SABA - Saba Capital Income & Opportunities Fund II

What this means for you

Saba has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

The investor's notice itself does not require anything from you. The fund's own announcement above needs nothing from you either; your broker handles it.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Separately, the fund itself has announced a plan to fold it into BRW.

Email me if this changes

What happened, and when

1. Oct 23, 2026

   The fund proposed folding into BRW. Holders vote on Dec 17, 2026.

   Original document →

2. Aug 27, 2026

   The fund proposed folding into BRW.

   Original document →

3. April 8, 2026

   Herzfeld sold down below 5% and stopped reporting.

   Original document →

4. March 19, 2026

   The fund proposed folding into BRW.

   Original document →

5. Dec 2, 2025

   Saba cut its stake to 8.1% (from 10.3%). It has said it may push for changes.

   Original document →

About this fund

• Run by Saba Capital Management, L.P. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $255 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 43% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.7% a year in management fees; 4.6% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 13 charge a lower management fee and 72 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $0.70 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $9.92. The shares traded at $8.79, about 11.4% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 1.2% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.70 in the fiscal year ended Oct 31, 2025; $0.82 in the year ended Oct 31, 2024; $0.62 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: none in the year ended Oct 31, 2025; $0.36 in the year ended Oct 31, 2024; $0.62 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 4.58% a year in the fiscal year ended Oct 31, 2025; 3.21% a year in the year ended Oct 31, 2024; 0.85% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $273 million at Oct 31, 2025; $265 million at Oct 31, 2024; $428 million at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: about 69% on top of its own money at Oct 31, 2025; 71% at Oct 31, 2024; none at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 27.7 million shares at Oct 31, 2025, down 46.1% from Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned +11.2%, counting payouts; the holdings +13.5%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +19.8%, counting payouts; the holdings +26.1%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned -1.6%, counting payouts; the holdings -4.7%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -9.1%, counting payouts; the holdings -7.2%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +1%, counting payouts; the holdings -4.6%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those three years together: the shares returned +31.1%. $10,000 of shares bought at the start (Nov 1, 2022) would have become about $13,100 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: -2.9%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (34%), the rest derivatives, bonds and loans. About 37% issued in the U.S.

1% of holdings are in default.

1. Derivatives - 56.5%
2. Stone Ridge Opportunities Fund LLP - 16.9%
3. Cash and short-term - 5.2%
4. Alternative Capital Inv Fund III - 5.2%
5. Exor Nv - 3.1%
6. Canopy Growth, Canopy TL 2031 1L - 3%
7. Us Treasury N/b, U.S. Treasury Bond - 2.8%
8. Grayscale Ethereum Classic Trust - 2.4%
9. Revlon Intermediate Holdings IV LLC, Term Loan - 2.3%
10. J.Crew 9/24 TLB 1L - 1.6%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →