Fund Description: Western Asset Mortgage Defined Opportunity Fund is an exchange-traded closed-end fund or a closed-end ETF that is officially described as a non-diversified, limited-term, closed-end management investment company. INVESTMENT OBJECTIVE: The Western Asset Mortgage Defined Opportunity Fund seeks to provide current income. As a secondary investment objective, the Fund will seek capital appreciation. FUND STRATEGY: The Fund seeks to achieve its investment objectives by investing primarily in a diverse portfolio of mortgage-backed securities (MBS), consisting primarily of non-agency residential mortgage-backed securities and commercial mortgage-backed securities. The Fund intends to invest in MBS directly and indirectly through a separate investment in a public-private investment fund (PPIF) formed in connection with the Legacy Securities Public-Private Investment Program (PPIP) established by the U.S. Department of the Treasury. Under no circumstances will the Fund invest more than 40% of the net proceeds of its offering in the PPIF. The Fund also may invest up to 20% of its Managed Assets in other permitted investments, including cash and cash equivalents; Treasury securities; non-mortgage related ABS backed by various asset classes including, but not limited to, small balance commercial mortgages, aircrafts, automobiles, credit cards, equipment, manufactured housing, franchises, recreational vehicles and student loans; and investment grade and below investment grade fixed income securities including bonds, notes, commercial paper, debentures and other similar types of debt instruments including hybrid securities. The Fund also may invest in any newly developed mortgage-related derivatives that may hereafter become available for mortgage investing. FUND MANAGEMENT: Legg Mason Partners Fund Advisor, LLC will serve as the Fund’s investment manager and will provide administrative and management services to the Fund. Western Asset Management Company serves as the Fund’s sub-adviser and will be responsible for the day-to-day portfolio management of the Fund.