SCHEDULE: Sit Investment Associates Transitions Reporting for Eaton Vance Fund

Sit Investment Associates and its subsidiary Sit Fixed Income Advisors II are transitioning their SEC filing for Eaton Vance Short Duration Diversified Income Fund from a Schedule 13D back to a Schedule 13G, indicating a change in investment intent.

Summary

• Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC are filing an amendment to their Schedule 13G for the Eaton Vance Short Duration Diversified Income Fund.
• This filing (Amendment No. 16) serves as an exit filing from a previously held Schedule 13D.
• The reporting persons no longer hold securities of the Issuer with the purpose or effect of changing or influencing control.
• They are transitioning back to a Schedule 13G filing as per Rule 13d-1(c) of the Exchange Act.
• As of September 29, 2026, they beneficially own 784,238 shares, representing 5.8% of the class.
• The outstanding shares of common stock were reported as 13,456,906 as of April 30, 2026.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing, indicating a shift in reporting strategy rather than a fundamental change in the fund's holdings or performance. The transition back to a 13G suggests a de-escalation of any prior control-oriented intentions.

Positives

• The transition back to a Schedule 13G indicates that the reporting persons no longer intend to influence or control the issuer, suggesting a return to a more passive investment stance.
• The reporting persons continue to hold a significant stake (5.8%) in the fund, demonstrating ongoing confidence in its underlying assets.
• The filing clarifies the reporting persons' investment intent, providing transparency to the market.

Negatives

• The filing does not provide specific financial performance data for the fund itself, focusing solely on the reporting persons' ownership status.
• The reason for the initial shift to a Schedule 13D and the subsequent transition back is not detailed beyond a change in investment intent.

Risks

• The filing does not explicitly mention any new or ongoing risks related to the fund's performance or market conditions.
• The transition from a 13D to a 13G could imply a reduction in active engagement or oversight, though this is not explicitly stated as a risk.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding the fund's future performance. The outlook pertains to the reporting persons' filing status, indicating a return to a passive investment approach.

Management Comments

• The Reporting Persons initially filed a Schedule 13G with respect to securities of the Issuer on 2/12/2015, 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 10/20/2025, 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. 16 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 institutional investors. It signifies a shift from an 'activist' or 'control-seeking' stance to a more passive investment approach, often occurring when the investor's objectives have been met or have changed, or when they no longer wish to be subject to the more stringent disclosure requirements of a 13D.

Comparison to Industry Standards

• This filing is a standard Schedule 13G amendment, which is typical for institutional investors managing significant stakes in publicly traded securities.
• The transition from a 13D to a 13G is a recognized procedural step in the investment management industry when an investor's intent shifts from active influence to passive holding.
• The ownership percentage of 5.8% is within the range typically held by institutional investors who are not seeking control but rather seeking to benefit from the investment's performance.

Stakeholder Impact

• Shareholders: Increased transparency regarding the investment intent of Sit Investment Associates and Sit Fixed Income Advisors II, potentially reducing uncertainty about control-related activities.
• Fund Management (Eaton Vance): Confirmation that major institutional holders are not actively seeking to influence fund strategy or control, allowing for continuity in management.
• Regulatory Bodies: Compliance with SEC disclosure requirements, ensuring accurate reporting of beneficial ownership.

Next Steps

• The reporting persons will continue to file Schedule 13G amendments as required by regulations, reflecting their ongoing beneficial ownership of the securities.
• The fund, Eaton Vance Short Duration Diversified Income Fund, will continue its investment operations as usual.

Key Dates

Keywords

Eaton Vance Short Duration Diversified Income Fund, Schedule 13G, Schedule 13D, Sit Investment Associates, Sit Fixed Income Advisors II, Beneficial Ownership, Investment Intent, SEC Filing