First Trust Mortgage Income Fund Shareholders Approve New Investment Sub-Advisory Agreement with Brookfield Investment Management Inc.

First Trust Mortgage Income Fund (NYSE: FMY) (the "Fund”), which until April 29, 2011 was known as First Trust/FIDAC Mortgage Income Fund, announced today that shareholders of the Fund have voted to approve a new investment sub-advisory agreement with Brookfield Investment Management Inc. ("Brookfield”). On April 18, 2011, the Fund’s Board of Trustees approved an interim investment sub-advisory agreement with Brookfield, which the Fund entered into effective April 29, 2011; it provided that Brookfield would continue to serve as the Fund’s sub-advisor for a maximum period of 150 days. The new investment sub-advisory agreement with Brookfield was submitted to shareholders of the Fund and took effect upon shareholder approval today.

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 investment sub-advisor, offer an attractive combination of credit quality, yield and maturity.

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, financial advisory services, and competitive municipal underwritings, with collective assets under management or supervision of approximately $51 billion as of June 30, 2011 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.

Brookfield is a global investment advisor focused on specialized equity and fixed income securities investments. The firm is a subsidiary of Brookfield Asset Management Inc., a leading global asset manager with over $150 billion in assets under management as of June 30, 2011 and over 100 years of experience in the property, power and infrastructure industries. Brookfield Investment Management Inc. is an SEC registered investment advisor, and with its affiliates had approximately $24 billion in assets under management as of June 30, 2011. Headquartered in New York, the firm maintains offices and investment teams in Chicago, Boston, London, Hong Kong, Sydney and Toronto.