First Trust Senior Floating Rate Income Fund II Decreases its Monthly Common Share Distribution to $0.0663 Per Share for May

First Trust Senior Floating Rate Income Fund II (the “Fund”) (NYSE: FCT)
has decreased its regularly scheduled monthly common share distribution
to $0.0663 per share from $0.0675 per share. The distribution will be
payable on May 15, 2017, to shareholders of record as of May 3, 2017.
The ex-dividend date is expected to be May 1, 2017. The monthly
distribution information for the Fund appears below.

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

   
Distribution per share: $0.0663
Distribution Rate based on the April 19, 2017 NAV of $14.23: 5.59%
Distribution Rate based on the April 19, 2017 closing market price
of $13.55:
5.87%
Decrease from previous distribution of $0.0675: -1.78%
 

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
2017 distributions will be made after the end of 2017 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., the Fund’s investment advisor, along with its
affiliate, First Trust Portfolios L.P., are privately-held companies
which provide a variety of investment services, including asset
management and financial advisory services, with collective assets under
management or supervision of approximately $104 billion as of March 31,
2017 through unit investment trusts, exchange-traded funds, closed-end
funds, mutual funds and separate managed accounts.

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 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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