Market Overview

First Trust Senior Floating Rate Income Fund II Declares its Monthly Common Share Distribution of $0.06 Per Share for August

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First Trust Senior Floating Rate Income Fund II (the "Fund") (NYSE:FCT)
has declared the Fund's regularly scheduled monthly common share
distribution in the amount of $0.06 per share payable on August 15,
2018, to shareholders of record as of August 2, 2018. The ex-dividend
date is expected to be August 1, 2018. The monthly distribution
information for the Fund appears below.

First Trust Senior Floating Rate Income Fund
II (FCT):

Distribution per share:   $0.06
Distribution Rate based on the July 18, 2018 NAV of $14.02: 5.14%
Distribution Rate based on the July 18, 2018 closing market price of
$12.77:
5.64%
 

The majority, and possibly all, of this distribution will be paid out of
net investment income earned by the Fund. A portion of this distribution
may come from net short-term realized capital gains and/or return of
capital. The final determination of the source and tax status of all
2018 distributions will be made after the end of 2018 and will be
provided on Form 1099-DIV.

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 in senior
secured floating-rate corporate loans.

First Trust Advisors L.P. ("FTA") is a federally registered investment
advisor and serves as the Fund's 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 $126 billion as of June 30, 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.

Past performance is no assurance of future results. 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.

Principal Risk Factors: The Senior Loans in which the Fund invests are
generally considered to be "high-yield securities". High yield
securities are subject to greater market fluctuations and risk of loss
than securities with higher ratings. Lower-quality debt tends to be less
liquid than higher-quality debt.

The Fund's portfolio is also subject to credit risk, interest rate risk,
liquidity risk and prepayment risk. Interest rate risk is the risk that
fixed-income securities will decline in value because of changes in
market interest rates. Credit risk is the risk that an issuer of a
security will be unable or unwilling to make dividend, interest and/or
principal payments when due and that the value of a security may decline
as a result. Credit risk may be heightened for the Fund because it
invests in below investment grade securities. Liquidity risk is the risk
that the fund may have difficulty disposing of senior loans if it seeks
to repay debt, pay dividends or expenses, or take advantage of a new
investment opportunity. Prepayment risk is the risk that, upon a
prepayment, the actual outstanding debt on which the Fund derives
interest income will be reduced. The Fund may not be able to reinvest
the proceeds received on terms as favorable as the prepaid loan.

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

The risks of investing in the Fund are spelled out in the 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.

The Fund's daily closing New York Stock Exchange price and net asset
value per share as well as other information can be found at www.ftportfolios.com
or by calling 1-800-988-5891.

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