First Trust Mortgage Income Fund Announces Proposed Changes at Investment Sub-Advisor

First Trust Mortgage Income Fund (the “Fund”) (NYSE: FMY) announced today that it has been informed that Schroder Investment Management North America Inc. (“Schroders”) has reached an agreement with Brookfield Investment Management Inc. (“Brookfield”), the Fund’s investment sub-advisor, to acquire the Brookfield portfolio management team responsible for portfolio management of the Fund (“Acquisition”). The consummation of the Acquisition would be considered an “assignment” (as defined in the Investment Company Act of 1940, as amended) of the investment sub-advisory agreement among the Fund, Brookfield Investment Management Inc. and First Trust Advisors L.P. (“First Trust”), the Fund’s investment advisor, which would result in its automatic termination. According to Schroders, the Acquisition of the Fund’s portfolio management team is expected to be completed in the third quarter of 2016. First Trust is currently evaluating the impact of the Acquisition on the Fund. The Acquisition will not have any effect on the investment management agreement between the Fund and First Trust. First Trust has served as the Fund’s investment manager since the Fund’s inception and will continue to serve in such capacity following the Acquisition.

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 preserve capital. The Fund pursues these investment objectives by investing primarily in mortgage-backed securities representing part ownership in a pool of either residential or commercial mortgage 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 $97 billion as of April 30, 2016 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.

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.

Contacts:

First Trust Mortgage Income Fund
Press Inquiries: Jeff Margolin, 630-915-6784

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