SCHEDULE: Sit Investment Shifts Reporting Status for Aberdeen Fund

Sit Investment Associates and Sit Fixed Income Advisors II LLC are transitioning back to a Schedule 13G filing for their holdings in Aberdeen Intermediate Income Fund, indicating no intent to influence control.

Summary

• Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC (collectively, the 'Reporting Persons') are filing an amendment to their Schedule 13G, transitioning from a Schedule 13D filing.
• This change signifies that the Reporting Persons no longer hold securities of Aberdeen Intermediate Income Fund with the purpose or effect of changing or influencing control of the issuer.
• As of September 29, 2026, the Reporting Persons beneficially own 35,389,546 shares of common stock, representing 31.1% of the class.
• The shares reported are owned by client accounts managed by the Reporting Persons, who disclaim beneficial ownership of these securities.
• The filing serves as an exit Schedule 13D and a return to Schedule 13G reporting.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing, primarily indicating a shift in reporting status rather than a change in fundamental holdings or strategy.

Positives

• The transition back to a Schedule 13G filing indicates a de-escalation of any potential control-related intentions, which can be viewed positively by the market.
• The Reporting Persons continue to hold a significant stake (31.1%) in the Aberdeen Intermediate Income Fund, suggesting ongoing confidence in the fund's value.
• The filing clarifies that the securities are held in the ordinary course of business for client accounts.

Negatives

• The filing does not provide new financial performance data for the Aberdeen Intermediate Income Fund itself, focusing solely on the reporting entity's status.
• The previous filing of a Schedule 13D suggests a period where control or influence was a consideration, the specifics of which are not detailed in this exit filing.

Risks

• While the filing states no intent to influence control, any significant shift in holdings or strategy by such a large shareholder could still impact the fund.
• The exact reasons for the prior shift to a Schedule 13D and the subsequent return to a 13G are not fully elaborated, leaving some ambiguity about past strategic considerations.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from the issuer. The outlook pertains to the reporting entities' status, indicating a return to a passive investment stance.

Management Comments

• The Reporting Persons initially filed a Schedule 13G with respect to securities of the Issuer on 2/10/2016, and filed amendments thereto.
• Subsequently, the Reporting Persons' investment intent changed with respect to the securities of the Issuer and the Reporting Persons filed a Schedule 13D on 2/24/2026, and filed amendments thereto in accordance with Rule 13d-1(e) of the Securities Exchange Act of 1934, as amended (the 'Exchange Act').
• As of 9/29/2026 the Reporting Persons no longer hold securities of the Issuer with a purpose or effect of changing or influencing control of the Issuer, or in connection with or as a participant in any transaction having that purpose or effect.
• Accordingly, the Reporting Persons are transitioning back to a Schedule 13G pursuant to Rule 13d-1(c) of the Exchange Act in accordance with Rule 13d-1(h) of the Exchange Act, and this Amendment No. 12 will serve as the Reporting Persons' exit Schedule 13D.

Industry Context

StockSavvy.ai notes that the transition from a Schedule 13D to a Schedule 13G is a common regulatory maneuver for large institutional investors. It typically signals a shift from an active or potentially activist stance to a more passive investment approach, often driven by changes in investment strategy or regulatory considerations.

Comparison to Industry Standards

• This filing is a standard Schedule 13G amendment, a common disclosure for institutional investors exceeding a 5% ownership threshold in publicly traded companies.
• The transition from 13D to 13G is a procedural step, not directly comparable to performance metrics of other investment funds or companies.
• The ownership percentage of 31.1% is substantial for a single reporting entity in a diversified income fund, but the disclaimer of beneficial ownership for client accounts is standard practice for investment advisors.

Stakeholder Impact

• Shareholders: The shift to a 13G filing may reduce concerns about potential activist involvement, potentially stabilizing investor sentiment. However, the continued significant ownership by Sit Investment entities means their investment decisions will still be closely watched.
• Fund Management: The fund's management may see this as a positive development, indicating less pressure from a potentially activist investor.
• Creditors: No direct impact is indicated for creditors based on this filing.

Next Steps

• Continue to monitor the holdings of Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC in Aberdeen Intermediate Income Fund.
• Observe any future filings that might indicate changes in their investment strategy or holdings.

Key Dates

Keywords

Aberdeen Intermediate Income Fund, Schedule 13G, Sit Investment Associates, Sit Fixed Income Advisors II, Beneficial Ownership, Investment Management, Common Stock, SEC Filing