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 does - by the date shown.

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 closing - see the box above for what to do and by when.

Email me if this changes

What happened, and when

1. Aug 27, 2026

   The fund proposed folding into BRW.

   Original document →

2. April 8, 2026

   Herzfeld sold down below 5% and stopped reporting.

   Original document →

3. March 19, 2026

   The fund proposed folding into BRW.

   Original document →

4. Dec 2, 2025

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

   Original document →

5. June 11, 2025

   RiverNorth raised its stake to 10.4% (from 9.4%), as a passive investor.

   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 $259 million of holdings, as of April 30, 2026. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 44% on top of its own money, as of April 30, 2026. Borrowed money makes gains and losses bigger. As of April 30, 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 →
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $0.70 a share, all of it income. 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: up 6.7% over the last three months we have (Feb-April 2026), before the share price is taken into account. Over the last 12 months: +6.7%. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Oct 31, 2025): the value of the holdings returned +13.5%. How the share price did: the shares returned +11.2% over the same year, counting payouts and the change in the market price. As of Oct 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 1994.

What the fund holds

Mostly shares (32%), the rest derivatives, bonds and loans. About 37% issued in the U.S.

1.4% of holdings are in default.

1. Derivatives - 56.4%
2. Stone Ridge Opportunities Fund LLP - 15.8%
3. Cash and short-term - 4.8%
4. Canopy Growth, Canopy TL 2031 1L - 3%
5. Grayscale Ethereum Classic Trust - 2.9%
6. Exor Nv - 2.7%
7. Revlon Intermediate Holdings IV LLC, Term Loan - 2.3%
8. Alternative Capital Inv Fund III LP 2 PROVIDER - 1.8%
9. New Holland Special Opportunities Aggregator LP, New Holland Special Opportunitie Aggregator LP Y-7 - 1.7%
10. J.Crew 9/24 TLB 1L - 1.5%

As of April 30, 2026, from the fund's quarterly holdings report. Original document →