[SCHEDULE 13G] First Trust Senior Floating Rate Income Fund II SEC Filing

Rhea-AI Filing Summary

Schedule 13G filing: On 06/30/2025 Morgan Stanley and its affiliate Parametric Portfolio Associates disclosed a passive 5.1 % stake in First Trust Senior Floating Rate Income Fund II (FCT).

• Total beneficial ownership: 1,330,493 common shares.
• Shared voting power: 156,658 shares; sole voting power: 0.
• Shared dispositive power: 1,330,493 shares; sole dispositive power: 0.

The stake is held in the ordinary course of business and not for the purpose of influencing control. Morgan Stanley is classified as a parent holding company (HC); Parametric is an investment adviser (IA). Both entities are Delaware-organized. Signatures were executed on 08/07/2025.

Positive

• Institutional interest: Morgan Stanley/Parametric now own 5.1 % of FCT, adding high-profile sponsorship that can enhance liquidity.
• Full dispositive power: Control over 1.33 M shares gives flexibility to support secondary-market trading activity.

Negative

• Limited voting influence: Only 156,658 shares carry shared voting rights, reducing ability to impact fund governance.

Insights

Financial Analyst

TL;DR: Passive 5.1 % stake by Morgan Stanley/Parametric adds institutional ownership; limited voting rights curtail governance influence.

Crossing the 5 % threshold obliges public disclosure, signalling meaningful but not controlling exposure. The filers share dispositive power over 1.33 M shares—enough to affect secondary-market liquidity—yet possess voting authority on only 156.7 K shares, limiting sway on fund policy. As the position is "ordinary course," the filing does not foreshadow activism or strategy shifts. Overall market impact should be modest, though increased blue-chip sponsorship may support valuation and trading volume.

Portfolio Manager

TL;DR: New 5 % holding reflects institutional confidence; unlikely to alter FCT’s strategic direction.

For income-focused CEF investors, Morgan Stanley’s entry provides a liquidity backstop and potential demand during market stress. However, because the institutions disclaim control intentions and lack significant voting power, distribution policy, leverage levels and portfolio allocation remain unaffected. The disclosure is therefore more a sentiment indicator than a catalyst.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

FIRST TRUST SENIOR FLOATING RATE INCOME FUND II

(Name of Issuer)

Common Shares of Beneficial Interest

(Title of Class of Securities)

33733U108

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 33733U108

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 156,658.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,330,493.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,330,493.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 33733U108

1

Names of Reporting Persons

Parametric Portfolio Associates LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 156,658.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,330,493.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,330,493.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: FIRST TRUST SENIOR FLOATING RATE INCOME FUND II
(b)	Address of issuer's principal executive offices: 120 EAST LIBERTY DRIVE, SUITE 400, WHEATON, IL, 60187
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Parametric Portfolio Associates LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 800 Fifth Avenue, Suite 2800, Seattle, WA 98104
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Shares of Beneficial Interest
(e)	CUSIP No.: 33733U108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 5.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Christopher O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	08/07/2025

Parametric Portfolio Associates LLC

Signature:	Cindy Kim
Name/Title:	Authorized Signatory, Parametric Portfolio Associates LLC
Date:	08/07/2025

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).

FAQ

How many FCT shares do Morgan Stanley and Parametric own?

The filing reports 1,330,493 common shares, equal to 5.1 % of outstanding shares.

Do the filers have sole voting power over any FCT shares?

No. Sole voting power is 0; they share voting authority on 156,658 shares.

What is the nature of the stake disclosed in this Schedule 13G?

It is a passive ownership position acquired in the ordinary course of business, with no intent to influence control.

Which entities are named in the filing?

Morgan Stanley (parent holding company) and Parametric Portfolio Associates LLC (investment adviser).

When was the Schedule 13G event date?

The report covers holdings as of 06/30/2025, with signatures dated 08/07/2025.