We have little doubt that Saba is once again taking a page from its activist investor
playbook and is seeking to force the Fund to pursue a liquidity event that provides Saba with the ability to tender or liquidate its shares at a per share price that is close to NAV, without any regard for the investment goals and/or returns of the
Funds long-term investors.
If Saba forces the Fund to pursue a liquidity event, the Fund may be significantly weakened and no longer a
viable vehicle for investors seeking high current income.
If, consistent with its past history, Saba forces the Fund to pursue a
liquidity event such as a tender offer or a liquidation of the Fund, this course of action could require the Fund to sell assets into a dislocated market and incur substantial expenses. This forced sale could leave remaining investors with a Fund
that is a shell of its former self and not able to provide investors with the benefits of a market recovery, or with the high current income, all while interrupting capital preservation, which the Fund has reliably delivered. A substantial forced
sale would run the risk to the Fund and its shareholders of the Fund having to sell assets into a dislocated and depressed market, while also incurring the opportunity cost of not being able to fully benefit from a market recovery in the years
ahead.
Given current market conditions, we believe that Sabas agenda could be especially detrimental to the interests of long-term
investors in the Fund and that it is simply the wrong time to allow an opportunistic activist investor such as Saba to pressure the Fund to pursue some form of liquidity event just so Saba can extract a quick,
one-time payout, a payout that could adversely impact the future viability of the Fund and its ability to meet its stated investment objective.
Preserve your Funds future and its viability as a vehicle for those investors seeking a high level of current income by opposing Sabas
self-serving proxy contest, the three candidates Saba handpicked from its nominee bullpen, and Sabas potentially devastating proposal to terminate the Funds investment advisory agreement.
Your vote is important, no matter how many shares you own. Your Board unanimously recommends that shareholders vote on the
WHITE proxy card FOR ALL the Funds highly qualified and very experienced nominees, all of whom are valued members of your Board, and AGAINST Sabas proposal to terminate the Funds investment
advisory agreement with Amundi Pioneer. You may also vote by phone or Internet by following the instructions on the enclosed WHITE proxy card. Your Board encourages you to vote each WHITE proxy card you receive.
If you hold shares through a broker, bank, or other custodian, you will receive voting materials from that firm. You can complete the
WHITE voting instruction form by internet, telephone, or mail. The voting instruction form will contain instructions on how to access and utilize those voting methods. Since this is a contested proxy solicitation, if you do not give
voting instructions to your broker, bank, or other custodian, pursuant to the rules of the New York Stock Exchange, your broker, bank, or other custodian will not be able to vote your shares with respect to the election of trustees or Sabas
proposal to terminate the Funds investment advisory agreement. We urge you to instruct your broker, bank, or other custodian to vote your shares on the WHITE proxy card.
If you have any questions or need assistance in voting your WHITE proxy card or voting instruction form, we encourage you to
contact our proxy solicitor, Okapi Partners LLC, at +1 877- 566-1922 (Toll Free).
Please do not return or otherwise vote any other proxy card or voting instruction form sent to you by Sabaeven as a protest vote
against Saba as this may cancel your prior vote for your Boards nominees and your vote against Sabas proposal to terminate the Funds investment advisory agreement. If you have previously returned a proxy card or voting
instruction form sent to you by Saba, you can change your vote (i) by signing, dating and returning the enclosed WHITE proxy card or voting instruction form in the postage-paid envelope provided herewith; (ii) by recording
your voting instructions via telephone or the internet following the instructions on the enclosed WHITE proxy card or voting instruction form; or (iii) by voting at the Annual Meeting. Only your latest-dated vote will
count.