First Trust Advisors L.P. ("FTA") announced today that the
Securitized Products Group of FTA, portfolio manager of First Trust
Mortgage Income Fund (NYSE: FMY) (the “Fund”), will release an
update on the market and the Fund for financial professionals and
investors. To listen to the update, click on the following
link:
FMY Replay 10/20/2023
The update will be available Friday, October 20, 2023, at
5:00 P.M. Eastern Time until 11:59 P.M. Eastern Time on Sunday,
November 19, 2023
FTA is a federally registered investment advisor and serves as
the Fund's investment advisor. FTA and its affiliate First Trust
Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are
privately-held companies that provide a variety of investment
services. FTA has collective assets under management or supervision
of approximately $195 billion as of September 30, 2023 through unit
investment trusts, exchange-traded funds, closed-end funds, mutual
funds and separate managed accounts. FTA is the supervisor of the
First Trust unit investment trusts, while FTP is the sponsor. FTP
is also a distributor of mutual fund shares and exchange-traded
fund creation units. FTA and FTP are based in Wheaton,
Illinois.
Principal Risk Factors: Risks are inherent in all investing.
Certain risks applicable to the Fund are identified below, which
includes the risk that you could lose some or all of your
investment in the Fund. The principal risks of investing in the
Fund are spelled out in the Fund's annual shareholder reports. The
order of the below risk factors does not indicate the significance
of any particular risk factor. The Fund also files reports, proxy
statements and other information that is available for
review.
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. There can be no assurance that the Fund's investment
objectives will be achieved. The Fund may not be appropriate for
all investors.
Market risk is the risk that a particular security, or shares of
a fund in general may fall in value. Securities are subject to
market fluctuations caused by such factors as general economic
conditions, political events, regulatory or market developments,
changes in interest rates and perceived trends in securities
prices. Shares of a fund could decline in value or underperform
other investments as a result. In addition, local, regional or
global events such as war, acts of terrorism, spread of infectious
disease or other public health issues, recessions, natural
disasters or other events could have significant negative impact on
a fund.
Current market conditions risk is the risk that a particular
investment, or shares of the fund in general, may fall in value due
to current market conditions. As a means to fight inflation, the
Federal Reserve and certain foreign central banks have raised
interest rates and expect to continue to do so, and the Federal
Reserve has announced that it intends to reverse previously
implemented quantitative easing. Recent and potential future bank
failures could result in disruption to the broader banking industry
or markets generally and reduce confidence in financial
institutions and the economy as a whole, which may also heighten
market volatility and reduce liquidity. In February 2022, Russia
invaded Ukraine which has caused and could continue to cause
significant market disruptions and volatility within the markets in
Russia, Europe, and the United States. The hostilities and
sanctions resulting from those hostilities have and could continue
to have a significant impact on certain fund investments as well as
fund performance and liquidity. The COVID-19 global pandemic, or
any future public health crisis, and the ensuing policies enacted
by governments and central banks have caused and may continue to
cause significant volatility and uncertainty in global financial
markets, negatively impacting global growth prospects.
The debt securities in which the Fund invests are subject to
certain risks, including issuer risk, reinvestment risk, prepayment
risk, credit risk, interest rate risk and liquidity 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.
Liquidity risk is the risk that illiquid and restricted securities
may be difficult to value and to dispose of at a fair price at the
times when the Fund believes it is desirable to do so.
A mortgage-backed security may be negatively affected by the
quality of the mortgages underlying such security and the structure
of its issuer. For example, if a mortgage underlying a particular
mortgage-backed security defaults, the value of that security may
decrease. Moreover, a downturn in the markets for residential or
commercial real estate or a general economic downturn could
negatively affect both the price and liquidity of privately issued
mortgage-backed securities. 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.
The London Interbank Offered Rate ("LIBOR") has ceased to be
made available as a reference rate. Any potential effects of the
transition away from LIBOR on the fund or on certain instruments in
which the fund invests is difficult to predict and could result in
losses to the fund. The unavailability or replacement of LIBOR may
affect the value, liquidity or return on certain fund investments
and may result in costs incurred in connection with closing out
positions and entering into new trades.
Investments in asset-backed or mortgage-backed securities
offered by non-governmental issuers, such as commercial banks,
savings and loans, private mortgage insurance companies, mortgage
bankers and other secondary market issuers are subject to
additional risks.
The primary risks associated with the use of futures contracts
are (a) the imperfect correlation between the change in market
value of the instruments or indices underlying the futures
contracts and the price of the futures contracts; (b) possible lack
of a liquid secondary market for a futures contract and the
resulting inability to close a futures contract when desired; (c)
losses caused by unanticipated market movements, which are
potentially unlimited; (d) the investment adviser's inability to
predict correctly the direction of securities prices, interest
rates, currency exchange rates and other economic factors; and (e)
the possibility that the counterparty will default in the
performance of its obligations.
If a security sold short increases in price, the Fund may have
to cover its short position at a higher price than the short sale
price, resulting in a loss.
Repurchase agreements are subject to the risk of failure. If the
Fund's counterparty defaults on its obligations and the Fund is
delayed or prevented from recovering the collateral, or if the
value of the collateral is insufficient, the Fund may realize a
loss.
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,
the Internal Revenue Code or any other regulatory framework.
Financial professionals are responsible for evaluating investment
risks independently and for exercising independent judgment in
determining whether investments are appropriate for their
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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version on businesswire.com: https://www.businesswire.com/news/home/20231018389722/en/
JEFF MARGOLIN — (630) 915-6784
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