First Trust Senior Floating Rate Income Fund II (the Fund) is a diversified, closed-end management investment company. The Fund's primary investment objective is to seek a high level of current income. As a secondary objective, the Fund attempts to preserve capital. The Fund will pursue these objectives through investment in a portfolio of senior secured floating rate corporate loans. It is anticipated that at least 80% of the Fund's managed assets will be invested in lower grade debt instruments. The Fund's investment advisor is First Trust Advisors L.P.