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First Trust Advisors L.P. Announces April 30, 2011 Resignation of Investment Sub-Advisor for First Trust/FIDAC Mortgage Income

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^{Published in Business and Finance on Tuesday, January 11th 2011 at 13:46 GMT by Market Wire}  

WHEATON, Ill.--([ BUSINESS WIRE ])--First Trust Advisors L.P. announced that Fixed Income Discount Advisory Company (aFIDACa) has submitted its notice of resignation, effective April 30, 2011, as the investment sub-advisor to First Trust/FIDAC Mortgage Income Fund (NYSE: FMY). Until April 30, 2011, FIDAC will continue to serve as the Funda™s investment sub-advisor. First Trust Advisors L.P. (aFirst Trusta), the Funda™s investment manager, is currently evaluating the impact of FIDACa™s resignation on the Fund and is assessing alternatives to ensure continuity of portfolio management for the Fund. First Trust has served as the Funda™s investment manager since the Funda™s inception and will continue to serve in such capacity following FIDACa™s resignation.

The Fund is a diversified, 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 representing part ownership in a pool of either residential or commercial mortgage loans that, in the opinion of the Funda™s investment sub-advisor, offer an attractive combination of credit quality, yield and maturity.

First Trust Advisors, L.P., along with its affiliate First Trust Portfolios L.P., are privately-held companies which provide a variety of investment services, including asset management, financial advisory services, and municipal and corporate investment banking, with collective assets under management or supervision of over $42 billion as of December 31, 2010 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.