MIN - Aberdeen Intermediate Income Fund

What this means for you

Sit Investment has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. Oct 1, 2026

   Sit Investment raised its stake to 31.1% (from 29.9%), as a passive investor.

   Original document →

2. Aug 14, 2026

   1607 Capital sold down below 5% and stopped reporting.

   Original document →

3. Aug 11, 2026

   Sit Investment raised its stake to 29.9% (from 28.8%). It has said it may push for changes.

   Original document →

4. May 12, 2026

   The fund proposed folding into MMT. Holders vote on June 18, 2026. Latest document Feb 11, 2026.

   Original document →

5. May 11, 2026

   Sit Investment raised its stake to 28.8% (from 27.5%). It has said it may push for changes.

   Original document →

About this fund

• Run by abrdn. At its last yearly report (Oct 31, 2025) the fund was run by Massachusetts Financial Services Company. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $294 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.6% a year in management fees; 0.7% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 6 charge a lower management fee and one charges less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $0.24 a share. $0.09 of that was income; $0.15 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $2.73. The shares traded at $2.61, about 4.4% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 2.5% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.24 in the fiscal year ended Oct 31, 2025; $0.24 in the year ended Oct 31, 2024; $0.25 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.15 in the year ended Oct 31, 2025; $0.15 in the year ended Oct 31, 2024; $0.17 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 0.73% a year in the fiscal year ended Oct 31, 2025; 0.72% a year in the year ended Oct 31, 2024; 0.69% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $311 million at Oct 31, 2025; $320 million at Oct 31, 2024; $321 million at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: none at Oct 31, 2025; none at Oct 31, 2024; none at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 114 million shares at Oct 31, 2025, about the same as at Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned +4.3%, counting payouts; the holdings +6%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +15.7%, counting payouts; the holdings +9.4%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned +2.7%, counting payouts; the holdings +3.3%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -17%, counting payouts; the holdings -10.3%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +6.2%, counting payouts; the holdings +0.5%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +9.3%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $10,900 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: -2.8%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (80%), the rest mortgage bonds and asset-backed bonds. About 84% issued in the U.S.

1. United States Treasury, U.S. Treasury Notes - 21.5%
2. Cnh Industrial NV - 1%
3. Regency Centers L.P. - 1%
4. Syracuse NY Indl Dev Agy Pilot Revenue, Syracuse Industrial Development Agency - 1%
5. Glp Capital L.P. / Fin II, GLP Capital LP / GLP Financing II Inc - 1%
6. Realty Income - 1%
7. Itc Holdings - 0.9%
8. Booking Holdings - 0.9%
9. Liberty Utilities Finance GP 1 - 0.9%
10. Cash and short-term - 0.9%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →