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First Trust Strategic High Income Fund
Declares Monthly Distribution for January of $0.16 Per Share
First Trust Advisors, LP

Lisle, IL, December 18, 2006-- First Trust Strategic High Income Fund (the "Fund") (NYSE: FHI) today declared the Fund’sregularly scheduled monthly distribution, payable on January 16, 2007 to shareholders of record as of January 4, 2007. The ex-dividend date is expected to be January 2, 2007. The monthly distribution information for the Fund appears below.

First Trust Strategic High Income Fund (FHI)
Distribution per share	$0.16
Distribution Rate based on the December 15, 2006 NAV of $19.78	9.71%
Distribution Rate based on the December 15, 2006 closing market price of $21.28	9.02%

The Fund is a 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 belowinvestment grade debt securities. The fund employs leverage.

First Trust Advisors L.P. acts as the Fund’s investment adviser and currently manages or supervises approximately $28 billion in assets.

Valhalla Capital Partners, LLC (“Valhalla”) is a boutique asset management firm focused on managing high-yield portfolios with an emphasis on structured finance securities. The three managing partners have 47 years combined industry experience and the investment team has an average of over 10 years experience in working with high-yield and structured finance securities. Valhalla currently manages approximately $400 million in assets.

View more information on First Trust Advisors, LP or other Closed-End Funds.