faith and in accordance
 with such advice or opinion. Additionally, the Subscription Agent shall identify, report
 and deliver any unclaimed property and/or payments to all states and jurisdictions for
 the Company and predecessor companies, in accordance with applicable abandoned property
 law.

15. In
 addition to the standard escheatment services, the Company shall remain responsible for
 any fees related to any state or third party audits the target company or prior target
 companies have previously authorized.

16. The
 Company hereby covenants and agrees to indemnify, reimburse and hold the Subscription
 Agent and its officers, directors, employees and agents harmless against any loss, liability
 or reasonable expense (including legal and other fees and expenses) incurred by the Subscription
 Agent arising out of or in connection with entering into this Agreement or the performance
 of its duties hereunder, except for such losses, liabilities or expenses incurred as
 a result of its gross negligence, bad faith or willful misconduct. The Company shall
 not be liable under this indemnity with respect to any claim against the Subscription
 Agent unless the Company is notified of the written assertion of a claim against it,
 or of any action commenced against it, promptly after it shall have received any such
 written information as to the nature and basis of the claim; provided, however, that
 failure by the Subscription Agent to provide such notice shall not relieve the Company
 of any liability hereunder if no prejudice occurs.

In no event shall the Subscription Agent have any liability for any incidental, special, statutory, indirect or consequential damages, or for any loss of profits, revenue, data or cost of cover, but the Subscription Agent shall be liable for all direct damages/losses to the Company and its officers, trustees or agents arising from the Subscription Agent's fraud, gross negligence or willful misconduct in performing its obligations hereunder.

All provisions regarding indemnification, liability and limits thereon shall survive the resignation or removal of the Subscription Agent or the termination of this Agreement.

17. Any
 notice or communication by the Subscription Agent or the Company to the other is duly
 given if in writing and delivered in person or via first class mail (postage prepaid),
 or overnight air courier to the other's address.

If to the Company:

Saba Capital Income & Opportunities Fund

405 Lexington Avenue, 58<sup>th</sup> Floor

New York, New York 10174

Attn: Michael D'Angelo

Email: <u>Michael.DAngelo@sabacapital.com</u>

If to the Subscription Agent:

Equiniti Trust Company, LLC

28 Liberty Street, Floor 53

New York, NY 10005

Attn: Corporate Actions

Tel: (718) 921.8200

with copy to:

Equiniti Trust Company, LLC

28 Liberty Street, Floor 53

New York, NY 10005

Attn: Legal Department

Email: <u>legalteamAST@astfinancial.com</u>

The Subscription Agent and the Company may, by notice to the other, designate additional or different addresses for subsequent notices or communications.

18. If
 any provision of this Agreement shall be held illegal, invalid, or unenforceable by any
 court, this Agreement shall be construed and enforced as if such provision had not been
 contained herein and shall be deemed an Agreement between us to the full extent permitted
 by applicable law.

19. Subscription
 Agent shall comply with all applicable laws in the performance of its duties under this
 Agreement.

20. This
 Agreement shall be governed by and construed in accordance with the laws of the State
 of New York, without giving effect to principles of conflicts of law, and shall inure
 to the benefit of and be binding upon the successors and permitted assigns of the parties
 hereto.

21. Neither
 this Agreement, nor any rights or obligations hereunder, may be assigned by either party
 without the written consent of the other party. However, the Subscription Agent may assign
 this Agreement or any rights granted hereunder, in whole or in part, either to affiliates,
 another division, subsidiaries or in connection with its reorganization or to successors
 of all or a majority of the Subscription Agent's assets or business without the
 prior written consent of the Company.

22. No
 provision of this Agreement may be amended, modified or waived, except in writing signed
 by all of the parties hereto. This Agreement may be executed in counterparts, each of
 which shall be for all purposes deemed an original, but all of which together shall constitute
 one and the same instrument.

23. Nothing
 herein contained shall amend, replace or supersede any agreement between the Company
 and the Subscription Agent to act as the Company's transfer agent, which agreement
 shall remain of full force and effect.

*[signature page follows]*

This Subscription Agent Agreement has been executed by the parties hereto as of the date first written above.

---

| | |
|:---|:---|
| SABA CAPITAL INCOME & OPPORTUNITIES FUND | SABA CAPITAL INCOME & OPPORTUNITIES FUND |
| By Saba Capital Management, LP, solely in its capacity as investment manager | By Saba Capital Management, LP, solely in its capacity as investment manager |
| By: | /s/ Michael D'Angelo |
|  | Name: Michael D'Angelo |
|  | Title: COO |

---

Agreed & Accepted:

EQUINITI TRUST COMPANY, LLC

---

| | |
|:---|:---|
| By: | /s/ Michael Legregin |
|  | Name: Michael Legregin |
|  | Title: Senior Vice President, Corporate Actions |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relationship Management & Operations |

---

**<u>Fee Schedule</u>**

PROJECT FEE $80,000.00

Per RIGHTS EXERCISE fee (up to 250 exercises) $20.00

Per RIGHTS EXERCISE fee (251-500 exercises) $17.50

Per RIGHTS EXERCISE fee (501-750 exercises) $15.00

Per RIGHTS EXERCISE fee (751 or more exercises) $12.50

PER EXTENSION FEE (for each extension) $5,000.00

PRORATION FEE, per calculation $5,000.00

Plus out-of-pocket and extraordinary expenses

DTC CUSIP eligibility fee $6,000.00 **(Non-Negotiable)**

**<u>Fees must be paid prior to the Launch date</u>**

Wells Fargo Bank NA.

Minneapolis, MN 55479

ABA # 121000248

SWIFT CODE: WFBIUS6S

For further credit to: Equiniti Trust Company, LLC

28 Liberty Street, Floor 53

New York, NY 10005

Account # 4820929628

Reference: Company name

Attn: Accounts Receivable

The party below is responsible for payment of the fees:

Name: Saba Capital Management, LP

Attention: Accounts Payable

Address: 405 Lexington Avenue, 58<sup>th</sup> Floor

Address: New York, NY 10174

Phone: 212-542-4648 and 212-542-4635

Email: <u>accountspayable@sabacapital.com</u> and

apsaba@stavtar.com

The fees quoted in this schedule apply to services ordinarily rendered by Equiniti Trust Company, LLC as Subscription Agent and are subject to adjustment based on final review of documents, or when the Subscription Agent is called upon to undertake unusual duties or responsibilities, or as changes in law, procedures, or the cost of doing business demand. Out-of-pocket expenses include, but are not limited to, 1099's (calculations, production, print, mail, and IRS reporting), cost basis calculations and reporting, and regulatory mailings. Furthermore, the fees quoted in this schedule are based upon information provided to AST and are subject to change upon modification or supplementation of such information resulting in the provision of additional services by the Subscription Agent. Services in addition to and not contemplated in this Agreement, including, but not limited to, document amendments and revisions, calculations, notices and reports, legal fees and unanticipated transaction costs (including charges for wire transfers, checks, internal transfers and securities transactions) will be billed as extraordinary expenses.

## Ex-99.(K)(4)

**[Saba Capital Income & Opportunities Fund POS EX](saba_posex-100725.htm)**

**Exhibit (k)(4)**

![](ex99k4001.jpg)

19 Old Kings Highway S., Suite 130, Darien, CT 06820 • 203 972 9300 • Fax 203 621 3333 <u>www.investor-com.com</u>

September 8, 2025

Mr. Michael D'Angelo, COO

Saba Capital Management, L.P.

405 Lexington Avenue, 58th Floor

New York, NY 10174

**INFORMATION AGENT LETTER OF AGREEMENT**

This Letter of Agreement sets forth the terms and conditions under which Saba Capital Income & Opportunities Fund ("BRW") agrees to retain InvestorCom LLC ("ICOM") as Information Agent during its Rights Offering (the "Offer"). The term of the Agreement shall be the term of the Offer, including extensions thereof.

1. During the term of the Agreement, we will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Monitor
 any trading activity and make best efforts to identify and profile major street name
 stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Communicate
 with stockholders and brokers, through both outgoing (if requested) and incoming calls
 on our toll-free number, to confirm receipt and understanding of the terms of the Offer
 and answer questions relating solely to the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 requested, coordinate all printing activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 requested, distribute necessary printed materials to Broadridge, brokers, banks and registered
 name holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Communicate
 with back-office personnel of brokerage firms and banks to confirm redistribution of
 materials to beneficial owners.

2. In
 performing the services outlined in paragraph 1 (a) - (e) above, we will not render investment
 advice to the holders or others, and will not make recommendations, either directly or
 indirectly, to anyone regarding a decision by such person to participate in the Offer.

3. During
the Offer, we will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Follow
up with bank and broker reorganization departments to confirm receipt of offer material and ensure timely notification
to beneficial owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Continue
 to monitor trading activity, establishing contacts at holders to solidify support for
 the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Contact
 individual beneficial holders (if requested) to confirm receipt of material, answer questions,
 explain terms of the Offer, determine likelihood of support for the Offer and provide
 assistance in participating in the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Contact
reorganization departments at all banks and brokerage firms to remind them of the expiration date of the Offer and to determine
the responses from their clients. We will also arrange for brokers to contact those clients which have not yet
given instructions to participate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Follow
 up with holders whose participation is expected, but which have not yet been received.

4. For
 our services as outlined herein, you agree to pay ICOM a fee of $9,500, payable within
 30 days after the Offer's filing date. All expenses, including telephonic solicitation
 outbound calls, will only be incurred with your prior written authorization.

Telephone calls will be charged at $4.50 for each holder contacted, plus $2.00 for directory assistance when needed. If our toll-free number is used, incoming calls will be billed at $4.50 per call.

5. You
 (severally, but not jointly) agree to indemnify and hold ICOM harmless against any loss,
 damage, expense (including, without limitation, reasonable legal and other related fees
 and expenses), liability or claim directly arising out of ICOM's performance of
 its obligations under this Agreement, except for any loss, damage, expense, liability
 or claim arising out of ICOM's own negligence, bad faith, fraud or misconduct.

Notwithstanding anything herein to the contrary, in no event shall BRW be liable to ICOM for losses that are indirect, special, incidental, consequential, punitive, exemplary or enhanced or other similar damages (including lost profits and diminution of value) arising out of the subject matter of this agreement or otherwise, whether the losses were foreseeable, whether or not advised of the possibility of the losses and notwithstanding the failure of any agreed or other remedy of its essential purpose.

6. We
 represent to you that we will comply with applicable requirements of law relating to
 our services. We further agree not to make any representations not included in the Offer
 material and not to make any recommendations as to whether a stockholder should participate
 in the Offer.

However, if we do make any representation not included in the Offer material or fail to comply with such laws or make such a recommendation, we agree to indemnify and hold you harmless against any liability you may incur by reason of any such representation.

7. ICOM
 agrees to preserve the confidentiality of (i) all material nonpublic information provided
 by BRW, Saba Capital Management, LP or their affiliates or agents for ICOM's use
 in fulfilling its obligations hereunder and (ii) any information developed by ICOM based
 upon such material nonpublic information. BRW agrees that all reports, documents and
 other work product provided to BRW by ICOM pursuant to the terms of this Agreement are
 for the exclusive use of BRW or your agents and may not be disclosed to any other person
 or entity without the prior written consent of ICOM. The confidentiality obligation set
 forth in this paragraph shall survive the termination of this Agreement.

8. If
 the above correctly sets forth your understanding of our agreement please signify your
 acceptance by signing and returning to ICOM for execution.

If the above is agreed to by you, please sign, date and return.

Sincerely,

INVESTORCOM LLC

---

| | |
|:---|:---|
| By: | /s/ John Glen Grau |
| John Glenn Grau | John Glenn Grau |
| President | President |

---

Date: <u>September 8, 2025</u>

Accepted:

Saba Capital Income & Opportunities Fund

By Saba Capital Management, LP, its investment advisor

---

| | |
|:---|:---|
| By: | /s/ Michael D'Angelo |
| Name: | Michael D'Angelo |
| Title: | COO |
| Date: | September 8, 2025 |

---