As the mortgage market continues to suffer at the hands of an artificially low interest rate environment created by the Federal Reserve through its quantitative easing policies, diversified, closed-end management investment company First Trust Mortgage Income Fund (NYSE:FMY) announced this week that it is cutting its monthly distribution 15% beginning with the June payout. 

The dividend, which is being reduced from $0.10 per share to $0.085 per share, will be payable on June 17 to the holders of record at the close of business on June 5. The fund invests primarily in mortgage-backed securities. The company's press release says: "The majority, and possibly all, of this distribution will be paid out of net investment income earned by the Fund. A portion of this distribution may come from net short-term realized capital gains or return of capital."

Brookfield Investment Management serves as the sub-advisor to First Trust Mortgage. Brookfield is a wholly owned subsidiary of Brookfield Asset Management, a global alternative asset manager with approximately $185 billion in assets under management as of March 31.