13D Filing: Saba Capital and First Trust Strategic High Income Fund II (FHY)

This statement on Schedule 13D (the
“Schedule 13D“) relates to the common shares (the “Common
Shares“), of First Trust Strategic High Income Fund II (the
“Issuer“). The Issuer’s principal executive offices are located at 120
East Liberty Drive, Suite 400, Wheaton, IL 60187.

This statement is being jointly filed
by Saba Capital Management, L.P., a Delaware limited partnership (“Saba
Capital”) and Mr. Boaz R. Weinstein (together, the “Reporting Persons) with
respect to the ownership of the shares of Common Stock (as defined in Item 2(d))
by Saba Capital Master Fund Ltd. (“SCMF”), Saba II AIV, L.P.. (“SCMF II”), Saba
Capital Leveraged Master Fund Ltd. (“SCLMF”), Saba Capital Series LLC Series 1
(“SCS”), Saba Capital CEF Opportunities 1, Ltd. (“SCEF1”), and Saba Capital CEF
Opportunities 2, Ltd. (“SCEF2”), and Saba Closed-End Funds ETF. Any disclosures
herein with respect to persons other than the Reporting Persons are made on
information and belief after making inquiry to the appropriate party.

Information required by Instruction C
of Schedule 13D with respect to Management is set forth herein.

The filing of this statement should
not be construed as an admission that any Reporting Person, Management or any
Saba Entity is, for the purposes of Sections 13 of the Securities Exchange Act
of 1934, the beneficial owner of the Common Shares reported herein.