First Trust Senior Floating Rate Income Fund II (FCT)
NYSE NYSE Primary 
Weekly Closed-End Fund Roundup: FCT Reorganization, XFLT Approves New Sub-Advisor (Aug. 16, 2026)
Closed-end fund sectors showed broad strength, with 21 of 26 positive on price and an average price return of 0.78%. MLPs led sector gains (+4.81%), while Emerging Market Income lagged (-1.30%); Convertibles outperformed on NAV (+2.50%). RIV rights offering announced, XFLT approves new sub-advisor.
FCT: Another CEF Bites The Dust (Rating Downgrade)
First Trust Senior Floating Rate Income Fund II (FCT) is downgraded to 'Hold' as its discount to NAV has narrowed to -1%. FCT's upcoming conversion to an ETF (FFLX), pending a June 2026 shareholder vote, will eliminate leverage and discount volatility. Post-conversion, FFLX will offer less risk and volatility but will no longer provide leveraged exposure to floating rate loans.
First Trust Senior Floating Rate Income Fund II $FCT Shares Sold by 1607 Capital Partners LLC
1607 Capital Partners LLC cut its position in shares of First Trust Senior Floating Rate Income Fund II (NYSE: FCT) by 66.2% during the undefined quarter, according to the company in its most recent filing with the SEC. The firm owned 53,461 shares of the investment management company's stock after selling 104,500 shares
