Inception Date - Class A: May 12, 1988

The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above "Performance" for performance information current to the most recent month-end.

The returns are presented net of fees, which includes the deduction of expenses (including brokerage commissions, administrative expenses, management fees and accrued performance allocations, if any) and the reinvestment of all dividends, interest, and capital gains, if any.

Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Net asset value equals total Fund assets net of Fund expenses such as operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.

¹Shares are bought and sold at market price not net asset value (NAV) and are not individually redeemed from the Fund. Market performance is determined using the bid/ask midpoint at 4:00 p.m. Eastern time when the NAV is typically calculated. Brokerage commissions will reduce returns.

²The Current Distribution Amount represents the amount approved by the Board of the Fund as part of a managed distribution plan. As part of the managed distribution plan, the Fund will make monthly distributions to shareholders at a fixed amount of per share. The Fund will generally distribute amounts necessary to satisfy the Fund’s plan and the requirements prescribed by excise tax rules and Subchapter M of the Internal Revenue Code. The plan is intended to provide shareholders with a constant, but not guaranteed, fixed minimum rate of distribution each month and is intended to narrow the discount between the market price and the net asset value of the Fund’s common shares, but there is no assurance that the plan will be successful in doing so.

Yield figures quoted should not be used as an indication of the income that has or will be received. Yield figures are based on the portfolio's underlying holdings and do not represent a payout of the portfolio.

³Effective after the close of business on June 4, 2021, the Voya Prime Rate Trust, previously managed by Voya Financial, became the Saba Capital Income & Opportunities Fund and Saba Capital Management, L.P. became the fund’s new investment adviser. The Fund’s name, investment adviser, and investment program have changed.

Shareholders of the Fund approved the following changes to the Fund’s investment program at a special shareholder meeting on May 21, 2021:

• To approve the New Investment Management Agreement between the Fund and Saba Capital Management, L.P.
• To remove the Fund’s fundamental investment restriction relating to investing in warrants
• To remove the Fund’s fundamental investment restriction relating to purchasing or selling equity securities, engaging in short-selling and the use of certain option arrangements
• To remove the Fund’s fundamental investment restriction relating to investing in other investment companies
• To approve changing the Fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified”
• To approve a change of the Fund’s investment objective and to make the investment objective non-fundamental

⁵Effective after the close of business on June 4, 2021, Saba Capital Management, LP became the manager of the Fund. Performance of the Fund prior to the close of business on June 4, 2021 is not attributable to Saba Capital Management, LP.

⁶Expense Ratios are as of . Saba Capital Management has contractually agreed to limit expenses of the Fund. This expense limitation agreement excludes interest, taxes, investor relations services, other investment-related costs, leverage expenses, and extraordinary expenses such as litigation, other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the Fund’s Trustees. The expense agreement shall automatically renew for one-year terms unless otherwise terminated in accordance with the provisions outlined in the agreement. The current term of the expense agreement expires on July 1, 2024. The Expense Ratios include expense waivers to average net assets and the Gross Expense Ratio includes interest expense and other fees related to the revolving credit facility to average net assets. The Expense Ratio does not include acquired fund fees and expenses.

⁷Assumes reinvestment of distributions based on the dividend reinvestment and cash purchase plan.

⁸The market price is determined using the last trade on the listing exchange at the time that the fund's NAV is calculated.

** Please note amounts shown above for dividends with a payable date prior to 5/20/2022 have been adjusted to reflect the 2 to 1 reverse stock split which occurred on 5/20/2022.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital, which will have the effect of reducing your cost basis in the Fund’s shares and thereby increasing the amount of capital gain, if any, or decreasing the amount of capital loss, if any, that you will realize when selling or exchanging Fund shares. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. The final determination of the tax characteristics cannot be determined until after year end and reported to shareholders on Form 1099-DIV at that time.

To obtain an estimate of the components for each distribution please refer to the distribution press releases.  

The tax treatment and characterization of the Fund’s distributions may vary significantly from time to time, depending on whether the Fund has gains or losses on the call options written on its portfolio versus gains or losses on the equity securities in the portfolio. The Fund’s distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital. The final composition of the tax characteristics of the distributions cannot be determined with certainty until after the end of the year, and will be reported to shareholders at that time. The amount of quarterly distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of distributions on the common shares will change. There can be no assurance that the Fund will be able to declare a distribution in each period.

Shareholder Reinvestment Program

The Fund maintains a Shareholder Reinvestment Program (the “Program”) that allows participating shareholders to reinvest all dividends ("Dividends") in additional Common Shares of the Fund. Pursuant to the Program, ALPS Fund Services, Inc. (“ALPS”), the Program administrator, purchases, from time to time, Common Shares on the open market to satisfy Dividend reinvestments. Such Common Shares are purchased on the open market only when the closing sale or bid price plus commission is less than the NAV per share of the Fund’s Common Shares on the valuation date. If the market price plus commissions is equal to or exceeds NAV, new Common Shares are issued by the Fund at the greater of (i) NAV or (ii) the market price of the Common Shares during the pricing period, minus a discount of 5%. Common Shares issued by the Fund under the Program will be issued without a fee or a commission.

Shareholders may elect to participate in the Program by submitting a completed participation form to ALPS, the Program administrator. The Program administrator will credit to each participant's account funds it receives from Dividends paid on Common Shares of the Fund registered in the participant's name. Shareholders may elect to close their account at any time by giving the Transfer Agent written notice. When a participant closes their account, the participant, upon request, will receive a certificate for full Common Shares in the account. Fractional Common Shares will be held and aggregated with other fractional Common Shares being liquidated by the Transfer Agent as agent of the Program and paid for by check when actually sold.

Participants will pay a pro rata share of brokerage commissions with respect to the Program Administrator's open market purchases in connection with the reinvestment of Dividends.

The automatic reinvestment of Dividends does not affect the tax characterization of the Dividends (i.e., capital gain distributions and income distributions are realized and subject to tax even though cash is not received). A shareholder whose Dividends are reinvested in Common Shares under the Program will be treated as having received a Dividend equal to either (i) if Common Shares are issued under the Program directly by the Trust, generally the fair market value of the Common Shares issued to the shareholder or (ii) if reinvestment is made through open market purchases, the amount of cash allocated to the shareholder for the purchase of Common Shares on its behalf in the open market.

Additional information about the Program may be obtained by contacting the Program Administrator at +1 844-460-9411.