UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-PX
ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act File No. 811-21727
First Trust/FIDAC Mortgage Income Fund
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Exact Name of Registrant as Specified in Declaration of Trust
120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187
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Address of Principal Executive Offices (Number, Street, City, State, Zip Code)
W. Scott Jardine
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, Illinois 60187
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Name and Address (Number, Street, City, State, Zip Code) of Agent for Service
(630) 765-8000
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Registrant's Telephone Number, including Area Code
Date of fiscal year end: October 31
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Date of reporting period: July 1, 2009 - June 30, 2010
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Form N-PX is to be used by a registered management investment company, other
than a small business investment company registered on Form N-5 (ss.ss. 239.24
and 274.5 of this chapter), to file reports with the Commission, not later than
August 31 of each year, containing the registrant's proxy voting record for the
most recent twelve-month period ended June 30, pursuant to section 30 of the
Investment Company Act of 1940 and rule 30b1-4 thereunder (17 CFR 270.30b1-4).
The Commission may use the information provided on Form N-PX in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-PX, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-PX unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 f Street, N.E., Washington
D.C. 20549. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. Section 3507.
Item 1. Proxy Voting Record
COMPANY: TICKER: SECURITY ID:
Wells Fargo Mortgage Backed Securities NA 94983YAL3
Trust Series 2006-AR10, Class 5 A2
AGENDA ITEM:
Wells Fargo Bank, N.A. seeks consent to certain proposed Amendments
in order to be able to perform certain loan modifications in conformity with the
Home Affordable Modification Program (HAMP). To the extent a mortgage loan is
eligible for modification under HAMP, the services must seek to modify the
mortgage loan so that the new monthly payment results in a housing debt-to-
income ratio for the borrower of 31. To achieve such result, a service is
required to perform the following hierarchy of modifications: first reduce the
interest rate on the mortgage loan, then extend the term or amortization
schedule of the mortgage loan and finally, defer the collection of a portion of
the principal balance of the mortgage loan, without interest on the deferred
amount. Currently, the Servicing Agreement prohibits permanently reducing the
mortgage interest on any mortgage loan. The proposed Servicing Agreement
Amendment seeks to remove this restriction and to make related conforming
changes to the Servicing Agreement. In addition, the Proposed Pooling Agreement
Amendment seeks to remove the requirement that a modified mortgage loan qualify
as a Substitute Mortgage Loan so that the Services, in accordance with HAMP, can
permanently reduce the mortgage interest rate on a mortgage loan and, if
necessary, extend the term of the mortgage loan, both of which are currently
prohibited by the Substitute Mortgage Loan qualification.
MGMT REC: VOTE CAST: PROPONENT:
For For Management
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
(Registrant) FIRST TRUST/FIDAC MORTGAGE INCOME FUND
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By (Signature and Title)* /s/ James A. Bowen
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James A. Bowen, President
Date August 31, 2010
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* Print the name and title of each signing officer under his or her signature.