Fund Description: First Trust Mortgage Income Fund, formerly the First Trust/FIDAC Mortgage Income Fund, is an exchange-traded closed-end fund or a closed-end ETF that is officially described as a diversified, closed-end management investment company. <p> INVESTMENT OBJECTIVE: The Fund's primary investment objective is to seek a high level of current income. As a secondary objective, the Fund will seek to preserve capital. <p> FUND STRATEGY: The Fund will pursue its objectives by investing primarily in mortgage-backed securities representing part ownership in a pool of either residential or commercial mortgage loans that offer an attractive combination of credit quality, yield and maturity. These securities may be 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. Under normal market conditions, the Fund will invest at least 80% of its managed assets in mortgage backed securities. In addition, the Fund may invest up to 20% of its managed assets in U.S. government securities, or cash or other short-term instruments, and may invest up to 10% of its managed assets in other mortgage-related assets that are secured by pools of assets that represent interests in real estate. The Fund will invest all of its managed assets in securities that at the time of investment are investment grade quality and rated within the three highest investment grades. <p> FUND MANAGEMENT: First Trust Advisors L.P. serves as the Fund's investment adviser.