SCHEDULE: Sit Investment Firms Transition Back to Schedule 13G

Sit Investment Associates and Sit Fixed Income Advisors II are transitioning back to a Schedule 13G filing for Eaton Vance Ltd Duration Income Fund, indicating a change in investment intent away from influencing control.

Summary

• Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC have filed an amendment to their Schedule 13G filing for Eaton Vance Ltd Duration Income Fund.
• This filing, Amendment No. 1, serves as an exit Schedule 13D and a transition back to a Schedule 13G.
• The reporting persons previously held securities with the intent to influence control but have since changed their investment strategy.
• As of September 29, 2026, they no longer hold securities with the purpose or effect of changing or influencing control of the issuer.
• The total number of shares beneficially owned by each reporting person is 8,935,779.00, representing 7.7% of the class of securities.
• This percentage is based on 116,206,460 shares of common stock outstanding as of March 31, 2026.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this filing as neutral to slightly positive, indicating a shift in investment strategy rather than a fundamental change in the company's performance or outlook.

Positives

• The reporting persons have clarified their investment intent, moving away from any actions that could influence or change control of the issuer.
• The transition back to a Schedule 13G filing suggests a return to a more passive investment approach.
• The reporting persons continue to hold a significant stake (7.7%) in the fund, indicating ongoing confidence in its underlying value, albeit without an intent to control.

Negatives

• The filing implies a prior period where the reporting persons' intent was to influence or change control, which could have created uncertainty for other investors.
• The shift from a Schedule 13D back to a 13G might be interpreted by some as a reduction in active engagement or a divestment of influence.

Risks

• The prior filing as a Schedule 13D indicated an intent to influence control, which could have implications for the fund's strategic direction if that intent was acted upon.
• While now disclaiming intent to influence control, the significant stake held by Sit Investment Associates and Sit Fixed Income Advisors II could still be a factor in future governance discussions.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding the future performance of Eaton Vance Ltd Duration Income Fund. It primarily addresses the reporting persons' current investment status and intent.

Management Comments

• "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. 1 will serve as the Reporting Persons' exit Schedule 13D."
• "All securities reported in this schedule 13G are owned by the Accounts."
• "Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), SIA and SFI disclaim beneficial ownership of such securities."

Industry Context

StockSavvy.ai notes that the transition from a Schedule 13D to a Schedule 13G filing is a common occurrence in the investment management industry. It signifies a shift from an activist or influential investment stance to a more passive one, often driven by changes in fund strategy, regulatory considerations, or portfolio rebalancing.

Comparison to Industry Standards

• The filing indicates that Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC are registered investment advisers. This is a standard classification for firms managing client assets.
• The ownership percentage of 7.7% is a significant stake, but not uncommon for institutional investors in income-focused funds.
• The transition from a 13D to a 13G is a procedural move that aligns with regulatory expectations for reporting changes in investment intent. Many investment firms manage multiple accounts, and the disclaimer of beneficial ownership for individual accounts is standard practice under Rule 13d-4.

Stakeholder Impact

• Shareholders: The shift from a Schedule 13D to a 13G may provide clarity on the reporting persons' intentions, potentially reducing uncertainty about potential control changes. However, it also signifies a move away from active influence.
• Fund Management: The change in reporting persons' intent may influence how the fund's management perceives their role and potential for shareholder engagement.
• Other Investors: The filing clarifies that the reporting persons are no longer seeking to influence control, which could affect other investors' strategic considerations regarding the fund.

Next Steps

• The reporting persons will continue to hold their investment in Eaton Vance Ltd Duration Income Fund under the new reporting framework.
• Future filings will reflect their ongoing beneficial ownership and investment strategy as per Schedule 13G requirements.

Key Dates

Keywords

Eaton Vance Ltd Duration Income Fund, Schedule 13G, Schedule 13D, Investment Intent, Beneficial Ownership, Securities Exchange Act, Investment Adviser, Shareholder Activism