First Trust Strategic High Income Fund Decreases its Monthly Common Share Distribution to $0.025 Per Share for August

WHEATON, Ill., Jul 20, 2009 (BUSINESS WIRE) --
FHI | Quote | Chart | News | PowerRating -- First Trust Strategic High Income Fund (the "Fund") (NYSE: FHI | Quote | Chart | News | PowerRating) today
decreased its regularly scheduled monthly common share distribution to
$0.025 per share from $0.06 per share. The distribution will be payable
on August 17, 2009 to shareholders of record as of August 5, 2009. The
ex-dividend date is expected to be August 3, 2009. The monthly
distribution and cash balance information for the Fund appears below.

First Trust Strategic High Income
Fund (FHI):
Distribution per share:                                               $0.025
Distribution Rate based on the July 17, 2009 NAV of $2.99:            10.03%
Distribution Rate based on the July 17, 2009 closing market price of  8.47%
$3.54:
Decrease from previous distribution of $0.06:                         -58.33%
Cash Balance on July 17, 2009:                                        $1,099,978 or 4.03% of Net Assets

During the Fund's current fiscal year there have been significant
principal write-downs by issuers of securities sensitive to residential
mortgages and other structured securities within the Fund's portfolio.
The decrease in the dividend is a necessary adjustment as a result of
these write-downs and the continued credit deterioration of the
underlying income producing portfolio positions. In determining the
distribution policy, the Fund seeks an amount that it views as
sustainable based on the long-term income potential of the portfolio.

The majority, and possibly all, of this distribution will consist of
return of capital. A portion of this distribution may come from net
investment income. 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 $20 billion as of June 30, 2009 through closed-end
funds, unit investment trusts, mutual funds, separate managed accounts
and exchange-traded funds.

Hyperion Brookfield Asset Management, Inc., the Fund's investment
sub-advisor ("Hyperion Brookfield") is a registered investment advisor
headquartered in New York City. The firm was founded in 1989 to provide
relative value driven fixed income investment strategies, such as core
fixed income, high yield, and specialized MBS. Hyperion Brookfield
manages approximately $16 billion as of June 30, 2009 for a client base
that includes pension funds, financial institutions, mutual funds,
closed-end funds, insurance companies and foundations. Hyperion
Brookfield is a subsidiary of Brookfield Asset Management Inc., a global
asset manager focused on property, power and other infrastructure assets
with $80 billion of assets under management as of June 30, 2009.

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.

SOURCE: First Trust Strategic High Income Fund

First Trust Strategic High Income Fund 
Press Inquiries: Jane Doyle, 630-765-8775 
Analyst Inquiries: Jeff Margolin, 630-915-6784 
Broker Inquiries: Jeff Margolin, 630-915-6784

For full details on First Trust Strategic High Income Fund (FHI) FHI. First Trust Strategic High Income Fund (FHI) has Short Term PowerRatings at TradingMarkets. Details on First Trust Strategic High Income Fund (FHI) Short Term PowerRatings is available at This Link.