First Trust/FIDAC Mortgage Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund's primary investment objective is to seek a high level of current income. As a secondary objective, the Fund seeks to preserve capital. The Fund pursues these objectives by investing in mortgage-backed securities representing part ownership in a pool of either residential or commercial mortgage loans. The Fund purchases securities issued by government agencies or by private originators or issuers, generally in the form of pass-through certificates, collateralized mortgage obligations, residential mortgage-backed securities or commercial mortgage-backed securities. The Fund’s investment advisor is First Trust Advisors L.P. The Fund’s sub-advisor is Fixed Income Discount Advisory Company. Its administrator is PNC Global Investment Servicing (U.S.) Inc.