PHILADELPHIA, Dec. 9, 2015
/PRNewswire/ -- Aberdeen Singapore Fund, Inc. (NYSE: SGF) (the
"Fund"), a closed-end fund, today announced that it will pay on
January 12, 2016, a distribution of
US $0.25 per share to all
stockholders of record as of December
31, 2015.
The Fund's distribution policy is to provide investors with a
stable quarterly distribution out of current income, supplemented
by realized capital gains and, to the extent necessary, paid-in
capital.
Under U.S. tax rules applicable to the Fund, the amount and
character of distributable income for each fiscal year can be
finally determined only as of the end of the Fund's fiscal year.
However, under Section 19 of the Investment Company Act of 1940, as
amended (the "1940 Act") and related Rules, the Fund may be
required to indicate to stockholders the source of certain
distributions to stockholders.
The following table sets forth the estimated amounts of the
sources of the distribution for purposes of Section 19 of the 1940
Act and the Rules adopted thereunder. The table has been computed
based on generally accepted accounting principles. The table
includes estimated amounts and percentages for the distribution to
be paid on January 12, 2016 as well
as the estimated cumulative distributions declared fiscal year to
date (11/01/2015 – 11/30/2015), from
the following sources: net investment income; net realized
short-term capital gains; net realized long-term capital gains; and
return of capital. The estimated composition of the
distributions may vary from quarter to quarter because the
estimated composition may be impacted by future income, expenses
and realized gains and losses on securities and currencies.
|
Estimated
Amounts of
Current
Quarterly
Distribution
per share ($)
|
Estimated
Amounts of
Current
Quarterly
Distribution
per share (%)
|
Estimated
Amounts of
Fiscal Year
to Date
Cumulative
Distributions
per share ($)
|
Estimated
Amounts of
Fiscal Year
to Date
Cumulative
Distributions
per share (%)
|
Net Investment
Income
|
-
|
-
|
-
|
-
|
Net Realized
Short-Term Capital Gains*
|
$0.0025
|
1%
|
$0.0025
|
1%
|
Net Realized
Long-Term Capital Gains
|
-
|
-
|
-
|
-
|
Return of
Capital
|
$0.2475
|
99%
|
$0.2475
|
99%
|
Total (per common
share)
|
$0.2500
|
100%
|
$0.2500
|
100%
|
*includes currency gains
The Fund estimates that it has distributed more than its income
and capital gains; therefore, a portion of your distribution may be
a return of capital. A return of capital may occur for example,
when some or all of the money that you invested in the Fund is paid
back to you. A return of capital distribution does not necessarily
reflect the Fund's investment performance and should not be
confused with "yield" or "income."
As of November 30, 2015, after
giving effect to this payment, the Fund estimates it has a net
deficit of $4,545,000. A net deficit
results when the Fund has net unrealized losses that are in excess
of any net realized gains that have not yet been distributed.
Stockholders should not draw any conclusions about the Fund's
investment performance from the amount of the Fund's current
distributions or from the terms of the distribution policy (the
"Distribution Policy").
The amounts and sources of distributions reported in this
notice are only estimates and are not being provided for tax
reporting purposes. The final determination of the source of all
distributions in 2015 will be made after year-end. The actual
amounts and sources of the amounts for tax reporting purposes will
depend upon the Fund's investment experience during the remainder
of the fiscal year and may be subject to change based on tax
regulations. The Fund will send you a Form 1099-DIV for the
calendar year that will tell you how to report these distributions
for federal income tax purposes.
The following table provides the Fund's total return performance
based on net asset value (NAV) over various time periods compared
to the Fund's annualized and cumulative distribution rates.
Average Annual Total
Return on NAV for the 5 Year Period Ending
11/30/20151
|
(1.37%)
|
Current Fiscal
Period's Annualized Distribution Rate on NAV2
|
N/A*
|
Fiscal Year to
Date (11/01/2015 to 11/30/2015)
|
Cumulative Total
Return on NAV1
|
(5.35%)
|
Cumulative
Distribution Rate on NAV2
|
N/A*
|
1 Return data is net of all fund expenses and fees
and assumes the reinvestment of all distributions reinvested at
prices obtained under the Fund's dividend reinvestment plan.
2Based on the Fund's NAV as of November 30, 2015.
* The Fund's fiscal period to date is 11/1/2015 to 11/30/2015 and there were no
distributions in this period.
While NAV performance may be indicative of the Fund's investment
performance, it does not measure the value of a stockholder's
investment in the Fund. The value of a stockholder's investment in
the Fund is determined by the Fund's market price, which is based
on the supply and demand for the Fund's shares in the open
market.
Pursuant to an exemptive order granted by the Securities and
Exchange Commission on March 30,
2010, the Fund may distribute any long-term capital gains
more frequently than the limits provided in Section 19(b) under the
1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid
by the Fund during the year may include net income, short-term
capital gains, long-term capital gains and/or a return of capital.
Net income dividends and short-term capital gain dividends, while
generally taxable at ordinary income rates, may be eligible, to the
extent of qualified dividend income earned by the Fund, to be taxed
at a lower rate not to exceed the maximum rate applicable to your
long-term capital gains. Distributions made in any calendar year in
excess of investment company taxable income and net capital gain
are treated as taxable ordinary dividends to the extent of
undistributed earnings and profits, and then as a return of capital
that reduces the adjusted basis in the shares held. To the extent
return of capital distributions exceed the adjusted basis in the
shares held, capital gain is recognized with a holding period based
on the period the shares have been held at the date such amount is
received. Stockholders should not draw any conclusions about the
Fund's investment performance from the terms of the distribution
policy. The final determination of the source of all distributions
will be made after year-end. The actual amounts and sources of the
amounts for tax reporting purposes will depend upon the Fund's
investment experience during the fiscal year and may be subject to
change based on tax regulations. The Fund will send you a Form
1099-DIV for the calendar year that will tell you how to report
distributions for federal income tax purposes.
The payment of distributions in accordance with the Distribution
Policy may result in a decrease in the Fund's net assets. A
decrease in the Fund's net assets may cause an increase in the
Fund's annual operating expense ratio and a decrease in the Fund's
market price per share to the extent the market price correlates
closely to the Fund's net asset value per share. The Distribution
Policy may also negatively affect the Fund's investment activities
to the extent that the Fund is required to hold larger cash
positions than it typically would hold or to the extent that the
Fund must liquidate securities that it would not have sold, for the
purpose of paying the distribution. The Fund's Board of Directors
has the right to amend, suspend or terminate the Distribution
Policy at any time. The amendment, suspension or termination of the
Distribution Policy may affect the Fund's market price per share.
Investors should consult their tax advisor regarding federal, state
and local tax considerations that may be applicable in their
particular circumstances.
Circular 230 disclosure: To ensure compliance with
requirements imposed by the U.S. Treasury, we inform you that any
U.S. tax advice contained in this communication (including any
attachments) is not intended or written to be used, and cannot be
used, for the purpose of (i) avoiding penalties under the Internal
Revenue Code or (ii) promoting, marketing or recommending to
another party any transaction or matter addressed herein.
Closed-end funds are traded on the secondary market through one
of the stock exchanges. The Fund's investment return and principal
value will fluctuate so that an investor's shares may be worth more
or less than the original cost. Shares of closed-end funds may
trade above (a premium) or below (a discount) the net asset value
(NAV) of the Fund. There is no assurance that the Fund will achieve
its investment objective. Past performance does not guarantee
future results.
If you wish to receive this
information electronically, please contact
InvestorRelations@aberdeen-asset.com
aberdeensgf.com
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SOURCE Aberdeen Singapore Fund, Inc.