First Trust Advisors L.P. Announces Portfolio Manager Update for First Trust Senior Floating Rate Income Fund II and First Trust Senior Floating Rate 2022 Target Term Fund

WHEATON, Ill.–(BUSINESS WIRE)–First Trust Advisors L.P. (“FTA”) announced today that its Leveraged
Finance Investment Team, portfolio manager for the First Trust Senior
Floating Rate Income Fund II (NYSE: FCT) and First Trust Senior Floating
Rate 2022 Target Term Fund (NYSE: FIV) (each a “Fund” or collectively,
the “Funds”), will release an update on the market and the Funds for
financial advisors and investors. The update will be available Friday,
February 15, 2019, at 5:00 P.M. Eastern Time until 11:59 P.M. Eastern
Time on Monday, March 18, 2019
. To listen to the update, follow
these instructions:

— Dial: (888) 203-1112; International (719) 457-0820; and Passcode #
1767787 and PIN # 6305. The update will be available from Friday,
February 15, 2019, at 5:00 P.M. Eastern Time until 11:59 P.M. Eastern
Time on Monday, March 18, 2019.

FCT is a diversified, closed-end management investment company whose
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 its objectives by investing in a professionally managed
portfolio of senior secured floating rate corporate loans (“Senior
Loans”). The Fund invests in below investment grade Senior Loans. This
involves the risk that borrowers may default on obligations, or that
lenders may have difficulty liquidating the collateral securing the
loans, or difficulty enforcing their rights under the terms of the
Senior Loans. Senior loans are subject to credit risk and the potential
for non-payment of scheduled principal or interest payments, which may
result in a reduction of the Fund’s net asset value (“NAV”). The Fund
utilizes leverage. The use of leverage for investment purposes increases
both investment opportunity and investment risk. In the event of a
default on one or more loans or other interest-bearing instruments held
by the Fund, the use of leverage can magnify the effect of any losses.

FIV is a diversified, closed-end management investment company. The
Fund’s investment objectives are to seek a high level of current income
and to return $9.85 per common share of beneficial interest (“Common
Share”) of the Fund (the original net asset value (“Original NAV”) per
Common Share before deducting offering costs of $0.02 per Common Share)
to the holders of Common Shares on or about February 1, 2022 (the
“Termination Date”). The Fund will attempt to strike a balance between
the two objectives, seeking to provide as high a level of current income
as is consistent with the Fund’s overall credit performance, on the one
hand, and its objective of returning the Original NAV on or about the
Termination Date on the other. However, as the Fund approaches the
Termination Date, its monthly distributions are likely to decline, and
there can be no assurance that the Fund will achieve either of its
investment objectives or that the Fund’s investment strategies will be
successful. Under normal market conditions, the Fund will seek to
achieve its investment objectives by investing at least 80% of its
Managed Assets in senior, secured floating-rate loans (“Senior Loans”)
of any maturity. Senior Loans are made to U.S. and non-U.S.
corporations, partnerships and other business entities which operate in
various industries and geographical regions. Senior Loans are typically
rated below investment grade. As it nears the Termination Date, the Fund
may invest in higher credit quality instruments with maturities
extending beyond the Termination Date to seek to improve the liquidity
of its portfolio and reduce investment risk. Investing in higher credit
quality instruments may reduce the amount available for distribution to
Common Shareholders.

FTA is a federally registered investment advisor and serves as the
Funds’ investment advisor. FTA and its affiliate First Trust Portfolios
L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held
companies that provide a variety of investment services. FTA has
collective assets under management or supervision of approximately $113
billion as of December 31, 2018 through unit investment trusts,
exchange-traded funds, closed-end funds, mutual funds and separate
managed accounts. FTA is the supervisor of the First Trust unit
investment trusts, while FTP is the sponsor. FTP is also a distributor
of mutual fund shares and exchange-traded fund creation units. FTA and
FTP are based in Wheaton, Illinois.

Investment return and market value of an investment in the Fund will
fluctuate. Shares, when sold, may be worth more or less than their
original cost. There can be no assurance that the Fund’s investment
objectives will be achieved. The Fund may not be appropriate for all
investors.

Principal Risk Factors: The Funds are subject to various risks
including: the Funds will typically invest in senior loans rated below
investment grade, which are commonly referred to as “junk” or “high
yield” securities and considered speculative because of the credit risk
of their issuers. Such issuers are more likely than investment grade
issuers to default on their payments of interest and principal owed to a
fund, and such defaults could reduce a fund’s NAV and income
distributions. An economic downturn would generally lead to a higher
non-payment rate, and a senior loan may lose significant market value
before a default occurs. Moreover, any specific collateral used to
secure a senior loan may decline in value or become illiquid, which
would adversely affect the senior loan’s value.

Senior Loans are structured as floating rate instruments in which the
interest rate payable on the obligation fluctuates with interest rate
changes. As a result, the yield on Senior Loans will generally decline
in a falling interest rate environment, causing the Funds to experience
a reduction in the income it receives from a Senior Loan. In addition,
the market value of Senior Loans may fall in a declining interest rate
environment and may also fall in a rising interest rate environment if
there is a lag between the rise in interest rates and the reset. If the
Funds’ Borrowings have floating dividend or interest rates, its costs of
leverage will increase as rates increase. In this situation, the Funds
will experience increased financing costs without the benefit of
receiving higher income. This in turn may result in the potential for a
decrease in the level of income available for dividends or distributions
to be made by the Funds.

FIV’s limited term may cause it to invest in lower-yielding securities
or hold the proceeds of securities sold near the end of its term in cash
or cash equivalents, which may adversely affect the performance of the
Fund or the Fund’s ability to maintain its dividend.

A second lien loan may have a claim on the same collateral pool as the
first lien or it may be secured by a separate set of assets. Second lien
loans are typically secured by a second priority security interest or
lien on specified collateral securing the Borrower’s obligation under
the interest. Because second lien loans are second to first lien loans,
they present a greater degree of investment risk. Specifically, these
loans are subject to the additional risk that the cash flow of the
Borrower and property securing the loan may be insufficient to meet
scheduled payments after giving effect to those loans with a higher
priority. In addition, loans that have a lower than first lien priority
on collateral of the Borrower generally have greater price volatility
than those loans with a higher priority and may be less liquid. However,
second lien loans often pay interest at higher rates than first lien
loans reflecting such additional risks.

Because the assets of FIV will be liquidated in connection with its
termination, the Fund may be required to sell portfolio securities when
it otherwise would not, including at times when market conditions are
not favorable, or at a time when a particular security is in default or
bankruptcy, or otherwise in severe distress, which may cause the Fund to
lose money. Although the Fund has an investment objective of returning
Original NAV to Common Shareholders on or about the Termination Date,
the Fund may not be successful in achieving this objective. The return
of Original NAV is not an express or implied guarantee obligation of the
Fund. There can be no assurance that the Fund will be able to return
Original NAV to Common Shareholders, and such return is not backed or
otherwise guaranteed by the Advisor or any other entity.

Use of leverage can result in additional risk and cost, and can magnify
the effect of any losses.

The risks of investing in each Fund are spelled out in the prospectus,
shareholder reports, and other regulatory filings.

The information presented is not intended to constitute an investment
recommendation for, or advice to, any specific person. By providing this
information, First Trust is not undertaking to give advice in any
fiduciary capacity within the meaning of ERISA and the Internal Revenue
Code. First Trust has no knowledge of and has not been provided any
information regarding any investor. Financial advisors must determine
whether particular investments are appropriate for their clients. First
Trust believes the financial advisor is a fiduciary, is capable of
evaluating investment risks independently and is responsible for
exercising independent judgment with respect to its retirement plan
clients.

Each Fund’s daily New York Stock Exchange closing price and daily net
asset value, as well as other information are available at www.ftportfolios.com
or by calling 1-800-988-5891.

Contacts

JEFF MARGOLIN – (630) 915-6784

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