First Trust Mortgage Income Fund Declares its Monthly Common Share Distribution of $0.065 Per Share for May

First Trust Mortgage Income Fund (the “Fund”) (NYSE: FMY) has declared
the Fund’s regularly scheduled monthly common share distribution in the
amount of $0.065 per share payable on May 15, 2017, to shareholders of
record as of May 3, 2017. The ex-dividend date is expected to be May 1,
2017. The monthly distribution information for the Fund appears below.

First Trust Mortgage Income Fund (FMY):

         
Distribution per share: $0.065
Distribution Rate based on the April 19, 2017 NAV of $15.46: 5.05%
Distribution Rate based on the April 19, 2017 closing market price
of $14.17:
5.50%
 

A portion of this distribution may come from net investment income, net
short-term realized capital gains or return of capital. The final
determination of the source and tax status of all distributions paid in
2017 will be made after the end of 2017 and will be provided on Form
1099-DIV.

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.

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 $104 billion as of March 31,
2017 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 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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