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

First Trust Strategic High Income Fund II (FHY):
 
Distribution per share: $0.12
Distribution Rate based on the October 19, 2011 NAV of $15.48: 9.30%
Distribution Rate based on the October 19, 2011 closing market price of $13.55: 10.63%
 

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. 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 this period, it is possible that the Fund’s current 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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