ADVISORY BUSINESS A. General Description of Advisory Firm Saba Capital, a Delaware limited partnership, commenced operations in 2009 with an office in New York, New York. Saba Capital became a registered investment adviser with the SEC on August 6, 2010 and became a registered commodity pool operator (a “CPO”) with the National Futures Association (the “NFA”) on January 7, 2013. Boaz Weinstein is the founder and Chief Investment Officer (“CIO”) of Saba Capital as well as its principal owner. Additionally, Mr. Weinstein is the managing member of Saba Capital Management GP, LLC, the general partner of Saba Capital (the "Saba Capital General Partner"). The Saba Capital General Partner has ultimate responsibility for the management, operations, and investment decisions made by Saba Capital. B. Description of Advisory Services Generally, Saba Capital serves as the investment adviser or sub-adviser on either a discretionary or non-discretionary basis to its Clients. The Clients include:  Saba Capital Partners, L.P., a Delaware limited partnership (the "Domestic Flagship Fund"), Saba Capital Offshore Fund, Ltd., an exempted company incorporated under the laws of the Cayman Islands (the "Offshore Flagship Fund"), and Saba Capital Master Fund, Ltd., an exempted company incorporated under the laws of the Cayman Islands (the "Master Flagship Fund"). The Offshore Flagship Fund invests substantially all of its assets in the Master Flagship Fund. The Domestic Flagship Fund invest substantially all of its assets in the Master Flagship Fund. The Domestic Flagship Fund, Offshore Flagship Fund, and Master Flagship Fund are collectively referred to herein as the "Flagship Funds".  Saba II Aggregator Vehicle LP, a Delaware limited partnership (the "Aggregator II Vehicle"), Saba Capital Offshore Fund II, Ltd., an exempted company incorporated under the laws of the Cayman Islands (the “Offshore II Fund”), Saba Capital Master Fund II, Ltd., an exempted company incorporated under the laws of the Cayman Islands (the “Master II Fund”), and Saba II AIV LP, a Delaware limited partnership (the “AIV II Fund”). The Aggregator II Vehicle invests all or substantially all of its assets in either (i) the Offshore II Fund, which invests substantially all of its assets in the Master II Fund or (ii) the AIV II Fund. The AIV II Fund, together with the Aggregator II Vehicle, the Offshore II Fund, and the Master II Fund, are collectively referred to herein as, the “Saba II Funds”. The Master II Fund and the AIV II Fund are collectively referred to herein as the "Master II Funds".  Saba Capital Offshore Fund III, L.P, a limited partnership incorporated under the laws of the Cayman Islands (the "Offshore III Fund"), and Saba Capital Master Fund III, L.P., a Delaware limited partnership (the "Master III Fund"). The Offshore III Fund invests substantially all of its assets in the Master III Fund. The Master III Fund and the Offshore III Fund are collectively referred to herein as the "Saba III Funds".  Saba Capital CEF Opportunities 1 Onshore, L.P., a Delaware limited partnership (the "Domestic CEF 1 Fund"), Saba Capital CEF Opportunities 1 Offshore, Ltd., an exempted company incorporated under the laws of the Cayman Islands (the “Offshore CEF 1 Fund”), and Saba Capital CEF Opportunities 1, Ltd., an exempted company incorporated under the laws of the Cayman Islands (the “CEF 1 Master Fund”). The Domestic CEF 1 Fund and Offshore CEF 1 Fund invest substantially all of their assets in the CEF 1 Master Fund. The Domestic CEF 1 Fund, Offshore CEF 1 Fund and CEF 1 Master Fund are collectively referred to herein as the "CEF 1 Funds".  Saba Capital CEF Opportunities 2 Offshore, Ltd., an exempted company incorporated under the laws of the Cayman Islands (the “Offshore CEF 2 Fund”), and Saba Capital CEF Opportunities 2, Ltd., an exempted company incorporated under the laws of the Cayman Islands (the “CEF 2 Master Fund”). The Offshore CEF 2 Fund invests substantially all of its assets in the CEF 2 Master Fund. The Offshore CEF 2 Fund and CEF 2 Master Fund are collectively referred to herein as the "CEF 2 Funds".  Saba Capital CEF Opportunities 3, Ltd., an exempted company incorporated under the laws of the Cayman Islands (the “CEF 3 Master Fund”).  Saba Capital Carry Neutral Tail Hedge Partners, L.P., a Delaware limited partnership (“Domestic Carry Neutral Fund”), Saba Capital Carry

Neutral Tail Hedge Offshore Fund, Ltd., an exempted company incorporated under the laws of the Cayman Islands (“Offshore Carry Neutral Fund”), and Saba Capital Carry Neutral Tail Hedge Master Fund, Ltd., an exempted company incorporated under the laws of the Cayman Islands (“Carry Neutral Master Fund”). The Domestic Carry Neutral Fund and Offshore Carry Neutral Fund invest substantially all of their assets in the Carry Neutral Master Fund. The Domestic Carry Neutral Fund, Offshore Carry Neutral Fund and Carry Neutral Master Fund are collectively referred to herein as the "Carry Neutral Funds”.  Saba Capital Special Opportunities Fund, Ltd., an exempted company incorporated under the laws of the Cayman Islands (“Special Opportunities Fund”).  Saba Capital R Fund, Ltd., an exempted company incorporated under the laws of the Cayman Islands (“R Fund”).  Saba Capital W Fund, Ltd., an exempted company incorporated under the laws of the Cayman Islands (“W Fund”).  Saba Capital Bluebird Fund, Ltd. an exempted company incorporated under the laws of the Cayman Islands (“Bluebird Fund”).  Saba Capital Income & Opportunities Fund (“BRW”) a Massachusetts trust registered under the U.S. Investment Company Act of 1940 (the “Investment Company Act”).  Separately managed accounts (“SMAs”).  Saba Capital serves as a sub-adviser to the Saba Closed-End Funds ETF (“Saba ETF”), a series of Exchange Listed Funds Trust (the “Trust”), registered under the Investment Company Act. For further discussion of the investment objectives and guidelines, see Item 10. Saba Capital, LLC, a Delaware limited liability company affiliated with Saba Capital (the "General Partner" or the "Managing Member"), serves as (i) the general partner of the Domestic Flagship Fund, the Domestic Carry Neutral Fund, the Domestic CEF 1 Fund and the SPAC Onshore Feeder. Saba Capital II, LLC, a Delaware limited liability company affiliated with Saba Capital (the "General Partner II" or the “Special Shareholder”), serves as (i) the general partner to the Aggregator II Vehicle, the AIV II Fund, the Master III Fund; and (ii) as the special shareholder to the Master II Fund. Saba Capital III, LLC, a Delaware limited liability company affiliated with Saba Capital (the "General Partner III"), serves as the general partner to the Offshore III Fund. The interests in the Domestic Flagship Fund, Domestic CEF 1 Fund and Domestic Carry Neutral Fund, are offered on a private placement basis, pursuant to Section 3(c)(7) of the Investment Company Act to persons who are "accredited investors" as defined in Regulation D of the Securities Act of 1933, as amended (the "Securities Act") and "qualified purchasers" as defined under the Investment Company Act, and subject to certain other conditions as set forth in the respective offering memoranda. Shares in the Offshore Flagship Fund, Offshore Carry Neutral Fund, Offshore CEF 1 Fund, Offshore CEF 2 Fund, Offshore III Fund, Special Opportunities Fund, R Fund, CEF 3 Master Fund, W Fund and Bluebird Fund are offered on a private placement basis to persons who are not "U.S. Persons", as defined under Regulation S of the Securities Act, and U.S. tax-exempt persons who are "accredited investors" as defined in Regulation D of the Securities Act and "qualified purchasers" as defined under the Investment Company Act, and subject to certain other conditions as set forth in the respective offering memoranda of the Offshore Flagship Fund, Offshore Carry Neutral Fund, Offshore CEF 1 Fund and Offshore CEF 2 Fund, CEF 3 Master Fund and Offshore III Fund. Generally, Saba Capital has full discretionary authority with respect to investment decisions on behalf of the Clients, and its advice with respect to the Clients is made in accordance with the investment objectives and guidelines as set forth in their respective offering memoranda. For further discussion of the investment objectives and guidelines, see Item 8. C. Availability of Customized Services for Individual Clients Saba Capital's investment decisions and advice with respect to each Client are subject to each Client's investment objectives and guidelines, as set forth in their respective offering documents. D. Wrap Fee Programs Not applicable. E. Assets Under Management As of December 31, 2022, Saba Capital had approximately $9,727,578,922 of regulatory assets under management on a discretionary basis.