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First Trust/FIDAC Mortgage Income Fund Declares Monthly Distribution
First Trust Advisors, LP

Lisle, IL, October 20, 2006 -- First Trust/FIDAC Mortgage Income Fund (the "Fund") (NYSE: FMY) today declared the Fund’sregularly scheduled monthly distribution, payable on November 15, 2006 to shareholders of record as of November 3, 2006. The ex-dividend date is expected to be November 1, 2006. The monthly distribution information for the Fund appears below.

First Trust/FIDAC Mortgage Income Fund (FMY)
Distribution per share	$0.085
Distribution Rate based on the October 19, 2006 NAV of $18.41	5.54%
Distribution Rate based on the October 19, 2006 closing market price of $16.59	6.15%

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 2006 will be
made after the end of 2006.

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 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 adviser and currently manages or supervises approximately $26 billion in assets.

Fixed Income Discount Advisory Company (“FIDAC”) is the Fund’s sub-adviser. FIDAC is a wholly owned subsidiary of Annaly Mortgage Management, Inc. (“Annaly”), a New York Stock Exchangelisted real estate investment trust. At June 30, 2006, FIDAC and its parent Annaly have approximately $38 billion of gross assets under management.

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