<SEC-DOCUMENT>0001062993-25-017147.txt : 20251202
<SEC-HEADER>0001062993-25-017147.hdr.sgml : 20251202
<ACCEPTANCE-DATETIME>20251202193836
ACCESSION NUMBER:		0001062993-25-017147
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251202
DATE AS OF CHANGE:		20251202

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Saba Capital Income & Opportunities Fund II
		CENTRAL INDEX KEY:			0000828803
		ORGANIZATION NAME:           	
		EIN:				222864496
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-60831
		FILM NUMBER:		251544601

	BUSINESS ADDRESS:	
		STREET 1:		300 S.E. 2ND STREET
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301-1923
		BUSINESS PHONE:		9545277500

	MAIL ADDRESS:	
		STREET 1:		300 S.E. 2ND STREET
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301-1923

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEMPLETON GLOBAL INCOME FUND
		DATE OF NAME CHANGE:	20041029

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEMPLETON GLOBAL INCOME FUND INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

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

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	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>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
	<headerData>
		<submissionType>SCHEDULE 13D/A</submissionType>
		<previousAccessionNumber/>
		<filerInfo>
			<filer>
				<filerCredentials>
					<cik>0001510281</cik>
					<ccc>XXXXXXXX</ccc>
				</filerCredentials>
			</filer>
			<liveTestFlag>LIVE</liveTestFlag>



		</filerInfo>
	</headerData>
	<formData>
		<coverPageHeader>
			<amendmentNo>32</amendmentNo>
			<securitiesClassTitle>Common Shares, no par value</securitiesClassTitle>
			<dateOfEvent>11/28/2025</dateOfEvent>
			<previouslyFiledFlag>true</previouslyFiledFlag>
			<issuerInfo>
				<issuerCIK>0000828803</issuerCIK>
				<issuerCUSIP>880198106</issuerCUSIP>
				<issuerName>Saba Capital Income &amp; Opportunities Fund II</issuerName>
				<address>
					<com:street1>405 Lexington Avenue, 58th Floor</com:street1>
					<com:city>New York</com:city>
					<com:stateOrCountry>NY</com:stateOrCountry>
					<com:zipCode>10174</com:zipCode>
				</address>
			</issuerInfo>
			<authorizedPersons>
				<notificationInfo>
					<personName>Saba Capital Management, L.P.</personName>
					<personPhoneNum>(212) 542-4635</personPhoneNum>
					<personAddress>
						<com:street1>405 Lexington Avenue, 58th Floor</com:street1>
							<com:street2>Attention: Michael D'Angelo</com:street2>
						<com:city>New York</com:city>
						<com:stateOrCountry>NY</com:stateOrCountry>
						<com:zipCode>10174</com:zipCode>
					</personAddress>
				</notificationInfo>
			</authorizedPersons>
		</coverPageHeader>
		<reportingPersons>
			<reportingPersonInfo>
				<reportingPersonCIK>0001510281</reportingPersonCIK>
				<reportingPersonNoCIK>N</reportingPersonNoCIK>
				<reportingPersonName>Saba Capital Management, L.P.</reportingPersonName>
				<fundType>OO</fundType>
				<legalProceedings>N</legalProceedings>
				<citizenshipOrOrganization>DE</citizenshipOrOrganization>
				<soleVotingPower>0</soleVotingPower>
				<sharedVotingPower>2190835</sharedVotingPower>
				<soleDispositivePower>0</soleDispositivePower>
				<sharedDispositivePower>2190835</sharedDispositivePower>
				<aggregateAmountOwned>2190835</aggregateAmountOwned>
				<isAggregateExcludeShares>N</isAggregateExcludeShares>
				<percentOfClass>7.9</percentOfClass>
				<typeOfReportingPerson>PN</typeOfReportingPerson>
				<typeOfReportingPerson>IA</typeOfReportingPerson>
			<commentContent>The percentages used herein are calculated based upon 27,716,010 shares of common stock outstanding as disclosed in the company's 144 filed 9/23/25.</commentContent>
			</reportingPersonInfo>
			<reportingPersonInfo>
				<reportingPersonCIK>0001608233</reportingPersonCIK>
				<reportingPersonNoCIK>N</reportingPersonNoCIK>
				<reportingPersonName>Boaz R. Weinstein</reportingPersonName>
				<fundType>OO</fundType>
				<legalProceedings>N</legalProceedings>
				<citizenshipOrOrganization>NY</citizenshipOrOrganization>
				<soleVotingPower>48344</soleVotingPower>
				<sharedVotingPower>2190835</sharedVotingPower>
				<soleDispositivePower>48344</soleDispositivePower>
				<sharedDispositivePower>2190835</sharedDispositivePower>
				<aggregateAmountOwned>2239179</aggregateAmountOwned>
				<isAggregateExcludeShares>N</isAggregateExcludeShares>
				<percentOfClass>8.08</percentOfClass>
				<typeOfReportingPerson>OO</typeOfReportingPerson>
			<commentContent>The percentages used herein are calculated based upon 27,716,010 shares of common stock outstanding as disclosed in the company's 144 filed 9/23/25.</commentContent>
			</reportingPersonInfo>
			<reportingPersonInfo>
				<reportingPersonNoCIK>Y</reportingPersonNoCIK>
				<reportingPersonName>Saba Capital Management GP, LLC</reportingPersonName>
				<fundType>OO</fundType>
				<legalProceedings>N</legalProceedings>
				<citizenshipOrOrganization>DE</citizenshipOrOrganization>
				<soleVotingPower>133</soleVotingPower>
				<sharedVotingPower>2190835</sharedVotingPower>
				<soleDispositivePower>133</soleDispositivePower>
				<sharedDispositivePower>2190835</sharedDispositivePower>
				<aggregateAmountOwned>2190968</aggregateAmountOwned>
				<isAggregateExcludeShares>N</isAggregateExcludeShares>
				<percentOfClass>7.91</percentOfClass>
				<typeOfReportingPerson>OO</typeOfReportingPerson>
			<commentContent>The percentages used herein are calculated based upon 27,716,010 shares of common stock outstanding as disclosed in the company's 144 filed 9/23/25.</commentContent>
			</reportingPersonInfo>
		</reportingPersons>
		<items1To7>
			<item1>
				<securityTitle>Common Shares, no par value</securityTitle>
				<issuerName>Saba Capital Income &amp; Opportunities Fund II</issuerName>
				<issuerPrincipalAddress>
					<com:street1>405 Lexington Avenue, 58th Floor</com:street1>
					<com:city>New York</com:city>
					<com:stateOrCountry>NY</com:stateOrCountry>
					<com:zipCode>10174</com:zipCode>
				</issuerPrincipalAddress>
				<commentText>This Amendment No. 32 amends Items 3, 5, and 7.</commentText>
			</item1>
			<item2>
				<filingPersonName>This Schedule 13D/A is being jointly filed by:

(i)	Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital");

(ii)	Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and

(iii)	Mr. Boaz R. Weinstein ("Mr. Weinstein"),

(together, the "Reporting Persons").  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.



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.</filingPersonName>
				<principalBusinessAddress>The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.</principalBusinessAddress>
				<principalJob>The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.</principalJob>
				<hasBeenConvicted>The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</hasBeenConvicted>
				<convictionDescription>The Reporting Persons have 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.</convictionDescription>
				<citizenship>Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.</citizenship>
			</item2>
			<item3>
				<fundsSource>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 approximately $29,914,834 was paid to acquire the Common Shares reported herein.</fundsSource>
			</item3>
			<item5>
				<percentageOfClassSecurities>See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons.  The percentages used herein are calculated based upon 27,716,010 shares of common stock outstanding as disclosed in the company's 144 filed 9/23/25.</percentageOfClassSecurities>
				<numberOfShares>See the Reporting Persons section of this Schedule 13D/A 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.</numberOfShares>
				<transactionDesc>The transactions in the Common Shares effected by the Reporting Persons within the past sixty days prior to 11/28/25, the date of the event which required filing of this Schedule 13D/A are set forth in Schedule A, and are incorporated herein by reference. Unless otherwise indicated, all trades were effected in the open market.</transactionDesc>
				<listOfShareholders>The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.</listOfShareholders>
			</item5>
			<item7>
				<filedExhibits>Exhibit 7 - Schedule A</filedExhibits>
			</item7>
		</items1To7>
		<signatureInfo>
			<signaturePerson>
				<signatureReportingPerson>Saba Capital Management, L.P.</signatureReportingPerson>
				<signatureDetails>
					<signature>/s/ Michael D'Angelo</signature>
					<title>General Counsel</title>
					<date>12/02/2025</date>
				</signatureDetails>
			</signaturePerson>
			<signaturePerson>
				<signatureReportingPerson>Boaz R. Weinstein</signatureReportingPerson>
				<signatureDetails>
					<signature>/s/ Michael D'Angelo</signature>
					<title>Authorized Signatory</title>
					<date>12/02/2025</date>
				</signatureDetails>
			</signaturePerson>
			<signaturePerson>
				<signatureReportingPerson>Saba Capital Management GP, LLC</signatureReportingPerson>
				<signatureDetails>
					<signature>/s/ Michael D'Angelo</signature>
					<title>Attorney-in-fact*</title>
					<date>12/02/2025</date>
				</signatureDetails>
			</signaturePerson>
			<commentText>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</commentText>
		</signatureInfo>
	</formData>

</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-7
<SEQUENCE>2
<FILENAME>exhibit7.htm
<DESCRIPTION>EXHIBIT 7
<TEXT>
<html>

<head>
    <title>Saba Capital Management, L.P.: Exhibit 7 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <div style="text-align: center;"><br><br></div>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 10pt;"><u>EXHIBIT 7</u></p>
    <p style="margin-bottom: 0pt; text-align: center; margin-top: 10pt;">&#160;</p>
    <p style="text-align: center; margin-bottom: 0pt; margin-top: 10pt;"><u>Schedule A</u></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital within the past sixty days prior to 11/28/25, the date of the event which required filing of this Schedule 13D/A.&#160; Unless otherwise indicated below, all trades were effected in the open market.</p>
    <table style="width: 50%; border-collapse: collapse; border: 0.75pt solid rgb(0, 0, 0); font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="padding-top: 0.38pt; width: 31%; vertical-align: bottom; border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 0.38pt; padding-left: 0.38pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Trade Date</b></p>
            </td>
            <td style="padding-top: 0.38pt; border-left: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; width: 19%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 0.38pt; border-right: 0.75pt solid rgb(0, 0, 0); padding-left: 0.38pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Buy/Sell</b></p>
            </td>
            <td style="padding-top: 0.38pt; border-left: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; width: 27%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 0.38pt; border-right: 0.75pt solid rgb(0, 0, 0); padding-left: 0.38pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Shares</b></p>
            </td>
            <td style="border-left: 0.75pt solid rgb(0, 0, 0); padding-top: 0.38pt; width: 18%; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 0.38pt; padding-left: 0.38pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Price</b></p>
            </td>
        </tr>
        <tr>
            <td style="padding-top: 0.38pt; width: 31%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 0.38pt; border-right: 0.75pt solid #000000; padding-left: 0.38pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">9/29/2025</p>
            </td>
            <td style="width: 19%; padding-top: 0.38pt; padding-right: 0.38pt; padding-left: 0.38pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Sell</p>
            </td>
            <td style="padding-top: 0.38pt; padding-right: 0.38pt; padding-left: 0.38pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">7,446</p>
            </td>
            <td style="padding-top: 0.38pt; border-left: 0.75pt solid #000000; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 0.38pt; padding-left: 0.38pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">9.10</p>
            </td>
        </tr>
        <tr>
            <td style="padding-top: 0.38pt; width: 31%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 0.38pt; border-right: 0.75pt solid #000000; padding-left: 0.38pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">10/1/2025</p>
            </td>
            <td style="width: 19%; padding-top: 0.38pt; padding-right: 0.38pt; padding-left: 0.38pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Sell</p>
            </td>
            <td style="padding-top: 0.38pt; padding-right: 0.38pt; padding-left: 0.38pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2,400</p>
            </td>
            <td style="padding-top: 0.38pt; border-left: 0.75pt solid #000000; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 0.38pt; padding-left: 0.38pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">9.09</p>
            </td>
        </tr>
        <tr>
            <td style="padding-top: 0.38pt; width: 31%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 0.38pt; border-right: 0.75pt solid #000000; padding-left: 0.38pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">10/9/2025</p>
            </td>
            <td style="width: 19%; padding-top: 0.38pt; padding-right: 0.38pt; padding-left: 0.38pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Sell</p>
            </td>
            <td style="padding-top: 0.38pt; padding-right: 0.38pt; padding-left: 0.38pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">16,775</p>
            </td>
            <td style="padding-top: 0.38pt; border-left: 0.75pt solid #000000; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 0.38pt; padding-left: 0.38pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">9.04</p>
            </td>
        </tr>
        <tr>
            <td style="padding-top: 0.38pt; width: 31%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 0.38pt; border-right: 0.75pt solid #000000; padding-left: 0.38pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">10/10/2025</p>
            </td>
            <td style="width: 19%; padding-top: 0.38pt; padding-right: 0.38pt; padding-left: 0.38pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Sell</p>
            </td>
            <td style="padding-top: 0.38pt; padding-right: 0.38pt; padding-left: 0.38pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">1,808</p>
            </td>
            <td style="padding-top: 0.38pt; border-left: 0.75pt solid #000000; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 0.38pt; padding-left: 0.38pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">9.02</p>
            </td>
        </tr>
        <tr>
            <td style="padding-top: 0.38pt; width: 31%; vertical-align: top; padding-right: 0.38pt; border-right: 0.75pt solid #000000; padding-left: 0.38pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">11/28/2025</p>
            </td>
            <td style="padding-top: 0.38pt; width: 19%; vertical-align: top; border-left: 0.75pt solid #000000; padding-right: 0.38pt; border-right: 0.75pt solid #000000; padding-left: 0.38pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Sell</p>
            </td>
            <td style="padding-top: 0.38pt; border-left: 0.75pt solid #000000; vertical-align: top; padding-right: 0.38pt; border-right: 0.75pt solid #000000; padding-left: 0.38pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">417,851**</p>
            </td>
            <td style="padding-top: 0.38pt; padding-right: 0.38pt; padding-left: 0.38pt; vertical-align: top; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0&#160;</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">** Pro-rata distribution in-kind for no consideration.</p>
    <hr width="100%" size="5" color="black" noshade="noshade">
</body>

</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
