Post by xray on Sept 21, 2021 20:39:13 GMT
Business Wire
First Trust Senior Floating Rate Income Fund II Decreases its Monthly Common Share Distribution to $0.0789 Per Share for October
Mon, September 20, 2021, 4:30 PM
FCT
-3.55%
WHEATON, Ill., September 20, 2021--(BUSINESS WIRE)--First Trust Senior Floating Rate Income Fund II (the "Fund") (NYSE: FCT) has decreased its regularly scheduled monthly common share distribution to $0.0789 per share from $0.0896 per share. The distribution will be payable on October 15, 2021, to shareholders of record as of October 4, 2021. The ex-dividend date is expected to be October 1, 2021. The monthly distribution information for the Fund appears below.
First Trust Senior Floating Rate Income Fund II (FCT):
Distribution per share:
$0.0789
Distribution Rate based on the September 17, 2021 NAV of $12.47:
7.59%
Distribution Rate based on the September 17, 2021 closing market price of $12.62:
7.50%
Decrease from previous distribution of $0.0896:
-11.94%
This distribution will consist of net investment income earned by the Fund and return of capital and may also consist of net short-term realized capital gains. The final determination of the source and tax status of all 2021 distributions will be made after the end of 2021 and will be provided on Form 1099-DIV.
Strong inflows into the senior loan market have resulted in spreads tightening. As a result, the Fund has experienced reduced income. We believe a reduction in the distribution from $0.0896 per share to $0.0789 per share will bring the distribution more in line with the current earning potential of the Fund.
The Fund is a diversified, closed-end management investment company. The Fund's primary investment objective is to seek a high level of current income. As a secondary objective, the Fund attempts to preserve capital. The Fund pursues these investment objectives by investing primarily in senior secured floating-rate corporate loans. Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in lower grade debt instruments.
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Comment: FCT has had declining star ratings for the last four weeks now [6-5-4-3]. The current Star Rating of 3star was a "sell" signal. Their report card rating declined to "50" and had a weekly analysis score of 205 [need ">250" for keeping in portfolio's]....
Disclosure: Some of us sold out [completely] FCT early in the second Qtr for $949.00 in CapGain....
Live Long and Prosper....
First Trust Senior Floating Rate Income Fund II Decreases its Monthly Common Share Distribution to $0.0789 Per Share for October
Mon, September 20, 2021, 4:30 PM
FCT
-3.55%
WHEATON, Ill., September 20, 2021--(BUSINESS WIRE)--First Trust Senior Floating Rate Income Fund II (the "Fund") (NYSE: FCT) has decreased its regularly scheduled monthly common share distribution to $0.0789 per share from $0.0896 per share. The distribution will be payable on October 15, 2021, to shareholders of record as of October 4, 2021. The ex-dividend date is expected to be October 1, 2021. The monthly distribution information for the Fund appears below.
First Trust Senior Floating Rate Income Fund II (FCT):
Distribution per share:
$0.0789
Distribution Rate based on the September 17, 2021 NAV of $12.47:
7.59%
Distribution Rate based on the September 17, 2021 closing market price of $12.62:
7.50%
Decrease from previous distribution of $0.0896:
-11.94%
This distribution will consist of net investment income earned by the Fund and return of capital and may also consist of net short-term realized capital gains. The final determination of the source and tax status of all 2021 distributions will be made after the end of 2021 and will be provided on Form 1099-DIV.
Strong inflows into the senior loan market have resulted in spreads tightening. As a result, the Fund has experienced reduced income. We believe a reduction in the distribution from $0.0896 per share to $0.0789 per share will bring the distribution more in line with the current earning potential of the Fund.
The Fund is a diversified, closed-end management investment company. The Fund's primary investment objective is to seek a high level of current income. As a secondary objective, the Fund attempts to preserve capital. The Fund pursues these investment objectives by investing primarily in senior secured floating-rate corporate loans. Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in lower grade debt instruments.
----------
Comment: FCT has had declining star ratings for the last four weeks now [6-5-4-3]. The current Star Rating of 3star was a "sell" signal. Their report card rating declined to "50" and had a weekly analysis score of 205 [need ">250" for keeping in portfolio's]....
Disclosure: Some of us sold out [completely] FCT early in the second Qtr for $949.00 in CapGain....
Live Long and Prosper....