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First Trust Funds

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Investigating First Trust Funds
  • First Trust Strategic High Income Fund (FHI)
  • Strategic High Income Fund II (FHY)
  • Strategic High Income Fund III (FHO)

Overview

First Trust Strategic High Income Funds: Important Developments

Investors who purchased shares of three closed-end mutual funds offered by First Trust Portfolios L.P. are learning that because of decisions made by the Funds' management their investments were exposed to high concentrations of risky mortgage-backed securities, including illiquid collateralized debt obligations (CDOs).

Collectively known as the “First Trust Funds,” the specific funds include the First Trust Strategic High Income Fund (FHI), the Strategic High Income Fund II (FHY), and the Strategic High Income Fund III (FHO). Many investors who bought into these funds did so under the assumption that they were conservative, long-term investments. Instead, investors have found their portfolios saddled with risky debt instruments.

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