Welcome to our dedicated page for FIRST TRUST SENIOR FLOATING RATE INCOME FUND II SEC filings (Ticker: FCT), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
First Trust Senior Floating Rate Income Fund II filings document the fund's registered closed-end investment-company status, management by First Trust Advisors L.P., and material events reported on Form 8-K. The records identify FCT as a Massachusetts fund vehicle with disclosures tied to its investment-company organization and exchange-listed security.
The filing record includes Regulation FD disclosure, exhibit filings and Board of Trustees actions involving fund structure. Recurring disclosure subjects for the fund include governance, capital structure, shareholder matters, NAV and distribution context, leverage, listing status and the risks associated with a portfolio of senior secured floating-rate corporate loans.
First Trust Senior Floating Rate Income Fund is being removed from listing and registration on the New York Stock Exchange LLC for its Common Shares of Beneficial Interest. The action is made under Section 12(b) of the Securities Exchange Act of 1934 using Form 25.
The exchange certifies it has complied with its own rules and the requirements of 17 CFR 240.12d2-2(b), and the fund has complied with exchange rules and 17 CFR 240.12d2-2(c) governing voluntary withdrawal. The notification is signed on behalf of NYSE by an authorized analyst in Market Watch.
First Trust Senior Floating Rate Income Fund II completed its previously approved reorganization into First Trust Flexible Income ETF (FFLX) before the NYSE opened on August 10, 2026. Shareholders of FCT received FFLX shares with a value equal to the aggregate net asset value of their FCT holdings.
In the transaction, FCT’s assets were transferred to FFLX and FFLX assumed FCT’s liabilities. FCT shareholders had approved the reorganization on June 25, 2026, following approval by the Boards of Trustees of both FCT and FFLX on December 7-8, 2025.
FFLX is an actively managed ETF seeking to maximize current income by investing in income-generating fixed income securities, including corporate debt, bank loans, mortgage-backed and asset-backed securities, collateralized loan obligations and preferred securities. FFLX expects to declare and pay a distribution in August 2026. First Trust Advisors L.P., with approximately $368 billion of assets under management or supervision as of June 30, 2026, serves as investment advisor.
First Trust Senior Floating Rate Income Fund II seeks high current income by investing primarily in senior secured floating-rate corporate loans, with 90.9% of assets in senior loans and 8.7% in high-yield bonds as of May 31, 2026. Net assets were $256.2 million, with a NAV of $9.86 and market price of $9.66, reflecting a 2.03% discount.
For the year ended May 31, 2026, total return was 4.76% on NAV and 9.58% on market price, compared with 5.10% for the Morningstar LSTA US Leveraged Loan Index. The fund paid a steady monthly distribution of $0.0970 per share, an annualized 11.81% of NAV, of which 57.76% was ordinary income and 42.24% was return of capital.
Leverage was reduced significantly, with loans outstanding falling to $7.0 million or 2.7% of assets, and the net investment income ratio was 6.52%. Credit exposure is concentrated in single-B ratings, notably 36.2% in B and 14.8% in B- categories. Shareholders have approved a tax-free reorganization into First Trust Flexible Income ETF (FFLX), expected to close around August 10, 2026, after which FCT’s assets and liabilities will transfer to FFLX and investors will receive ETF shares of equal aggregate NAV.
First Trust Senior Floating Rate Income Fund II has received shareholder approval to reorganize with and into the newly formed First Trust Flexible Income ETF. The transaction is expected to close on August 10, 2026, subject to customary conditions, and is intended to be tax-free.
At completion, all assets and liabilities of FCT will move to FFLX, and FCT shareholders will receive FFLX shares equal in value to the aggregate net asset value of their FCT holdings. Ahead of the closing, FCT will hold higher levels of cash or cash equivalents, which may cause returns to differ from those expected under its normal investment strategy.
First Trust Exchange-Traded Fund VIII proposes a reorganization of the Target Fund into the Acquiring Fund FFLX. The board voted unanimously in favor; shareholders will vote on the proposal on June 9, 2026. The materials state an ongoing savings of approximately 142 bps on net assets and note a one-time uplift as the existing trading discount is expected to mechanically collapse following the conversion. The proxy/prospectus describes a broader mandate—an all-weather, multi-sector credit strategy—and highlights ETF features: daily transparency, tax efficiency, and no leverage from borrowings. Shareholders are urged to read the Proxy Statement/Prospectus in full.
First Trust Exchange-Traded Fund VIII is proposing to reorganize First Trust Senior Floating Rate Income Fund II (NYSE: FCT) into the First Trust Flexible Income ETF (NYSE Arca: FFLX) subject to a shareholder vote on June 9, 2026. The Board recommends a FOR vote. The proxy discloses that as of March 31, 2026 FCT’s annualized distribution equaled 11.76% on NAV and 12.07% on market price (using the March distribution rate). The conversion would replace FCT’s stated 2.17% total annual expense ratio with an initial unitary fee of 0.75%, eliminate borrowings/leverage, broaden the mandate from a senior-loan focus to a multi-sector credit strategy, provide daily portfolio transparency, and is expected to mechanically collapse the historical NAV discount cited in the proxy. The proxy notes earlier discount observations (-8.52% as of November 23, 2025) and a narrowing to approximately 0.70% as of May 12, 2026. The proxy estimates conversion costs would be recouped in approximately three to five months.
First Trust Advisors L.P. announced that its Leveraged Finance Investment Team, which manages First Trust Senior Floating Rate Income Fund II (FCT), will release an audio update for professionals and investors about the proposed reorganization of FCT into First Trust Flexible Income ETF (FFLX).
The replay will be available from 5:00 p.m. Eastern Time on May 18, 2026 through 5:00 p.m. Eastern Time on June 17, 2026. The fund is a diversified closed-end fund focused on senior secured floating-rate corporate loans and generally invests at least 80% of its managed assets in lower grade debt instruments.
Morgan Stanley and its affiliate Parametric Portfolio Associates LLC report their beneficial ownership in First Trust Senior Floating Rate Income Fund II common shares. They together beneficially own 1,061,383 shares, representing 4.1% of the fund’s outstanding common shares of beneficial interest.
All voting and dispositive authority over these shares is shared, with no sole voting or dispositive power reported. Both Morgan Stanley and Parametric state they are now beneficial owners of 5 percent or less of this class and certify that the holdings are maintained in the ordinary course of business, not to influence control of the fund.
First Trust Senior Floating Rate Income Fund II announced that its Board of Trustees has approved a proposed reorganization of the closed-end fund into a new exchange-traded fund called First Trust Flexible Income ETF. The new ETF will be actively managed and listed for trading on the NYSE, with First Trust Advisors L.P. continuing as investment manager.
This move would shift investors from a traditional closed-end fund structure to an ETF structure, which typically offers intraday trading and different pricing dynamics. Details of timing, mechanics, and any required approvals are referenced in an accompanying press release dated December 9, 2025.
Thomas J. Driscoll filed an initial Form 3 disclosing his relationship to First Trust Senior Floating Rate Income Fund II (FCT) as a Director. The filing shows 0 common shares beneficially owned and was signed by an attorney-in-fact on 09/05/2025 for an event dated 09/04/2025. The form documents the reporting obligation under Section 16 and lists no derivative holdings.