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SABA · Saba Capital Income & Opportunities Fund II

Know the company

Company overview

Saba Capital Income & Opportunities Fund II can move among income investments and other opportunities as conditions change. That flexibility may help returns, but it also makes the sources of each distribution worth reading carefully.

Business
Multi-asset income funds
Listing
SABA · XNYS
Reporting period
2026-04-30
Dividend schedule
Monthly

How the business works

Interest and dividends after fund costs become net investment income. Trading results, financing and changes in the value of underlying holdings affect net asset value separately.

Saba Capital Income & Opportunities Fund II: financial report supporting reported earnings

Dividend & earnings snapshot

Reported earnings

Each measure shown separately, per share

Net investment income$0.07

Nov 1, 2025 to Apr 30, 2026

Distribution yield8.56%Sourced distributions divided by dated market price
Reported annual income yield4.39%Reported net investment income $0.3800 per share for 2022-01-01 to 2022-12-31, divided by approved 2022-12-31 market price $8.6600. Excludes capital gains; historical, not a current yield or forecast.
Annual dividend$0.70Current regular payment annualized per share
Distribution supportSee period evidenceCash distributions, NAV and reported returns are shown separately; no earnings-coverage ratio is assigned.
Verified dividend dates and payment components

Issuer announcements supplement the recorded totals above. Each declared payment is shown separately. Additional payments are not assumed to repeat.

Verified earnings history and sources

The latest four recorded reporting periods. Each issuer measure keeps its own name and dates. These source records supplement the Fly High figures above; different measures are not added together or assumed comparable.

Reporting periodEarnings measurePer shareSource
Nov 1, 2025 to Apr 30, 2026Net investment income$0.07Issuer source 1
Announced Jul 8, 2026

Reported NAV total return by period

Full-year fund-reported NAV total return. The shorter period remains in the table above and is not joined to this trend.

Market price and NAV per share

SABA completed a one-for-two reverse share split effective June 24, 2024. Its own SEC Financial Highlights restate earlier per-share market and NAV values to the new share basis. Displayed 2024 through 2026 points are post-split. Any older fiscal point requires the issuer restated basis, not a raw old-share close. Dated points are not connected through the split.

Business and earnings charts

Financial snapshot: 2026-04-30. Research reviewed 2026-09-18. Source dates are retained with each measure; historical results are not a forecast.

The assets it owns

$256.129 million net assets160 holdings · As of 7/31/2026

Net assets checked 2026-09-11. Borrowings and preferred financing are excluded from this net-assets figure.

A complete, comparable portfolio allocation is not available for this chart. No percentages have been estimated.

Saba Capital Income & Opportunities Fund II: net assets and portfolio information, checked 2026-09-11

Reported earnings and distributions

2025-11-01 through 2026-04-30 · $ per share

Fund net investment income per common share; actual reporting period, not annualized$0.0700

For the six months ended April 30, 2026, SABA reported $0.07 of net investment income and $0.45 of distributions per share. Net asset value fell from $9.92 to $9.67. Income explained part of the cash; gains, losses and payment components explain the wider result.

Saba Capital Income & Opportunities Fund II: financial report supporting reported earnings

Cash distributions and reported returns

Cash distributions are the total paid per share during each reporting period, including any gains or return of capital. Period lengths may differ, so compare the dates before comparing amounts. Short periods are not annualized.

Reporting periodEnding NAVNAV changeDistributions / shareReported NAV total returnSource
Nov 1, 2025 to Apr 30, 2026$9.67-2.52%$0.45+2.85%SABA financial highlights in the SEC shareholder report for 2026-04-30. Distributions include all reported cash components for this exact fiscal period. Partial-period figures are not annualized.
Nov 1, 2024 to Oct 31, 2025$9.92+5.08%$0.70+13.48%SABA financial highlights in the SEC shareholder report for 2026-04-30. Distributions include all reported cash components for this exact fiscal period. Partial-period figures are not annualized.
Nov 1, 2023 to Oct 31, 2024$9.44+13.46%$0.82+26.05%SABA financial highlights in the SEC shareholder report for 2026-04-30. Distributions include all reported cash components for this exact fiscal period. Partial-period figures are not annualized.
Jan 1, 2023 to Oct 31, 2023$8.32-10.92%$0.62+4.68%SABA financial highlights in the SEC shareholder report for 2026-04-30. Distributions include all reported cash components for this exact fiscal period. Partial-period figures are not annualized.
Jan 1, 2022 to Dec 31, 2022$9.34-14.47%$0.80+7.24%SABA financial highlights in the SEC shareholder report for 2026-04-30. Distributions include all reported cash components for this exact fiscal period. Partial-period figures are not annualized.

NAV change excludes distributions. Reported NAV total return includes reinvestment and is copied from the fund statement, not estimated by adding cash distributions to the NAV change.

Distribution and NAV evidence

Cash paid, opening and closing NAV, and the fund-reported NAV total return are separate observations. NAV change excludes distributions. These figures show outcomes, not which source funded a payment or whether future distributions are sustainable. Net investment income excludes investment gains and is not a payout-coverage ratio.

Reporting period and filingNet investment income/shareCash distributions/shareOpening NAVClosing NAVNAV changeReported NAV total return
2022-01-01 to 2022-12-31 $0.38 $0.80 $10.92 $9.34 -14.47% 7.24%
2023-01-01 to 2023-10-31 $0.40 $0.62 $9.34 $8.32 -10.92% 4.68%
2023-11-01 to 2024-10-31 Not reviewed $0.82 $8.32 $9.44 13.46% 26.05%
2024-11-01 to 2025-10-31 Not reviewed $0.70 $9.44 $9.92 5.08% 13.48%
2025-11-01 to 2026-04-30 Not reviewed $0.45 $9.92 $9.67 -2.52% 2.85%

Risk monitor

RiskCurrent conditionDirectionWhy it matters
Portfolio riskLosses or weaker cash generation in multi-asset income investments can reduce the resources available for future distributions.MonitorA change can affect future shareholder cash payments or the capital supporting them.

The assets behind the earnings

How SABA makes money

Financial snapshot: 2026-04-30. Research reviewed 2026-09-18. Source dates are retained with each measure; historical results are not a forecast.

The income-producing business

Portfolio dividends and interest, realized investment results and any option activity contribute to distribution resources after expenses. A declared distribution can include gains or return of capital as well as investment income; its amount is not an earnings figure.

The earnings available to shareholders depend on the cash generated by these activities after operating and financing costs. Portfolio gains, financing proceeds and recurring income should be evaluated separately.

Saba Capital Income & Opportunities Fund II: financial report supporting reported earnings

What the reported earnings support

Saba Capital Income & Opportunities Fund II reported $0.0700 per share for 2025-11-01 through 2026-04-30, measured as Fund net investment income per common share; actual reporting period, not annualized.

Actual per-share reporting period, without annualisation. Net investment income, realized gains, unrealized changes and cash distributions are different measures. This comparison is not the Fly High forward Dividend Coverage Ratio.

Saba Capital Income & Opportunities Fund II: financial report supporting reported earnings

What would change the earnings picture?

Compare the next like-length income and cash paid with portfolio changes, financing, payment components and net asset value.

Net asset value (NAV)

NAV per share$9.4300Sep 29, 2026
Market price$8.0100Sep 29, 2026
PREMIUM / DISCOUNT TO NAV15.06% discountCalculated from the displayed same-date values.

NAV is the fund's assets minus liabilities, divided by shares outstanding. All values are USD per share.

CEFConnect current common-share NAV and closing market price, both dated 2026-09-29. The published premium or discount agrees with the calculation within source rounding. Older audited NAV history remains unchanged.

NAV source · Market-price source

Current evidence and recent developments

  • Regular distribution screen: 8.56% on 2026-09-11.
  • Reported net investment income per common share: $0.07 for 2025-11-01 through 2026-04-30; not annualized.
  • Historical per-share figures retain the reverse-split adjustments already made in the financial highlights. A change in share count is not investment growth.

What to watch next

  • Compare the next like-length income and cash paid with portfolio changes, financing, payment components and net asset value.

Fly High context

Compare the next like-length income and cash paid with portfolio changes, financing, payment components and net asset value.

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U.S. federal

Dividend tax treatment

This is Saba Capital Income & Opportunities Fund II. A tax document for a similarly named Saba fund belongs to a different investment, and we have not used it here. We are looking for Fund II’s own 2025 tax-year classification so this card reflects what SABA shareholders actually received.

See Fund II’s SEC filings. Your Form 1099-DIV is the guide for your own filing.

Public Research updated October 1, 2026 3:19 am

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