The First Trust Senior Floating Rate Income Fund II (FCT) is a mutual fund that primarily invests in senior secured floating rate loans. These loans typically have variable interest rates and are issued by companies with below investment grade credit ratings. The fund aims to provide investors with a high level of current income while also seeking to preserve capital. It may also invest in other debt securities, such as high yield bonds, to diversify its portfolio. FCT is suitable for investors seeking a higher level of income and are willing to take on some credit risk.