<SEC-DOCUMENT>0001062993-19-001279.txt : 20190314
<SEC-HEADER>0001062993-19-001279.hdr.sgml : 20190314
<ACCEPTANCE-DATETIME>20190314152429
ACCESSION NUMBER:		0001062993-19-001279
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190314
DATE AS OF CHANGE:		20190314
GROUP MEMBERS:		BOAZ R. WEINSTEIN

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET HIGH INCOME FUND II INC.
		CENTRAL INDEX KEY:			0001058239
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-81435
		FILM NUMBER:		19680898

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		8887770102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS HIGH INCOME FUND II INC
		DATE OF NAME CHANGE:	19980421

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS HIGH YIELD BOND FUND IN
		DATE OF NAME CHANGE:	19980319

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Saba Capital Management, L.P.
		CENTRAL INDEX KEY:			0001510281
		IRS NUMBER:				800361690
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE
		STREET 2:		58TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174
		BUSINESS PHONE:		212-542-4635

	MAIL ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE
		STREET 2:		58TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>sched13d-hix.htm
<DESCRIPTION>FORM SC 13D
<TEXT>
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   <TITLE>Saba Capital Management, L.P.: Schedule 13D - Filed by newsfilecorp.com</TITLE>
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<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR>Washington, D.C.
20549</P>
<P align=center><FONT size=5><B>SCHEDULE 13D </B></FONT></P>
<P align=center>Under the Securities Exchange Act of 1934<BR>(Amendment No.)*
</P>
<P align=center><B><U><FONT size=5>Western Asset High Income Fund II,
Inc.</FONT></U></B><BR>(Name of Issuer) </P>
<P align=center><U>Common Shares, $0.0001 par value</U><BR>(Title of Class of
Securities) </P>
<P align=center><U>95766J102 </U><BR>(CUSIP Number) </P>
<P align=center>Saba Capital Management, L.P.&nbsp;<BR>405 Lexington Avenue
<BR>58th Floor <BR>New York, NY 10174 <BR>Attention: Michael D'Angelo
<BR><U>(212) 542-4635<BR></U>(Name, Address and Telephone Number of Person
<BR>Authorized to Receive Notices and Communications) </P>
<P align=center><U>March 14, 2019 </U><BR>(Date of Event Which Requires Filing
of This Statement) </P>
<P align=justify>If the filing person has previously filed a statement on
Schedule 13G to report the acquisition that is the subject of this Schedule 13D,
and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule
13d-1(g), check the following box. [X] </P>
<P align=center>(Page 1 of 10 Pages) </P>
<P align=justify>______________________________ <BR>* The remainder of this
cover page shall be filled out for a reporting person's initial filing on this
form with respect to the subject class of securities, and for any subsequent
amendment containing information which would alter disclosures provided in a
prior cover page. </P>
<P align=justify>The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("<U>Act</U>") or otherwise subject to the
liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).</P>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>CUSIP No. 95766J102</B> </TD>
    <TD align=center width="33%"><B>SCHEDULE 13D</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="33%"><B>Page 2 of 10 Pages</B>
</TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center ><B>1</B><BR></TD>
    <TD align=left width="89%" colSpan=2>NAME OF REPORTING PERSON <BR>&nbsp;
      <BR>Saba Capital Management, L.P. </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>2</B> <BR></TD>
    <TD align=left width="89%" colSpan=2>CHECK THE APPROPRIATE BOX IF A MEMBER
      OF A GROUP&nbsp;<BR>&nbsp;&nbsp;<BR>
      &nbsp;&nbsp;&nbsp;&nbsp;(a) <B>[&nbsp;&nbsp;&nbsp;]</B>&nbsp;<BR>
      &nbsp;&nbsp;&nbsp;&nbsp;(b) <B>[&nbsp;&nbsp;&nbsp;]</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      ><B>3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="89%"
    colSpan=2>SEC USE ONLY <BR>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>4</B> <BR></TD>
    <TD align=left width="89%" colSpan=2>SOURCE OF FUNDS <BR>&nbsp;<BR>OO (see
      Item 3) </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>5</B> <BR></TD>
    <TD align=left width="89%" colSpan=2>CHECK BOX IF DISCLOSURE OF LEGAL
      PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) <BR>&nbsp;
      <BR><STRONG>[&nbsp;&nbsp;&nbsp;]</STRONG> </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>6</B> <BR></TD>
    <TD align=left width="89%" colSpan=2>CITIZENSHIP OR PLACE OF ORGANIZATION
      <BR>&nbsp; <BR>Delaware </TD></TR>
  <TR vAlign=top>
    <TD align=center rowSpan=4 ><BR><BR>NUMBER OF <BR>SHARES
      <BR>BENEFICIALLY <BR>OWNED BY <BR>EACH <BR>REPORTING <BR>PERSON WITH:
      <BR><BR></TD>
    <TD align=center width="5%" ><B>7</B> <BR></TD>
    <TD align=left width="84%">SOLE VOTING POWER <BR>&nbsp; <BR>-0- </TD></TR>
  <TR vAlign=top>
    <TD align=center width="5%" ><B>8</B> <BR></TD>
    <TD align=left width="84%">SHARED VOTING POWER <BR>&nbsp; <BR>10,477,665
    </TD></TR>
  <TR vAlign=top>
    <TD align=center width="5%" ><B>9</B> <BR></TD>
    <TD align=left width="84%">SOLE DISPOSITIVE POWER <BR>&nbsp; <BR>-0-
</TD></TR>
  <TR vAlign=top>
    <TD align=center width="5%" ><B>10</B> <BR></TD>
    <TD align=left width="84%">SHARED DISPOSITIVE POWER <BR>&nbsp;
      <BR>10,477,665 </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>11</B> <BR></TD>
    <TD align=left width="89%" colSpan=2>AGGREGATE AMOUNT BENEFICIALLY OWNED
      BY EACH PERSON <BR>&nbsp; <BR>10,477,665 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      ><B>12</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="89%"
    colSpan=2>CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
      SHARES <BR>&nbsp; <BR><B>[&nbsp;&nbsp;&nbsp;]</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>13</B> <BR></TD>
    <TD align=left width="89%" colSpan=2>PERCENT OF CLASS REPRESENTED BY
      AMOUNT IN ROW (11) <BR>&nbsp; <BR>12.21%<SUP>1</SUP> </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>14</B> <BR></TD>
    <TD align=left width="89%" colSpan=2>TYPE OF REPORTING PERSON <BR>&nbsp;
      <BR>PN; IA </TD></TR></TABLE></DIV>
<P align=justify><SUP>__________________________________________<BR>1</SUP> The
percentages used herein are calculated based upon 85,837,563 shares of common
stock outstanding as of 10/31/2018, as disclosed in the company's Certified
Shareholder Report Form N-CSR filed 1/24/2019. </P>
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    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>CUSIP No. 95766J102</B> </TD>
    <TD align=center width="33%"><B>SCHEDULE 13D</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="33%"><B>Page&nbsp;3 of 10 Pages</B>
</TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center ><B>1</B> <BR></TD>
    <TD align=left width="89%" colSpan=2>NAME OF REPORTING PERSON <BR>&nbsp;
      <BR>Boaz R. Weinstein </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>2</B> <BR></TD>
    <TD align=left width="89%" colSpan=2>CHECK THE APPROPRIATE BOX IF A MEMBER
      OF A GROUP <BR>&nbsp; <BR>&nbsp;&nbsp;&nbsp;&nbsp; (a) <B>[&nbsp;&nbsp;&nbsp;]</B>
      <BR>&nbsp;&nbsp;&nbsp;&nbsp; (b) <B>[&nbsp;&nbsp;&nbsp;]</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      ><B>3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="89%"
    colSpan=2>SEC USE ONLY <BR>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>4</B> <BR></TD>
    <TD align=left width="89%" colSpan=2>SOURCE OF FUNDS <BR>&nbsp; <BR>OO
      (see Item 3) </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>5</B> <BR></TD>
    <TD align=left width="89%" colSpan=2>CHECK BOX IF DISCLOSURE OF LEGAL
      PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)<BR>&nbsp; <BR>
      <STRONG>[&nbsp;&nbsp;&nbsp;]</STRONG> </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>6</B> <BR></TD>
    <TD align=left width="89%" colSpan=2>CITIZENSHIP OR PLACE OF ORGANIZATION
      <BR>&nbsp; <BR>United States </TD></TR>
  <TR vAlign=top>
    <TD align=center rowSpan=4 ><BR><BR>NUMBER OF <BR>SHARES
      <BR>BENEFICIALLY <BR>OWNED BY <BR>EACH <BR>REPORTING <BR>PERSON WITH:
      <BR><BR></TD>
    <TD align=center width="5%" ><B>7</B> <BR></TD>
    <TD align=left width="84%">SOLE VOTING POWER <BR>&nbsp; <BR>-0- </TD></TR>
  <TR vAlign=top>
    <TD align=center width="5%" ><B>8</B> </TD>
    <TD align=left width="84%">SHARED VOTING POWER <BR>&nbsp; <BR>10,477,665
    </TD></TR>
  <TR vAlign=top>
    <TD align=center width="5%" ><B>9</B> <BR></TD>
    <TD align=left width="84%">SOLE DISPOSITIVE POWER <BR>&nbsp; <BR>-0-
</TD></TR>
  <TR vAlign=top>
    <TD align=center width="5%" ><B>10</B> <BR></TD>
    <TD align=left width="84%">SHARED DISPOSITIVE POWER <BR>&nbsp;
      <BR>10,477,665 </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>11</B> <BR></TD>
    <TD align=left width="89%" colSpan=2>AGGREGATE AMOUNT BENEFICIALLY OWNED
      BY EACH PERSON <BR>&nbsp; <BR>10,477,665 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      ><B>12</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="89%"
    colSpan=2>CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
      SHARES <BR>&nbsp; <BR><B>[&nbsp;&nbsp;&nbsp;]</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>13</B> <BR></TD>
    <TD align=left width="89%" colSpan=2>PERCENT OF CLASS REPRESENTED BY
      AMOUNT IN ROW (11) <BR>&nbsp; <BR>12.21<SUP>1</SUP> </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>14</B> <BR></TD>
    <TD align=left width="89%" colSpan=2>TYPE OF REPORTING PERSON <BR>&nbsp;
      <BR>IN </TD></TR></TABLE></DIV>
<P align=justify>____________________________ <BR><SUP>1</SUP> The percentages
used herein are calculated based upon 85,837,563 shares of common stock
outstanding as of 10/31/2018, as disclosed in the company's Certified
Shareholder Report Form N-CSR filed 1/24/2019. </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 1.</B> </TD>
    <TD align=left width="90%"><B>SECURITY AND ISSUER</B> </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>This statement on Schedule 13D (the
"<U>Schedule 13D</U>") relates to the common shares (the "<U>Common
Shares</U>"), of Western Asset High Income Fund II, Inc. (the "<U>Issuer</U>").
The Issuer's principal executive offices are located at 620 8th Avenue, New
York, NY 10018. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 2.</B> </TD>
    <TD align=left width="90%"><B>IDENTITY AND BACKGROUND</B>
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >(a) </TD>
    <TD colSpan=2>
      <P align=justify>This Schedule 13D is filed by:</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Saba Capital Management, L.P., a Delaware limited
      partnership ("<U>Saba Capital</U>"); and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Mr. Boaz R. Weinstein ("<U>Mr. Weinstein</U>").</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="10%" ></TD>
    <TD colSpan=2>
      <P align=justify>This statement is being jointly filed by Saba Capital and
      Mr. Weinstein (together, the "<U>Reporting Persons</U>&#148;). Any disclosures
      herein with respect to persons other than the Reporting Persons are made
      on information and belief after making inquiry to the appropriate
      party.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD colSpan=2>
      <P align=justify>Information required by Instruction C of Schedule 13D
      with respect to the Reporting Person is set forth herein.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD colSpan=2>
      <P align=justify>The filing of this statement should not be construed as
      an admission that any Reporting Person is, for the purposes of Sections 13
      of the Securities Exchange Act of 1934, the beneficial owner of the Common
      Shares reported herein.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >(b) </TD>
    <TD colSpan=2>
      <P align=justify>The address of the business office of each of the
      Reporting Persons is 405 Lexington Avenue, 58<SUP>th </SUP>Floor, New
      York, New York 10174.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >(c) </TD>
    <TD colSpan=2>
      <P align=justify>The principal business of: (i) Saba Capital is to serve
      as investment manager to various investment funds and/or accounts and (ii)
      Mr. Weinstein, an individual, is investment management and serving as the
      managing member of the general partner of Saba Capital and other
      affiliated entities.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >(d) </TD>
    <TD colSpan=2>
      <P align=justify>The Reporting Persons has not, during the last five
      years, been convicted in a criminal proceeding (excluding traffic
      violations or similar misdemeanors).</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >(e) </TD>
    <TD colSpan=2>
      <P align=justify>The Reporting Persons has not, during the last five
      years, been a party to a civil proceeding of a judicial or administrative
      body of competent jurisdiction and, as a result of such proceeding, was,
      or is subject to, a judgment, decree or final order enjoining future
      violations of, or prohibiting or mandating activities subject to, Federal
      or State securities laws or finding any violation with respect to such
      laws.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >(f) </TD>
    <TD colSpan=2>
      <P align=justify>Saba Capital is organized as a limited partnership under
      the laws of the State of Delaware. Mr. Weinstein is a citizen
of the United States. Management is a limited liability company organized under
the laws of Delaware. </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P style="MARGIN-LEFT: 10%" align=justify>The Reporting Persons have executed a
Joint Filing Agreement, dated March 14, 2019, with respect to the joint filing
of this Schedule 13D, and any amendment or amendments hereto, a copy of which is
attached hereto as <U>Exhibit 1</U>. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 3.</B> </TD>
    <TD align=left width="90%"><B>SOURCE AND AMOUNT OF FUNDS OR OTHER
      CONSIDERATION</B> </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Funds for the purchase of the Common
Shares were derived from the subscription proceeds from investors and the
capital appreciation thereon and margin account borrowings made in the ordinary
course of business. In such instances, the positions held in the margin accounts
are pledged as collateral security for the repayment of debit balances in the
account, which may exist from time to time. Since other securities are held in
the margin accounts, it is not possible to determine the amounts, if any, of
margin used to purchase the Common Shares reported herein. A total of 66,894,813
was paid to acquire the Common Shares reported herein. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 4.</B> </TD>
    <TD align=left width="90%"><B>PURPOSE OF TRANSACTION</B>
</TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The Reporting Persons acquired the
Common Shares to which this Schedule 13D relates in the ordinary course of
business for investment purposes because they believe that the Common Shares are
undervalued and represent an attractive investment opportunity. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The Reporting Persons may engage in
discussions with management, the Board of Directors, other shareholders of the
Issuer and other relevant parties, including representatives of any of the
foregoing, concerning the Reporting Persons' investment in the Common Shares and
the Issuer, including, without limitation, matters concerning the Issuer's
business, operations, board appointments, governance, performance, management,
capitalization, trading of the Common Shares at a discount to the Issuer&#146;s net
asset value and strategic plans and matters relating to the open or closed end
nature of the Issuer and timing of any potential liquidation of the Issuer. The
Reporting Persons may exchange information with any persons pursuant to
appropriate confidentiality or similar agreements or otherwise, work together
with any persons pursuant to joint agreements or otherwise, propose changes in
the Issuer's business, operations, board appointments, governance, management,
capitalization, strategic plans or matters relating to the open or closed end
nature of the Issuer or timing of any potential liquidation of the Issuer, or
propose or engage in one or more other actions set forth herein. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The Reporting Persons intend to review
their investment in the Issuer on a continuing basis. Depending on various
factors, including, without limitation, the outcome of any discussions
referenced above, the Issuer's financial position and strategic direction,
actions taken by management or the Board of Directors, price levels of the Common Shares, other investment
opportunities available to the Reporting Persons, conditions in the securities
market and general economic and industry conditions, the Reporting Persons may
in the future take such actions with respect to their investment in the Issuer
as they deem appropriate, including, without limitation, purchasing additional
Common Shares or selling some or all of their Common Shares, engaging in short
selling of or any hedging or similar transactions with respect to the Common
Shares and/or otherwise changing their intention with respect to any and all
matters referred to in Item 4 of Schedule 13D. The Reporting Persons may, at any
time and from time to time, review or reconsider their position and/or change
their purpose and/or formulate plans or proposals with respect to their
investment in the Common Shares. </P>
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noShade SIZE=5>
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<P style="MARGIN-LEFT: 10%" align=justify>The Reporting Persons have not entered
into any agreement with any third party to act together for the purpose of
acquiring, holding, voting or disposing of the Common Shares reported
herein.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 5.</B> </TD>
    <TD align=left width="90%"><B>INTEREST IN SECURITIES OF THE ISSUER</B>
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >(a) </TD>
    <TD>
      <P align=justify>See rows (11) and (13) of the cover pages to this
      Schedule 13D for the aggregate number of Common Shares and percentages of
      the Common Shares beneficially owned by each of the Reporting Persons. The
      percentages used in this Schedule 13D are calculated based upon 85,837,563
      shares of common stock outstanding as of 10/31/2018, as disclosed in the
      company's Certified Shareholder Report Form N-CSR filed
  1/24/2019.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >(b) </TD>
    <TD>
      <P align=justify>See rows (7) through (10) of the cover pages to this
      Schedule 13D for the number of Common Shares as to which each Reporting
      Person has the sole or shared power to vote or direct the vote and sole or
      shared power to dispose or to direct the disposition.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >(c) </TD>
    <TD>
      <P align=justify>The transactions in the Common Shares effected in the
      sixty days prior to the filing of the Schedule 13D by the Reporting
      Person, which were all in the open market, are set forth in Schedule A,
      and are incorporated herein by reference.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >(d) </TD>
    <TD>
      <P align=justify>No person other than the Reporting Persons is known to
      have the right to receive, or the power to direct the receipt of dividends
      from, or proceeds from the sale of, such Common Shares.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >(e) </TD>
    <TD>
      <P align=justify>Not applicable.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 6.</B> </TD>
    <TD align=left width="90%"><B>CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS
      OR</B> <B>RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER</B>
  </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Other than the Joint Filing Agreement
attached as <U>Exhibit 1</U> hereto, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) among the persons named in
Item 2 hereof and between such persons and any person with respect to any securities of the
Issuer, including but not limited to transfer or voting of any other securities,
finder's fees, joint ventures, loan or option arrangements, puts or calls,
guarantees of profits, divisions of profits or loss, or the giving or
withholding of proxies. </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Item 7.</B> </TD>
    <TD align=left width="90%"><B>MATERIAL TO BE FILED AS EXHIBITS</B>
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Exhibit 1: </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Joint Filing Agreement
      Statement as required by Rule 13d-1(k)(1) under the Act.
</TD></TR></TABLE><BR>
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noShade SIZE=5>
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<P align=center><B>SIGNATURES </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After reasonable inquiry and to
the best of his or its knowledge and belief, each of the undersigned certifies
that the information set forth in this statement is true, complete and correct.
</P>
<P align=justify>Date: March 14, 2019 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">SABA CAPITAL MANAGEMENT, L.P. </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      Michael D'Angelo </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name: Michael D'Angelo </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Title: Chief Compliance Officer </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">BOAZ R. WEINSTEIN </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      Michael D'Angelo </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name: Michael D'Angelo </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Title: Attorney-in-fact* </TD></TR></TABLE>
<P align=justify>* Pursuant to a power of attorney dated as of November 16,
2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G
filed by the Reporting Persons on December 28, 2015, accession number:
0001062993-15-006823 </P>
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<P align=center><B>EXHIBIT 1 </B></P>
<P align=center><B>JOINT FILING AGREEMENT <BR>PURSUANT TO RULE 13d-1(k) </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned acknowledge and
agree that the foregoing statement on Schedule 13D is filed on behalf of each of
the undersigned and that all subsequent amendments to this statement on Schedule
13D shall be filed on behalf of each of the undersigned without the necessity of
filing additional joint filing agreements. The undersigned acknowledge that each
shall be responsible for the timely filing of such amendments, and for the
completeness and accuracy of the information concerning him or it contained
herein and therein, but shall not be responsible for the completeness and
accuracy of the information concerning the others, except to the extent that he
or it knows or has reason to believe that such information is inaccurate. </P>
<P align=justify>DATE: March 14, 2019 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">SABA CAPITAL MANAGEMENT, L.P. </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      Michael D'Angelo </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name: Michael D'Angelo </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Title: Chief Compliance Officer </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">BOAZ R. WEINSTEIN </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      Michael D'Angelo </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name: Michael D'Angelo </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Title: Attorney-in-fact* </TD></TR></TABLE>
<P align=justify>* Pursuant to a power of attorney dated as of November 16,
2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G
filed by the Reporting Persons on December 28, 2015, accession number:
0001062993-15-006823 </P>
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<P align=center><U>Schedule A</U> </P>
<P align=justify>This Schedule sets forth information with respect to each
purchase and sale of Common Shares which were effectuated by a Reporting Person
or Saba Entity in the sixty days prior to the filing of the Schedule 13D. All
transactions were effectuated in the open market through a broker. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>Date</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="25%"><B>Side</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="25%"><B>Shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="25%"><B>Price</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>01/14/19 </TD>
    <TD align=right width="25%" bgColor=#e6efff>Buy </TD>
    <TD align=right width="25%" bgColor=#e6efff>105,842 </TD>
    <TD align=right width="25%" bgColor=#e6efff>6.22 </TD></TR>
  <TR vAlign=top>
    <TD align=center>01/15/19 </TD>
    <TD align=right width="25%">Buy </TD>
    <TD align=right width="25%">127,708 </TD>
    <TD align=right width="25%">6.25 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>01/16/19 </TD>
    <TD align=right width="25%" bgColor=#e6efff>Buy </TD>
    <TD align=right width="25%" bgColor=#e6efff>120,716 </TD>
    <TD align=right width="25%" bgColor=#e6efff>6.24 </TD></TR>
  <TR vAlign=top>
    <TD align=center>01/17/19 </TD>
    <TD align=right width="25%">Buy </TD>
    <TD align=right width="25%">128,964 </TD>
    <TD align=right width="25%">6.15 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>01/18/19 </TD>
    <TD align=right width="25%" bgColor=#e6efff>Buy </TD>
    <TD align=right width="25%" bgColor=#e6efff>21,610 </TD>
    <TD align=right width="25%" bgColor=#e6efff>6.17 </TD></TR>
  <TR vAlign=top>
    <TD align=center>01/23/19 </TD>
    <TD align=right width="25%">Buy </TD>
    <TD align=right width="25%">41,456 </TD>
    <TD align=right width="25%">6.14 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>01/24/19 </TD>
    <TD align=right width="25%" bgColor=#e6efff>Buy </TD>
    <TD align=right width="25%" bgColor=#e6efff>191,350 </TD>
    <TD align=right width="25%" bgColor=#e6efff>6.15 </TD></TR>
  <TR vAlign=top>
    <TD align=center>01/28/19 </TD>
    <TD align=right width="25%">Buy </TD>
    <TD align=right width="25%">9,100 </TD>
    <TD align=right width="25%">6.17 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>01/29/19 </TD>
    <TD align=right width="25%" bgColor=#e6efff>Buy </TD>
    <TD align=right width="25%" bgColor=#e6efff>100,000 </TD>
    <TD align=right width="25%" bgColor=#e6efff>6.39 </TD></TR>
  <TR vAlign=top>
    <TD align=center>02/07/19 </TD>
    <TD align=right width="25%">Buy </TD>
    <TD align=right width="25%">11,876 </TD>
    <TD align=right width="25%">6.36 </TD></TR></TABLE></DIV><BR>
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