BRW Announces Notification of Sources of Distributions
Saba Capital Income & Opportunities Fund (NYSE: BRW) has announced its monthly distribution notice under Section 19(a) of the Investment Company Act of 1940. The Fund will distribute $0.085 per share to shareholders on March 31, 2025.
The Fund estimates it has distributed more than its income and net realized capital gains, indicating that a portion of the distribution may be a return of capital. This distribution is part of the Fund's managed distribution plan, which aims to provide a fixed monthly rate and narrow the discount between market price and net asset value.
The Fund pursues its objectives by investing globally in debt and equity securities, including investments in closed-end funds, SPACs, reinsurance, and various debt instruments. It may also utilize derivatives and invest up to 15% in private funds focusing on debt and equity investments.
Il Saba Capital Income & Opportunities Fund (NYSE: BRW) ha annunciato il suo avviso di distribuzione mensile ai sensi della Sezione 19(a) della Investment Company Act del 1940. Il Fondo distribuirà $0,085 per azione agli azionisti il 31 marzo 2025.
Il Fondo stima di aver distribuito più del suo reddito e dei guadagni in conto capitale netti realizzati, indicando che una parte della distribuzione potrebbe essere un ritorno di capitale. Questa distribuzione fa parte del piano di distribuzione gestito del Fondo, che mira a fornire un tasso fisso mensile e ridurre lo sconto tra il prezzo di mercato e il valore patrimoniale netto.
Il Fondo persegue i suoi obiettivi investendo a livello globale in titoli di debito e azioni, inclusi investimenti in fondi chiusi, SPAC, riassicurazione e vari strumenti di debito. Può anche utilizzare derivati e investire fino al 15% in fondi privati focalizzati su investimenti in debito e azioni.
El Saba Capital Income & Opportunities Fund (NYSE: BRW) ha anunciado su aviso de distribución mensual bajo la Sección 19(a) de la Ley de Compañías de Inversión de 1940. El Fondo distribuirá $0.085 por acción a los accionistas el 31 de marzo de 2025.
El Fondo estima que ha distribuido más de sus ingresos y ganancias de capital netas realizadas, lo que indica que una parte de la distribución puede ser un retorno de capital. Esta distribución es parte del plan de distribución gestionado del Fondo, que tiene como objetivo proporcionar una tasa fija mensual y reducir el descuento entre el precio de mercado y el valor neto de los activos.
El Fondo persigue sus objetivos invirtiendo a nivel global en valores de deuda y acciones, incluidos inversiones en fondos cerrados, SPAC, reaseguro y varios instrumentos de deuda. También puede utilizar derivados e invertir hasta un 15% en fondos privados centrados en inversiones de deuda y acciones.
사바 캐피탈 인컴 & 기회 펀드 (NYSE: BRW)는 1940년 투자회사법 제19(a)조에 따라 월간 배당 공지를 발표했습니다. 이 펀드는 2025년 3월 31일 주주에게 주당 $0.085를 배당할 예정입니다.
펀드는 자산이익 및 순 실현 자본 이익보다 더 많은 배당을 지급한 것으로 추정하고 있으며, 이는 배당금의 일부가 자본 반환일 수 있음을 나타냅니다. 이 배당은 펀드의 관리 배당 계획의 일환으로, 고정 월간 비율을 제공하고 시장 가격과 순 자산 가치 간의 할인폭을 줄이는 것을 목표로 합니다.
펀드는 폐쇄형 펀드, SPAC, 재보험 및 다양한 채무 상품에 대한 투자를 포함하여 전 세계적으로 채무 및 주식 증권에 투자함으로써 목표를 추구합니다. 또한 파생상품을 활용하고 채무 및 주식 투자에 집중하는 사모펀드에 최대 15%까지 투자할 수 있습니다.
Le Saba Capital Income & Opportunities Fund (NYSE: BRW) a annoncé son avis de distribution mensuelle en vertu de la section 19(a) de la loi de 1940 sur les sociétés d'investissement. Le Fonds distribuera 0,085 $ par action aux actionnaires le 31 mars 2025.
Le Fonds estime avoir distribué plus de ses revenus et des gains en capital nets réalisés, ce qui indique qu'une partie de la distribution pourrait être un retour de capital. Cette distribution fait partie du plan de distribution géré du Fonds, qui vise à fournir un taux fixe mensuel et à réduire l'écart entre le prix du marché et la valeur nette des actifs.
Le Fonds poursuit ses objectifs en investissant à l'échelle mondiale dans des titres de créance et des actions, y compris des investissements dans des fonds fermés, des SPAC, de la réassurance et divers instruments de dette. Il peut également utiliser des dérivés et investir jusqu'à 15 % dans des fonds privés axés sur les investissements en dette et en actions.
Der Saba Capital Income & Opportunities Fund (NYSE: BRW) hat seine monatliche Ausschüttungsankündigung gemäß Abschnitt 19(a) des Investment Company Act von 1940 veröffentlicht. Der Fonds wird am 31. März 2025 $0,085 pro Aktie an die Aktionäre ausschütten.
Der Fonds schätzt, dass er mehr als sein Einkommen und die realisierten Nettokapitalgewinne ausgeschüttet hat, was darauf hindeutet, dass ein Teil der Ausschüttung eine Rückzahlung des Kapitals sein könnte. Diese Ausschüttung ist Teil des verwalteten Ausschüttungsplans des Fonds, der darauf abzielt, eine feste monatliche Rate zu bieten und den Discount zwischen Marktpreis und Nettovermögenswert zu verringern.
Der Fonds verfolgt seine Ziele, indem er weltweit in Schuld- und Eigenkapitalwerte investiert, einschließlich Investitionen in geschlossene Fonds, SPACs, Rückversicherung und verschiedene Schuldtitel. Er kann auch Derivate nutzen und bis zu 15% in private Fonds investieren, die sich auf Schuld- und Eigenkapitalinvestitionen konzentrieren.
- Fixed monthly distribution plan of $0.085 per share provides steady income stream
- Diversified global investment strategy across multiple asset classes
- Plan aims to narrow discount between market price and NAV
- Distributions exceed income and realized capital gains, indicating unsustainable payout
- Return of capital in distributions suggests potential erosion of investment principal
- High-yield securities exposure increases default and illiquidity risks
IMPORTANT INFORMATION REGARDING MONTHLY DISTRIBUTION
Distribution Notice. Pursuant to Section 19(a) of the Investment Company Act, the Fund is providing its shareholders with an estimate of the source of the Fund's monthly distribution as required by current securities laws.
The Fund’s estimated sources of the distribution to be paid on March 31, 2025 and for the fiscal year 2025 year-to-date are as follows:
Estimated Allocations for the distribution to be paid on March 31, 2025 (estimated as of March 24, 2025):
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Cumulative Estimated Allocations fiscal year-to-date as of February 28, 2025, for the fiscal year ending October 31, 2025:
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Net Realized Short-
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Net Realized Long-
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Return of Capital Per
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Shareholders, prospective shareholders, and third parties should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Plan (as defined below). The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the Fund’s distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund’s distributions for federal income tax purposes.
The determination of the actual source of distributions can only be made at year-end. The actual source amounts of all Fund distributions will be included in the Fund’s annual or semi-annual reports. In addition, the tax treatment may differ from the accounting treatment used to calculate the source of the Fund’s distributions as shown on shareholders’ statements. Shareholders should refer to their Form 1099-DIV for the character and amount of distributions for income tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after December 31, 2025 and reported to you on Form 1099-DIV early in 2026. Since each shareholder’s tax situation is unique, it may be advisable to consult a tax advisor as to the appropriate treatment of Fund distributions.
Effective after the close of business on June 4, 2021, Saba Capital Management, L.P. replaced Voya Financial as the investment adviser to Saba Capital Income & Opportunities Fund (formerly known as the Voya Prime Rate Trust). Performance of the Fund prior to the close of business on June 4, 2021 is not attributable to Saba Capital Management, L.P.
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Annualized Distribution
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Fund Performance and Distribution Rate Information:
1Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through February 28, 2025. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year, assuming reinvestment of distributions paid.
2The Annualized Distribution Rate is the dollar value of distributions for the current fiscal period November 1, 2024 through February 28, 2025 annualized as a percentage of the Fund’s NAV as of February 28, 2025. The level of distribution amount shown is not guaranteed and special dividends may or may not be paid in the future. Further, no conclusions should be drawn about the Fund’s investment performance from the amount or rate of distribution shown.
3Cumulative Total Return is the percentage change in the Fund’s NAV from October 31, 2024 through February 28, 2025, assuming reinvestment of distributions paid.
4The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the current fiscal period November 1, 2024 through February 28, 2025 as a percentage of the Fund’s NAV as of February 28, 2025. The level of distribution amount shown is not guaranteed and special dividends may or may not be paid in the future. Further, no conclusions should be drawn about the Fund’s investment performance from the amount or rate of distribution shown.
Managed Distribution Plan. The above distribution was declared in accordance with the Fund’s currently effective managed distribution plan (the “Plan”), whereby the Fund will make monthly distributions to shareholders at a fixed amount of
Under the Plan, to the extent that sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution rate. As a result, long-term capital gains and/or return of capital may be a material source of any distribution. No conclusions should be drawn about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the Fund’s Plan. The Board of Trustees (the “Board”) may amend the terms of the Plan or terminate the Plan at any time without prior notice to Fund shareholders. No level of distribution can be guaranteed. The amendment or termination of the Plan could have an adverse effect on the market price of the Fund’s common shares. The Plan is subject to the periodic review by the Board, including a yearly review of the annual minimum fixed rate to determine if an adjustment should be made.
Past Performance is No Assurance of Future Results. Investment return and principal value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. Investors should consider the investment objective, risks and expenses carefully. You can obtain the Fund’s most recent periodic reports and filings by visiting https://www.sec.gov/edgar/browse/?CIK=826020&owner=exclude.
Other Information and Certain Risk Factors: The Fund’s investment objective is to provide investors with a high level of current income, with a secondary goal of capital appreciation. There can be no assurance that the Fund will meet its investment objective. The Fund seeks to achieve this objective by investing globally in debt and equity securities of public and private companies, which includes, among other things, investments in closed‐end funds, special purpose acquisition companies (“SPACs”), reinsurance, and public and private debt instruments. The Fund also may utilize derivatives including but not limited to total return swaps, credit default swaps, options (including but not limited to index options) and futures, in seeking to enhance returns and/or to reduce portfolio risk. In addition, on an opportunistic basis, the Fund may also invest up to
The value of the Fund’s investments in equity securities of public and private, listed and unlisted companies and equity derivatives generally varies with the performance of the issuer and movements in the equity markets more generally. As a result, the Fund may suffer losses if it invests in equity instruments of issuers whose performance diverges from the Fund’s investment manager’s expectations or if equity markets generally move in a single direction and the Fund has not hedged against such a general move. The Fund may invest in closed-end funds and SPACs, which are subject to additional risks and considerations. The performance of reinsurance-related securities and the reinsurance industry itself are tied to the occurrence of various triggering events, including but not limited to weather, natural disasters (hurricanes, earthquakes, etc.), non-natural large catastrophes and other specified events causing physical and/or economic loss. To the extent the Fund invests in reinsurance-related securities for which a triggering event occurs, losses associated with such event could result in losses to the Fund’s investment, and a series of major triggering events affecting a large portion of the reinsurance- related securities held by the Fund could result in substantial losses to the Fund’s investment. The Fund may invest in high yield securities, which are speculative in nature and are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on changes in interest rates. Changes in short-term market interest rates may directly affect the yield on the Fund’s common shares. If such rates fall, the Fund’s yield may also fall. If interest rate spreads on bonds and loans owned by the Fund decline in general, the yield on the bonds and loans will likely fall and the value of such bonds and loans may decrease. When short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on bonds and loans in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of such lag. Because of the limited secondary market for certain bonds and loans, the Fund’s ability to sell such securities in a timely fashion and/or at a favorable price may be limited. An increase in the demand for bonds and loans may adversely affect the rate of interest payable on new bonds and loans acquired by the Fund, and it may also increase the price of bonds and loans purchased by the Fund in the secondary market. A decrease in the demand for bonds and loans may adversely affect the price of bonds and loans in the Fund’s portfolio, which would cause the Fund’s net asset value to decrease. The Fund’s use of leverage, if any, through borrowings or issuance of preferred shares can adversely affect the yield on the Fund’s common shares. Investment in foreign borrowers involves special risks, including but not limited to potentially less rigorous accounting requirements, differing legal systems and potential political, social and economic adversity. The Fund may engage in currency exchange transactions to seek to hedge, as closely as practicable, all of the economic impact to the Fund arising from foreign currency fluctuations. Other risks include, but are not limited to, the use of derivatives, the potential lack of diversification in the Fund’s portfolio, and the fact that the Fund’s portfolio may be concentrated in a small group of industries or industry sectors from time to time. Investors should consult the Fund’s filings with the Securities and Exchange Commission as well as the materials on the Fund’s website for a more detailed discussion of these or other risk factors that affect the Fund.
About Saba Capital Income & Opportunities Fund. Saba Capital Income & Opportunities Fund is a publicly-traded registered closed-end management investment company. The Fund’s common shares trade on the New York Stock Exchange under the ticker symbol “BRW”. The Fund is managed by Saba Capital Management, L.P.
Forward-Looking Statements. This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including but not limited to statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors, including but not limited to the “Certain Risk Factors” noted above, are identified from time to time in the Fund’s filings with the Securities and Exchange Commission as well as the materials on the Fund’s website. The Fund undertakes no obligation to update such statements to reflect subsequent events, except as may be required by law.
For further information on Saba Capital Income & Opportunities Fund, please visit our website at: www.sabacef.com.
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844-460-9411
Source: Saba Capital Income & Opportunities Fund
FAQ
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