SCHEDULE: Saba Capital Amends Stake in Income & Opportunities Fund II

Saba Capital Management, L.P. and affiliates filed an Amendment No. 32 to their Schedule 13D, reporting a decrease in their beneficial ownership of Saba Capital Income & Opportunities Fund II to 7.9%.

Summary

• This filing is Amendment No. 32 to Schedule 13D, jointly filed by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein (collectively, the "Reporting Persons").
• The filing pertains to Common Shares, no par value, of Saba Capital Income & Opportunities Fund II.
• Saba Capital Management, L.P. beneficially owns 2,190,835 shares, representing 7.9% of the class.
• Boaz R. Weinstein beneficially owns 2,239,179 shares, representing 8.08% of the class.
• Saba Capital Management GP, LLC beneficially owns 2,190,968 shares, representing 7.91% of the class.
• The percentages are calculated based on 27,716,010 shares of common stock outstanding as disclosed in the company's 144 filing on September 23, 2025.
• Approximately $29,914,834 was paid to acquire the Common Shares reported.
• Transactions within the past sixty days include multiple open market sales and a significant pro-rata distribution in-kind for no consideration on November 28, 2025.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of changes in beneficial ownership and transactions, which are neutral in tone. The reported sales and in-kind distribution represent a reduction in stake by the reporting persons, which could be interpreted differently by investors.

Negatives

• The Reporting Persons engaged in multiple open market sales of Common Shares between September 29, 2025, and October 10, 2025, reducing their stake.
• A substantial pro-rata distribution in-kind of 417,851 shares occurred on November 28, 2025, for no consideration, further reducing the Reporting Persons' beneficial ownership.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• A pro-rata distribution in-kind of 417,851 shares occurred on November 28, 2025, for no consideration, which represents a non-market transaction by the Reporting Persons.

Stakeholder Impact

• Shareholders may observe a reduction in the beneficial ownership stake held by Saba Capital and its affiliates, which could influence market sentiment regarding the issuer.

Key Dates

Keywords

Saba Capital, Saba Capital Income & Opportunities Fund II, Schedule 13D, beneficial ownership, investment fund, common shares, SEC filing, divestment