Market Overview

First Trust Senior Floating Rate 2022 Target Term Fund Declares its Monthly Common Share Distribution of $0.0417 Per Share for August

Share:

First Trust Senior Floating Rate 2022 Target Term Fund (the "Fund")
(NYSE:FIV) has declared the Fund's regularly scheduled monthly common
share distribution in the amount of $0.0417 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 2022 Target
Term Fund (FIV):

Distribution per share:   $0.0417
Distribution Rate based on the July 18, 2018 NAV of $9.63: 5.20%
Distribution Rate based on the July 18, 2018 closing market price of
$9.32:
5.37%
 

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 or return of
capital. The final determination of the source and tax status of all
distributions paid in 2018 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 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.

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 Fund 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 the Fund, and such defaults could reduce the 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 Fund 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. Many
Senior Loans have a minimum base rate, or floor (typically, a "LIBOR
floor"), which will be used if the actual base rate is below the minimum
base rate. To the extent the Fund invests in such Senior Loans, the Fund
may not benefit from higher coupon payments during periods of increasing
interest rates as it otherwise would from investments in Senior Loans
without any floors until rates rise to levels above the LIBOR floors. As
a result, the Fund may lose some of the benefits of incurring leverage.
Specifically, if the Fund's Borrowings have floating dividend or
interest rates, its costs of leverage will increase as rates increase.
In this situation, the Fund 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 Fund.

The Fund'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 the Fund 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.

The risks of investing in the 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.

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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