First Trust Strategic High Income Fund Decreases its Monthly Common Share Distribution to $0.12 Per Share for January
23 Dezember 2008 - 1:00AM
Business Wire
First Trust Strategic High Income Fund (the "Fund") (NYSE: FHI)
today decreased its regularly scheduled monthly distribution to
$0.12 per share from $0.16 per share. The distribution will be
payable on January 15, 2009 to shareholders of record as of January
6, 2009. The ex-dividend date is expected to be January 2, 2009.
The monthly distribution and cash balance information for the Fund
appears below. First Trust Strategic High Income Fund (FHI):
Distribution per share: � $0.12 Distribution Rate based on the
December 19, 2008 NAV of $4.76: 30.25% Distribution Rate based on
the December 19, 2008 closing market price of $4.50: 32.00%
Decrease from previous distribution of $0.16 -25.00% Cash Balance
on December 19, 2008: $0 or 0.00% of Net Assets The decrease in the
distribution level primarily reflects performance losses applied or
expected on certain of the Fund�s holdings and to a lesser extent,
trading losses do to deleveraging. 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 at least 80%
of its managed assets in a diversified portfolio of high income
producing securities that the investment sub-advisor believes offer
attractive yield and capital appreciation potential. 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 municipal and
corporate investment banking, with collective assets under
management or supervision of over $17 billion as of November 30,
2008 through closed-end funds, unit investment trusts, mutual
funds, separate managed accounts and exchange-traded funds.
Valhalla Capital Partners, LLC, the Fund�s investment sub-advisor
(�Valhalla�), is a boutique asset management firm focused on
managing high-yield portfolios with an emphasis on structured
finance securities. The three managing partners have 50 years
combined industry experience and the investment team has an average
of over 12 years experience in working with high-yield and
structured finance securities. Valhalla managed approximately $265
million in assets as of September 30, 2008. 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: Investment in this Fund involves investment and market
risk, management risk, value investing risk, below-investment grade
securities risk, fixed-income securities risk, mortgage-backed
securities risk, asset-backed securities risk, convertible
securities risk, municipal securities risk, non-U.S. securities
risk, non-U.S. government securities risk, equity securities risk,
currency risk, distressed securities risk, preferred stock risk,
inflation/deflation risk, market discount risk, leverage risk,
derivatives risk, market disruption risk, portfolio turnover risk,
and illiquid/restricted securities risk. The risks of investing in
the Fund are spelled out in the prospectus, shareholder report and
other regulatory filings. 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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