BRW Announces $0.085 Dividend
November 01 2024 - 8:45AM
Business Wire
Saba Capital Income & Opportunities Fund (NYSE: BRW) (the
“Fund”), a registered closed-end management investment company
listed on the New York Stock Exchange, declared a monthly dividend
of $0.085 per share on October 31, 2024, payable on November 29,
2024 to shareholders of record as of November 11, 2024.
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 $0.085 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 January
2024. 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.
In compliance with Rule 19a-1 of the Investment Company Act of
1940, shareholders will receive a notice that details the source of
income for the above dividend, such as net investment income, gain
from the sale of securities and return of principal; however,
determination of the actual source of the foregoing dividend can
only be made at year-end. The actual source amounts of all Fund
dividends will be included in the Fund’s annual or semiannual
reports. In addition, the tax treatment may differ from the
accounting treatment used to calculate the source of the Fund’s
dividends 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. 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.
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 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. 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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