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 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
$0.05800
$0.03909 (67.39%)
$0.00000 (0.00%)
$0.00000 (0.00%)
$0.01891 (32.61%)
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*
$0.65940
$0.25054 (38.00%)
$0.00000 (0.00%)
$0.00000 (0.00%)
$0.40886 (62.00%)
* 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
-1.55%
9.86%
18.01%
7.31%
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 $0.058 per
share. Thus, the distribution amount shown excludes special
dividends (which are not paid pursuant to the plan), including the
special dividend paid during the current fiscal period in December
2023. 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.
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 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 and ... (NYSE:SABA)
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