<SEC-DOCUMENT>0001445546-20-005422.txt : 20201116
<SEC-HEADER>0001445546-20-005422.hdr.sgml : 20201116
<ACCEPTANCE-DATETIME>20201116165237
ACCESSION NUMBER:		0001445546-20-005422
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20201116
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201116
DATE AS OF CHANGE:		20201116

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST TRUST SENIOR FLOATING RATE INCOME FUND II
		CENTRAL INDEX KEY:			0001282850
		IRS NUMBER:				113716541
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21539
		FILM NUMBER:		201317991

	BUSINESS ADDRESS:	
		STREET 1:		120 EAST LIBERTY DRIVE
		STREET 2:		SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187
		BUSINESS PHONE:		630-765-8000

	MAIL ADDRESS:	
		STREET 1:		120 EAST LIBERTY DRIVE
		STREET 2:		SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST TRUST FOUR CORNERS SENIOR FLOATING RATE INCOME FUND II
		DATE OF NAME CHANGE:	20040305
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>fct_8k.htm
<DESCRIPTION>CURRENT REPORT
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event
reported):&nbsp;<B>November 16, 2020</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">______________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>First Trust Senior Floating Rate Income
Fund II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 36%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Massachusetts</B></FONT></TD>
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>811-21539</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11-3716541</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of incorporation)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification No.)</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>120 East Liberty Drive, Suite 400</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Wheaton, Illinois</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>60187</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(zip code)</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant's telephone number, including area
code: (<B>630) 765-8000</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">_____________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former Name or Former Address, if Changed Since
Last Report.)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(<I>see </I>General Instruction A.2. below):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act<BR>
(17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act<BR>
(17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 49.5pt"><FONT STYLE="font-variant: small-caps">Item 7.01</FONT></TD><TD><FONT STYLE="font-variant: small-caps">Regulation FD Disclosure</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify"><FONT STYLE="font-style: normal; font-weight: normal">First
Trust Senior Floating Rate Income Fund II (the &ldquo;Fund&rdquo;) is filing herewith a press release issued on November 16, 2020,
as Exhibit 99.1. The press release was issued by First Trust Advisors L.P. to report that on November 18, 2020, the Securitized
Products Group of FTA, portfolio manager for the Fund, will release an update on the market and the Fund. Details regarding the
update are contained in the press release included herein.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin-top: 16pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.5pt">I<FONT STYLE="font-variant: small-caps">tem</FONT> 9.01</TD><TD><FONT STYLE="font-variant: small-caps">Financial
                                         Statements and Exhibits</FONT>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Exhibit Number</TD><TD>Description</TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">99.1</TD><TD> <A HREF="pressrelease.htm">Press release of First Trust Advisors L.P. dated November 16, 2020</A>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -3.5in"></P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in; text-indent: -3.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD><P STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps; text-transform: uppercase">Dated:
        November 16, 2020</FONT></P>
</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">First
    Trust Senior Floating Rate Income Fund II</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ W. Scott Jardine</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">W. Scott Jardine</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Exhibit Number</TD><TD>Description</TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">99.1</TD><TD><A HREF="pressrelease.htm">Press release of First Trust Advisors L.P. dated November 16, 2020</A>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center">&nbsp;</P>



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    <TD STYLE="font: 12pt/14pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">PRESS RELEASE</FONT></TD>
    <TD STYLE="font: 12pt/14pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">SOURCE: First Trust Advisors L.P.</FONT></TD></TR>
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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>First Trust Advisors L.P. Announces
Portfolio Manager Update for First Trust Senior Floating Rate Income Fund II, First Trust Senior Floating Rate 2022 Target Term
Fund and First Trust High Yield Opportunities 2027 Term Fund</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WHEATON, IL &mdash; (BUSINESS WIRE) &mdash;
November 16, 2020 &mdash; First Trust Advisors L.P. (&ldquo;FTA&rdquo;) announced today that its Leveraged Finance Investment Team,
portfolio manager for the First Trust Senior Floating Rate Income Fund II (NYSE: FCT), First Trust Senior Floating Rate 2022 Target
Term Fund (NYSE: FIV) and First Trust High Yield Opportunities 2027 Term Fund (NYSE: FTHY) (each a &ldquo;Fund&rdquo; or collectively,
the &ldquo;Funds&rdquo;), will release an update on the market and the Funds for financial advisors and investors. The update will
be available <B>Wednesday, November 18, 2020, at 5:00 P.M. Eastern Time until 11:59 P.M. Eastern Time on Friday, December 18, 2020</B>.
To listen to the update, follow these instructions:</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">--</TD><TD STYLE="text-align: justify">Dial: (888) 203-1112; International (719) 457-0820; and Passcode # 6281160. The update will be
available from Wednesday, November 18, 2020, at 5:00 P.M. Eastern Time until 11:59 P.M. Eastern Time on Friday, December 18, 2020.</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FCT 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 (&ldquo;Senior Loans&rdquo;). Under normal market conditions, the Fund will invest at least 80% of its Managed
Assets in lower grade debt instruments. &quot;Managed Assets&quot; means the total asset value of the Fund minus the sum of its
liabilities, other than the principal amount of borrowings. There can be no assurance that the Fund's investment objectives will
be achieved.</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 (&quot;Common Share&quot;) of the Fund (the original net asset value (&quot;Original NAV&quot;) 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 &quot;Termination Date&quot;). The Fund, under normal market conditions, pursues its objectives by primarily investing
at least 80% of its Managed Assets in a portfolio of Senior Loans of any maturity.</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the sharp and sudden economic
shock resulting from the unprecedented shut down of significant parts of the U.S. economy in March due to the COVID-19 pandemic,
the value of the Fund's assets experienced a significant decline. Consequently, the Fund was required to sell assets and pay down
outstanding indebtedness in order to remain in compliance with applicable limitations on leverage imposed on the Fund by applicable
law. While the market for the Fund's assets has improved, sales of the Fund's investments during the downturn had a negative impact
on the Fund's NAV. In addition, due to the Federal Open Market Committee lowering the Federal Funds target rate to 0%-.25% from
1.50% - 1.75% in March 2020, LIBOR rates declined significantly which reduced the income earning potential of the Fund and its
ability to increase NAV through withholding Fund income. As a result, based on current market conditions and expectations, the
Fund believes that it is unlikely to achieve its objective of returning $9.85 per Common Share upon its termination. The ultimate
NAV of the Fund that will be returned to shareholders upon termination of the Fund will be dependent on a number of factors including,
but not limited to, the severity of the economic contraction, the level of income earned in the portfolio, default losses experienced
in the portfolio, trading losses in the portfolio and the use of leverage. As indicated above, the recent decline in interest rates,
with 3-month LIBOR falling to 0.23% as of September 30, 2020 from 1.45% as of March 31, 2020, has reduced the income generated
by the portfolio. Moreover, the portfolio management team anticipates actively reducing the Fund's leverage and shifting the portfolio
composition to shorter dated higher quality holdings as the Fund approaches its termination date. As a result of these actions,
investors should anticipate periodic reductions in the Fund's distribution per share going forward.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FTHY is a diversified, closed-end management
investment company. The Fund&rsquo;s investment objective is to provide current income. Under normal market conditions, the Fund
will seek to achieve its investment objective by investing at least 80% of its managed assets in high yield debt securities of
any maturity that are rated below investment grade at the time of purchase or unrated securities determined by First Trust Advisors
L.P. (&ldquo;FTA&rdquo;) to be of comparable quality. High yield debt securities include U.S. and non-U.S. corporate debt obligations
and Senior Loans. Securities rated below investment grade are commonly referred to as &ldquo;junk&rdquo; or &ldquo;high yield&rdquo;
securities and are considered speculative with respect to the issuer&rsquo;s capacity to pay interest and repay principal. There
can be no assurance that the Fund will achieve its investment objective or that the Fund&rsquo;s investment strategies will be
successful.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">First Trust Advisors L.P. (&quot;FTA&rdquo;)
is a federally registered investment advisor and serves as the Fund&rsquo;s investment advisor. FTA and its affiliate First Trust
Portfolios L.P. (&ldquo;FTP&rdquo;), 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 $147 billion as of October 31, 2020 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.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investment return and market value of
an investment in the Funds will fluctuate. Shares, when sold, may be worth more or less than their original cost. There can be
no assurance that the Funds&rsquo; investment objectives will be achieved. The Funds may not be appropriate for all investors.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Principal Risk Factors: Securities held
by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions,
political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares
of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market
fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other
public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such
events may affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of
the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial
markets, which have caused losses for investors. The COVID-19 pandemic may last for an extended period of time and will continue
to impact the economy for the foreseeable future.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.75pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.75pt 0; text-align: justify">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 &quot;junk&quot;
or &quot;high-yield&quot; 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 Funds, and such defaults
could reduce the Funds&rsquo; 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&rsquo;s value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.75pt 0; text-align: justify">The Senior Loan market has seen an increase
in loans with weaker lender protections which may impact recovery values and/or trading levels in the future. The absence of financial
maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance
deteriorates. This may hinder the Funds&rsquo; ability to reprice credit risk associated with a particular borrower and reduce
the Funds&rsquo; ability to restructure a problematic loan and mitigate potential loss. As a result, the Funds&rsquo; exposure
to losses on investments in Senior Loans may be increased, especially during a downturn in the credit cycle or changes in market
or economic conditions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.75pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Many financial instruments use or may use a
floating rate based upon the London Interbank Offered Rate (LIBOR), which is being phased out by the end of 2021. There remains
some uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.75pt 0; text-align: justify">FIV&rsquo;s and FTHY&rsquo;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&rsquo;s ability to maintain its dividend.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.75pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.75pt 0; text-align: justify">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 &ldquo;LIBOR floor&rdquo;), which will be used if the actual base
rate is below the minimum base rate. To the extent the Funds invest in such Senior Loans, the Funds 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 Funds may lose some of the benefits of incurring leverage.
Specifically, if the Funds&rsquo; Borrowings have floating dividend or interest rates, their 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.75pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.75pt 0; text-align: justify">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.75pt 0; text-align: justify"><BR>
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.<BR>
<BR>
</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.75pt 0; text-align: justify">The debt securities in which the Funds
may invest are subject to certain risks, including issuer risk, reinvestment risk, prepayment risk, credit risk, and interest rate
risk. Issuer risk is the risk that the value of fixed-income securities may decline for a number of reasons which directly relate
to the issuer. Reinvestment risk is the risk that income from the Funds&rsquo; portfolio will decline if the Funds invest the proceeds
from matured, traded or called bonds at market interest rates that are below the Funds portfolio&rsquo;s current earnings rate.
Prepayment risk is the risk that, upon a prepayment, the actual outstanding debt on which the Funds derive interest income will
be reduced. 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. Interest rate risk is the risk that fixed-income
securities will decline in value because of changes in market interest rates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.75pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Use of leverage can result in additional
risk and cost, and can magnify the effect of any losses.<BR>
<BR>
The risks of investing in the Funds are spelled out in the prospectus, shareholder report and other regulatory filings.</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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, the Internal Revenue Code or any other regulatory
framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent
judgment in determining whether investments are appropriate for their clients.</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Funds&rsquo; 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.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">CONTACT: JEFF MARGOLIN - (630) 915-6784</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">____________________________</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Source: First Trust Advisors L.P.</P>

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