On April 10, 2020, Saba Capital Management, L.P. submitted to First Trust Senior Floating Rate Income Fund II a proposal requesting that the Board of Trustees of the Company take all necessary steps in its power to declassify the Board so that trustees are elected on an annual basis starting at the next annual meeting of shareholders. Saba Capital added that the proposal further states that such declassification shall be completed in a manner that does not affect the unexpired terms of the previously elected trustees.