(Source: Business Wire)
First Trust Strategic High Income Fund II (the "Fund") (NYSE: FHY) today decreased its regularly scheduled monthly common share distribution to $0.11 per share from $0.12 per share. The distribution will be payable on May 15, 2009 to shareholders of record as of May 5, 2009. The ex-dividend date is expected to be May 1, 2009. The monthly distribution and cash balance information for the Fund appears below.
First Trust Strategic High Income Fund II (FHY): Distribution per share: $0.11 Distribution Rate based on the April 17, 2009 NAV of $5.64: 23.40 % Distribution Rate based on the April 17, 2009 closing market price of $5.88: 22.45 % Decrease from previous distribution of $0.12: -8.33 % Cash Balance on April 17, 2009: $7,372,338 or 13.75% of Net Assets The decrease in the distribution level primarily reflects credit losses incurred or expected on certain of the Fund's holdings. -------------------------------------------------------------------------------
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 2009 will be made after the end of 2009.
The Fund is a diversified, closed-end management investment company that seeks to provide a high level of current income. As a secondary objective, the Fund seeks to provide capital growth. The Fund pursues these investment objectives by investing its managed assets in a diversified portfolio of below-investment grade and investment grade debt securities and equity securities that the investment sub-advisor believes offer attractive yield and/or capital appreciation potential.
