FCT First Trust Senior Floating Rate Income Fund II

First Trust Senior Floating Rate Income Fund II (FCT)

Portfolio of Investments

August 31, 2023 (Unaudited)

Principal Value		Description		Rate (a)		Stated Maturity (b)		Value
SENIOR FLOATING-RATE LOAN INTERESTS (c) – 112.8%
		Application Software – 16.6%
$624,433		Applied Systems, Inc., 2026 Term Loan, 3 Mo. CME Term SOFR + 4.50%, 0.50% Floor		9.74%		09/19/26		$627,602
1,515,866		ConnectWise, LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor		8.95%		09/30/28		1,492,650
3,089,195		Epicor Software Corp., First Lien Term Loan C, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor		8.70%		07/30/27		3,089,720
4,352,374		Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.00%, 0.75% Floor		9.34%		10/01/27		4,292,529
2,678,894		Greeneden U.S. Holdings II, LLC (Genesys Telecommunications Laboratories, Inc.), Initial Dollar Term Loan, 1 Mo. CME Term SOFR + CSA + 4.00%, 0.75% Floor		9.45%		12/01/27		2,682,256
167,338		Hyland Software, Inc., 2nd Lien Term Loan, 1 Mo. CME Term SOFR + 6.25%, 0.75% Floor		11.70%		07/10/25		166,690
4,107,844		Informatica Corp., Initial Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.00% Floor		8.20%		10/29/28		4,109,775
1,295,511		Internet Brands, Inc. (Web MD/MH Sub I. LLC), 2020 June New Term Loan, 1 Mo. CME Term SOFR + CSA + 3.75%, 1.00% Floor		9.20%		09/15/24		1,297,668
1,265,863		Internet Brands, Inc. (Web MD/MH Sub I. LLC), 2nd Lien Term Loan, 1 Mo. CME Term SOFR + 6.25%, 0.00% Floor		11.58%		02/23/29		1,110,162
2,438,496		Internet Brands, Inc. (Web MD/MH Sub I. LLC), Initial Term Loan, 1 Mo. CME Term SOFR + CSA + 3.75%, 0.00% Floor		9.20%		09/15/24		2,442,922
69,158		ION Trading Technologies Limited, Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor		10.09%		04/01/28		67,883
4,768,449		LogMeIn, Inc. (GoTo Group, Inc.), Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor		10.27%		08/31/27		3,098,014
1,930,430		McAfee Corp. (Condor Merger Sub, Inc.), Tranche B-1 Term Loan, 1 Mo. CME Term SOFR + CSA + 3.75%, 0.50% Floor		9.17%		02/28/29		1,899,061
358,438		N-Able, Inc., Term Loan B, 3 Mo. CME Term SOFR + CSA + 2.75%, 0.50% Floor		8.43%		07/19/28		357,990
2,082,491		Open Text Corporation (GXS), 2023 Replacement Term Loan, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.50% Floor		8.18%		01/31/30		2,087,270
5,135,318		Open Text Corporation (GXS), Term Loan B, 1 Mo. CME Term SOFR + CSA + 1.75%, 0.00% Floor		7.18%		05/30/25		5,147,437
280,112		PowerSchool Holdings, Inc. (Severin), Term Loan B, 3 Mo. CME Term SOFR + 3.00%, 0.00% Floor		8.37%		08/01/25		280,228
912,941		RealPage, Inc., Second Lien Term Loan, 1 Mo. CME Term SOFR + CSA + 6.50%, 0.75% Floor		11.95%		04/22/29		919,405
5,688,068		RealPage, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.50% Floor		8.45%		04/24/28		5,634,088
3,065,764		SolarWinds Holdings, Inc., Extended Term Loan B, 1 Mo. CME Term SOFR + 3.75%, 0.00% Floor		9.08%		02/17/27		3,072,555
485,091		Solera Holdings, Inc. (Polaris Newco), Term Loan B, 3 Mo. CME Term SOFR + 4.00%, 0.50% Floor		9.54%		06/04/28		471,853
380,415		Ultimate Kronos Group (UKG, Inc.), 2021 Term Loan, 3 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor		8.62%		05/03/26		380,945
1,284,992		Ultimate Kronos Group (UKG, Inc.), Initial Term Loan B, 3 Mo. CME Term SOFR + CSA + 3.75%, 0.00% Floor		9.22%		05/03/26		1,286,932
2,000,000		Veeam Software Holdings Limited (VS Buyer, LLC), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.00% Floor		8.68%		02/28/27		1,984,380
								48,000,015
		Asset Management & Custody Banks – 2.3%
3,306,086		Edelman Financial Engines Center, LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.75% Floor		8.95%		04/07/28		3,273,207

First Trust Senior Floating Rate Income Fund II (FCT)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Principal Value		Description		Rate (a)		Stated Maturity (b)		Value
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued)
		Asset Management & Custody Banks (Continued)
$3,529,299		Edelman Financial Engines Center, LLC, Term Loan Second Lien, 1 Mo. CME Term SOFR + CSA + 6.75%, 0.00% Floor		12.20%		07/20/26		$3,470,183
								6,743,390
		Broadcasting – 4.8%
312,188		E.W. Scripps Company, Tranche B-3 Term Loan, 1 Mo. CME Term SOFR + 3.00%, 0.75% Floor		8.45%		01/07/28		310,236
2,376,766		Gray Television, Inc., Term Loan E, 1 Mo. CME Term SOFR + CSA + 2.50%, 0.00% Floor		7.93%		01/02/26		2,366,855
3,101,009		iHeartCommunications, Inc., Second Amendment Incremental Term Loan B, 1 Mo. CME Term SOFR + 3.00%, 0.50% Floor		8.33%		05/01/26		2,777,357
1,199,070		iHeartCommunications, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.00% Floor		8.45%		05/01/26		1,073,359
6,811,673		Nexstar Broadcasting, Inc., Incremental Term Loan B-4, 1 Mo. CME Term SOFR + CSA + 2.50%, 0.00% Floor		7.95%		09/19/26		6,832,040
594,059		Sinclair Television Group, Inc., Term Loan B-2, 1 Mo. CME Term SOFR + CSA + 2.50%, 0.00% Floor		7.95%		09/30/26		536,014
11,528		Univision Communications, Inc., 2021 Replacement New First Lien Term Loan, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor		8.70%		03/15/26		11,559
								13,907,420
		Building Products – 0.1%
262,831		Hunter Douglas, Inc. (Solis), Term Loan B, 3 Mo. CME Term SOFR + 3.50%, 0.50% Floor		8.89%		02/28/29		256,098
		Cable & Satellite – 3.4%
6,607,863		Cablevision (aka CSC Holdings, LLC), March 2017 Term Loan B-1, 1 Mo. LIBOR + 2.25%, 0.00% Floor		7.67%		07/17/25		6,384,848
9,408		Charter Communications Operating, LLC, Term Loan B-1, 1 Mo. CME Term SOFR + 1.75%, 0.00% Floor		7.08%		04/30/25		9,421
3,546,699		Charter Communications Operating, LLC, Term Loan B-1, 3 Mo. CME Term SOFR + 1.75%, 0.00% Floor		7.12%		04/30/25		3,551,948
								9,946,217
		Casinos & Gaming – 0.9%
2,400,518		Golden Nugget, Inc. (Fertitta Entertainment, LLC), Initial Term Loan B, 1 Mo. CME Term SOFR + 4.00%, 0.50% Floor		9.33%		01/27/29		2,381,014
215,778		Scientific Games Holdings L.P. (Scientific Games Lottery), Initial Dollar Term Loan, 3 Mo. CME Term SOFR + 3.50%, 0.50% Floor		8.77%		04/04/29		215,003
								2,596,017
		Coal & Consumable Fuels – 0.0%
25,002		Arch Coal, Inc., Term Loan B, 1 Mo. LIBOR + 2.75%, 1.00% Floor		8.19%		03/07/24		24,908
		Commercial Printing – 1.2%
3,492,689		Multi-Color Corp. (LABL, Inc.), Initial Dollar Term Loan, 1 Mo. CME Term SOFR + CSA + 5.00%, 0.50% Floor		10.43%		10/29/28		3,487,538
		Education Services – 0.5%
1,460,823		Ascensus Holdings, Inc. (Mercury), First Lien Term Loan, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor		8.95%		08/02/28		1,445,309

First Trust Senior Floating Rate Income Fund II (FCT)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Principal Value		Description		Rate (a)		Stated Maturity (b)		Value
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued)
		Electric Utilities – 2.6%
$7,511,250		PG&E Corp., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.50% Floor		8.45%		06/23/25		$7,516,996
		Electronic Equipment & Instruments – 0.7%
1,357,704		Chamberlain Group, Inc. (Chariot), Term Loan B, 1 Mo. CME Term SOFR + 3.25%, 0.50% Floor		8.68%		11/03/28		1,345,967
863,292		Verifone Systems, Inc., Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.00%, 0.00% Floor		9.65%		08/20/25		801,985
								2,147,952
		Environmental & Facilities Services – 1.1%
3,235,582		GFL Environmental, Inc., Extended Term Loan B, 3 Mo. CME Term SOFR + CSA + 3.00%, 0.50% Floor		8.47%		05/31/27		3,249,754
		Food Distributors – 0.3%
860,180		US Foods, Inc., Incremental B-2019 Term Loan, 1 Mo. CME Term SOFR + CSA + 2.00%, 0.00% Floor		7.45%		08/31/26		861,793
		Health Care Facilities – 1.2%
491,521		Ardent Health Services, Inc. (AHP Health Partners, Inc.), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor		8.95%		08/24/28		492,689
2,966,136		Select Medical Corp., Tranche B-1, 1 Mo. CME Term SOFR + 3.00%, 0.00% Floor		8.33%		03/06/27		2,971,074
								3,463,763
		Health Care Services – 3.7%
395,032		ADMI Corp. (Aspen Dental), 2020 Incremental Term Loan B2, 3 Mo. CME Term SOFR + CSA + 3.38%, 0.50% Floor		8.82%		12/23/27		361,373
1,063,998		ADMI Corp. (Aspen Dental), 2021 Incremental Term Loan B3, 1 Mo. CME Term SOFR + CSA + 3.75%, 0.50% Floor		9.20%		12/23/27		982,421
2,616,855		CHG Healthcare Services, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor		8.70%		09/30/28		2,604,190
2,636,909		DaVita, Inc., Term Loan B, 1 Mo. CME Term SOFR + 1.75%, 0.00% Floor		7.20%		08/12/26		2,615,602
2,602,274		ExamWorks Group, Inc. (Electron Bidco), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.50% Floor		8.45%		10/29/28		2,598,826
1,975,101		Global Medical Response, Inc. (fka Air Medical), 2021 Refinancing Term Loan, 1 Mo. CME Term SOFR + 4.25%, 1.00% Floor		9.78%		10/02/25		1,400,841
								10,563,253
		Health Care Supplies – 1.8%
5,261,000		Medline Borrower L.P. (Mozart), Initial Dollar Term Loan, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor		8.70%		10/21/28		5,263,735
		Health Care Technology – 13.4%
4,838,026		athenahealth, Inc. (Minerva Merger Sub, Inc.), Term Loan B, 1 Mo. CME Term SOFR + 3.50%, 0.50% Floor		8.82%		02/15/29		4,787,614
1,315,498		Ciox Health (Healthport/CT Technologies Intermediate Holdings, Inc.), New Term Loan B, 1 Mo. CME Term SOFR + CSA + 4.25%, 0.75% Floor		9.70%		12/16/25		1,246,908
1,794,401		Ensemble RCM, LLC (Ensemble Health), Term Loan B, 3 Mo. CME Term SOFR + CSA + 3.75%, 0.00% Floor		9.22%		08/01/26		1,798,251
4,239,105		Mediware (Wellsky/Project Ruby Ultimate Parent Corp.), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor		8.70%		03/10/28		4,169,838
4,998,435		Navicure, Inc. (Waystar Technologies, Inc.), Term Loan B, 1 Mo. CME Term SOFR + CSA + 4.00%, 0.00% Floor		9.45%		10/23/26		5,006,782

First Trust Senior Floating Rate Income Fund II (FCT)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Principal Value		Description		Rate (a)		Stated Maturity (b)		Value
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued)
		Health Care Technology (Continued)
$12,250,145		Verscend Technologies, Inc. (Cotiviti), New Term Loan B-1, 1 Mo. CME Term SOFR + CSA + 4.00%, 0.00% Floor		9.45%		08/27/25		$12,263,252
9,584,189		Zelis Payments Buyer, Inc., New Term Loan B-1, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.00% Floor		8.95%		09/30/26		9,602,638
								38,875,283
		Hotels, Resorts & Cruise Lines – 2.3%
457,175		Alterra Mountain Co., Term Loan B-2, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor		8.95%		08/17/28		458,606
5,896,831		Four Seasons Holdings, Inc., 2023 Repricing Term Loan, 1 Mo. CME Term SOFR + CSA + 2.50%, 0.50% Floor		7.93%		11/30/29		5,912,192
396,956		Wyndham Hotels & Resorts, Inc., Extended Term Loan B, 1 Mo. CME Term SOFR + 2.25%, 0.00% Floor		7.68%		05/30/30		397,673
								6,768,471
		Industrial Machinery & Supplies & Components – 1.3%
1,042,204		Copeland (Emerald Debt Merger Sub LLC/EMRLD), Inital Term Loan, 1 Mo. CME Term SOFR + 3.00%, 0.00% Floor		8.33%		05/31/30		1,044,569
253,393		Filtration Group Corp., 2021 Incremental Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor		8.95%		10/21/28		252,523
1,770,626		Filtration Group Corp., 2023 Extended Term Loan, 1 Mo. CME Term SOFR + CSA + 4.25%, 0.50% Floor		9.70%		10/21/28		1,777,814
614,045		TK Elevator Newco GMBH (Vertical U.S. Newco, Inc.), New Term Loan B-1, 6 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor		9.38%		07/31/27		614,006
								3,688,912
		Insurance Brokers – 19.2%
2,528,002		Alliant Holdings I, LLC, Term Loan B-4, 1 Mo. LIBOR + 3.50%, 0.50% Floor		8.93%		11/06/27		2,529,418
5,830,161		Alliant Holdings I, LLC, Term Loan B-5, 1 Mo. CME Term SOFR + 3.50%, 0.50% Floor		8.81%		11/06/27		5,834,330
3,721,382		Amwins Group, Inc., Feb. 2023 Incremental Term Loan, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.75% Floor		8.20%		02/19/28		3,724,098
1,989,802		Amwins Group, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.25%, 0.75% Floor		7.70%		02/19/28		1,992,289
471,844		AssuredPartners, Inc., 2021 Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor		8.95%		02/12/27		470,171
107,361		AssuredPartners, Inc., 2022 Incremental Term Loan B-4, 1 Mo. CME Term SOFR + 4.25%, 0.50% Floor		9.58%		02/12/27		107,764
1,804,791		AssuredPartners, Inc., Incremental Term Loan 2022, 1 Mo. CME Term SOFR + 3.50%, 0.50% Floor		8.83%		02/12/27		1,802,905
6,395,762		AssuredPartners, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.00% Floor		8.95%		02/12/27		6,386,265
3,762,620		BroadStreet Partners, Inc., Initial Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.00% Floor		8.45%		01/27/27		3,736,545
363,037		BroadStreet Partners, Inc., Term Loan B-3, 1 Mo. CME Term SOFR + 4.00%, 0.00% Floor		9.33%		01/26/29		363,529
10,103,714		HUB International Limited, 2023 Refinancing Term Loan B-5, 3 Mo. CME Term SOFR + 4.25%, 0.75% Floor		9.58%		06/15/30		10,148,473
2,517,380		IMA Financial Group, Inc., Incremental Term Loan B-2, 1 Mo. CME Term SOFR + CSA + 4.25%, 0.50% Floor		9.67%		11/01/28		2,518,953
2,748,355		National Financial Partners Corp. (NFP), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.00% Floor		8.70%		02/13/27		2,716,062

First Trust Senior Floating Rate Income Fund II (FCT)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Principal Value		Description		Rate (a)		Stated Maturity (b)		Value
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued)
		Insurance Brokers (Continued)
$1,419,446		OneDigital Borrower, LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 4.25%, 0.50% Floor		9.68%		11/16/27		$1,419,446
3,059,675		Ryan Specialty Group, LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.75% Floor		8.43%		09/01/27		3,066,376
6,925,148		USI, Inc. (fka Compass Investors, Inc.), 2021 New Term Loan, 3 Mo. LIBOR + 3.25%, 0.00% Floor		8.79%		12/02/26		6,938,133
1,716,787		USI, Inc. (fka Compass Investors, Inc.), 2022 New Term Loan, 3 Mo. CME Term SOFR + 3.75%, 0.50% Floor		8.99%		11/30/29		1,720,332
								55,475,089
		Integrated Telecommunication Services – 2.7%
3,353,042		Numericable (Altice France SA or SFR), Term Loan B-11, 3 Mo. LIBOR + 2.75%, 0.00% Floor		8.38%		07/31/25		3,240,481
1,000,000		Numericable (Altice France SA or SFR), Term Loan B-12, 3 Mo. LIBOR + 3.69%, 0.00% Floor		9.26%		01/31/26		945,830
745,370		Zayo Group Holdings, Inc., Incremental Term Loan B-2, 1 Mo. CME Term SOFR + 4.33%, 0.50% Floor		9.66%		03/09/27		601,606
3,740,009		Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.00% Floor		8.45%		03/09/27		3,006,762
								7,794,679
		IT Consulting & Other Services – 0.2%
576,980		CDK Global, Inc.(Central Parent, Inc.), Term Loan B, 3 Mo. CME Term SOFR + 4.25%, 0.50% Floor		9.49%		07/06/29		578,050
		Life Sciences Tools & Services – 0.5%
1,472,849		WCG Purchaser Corp. (WIRB- Copernicus Group), Term Loan B, 1 Mo. CME Term SOFR + 4.00%, 1.00% Floor		9.45%		01/08/27		1,461,802
		Managed Health Care – 0.3%
825,751		Multiplan, Inc. (MPH), Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.25%, 0.50% Floor		9.92%		08/31/28		778,852
		Metal, Glass & Plastic Containers – 0.2%
447,043		Berry Global, Inc., Term Loan Z, 3 Mo. CME Term SOFR + 1.75%, 0.00% Floor		7.29%		07/01/26		447,441
		Office Services & Supplies – 2.4%
6,933,119		Dun & Bradstreet Corp., New Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.00% Floor		8.17%		02/08/26		6,947,227
		Other Specialty Retail – 0.8%
2,189,725		Petco Health and Wellness Company, Inc., Initial Term Loan B, 3 Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor		8.75%		03/03/28		2,180,430
		Packaged Foods & Meats – 1.9%
5,366,662		Hostess Brands, LLC (HB Holdings), Term Loan B 2030, 3 Mo. CME Term SOFR + 2.50%, 0.00% Floor		7.74%		06/30/30		5,368,352
		Paper & Plastic Packaging Products & Materials – 3.0%
4,590,074		Graham Packaging Company L.P., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.75% Floor		8.45%		08/04/27		4,585,782
1,253,340		Pactiv, LLC/Evergreen Packaging, LLC (fka Reynolds Group Holdings), Term Loan B-2, 1 Mo. CME Term SOFR + 3.25%, 0.00% Floor		8.70%		02/05/26		1,254,788

First Trust Senior Floating Rate Income Fund II (FCT)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Principal Value		Description		Rate (a)		Stated Maturity (b)		Value
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued)
		Paper & Plastic Packaging Products & Materials (Continued)
$2,965,398		Pactiv, LLC/Evergreen Packaging, LLC (fka Reynolds Group Holdings), Tranche B-3 U.S. Term Loan, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor		8.70%		09/20/28		$2,968,541
								8,809,111
		Pharmaceuticals – 0.7%
248,096		Nestle Skin Health (Sunshine Lux VII SARL/Galderma), 2021 Term Loan B-3, 3 Mo. CME Term SOFR + CSA + 3.75%, 0.75% Floor		9.09%		10/02/26		248,596
1,787,868		Parexel International Corp. (Phoenix Newco), First Lien Term Loan, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor		8.70%		11/15/28		1,785,079
								2,033,675
		Property & Casualty Insurance – 1.3%
3,831,334		Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 1 Mo. CME Term SOFR + 3.75%, 0.00% Floor		9.08%		02/24/28		3,842,962
		Research & Consulting Services – 3.4%
131,393		AlixPartners, LLP, Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.50% Floor		8.20%		02/04/28		131,448
5,922,821		Clarivate Analytics PLC (Camelot), Amendment No. 2 Incremental Term Loan, 1 Mo. CME Term SOFR + CSA + 3.00%, 1.00% Floor		8.45%		10/31/26		5,928,922
2,004,396		Clarivate Analytics PLC (Camelot), Initial Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.00% Floor		8.45%		10/31/26		2,007,011
288,945		Corelogic, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor		8.95%		06/02/28		270,215
383,897		J.D. Power (Project Boost Purchaser, LLC), 2021 Incremental Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor		8.95%		05/30/26		383,298
994,832		J.D. Power (Project Boost Purchaser, LLC), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.00% Floor		8.95%		05/30/26		994,708
139,000		Veritext Corporation (VT TopCo, Inc.), Initial Term Loan B, 1 Mo. CME Term SOFR + 4.25%, 0.50% Floor		9.56%		08/15/30		139,897
								9,855,499
		Restaurants – 4.5%
7,279,693		1011778 B.C. Unlimited Liability Company (Restaurant Brands) (aka Burger King/Tim Horton’s), Term Loan B-4, 1 Mo. LIBOR + 1.75%, 0.00% Floor		7.20%		11/14/26		7,248,354
5,568,171		IRB Holding Corp. (Arby’s/Inspire Brands), 2022 Replacement Term B Loan, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.75% Floor		8.43%		12/15/27		5,545,843
280,112		Whatabrands, LLC, Term Loan B, 1 Mo. LIBOR + 3.00%, 0.50% Floor		8.45%		07/31/28		280,393
								13,074,590
		Security & Alarm Services – 1.6%
4,549,406		Garda World Security Corp., Term Loan B-2, 1 Mo. CME Term SOFR + CSA + 4.25%, 0.00% Floor		9.67%		10/30/26		4,553,069
		Specialized Consumer Services – 0.3%
919,329		Asurion, LLC, New B-8 Term Loan, 3 Mo. CME Term SOFR + 3.25%, 0.00% Floor		8.79%		12/23/26		895,362

First Trust Senior Floating Rate Income Fund II (FCT)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Principal Value		Description		Rate (a)		Stated Maturity (b)		Value
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued)
		Specialized Finance – 0.2%
$843,880		Radiate Holdco, LLC (Astound), Amendment No. 6 Term Loan, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor		8.70%		09/25/26		$695,024
		Systems Software – 8.1%
6,167,737		BMC Software Finance, Inc. (Boxer Parent), 2021 Replacement Dollar Term Loan, 1 Mo. CME Term SOFR + CSA + 3.75%, 0.00% Floor		9.20%		10/02/25		6,173,411
2,000,000		Gen Digital, Inc. (fka NortonLifeLock Inc), Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.00%, 0.50% Floor		7.43%		09/12/29		1,999,500
1,958,374		Idera, Inc., Initial Term Loan, 3 Mo. CME Term SOFR + 3.75%, 0.75% Floor		9.27%		02/15/28		1,940,259
879,176		Proofpoint, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor		8.70%		08/31/28		871,848
2,089,040		SS&C Technologies Holdings, Inc., Term Loan B-3, 1 Mo. CME Term SOFR + 1.75%, 0.00% Floor		7.20%		04/16/25		2,091,651
1,967,395		SS&C Technologies Holdings, Inc., Term Loan B-4, 1 Mo. CME Term SOFR + CSA + 1.75%, 0.00% Floor		7.20%		04/16/25		1,969,854
5,042,246		SS&C Technologies Holdings, Inc., Term Loan B-5, 1 Mo. CME Term SOFR + 1.75%, 0.00% Floor		7.20%		04/16/25		5,047,289
3,262,206		SUSE (Marcel Lux IV SARL), Facility B1 USD, Daily SOFR + CSA + 3.25%, 0.00% Floor		8.42%-8.69%		03/15/26		3,263,234
								23,357,046
		Trading Companies & Distributors – 0.8%
2,308,406		SRS Distribution, Inc., 2021 Refinancing Term Loan, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor		8.95%		06/04/28		2,281,236
112,457		SRS Distribution, Inc., 2022 Refinancing Term Loan, 1 Mo. CME Term SOFR + 3.50%, 0.50% Floor		8.83%		06/04/28		111,192
								2,392,428
		Wireless Telecommunication Services – 2.5%
7,215,867		SBA Senior Finance II, LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 1.75%, 0.00% Floor		7.19%		04/11/25		7,226,330
		Total Senior Floating-Rate Loan Interests						326,573,842
		(Cost $328,834,605)
Principal Value		Description		Stated Coupon		Stated Maturity		Value
CORPORATE BONDS AND NOTES (c) – 9.4%
		Application Software – 0.1%
560,000		GoTo Group, Inc. (d)		5.50%		09/01/27		328,336
		Broadcasting – 2.7%
1,000,000		Gray Television, Inc. (d)		5.88%		07/15/26		915,893
2,000,000		Gray Television, Inc. (d)		7.00%		05/15/27		1,797,219
3,043,000		Nexstar Media, Inc. (d)		5.63%		07/15/27		2,862,985
2,395,000		Sirius XM Radio, Inc. (d)		3.13%		09/01/26		2,164,122
								7,740,219
		Cable & Satellite – 2.8%
7,000,000		CCO Holdings, LLC / CCO Holdings Capital Corp. (d)		5.13%		05/01/27		6,586,964
2,000,000		CSC Holdings, LLC (d)		7.50%		04/01/28		1,273,331
374,000		CSC Holdings, LLC (d)		11.25%		05/15/28		369,222
								8,229,517

First Trust Senior Floating Rate Income Fund II (FCT)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Principal Value		Description		Stated Coupon		Stated Maturity		Value
CORPORATE BONDS AND NOTES (c) (Continued)
		Casinos & Gaming – 0.4%
$572,000		Fertitta Entertainment, LLC / Fertitta Entertainment Finance Co., Inc. (d)		4.63%		01/15/29		$495,335
572,000		VICI Properties, L.P. / VICI Note Co., Inc. (d)		4.25%		12/01/26		539,381
								1,034,716
		Health Care Facilities – 1.7%
2,500,000		Tenet Healthcare Corp.		6.25%		02/01/27		2,464,315
2,500,000		Tenet Healthcare Corp.		5.13%		11/01/27		2,379,701
								4,844,016
		Health Care Services – 0.2%
376,000		DaVita, Inc. (d)		4.63%		06/01/30		322,854
226,000		DaVita, Inc. (d)		3.75%		02/15/31		180,177
324,000		Global Medical Response, Inc. (d)		6.50%		10/01/25		224,227
								727,258
		Insurance Brokers – 0.3%
359,000		AmWINS Group, Inc. (d)		4.88%		06/30/29		322,496
500,000		AssuredPartners, Inc. (d)		7.00%		08/15/25		495,487
								817,983
		Integrated Telecommunication Services – 0.2%
769,000		Zayo Group Holdings, Inc. (d)		4.00%		03/01/27		577,009
		Systems Software – 1.0%
2,000,000		Boxer Parent Co., Inc. (d)		9.13%		03/01/26		2,003,499
1,007,000		SS&C Technologies, Inc. (d)		5.50%		09/30/27		970,345
								2,973,844
		Total Corporate Bonds and Notes						27,272,898
		(Cost $28,860,451)
FOREIGN CORPORATE BONDS AND NOTES (c) – 0.6%
		Application Software – 0.0%
22,000		Open Text Corp. (d)		3.88%		02/15/28		19,598
		Environmental & Facilities Services – 0.6%
1,554,000		GFL Environmental, Inc. (d)		3.75%		08/01/25		1,481,008
305,000		GFL Environmental, Inc. (d)		4.00%		08/01/28		272,554
								1,753,562
		Total Foreign Corporate Bonds and Notes						1,773,160
		(Cost $1,791,608)

    

Shares		Description		Value
COMMON STOCKS (c) – 0.0%
		Pharmaceuticals – 0.0%
150,392		Akorn, Inc. (e) (f) (g)		101,515
		(Cost $1,724,086)
RIGHTS (c) – 0.0%
		Life Sciences Tools & Services – 0.0%
1		New Millennium Holdco, Inc., Corporate Claim Trust, no expiration date (g) (h) (i) (j)		0

First Trust Senior Floating Rate Income Fund II (FCT)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Shares		Description		Value
RIGHTS (c) (Continued)
		Life Sciences Tools & Services (Continued)
1		New Millennium Holdco, Inc., Lender Claim Trust, no expiration date (g) (h) (i) (j)		$0
		Total Rights		0
		(Cost $0)
		Total Investments – 122.8%		355,721,415
		(Cost $361,210,750)
		Outstanding Loans – (21.1)%		(61,000,000)
		Net Other Assets and Liabilities – (1.7)%		(5,030,940)
		Net Assets – 100.0%		$289,690,475

    

(a)	Senior Floating-Rate Loan Interests (“Senior Loans”) in which the Fund invests pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the SOFR obtained from the U.S. Department of the Treasury’s Office of Financial Research or another major financial institution, (iii) the prime rate offered by one or more United States banks or (iv) the certificate of deposit rate. Certain Senior Loans are subject to a LIBOR or SOFR floor that establishes a minimum LIBOR or SOFR rate. When a range of rates is disclosed, the Fund holds more than one contract within the same tranche with identical LIBOR or SOFR period, spread and floor, but different LIBOR or SOFR reset dates.
(b)	Senior Loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of Senior Loans may be substantially less than the stated maturities shown.
(c)	All of these securities are available to serve as collateral for the outstanding loans.
(d)	This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P. (the “Advisor”). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At August 31, 2023, securities noted as such amounted to $24,202,042 or 8.4% of net assets.
(e)	This issuer has filed for protection in bankruptcy court.
(f)	Security received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers (see Restricted Securities table).
(g)	Non-income producing security.
(h)	This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Fund’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At August 31, 2023, securities noted as such are valued at $0 or 0.0% of net assets.
(i)	Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be illiquid by the Advisor.
(j)	This security’s value was determined using significant unobservable inputs (see Valuation Inputs section).

    

Abbreviations throughout the Portfolio of Investments:
CME	Chicago Mercantile Exchange
CSA	Credit Spread Adjustment
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate

First Trust Senior Floating Rate Income Fund II (FCT)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Valuation Inputs

The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

•	Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
•	Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.)
•	Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

A summary of the inputs used to value the Fund’s investments as of August 31, 2023 is as follows:

	Total Value at 8/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Senior Floating-Rate Loan Interests*	$ 326,573,842	$ —	$ 326,573,842	$ —
Corporate Bonds and Notes*	27,272,898	—	27,272,898	—
Foreign Corporate Bonds and Notes*	1,773,160	—	1,773,160	—
Common Stocks*	101,515	—	101,515	—
Rights*	—**	—	—	—**
Total Investments	$ 355,721,415	$—	$ 355,721,415	$—**

    

*	See Portfolio of Investments for industry breakout.
**	Investments are valued at $0.

Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. Level 3 investments values are based on unobservable and non-quantitative inputs.

Restricted Securities

As of August 31, 2023, the Fund held restricted securities as shown in the following table that the Advisor has deemed illiquid:

Security	Acquisition Date	Shares	Current Price	Carrying Cost	Value	% of Net Assets
Akorn, Inc.	10/15/2020	150,392	$0.68	$1,724,086	$101,515	0.04%