FMY - First Trust Mortgage Income Fund

What this means for you

Sit Investment has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. Oct 1, 2026

   Sit Investment raised its stake to 55.1% (from 54.1%), as a passive investor.

   Original document →

2. March 12, 2026

   Sit Investment raised its stake to 54.1% (from 52.8%). It has said it may push for changes.

   Original document →

3. March 11, 2026

   Sit Investment cut its stake to 52.8% (from 54.5%). It has said it may push for changes.

   Original document →

4. Dec 29, 2025

   Sit Investment raised its stake to 54.5% (from 52%). It has said it may push for changes.

   Original document →

5. Dec 23, 2025

   Sit Investment raised its stake to 52% (from 51.5%). It has said it may push for changes.

   Original document →

About this fund

• Run by First Trust Advisors L.P. Part of the First Trust Advisors L.P fund family. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $52.3 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 6% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.9% a year in management fees; 1.4% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $0.87 a share. $0.57 of that was income; $0.30 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 Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $12.88. The shares traded at $12.06, about 6.4% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 2.3% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2005.

How this has changed

• Payouts per share: $0.87 in the fiscal year ended Oct 31, 2025; $0.96 in the year ended Oct 31, 2024; $0.68 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.30 in the year ended Oct 31, 2025; $0.08 in the year ended Oct 31, 2024; none in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.4% a year in the fiscal year ended Oct 31, 2025; 1.42% a year in the year ended Oct 31, 2024; 1.36% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $54.3 million at Oct 31, 2025; $53.4 million at Oct 31, 2024; $49.4 million at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: about 6% on top of its own money at Oct 31, 2025; 2% at Oct 31, 2024; 19% at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 4.21 million shares at Oct 31, 2025, about the same as at Oct 31, 2023.As of Oct 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 Oct 31, 2025: the shares returned +7%, counting payouts; the holdings +9.2%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +20.6%, counting payouts; the holdings +17.1%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned +4.9%, counting payouts; the holdings +2.9%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -15.2%, counting payouts; the holdings -8.4%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +7.7%, counting payouts; the holdings +1.5%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +23.6%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $12,400 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +0.1%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 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 mortgage bonds and cash and short-term holdings. About 98% issued in the U.S.

The fund also sells options on its holdings to raise income.

1. Federal Home Loan Mortgage - 5.5%
2. Cash and short-term - 4%
3. Sfo Commercial Mortgage Trust 2021-555 - 4%
4. Federal National Mortgage Association - 3.6%
5. Priority 1 Issuer Logistics Dac, Prpm 2025-RPL4 M1A - 2.2%
6. PRP Advisors, LLC, Prpm 2026-RCF2 LLC - 1.9%
7. Great Wolf Trust 2015-WOLF, Gwt 2024-WOLF E - 1.9%
8. Verus Securitization Trust 2025-INV1, Verus 2025-INV1 B1 - 1.9%
9. Freddie Mac Stacr Remic Trust 2025-DNA4, Stacr 2025-DNA4 M2 - 1.9%
10. Bx Trust 2025-DELC, Bx 2025-DELC A - 1.9%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →