SABA Announces Notification of Sources of Distributions
Saba Capital Income & Opportunities Fund II (NYSE: SABA) has announced its monthly distribution details for August 30, 2024, and fiscal year-to-date allocations. The Fund estimates that a portion of its distribution may be a return of capital. Key points include:
- August 30, 2024 distribution: $0.05800 per share
- 67.39% from net investment income, 32.61% return of capital
- Fiscal year-to-date: 38% from net investment income, 62% return of capital
- Annualized distribution rate: 9.86% of NAV
- 5-year average annual total return: -1.55%
- Current fiscal period cumulative total return: 18.01%
The Fund operates under a managed distribution plan, aiming to provide a fixed monthly distribution of $0.058 per share. Shareholders are advised to consult tax advisors regarding the implications of these distributions.
Il Saba Capital Income & Opportunities Fund II (NYSE: SABA) ha annunciato i dettagli della distribuzione mensile per il 30 agosto 2024 e le allocazioni dell'anno fiscale in corso. Il Fondo stima che una parte della sua distribuzione possa essere un ritorno di capitale. I punti chiave includono:
- Distribuzione del 30 agosto 2024: $0.05800 per azione
- 67,39% da reddito netto da investimenti, 32,61% ritorno di capitale
- Anno fiscale attuale: 38% da reddito netto da investimenti, 62% ritorno di capitale
- Tasso di distribuzione annualizzato: 9,86% del NAV
- Rendimento medio annuale totale a 5 anni: -1,55%
- Rendimento totale cumulativo dell'attuale periodo fiscale: 18,01%
Il Fondo opera sotto un piano di distribuzione gestita, con l'obiettivo di fornire una distribuzione mensile fissa di $0.058 per azione. Si consiglia agli azionisti di consultare i consulenti fiscali riguardo le implicazioni di queste distribuzioni.
El Saba Capital Income & Opportunities Fund II (NYSE: SABA) ha anunciado los detalles de su distribución mensual para el 30 de agosto de 2024 y las asignaciones del año fiscal hasta la fecha. El Fondo estima que una parte de su distribución puede ser un retorno de capital. Los puntos clave incluyen:
- Distribución del 30 de agosto de 2024: $0.05800 por acción
- 67.39% de ingresos netos de inversiones, 32.61% retorno de capital
- Año fiscal hasta la fecha: 38% de ingresos netos de inversiones, 62% retorno de capital
- Tasa de distribución anualizada: 9.86% del NAV
- Rendimiento total promedio anual a 5 años: -1.55%
- Rendimiento total acumulado del periodo fiscal actual: 18.01%
El Fondo opera bajo un plan de distribución gestionada, con el objetivo de proporcionar una distribución fija mensual de $0.058 por acción. Se aconseja a los accionistas consultar a asesores fiscales sobre las implicaciones de estas distribuciones.
사바 캐피탈 인컴 & 오퍼튜니티 펀드 II (NYSE: SABA)는 2024년 8월 30일 월간 배포 세부사항 및 회계 연도 기준 할당량을 발표했습니다. 이 펀드는 배포의 일부가 자본 환급일 수 있다고 추정하고 있습니다. 주요 사항은 다음과 같습니다:
- 2024년 8월 30일 배포: 주당 $0.05800
- 순투자 소득의 67.39%, 자본 환급의 32.61%
- 회계 연도 기준: 순투자 소득의 38%, 자본 환급의 62%
- 연율화 배포 비율: NAV의 9.86%
- 5년 평균 연간 총 수익률: -1.55%
- 현재 회계 기간 누적 총 수익률: 18.01%
이 펀드는 관리 배분 계획에 따라 운영되며, 주당 $0.058의 고정 월간 배포를 제공하는 것을 목표로 합니다. 주주는 이러한 배포의 세금 관련 사항에 대해 세무 고문과 상담할 것을 권장합니다.
Le Saba Capital Income & Opportunities Fund II (NYSE: SABA) a annoncé les détails de sa distribution mensuelle pour le 30 août 2024 et les allocations de l'exercice fiscal en cours. Le Fonds estime qu'une partie de sa distribution pourrait être un remboursement de capital. Les points clés incluent :
- Distribution du 30 août 2024 : 0,05800 $ par action
- 67,39 % des revenus nets d'investissement, 32,61 % de remboursement de capital
- Exercice fiscal en cours : 38 % des revenus nets d'investissement, 62 % de remboursement de capital
- Taux de distribution annualisé : 9,86 % de la NAV
- Rendement total annuel moyen sur 5 ans : -1,55 %
- Rendement total cumulé de la période fiscale actuelle : 18,01 %
Le Fonds fonctionne selon un plan de distribution géré, visant à fournir une distribution mensuelle fixe de 0,058 $ par action. Il est conseillé aux actionnaires de consulter des conseillers fiscaux concernant les implications de ces distributions.
Der Saba Capital Income & Opportunities Fund II (NYSE: SABA) hat die Details seiner monatlichen Ausschüttung zum 30. August 2024 und die bis dato getätigten Allokationen für das Steuerjahr bekannt gegeben. Der Fonds schätzt, dass ein Teil seiner Ausschüttung ein Rückfluss von Kapital sein könnte. Die wichtigsten Punkte sind:
- Ausschüttung am 30. August 2024: $0.05800 pro Aktie
- 67,39% aus Nettoerträgen aus Investitionen, 32,61% Rückfluss von Kapital
- Steuerjahr bis heute: 38% aus Nettoerträgen aus Investitionen, 62% Rückfluss von Kapital
- Annualisierte Ausschüttungsrate: 9,86% des NAV
- Fünfjahresdurchschnitt der jährlichen Gesamtrendite: -1,55%
- Aktuelle steuerliche Perioden kumulierte Gesamtrendite: 18,01%
Der Fonds operiert nach einem verwalteten Ausschüttungsplan, der darauf abzielt, eine feste monatliche Ausschüttung von $0.058 pro Aktie bereitzustellen. Es wird empfohlen, dass Aktionäre Steuerberater bezüglich der Auswirkungen dieser Ausschüttungen konsultieren.
- High annualized distribution rate of 9.86% of NAV
- Strong current fiscal period cumulative total return of 18.01%
- Consistent monthly distribution of $0.058 per share under managed distribution plan
- Negative 5-year average annual total return of -1.55%
- Significant portion of distributions (62% year-to-date) classified as return of capital
- Fund has distributed more than its income and net realized capital gains
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 paid on August 30, 2024 and for the fiscal year 2024 year-to-date are as follows:
Estimated Allocations for the distribution paid on August 30, 2024 (estimated as of August 21, 2024):
Distribution Per Share |
Net Investment Income Per Share and Percentage of Such Distribution Amount |
Net Realized Short-Term Capital Gains Per Share and Percentage of Such Distribution Amount |
Net Realized Long-Term Capital Gains Per Share and Percentage of Such Distribution Amount |
Return of Capital Per Share and Percentage of Such Distribution Amount |
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Cumulative Estimated Allocations fiscal year-to-date as of July 31, 2024, for the fiscal year ending October 31, 2024:
Distribution Per Share* |
Net Investment Income Per Share and Percentage of Such Distribution Amount* |
Net Realized Short-Term Capital Gains Per Share and Percentage of Such Distribution Amount* |
Net Realized Long-Term Capital Gains Per Share and Percentage of Such Distribution Amount* |
Return of Capital Per Share and Percentage of Such Distribution Amount* |
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* Please note the figures shown above reflect the 2 to 1 reverse stock split which occurred on June 21, 2024. Distributions paid prior to June 21, 2024 have been adjusted so that the figures above are presented on a split-adjusted basis.
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, 2024 and reported to you on Form 1099-DIV early in 2025. 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 on January 1, 2024, Saba Capital Management, L.P. replaced Franklin Templeton Advisers, Inc. as the investment adviser to Saba Capital Income & Opportunities Fund II (formerly known as the Templeton Global Income Fund). Performance of the Fund prior to January 1, 2024 is not attributable to Saba Capital Management, L.P.
Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on July 31, 2024)1 |
Annualized Distribution Rate (for the current fiscal period as a percentage of NAV as of July 31, 2024)2 |
Cumulative Total Return (in relation to the change in NAV for the current fiscal period through July 31, 2024)3 |
Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of July 31, 2024)4 |
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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 July 31, 2024. 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, 2023 through July 31, 2024 (which includes the special dividend paid during the current fiscal period in December 2023) annualized as a percentage of the Fund’s NAV as of July 31, 2024. The level of distribution amount shown is not guaranteed and special dividends 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, 2023 through July 31, 2024, 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, 2023 through July 31, 2024 (which includes the special dividend paid during the current fiscal period in December 2023), as a percentage of the Fund’s NAV as of July 31, 2024. The level of distribution amount shown is not guaranteed and special dividends 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=828803&owner=exclude.
Certain Risk Factors: The Fund’s investment objective is to provide investors with high 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 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. 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 II. Saba Capital Income & Opportunities Fund II 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 “SABA”. 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 II, please visit our website at: www.sabacef.com.
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888-888-0319
Source: Saba Capital Income & Opportunities Fund II
FAQ
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