STOCK TITAN

Sit group opposes MFS Intermediate Income Trust (NYSE: MIN) reorganization

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D

Rhea-AI Filing Summary

Sit Investment Associates Inc. and Sit Fixed Income Advisors II LLC report beneficial ownership of 28,714,472 shares of MFS Intermediate Income Trust, representing 25.2% of the fund’s common stock based on 113,798,238 shares outstanding as of October 31, 2025.

The Sit entities hold these shares in client accounts, with shared voting and dispositive power and no single client owning more than 5% of the fund. They state the position is for investment purposes but reserve the right to engage with the board, make shareholder proposals, or nominate trustees.

The Sit entities oppose a board-approved plan of reorganization under which MFS Intermediate Income Trust and three related funds would transfer substantially all assets to MFS Multimarket Income Trust in exchange for new shares, and have sent a letter dated February 24, 2026 to the board outlining their opposition.

Positive

  • None.

Negative

  • None.

Insights

Large holder discloses 25.2% stake and formally opposes a planned fund reorganization.

The Sit entities report beneficial ownership of 28,714,472 shares, or 25.2%, of MFS Intermediate Income Trust, held across advisory client accounts. They have shared voting and dispositive power but no single client exceeds 5% ownership, suggesting influence is aggregated through advisory authority.

They acquired shares in open-market transactions using client funds and describe the position as an investment holding. However, the filing states they may buy, sell, vote, or otherwise act on the stake in response to price, strategy, or portfolio changes, and may engage management, make proposals, or nominate trustees.

A key development is their stated opposition to a board-approved reorganization plan under which the trust and three related funds would transfer substantially all assets to MFS Multimarket Income Trust in exchange for new shares. Their February 24, 2026 letter to the board, filed as an exhibit, signals potential governance activity, though ultimate outcomes will depend on shareholder votes and further communications.






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






SCHEDULE 13D






SCHEDULE 13D


SIT INVESTMENT ASSOCIATES INC
Signature:/s/ Roger J. Sit
Name/Title:Roger J. Sit, Chairman & CEO
Date:02/24/2026
SIT FIXED INCOME ADVISORS II LLC /ADV
Signature:/s/ Roger J. Sit
Name/Title:Roger J. Sit, Chairman & CEO
Date:02/24/2026

FAQ

How many MFS Intermediate Income Trust (MIN) shares do the Sit entities report owning?

The Sit entities report beneficial ownership of 28,714,472 MFS Intermediate Income Trust shares. This represents 25.2% of the fund’s common stock, based on 113,798,238 shares outstanding as of October 31, 2025, with holdings spread across multiple advisory client accounts.

Who are the reporting persons in this MFS Intermediate Income Trust (MIN) Schedule 13D?

The reporting persons are Sit Investment Associates Inc. and Sit Fixed Income Advisors II LLC. Both are registered investment advisers based in Minneapolis, with Sit Fixed Income Advisors II LLC a subsidiary of Sit Investment Associates Inc., and they manage client accounts holding the MIN shares.

Why did the Sit entities acquire shares of MFS Intermediate Income Trust (MIN)?

The Sit entities state they acquired MFS Intermediate Income Trust shares for investment purposes in the ordinary course of business. Purchases were made in open-market transactions using client funds, based on their belief that the shares represented an attractive investment opportunity relative to the fund’s assets and strategy.

What is the Sit entities’ position on the proposed MFS Intermediate Income Trust (MIN) reorganization?

The Sit entities oppose the proposed reorganization involving MFS Intermediate Income Trust and related target funds into MFS Multimarket Income Trust. On February 24, 2026, they sent a letter to the board of trustees expressing their opposition, which is included as an exhibit to the filing.

Can the Sit entities influence governance at MFS Intermediate Income Trust (MIN)?

With 25.2% beneficial ownership and shared voting power, the Sit entities may influence governance. They indicate they may engage the board, make binding or non-binding shareholder proposals, or nominate trustees, depending on their ongoing assessment of performance, strategy, and market valuation.

Do any individual Sit clients or executives directly own more than 5% of MFS Intermediate Income Trust (MIN)?

The filing states that none of the Sit entities’ client accounts owns more than 5% of MFS Intermediate Income Trust’s outstanding shares. It also notes that none of Sit Investment Associates’ or Sit Fixed Income Advisors II’s directors or executive officers directly owns shares of the fund.
MFS Intermediate Income

NYSE:MIN

MIN Rankings

MIN Latest News

MIN Latest SEC Filings

MIN Stock Data

294.74M
113.80M
Asset Management
Financial Services
Link
United States
Boston