[SCHEDULE 13D/A] FIRST TRUST MORTGAGE INCOME FUND SEC Filing

Rhea-AI Filing Summary

Amendment No. 29 to Schedule 13D reports that Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC (the "Sit Entities") may be deemed beneficial owners of 2,170,530 shares of First Trust Mortgage Income Fund common stock, representing 51.5% of the 4,213,115 shares outstanding reported as of April 30, 2025. The filing indicates the Sit Entities have shared voting and dispositive power over those shares and that none of SIA's or SFI's directors or executive officers directly own shares. Transactions in the prior 60 days are referenced in Exhibit A.

Positive

• Majority ownership disclosed: The Sit Entities report beneficial ownership of 51.5% of outstanding shares, providing clear disclosure of a controlling stake
• Shared voting/dispositive power disclosed: The filing explicitly states the Sit Entities have shared voting and dispositive authority, clarifying the nature of control

Negative

• Limited detail on recent transactions in main text: The filing references Exhibit A for transactions in the last 60 days but does not include transaction specifics within the amendment
• No direct officer ownership: The filing notes that none of SIA's or SFI's directors or executive officers own shares directly, which may limit clarity on individual insider alignment

Insights

Securities Analyst

TL;DR Sit Entities report majority beneficial ownership (51.5%) with shared voting/dispositive power, per Amendment No.29.

The filing confirms that two affiliated investment advisers collectively control a majority of the issuer's outstanding common shares based on the April 30, 2025 share count. Ownership is recorded as shared voting and dispositive power, which signals control exercised on behalf of client accounts rather than direct insider holdings. The amendment references recent transactions in Exhibit A but does not disclose transaction details within the body of this filing.

Corporate Governance Specialist

TL;DR Majority stake reported by investment advisers implies material governance influence but ownership held in client accounts.

The report shows the Sit Entities may be deemed to beneficially own a majority stake (51.5%), which is material for governance and shareholder voting outcomes. The filing explicitly states the shares are held in client accounts and that directors/executive officers of SIA and SFI do not directly own shares, indicating the advisers act in a fiduciary capacity rather than as direct principals. The amendment cites prior Schedule 13D filings and an exhibit listing recent transactions; substantive transaction details are outside the main text.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 29)

First Trust Mortgage Income Fund

(Name of Issuer)

Common Stock

(Title of Class of Securities)

33734E103

(CUSIP Number)

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)

09/18/2025

(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 No. 33734E103

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 2,170,530.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,170,530.00

11

Aggregate amount beneficially owned by each reporting person

2,170,530.00

12

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

13

Percent of class represented by amount in Row (11)

51.5 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP No. 33734E103

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 2,170,530.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,170,530.00

11

Aggregate amount beneficially owned by each reporting person

2,170,530.00

12

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

13

Percent of class represented by amount in Row (11)

51.5 %

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. 29 ("Amendment") amends and supplements the statement on Schedule 13D filed on March 18, 2015, and amended by Amendments No. 1 through No. 28 (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 April 30, 2025, which is the total number of Shares outstanding as reported in the Issuer's Report on Form N-CSRS filed with the Securities Exchange Commission. As of the date hereof, the Sit Entities may be deemed to be the beneficial owner of 2,170,530 Shares held in client accounts which represent 51.5% 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:	09/22/2025

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	09/22/2025

FAQ

What percentage of First Trust Mortgage Income Fund (FMY) do the Sit Entities report owning?

The Sit Entities report beneficial ownership of 2,170,530 shares, representing 51.5% of the 4,213,115 shares outstanding as of April 30, 2025.

Do the Sit Entities have voting control over the FMY shares?

Yes. The filing states the Sit Entities have shared voting power and shared dispositive power over the reported shares.

Are any directors or executive officers of SIA or SFI direct owners of FMY shares?

No. The amendment explicitly states that none of SIA's or SFI's directors or executive officers own shares directly.

Where can I find details of recent transactions in FMY by the Sit Entities?

The filing references Exhibit A for the schedule of transactions in the last 60 days; transaction specifics are contained in that exhibit.

What type of Schedule 13D filing is this and how does it relate to prior filings?

This is Amendment No. 29 to Schedule 13D, which amends a Schedule 13D originally filed on March 18, 2015, and previously amended through Amendment No. 28.