First Trust Strategic High Income Fund II Declares Its Monthly Common Share Distribution Of $0.04 Per Share For August

First Trust Strategic High Income Fund II (the "Fund") (NYSE: FHY) has declared the Fund’s regularly scheduled monthly common share distribution payable on August 15, 2011 to shareholders of record as of August 3, 2011. The ex-dividend date is expected to be August 1, 2011. The monthly distribution information for the Fund appears below.

First Trust Strategic High Income Fund II (FHY):
Distribution per share:		$0.04
Distribution Rate based on the July 19, 2011 NAV of $5.65:		8.50%
Distribution Rate based on the July 19, 2011 closing market price of $5.15:		9.32%

Various factors affect the Fund's level of distributable income, including the asset mix and average maturity of its portfolio holdings and its use of leverage and hedging. The Fund anticipates that interest income of the Fund generated by certain credit impaired securities is likely to decrease over time, resulting in a decrease in the amount of distributable income in the future, absent any changes to the factors mentioned above.

Principal write-downs by issuers of the Fund’s residential mortgage and other structured securities have significantly contributed to the Fund’s historical return of capital distributions. The tax character of the Fund’s fiscal year to date distributions, including this distribution, will depend on the Fund’s investment experience during the remainder of its fiscal year, including any additional principal write-downs by the issuers of the Fund’s securities. While it is uncertain what will transpire over the remainder of the Fund’s fiscal year, it is likely that the Fund’s current fiscal year distributions will include a return of capital component. The final determination of the source and tax status of all 2011 distributions will be made after the end of 2011.

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