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

Rhea-AI Filing Summary

Amendment No. 30 to Schedule 13D reports that Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC (together, the "Sit Entities") are the beneficial owners of 2,252,145 shares of First Trust Mortgage Income Fund common stock, representing 53.4% of the 4,213,115 shares outstanding (based on the issuer's Form N-CSR as of April 30, 2025). The shares are held in client accounts and the Sit Entities disclose shared voting and shared dispositive power over those shares; neither SIA's nor SFI's directors or executive officers own shares directly. Transactions by the Sit Entities in the last 60 days are reported in Exhibit A. This Amendment supplements the Schedule 13D originally filed March 18, 2015, and prior amendments, and otherwise leaves prior disclosures unchanged.

Positive

• Majority ownership disclosed: Sit Entities beneficially own 2,252,145 shares, equal to 53.4% of outstanding common stock based on 4,213,115 shares.
• Shared voting and dispositive power disclosed: The filing explicitly states the Sit Entities have shared power to vote and dispose of the shares.
• Disclosure continuity: This Amendment supplements prior Schedule 13D filings and references recent transactions in Exhibit A, showing ongoing regulatory compliance.

Negative

• None.

Insights

Financial Analyst

TL;DR: Sit Entities hold a majority 53.4% stake, a material ownership position that consolidates voting influence over the fund's common stock.

The filing shows the Sit Entities beneficially own 2,252,145 shares representing 53.4% of shares outstanding as of April 30, 2025. Ownership is through client accounts with shared voting and dispositive power rather than sole control, and no directors or executive officers of SIA or SFI own shares directly. The filing references recent transactions in Exhibit A but does not detail amounts here. This level of ownership is materially significant to investors because it indicates majority influence over corporate decisions and distributions, as disclosed in this Schedule 13D Amendment.

Corporate Governance Expert

TL;DR: With shared voting power over 53.4% of outstanding shares, the Sit Entities effectively control shareholder voting outcomes.

The Schedule 13D Amendment confirms the Sit Entities exercise shared voting and dispositive power over 2,252,145 shares, a majority of the fund's outstanding common stock. The shares are held in client accounts and the filing clarifies that SIA's and SFI's officers and directors do not own shares directly. The document references prior filings and a schedule of recent transactions, indicating ongoing disclosure compliance. This ownership concentration is a material governance fact disclosed explicitly in the filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 30)

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)

09/19/2025

(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 2,252,145.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,252,145.00

11

Aggregate amount beneficially owned by each reporting person

2,252,145.00

12

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

13

Percent of class represented by amount in Row (11)

53.4 %

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 2,252,145.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,252,145.00

11

Aggregate amount beneficially owned by each reporting person

2,252,145.00

12

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

13

Percent of class represented by amount in Row (11)

53.4 %

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. 30 ("Amendment") amends and supplements the statement on Schedule 13D filed on March 18, 2015, and amended by Amendments No. 1 through No. 29 (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 2,252,145 Shares held in client accounts which represent 53.4% 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

How many First Trust Mortgage Income Fund (FMY) shares do the Sit Entities report owning?

They report beneficial ownership of 2,252,145 shares, representing 53.4% of the 4,213,115 shares outstanding (per Form N-CSR as of April 30, 2025).

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

No. The filing states the Sit Entities have shared voting power and shared dispositive power over the reported shares, with 0 shares held in sole voting or dispositive power.

Are any directors or executive officers of SIA or SFI reported to own shares directly?

No. The Schedule 13D Amendment states that none of SIA's or SFI's directors or executive officers own shares directly.

Does the Amendment include recent transactions in FMY shares?

Yes. The filing says transactions in the last 60 days by the Sit Entities are set forth in Exhibit A, though the details are not reproduced in the body of this filing.

What is the source of funds reported for the Sit Entities' holdings?

The filing lists the source of funds as 'OO' in the cover page disclosures.