First Trust Advisors has announced that Valhalla Capital Partners has submitted its notice of resignation as the investment sub-adviser to three of its funds, effective 30 June 2009.First Trust Advisors has announced that Valhalla Capital Partners has submitted its notice of resignation as the investment sub-adviser to three of its funds, effective 30 June 2009.

The funds are the First Trust Strategic High Income Fund, First Trust Strategic High Income Fund II and First Trust Strategic High Income Fund III.

First Trust Advisors, the funds' investment manager, is currently evaluating the impact of Valhalla's resignation on the funds and is assessing alternatives to ensure continuity of portfolio management for the funds.

First Trust has served as each fund's investment manager since inception and will continue to serve in such capacity following Valhalla's resignation.

Each fund is a diversified, closed-end management investment company that seeks to provide a high level of current income. As a secondary objective, each fund seeks to provide capital growth.