[SCHEDULE 13G] Eaton Vance Limited Duration Income Fund SEC Filing

Rhea-AI Filing Summary

The Bank of Nova Scotia (NYSE:BNS) is offering $20.077 million of senior unsecured Autocallable Contingent Coupon Trigger Notes linked to the common stock of NVIDIA Corporation (NVDA). The notes price on 8 July 2025 (T+3 settlement) and mature on 6 August 2026, unless automatically called earlier.

Key economics

• Principal: $1,000 per note
• Initial NVDA price: $157.25 (NYSE close 2 Jul 2025)
• Monthly contingent coupon: 1.0959% (≈13.15% p.a.) paid only if NVDA ≥ 60% of the initial price on the relevant observation date.
• Coupon / trigger barrier: 60% of initial price ($94.35)
• Automatic call: If NVDA ≥ initial price on any monthly observation from Jan-Jul 2026, investors receive $1,000 plus the coupon; no further payments accrue.
• Redemption at maturity (if not called):
  • NVDA ≥ 60% of initial price – receive $1,000 + final coupon.
  • NVDA < 60% of initial price – receive physical delivery of NVDA shares equal to $1,000/initial price (≈6.3596 shares), worth less than $600 at the trigger level; no coupon paid.

Pricing & fees

• Issue price: 100% of face; initial estimated value: 97.981%.
• Underwriting commissions: 2.15% (dealer concession 1.50% + 0.65% structuring fee).
• Net proceeds to BNS: 97.85% of face.

Risk highlights

• Principal at risk: investors may lose up to 100% if NVDA closes <60% of initial price on final valuation date.
• Coupon not guaranteed: paid only when the barrier is respected; extended periods without payment possible.
• No upside participation: return capped at cumulative coupons; any NVDA appreciation beyond par benefits only to the extent of early call.
• Credit exposure: payments rely solely on The Bank of Nova Scotia; notes are senior but unsecured, not CDIC or FDIC insured.
• Liquidity: notes are unlisted; secondary trading is at brokers’ discretion and may reflect a bid–ask discount plus hedging costs.
• Conflict & valuation: initial value below issue price due to internal funding rate and fees; affiliates act as calculation agent, hedging counter-party and market-maker.

Investor profile

The structure suits investors who (1) are moderately bullish or neutral on NVDA over the next 13 months, (2) can tolerate full downside risk in exchange for double-digit coupon potential, (3) accept early redemption risk and lack of dividends, and (4) are comfortable with BNS credit exposure.

Positive

• Double-digit coupon potential: 13.15% annualised contingent income if NVDA stays above the 60% barrier.
• Short 13-month maximum tenor: limits exposure duration and enhances annualised yield metrics.
• Early call feature: investors may receive par plus coupon as early as January 2026 if NVDA recovers to initial price.

Negative

• Full principal risk below 60% barrier: investors receive depreciated NVDA shares and may lose up to 100% of capital.
• Coupons not guaranteed: any month NVDA closes below 60% results in zero income for that period.
• No upside participation: returns capped at coupons; strong NVDA rally benefits the issuer via early call.
• Initial value discount: 97.981% vs. 100% issue price highlights embedded fees and hedging costs.
• Liquidity & valuation risk: unlisted note, dealer market-making discretionary; secondary prices may be well below theoretical value.
• Credit exposure: payment dependent on The Bank of Nova Scotia’s solvency; note is unsecured and uninsured.

Insights

Structured-Products Analyst

TL;DR High coupon but high tail-risk: pays 13.15% p.a. only if NVDA stays ≥60%; downside converts to NVDA shares, exposing investors to full equity loss.

The note offers attractive headline income relative to short tenor, yet its risk/return is asymmetric. The 60% barrier provides limited buffer given NVDA’s historical 40–50% annualised volatility; a single event-driven sell-off could breach the trigger. Automatic call likely if NVDA rallies, which truncates coupons and forces reinvestment at lower yields. Initial value (97.981%) indicates roughly 2 points of embedded fees; secondary liquidity will trade at a discount once the additional amount amortises. For BNS, not financially material; proceeds augment funding mix. For investors, impact hinges on near-term NVDA stability and appetite for credit-linked exposure. Overall assessment: neutral to slightly negative.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Eaton Vance Limited Duration Income Fund

(Name of Issuer)

Common Stock

(Title of Class of Securities)

27828H105

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 27828H105

1

Names of Reporting Persons

Sit Investment Associates, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,962,489.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,962,489.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,962,489.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 27828H105

1

Names of Reporting Persons

Sit Fixed Income Advisors II, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,962,489.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,962,489.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,962,489.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Eaton Vance Limited Duration Income Fund
(b)	Address of issuer's principal executive offices: One Post Office Square, Boston, MA 02109
Item 2.
(a)	Name of person filing: Sit Investment Associates, Inc. Sit Fixed Income Advisors II, LLC
(b)	Address or principal business office or, if none, residence: c/o Sit Investment Associates, Inc. 80 South Eighth Street, Suite 3300 Minneapolis, MN 55402
(c)	Citizenship: Sit Investment Associates, Inc. Minnesota Corporation Sit Fixed Income Advisors II, LLC Delaware LLC
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 27828H105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See response to item 9 on each cover page.
(b)	Percent of class: See response to item 11 on each cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See response to item 5 on each cover page.
	(ii) Shared power to vote or to direct the vote: See response to item 6 on each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See response to item 7 on each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See response to item 8 on each cover page. The ownership percentages reported are based on 116,203,460 shares of common stock outstanding as of March 31, 2025, as reported in the Issuer's Report on Form N-CSR filed with the Securities Exchange Commission. Sit Investment Associates, Inc. ("SIA") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940. Sit Fixed Income Advisors II, LLC ("SFI") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940 and a subsidiary of SIA. SIA and SFI provide investment management services to client accounts ("Accounts"). In their roles as investment advisers SIA and SFI possess shared voting and investment power over securities of the Issuer described in this schedule 13G owned by the Accounts and may be deemed to be the beneficial owner of such shares of the Issuer owned by the Accounts. 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.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Accounts are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities. Except as may be indicated if this is a joint filing with a registered investment company managed by SIA or SFI, not more than 5% of the class of such securities is owned by any one Account subject to the investment advice of SIA or SFI.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Sit Investment Associates, Inc.

Signature:	/s/ Paul E. Rasmussen
Name/Title:	Paul Rasmussen / Vice President
Date:	07/03/2025

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Paul E. Rasmussen
Name/Title:	Paul Rasmussen / Vice President
Date:	07/03/2025

Exhibit Information

Exhibit A - Joint Filing Agreement

FAQ

What coupon does the BNS NVDA-linked note pay?

A contingent 1.0959% monthly coupon (≈13.15% p.a.) but only when NVIDIA’s closing price is ≥60 % of the initial $157.25.

When can the note be automatically called?

On any monthly observation between January and July 2026 if NVDA’s close is ≥ the $157.25 initial price.

What happens at maturity if NVDA is below the 60% trigger price?

Investors receive ≈6.3596 NVDA shares per $1,000 note (cash for fractions), exposing them to all further downside and forfeiting the coupon.

Is the principal protected on this structured note?

No. Principal is at full risk. A sub-60% final price results in delivery of depreciated shares worth less than $600 at the trigger level.

How does the note’s initial estimated value compare to the issue price?

BNS estimates the fair value at $979.81 per $1,000, about 2.0 % below the 100% issue price due to fees and funding spread.

Will the note be listed on an exchange?

No. The securities are not exchange-listed; any liquidity will depend on dealer market-making, which is not guaranteed.