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. March 12, 2026

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

   Original document →

2. March 11, 2026

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

   Original document →

3. Dec 29, 2025

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

   Original document →

4. Dec 23, 2025

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

   Original document →

5. Sept 22, 2025

   Sit Investment cut its stake to 51.5% (from 53.4%). 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 $53.3 million of holdings, as of April 30, 2026. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 10% on top of its own money, as of April 30, 2026. Borrowed money makes gains and losses bigger. As of April 30, 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. 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: up 0.4% over the last three months we have (Feb-April 2026), before the share price is taken into account. Over the last 12 months: +5.9%. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Oct 31, 2025): the value of the holdings returned +9.2%. How the share price did: the shares returned +7% over the same year, counting payouts and the change in the market price. As of Oct 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 2005.

What the fund holds

Mostly asset-backed bonds (89%), 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. Cash and short-term - 3.8%
2. Federal Home Loan Mortgage, Fhr 5179 Gz - 2.2%
3. Priority 1 Issuer Logistics Dac, Prpm 2025-RPL4 M1A - 2.2%
4. Sfo Commercial Mortgage Trust 2021-555, Sfo 2021-555 A - 2.1%
5. Federal National Mortgage Association, Cas 2024-R02 1B2 - 2%
6. Preston Ridge Partners Mortgag, Prpm 2026-RCF2 LLC - 1.9%
7. Redwood Funding Trust 2025-3, Rft 2025-3 A - 1.9%
8. Adams Outdoor Advertising LP, Admso 2023-1 B - 1.9%
9. Verus Securitization Trust 2025-INV1, Verus 2025-INV1 B1 - 1.9%
10. Great Wolf Trust 2015-WOLF, Gwt 2024-WOLF E - 1.9%

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