First Trust/FIDAC Mortgage Income Fund Declares Monthly Distribution for May of $0.085 Per Share.LISLE, Ill. -- First Trust/FIDAC Mortgage Income Fund (the "Fund") (NYSE NYSE See: New York Stock Exchange : FMY FMY Ft. Myers, FL - Page Field (Airport Code) ) today declared the Fund's regularly scheduled monthly distribution, payable on May 15, 2007 to shareholders of record as of May 3, 2007. The ex-dividend date Ex-dividend date The first day of trading when the buyer of a stock is no longer entitled to the most recently announced dividend payment ( i.e. the trade will settle the day after the record date, too late for the buyer to appear on the shareholder record and receive the dividend. is expected to be May 1, 2007. The monthly distribution information for the Fund appears below. [TABLE OMITTED] 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. The final determination of the source and tax status of all distributions paid in 2007 will be made after the end of 2007. 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 preserve capital. The Fund pursues these investment objectives by investing primarily in mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. representing part ownership in a pool of either residential or commercial mortgage loans that, in the opinion of the Fund's sub-adviser, offer an attractive combination of credit quality, yield and maturity. First Trust Advisors L.P. acts as the Fund's investment advisor and currently manages or supervises approximately $29 billion in assets. Fixed Income Discount Advisory Company ("FIDAC FIDAC Fixed Income Discount Advisory Company FIDAC Fireball Data Center FIDAC Federazione Italiana Dipendenti Aziende di Credito (Italian labor union) ") is the Fund's sub-adviser. FIDAC is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Annaly Capital Management, Inc. ("Annaly"), a New York Stock Exchange-listed real estate investment trust. At December 31, 2006, FIDAC and its parent Annaly had approximately $46 billion of gross assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. Principal Risk Factors: Investment in this Fund involves investment and market risk, management risk, credit risk, prepayment risk, reinvestment risk, interest rate risk, floating rate CMOs and inverse floating rate CMOs risk, bond market risk, economic sector risk, inflation risk, U.S. government securities risk, government agency risk, asset-backed securities risk, market discount risk, leverage risk, interest rate transactions risk, derivatives risk, market disruption risk, portfolio turnover risk, tax risk relating to investments in certain REMICs, and illiquid/restricted securities risk. Please see the Fund's prospectus for additional information on the risks of investing in the Fund. The Fund's daily closing New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891. |
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