SABA Announces Notification of Sources of Distributions
Saba Capital Income & Opportunities Fund II (NYSE: SABA) has released its monthly distribution notice for October 31, 2024. The Fund's distribution of $0.058 per share consists of 10.85% from net investment income and 89.15% from return of capital. For the fiscal year-to-date, distributions totaled $0.77540 per share, with 43.26% from net investment income and 56.74% from return of capital. The Fund's performance metrics show a 0.33% average annual total return over five years, a 9.08% annualized distribution rate, and a 24.01% cumulative total return for the current fiscal period through September 30, 2024.
Il Saba Capital Income & Opportunities Fund II (NYSE: SABA) ha pubblicato il suo avviso di distribuzione mensile per il 31 ottobre 2024. La distribuzione del Fondo ammonta a $0.058 per azione, di cui il 10,85% proviene da reddito netto da investimenti e l'89,15% da restituzione di capitale. Dall'inizio dell'anno fiscale, le distribuzioni hanno raggiunto $0.77540 per azione, con il 43,26% da reddito netto da investimenti e il 56,74% da restituzione di capitale. I parametri di rendimento del Fondo mostrano un rendimento totale annuale medio dello 0,33% negli ultimi cinque anni, un tasso di distribuzione annualizzato del 9,08% e un rendimento totale cumulativo del 24,01% per il corrente periodo fiscale fino al 30 settembre 2024.
El Saba Capital Income & Opportunities Fund II (NYSE: SABA) ha publicado su aviso de distribución mensual para el 31 de octubre de 2024. La distribución del Fondo de $0.058 por acción consiste en el 10.85% de ingresos netos por inversiones y el 89.15% de retorno de capital. Hasta la fecha, las distribuciones totalizan $0.77540 por acción, con un 43.26% de ingresos netos por inversiones y un 56.74% de retorno de capital. Las métricas de rendimiento del Fondo muestran un retorno total anual promedio del 0.33% en cinco años, una tasa de distribución anualizada del 9.08%, y un retorno total acumulativo del 24.01% para el período fiscal actual hasta el 30 de septiembre de 2024.
싸바 캐피탈 인컴 & 기회 펀드 II (NYSE: SABA)는 2024년 10월 31일의 월 배당 공지를 발표했습니다. 이 펀드의 주당 배당금은 $0.058로, 10.85%는 순투자소득에서, 89.15%는 자본의 반환에서 발생합니다. 회계 연도 기준으로, 배당금은 주당 $0.77540에 달하며, 그 중 43.26%는 순투자소득에서, 56.74%는 자본의 반환에서 나오고 있습니다. 펀드의 성과 지표는 5년 동안 평균 연간 총 수익률이 0.33%임을 보여줍니다, 연간 배당률은 9.08%, 그리고 2024년 9월 30일까지의 현재 회계 기간 동안 누적 총 수익률은 24.01%입니다.
Le Saba Capital Income & Opportunities Fund II (NYSE: SABA) a publié son avis de distribution mensuel pour le 31 octobre 2024. La distribution du Fonds de 0,058 $ par action consiste en 10,85 % provenant de revenus nets d'investissement et 89,15 % de retour de capital. Pour l'exercice en cours, les distributions totalisent 0,77540 $ par action, avec 43,26 % provenant de revenus nets d'investissement et 56,74 % de retour de capital. Les indicateurs de performance du Fonds montrent un rendement total annuel moyen de 0,33 % sur cinq ans, un taux de distribution annualisé de 9,08 %, et un rendement total cumulatif de 24,01 % pour la période fiscale actuelle jusqu'au 30 septembre 2024.
Der Saba Capital Income & Opportunities Fund II (NYSE: SABA) hat seine monatliche Ausschüttungsmitteilung für den 31. Oktober 2024 veröffentlicht. Die Ausschüttung des Fonds beträgt $0.058 pro Aktie, wobei 10,85% aus Nettoanlageerträgen und 89,15% aus Kapitalrückflüssen stammen. Im bisherigen Geschäftsjahr summierten sich die Ausschüttungen auf $0.77540 pro Aktie, wobei 43,26% aus Nettoanlageerträgen und 56,74% aus Kapitalrückflüssen stammen. Die Leistungskennzahlen des Fonds zeigen einen durchschnittlichen jährlichen Gesamtertrag von 0,33% über fünf Jahre, eine annualisierte Ausschüttungsrate von 9,08% und einen kumulierten Gesamtertrag von 24,01% für den aktuellen Geschäftzeitraum bis zum 30. September 2024.
- 24.01% cumulative total return for current fiscal period
- 9.08% annualized distribution rate
- Monthly distribution maintained at $0.058 per share
- Low 0.33% five-year average annual total return
- 89.15% of current distribution consists of return of capital
- 56.74% of fiscal year-to-date distributions represent return of capital
Insights
This 19(a) notice reveals important distribution details for SABA investors. The fund's monthly distribution of
The fund's performance metrics are concerning - showing just
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 October 31, 2024 and for the fiscal year 2024 year-to-date are as follows:
Estimated Allocations for the distribution paid on October 31, 2024 (estimated as of October 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 September 30, 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. |
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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, 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 September 30, 2024)1 |
Annualized Distribution Rate (for the current fiscal period as a percentage of NAV as of September 30, 2024)2 |
Cumulative Total Return (in relation to the change in NAV for the current fiscal period through September 30, 2024)3 |
Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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.
Other Information and 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 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. 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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Saba Capital Income & Opportunities Fund II
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Source: Saba Capital Income & Opportunities Fund II
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