DMO - Western Asset Mortgage Opportunity Fund

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. Feb 13, 2026

   The fund said it may sell new shares.

   Original document →

2. Jan 10, 2025

   The fund said it may sell new shares.

   Original document →

3. Nov 21, 2024

   The fund said it may sell new shares.

   Original document →

4. Oct 10, 2024

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Franklin Templeton Fund Adviser, LLC. Part of the FRANKLIN TEMPLETON fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $129 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 47% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.9% a year in management fees; 7.9% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
• The fund's own cost example: $1,000 invested costs about $88 in the first year and about $691 over 10 years, assuming the holdings return 5% a year. As of Dec 31, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $1.55 a share. $1.17 of that was income; $0.38 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $11.68. The shares traded at $11.06, about 5.3% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 10% below to 1.3% above. As of Dec 31, 2025, from the fund's annual report. Original document →
• How the holdings did: up 2.9% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2009.

How this has changed

• Payouts per share: $1.55 in the fiscal year ended Dec 31, 2025; $1.53 in the year ended Dec 31, 2024; $1.28 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.38 in the year ended Dec 31, 2025; $0.16 in the year ended Dec 31, 2024; none in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 7.87% a year in the fiscal year ended Dec 31, 2025; 7.95% a year in the year ended Dec 31, 2024; 7.14% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $133 million at Dec 31, 2025; $137 million at Dec 31, 2024; $137 million at Dec 29, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 29, 2023 →.
• Borrowing: about 48% on top of its own money at Dec 31, 2025; 47% at Dec 31, 2024; none at Dec 29, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 29, 2023 →.
• The fund had about 11.4 million shares at Dec 31, 2025, about the same as at Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +6.9%, counting payouts; the holdings +10.6%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +20.1%, counting payouts; the holdings +13.2%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +16.7%, counting payouts; the holdings +10.5%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -21.6%, counting payouts; the holdings -13.7%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +17.2%, counting payouts; the holdings +12.4%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +37.5%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $13,800 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +2.2%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly asset-backed bonds (91%), the rest preferred shares and bonds. About 94% issued in the U.S.

1. Stacr Trust 2018-HRP1, Stacr 2018-HRP1 B2 - 4.8%
2. Gs Mortgage Securities Corp Trust 2024-70P, Gsms 2024-70P Hrr - 3.4%
3. Freddie Mac Structured Agency Credit Risk Trust 2018-HRP2, Stacr 2018-HRP2 B2 - 3.3%
4. Federal National Mortgage Association, Cas 2016-C06 1B - 2.8%
5. 280 Park Avenue Trust, Prk 2017-280P E - 2.6%
6. Aegis Asset Backed Securities Trust Series 2005-3, Aabst 2005-3 M3 - 2.4%
7. Freddie Mac Structured Pass Through Certificates, Stacr 2018-SPI4 B - 2.2%
8. Home Re 2026-1, Hmir 2026-1 M2 - 2.1%
9. Multifamily Connecticut Avenue Securities Trust 2019-01, Mcas 2019-01 Ce - 2%
10. Freddie Mac Mscr Trust MN7, Mscr 2023-MN7 B1 - 2%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →