Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Principal Amount		Fair Value
CORPORATE BONDS - 8.54%
Communications - 1.97%

Altice France Holding S.A., 6.875%, 07/15/2032^(b)	$	560,975	$	548,075
Clear Channel Outdoor Holdings Inc., 7.500%, 06/01/2029^(b)		1,138,000		1,127,819
CSC Holdings LLC, 3.375%, 02/15/2031^(b)		270,000		161,160
DISH Network Corp., 11.750%, 11/15/2027^(b)		1,750,000		1,811,348
Level 3 Financing Inc., 3.875%, 10/15/2030^(b)		1,291,800		1,189,452
Level 3 Financing Inc., 8.500%, 01/15/2036^(b)		295,000		302,489
				5,140,343
Consumer Discretionary - 3.70%

1261229 B.C. Ltd., 10.000%, 04/15/2032^(b)		1,557,000		1,599,606
Bath and Body Works Inc., 7.600%, 07/15/2037^(b)		1,137,000		1,133,890
Caesars Entertainment Inc., 6.500%, 02/15/2032^(b)		553,000		566,196
Community Health Systems, Inc., 6.875%, 04/15/2029^(b)		168,000		154,687
Community Health Systems, Inc., 9.750%, 01/15/2034^(b)		1,692,000		1,765,361
RR Donnelley & Sons Co., 10.870%, 08/01/2029^(b)		2,254,000		2,317,839
Six Flags Entertainment Corporation, 7.250%, 05/15/2031^(b)		793,000		783,427
Staples Inc., 10.750%, 09/01/2029^(b)		1,369,000		1,346,362
				9,667,368
Energy - 0.15%

Moss Creek Resources HLD, 8.250%, 09/01/2031^(b)		392,000		381,390
				381,390
Financials - 1.39%

Compass Group Diversified Holdings LLC, 5.250%, 04/15/2029^(b)		1,290,831		1,204,583
Morgan Stanley Finance LLC, 9.000%, 08/31/2036		7,000		6,186
Morgan Stanley Finance LLC, 10.034%, 10/31/2036		2,000		1,444
Morgan Stanley Finance LLC, 10.000%, 12/30/2036		7,000		6,186
Morgan Stanley Finance LLC, 10.000%, 02/08/2037		36,000		29,648
Morgan Stanley Finance LLC, 8.028%, 06/30/2037		15,000		12,921
Morgan Stanley Finance LLC, 13.539%, 07/31/2037		51,000		41,007
Morgan Stanley Finance LLC, 8.000%, 09/29/2037		198,000		164,077
Morgan Stanley, 7.742% (Variable Rate), 01/29/2031⁽ⁱ⁾		55,000		49,822
Morgan Stanley, 0.000% (Variable Rate), 09/30/2034⁽ⁱ⁾		15,000		10,873
Morgan Stanley, 0.000% (Variable Rate), 11/28/2034⁽ⁱ⁾		19,000		14,612
Morgan Stanley, 0.000% (Variable Rate), 01/30/2035⁽ⁱ⁾		20,000		15,953
Morgan Stanley, 0.000% (Variable Rate), 02/29/2036⁽ⁱ⁾		4,000		3,171
Morgan Stanley, 0.000% (Variable Rate), 06/30/2036⁽ⁱ⁾		5,000		4,092
Morgan Stanley, 10.000% (Variable Rate), 07/29/2036⁽ⁱ⁾		22,000		18,119
Morgan Stanley, 0.000% (Variable Rate), 08/31/2036⁽ⁱ⁾		9,000		7,973
Morgan Stanley, 0.000% (Variable Rate), 11/29/2036⁽ⁱ⁾		3,000		2,696
Morgan Stanley, 0.000% (Variable Rate), 01/31/2037⁽ⁱ⁾		56,000		49,025
Morgan Stanley, 0.000% (Variable Rate), 05/31/2037⁽ⁱ⁾		49,000		42,883
Procap Financial Inc., 0.000%,12/05/2028^(b)(e)(f)		1,800,000		1,746,000
UBS AG London, 5.188%, 08/28/2030		54,000		47,508
UBS AG London, 5.969%, 09/30/2030		4,000		3,270
UBS Group AG, 0.000% (Variable Rate), 07/31/2030⁽ⁱ⁾		8,000		6,854
UBS Group AG, 0.000% (Variable Rate), 10/30/2030⁽ⁱ⁾		22,000		19,174
UBS Group AG, 7.742% (Variable Rate), 01/29/2031^(I)		82,000		69,485
UBS Group AG, 9.291% (Variable Rate), 04/29/2031^(I)		54,000		48,022
				3,625,584

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Principal Amount		Fair Value
Health Care - 0.13%

CHS/Community Health Systems Inc., 6.125%, 04/01/2030^(b)	$	400,000	$	330,370
				330,370
Industrials - 0.48%

LABL, Inc., 8.625%, 10/01/2031^(b)		2,735,000		1,258,955
				1,258,955
Real Estate - 0.72%

China Evergrande Group, 8.250%, 03/23/2022^(a)(e)(f)		16,395,000		228,794
China Evergrande Group, 9.500%, 04/11/2022^(a)(e)(f)		6,148,000		87,720
China Evergrande Group, 11.500%, 01/22/2023^(a)(e)(f)		4,600,000		64,471
China Evergrande Group, 10.000%, 04/11/2023^(a)(e)(f)		7,568,000		106,415
China Evergrande Group, 7.500%, 06/28/2023^(a)(e)(f)		11,802,000		166,209
China Evergrande Group, 12.000%, 01/22/2024^(a)(e)(f)		19,888,000		282,531
China Evergrande Group, 9.500%, 03/29/2024^(a)(e)(f)		4,420,000		63,264
China Evergrande Group, 10.500%, 04/11/2024^(a)(e)(f)		4,572,000		65,028
China Evergrande Group, 8.750%, 06/28/2025^(a)(e)(f)		57,621,000		814,802
				1,879,234

TOTAL CORPORATE BONDS				22,283,244
(Cost $22,225,615)

	Principal Amount		Fair Value
SENIOR LOANS - 9.81%
Communications - 0.34%

Gogo Intermediate Holdings LLC, Initial Term Loan, TSFR1M + 3.750%, 04/30/2028		986,365		879,591
				879,591
Consumer Discretionary - 2.93%

AMC Entertainment, Term Loan, TSFR1M + 9.000%, 01/04/2029		1,752,716		1,744,715
J Crew Group LLC, Initial Term Loan, TSFR3M + 6.000%, 09/26/2031		5,064,591		4,050,610
Vortex Opco LLC, Term Loan, TSFR3M + 6.250%, 04/30/2030		1,734,000		1,860,582
				7,655,907
Consumer, Non-cyclical - 2.29%

Revlon Intermediate Holdings IV LLC, Term Loan, TSFR6M + 6.875%, 05/02/2028		6,049,890		5,983,099
				5,983,099
Health Care - 3.40%

1261229 B.C. Ltd., Term Loan, SOFR1M + 6.250%, 10/08/2030		880,243		860,437
Canopy Growth Corporation, Term Loan, SOFR1M + 6.25%, 01/31/2031		8,402,168		7,774,265
ModivCare Inc., Exit Term Loan, SOFR3M + 5.000%, 12/30/2030		248,774		238,823
				8,873,525
Industrials - 0.27%

Multi-Color Corp., Term Loan, TSFR1M + 5.000%, 10/29/2028		1,523,265		704,075
				704,075
Information Technology - 0.58%

X Corp., Term Loan, 9.500%, 10/29/2029		1,462,600		1,516,350
				1,516,350

TOTAL SENIOR LOANS				25,612,547
(Cost $27,257,337)

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Principal Amount		Fair Value
CONVERTIBLE CORPORATE BONDS - 1.76%
Communications - 0.41%

Trump Media & Technology Group Corp., 0.000%, 05/29/2028^(b)(f)	$	1,122,000	$	1,078,094
				1,078,094
Financials - 1.35%

BSTR Holdings Inc., 1.000%, 07/15/2030^(c)		1,182		1,096,541
MI7 Founders, LLC, 1.000%, 07/01/2030^(c)		2,364,575		2,427,236
				3,523,777

TOTAL CONVERTIBLE CORPORATE BONDS				4,601,871
(Cost $4,508,851)

	Principal Amount		Fair Value
MORTGAGE-BACKED SECURITIES - 1.36%
Federal National Mortgage Association (FNMA) - 1.36%

FNMA, Series 23-52, Class IO, 3.000%, 05/25/2051		5,942,908		1,154,887
FNMA, Series 5441, Class SA, 0.767%, 08/25/2054		15,342,031		429,331
FNMA, Series 5468, Class SB, 0.617%, 11/25/2054		6,879,489		201,699
FNMA, Series 5518, Class SC, 0.997%, 03/25/2055		6,441,782		212,583
FNMA, Series 25-44, Class SA, 0.817%, 06/25/2055		14,721,804		524,220
FNMA, Series 5557, Class SC, 0.867%, 07/25/2055		10,912,790		424,669
FNMA, Series 5575, Class SB, 0.967%, 09/25/2055		12,836,341		610,820

TOTAL MORTGAGE-BACKED SECURITIES				3,558,209
(Cost $4,281,653)

	Shares		Fair Value
COMMON STOCK - 11.89%
Communications - 2.43%

Altice France LUXCO 3^(f)		3,331		47,900
Altice USA, Inc.^(f)		140,736		215,326
Bumble, Inc.^(f)		553,609		1,854,590
Meta Platforms, Inc.		450		322,425
Netflix, Inc.		1,178		98,351
Snap Inc.^(f)		182,547		1,265,051
Telephone and Data Systems Inc.		8,367		377,603
Trump Media & Technology Group^(f)		37,912		484,515
Uber Technologies Inc.^(f)		5,025		402,251
Weibo Corp.		119,257		1,261,739
				6,329,751
Consumer Discretionary - 1.33%

Arbe Robotics, Ltd.^(f)		55,882		68,735
Avax One Technology Ltd.^(f)		227,719		184,635
Capri Holdings Ltd.^(f)		11,752		265,243

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Shares		Fair Value
Chipotle Mexican Grill, Inc.^(f)		10,948	$	425,549
Dave & Buster's Entertainment^(f)		29,305		550,055
Empery Digital Inc.^(f)		41,830		205,385
Evolution AB^(b)		16,104		1,046,059
Polestar Automotive Holding UK^(f)		10,417		157,609
Six Flags Entertainment Corp.^(f)		11,054		199,083
Vera Bradley Inc.^(f)		25,028		60,067
Winnebago Industries, Inc.		6,504		298,599
				3,461,019
Financials - 4.56%

Allfunds Group Plc		176,372		1,708,046
Cannae Holdings, Inc.		86,591		1,247,776
Compass Diversified Holdings		44,436		291,945
Etoro Group Ltd.^(f)		17,923		526,936
EXOR NV^(f)		78,969		6,468,189
PagSeguro Digital Ltd.		140,185		1,577,081
Procap Financial Inc.^(f)		22,967		57,647
Procap Financial. Inc. Founder Shares^(c)(f)		19,641		21,016
VEF AB^(f)		53,287		12,503
				11,911,139
Health Care - 0.66%

AirSculpt Technologies Inc.^(f)		32,469		96,433
Community Health Systems Inc.^(f)		61,571		197,643
Ethzilla Corp.^(f)		48,145		206,542
Hyperliquid Strategies Inc.^(f)		67,855		308,060
Kindly MD Inc.^(f)		497,183		176,052
ModivCare Inc.		42,927		364,880
Sharps Technology Inc.^(f)		180,245		373,107
				1,722,717
Industrials - 1.29%

Babcock & Wilcox Enterprises Inc.^(f)		46,819		451,335
CEA Industries Inc.^(f)		118,921		593,416
The GEO Group, Inc.^(f)		19,339		309,037
Vertical Aerospace Ltd.^(f)		379,461		1,787,261
Voyager Technologies Inc.^(f)		7,299		222,838
				3,363,887
Information Technology - 0.30%

GDS Holdings Ltd.^(f)		11,693		522,560
JFrog Ltd.^(f)		1,793		98,256
Oracle Corp.		580		95,456
Sabre Corp^(f)		59,539		77,401
				793,673
Materials - 0.07%

ASP Isotopes Inc.^(f)		25,946		164,498
Critical Metals Corp.^(f)		1,933		25,458
				189,956

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Shares		Fair Value
Real Estate - 0.54%

CBRE Group Inc.^(f)		1,596	$	271,847
Compass Inc.^(f)		8,885		111,234
Star Holdings^(f)		130,599		1,021,284
				1,404,365
Technology - 0.71%

CommScope Holding Company, Inc.^(f)		23,708		426,745
Descartes Systems Group, Inc.^(f)		1,163		86,855
IREN Ltd.^(f)		5,507		295,947
TON Strategy Co^(f)		81,105		211,685
Vertex, Inc.^(f)		39,234		727,792
xTAO Inc.^(f)		211,098		105,550
				1,854,574

TOTAL COMMON STOCK				31,031,081
(Cost $34,318,452)

	Shares		Fair Value
CLOSED END FUNDS - 4.88%
Alternative - 0.42%
Destra Multi-Alternative Fund		2,947		26,405
Regal Partners Global Investment Ltd.^(f)		626,215		1,072,719
				1,099,124
Equity - 3.50%

abrdn Life Sciences Investors		67,780		1,149,549
Adams Natural Resources Fund, Inc.		24,652		603,727
BlackRock Enhanced Global Dividend Trust		910		10,829
BlackRock Science & Technology Trust II		51,039		1,142,253
Bluerock Private Real Estate Fund^(f)		57,996		961,574
Direxion Daily Robotics Artificial Intelligence & Automation Index Bull 2X Shares		13,958		375,419
Diversified United Investment Ltd.		159,966		617,113
Future Generation Global Ltd.		11,921		12,701
Gabelli Dividend & Income Trust		50,832		1,443,629
Gabelli Healthcare & WellnessRx Trust		23,912		229,914
HBM Healthcare Investments AG^(f)		141		43,775
Hearts and Minds Investments, Ltd.		733,506		1,603,839
John Hancock Hedged Equity & Income Fund		137		1,518
Pengana International Equities, Ltd.		1,064,780		949,068
				9,144,908
Fixed Income - 0.11%

BNY Mellon Municipal Bond Infrastructure Fund, Inc.		343		3,818
BNY Mellon Strategic Municipals, Inc.		21,897		141,893
Ellsworth Growth and Income Fund, Ltd.		5,295		65,870
MFS High Income Municipal Trust		12,825		48,478
PIMCO California Municipal Income Fund		2,248		20,206
				280,265

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Shares		Fair Value
Mixed Allocation - 0.07%

Virtus Dividend, Interest & Premium Strategy Fund		14,430	$	194,516
				194,516
Private Equity - 0.78%

Syncona Ltd.^(f)		1,507,674		2,027,946
				2,027,946

TOTAL CLOSED END FUNDS				12,746,759
(Cost $10,310,043)

	Shares		Fair Value
INVESTMENT TRUST - 0.49%
Equity - 0.49%

Herald Investment Trust PLC^(f)		36,669		1,271,958
				1,271,958

TOTAL INVESTMENT TRUST				1,271,958
(Cost $1,136,654)

	Shares		Fair Value
PREFERRED STOCK - 0.72%
Health Care - 0.16%

Integrity Labs, Inc.^(c)(f)		445,127		433,198
				433,198
Information Technology - 0.26%

Strategy Inc. Cumulative Preferred Series A^(f)		6,650		668,443
				668,443
Technology - 0.30%

Xtend Reality Expansion Ltd. Preferred B-2^(c)(f)		579,633		774,911
				774,911

TOTAL PREFERRED STOCK				1,876,552
(Cost $1,568,243)

	Fair Value
PARTICIPATION AGREEMENT - 0.33%

PK Funding 2023 LLC^(c)		867,898

TOTAL PARTICIPATION AGREEMENT		867,898
(Cost $863,417)

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

		Fair Value
PRIVATE FUNDS - 22.28%
Alternative Capital Investments Fund III LP, Standard Class Interests		$	357,218
Alternative Capital Investments Fund III LP, Special Class Interests KLINGER^(f)	642,057		697,086
Alternative Capital Investments Fund III LP, Special Class Interests MILBERG^(f)	3,210,291		3,243,819
Alternative Capital Investments Fund III LP, Special Class Interests PANNOX^(f)	1,070,084		1,070,084
Alternative Capital Investments Fund III LP, Special Class Interests PROVIDER^(f)	2,140,190		4,920,725
Alternative Capital Investments Fund III LP, Special Class Interests VGASA^(f)	1,562,339		1,562,340
New Holland Special Opportunities Aggregator, LP Class M Interests^(f)(h)			1,506,488
New Holland Special Opportunities Aggregator LP, Class Y-6 Interests^(f)(h)			283,403
New Holland Special Opportunities Aggregator LP, Class Y-7 Interests^(f)(h)			6,320,095
Stone Ridge Opportunities Fund Feeder LP^(f)			38,184,000

TOTAL PRIVATE FUNDS			58,145,258
(Cost $40,466,006)

	Shares		Fair Value
UNIT TRUST - 3.33%

Grayscale Ethereum Classic Trust^(f)(g)		1,666,652		8,699,916

TOTAL UNIT TRUST				8,699,916
(Cost $17,458,089)

	Shares		Fair Value
SPECIAL PURPOSE ACQUISITION COMPANIES - 6.23%

1RT Acquisition Corp.^(f)		22,971		234,534
Activate Energy Sponsors LLC, Class A^(c)(f)		86,111		258
Activate Energy Sponsors LLC, Class B^(c)(f)		10,764		99,782
AI Infrastructure Acquisition Corp.^(f)		6,249		62,490
Aldabra 4 LOV Sponsor Partnership, Class A^(c)(f)		76,516		230
Aldabra 4 LOV Sponsor Partnership, Class B^(c)(f)		63,764		95,646
Apex Treasury Corp.^(f)		11,011		109,890
Art Technology Acquisition Corp.^(f)		5,346		53,460
Art Technology Sponsor, LLC, Class A^(c)(f)		79,848		798
Art Technology Sponsor, LLC, Class B^(c)(f)		15,969		159,690
American Exceptionalism Acquisition Corp A^(f)		6,655		77,198
Axiom Intelligence Holdings 1 LLC, Class A^(c)(f)		109,718		218,339
Axiom Intelligence Holdings 1 LLC, Class B^(c)(f)		13,715		30,310
Bain Capital GSS Investment Corp.^(f)		27,071		275,041
Bengochea SPAC Sponsors II LLC, Class A^(c)(f)(j)		132,416		-
Bengochea SPAC Sponsors II LLC, Class B^(c)(f)		16,552		154,761
Berto Acquisition Corp.^(f)		24,609		251,258
Bitcoin Infrastructure Acquisition Corp Ltd.^(f)		3,999		40,070
Bleichroeder Acquisition Corp. II^(f)		4,429		43,980
Blue Holdings, Class A^(c)(f)		137,148		433,388
Blue Holdings, Class B^(c)(f)		13,715		47,865
BTC Development Corp.^(f)		15,676		158,328
Cal Redwood Acquisition Corp., Class A^(c)(f)		134,662		409,372
Cal Redwood Acquisition Corp., Class B^(c)(f)		16,833		57,232

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Shares		Fair Value
Cantor Equity Partners II Inc.^(f)		18,569	$	230,627
Cantor Equity Partners III Inc.^(f)		31,544		322,695
Cantor Equity Partners Inc.^(c)(f)		59,091		611,592
Cantor Equity Partners IV Inc.^(f)		11,518		120,593
Cantor Equity Partners V Inc.^(f)		13,869		142,157
Chenghe Investment III LLC, Class A Unit^(c)(f)(i)		133,435		90,736
Chenghe Investment III LLC, Class B Unit^(c)(f)		16,679		12,843
Churchill Capital Corp XI^(f)		3,609		37,173
Cohen Circle Sponsor II, LLC, Class A^(c)(f)		34,290		93,612
Cohen Circle Sponsor II, LLC, Class B^(c)(f)		6,858		20,163
Crane Harbor Acquisition Corp. II^(f)		8,117		81,170
Crane Harbor Sponsor II LLC, Class A^(c)(f)		40,514		203
Crane Harbor Sponsor II LLC, Class B^(c)(f)		8,103		81,030
Digital Asset Acquisition Corp.^(f)		23,785		243,083
EGH Sponsor LLC, Class A^(c)(f)		58,498		141,565
EGH Sponsor LLC, Class B^(c)(f)		7,312		19,523
Ether Reserve LLC^(c)(f)		59,091		601,545
Evolution Global Acquisition Corp.^(f)		12,334		124,327
FG Imperii Acquisition Corp.^(f)		9,132		91,229
FIGX Acquisition Partners LLC Class A^(c)(f)		86,860		88,597
FIGX Acquisition Partners LLC Class B^(c)(f)		10,858		12,595
FutureCrest Acquisition Corp.^(f)		15,009		154,443
Gerresheimer AG^(f)		51,401		1,542,706
GP-Act III Acquisition Corp., Class A^(c)(f)		17,094		31,453
Graf Global Sponsor LLC, Class A^(c)(f)(g)		15,421		29,763
Hall Chadwick Acquisition Corp.^(f)		23,559		236,061
Hall Chadwock Acquisition Corp., Class A^(c)(f)		86,111		344
Hall Chadwock Acquisition Corp., Class B^(c)(f)		10,764		99,890
HCM III Acquisition Corp.^(f)		26,998		275,380
HCM Investor Holdings III, LLC, Class A^(c)(f)		103,450		192,417
HCM Investor Holdings III, LLC, Class B^(c)(f)		137,934		64,829
Insight Digital Partners II^(f)		10,820		107,551
KRAKacquisition Corp.^(f)		6,428		65,148
Lafayette Digital Acquisition Corp. I, Class A^(c)(f)		67,720		203
Lafayette Digital Acquisition Corp. I, Class B^(c)(f)		13,544		135,440
Launchpad Cadenza Acquisition Corp. I, Class A^(c)(f)		64,822		259
Launchpad Cadenza Acquisition Corp. I, Class B^(c)(f)		54,019		81,028
Leapfrog Acquisition Corp.^(f)		3,655		36,842
LeapFrog Partners LLC, Class A^(c)(f)		95,057		475
LeapFrog Partners LLC, Class B^(c)(f)		11,882		118,820
Legato Merger Corp. IV^(f)		3,330		33,400
LightWave Founders LLC, Class A^(c)(f)		160,720		141,434
LightWave Founders LLC, Class B^(c)(f)		16,072		15,590
M Evo Global Acquisition Corp. II^(f)		5,328		53,493
M3-Brigade Acquisition V Corp.^(f)		1		11
M3 Brigade Sponsor VI LLC, Class A Unit^(c)(f)(i)		85,721		116,581
M3 Brigade Sponsor VI LLC, Class B Unit^(c)(f)		114,295		38,860
MI7 Founders, LLC, Class A^(c)(f)		236,458		1,896,393
Muzero Acquisition Corp.^(f)		2,664		26,640
New Providence Holdings III, LLC^(c)(f)		15,759		35,458

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Shares		Fair Value
NewHold Investment Corp III, Class A^(c)(f)		67,027	$	124,000
NewHold Investment Corp III, Class B^(c)(f)		8,378		17,091
OneIM Acquisition Corp.^(f)		55,564		561,196
OTG Acquisition Corp. I^(f)		4,476		45,118
Oxley Bridge Holdings LLC, Class A^(c)(f)		128,263		112,871
Oxley Bridge Holdings LLC, Class B^(c)(f)		160,330		33,669
Oyster Enterprises II LLC, Class A^(c)(f)		134,995		256,490
Oyster Enterprises II LLC, Class B^(c)(f)		16,874		35,773
Perimeter Acquisition Corp. I^(f)		63,968		663,988
Petit Monts LLC, Class A^(c)(f)		62,120		108,089
Pioneer Acquisition 1 Sponsor Holdco LLC, Class A^(c)(f)		137,148		126,176
Pioneer Acquisition 1 Sponsor Holdco LLC, Class B^(c)(f)		171,435		36,001
ProCap Acquisition Corp.^(f)		18,304		186,884
Range Capital Acquisition Corp. II^(f)		20,090		200,699
Range Capital Acquisition Sponsor II, LLC, Class A Unit^(c)(f)		71,311		81,295
Range Capital Acquisition Sponsor II, LLC, Class B Unit^(c)(f)		8,914		11,499
Real Asset Acquisition Corp.^(f)		25,855		268,892
Renatus Tactical Acquisition Corp. I^(f)		5,464		58,465
Republic Digital Acquisition Company^(f)		43,541		448,037
Rice Acquisition Corp. 3^(f)		8,604		89,482
Soulpower Acquisition Sponsor LLC, Class A^(c)(f)		120,459		208,394
Soulpower Acquisition Sponsor LLC, Class B^(c)(f)		15,057		28,909
Space Asset Acquisition Corp.^(f)		10,656		108,585
Spring Valley Acquisition Corp.^(f)		5,698		61,424
Titan Acquisition Sponsor Holdco, LLC, Class A^(c)(f)		72,306		98,336
Trailblazer Acquisition Corp.^(f)		23,471		237,292
VO Sponsor II, LLC Class A^(c)(f)		72,306		116,413
VO Sponsor II, LLC Class B^(c)(f)		904		16,089
Wen Sponsor LLC, Class A^(c)(f)		125,704		153,359
Wen Sponsor LLC, Class B^(c)(f)		157,130		45,568

TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES				16,251,974
(Cost $16,446,148)

	Shares			Fair Value
DIGITAL ASSET TREASURY COMPANIES - 0.24%

Hyperliquid Strategies Inc.^(f)(j)		(433	)		-
SeeQC, Inc.^(c)		127,757			638,785

TOTAL DIGITAL ASSET TREASURY COMPANIES					638,785
(Cost $638,785)

	Contracts		Fair Value
WARRANTS - 1.18%
1RT Acquisition Corp., Expires 06/20/2031, Strike Price $11.50^(f)		5,929		3,854
Alussa Energy Acquisition Corp., Expires 04/10/2026, Strike Price $11.50^(f)		1,345		688
Apex Treasury Corp., Expires 10/31/2032, Strike Price $11.50^(f)		8,258		2,643
Armada Acquisition Corp. II, Expires 05/20/2030, Strike Price $11.50^(f)		54,162		45,496

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Contracts		Fair Value
Bain Capital GSS Investment Corp., Expires 01/01/2028, Strike Price $11.50^(f)		5,414	$	4,602
Berto Acquisition Corp., Expires 05/01/2030, Strike Price $11.50^(f)		31,254		11,251
Bleichroeder Acquisition Corp. II, Expires 01/28/2032, Strike Price $11.50^(f)		1,476		863
BTC Development Corp., Expires 08/19/2030, Strike Price $11.50^(f)		3,919		2,648
Canopy Growth Corp., Expires 01/08/2031, Strike Price $1.30^(c)(f)(j)		969,481		-
CEA Industries, Inc., Expires 3 years after initial business combination, Stike Price $15.15^(c)(f)		23,342		40,382
Cohen Circle Acquisition Corp., Expires 05/23/2030, Strike Price $11.50^(f)		5,559		4,614
Critical Metals Corp., Expires 02/07/2029, Strike Price $7.00^(c)(f)		38,669		160,090
D Boral ARC Acquisition I Corp., Expires 05/06/2030, Strike Price $11.50^(f)		12,542		11,037
Digital Asset Acquisition Corp., Expires 04/01/2030, Strike Price $11.50^(f)		29,467		12,965
Dynamix Corp., Expires 10/25/2029, Strike Price $11.50^(f)		33,079		35,395
Dynamix Corp. III, Expires 11/19/2030, Strike Price $11.50^(f)		4,817		1,590
EQV Ventures Acquisition Corp., Expires 07/01/2031, Strike Price $11.50^(f)		22,723		11,089
Evolution Global Acquisition Corp., Expires 10/22/2030, Strike Price $11.50^(f)		6,167		3,084
EYE Health, Inc. – Expires 4.5 years after issuance, Strike Price $2.88^(f)(j)		5		-
Fact II Acquisition Corp., Expires 11/26/2031, Strike Price $11.50^(f)		22,895		10,092
FutureCrest Acquisition Corp., Expires 11/05/2030, Strike Price $11.50^(f)		3,752		3,283
GigCapital7 Corp., Expires 09/11/2029, Strike Price $11.50^(f)		5		3
Gores Holdings X Inc., Expires 05/02/2030, Strike Price $11.50^(f)		3,460		2,911
GP-Act III Acquisition Corp., Expires 12/31/2027, Strike Price $11.50^(f)		23,593		6,191
GP-Act III Acquisition Corp., Class B Warrants, Expires 5 years after initial business combination, Strike Price $11.50^(c)(f)		21,362		5,981
Graf Global Corp, Expires with the closing of initial business combination, Strike Price $11.50^(c)(f)(g)		19,276		6,747
HCM III Acquisition Corp., Expires 07/31/2030, Strike Price $11.50^(f)		9,476		5,771
Insight Digital Partners II, Expires 12/31/2030, Strike Price $11.50^(f)		5,414		1,734
Israel Acquisitions Corp., Expires 02/28/2028, Strike Price $11.50^(f)		18,390		2,299
Launch Two Acquisition Corp., Expires 10/09/2029, Strike Price $11.50^(f)		1,652		477
Lightwave Acquisition Corp., Expires 06/24/2030, Strike Price $11.50^(f)		10,620		3,292
Live Oak Acquisition Corp. V, Expires 02/20/2030, Strike Price $11.50^(f)		11,677		20,435
Melar Acquisition Corp I, Expires 6/10/2029, Strike Price $11.50^(f)		32,537		5,528
Mercer Park Opportunities Corp., Expires 08/29/2029, Strike Price $11.50^(f)		10,963		3,673
MI7 Founders, LLC, Class A, Expires 5 years after closing, Strike Price $11.50^(c)(f)		236,458		182,073
MI7 Founders, LLC, Class Z, Expires 5 years after closing, Strike Price $11.50^(c)(f)		78,859		55,201
Nemo Enterprises Inc., Expires 2/10/2035, Strike Price $1,000.00^(f)(j)		64		-
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		259,702
NewHold Investment Corp II-A., Expires 04/17/2030, Strike Price $11.50^(f)		2,084		904
OTG Acquisition Corp. I, Expires 10/22/2030, Strike Price $11.50^(f)		3,731		1,548
Perimeter Acquisition Corp. I, Expires 05/13/2030, Strike Price $11.50^(f)		33,393		28,384
Plum Acquisition Corp IV, Expires 08/19/2029, Strike Price $11.50^(f)		4,175		1,962
ProCap Acquisition Corp., Expires 05/13/2030, Strike Price $11.50^(f)		20,612		7,911
Procap Financial Inc., Expires 05/16/2030, Strike Price $11.50^(f)		1,918		825
Range Capital Acquisition Corp. II, Expires 09/16/2030, Strike Price $11.50^(f)		13,509		4,526
Real Asset Acquisition Corp., Expires 04/24/2030, Strike Price $11.50^(f)		87,360		44,038
Renatus Tactical Acquisition Corp. I, Expires 05/15/2030, Strike Price $11.50^(f)		3,588		3,050
Republic Digital Acquisition Co, Expires 05/01/2030, Strike Price $11.50^(f)		64,146		36,563
Rice Acquisition Corp. 3, Expires 09/29/2031, Strike Price $11.50^(f)		22,567		22,027
Rithm Acquisition Corp., Expires 12/30/2075, Strike Price $0.10^(f)		1,581		1,241
Roman DBDR Acquisition Corp II., Expires 10/31/2031, Strike Price $11.50^(f)		19,566		14,794
Sharps Technology Inc., Pre Funded Warrant, Expires 03/20/2026, Strike Price $0.00^(c)(f)		44,101		82,910
Sharps Technology Inc., Stapled Warrant, Expires 11/30/2028, Strike Price $9.75^(c)(f)		174,658		36,678

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Contracts		Fair Value
SIM Acquisition Corp. I, Expires0 6/01/2031, Strike Price $11.50^(f)		12,138	$	3,520
Spring Valley Acquisition Corp., Expires 09/30/2030, Strike Price $11.50^(f)		2,501		3,752
Terrestrial Energy Inc., Expires 10/10/2029, Strike Price $11.50^(f)		12,004		49,697
Titan Acquisition Sponsor Holdco, LLC, Expires 5 years after initial business combination, Strike Price $11.50^(c)(f)		90,383		27,115
TLGY Acquisition Corp., Expires 01/14/2028, Strike Price $11.50^(f)		30,000		32,415
Trailblazer Acquisition Corp., Expires 07/24/2030, Strike Price $11.50^(f)		7,823		3,755
Vertical Aerospace, Ltd. Class A Warrants, Expires 01/22/2030, Strike Price $11.50^(c)(f)		249,443		875,545
Vertical Aerospace, Ltd. Class B Warrants, Expires 01/22/2030, Strike Price $11.50^(c)(f)		249,443		823,162
Wen Acquisition Corp., Expires 05/15/2031, Strike Price $11.50^(f)		61,927		26,009
Willow Lane Acquisition Corp., Expires 10/31/2031, Strike Price $11.50^(f)		5,726		20,500

TOTAL WARRANTS				3,083,667
(Cost $917,733)

	Contracts		Fair Value
RIGHTS - 0.02%
AI Infrastructure Acquisition Corp., Expires 12/01/2075^(f)		6,249		1,688
Crane Harbor Acquisition Corp., Expires 05/19/2075^(f)		2,529		2,175
Crane Harbor Acquisition Corp. II, Expires 05/19/2075^(f)		8,117		1,952
Inflection Point Acquisition Corp. III, Expires 06/16/2075^(f)		54,192		20,593
Hall Chadwick Acquisition Corp., Expires 01/27/2076^(f)		23,559		6,125
Hennessy Capital Investment Corp. VII, Expires 12/30/2075^(f)		7,305		2,045
K&F Growth Acquisition Corp. II, Expires 12/30/2075^(f)		4,142		663
Mountain Lake Acquisition Corp., Expires 12/31/2075^(f)		9,699		2,036

TOTAL RIGHTS				37,277
(Cost $36,551)

	Contracts		Fair Value
OPTIONS - 2.14%^(k)
Put Option Contracts - 2.14%
iShares Bitcoin Trust ETF, Expires 01/15/2027, Strike Price $15.00^(f)		104		4,264
iShares Bitcoin Trust ETF, Expires 06/18/2027, Strike Price $45.00^(f)		65		24,700
Russell 2000 Index, Expires 04/17/2026, Strike Price $2,590^(f)		41		360,800
Russell 2000 Index, Expires 04/17/2026, Strike Price $2,630^(f)		32		315,936
Russell 2000 Index, Expires 04/17/2026, Strike Price $2,650^(f)		33		348,348
Russell 2000 Index, Expires 04/17/2026, Strike Price $2,660^(f)		8		92,560
Russell 2000 Index, Expires 04/17/2026, Strike Price $2,660^(f)		51		515,763
S&P 500 Index, Expires 04/17/2026, Strike Price $6,755^(f)		62		752,680
S&P 500 Index, Expires 04/17/2026, Strike Price $6,760^(f)		22		270,050
S&P 500 Index, Expires 04/17/2026, Strike Price $6,825^(f)		86		1,189,810
S&P 500 Index, Expires 04/17/2026, Strike Price $6,830^(f)		117		1,492,920
S&P 500 Index, Expires 04/17/2026, Strike Price $6,980^(f)		10		188,570

TOTAL OPTIONS				5,556,401
(Premiums paid $5,469,076)

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Shares		Fair Value
MONEY MARKET FUNDS - 7.13%

BNY Mellon U.S. Treasury Fund, 7 Day Yield, 3.200%^(g)(h)		10,660,149	$	10,660,149
JPMorgan US Treasury Plus Money Market Fund, 7 Day Yield, 3.630%		7,927,456		7,927,456

TOTAL MONEY MARKET FUNDS				18,587,605
(Cost $18,587,605)

Total Investments in Securities - 82.33%				214,851,002
(Cost $206,490,258)

Other Assets in Excess of Liabilities - 17.67%				46,115,770
NET ASSETS - 100.00%			$	260,966,772

Amounts above are shown as a percentage of net assets as of January 31, 2026.

SCHEDULE OF SECURITIES SOLD SHORT

	Principal Amount			Fair Value
CORPORATE BONDS - (4.50%)
Consumer Discretionary - (2.45%)
Biocon Biologics Global PLC, 6.670%, 10/09/2029^(b)		(732,000	)		(743,166	)
Biocon Biologics Global PLC, 6.670%, 10/09/2029^(e)		(2,598,000	)		(2,637,629	)
Star Parent Inc., 9.000%, 10/01/2030^(b)		(2,867,000	)		(3,041,984	)
					(6,422,779	)
Financials - (0.33%)

Global Auto HO/AAG FH UK, 8.750%, 01/15/2032^(b)		(883,000	)		(854,805	)
					(854,805	)
Industrials - (1.22%)

Icahn Enterprises LP/Icahn Enterprises Finance Corporation, 4.375%, 02/01/2029		(355,000	)		(313,781	)
Icahn Enterprises LP/Icahn Enterprises Finance Corporation, 5.250%, 05/15/2027		(2,890,000	)		(2,860,759	)
					(3,174,540	)
Real Estate - (0.5%)

CPI Property Group SA, 1.750%, 01/14/2030^(e)		(1,257,000	)		(1,303,814	)
					(1,303,814	)

TOTAL CORPORATE BONDS					(11,755,938	)
(Proceeds $11,259,428)

	Principal Amount			Fair Value
SOVEREIGN DEBT OBLIGATIONS - (37.01%)
Sovereign - (37.01%)

US TREASURY N/B, 3.500%, 01/31/2028^(f)		(65,254,000	)		(65,213,216	)
US TREASURY N/B, 4.000%, 11/15/2035		(15,140,000	)		(14,831,286	)
US TREASURY N/B, 3.625%, 12/31/2030		(16,677,000	)		(16,546,711	)

TOTAL SOVEREIGN DEBT OBLIGATIONS					(96,591,213	)
(Proceeds $96,786,911)

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Shares			Fair Value
COMMON STOCK - (8.40%)
Communications - (0.67%)

Alphabet Inc., Class A Common Shares^(f)		(414	)	$	(139,932	)
DoorDash, Inc.^(f)		(58	)		(11,868	)
Cogent Communications Holdings Inc.		(477	)		(11,591	)
Formula One Group^(f)		(1,697	)		(147,673	)
Meta Platforms, Inc.		(472	)		(338,188	)
Netflix, Inc.^(f)		(415	)		(34,648	)
Reddit Inc.^(f)		(152	)		(27,401	)
ROBLOX Corp.^(f)		(196	)		(12,889	)
Spotify Technology SA.^(f)		(144	)		(72,050	)
Take-Two Interactive Software Inc.^(f)		(132	)		(29,080	)
The Trade Desk, Inc.^(f)		(82	)		(2,487	)
Universal Music Group NV^(f)		(26,348	)		(645,872	)
Verizon Communications Inc.		(130	)		(5,788	)
Zillow Group, Inc.^(f)		(4,151	)		(261,638	)
					(1,741,105	)
Consumer Discretionary - (1.68%)

Amazon.com, Inc.^(f)		(881	)		(210,823	)
Coupang Inc.^(f)		(1,110	)		(22,378	)
Ferrari NV^(f)		(9,081	)		(3,022,587	)
MercadoLibre, Inc.^(f)		(12	)		(25,773	)
Stellantis NV^(f)		(69,191	)		(679,583	)
Stellantis NV^(f)		(42,121	)		(415,734	)
The Home Depot, Inc.		(5	)		(1,873	)
					(4,378,751	)
Consumer Staples - (0.16%)

Oddity Tech Ltd.^(f)		(5,265	)		(172,903	)
Philip Morris International Inc.		(75	)		(13,458	)
The Clorox Company		(1,973	)		(222,535	)
					(408,896	)
Energy - (0.06%)

EOG Resources Inc.		(12	)		(1,346	)
Exxon Mobil Corp.^(f)		(14	)		(1,980	)
NexGen Energy Ltd.^(f)		(10,763	)		(135,291	)
Williams Cos., Inc.		(120	)		(8,071	)
					(146,688	)
Financials - (0.57%)

Affirm Holdings Inc.^(f)		(327	)		(19,718	)
American Express Co.		(90	)		(31,695	)
Bank of America Corp.		(70	)		(3,724	)
Block Inc.^(f)		(1,866	)		(112,762	)
Brookfield Corp.		(3,036	)		(138,290	)
CME Group Inc.		(86	)		(24,859	)
Corpay Inc.^(f)		(205	)		(64,499	)
Intercontinental Exchange, Inc.		(1,572	)		(273,182	)
MasterCard Inc.		(465	)		(250,537	)
Morgan Stanley		(44	)		(8,043	)

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Shares			Fair Value
MSCI Inc.		(523	)	$	(318,622	)
Nu Holdings Ltd.^(f)		(1,024	)		(18,176	)
Robinhood Markets Inc.^(f)		(666	)		(66,254	)
Tradeweb Markets Inc.^(f)		(387	)		(39,888	)
Visa Inc.		(13	)		(4,184	)
Webster Financial Corp.		(1,914	)		(125,884	)
					(1,500,317	)
Health Care - (1.15%)

Avidity Biosciences Inc.^(f)		(1,350	)		(97,970	)
Agios Pharmaceuticals Inc.^(f)		(1,868	)		(51,258	)
Alnylam Pharmaceuticals, Inc.^(f)		(260	)		(87,896	)
Axsome Therapeutics Inc.^(f)		(194	)		(35,744	)
Beam Therapeutics Inc.^(f)		(1,202	)		(33,199	)
BioMarin Pharmaceutical Inc.^(f)		(501	)		(28,327	)
Boston Scientific Corp.^(f)		(52	)		(4,864	)
Celldex Therapeutics Inc.^(f)		(1,116	)		(27,454	)
Cytokinetics Inc.^(f)		(546	)		(34,502	)
Denali Therapeutics Inc.^(f)		(876	)		(19,044	)
Edgewise Therapeutics Inc.^(f)		(2,069	)		(58,242	)
Eli Lilly and Company		(1	)		(1,037	)
Guardant Health Inc.^(f)		(69	)		(7,869	)
Harmony Biosciences Holdings Inc.^(f)		(1,516	)		(55,364	)
Hyperliquid Strategies Inc.^(f)		(87	)		(393	)
Incyte Corp.^(f)		(652	)		(65,246	)
Insmed Inc.^(f)		(394	)		(61,807	)
Insulet Corp.^(f)		(65	)		(16,628	)
Ionis Pharmaceuticals Inc.^(f)		(3,199	)		(264,461	)
Koninklijke Philips NV^(f)		(32,118	)		(918,658	)
Medpace Holdings Inc.^(f)		(419	)		(244,059	)
Mineralys Therapeutics Inc.^(f)		(992	)		(30,643	)
Natera Inc.^(f)		(112	)		(25,888	)
Novo Nordisk A/S^(f)		(1,390	)		(8,340	)
Neurocrine Biosciences Inc.^(f)		(1,056	)		(143,679	)
Repligen Corp.^(f)		(451	)		(67,366	)
Revolution Medicines Inc.^(f)		(2,764	)		(267,970	)
Sanofi of France^(f)(j)		(5,225	)		-
Scholar Rock Holding Corp.^(f)		(1,360	)		(60,302	)
Sharps Technology Inc.^(f)		(16,422	)		(33,994	)
Stryker Corp.		(37	)		(13,674	)
Travere Therapeutics Inc.^(f)		(958	)		(29,784	)
Tempus AI Inc.^(f)		(155	)		(9,272	)
Tenet Healthcare Corp.^(f)		(76	)		(14,385	)
The Ensign Group, Inc.		(13	)		(2,232	)
uniQure NV^(f)		(1,519	)		(34,512	)
Vertex Pharmaceuticals Inc.^(f)		(282	)		(132,512	)
					(2,988,575	)

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Shares			Fair Value
Industrials - (1.60%)

AAON Inc.^(f)		(743	)	$	(67,658	)
Advanced Drainage Systems Inc.		(531	)		(80,733	)
Alight, Inc.		(123,945	)		(189,636	)
Brambles Ltd.^(f)		(2,147	)		(33,489	)
Clarivate PLC^(f)		(16,728	)		(44,329	)
Clean Harbors Inc.^(f)		(249	)		(64,718	)
CNH Industrial NV^(f)		(66,207	)		(712,387	)
Eaton Corporation plc		(13	)		(4,568	)
Equifax Inc.		(1,130	)		(227,582	)
Exponent Inc.		(2,691	)		(193,402	)
First Advantage Corp.^(f)		(395	)		(5,332	)
GE Vernova Inc.		(73	)		(53,025	)
Generac Holdings, Inc.^(f)		(239	)		(40,162	)
Graco Inc.		(3,732	)		(325,916	)
Hubbell Inc.		(108	)		(52,698	)
IDEX Corp.		(1,126	)		(223,567	)
Infomart Corp.		(17,167	)		(50,139	)
Iveco Group NV^(f)		(11,729	)		(262,350	)
Leonardo DRS Inc.		(502	)		(20,612	)
MonotaRO Co Ltd.		(8,162	)		(110,305	)
nVent Electric plc		(716	)		(80,378	)
Paycom Software Inc.		(1,037	)		(139,736	)
Pentair plc		(448	)		(47,206	)
Rollins Inc.		(5,063	)		(320,690	)
Trex Co Inc.^(f)		(811	)		(33,592	)
Union Pacific Corp.		(62	)		(14,576	)
Valmont Industries Inc.		(73	)		(32,526	)
Veralto Corp.		(502	)		(49,688	)
Verisk Analytics Inc.		(1,348	)		(293,136	)
Vertiv Holdings Co		(334	)		(62,184	)
Vicor Corp.^(f)		(332	)		(52,346	)
Waste Connections Inc.		(672	)		(112,424	)
Watsco Inc.		(68	)		(26,279	)
Watts Water Technologies Inc.		(178	)		(53,277	)
Xylem Inc.		(616	)		(84,928	)
					(4,165,574	)
Information Technology - (1.22%)

Accenture plc^(f)		(66	)		(17,400	)
Amphenol Corp.		(844	)		(121,604	)
AppLovin Corp.^(f)		(18	)		(8,516	)
Arlo Technologies Inc.^(f)		(1,894	)		(24,035	)
Astera Labs Inc.^(f)		(280	)		(42,174	)
Aurora Innovation Inc.^(f)		(3,708	)		(15,574	)
AvePoint Inc.^(f)		(1,098	)		(12,770	)
Bentley Systems Inc.		(1,221	)		(42,882	)
Broadcom Inc.^(f)		(415	)		(137,490	)
Celestica Inc.^(f)		(1,070	)		(300,661	)
CEVA Inc.^(f)		(502	)		(10,587	)
Ciena Corp.^(f)		(389	)		(97,954	)

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Shares			Fair Value
Coherent Corp.^(f)		(259	)	$	(54,955	)
Corning Inc.		(712	)		(73,514	)
Credo Technology Group Holding Ltd.^(f)		(535	)		(67,025	)
CyberArk Software Ltd.^(f)		(98	)		(42,221	)
Dell Technologies Inc.		(42	)		(4,806	)
Dynatrace Inc.^(f)		(378	)		(14,398	)
Elastic NV^(f)		(206	)		(13,582	)
Globant SA^(f)		(319	)		(21,335	)
GMO internet group Inc.^(f)		(2,131	)		(53,027	)
Harmonic Inc.^(f)		(1,230	)		(11,956	)
JFrog Ltd.^(f)		(777	)		(42,580	)
Kulicke & Soffa Industries Inc.		(351	)		(20,123	)
Littelfuse Inc.		(308	)		(99,718	)
Marvell Technology Inc.^(f)		(627	)		(49,483	)
Micron Technology Inc.^(f)		(533	)		(221,131	)
monday.com Ltd.^(f)		(159	)		(18,245	)
Money Forward Inc.^(f)		(2,141	)		(53,995	)
Oracle Corp.		(330	)		(54,311	)
PTC Inc.^(f)		(422	)		(65,887	)
Pure Storage Inc.^(f)		(283	)		(19,680	)
Radware Ltd.^(f)		(1,229	)		(29,680	)
Qualys Inc.^(f)		(1,964	)		(259,052	)
Red Violet Inc.^(f)		(311	)		(14,144	)
Sabre Corp.^(f)		(71,707	)		(93,219	)
Samsara Inc.^(f)		(711	)		(19,944	)
Seagate Technology Holdings PLC^(f)		(322	)		(131,276	)
SiTime Corp.^(f)		(97	)		(35,222	)
Super Micro Computer Inc.^(f)		(1,108	)		(32,254	)
Synopsys Inc.^(f)		(253	)		(117,674	)
Trimble Inc.^(f)		(1,200	)		(81,120	)
VeriSign Inc.		(2,004	)		(489,437	)
WingArc1st Inc.		(1,896	)		(39,939	)
					(3,176,580	)
Materials - (0.21%)

Ashland Inc.		(1,053	)		(64,401	)
Critical Metals Corp.^(f)		(29,701	)		(391,162	)
Graphic Packaging Holding Company		(418	)		(6,124	)
International Flavors & Fragrances Inc.		(569	)		(39,722	)
Teck Resources Ltd.		(895	)		(48,115	)
					(549,524	)
Real Estate - (0.02%)

CoStar Group Inc.^(f)		(81	)		(4,982	)
Iron Mountain Inc.^(f)		(400	)		(36,852	)
Prologis Inc.		(34	)		(4,439	)
					(46,273	)

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Shares			Fair Value
Technology - (0.95%)

Arista Networks, Inc.^(f)		(608	)	$	(86,178	)
Advanced Micro Devices, Inc.^(f)		(628	)		(148,666	)
Cloudflare, Inc.^(f)		(560	)		(99,316	)
Crowdstrike Holdings Inc.^(f)		(108	)		(47,672	)
Descartes Systems Group, Inc.^(f)		(378	)		(28,230	)
Doximity Inc.^(f)		(2,562	)		(95,998	)
Fabrinet.^(f)		(456	)		(223,185	)
KLA CORP.		(102	)		(145,650	)
Lam Research Corp.^(f)		(291	)		(67,937	)
Lumentum Holdings Inc.^(f)		(421	)		(164,965	)
Microsoft Corp.^(f)		(544	)		(234,078	)
MongoDB Inc.^(f)		(92	)		(34,162	)
Monolithic Power Systems Inc.		(128	)		(143,891	)
NVIDIA Corp.		(3,981	)		(760,889	)
Pegasystems Inc.		(1,022	)		(44,651	)
Salesforce Inc.		(83	)		(17,620	)
Shopify Inc.^(f)		(387	)		(50,750	)
Snowflake Inc.^(f)		(505	)		(97,314	)
SPS Commerce Inc.^(f)		(66	)		(5,891	)
Varonis Systems Inc.^(f)		(652	)		(19,456	)
					(2,516,499	)
Utilities - (0.11%)

AES Corp.		(1,388	)		(20,334	)
Alliant Energy Corp.		(365	)		(24,057	)
Boralex Inc.		(2,617	)		(48,529	)
DTE Energy Co.		(178	)		(23,919	)
Northland Power Inc.		(3,345	)		(46,109	)
Ormat Technologies Inc.		(978	)		(122,190	)
Vistra Corp.		(87	)		(13,775	)
Xcel Energy, Inc.		(97	)		(7,378	)
					(306,291	)

TOTAL COMMON STOCK					(21,925,073	)
(Proceeds $22,848,280)

	Shares			Fair Value
CLOSED END FUNDS - (0.00%)^(d)
Fixed Income - (0.00%)^(d)

Nuveen Municipal High Income Opportunity Fund		(769	)		(8,012	)
					(8,012	)

TOTAL CLOSED END FUNDS					(8,012	)
(Proceeds $8,047)

	Shares			Fair Value
EXCHANGE TRADED FUNDS - (13.15%)
Alternative - (2.74%)
Grayscale Bitcoin Trust BTC^(f)(g)		(109,421	)		(7,152,851	)
					(7,152,851	)

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

	Shares			Fair Value
Equity - (8.66%)
Invesco S&P 500 Equal Weight ETF		(4,136	)	$	(819,259	)
iShares Biotechnology ETF		(17,959	)		(3,096,670	)
iShares Global Infrastructure ETF^(f)		(7,524	)		(484,621	)
iShares MSCI ACWI ETF		(10,261	)		(1,492,976	)
iShares Russell 1000 Value ETF		(96	)		(21,107	)
iShares Russell 2000 ETF		(152	)		(39,467	)
State Street SPDR S&P Biotech ETF^(f)		(2,000	)		(249,500	)
State Street Energy Select Sector SPDR ETF		(8,974	)		(458,123	)
State Street Health Care Select Sector SPDR ETF		(159	)		(24,604	)
State Street Materials Select Sector SPDR ETF		(1,714	)		(84,449	)
State Street Utilities Select Sector SPDR ETF		(3,387	)		(146,488	)
Vanguard FTSE Developed Markets ETF		(78,399	)		(5,190,014	)
Vanguard FTSE Emerging Markets ETF		(95,064	)		(5,368,265	)
Vanguard Total Stock Market ETF		(15,018	)		(5,114,680	)
					(22,590,223	)
Real Estate - (1.75%)

Vanguard Real Estate ETF		(50,256	)		(4,563,245	)
					(4,563,245	)

TOTAL EXCHANGE TRADED FUNDS					(34,306,319	)
(Proceeds $32,831,229)

	Shares			Fair Value
PREFERRED STOCK - (0.04%)
Information Technology - (0.04%)

Strategy Inc. Non-Cumulative Preferred Series A^(f)		(1,069	)		(77,866	)

TOTAL PREFERRED STOCK					(77,866	)
(Proceeds $82,416)

Total Securities Sold Short - (63.10%)					(164,664,421	)
(Proceeds $163,816,311)

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (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 $17,213,207, which represented approximately 6.60% of net assets as of January 31, 2026. 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 January 31, 2026, the aggregate market value of those securities was -$316,209, which represents approximately -0.12% 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⁾

The security is a floating rate note which has an annual interest rate, reset monthly, that is calculated by taking the product of a leverage multiplier and (USISDA30 - USISDA02).

^(j)

At January 31, 2026, the value of these investments amounted to $0, representing 0.0% of the net assets of the Fund.

^(k)

At January 31, 2026, 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 January 31, 2026 was 1.926%

OBFR - United States Overnight Bank Funding Rate as of January 31, 2026 was 3.630%

TSFR1M - CME Term SOFR 1 Month as of January 31, 2026 was 3.669%

TSFR3M - CME Term SOFR 3 Month as of January 31, 2026 was 3.660%

TSFR6M - CME Term SOFR 6 Month as of January 31, 2026 was 3.616%

SONIA - Sterling Overnight Index Average as of January 31, 2026 was 3.725%

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 | January 31, 2026

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

SIMPLE AGREEMENT FOR FUTURE EQUITY (SAFE) CONTRACTS

	Cost		Fair Value
AEYE Health Inc.^(a)	$	224,992	$	243,643
BeeHero Ltd.^(a)		178,159		207,377
G-ILS Transportation Ltd.^(a)		2,000,000		1,401,500
Nemo Enterprises, Inc.^(a)		64,450		64,450
Quantalx Neuroscience Ltd. 2^(a)		327,670		327,173
Real View Imaging Ltd. 2^(a)		131,070		130,863
	$	2,926,341	$	2,375,006

^(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	04/02/2026	AUD	$	2,227,935	USD	$	2,147,528	$	80,407
JPM	02/09/2026	CAD		293,836	USD		290,445		3,391
JPM	03/20/2026	GBP		23,132,052	USD		22,672,749		459,303
								$	543,101

Counterparty	Settlement Date	Fund Receiving	Value		Fund Delivering	Cost		Unrealized Depreciation
JPM	03/20/2026	GBP	$	957,789	USD	$	964,951	$	(7,162	)
JPM	04/02/2026	USD		6,425,174	AUD		6,676,844		(251,670	)
JPM	04/02/2026	USD		510,657	CHF		520,807		(10,150	)
JPM	03/20/2026	USD		14,032,237	EUR		14,100,327		(68,090	)
JPM	03/20/2026	USD		4,032,791	GBP		4,104,809		(72,018	)
JPM	04/02/2026	USD		1,555,551	JPY		1,571,364		(15,813	)
JPM	04/02/2026	USD		2,833,001	SEK		2,927,850		(94,849	)
								$	(519,752	)
								$	23,349

FUTURES CONTRACTS

Description	Number of Contracts	Maturity Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long Position Contracts
AUDUSD Crncy Fut Mar26	92	03/16/2026	$	6,114,228	$	300,012
BP CURRENCY FUT Mar26	23	03/16/2026		1,914,542		54,401
CHF CURRENCY FUT Mar26	7	03/16/2026		1,101,320		37,492
					$	391,905

Short Position Contracts
EURO/GBP FUTURE Mar26	(6)	03/16/2026	$	881,310	$	9,778
FTSE 100 IDX FUT Mar26	(1)	03/20/2026		130,842		(5,470	)
FTSE 250 Index FU Mar26	(100)	03/20/2026		5,926,731		(303,471	)
LONG GILT FUTURE Mar26	(7)	03/27/2026		831,851		(1,748	)
					$	(300,911	)
					$	90,994

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (Unaudited)

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

Counterparty	Description	Maturity Date	Notional Amount		Net Unrealized Depreciation
MSCO	FNCL 5.5 3/26 TBA MSFTA	03/10/2026	$	117,161,000	$	(13,730	)
					$	(13,730	)

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
Buy	Caesars Entertainment Inc.		(5.00	)%	USD	12/20/2029	$	493,000	$	(50,497	)	$	72,190	$	21,693
Sell	CSC Holdings Ltd.		5.00	%	USD	06/20/2028		242,000		(85,333	)		90,145		4,812
Sell	Oracle Corp.		1.00	%	USD	12/20/2030		1,487,000		(33,623	)		27,507		(6,116	)
Sell	Oracle Corp.		1.00	%	USD	12/20/2028		2,966,000		(8,800	)		14,602		5,802
Buy	RR Donnelley & Sons Co.		(5.00	)%	USD	06/20/2029		2,578,000		(78,224	)		237,101		158,877
									$	(256,477	)	$	441,545	$	185,068

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	$	105,001,355	$	(8,882,321	)	$	7,346,948		$	(1,535,373	)
Sell	Markit CDX High Yield Index, Series 44		5.00	%	USD	06/20/2028		174,352,860		16,008,808			(13,059,442	)		2,949,366
Sell	Markit CDX High Yield Index, Series 45		5.00	%	USD	06/20/2028		9,672,300		865,743			(670,774	)		194,969
									$	7,992,230		$	(6,383,268	)	$	1,608,962

SINGLE NAME CREDIT DEFAULT SWAP CONTRACTS (OVER THE COUNTER)

Buy/Sell Protection^(a)	Counterparty	Reference Obligations	Annual Payment Rate Received (Paid)			Currency	Maturity Date	Notional Amount (b)		Fair Value			Upfront Premiums Received/(Paid)			Unrealized Appreciation/ (Depreciation)
Sell	GSI	Cigna Holding Co.		1.00	%	USD	12/20/2030	$	1,865,000	$	41,503		$	(35,736	)	$	5,767
Buy	MSCS2	Cigna Holding Co.		(1.00	)%	USD	12/20/2030		1,511,000		33,625			(28,432	)		5,193
Buy	MSCS	Google		(1.00	)%	USD	12/20/2030		344,000		10,385			(9,969	)		416
Buy	GSI	Google, LLC		(1.00	)%	USD	12/20/2030		18,746,000		565,933			(545,504	)		20,429
Buy	GSI	Meta Platforms, Inc.		(1.00	)%	USD	12/20/2030		212,000		4,351			(4,919	)		(568	)
Buy	MSCS2	Meta Platforms, Inc.		(1.00	)%	USD	12/20/2030		6,540,000		134,210			(119,998	)		14,212
Buy	GSI	NVIDIA Corp.		(1.00	)%	USD	12/20/2030		1,639,000		46,503			(43,999	)		2,504
Buy	GSI	Oracle Corp.		(1.00	)%	USD	12/20/2030		10,073,000		(227,767	)		55,118			(172,649	)
Buy	JPM	Oracle Corp.		(1.00	)%	USD	12/20/2030		7,553,000		(170,785	)		(38,081	)		(208,866	)
										$	437,958		$	(771,520	)	$	(333,562	)

^(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.

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (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

abrdn Diversified Income and Growth Trust PLC

GBP

953,690

10/15/2026

SONIA

35 bps

957,146

3,456

JPM

abrdn Asia Focus PLC

GBP

38,277

10/15/2026

SONIA

35 bps

35,966

(2,311

)

JPM

abrdn Diversified Income and Growth Trust PLC

GBP

600,050

10/15/2026

SONIA

35 bps

602,380

2,330

JPM

abrdn New India Investment Trust PLC

EUR

2,354,913

10/15/2026

SONIA

35 bps

2,346,318

(8,595

)

JPM

abrdn UK Smaller Cos Growth Trust PLC

GBP

448,706

10/15/2026

SONIA

35 bps

511,716

63,010

JPM

Aquila European Renewables PLC

EUR

6,475

02/15/2027

ESTRON

40 bps

4,764

(1,711

)

JPM

Baillie Gifford Japan Trust PLC

GBP

341,186

10/15/2026

SONIA

35 bps

334,889

(6,297

)

JPM

Baillie Gifford UK Growth Trust PLC

GBP

56,644

10/15/2026

SONIA

35 bps

56,372

(272

)

JPM

BB Biotech AG

CHF

1,840,624

10/15/2026

SARON

35 bps

1,773,657

(66,967

)

JPM

BlackRock Smaller Companies Trust PLC

GBP

2,816,657

10/15/2026

SONIA

35 bps

2,905,604

88,947

JPM

BlackRock Throgmorton Trust PLC

GBP

1,271,080

10/15/2026

SONIA

35 bps

1,317,191

46,111

JPM

Brown Advisory US Smaller Companies PLC

GBP

952,065

10/15/2026

SONIA

35 bps

930,120

(21,945

)

JPM

Cannae Holdings, Inc.

USD

1,789,700

10/15/2026

OBFR

35 bps

1,585,100

(204,600

)

JPM

Ecofin Global Utilities/Infrastructure Trust

GBP

798,458

10/15/2026

SONIA

35 bps

815,519

17,061

JPM

Edenred SE

EUR

3,003,207

10/15/2026

ESTRON

35 bps

2,998,117

(5,090

)

JPM

GCP Infrastructure Investments, Ltd.

GBP

10,182

02/15/2027

SONIA

35 bps

10,458

276

JPM

Global Opportunities Trust PLC

GBP

1,741

10/15/2026

SONIA

35 bps

1,721

(20

)

JPM

Grainger PLC

GBP

113,774

02/15/2027

SONIA

35 bps

114,246

472

JPM

Gresham House Energy Storage Fund PLC

GBP

79,393

10/15/2026

SONIA

35 bps

76,257

(3,136

)

JPM

HarbourVest Global Private Equity, Ltd.

GBP

332,398

10/15/2026

SONIA

35 bps

331,341

(1,057

)

JPM

HBM Healthcare Investments AG

CHF

1,090,478

10/15/2026

SARON

35 bps

1,123,239

32,761

JPM

Hearts and Minds Investments, Ltd.

AUD

2,214,392

12/15/2026

RBACOR

45 bps

2,186,538

(27,854

)

JPM

Henderson Smaller Companies Inv Trust PLC

GBP

1,880,617

10/15/2026

SONIA

35 bps

1,965,139

84,522

JPM

Herald Investment Trust PLC

GBP

2,326,397

10/15/2026

SONIA

35 bps

2,281,399

(44,998

)

JPM

Impax Environmental Markets PLC

GBP

3,134,633

10/15/2026

SONIA

35 bps

3,189,081

54,448

JPM

Invesco Perpetual UK Smaller Companies Investment Trust PLC

USD

305,807

10/15/2026

SONIA

35 bps

313,940

8,133

JPM

IP Group PLC

GBP

1,235,881

10/15/2026

SONIA

35 bps

1,274,637

38,756

JPM

Life Science Reit PLC

GBP

71,962

10/15/2026

SONIA

35 bps

81,254

9,292

JPM

Malibu Life Holdings, Ltd.

USD

180,837

10/15/2026

OBFR

40 bps

175,342

(5,495

)

JPM

Mercantile Investment Trust PLC

GBP

2,798,486

10/15/2026

SONIA

35 bps

2,857,233

58,747

JPM

Molten Ventures PLC

GBP

1,256,393

10/15/2026

SONIA

35 bps

1,238,007

(18,386

)

JPM

Pantheon International PLC

GBP

220,934

10/15/2026

SONIA

35 bps

216,906

(4,028

)

JPM

Partners Group Private Equity, Ltd.

EUR

410,603

10/15/2026

ESTRON

40 bps

400,779

(9,824

)

JPM

Pengana International Equities, Ltd.

AUD

551,509

11/16/2026

RBACOR

45 bps

534,797

(16,712

)

JPM

Polar Capital Technology Trust PLC

GBP

4,668,678

10/15/2026

SONIA

35 bps

4,784,192

115,514

JPM

PRS REIT PLC

GBP

84,461

10/15/2026

SONIA

35 bps

84,163

(298

)

JPM

RIT Capital Partners PLC

GBP

1,956,052

10/15/2026

SONIA

35 bps

1,934,024

(22,028

)

JPM

Invesco Perpetual UK Smaller Companies Investment Trust PLC

GBP

522,031

10/15/2026

SONIA

35 bps

582,624

60,593

JPM

RM Infrastructure Income PLC

GBP

215,493

10/15/2026

SONIA

35 bps

212,072

(3,421

)

JPM

Schroder AsiaPacific Fund PLC

GBP

3,589

10/15/2026

SONIA

35 bps

3,609

JPM

Schroder UK Mid Cap Fund PLC

GBP

1,559,808

10/15/2026

SONIA

35 bps

1,594,279

34,471

JPM

Scottish American Investment Co. PLC

GBP

119,816

10/15/2026

SONIA

35 bps

119,125

(691

)

JPM

Scottish Oriental Smaller Companies Trust PLC

GBP

31,010

10/15/2026

SONIA

35 bps

30,785

(225

)

JPM

SDCL Efficiency Income Trust PLC

GBP

2,606,345

10/15/2026

SONIA

35 bps

2,525,371

(80,974

)

JPM

Smithson Investment Trust PLC

GBP

8,666,290

10/15/2026

SONIA

35 bps

8,290,935

(375,355

)

JPM

Syncona, Ltd.

GBP

1,126,079

10/15/2026

SONIA

35 bps

1,110,266

(15,813

)

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (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)

Long Position Contracts

JPM

The Gore Street Energy Storage Fund PLC

GBP

325,063

10/15/2026

SONIA

35 bps

329,316

4,253

JPM

The Renewables Infrastructure Group, Ltd.

GBP

202,754

02/15/2027

SONIA

35 bps

202,163

(591

)

JPM

Utilico Emerging Markets Trust PLC

GBP

454,810

10/15/2026

SONIA

35 bps

471,170

16,360

JPM

VEF AB

SEK

31,936

10/15/2026

STIBOR

35 bps

31,045

(891

)

JPM

Vietnam Enterprise Investments, Ltd.

GBP

26,665

10/15/2026

SONIA

35 bps

25,376

(1,289

)

JPM

VinaCapital Vietnam Opportunity Fund, Ltd.

GBP

467,624

10/15/2026

SONIA

35 bps

451,363

(16,261

)

JPM

Vivendi SE

EUR

1,032,382

01/15/2027

ESTRON

35 bps

1,014,285

(18,097

)

JPM

VPC Specialty Lending Investments PLC

GBP

163,186

10/15/2026

SONIA

35 bps

158,751

(4,435

)

JPM

Weibo Corp.

USD

1,998,000

10/15/2026

OBFR

35 bps

1,904,400

(93,600

)

JPM

Workspace Group PLC

GBP

1,501,496

10/15/2026

SONIA

35 bps

1,562,972

61,476

Total Long Position Contracts

62,969,459

(282,258

)

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		(71,000	)	10/15/2026	SONIA	(30) bps		(77,675	)		(6,675	)
JPM	4imprint Group PLC	GBP		(112,720	)	10/15/2026	SONIA	(30) bps		(108,084	)		4,636
JPM	Aalberts NV	EUR		(49,287	)	10/15/2026	ESTRON	(30) bps		(56,214	)		(6,927	)
JPM	AddTech AB	SEK		(136,553	)	10/15/2026	STIBOR	(35) bps		(124,873	)		11,680
JPM	Advanced Medical Solutions Group PLC	GBP		(30,313	)	02/15/2027	SONIA	(30) bps		(29,426	)		887
JPM	Air Liquide SA	EUR		(104,105	)	12/15/2026	ESTRON	(30) bps		(104,091	)		14
JPM	AJ Bell PLC	GBP		(40,018	)	10/15/2026	SONIA	(30) bps		(41,156	)		(1,138	)
JPM	Alfa Financial Software Holdings PLC	GBP		(78,061	)	10/15/2026	SONIA	(30) bps		(78,979	)		(918	)
JPM	Ambu A/S	DKK		(257,212	)	10/15/2026	CIBOR	(35) bps		(240,536	)		16,676
JPM	Argenx SE	EUR		(302,386	)	10/15/2026	ESTRON	(30) bps		(305,336	)		(2,950	)
JPM	Ashtead Group PLC	GBP		(32,563	)	02/15/2027	SONIA	(30) bps		(28,347	)		4,216
JPM	Ashtead Technology Holdings plc	GBP		(22,685	)	10/15/2026	SONIA	(315) bps		(28,208	)		(5,523	)
JPM	Atlas Copco AB	SEK		(6,598	)	10/15/2026	STIBOR	(35) bps		(6,684	)		(86	)
JPM	Auction Technology Group PLC	GBP		(18,131	)	10/15/2026	SONIA	(30) bps		(17,674	)		457
JPM	Avon Technologies PLC	GBP		(35,002	)	02/15/2027	SONIA	(30) bps		(30,913	)		4,089
JPM	Babcock International Group PLC	GBP		(98,097	)	10/15/2026	SONIA	(30) bps		(93,721	)		4,376
JPM	Balfour Beatty PLC	GBP		(135,308	)	10/15/2026	SONIA	(30) bps		(135,783	)		(475	)
JPM	Bankers Investment Trust PLC	GBP		(132,708	)	10/15/2026	SONIA	(30) bps		(118,887	)		13,821
JPM	Barclays PLC	GBP		(19,942	)	12/15/2026	SONIA	(30) bps		(20,311	)		(369	)
JPM	BE Semiconductor Industries NV	EUR		(87,204	)	10/15/2026	ESTRON	(30) bps		(85,796	)		1,408
JPM	Beazley PLC	GBP		(43,624	)	10/15/2026	SONIA	(30) bps		(60,386	)		(16,762	)
JPM	Bellway PLC	GBP		(170,779	)	10/15/2026	SONIA	(30) bps		(169,655	)		1,124
JPM	Bloomsbury Publishing PLC	GBP		(106,190	)	10/15/2026	SONIA	(30) bps		(108,818	)		(2,628	)
JPM	Bodycote PLC TRS	GBP		(63,843	)	12/15/2026	SONIA	(30) bps		(64,317	)		(474	)
JPM	Borregaard ASA	NOK		(61,488	)	02/15/2027	NIBOR	(35) bps		(60,612	)		876
JPM	Breedon Group PLC	GBP		(33,226	)	02/15/2027	SONIA	(30) bps		(34,035	)		(809	)
JPM	BT Group PLC	GBP		(18,180	)	10/15/2026	SONIA	(30) bps		(19,284	)		(1,104	)
JPM	Bytes Technology Group PLC	GBP		(9,894	)	10/15/2026	SONIA	(55) bps		(9,049	)		845
JPM	Cairn Homes PLC	GBP		(43,797	)	10/15/2026	SONIA	(30) bps		(43,992	)		(195	)
JPM	Central Asia Metals PLC	GBP		(32,493	)	10/15/2026	SONIA	(30) bps		(37,841	)		(5,348	)
JPM	Chemring Group PLC	GBP		(207,765	)	10/15/2026	SONIA	(30) bps		(188,654	)		19,111

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (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	Clarkson PLC	GBP		(26,292	)	10/15/2026	SONIA	(30) bps	$	(26,545	)	$	(253	)
JPM	Cohort PLC	GBP		(101,160	)	02/15/2027	SONIA	(200) bps		(102,225	)		(1,065	)
JPM	Computacenter PLC	GBP		(78,660	)	10/15/2026	SONIA	(30) bps		(82,789	)		(4,129	)
JPM	Costain Group PLC	GBP		(39,610	)	02/15/2027	SONIA	(30) bps		(43,709	)		(4,099	)
JPM	Craneware PLC	GBP		(82,743	)	02/15/2027	SONIA	(30) bps		(70,206	)		12,537
JPM	Cranswick PLC	GBP		(174,280	)	10/15/2026	SONIA	(30) bps		(186,703	)		(12,423	)
JPM	Croda International PLC	GBP		(205,888	)	10/15/2026	SONIA	(30) bps		(206,874	)		(986	)
JPM	CVS Group PLC	GBP		(68,983	)	10/15/2026	SONIA	(30) bps		(67,033	)		1,950
JPM	Delivery Hero SE	EUR		(14,157	)	10/15/2026	ESTRON	(30) bps		(13,232	)		925
JPM	DFS Furniture PLC	GBP		(43,335	)	02/15/2027	SONIA	(30) bps		(46,651	)		(3,316	)
JPM	Diploma PLC	GBP		(897,306	)	10/15/2026	SONIA	(30) bps		(852,440	)		44,866
JPM	DiscoverIE Group PLC	GBP		(124,228	)	10/15/2026	SONIA	(30) bps		(132,593	)		(8,365	)
JPM	DSM-Firmenich AG	EUR		(78,904	)	10/15/2026	ESTRON	(30) bps		(78,078	)		826
JPM	Dunelm Group PLC	GBP		(104,829	)	10/15/2026	SONIA	(30) bps		(83,144	)		21,685
JPM	EDP Renovaveis SA	EUR		(64,155	)	10/15/2026	ESTRON	(30) bps		(64,256	)		(101	)
JPM	Elementis PLC	GBP		(54,939	)	10/15/2026	SONIA	(30) bps		(52,847	)		2,092
JPM	Enav SpA	EUR		(37,164	)	10/15/2026	ESTRON	(30) bps		(38,856	)		(1,692	)
JPM	Enel SpA	EUR		(19,576	)	10/15/2026	ESTRON	(30) bps		(19,871	)		(295	)
JPM	Entain PLC	GBP		(14,126	)	10/15/2026	SONIA	(30) bps		(11,772	)		2,354
JPM	Eurofins Scientific SE	EUR		(103,401	)	10/15/2026	ESTRON	(30) bps		(96,359	)		7,042
JPM	Everplay Group PLC	GBP		(56,873	)	02/15/2027	SONIA	(30) bps		(56,187	)		686
JPM	FBD Holdings PLC	EUR		(7,038	)	02/15/2027	ESTRON	(30) bps		(7,239	)		(201	)
JPM	Ferrovial SE	EUR		(26,236	)	10/15/2026	ESTRON	(30) bps		(25,819	)		417
JPM	Fevertree Drinks PLC	GBP		(37,779	)	10/15/2026	SONIA	(30) bps		(39,080	)		(1,301	)
JPM	Future PLC	GBP		(48,319	)	10/15/2026	SONIA	(30) bps		(49,933	)		(1,614	)
JPM	Games Workshop Group PLC	GBP		(274,846	)	10/15/2026	SONIA	(30) bps		(251,267	)		23,579
JPM	Gamma Communications PLC	GBP		(36,802	)	10/15/2026	SONIA	(30) bps		(36,481	)		321
JPM	GB Group PLC	GBP		(65,424	)	10/15/2026	SONIA	(30) bps		(66,252	)		(828	)
JPM	Geberit AG	CHF		(464,719	)	10/15/2026	SARON	(35) bps		(432,447	)		32,272
JPM	Genuit Group PLC	GBP		(56,139	)	10/15/2026	SONIA	(30) bps		(58,059	)		(1,920	)
JPM	Genus PLC	GBP		(50,829	)	12/15/2026	SONIA	(30) bps		(63,865	)		(13,036	)
JPM	GlobalData PLC	GBP		(48,856	)	10/15/2026	SONIA	(30) bps		(43,888	)		4,968
JPM	Grafton Group PLC	GBP		(75,605	)	10/15/2026	SONIA	(30) bps		(76,077	)		(472	)
JPM	Great Portland Estates PLC	GBP		(63,806	)	12/15/2026	SONIA	(30) bps		(72,977	)		(9,171	)
JPM	Greencore Group PLC	GBP		(85,249	)	12/15/2026	SONIA	(30) bps		(95,104	)		(9,855	)
JPM	Halma PLC	GBP		(380,202	)	10/15/2026	SONIA	(30) bps		(370,786	)		9,416
JPM	Hermes International SCA	EUR		(21,223	)	10/15/2026	ESTRON	(30) bps		(19,241	)		1,982
JPM	Hill & Smith PLC	GBP		(130,851	)	10/15/2026	SONIA	(30) bps		(127,701	)		3,150
JPM	Hilton Food Group PLC	GBP		(30,239	)	10/15/2026	SONIA	(30) bps		(28,799	)		1,440
JPM	HMS Networks AB	SEK		(223,658	)	10/15/2026	STIBOR	(35) bps		(227,861	)		(4,203	)
JPM	Hochschild Mining PLC	GBP		(36,885	)	02/15/2027	SONIA	(30) bps		(43,706	)		(6,821	)
JPM	Hollywood Bowl Group PLC	GBP		(82,544	)	10/15/2026	SONIA	(30) bps		(77,320	)		5,224
JPM	Hunting PLC	GBP		(48,539	)	10/15/2026	SONIA	(30) bps		(53,973	)		(5,434	)
JPM	IG Group Holdings PLC	GBP		(45,714	)	11/16/2026	SONIA	(30) bps		(47,360	)		(1,646	)
JPM	IMI PLC	GBP		(61,459	)	10/15/2026	SONIA	(30) bps		(64,741	)		(3,282	)
JPM	Inchcape PLC	GBP		(49,830	)	11/16/2026	SONIA	(30) bps		(51,829	)		(1,999	)
JPM	Inficon Holding AG	CHF		(161,053	)	10/15/2026	SARON	(35) bps		(186,066	)		(25,013	)

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (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	IntegraFin Holdings PLC	GBP		(179,641	)	10/15/2026	SONIA	(30) bps	$	(185,444	)	$	(5,803	)
JPM	International Workplace Group PLC	GBP		(65,032	)	12/15/2026	SONIA	(30) bps		(68,642	)		(3,610	)
JPM	Iren SpA	EUR		(21,175	)	10/15/2026	ESTRON	(30) bps		(21,558	)		(383	)
JPM	Ithaca Energy PLC	GBP		(56,045	)	10/15/2026	SONIA	(30) bps		(60,528	)		(4,483	)
JPM	JET2 PLC	GBP		(54,636	)	10/15/2026	SONIA	(30) bps		(51,710	)		2,926
JPM	Johnson Service Group PLC	GBP		(27,950	)	10/15/2026	SONIA	(30) bps		(29,024	)		(1,074	)
JPM	JTC PLC	GBP		(77,826	)	10/15/2026	SONIA	(30) bps		(78,067	)		(241	)
JPM	Just Group PLC	GBP		(156,436	)	10/15/2026	SONIA	(85) bps		(156,075	)		361
JPM	Kering SA	EUR		(16,862	)	10/15/2026	ESTRON	(30) bps		(14,403	)		2,459
JPM	Kingspan Group PLC	EUR		(74,595	)	10/15/2026	ESTRON	(30) bps		(76,843	)		(2,248	)
JPM	LondonMetric Property PLC	GBP		(74,776	)	10/15/2026	SONIA	(30) bps		(76,263	)		(1,487	)
JPM	Luceco PLC	GBP		(69,405	)	10/15/2026	SONIA	(30) bps		(83,842	)		(14,437	)
JPM	ME Group International PLC	GBP		(37,468	)	10/15/2026	SONIA	(30) bps		(36,417	)		1,051
JPM	Mears Group PLC	GBP		(29,567	)	02/15/2027	SONIA	(30) bps		(30,956	)		(1,389	)
JPM	Melexis NV	EUR		(128,893	)	10/15/2026	ESTRON	(30) bps		(130,427	)		(1,534	)
JPM	Mitchells & Butlers PLC	GBP		(51,366	)	02/15/2027	SONIA	(30) bps		(48,863	)		2,503
JPM	Mitie Group PLC	GBP		(101,704	)	12/15/2026	SONIA	(30) bps		(102,561	)		(857	)
JPM	Moncler SpA	EUR		(447,437	)	10/15/2026	ESTRON	(30) bps		(411,888	)		35,549
JPM	MONY Group PLC	GBP		(60,039	)	10/15/2026	SONIA	(30) bps		(59,751	)		288
JPM	Moonpig Group PLC	GBP		(68,059	)	10/15/2026	SONIA	(30) bps		(70,525	)		(2,466	)
JPM	Morgan Sindall Group PLC	GBP		(241,798	)	10/15/2026	SONIA	(30) bps		(246,294	)		(4,496	)
JPM	Mortgage Advice Bureau Holdings, Ltd.	GBP		(55,191	)	10/15/2026	SONIA	(30) bps		(61,498	)		(6,307	)
JPM	National Grid PLC	GBP		(82,486	)	10/15/2026	SONIA	(30) bps		(88,279	)		(5,793	)
JPM	Nemetschek SE	EUR		(231,411	)	10/15/2026	ESTRON	(30) bps		(190,566	)		40,845
JPM	Nibe Industrier AB	SEK		(33,755	)	02/15/2027	STIBOR	(35) bps		(31,219	)		2,536
JPM	Nordic Semiconductor ASA	NOK		(46,473	)	02/15/2027	NIBOR	(35) bps		(43,803	)		2,670
JPM	OSB Group PLC	GBP		(100,585	)	10/15/2026	SONIA	(30) bps		(99,284	)		1,301
JPM	Oxford Instruments PLC	GBP		(144,708	)	10/15/2026	SONIA	(30) bps		(165,427	)		(20,719	)
JPM	Pan African Resources PLC	GBP		(54,667	)	02/15/2027	SONIA	(30) bps		(57,816	)		(3,149	)
JPM	Paragon Banking Group PLC	GBP		(221,659	)	10/15/2026	SONIA	(30) bps		(223,929	)		(2,270	)
JPM	PayPoint PLC	GBP		(45,626	)	10/15/2026	SONIA	(30) bps		(52,752	)		(7,126	)
JPM	Plus500, Ltd.	GBP		(68,152	)	11/16/2026	SONIA	(30) bps		(75,179	)		(7,027	)
JPM	Polar Capital Holdings PLC	GBP		(44,026	)	02/15/2027	SONIA	(30) bps		(46,629	)		(2,603	)
JPM	Pollen Street Group, Ltd.	GBP		(12,903	)	02/15/2027	SONIA	(30) bps		(12,875	)		28
JPM	Porvair PLC	GBP		(62,488	)	10/15/2026	SONIA	(30) bps		(60,772	)		1,716
JPM	Premier Foods PLC	GBP		(110,385	)	10/15/2026	SONIA	(30) bps		(124,051	)		(13,666	)
JPM	Prysmian SpA	EUR		(54,409	)	10/15/2026	ESTRON	(30) bps		(63,345	)		(8,936	)
JPM	QinetiQ Group PLC	GBP		(77,616	)	10/15/2026	SONIA	(30) bps		(77,461	)		155
JPM	Rational AG	EUR		(429,012	)	10/15/2026	ESTRON	(30) bps		(429,963	)		(951	)
JPM	RaySearch Laboratories AB	SEK		(31,787	)	02/15/2027	STIBOR	(35) bps		(28,186	)		3,601
JPM	Recordati Industria Chimica e Farmaceutica SpA	EUR		(348,241	)	10/15/2026	ESTRON	(30) bps		(336,057	)		12,184
JPM	Reply SpA	EUR		(127,271	)	10/15/2026	ESTRON	(30) bps		(121,441	)		5,830
JPM	Rotork PLC	GBP		(84,125	)	11/16/2026	SONIA	(30) bps		(88,796	)		(4,671	)
JPM	RWE AG	EUR		(39,749	)	10/15/2026	ESTRON	(30) bps		(44,091	)		(4,342	)

Quarterly Report | January 31, 2026

Saba Capital Income & Opportunities Fund II	Consolidated Schedule of Investments
January 31, 2026 (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	Sabre Insurance Group PLC	GBP		(23,945	)	10/15/2026	SONIA	(30) bps	$	(23,835	)	$	110
JPM	Safestore Holdings PLC	GBP		(73,535	)	02/15/2027	SONIA	(30) bps		(79,236	)		(5,701	)
JPM	Savills PLC	GBP		(33,292	)	02/15/2027	SONIA	(30) bps		(35,254	)		(1,962	)
JPM	Serco Group PLC	GBP		(262,982	)	10/15/2026	SONIA	(30) bps		(271,675	)		(8,693	)
JPM	Serica Energy PLC	GBP		(27,753	)	10/15/2026	SONIA	(30) bps		(30,599	)		(2,846	)
JPM	SGS SA	CHF		(6,288	)	10/15/2026	SARON	(35) bps		(6,122	)		166
JPM	Siemens Energy AG	EUR		(34,919	)	02/15/2027	ESTRON	(30) bps		(38,723	)		(3,804	)
JPM	SigmaRoc PLC	GBP		(205,863	)	10/15/2026	SONIA	(120) bps		(224,379	)		(18,516	)
JPM	Sirius Real Estate, Ltd.	GBP		(71,936	)	10/15/2026	SONIA	(30) bps		(71,283	)		653
JPM	Snam SpA	EUR		(24,395	)	10/15/2026	ESTRON	(30) bps		(24,694	)		(299	)
JPM	Softcat PLC	GBP		(68,024	)	11/16/2026	SONIA	(30) bps		(66,490	)		1,534
JPM	Spirax Group PLC	GBP		(417,650	)	10/15/2026	SONIA	(30) bps		(432,534	)		(14,884	)
JPM	SSE PLC	GBP		(34,935	)	10/15/2026	SONIA	(30) bps		(37,615	)		(2,680	)
JPM	Sword Group	EUR		(13,883	)	10/15/2026	ESTRON	(190) bps		(13,585	)		298
JPM	TBC Bank Group PLC	GBP		(38,352	)	12/15/2026	SONIA	(30) bps		(41,581	)		(3,229	)
JPM	Telecom Plus PLC	GBP		(175,953	)	10/15/2026	SONIA	(30) bps		(172,330	)		3,623
JPM	Trainline PLC	GBP		(32,775	)	02/15/2027	SONIA	(30) bps		(31,101	)		1,674
JPM	Trustpilot Group PLC	GBP		(91,261	)	10/15/2026	SONIA	(30) bps		(79,973	)		11,288
JPM	Universal Music Group NV	EUR		(327,628	)	01/15/2027	ESTRON	(30) bps		(306,438	)		21,190
JPM	Veolia Environnement SA	EUR		(123,813	)	10/15/2026	ESTRON	(30) bps		(132,349	)		(8,536	)
JPM	Volution Group PLC	GBP		(107,885	)	10/15/2026	SONIA	(30) bps		(107,051	)		834
JPM	Wickes Group PLC	GBP		(21,516	)	02/15/2027	SONIA	(30) bps		(22,098	)		(582	)
JPM	Wise PLC	GBP		(87,578	)	10/15/2026	SONIA	(30) bps		(100,531	)		(12,953	)
JPM	XPS Pensions Group PLC	GBP		(183,243	)	10/15/2026	SONIA	(30) bps		(188,697	)		(5,454	)
JPM	YouGov PLC	GBP		(14,211	)	10/15/2026	SONIA	(30) bps		(14,007	)		204
JPM	Zigup PLC	GBP		(18,720	)	02/15/2027	SONIA	(30) bps		(19,121	)		(401	)
Total Short Position Contracts									$	(14,614,379	)	$	21,016

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
January 31, 2026 (Unaudited)

The following table summarizes the valuation of the Fund’s financial instruments in accordance with the fair value hierarchy levels as of January 31, 2026. 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	$	-	$	22,283,244	$	-	$	22,283,244
Senior Loans		-		25,612,547		-		25,612,547
Convertible Corporate Bonds		-		1,078,094		3,523,777		4,601,871
Mortgage-Backed Security		-		3,558,209		-		3,558,209
Common Stock		30,962,165		47,900		21,016		31,031,081
Closed End Funds		12,746,759		-		-		12,746,759
Investment Trusts		1,271,958		-		-		1,271,958
Preferred Stock		668,443		-		1,208,109		1,876,552
Participation Agreement		-		-		867,898		867,898
Private Funds*		-		-		-		58,145,258
Unit Trust		8,699,916		-		-		8,699,916
Special Purpose Acquisition Companies**		8,161,040		-		8,090,934		16,251,974
Digital Asset Treasury Companies		-		-		638,785		638,785
Warrants**		528,081		-		2,555,586		3,083,667
Rights		37,277		-		-		37,277
Options***		5,556,401		-		-		5,556,401
Money Market Funds		18,587,605		-		-		18,587,605
Total	$	87,219,645	$	52,579,994	$	16,906,105	$	214,851,002

Securities Sold Short, at Fair Value	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Corporate Bonds	$	-	$	11,755,938	$	-	$	11,755,938
Sovereign Debt Obligations		-		96,591,213		-		96,591,213
Common Stock		21,925,073		-		-		21,925,073
Closed End Funds		8,012		-		-		8,012
Exchange Traded Funds		34,306,319		-		-		34,306,319
Preferred Stock		77,866		-		-		77,866
Total	$	56,317,270	$	108,347,151	$	-	$	164,664,421

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	$	-	$	-	$	2,375,006	$	2,375,006
Forward Foreign Currency Contracts		-		543,101		-		543,101
Futures Contracts		401,683		-		-		401,683
Centrally Cleared Credit Default Swaps		-		16,874,551		-		16,874,551
Over the Counter Credit Default Swaps		-		836,510		-		836,510
Total Return Swaps		-		1,220,534		-		1,220,534
Total Assets	$	401,683	$	19,474,696	$	2,375,006	$	22,251,385

Liabilities
Forward Foreign Currency Contracts	$	-	$	519,752	$	-	$	519,752
Futures Contracts		310,689		-		-		310,689
TBA MBS forward contracts		-		13,730		-		13,730
Centrally Cleared Credit Default Swaps		-		9,138,798		-		9,138,798
Over the Counter Credit Default Swaps		-		398,552		-		398,552
Total Return Swaps		-		1,481,776		-		1,481,776
Total Liabilities	$	310,689	$	11,552,608	$	-	$	11,863,297

In accordance with ASC 820-10, investments that are measured at fair value using the NAV per share (or its equivalent) as a 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 | January 31, 2026