NPORT-EX 2 fp0095478-1_nportex.htm

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Principal Amount		Fair Value
CORPORATE BONDS - 7.17%
Communications - 2.22%

Altice France Holding S.A., 5.500%, 10/15/2029^(b)	$	736,000	$	644,000
Clear Channel Outdoor Holdings Inc., 7.500%, 06/01/2029^(b)		1,552,000		1,420,080
CSC Holdings LLC, 3.375%, 02/15/2031^(b)		270,000		178,875
DISH Network Corp., 11.750%, 11/15/2027^(b)		1,750,000		1,833,125
Level 3 Financing Inc., 3.875%, 10/15/2030^(b)		1,291,800		1,120,636
Trump Media & Technology Group Corp., 0.000%, 05/29/2028^(f)		1,122		1,062,455
				6,259,171
Consumer Discretionary - 3.38%

1261229 B.C. Ltd., 10.000%, 04/15/2032		1,557,000		1,588,140
Beach Acquisition Bidco LLC, 10.000%, 07/15/2033		532,000		556,605
Caesars Entertainment Inc., 6.500%, 02/15/2032^(b)		922,000		942,745
Community Health Systems, Inc., 6.875%, 04/15/2029		949,000		749,710
Community Health Systems, Inc., 9.750%, 01/15/2034^(f)		1,692,000		1,701,518
RR Donnelley & Sons Co., 10.870%, 08/01/2029^(b)		2,572,000		2,517,345
Staples Inc., 10.750%, 09/01/2029^(b)		1,586,000		1,490,840
				9,546,903
Financials - 0.41%

Compass Group Diversified Holdings LLC, 5.250%, 04/15/2029		1,254,000		1,167,788
				1,167,788
Industrials - 0.33%

LABL, Inc., 8.625%, 10/01/2031^(b)		1,111,000		926,296
				926,296
Real Estate - 0.83%

China Evergrande Group, 8.250%, 03/23/2022^(a)(e)(f)		16,395,000		286,912
China Evergrande Group, 9.500%, 04/11/2022^(a)(e)(f)		6,148,000		107,590
China Evergrande Group, 11.500%, 01/22/2023^(a)(e)(f)		4,600,000		80,500
China Evergrande Group, 10.000%, 04/11/2023^(a)(e)(f)		7,568,000		132,440
China Evergrande Group, 7.500%, 06/28/2023^(a)(e)(f)		11,802,000		206,535
China Evergrande Group, 12.000%, 01/22/2024^(a)(e)(f)		19,888,000		348,040
China Evergrande Group, 9.500%, 03/29/2024^(a)(e)(f)		4,420,000		77,350
China Evergrande Group, 10.500%, 04/11/2024^(a)(e)(f)		4,372,000		76,511
China Evergrande Group, 8.750%, 06/28/2025^(a)(e)(f)		57,621,000		1,008,369
				2,324,247

TOTAL CORPORATE BONDS				20,224,405
(Cost $19,032,358)

	Principal Amount		Fair Value
SENIOR LOANS - 7.15%
Communications - 0.39%

Gogo Intermediate Holdings LLC, Initial Term Loan, TSFR1M + 3.750%, 04/30/2028		1,114,867		1,108,824
				1,108,824

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Principal Amount		Fair Value
Consumer Discretionary - 3.43%

AMC Entertainment, Term Loan, TSFR1M + 9.000%, 01/04/2029	$	1,566,250	$	1,579,711
J Crew Group LLC, Initial Term Loan, TSFR3M + 6.000%, 09/26/2031		4,383,442		3,731,405
The GEO Group, Inc., Term B Loan, TSFR1M + 5.250%, 04/13/2029		2,607,234		2,618,967
Vortex Opco LLC, Term Loan, TSFR3M + 6.250%, 04/30/2030		1,734,000		1,735,361
				9,665,444
Consumer, Non-cyclical - 2.14%

Revlon Intermediate Holdings IV LLC, Term Loan, TSFR6M + 6.875%, 05/02/2028		6,111,000		6,033,329
				6,033,329
Health Care - 0.41%

1261229 B.C. Ltd., Term Loan, 1M SOFR + 6.250%, 10/08/2030		548,855		539,209
ModivCare Inc., Term Loan, TSFR3M + 4.750%, 07/01/2031		954,417		612,422
				1,151,631
Industrials - 0.49%

Multi-Color Corp., Term Loan, TSFR1M + 5.000%, 10/29/2028		1,531,199		1,391,478
				1,391,478
Information Technology - 0.29%

X Corp., Term Loan, 9.500%, 10/29/2029		851,052		826,883
				826,883

TOTAL SENIOR LOANS				20,177,589
(Cost $21,247,232)

	Principal Amount		Fair Value
CONVERTIBLE CORPORATE BONDS - 2.06%
Financials - 2.06%

BSTR Holdings Inc., 1.000%, 07/15/2030^(c)		1,773		1,773,000
Columbus Circle Capital Corp. I, 0.000%, 12/31/2028^(c)(f)		1,714,351		1,662,920
MI7 Founders, LLC, 1.000%, 07/01/2030^(c)(f)		2,364,575		2,364,575
				5,800,495

TOTAL CONVERTIBLE CORPORATE BONDS				5,800,495
(Cost $5,800,495)

	Principal Amount		Fair Value
MORTGAGE-BACKED SECURITY - 0.45%
Federal National Mortgage Association (FNMA) - 0.45%

FNMA, Series 23-52, Class IO, 3.000%, 05/25/2051		6,331,801		1,256,405

TOTAL MORTGAGE-BACKED SECURITY				1,256,405
(Cost $1,190,919)

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCK - 9.33%
Communications - 3.28%

Baidu, Inc.^(f)		13,235	$	1,162,959
Bumble, Inc.^(f)		336,908		2,621,144
Snap Inc.^(f)		182,547		1,721,418
Telephone and Data Systems Inc.		8,367		326,648
Uber Technologies Inc.^(f)		5,177		454,282
Weibo Corp.		308,665		2,975,531
				9,261,982
Consumer Discretionary - 1.05%

Arbe Robotics, Ltd.^(f)		111,764		150,881
Capri Holdings Ltd.^(f)		14,621		265,956
Dave & Buster's Entertainment^(f)		5,492		160,586
Evolution AB		16,104		1,435,159
Polestar Automotive Holding UK PLC^(f)		312,525		334,402
The RealReal, Inc.^(f)		56,438		296,864
Winnebago Industries, Inc.		11,042		328,168
				2,972,016
Financials - 2.17%

Allfunds Group PLC		176,372		1,227,783
Cannae Holdings, Inc.		168,038		3,592,652
Compass Diversified Holdings		30,742		196,441
PagSeguro Digital Ltd.		140,185		1,097,649
VEF AB^(f)		6,045		1,196
				6,115,721
Health Care - 0.26%

Arbutus Biopharma Corp.^(f)		136,361		447,264
Community Health Systems Inc.^(f)		111,785		290,641
				737,905
Industrials - 1.20%

The GEO Group, Inc.^(f)		13,938		361,273
Vertical Aerospace Ltd.^(f)		458,450		2,805,714
Voyager Technologies Inc.^(f)		5,718		228,834
				3,395,821
Information Technology - 0.22%

GDS Holdings Ltd.^(f)		17,560		633,389
				633,389
Materials - 0.07%

Critical Metals Corp.^(f)		38,669		193,345
				193,345
Real Estate - 0.53%

Anywhere Real Estate, Inc. ^(f)		65,688		303,479
CBRE Group Inc.^(f)		1,596		248,561
Star Holdings^(f)		130,599		939,006
				1,491,046

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares		Fair Value
Technology - 0.55%

CommScope Holding Company, Inc.^(f)		66,298	$	543,643
Core Scientific Inc.^(f)		31,190		422,312
IREN Ltd.^(f)		6,990		112,608
Vertex, Inc.^(f)		13,438		445,737
				1,524,300

TOTAL COMMON STOCK				26,325,525
(Cost $23,347,980)

	Shares		Fair Value
CLOSED END FUNDS - 8.02%
Alternative - 0.96%

BlackRock ESG Capital Allocation Term Trust		121,074	$	1,974,717
Destra Multi-Alternative Fund		2,947		25,757
Tribeca Global Natural Resources Ltd.^(f)		1,796		1,656
VGI Partners Global Investments Ltd.		627,796		718,145
				2,720,275
Equity - 5.16%

abrdn Life Sciences Investors		113,035		1,484,150
abrdn Total Dynamic Dividend Fund		1		9
Adams Natural Resources Fund, Inc.		36,040		772,337
Allspring Global Dividend Opportunity Fund		2,757		15,412
Argo Global Listed Infrastructure Limited		24,533		36,735
BlackRock Enhanced Global Dividend Trust		1,903		21,580
BlackRock Resources & Commodities Strategy Trust		2,252		21,507
BlackRock Science & Technology Trust II		57,904		1,231,618
Direxion Daily Robotics Artificial Intelligence & Automation Index Bull 2X Shares^(f)		5,152		117,234
Diversified United Investment Ltd.		159,966		563,355
Future Generation Global Ltd.		97,988		98,551
Gabelli Dividend & Income Trust		55,473		1,461,159
Gabelli Healthcare & WellnessRx Trust		23,912		221,425
GAMCO Natural Resources, Gold & Income Trust		380		2,390
Hearts and Minds Investments, Ltd.		1,751,531		3,793,337
John Hancock Hedged Equity & Income Fund		137		1,434
MFF Capital Investments, Ltd.		556,373		1,644,741
Middlefield Canadian Income PCC		254,234		454,109
NYLI CBRE Global Infrastructure Megatrends Term Fund		60,263		864,171
Pengana International Equities, Ltd.		1,664,780		1,342,685
Tortoise Energy Infrastructure Fund, Inc.		9,663		418,794
				14,566,733
Fixed Income - 1.14%

AllianceBernstein National Municipal Income Fund		79,712		808,280
BlackRock MuniHoldings New York Quality Fund, Inc.		113		1,075
BlackRock New York Municipal Income Trust		16,688		156,867
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		379		3,782
BNY Mellon Strategic Municipals, Inc.		21,897		128,097
Eaton Vance New York Municipal Bond Fund		19,040		172,693
Ellsworth Growth and Income Fund, Ltd.		5,295		55,915
MFS High Income Municipal Trust		29,418		104,434

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares		Fair Value
Nuveen Pennsylvania Quality Municipal Income Fund		107,375	$	1,165,019
PIMCO California Municipal Income Fund II		3,520		18,515
Pioneer Municipal High Income Advantage Fund, Inc.		39,278		318,545
Pioneer Municipal High Income Fund, Inc.		24,447		219,534
Pioneer Municipal High Income Opportunities Fund, Inc.		4,798		54,937
				3,207,693
Mixed Allocation - 0.07%

Virtus Dividend, Interest & Premium Strategy Fund		15,160		192,077
				192,077
Private Equity - 0.69%

Syncona Ltd.^(f)		1,507,674		1,941,339
The Schiehallion Fund^(f)		1,664		1,996
				1,943,335

TOTAL CLOSED END FUNDS				22,630,113
(Cost $20,338,071)

	Shares		Fair Value
INVESTMENT TRUSTS - 2.00%
Alternative - 1.58%

Bitwise 10 Crypto Index Fund^(f)(g)		60,455		4,465,678
				4,465,678
Equity - 0.42%

Herald Investment Trust PLC^(f)		36,669		1,191,307
				1,191,307

TOTAL INVESTMENT TRUSTS				5,656,985
(Cost $3,666,543)

	Shares		Fair Value
PREFERRED STOCK - 0.39%
Health Care - 0.12%

Integrity Labs, Inc.^(c)(f)		337,488		337,488
				337,488
Technology - 0.27%

Xtend Reality Expansion Ltd. Preferred B-2^(c)(f)		579,633		774,969
				774,969

TOTAL PREFERRED STOCK				1,112,457
(Cost $833,328)

	Fair Value
PARTICIPATION AGREEMENT - 0.24%

PK Funding 2023 LLC^(c)		686,198

TOTAL PARTICIPATION AGREEMENT		686,198
(Cost $686,198)

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Fair Value
PRIVATE FUNDS - 14.51%

Alternative Capital Investments Fund III LP, Special Class Interests^(f)	$	6,508,180
Alternative Capital Investments Fund III LP, Special Class Interests 2		94,765
Alternative Capital Investments Fund III LP, Standard Class Interests		489,315
New Holland Special Opportunities Aggregator, LP Class M Interests^(f)(h)		2,350,497
New Holland Special Opportunities Aggregator LP, Class Y-5 Interests^(f)(h)		916,144
New Holland Special Opportunities Aggregator, LP Class Y Interests^(h)		2,671
Stone Ridge Opportunities Fund Feeder LP^(f)		30,599,999

TOTAL PRIVATE FUNDS		40,961,571
(Cost $29,958,981)

	Shares		Fair Value
UNIT TRUST - 5.24%

Grayscale Ethereum Classic Trust^(f)(g)		1,398,696		14,784,210

TOTAL UNIT TRUST				14,784,210
(Cost $14,741,364)

	Shares		Fair Value
SPECIAL PURPOSE ACQUISITION COMPANIES - 5.95%

180 Life Sciences, Corp.^(c)(f)		177,924		471,499
1RT Acquisition Corp.^(f)		23,719		249,050
Armada II, Class A^(c)(f)		89,775		285
Armada II, Class B^(c)(f)		11,222		112,220
Axiom Intelligence Holdings 1 LLC, Class A^(c)(f)		109,718		439
Axiom Intelligence Holdings 1 LLC, Class B^(c)(f)		13,715		137,150
Bengochea SPAC Sponsors II LLC, Class A^(c)(f)		132,416		530
Bengochea SPAC Sponsors II LLC, Class B^(c)(f)		16,552		165,520
Berto Acquisition Corp.^(f)		49,218		534,015
Blue Holdings, Class A^(c)(f)		137,148		549
Blue Holdings, Class B^(c)(f)		13,715		137,150
Blue Water Acquisition III LLC, Class A^(c)(f)		137,425		550
Blue Water Acquisition III LLC, Class B^(c)(f)		17,178		171,780
Cal Redwood Acquisition Corp., Class A^(c)(f)		134,662		404
Cal Redwood Acquisition Corp., Class B^(c)(f)		16,833		168,330
Cantor Equity Partners II Inc.^(f)		20,257		217,763
Cantor Equity Partners III Inc.^(f)		31,544		330,581
Cantor Equity Partners Inc.^(c)(f)		59,091		590,910
CEA Industries Inc.^(c)(f)		23,342		235,754
Cohen Circle Acquisition Corp. II^(c)(f)		22,236		228,586
Cohen Circle Sponsor II, LLC, Class A^(c)(f)		34,290		343
Cohen Circle Sponsor II, LLC, Class B^(c)(f)		6,858		68,580
Columbus Circle Capital Corp. I^(c)(f)		11,429		107,890
Columbus Circle Capital Corp. I LLC, Class A^(c)(f)		19,640		167,333
Columbus Circle Capital Corp. I LLC, Class B^(c)(f)		2,946		32,347
Digital Asset Acquisition Corp.^(f)		55,906		583,100
EGH Sponsor LLC, Class A^(c)(f)		58,498		175
EGH Sponsor LLC, Class B^(c)(f)		7,312		73,120

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares		Fair Value
Empery Digital Inc.^(c)(f)		17,727	$	177,272
Ether Reserve LLC^(c)(f)		59,091		590,908
FIGX Acquisition Partners LLC Class A^(c)(f)		86,860		347
FIGX Acquisition Partners LLC Class B^(c)(f)		10,858		108,580
Gerresheimer AG^(f)		28,920		1,431,693
GP-Act III Acquisition Corp., Class A^(c)(f)		17,094		15,726
Graf Global Sponsor LLC, Class A^(c)(f)(g)		15,421		15,575
HCM Investor Holdings III, LLC, Class A^(c)(f)		103,450		310
HCM Investor Holdings III, LLC, Class B^(c)(f)		137,934		206,901
Lightwave Acquisition Corp.^(f)		21,240		216,011
LightWave Founders LLC, Class A^(c)(f)		160,720		643
LightWave Founders LLC, Class B^(c)(f)		16,072		160,720
MI7 Founders, LLC, Class A^(c)(f)		236,458		2,130,487
New Providence Holdings III, LLC^(c)(f)		15,759		157,590
NewHold Investment Corp III, Class A^(c)(f)		67,027		250
NewHold Investment Corp III, Class B^(c)(f)		8,378		82,976
Oxley Bridge Holdings LLC, Class A^(c)(f)		128,263		513
Oxley Bridge Holdings LLC, Class B^(c)(f)		160,330		160,330
Oyster Enterprises II LLC, Class A^(c)(f)		134,995		540
Oyster Enterprises II LLC, Class B^(c)(f)		16,874		168,740
Perimeter Acquisition Corp. I^(f)		63,970		648,656
Pioneer Acquisition 1 Sponsor Holdco LLC, Class A^(c)(f)		137,148		549
Pioneer Acquisition 1 Sponsor Holdco LLC, Class B^(c)(f)		171,435		171,435
ProCap Acquisition Corp.^(f)		61,838		660,430
Real Asset Acquisition Corp.^(f)		25,855		262,428
Renatus Tactical Acquisition Corp. I^(f)		5,464		63,382
Republic Digital Acquisition Company^(f)		128,293		1,327,833
Sonnet BioTherapeutics Holdings, Inc.^(c)(f)		283,636		354,545
Soulpower Acquisition Sponsor LLC, Class A^(c)(f)		120,459		482
Soulpower Acquisition Sponsor LLC, Class B^(c)(f)		15,057		150,570
Titan Acquisition Sponsor Holdco, LLC, Class A^(c)(f)		72,306		289
Trump Media & Technology Group Corp.^(f)		43,631		767,469
TV Partners III, LLC, Class A^(c)(f)		167,872		504
TV Partners III, LLC, Class B^(c)(f)		209,841		209,841
VO Sponsor II, LLC Class A^(c)(f)		72,306		217
VO Sponsor II, LLC Class B^(c)(f)		90,383		90,383
Wen Acquisition Corp.^(f)		123,847		1,318,970
Wen Sponsor LLC, Class A^(c)(f)		125,704		503
Wen Sponsor LLC, Class B^(c)(f)		157,130		157,130
XTao Inc.^(c)(f)(g)		35,469		177,345

TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES				16,775,026
(Cost $17,038,997)

	Contracts		Fair Value
WARRANTS - 1.13%

Berto Acquisition Corp., Expires 05/01/2030, Strike Price $11.50^(f)		6,645		4,984
Critical Metals Corp., Expires 02/07/2029, Strike Price $7.00^(f)		38,669		54,137
Digital Asset Acquisition Corp., Expires 04/01/2030, Strike Price $11.50^(f)		29,467		25,784
Dynamix Corp., Expires 10/25/2029, Strike Price $11.50^(f)		36,822		69,225

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Contracts		Fair Value
EQV Ventures Acquisition Corp., Expires 07/01/2031, Strike Price $11.50^(f)		19,277	$	15,037
Fact II Acquisition Corp., Expires 11/26/2031, Strike Price $11.50^(f)		22,895		5,721
Gores Holdings X Inc., Expires 05/02/2030, Strike Price $11.50^(f)		3,460		4,325
GP-Act III Acquisition Corp., Expires 12/31/2027, Strike Price $11.50^(f)		23,593		6,601
GP-Act III Acquisition Corp., Class B Warrants, Expires 5 years after initial business combination, Strike Price $11.50^(c)(f)		21,362		3,691
Graf Global Corp, Expires with the closing of initial business combination, Strike Price $11.50^(c)(f)(g)		19,276		3,566
HCM II Acquisition Corp., Expires 8/02/2029, Strike Price $11.509^(f)		5,504		12,659
Israel Acquisitions Corp., Expires 02/28/2028, Strike Price $11.50^(f)		18,390		3,145
Launch Two Acquisition Corp., Expires 10/09/2029, Strike Price $11.50^(f)		1,652		826
Live Oak Acquisition Corp. V, Expires 02/20/2030, Strike Price $11.50^(f)		18,443		12,449
Melar Acquisition Corp I, Expires 6/10/2029, Strike Price $11.50^(f)		32,537		6,442
MI7 Founders, LLC, Class A, Expires 5 years after closing, Strike Price $11.50^(f)		236,458		321,583
MI7 Founders, LLC, Class Z, Expires 5 years after closing, Strike Price $11.50^(f)		78,859		107,248
New Providence Acquisition Corp. III, Expires 04/24/2030, Strike Price $11.50^(f)		6,181		3,152
New Providence Holdings III, LLC, Expires with the closing of initial business combination, Strike Price $11.50^(c)(f)		126,069		378
NewHold Investment Corp II-A., Expires 04/17/2030, Strike Price $11.50^(f)		2,084		615
NewHold Investment Corp III., Expires 5 years after initial business combination, Strike Price $11.50^(c)(f)(i)		4,189		-
Perimeter Acquisition Corp. I, Expires 05/13/2030, Strike Price $11.50^(f)		33,393		19,986
Plum Acquisition Corp IV, Expires 08/19/2029, Strike Price $11.50^(f)		4,175		1,096
Real Asset Acquisition Corp., Expires 04/24/2030, Strike Price $11.50^(f)		87,360		34,944
Renatus Tactical Acquisition Corp. I, Expires 05/15/2030, Strike Price $11.50^(f)		3,588		6,207
Republic Digital Acquisition Co, Expires 05/01/2030, Strike Price $11.50^(f)		64,146		52,279
Rithm Acquisition Corp., Expires 12/30/2025, Strike Price $0.10^(f)		1,581		790
Roman DBDR Acquisition Corp II., Expires 10/31/2031, Strike Price $11.50^(f)		19,566		9,857
SIM Acquisition Corp. I, Expires0 6/01/2031, Strike Price $11.50^(f)		12,138		4,005
Titan Acquisition Sponsor Holdco, LLC, Expires 5 years after initial business combination, Strike Price $11.50^(c)(f)		90,383		90,383
TLGY Acquisition Corp., Expires 01/14/2028, Strike Price $11.50^(f)		30,000		26,999
Vertical Aerospace, Ltd. Class A Warrants, Expires 01/22/2030, Strike Price $11.50^(c)(f)		249,443		1,168,062
Vertical Aerospace, Ltd. Class B Warrants, Expires 01/22/2030, Strike Price $11.50^(c)(f)		249,443		1,104,716
Willow Lane Acquisition Corp., Expires 10/31/2031, Strike Price $11.50^(f)		32		17

TOTAL WARRANTS				3,180,909
(Cost $376,107)

	Contracts		Fair Value
RIGHTS - 0.01%

Inflection Point Acquisition Corp. III, Expires 06/16/2075^(f)		54,192		20,593
Hennessy Capital Investment Corp. VII, Expires 12/30/2025^(f)		7,305		2,008
K&F Growth Acquisition Corp. II, Expires 12/30/2025^(f)		4,142		539

TOTAL RIGHTS				23,140
(Cost $19,701)

	Contracts		Fair Value
OPTIONS - 1.90%^(j)
Put Option Contracts - 1.90%

S&P 500 Index, Expires 07/31/2025, Strike Price $5,460^(f)		27		68
S&P 500 Index, Expires 07/31/2025, Strike Price $5,465^(f)		28		70
S&P 500 Index, Expires 08/15/2025, Strike Price $5,705^(f)		3		690

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Contracts		Fair Value
S&P 500 Index, Expires 08/15/2025, Strike Price $5,720^(f)		3	$	930
S&P 500 Index, Expires 08/15/2025, Strike Price $5,755^(f)		6		1,620
S&P 500 Index, Expires 08/15/2025, Strike Price $5,760^(f)		7		2,800
S&P 500 Index, Expires 08/15/2025, Strike Price $5,770^(f)		13		5,980
S&P 500 Index, Expires 08/15/2025, Strike Price $5,775^(f)		7		1,960
S&P 500 Index, Expires 08/15/2025, Strike Price $5,780^(f)		6		2,490
S&P 500 Index, Expires 08/15/2025, Strike Price $5,785^(f)		8		3,360
S&P 500 Index, Expires 08/15/2025, Strike Price $5,790^(f)		10		2,850
S&P 500 Index, Expires 09/19/2025, Strike Price $5,845^(f)		13		31,785
S&P 500 Index, Expires 09/19/2025, Strike Price $5,855^(f)		17		41,548
S&P 500 Index, Expires 09/19/2025, Strike Price $5,860^(f)		49		118,335
S&P 500 Index, Expires 09/19/2025, Strike Price $5,870^(f)		9		26,055
S&P 500 Index, Expires 09/19/2025, Strike Price $5,875^(f)		13		30,784
S&P 500 Index, Expires 09/19/2025, Strike Price $5,880^(f)		43		146,415
S&P 500 Index, Expires 09/19/2025, Strike Price $5,885^(f)		17		58,650
S&P 500 Index, Expires 09/19/2025, Strike Price $5,890^(f)		9		39,330
S&P 500 Index, Expires 09/19/2025, Strike Price $5,950^(f)		11		46,574
S&P 500 Index, Expires 09/19/2025, Strike Price $5,955^(f)		20		82,000
S&P 500 Index, Expires 09/19/2025, Strike Price $5,965^(f)		17		71,315
S&P 500 Index, Expires 09/19/2025, Strike Price $5,975^(f)		10		34,090
S&P 500 Index, Expires 09/19/2025, Strike Price $5,985^(f)		14		45,696
S&P 500 Index, Expires 09/19/2025, Strike Price $5,995^(f)		9		39,870
S&P 500 Index, Expires 09/19/2025, Strike Price $6,000^(f)		9		41,409
S&P 500 Index, Expires 09/19/2025, Strike Price $6,005^(f)		21		85,680
S&P 500 Index, Expires 09/19/2025, Strike Price $6,015^(f)		13		58,630
S&P 500 Index, Expires 10/17/2025, Strike Price $6,050^(f)		9		71,730
S&P 500 Index, Expires 10/17/2025, Strike Price $6,060^(f)		8		64,640
S&P 500 Index, Expires 10/17/2025, Strike Price $6,085^(f)		6		42,162
S&P 500 Index, Expires 10/17/2025, Strike Price $6,090^(f)		5		40,300
S&P 500 Index, Expires 10/17/2025, Strike Price $6,100^(f)		13		116,350
S&P 500 Index, Expires 10/17/2025, Strike Price $6,120^(f)		73		664,300
S&P 500 Index, Expires 10/17/2025, Strike Price $6,125^(f)		5		43,235
S&P 500 Index, Expires 10/17/2025, Strike Price $6,140^(f)		57		531,924
S&P 500 Index, Expires 10/17/2025, Strike Price $6,145^(f)		47		449,085
S&P 500 Index, Expires 10/17/2025, Strike Price $6,150^(f)		50		406,500
S&P 500 Index, Expires 10/17/2025, Strike Price $6,165^(f)		69		665,160
S&P 500 Index, Expires 10/17/2025, Strike Price $6,185^(f)		35		330,400
S&P 500 Index, Expires 10/17/2025, Strike Price $6,205^(f)		27		290,520
S&P 500 Index, Expires 10/17/2025, Strike Price $6,240^(f)		9		102,960
S&P 500 Index, Expires 11/21/2025, Strike Price $6,305^(f)		19		257,450
S&P 500 Index, Expires 11/21/2025, Strike Price $6,310^(f)		19		259,920

TOTAL OPTIONS				5,357,620
(Premiums paid $11,580,025)

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares		Fair Value
MONEY MARKET FUNDS - 7.54%

BNY Mellon U.S. Treasury Fund, 7 Day Yield, 4.150%^(g)(h)		16,678,716	$	16,678,716
JPMorgan US Treasury Plus Money Market Fund, 7 Day Yield, 4.190%		4,597,504		4,597,504

TOTAL MONEY MARKET FUNDS				21,276,220
(Cost $21,276,220)

Total Investments in Securities - 73.09%				206,228,868
(Cost $191,134,519)

Other Assets in Excess of Liabilities - 26.91%				75,926,098

NET ASSETS - 100.00%			$	282,154,966
Amounts above are shown as a percentage of net assets as of July 31, 2025.

SCHEDULE OF SECURITIES SOLD SHORT

	Principal Amount			Fair Value
CORPORATE BONDS - (3.30%)
Consumer Discretionary - (2.18%)

Biocon Biologics Global PLC, 6.670%, 10/09/2029	$	(3,630,000	)	$	(3,430,411	)
Star Parent Inc., 9.000%, 10/01/2030		(2,586,000	)		(2,728,230	)
					(6,158,641	)
Industrials - (0.68%)

Icahn Enterprises LP/Icahn Enterprises Finance Corporation, 4.375%, 02/01/2029		(355,000	)		(304,857	)
Icahn Enterprises LP/Icahn Enterprises Finance Corporation, 5.250%, 05/15/2027		(1,637,000	)		(1,600,169	)
					(1,905,026	)
Real Estate - (0.44%)

CPI Property Group SA, 1.750%, 01/14/2030^(e)		(1,257,000	)		(1,256,634	)
					(1,256,634	)

TOTAL CORPORATE BONDS					(9,320,301	)
(Proceeds $9,089,640)

	Principal Amount			Fair Value
SOVEREIGN DEBT OBLIGATIONS - (62.17%)
Sovereign - (62.17%)

United States Treasury, 3.750%, 06/30/2027		(86,614,000	)		(86,265,517	)
United States Treasury, 3.875%, 06/30/2030		(30,076,000	)		(29,945,004	)
United States Treasury, 4.250%, 05/15/2035		(59,827,000	)		(59,214,706	)

TOTAL SOVEREIGN DEBT OBLIGATIONS					(175,425,227	)
(Proceeds $175,480,221)

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares			Fair Value
COMMON STOCK - (10.54%)
Communications - (2.21%)

Cogent Communications Holdings Inc.^(f)		(3,543	)	$	(886,636	)
DoorDash, Inc.^(f)		(1,415	)		(64,510	)
Formula One Group^(f)		(1,740	)		(174,609	)
Meta Platforms, Inc.^(f)		(2,212	)		(1,710,849	)
Netflix, Inc.^(f)		(585	)		(678,249	)
News Corp.^(f)		(2,161	)		(63,361	)
Pinterest, Inc.^(f)		(6,042	)		(233,221	)
Reddit Inc.^(f)		(334	)		(53,637	)
ROBLOX Corp.^(f)		(5,818	)		(801,662	)
Roku Inc.^(f)		(1,352	)		(127,304	)
Spotify Technology SA.^(f)		(998	)		(625,287	)
System1 Inc.^(f)		(2,433	)		(15,133	)
The Trade Desk, Inc.^(f)		(4,015	)		(349,144	)
The Walt Disney Company^(f)		(931	)		(110,891	)
Zillow Group, Inc.^(f)		(4,287	)		(341,031	)
					(6,235,524	)
Consumer Discretionary - (1.05%)

Amazon.com, Inc.^(f)		(5,465	)		(1,279,411	)
Chewy Inc.^(f)		(3,391	)		(124,450	)
Coupang Inc.^(f)		(5,974	)		(175,815	)
DraftKings Inc.^(f)		(5,193	)		(233,893	)
Ferrari N.V.^(f)		(426	)		(188,884	)
MercadoLibre, Inc.^(f)		(233	)		(553,116	)
Sweetgreen, Inc.^(f)		(5,795	)		(74,640	)
The Home Depot, Inc.^(f)		(141	)		(51,819	)
Wayfair Inc.^(f)		(3,209	)		(210,639	)
YETI Holdings Inc.^(f)		(1,606	)		(59,004	)
					(2,951,671	)
Consumer Staples - (0.09%)

The Clorox Company^(f)		(1,973	)		(247,730	)
					(247,730	)
Energy - (0.12%)

Enbridge, Inc.^(f)		(1,632	)		(73,909	)
MPLX LP^(f)		(998	)		(52,395	)
Pembina Pipeline Corp.^(f)		(2,220	)		(82,513	)
TC Energy Corp.^(f)		(1,331	)		(63,553	)
Williams Cos., Inc.^(f)		(1,130	)		(67,744	)
					(340,114	)
Financials - (1.09%)

Affirm Holdings Inc.^(f)		(6,776	)		(464,563	)
American Express Co.		(856	)		(256,209	)
Bank of America Corp.^(f)		(1,242	)		(58,709	)
Block Inc.^(f)		(4,287	)		(331,214	)
Brookfield Corp.^(f)		(2,098	)		(140,671	)
CME Group Inc.^(f)		(533	)		(148,323	)

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares			Fair Value
Corpay Inc.^(f)		(207	)	$	(66,871	)
Intercontinental Exchange, Inc.^(f)		(1,724	)		(318,647	)
MasterCard Inc.		(935	)		(529,649	)
MSCI Inc.^(f)		(523	)		(293,591	)
Paysafe Ltd.^(f)		(4,008	)		(48,697	)
Robinhood Markets Inc.^(f)		(666	)		(68,631	)
Visa Inc.^(f)		(634	)		(219,028	)
Webster Financial Corp.^(f)		(2,066	)		(119,105	)
					(3,063,908	)
Health Care - (1.06%)

Agios Pharmaceuticals Inc.^(f)		(1,868	)		(69,527	)
Alnylam Pharmaceuticals, Inc.^(f)		(1,388	)		(544,429	)
Boston Scientific Corp.^(f)		(1,045	)		(109,641	)
Denali Therapeutics Inc.^(f)		(4,876	)		(67,435	)
Edwards Lifesciences Corp.^(f)		(617	)		(48,934	)
Eli Lilly and Company^(f)		(195	)		(144,314	)
Guardant Health Inc.^(f)		(3,217	)		(131,833	)
Incyte Corp.^(f)		(1,063	)		(79,608	)
Insmed Inc.^(f)		(716	)		(76,812	)
Inspire Medical Systems Inc.^(f)		(536	)		(66,753	)
Insulet Corp.^(f)		(973	)		(280,613	)
Ionis Pharmaceuticals Inc.^(f)		(5,354	)		(230,115	)
Moderna, Inc.^(f)		(7,776	)		(229,859	)
Natera Inc.^(f)		(350	)		(46,781	)
Neurocrine Biosciences Inc.^(f)		(1,508	)		(193,371	)
Penumbra Inc.^(f)		(400	)		(100,908	)
Revolution Medicines Inc.^(f)		(2,312	)		(86,168	)
Stryker Corp.^(f)		(273	)		(107,215	)
Tenet Healthcare Corp.^(f)		(282	)		(45,481	)
The Ensign Group, Inc.^(f)		(626	)		(93,900	)
UnitedHealth Group Inc.^(f)		(322	)		(80,358	)
Vertex Pharmaceuticals Inc.^(f)		(348	)		(158,991	)
					(2,993,046	)
Industrials - (1.26%)

Alight, Inc.		(66,767	)		(357,871	)
Blade Air Mobility Inc.^(f)		(12,237	)		(48,826	)
Clean Harbors Inc.^(f)		(432	)		(101,870	)
Dun & Bradstreet Holdings, Inc.		(100,661	)		(916,015	)
Equifax Inc.^(f)		(1,130	)		(271,460	)
Exponent Inc.^(f)		(2,691	)		(185,571	)
Generac Holdings, Inc.		(415	)		(80,796	)
Graco Inc.		(3,732	)		(313,413	)
Leonardo DRS Inc.^(f)		(2,395	)		(99,632	)
Paycom Software Inc.^(f)		(1,113	)		(257,704	)
Rollins Inc.^(f)		(5,063	)		(289,958	)
Union Pacific Corp.^(f)		(206	)		(45,726	)
Verisk Analytics Inc.^(f)		(1,201	)		(334,731	)
Vicor Corp.^(f)		(1,476	)		(65,593	)
Watsco Inc.		(395	)		(178,098	)
					(3,547,264	)

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares			Fair Value
Information Technology - (1.29%)

Amphenol Corp.^(f)		(1,819	)	$	(193,742	)
Arlo Technologies Inc.^(f)		(8,264	)		(133,877	)
Astera Labs Inc.^(f)		(747	)		(102,137	)
Aurora Innovation Inc.^(f)		(33,683	)		(195,698	)
AvePoint Inc.^(f)		(5,242	)		(100,017	)
Celestica Inc.^(f)		(3,523	)		(704,107	)
CEVA Inc.^(f)		(2,406	)		(51,416	)
Coherent Corp.^(f)		(595	)		(64,022	)
Harmonic Inc.^(f)		(5,884	)		(50,073	)
Kulicke & Soffa Industries Inc.^(f)		(1,681	)		(55,070	)
Littelfuse Inc.^(f)		(340	)		(87,492	)
Oracle Corp.		(562	)		(142,619	)
Pure Storage Inc.^(f)		(989	)		(58,865	)
Qualys Inc.^(f)		(2,247	)		(299,008	)
Red Violet Inc.^(f)		(1,492	)		(66,140	)
Sabre Corp.^(f)		(69,632	)		(210,985	)
Samsara Inc.^(f)		(5,013	)		(190,644	)
Super Micro Computer Inc.^(f)		(5,115	)		(301,632	)
Trimble Inc.^(f)		(1,242	)		(104,191	)
VeriSign Inc.^(f)		(2,004	)		(538,815	)
					(3,650,550	)
Materials - (0.00%)^(d)

Teck Resources Ltd.^(f)		(1,117	)		(36,258	)
					(36,258	)
Real Estate - (0.23%)

Choice Properties Real Estate Investment Trust		(6,132	)		(62,798	)
Lineage Inc.^(f)		(3,064	)		(291,662	)
Lineage Inc.		(1,658	)		(71,543	)
Prologis Inc.^(f)		(438	)		(46,770	)
Rayonier Inc.^(f)		(2,359	)		(54,988	)
RioCan Real Estate Investment Trust		(4,099	)		(52,214	)
SmartCentres Real Estate Investment Trust		(3,207	)		(58,789	)
					(638,764	)
Technology - (1.98%)

Arista Networks, Inc.^(f)		(1,202	)		(148,110	)
Cloudflare, Inc.^(f)		(6,704	)		(1,392,287	)
Datadog Inc.^(f)		(1,193	)		(166,996	)
Doximity Inc.^(f)		(4,552	)		(267,430	)
Duolingo Inc.^(f)		(986	)		(341,698	)
Fabrinet.^(f)		(1,270	)		(411,137	)
HubSpot, Inc.^(f)		(84	)		(43,651	)
KLA CORP.^(f)		(205	)		(180,201	)
Monolithic Power Systems Inc.^(f)		(128	)		(91,039	)
NVIDIA Corp.^(f)		(2,295	)		(408,212	)
Pegasystems Inc.		(4,524	)		(265,604	)
Rapid7, Inc.^(f)		(586	)		(12,376	)
Salesforce Inc.^(f)		(301	)		(77,757	)
ServiceNow, Inc.^(f)		(54	)		(50,928	)
Shopify Inc.^(f)		(7,056	)		(861,836	)

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares			Fair Value
Snowflake Inc.^(f)		(2,139	)	$	(478,066	)
SPS Commerce Inc.^(f)		(368	)		(40,062	)
Varonis Systems Inc.^(f)		(2,905	)		(162,186	)
Workday, Inc.^(f)		(848	)		(194,514	)
					(5,594,090	)
Utilities - (0.16%)

AES Corp.^(f)		(3,345	)		(43,987	)
Clearway Energy Inc.^(f)		(1,452	)		(47,379	)
DTE Energy Co.^(f)		(350	)		(48,445	)
Ormat Technologies Inc.^(f)		(1,139	)		(101,839	)
Vistra Corp.^(f)		(748	)		(155,989	)
Xcel Energy, Inc.^(f)		(660	)		(48,471	)
					(446,110	)

TOTAL COMMON STOCK					(29,745,029	)
(Proceeds $29,594,324)

	Shares			Fair Value
CLOSED END FUNDS - (0.96%)
Equity - (0.96%)

Energy Select Sector SPDR Fund^(f)		(7,871	)		(686,430	)
Health Care Select Sector SPDR Fund^(f)		(159	)		(20,738	)
Industrial Select Sector SPDR Fund^(f)		(1,823	)		(277,114	)
iShares Russell 2000 ETF^(f)		(1,092	)		(239,574	)
Materials Select Sector SPDR Fund^(f)		(857	)		(75,185	)
Utilities Select Sector SPDR Fund^(f)		(16,568	)		(1,419,381	)
					(2,718,422	)

TOTAL CLOSED END FUNDS					(2,718,422	)
(Proceeds $2,591,971)

	Shares			Fair Value
EXCHANGE TRADED FUNDS - (18.43%)
Alternative - (3.52%)

Grayscale Bitcoin Trust BTC^(f)(g)		(108,324	)		(9,941,977	)
					(9,941,977	)
Equity - (14.91%)

Invesco S&P 500 Equal Weight ETF^(f)		(6,240	)		(1,145,850	)
iShares Biotechnology ETF^(f)		(12,400	)		(1,646,224	)
iShares Global Infrastructure ETF^(f)		(7,524	)		(444,518	)
iShares MSCI ACWI ETF		(42,191	)		(5,483,142	)
iShares Russell 1000 Value ETF^(f)		(10,703	)		(2,091,580	)
Vanguard FTSE Developed Markets ETF^(f)		(249,672	)		(14,036,560	)
Vanguard FTSE Emerging Markets ETF^(f)		(201,773	)		(10,048,295	)
Vanguard Total Stock Market ETF		(23,028	)		(7,159,175	)
					(42,055,344	)

TOTAL EXCHANGE TRADED FUNDS					(51,997,321	)
(Proceeds $50,191,643)

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares			Fair Value
SPECIAL PURPOSE ACQUISITION COMPANIES - (2.03%)

Accenture plc^(f)		(203	)	$	(54,221	)
Advanced Drainage Systems Inc.^(f)		(671	)		(76,997	)
Akero Therapeutics Inc.^(f)		(1,390	)		(67,902	)
Alliant Energy Corp.		(627	)		(40,761	)
AltaGas Ltd.^(f)		(2,242	)		(66,195	)
Ashland Inc.^(f)		(1,053	)		(54,293	)
Axsome Therapeutics Inc.^(f)		(509	)		(51,602	)
Bank of Montreal		(371	)		(40,950	)
Bentley Systems Inc.^(f)		(1,221	)		(70,794	)
BioMarin Pharmaceutical Inc.^(f)		(1,064	)		(61,552	)
Booz Allen Hamilton Holding Corp.^(f)		(549	)		(58,924	)
Boralex Inc.^(f)		(2,617	)		(59,230	)
Brookfield Infrastructure Partners LP^(f)		(1,959	)		(61,121	)
Canadian Imperial Bank of Commerce^(f)		(540	)		(38,594	)
Capital Power Corp.^(f)		(2,108	)		(88,330	)
Ciena Corp.^(f)		(560	)		(51,990	)
Corning Inc.^(f)		(967	)		(61,153	)
Credo Technology Group Holding Ltd.^(f)		(1,233	)		(137,541	)
CyberArk Software Ltd.^(f)		(530	)		(218,079	)
Cytokinetics Inc.^(f)		(1,247	)		(46,937	)
Darling Ingredients Inc.^(f)		(1,163	)		(37,658	)
Dell Technologies Inc.^(f)		(580	)		(76,960	)
Diamondback Energy Inc.^(f)		(414	)		(61,545	)
Donaldson Company, Inc.^(f)		(801	)		(57,648	)
Dynatrace Inc.^(f)		(771	)		(40,562	)
Eaton Corporation plc^(f)		(199	)		(76,559	)
Elastic NV^(f)		(638	)		(53,401	)
Electronic Arts Inc.^(f)		(269	)		(41,020	)
Emera Inc.^(f)		(929	)		(43,621	)
EOG Resources Inc.^(f)		(748	)		(89,775	)
Equinox Gold Corp.^(f)		(9,293	)		(56,687	)
First Advantage Corp.^(f)		(2,245	)		(38,816	)
GE Vernova Inc.^(f)		(78	)		(51,503	)
Gibson Energy Inc.^(f)		(3,461	)		(62,321	)
Globant SA^(f)		(615	)		(51,820	)
GMO internet group Inc.^(f)		(2,131	)		(55,027	)
Graphic Packaging Holding Company^(f)		(1,956	)		(43,736	)
Harmony Biosciences Holdings Inc.^(f)		(1,516	)		(53,333	)
Hubbell Inc.^(f)		(108	)		(47,248	)
IDEX Corp.		(1,126	)		(184,112	)
Infomart Corp.^(f)		(17,167	)		(47,699	)
International Flavors & Fragrances Inc.^(f)		(569	)		(40,416	)
JFrog Ltd.^(f)		(1,866	)		(81,003	)
Keyera Corp.^(f)		(1,880	)		(58,967	)
Manulife Financial Corp.^(f)		(1,847	)		(57,146	)
Medpace Holdings Inc.^(f)		(419	)		(178,997	)
Merus NV^(f)		(746	)		(49,415	)
monday.com Ltd.^(f)		(159	)		(41,704	)

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

	Shares			Fair Value
Money Forward Inc.^(f)		(2,141	)	$	(85,938	)
MonotaRO Co Ltd.^(f)		(8,162	)		(146,353	)
Morgan Stanley		(759	)		(108,127	)
NexGen Energy Ltd.^(f)		(44,039	)		(295,585	)
Northland Power Inc.		(5,115	)		(83,576	)
Nu Holdings Ltd.^(f)		(4,868	)		(59,487	)
nVent Electric plc^(f)		(716	)		(56,149	)
Peabody Energy Corp.^(f)		(2,571	)		(41,522	)
Pentair plc^(f)		(575	)		(58,765	)
Philip Morris International Inc.^(f)		(294	)		(48,231	)
PTC Inc.^(f)		(422	)		(90,650	)
Radware Ltd.^(f)		(2,749	)		(70,374	)
Repligen Corp.^(f)		(472	)		(55,257	)
Scholar Rock Holding Corp.^(f)		(1,360	)		(50,388	)
Service Corporation International^(f)		(552	)		(42,123	)
SharkNinja Inc.^(f)		(1,429	)		(165,907	)
Topaz Energy Corp.^(f)		(3,380	)		(62,814	)
Topicus.com Inc.^(f)		(713	)		(97,770	)
Tourmaline Oil Corp.^(f)		(1,750	)		(74,479	)
Trane Technologies plc^(f)		(154	)		(67,464	)
Transocean Ltd.^(f)		(24,993	)		(72,980	)
uniQure NV^(f)		(3,441	)		(47,899	)
Valmont Industries Inc.^(f)		(147	)		(53,501	)
Veralto Corp.^(f)		(481	)		(50,423	)
Verizon Communications Inc.^(f)		(1,058	)		(45,240	)
Vertiv Holdings Co^(f)		(505	)		(73,528	)
Vigil Neuroscience Inc.^(f)		(5,225	)		(42,061	)
Waste Connections Inc.^(f)		(279	)		(52,099	)
Watts Water Technologies Inc.^(f)		(204	)		(53,513	)
Wheaton Precious Metals Corp.^(f)		(966	)		(88,399	)
Whitecap Resources Inc.		(5,887	)		(44,441	)
WingArc1st Inc.^(f)		(1,896	)		(45,577	)
Xylem Inc.^(f)		(616	)		(89,086	)

TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES					(5,705,571	)
(Proceeds $5,777,356)

Total Securities Sold Short - (97.43%)				$	(274,911,871	)
(Proceeds $272,725,155)

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

^(a)

Security is in default as of year-end and is therefore non-income producing.

^(b)

Security exempt from registration under Rule 144A of the Securities Act of 1933 (the “Securities Act”). Total market value of Rule 144A securities amounts to $11,073,942, which represented approximately 3.92% of net assets as of July 31, 2025. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.

^(c)

Level 3 assets valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.

^(d)

Amount represents less than 0.005% of net assets.

^(e)

Securities were originally issued pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of July 31, 2025, the aggregate market value of those securities was $1,067,613, which represents approximately 0.38% of net assets.

^(f)

Non-income producing security.

^(g)

A portion or all of the security is owned by SABA SPV I, a wholly-owned subsidiary of the Fund.

^(h)

A portion or all of the security is owned by SABA SPV II, a wholly-owned subsidiary of the Fund.

⁽ⁱ⁾

At July 31, 2025, the value of these investments amounted to $0, representing 0.0% of the net assets of the Fund.

^(j)

At July 31, 2025, all options held by the Fund are exchange traded listed options.

Investment Abbreviations:

ESTRON - Euro Short-Term Rate

OBFR - United States Overnight Bank Funding Rate

SONIA - Sterling Over Night Index Average

Reference Rates:

ESTRON - Euro Short-Term Rate as of July 31, 2025 was 1.919%

OBFR - United States Overnight Bank Funding Rate as of July 31, 2025 was 4.330%

TSFR1M - CME Term SOFR 1 Month as of July 31, 2025 was 4.351%

TSFR3M - CME Term SOFR 3 Month as of July 31, 2025 was 4.301%

TSFR6M - CME Term SOFR 6 Month as of July 31, 2025 was 4.191%

SONIA - Sterling Overnight Index Average as of July 31, 2025 was 4.217%

Counterparty Abbreviations:

JPM - JPMorgan Chase Bank, N.A.

GSI - Goldman Sachs International

MSCO - Morgan Stanley & Company

Currency Abbreviations:

AUD - Australian Dollar

CAD - Canadian Dollar

CHF - Swiss Franc

DKK - Danish Krone

EUR - Eurozone Currency

GBP - Great British Pound

JPY - Japanese Yen

SEK - Swedish Krona

USD - United States Dollar

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

SIMPLE AGREEMENT FOR FUTURE EQUITY (SAFE) CONTRACTS

	Cost		Fair Value
AEYE Health Inc.^(a)	$	224,992	$	224,992
BeeHero Ltd.^(a)		178,159		205,791
G-ILS Transportation Ltd.^(a)		2,000,000		1,928,618
Nemo Enterprises, Inc.^(a)		64,450		64,450
	$	2,467,601	$	2,423,851

^(a)

Level 3 assets valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.

FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Settlement Date	Fund Receiving	Value		Fund Delivering	Cost		Unrealized Appreciation
JPM	10/09/2025	USD	$	9,496,418	AUD	$	9,388,469	$	107,949
JPM	10/09/2025	USD		2,795,829	CAD		2,751,542		44,287
JPM	09/26/2025	USD		16,247,083	EUR		15,921,038		326,045
JPM	09/26/2025	USD		7,042,669	GBP		6,871,094		171,575
JPM	10/09/2025	USD		1,668,145	JPY		1,617,103		51,042
JPM	10/09/2025	USD		2,437,120	SEK		2,359,964		77,156
								$	778,054

Counterparty	Settlement Date	Fund Receiving	Value		Fund Delivering	Cost		Unrealized Depreciation
JPM	10/09/2025	AUD	$	1,286,973	USD	$	1,306,403	$	(19,430	)
JPM	10/09/2025	CAD		1,303,362	USD		1,316,234		(12,872	)
JPM	09/26/2025	GBP		75,231,573	USD		77,536,662		(2,305,089	)
								$	(2,337,391	)
								$	(1,559,337	)

FUTURES CONTRACTS

Description	Number of Contracts	Maturity Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Short Position Contracts
FTSE 100 IDX FUT Sep25	(14)	09/19/2025	$	1,686,038	$	(67,705	)
FTSE 250 Index FUT Sep25	(106)	09/19/2025		6,247,856		(142,958	)
NASDAQ 100 E-MINI Sep25	(28)	09/19/2025		12,247,084		(837,316	)
US 10YR NOTE (CBT) Sep25	(27)	09/19/2025		3,012,714		14,027
					$	(1,033,952	)
					$	(1,033,952	)

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

TO BE ANNOUNCED (TBA) MORTGAGE-BACKED SECURITIES (MBS) FORWARD CONTRACTS

Counterparty	Description	Maturity Date	Notional Amount		Net Unrealized Appreciation/ (Depreciation)
JPM	FNCL 5.5 9/25 TBA MSFTA	09/11/2025	$	175,000,000	$	273,438
JPM	FNCL 6 9/25 TBA MSFTA	09/11/2025		75,000,000		117,188
					$	390,626

SINGLE NAME CREDIT DEFAULT SWAP CONTRACTS (CENTRALLY CLEARED)

Buy/Sell Protection^(a)	Reference Obligations	Annual Payment Rate Received (Paid)		Currency	Maturity Date	Notional Amount^(b)		Fair Value			Upfront Premiums Received/(Paid)		Unrealized Appreciation/ (Depreciation)
Buy	Caesars Entertainment Inc.		(5.00)%	USD	12/20/2029	$	862,000	$	(96,861	)	$	124,160	$	27,299
Sell	CSC Holdings Ltd.		5.00%	USD	06/20/2028		242,000		(44,982	)		90,145		45,163
Buy	RR Donnelley & Sons Co.		(5.00)%	USD	06/20/2029		2,915,000		(13,150	)		267,409		254,259
								$	(154,993	)	$	481,714	$	326,721

INDEX CREDIT DEFAULT SWAP CONTRACTS (CENTRALLY CLEARED)

Buy/Sell Protection^(a)	Reference Obligations	Annual Payment Rate Received (Paid)		Currency	Maturity Date	Notional Amount^(b)		Fair Value			Upfront Premiums Received/(Paid)			Unrealized Appreciation/ (Depreciation)
Buy	Markit CDX High Yield Index, Series 43		(5.00)%	USD	06/20/2028		105,529,000	$	(7,981,404	)	$	7,384,147		$	(597,257	)
Sell	Markit CDX High Yield Index, Series 44		5.00%	USD	06/20/2028		209,469,000		16,295,501			(15,773,235	)		522,266
								$	8,314,097		$	(8,389,088	)	$	(74,991	)

^(a)

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

^(b)

The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. Notional amounts are presented in the currency indicated in the table.

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty

Reference Obligations

Currency

Notional
Amount^(b)

Termination
Date

Financing
Rate Index

Financing
Rate Spread
Paid by
Fund

Value

Unrealized
Appreciation/
(Depreciation)

Long Position Contracts

JPM

Aberforth Smaller Companies Trust PLC

GBP

7,513

01/30/2026

SONIA

35 bps

7,629

116

JPM

abrdn Asia Focus PLC

GBP

240,671

01/30/2026

SONIA

35 bps

242,795

2,124

JPM

abrdn Diversified Income and Growth Trust PLC

GBP

1,592,887

03/31/2026

SONIA

35 bps

1,594,556

1,669

JPM

abrdn New India Investment Trust PLC

GBP

421,202

01/30/2026

SONIA

35 bps

419,112

(2,090

)

JPM

abrdn UK Smaller Cos Growth Trust PLC

GBP

2,988,484

04/30/2026

SONIA

35 bps

3,005,626

17,142

JPM

Allianz Technology Trust PLC

EUR

2,420,772

10/31/2025

ESTRON

35 bps

2,503,238

82,466

JPM

Aurora UK Alpha PLC

GBP

2,960

01/30/2026

SONIA

35 bps

2,984

JPM

Avi Global Trust PLC

GBP

827,932

06/30/2026

SONIA

35 bps

842,571

14,639

JPM

Baillie Gifford European Growth Trust PLC

GBP

1,021,078

05/29/2026

SONIA

35 bps

1,001,721

(19,357

)

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty

Reference Obligations

Currency

Notional
Amount^(b)

Termination
Date

Financing
Rate Index

Financing
Rate Spread
Paid by
Fund

Value

Unrealized
Appreciation/
(Depreciation)

Long Position Contracts

JPM

Baillie Gifford Japan Trust PLC

GBP

649,388

06/30/2026

SONIA

35 bps

653,300

3,912

JPM

Baillie Gifford Shin Nippon PLC

GBP

280,747

02/27/2026

SONIA

35 bps

283,852

3,105

JPM

Baillie Gifford UK Growth Trust PLC

GBP

62,579

05/29/2026

SONIA

35 bps

64,113

1,534

JPM

Baillie Gifford US Growth Trust PLC

GBP

12,753,087

03/31/2026

SONIA

35 bps

12,944,144

191,057

JPM

Bankers Investment Trust PLC

GBP

4,489,531

11/28/2025

SONIA

35 bps

4,518,731

29,200

JPM

BB Biotech AG

CHF

136,908

11/28/2025

SARON

35 bps

1,335,362

1,198,454

JPM

Bellevue Healthcare Trust PLC

GBP

196,708

01/30/2026

SONIA

35 bps

197,051

343

JPM

BlackRock Smaller Companies Trust PLC

GBP

2,669,435

04/30/2026

SONIA

35 bps

2,714,403

44,968

JPM

BlackRock Throgmorton Trust PLC

GBP

1,147,445

11/28/2025

SONIA

35 bps

1,162,925

15,480

JPM

Brown Advisory US Smaller Companies PLC

GBP

863,490

03/31/2026

SONIA

35 bps

863,490

JPM

CQS Natural Resources Growth and Income PLC

GBP

2,431,721

03/31/2026

SONIA

35 bps

2,353,817

(77,904

)

JPM

Diverse Income Trust PLC

GBP

920,914

10/31/2025

SONIA

35 bps

912,143

(8,771

)

JPM

Ecofin Global Utilities/Infrastructure Trust

GBP

2,505,814

04/30/2026

SONIA

35 bps

2,483,137

(22,677

)

JPM

Geiger Counter, Ltd.

GBP

65,185

09/30/2025

SONIA

35 bps

63,902

(1,283

)

JPM

Gresham House Energy Storage Fund PLC

GBP

77,699

04/30/2026

SONIA

35 bps

78,285

586

JPM

HBM Healthcare Investments AG

CHF

752,776

01/30/2026

SARON

35 bps

752,776

JPM

Henderson Smaller Companies Inv Trust PLC

GBP

2,033,817

05/29/2026

SONIA

35 bps

2,090,377

56,560

JPM

Herald Investment Trust PLC

GBP

12,178,337

03/31/2026

SONIA

35 bps

12,328,687

150,350

JPM

Impax Environmental Markets PLC

GBP

2,984,095

10/31/2025

SONIA

35 bps

3,002,863

18,768

JPM

International Biotechnology Trust PLC

GBP

216,123

11/28/2025

SONIA

35 bps

218,850

2,727

JPM

Invesco Perpetual UK Smaller Companies Investment Trust PLC

USD

300,252

09/30/2025

OBFR

35 bps

297,112

(3,140

)

JPM

IP Group PLC

GBP

1,036,866

04/30/2026

SONIA

35 bps

1,035,014

(1,852

)

JPM

JPM Global Emerging Markets Income Trust PLC

GBP

74,266

01/30/2026

SONIA

35 bps

75,006

740

JPM

JPMorgan Indian Investment Trust PLC

GBP

22,216

01/30/2026

SONIA

35 bps

22,625

409

JPM

Lowland Investment Company PLC

GBP

2,290,045

04/30/2026

SONIA

35 bps

2,306,004

15,959

JPM

Mercantile Investment Trust PLC

GBP

3,099,060

04/30/2026

SONIA

35 bps

3,142,188

43,128

JPM

Middlefield Canadian Income PC

GBP

1,864,980

03/31/2026

SONIA

35 bps

1,854,695

(10,285

)

JPM

Monks Investment Trust PLC

GBP

2,167,617

04/30/2026

SONIA

35 bps

2,174,002

6,385

JPM

Murray Income Trust PLC

GBP

77,329

01/30/2026

SONIA

35 bps

76,728

(601

)

JPM

North America Income Trust PLC

GBP

707,193

05/29/2026

SONIA

35 bps

713,470

6,277

JPM

Pacific Assets Trust PLC

GBP

451,168

01/30/2026

SONIA

35 bps

444,884

(6,284

)

JPM

Pacific Horizon Investment Trust PLC

GBP

111,806

01/30/2026

SONIA

35 bps

111,979

173

JPM

Partners Group Private Equity, Ltd.

EUR

373,746

05/29/2026

ESTRON

40 bps

376,772

3,026

JPM

Polar Capital Technology Trust PLC

GBP

5,655,188

10/31/2025

SONIA

35 bps

5,792,065

136,877

JPM

PRS REIT PLC

GBP

76,198

12/31/2025

SONIA

35 bps

76,054

(144

)

JPM

RIT Capital Partners PLC

GBP

1,682,920

11/28/2025

SONIA

35 bps

1,708,156

25,236

JPM

River & Mercantile UK Micro Cap Inv Co Ltd.

GBP

438,608

03/31/2026

SONIA

35 bps

438,608

JPM

RM Infrastructure Income PLC

GBP

219,537

06/30/2026

SONIA

35 bps

226,140

6,603

JPM

Schroder AsiaPacific Fund PLC

GBP

5,444

01/30/2026

SONIA

35 bps

5,435

)

JPM

Schroder UK Mid Cap Fund PLC

GBP

1,397,320

04/30/2026

SONIA

35 bps

1,438,907

41,587

JPM

Scottish American Investment Co. PLC

GBP

114,529

02/27/2026

SONIA

35 bps

114,751

222

JPM

Scottish Mortgage Investment Trust PLC

GBP

7,365,218

10/31/2025

SONIA

0 bps

7,508,829

143,611

JPM

Scottish Oriental Smaller Companies Trust PLC

GBP

33,875

01/30/2026

SONIA

35 bps

33,649

(226

)

JPM

SDCL Efficiency Income Trust PLC

GBP

2,580,831

07/31/2026

SONIA

35 bps

2,608,433

27,602

JPM

Smithson Investment Trust PLC

GBP

8,183,115

03/31/2026

SONIA

35 bps

8,215,080

31,965

JPM

Syncona, Ltd.

GBP

685,897

07/31/2026

SONIA

35 bps

696,614

10,717

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty

Reference Obligations

Currency

Notional
Amount^(b)

Termination
Date

Financing
Rate Index

Financing
Rate Spread
Paid by
Fund

Value

Unrealized
Appreciation/
(Depreciation)

Long Position Contracts

JPM

Templeton EM Investment Trust PLC

GBP

645,272

05/29/2026

SONIA

35 bps

645,272

JPM

The Global Smaller Companies Trust PLC

GBP

495,453

03/31/2026

SONIA

35 bps

499,061

3,608

JPM

Third Point Investors, Ltd.

USD

497,691

04/30/2026

OBFR

40 bps

494,004

(3,687

)

JPM

Utilico Emerging Markets Trust PLC

GBP

417,628

05/29/2026

SONIA

35 bps

421,094

3,466

JPM

VinaCapital Vietnam Opportunity Fund, Ltd.

GBP

445,354

01/30/2026

SONIA

35 bps

450,184

4,830

JPM

VPC Specialty Lending Investments PLC

GBP

161,589

04/30/2026

SONIA

35 bps

163,221

1,632

JPM

Workspace Group PLC

GBP

918,240

08/28/2026

SONIA

35 bps

922,760

4,520

JPM

Worldwide Healthcare Trust PLC

GBP

923,121

11/28/2025

SONIA

35 bps

937,891

14,770

Total Long Position Contracts

104,669,127

2,210,257

Counterparty	Reference Obligations	Currency	Notional Amount^(b)			Termination Date	Financing Rate Index	Financing Rate Spread Paid/(Received) by Fund	Value			Unrealized Appreciation/ (Depreciation)
Short Position Contracts
JPM	3i Group PLC	GBP		(92,575	)	08/28/2026	SONIA	(30) bps		(92,866	)		(291	)
JPM	4imprint Group PLC	GBP		163,418		09/30/2026	SONIA	(0) bps		163,760			342
JPM	Aalberts NV	EUR		(69,890	)	08/31/2026	ESTRON	(30) bps		(68,289	)		1,601
JPM	AddTech AB	SEK		(130,584	)	08/31/2026	STIBOR	(35) bps		(132,920	)		(2,336	)
JPM	Adyen NV	EUR		(278,819	)	08/31/2026	ESTRON	(30) bps		(275,824	)		2,995
JPM	AJ Bell PLC	GBP		(128,578	)	08/28/2026	SONIA	(30) bps		(133,281	)		(4,703	)
JPM	Alfa Financial Software Holdings PLC	GBP		81,190		09/30/2026	SONIA	(0) bps		83,504			2,314
JPM	Alpha Group International PLC	GBP		(305,132	)	08/28/2026	SONIA	(30) bps		(305,499	)		(367	)
JPM	Ambu A/S	DKK		(289,045	)	08/31/2026	CIBOR	(35) bps		(277,795	)		11,250
JPM	Argenx SE	EUR		(307,018	)	08/31/2026	ESTRON	(30) bps		(354,766	)		(47,748	)
JPM	Ashtead Technology Holdings plc	GBP		77,787		09/30/2026	SONIA	(0) bps		76,163			(1,624	)
JPM	ASML Holding NV	EUR		(170,632	)	08/31/2026	ESTRON	(30) bps		(167,921	)		2,711
JPM	Atlas Copco AB	SEK		(99,226	)	08/31/2026	STIBOR	(35) bps		(97,369	)		1,857
JPM	Auction Technology Group PLC	GBP		66,317		09/30/2026	SONIA	(0) bps		64,829			(1,488	)
JPM	Aviva PLC	GBP		(66,149	)	08/28/2026	SONIA	(30) bps		(66,787	)		(638	)
JPM	Babcock International Group PLC	GBP		(125,704	)	08/28/2026	SONIA	(30) bps		(128,297	)		(2,593	)
JPM	Balfour Beatty PLC	GBP		(132,894	)	08/28/2026	SONIA	(30) bps		(134,129	)		(1,235	)
JPM	Bankers Investment Trust PLC	GBP		(190,624	)	08/28/2026	SONIA	(30) bps		(193,466	)		(2,842	)
JPM	BE Semiconductor Industries NV	EUR		254,980		09/30/2026	ESTRON	(0) bps		262,849			7,869
JPM	Beazley PLC	GBP		(91,326	)	08/28/2026	SONIA	(30) bps		(90,667	)		659
JPM	Bellway PLC	GBP		(178,563	)	08/28/2026	SONIA	(30) bps		(177,707	)		856
JPM	Bloomsbury Publishing PLC	GBP		162,682		09/30/2026	SONIA	(0) bps		158,737			(3,945	)
JPM	BT Group PLC	GBP		(69,179	)	08/28/2026	SONIA	(30) bps		(68,946	)		233
JPM	Bytes Technology Group PLC	GBP		119,759		09/30/2026	SONIA	(0) bps		117,158			(2,601	)
JPM	Cairn Homes PLC	GBP		(87,469	)	08/28/2026	SONIA	(30) bps		(89,370	)		(1,901	)
JPM	Central Asia Metals PLC	GBP		50,424		09/30/2026	SONIA	(0) bps		51,654			1,230
JPM	Chemring Group PLC	GBP		(274,940	)	08/28/2026	SONIA	(30) bps		(281,072	)		(6,132	)
JPM	Clarkson PLC	GBP		71,546		09/30/2026	SONIA	(0) bps		71,428			(118	)
JPM	Coats Group PLC	GBP		69,248		09/30/2026	SONIA	(0) bps		70,170			922
JPM	Computacenter PLC	GBP		55,126		09/30/2026	SONIA	(0) bps		53,723			(1,403	)
JPM	Cranswick PLC	GBP		(347,655	)	08/28/2026	SONIA	(30) bps		(353,649	)		(5,994	)
JPM	Croda International PLC	GBP		(190,149	)	08/28/2026	SONIA	(30) bps		(191,174	)		(1,025	)
JPM	CVS Group PLC	GBP		(114,477	)	08/28/2026	SONIA	(30) bps		(113,005	)		1,472

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty	Reference Obligations	Currency	Notional Amount^(b)			Termination Date	Financing Rate Index	Financing Rate Spread Paid/(Received) by Fund	Value			Unrealized Appreciation/ (Depreciation)
Short Position Contracts
JPM	Delivery Hero SE	EUR		(83,009	)	08/31/2026	ESTRON	(30) bps	$	(80,826	)	$	2,183
JPM	D'ieteren Group	EUR		(66,657	)	08/31/2026	ESTRON	(30) bps		(65,452	)		1,205
JPM	Diploma PLC	GBP		1,077,137		09/30/2026	SONIA	(0) bps		1,068,846			(8,291	)
JPM	DiscoverIE Group PLC	GBP		220,569		09/30/2026	SONIA	(0) bps		215,152			(5,417	)
JPM	DSM-Firmenich AG	EUR		(136,419	)	08/31/2026	ESTRON	(30) bps		(134,071	)		2,348
JPM	Dunelm Group PLC	GBP		(120,756	)	08/28/2026	SONIA	(30) bps		(121,455	)		(699	)
JPM	E.ON SE	EUR		(103,013	)	08/31/2026	ESTRON	(30) bps		(104,786	)		(1,773	)
JPM	EDP Renovaveis SA	EUR		54,211		09/30/2026	ESTRON	(0) bps		54,332			121
JPM	Elementis PLC	GBP		(67,049	)	08/28/2026	SONIA	(30) bps		(72,194	)		(5,145	)
JPM	Enav SpA	EUR		(103,374	)	08/31/2026	ESTRON	(30) bps		(100,961	)		2,413
JPM	Enel SpA	EUR		(184,763	)	08/31/2026	ESTRON	(30) bps		(185,941	)		(1,178	)
JPM	Entain PLC	GBP		55,878		09/30/2026	SONIA	(0) bps		55,293			(585	)
JPM	Eurofins Scientific SE	EUR		(101,920	)	08/31/2026	ESTRON	(30) bps		(103,177	)		(1,257	)
JPM	Ferrovial SE	EUR		50,113		09/30/2026	ESTRON	(0) bps		50,627			514
JPM	Fevertree Drinks PLC	GBP		(274,896	)	08/28/2026	SONIA	(30) bps		(273,176	)		1,720
JPM	Flutter Entertainment PLC	GBP		56,438		09/30/2026	SONIA	(0) bps		55,865			(573	)
JPM	Future PLC	GBP		136,283		09/30/2026	SONIA	(0) bps		136,058			(225	)
JPM	Games Workshop Group PLC	GBP		(317,465	)	08/28/2026	SONIA	(30) bps		(321,411	)		(3,946	)
JPM	Gamma Communications PLC	GBP		149,420		09/30/2026	SONIA	(0) bps		146,644			(2,776	)
JPM	GB Group PLC	GBP		185,036		09/30/2026	SONIA	(0) bps		181,837			(3,199	)
JPM	Geberit AG	CHF		(474,624	)	08/31/2026	SARON	(35) bps		(475,538	)		(914	)
JPM	Genuit Group PLC	GBP		(65,843	)	08/28/2026	SONIA	(30) bps		(66,097	)		(254	)
JPM	GlobalData PLC	GBP		160,936		09/30/2026	SONIA	(0) bps		162,610			1,674
JPM	Grafton Group PLC	GBP		69,876		09/30/2026	SONIA	(0) bps		69,430			(446	)
JPM	Halma PLC	GBP		(326,861	)	08/28/2026	SONIA	(30) bps		(329,495	)		(2,634	)
JPM	Hermes International SCA	EUR		(86,841	)	08/31/2026	ESTRON	(30) bps		(78,551	)		8,290
JPM	Hill & Smith PLC	GBP		(242,549	)	08/28/2026	SONIA	(30) bps		(247,388	)		(4,839	)
JPM	Hilton Food Group PLC	GBP		145,102		09/30/2026	SONIA	(0) bps		142,600			(2,502	)
JPM	HMS Networks AB	SEK		(238,326	)	08/31/2026	STIBOR	(35) bps		(225,426	)		12,900
JPM	Hollywood Bowl Group PLC	GBP		127,759		09/30/2026	SONIA	(0) bps		128,051			292
JPM	Hunting PLC	GBP		76,408		09/30/2026	SONIA	(0) bps		76,913			505
JPM	Ibstock PLC	GBP		84,171		09/30/2026	SONIA	(0) bps		82,810			(1,361	)
JPM	IMI PLC	GBP		(121,445	)	08/28/2026	SONIA	(30) bps		(121,664	)		(219	)
JPM	Inficon Holding AG	CHF		(169,342	)	08/31/2026	SARON	(35) bps		(152,037	)		17,305
JPM	IntegraFin Holdings PLC	GBP		192,152		09/30/2026	SONIA	(0) bps		191,090			(1,062	)
JPM	International Personal Finance PLC	GBP		66,162		09/30/2026	SONIA	(0) bps		66,971			809
JPM	Iren SpA	EUR		50,520		09/30/2026	ESTRON	(0) bps		52,578			2,058
JPM	Irish Continental Group PLC	EUR		424		09/30/2026	ESTRON	(0) bps		422			(2	)
JPM	Ithaca Energy PLC	GBP		55,174		09/30/2026	SONIA	(0) bps		54,113			(1,061	)
JPM	JET2 PLC	GBP		(210,731	)	08/28/2026	SONIA	(30) bps		(212,034	)		(1,303	)
JPM	Johnson Service Group PLC	GBP		(135,110	)	08/28/2026	SONIA	(30) bps		(138,444	)		(3,334	)
JPM	JTC PLC	GBP		114,362		09/30/2026	SONIA	(0) bps		99,727			(14,635	)
JPM	Just Group PLC	GBP		221,427		09/30/2026	SONIA	(0) bps		130,731			(90,696	)
JPM	Kering SA	EUR		(67,886	)	08/31/2026	ESTRON	(30) bps		(69,180	)		(1,294	)
JPM	Kingspan Group PLC	EUR		(101,837	)	08/31/2026	ESTRON	(30) bps		(98,910	)		2,927
JPM	LondonMetric Property PLC	GBP		(79,221	)	08/28/2026	SONIA	(30) bps		(79,180	)		41
JPM	Luceco PLC	GBP		66,058		09/30/2026	SONIA	(0) bps		66,148			90

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

TOTAL RETURN SWAP CONTRACTS^(a)

Counterparty	Reference Obligations	Currency	Notional Amount^(b)			Termination Date	Financing Rate Index	Financing Rate Spread Paid/(Received) by Fund	Value			Unrealized Appreciation/ (Depreciation)
Short Position Contracts
JPM	M&G PLC	GBP		(83,646	)	08/28/2026	SONIA	(30) bps	$	(84,813	)	$	(1,167	)
JPM	ME Group International PLC	GBP		56,551		09/30/2026	SONIA	(0) bps		56,065			(486	)
JPM	Melexis NV	EUR		(141,203	)	08/31/2026	ESTRON	(30) bps		(140,890	)		313
JPM	Molten Ventures PLC	GBP		144,695		09/30/2026	SONIA	(0) bps		149,947			5,252
JPM	Moncler SpA	EUR		(422,490	)	08/31/2026	ESTRON	(30) bps		(416,544	)		5,946
JPM	Mondi PLC	GBP		(78,962	)	08/28/2026	SONIA	(30) bps		(69,463	)		9,499
JPM	MONY Group PLC	GBP		62,118		09/30/2026	SONIA	(0) bps		62,836			718
JPM	Moonpig Group PLC	GBP		11,121		09/30/2026	SONIA	(0) bps		11,015			(106	)
JPM	Morgan Sindall Group PLC	GBP		(402,736	)	08/28/2026	SONIA	(30) bps		(400,989	)		1,747
JPM	Mortgage Advice Bureau Holdings, Ltd.	GBP		93,741		09/30/2026	SONIA	(0) bps		93,722			(19	)
JPM	National Grid PLC	GBP		(273,712	)	08/28/2026	SONIA	(30) bps		(277,907	)		(4,195	)
JPM	Nemetschek SE	EUR		(339,644	)	08/31/2026	ESTRON	(30) bps		(344,106	)		(4,462	)
JPM	OSB Group PLC	GBP		(85,543	)	08/28/2026	SONIA	(30) bps		(87,270	)		(1,727	)
JPM	Oxford Instruments PLC	GBP		115,287		09/30/2026	SONIA	(0) bps		116,723			1,436
JPM	Paragon Banking Group PLC	GBP		(338,629	)	08/28/2026	SONIA	(30) bps		(350,433	)		(11,804	)
JPM	PayPoint PLC	GBP		82,428		09/30/2026	SONIA	(0) bps		81,503			(925	)
JPM	Phoenix Group Holdings PLC	GBP		(67,402	)	08/28/2026	SONIA	(30) bps		(69,013	)		(1,611	)
JPM	Porvair PLC	GBP		102,507		09/30/2026	SONIA	(0) bps		102,611			104
JPM	Premier Foods PLC	GBP		143,585		09/30/2026	SONIA	(0) bps		142,595			(990	)
JPM	Prosus NV	EUR		(152,945	)	08/31/2026	ESTRON	(30) bps		(149,814	)		3,131
JPM	Prysmian SpA	EUR		59,756		09/30/2026	ESTRON	(0) bps		58,301			(1,455	)
JPM	QinetiQ Group PLC	GBP		(75,438	)	08/28/2026	SONIA	(30) bps		(75,226	)		212
JPM	Rational AG	EUR		(465,780	)	08/31/2026	ESTRON	(30) bps		(454,411	)		11,369
JPM	Recordati Industria Chimica e Farmaceutica SpA	EUR		(398,635	)	08/31/2026	ESTRON	(30) bps		(370,004	)		28,631
JPM	Reply SpA	EUR		(199,495	)	08/31/2026	ESTRON	(30) bps		(198,485	)		1,010
JPM	RWE AG	EUR		(85,946	)	08/31/2026	ESTRON	(30) bps		(84,789	)		1,157
JPM	Ryanair Holdings PLC	EUR		(102,030	)	08/31/2026	ESTRON	(30) bps		(102,425	)		(395	)
JPM	Sabre Insurance Group PLC	GBP		54,724		09/30/2026	SONIA	(0) bps		52,783			(1,941	)
JPM	Serco Group PLC	GBP		(126,432	)	08/28/2026	SONIA	(30) bps		(127,285	)		(853	)
JPM	Serica Energy PLC	GBP		(82,920	)	08/28/2026	SONIA	(30) bps		(79,969	)		2,951
JPM	SGS SA	CHF		50,562		09/30/2026	SARON	(0) bps		50,637			75
JPM	SigmaRoc PLC	GBP		(148,811	)	08/28/2026	SONIA	(30) bps		(147,533	)		1,278
JPM	Sirius Real Estate, Ltd.	GBP		(110,317	)	08/28/2026	SONIA	(30) bps		(111,930	)		(1,613	)
JPM	Snam SpA	EUR		53,753		09/30/2026	ESTRON	(0) bps		53,703			(50	)
JPM	Spirax Group PLC	GBP		(389,929	)	08/28/2026	SONIA	(30) bps		(399,370	)		(9,441	)
JPM	SSE PLC	GBP		(89,935	)	08/28/2026	SONIA	(30) bps		(89,862	)		73
JPM	Sword Group	EUR		60,191		09/30/2026	ESTRON	(0) bps		60,804			613
JPM	Telecom Plus PLC	GBP		318,250		09/30/2026	SONIA	(0) bps		310,640			(7,610	)
JPM	Trustpilot Group PLC	GBP		247,727		09/30/2026	SONIA	(0) bps		242,314			(5,413	)
JPM	Veolia Environnement SA	EUR		(146,789	)	08/31/2026	ESTRON	(30) bps		(142,658	)		4,131
JPM	Volution Group PLC	GBP		(217,583	)	08/28/2026	SONIA	(30) bps		(219,219	)		(1,636	)
JPM	WH Smith PLC	GBP		64,475		09/30/2026	SONIA	(0) bps		64,324			(151	)
JPM	Wise PLC	GBP		(372,983	)	08/28/2026	SONIA	(30) bps		(374,459	)		(1,476	)
JPM	XPS Pensions Group PLC	GBP		(343,103	)	08/28/2026	SONIA	(30) bps		(352,145	)		(9,042	)
JPM	YouGov PLC	GBP		46,965		09/30/2026	SONIA	(0) bps		47,279			314
Total Short Position Contracts									$	(7,152,580	)	$	(145,506	)

Quarterly Report | July 31, 2025

Saba Capital Income & Opportunities Fund II

Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

All Reference Obligations shown above for Total Return Swap Contracts are closed end funds and common stock.

^(a)

The Fund receives monthly payments based on any positive monthly return of the Reference Obligation. The Fund makes payments on any negative monthly return of such Reference Obligation.

^(b)

Notional amounts are presented in U.S. dollar equivalent.

Saba Capital Income & Opportunities Fund II

Notes to Consolidated Financial Statements

July 31, 2025 (Unaudited)

The following table summarizes the valuation of the Fund’s financial instruments in accordance with the fair value hierarchy levels as of July 31, 2025. Refer to the Consolidated Schedule of Investments for additional details.

Investments in Securities, at Fair Value	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Corporate Bonds	$	-	$	20,224,405	$	-	$	20,224,405
Senior Loans		-		20,177,589		-		20,177,589
Convertible Corporate Bonds		-		-		5,800,495		5,800,495
Mortgage-Backed Security		-		1,256,405		-		1,256,405
Common Stock		26,325,525		-		-		26,325,525
Closed End Funds		22,630,113		-		-		22,630,113
Investment Trusts		5,656,985		-		-		5,656,985
Preferred Stock		-		-		1,112,457		1,112,457
Participation Agreement		-		-		686,198		686,198
Private Funds*		-		-		-		40,961,571
Unit Trust		14,784,210		-		-		14,784,210
Special Purpose Acquisition Companies		8,839,967		-		7,935,059		16,775,026
Warrants**		810,113		-		2,370,796		3,180,909
Rights		23,140		-		-		23,140
Options***		5,357,620		-		-		5,357,620
Money Market Funds		21,276,220		-		-		21,276,220
Total	$	105,703,893	$	41,658,399	$	17,905,005	$	206,228,868

Securities Sold Short, at Fair Value	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Corporate Bonds	$	-	$	9,320,301	$	-	$	9,320,301
Sovereign Debt Obligations		175,425,227		-		-		175,425,227
Common Stock		29,745,029		-		-		29,745,029
Closed End Funds		2,718,422		-		-		2,718,422
Exchange Traded Funds		51,997,321		-		-		51,997,321
Special Purpose Acquisition Companies		5,705,571		-		-		5,705,571
Total	$	265,591,570	$	9,320,301	$	-	$	274,911,871

Derivative Contracts, at Fair Value	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Assets
Simple Agreement For Future Equity Contracts	$	-	$	-	$	2,423,851	$	2,423,851
Forward Foreign Currency Contracts		-		778,054		-		778,054
Futures Contracts		14,027		-		-		14,027
Centrally Cleared Credit Default Swaps		-		16,295,501		-		16,295,501
TBA MBS forward contracts		-		390,626		-		390,626
Total Return Swaps		-		2,542,233		-		2,542,233
Total Assets	$	14,027	$	20,006,414	$	2,423,851	$	22,444,292

Liabilities
Forward Foreign Currency Contracts	$	-	$	2,337,391	$	-	$	2,337,391
Futures Contracts		1,047,979		-		-		1,047,979
Centrally Cleared Credit Default Swaps		-		8,136,397		-		8,136,397
Total Return Swaps		-		477,482		-		477,482
Total Liabilities	$	1,047,979	$	10,951,270	$	-	$	11,999,249

In accordance with ASC 820-10, investments that are measured at fair value using the NAV per share (or its equivalent) as practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Schedule of Investments and Consolidated Statement of Assets and Liabilities.

The Fund held Level 3 investments that are priced at $0.

***

All options held by the Fund are exchange traded listed options.

Quarterly Report | July 31, 2025