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First Trust Advisors Announces Results of Annual Shareholder Meeting for First Trust Mortgage Income Fund
[April 26, 2018]

First Trust Advisors Announces Results of Annual Shareholder Meeting for First Trust Mortgage Income Fund


First Trust Advisors L.P. ("FTA") announced today that shareholders of First Trust Mortgage Income Fund (NYSE: FMY) (the "Fund") voted at the annual meeting of shareholders to elect Richard E. Erickson and Thomas R. Kadlec as Class II Trustees to continue to serve as members of the Board of Trustees of the Fund for a three year term. 88.56% of the Fund's outstanding shares were voted in favor of Dr. Erickson, and 88.64% of the Fund's outstanding shares were voted in favor of Mr. Kadlec. James A. Bowen, Niel B. Nielson and Robert F. Keith are current and continuing Trustees of the Fund.

In addition, shareholders of the Fund voted at the annual meeting against a shareholder's proposal requesting the Board of Trustees to authorize a self-tender offer for all outstanding common shares of the Fund at or within 2% of net asset value. The shareholder's proposal also stated that "If more than 50% of the Fund's outstanding common shares are submitted for tender, the Board is requested to cancel the tender offer and take those steps that the Board is required to take to cause the Fund to be liquidated or converted to (or merged with) an exchange traded fund or an open-end mutual fund." Over 95% of the shares voted at the meeting, representing over 66% of the Fund's outstanding shares, voted against the shareholder's proposal and as a result, the shareholder's proposal did not pass.

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 that, in the opinion of the Fund's portfolio managers, offer an attractive combination of credit quality, yield and maturity.



FTA has served as the Fund's investment advisor since the Fund's inception. FTA 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 $121 billion as of March 31, 2018 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 debt securities in which the Fund invests are subject to certain risks, including issuer risk, reinvestment risk, prepayment risk, credit risk, and interest rate risk. Issuer risk is the risk that the value of fixed-income securities may decline for a number of reasons which directly relate to the issuer. Reinvestment risk is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called bonds at market interest rates that are below the Fund portfolio's current earnings rate. Prepayment risk is the risk that, upon a prepayment, the actual outstanding debt on which the Fund derives interest income will be reduced. 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. Interest rate risk is the risk that fixed-income securities will decline in value because of changes in market interest rates.


A portion of the Fund's managed assets may be invested in subordinated classes of mortgage-backed securities. Such subordinated classes are subject to a greater degree of non-payment risk than are senior classes of the same issuer or agency.

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 information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.

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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