Sit entities hold 52.8% of First Trust Mortgage Income Fund (FMY) shares

Rhea-AI Filing Summary

Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC have filed Amendment No. 33 to their Schedule 13D regarding First Trust Mortgage Income Fund common stock. As of this amendment, the Sit entities may be deemed to beneficially own 2,225,186 shares, representing 52.8% of the fund’s outstanding common shares, based on 4,213,115 shares outstanding as of October 31, 2025.

The Sit entities report shared power to vote and dispose of these shares, which are held in client accounts. Clients of the Sit entities are entitled to dividends and any sale proceeds from these holdings. The filing notes that directors and executive officers of Sit Investment Associates and Sit Fixed Income Advisors do not directly own shares. Recent transactions over the last 60 days are provided in an exhibit to the amendment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 33)

First Trust Mortgage Income Fund

(Name of Issuer)

Common Stock

(Title of Class of Securities)

Paul E. Rasmussen
80 South Eighth Street, Suite 3300,
Minneapolis, MN, 55402-4130
612-332-3223

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/10/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

Sit Investment Associates, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,225,186.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,225,186.00

11

Aggregate amount beneficially owned by each reporting person

2,225,186.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

52.8 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

Sit Fixed Income Advisors II, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,225,186.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,225,186.00

11

Aggregate amount beneficially owned by each reporting person

2,225,186.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

52.8 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: First Trust Mortgage Income Fund
(c)	Address of Issuer's Principal Executive Offices: 120 East Liberty Drive, Suite 400, Wheaton, ILLINOIS , 60187.
Item 1 Comment: This Amendment No. 33 ("Amendment") amends and supplements the statement on Schedule 13D filed on March 18, 2015, and amended by Amendments No. 1 through No. 32 (as amended, the "Original Schedule 13D" and, as amended by this Amendment, the "Schedule 13D"), relating to the shares of Common Stock ("Shares)" of First Trust Mortgage Income Fund (the "Issuer"). Except as specifically provided herein, each Item of the Original Schedule 13D remains unchanged. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Original Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	The aggregate percentage of Shares reported owned by Sit Entities herein is based upon 4,213,115 Shares outstanding as of October 31, 2025, which is the total number of Shares outstanding as reported in the Issuer's Report on Form N-CSR filed with the Securities Exchange Commission. As of the date hereof, the Sit Entities may be deemed to be the beneficial owner of 2,225,186 Shares held in client accounts which represent 52.8% of the Issuer's outstanding Shares.
(b)	Each of the Sit Entities may be deemed to have shared power to vote and dispose of such Shares. However, none of SIA's or SFI's directors or executive officers own Shares directly
(c)	Transactions in Shares by the Sit Entities in the last 60 days are set forth in Exhibit A.
(d)	The clients of SIA and SFI have the right to participate in the receipt of dividends from, or proceeds from the sales of, the Shares held for their respective accounts.
(e)	Not applicable
Item 7.	Material to be Filed as Exhibits.
	Exhibit A: Schedule of Transactions in Shares by Sit Entities in the last 60 days.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Sit Investment Associates, Inc.

Signature:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	03/11/2026

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	03/11/2026

FAQ

What ownership stake in FMY does Sit report in this Schedule 13D/A?

The Sit entities report beneficial ownership of 2,225,186 shares of First Trust Mortgage Income Fund, representing 52.8% of the outstanding common shares. This percentage is based on 4,213,115 shares outstanding as of October 31, 2025.

Who are the reporting persons in the FMY Schedule 13D/A amendment?

The reporting persons are Sit Investment Associates, Inc., a Minnesota corporation, and Sit Fixed Income Advisors II, LLC, a Delaware entity. Both are investment managers that may be deemed beneficial owners of First Trust Mortgage Income Fund shares held in their client accounts.

Do Sit entities have voting and dispositive power over FMY shares?

The Sit entities report shared power to vote and dispose of 2,225,186 First Trust Mortgage Income Fund shares. They list 0 shares with sole voting power and 0 shares with sole dispositive power, indicating decisions are made on a shared basis.

Who benefits economically from the FMY shares held by Sit entities?

The filing states that clients of Sit Investment Associates and Sit Fixed Income Advisors have the right to receive dividends and any sales proceeds from the First Trust Mortgage Income Fund shares held in their accounts, reflecting the clients’ underlying economic interest.

What date and share count were used to calculate Sit’s 52.8% FMY ownership?

The reported 52.8% ownership is calculated using 4,213,115 First Trust Mortgage Income Fund shares outstanding as of October 31, 2025, as disclosed in the issuer’s Form N-CSR, with Sit entities deemed to own 2,225,186 of those shares.

Does the FMY Schedule 13D/A amendment disclose recent trading activity?

Yes. The amendment notes that transactions in First Trust Mortgage Income Fund shares during the last 60 days by the Sit entities are listed in Exhibit A. That exhibit provides a schedule of recent trades for additional detail.