First Trust Senior Floating Rate Income Fund II (the Fund) is a diversified, closed-end management investment company. The primary investment objective of the Fund is to seek a high level of current income. As a secondary objective, the Fund attempts to preserve capital. The Fund pursues its investment objectives by investing primarily in a portfolio of senior secured floating-rate corporate loans (senior loans). Under normal market conditions, at least 80% of the Fund’s managed assets are generally invested in lower grade debt instruments. The Fund invests in a range of sectors, including software; health care providers and services; pharmaceuticals; insurance; hotels, restaurants and leisure; health care technology; media; diversified telecommunication services; diversified consumer services; commercial services and supplies; specialty retail; entertainment; containers and packaging; machinery; and other. First Trust Advisors L.P. acts as the Fund’s investment advisor.