Return of Capital

BlackRock closed-end funds BMEZ, BSTZ, and BTX will switch to level monthly distributions starting October 2025 (ex-date 10/15/2025). The fixed per-share amounts are: BMEZ $0.11000, BSTZ $0.16250, and BTX $0.05250. As of 8/29/2025, significant portions of recent distributions were return of capital for BMEZ and BTX, while BSTZ showed long-term gains. Annualized distribution rates as of 7/31/2025: BMEZ 13.04%, BSTZ 11.37%, BTX 12.32%. Boards can amend plans; distributions impact NAV.

On November 3, 2025, Saba Capital Income & Opportunities Fund II (SABA) announced a monthly dividend of $0.058 per share, payable November 28, 2025, to shareholders of record on November 11, 2025. The fund operates under a managed distribution plan, potentially using capital gains or return of capital to maintain the fixed payout, which could affect NAV. The plan can be amended or terminated, impacting share price. Investors should review Rule 19a-1 notices and understand the fund’s diverse portfolio and associated risks, detailed in SEC filings.

Franklin Universal Trust (FT) announced the estimated sources of its October 31, 2025 distribution and fiscal year 2026 year-to-date allocations. The distribution is $0.0425 per share, with 61% from net investment income, 4% from short-term capital gains, and 35% as return of capital. FT’s investment objective is high current income and capital preservation. The fund’s 5-year average annual total return is 8.06%. Franklin Templeton manages the fund, with $1.66 trillion AUM as of September 30, 2025.

BlackRock Health Sciences Term Trust (BMEZ), BlackRock Science and Technology Term Trust (BSTZ), and BlackRock Technology and Private Equity Term Trust (BTX) will shift from floating to fixed-rate distributions in October 2025. This aims to provide predictable income, stabilize payouts and maintain competitive yields. The change reflects concerns about distribution sustainability and a desire to manage capital effectively. Distribution amounts remain subject to board discretion. Performance should not be evaluated solely on distribution amounts. Investors should consult BlackRock’s website for fund updates.

Saba Capital Income & Opportunities Fund II (SABA) announced the breakdown of its August 29th distribution of $0.058 per share. As of August 22nd, 36.14% is net investment income and 63.86% is return of capital. Fiscal year-to-date, 42.50% is net investment income, and 57.50% is return of capital. SABA cautions against drawing conclusions from distribution figures, as a significant portion is return of capital. The fund targets a $0.058/share monthly distribution, but this is subject to change. Investors should review SEC filings for risk factors.

Saba Capital Income & Opportunities Fund II (SABA) announced the composition of its July 31, 2025 distribution, in accordance with SEC regulations. The distribution of $0.058 per share is comprised of $0.04284 (73.87%) net investment income and $0.01516 (26.13%) return of capital. Year-to-date, distributions total $0.464 per share, with $0.179 (38.58%) from net investment income and $0.285 (61.42%) from return of capital. Investors are advised not to equate distribution amounts with fund performance. Saba Capital Management, L.P. is now the investment advisor.