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SABA Announces Notification of Sources of Distributions

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Saba Capital Income & Opportunities Fund II (NYSE: SABA) has announced its monthly distribution details for March 31, 2025, in accordance with Section 19(a) of the Investment Company Act of 1940. The Fund implements a managed distribution plan with fixed monthly payments of $0.058 per share.

As of January 1, 2024, Saba Capital Management, L.P. replaced Franklin Templeton Advisers as the Fund's investment adviser. The Fund's primary objective is to provide high current income, with capital appreciation as a secondary goal. It achieves this through global investments in debt and equity securities, including closed-end funds, SPACs, reinsurance, and various debt instruments.

The Fund notes that it has likely distributed more than its income and realized capital gains, meaning some distributions may represent a return of capital. Shareholders will receive detailed tax reporting through Form 1099-DIV for the calendar year, with final determinations made after December 31, 2025.

Il Saba Capital Income & Opportunities Fund II (NYSE: SABA) ha annunciato i dettagli della distribuzione mensile per il 31 marzo 2025, in conformità con la Sezione 19(a) della Investment Company Act del 1940. Il Fondo attua un piano di distribuzione gestita con pagamenti mensili fissi di $0,058 per azione.

Dal 1 gennaio 2024, Saba Capital Management, L.P. ha sostituito Franklin Templeton Advisers come consulente per gli investimenti del Fondo. L'obiettivo principale del Fondo è fornire un alto reddito attuale, con l'apprezzamento del capitale come obiettivo secondario. Questo viene realizzato attraverso investimenti globali in titoli di debito e azioni, inclusi fondi chiusi, SPAC, riassicurazione e vari strumenti di debito.

Il Fondo segnala di aver probabilmente distribuito più del proprio reddito e dei guadagni in conto capitale realizzati, il che significa che alcune distribuzioni potrebbero rappresentare un ritorno di capitale. Gli azionisti riceveranno una dettagliata reportistica fiscale tramite il Modulo 1099-DIV per l'anno solare, con le determinazioni finali effettuate dopo il 31 dicembre 2025.

El Saba Capital Income & Opportunities Fund II (NYSE: SABA) ha anunciado los detalles de su distribución mensual para el 31 de marzo de 2025, de acuerdo con la Sección 19(a) de la Ley de Compañías de Inversión de 1940. El Fondo implementa un plan de distribución gestionada con pagos mensuales fijos de $0.058 por acción.

A partir del 1 de enero de 2024, Saba Capital Management, L.P. reemplazó a Franklin Templeton Advisers como asesor de inversiones del Fondo. El objetivo principal del Fondo es proporcionar altos ingresos actuales, con la apreciación del capital como objetivo secundario. Esto se logra a través de inversiones globales en valores de deuda y acciones, incluidos fondos cerrados, SPAC, reaseguro y varios instrumentos de deuda.

El Fondo señala que probablemente ha distribuido más de sus ingresos y ganancias de capital realizadas, lo que significa que algunas distribuciones pueden representar un retorno de capital. Los accionistas recibirán un informe fiscal detallado a través del Formulario 1099-DIV para el año calendario, con determinaciones finales realizadas después del 31 de diciembre de 2025.

사바 캐피탈 인컴 & 기회 펀드 II (NYSE: SABA)는 1940년 투자회사법 제19(a)조에 따라 2025년 3월 31일의 월간 배당 세부사항을 발표했습니다. 이 펀드는 주당 $0.058의 고정 월 지급금으로 관리 배당 계획을 시행합니다.

2024년 1월 1일부로 Saba Capital Management, L.P.가 이 펀드의 투자 자문사로서 프랭클린 템플턴 어드바이저를 대체했습니다. 이 펀드의 주요 목표는 높은 현재 수익을 제공하는 것이며, 자본 증가는 부차적인 목표입니다. 이는 폐쇄형 펀드, SPAC, 재보험 및 다양한 채무 상품을 포함한 글로벌 투자로 달성됩니다.

이 펀드는 수익과 실현된 자본 이익을 초과하여 배당금을 분배했을 가능성이 높다고 언급하며, 이는 일부 배당금이 자본 반환을 나타낼 수 있음을 의미합니다. 주주들은 2025년 12월 31일 이후 최종 결정이 이루어진 후, 세금 보고서를 1099-DIV 양식을 통해 받을 것입니다.

Le Saba Capital Income & Opportunities Fund II (NYSE: SABA) a annoncé les détails de sa distribution mensuelle pour le 31 mars 2025, conformément à l'article 19(a) de la loi sur les sociétés d'investissement de 1940. Le Fonds met en œuvre un plan de distribution géré avec des paiements mensuels fixes de 0,058 $ par action.

Depuis le 1er janvier 2024, Saba Capital Management, L.P. a remplacé Franklin Templeton Advisers en tant que conseiller en investissement du Fonds. L'objectif principal du Fonds est de fournir un revenu courant élevé, l'appréciation du capital étant un objectif secondaire. Cela est réalisé grâce à des investissements mondiaux dans des titres de créance et des actions, y compris des fonds fermés, des SPAC, de la réassurance et divers instruments de dette.

Le Fonds note qu'il a probablement distribué plus de ses revenus et gains en capital réalisés, ce qui signifie que certaines distributions pourraient représenter un retour de capital. Les actionnaires recevront un rapport fiscal détaillé via le formulaire 1099-DIV pour l'année civile, avec des déterminations finales effectuées après le 31 décembre 2025.

Der Saba Capital Income & Opportunities Fund II (NYSE: SABA) hat die Einzelheiten seiner monatlichen Ausschüttung für den 31. März 2025 bekannt gegeben, gemäß Abschnitt 19(a) des Investment Company Act von 1940. Der Fonds implementiert einen verwalteten Ausschüttungsplan mit festen monatlichen Zahlungen von 0,058 $ pro Aktie.

Ab dem 1. Januar 2024 hat Saba Capital Management, L.P. Franklin Templeton Advisers als Anlageberater des Fonds ersetzt. Das Hauptziel des Fonds ist es, hohe laufende Erträge zu bieten, wobei die Kapitalwertsteigerung ein sekundäres Ziel ist. Dies wird durch globale Investitionen in Schuld- und Eigenkapitalwerte, einschließlich geschlossener Fonds, SPACs, Rückversicherung und verschiedenen Schuldtiteln erreicht.

Der Fonds weist darauf hin, dass er wahrscheinlich mehr als sein Einkommen und realisierte Kapitalgewinne ausgeschüttet hat, was bedeutet, dass einige Ausschüttungen eine Rückzahlung des Kapitals darstellen könnten. Die Aktionäre erhalten eine detaillierte Steuerberichterstattung über das Formular 1099-DIV für das Kalenderjahr, wobei die endgültigen Feststellungen nach dem 31. Dezember 2025 getroffen werden.

Positive
  • Fixed monthly distribution structure provides predictable income stream
  • Diversified investment strategy across multiple asset classes
  • New management by Saba Capital could bring fresh investment approach
Negative
  • Fund is distributing more than its income and realized capital gains
  • Distributions may include return of capital, potentially reducing investment value
  • High-yield securities in portfolio carry increased default and illiquidity risks

NEW YORK--(BUSINESS WIRE)-- Saba Capital Income & Opportunities Fund II (NYSE: SABA) (the “Fund”), a registered closed-end management investment company listed on the New York Stock Exchange, is notifying shareholders, prospective shareholders, and third parties of the sources of distributions pursuant to Section 19(a) of the Investment Company Act of 1940 (the “Investment Company Act”).

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):

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

$0.05800

$0.00984 (16.97%)

$0.00000 (0.00%)

$0.00000 (0.00%)

$0.04816 (83.03%)

Cumulative Estimated Allocations fiscal year-to-date as of February 28, 2025, for the fiscal year ending October 31, 2025:

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

$0.23200

$0.09956 (42.91%)

$0.00000 (0.00%)

$0.00000 (0.00%)

$0.13244 (57.09%)

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 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
February 28, 2025)
1

Annualized Distribution
Rate (for the current
fiscal period as a
percentage of NAV as of
February 28, 2025)
2

Cumulative Total Return
(in relation to the change
in NAV for the current
fiscal period through
February 28, 2025)
3

Cumulative Fiscal Year-To-
Date Distribution Rate (as a
percentage of NAV as of
February 28, 2025)
4

1.69%

7.29%

6.60%

2.37%

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 $0.058 per share. Thus, the distribution amount shown excludes special dividends (which are not paid pursuant to the plan). The Fund will generally distribute amounts necessary to satisfy the Fund’s Plan and the requirements prescribed by excise tax rules and Subchapter M of the Internal Revenue Code. The Plan is intended to provide shareholders with a constant, but not guaranteed, fixed minimum rate of distribution each month and is intended to narrow the discount between the market price and the net asset value of the Fund’s common shares, but there is no assurance that the Plan will be successful in doing so.

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 15% of its total assets in private funds that focus on debt, equity or other investments consistent with the Fund’s investment objective.

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.

888-888-0319

Source: Saba Capital Income & Opportunities Fund II

FAQ

What is the monthly distribution amount for SABA under its managed distribution plan?

SABA pays a fixed monthly distribution of $0.058 per share under its current managed distribution plan.

When did Saba Capital Management take over as SABA's investment adviser?

Saba Capital Management, L.P. replaced Franklin Templeton Advisers as the investment adviser on January 1, 2024.

What are the main investment objectives of SABA?

SABA's primary objective is to provide high current income, with capital appreciation as a secondary goal.

What types of investments does SABA include in its portfolio?

SABA invests globally in debt and equity securities, closed-end funds, SPACs, reinsurance, public and private debt instruments, and may use derivatives.

When will SABA shareholders receive their tax reporting information for distributions?

Shareholders will receive Form 1099-DIV for tax reporting after December 31, 2025, with final determinations made in early 2026.
Saba Capital Income & ops Fund II

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