Saba Capital

¹ The 21st Annual Hedge Fund Industry Award: 2024 Activist Hedge Fund Manager of the Year is open to hedge funds whose strategy relies primarily on activist investments. Fund strategies that qualify in this category include but are not limited to activist and event-driven instruments. Saba submitted information related to 2023 investment returns, performance track record, risk management, stability of investment team, as well as portfolio management. Winners for the 2024 Institutional Investor Awards were announced on May 1, 2024. More information on the 2024 Institutional Investor Awards and a full list of the winners is available here: https://www.institutionalinvestor.com/article/2d6anafxgowqfj0jskbnk/culture/here-are-the-winners-of-the-21st-annual-hedge-fund-industry-awards. The 20^th Annual Hedge Fund Industry Awards: Credit – Focused Hedge Fund Manager of the Year (the “Credit Fund Award”) is open to hedge funds whose strategy relies primarily on credit investments. Fund strategies that qualify in this category include but are not limited to distressed debt, asset-based lending, emerging markets debt, and long-short credit. 2023 Activist Hedge Fund Manager of the Year (the “Activist Award,” and together with the Credit Fund Award, the “2023 Institutional Investor Awards”) is open to hedge funds whose strategy relies primarily on activist investments. Fund strategies that qualify in this category include but are not limited to activist and event-driven instruments. Saba submitted information related to 2022 investment returns, performance track record, risk management, stability of investment team, as well as portfolio management. Winners for the 2023 Institutional Investor Awards were announced on May 11, 2023. More informationon the 2023 Institutional Investor Awards and a full list of the winners areavailable here: https://www.institutionalinvestor.com/article/b8ynqlgnjb6y8q/Here-Are-the-Winners-of-the-20th-Annual-Hedge-Fund-Industry-Awards. For each award's specific selection criteria, please contact Saba Capital. These nominations included an associated awards ceremony for which Saba Capital Management, L.P. (“Saba Capital”) compensated the award provider (the “Award Provider”) to attend the dinner ceremony. These awards do not constitute an endorsement by the Award Provider or investment advice, and do not express an opinion or view on Saba Capital’s ability to perform its duties as an investment adviser. Ratings are in no way indicative of an adviser’s future performance, which may vary.

² Assets under management as of 8/1/2025.