First Trust Senior Floating Rate Income Fund II: insider trades · United States · SEC (Form 4)

About First Trust Senior Floating Rate Income Fund II

First Trust Senior Floating Rate Income Fund II (ticker: FCT) is a US-listed closed-end fund traded on the NYSE in the United States. For French-speaking investors, it should be understood primarily as an income-oriented credit vehicle rather than an operating company. The fund was launched on May 25, 2004 and is domiciled in the United States. Its investment adviser is First Trust Advisors L.P., part of the broader First Trust platform focused on income solutions, closed-end funds, and credit strategies. The fund’s structure, servicing model, and reporting framework are consistent with a traditional US closed-end fund setup. ([ftportfolios.com](https://www.ftportfolios.com/Retail/cef/cefsummary.aspx?Ticker=FCT)) FCT’s primary investment objective is to seek a high level of current income; its secondary objective is capital preservation. In practice, the portfolio is invested mainly in diversified senior secured floating-rate corporate loans, commonly referred to as senior loans. Under normal market conditions, at least 80% of managed assets are allocated to this segment. That places the fund in the upper part of the capital structure, with exposure to corporate borrowers and a coupon profile that typically benefits when short-term rates remain elevated. The trade-off is clear: the strategy carries meaningful credit risk, along with liquidity and valuation risk inherent in syndicated loan markets. ([ftportfolios.com](https://www.ftportfolios.com/Retail/cef/cefsummary.aspx?Ticker=FCT)) From a competitive standpoint, FCT sits within the US listed floating-rate loan fund universe, where it competes with other closed-end vehicles targeting leveraged credit income. Its appeal lies in monthly distributions, dedicated leveraged finance management by First Trust, and structural exposure to floating-rate coupons. As of May 15, 2026, the fund reported total managed assets of $260.3 million, 25.98 million common shares outstanding, a net asset value of $9.86, a market price of $9.76, and a monthly distribution of $0.097 per share. These figures reinforce its role as a yield-focused product whose returns are driven by credit spreads, borrower fundamentals, and broader loan-market conditions. ([ftportfolios.com](https://www.ftportfolios.com/Retail/cef/cefsummary.aspx?Ticker=FCT)) Recent developments are especially relevant. In December 2025, First Trust announced that the fund’s board had approved a conversion into an ETF, and a portfolio manager update call was still scheduled around May 2026. That points to an ongoing strategic repositioning of the vehicle, potentially aimed at improving liquidity, transparency, and investor accessibility. The annual report for the year ended May 31, 2025 confirms the portfolio’s emphasis on senior floating-rate loans and highlights the fund’s dependence on credit market conditions. For investors in France, Belgium, or Switzerland, FCT is best viewed as a US NYSE-listed income fund with a relatively defensive place in the capital structure, but with clear sensitivity to credit quality, default risk, and the economic cycle. ([ftportfolios.com](https://www.ftportfolios.com/retail/cef/CEFfundnews.aspx?Ticker=FCT))