Annual Report March 31, 2023
Eaton Vance
Limited Duration Income Fund
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Management’s Discussion of Fund Performance†
Economic and Market Conditions
As the 12-month period began on April 1, 2022, interest rates
were rising and bond prices were falling, as investors became increasingly concerned about the twin threats of inflation and U.S. Federal Reserve (Fed) interest rate hikes.
After a short respite of positive performance in July 2022,
bond returns turned negative again from August through November, as investors reacted to statements by Fed officials that the central bank was not done with rate hikes and fighting inflation remained its top priority. After the Fed’s third
straight 0.75% federal funds rate hike, the Bloomberg U.S. Aggregate Bond Index, a broad measure of the U.S. bond market, fell 4.32% in September -- its worst one-month performance since February 1980.
In November 2022, however, fixed-income performance rebounded.
Despite the Fed’s fourth 0.75% rate hike that month, the Bloomberg U.S. Aggregate Bond Index rose 3.68% -- its best monthly performance during the period. Drivers of the rally included Fed signals that future rate hikes might be smaller, a
better-than-expected U.S. inflation report, and growing investor demand for bonds amid lower supplies of new issues.
In December 2022, the Fed did deliver a smaller 0.50% rate
hike, but raised expectations for how high rates might go in 2023. In response, bond prices declined during the month. As the new year began, bond returns continued their roller-coaster ride, turning positive on evidence of moderating inflation and
hope that the Fed would temper its rate hikes in response. In February 2023, however, the bond rally stalled as robust economic reports -- including unexpectedly strong job creation in January -- led investors to fear the Fed might keep rates higher
for longer than previously expected.
As the period
closed, bond returns turned positive once again. The second- and third-largest bank failures in U.S. history triggered a “flight to quality” that drove U.S. Treasurys and other high-quality bonds to strong March 2023 performance, despite
the Fed announcing its ninth consecutive rate hike that month.
For the period as a whole, fixed-income returns were generally
negative. The Bloomberg U.S. Aggregate Bond Index returned -4.78%, the Bloomberg U.S. Treasury Index returned -4.51%, and the ICE BofA U.S. Mortgage-Backed Securities Index returned -4.92%.
In the below-investment-grade category, the ICE BofA U.S. High
Yield Index returned -3.56%. The Morningstar® LSTA® U.S. Leveraged Loan IndexSM, a broad measure of corporate floating-rate loans, was a performance outlier
with a positive 2.54% return, as the asset class benefited from near-zero duration in the period’s rising rate environment.
Fund Performance
For the 12-month period ended March 31, 2023, Eaton Vance
Limited Duration Income Fund (the Fund) returned -3.98% at net asset value of its common shares (NAV), outperforming its primary benchmark, the Bloomberg U.S. Aggregate Bond Index (the Index), which returned -4.78%. In contrast, the Fund
underperformed its secondary benchmark -- 33.33% Morningstar® LSTA® US Leveraged Loan IndexSM, 33.34% ICE BofA U.S. Mortgage-Backed Securities IndexSM, and 33.33% ICE BofA Single-B U.S. High Yield Index (the Blended Index) -- which returned -1.99% during the period.
The Fund’s out-of-Blended Index allocations to
investment-grade corporate bonds, commercial mortgage-backed securities (MBS), and emerging-market debt detracted from Fund performance relative to the Blended Index, as these segments underperformed the Blended Index during the period.
Among the Fund’s Blended Index allocations, exposure to
floating-rate corporate loans had a positive return and outperformed the Blended Index during the period. The loan allocation’s top individual contributors included rebounding positions in a movie theater operator and a glass container maker.
In contrast, the largest individual detractors in the floating-rate loan allocation included a struggling health care company and a mattress maker. Additionally, the Fund’s out-of-Blended Index allocation to European floating-rate loans
benefited Fund performance relative to the Blended Index.
The Fund’s MBS allocation also contributed to performance
versus the Blended Index during the period. The period was particularly challenging for the agency MBS market, as decreased demand from the U.S. Federal Reserve -- which began reducing its agency MBS holdings during the period -- pushed spreads
nearly 50 basis points wider. The Fund’s preference for higher coupon fixed-rate agency MBS, and maintaining a shorter duration than the Blended Index, contributed to relative returns as mortgage rates and U.S. Treasury yields
surged during the period.
The Fund’s allocation to
high yield corporate bonds outperformed the Blended Index during the period as well. Within the high yield allocation, credit selections in B-rated bonds and out-of-Blended Index exposure to BB-rated bonds contributed to relative performance, while
out-of-Blended Index exposure to CCC-rated bonds detracted from relative returns. Credit selections and an underweight position in bonds with durations of 3-5 years aided relative returns, while an overweight position in bonds with durations of
less than one year had a negative impact on relative performance during the period.
On a sector basis, the best-performing sectors within the
Fund’s high yield allocation during the period were health care and cable & satellite TV. Within health care, the Fund’s lack of exposure to a poor-performing specialty pharmaceutical company was the main driver of relative
outperformance. Within cable & satellite TV, a lack of exposure to the distressed unsecured bonds of a satellite TV provider further aided relative returns.
In contrast, the worst-performing sectors in the Fund’s
high yield allocation were diversified media and banking & thrifts. Within diversified media, an overweight position in an American in-theater cinema advertising company detracted from relative performance. In the banking & thrifts sector,
an out-of-Blended-Index position in a California-based commercial bank that failed in March was the primary detractor during the period.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are
historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend
Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations
in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates,
and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal
to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to
eatonvance.com.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Performance
Portfolio Manager(s) Catherine
C. McDermott, Andrew Szczurowski, CFA, Eric A. Stein, CFA and Kelley Gerrity
%
Average Annual Total Returns1,2 |
Inception
Date |
One
Year |
Five
Years |
Ten
Years |
Fund
at NAV |
05/30/2003
|
(3.98)%
|
2.42%
|
3.98%
|
Fund
at Market Price |
—
|
(5.30)
|
3.67
|
3.17
|
|
Bloomberg
U.S. Aggregate Bond Index |
—
|
(4.78)%
|
0.90%
|
1.36%
|
Blended
Index |
—
|
(1.99)
|
2.28
|
2.85
|
%
Premium/Discount to NAV3 |
|
As
of period end |
(6.19)%
|
Distributions
4 |
|
Total
Distributions per share for the period |
$1.200
|
Distribution
Rate at NAV |
11.43%
|
Distribution
Rate at Market Price |
12.18
|
%
Total Leverage5 |
|
Auction
Preferred Shares (APS) |
12.33%
|
Borrowings
|
17.93
|
Growth of $10,000
This graph shows the change in value of a hypothetical
investment of $10,000 in the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are
historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend
Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations
in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates,
and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal
to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to
eatonvance.com.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Asset
Allocation (% of total investments)1 |
Footnotes:
1 |
Including
the Fund’s use of leverage, Asset Allocation as a percentage of the Fund's net assets amounted to 160.2%. |
Eaton Vance
Limited Duration Income Fund
March 31, 2023
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡
Investment Objectives. The
Fund’s investment objective is to provide a high level of current income. The Fund may, as a secondary objective, also seek capital appreciation to the extent consistent with its primary goal of high current income. Under normal market
conditions, the Fund expects to maintain an average duration of no more than five years (including the effect of anticipated leverage).
Principal Strategies. In
pursuing its investment objectives, the Fund normally invests at least 25% of its total assets in each of: (1) investments rated investment grade, including, but not limited to, U.S. Government securities (which may include U.S. Treasuries and
mortgage-backed securities (MBS) and other securities issued, backed, or otherwise guaranteed by the U.S. Government, or its agencies or instrumentalities), commercial MBS and corporate debt obligations; and (2) investments rated below
investment-grade, including, but not limited to, senior loans, high-yield debt securities and collateralized loan obligations. Investment-grade investments are those rated BBB- or higher by S&P Global Ratings or Fitch Ratings, Baa3 or higher as
determined by Moody’s Investor Service, Inc. or, if not rated, determined to be of comparable credit quality by the Fund’s portfolio managers.
Under normal market conditions, the Fund structures and seeks
to maintain its portfolio of high-quality investments (such as MBS) and lower quality non-investment grade instruments and securities in such a manner that the Fund has an average dollar-weighted portfolio credit quality of investment grade. Within
the foregoing guideline, the Fund may invest in individual investments of any credit quality.
The Fund may invest without limit in foreign investments
denominated in U.S. dollars and may invest up to 15% of its net assets in foreign investments denominated in authorized foreign currencies, which include euros, British pounds, Swiss francs, Canadian dollars and Australian dollars. The Fund seeks to
hedge against foreign currency fluctuations through the use of currency exchange contracts and other permitted hedging strategies. The Fund may enter into forward commitments to buy or sell agency MBS (to-be-announced transactions, or
“TBAs”). The Fund may also invest in other types of investments that are not part of its principal strategy from time to time.
The Fund employs leverage to seek opportunities for additional
income. Leverage may amplify the effect on the Fund’s NAV of any increase or decrease in the value of investments held. There can be no assurance that the use of borrowings will be successful. The Fund has issued preferred shares and borrowed
to establish leverage. The Fund also may establish leverage through derivatives and reverse repurchase agreements. The Fund may purchase or sell derivative instruments for risk management purposes, such as hedging against fluctuations in securities
prices or interest rates; diversification purposes; or changing the duration of the Fund. The Fund is permitted to invest up to 10% of its gross assets in credit default swaps (“CDS”) on below-investment-grade corporate securities,
senior floating-rate bank loans and/or indices related to such investments to gain exposure to such underlying credits or indices. In addition, the Fund may invest in CDS for risk management purposes, including diversification.
Principal Risks
Market Risk. The value of
investments held by the Fund may increase or decrease in response to social, economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events as
war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude
of resulting changes in the value of the Fund’s investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to
changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may exist for
certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.
Loans Risk. Loans are traded in
a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell
loans (thus affecting their liquidity) and may negatively impact the transaction price. See also “Market Risk” above. It also may take longer than seven days for transactions in loans to settle. The types of covenants included in loan
agreements generally vary depending on market conditions, the creditworthiness of the issuer, the nature of the collateral securing the loan and possibly other factors. Loans with fewer covenants that restrict activities of the borrower may provide
the borrower with more flexibility to take actions that may be detrimental to the loan holders and provide fewer investor protections in the event of such actions or if covenants are breached. The Fund may experience relatively greater realized or
unrealized losses or delays and expense in enforcing its rights with respect to loans with fewer restrictive covenants. Loans to entities located outside of the U.S. may have substantially different lender protections and covenants as compared to
loans to U.S. entities and may involve greater risks. The Fund may have difficulties and incur expenses enforcing its rights with respect to non-U.S. loans and such loans could be subject to bankruptcy laws that are materially different than in the
U.S. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans
are also subject to risks associated with other types of income investments, including credit risk and risks of lower rated investments.
Lower Rated Investments Risk.
Investments rated below investment-grade and comparable unrated investments (sometimes referred to as “junk”) have speculative characteristics because of the credit risk associated with their issuers. Changes in economic conditions or
other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher
non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.
See Endnotes and
Additional Disclosures in this report.
5
Eaton Vance
Limited Duration Income Fund
March 31, 2023
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. Movements in interest rates (both
increases and decreases) may quickly and significantly reduce the value of certain types of mortgage- and asset-backed securities. Although certain mortgage- and asset-backed securities are guaranteed as to timely payment of interest and principal
by a government entity, the market price for such securities is not guaranteed and will fluctuate. The purchase of mortgage- and asset-backed securities issued by non-government entities may entail greater risk than such securities that are issued
or guaranteed by a government entity. Mortgage and asset-backed securities issued by non-government entities may offer higher yields than those issued by government entities, but may also be subject to greater volatility than government issues and
can also be subject to greater credit risk and the risk of default on the underlying mortgages or other assets. Investments in mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations
more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. Asset-backed securities represent interests in a pool of assets, such as
home equity loans, commercial mortgage-backed securities (“CMBS”), automobile receivables or credit card receivables, and include collateralized loan obligations (“CLOs”) and stripped securities. Interests in collateralized
loan obligations (“CLOs”) are split into two or more portions, called tranches, which vary in risk, maturity, payment priority and yield. Each CLO tranche is entitled to scheduled debt payments from the underlying loans and assumes the
risk of a default by the underlying loans. The Fund will indirectly bear any management fees and expenses incurred by a CLO.
U.S. Government Securities
Risk. Although certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association) may be chartered or sponsored by acts of Congress, their
securities are neither issued nor guaranteed by the U.S. Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity.
Credit Risk. Investments in
fixed income and other debt obligations, including loans (referred to below as “debt instruments”), are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may
reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt
instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make
payments with respect to such instruments deteriorates. In the event of bankruptcy of the issuer of a debt instrument, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing the
instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset
value.
Interest Rate Risk. In general, the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration
measures the time-weighted expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in
interest rates than securities with shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income
securities with longer durations or maturities. In a rising interest rate environment, the duration of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the
proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate.
LIBOR Risk. The London
Interbank Offered Rate or LIBOR historically has been used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements.
The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain LIBOR settings on December 31, 2021, and is expected to cease publishing the remaining LIBOR settings on June 30, 2023. In addition, global regulators
have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021.The Fund has exposure to LIBOR-based instruments. Although the transition process away from LIBOR has become increasingly well defined, the
impact on certain debt securities, derivatives and other financial instruments that utilize LIBOR remains uncertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that continue
to urrently rely on LIBOR, such as floating-rate debt obligations. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates, as well as other unforeseen effects, could result in losses to the Fund, and such
effects may occur prior to the anticipated discontinuation of the remaining LIBOR settings in 2023. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to replacement rates may be exacerbated if an orderly
transition to an alternative reference rate is not completed in a timely manner.
Foreign Investment Risk.
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country against a
particular country or countries, organizations, entities and/or individuals. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to
those to which United States companies are subject. Adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. Foreign markets may be smaller, less liquid
and more volatile than the major markets in the United States, and as a result, Fund share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties
enforcing its legal or contractual rights in a foreign country.
Emerging Markets Investment Risk. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain
sectors. Emerging market securities often involve greater risks than developed market securities. The information available about an emerging market issuer may be less reliable than for comparable issuers
See Endnotes and
Additional Disclosures in this report.
6
Eaton Vance
Limited Duration Income Fund
March 31, 2023
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
in more developed capital markets. The Fund may invest in Sukuk, which are
foreign or emerging market securities based on Islamic principles. Sukuk are securities with cash flows similar to conventional bonds, issued by an issuer, which is usually a special purpose vehicle incorporated by the sovereign or corporate entity
seeking financing, to obtain an upfront payment in exchange for an income stream and a future promise to return capital. Such income stream may or may not be linked to a tangible asset. For Sukuk that are not linked to a tangible asset, the
Sukuk represents a contractual payment obligation of the issuer or issuing vehicle to pay income or periodic payments or distributions to the investor, and such contractual payment obligation is linked to the issuer or issuing vehicle and not
from interest on the investor’s money for Sukuk. For Sukuk linked to a tangible asset, the Fund will not have a direct interest in, or recourse to, the underlying asset or pool of assets. Sukuk involve many of the same risks that conventional
bonds incur, such as credit risk and interest rate risk, as well as the risks associated with foreign or emerging market securities. In addition to these risks, there are certain risks specific to Sukuk, such as those relating to their structures.
The unique characteristics of Sukuk may lead to uncertainties regarding their tax treatment within the Fund. In light of tax requirements applicable to the Fund, it may be necessary or advisable for the Fund to sell one or more Sukuk (or another
investment), including at a disadvantageous time or price. As a result, the Fund may incur losses or costs associated with such transaction.
Currency Risk. Exchange rates
for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities markets and
currency transactions are subject to settlement, custodial and other operational risks.
Derivatives Risk. The
Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in
the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference instrument”), due to failure of a counterparty or due to tax or regulatory constraints.
Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives
are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be
unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments
traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s counterparty is unable to
honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially
exceed the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.
When-Issued and Forward Commitment Risk. Securities purchased on a when-issued or forward commitment basis are subject to the risk that when delivered they will be worth less than the agreed upon payment price.
Risks of Repurchase Agreements and Reverse Repurchase Agreements. In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the
securities sold by the Fund, may be delayed. In a repurchase agreement, such insolvency may result in a loss to the extent that the value of the purchased securities decreases during the delay or that value has otherwise not been maintained at an
amount equal to the repurchase price. In a reverse repurchase agreement, the counterparty’s insolvency may result in a loss equal to the amount by which the value of the securities sold by the Fund exceeds the repurchase price payable by the
Fund; if the value of the purchased securities increases during such a delay, that loss may also be increased. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities sold to the
counterparty or the securities which the Fund purchases with its proceeds from the agreement would affect the value of the Fund’s assets. As a result, such agreements may increase fluctuations in the net asset value of the Fund’s shares.
Because reverse repurchase agreements may be considered to be a form of borrowing by the Fund (and a loan from the counterparty), they constitute create leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower
than the cost of the agreement, entering into the agreement will lower the Fund’s yield.
Leverage Risk. Certain Fund
transactions may give rise to leverage. Leverage can result from a non-cash exposure to an underlying reference instrument. Leverage can also result from borrowings, issuance of preferred shares or participation in residual interest bond
transactions. Leverage can increase both the risk and return potential of the Fund. The use of leverage may cause the Fund to maintain liquid assets or liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations
or to meet segregation requirements. Leverage may cause the Fund’s NAV to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the Fund’s portfolio
securities. The loss on leveraged investments may substantially exceed the initial investment.
Liquidity Risk. The Fund is
exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices.
Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on
the Fund’s performance. These effects may be exacerbated during times of financial or political stress.
See Endnotes and Additional Disclosures in this report.
7
Eaton Vance
Limited Duration Income Fund
March 31, 2023
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
Research Process. The
Fund’s portfolio management utilizes information provided by, and the expertise of, the research staff of the investment adviser and/or certain of its affiliates in making investment decisions. As part of the research process, portfolio
management may consider financially material environmental, social and governance (“ESG”) factors. Such factors, alongside other relevant factors, may be taken into account in the Fund’s securities selection process.
Cash and Money Market Instruments; Temporary Defensive Positions. The Fund may invest in cash or money market instruments, including high quality short-term instruments or an affiliated investment company that invests in such instruments. During unusual market conditions, including
for temporary defensive purposes, the Fund may invest up to 100% of its assets in cash or money market instruments, which may be inconsistent with its investment objective(s) and other policies, and as such, the Fund may not achieve its investment
objective(s) during this period. Money market instruments may be adversely affected by market and economic events, such as a sharp rise in prevailing short-term interest rates; adverse developments in the banking industry, which issues or guarantees
many money market instruments; adverse economic, political or other developments affecting issuers of money market instruments; changes in the credit quality of issuers; and default by a counterparty.
Market Discount Risk. As with
any security, the market value of the common shares may increase or decrease from the amount initially paid for the common shares. The Fund’s common shares have traded both at a premium and at a discount relative to NAV. The shares of
closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund’s NAV may decrease.
Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions and there
is no guarantee that such decisions will produce the desired results or expected returns.
Recent Market Conditions. The
outbreak of COVID-19 and efforts to contain its spread have resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer
activity, as well as general concern and uncertainty. The impact of this coronavirus, and the effects of the infectious illness outbreaks, epidemics or pandemics, may be short term or continue for an extended period of time. Health crises caused by
outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. For example, a global pandemic or other widespread health crisis
could cause substantial market volatility and exchange trading suspensions and closures. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country
or region or events affecting a single or small number of issuers. The coronavirus outbreak and public and private sector responses thereto have led to large portions of the populations of many countries working from home for indefinite periods of
time, temporary or permanent layoffs, disruptions in supply chains, and lack of availability of certain goods. The impact of such responses could adversely affect the information technology and operational systems upon which the Fund and the
Fund’s service providers rely, and could otherwise disrupt the ability of the employees of the Fund’s service providers to perform critical tasks relating to the Fund. Any such impact could adversely affect the Fund’s performance,
or the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.
Cybersecurity Risk. With the
increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or
unintentional events. Cybersecurity failures by or breaches of the Fund’s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which
the Fund invests, may disrupt and otherwise adversely affect their business operations. This may result in financial losses to the Fund, impede Fund trading, interfere with the Fund’s ability to calculate its net asset value, interfere with
Fund shareholders’ ability to transact business or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs or additional compliance costs.
General Fund Investing Risks.
The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Important Notice to Shareholders
The following information in this annual report is a summary of
certain changes since March 31, 2022. This information may not reflect all of the changes that have occurred since you purchased this Fund.
Prior to June 1, 2023, the Fund’s portfolio management
team includes Kelley Gerrity, Catherine McDermott, Andrew Szczurowski, CFA and Eric Stein, CFA. Effective June 1, 2023, the Fund’s portfolio management team will include Kelley Gerrity, Tara O'Brien, Catherine McDermott, Andrew Szczurowski,
CFA and Eric Stein, CFA. Ms. O'Brien is a Vice President of Eaton Vance Management and has been employed by the Eaton Vance organization for more than five years.
On January 26, 2023, the Fund’s Board of Trustees voted
to exempt, on a going forward basis, all prior and, until further notice, new acquisitions of Fund shares that otherwise might be deemed “Control Share Acquisitions” under the Fund’s By-Laws from the Control Share Provisions of the
Fund’s By-Laws.
See Endnotes and Additional Disclosures in this report.
8
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Endnotes and
Additional Disclosures
†
|
The views expressed in this
report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any
responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund.
This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement,
depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks
discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
‡ |
The information contained
herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are available for purchase and sale only at current market prices in secondary market
trading. |
|
|
1 |
Bloomberg U.S.
Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. The Blended Index consists of 33.33% Morningstar® LSTA® US Leveraged Loan IndexSM, 33.33% ICE BofA Single-B U.S. High Yield Index and 33.34% ICE BofA U.S. Mortgage-Backed Securities Index, rebalanced monthly. Morningstar® LSTA® US Leveraged Loan
IndexSM is an unmanaged index of the institutional leveraged loan market. Morningstar® LSTA® Leveraged Loan indices are a product of Morningstar, Inc.
(“Morningstar”) and have been licensed for use. Morningstar® is a registered trademark of Morningstar licensed for certain use. Loan Syndications and Trading Association® and LSTA® are trademarks of the LSTA
licensed for certain use by Morningstar, and further sublicensed by Morningstar for certain use. Neither Morningstar nor LSTA guarantees the accuracy and/or completeness of the Morningstar® LSTA® US Leveraged Loan IndexSM or any data included therein, and shall have no liability for any errors, omissions, or interruptions therein. Prior to August 29, 2022, the index name was S&P/LSTA Leveraged
Loan Index. ICE BofA Single-B U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds with a credit quality rating of B. ICE BofA U.S. Mortgage-Backed Securities Index is an unmanaged index of fixed rate
residential mortgage pass-through securities issued by U.S. agencies. ICE® BofA® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this
report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. Unless
otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 |
Performance results reflect
the effects of leverage. Included in the average annual total return at NAV for the five- and ten-year periods is the impact of the 2018 tender and repurchase of a portion of the Fund’s Auction Preferred Shares (APS) at 92% of the Fund’s
APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements,
performance would have been lower. Pursuant to the Fund’s Dividend Reinvestment Plan, if the NAV per share on the distribution payment date is equal to or less than the market price per share plus estimated brokerage commissions, then new
shares are issued. The number of shares shall be determined by the greater of the NAV per share or 95% of the market price. Otherwise, shares generally are purchased on the open market by the Plan’s agent. |
3 |
The shares
of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to
https://funds.eatonvance.com/closed-end-fund-prices.php. |
4 |
The
Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions in any period may be more or less
than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with “yield” or “income.” Distributions in excess of Fund returns may include a return of
capital which, over time, will cause the Fund’s net assets and net asset value per share to erode. When the Fund’s distributions include amounts from sources other than net investment income, shareholders are notified. The final
determination of the tax characteristics of Fund distributions will occur after the end of the year, at which time that determination will be reported to shareholders. |
5 |
Leverage
represents the liquidation value of the Fund’s APS and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus APS and borrowings outstanding. Use of leverage creates an opportunity for income, but creates
risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at
an inopportune time. |
|
Fund profile subject to
change due to active management. |
|
Additional Information
|
|
Bloomberg U.S. Treasury Index
measures the performance of U.S. Treasuries with a maturity of one year or more. ICE BofA U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds. |
|
Duration is a measure of the
expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes. |
|
Spread is
the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality. |
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Asset-Backed
Securities — 7.9% |
Security
|
Principal
Amount (000's omitted) |
Value
|
AIG
CLO, Ltd., Series 2019-1A, Class ER, 11.332%, (3 mo. SOFR + 6.70%), 4/18/35(1)(2) |
$
|
2,877
|
$ 2,514,955
|
Alinea
CLO, Ltd., Series 2018-1A, Class E, 10.808%, (3 mo. USD LIBOR + 6.00%), 7/20/31(1)(2) |
|
1,000
|
825,613
|
AMMC
CLO 15, Ltd., Series 2014-15A, Class ERR, 11.702%, (3 mo. USD LIBOR + 6.91%), 1/15/32(1)(2) |
|
500
|
422,510
|
AMMC
CLO XII, Ltd., Series 2013-12A, Class ER, 11.039%, (3 mo. USD LIBOR + 6.18%), 11/10/30(1)(2) |
|
2,000
|
1,569,604
|
Ares
XXXIV CLO, Ltd., Series 2015-2A, Class ER, 11.642%, (3 mo. USD LIBOR + 6.85%), 4/17/33(1)(2) |
|
2,000
|
1,794,064
|
Ares
XXXVR CLO, Ltd., Series 2015-35RA, Class E, 10.492%, (3 mo. USD LIBOR + 5.70%), 7/15/30(1)(2) |
|
2,000
|
1,654,014
|
Benefit
Street Partners CLO XVI, Ltd., Series 2018-16A, Class E, 11.492%, (3 mo. USD LIBOR + 6.70%), 1/17/32(1)(2) |
|
3,000
|
2,675,676
|
Benefit
Street Partners CLO XVII, Ltd., Series 2019-17A, Class ER, 11.142%, (3 mo. USD LIBOR + 6.35%), 7/15/32(1)(2) |
|
3,000
|
2,744,505
|
Benefit
Street Partners CLO XVIII, Ltd., Series 2019-18A, Class ER, 11.542%, (3 mo. USD LIBOR + 6.75%), 10/15/34(1)(2) |
|
4,500
|
4,119,331
|
Benefit
Street Partners CLO XXII, Ltd., Series 2020-22A, Class ER, 11.569%, (3 mo. SOFR + 6.93%), 4/20/35(1)(2) |
|
2,000
|
1,807,466
|
BlueMountain
CLO XXIV, Ltd., Series 2019-24A, Class ER, 11.648%, (3 mo. USD LIBOR + 6.84%), 4/20/34(1)(2) |
|
1,000
|
897,580
|
BlueMountain
CLO XXV, Ltd., Series 2019-25A, Class ER, 12.042%, (3 mo. USD LIBOR + 7.25%), 7/15/36(1)(2) |
|
2,000
|
1,810,322
|
BlueMountain
CLO XXVI, Ltd., Series 2019-26A, Class ER, 11.938%, (3 mo. USD LIBOR + 7.13%), 10/20/34(1)(2) |
|
2,500
|
2,308,438
|
BlueMountain
CLO XXX, Ltd., Series 2020-30A, Class ER, 11.358%, (3 mo. SOFR + 6.70%), 4/15/35(1)(2) |
|
2,000
|
1,735,396
|
BlueMountain
CLO XXXIV, Ltd., Series 2022-34A, Class E, 12.189%, (3 mo. SOFR + 7.55%), 4/20/35(1)(2) |
|
1,000
|
915,635
|
BlueMountain
CLO, Ltd.: |
|
|
|
Series
2016-3A, Class ER, 10.814%, (3 mo. USD LIBOR + 5.95%), 11/15/30(1)(2) |
|
2,000
|
1,615,734
|
Series
2018-1A, Class E, 10.752%, (3 mo. USD LIBOR + 5.95%), 7/30/30(1)(2) |
|
1,000
|
772,315 |
Security
|
Principal
Amount (000's omitted) |
Value
|
Canyon
Capital CLO, Ltd.: |
|
|
|
Series
2016-2A, Class ER, 10.792%, (3 mo. USD LIBOR + 6.00%), 10/15/31(1)(2) |
$
|
3,350
|
$ 2,602,742
|
Series
2019-2A, Class ER, 11.542%, (3 mo. USD LIBOR + 6.75%), 10/15/34(1)(2) |
|
1,000
|
903,089
|
Carlyle
CLO C17, Ltd., Series C17A, Class DR, 10.802%, (3 mo. USD LIBOR + 6.00%), 4/30/31(1)(2) |
|
1,750
|
1,439,018
|
Carlyle
Global Market Strategies CLO, Ltd.: |
|
|
|
Series
2012-3A, Class DR2, 11.292%, (3 mo. USD LIBOR + 6.50%), 1/14/32(1)(2) |
|
2,000
|
1,635,262
|
Series
2014-4RA, Class D, 10.442%, (3 mo. USD LIBOR + 5.65%), 7/15/30(1)(2) |
|
1,250
|
1,011,170
|
Series
2015-5A, Class DR, 11.508%, (3 mo. USD LIBOR + 6.70%), 1/20/32(1)(2) |
|
1,000
|
796,018
|
Cedar
Funding X CLO, Ltd., Series 2019-10A, Class ER, 11.308%, (3 mo. USD LIBOR + 6.50%), 10/20/32(1)(2) |
|
1,500
|
1,338,090
|
Dryden
Senior Loan Fund: |
|
|
|
Series
2015-41A, Class ER, 10.13%, (3 mo. USD LIBOR + 5.30%), 4/15/31(1)(2) |
|
2,000
|
1,614,636
|
Series
2016-42A, Class ER, 10.342%, (3 mo. USD LIBOR + 5.55%), 7/15/30(1)(2) |
|
1,000
|
836,905
|
Elmwood
CLO 14, Ltd., Series 2022-1A, Class E, 10.989%, (3 mo. SOFR + 6.35%), 4/20/35(1)(2) |
|
1,000
|
912,254
|
Elmwood
CLO 17, Ltd., Series 2022-4A, Class E, 11.808%, (3 mo. SOFR + 7.15%), 7/17/35(1)(2) |
|
2,000
|
1,910,558
|
Galaxy
XIX CLO, Ltd., Series 2015-19A, Class D2R, 11.816%, (3 mo. USD LIBOR + 7.00%), 7/24/30(1)(2) |
|
1,600
|
1,362,987
|
Galaxy
XV CLO, Ltd., Series 2013-15A, Class ER, 11.437%, (3 mo. USD LIBOR + 6.65%), 10/15/30(1)(2) |
|
3,275
|
2,778,618
|
Galaxy
XXI CLO, Ltd., Series 2015-21A, Class ER, 10.058%, (3 mo. USD LIBOR + 5.25%), 4/20/31(1)(2) |
|
1,100
|
941,587
|
Galaxy
XXV CLO, Ltd., Series 2018-25A, Class E, 10.768%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(2) |
|
1,000
|
864,835
|
Golub
Capital Partners CLO 37B, Ltd., Series 2018-37A, Class E, 10.558%, (3 mo. USD LIBOR + 5.75%), 7/20/30(1)(2) |
|
3,000
|
2,849,103
|
Golub
Capital Partners CLO 50B-R, Ltd., Series 2020-50A, Class ER, 11.739%, (3 mo. SOFR + 7.10%), 4/20/35(1)(2) |
|
2,000
|
1,827,048
|
Madison
Park Funding XVII, Ltd., Series 2015-17A, Class ER, 11.315%, (3 mo. USD LIBOR + 6.50%), 7/21/30(1)(2) |
|
2,000
|
1,802,786
|
Madison
Park Funding XXXVI, Ltd., Series 2019-36A, Class ER, 11.708%, (3 mo. SOFR + 7.05%), 4/15/35(1)(2) |
|
3,000
|
2,832,525 |
10
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount (000's omitted) |
Value
|
Madison
Park Funding XXXVII, Ltd., Series 2019-37A, Class ER, 10.942%, (3 mo. USD LIBOR + 6.15%), 7/15/33(1)(2) |
$
|
3,500
|
$ 3,226,626
|
Neuberger
Berman CLO XXII, Ltd., Series 2016-22A, Class ER, 10.852%, (3 mo. USD LIBOR + 6.06%), 10/17/30(1)(2) |
|
1,500
|
1,320,687
|
Neuberger
Berman Loan Advisers CLO 30, Ltd., Series 2018-30A, Class ER, 11.008%, (3 mo. USD LIBOR + 6.20%), 1/20/31(1)(2) |
|
2,000
|
1,819,232
|
Neuberger
Berman Loan Advisers CLO 31, Ltd., Series 2019-31A, Class ER, 11.308%, (3 mo. USD LIBOR + 6.50%), 4/20/31(1)(2) |
|
1,000
|
912,890
|
Neuberger
Berman Loan Advisers CLO 48, Ltd., Series 2022-48A, Class E, 11.16%, (3 mo. SOFR + 6.50%), 4/25/36(1)(2) |
|
2,000
|
1,834,678
|
NRZ
Excess Spread-Collateralized Notes, Series 2021-GNT1, Class A, 3.474%, 11/25/26(1) |
|
3,607
|
3,295,676
|
Palmer
Square CLO, Ltd.: |
|
|
|
Series
2013-2A, Class DRR, 10.642%, (3 mo. USD LIBOR + 5.85%), 10/17/31(1)(2) |
|
2,000
|
1,759,940
|
Series
2018-2A, Class D, 10.43%, (3 mo. USD LIBOR + 5.60%), 7/16/31(1)(2) |
|
1,000
|
917,925
|
Series
2019-1A, Class DR, 11.369%, (3 mo. USD LIBOR + 6.50%), 11/14/34(1)(2) |
|
2,000
|
1,811,384
|
Series
2021-3A, Class E, 10.942%, (3 mo. USD LIBOR + 6.15%), 1/15/35(1)(2) |
|
2,500
|
2,272,870
|
RAD
CLO 5, Ltd., Series 2019-5A, Class E, 11.516%, (3 mo. USD LIBOR + 6.70%), 7/24/32(1)(2) |
|
4,550
|
3,981,209
|
Regatta
IX Funding, Ltd., Series 2017-1A, Class E, 10.792%, (3 mo. USD LIBOR + 6.00%), 4/17/30(1)(2) |
|
450
|
391,117
|
Regatta
XII Funding, Ltd., Series 2019-1A, Class ER, 11.142%, (3 mo. USD LIBOR + 6.35%), 10/15/32(1)(2) |
|
2,000
|
1,812,972
|
Regatta
XIII Funding, Ltd., Series 2018-2A, Class D, 10.742%, (3 mo. USD LIBOR + 5.95%), 7/15/31(1)(2) |
|
2,000
|
1,610,944
|
Regatta
XIV Funding, Ltd., Series 2018-3A, Class E, 10.768%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(2) |
|
1,000
|
853,402
|
Regatta
XVI Funding, Ltd., Series 2019-2A, Class E, 11.792%, (3 mo. USD LIBOR + 7.00%), 1/15/33(1)(2) |
|
1,800
|
1,677,364
|
Vibrant
CLO IX, Ltd., Series 2018-9A, Class D, 11.058%, (3 mo. USD LIBOR + 6.25%), 7/20/31(1)(2) |
|
1,000
|
658,436
|
Vibrant
CLO XI, Ltd., Series 2019-11A, Class D, 11.578%, (3 mo. USD LIBOR + 6.77%), 7/20/32(1)(2) |
|
575
|
480,181
|
Voya
CLO, Ltd.: |
|
|
|
Series
2015-3A, Class DR, 11.008%, (3 mo. USD LIBOR + 6.20%), 10/20/31(1)(2) |
|
3,000
|
2,247,675 |
Security
|
Principal
Amount (000's omitted) |
Value
|
Voya
CLO, Ltd.: (continued) |
|
|
|
Series
2016-3A, Class DR, 10.875%, (3 mo. USD LIBOR + 6.08%), 10/18/31(1)(2) |
$
|
1,400
|
$
1,008,225 |
Wellfleet
CLO, Ltd., Series 2020-1A, Class D, 12.032%, (3 mo. USD LIBOR + 7.24%), 4/15/33(1)(2) |
|
2,000
|
1,697,672
|
Total
Asset-Backed Securities (identified cost $108,977,372) |
|
|
$ 96,033,494
|
Security
|
Shares
|
Value
|
BlackRock
Corporate High Yield Fund, Inc. |
|
2,188,579
|
$
19,084,409 |
Total
Closed-End Funds (identified cost $26,062,179) |
|
|
$ 19,084,409
|
Collateralized
Mortgage Obligations — 6.9% |
Security
|
Principal
Amount (000's omitted) |
Value
|
Cascade
MH Asset Trust, Series 2022-MH1, Class A, 4.25% to 7/25/27, 8/25/54(1)(3) |
$
|
2,911
|
$ 2,591,461
|
Federal
Home Loan Mortgage Corp.: |
|
|
|
Series
24, Class J, 6.25%, 11/25/23 |
|
8
|
7,907
|
Series
1497, Class K, 7.00%, 4/15/23 |
|
0
(4) |
249
|
Series
1529, Class Z, 7.00%, 6/15/23 |
|
4
|
4,013
|
Series
1620, Class Z, 6.00%, 11/15/23 |
|
6
|
6,261
|
Series
1677, Class Z, 7.50%, 7/15/23 |
|
3
|
2,744
|
Series
1702, Class PZ, 6.50%, 3/15/24 |
|
157
|
157,191
|
Series
2113, Class QG, 6.00%, 1/15/29 |
|
160
|
161,747
|
Series
2122, Class K, 6.00%, 2/15/29 |
|
32
|
31,937
|
Series
2130, Class K, 6.00%, 3/15/29 |
|
21
|
21,798
|
Series
2167, Class BZ, 7.00%, 6/15/29 |
|
25
|
25,365
|
Series
2182, Class ZB, 8.00%, 9/15/29 |
|
246
|
254,646
|
Series
2198, Class ZA, 8.50%, 11/15/29 |
|
241
|
249,085
|
Series
2458, Class ZB, 7.00%, 6/15/32 |
|
358
|
374,887
|
Series
3762, Class SH, 0.676%, (10.00% - 1 mo. USD LIBOR x 2.00), 11/15/40(5) |
|
381
|
355,285
|
Series
4273, Class PU, 4.00%, 11/15/43 |
|
2,263
|
2,107,983
|
Series
4273, Class SP, 0.35%, (12.00% - 1 mo. USD LIBOR x 2.67), 11/15/43(5) |
|
503
|
445,781
|
Series
4678, Class PC, 3.00%, 1/15/46 |
|
2,725
|
2,624,282
|
Series
5028, Class TZ, 2.00%, 10/25/50 |
|
2,618
|
1,609,002
|
Series
5035, Class AZ, 2.00%, 11/25/50 |
|
8,024
|
4,586,676
|
Series
5083, Class SK, 0.00%, (3.87% - 30-day average SOFR x 1.33), 3/25/51(5) |
|
2,047
|
1,424,982 |
11
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount (000's omitted) |
Value
|
Interest
Only:(6) |
|
|
|
Series
284, Class S6, 1.416%, (6.10% - 1 mo. USD LIBOR), 10/15/42(5) |
$
|
1,082
|
$ 123,075
|
Series
362, Class C7, 3.50%, 9/15/47 |
|
4,558
|
803,573
|
Series
362, Class C11, 4.00%, 12/15/47 |
|
4,276
|
842,775
|
Series
4067, Class JI, 3.50%, 6/15/27 |
|
680
|
30,193
|
Series
4070, Class S, 1.416%, (6.10% - 1 mo. USD LIBOR), 6/15/32(5) |
|
2,531
|
199,315
|
Series
4088, Class EI, 3.50%, 9/15/41 |
|
128
|
953
|
Series
4094, Class CS, 1.316%, (6.00% - 1 mo. USD LIBOR), 8/15/42(5) |
|
624
|
69,436
|
Series
4095, Class HS, 1.416%, (6.10% - 1 mo. USD LIBOR), 7/15/32(5) |
|
543
|
26,724
|
Series
4109, Class ES, 1.466%, (6.15% - 1 mo. USD LIBOR), 12/15/41(5) |
|
81
|
9,976
|
Series
4110, Class SA, 0.966%, (5.65% - 1 mo. USD LIBOR), 9/15/42(5) |
|
2,137
|
183,230
|
Series
4149, Class S, 1.566%, (6.25% - 1 mo. USD LIBOR), 1/15/33(5) |
|
1,379
|
113,655
|
Series
4188, Class AI, 3.50%, 4/15/28 |
|
561
|
22,819
|
Series
4203, Class QS, 1.566%, (6.25% - 1 mo. USD LIBOR), 5/15/43(5) |
|
2,399
|
176,467
|
Series
4408, Class IP, 3.50%, 4/15/44 |
|
1,509
|
193,209
|
Series
4435, Class BI, 3.50%, 7/15/44 |
|
3,159
|
482,880
|
Series
4629, Class QI, 3.50%, 11/15/46 |
|
1,235
|
241,768
|
Series
4644, Class TI, 3.50%, 1/15/45 |
|
1,412
|
198,960
|
Series
4667, Class PI, 3.50%, 5/15/42 |
|
136
|
620
|
Series
4744, Class IO, 4.00%, 11/15/47 |
|
2,198
|
414,528
|
Series
4749, Class IL, 4.00%, 12/15/47 |
|
977
|
184,464
|
Series
4793, Class SD, 1.516%, (6.20% - 1 mo. USD LIBOR), 6/15/48(5) |
|
4,622
|
541,663
|
Series
4966, Class SY, 1.205%, (6.05% - 1 mo. USD LIBOR), 4/25/50(5) |
|
12,002
|
1,577,448
|
Principal
Only:(7) |
|
|
|
Series
242, Class PO, 0.00%, 11/15/36 |
|
1,947
|
1,582,176
|
Series
259, Class PO, 0.00%, 4/15/39 |
|
1,212
|
977,999
|
Series
3606, Class PO, 0.00%, 12/15/39 |
|
1,298
|
1,016,476
|
Series
4417, Class KO, 0.00%, 12/15/43 |
|
184
|
121,675
|
Series
4478, Class PO, 0.00%, 5/15/45 |
|
613
|
464,472
|
Federal
National Mortgage Association: |
|
|
|
Series
G93-35, Class ZQ, 6.50%, 11/25/23 |
|
93
|
92,535
|
Series
G93-40, Class H, 6.40%, 12/25/23 |
|
22
|
22,078
|
Series
1993-42, Class ZQ, 6.75%, 4/25/23 |
|
0
(4) |
304
|
Series
1993-56, Class PZ, 7.00%, 5/25/23 |
|
1
|
571
|
Series
1993-156, Class ZB, 7.00%, 9/25/23 |
|
2
|
2,154
|
Series
1994-45, Class Z, 6.50%, 2/25/24 |
|
22
|
22,329
|
Series
1994-89, Class ZQ, 8.00%, 7/25/24 |
|
60
|
60,524
|
Series
1996-57, Class Z, 7.00%, 12/25/26 |
|
105
|
105,835
|
Series
1997-77, Class Z, 7.00%, 11/18/27 |
|
62
|
64,242
|
Series
1998-44, Class ZA, 6.50%, 7/20/28 |
|
75
|
77,038 |
Security
|
Principal
Amount (000's omitted) |
Value
|
Federal
National Mortgage Association: (continued) |
|
|
|
Series
1999-45, Class ZG, 6.50%, 9/25/29 |
$
|
22
|
$ 22,141
|
Series
2000-22, Class PN, 6.00%, 7/25/30 |
|
294
|
297,249
|
Series
2002-1, Class G, 7.00%, 7/25/23 |
|
2
|
1,709
|
Series
2002-21, Class PE, 6.50%, 4/25/32 |
|
205
|
215,383
|
Series
2005-75, Class CS, 4.819%, (24.20% - 1 mo. USD LIBOR x 4.00), 9/25/35(5) |
|
585
|
692,927
|
Series
2007-74, Class AC, 5.00%, 8/25/37 |
|
2,286
|
2,335,794
|
Series
2011-49, Class NT, 6.00%, (66.00% - 1 mo. USD LIBOR x 10.00, Cap 6.00%), 6/25/41(5) |
|
226
|
219,928
|
Series
2011-109, Class PE, 3.00%, 8/25/41 |
|
21
|
21,073
|
Series
2012-134, Class ZT, 2.00%, 12/25/42 |
|
1,351
|
1,126,700
|
Series
2013-6, Class TA, 1.50%, 1/25/43 |
|
1,321
|
1,220,123
|
Series
2013-67, Class NF, 5.00%, (1 mo. USD LIBOR + 1.00%), 7/25/43(2) |
|
947
|
916,230
|
Series
2014-64, Class PA, 3.00%, 3/25/44 |
|
54
|
53,738
|
Series
2017-15, Class LE, 3.00%, 6/25/46 |
|
481
|
466,601
|
Series
2017-48, Class LG, 2.75%, 5/25/47 |
|
1,397
|
1,250,239
|
Interest
Only:(6) |
|
|
|
Series
2011-101, Class IC, 3.50%, 10/25/26 |
|
1,671
|
57,697
|
Series
2011-101, Class IE, 3.50%, 10/25/26 |
|
527
|
17,899
|
Series
2012-33, Class CI, 3.50%, 3/25/27 |
|
911
|
24,108
|
Series
2012-118, Class IN, 3.50%, 11/25/42 |
|
3,034
|
603,307
|
Series
2012-124, Class IO, 0.455%, 11/25/42(8) |
|
1,376
|
59,604
|
Series
2012-125, Class IG, 3.50%, 11/25/42 |
|
9,580
|
2,059,471
|
Series
2012-150, Class SK, 1.305%, (6.15% - 1 mo. USD LIBOR), 1/25/43(5) |
|
1,777
|
207,414
|
Series
2013-12, Class SP, 0.805%, (5.65% - 1 mo. USD LIBOR), 11/25/41(5) |
|
358
|
7,599
|
Series
2013-15, Class DS, 1.355%, (6.20% - 1 mo. USD LIBOR), 3/25/33(5) |
|
4,228
|
292,411
|
Series
2013-16, Class SY, 1.305%, (6.15% - 1 mo. USD LIBOR), 3/25/43(5) |
|
943
|
153,763
|
Series
2013-54, Class HS, 1.455%, (6.30% - 1 mo. USD LIBOR), 10/25/41(5) |
|
111
|
442
|
Series
2013-64, Class PS, 1.405%, (6.25% - 1 mo. USD LIBOR), 4/25/43(5) |
|
1,349
|
104,418
|
Series
2013-75, Class SC, 1.405%, (6.25% - 1 mo. USD LIBOR), 7/25/42(5) |
|
1,838
|
49,988
|
Series
2014-32, Class EI, 4.00%, 6/25/44 |
|
354
|
60,251
|
Series
2014-55, Class IN, 3.50%, 7/25/44 |
|
789
|
162,340
|
Series
2014-89, Class IO, 3.50%, 1/25/45 |
|
1,021
|
223,352
|
Series
2015-52, Class MI, 3.50%, 7/25/45 |
|
898
|
183,100
|
Series
2018-21, Class IO, 3.00%, 4/25/48 |
|
4,044
|
723,002
|
Series
2019-1, Class AS, 1.155%, (6.00% - 1 mo. USD LIBOR), 2/25/49(5) |
|
6,540
|
488,117
|
Series
2019-33, Class SK, 1.205%, (6.05% - 1 mo. USD LIBOR), 7/25/49(5) |
|
4,468
|
424,089
|
Series
2020-23, Class SP, 1.205%, (6.05% - 1 mo. USD LIBOR), 2/25/50(5) |
|
3,724
|
490,280 |
12
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount (000's omitted) |
Value
|
Principal
Only:(7) |
|
|
|
Series
379, Class 1, 0.00%, 5/25/37 |
$
|
1,195
|
$
953,661 |
Series
2006-8, Class WQ, 0.00%, 3/25/36 |
|
2,019
|
1,657,998
|
Federal
National Mortgage Association Connecticut Avenue Securities, Series 2019-R04, Class 2B1, 10.095%, (1 mo. USD LIBOR + 5.25%), 6/25/39(1)(2) |
|
4,167
|
4,257,459
|
Government
National Mortgage Association: |
|
|
|
Series
2017-121, Class DF, 5.00%, (1 mo. USD LIBOR + 0.50%), 8/20/47(2) |
|
3,363
|
3,297,726
|
Series
2017-137, Class AF, 5.00%, (1 mo. USD LIBOR + 0.50%), 9/20/47(2) |
|
1,767
|
1,732,294
|
Series
2018-6, Class JZ, 4.00%, 1/20/48 |
|
5,102
|
5,268,799
|
Series
2021-160, Class NZ, 3.00%, 9/20/51 |
|
1,492
|
1,043,475
|
Series
2021-165, Class MZ, 2.50%, 9/20/51 |
|
9,095
|
7,094,474
|
Series
2022-189, Class US, 6.017%, (22.73% - 30-day average SOFR x 3.67), 11/20/52(5) |
|
4,741
|
5,073,371
|
Interest
Only:(6) |
|
|
|
Series
2017-104, Class SD, 1.439%, (6.20% - 1 mo. USD LIBOR), 7/20/47(5) |
|
2,582
|
299,673
|
Series
2020-151, Class AI, 2.00%, 10/20/50 |
|
12,114
|
1,515,607
|
Series
2020-154, Class PI, 2.50%, 10/20/50 |
|
11,006
|
1,460,772
|
Series
2020-176, Class HI, 2.50%, 11/20/50 |
|
12,852
|
1,715,575
|
Series
2021-131, Class QI, 3.00%, 7/20/51 |
|
10,828
|
1,273,249
|
Series
2021-193, Class IU, 3.00%, 11/20/49 |
|
22,679
|
2,850,204
|
Series
2021-209, Class IW, 3.00%, 11/20/51 |
|
14,869
|
1,788,024
|
Total
Collateralized Mortgage Obligations (identified cost $124,874,387) |
|
|
$ 84,606,269
|
Commercial
Mortgage-Backed Securities — 6.3% |
Security
|
Principal
Amount (000's omitted) |
Value
|
BAMLL
Commercial Mortgage Securities Trust: |
|
|
|
Series
2019-BPR, Class ENM, 3.719%, 11/5/32(1)(8) |
$
|
910
|
$ 650,407
|
Series
2019-BPR, Class FNM, 3.719%, 11/5/32(1)(8) |
|
3,505
|
2,331,740
|
BBCMS
Mortgage Trust, Series 2017-C1, Class D, 3.544%, 2/15/50(1)(8) |
|
2,200
|
1,525,612
|
BX
Commercial Mortgage Trust, Series 2021-VOLT, Class C, 5.784%, (1 mo. USD LIBOR + 1.10%), 9/15/36(1)(2) |
|
2,000
|
1,888,882
|
BX
Trust, Series 2018-EXCL, Class C, 6.66%, (1 mo. USD LIBOR + 1.975%), 9/15/37(1)(2) |
|
318
|
313,060
|
CFCRE
Commercial Mortgage Trust: |
|
|
|
Series
2016-C3, Class C, 4.753%, 1/10/48(8) |
|
1,300
|
1,106,215
|
Series
2016-C3, Class D, 3.052%, 1/10/48(1)(8) |
|
3,500
|
2,578,033
|
Series
2016-C7, Class D, 4.385%, 12/10/54(1)(8) |
|
1,675
|
1,175,231 |
Security
|
Principal
Amount (000's omitted) |
Value
|
CGMS
Commercial Mortgage Trust, Series 2015-P1, Class D, 3.225%, 9/15/48(1) |
$
|
1,100
|
$ 821,265
|
COMM
Mortgage Trust: |
|
|
|
Series
2013-CR9, Class D, 4.513%, 7/10/45(1)(8) |
|
2,000
|
1,770,925
|
Series
2013-CR11, Class D, 5.118%, 8/10/50(1)(8) |
|
7,400
|
7,093,449
|
Series
2014-CR21, Class C, 4.41%, 12/10/47(8) |
|
2,000
|
1,831,111
|
Series
2015-CR22, Class D, 4.071%, 3/10/48(1)(8) |
|
4,100
|
3,200,283
|
CSMC
Trust: |
|
|
|
Series
2016-NXSR, Class C, 4.431%, 12/15/49(8) |
|
2,770
|
2,076,117
|
Series
2016-NXSR, Class D, 4.431%, 12/15/49(1)(8) |
|
3,000
|
1,741,194
|
Series
2020-TMIC, Class A, 8.184%, (1 mo. USD LIBOR + 3.50%), 12/15/35(1)(2) |
|
2,100
|
2,081,777
|
Federal
National Mortgage Association Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, 8.095%, (1 mo. USD LIBOR + 3.25%), 10/25/49(1)(2) |
|
1,527
|
1,405,090
|
JPMBB
Commercial Mortgage Securities Trust: |
|
|
|
Series
2014-C22, Class D, 4.547%, 9/15/47(1)(8) |
|
5,276
|
3,816,922
|
Series
2014-C23, Class D, 3.979%, 9/15/47(1)(8) |
|
3,488
|
2,949,436
|
Series
2014-C25, Class D, 3.936%, 11/15/47(1)(8) |
|
4,400
|
1,894,857
|
Series
2015-C29, Class D, 3.687%, 5/15/48(8) |
|
2,000
|
1,389,474
|
JPMorgan
Chase Commercial Mortgage Securities Trust: |
|
|
|
Series
2013-C13, Class D, 4.157%, 1/15/46(1)(8) |
|
3,000
|
2,901,463
|
Series
2013-C16, Class D, 5.008%, 12/15/46(1)(8) |
|
3,500
|
3,208,238
|
Series
2014-DSTY, Class B, 3.771%, 6/10/27(1) |
|
2,600
|
458,640
|
Series
2021-MHC, Class C, 5.984%, (1 mo. USD LIBOR + 1.30%), 4/15/38(1)(2) |
|
1,900
|
1,808,571
|
Morgan
Stanley Bank of America Merrill Lynch Trust: |
|
|
|
Series
2014-C16, Class B, 4.301%, 6/15/47(8)(9) |
|
363
|
342,690
|
Series
2015-C23, Class D, 4.14%, 7/15/50(1)(8)(9) |
|
2,670
|
2,054,435
|
Series
2016-C29, Class D, 3.00%, 5/15/49(1)(9) |
|
3,577
|
2,540,356
|
Series
2016-C32, Class D, 3.396%, 12/15/49(1)(8)(9) |
|
1,600
|
1,054,795
|
Morgan
Stanley Capital I Trust: |
|
|
|
Series
2016-UBS12, Class D, 3.312%, 12/15/49(1)(9) |
|
4,489
|
2,198,211
|
Series
2019-BPR, Class C, 7.984%, (1 mo. USD LIBOR + 3.30%), 5/15/36(1)(2)(9) |
|
1,845
|
1,743,153
|
UBS-Barclays
Commercial Mortgage Trust, Series 2013-C6, Class D, 4.38%, 4/10/46(1)(8) |
|
4,437
|
3,682,958
|
VMC
Finance, LLC, Series 2021-HT1, Class B, 9.261%, (1 mo. USD LIBOR + 4.50%), 1/18/37(1)(2) |
|
6,000
|
5,666,230
|
Wells
Fargo Commercial Mortgage Trust: |
|
|
|
Series
2013-LC12, Class D, 4.364%, 7/15/46(1)(8) |
|
3,000
|
1,151,967
|
Series
2015-C31, Class D, 3.852%, 11/15/48 |
|
2,475
|
1,881,150
|
Series
2016-C35, Class D, 3.142%, 7/15/48(1) |
|
1,850
|
1,341,897 |
13
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount (000's omitted) |
Value
|
Wells
Fargo Commercial Mortgage Trust: (continued) |
|
|
|
Series
2016-C36, Class D, 2.942%, 11/15/59(1) |
$
|
1,500
|
$
849,859 |
Total
Commercial Mortgage-Backed Securities (identified cost $90,551,186) |
|
|
$ 76,525,693
|
Security
|
Shares
|
Value
|
Aerospace
and Defense — 0.0%(10) |
IAP
Global Services, LLC(11)(12)(13) |
|
30
|
$
136,445 |
|
|
|
$ 136,445
|
Containers
and Glass Products — 0.2% |
LG
Newco Holdco, Inc., Class A(12)(13) |
|
166,175
|
$
1,730,995 |
|
|
|
$ 1,730,995
|
Electronics/Electrical
— 0.0%(10) |
Riverbed
Technology, Inc.(12)(13) |
|
21,990
|
$
11,050 |
Skillsoft
Corp.(12)(13) |
|
143,062
|
286,124
|
|
|
|
$ 297,174
|
Health
Care — 0.0% |
Akorn
Holding Company, LLC, Class A(11)(12)(13) |
|
42,374
|
$
0 |
|
|
|
$ 0
|
Investment
Companies — 0.0%(10) |
Aegletes
B.V.(13) |
|
11,215
|
$
190,655 |
Jubilee
Topco, Ltd., Class A(11)(12)(13) |
|
807,124
|
0
|
|
|
|
$ 190,655
|
Nonferrous
Metals/Minerals — 0.0%(10) |
ACNR
Holdings, Inc., Class A(12)(13) |
|
3,818
|
$
367,483 |
|
|
|
$ 367,483
|
Oil
and Gas — 0.0%(10) |
AFG
Holdings, Inc.(11)(12)(13) |
|
29,751
|
$
88,063 |
McDermott
International, Ltd.(12)(13) |
|
93,940
|
38,158
|
|
|
|
$ 126,221
|
Radio
and Television — 0.1% |
Clear
Channel Outdoor Holdings, Inc.(12)(13) |
|
74,443
|
$
89,332 |
Security
|
Shares
|
Value
|
Radio
and Television (continued) |
Cumulus
Media, Inc., Class A(12)(13) |
|
50,522
|
$
186,426 |
iHeartMedia,
Inc., Class A(12)(13) |
|
31,657
|
123,462
|
|
|
|
$ 399,220
|
Retailers
(Except Food and Drug) — 0.0%(10) |
David’s
Bridal, LLC(11)(12)(13) |
|
40,851
|
$
0 |
Phillips
Pet Holding Corp.(11)(12)(13) |
|
582
|
43,032
|
|
|
|
$ 43,032
|
Telecommunications
— 0.0%(10) |
GEE
Acquisition Holdings Corp.(11)(12)(13) |
|
37,259
|
$
356,196 |
|
|
|
$ 356,196
|
Utilities
— 0.0%(10) |
Longview
Intermediate Holdings, LLC, Class A(12)(13) |
|
10,730
|
$
86,591 |
|
|
|
$ 86,591
|
Total
Common Stocks (identified cost $7,786,647) |
|
|
$ 3,734,012
|
Security
|
Principal
Amount (000's omitted) |
Value
|
Transportation
— 0.1% |
CryoPort,
Inc., 0.75%, 12/1/26(1) |
$
|
1,990
|
$
1,555,730 |
Total
Convertible Bonds (identified cost $1,602,212) |
|
|
$ 1,555,730
|
Convertible
Preferred Stocks — 0.0%(10) |
Security
|
Shares
|
Value
|
Electronics/Electrical
— 0.0%(10) |
Riverbed
Technology, Inc., Series A, 6.50%, (1.50% cash, 5.00% PIK)(13) |
|
7,179
|
$
1,831 |
Total
Convertible Preferred Stocks (identified cost $215,385) |
|
|
$ 1,831
|
14
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Aerospace
and Defense — 1.3% |
Bombardier,
Inc.: |
|
|
|
7.125%,
6/15/26(1) |
|
736
|
$
739,312 |
7.875%,
4/15/27(1) |
|
795
|
805,569
|
Moog,
Inc., 4.25%, 12/15/27(1) |
|
955
|
884,595
|
Rolls-Royce
PLC: |
|
|
|
5.75%,
10/15/27(1) |
|
2,954
|
2,945,478
|
5.75%,
10/15/27(14) |
GBP
|
100
|
118,137
|
Spirit
AeroSystems, Inc.: |
|
|
|
4.60%,
6/15/28 |
|
567
|
481,196
|
9.375%,
11/30/29(1) |
|
989
|
1,080,482
|
TransDigm
UK Holdings PLC, 6.875%, 5/15/26 |
|
725
|
714,832
|
TransDigm,
Inc.: |
|
|
|
5.50%,
11/15/27 |
|
2,552
|
2,409,095
|
6.25%,
3/15/26(1) |
|
2,408
|
2,412,635
|
6.75%,
8/15/28(1) |
|
1,812
|
1,832,385
|
7.50%,
3/15/27 |
|
1,862
|
1,859,235
|
|
|
|
$ 16,282,951
|
Agriculture
— 0.2% |
Darling
Ingredients, Inc., 6.00%, 6/15/30(1) |
|
892
|
$
889,770 |
Imperial
Brands Finance PLC: |
|
|
|
3.125%,
7/26/24(1) |
|
300
|
290,740
|
6.125%,
7/27/27(1) |
|
475
|
487,832
|
Philip
Morris International, Inc., 5.125%, 11/17/27 |
|
750
|
767,974
|
|
|
|
$ 2,436,316
|
Air
Transport — 0.9% |
Air
France-KLM: |
|
|
|
7.25%,
5/31/26(14) |
EUR
|
100
|
$
110,444 |
8.125%,
5/31/28(14) |
EUR
|
100
|
109,623
|
American
Airlines, Inc., 7.25%, 2/15/28(1) |
|
478
|
465,316
|
American
Airlines, Inc./AAdvantage Loyalty IP, Ltd.: |
|
|
|
5.50%,
4/20/26(1) |
|
3,023
|
2,978,688
|
5.75%,
4/20/29(1) |
|
1,952
|
1,874,507
|
Delta
Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28(1) |
|
1,016
|
981,302
|
Deutsche
Lufthansa AG: |
|
|
|
2.875%,
5/16/27(14) |
EUR
|
100
|
98,069
|
3.00%,
5/29/26(14) |
EUR
|
100
|
101,339
|
3.50%,
7/14/29(14) |
EUR
|
100
|
95,409
|
Gatwick
Airport Finance PLC, 4.375%, 4/7/26(14) |
GBP
|
300
|
341,432 |
Security
|
Principal
Amount* (000's omitted) |
Value
|
Air
Transport (continued) |
Heathrow
Finance PLC, 4.75% to 12/1/23, 3/1/24(3)(14) |
GBP
|
225
|
$
272,160 |
Mileage
Plus Holdings, LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, 6/20/27(1) |
|
2,055
|
2,050,684
|
United
Airlines, Inc.: |
|
|
|
4.375%,
4/15/26(1) |
|
835
|
799,828
|
4.625%,
4/15/29(1) |
|
1,276
|
1,155,828
|
|
|
|
$ 11,434,629
|
Airlines
— 0.2% |
Air
Canada: |
|
|
|
3.875%,
8/15/26(1) |
|
2,639
|
$
2,399,013 |
4.625%,
8/15/29(1) |
CAD
|
717
|
473,326
|
|
|
|
$ 2,872,339
|
Auto
Components — 0.4% |
Daimler
Truck Finance North America, LLC, 2.00%, 12/14/26(1) |
|
550
|
$
495,612 |
General
Motors Financial Co., Inc., 1.50%, 6/10/26 |
|
1,125
|
1,001,873
|
Hyundai
Capital America, 1.30%, 1/8/26(1) |
|
850
|
763,698
|
Mercedes-Benz
Finance North America, LLC, 3.30%, 5/19/25(1) |
|
1,000
|
967,997
|
Volkswagen
Group of America Finance, LLC: |
|
|
|
0.875%,
11/22/23(1) |
|
975
|
948,381
|
1.25%,
11/24/25(1) |
|
525
|
477,891
|
|
|
|
$ 4,655,452
|
Automotive
— 1.7% |
Adient
Global Holdings, Ltd., 3.50%, 8/15/24(14) |
EUR
|
19
|
$
20,222 |
Asbury
Automotive Group, Inc.: |
|
|
|
4.625%,
11/15/29(1) |
|
512
|
458,936
|
4.75%,
3/1/30 |
|
1,134
|
1,016,274
|
5.00%,
2/15/32(1) |
|
217
|
190,396
|
Clarios
Global, L.P., 6.75%, 5/15/25(1) |
|
432
|
437,074
|
Clarios
Global, L.P./Clarios U.S. Finance Co.: |
|
|
|
4.375%,
5/15/26(14) |
EUR
|
400
|
415,224
|
6.25%,
5/15/26(1) |
|
1,504
|
1,501,947
|
8.50%,
5/15/27(1) |
|
2,484
|
2,497,973
|
Faurecia
S.E.: |
|
|
|
2.375%,
6/15/29(14) |
EUR
|
200
|
176,907
|
2.75%,
2/15/27(14) |
EUR
|
460
|
444,838
|
3.75%,
6/15/28(14) |
EUR
|
100
|
97,465
|
Ford
Motor Co.: |
|
|
|
3.25%,
2/12/32 |
|
2,825
|
2,224,311
|
4.75%,
1/15/43 |
|
1,274
|
978,712 |
15
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Automotive
(continued) |
Ford
Motor Co.: (continued) |
|
|
|
7.45%,
7/16/31 |
|
457
|
$
483,679 |
9.625%,
4/22/30 |
|
201
|
233,590
|
Goodyear
Europe B.V., 2.75%, 8/15/28(14) |
EUR
|
100
|
88,663
|
Goodyear
Tire & Rubber Co. (The): |
|
|
|
5.00%,
7/15/29 |
|
1,605
|
1,435,961
|
5.25%,
7/15/31 |
|
709
|
613,186
|
IHO
Verwaltungs GmbH, 6.375%, (6.375% cash or 7.125% PIK), 5/15/29(1)(15) |
|
200
|
176,456
|
Jaguar
Land Rover Automotive PLC, 2.20%, 1/15/24(14) |
EUR
|
100
|
106,263
|
Lithia
Motors, Inc.: |
|
|
|
3.875%,
6/1/29(1) |
|
651
|
563,935
|
4.375%,
1/15/31(1) |
|
1,171
|
1,010,169
|
4.625%,
12/15/27(1) |
|
514
|
478,662
|
Real
Hero Merger Sub 2, Inc., 6.25%, 2/1/29(1) |
|
1,087
|
804,726
|
Renault
S.A.: |
|
|
|
1.25%,
6/24/25(14) |
EUR
|
300
|
301,171
|
2.375%,
5/25/26(14) |
EUR
|
100
|
99,437
|
2.50%,
6/2/27(14) |
EUR
|
200
|
191,897
|
2.50%,
4/1/28(14) |
EUR
|
100
|
92,875
|
Sonic
Automotive, Inc.: |
|
|
|
4.625%,
11/15/29(1) |
|
1,297
|
1,088,048
|
4.875%,
11/15/31(1) |
|
1,081
|
872,756
|
TI
Automotive Finance PLC, 3.75%, 4/15/29(14) |
EUR
|
212
|
176,187
|
Volkswagen
International Finance N.V., 3.875% to 6/17/29(14)(16)(17) |
EUR
|
200
|
186,372
|
Wheel
Pros, Inc., 6.50%, 5/15/29(1) |
|
1,305
|
593,775
|
ZF
Finance GmbH, 5.75%, 8/3/26(14) |
EUR
|
100
|
109,058
|
|
|
|
$ 20,167,145
|
Banks
— 1.0% |
Australia
& New Zealand Banking Group, Ltd., 4.829%, 2/3/25(1) |
|
900
|
$
903,265 |
Bank
of Montreal, 5.203%, 2/1/28 |
|
925
|
933,082
|
Banque
Federative du Credit Mutuel S.A., 2.375%, 11/21/24(1) |
|
1,025
|
976,277
|
Canadian
Imperial Bank of Commerce, 3.30%, 4/7/25 |
|
500
|
484,343
|
Citizens
Bank NA, 6.064% to 10/24/24, 10/24/25(17) |
|
700
|
659,161
|
Credit
Suisse Group AG, 6.442% to 8/11/27, 8/11/28(1)(17) |
|
1,025
|
1,019,158
|
Deutsche
Bank AG, 0.962%, 11/8/23 |
|
975
|
931,141
|
Discover
Bank, 2.45%, 9/12/24 |
|
1,000
|
948,457
|
Intesa
Sanpaolo SpA, 7.00%, 11/21/25(1) |
|
925
|
941,810
|
National
Bank of Canada, 0.55% to 11/15/23, 11/15/24(17) |
|
1,000
|
970,365 |
Security
|
Principal
Amount* (000's omitted) |
Value
|
Banks
(continued) |
NatWest
Group PLC, 7.472% to 11/10/25, 11/10/26(17) |
|
575
|
$
594,778 |
Santander
UK Group Holdings PLC, 6.833% to 11/21/25, 11/21/26(17) |
|
1,900
|
1,926,240
|
Toronto-Dominion
Bank (The), 8.125% to 10/31/27, 10/31/82(17) |
|
450
|
457,875
|
|
|
|
$ 11,745,952
|
Banks
and Thrifts — 0.6% |
American
Express Co., 2.55%, 3/4/27 |
|
525
|
$
485,132 |
BPCE
S.A., 5.15%, 7/21/24(1) |
|
950
|
932,243
|
Capital
One Financial Corp.: |
|
|
|
3.273%
to 3/1/29, 3/1/30(17) |
|
395
|
336,857
|
5.468%
to 2/1/28, 2/1/29(17) |
|
400
|
390,199
|
HSBC
Holdings PLC: |
|
|
|
6.161%
to 3/9/28, 3/9/29(17) |
|
975
|
1,003,299
|
7.39%
to 11/3/27, 11/3/28(17) |
|
375
|
399,447
|
Swedbank
AB, 3.356%, 4/4/25(1) |
|
975
|
940,778
|
Synchrony
Bank, 5.625%, 8/23/27 |
|
1,300
|
1,194,784
|
Texas
Capital Bancshares, Inc., 4.00% to 5/6/26, 5/6/31(17) |
|
1,500
|
1,241,926
|
United
Overseas Bank, Ltd., 3.863% to 10/7/27, 10/7/32(1)(17) |
|
686
|
648,136
|
|
|
|
$ 7,572,801
|
Beverage
and Tobacco — 0.1% |
BAT
Capital Corp., 3.557%, 8/15/27 |
|
1,050
|
$
976,796 |
JDE
Peet's NV, 0.80%, 9/24/24(1) |
|
800
|
745,916
|
|
|
|
$ 1,722,712
|
Biotechnology
— 0.0%(10) |
Royalty
Pharma PLC, 1.20%, 9/2/25 |
|
525
|
$
476,266 |
|
|
|
$ 476,266
|
Brokerage/Securities
Dealers/Investment Houses — 0.1% |
Bread
Financial Holdings, Inc., 4.75%, 12/15/24(1) |
|
825
|
$
738,533 |
Intrum
AB, 3.50%, 7/15/26(14) |
EUR
|
200
|
181,369
|
|
|
|
$ 919,902
|
Building
and Development — 1.8% |
Brookfield
Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 4.50%, 4/1/27(1) |
|
1,174
|
$
943,779 |
Builders
FirstSource, Inc.: |
|
|
|
4.25%,
2/1/32(1) |
|
2,118
|
1,847,509
|
5.00%,
3/1/30(1) |
|
1,085
|
1,005,842 |
16
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Building
and Development (continued) |
Castle
UK Finco PLC, 7.904%, (3 mo. EURIBOR + 5.25%), 5/15/28(2)(14) |
EUR
|
200
|
$
181,242 |
Greystar
Real Estate Partners, LLC, 5.75%, 12/1/25(1) |
|
1,396
|
1,361,484
|
HT
Troplast GmbH, 9.25%, 7/15/25(14) |
EUR
|
115
|
123,552
|
James
Hardie International Finance DAC, 3.625%, 10/1/26(14) |
EUR
|
400
|
410,683
|
KB
Home: |
|
|
|
4.00%,
6/15/31 |
|
86
|
74,575
|
4.80%,
11/15/29 |
|
556
|
509,524
|
Masonite
International Corp., 5.375%, 2/1/28(1) |
|
570
|
545,159
|
MIWD
Holdco II, LLC/MIWD Finance Corp., 5.50%, 2/1/30(1) |
|
1,149
|
972,554
|
Patrick
Industries, Inc.: |
|
|
|
4.75%,
5/1/29(1) |
|
1,187
|
1,031,248
|
7.50%,
10/15/27(1) |
|
225
|
221,412
|
PGT
Innovations, Inc., 4.375%, 10/1/29(1) |
|
1,066
|
964,730
|
Smyrna
Ready Mix Concrete, LLC, 6.00%, 11/1/28(1) |
|
3,078
|
2,893,920
|
SRS
Distribution, Inc.: |
|
|
|
6.00%,
12/1/29(1) |
|
692
|
572,374
|
6.125%,
7/1/29(1) |
|
1,195
|
1,009,775
|
Standard
Industries, Inc.: |
|
|
|
2.25%,
11/21/26(14) |
EUR
|
750
|
707,876
|
3.375%,
1/15/31(1) |
|
1,634
|
1,315,075
|
4.375%,
7/15/30(1) |
|
1,779
|
1,549,740
|
5.00%,
2/15/27(1) |
|
457
|
434,657
|
Taylor
Morrison Communities, Inc.: |
|
|
|
5.75%,
1/15/28(1) |
|
1,062
|
1,045,704
|
5.875%,
6/15/27(1) |
|
808
|
793,811
|
Victoria
PLC, 3.625%, 8/24/26(14) |
EUR
|
385
|
339,134
|
White
Cap Buyer, LLC, 6.875%, 10/15/28(1) |
|
439
|
381,209
|
White
Cap Parent, LLC, 8.25%, (8.25% cash or 9.00% PIK), 3/15/26(1)(15) |
|
691
|
629,349
|
|
|
|
$ 21,865,917
|
Business
Equipment and Services — 0.8% |
Adtalem
Global Education, Inc., 5.50%, 3/1/28(1) |
|
1,900
|
$
1,804,791 |
Allied
Universal Holdco, LLC/Allied Universal Finance Corp.: |
|
|
|
6.625%,
7/15/26(1) |
|
2,443
|
2,350,166
|
9.75%,
7/15/27(1) |
|
1,148
|
1,024,303
|
Allied
Universal Holdco, LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l.: |
|
|
|
3.625%,
6/1/28(14) |
EUR
|
200
|
179,550
|
4.625%,
6/1/28(1) |
|
776
|
652,203
|
4.625%,
6/1/28(1) |
|
549
|
465,110
|
4.875%,
6/1/28(14) |
GBP
|
100
|
101,954 |
Security
|
Principal
Amount* (000's omitted) |
Value
|
Business
Equipment and Services (continued) |
GEMS
MENASA Cayman, Ltd./GEMS Education Delaware, LLC: |
|
|
|
7.125%,
7/31/26(1) |
|
2,576
|
$
2,507,368 |
7.125%,
7/31/26(14) |
|
350
|
340,675
|
Techem
Verwaltungsgesellschaft 674 mbH, 6.00%, 7/30/26(14) |
EUR
|
264
|
272,241
|
Techem
Verwaltungsgesellschaft 675 mbH, 2.00%, 7/15/25(14) |
EUR
|
300
|
304,251
|
|
|
|
$ 10,002,612
|
Cable
and Satellite Television — 1.6% |
Altice
France S.A.: |
|
|
|
2.125%,
2/15/25(14) |
EUR
|
100
|
$
100,457 |
2.50%,
1/15/25(14) |
EUR
|
100
|
101,265
|
5.125%,
7/15/29(1) |
|
767
|
577,896
|
5.50%,
1/15/28(1) |
|
841
|
691,680
|
5.875%,
2/1/27(14) |
EUR
|
200
|
192,143
|
CCO
Holdings, LLC/CCO Holdings Capital Corp.: |
|
|
|
4.25%,
2/1/31(1) |
|
2,263
|
1,853,012
|
4.50%,
8/15/30(1) |
|
2,140
|
1,810,729
|
4.50%,
5/1/32 |
|
771
|
631,380
|
4.75%,
3/1/30(1) |
|
1,789
|
1,551,958
|
4.75%,
2/1/32(1) |
|
1,044
|
878,116
|
5.00%,
2/1/28(1) |
|
1,755
|
1,621,120
|
5.375%,
6/1/29(1) |
|
595
|
547,001
|
6.375%,
9/1/29(1) |
|
1,974
|
1,886,947
|
Charter
Communications Operating, LLC/Charter Communications Operating Capital, 4.908%, 7/23/25 |
|
950
|
940,903
|
DISH
Network Corp., 11.75%, 11/15/27(1) |
|
1,293
|
1,255,574
|
UPC
Holding B.V., 5.50%, 1/15/28(1) |
|
593
|
531,675
|
Virgin
Media Finance PLC: |
|
|
|
3.75%,
7/15/30(14) |
EUR
|
125
|
108,624
|
5.00%,
7/15/30(1) |
|
946
|
782,919
|
Virgin
Media Secured Finance PLC, 5.25%, 5/15/29(14) |
GBP
|
100
|
107,945
|
Virgin
Media Vendor Financing Notes III DAC, 4.875%, 7/15/28(14) |
GBP
|
425
|
447,528
|
Virgin
Media Vendor Financing Notes IV DAC, 5.00%, 7/15/28(1) |
|
1,091
|
970,815
|
Ziggo
B.V., 4.875%, 1/15/30(1) |
|
628
|
536,017
|
Ziggo
Bond Co., B.V.: |
|
|
|
3.375%,
2/28/30(14) |
EUR
|
230
|
193,862
|
6.00%,
1/15/27(1) |
|
745
|
688,235
|
|
|
|
$ 19,007,801
|
17
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Capital
Goods — 0.1% |
BWX
Technologies, Inc.: |
|
|
|
4.125%,
6/30/28(1) |
|
948
|
$
854,735 |
4.125%,
4/15/29(1) |
|
733
|
650,881
|
|
|
|
$ 1,505,616
|
Chemicals
— 0.1% |
Diamond
BC B.V., 4.625%, 10/1/29(1) |
|
1,729
|
$
1,686,380 |
|
|
|
$ 1,686,380
|
Chemicals
and Plastics — 0.8% |
ASP
Unifrax Holdings, Inc., 5.25%, 9/30/28(1) |
|
1,242
|
$
993,973 |
Avient
Corp., 7.125%, 8/1/30(1) |
|
796
|
821,671
|
Celanese
US Holdings, LLC, 6.165%, 7/15/27 |
|
1,164
|
1,172,293
|
Herens
Holdco S.a.r.l., 4.75%, 5/15/28(1) |
|
545
|
439,305
|
Herens
Midco S.a.r.l., 5.25%, 5/15/29(14) |
EUR
|
156
|
113,923
|
INEOS
Finance PLC: |
|
|
|
2.875%,
5/1/26(14) |
EUR
|
100
|
101,427
|
3.375%,
3/31/26(14) |
EUR
|
100
|
101,852
|
INEOS
Quattro Finance 2 PLC, 2.50%, 1/15/26(14) |
EUR
|
154
|
150,163
|
Italmatch
Chemicals SpA, 10.00%, 2/6/28(14) |
EUR
|
200
|
221,607
|
NOVA
Chemicals Corp.: |
|
|
|
4.25%,
5/15/29(1) |
|
1,242
|
1,016,695
|
4.875%,
6/1/24(1) |
|
874
|
863,293
|
Nufarm
Australia, Ltd./Nufarm Americas, Inc., 5.00%, 1/27/30(1) |
|
1,307
|
1,152,963
|
Valvoline,
Inc., 3.625%, 6/15/31(1) |
|
802
|
681,933
|
W.R.
Grace Holdings, LLC: |
|
|
|
4.875%,
6/15/27(1) |
|
1,472
|
1,420,715
|
7.375%,
3/1/31(1) |
|
611
|
613,893
|
|
|
|
$ 9,865,706
|
Clothing/Textiles
— 0.2% |
Hanesbrands,
Inc., 9.00%, 2/15/31(1) |
|
1,084
|
$
1,110,780 |
William
Carter Co. (The), 5.625%, 3/15/27(1) |
|
811
|
789,059
|
|
|
|
$ 1,899,839
|
Commercial
Services — 1.2% |
Abertis
Infraestructuras Finance B.V., 3.248% to 11/24/25(14)(16)(17) |
EUR
|
500
|
$
484,609 |
APi
Group DE, Inc., 4.75%, 10/15/29(1) |
|
1,510
|
1,330,913
|
Arena
Luxembourg Finance S.a.r.l., 1.875%, 2/1/28(14) |
EUR
|
200
|
171,970
|
Avis
Budget Car Rental, LLC/Avis Budget Finance, Inc., 5.375%, 3/1/29(1) |
|
792
|
736,338
|
BCP
V Modular Services Finance II PLC, 4.75%, 11/30/28(14) |
EUR
|
100
|
92,559 |
Security
|
Principal
Amount* (000's omitted) |
Value
|
Commercial
Services (continued) |
EC
Finance PLC, 3.00%, 10/15/26(14) |
EUR
|
102
|
$
102,404 |
Global
Payments, Inc., 4.95%, 8/15/27 |
|
975
|
964,071
|
HealthEquity,
Inc., 4.50%, 10/1/29(1) |
|
1,176
|
1,046,309
|
IPD
3 B.V., 5.50%, 12/1/25(14) |
EUR
|
300
|
320,649
|
Korn
Ferry, 4.625%, 12/15/27(1) |
|
1,355
|
1,281,715
|
LABL,
Inc.: |
|
|
|
5.875%,
11/1/28(1) |
|
507
|
451,453
|
8.25%,
11/1/29(1) |
|
1,016
|
868,274
|
Metis
Merger Sub, LLC, 6.50%, 5/15/29(1) |
|
1,938
|
1,615,943
|
Mooney
Group SpA, 6.69%, (3 mo. EURIBOR + 3.875%), 12/17/26(2)(14) |
EUR
|
110
|
116,998
|
NESCO
Holdings II, Inc., 5.50%, 4/15/29(1) |
|
1,282
|
1,161,101
|
PROG
Holdings, Inc., 6.00%, 11/15/29(1) |
|
1,085
|
923,808
|
Sabre
GLBL, Inc., 11.25%, 12/15/27(1) |
|
996
|
928,735
|
Verisure
Holding AB: |
|
|
|
3.25%,
2/15/27(14) |
EUR
|
200
|
193,102
|
3.875%,
7/15/26(14) |
EUR
|
200
|
201,760
|
Verisure
Midholding AB, 5.25%, 2/15/29(14) |
EUR
|
175
|
158,316
|
WASH
Multifamily Acquisition, Inc., 5.75%, 4/15/26(1) |
|
2,060
|
1,951,562
|
|
|
|
$ 15,102,589
|
Computers
— 0.9% |
Booz
Allen Hamilton, Inc.: |
|
|
|
3.875%,
9/1/28(1) |
|
1,341
|
$
1,224,963 |
4.00%,
7/1/29(1) |
|
717
|
647,676
|
Dell
International, LLC/EMC Corp., 5.25%, 2/1/28 |
|
650
|
656,618
|
Hewlett
Packard Enterprise Co., 5.90%, 10/1/24 |
|
754
|
763,737
|
Kyndryl
Holdings, Inc., 2.70%, 10/15/28 |
|
625
|
524,011
|
McAfee
Corp., 7.375%, 2/15/30(1) |
|
1,121
|
940,961
|
NCR
Corp.: |
|
|
|
5.125%,
4/15/29(1) |
|
550
|
476,437
|
5.25%,
10/1/30(1) |
|
843
|
688,967
|
Presidio
Holdings, Inc., 8.25%, 2/1/28(1) |
|
3,176
|
3,021,456
|
Seagate
HDD Cayman: |
|
|
|
4.091%,
6/1/29 |
|
418
|
369,677
|
9.625%,
12/1/32(1) |
|
1,800
|
2,019,072
|
|
|
|
$ 11,333,575
|
Consumer
Products — 0.1% |
Central
Garden & Pet Co.: |
|
|
|
4.125%,
10/15/30 |
|
488
|
$
431,636 |
5.125%,
2/1/28 |
|
864
|
832,728
|
|
|
|
$ 1,264,364
|
18
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Containers
and Glass Products — 0.4% |
Ardagh
Metal Packaging Finance USA, LLC/Ardagh Metal Packaging Finance PLC: |
|
|
|
3.00%,
9/1/29(14) |
EUR
|
300
|
$
243,302 |
4.00%,
9/1/29(1) |
|
1,177
|
922,126
|
Ardagh
Packaging Finance PLC/Ardagh Holdings USA, Inc., 2.125%, 8/15/26(14) |
EUR
|
200
|
190,516
|
Berry
Global, Inc., 5.50%, 4/15/28(1) |
|
275
|
274,239
|
Canpack
S.A./Canpack US, LLC, 3.875%, 11/15/29(1) |
|
2,027
|
1,643,490
|
Crown
Americas, LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26 |
|
660
|
633,394
|
Crown
Americas, LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26 |
|
750
|
731,149
|
Verallia
S.A., 1.875%, 11/10/31(14) |
EUR
|
100
|
88,068
|
|
|
|
$ 4,726,284
|
Cosmetics/Toiletries
— 0.2% |
Coty,
Inc., 3.875%, 4/15/26(14) |
EUR
|
100
|
$
104,512 |
Edgewell
Personal Care Co.: |
|
|
|
4.125%,
4/1/29(1) |
|
441
|
386,864
|
5.50%,
6/1/28(1) |
|
1,067
|
1,023,685
|
Natura
& Co. Luxembourg Holdings S.a.r.l., 6.00%, 4/19/29(1) |
|
200
|
173,689
|
Natura
Cosmeticos S.A., 4.125%, 5/3/28(1) |
|
643
|
524,234
|
|
|
|
$ 2,212,984
|
Distribution
& Wholesale — 0.7% |
BCPE
Empire Holdings, Inc., 7.625%, 5/1/27(1) |
|
2,799
|
$
2,560,105 |
Parts
Europe S.A.: |
|
|
|
6.342%,
(3 mo. EURIBOR + 4.00%), 7/20/27(2)(14) |
EUR
|
328
|
351,821
|
6.50%,
7/16/25(14) |
EUR
|
100
|
109,366
|
Performance
Food Group, Inc.: |
|
|
|
4.25%,
8/1/29(1) |
|
2,429
|
2,183,810
|
5.50%,
10/15/27(1) |
|
935
|
914,916
|
Ritchie
Bros Holdings, Inc.: |
|
|
|
6.75%,
3/15/28(1) |
|
558
|
575,343
|
7.75%,
3/15/31(1) |
|
996
|
1,045,073
|
Travis
Perkins PLC, 4.50%, 9/7/23(14) |
GBP
|
100
|
122,098
|
|
|
|
$ 7,862,532
|
Diversified
Financial Services — 1.7% |
AerCap
Ireland Capital DAC/AerCap Global Aviation Trust: |
|
|
|
1.65%,
10/29/24 |
|
599
|
$
560,727 |
2.45%,
10/29/26 |
|
975
|
876,284
|
AG
TTMT Escrow Issuer, LLC, 8.625%, 9/30/27(1) |
|
1,133
|
1,141,498
|
Air
Lease Corp., 0.80%, 8/18/24 |
|
750
|
699,910 |
Security
|
Principal
Amount* (000's omitted) |
Value
|
Diversified
Financial Services (continued) |
American
AgCredit Corp., Series QIB, 5.25% to 6/15/26(1)(16)(17) |
|
410
|
$
354,138 |
Aviation
Capital Group, LLC, 6.25%, 4/15/28(1)(18) |
|
275
|
275,215
|
Cantor
Fitzgerald, L.P., 4.50%, 4/14/27(1) |
|
1,650
|
1,541,145
|
CI
Financial Corp., 3.20%, 12/17/30 |
|
1,000
|
771,492
|
Enact
Holdings, Inc., 6.50%, 8/15/25(1) |
|
708
|
691,029
|
Encore
Capital Group, Inc., 6.538%, (3 mo. EURIBOR + 4.25%), 1/15/28(2)(14) |
EUR
|
300
|
312,801
|
Intrum
AB: |
|
|
|
4.875%,
8/15/25(14) |
EUR
|
125
|
125,453
|
9.25%,
3/15/28(14) |
EUR
|
100
|
106,422
|
Jane
Street Group/JSG Finance, Inc., 4.50%, 11/15/29(1) |
|
1,823
|
1,634,247
|
Jefferson
Capital Holdings, LLC, 6.00%, 8/15/26(1) |
|
1,275
|
1,083,311
|
Jerrold
Finco PLC, 4.875%, 1/15/26(14) |
GBP
|
200
|
213,561
|
Lincoln
Financing S.a.r.l., 3.625%, 4/1/24(14) |
EUR
|
120
|
129,570
|
Louvre
Bidco S.A.S., 6.50%, 9/30/24(14) |
EUR
|
400
|
420,027
|
Oxford
Finance, LLC/Oxford Finance Co-Issuer II, Inc., 6.375%, 2/1/27(1) |
|
1,209
|
1,131,920
|
PRA
Group, Inc., 7.375%, 9/1/25(1) |
|
1,566
|
1,560,732
|
ProGroup
AG, 3.00%, 3/31/26(14) |
EUR
|
500
|
507,211
|
Radian
Group, Inc., 6.625%, 3/15/25 |
|
950
|
946,884
|
Rocket
Mortgage, LLC/Rocket Mortgage Co.-Issuer, Inc.: |
|
|
|
3.625%,
3/1/29(1) |
|
2,290
|
1,969,400
|
3.875%,
3/1/31(1) |
|
600
|
498,081
|
4.00%,
10/15/33(1) |
|
225
|
178,869
|
Sherwood
Financing PLC, 6.00%, 11/15/26(14) |
GBP
|
150
|
154,729
|
Synchrony
Financial, 4.875%, 6/13/25 |
|
227
|
210,365
|
Unifin
Financiera SAB de CV, 7.375%, 2/12/26(1)(19) |
|
620
|
21,700
|
VistaJet
Malta Finance PLC/XO Management Holding, Inc., 6.375%, 2/1/30(1) |
|
2,192
|
1,955,814
|
Vivion
Investments S.a.r.l., 3.00%, 8/8/24(14) |
EUR
|
600
|
479,175
|
|
|
|
$ 20,551,710
|
Drugs
— 0.5% |
Catalent
Pharma Solutions, Inc., 2.375%, 3/1/28(14) |
EUR
|
250
|
$
244,641 |
Endo
DAC/Endo Finance, LLC/Endo Finco, Inc., 5.875%, 10/15/24(1) |
|
649
|
484,839
|
Endo
Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.125%, 4/1/29(1) |
|
1,550
|
1,147,978
|
Jazz
Securities DAC, 4.375%, 1/15/29(1) |
|
1,371
|
1,262,554
|
Organon
& Co./Organon Foreign Debt Co.-Issuer B.V., 5.125%, 4/30/31(1) |
|
1,037
|
921,455
|
Perrigo
Finance Unlimited Co.: |
|
|
|
4.40%,
6/15/30 |
|
2,255
|
2,027,318 |
19
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Drugs
(continued) |
Perrigo
Finance Unlimited Co.: (continued) |
|
|
|
4.90%,
12/15/44 |
|
200
|
$
141,517 |
|
|
|
$ 6,230,302
|
Ecological
Services and Equipment — 0.7% |
Clean
Harbors, Inc.: |
|
|
|
4.875%,
7/15/27(1) |
|
551
|
$
531,989 |
5.125%,
7/15/29(1) |
|
332
|
316,913
|
6.375%,
2/1/31(1) |
|
308
|
314,561
|
Covanta
Holding Corp.: |
|
|
|
4.875%,
12/1/29(1) |
|
1,536
|
1,368,284
|
5.00%,
9/1/30 |
|
319
|
275,098
|
GFL
Environmental, Inc.: |
|
|
|
3.50%,
9/1/28(1) |
|
1,679
|
1,521,065
|
3.75%,
8/1/25(1) |
|
776
|
746,532
|
4.75%,
6/15/29(1) |
|
3,095
|
2,893,825
|
Paprec
Holding S.A.: |
|
|
|
3.50%,
7/1/28(14) |
EUR
|
129
|
122,554
|
4.00%,
3/31/25(14) |
EUR
|
200
|
214,694
|
|
|
|
$ 8,305,515
|
Electric
Utilities — 1.2% |
Dominion
Energy, Inc., 1.45%, 4/15/26 |
|
800
|
$
721,053 |
Drax
Finco PLC, 6.625%, 11/1/25(1) |
|
281
|
276,880
|
Edison
International, 4.70%, 8/15/25 |
|
500
|
493,439
|
EDP
- Energias de Portugal S.A., 4.496% to 1/30/24, 4/30/79(14)(17) |
EUR
|
600
|
645,334
|
EDP
Finance B.V., 6.30%, 10/11/27(1) |
|
700
|
726,704
|
Electricite
de France S.A., 7.50% to 9/6/28(14)(16)(17) |
EUR
|
400
|
425,605
|
Energizer
Gamma Acquisition B.V., 3.50%, 6/30/29(14) |
EUR
|
1,200
|
1,050,063
|
Fells
Point Funding Trust, 3.046%, 1/31/27(1) |
|
525
|
487,564
|
FirstEnergy
Corp.: |
|
|
|
2.65%,
3/1/30 |
|
410
|
349,166
|
Series
B, 4.15%, 7/15/27 |
|
1,630
|
1,554,507
|
Metropolitan
Edison Co., 5.20%, 4/1/28(1) |
|
225
|
227,438
|
NextEra
Energy Capital Holdings, Inc.: |
|
|
|
4.625%,
7/15/27 |
|
475
|
474,069
|
6.051%,
3/1/25 |
|
175
|
178,119
|
Pattern
Energy Operations, L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28(1) |
|
1,112
|
1,019,058
|
Pennsylvania
Electric Co., 5.15%, 3/30/26(1) |
|
200
|
201,029
|
Public
Power Corp S.A., 4.375%, 3/30/26(14) |
EUR
|
300
|
307,960
|
Southern
California Edison Co., 5.85%, 11/1/27 |
|
275
|
289,966
|
Southern
Co. (The), 5.113%, 8/1/27 |
|
1,994
|
1,999,908 |
Security
|
Principal
Amount* (000's omitted) |
Value
|
Electric
Utilities (continued) |
TransAlta
Corp., 7.75%, 11/15/29 |
|
1,045
|
$
1,099,465 |
Wec
Energy Group, Inc., 5.00%, 9/27/25 |
|
475
|
475,494
|
WESCO
Distribution, Inc.: |
|
|
|
7.125%,
6/15/25(1) |
|
1,024
|
1,041,838
|
7.25%,
6/15/28(1) |
|
915
|
940,419
|
|
|
|
$ 14,985,078
|
Electronic
Equipment, Instruments & Components — 0.1% |
Nexans
S.A., 5.50%, 4/5/28(14)(18) |
EUR
|
100
|
$
110,830 |
Vontier
Corp., 1.80%, 4/1/26 |
|
800
|
709,140
|
|
|
|
$ 819,970
|
Electronics/Electrical
— 0.8% |
Arrow
Electronics, Inc., 6.125%, 3/1/26 |
|
475
|
$
476,243 |
Coherent
Corp., 5.00%, 12/15/29(1) |
|
1,246
|
1,132,302
|
Electricite
de France S.A., 2.875% to 12/15/26(14)(16)(17) |
EUR
|
200
|
182,301
|
Imola
Merger Corp., 4.75%, 5/15/29(1) |
|
3,165
|
2,834,954
|
Open
Text Corp., 3.875%, 2/15/28(1) |
|
1,009
|
901,794
|
Open
Text Holdings, Inc., 4.125%, 2/15/30(1) |
|
883
|
758,408
|
RWE
AG, 6.625% to 3/30/26, 7/30/75(14)(17) |
|
266
|
263,319
|
Sensata
Technologies B.V., 5.00%, 10/1/25(1) |
|
447
|
444,184
|
Sensata
Technologies, Inc.: |
|
|
|
3.75%,
2/15/31(1) |
|
1,660
|
1,453,994
|
4.375%,
2/15/30(1) |
|
627
|
572,036
|
SS&C
Technologies, Inc., 5.50%, 9/30/27(1) |
|
517
|
502,226
|
Verisure
Holding AB, 7.288%, (3 mo. EURIBOR + 5.00%), 4/15/25(2)(14) |
EUR
|
100
|
109,060
|
|
|
|
$ 9,630,821
|
Energy
— 0.5% |
Enviva
Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26(1) |
|
2,651
|
$
2,415,154 |
New
Fortress Energy, Inc., 6.50%, 9/30/26(1) |
|
1,974
|
1,817,886
|
Sunoco,
L.P./Sunoco Finance Corp.: |
|
|
|
4.50%,
5/15/29 |
|
884
|
812,542
|
4.50%,
4/30/30 |
|
1,692
|
1,532,114
|
|
|
|
$ 6,577,696
|
Engineering
& Construction — 0.5% |
Brundage-Bone
Concrete Pumping Holdings, Inc., 6.00%, 2/1/26(1) |
|
1,038
|
$
974,397 |
Cellnex
Finance Co. S.A.: |
|
|
|
1.00%,
9/15/27(14) |
EUR
|
100
|
92,738
|
2.25%,
4/12/26(14) |
EUR
|
100
|
102,090 |
20
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Engineering
& Construction (continued) |
Dycom
Industries, Inc., 4.50%, 4/15/29(1) |
|
1,389
|
$
1,255,163 |
Infrastrutture
Wireless Italiane SpA, 1.875%, 7/8/26(14) |
EUR
|
100
|
102,255
|
TopBuild
Corp., 4.125%, 2/15/32(1) |
|
1,562
|
1,307,387
|
VM
Consolidated, Inc., 5.50%, 4/15/29(1) |
|
1,899
|
1,683,847
|
|
|
|
$ 5,517,877
|
Entertainment
— 1.3% |
Banijay
Entertainment SASU, 3.50%, 3/1/25(14) |
EUR
|
200
|
$
211,734 |
Boyne
USA, Inc., 4.75%, 5/15/29(1) |
|
839
|
750,011
|
Caesars
Entertainment, Inc.: |
|
|
|
4.625%,
10/15/29(1) |
|
529
|
463,158
|
6.25%,
7/1/25(1) |
|
2,521
|
2,523,475
|
7.00%,
2/15/30(1) |
|
800
|
814,732
|
8.125%,
7/1/27(1) |
|
1,589
|
1,622,210
|
CDI
Escrow Issuer, Inc., 5.75%, 4/1/30(1) |
|
1,751
|
1,692,770
|
Cirsa
Finance International S.a.r.l., 4.50%, 3/15/27(14) |
EUR
|
100
|
94,893
|
CPUK
Finance, Ltd.: |
|
|
|
4.50%,
8/28/27(14) |
GBP
|
100
|
104,635
|
4.875%,
2/28/47(14) |
GBP
|
335
|
394,130
|
Jacobs
Entertainment, Inc., 6.75%, 2/15/29(1) |
|
1,721
|
1,505,205
|
Live
Nation Entertainment, Inc., 4.75%, 10/15/27(1) |
|
1,226
|
1,135,448
|
Lottomatica
SpA: |
|
|
|
5.125%,
7/15/25(14) |
EUR
|
100
|
107,224
|
6.25%,
7/15/25(14) |
EUR
|
100
|
108,507
|
Pinewood
Finance Co., Ltd., 3.25%, 9/30/25(14) |
GBP
|
200
|
231,741
|
Scientific
Games International, Inc., 7.00%, 5/15/28(1) |
|
1,647
|
1,632,136
|
Speedway
Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27(1) |
|
1,515
|
1,392,198
|
WarnerMedia
Holdings, Inc.: |
|
|
|
3.755%,
3/15/27(1) |
|
1,050
|
989,703
|
6.412%,
3/15/26 |
|
250
|
251,338
|
|
|
|
$ 16,025,248
|
Environmental
— 0.0%(10) |
Waste
Management, Inc., 0.75%, 11/15/25 |
|
525
|
$
477,863 |
|
|
|
$ 477,863
|
Equipment
Leasing — 0.0%(10) |
Ashtead
Capital, Inc., 4.25%, 11/1/29(1) |
|
526
|
$
483,026 |
|
|
|
$ 483,026
|
Financial
Intermediaries — 2.2% |
Ally
Financial, Inc.: |
|
|
|
Series
B, 4.70% to 5/15/26(16)(17) |
|
1,647
|
$
1,186,869 |
Security
|
Principal
Amount* (000's omitted) |
Value
|
Financial
Intermediaries (continued) |
Ally
Financial, Inc.: (continued) |
|
|
|
5.75%,
11/20/25 |
|
925
|
$
870,949 |
Alpha
Holding S.A. de CV: |
|
|
|
9.00%,
2/10/25(1)(19) |
|
722
|
9,924
|
10.00%,
12/19/22(1)(19) |
|
188
|
1,159
|
Citigroup,
Inc.: |
|
|
|
3.668%
to 7/24/27, 7/24/28(17) |
|
950
|
900,717
|
5.61%
to 9/29/25, 9/29/26(17) |
|
1,425
|
1,436,591
|
Compass
Group Diversified Holdings, LLC, 5.25%, 4/15/29(1) |
|
771
|
679,802
|
Ford
Motor Credit Co., LLC: |
|
|
|
1.744%,
7/19/24 |
EUR
|
200
|
208,419
|
2.90%,
2/16/28 |
|
420
|
361,612
|
3.021%,
3/6/24 |
EUR
|
200
|
213,423
|
3.25%,
9/15/25 |
EUR
|
100
|
104,188
|
3.37%,
11/17/23 |
|
513
|
503,903
|
3.625%,
6/17/31 |
|
2,307
|
1,904,048
|
3.815%,
11/2/27 |
|
1,984
|
1,780,918
|
4.00%,
11/13/30 |
|
995
|
846,852
|
4.125%,
8/17/27 |
|
2,739
|
2,513,320
|
4.271%,
1/9/27 |
|
476
|
443,870
|
4.867%,
8/3/27 |
EUR
|
200
|
210,827
|
5.125%,
6/16/25 |
|
938
|
919,470
|
5.584%,
3/18/24 |
|
257
|
254,751
|
Goldman
Sachs Group, Inc. (The), 3.615% to 3/15/27, 3/15/28(17) |
|
1,496
|
1,416,731
|
Icahn
Enterprises, L.P./Icahn Enterprises Finance Corp.: |
|
|
|
5.25%,
5/15/27 |
|
1,614
|
1,516,385
|
6.25%,
5/15/26 |
|
1,095
|
1,078,575
|
6.375%,
12/15/25 |
|
820
|
806,271
|
JPMorgan
Chase & Co.: |
|
|
|
3.54%,
5/1/28(17) |
|
1,550
|
1,467,024
|
Series
HH, 4.60% to 2/1/25(16)(17) |
|
1,674
|
1,561,005
|
5.546%,
12/15/25(17) |
|
1,400
|
1,410,346
|
MSCI,
Inc.: |
|
|
|
3.625%,
9/1/30(1) |
|
520
|
452,509
|
3.875%,
2/15/31(1) |
|
899
|
801,009
|
Synovus
Financial Corp., 5.90% to 2/7/24, 2/7/29(17) |
|
1,011
|
823,949
|
|
|
|
$ 26,685,416
|
Financial
Services — 0.5% |
Bank
of America Corp.: |
|
|
|
1.734%
to 7/22/26, 7/22/27(17) |
|
1,625
|
$
1,458,487 |
5.08%
to 1/20/26, 1/20/27(17) |
|
975
|
972,697 |
21
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Financial
Services (continued) |
Carlyle
Finance Subsidiary, LLC, 3.50%, 9/19/29(1) |
|
1,000
|
$
916,406 |
Nationwide
Building Society, 4.00%, 9/14/26(1) |
|
525
|
489,585
|
Nordea
Bank Abp, 3.75%, 8/30/23(1) |
|
475
|
471,419
|
Vietnam
Debt and Asset Trading Corp., 1.00%, 10/10/25(14) |
|
2,600
|
2,210,000
|
|
|
|
$ 6,518,594
|
Food
Products — 0.7% |
Bellis
Acquisition Co. PLC, 3.25%, 2/16/26(14) |
GBP
|
200
|
$
202,817 |
Casino
Guichard Perrachon SA, 4.498%, 3/7/24(14) |
EUR
|
100
|
54,984
|
Chobani,
LLC/Chobani Finance Corp., Inc., 7.50%, 4/15/25(1) |
|
1,619
|
1,580,195
|
Ingles
Markets, Inc., 4.00%, 6/15/31(1) |
|
854
|
742,980
|
Kraft
Heinz Foods Co.: |
|
|
|
3.875%,
5/15/27 |
|
1,198
|
1,170,664
|
4.25%,
3/1/31 |
|
1,439
|
1,393,372
|
4.375%,
6/1/46 |
|
282
|
245,928
|
4.625%,
10/1/39 |
|
425
|
390,025
|
5.50%,
6/1/50 |
|
245
|
248,295
|
Nomad
Foods Bondco PLC, 2.50%, 6/24/28(14) |
EUR
|
336
|
319,982
|
Pilgrim's
Pride Corp., 3.50%, 3/1/32 |
|
1,979
|
1,612,291
|
Premier
Foods Financing PLC, 3.50%, 10/15/26(14) |
GBP
|
125
|
140,730
|
|
|
|
$ 8,102,263
|
Food
Service — 0.7% |
1011778
B.C. Unlimited Liability Company/New Red Finance, Inc.: |
|
|
|
3.875%,
1/15/28(1) |
|
1,906
|
$
1,774,429 |
4.00%,
10/15/30(1) |
|
2,705
|
2,321,972
|
4.375%,
1/15/28(1) |
|
1,014
|
937,098
|
5.75%,
4/15/25(1) |
|
372
|
373,711
|
IRB
Holding Corp., 7.00%, 6/15/25(1) |
|
615
|
617,472
|
US
Foods, Inc., 4.75%, 2/15/29(1) |
|
1,837
|
1,699,161
|
Yum!
Brands, Inc., 3.625%, 3/15/31 |
|
238
|
209,178
|
|
|
|
$ 7,933,021
|
Food/Drug
Retailers — 0.2% |
Albertsons
Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC: |
|
|
|
4.875%,
2/15/30(1) |
|
1,595
|
$
1,490,480 |
5.875%,
2/15/28(1) |
|
1,004
|
998,879
|
|
|
|
$ 2,489,359
|
Security
|
Principal
Amount* (000's omitted) |
Value
|
Forest
Products & Paper — 0.0%(10) |
Georgia-Pacific,
LLC, 1.75%, 9/30/25(1) |
|
525
|
$
486,462 |
|
|
|
$ 486,462
|
Health
Care — 3.7% |
Avantor
Funding, Inc., 2.625%, 11/1/25(14) |
EUR
|
300
|
$
313,884 |
Centene
Corp.: |
|
|
|
2.50%,
3/1/31 |
|
1,992
|
1,614,914
|
3.00%,
10/15/30 |
|
2,345
|
1,976,791
|
3.375%,
2/15/30 |
|
1,397
|
1,220,062
|
4.25%,
12/15/27 |
|
1,005
|
969,282
|
4.625%,
12/15/29 |
|
1,758
|
1,654,524
|
Chrome
Bidco SASU, 3.50%, 5/31/28(14) |
EUR
|
450
|
407,198
|
Chrome
Holdco SASU, 5.00%, 5/31/29(14) |
EUR
|
300
|
242,062
|
Encompass
Health Corp.: |
|
|
|
4.625%,
4/1/31 |
|
683
|
597,284
|
4.75%,
2/1/30 |
|
639
|
581,682
|
Grifols
Escrow Issuer S.A.: |
|
|
|
3.875%,
10/15/28(14) |
EUR
|
494
|
418,416
|
4.75%,
10/15/28(1) |
|
2,051
|
1,683,892
|
Grifols
S.A.: |
|
|
|
1.625%,
2/15/25(14) |
EUR
|
100
|
102,350
|
3.20%,
5/1/25(14) |
EUR
|
350
|
346,347
|
HCA,
Inc.: |
|
|
|
5.25%,
6/15/26 |
|
475
|
475,706
|
5.375%,
9/1/26 |
|
1,610
|
1,616,840
|
5.625%,
9/1/28 |
|
1,472
|
1,490,271
|
5.875%,
2/15/26 |
|
2,705
|
2,746,528
|
5.875%,
2/1/29 |
|
1,076
|
1,100,112
|
IQVIA,
Inc.: |
|
|
|
2.25%,
1/15/28(14) |
EUR
|
450
|
433,862
|
2.25%,
3/15/29(14) |
EUR
|
100
|
92,615
|
2.875%,
6/15/28(14) |
EUR
|
100
|
97,671
|
5.00%,
10/15/26(1) |
|
850
|
831,767
|
5.00%,
5/15/27(1) |
|
685
|
673,793
|
Legacy
LifePoint Health, LLC: |
|
|
|
4.375%,
2/15/27(1) |
|
989
|
809,827
|
6.75%,
4/15/25(1) |
|
731
|
694,450
|
LifePoint
Health, Inc., 5.375%, 1/15/29(1) |
|
2,888
|
1,768,900
|
Medline
Borrower, L.P., 5.25%, 10/1/29(1) |
|
3,821
|
3,318,796
|
ModivCare
Escrow Issuer, Inc., 5.00%, 10/1/29(1) |
|
759
|
645,230
|
ModivCare,
Inc., 5.875%, 11/15/25(1) |
|
1,550
|
1,488,054
|
Molina
Healthcare, Inc.: |
|
|
|
3.875%,
11/15/30(1) |
|
1,330
|
1,161,645
|
3.875%,
5/15/32(1) |
|
1,450
|
1,219,887
|
Option
Care Health, Inc., 4.375%, 10/31/29(1) |
|
1,801
|
1,592,471 |
22
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Health
Care (continued) |
RegionalCare
Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26(1) |
|
702
|
$
568,471 |
Team
Health Holdings, Inc., 6.375%, 2/1/25(1) |
|
1,890
|
1,139,764
|
Tenet
Healthcare Corp.: |
|
|
|
4.375%,
1/15/30 |
|
187
|
168,001
|
4.625%,
9/1/24 |
|
268
|
263,549
|
4.875%,
1/1/26 |
|
1,607
|
1,577,198
|
5.125%,
11/1/27 |
|
1,607
|
1,544,328
|
6.125%,
10/1/28 |
|
1,593
|
1,528,237
|
6.875%,
11/15/31 |
|
878
|
839,408
|
US
Acute Care Solutions, LLC, 6.375%, 3/1/26(1) |
|
2,637
|
2,350,793
|
Varex
Imaging Corp., 7.875%, 10/15/27(1) |
|
706
|
692,171
|
|
|
|
$ 45,059,033
|
Health
Care Providers & Services — 0.1% |
Boston
Scientific Corp., 1.90%, 6/1/25 |
|
525
|
$
496,508 |
Catalent
Pharma Solutions, Inc., 3.50%, 4/1/30(1) |
|
1,322
|
1,163,003
|
|
|
|
$ 1,659,511
|
Home
Furnishings — 0.1% |
CD&R
Smokey Buyer, Inc., 6.75%, 7/15/25(1) |
|
409
|
$
352,763 |
Tempur
Sealy International, Inc., 3.875%, 10/15/31(1) |
|
1,475
|
1,233,144
|
|
|
|
$ 1,585,907
|
Homebuilders/Real
Estate — 0.0%(10) |
M/I
Homes, Inc., 4.95%, 2/1/28 |
|
459
|
$
425,173 |
|
|
|
$ 425,173
|
Hotels,
Restaurants & Leisure — 0.1% |
SeaWorld
Parks & Entertainment, Inc., 8.75%, 5/1/25(1) |
|
1,090
|
$
1,120,520 |
|
|
|
$ 1,120,520
|
Industrial
Equipment — 0.2% |
Huntington
Ingalls Industries, Inc., 0.67%, 8/16/23 |
|
500
|
$
491,738 |
Madison
IAQ, LLC, 5.875%, 6/30/29(1) |
|
2,000
|
1,546,980
|
TK
Elevator Holdco GmbH, 6.625%, 7/15/28(14) |
EUR
|
90
|
83,050
|
TK
Elevator Midco GmbH, 4.375%, 7/15/27(14) |
EUR
|
225
|
221,454
|
|
|
|
$ 2,343,222
|
Insurance
— 0.7% |
Alliant
Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(1) |
|
1,615
|
$
1,499,447 |
AmWINS
Group, Inc., 4.875%, 6/30/29(1) |
|
1,010
|
895,178
|
Assurant,
Inc., 6.10%, 2/27/26 |
|
200
|
204,093 |
Security
|
Principal
Amount* (000's omitted) |
Value
|
Insurance
(continued) |
AssuredPartners,
Inc., 5.625%, 1/15/29(1) |
|
450
|
$
389,401 |
BroadStreet
Partners, Inc., 5.875%, 4/15/29(1) |
|
1,784
|
1,510,761
|
F&G
Annuities & Life, Inc., 7.40%, 1/13/28(1) |
|
575
|
578,997
|
Galaxy
Finco, Ltd., 9.25%, 7/31/27(14) |
GBP
|
575
|
634,132
|
GTCR
AP Finance, Inc., 8.00%, 5/15/27(1) |
|
820
|
783,530
|
Jones
DesLauriers Insurance Management, Inc., 10.50%, 12/15/30(1) |
|
1,355
|
1,366,467
|
Radian
Group, Inc., 4.875%, 3/15/27 |
|
1,032
|
971,531
|
|
|
|
$ 8,833,537
|
Internet
Software & Services — 0.7% |
Amazon.com,
Inc., 3.30%, 4/13/27 |
|
1,025
|
$
992,488 |
Arches
Buyer, Inc.: |
|
|
|
4.25%,
6/1/28(1) |
|
655
|
548,075
|
6.125%,
12/1/28(1) |
|
963
|
795,558
|
Cars.com,
Inc., 6.375%, 11/1/28(1) |
|
1,770
|
1,674,491
|
Match
Group Holdings II, LLC, 3.625%, 10/1/31(1) |
|
1,727
|
1,407,332
|
Netflix,
Inc., 5.375%, 11/15/29(1) |
|
1,000
|
1,016,875
|
Science
Applications International Corp., 4.875%, 4/1/28(1) |
|
1,487
|
1,386,513
|
United
Group B.V.: |
|
|
|
4.00%,
11/15/27(14) |
EUR
|
100
|
80,291
|
4.875%,
7/1/24(14) |
EUR
|
400
|
422,715
|
|
|
|
$ 8,324,338
|
Leisure
Goods/Activities/Movies — 1.6% |
Carnival
Corp., 5.75%, 3/1/27(1) |
|
1,316
|
$
1,080,982 |
Cinemark
USA, Inc.: |
|
|
|
5.25%,
7/15/28(1) |
|
1,481
|
1,282,768
|
5.875%,
3/15/26(1) |
|
414
|
390,953
|
8.75%,
5/1/25(1) |
|
303
|
309,612
|
LHMC
Finco 2 S.a.r.l., 7.25%, (7.25% cash or 8.00% PIK), 10/2/25(14)(15) |
EUR
|
262
|
263,344
|
Life
Time, Inc.: |
|
|
|
5.75%,
1/15/26(1) |
|
1,268
|
1,233,130
|
8.00%,
4/15/26(1) |
|
638
|
609,169
|
Lindblad
Expeditions, LLC, 6.75%, 2/15/27(1) |
|
1,667
|
1,615,856
|
Motion
Finco S.a.r.l., 7.00%, 5/15/25(14) |
EUR
|
300
|
330,329
|
National
CineMedia, LLC: |
|
|
|
5.75%,
8/15/26(19) |
|
1,186
|
28,594
|
5.875%,
4/15/28(1) |
|
1,559
|
457,683
|
NCL
Corp., Ltd.: |
|
|
|
3.625%,
12/15/24(1) |
|
439
|
408,760
|
5.875%,
3/15/26(1) |
|
662
|
564,123
|
5.875%,
2/15/27(1) |
|
517
|
482,694 |
23
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Leisure
Goods/Activities/Movies (continued) |
NCL
Corp., Ltd.: (continued) |
|
|
|
7.75%,
2/15/29(1) |
|
433
|
$
371,705 |
NCL
Finance, Ltd., 6.125%, 3/15/28(1) |
|
1,000
|
811,370
|
Playtika
Holding Corp., 4.25%, 3/15/29(1) |
|
1,511
|
1,259,759
|
Royal
Caribbean Cruises, Ltd., 11.625%, 8/15/27(1) |
|
1,612
|
1,732,900
|
SeaWorld
Parks & Entertainment, Inc., 5.25%, 8/15/29(1) |
|
1,264
|
1,142,315
|
Viking
Cruises, Ltd.: |
|
|
|
5.875%,
9/15/27(1) |
|
2,472
|
2,131,111
|
6.25%,
5/15/25(1) |
|
1,690
|
1,589,349
|
7.00%,
2/15/29(1) |
|
658
|
565,058
|
Viking
Ocean Cruises Ship VII, Ltd., 5.625%, 2/15/29(1) |
|
422
|
362,656
|
|
|
|
$ 19,024,220
|
Lodging
and Casinos — 0.3% |
Accor
S.A.: |
|
|
|
2.375%,
11/29/28(14) |
EUR
|
200
|
$
192,222 |
4.375%
to 1/30/24(14)(16)(17) |
EUR
|
100
|
105,588
|
Marriott
International, Inc., 4.90%, 4/15/29 |
|
485
|
480,989
|
MGM
Resorts International: |
|
|
|
4.75%,
10/15/28 |
|
1,138
|
1,060,819
|
5.50%,
4/15/27 |
|
453
|
440,007
|
5.75%,
6/15/25 |
|
948
|
946,604
|
|
|
|
$ 3,226,229
|
Machinery
— 0.1% |
Chart
Industries, Inc., 9.50%, 1/1/31(1) |
|
1,139
|
$
1,202,733 |
IMA
Industria Macchine Automatiche SpA, 3.75%, 1/15/28(14) |
EUR
|
221
|
211,640
|
|
|
|
$ 1,414,373
|
Media
— 0.5% |
Beasley
Mezzanine Holdings, LLC, 8.625%, 2/1/26(1) |
|
1,595
|
$
1,060,857 |
iHeartCommunications,
Inc.: |
|
|
|
6.375%,
5/1/26 |
|
179
|
158,164
|
8.375%,
5/1/27 |
|
324
|
236,369
|
Outfront
Media Capital, LLC/Outfront Media Capital Corp.: |
|
|
|
4.625%,
3/15/30(1) |
|
543
|
453,505
|
6.25%,
6/15/25(1) |
|
807
|
803,705
|
Univision
Communications, Inc.: |
|
|
|
4.50%,
5/1/29(1) |
|
1,990
|
1,673,918
|
7.375%,
6/30/30(1) |
|
391
|
370,019
|
Urban
One, Inc., 7.375%, 2/1/28(1) |
|
1,006
|
914,856
|
|
|
|
$ 5,671,393
|
Security
|
Principal
Amount* (000's omitted) |
Value
|
Metals/Mining
— 1.2% |
BHP
Billiton Finance USA, Ltd., 4.75%, 2/28/28 |
|
675
|
$
683,920 |
Cleveland-Cliffs,
Inc., 6.75%, 3/15/26(1) |
|
2,658
|
2,708,502
|
Compass
Minerals International, Inc., 6.75%, 12/1/27(1) |
|
3,216
|
3,064,880
|
Constellium
N.V., 5.875%, 2/15/26(1) |
|
490
|
490,980
|
Constellium
SE: |
|
|
|
3.125%,
7/15/29(14) |
EUR
|
100
|
88,216
|
5.625%,
6/15/28(1) |
|
630
|
595,499
|
Freeport-McMoRan,
Inc., 5.45%, 3/15/43 |
|
1,600
|
1,498,425
|
Glencore
Funding, LLC, 4.125%, 3/12/24(1) |
|
475
|
470,048
|
Hudbay
Minerals, Inc.: |
|
|
|
4.50%,
4/1/26(1) |
|
1,085
|
1,003,215
|
6.125%,
4/1/29(1) |
|
489
|
462,582
|
Novelis
Corp.: |
|
|
|
3.25%,
11/15/26(1) |
|
690
|
631,191
|
4.75%,
1/30/30(1) |
|
1,068
|
982,560
|
Novelis
Sheet Ingot GmbH, 3.375%, 4/15/29(14) |
EUR
|
500
|
474,122
|
Roller
Bearing Co. of America, Inc., 4.375%, 10/15/29(1) |
|
1,513
|
1,352,864
|
|
|
|
$ 14,507,004
|
Nonferrous
Metals/Minerals — 0.4% |
Eldorado
Gold Corp., 6.25%, 9/1/29(1) |
|
1,333
|
$
1,240,643 |
First
Quantum Minerals, Ltd., 7.50%, 4/1/25(1) |
|
1,340
|
1,340,241
|
New
Gold, Inc., 7.50%, 7/15/27(1) |
|
2,250
|
2,167,853
|
|
|
|
$ 4,748,737
|
Oil
and Gas — 3.7% |
Aethon
III BR, LLC, 9.00%, 10/1/25 |
|
2,366
|
$
2,365,989 |
Aethon
United BR, L.P./Aethon United Finance Corp., 8.25%, 2/15/26(1) |
|
1,570
|
1,542,078
|
Callon
Petroleum Co.: |
|
|
|
7.50%,
6/15/30(1) |
|
601
|
565,520
|
8.00%,
8/1/28(1) |
|
788
|
781,381
|
Chord
Energy Corp., 6.375%, 6/1/26(1) |
|
1,111
|
1,101,762
|
Continental
Resources, Inc., 2.268%, 11/15/26(1) |
|
550
|
488,961
|
CrownRock,
L.P./CrownRock Finance, Inc., 5.00%, 5/1/29(1) |
|
1,519
|
1,416,923
|
CVR
Energy, Inc., 5.75%, 2/15/28(1) |
|
2,905
|
2,669,027
|
Hilcorp
Energy I, L.P./Hilcorp Finance Co., 5.75%, 2/1/29(1) |
|
700
|
645,253
|
Marathon
Petroleum Corp., 4.70%, 5/1/25 |
|
475
|
474,287
|
Nabors
Industries, Ltd., 7.50%, 1/15/28(1) |
|
665
|
614,328
|
Neptune
Energy Bondco PLC, 6.625%, 5/15/25(1) |
|
3,382
|
3,281,776
|
NiSource,
Inc., 5.25%, 3/30/28 |
|
950
|
967,129 |
24
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Oil
and Gas (continued) |
Occidental
Petroleum Corp.: |
|
|
|
6.20%,
3/15/40 |
|
480
|
$
483,331 |
6.625%,
9/1/30 |
|
1,511
|
1,592,722
|
8.50%,
7/15/27 |
|
1,965
|
2,163,337
|
8.875%,
7/15/30 |
|
1,685
|
1,961,458
|
Parkland
Corp.: |
|
|
|
4.50%,
10/1/29(1) |
|
376
|
334,554
|
4.625%,
5/1/30(1) |
|
1,501
|
1,336,618
|
Permian
Resources Operating, LLC: |
|
|
|
5.375%,
1/15/26(1) |
|
232
|
220,153
|
5.875%,
7/1/29(1) |
|
2,252
|
2,134,896
|
7.75%,
2/15/26(1) |
|
1,166
|
1,170,367
|
Petroleos
Mexicanos: |
|
|
|
5.35%,
2/12/28 |
|
470
|
398,425
|
5.95%,
1/28/31 |
|
1,370
|
1,049,491
|
6.50%,
3/13/27 |
|
360
|
327,481
|
6.50%,
1/23/29 |
|
530
|
456,073
|
6.75%,
9/21/47 |
|
1,366
|
889,008
|
6.84%,
1/23/30 |
|
142
|
117,833
|
10.00%,
2/7/33(1) |
|
267
|
256,132
|
Precision
Drilling Corp.: |
|
|
|
6.875%,
1/15/29(1) |
|
932
|
846,629
|
7.125%,
1/15/26(1) |
|
500
|
488,780
|
Repsol
International Finance B.V., 4.50% to 3/25/25, 3/25/75(14)(17) |
EUR
|
100
|
105,460
|
Shelf
Drilling Holdings, Ltd.: |
|
|
|
8.25%,
2/15/25(1) |
|
1,535
|
1,367,808
|
8.875%,
11/15/24(1) |
|
441
|
438,123
|
Southwestern
Energy Co., 4.75%, 2/1/32 |
|
1,485
|
1,313,408
|
Tap
Rock Resources, LLC, 7.00%, 10/1/26(1) |
|
2,569
|
2,252,931
|
Targa
Resources Partners, L.P./Targa Resources Partners Finance Corp.: |
|
|
|
4.00%,
1/15/32 |
|
1,038
|
905,816
|
4.875%,
2/1/31 |
|
233
|
218,262
|
5.50%,
3/1/30 |
|
224
|
219,121
|
6.50%,
7/15/27 |
|
566
|
577,588
|
Transocean
Poseidon, Ltd., 6.875%, 2/1/27(1) |
|
868
|
851,436
|
Transocean,
Inc., 8.75%, 2/15/30(1) |
|
707
|
721,776
|
UGI
International, LLC, 2.50%, 12/1/29(14) |
EUR
|
200
|
170,515
|
Var
Energi ASA, 7.50%, 1/15/28(1) |
|
600
|
622,349
|
Weatherford
International, Ltd., 8.625%, 4/30/30(1) |
|
1,355
|
1,387,466
|
Wintershall
Dea Finance 2 B.V., 2.499% to 4/20/26(14)(16)(17) |
EUR
|
600
|
548,447
|
|
|
|
$ 44,842,208
|
Security
|
Principal
Amount* (000's omitted) |
Value
|
Packaging
& Containers — 0.2% |
Kleopatra
Finco S.a.r.l., 4.25%, 3/1/26(14) |
EUR
|
350
|
$
317,915 |
Schoeller
Packaging B.V., 6.375%, 11/1/24(14) |
EUR
|
200
|
156,395
|
Sealed
Air Corp., 6.125%, 2/1/28(1) |
|
626
|
633,637
|
Silgan
Holdings, Inc., 1.40%, 4/1/26(1) |
|
550
|
493,581
|
Trivium
Packaging Finance B.V.: |
|
|
|
3.75%,
8/15/26(14) |
EUR
|
300
|
300,950
|
5.50%,
8/15/26(1) |
|
424
|
406,705
|
6.404%,
(3 mo. EURIBOR + 3.75%), 8/15/26(2)(14) |
EUR
|
200
|
213,344
|
|
|
|
$ 2,522,527
|
Pharmaceuticals
— 0.6% |
Abbvie,
Inc., 3.80%, 3/15/25 |
|
725
|
$
713,519 |
BellRing
Brands, Inc., 7.00%, 3/15/30(1) |
|
2,444
|
2,477,898
|
Herbalife
Nutrition, Ltd./HLF Financing, Inc., 7.875%, 9/1/25(1) |
|
1,383
|
1,305,706
|
Horizon
Therapeutics USA, Inc., 5.50%, 8/1/27(1) |
|
1,105
|
1,122,636
|
P&L
Development, LLC/PLD Finance Corp., 7.75%, 11/15/25(1) |
|
1,595
|
1,249,508
|
PRA
Health Sciences, Inc., 2.875%, 7/15/26(1) |
|
410
|
378,561
|
Rossini
S.a.r.l., 6.343%, (3 mo. EURIBOR + 3.875%), 10/30/25(2)(14) |
EUR
|
300
|
324,537
|
|
|
|
$ 7,572,365
|
Pipelines
— 2.0% |
Antero
Midstream Partners, L.P./Antero Midstream Finance Corp.: |
|
|
|
5.75%,
3/1/27(1) |
|
1,874
|
$
1,833,334 |
7.875%,
5/15/26(1) |
|
879
|
895,900
|
Cheniere
Energy Partners, L.P.: |
|
|
|
4.00%,
3/1/31 |
|
2,706
|
2,410,992
|
4.50%,
10/1/29 |
|
1,722
|
1,601,366
|
Cheniere
Energy, Inc., 4.625%, 10/15/28 |
|
1,553
|
1,477,586
|
DT
Midstream, Inc., 4.125%, 6/15/29(1) |
|
1,449
|
1,272,001
|
Energy
Transfer, L.P., 5.00%, 5/15/50 |
|
1,094
|
935,465
|
Enterprise
Products Operating, LLC, 5.05%, 1/10/26 |
|
125
|
126,802
|
EQM
Midstream Partners, L.P.: |
|
|
|
4.50%,
1/15/29(1) |
|
1,355
|
1,153,505
|
4.75%,
1/15/31(1) |
|
1,086
|
902,890
|
6.00%,
7/1/25(1) |
|
257
|
254,384
|
6.50%,
7/1/27(1) |
|
702
|
681,172
|
7.50%,
6/1/30(1) |
|
1,010
|
979,634
|
Kinetik
Holdings, L.P., 5.875%, 6/15/30(1) |
|
2,308
|
2,224,912
|
Midwest
Connector Capital Co., LLC, 4.625%, 4/1/29(1) |
|
1,269
|
1,191,142 |
25
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Pipelines
(continued) |
Plains
All American Pipeline, L.P., Series B, 8.974%, (3 mo. USD LIBOR + 4.11%)(2)(16) |
|
1,462
|
$
1,308,825 |
Sabine
Pass Liquefaction, LLC, 5.75%, 5/15/24 |
|
950
|
952,512
|
Venture
Global Calcasieu Pass, LLC: |
|
|
|
3.875%,
8/15/29(1) |
|
1,116
|
1,007,636
|
3.875%,
11/1/33(1) |
|
665
|
559,361
|
4.125%,
8/15/31(1) |
|
992
|
872,553
|
Western
Midstream Operating, L.P.: |
|
|
|
4.30%,
2/1/30 |
|
1,187
|
1,081,654
|
4.50%,
3/1/28 |
|
148
|
140,154
|
4.75%,
8/15/28 |
|
150
|
142,922
|
Williams
Cos., Inc. (The), 4.55%, 6/24/24 |
|
950
|
943,348
|
|
|
|
$ 24,950,050
|
Publishing
— 0.2% |
McGraw-Hill
Education, Inc.: |
|
|
|
5.75%,
8/1/28(1) |
|
630
|
$
548,840 |
8.00%,
8/1/29(1) |
|
2,438
|
2,002,220
|
|
|
|
$ 2,551,060
|
Radio
and Television — 0.8% |
Audacy
Capital Corp., 6.75%, 3/31/29(1) |
|
1,627
|
$
116,941 |
Clear
Channel Outdoor Holdings, Inc.: |
|
|
|
5.125%,
8/15/27(1) |
|
740
|
664,919
|
7.75%,
4/15/28(1) |
|
2,088
|
1,567,879
|
CMG
Media Corp., 8.875%, 12/15/27(1) |
|
3,533
|
2,674,446
|
Sirius
XM Radio, Inc.: |
|
|
|
3.125%,
9/1/26(1) |
|
946
|
854,290
|
3.875%,
9/1/31(1) |
|
951
|
740,339
|
5.00%,
8/1/27(1) |
|
1,609
|
1,508,116
|
Townsquare
Media, Inc., 6.875%, 2/1/26(1) |
|
1,492
|
1,412,790
|
|
|
|
$ 9,539,720
|
Real
Estate Investment Trusts (REITs) — 1.4% |
CTR
Partnership, L.P./CareTrust Capital Corp., 3.875%, 6/30/28(1) |
|
1,591
|
$
1,362,047 |
Emeria
SASU: |
|
|
|
3.375%,
3/31/28(14) |
EUR
|
200
|
172,232
|
7.75%,
3/31/28(14) |
EUR
|
150
|
154,541
|
EPR
Properties: |
|
|
|
3.60%,
11/15/31 |
|
600
|
449,763
|
3.75%,
8/15/29 |
|
565
|
433,655
|
Equinix,
Inc., 1.00%, 9/15/25 |
|
525
|
475,711
|
Extra
Space Storage, L.P., 5.70%, 4/1/28 |
|
450
|
453,366 |
Security
|
Principal
Amount* (000's omitted) |
Value
|
Real
Estate Investment Trusts (REITs) (continued) |
HAT
Holdings I, LLC/HAT Holdings II, LLC: |
|
|
|
3.375%,
6/15/26(1) |
|
600
|
$
521,208 |
3.75%,
9/15/30(1) |
|
1,816
|
1,373,677
|
6.00%,
4/15/25(1) |
|
716
|
688,617
|
Heimstaden
Bostad AB: |
|
|
|
3.00%
to 10/29/27(14)(16)(17) |
EUR
|
352
|
211,862
|
3.248%
to 11/19/24(14)(16)(17) |
EUR
|
300
|
202,312
|
Newmark
Group, Inc., 6.125%, 11/15/23 |
|
2,126
|
2,109,516
|
VICI
Properties, L.P./VICI Note Co., Inc.: |
|
|
|
3.75%,
2/15/27(1) |
|
323
|
298,473
|
4.125%,
8/15/30(1) |
|
1,108
|
979,679
|
4.25%,
12/1/26(1) |
|
1,653
|
1,543,830
|
4.50%,
9/1/26(1) |
|
895
|
842,921
|
4.625%,
12/1/29(1) |
|
2,359
|
2,149,603
|
5.625%,
5/1/24(1) |
|
480
|
476,400
|
5.75%,
2/1/27(1) |
|
2,073
|
2,036,975
|
|
|
|
$ 16,936,388
|
Retail
— 1.2% |
7-Eleven,
Inc., 0.80%, 2/10/24(1) |
|
500
|
$
478,898 |
Arko
Corp., 5.125%, 11/15/29(1) |
|
2,276
|
1,886,596
|
B&M
European Value Retail S.A., 3.625%, 7/15/25(14) |
GBP
|
200
|
232,833
|
Dufry
One B.V.: |
|
|
|
2.00%,
2/15/27(14) |
EUR
|
200
|
187,815
|
2.50%,
10/15/24(14) |
EUR
|
200
|
213,528
|
3.375%,
4/15/28(14) |
EUR
|
139
|
133,019
|
Evergreen
AcqCo 1, L.P./TVI, Inc., 9.75%, 4/26/28(1) |
|
1,323
|
1,258,206
|
Ferrellgas,
L.P./Ferrellgas Finance Corp., 5.875%, 4/1/29(1) |
|
1,081
|
925,358
|
Fertitta
Entertainment, LLC/Fertitta Entertainment Finance Co., Inc.: |
|
|
|
4.625%,
1/15/29(1) |
|
745
|
654,743
|
6.75%,
1/15/30(1) |
|
1,276
|
1,050,952
|
Group
1 Automotive, Inc., 4.00%, 8/15/28(1) |
|
1,328
|
1,170,898
|
Ken
Garff Automotive, LLC, 4.875%, 9/15/28(1) |
|
957
|
814,797
|
Kohl's
Corp., 3.625%, 5/1/31 |
|
1,114
|
752,908
|
LCM
Investments Holdings II, LLC, 4.875%, 5/1/29(1) |
|
1,652
|
1,383,955
|
Macy's
Retail Holdings, LLC, 5.875%, 4/1/29(1) |
|
479
|
443,631
|
Michaels
Cos., Inc., 5.25%, 5/1/28(1) |
|
1,259
|
1,050,598
|
Midco
GB SASU, 7.75%, (7.75% cash or 8.50% PIK), 11/1/27(14)(15) |
EUR
|
130
|
128,120
|
Punch
Finance PLC, 6.125%, 6/30/26(14) |
GBP
|
125
|
134,839
|
Starbucks
Corp., 4.75%, 2/15/26 |
|
575
|
578,622
|
Stonegate
Pub Co. Financing 2019 PLC, 8.25%, 7/31/25(14) |
GBP
|
100
|
115,487 |
26
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Retail
(continued) |
Suburban
Propane Partners, L.P./Suburban Energy Finance Corp., 5.00%, 6/1/31(1) |
|
824
|
$
720,979 |
Victoria's
Secret & Co., 4.625%, 7/15/29(1) |
|
973
|
789,463
|
|
|
|
$ 15,106,245
|
Retailers
(Except Food and Drug) — 0.9% |
Bath
& Body Works, Inc.: |
|
|
|
6.625%,
10/1/30(1) |
|
479
|
$
467,399 |
6.75%,
7/1/36 |
|
437
|
391,023
|
6.95%,
3/1/33 |
|
1,027
|
909,511
|
7.60%,
7/15/37 |
|
488
|
421,895
|
9.375%,
7/1/25(1) |
|
182
|
194,618
|
Dave
& Buster's, Inc., 7.625%, 11/1/25(1) |
|
2,417
|
2,465,340
|
Murphy
Oil USA, Inc.: |
|
|
|
4.75%,
9/15/29 |
|
170
|
155,074
|
5.625%,
5/1/27 |
|
560
|
542,698
|
PetSmart,
Inc./PetSmart Finance Corp.: |
|
|
|
4.75%,
2/15/28(1) |
|
1,290
|
1,212,149
|
7.75%,
2/15/29(1) |
|
2,469
|
2,426,237
|
Superior
Plus, L.P./Superior General Partner, Inc., 4.50%, 3/15/29(1) |
|
1,532
|
1,369,765
|
|
|
|
$ 10,555,709
|
Semiconductors
& Semiconductor Equipment — 0.3% |
Broadcom,
Inc., 3.459%, 9/15/26 |
|
775
|
$
741,080 |
Intel
Corp., 4.875%, 2/10/28 |
|
1,000
|
1,016,552
|
NXP
B.V./NXP Funding, LLC/NXP USA, Inc., 2.70%, 5/1/25 |
|
550
|
522,277
|
ON
Semiconductor Corp., 3.875%, 9/1/28(1) |
|
1,544
|
1,391,556
|
|
|
|
$ 3,671,465
|
Software
— 0.2% |
Clarivate
Science Holdings Corp., 4.875%, 7/1/29(1) |
|
1,485
|
$
1,344,437 |
Oracle
Corp., 5.80%, 11/10/25 |
|
475
|
487,078
|
Sabre
GLBL, Inc., 9.25%, 4/15/25(1) |
|
637
|
600,666
|
|
|
|
$ 2,432,181
|
Software
and Services — 0.3% |
Black
Knight InfoServ, LLC, 3.625%, 9/1/28(1) |
|
825
|
$
751,781 |
Fair
Isaac Corp., 4.00%, 6/15/28(1) |
|
1,248
|
1,158,662
|
Gartner,
Inc.: |
|
|
|
3.625%,
6/15/29(1) |
|
427
|
381,399
|
3.75%,
10/1/30(1) |
|
660
|
593,023
|
4.50%,
7/1/28(1) |
|
908
|
862,750 |
Security
|
Principal
Amount* (000's omitted) |
Value
|
Software
and Services (continued) |
Playtech
PLC, 4.25%, 3/7/26(14) |
EUR
|
200
|
$
209,729 |
|
|
|
$ 3,957,344
|
Specialty
Retail — 0.0%(10) |
Fiber
Bidco SpA: |
|
|
|
9.015%,
(3 mo. EURIBOR + 6.00%), 10/25/27(2)(14) |
EUR
|
200
|
$
218,640 |
11.00%,
10/25/27(14) |
EUR
|
100
|
116,698
|
|
|
|
$ 335,338
|
Steel
— 0.3% |
Allegheny
Ludlum, LLC, 6.95%, 12/15/25 |
|
465
|
$
468,464 |
ATI,
Inc., 5.875%, 12/1/27 |
|
320
|
312,994
|
Big
River Steel, LLC/BRS Finance Corp., 6.625%, 1/31/29(1) |
|
1,147
|
1,139,458
|
Nucor
Corp., 3.95%, 5/23/25 |
|
500
|
492,370
|
TMS
International Corp., 6.25%, 4/15/29(1) |
|
1,365
|
1,053,959
|
|
|
|
$ 3,467,245
|
Surface
Transport — 0.1% |
Hertz
Corp. (The): |
|
|
|
4.625%,
12/1/26(1) |
|
218
|
$
197,689 |
5.00%,
12/1/29(1) |
|
1,771
|
1,468,761
|
|
|
|
$ 1,666,450
|
Technology
— 0.6% |
Almaviva-The
Italian Innovation Co. SpA, 4.875%, 10/30/26(14) |
EUR
|
265
|
$
269,974 |
athenahealth
Group, Inc., 6.50%, 2/15/30(1) |
|
2,297
|
1,864,612
|
International
Game Technology PLC: |
|
|
|
4.125%,
4/15/26(1) |
|
892
|
861,806
|
5.25%,
1/15/29(1) |
|
2,500
|
2,396,250
|
6.25%,
1/15/27(1) |
|
976
|
987,951
|
6.50%,
2/15/25(1) |
|
513
|
518,894
|
|
|
|
$ 6,899,487
|
Telecommunications
— 3.0% |
Altice
France Holding S.A., 10.50%, 5/15/27(1) |
|
1,599
|
$
1,224,674 |
Ciena
Corp., 4.00%, 1/31/30(1) |
|
883
|
769,005
|
Connect
Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26(1) |
|
2,698
|
2,538,548
|
Iliad
Holding SASU: |
|
|
|
5.125%,
10/15/26(14) |
EUR
|
100
|
104,786
|
5.625%,
10/15/28(14) |
EUR
|
236
|
238,897
|
6.50%,
10/15/26(1) |
|
1,389
|
1,324,994 |
27
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Telecommunications
(continued) |
Iliad
Holding SASU: (continued) |
|
|
|
7.00%,
10/15/28(1) |
|
811
|
$ 770,199
|
LCPR
Senior Secured Financing DAC: |
|
|
|
5.125%,
7/15/29(1) |
|
840
|
708,914
|
6.75%,
10/15/27(1) |
|
1,482
|
1,401,090
|
Level
3 Financing, Inc., 4.25%, 7/1/28(1) |
|
400
|
226,090
|
Lorca
Telecom Bondco S.A., 4.00%, 9/18/27(14) |
EUR
|
843
|
842,219
|
Matterhorn
Telecom S.A., 3.125%, 9/15/26(14) |
EUR
|
500
|
504,021
|
NBN
Co., Ltd., 1.45%, 5/5/26(1) |
|
1,075
|
972,334
|
PLT
VII Finance S.a.r.l., 4.625%, 1/5/26(14) |
EUR
|
400
|
408,423
|
Rogers
Communications, Inc., 2.95%, 3/15/25(1) |
|
500
|
481,758
|
Sprint
Capital Corp., 6.875%, 11/15/28 |
|
2,379
|
2,558,615
|
Sprint
Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LLC, 5.152%, 9/20/29(1) |
|
475
|
472,206
|
Sprint,
LLC: |
|
|
|
7.625%,
2/15/25 |
|
1,785
|
1,852,591
|
7.625%,
3/1/26 |
|
993
|
1,050,972
|
7.875%,
9/15/23 |
|
7,378
|
7,439,193
|
Summer
(BC) Bidco B, LLC, 5.50%, 10/31/26(1) |
|
907
|
772,095
|
Summer
(BC) Holdco A S.a.r.l., 9.25%, 10/31/27(14) |
EUR
|
135
|
121,107
|
Summer
(BC) Holdco B S.a.r.l., 5.75%, 10/31/26(14) |
EUR
|
150
|
142,345
|
Telecom
Italia Finance S.A., 7.75%, 1/24/33 |
EUR
|
60
|
69,986
|
Telecom
Italia SpA: |
|
|
|
1.625%,
1/18/29(14) |
EUR
|
100
|
85,332
|
2.50%,
7/19/23(14) |
EUR
|
400
|
431,631
|
2.75%,
4/15/25(14) |
EUR
|
356
|
369,570
|
3.00%,
9/30/25(14) |
EUR
|
240
|
247,971
|
4.00%,
4/11/24(14) |
EUR
|
100
|
107,756
|
5.303%,
5/30/24(1) |
|
1,118
|
1,096,697
|
6.875%,
2/15/28(14) |
EUR
|
100
|
111,099
|
Telefonica
Europe B.V.: |
|
|
|
2.88%
to 2/24/28(14)(16)(17) |
EUR
|
200
|
181,045
|
4.375%
to 12/14/24(14)(16)(17) |
EUR
|
600
|
636,226
|
7.125%
to 8/23/28(14)(16)(17) |
EUR
|
300
|
331,850
|
T-Mobile
USA, Inc.: |
|
|
|
2.25%,
2/15/26 |
|
851
|
792,248
|
2.625%,
2/15/29 |
|
1,064
|
938,459
|
2.875%,
2/15/31 |
|
638
|
551,046
|
4.75%,
2/1/28 |
|
1,045
|
1,032,574
|
Viasat,
Inc., 5.625%, 4/15/27(1) |
|
476
|
447,392
|
Viavi
Solutions, Inc., 3.75%, 10/1/29(1) |
|
868
|
743,187
|
Vmed
O2 UK Financing I PLC: |
|
|
|
3.25%,
1/31/31(14) |
EUR
|
200
|
177,349
|
4.50%,
7/15/31(14) |
GBP
|
100
|
98,688 |
Security
|
Principal
Amount* (000's omitted) |
Value
|
Telecommunications
(continued) |
Vodafone
Group PLC: |
|
|
|
2.625%
to 5/27/26, 8/27/80(14)(17) |
EUR
|
400
|
$
390,973 |
4.875%
to 7/3/25, 10/3/78(14)(17) |
GBP
|
350
|
411,812
|
Wp/ap
Telecom Holdings III B.V., 5.50%, 1/15/30(14) |
EUR
|
250
|
226,477
|
|
|
|
$ 36,404,444
|
Transportation
— 0.3% |
Cargo
Aircraft Management, Inc., 4.75%, 2/1/28(1) |
|
1,528
|
$
1,367,973 |
Fenix
Marine Service Holdings, Ltd., 8.00%, 1/15/24 |
|
150
|
149,086
|
Getlink
S.E., 3.50%, 10/30/25(14) |
EUR
|
415
|
437,590
|
Seaspan
Corp., 5.50%, 8/1/29(1) |
|
1,654
|
1,291,722
|
|
|
|
$ 3,246,371
|
Utilities
— 1.3% |
Calpine
Corp.: |
|
|
|
4.50%,
2/15/28(1) |
|
1,073
|
$
996,622 |
4.625%,
2/1/29(1) |
|
680
|
588,056
|
5.00%,
2/1/31(1) |
|
910
|
771,318
|
5.125%,
3/15/28(1) |
|
1,511
|
1,385,452
|
5.25%,
6/1/26(1) |
|
344
|
335,767
|
Leeward
Renewable Energy Operations, LLC, 4.25%, 7/1/29(1) |
|
838
|
730,905
|
NextEra
Energy Operating Partners, L.P.: |
|
|
|
4.25%,
9/15/24(1) |
|
60
|
57,779
|
4.50%,
9/15/27(1) |
|
1,207
|
1,153,808
|
NRG
Energy, Inc.: |
|
|
|
3.375%,
2/15/29(1) |
|
664
|
550,541
|
3.625%,
2/15/31(1) |
|
1,107
|
888,876
|
3.875%,
2/15/32(1) |
|
1,466
|
1,174,398
|
5.25%,
6/15/29(1) |
|
673
|
625,735
|
5.75%,
1/15/28 |
|
1,455
|
1,429,101
|
10.25%
to 3/15/28(1)(16)(17) |
|
1,413
|
1,351,612
|
TerraForm
Power Operating, LLC, 5.00%, 1/31/28(1) |
|
1,497
|
1,424,026
|
Vistra
Operations Co., LLC: |
|
|
|
4.375%,
5/1/29(1) |
|
939
|
832,691
|
5.00%,
7/31/27(1) |
|
1,278
|
1,210,145
|
|
|
|
$ 15,506,832
|
Total
Corporate Bonds (identified cost $711,553,848) |
|
|
$ 660,549,511
|
28
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Shares
|
Value
|
Financial
Services — 0.0% |
DBI
Investors, Inc., Series A-1(11)(12)(13) |
|
1,932
|
$
0 |
|
|
|
$ 0
|
Nonferrous
Metals/Minerals — 0.1% |
ACNR
Holdings, Inc., 15.00% (PIK)(12)(13) |
|
1,803
|
$
1,059,263 |
|
|
|
$ 1,059,263
|
Retailers
(Except Food and Drug) — 0.0% |
David’s
Bridal, LLC: |
|
|
|
Series
A, 8.00% (PIK)(11)(12)(13) |
|
1,136
|
$
0 |
Series
B, 10.00% (PIK)(11)(12)(13) |
|
4,631
|
0
|
|
|
|
$ 0
|
Total
Preferred Stocks (identified cost $374,926) |
|
|
$ 1,059,263
|
Senior
Floating-Rate Loans — 46.6%(20) |
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Aerospace
and Defense — 1.2% |
Aernnova
Aerospace S.A.U.: |
|
|
|
Term
Loan, 5.436%, (6 mo. EURIBOR + 3.00%), 2/26/27 |
EUR
|
796
|
$
808,146 |
Term
Loan, 5.625%, (6 mo. EURIBOR + 3.00%), 2/26/27 |
EUR
|
204
|
207,217
|
AI
Convoy (Luxembourg) S.a.r.l., Term Loan, 5.532%, (6 mo. EURIBOR + 3.50%), 1/18/27 |
EUR
|
1,000
|
1,022,141
|
Dynasty
Acquisition Co., Inc.: |
|
|
|
Term
Loan, 8.407%, (SOFR + 3.50%), 4/6/26 |
|
644
|
630,974
|
Term
Loan, 8.407%, (SOFR + 3.50%), 4/6/26 |
|
346
|
339,233
|
IAP
Worldwide Services, Inc., Term Loan - Second Lien, 11.659%, (3 mo. USD LIBOR + 6.50%), 7/18/23(11) |
|
217
|
171,501
|
TransDigm,
Inc.: |
|
|
|
Term
Loan, 8.148%, (SOFR + 3.25%), 2/22/27 |
|
1,336
|
1,339,432
|
Term
Loan, 8.148%, (SOFR + 3.25%), 8/24/28 |
|
4,610
|
4,604,186
|
WP
CPP Holdings, LLC, Term Loan, 8.58%, (3 mo. USD LIBOR + 3.75%), 4/30/25 |
|
6,458
|
5,913,669
|
|
|
|
$ 15,036,499
|
Airlines
— 0.2% |
Mileage
Plus Holdings, LLC, Term Loan, 10.213%, (3 mo. USD LIBOR + 5.25%), 6/21/27 |
|
638
|
$
662,956 |
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Airlines
(continued) |
SkyMiles
IP, Ltd., Term Loan, 8.558%, (3 mo. USD LIBOR + 3.75%), 10/20/27 |
|
1,853
|
$
1,922,895 |
|
|
|
$ 2,585,851
|
Apparel
& Luxury Goods — 0.0%(10) |
Hanesbrands,
Inc., Term Loan, 8.557%, (SOFR + 3.75%), 3/8/30 |
|
375
|
$
374,063 |
|
|
|
$ 374,063
|
Auto
Components — 0.8% |
Adient
US, LLC, Term Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 4/10/28 |
|
553
|
$
553,438 |
Clarios
Global, L.P., Term Loan, 6.155%, (1 mo. EURIBOR + 3.25%), 4/30/26 |
EUR
|
1,373
|
1,443,839
|
DexKo
Global, Inc.: |
|
|
|
Term
Loan, 6.765%, (3 mo. EURIBOR + 3.75%), 10/4/28 |
EUR
|
96
|
93,214
|
Term
Loan, 6.765%, (3 mo. EURIBOR + 3.75%), 10/4/28 |
EUR
|
309
|
301,260
|
Term
Loan, 6.765%, (EURIBOR + 3.75%), 10/4/28(21) |
EUR
|
595
|
579,316
|
Term
Loan, 8.909%, (3 mo. USD LIBOR + 3.75%), 10/4/28 |
|
817
|
767,016
|
Term
Loan, 11.398%, (SOFR + 6.50%), 10/4/28 |
|
875
|
813,750
|
Garrett
LX I S.a.r.l.: |
|
|
|
Term
Loan, 5.992%, (3 mo. EURIBOR + 3.50%), 4/30/28 |
EUR
|
1,000
|
1,063,262
|
Term
Loan, 8.08%, (3 mo. USD LIBOR + 3.25%), 4/30/28 |
|
640
|
635,448
|
LTI
Holdings, Inc.: |
|
|
|
Term
Loan, 8.34%, (1 mo. USD LIBOR + 3.50%), 9/6/25 |
|
3,348
|
3,235,629
|
Term
Loan, 9.59%, (1 mo. USD LIBOR + 4.75%), 7/24/26 |
|
711
|
691,151
|
|
|
|
$ 10,177,323
|
Automobiles
— 0.2% |
MajorDrive
Holdings IV, LLC: |
|
|
|
Term
Loan, 9.00%, (3 mo. USD LIBOR + 4.00%), 6/1/28 |
|
442
|
$
420,571 |
Term
Loan, 10.556%, (SOFR + 5.50%), 6/1/29 |
|
1,634
|
1,576,328
|
Thor
Industries, Inc., Term Loan, 7.875%, (1 mo. USD LIBOR + 3.00%), 2/1/26 |
|
716
|
714,390
|
|
|
|
$ 2,711,289
|
29
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Beverages
— 0.0%(10) |
City
Brewing Company, LLC, Term Loan, 8.33%, (3 mo. USD LIBOR + 3.50%), 4/5/28 |
|
640
|
$
270,777 |
|
|
|
$ 270,777
|
Biotechnology
— 0.1% |
Alkermes,
Inc., Term Loan, 7.21%, (1 mo. USD LIBOR + 2.50%), 3/12/26 |
|
1,085
|
$
1,062,943 |
Alltech,
Inc., Term Loan, 8.84%, (1 mo. USD LIBOR + 4.00%), 10/13/28 |
|
469
|
455,773
|
|
|
|
$ 1,518,716
|
Building
Products — 0.3% |
LHS
Borrower, LLC, Term Loan, 9.657%, (SOFR + 4.75%), 2/16/29 |
|
1,836
|
$
1,492,116 |
Oscar
AcquisitionCo, LLC, Term Loan, 9.498%, (SOFR + 4.50%), 4/29/29 |
|
896
|
865,556
|
Standard
Industries, Inc., Term Loan, 7.116%, (SOFR + 2.00%), 9/22/28 |
|
1,114
|
1,110,774
|
|
|
|
$ 3,468,446
|
Capital
Markets — 1.4% |
Advisor
Group, Inc., Term Loan, 9.34%, (1 mo. USD LIBOR + 4.50%), 7/31/26 |
|
1,137
|
$
1,122,197 |
Andromeda
Investissements, Term Loan, 5.957%, (3 mo. EURIBOR + 3.00%), 6/12/26 |
EUR
|
1,250
|
1,352,236
|
Aretec
Group, Inc.: |
|
|
|
Term
Loan, 9.157%, (SOFR + 4.25%), 10/1/25 |
|
2,306
|
2,295,928
|
Term
Loan, 3/8/30(22) |
|
725
|
715,484
|
Brookfield
Property REIT, Inc., Term Loan, 7.407%, (SOFR + 2.50%), 8/27/25 |
|
773
|
761,484
|
CeramTec
AcquiCo GmbH, Term Loan, 6.448%, (3 mo. EURIBOR + 3.75%), 3/16/29 |
EUR
|
760
|
786,877
|
EIG
Management Company, LLC, Term Loan, 8.557%, (1 mo. USD LIBOR + 3.75%), 2/22/25 |
|
261
|
260,270
|
FinCo
I, LLC, Term Loan, 7.14%, (1 mo. USD LIBOR + 2.30%), 6/27/25 |
|
638
|
638,511
|
Focus
Financial Partners, LLC, Term Loan, 8.057%, (SOFR + 3.25%), 6/30/28 |
|
3,239
|
3,215,197
|
Franklin
Square Holdings, L.P., Term Loan, 7.125%, (1 mo. USD LIBOR + 2.25%), 8/1/25 |
|
525
|
523,934
|
Greenhill
& Co., Inc., Term Loan, 8.203%, (3 mo. USD LIBOR + 3.25%), 4/12/24 |
|
882
|
864,612
|
HighTower
Holdings, LLC, Term Loan, 8.815%, (3 mo. USD LIBOR + 4.00%), 4/21/28 |
|
748
|
708,826
|
Hudson
River Trading, LLC, Term Loan, 7.84%, (SOFR + 3.00%), 3/20/28 |
|
2,183
|
2,051,584 |
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Capital
Markets (continued) |
Mariner
Wealth Advisors, LLC, Term Loan, 8.404%, (SOFR + 3.25%), 8/18/28 |
|
790
|
$
774,884 |
Victory
Capital Holdings, Inc., Term Loan, 6.954%, (SOFR + 2.25%), 7/1/26 |
|
891
|
884,961
|
|
|
|
$ 16,956,985
|
Chemicals
— 2.1% |
Aruba
Investments, Inc., Term Loan, 6.928%, (1 mo. EURIBOR + 4.00%), 11/24/27 |
EUR
|
980
|
$
1,028,269 |
Flint
Group GmbH, Term Loan, 9.82%, (USD LIBOR + 4.25%), 9.07% cash, 0.75% PIK, 9/21/23 |
|
21
|
14,550
|
Flint
Group US LLC, Term Loan, 9.82%, (3 mo. USD LIBOR + 4.25%), 9.07% cash, 0.75% PIK, 9/21/23 |
|
127
|
87,953
|
Groupe
Solmax, Inc., Term Loan, 9.909%, (3 mo. USD LIBOR + 4.75%), 5/29/28 |
|
197
|
177,293
|
INEOS
Enterprises Holdings II Limited, Term Loan, 5.948%, (3 mo. EURIBOR + 3.25%), 8/31/26 |
EUR
|
200
|
213,172
|
INEOS
Enterprises Holdings US Finco, LLC, Term Loan, 8.49%, (SOFR + 3.50%), 8/28/26 |
|
218
|
216,189
|
INEOS
Finance PLC, Term Loan, 6.905%, (1 mo. EURIBOR + 4.00%), 4/1/24 |
EUR
|
1,194
|
1,293,373
|
INEOS
Quattro Holdings UK Ltd.: |
|
|
|
Term
Loan, 5.655%, (1 mo. EURIBOR + 2.75%), 1/29/26 |
EUR
|
1,000
|
1,048,350
|
Term
Loan, 8.657%, (SOFR + 3.75%), 3/14/30 |
|
425
|
423,406
|
INEOS
Styrolution Group GmbH, Term Loan, 4.905%, (1 mo. EURIBOR + 2.00%), 1/29/27 |
EUR
|
1,000
|
1,034,342
|
INEOS
Styrolution US Holding, LLC, Term Loan, 7.59%, (1 mo. USD LIBOR + 2.75%), 1/29/26 |
|
2,309
|
2,289,393
|
INEOS
US Finance, LLC: |
|
|
|
Term
Loan, 7.407%, (SOFR + 2.50%), 11/8/28 |
|
617
|
608,319
|
Term
Loan, 8.376%, (SOFR + 3.50%), 2/18/30 |
|
775
|
770,883
|
Term
Loan, 8.556%, (SOFR + 3.75%), 11/8/27 |
|
1,021
|
1,020,131
|
Kraton
Corporation, Term Loan, 8.544%, (SOFR + 3.25%), 3/15/29 |
|
446
|
444,317
|
Kraton
Polymers Holdings B.V., Term Loan, 6.25%, (3 mo. EURIBOR + 3.25%), 3/15/29 |
EUR
|
500
|
528,694
|
Lonza
Group AG: |
|
|
|
Term
Loan, 7.015%, (3 mo. EURIBOR + 4.00%), 7/3/28 |
EUR
|
1,000
|
1,001,468
|
Term
Loan, 9.159%, (3 mo. USD LIBOR + 4.00%), 7/3/28 |
|
1,722
|
1,602,952
|
LSF11
Skyscraper Holdco S.a.r.l., Term Loan, 6.405%, (1 mo. EURIBOR + 3.50%), 9/29/27 |
EUR
|
1,000
|
1,082,466
|
Messer
Industries GmbH, Term Loan, 7.66%, (SOFR + 2.50%), 3/2/26 |
|
1,202
|
1,201,111 |
30
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Chemicals
(continued) |
Momentive
Performance Materials, Inc., Term Loan, 3/31/28(22) |
|
800
|
$
781,000 |
Olympus
Water US Holding Corporation, Term Loan, 9.498%, (SOFR + 4.50%), 11/9/28 |
|
371
|
356,632
|
Orion
Engineered Carbons GmbH: |
|
|
|
Term
Loan, 5.515%, (3 mo. EURIBOR + 2.50%), 9/24/28 |
EUR
|
1,000
|
1,074,333
|
Term
Loan, 7.409%, (3 mo. USD LIBOR + 2.25%), 9/24/28 |
|
369
|
362,564
|
Rohm
Holding GmbH: |
|
|
|
Term
Loan, 7.442%, (6 mo. EURIBOR + 4.50%), 7/31/26 |
EUR
|
500
|
467,239
|
Term
Loan, 10.102%, (6 mo. USD LIBOR + 5.00%), 7/31/26 |
|
923
|
782,620
|
SCUR-Alpha
1503 GmbH, Term Loan, 3/30/30(22) |
|
925
|
832,500
|
Starfruit
Finco B.V., Term Loan, 7.526%, (SOFR + 2.75%), 10/1/25 |
|
2,241
|
2,227,611
|
Tronox
Finance, LLC, Term Loan, 7.078%, (USD LIBOR + 2.25%), 3/10/28(21) |
|
1,318
|
1,291,941
|
W.R.
Grace & Co.-Conn., Term Loan, 8.938%, (3 mo. USD LIBOR + 3.75%), 9/22/28 |
|
1,111
|
1,105,152
|
|
|
|
$ 25,368,223
|
Commercial
Services & Supplies — 1.5% |
Allied
Universal Holdco, LLC: |
|
|
|
Term
Loan, 6.655%, (1 mo. EURIBOR + 3.75%), 5/12/28 |
EUR
|
985
|
$
1,006,141 |
Term
Loan, 8.657%, (SOFR + 3.75%), 5/12/28 |
|
2,699
|
2,565,935
|
Aramark
Services, Inc., Term Loan, 6.59%, (1 mo. USD LIBOR + 1.75%), 3/11/25 |
|
933
|
931,264
|
Asplundh
Tree Expert, LLC, Term Loan, 6.59%, (1 mo. USD LIBOR + 1.75%), 9/7/27 |
|
1,097
|
1,092,591
|
EnergySolutions,
LLC, Term Loan, 8.909%, (3 mo. USD LIBOR + 3.75%), 5/9/25 |
|
4,710
|
4,580,048
|
Harsco
Corporation, Term Loan, 7.172%, (SOFR + 2.25%), 3/10/28 |
|
393
|
378,385
|
LABL,
Inc., Term Loan, 9.84%, (1 mo. USD LIBOR + 5.00%), 10/29/28 |
|
716
|
694,410
|
Monitronics
International, Inc., Term Loan, 12.325%, (3 mo. USD LIBOR + 7.50%), 3/29/24 |
|
1,952
|
819,938
|
PECF
USS Intermediate Holding III Corporation, Term Loan, 9.09%, (1 mo. USD LIBOR + 4.25%), 12/15/28 |
|
642
|
543,187
|
Phoenix
Services International, LLC: |
|
|
|
DIP
Loan, 14.759%, (SOFR + 12.00%), 5/29/23(21) |
|
101
|
96,696
|
DIP
Loan, 16.806%, (SOFR + 12.00%), 5/29/23 |
|
210
|
201,411
|
Term
Loan, 0.00%, 3/1/25(19) |
|
664
|
76,156 |
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Commercial
Services & Supplies (continued) |
Prime
Security Services Borrower, LLC, Term Loan, 7.517%, (3 mo. USD LIBOR + 2.75%), 9/23/26 |
|
1,513
|
$
1,510,350 |
SITEL
Group, Term Loan, 6.66%, (1 mo. EURIBOR + 3.75%), 8/28/28 |
EUR
|
500
|
524,966
|
SITEL
Worldwide Corporation, Term Loan, 8.60%, (1 mo. USD LIBOR + 3.75%), 8/28/28 |
|
1,872
|
1,852,396
|
Tempo
Acquisition, LLC, Term Loan, 7.807%, (SOFR + 3.00%), 8/31/28 |
|
831
|
830,681
|
|
|
|
$ 17,704,555
|
Communications
Equipment — 0.2% |
CommScope,
Inc., Term Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 4/6/26 |
|
1,761
|
$
1,698,751 |
Digi
International, Inc., Term Loan, 9.84%, (1 mo. USD LIBOR + 5.00%), 11/1/28 |
|
378
|
377,180
|
|
|
|
$ 2,075,931
|
Construction
Materials — 0.4% |
Quikrete
Holdings, Inc.: |
|
|
|
Term
Loan, 7.465%, (1 mo. USD LIBOR + 2.625%), 2/1/27 |
|
2,907
|
$
2,862,637 |
Term
Loan, 7.84%, (1 mo. USD LIBOR + 3.00%), 3/18/29 |
|
2,153
|
2,132,256
|
|
|
|
$ 4,994,893
|
Containers
& Packaging — 0.8% |
Berlin
Packaging, LLC, Term Loan, 8.445%, (USD LIBOR + 3.75%), 3/11/28(21) |
|
1,231
|
$
1,215,860 |
Clydesdale
Acquisition Holdings, Inc., Term Loan, 9.082%, (SOFR + 4.175%), 4/13/29 |
|
571
|
559,014
|
Kouti
B.V., Term Loan, 5.873%, (3 mo. EURIBOR + 3.175%), 8/31/28 |
EUR
|
2,000
|
2,040,894
|
Pregis
TopCo Corporation, Term Loan, 8.672%, (SOFR + 3.75%), 7/31/26 |
|
629
|
615,249
|
Pretium
PKG Holdings, Inc.: |
|
|
|
Term
Loan, 8.843%, (3 mo. USD LIBOR + 4.00%), 10/2/28 |
|
617
|
490,003
|
Term
Loan - Second Lien, 11.648%, (3 mo. USD LIBOR + 6.75%), 10/1/29 |
|
350
|
224,766
|
Proampac
PG Borrower, LLC, Term Loan, 8.429%, (3 mo. USD LIBOR + 3.75%), 11/3/25 |
|
565
|
554,770
|
Reynolds
Group Holdings, Inc.: |
|
|
|
Term
Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 2/5/26 |
|
1,228
|
1,224,945
|
Term
Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 9/24/28 |
|
960
|
948,885
|
Trident
TPI Holdings, Inc.: |
|
|
|
Term
Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 10/17/24 |
|
807
|
802,026 |
31
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Containers
& Packaging (continued) |
Trident
TPI Holdings, Inc.: (continued) |
|
|
|
Term
Loan, 9.159%, (3 mo. USD LIBOR + 4.00%), 9/15/28 |
|
788
|
$
767,263 |
|
|
|
$ 9,443,675
|
Distributors
— 0.1% |
Autokiniton
US Holdings, Inc., Term Loan, 9.422%, (SOFR + 4.50%), 4/6/28 |
|
516
|
$
502,015 |
Phillips
Feed Service, Inc., Term Loan, 11.779%, (1 mo. USD LIBOR + 7.00%), 11/13/24(11) |
|
106
|
85,022
|
Winterfell
Financing S.a.r.l., Term Loan, 5/4/28(22) |
EUR
|
500
|
526,999
|
|
|
|
$ 1,114,036
|
Diversified
Consumer Services — 0.3% |
Ascend
Learning, LLC, Term Loan, 8.407%, (SOFR + 3.50%), 12/11/28 |
|
642
|
$
595,472 |
KUEHG
Corp.: |
|
|
|
Term
Loan, 8.909%, (3 mo. USD LIBOR + 3.75%), 2/21/25 |
|
2,219
|
2,184,769
|
Term
Loan - Second Lien, 13.409%, (3 mo. USD LIBOR + 8.25%), 8/22/25 |
|
425
|
414,375
|
Sotheby's,
Term Loan, 9.33%, (3 mo. USD LIBOR + 4.50%), 1/15/27 |
|
440
|
439,926
|
|
|
|
$ 3,634,542
|
Diversified
Financial Services — 0.2% |
Concorde
Midco Ltd., Term Loan, 6.132%, (3 mo. EURIBOR + 4.00%), 3/1/28 |
EUR
|
1,000
|
$
1,047,898 |
Sandy
BidCo B.V., Term Loan, 6.038%, (6 mo. EURIBOR + 4.00%), 8/17/29 |
EUR
|
1,000
|
1,055,354
|
Zephyr
Bidco Limited, Term Loan, 8.709%, (SONIA + 4.782%), 7/23/25 |
GBP
|
775
|
891,507
|
|
|
|
$ 2,994,759
|
Diversified
Telecommunication Services — 2.6% |
Altice
France S.A., Term Loan, 10.17%, (SOFR + 5.50%), 8/15/28 |
|
1,076
|
$
1,025,247 |
CenturyLink,
Inc., Term Loan, 7.172%, (SOFR + 2.25%), 3/15/27 |
|
2,520
|
1,678,205
|
eircom
Finco S.a.r.l., Term Loan, 5.823%, (1 mo. EURIBOR + 3.25%), 5/15/26 |
EUR
|
1,786
|
1,910,051
|
GEE
Holdings 2, LLC: |
|
|
|
Term
Loan, 13.018%, (3 mo. USD LIBOR + 8.00%), 3/24/25 |
|
329
|
322,237
|
Term
Loan - Second Lien, 13.268%, (3 mo. USD LIBOR + 8.25%), 3/23/26 |
|
725
|
447,975
|
Telenet
International Finance S.a.r.l., Term Loan, 4.896%, (1 mo. EURIBOR + 2.25%), 4/30/29 |
EUR
|
1,750
|
1,832,279 |
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Diversified
Telecommunication Services (continued) |
UPC
Broadband Holding B.V.: |
|
|
|
Term
Loan, 5.146%, (1 mo. EURIBOR + 2.50%), 4/30/29 |
EUR
|
1,500
|
$
1,579,981 |
Term
Loan, 5.571%, (1 mo. EURIBOR + 2.925%), 1/31/29 |
EUR
|
3,000
|
3,184,363
|
Term
Loan, 6.934%, (1 mo. USD LIBOR + 2.25%), 4/30/28 |
|
900
|
884,531
|
UPC
Financing Partnership, Term Loan, 7.609%, (1 mo. USD LIBOR + 2.925%), 1/31/29 |
|
3,025
|
2,984,919
|
Virgin
Media Bristol, LLC, Term Loan, 7.934%, (1 mo. USD LIBOR + 3.25%), 1/31/29 |
|
1,150
|
1,140,554
|
Virgin
Media Ireland Limited, Term Loan, 6.109%, (1 mo. EURIBOR + 3.4625%), 7/15/29 |
EUR
|
1,000
|
1,047,681
|
Virgin
Media SFA Finance Limited: |
|
|
|
Term
Loan, 5.146%, (1 mo. EURIBOR + 2.50%), 1/31/29 |
EUR
|
1,300
|
1,369,023
|
Term
Loan, 7.21%, (SONIA + 3.25%), 11/15/27 |
GBP
|
1,500
|
1,744,773
|
Zayo
Group Holdings, Inc.: |
|
|
|
Term
Loan, 6.155%, (1 mo. EURIBOR + 3.25%), 3/9/27 |
EUR
|
970
|
876,748
|
Term
Loan, 7.84%, (1 mo. USD LIBOR + 3.00%), 3/9/27 |
|
2,171
|
1,764,912
|
Ziggo
B.V., Term Loan, 6.102%, (6 mo. EURIBOR + 3.00%), 1/31/29 |
EUR
|
3,750
|
3,847,149
|
Ziggo
Financing Partnership, Term Loan, 7.184%, (1 mo. USD LIBOR + 2.50%), 4/30/28 |
|
4,150
|
4,104,607
|
|
|
|
$ 31,745,235
|
Electrical
Equipment — 0.0%(10) |
AZZ,
Inc., Term Loan, 9.157%, (SOFR + 4.25%), 5/13/29 |
|
357
|
$
356,774 |
|
|
|
$ 356,774
|
Electronic
Equipment, Instruments & Components — 0.6% |
Chamberlain
Group, Inc., Term Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 11/3/28 |
|
1,531
|
$
1,473,227 |
Creation
Technologies, Inc., Term Loan, 10.282%, (3 mo. USD LIBOR + 5.50%), 10/5/28 |
|
968
|
841,888
|
II-VI
Incorporated, Term Loan, 7.672%, (SOFR + 2.75%), 7/2/29 |
|
956
|
948,546
|
Minimax
Viking GmbH, Term Loan, 5.655%, (1 mo. EURIBOR + 2.75%), 7/31/25 |
EUR
|
945
|
1,021,642
|
Mirion
Technologies, Inc., Term Loan, 7.96%, (6 mo. USD LIBOR + 2.75%), 10/20/28 |
|
588
|
585,008
|
Robertshaw
US Holding Corp., Term Loan, 8.688%, (3 mo. USD LIBOR + 3.50%), 2/28/25 |
|
998
|
575,225 |
32
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Electronic
Equipment, Instruments & Components (continued) |
Verifone
Systems, Inc., Term Loan, 8.958%, (3 mo. USD LIBOR + 4.00%), 8/20/25 |
|
1,222
|
$
1,057,453 |
Verisure
Holding AB, Term Loan, 6.262%, (3 mo. EURIBOR + 3.25%), 3/27/28 |
EUR
|
1,000
|
1,044,340
|
|
|
|
$ 7,547,329
|
Energy
Equipment & Services — 0.1% |
Ameriforge
Group, Inc.: |
|
|
|
Term
Loan, 16.101%, (1 mo. USD LIBOR + 13.00%), 2/1/26(23) |
|
108
|
$
53,654 |
Term
Loan, 18.159%, (3 mo. USD LIBOR + 13.00%), 13.159% cash, 5.00% PIK, 2/1/26 |
|
851
|
422,269
|
Lealand
Finance Company B.V., Term Loan, 8.84%, (1 mo. USD LIBOR + 4.00%), 5.84% cash, 3.00% PIK, 6/30/25 |
|
229
|
153,376
|
|
|
|
$ 629,299
|
Engineering
& Construction — 0.4% |
Aegion
Corporation, Term Loan, 9.59%, (1 mo. USD LIBOR + 4.75%), 5/17/28 |
|
468
|
$
458,224 |
Amentum
Government Services Holdings, LLC: |
|
|
|
Term
Loan, 8.84%, (1 mo. USD LIBOR + 4.00%), 1/29/27 |
|
997
|
978,122
|
Term
Loan, 8.906%, (SOFR + 4.00%), 2/15/29 |
|
744
|
729,953
|
American
Residential Services, LLC, Term Loan, 8.659%, (3 mo. USD LIBOR + 3.50%), 10/15/27 |
|
562
|
556,442
|
APi
Group DE, Inc., Term Loan, 7.34%, (1 mo. USD LIBOR + 2.50%), 10/1/26 |
|
1,305
|
1,303,662
|
Northstar
Group Services, Inc., Term Loan, 10.422%, (1 mo. USD LIBOR + 5.50%), 11/12/26 |
|
216
|
214,128
|
|
|
|
$ 4,240,531
|
Entertainment
— 1.1% |
AMC
Entertainment Holdings, Inc., Term Loan, 7.684%, (1 mo. USD LIBOR + 3.00%), 4/22/26 |
|
1,800
|
$
1,306,876 |
City
Football Group Limited, Term Loan, 7.779%, (1 mo. USD LIBOR + 3.00%), 7/21/28 |
|
1,358
|
1,308,592
|
Crown
Finance US, Inc.: |
|
|
|
DIP
Loan, 14.674%, (SOFR + 10.00%), 9/7/23(21) |
|
1,265
|
1,286,320
|
Term
Loan, 0.00%, 9/30/26(19) |
|
1,500
|
233,924
|
EP
Purchaser, LLC, Term Loan, 8.659%, (3 mo. USD LIBOR + 3.50%), 11/6/28 |
|
421
|
419,172
|
Playtika
Holding Corp., Term Loan, 7.59%, (1 mo. USD LIBOR + 2.75%), 3/13/28 |
|
2,170
|
2,158,965
|
Renaissance
Holding Corp.: |
|
|
|
Term
Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 4/5/30 |
|
2,628
|
2,561,040
|
Term
Loan, 9.234%, (SOFR + 4.50%), 4/1/27 |
|
174
|
173,427 |
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Entertainment
(continued) |
Renaissance
Holding Corp.: (continued) |
|
|
|
Term
Loan - Second Lien, 11.84%, (1 mo. USD LIBOR + 7.00%), 5/29/26 |
|
200
|
$
194,000 |
UFC
Holdings, LLC, Term Loan, 7.57%, (3 mo. USD LIBOR + 2.75%), 4/29/26 |
|
2,760
|
2,746,682
|
Vue
International Bidco PLC: |
|
|
|
Term
Loan, 10.846%, (3 mo. EURIBOR + 8.00%), 4.346% cash, 6.50% PIK, 12/31/27 |
EUR
|
807
|
494,559
|
Term
Loan, 11.086%, (6 mo. EURIBOR + 8.00%), 6/30/27 |
EUR
|
121
|
116,295
|
|
|
|
$ 12,999,852
|
Equity
Real Estate Investment Trusts (REITs) — 0.1% |
Iron
Mountain, Inc., Term Loan, 6.59%, (1 mo. USD LIBOR + 1.75%), 1/2/26 |
|
879
|
$
874,356 |
|
|
|
$ 874,356
|
Financial
Services — 0.0%(10) |
Ditech
Holding Corporation, Term Loan, 0.00%, 6/30/23(19) |
|
2,331
|
$
256,463 |
|
|
|
$ 256,463
|
Food
& Staples Retailing — 0.1% |
US
Foods, Inc., Term Loan, 6.84%, (1 mo. USD LIBOR + 2.00%), 9/13/26 |
|
1,435
|
$
1,429,866 |
|
|
|
$ 1,429,866
|
Food
Products — 1.1% |
8th
Avenue Food & Provisions, Inc., Term Loan, 9.59%, (1 mo. USD LIBOR + 4.75%), 10/1/25 |
|
591
|
$
527,837 |
Badger
Buyer Corp., Term Loan, 8.34%, (1 mo. USD LIBOR + 3.50%), 9/30/24 |
|
378
|
309,960
|
CHG
PPC Parent, LLC: |
|
|
|
Term
Loan, 6.405%, (1 mo. EURIBOR + 3.50%), 3/31/25 |
EUR
|
2,000
|
2,117,486
|
Term
Loan, 7.875%, (1 mo. USD LIBOR + 3.00%), 12/8/28 |
|
470
|
466,135
|
Del
Monte Foods, Inc., Term Loan, 9.109%, (SOFR + 4.25%), 5/16/29 |
|
449
|
438,326
|
Froneri
International, Ltd.: |
|
|
|
Term
Loan, 5.067%, (6 mo. EURIBOR + 2.125%), 1/29/27 |
EUR
|
1,275
|
1,317,403
|
Term
Loan, 7.409%, (3 mo. USD LIBOR + 2.25%), 1/29/27 |
|
2,140
|
2,111,727
|
Monogram
Food Solutions, LLC, Term Loan, 8.875%, (1 mo. USD LIBOR + 4.00%), 8/28/28 |
|
543
|
524,116
|
Nomad
Foods Europe Midco Limited, Term Loan, 5.318%, (6 mo. EURIBOR + 2.50%), 6/24/28 |
EUR
|
3,000
|
3,242,314 |
33
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Food
Products (continued) |
Shearer's
Foods, Inc., Term Loan, 8.34%, (1 mo. USD LIBOR + 3.50%), 9/23/27 |
|
390
|
$
382,344 |
Sovos
Brands Intermediate, Inc., Term Loan, 8.325%, (3 mo. USD LIBOR + 3.50%), 6/8/28 |
|
497
|
489,142
|
United
Petfood Group B.V., Term Loan, 5.501%, (3 mo. EURIBOR + 3.00%), 4/23/28 |
EUR
|
750
|
774,739
|
Valeo
F1 Company Limited (Ireland), Term Loan, 7.239%, (6 mo. EURIBOR + 4.00%), 9/29/28 |
EUR
|
1,000
|
908,269
|
|
|
|
$ 13,609,798
|
Health
Care Equipment & Supplies — 0.3% |
Artivion,
Inc., Term Loan, 8.66%, (SOFR + 3.50%), 6/1/27 |
|
521
|
$
484,429 |
Bayou
Intermediate II, LLC, Term Loan, 9.296%, (3 mo. USD LIBOR + 4.50%), 8/2/28 |
|
741
|
711,000
|
Journey
Personal Care Corp., Term Loan, 9.409%, (3 mo. USD LIBOR + 4.25%), 3/1/28 |
|
1,529
|
1,191,499
|
Medline
Borrower, L.P., Term Loan, 6.405%, (1 mo. EURIBOR + 3.50%), 10/23/28 |
EUR
|
1,000
|
1,055,218
|
|
|
|
$ 3,442,146
|
Health
Care Providers & Services — 2.9% |
AEA
International Holdings (Lux) S.a.r.l., Term Loan, 8.938%, (3 mo. USD LIBOR + 3.75%), 9/7/28 |
|
1,062
|
$
1,057,582 |
Biogroup-LCD,
Term Loan, 5.602%, (3 mo. EURIBOR + 3.00%), 2/9/28 |
EUR
|
750
|
745,466
|
BW
NHHC Holdco, Inc., Term Loan - Second Lien, 12.876%, (SOFR + 8.00%), 1/15/26 |
|
3,705
|
2,667,428
|
CCRR
Parent, Inc., Term Loan, 8.60%, (1 mo. USD LIBOR + 3.75%), 3/6/28 |
|
515
|
504,572
|
Cerba
Healthcare S.A.S., Term Loan, 6.155%, (1 mo. EURIBOR + 3.25%), 6/30/28 |
EUR
|
1,250
|
1,237,250
|
CHG
Healthcare Services, Inc., Term Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 9/29/28 |
|
1,084
|
1,073,935
|
CNT
Holdings I Corp., Term Loan, 8.125%, (SOFR + 3.50%), 11/8/27 |
|
686
|
675,367
|
Covis
Finco S.a.r.l., Term Loan, 11.548%, (SOFR + 6.50%), 2/18/27 |
|
903
|
516,681
|
Dedalus
Finance GmbH, Term Loan, 5.782%, (6 mo. EURIBOR + 3.75%), 7/17/27 |
EUR
|
500
|
476,276
|
Electron
BidCo, Inc., Term Loan, 7.84%, (1 mo. USD LIBOR + 3.00%), 11/1/28 |
|
792
|
782,298
|
Elsan
S.A.S., Term Loan, 6.103%, (3 mo. EURIBOR + 3.35%), 6/16/28 |
EUR
|
1,500
|
1,556,935
|
Ensemble
RCM, LLC, Term Loan, 8.526%, (SOFR + 3.75%), 8/3/26 |
|
1,313
|
1,313,237
|
Envision
Healthcare Corporation: |
|
|
|
Term
Loan, 12.923%, (SOFR + 7.875%), 3/31/27 |
|
1,023
|
895,464 |
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Health
Care Providers & Services (continued) |
Envision
Healthcare Corporation: (continued) |
|
|
|
Term
Loan - Second Lien, 9.148%, (SOFR + 4.25%), 3/31/27 |
|
7,224
|
$
2,004,531 |
IVC
Acquisition, Ltd., Term Loan, 7.703%, (SONIA + 4.50%), 2/13/26 |
GBP
|
1,000
|
1,149,304
|
LSCS
Holdings, Inc., Term Loan, 9.34%, (1 mo. USD LIBOR + 4.50%), 12/16/28 |
|
716
|
687,300
|
Medical
Solutions Holdings, Inc., Term Loan, 8.24%, (SOFR + 3.25%), 11/1/28 |
|
1,461
|
1,421,200
|
Mehilainen
Yhtiot Oy, Term Loan, 6.54%, (3 mo. EURIBOR + 3.525%), 8/8/25 |
EUR
|
1,000
|
1,046,090
|
Midwest
Physician Administrative Services, LLC, Term Loan, 8.409%, (3 mo. USD LIBOR + 3.25%), 3/12/28 |
|
466
|
438,007
|
National
Mentor Holdings, Inc.: |
|
|
|
Term
Loan, 8.676%, (SOFR + 3.75%), 3/2/28(21) |
|
2,041
|
1,575,671
|
Term
Loan, 8.748%, (SOFR + 3.75%), 3/2/28 |
|
58
|
45,015
|
Option
Care Health, Inc., Term Loan, 7.59%, (1 mo. USD LIBOR + 2.75%), 10/27/28 |
|
420
|
418,533
|
Pacific
Dental Services, LLC, Term Loan, 8.279%, (1 mo. USD LIBOR + 3.50%), 5/5/28 |
|
491
|
488,333
|
Pediatric
Associates Holding Company, LLC: |
|
|
|
Term
Loan, 7.36%, 12/29/28(23) |
|
72
|
70,573
|
Term
Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 12/29/28 |
|
473
|
463,842
|
PetVet
Care Centers, LLC, Term Loan, 8.34%, (1 mo. USD LIBOR + 3.50%), 2/14/25 |
|
148
|
143,550
|
Phoenix
Guarantor, Inc.: |
|
|
|
Term
Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 3/5/26 |
|
1,877
|
1,832,023
|
Term
Loan, 8.34%, (1 mo. USD LIBOR + 3.50%), 3/5/26 |
|
1,297
|
1,265,940
|
Radiology
Partners, Inc., Term Loan, 9.09%, (1 mo. USD LIBOR + 4.25%), 7/9/25 |
|
1,197
|
970,380
|
Radnet
Management, Inc., Term Loan, 7.922%, (1 mo. USD LIBOR + 3.00%), 4/21/28 |
|
1,007
|
1,002,782
|
Ramsay
Generale de Sante S.A., Term Loan, 5.443%, (3 mo. EURIBOR + 3.05%), 4/22/27 |
EUR
|
500
|
539,539
|
Select
Medical Corporation, Term Loan, 7.35%, (1 mo. USD LIBOR + 2.50%), 3/6/25 |
|
2,968
|
2,962,087
|
Sound
Inpatient Physicians, Term Loan, 7.825%, (3 mo. USD LIBOR + 3.00%), 6/27/25 |
|
476
|
376,833
|
Surgery
Center Holdings, Inc., Term Loan, 8.46%, (1 mo. USD LIBOR + 3.75%), 8/31/26 |
|
943
|
938,202
|
Synlab
Bondco PLC, Term Loan, 5.193%, (6 mo. EURIBOR + 2.50%), 7/1/27 |
EUR
|
500
|
536,488
|
U.S.
Anesthesia Partners, Inc., Term Loan, 8.912%, (1 mo. USD LIBOR + 4.25%), 10/1/28 |
|
1,501
|
1,449,431
|
|
|
|
$ 35,328,145
|
34
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Health
Care Technology — 0.6% |
Bracket
Intermediate Holding Corp., Term Loan, 9.038%, (3 mo. USD LIBOR + 4.25%), 9/5/25 |
|
907
|
$
895,342 |
GHX
Ultimate Parent Corporation, Term Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 6/28/24 |
|
921
|
917,056
|
Imprivata,
Inc., Term Loan, 9.057%, (SOFR + 4.25%), 12/1/27 |
|
223
|
219,614
|
MedAssets
Software Intermediate Holdings, Inc., Term Loan, 8.84%, (1 mo. USD LIBOR + 4.00%), 12/18/28 |
|
1,089
|
1,020,938
|
Navicure,
Inc., Term Loan, 8.84%, (1 mo. USD LIBOR + 4.00%), 10/22/26 |
|
1,654
|
1,649,075
|
Project
Ruby Ultimate Parent Corp., Term Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 3/10/28 |
|
1,029
|
994,592
|
Verscend
Holding Corp., Term Loan, 8.84%, (1 mo. USD LIBOR + 4.00%), 8/27/25 |
|
2,196
|
2,196,515
|
|
|
|
$ 7,893,132
|
Hotels,
Restaurants & Leisure — 1.9% |
Bally's
Corporation, Term Loan, 7.959%, (1 mo. USD LIBOR + 3.25%), 10/2/28 |
|
1,160
|
$
1,111,289 |
Carnival
Corporation: |
|
|
|
Term
Loan, 6.655%, (1 mo. EURIBOR + 3.75%), 6/30/25 |
EUR
|
1,474
|
1,578,039
|
Term
Loan, 7.84%, (1 mo. USD LIBOR + 3.00%), 6/30/25 |
|
1,264
|
1,250,343
|
Term
Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 10/18/28 |
|
2,666
|
2,611,259
|
ClubCorp
Holdings, Inc., Term Loan, 7.59%, (1 mo. USD LIBOR + 2.75%), 9/18/24 |
|
1,890
|
1,811,448
|
Dave
& Buster's, Inc., Term Loan, 9.938%, (SOFR + 5.00%), 6/29/29 |
|
746
|
747,369
|
Fertitta
Entertainment, LLC, Term Loan, 8.807%, (SOFR + 4.00%), 1/27/29 |
|
4,170
|
4,114,452
|
Four
Seasons Hotels Limited, Term Loan, 8.157%, (SOFR + 3.25%), 11/30/29 |
|
1,019
|
1,020,192
|
GVC
Holdings (Gibraltar) Limited, Term Loan, 5.942%, (3 mo. EURIBOR + 3.75%), 6/30/28 |
EUR
|
1,804
|
1,956,167
|
Hilton
Grand Vacations Borrower, LLC, Term Loan, 7.84%, (1 mo. USD LIBOR + 3.00%), 8/2/28 |
|
911
|
911,125
|
IRB
Holding Corp., Term Loan, 7.83%, (SOFR + 3.00%), 12/15/27 |
|
298
|
292,936
|
Oravel
Stays Singapore Pte, Ltd., Term Loan, 13.27%, (3 mo. USD LIBOR + 8.25%), 6/23/26 |
|
540
|
468,775
|
Playa
Resorts Holding B.V., Term Loan, 8.993%, (SOFR + 4.25%), 1/5/29 |
|
1,322
|
1,315,699
|
Scientific
Games Holdings, L.P., Term Loan, 6.172%, (3 mo. EURIBOR + 4.00%), 4/4/29 |
EUR
|
1,000
|
1,058,065
|
SeaWorld
Parks & Entertainment, Inc., Term Loan, 7.875%, (1 mo. USD LIBOR + 3.00%), 8/25/28 |
|
887
|
884,284 |
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Hotels,
Restaurants & Leisure (continued) |
SMG
US Midco 2, Inc., Term Loan, 7.325%, (3 mo. USD LIBOR + 2.50%), 1/23/25 |
|
238
|
$
235,934 |
Stars
Group Holdings B.V. (The), Term Loan, 7.409%, (3 mo. USD LIBOR + 2.25%), 7/21/26 |
|
2,241
|
2,242,276
|
|
|
|
$ 23,609,652
|
Household
Durables — 1.5% |
ACProducts,
Inc., Term Loan, 9.409%, (3 mo. USD LIBOR + 4.25%), 5/17/28 |
|
1,744
|
$
1,394,060 |
Libbey
Glass, Inc., Term Loan, 13.461%, (SOFR + 8.50%), 8.711% cash, 4.75% PIK, 11/22/27 |
|
9,472
|
8,856,043
|
Serta
Simmons Bedding, LLC: |
|
|
|
Term
Loan, 0.00%, 8/10/23(19) |
|
2,430
|
2,387,180
|
Term
Loan - Second Lien, 0.00%, 8/10/23(19) |
|
8,032
|
4,620,951
|
Solis
IV B.V., Term Loan, 6.67%, (3 mo. EURIBOR + 4.00%), 2/26/29 |
EUR
|
1,000
|
1,004,970
|
|
|
|
$ 18,263,204
|
Household
Products — 0.1% |
Kronos
Acquisition Holdings, Inc., Term Loan, 11.023%, (SOFR + 6.00%), 12/22/26 |
|
395
|
$
384,137 |
Nobel
Bidco B.V., Term Loan, 5.942%, (6 mo. EURIBOR + 3.50%), 9/1/28 |
EUR
|
1,000
|
906,461
|
|
|
|
$ 1,290,598
|
Industrial
Conglomerates — 0.1% |
Rain
Carbon GmbH, Term Loan, 5.628%, (6 mo. EURIBOR + 2.75%), 1/16/25 |
EUR
|
1,025
|
$
1,079,654 |
|
|
|
$ 1,079,654
|
Insurance
— 1.9% |
Alliant
Holdings Intermediate, LLC, Term Loan, 8.347%, (SOFR + 3.50%), 11/5/27 |
|
1,513
|
$
1,498,196 |
AmWINS
Group, Inc.: |
|
|
|
Term
Loan, 7.109%, (1 mo. USD LIBOR + 2.25%), 2/19/28 |
|
3,788
|
3,748,659
|
Term
Loan, 7.657%, (SOFR + 2.75%), 2/19/28 |
|
673
|
664,265
|
AssuredPartners,
Inc., Term Loan, 8.34%, (1 mo. USD LIBOR + 3.50%), 2/12/27 |
|
169
|
167,919
|
Financiere
CEP S.A.S., Term Loan, 6.765%, (3 mo. EURIBOR + 3.75%), 6/18/27 |
EUR
|
750
|
792,532
|
Hub
International Limited: |
|
|
|
Term
Loan, 7.818%, (3 mo. USD LIBOR + 3.00%), 4/25/25 |
|
4,953
|
4,944,837
|
Term
Loan, 8.058%, (3 mo. USD LIBOR + 3.25%), 4/25/25 |
|
1,814
|
1,813,067 |
35
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Insurance
(continued) |
NFP
Corp., Term Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 2/15/27 |
|
3,091
|
$
3,022,070 |
Ryan
Specialty Group, LLC, Term Loan, 7.907%, (SOFR + 3.00%), 9/1/27 |
|
1,682
|
1,682,576
|
USI,
Inc.: |
|
|
|
Term
Loan, 8.409%, (3 mo. USD LIBOR + 3.25%), 12/2/26 |
|
1,379
|
1,380,118
|
Term
Loan, 8.648%, (SOFR + 3.75%), 11/22/29 |
|
3,072
|
3,068,223
|
|
|
|
$ 22,782,462
|
Interactive
Media & Services — 0.4% |
Adevinta
ASA: |
|
|
|
Term
Loan, 6.015%, (3 mo. EURIBOR + 3.00%), 6/26/28 |
EUR
|
1,456
|
$
1,568,026 |
Term
Loan, 7.909%, (3 mo. USD LIBOR + 2.75%), 6/26/28 |
|
295
|
293,276
|
Buzz
Finco, LLC: |
|
|
|
Term
Loan, 7.609%, (1 mo. USD LIBOR + 2.75%), 1/29/27 |
|
558
|
554,961
|
Term
Loan, 8.109%, (1 mo. USD LIBOR + 3.25%), 1/29/27 |
|
60
|
60,239
|
Foundational
Education Group, Inc., Term Loan, 8.91%, (SOFR + 3.75%), 8/31/28 |
|
543
|
491,528
|
Getty
Images, Inc., Term Loan, 9.493%, (SOFR + 4.50%), 2/19/26(21) |
|
724
|
724,911
|
Match
Group, Inc., Term Loan, 6.713%, (3 mo. USD LIBOR + 1.75%), 2/13/27 |
|
675
|
672,047
|
|
|
|
$ 4,364,988
|
IT
Services — 1.7% |
Asurion,
LLC: |
|
|
|
Term
Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 12/23/26 |
|
3,089
|
$
2,880,399 |
Term
Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 7/31/27 |
|
1,088
|
1,000,776
|
Term
Loan, 8.907%, (SOFR + 4.00%), 8/19/28 |
|
1,010
|
931,047
|
Term
Loan - Second Lien, 10.09%, (1 mo. USD LIBOR + 5.25%), 1/31/28 |
|
1,350
|
1,131,891
|
Cyxtera
DC Holdings, Inc., Term Loan, 7.82%, (3 mo. USD LIBOR + 3.00%), 5/1/24 |
|
895
|
731,074
|
Endure
Digital, Inc., Term Loan, 8.219%, (1 mo. USD LIBOR + 3.50%), 2/10/28 |
|
2,751
|
2,565,308
|
Gainwell
Acquisition Corp., Term Loan, 8.998%, (SOFR + 4.00%), 10/1/27 |
|
3,080
|
2,935,608
|
Indy
US Bidco, LLC, Term Loan, 6.655%, (1 mo. EURIBOR + 3.75%), 3/6/28 |
EUR
|
735
|
681,180
|
Informatica,
LLC, Term Loan, 7.625%, (1 mo. USD LIBOR + 2.75%), 10/27/28 |
|
2,648
|
2,633,904 |
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
IT
Services (continued) |
NAB
Holdings, LLC, Term Loan, 8.048%, (SOFR + 3.00%), 11/23/28 |
|
1,111
|
$
1,094,620 |
Rackspace
Technology Global, Inc., Term Loan, 7.595%, (3 mo. USD LIBOR + 2.75%), 2/15/28 |
|
1,323
|
714,420
|
Sedgwick
Claims Management Services, Inc., Term Loan, 8.557%, (SOFR + 3.75%), 2/17/28 |
|
1,224
|
1,211,250
|
Skopima
Merger Sub, Inc., Term Loan, 8.84%, (1 mo. USD LIBOR + 4.00%), 5/12/28 |
|
1,478
|
1,381,463
|
team.blue
Finco S.a.r.l., Term Loan, 6.715%, (3 mo. EURIBOR + 3.70%), 3/30/28 |
EUR
|
1,000
|
1,034,794
|
|
|
|
$ 20,927,734
|
Leisure
Products — 0.2% |
Accell
Group N.V., Term Loan, 7.527%, (6 mo. EURIBOR + 4.50%), 6/14/29 |
EUR
|
500
|
$
508,133 |
Amer
Sports Oyj, Term Loan, 6.992%, (3 mo. EURIBOR + 4.50%), 3/30/26 |
EUR
|
1,550
|
1,642,943
|
Fender
Musical Instruments Corporation, Term Loan, 8.843%, (SOFR + 4.00%), 12/1/28 |
|
321
|
293,087
|
Topgolf
Callaway Brands Corp., Term Loan, 8.26%, (SOFR + 3.50%), 3/15/30 |
|
525
|
522,594
|
|
|
|
$ 2,966,757
|
Life
Sciences Tools & Services — 0.5% |
Avantor
Funding, Inc., Term Loan, 5.402%, (1 mo. EURIBOR + 2.50%), 6/12/28 |
EUR
|
983
|
$
1,059,749 |
Catalent
Pharma Solutions, Inc., Term Loan, 6.813%, (1 mo. USD LIBOR + 2.00%), 2/22/28 |
|
818
|
813,052
|
Curia
Global, Inc., Term Loan, 8.526%, (SOFR + 3.75%), 8/30/26 |
|
244
|
209,876
|
IQVIA,
Inc., Term Loan, 6.59%, (1 mo. USD LIBOR + 1.75%), 1/17/25 |
|
1,363
|
1,363,956
|
LGC
Group Holdings, Ltd., Term Loan, 5.655%, (1 mo. EURIBOR + 2.75%), 4/21/27 |
EUR
|
1,000
|
1,022,819
|
Loire
Finco Luxembourg S.a.r.l., Term Loan, 7.84%, (1 mo. USD LIBOR + 3.00%), 4/21/27 |
|
340
|
329,428
|
Packaging
Coordinators Midco, Inc., Term Loan, 8.659%, (3 mo. USD LIBOR + 3.50%), 11/30/27 |
|
1,349
|
1,322,214
|
|
|
|
$ 6,121,094
|
Machinery
— 2.5% |
AI
Alpine AT Bidco GmbH, Term Loan, 4.731%, (6 mo. EURIBOR + 3.00%), 10/31/25 |
EUR
|
750
|
$
783,213 |
Albion
Financing 3 S.a.r.l.: |
|
|
|
Term
Loan, 10.065%, (3 mo. USD LIBOR + 5.25%), 8/17/26 |
|
1,531
|
1,486,620
|
Term
Loan, 10.347%, (SOFR + 5.50%), 8/17/26 |
|
300
|
294,000 |
36
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Machinery
(continued) |
Alliance
Laundry Systems, LLC, Term Loan, 8.306%, (3 mo. USD LIBOR + 3.50%), 10/8/27 |
|
1,063
|
$
1,056,596 |
American
Trailer World Corp., Term Loan, 8.657%, (SOFR + 3.75%), 3/3/28 |
|
612
|
533,162
|
Apex
Tool Group, LLC, Term Loan, 10.093%, (SOFR + 5.25%), 2/8/29 |
|
3,337
|
2,955,030
|
Conair
Holdings, LLC, Term Loan, 8.909%, (3 mo. USD LIBOR + 3.75%), 5/17/28 |
|
1,527
|
1,354,991
|
CPM
Holdings, Inc., Term Loan, 8.162%, (1 mo. USD LIBOR + 3.50%), 11/17/25 |
|
311
|
310,796
|
Delachaux
Group S.A., Term Loan, 9.325%, (3 mo. USD LIBOR + 4.50%), 4/16/26 |
|
444
|
426,360
|
Engineered
Machinery Holdings, Inc.: |
|
|
|
Term
Loan, 6.765%, (3 mo. EURIBOR + 3.75%), 5/21/28 |
EUR
|
985
|
1,033,515
|
Term
Loan, 8.659%, (3 mo. USD LIBOR + 3.50%), 5/19/28 |
|
2,336
|
2,309,178
|
Filtration
Group Corporation: |
|
|
|
Term
Loan, 6.405%, (1 mo. EURIBOR + 3.50%), 3/29/25 |
EUR
|
1,347
|
1,453,222
|
Term
Loan, 8.34%, (1 mo. USD LIBOR + 3.50%), 10/21/28 |
|
739
|
729,977
|
Gates
Global, LLC, Term Loan, 7.407%, (SOFR + 2.50%), 3/31/27 |
|
3,929
|
3,915,263
|
Icebox
Holdco III, Inc., Term Loan, 8.659%, (3 mo. USD LIBOR + 3.50%), 12/22/28 |
|
842
|
804,328
|
Illuminate
Buyer, LLC, Term Loan, 8.34%, (1 mo. USD LIBOR + 3.50%), 6/30/27 |
|
744
|
731,391
|
Penn
Engineering & Manufacturing Corp., Term Loan, 5.155%, (1 mo. EURIBOR + 2.25%), 6/27/24 |
EUR
|
1,131
|
1,213,777
|
Roper
Industrial Products Investment Company, LLC: |
|
|
|
Term
Loan, 8.015%, (3 mo. EURIBOR + 5.25%), 11/22/29 |
EUR
|
500
|
516,832
|
Term
Loan, 9.398%, (SOFR + 4.50%), 11/22/29 |
|
600
|
596,400
|
SPX
Flow, Inc., Term Loan, 9.407%, (SOFR + 4.50%), 4/5/29 |
|
1,176
|
1,127,881
|
Titan
Acquisition Limited, Term Loan, 8.151%, (6 mo. USD LIBOR + 3.00%), 3/28/25 |
|
3,016
|
2,868,573
|
TK
Elevator Topco GmbH, Term Loan, 6.567%, (6 mo. EURIBOR + 3.625%), 7/30/27 |
EUR
|
1,000
|
1,047,446
|
Vertical
US Newco, Inc., Term Loan, 8.602%, (6 mo. USD LIBOR + 3.50%), 7/30/27 |
|
1,198
|
1,169,908
|
Zephyr
German BidCo GmbH, Term Loan, 6.645%, (3 mo. EURIBOR + 3.60%), 3/10/28 |
EUR
|
1,500
|
1,508,810
|
|
|
|
$ 30,227,269
|
Media
— 1.2% |
Axel
Springer SE, Term Loan, 7.50%, (3 mo. EURIBOR + 4.75%), 12/18/26 |
EUR
|
1,000
|
$
1,060,551 |
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Media
(continued) |
Diamond
Sports Group, LLC: |
|
|
|
Term
Loan, 13.064%, (SOFR + 8.10%), 5/25/26 |
|
506
|
$
474,808 |
Term
Loan - Second Lien, 8.025%, (SOFR + 3.25%), 8/24/26 |
|
3,000
|
200,247
|
Gray
Television, Inc.: |
|
|
|
Term
Loan, 7.358%, (SOFR + 2.50%), 1/2/26 |
|
637
|
628,470
|
Term
Loan, 7.662%, (1 mo. USD LIBOR + 3.00%), 12/1/28 |
|
938
|
913,304
|
Hubbard
Radio, LLC, Term Loan, 9.10%, (1 mo. USD LIBOR + 4.25%), 3/28/25 |
|
635
|
557,332
|
iHeartCommunications,
Inc., Term Loan, 7.84%, (1 mo. USD LIBOR + 3.00%), 5/1/26 |
|
444
|
394,296
|
Magnite,
Inc., Term Loan, 9.909%, (USD LIBOR + 5.00%), 4/28/28(21) |
|
639
|
612,282
|
MJH
Healthcare Holdings, LLC, Term Loan, 8.407%, (SOFR + 3.50%), 1/28/29 |
|
272
|
266,465
|
Nexstar
Broadcasting, Inc., Term Loan, 7.34%, (1 mo. USD LIBOR + 2.50%), 9/18/26 |
|
267
|
266,731
|
Recorded
Books, Inc., Term Loan, 8.792%, (SOFR + 4.00%), 8/29/25 |
|
1,660
|
1,656,080
|
Sinclair
Television Group, Inc.: |
|
|
|
Term
Loan, 7.35%, (1 mo. USD LIBOR + 2.50%), 9/30/26 |
|
627
|
577,070
|
Term
Loan, 7.85%, (1 mo. USD LIBOR + 3.00%), 4/1/28 |
|
405
|
367,901
|
Univision
Communications, Inc., Term Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 3/15/26 |
|
6,803
|
6,780,985
|
|
|
|
$ 14,756,522
|
Metals/Mining
— 0.2% |
American
Consolidated Natural Resources, Inc., Term Loan, 20.822%, (1 mo. USD LIBOR + 16.00%), 17.822% cash, 3.00% PIK,, 9/16/25 |
|
45
|
$
44,997 |
Dynacast
International, LLC: |
|
|
|
Term
Loan, 9.458%, (3 mo. USD LIBOR + 4.50%), 7/22/25 |
|
1,048
|
958,633
|
Term
Loan, 13.958%, (3 mo. USD LIBOR + 9.00%), 10/22/25 |
|
404
|
305,315
|
WireCo
WorldGroup, Inc., Term Loan, 9.063%, (1 mo. USD LIBOR + 4.25%), 11/13/28 |
|
467
|
463,426
|
Zekelman
Industries, Inc., Term Loan, 7.018%, (3 mo. USD LIBOR + 2.00%), 1/24/27 |
|
1,104
|
1,093,896
|
|
|
|
$ 2,866,267
|
Oil,
Gas & Consumable Fuels — 0.7% |
Buckeye
Partners, L.P., Term Loan, 7.09%, (1 mo. USD LIBOR + 2.25%), 11/1/26 |
|
2,685
|
$
2,683,433 |
37
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Oil,
Gas & Consumable Fuels (continued) |
Centurion
Pipeline Company, LLC: |
|
|
|
Term
Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 9/28/25 |
|
222
|
$
222,604 |
Term
Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 9/29/25 |
|
266
|
266,561
|
Freeport
LNG Investments, LLP, Term Loan, 8.308%, (3 mo. USD LIBOR + 3.50%), 12/21/28 |
|
663
|
643,859
|
Matador
Bidco S.a.r.l., Term Loan, 9.407%, (1 mo. USD LIBOR + 4.50%), 10/15/26 |
|
1,695
|
1,686,060
|
Oryx
Midstream Services Permian Basin, LLC, Term Loan, 8.063%, (SOFR + 3.25%), 10/5/28 |
|
1,031
|
1,016,448
|
Oxbow
Carbon, LLC, Term Loan, 9.409%, (3 mo. USD LIBOR + 4.25%), 10/17/25 |
|
306
|
306,378
|
QuarterNorth
Energy Holding, Inc., Term Loan - Second Lien, 12.84%, (1 mo. USD LIBOR + 8.00%), 8/27/26 |
|
782
|
779,856
|
UGI
Energy Services, LLC, Term Loan, 8.157%, (SOFR + 3.25%), 2/22/30 |
|
1,484
|
1,470,675
|
|
|
|
$ 9,075,874
|
Personal
Products — 0.2% |
HLF
Financing S.a.r.l., Term Loan, 7.34%, (1 mo. USD LIBOR + 2.50%), 8/18/25 |
|
963
|
$
955,522 |
Rainbow
Finco S.a.r.l., Term Loan, 6.697%, (6 mo. EURIBOR + 3.50%), 2/23/29 |
EUR
|
1,000
|
1,030,275
|
Sunshine
Luxembourg VII S.a.r.l., Term Loan, 8.909%, (3 mo. USD LIBOR + 3.75%), 10/1/26 |
|
196
|
194,372
|
|
|
|
$ 2,180,169
|
Pharmaceuticals
— 1.3% |
Aenova
Holding GmbH, Term Loan, 7.332%, (6 mo. EURIBOR + 4.50%), 3/6/26 |
EUR
|
1,000
|
$
1,017,622 |
AI
Sirona (Luxembourg) Acquisition S.a.r.l., Term Loan, 6.155%, (1 mo. EURIBOR + 3.25%), 9/29/25 |
EUR
|
1,000
|
1,054,676
|
Akorn,
Inc., Term Loan, 12.254%, (3 mo. USD LIBOR + 7.50%), 10/1/25 |
|
180
|
44,975
|
Amneal
Pharmaceuticals, LLC, Term Loan, 8.375%, (1 mo. USD LIBOR + 3.50%), 5/4/25 |
|
1,781
|
1,696,073
|
Bausch
Health Companies, Inc., Term Loan, 10.093%, (SOFR + 5.25%), 2/1/27 |
|
3,017
|
2,257,482
|
Horizon
Therapeutics USA, Inc.: |
|
|
|
Term
Loan, 6.563%, (1 mo. USD LIBOR + 1.75%), 3/15/28 |
|
1,911
|
1,909,123
|
Term
Loan, 6.813%, (1 mo. USD LIBOR + 2.00%), 5/22/26 |
|
654
|
653,687
|
Jazz
Financing Lux S.a.r.l., Term Loan, 8.34%, (1 mo. USD LIBOR + 3.50%), 5/5/28 |
|
1,439
|
1,435,557 |
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Pharmaceuticals
(continued) |
Mallinckrodt
International Finance S.A.: |
|
|
|
Term
Loan, 9.978%, (1 mo. USD LIBOR + 5.25%), 9/30/27 |
|
3,318
|
$
2,429,926 |
Term
Loan, 10.228%, (1 mo. USD LIBOR + 5.50%), 9/30/27 |
|
1,902
|
1,387,921
|
PharmaZell
GmbH, Term Loan, 7.015%, (3 mo. EURIBOR + 4.00%), 5/12/27 |
EUR
|
1,000
|
1,059,195
|
Recipharm
AB, Term Loan, 5.882%, (3 mo. EURIBOR + 3.20%), 2/17/28 |
EUR
|
1,000
|
1,013,747
|
|
|
|
$ 15,959,984
|
Professional
Services — 1.6% |
AlixPartners,
LLP: |
|
|
|
Term
Loan, 6.24%, (3 mo. EURIBOR + 3.25%), 2/4/28 |
EUR
|
980
|
$
1,039,340 |
Term
Loan, 7.609%, (1 mo. USD LIBOR + 2.75%), 2/4/28 |
|
1,397
|
1,393,632
|
APFS
Staffing Holdings, Inc., Term Loan, 8.705%, (SOFR + 4.00%), 12/29/28(21) |
|
272
|
269,527
|
Apleona
Holding GmbH, Term Loan, 5.692%, (3 mo. EURIBOR + 3.20%), 4/28/28 |
EUR
|
1,000
|
1,037,731
|
Camelot
U.S. Acquisition, LLC: |
|
|
|
Term
Loan, 7.84%, (1 mo. USD LIBOR + 3.00%), 10/30/26 |
|
1,526
|
1,521,995
|
Term
Loan, 7.84%, (1 mo. USD LIBOR + 3.00%), 10/30/26 |
|
896
|
894,870
|
CoreLogic,
Inc., Term Loan, 8.375%, (1 mo. USD LIBOR + 3.50%), 6/2/28 |
|
3,881
|
3,320,744
|
Corporation
Service Company, Term Loan, 8.157%, (SOFR + 3.25%), 11/2/29 |
|
335
|
334,915
|
Deerfield
Dakota Holding, LLC, Term Loan, 8.557%, (SOFR + 3.75%), 4/9/27 |
|
2,069
|
2,008,809
|
Employbridge
Holding Company, Term Loan, 9.497%, (3 mo. USD LIBOR + 4.75%), 7/19/28 |
|
2,338
|
1,954,019
|
First
Advantage Holdings, LLC, Term Loan, 7.59%, (1 mo. USD LIBOR + 2.75%), 1/31/27 |
|
606
|
603,993
|
Neptune
Bidco U.S., Inc., Term Loan, 9.735%, (SOFR + 5.00%), 4/11/29 |
|
1,900
|
1,691,000
|
Rockwood
Service Corporation, Term Loan, 8.84%, (1 mo. USD LIBOR + 4.00%), 1/23/27 |
|
596
|
594,294
|
Techem
Verwaltungsgesellschaft 675 mbH, Term Loan, 5.107%, (6 mo. EURIBOR + 2.375%), 7/15/25 |
EUR
|
826
|
875,723
|
Trans
Union, LLC, Term Loan, 7.09%, (1 mo. USD LIBOR + 2.25%), 12/1/28 |
|
1,578
|
1,570,731
|
Vaco
Holdings, LLC, Term Loan, 10.048%, (SOFR + 5.00%), 1/21/29 |
|
272
|
268,621
|
|
|
|
$ 19,379,944
|
38
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Real
Estate Management & Development — 0.4% |
Cushman
& Wakefield U.S. Borrower, LLC: |
|
|
|
Term
Loan, 7.59%, (1 mo. USD LIBOR + 2.75%), 8/21/25 |
|
2,382
|
$
2,319,453 |
Term
Loan, 8.157%, (SOFR + 3.25%), 1/31/30 |
|
3,005
|
2,929,412
|
|
|
|
$ 5,248,865
|
Road
& Rail — 0.6% |
Grab
Holdings, Inc., Term Loan, 9.35%, (1 mo. USD LIBOR + 4.50%), 1/29/26 |
|
966
|
$
967,120 |
Hertz
Corporation (The): |
|
|
|
Term
Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 6/30/28 |
|
198
|
197,394
|
Term
Loan, 8.10%, (1 mo. USD LIBOR + 3.25%), 6/30/28 |
|
1,033
|
1,029,068
|
Kenan
Advantage Group, Inc., Term Loan, 8.59%, (1 mo. USD LIBOR + 3.75%), 3/24/26 |
|
2,199
|
2,184,804
|
Uber
Technologies, Inc., Term Loan, 7.87%, (SOFR + 2.75%), 2/28/30 |
|
2,408
|
2,406,116
|
|
|
|
$ 6,784,502
|
Semiconductors
& Semiconductor Equipment — 0.3% |
Altar
Bidco, Inc., Term Loan, 6.608%, (SOFR + 3.10%), 2/1/29 |
|
1,265
|
$
1,210,469 |
Bright
Bidco B.V., Term Loan, 13.676%, (SOFR + 9.00%), 5.676% cash, 8.00% PIK, 10/31/27 |
|
333
|
295,595
|
MACOM
Technology Solutions Holdings, Inc., Term Loan, 7.09%, (1 mo. USD LIBOR + 2.25%), 5/17/24 |
|
264
|
262,724
|
MaxLinear,
Inc., Term Loan, 7.09%, (1 mo. USD LIBOR + 2.25%), 6/23/28 |
|
286
|
284,286
|
MKS
Instruments, Inc., Term Loan, 5.822%, (1 mo. EURIBOR + 3.00%), 8/17/29 |
EUR
|
995
|
1,064,915
|
Synaptics
Incorporated, Term Loan, 7.399%, (6 mo. USD LIBOR + 2.25%), 12/2/28 |
|
394
|
391,599
|
Ultra
Clean Holdings, Inc., Term Loan, 8.59%, (1 mo. USD LIBOR + 3.75%), 8/27/25 |
|
579
|
580,142
|
|
|
|
$ 4,089,730
|
Software
— 6.5% |
Applied
Systems, Inc., Term Loan, 9.398%, (SOFR + 4.50%), 9/18/26 |
|
4,493
|
$
4,492,113 |
AppLovin
Corporation, Term Loan, 8.157%, (SOFR + 3.35%), 8/15/25 |
|
1,587
|
1,580,361
|
Aptean,
Inc.: |
|
|
|
Term
Loan, 9.157%, (SOFR + 4.25%), 4/23/26 |
|
820
|
786,600
|
Term
Loan - Second Lien, 11.807%, (1 mo. USD LIBOR + 7.00%), 4/23/27 |
|
1,450
|
1,353,937 |
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Software
(continued) |
Astra
Acquisition Corp.: |
|
|
|
Term
Loan, 10.09%, (1 mo. USD LIBOR + 5.25%), 10/25/28 |
|
1,069
|
$ 921,697
|
Term
Loan - Second Lien, 13.734%, (1 mo. USD LIBOR + 8.875%), 10/25/29 |
|
1,650
|
1,369,171
|
Banff
Merger Sub, Inc.: |
|
|
|
Term
Loan, 6.905%, (1 mo. EURIBOR + 4.00%), 10/2/25 |
EUR
|
485
|
512,203
|
Term
Loan, 8.59%, (1 mo. USD LIBOR + 3.75%), 10/2/25 |
|
2,697
|
2,665,214
|
Term
Loan - Second Lien, 10.34%, (1 mo. USD LIBOR + 5.50%), 2/27/26 |
|
900
|
875,089
|
CDK
Global, Inc., Term Loan, 9.148%, (SOFR + 4.25%), 7/6/29 |
|
2,269
|
2,266,678
|
CentralSquare
Technologies, LLC, Term Loan, 8.909%, (3 mo. USD LIBOR + 3.75%), 8/29/25 |
|
862
|
760,064
|
Ceridian
HCM Holding, Inc., Term Loan, 7.34%, (1 mo. USD LIBOR + 2.50%), 4/30/25 |
|
1,480
|
1,478,092
|
Cloudera,
Inc.: |
|
|
|
Term
Loan, 8.657%, (SOFR + 3.75%), 10/8/28 |
|
2,772
|
2,619,540
|
Term
Loan - Second Lien, 10.907%, (SOFR + 6.00%), 10/8/29 |
|
775
|
689,750
|
Constant
Contact, Inc., Term Loan, 8.806%, (3 mo. USD LIBOR + 4.00%), 2/10/28 |
|
1,726
|
1,634,533
|
Cornerstone
OnDemand, Inc., Term Loan, 8.59%, (1 mo. USD LIBOR + 3.75%), 10/16/28 |
|
1,337
|
1,237,933
|
Delta
TopCo, Inc.: |
|
|
|
Term
Loan, 8.656%, (SOFR + 3.75%), 12/1/27 |
|
1,376
|
1,278,641
|
Term
Loan - Second Lien, 12.156%, (SOFR + 7.25%), 12/1/28 |
|
1,950
|
1,675,376
|
ECI
Macola Max Holding, LLC, Term Loan, 8.909%, (3 mo. USD LIBOR + 3.75%), 11/9/27 |
|
1,272
|
1,255,957
|
Epicor
Software Corporation, Term Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 7/30/27 |
|
774
|
762,563
|
Finastra
USA, Inc., Term Loan, 8.325%, (3 mo. USD LIBOR + 3.50%), 6/13/24 |
|
2,950
|
2,776,167
|
Fiserv
Investment Solutions, Inc., Term Loan, 8.756%, (1 mo. USD LIBOR + 4.00%), 2/18/27 |
|
511
|
490,140
|
GoTo
Group, Inc., Term Loan, 9.59%, (1 mo. USD LIBOR + 4.75%), 8/31/27 |
|
1,784
|
1,032,773
|
Greeneden
U.S. Holdings II, LLC: |
|
|
|
Term
Loan, 6.742%, (3 mo. EURIBOR + 4.25%), 12/1/27 |
EUR
|
735
|
786,396
|
Term
Loan, 8.84%, (1 mo. USD LIBOR + 4.00%), 12/1/27 |
|
809
|
799,404
|
Hyland
Software, Inc., Term Loan, 8.34%, (1 mo. USD LIBOR + 3.50%), 7/1/24 |
|
7,569
|
7,480,532 |
39
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Software
(continued) |
IGT
Holding IV AB, Term Loan, 6.415%, (3 mo. EURIBOR + 3.40%), 3/31/28 |
EUR
|
1,000
|
$ 1,047,446
|
Ivanti
Software, Inc., Term Loan, 9.212%, (3 mo. USD LIBOR + 4.25%), 12/1/27 |
|
1,453
|
1,192,900
|
Magenta
Buyer, LLC: |
|
|
|
Term
Loan, 9.58%, (3 mo. USD LIBOR + 4.75%), 7/27/28 |
|
3,851
|
3,177,281
|
Term
Loan - Second Lien, 13.08%, (3 mo. USD LIBOR + 8.25%), 7/27/29 |
|
1,050
|
794,500
|
Marcel
LUX IV S.a.r.l.: |
|
|
|
Term
Loan, 5.72%, (3 mo. EURIBOR + 3.50%), 3/16/26 |
EUR
|
1,500
|
1,591,418
|
Term
Loan, 8.932%, (SOFR + 4.00%), 12/31/27 |
|
95
|
94,787
|
McAfee,
LLC: |
|
|
|
Term
Loan, 6.492%, (3 mo. EURIBOR + 4.00%), 3/1/29 |
EUR
|
992
|
1,019,280
|
Term
Loan, 8.515%, (SOFR + 3.75%), 3/1/29 |
|
2,779
|
2,627,314
|
Mediaocean,
LLC, Term Loan, 8.407%, (SOFR + 3.50%), 12/15/28 |
|
619
|
586,111
|
MH
Sub I, LLC, Term Loan, 8.59%, (1 mo. USD LIBOR + 3.75%), 9/13/24 |
|
394
|
388,226
|
Open
Text Corporation, Term Loan, 8.157%, (SOFR + 3.25%), 1/31/30 |
|
1,372
|
1,369,420
|
Panther
Commercial Holdings, L.P., Term Loan, 9.075%, (3 mo. USD LIBOR + 4.25%), 1/7/28 |
|
885
|
826,358
|
Polaris
Newco, LLC: |
|
|
|
Term
Loan, 6.492%, (3 mo. EURIBOR + 4.00%), 6/2/28 |
EUR
|
985
|
944,718
|
Term
Loan, 9.159%, (3 mo. USD LIBOR + 4.00%), 6/2/28 |
|
2,808
|
2,568,190
|
Proofpoint,
Inc., Term Loan, 8.09%, (1 mo. USD LIBOR + 3.25%), 8/31/28 |
|
2,469
|
2,418,217
|
RealPage,
Inc., Term Loan, 7.84%, (1 mo. USD LIBOR + 3.00%), 4/24/28 |
|
2,832
|
2,753,211
|
SolarWinds
Holdings, Inc., Term Loan, 8.807%, (SOFR + 4.00%), 2/5/27 |
|
1,700
|
1,697,345
|
Sophia,
L.P., Term Loan, 8.659%, (3 mo. USD LIBOR + 3.50%), 10/7/27 |
|
391
|
386,255
|
SurveyMonkey,
Inc., Term Loan, 8.672%, (1 mo. USD LIBOR + 3.75%), 10/10/25 |
|
617
|
615,458
|
Turing
Midco, LLC, Term Loan, 7.34%, (1 mo. USD LIBOR + 2.50%), 3/24/28 |
|
168
|
168,098
|
Ultimate
Software Group, Inc. (The): |
|
|
|
Term
Loan, 8.032%, (3 mo. USD LIBOR + 3.25%), 5/4/26 |
|
3,862
|
3,767,907
|
Term
Loan, 8.575%, (3 mo. USD LIBOR + 3.75%), 5/4/26 |
|
1,665
|
1,638,467
|
Veritas
US, Inc.: |
|
|
|
Term
Loan, 7.765%, (3 mo. EURIBOR + 4.75%), 9/1/25 |
EUR
|
975
|
810,647 |
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Software
(continued) |
Veritas
US, Inc.: (continued) |
|
|
|
Term
Loan, 9.84%, (1 mo. USD LIBOR + 5.00%), 9/1/25 |
|
2,413
|
$
1,840,114 |
Vision
Solutions, Inc., Term Loan, 8.818%, (3 mo. USD LIBOR + 4.00%), 4/24/28 |
|
420
|
371,674
|
VS
Buyer, LLC, Term Loan, 7.70%, (3 mo. USD LIBOR + 3.00%), 2/28/27 |
|
1,067
|
1,058,553
|
|
|
|
$ 79,334,819
|
Specialty
Retail — 1.3% |
Belron
Finance US, LLC, Term Loan, 7.30%, (3 mo. USD LIBOR + 2.425%), 4/13/28 |
|
833
|
$
833,000 |
Belron
Luxembourg S.a.r.l., Term Loan, 5.045%, (3 mo. EURIBOR + 2.50%), 4/13/28 |
EUR
|
500
|
534,794
|
Boels
Topholding B.V., Term Loan, 5.901%, (EURIBOR + 3.25%), 2/6/27(21) |
EUR
|
1,000
|
1,064,166
|
David's
Bridal, Inc.: |
|
|
|
Term
Loan, 10.83%, (1 mo. USD LIBOR + 6.00%), 12/31/24(11) |
|
704
|
0
|
Term
Loan, 14.82%, (3 mo. USD LIBOR + 10.00%), 9.82% cash, 5.00% PIK, 6/23/23(11) |
|
581
|
170,183
|
Etraveli
Holding AB, Term Loan, 7.015%, (3 mo. EURIBOR + 4.00%), 8/2/24 |
EUR
|
937
|
1,005,106
|
Great
Outdoors Group, LLC, Term Loan, 8.59%, (1 mo. USD LIBOR + 3.75%), 3/6/28 |
|
2,395
|
2,369,204
|
Harbor
Freight Tools USA, Inc., Term Loan, 7.59%, (1 mo. USD LIBOR + 2.75%), 10/19/27 |
|
1,869
|
1,819,452
|
Hoya
Midco, LLC, Term Loan, 7.926%, (SOFR + 3.25%), 2/3/29 |
|
988
|
980,702
|
Les
Schwab Tire Centers, Term Loan, 8.064%, (3 mo. USD LIBOR + 3.25%), 11/2/27 |
|
2,888
|
2,869,772
|
Mattress
Firm, Inc., Term Loan, 9.39%, (3 mo. USD LIBOR + 4.25%), 9/25/28 |
|
1,187
|
1,113,391
|
PetSmart,
Inc., Term Loan, 8.657%, (SOFR + 3.75%), 2/11/28 |
|
2,394
|
2,378,609
|
Speedster
Bidco GmbH, Term Loan, 6.54%, (6 mo. EURIBOR + 3.25%), 3/31/27 |
EUR
|
1,000
|
1,022,141
|
|
|
|
$ 16,160,520
|
Technology
Hardware, Storage & Peripherals — 0.1% |
NCR
Corporation, Term Loan, 7.33%, (3 mo. USD LIBOR + 2.50%), 8/28/26 |
|
911
|
$
900,597 |
|
|
|
$ 900,597
|
Trading
Companies & Distributors — 1.2% |
American
Builders & Contractors Supply Co., Inc., Term Loan, 6.907%, (SOFR + 2.00%), 1/15/27 |
|
2,364
|
$
2,357,415 |
40
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Borrower/Description
|
Principal
Amount* (000's omitted) |
Value
|
Trading
Companies & Distributors (continued) |
Electro
Rent Corporation, Term Loan, 10.271%, (SOFR + 5.50%), 11/1/24 |
|
1,794
|
$
1,764,427 |
Hillman
Group, Inc. (The): |
|
|
|
Term
Loan, 3.132%, 7/14/28(23) |
|
72
|
71,196
|
Term
Loan, 7.59%, (1 mo. USD LIBOR + 2.75%), 7/14/28 |
|
295
|
293,137
|
Patagonia
Bidco Limited, Term Loan, 8.678%, (SONIA + 5.25%), 10/28/28 |
GBP
|
1,000
|
1,099,445
|
PEARLS
(Netherlands) Bidco B.V., Term Loan, 5.992%, (3 mo. EURIBOR + 3.50%), 2/26/29 |
EUR
|
1,000
|
1,042,476
|
Quimper
AB, Term Loan, 5.057%, (3 mo. EURIBOR + 2.925%), 2/16/26 |
EUR
|
1,875
|
1,949,558
|
Spin
Holdco, Inc., Term Loan, 8.986%, (3 mo. USD LIBOR + 4.00%), 3/4/28 |
|
3,822
|
3,227,201
|
SRS
Distribution, Inc.: |
|
|
|
Term
Loan, 8.157%, (SOFR + 3.25%), 6/2/28 |
|
371
|
360,113
|
Term
Loan, 8.34%, (1 mo. USD LIBOR + 3.50%), 6/2/28 |
|
985
|
951,756
|
White
Cap Buyer, LLC, Term Loan, 8.557%, (SOFR + 3.75%), 10/19/27 |
|
2,053
|
2,031,842
|
|
|
|
$ 15,148,566
|
Transportation
Infrastructure — 0.1% |
Brown
Group Holding, LLC: |
|
|
|
Term
Loan, 7.407%, (SOFR + 2.50%), 6/7/28 |
|
221
|
$
219,672 |
Term
Loan, 8.462%, (SOFR + 3.75%), 7/2/29(21) |
|
249
|
249,217
|
KKR
Apple Bidco, LLC, Term Loan, 7.59%, (1 mo. USD LIBOR + 2.75%), 9/23/28 |
|
173
|
171,327
|
|
|
|
$ 640,216
|
Wireless
Telecommunication Services — 0.4% |
Digicel
International Finance Limited, Term Loan, 8.081%, (1 mo. USD LIBOR + 3.25%), 5/28/24 |
|
4,800
|
$
4,325,902 |
|
|
|
$ 4,325,902
|
Total
Senior Floating-Rate Loans (identified cost $616,724,767) |
|
|
$ 569,269,378
|
Sovereign
Government Bonds — 3.7% |
Security
|
Principal
Amount* (000's omitted) |
Value
|
Albania
— 0.0%(10) |
Albania
Government International Bond, 3.50%, 10/9/25(14) |
EUR
|
101
|
$
103,436 |
|
|
|
$ 103,436
|
Security
|
Principal
Amount* (000's omitted) |
Value
|
Argentina
— 0.1% |
Province
of Salta Argentina, 8.50%, 12/1/27(14) |
|
81
|
$
66,622 |
Provincia
de Cordoba, 6.875%, 12/10/25(14) |
|
320
|
272,825
|
Republic
of Argentina, 3.875% to 7/9/23, 1/9/38(3) |
|
965
|
304,165
|
|
|
|
$ 643,612
|
Armenia
— 0.0%(10) |
Republic
of Armenia, 3.95%, 9/26/29(14) |
|
200
|
$
164,237 |
|
|
|
$ 164,237
|
Azerbaijan
— 0.0%(10) |
Republic
of Azerbaijan, 3.50%, 9/1/32(14) |
|
389
|
$
332,638 |
|
|
|
$ 332,638
|
Bahrain
— 0.1% |
Kingdom
of Bahrain: |
|
|
|
5.625%,
5/18/34(14) |
|
200
|
$
175,338 |
6.75%,
9/20/29(14) |
|
300
|
298,640
|
7.375%,
5/14/30(14) |
|
590
|
611,223
|
|
|
|
$ 1,085,201
|
Barbados
— 0.1% |
Government
of Barbados, 6.50%, 10/1/29(1) |
|
949
|
$
886,095 |
|
|
|
$ 886,095
|
Benin
— 0.1% |
Benin
Government International Bond: |
|
|
|
4.875%,
1/19/32(14) |
EUR
|
300
|
$
246,355 |
4.95%,
1/22/35(14) |
EUR
|
200
|
149,757
|
6.875%,
1/19/52(14) |
EUR
|
1,022
|
771,229
|
|
|
|
$ 1,167,341
|
Brazil
— 0.2% |
Federative
Republic of Brazil: |
|
|
|
3.875%,
6/12/30 |
|
371
|
$
333,091 |
4.625%,
1/13/28 |
|
1,850
|
1,812,793
|
5.00%,
1/27/45 |
|
600
|
473,007
|
|
|
|
$ 2,618,891
|
Chile
— 0.1% |
Chile
Government International Bond: |
|
|
|
2.45%,
1/31/31 |
|
465
|
$
401,917 |
3.24%,
2/6/28 |
|
260
|
248,437
|
3.50%,
1/25/50 |
|
845
|
634,624
|
|
|
|
$ 1,284,978
|
41
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Croatia
— 0.0%(10) |
Croatia
Government International Bond, 1.75%, 3/4/41(14) |
EUR
|
212
|
$
160,434 |
|
|
|
$ 160,434
|
Dominican
Republic — 0.1% |
Dominican
Republic: |
|
|
|
4.50%,
1/30/30(14) |
|
430
|
$
375,490 |
6.40%,
6/5/49(14) |
|
150
|
125,696
|
6.85%,
1/27/45(14) |
|
300
|
268,901
|
7.45%,
4/30/44(14) |
|
300
|
289,448
|
|
|
|
$ 1,059,535
|
Ecuador
— 0.1% |
Republic
of Ecuador, 1.50% to 7/31/23, 7/31/40(3)(14) |
|
2,958
|
$
632,795 |
|
|
|
$ 632,795
|
Egypt
— 0.1% |
Arab
Republic of Egypt: |
|
|
|
5.80%,
9/30/27(14) |
|
427
|
$
300,572 |
8.15%,
11/20/59(14) |
|
1,071
|
599,439
|
8.50%,
1/31/47(14) |
|
601
|
350,502
|
8.70%,
3/1/49(14) |
|
452
|
265,675
|
8.875%,
5/29/50(14) |
|
355
|
210,412
|
|
|
|
$ 1,726,600
|
El
Salvador — 0.0%(10) |
Republic
of El Salvador: |
|
|
|
5.875%,
1/30/25(14) |
|
61
|
$
47,580 |
6.375%,
1/18/27(14) |
|
331
|
186,622
|
7.125%,
1/20/50(14) |
|
150
|
69,421
|
|
|
|
$ 303,623
|
Ethiopia
— 0.1% |
Ethiopia
Government International Bond, 6.625%, 12/11/24(14) |
|
970
|
$
683,797 |
|
|
|
$ 683,797
|
Gabon
— 0.0%(10) |
Gabon
Government International Bond, 6.625%, 2/6/31(14) |
|
474
|
$
362,823 |
|
|
|
$ 362,823
|
Security
|
Principal
Amount* (000's omitted) |
Value
|
Ghana
— 0.0%(10) |
Ghana
Government International Bond, 8.627%, 6/16/49(14) |
|
740
|
$
249,287 |
|
|
|
$ 249,287
|
Guatemala
— 0.0%(10) |
Guatemala
Government International Bond, 5.375%, 4/24/32(14) |
|
338
|
$
329,114 |
|
|
|
$ 329,114
|
Honduras
— 0.1% |
Honduras
Government International Bond: |
|
|
|
5.625%,
6/24/30(14) |
|
601
|
$
476,945 |
6.25%,
1/19/27(14) |
|
407
|
364,130
|
|
|
|
$ 841,075
|
Hungary
— 0.1% |
Hungary
Government International Bond: |
|
|
|
2.125%,
9/22/31(14) |
|
815
|
$
627,887 |
6.25%,
9/22/32(1) |
|
400
|
408,742
|
|
|
|
$ 1,036,629
|
India
— 0.1% |
Export-Import
Bank of India: |
|
|
|
2.25%,
1/13/31(14) |
|
992
|
$
796,413 |
5.50%,
1/18/33(1) |
|
230
|
230,081
|
|
|
|
$ 1,026,494
|
Indonesia
— 0.2% |
Indonesia
Government International Bond: |
|
|
|
3.55%,
3/31/32 |
|
1,813
|
$
1,666,761 |
4.65%,
9/20/32 |
|
455
|
454,060
|
|
|
|
$ 2,120,821
|
Iraq
— 0.1% |
Republic
of Iraq, 5.80%, 1/15/28(14) |
|
1,309
|
$
1,223,560 |
|
|
|
$ 1,223,560
|
Ivory
Coast — 0.0%(10) |
Ivory
Coast Government International Bond, 5.25%, 3/22/30(14) |
EUR
|
257
|
$
229,317 |
|
|
|
$ 229,317
|
42
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Jordan
— 0.1% |
Kingdom
of Jordan: |
|
|
|
5.85%,
7/7/30(14) |
|
300
|
$
268,077 |
7.375%,
10/10/47(14) |
|
438
|
371,202
|
|
|
|
$ 639,279
|
Kazakhstan
— 0.0%(10) |
Kazakhstan
Government International Bond, 6.50%, 7/21/45(14) |
|
500
|
$
522,475 |
|
|
|
$ 522,475
|
Kenya
— 0.0%(10) |
Republic
of Kenya, 7.25%, 2/28/28(14) |
|
480
|
$
394,831 |
|
|
|
$ 394,831
|
Kuwait
— 0.0%(10) |
Kuwait
International Government Bond, 3.50%, 3/20/27(14) |
|
247
|
$
242,388 |
|
|
|
$ 242,388
|
Lebanon
— 0.0%(10) |
Lebanese
Republic: |
|
|
|
5.80%,
4/14/20(14)(19) |
|
57
|
$
3,748 |
6.00%,
1/27/23(14)(19) |
|
253
|
16,129
|
6.10%,
10/4/22(14)(19) |
|
972
|
63,909
|
6.15%,
6/19/20(19) |
|
75
|
4,838
|
6.20%,
2/26/25(14)(19) |
|
80
|
5,301
|
6.25%,
5/27/22(19) |
|
130
|
8,483
|
6.25%,
11/4/24(14)(19) |
|
16
|
1,069
|
6.25%,
6/12/25(14)(19) |
|
287
|
19,085
|
6.375%,
3/9/20(19) |
|
1,110
|
74,231
|
6.40%,
5/26/23(19) |
|
13
|
843
|
6.65%,
4/22/24(14)(19) |
|
567
|
37,776
|
6.65%,
11/3/28(14)(19) |
|
207
|
13,662
|
6.75%,
11/29/27(14)(19) |
|
4
|
264
|
6.85%,
5/25/29(19) |
|
5
|
331
|
7.00%,
3/20/28(14)(19) |
|
506
|
33,333
|
7.05%,
11/2/35(14)(19) |
|
86
|
5,676
|
7.15%,
11/20/31(14)(19) |
|
451
|
29,725
|
8.20%,
5/17/33(19) |
|
156
|
10,116
|
8.25%,
4/12/21(14)(19) |
|
402
|
25,627
|
8.25%,
5/17/34(19) |
|
129
|
8,402
|
|
|
|
$ 362,548
|
Security
|
Principal
Amount* (000's omitted) |
Value
|
Macedonia
— 0.2% |
North
Macedonia Government International Bond: |
|
|
|
1.625%,
3/10/28(14) |
EUR
|
802
|
$
691,656 |
3.675%,
6/3/26(14) |
EUR
|
136
|
136,038
|
6.96%,
3/13/27(14) |
EUR
|
884
|
964,541
|
|
|
|
$ 1,792,235
|
Mexico
— 0.0%(10) |
Mexico
Government International Bond, 5.00%, 4/27/51 |
|
370
|
$
318,363 |
|
|
|
$ 318,363
|
Morocco
— 0.0%(10) |
Morocco
Government International Bond, 3.00%, 12/15/32(14) |
|
365
|
$
295,178 |
|
|
|
$ 295,178
|
Mozambique
— 0.0%(10) |
Mozambique
Government International Bond, 5.00% to 9/15/23, 9/15/31(3)(14) |
|
416
|
$
300,706 |
|
|
|
$ 300,706
|
Oman
— 0.1% |
Oman
Government International Bond: |
|
|
|
6.25%,
1/25/31(14) |
|
683
|
$
696,655 |
6.75%,
1/17/48(14) |
|
230
|
218,062
|
7.375%,
10/28/32(14) |
|
457
|
499,755
|
|
|
|
$ 1,414,472
|
Pakistan
— 0.0%(10) |
Islamic
Republic of Pakistan: |
|
|
|
7.375%,
4/8/31(14) |
|
208
|
$
74,880 |
8.875%,
4/8/51(14) |
|
222
|
77,028
|
|
|
|
$ 151,908
|
Panama
— 0.1% |
Panama
Government International Bond, 6.70%, 1/26/36 |
|
1,100
|
$
1,166,911 |
|
|
|
$ 1,166,911
|
Paraguay
— 0.1% |
Republic
of Paraguay, 4.95%, 4/28/31(14) |
|
577
|
$
561,052 |
|
|
|
$ 561,052
|
43
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount* (000's omitted) |
Value
|
Peru
— 0.1% |
Peruvian
Government International Bond: |
|
|
|
2.783%,
1/23/31 |
|
926
|
$
792,673 |
3.30%,
3/11/41 |
|
447
|
336,341
|
|
|
|
$ 1,129,014
|
Romania
— 0.2% |
Romania
Government International Bond: |
|
|
|
3.375%,
1/28/50(14) |
EUR
|
518
|
$
340,962 |
4.625%,
4/3/49(14) |
EUR
|
1,115
|
900,973
|
5.00%,
9/27/26(14) |
EUR
|
768
|
833,305
|
6.625%,
9/27/29(14) |
EUR
|
650
|
721,801
|
|
|
|
$ 2,797,041
|
Serbia
— 0.1% |
Serbia
Government International Bond, 2.125%, 12/1/30(14) |
|
1,536
|
$
1,169,441 |
|
|
|
$ 1,169,441
|
Sri
Lanka — 0.2% |
Sri
Lanka Government International Bond: |
|
|
|
5.75%,
4/18/23(14)(19) |
|
858
|
$
308,944 |
6.20%,
5/11/27(14)(19) |
|
400
|
144,083
|
6.35%,
6/28/24(14)(19) |
|
760
|
275,461
|
6.75%,
4/18/28(14)(19) |
|
1,089
|
392,089
|
6.825%,
7/18/26(14)(19) |
|
200
|
74,255
|
6.85%,
3/14/24(14)(19) |
|
681
|
246,828
|
6.85%,
11/3/25(14)(19) |
|
400
|
148,022
|
7.55%,
3/28/30(14)(19) |
|
400
|
143,984
|
7.85%,
3/14/29(14)(19) |
|
764
|
275,012
|
|
|
|
$ 2,008,678
|
Suriname
— 0.3% |
Republic
of Suriname, 9.25%, 10/26/26(14)(19) |
|
5,751
|
$
4,186,728 |
|
|
|
$ 4,186,728
|
Ukraine
— 0.1% |
Ukraine
Government International Bond: |
|
|
|
0.00%,
GDP-Linked, 8/1/41(12)(14)(24) |
|
2,164
|
$
582,811 |
6.876%,
5/21/31(14) |
|
1,629
|
295,057
|
|
|
|
$ 877,868
|
United
Arab Emirates — 0.2% |
Finance
Department Government of Sharjah: |
|
|
|
4.375%,
3/10/51(14) |
|
2,625
|
$
1,789,754 |
Security
|
Principal
Amount* (000's omitted) |
Value
|
United
Arab Emirates (continued) |
Finance
Department Government of Sharjah: (continued) |
|
|
|
6.50%,
11/23/32(1) |
|
860
|
$
878,218 |
|
|
|
$ 2,667,972
|
Uzbekistan
— 0.1% |
Republic
of Uzbekistan: |
|
|
|
3.90%,
10/19/31(14) |
|
564
|
$
453,809 |
4.75%,
2/20/24(14) |
|
355
|
349,824
|
5.375%,
2/20/29(14) |
|
300
|
275,259
|
|
|
|
$ 1,078,892
|
Zambia
— 0.1% |
Zambia
Government International Bond: |
|
|
|
5.375%,
9/20/22(14)(19) |
|
630
|
$
268,065 |
8.97%,
7/30/27(14)(19) |
|
894
|
399,135
|
|
|
|
$ 667,200
|
Total
Sovereign Government Bonds (identified cost $54,944,133) |
|
|
$ 45,017,513
|
Borrower/Description
|
Principal
Amount (000's omitted) |
Value
|
Kenya
— 0.1% |
Government
of Kenya, Term Loan, 11.176%, (6 mo. USD LIBOR + 6.45%), 6/29/25(2) |
$
|
1,560
|
$
1,513,105 |
|
|
|
$ 1,513,105
|
Nigeria
— 0.1% |
Bank
of Industry Limited, Term Loan, 11.138%, (3 mo. USD LIBOR + 6.00%), 12/14/23(2)(25) |
$
|
753
|
$
766,313 |
|
|
|
$ 766,313
|
Tanzania
— 0.3% |
Government
of the United Republic of Tanzania, Term Loan, 11.434%, (6 mo. USD LIBOR + 6.30%), 4/28/31(2) |
$
|
4,410
|
$
4,246,062 |
|
|
|
$ 4,246,062
|
Total
Sovereign Loans (identified cost $6,720,678) |
|
|
$ 6,525,480
|
44
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
U.S.
Government Agency Mortgage-Backed Securities — 30.0% |
Security
|
Principal
Amount (000's omitted) |
Value
|
Federal
Home Loan Mortgage Corp.: |
|
|
|
5.00%,
with various maturities to 2052 |
$
|
52,731
|
$ 52,706,372
|
5.50%,
5/1/32 |
|
249
|
256,057
|
6.50%,
with various maturities to 2036 |
|
1,600
|
1,667,413
|
7.00%,
with various maturities to 2036 |
|
1,322
|
1,395,489
|
7.50%,
with various maturities to 2035 |
|
697
|
725,771
|
8.00%,
with various maturities to 2030 |
|
97
|
101,022
|
9.00%,
with various maturities to 2031 |
|
14
|
15,103
|
Federal
National Mortgage Association: |
|
|
|
3.441%,
(6 mo. USD LIBOR + 1.54%), 9/1/37(26) |
|
493
|
495,924
|
3.782%,
(COF + 1.31%), 10/1/36(26) |
|
403
|
387,252
|
4.149%,
(1 yr. CMT + 2.26%), 8/1/36(26) |
|
2,620
|
2,681,125
|
4.50%,
7/1/42 |
|
2,684
|
2,709,688
|
5.00%,
with various maturities to 2052 |
|
4,847
|
4,912,199
|
5.50%,
30-Year, TBA(27) |
|
4,650
|
4,698,679
|
5.50%,
with various maturities to 2033 |
|
341
|
352,120
|
6.00%,
30-Year, TBA(27) |
|
28,850
|
29,450,671
|
6.00%,
with various maturities to 2029 |
|
162
|
163,066
|
6.333%,
(COF + 2.00%), 7/1/32(26) |
|
490
|
501,721
|
6.50%,
with various maturities to 2036 |
|
6,648
|
6,909,769
|
7.00%,
with various maturities to 2037 |
|
1,472
|
1,545,266
|
7.50%,
with various maturities to 2035 |
|
716
|
761,696
|
8.00%,
with various maturities to 2027 |
|
40
|
41,615
|
8.019%,
9/15/27(8) |
|
36
|
36,269
|
8.168%,
9/20/28(8) |
|
8
|
8,267
|
8.221%,
10/15/29(8) |
|
9
|
9,683
|
8.287%,
6/15/27(8) |
|
15
|
15,089
|
8.50%,
with various maturities to 2037 |
|
165
|
173,587
|
9.00%,
with various maturities to 2032 |
|
160
|
165,136
|
9.50%,
with various maturities to 2030 |
|
30
|
31,232
|
Government
National Mortgage Association: |
|
|
|
4.00%,
9/20/49 |
|
221
|
215,375
|
4.50%,
with various maturities to 2052 |
|
2,549
|
2,517,038
|
5.00%,
6/20/52 |
|
14,675
|
14,725,226
|
5.50%,
30-Year, TBA(27) |
|
93,900
|
95,005,776
|
6.00%,
30-Year, TBA(27) |
|
104,000
|
105,980,035
|
6.00%,
5/15/24 |
|
25
|
25,311
|
6.50%,
with various maturities to 2053 |
|
31,893
|
32,848,423
|
7.00%,
4/20/26 |
|
50
|
50,317
|
7.50%,
with various maturities to 2032 |
|
696
|
725,753
|
8.00%,
with various maturities to 2034 |
|
820
|
855,061 |
Security
|
Principal
Amount (000's omitted) |
Value
|
Government
National Mortgage Association: (continued) |
|
|
|
9.00%,
12/15/25 |
$
|
65
|
$
66,531 |
Total
U.S. Government Agency Mortgage-Backed Securities (identified cost $367,353,396) |
|
|
$ 365,932,127
|
Security
|
Shares
|
Value
|
Leisure
Goods/Activities/Movies — 0.0% |
Cineworld
Group PLC, Exp. 11/23/25(12)(13) |
|
78,565
|
$
0 |
|
|
|
$ 0
|
Retailers
(Except Food and Drug) — 0.0% |
David’s
Bridal, LLC, Exp. 12/31/28(11)(12)(13) |
|
7,886
|
$
0 |
|
|
|
$ 0
|
Total
Warrants (identified cost $0) |
|
|
$ 0
|
Security
|
Principal
Amount/ Shares |
Value
|
Cable
and Satellite Television — 0.0% |
ACC
Claims Holdings, LLC(11)(13) |
|
2,257,600
|
$
0 |
|
|
|
$ 0
|
Financial
Intermediaries — 0.0% |
Alpha
Holding S.A., Escrow Certificates(11)(12) |
|
400,000
|
$
0 |
Alpha
Holding S.A., Escrow Certificates(11)(12) |
|
1,530,000
|
0
|
|
|
|
$ 0
|
Surface
Transport — 0.0%(10) |
Hertz
Corp., Escrow Certificates(12) |
$
|
364,000
|
$
34,580 |
|
|
|
$ 34,580
|
Total
Miscellaneous (identified cost $0) |
|
|
$ 34,580
|
45
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Short-Term
Investments — 2.2% |
Security
|
Shares
|
Value
|
Morgan
Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.73%(28) |
|
26,067,123
|
$
26,067,123 |
Total
Affiliated Fund (identified cost $26,067,123) |
|
|
$ 26,067,123
|
U.S.
Treasury Obligations — 0.1% |
Security
|
Principal
Amount (000's omitted) |
Value
|
U.S.
Treasury Bills: |
|
|
|
0.00%,
4/4/23 |
$
|
265
|
$
264,966 |
0.00%,
4/11/23(29) |
|
142
|
141,456
|
0.00%,
5/2/23(29) |
|
93
|
93,055
|
Total
U.S. Treasury Obligations (identified cost $499,415) |
|
|
$ 499,477
|
Total
Short-Term Investments (identified cost $26,566,538) |
|
|
$ 26,566,600
|
Total
Investments — 160.2% (identified cost $2,144,307,654) |
|
|
$1,956,495,890
|
Less
Unfunded Loan Commitments — (0.0)%(10) |
|
|
$
(100,733) |
Net
Investments — 160.2% (identified cost $2,144,206,921) |
|
|
$1,956,395,157
|
Other
Assets, Less Liabilities — (42.5)% |
|
|
$
(519,078,578) |
Auction
Preferred Shares Plus Cumulative Unpaid Dividends — (17.7)% |
|
|
$
(216,138,298) |
Net
Assets Applicable to Common Shares — 100.0% |
|
|
$1,221,178,281
|
The
percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares. |
*
|
In
U.S. dollars unless otherwise indicated. |
(1) |
Security
exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2023,
the aggregate value of these securities is $618,103,321 or 50.6% of the Fund's net assets applicable to common shares. |
(2) |
Variable
rate security. The stated interest rate represents the rate in effect at March 31, 2023. |
(3) |
Step
coupon security. Interest rate represents the rate in effect at March 31, 2023. |
(4) |
Principal
amount is less than $500. |
(5) |
Inverse
floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at March 31, 2023. |
(6) |
Interest
only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated. |
(7) |
Principal
only security that entitles the holder to receive only principal payments on the underlying mortgages. |
(8) |
Weighted
average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at March 31, 2023. |
(9) |
Represents
an investment in an issuer that may be deemed to be an affiliate (see Note 9). |
(10) |
Amount
is less than 0.05% or (0.05)%, as applicable. |
(11) |
For fair
value measurement disclosure purposes, security is categorized as Level 3 (see Note 10). |
(12) |
Non-income
producing security. |
(13) |
Security
was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
(14) |
Security
exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant
to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At March 31, 2023, the aggregate value of these securities is $73,064,192 or 6.0% of the Fund's net
assets applicable to common shares. |
(15) |
Represents
a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. |
(16) |
Perpetual
security with no stated maturity date but may be subject to calls by the issuer. |
(17) |
Security
converts to variable rate after the indicated fixed-rate coupon period. |
(18) |
When-issued
security. For a variable rate security interest rate will be determined after March 31, 2023. |
(19) |
Issuer
is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status. |
(20) |
Senior
floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be
predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans
typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) or the Secured Overnight
Financing Rate (“SOFR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or
3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold. |
46
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
(21) |
The
stated interest rate represents the weighted average interest rate at March 31, 2023 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the
indicated base lending rate and spread and the reset period. |
(22) |
This
Senior Loan will settle after March 31, 2023, at which time the interest rate will be determined. |
(23) |
Unfunded
or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. At March 31, 2023,
the total value of unfunded loan commitments is $81,371. See Note 1F for description. |
(24) |
Amounts
payable in respect of the security are contingent upon and determined by reference to Ukraine’s GDP and Real GDP Growth Rate. Principal amount represents the notional amount used to calculate payments due to the security holder and does not
represent an entitlement for payment. |
(25) |
Loan
is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date. |
(26) |
Adjustable
rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages
may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at March 31, 2023. |
(27) |
TBA (To
Be Announced) securities are purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date are determined upon settlement. |
(28) |
May be
deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2023. |
(29) |
Security
(or a portion thereof) has been pledged to cover margin requirements on open derivative contracts |
Forward
Foreign Currency Exchange Contracts (Centrally Cleared) |
Currency
Purchased |
Currency
Sold |
Settlement
Date |
Value/Unrealized
Appreciation (Depreciation) |
USD
|
118,145
|
EUR
|
109,793
|
6/21/23
|
$
(1,449) |
USD
|
673,167
|
EUR
|
625,975
|
6/21/23
|
(8,683)
|
USD
|
792,972
|
EUR
|
737,380
|
6/21/23
|
(10,229)
|
USD
|
1,850,398
|
EUR
|
1,720,675
|
6/21/23
|
(23,869)
|
USD
|
3,607,108
|
EUR
|
3,354,229
|
6/21/23
|
(46,530)
|
|
|
|
|
|
$(90,760)
|
Forward
Foreign Currency Exchange Contracts (OTC) |
Currency
Purchased |
Currency
Sold |
Counterparty
|
Settlement
Date |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
USD
|
44,799,997
|
EUR
|
42,161,465
|
Standard
Chartered Bank |
4/4/23
|
$
— |
$
(924,107) |
EUR
|
1,000,000
|
USD
|
1,080,443
|
Bank
of America, N.A. |
4/14/23
|
4,654
|
—
|
EUR
|
142,236
|
USD
|
152,728
|
Citibank,
N.A. |
4/14/23
|
1,612
|
—
|
USD
|
829,761
|
EUR
|
776,340
|
Citibank,
N.A. |
4/14/23
|
—
|
(12,643)
|
EUR
|
88,721
|
USD
|
97,263
|
Bank
of America, N.A. |
4/28/23
|
—
|
(916)
|
EUR
|
539,293
|
USD
|
573,730
|
Citibank,
N.A. |
4/28/23
|
11,918
|
—
|
EUR
|
661,889
|
USD
|
708,248
|
Citibank,
N.A. |
4/28/23
|
10,534
|
—
|
EUR
|
89,923
|
USD
|
95,652
|
Citibank,
N.A. |
4/28/23
|
2,000
|
—
|
EUR
|
38,797
|
USD
|
41,274
|
Citibank,
N.A. |
4/28/23
|
857
|
—
|
EUR
|
40,863
|
USD
|
43,725
|
Citibank,
N.A. |
4/28/23
|
650
|
—
|
EUR
|
678,263
|
USD
|
731,108
|
HSBC
Bank USA, N.A. |
4/28/23
|
5,456
|
—
|
GBP
|
36,085
|
USD
|
43,407
|
Goldman
Sachs International |
4/28/23
|
1,129
|
—
|
GBP
|
11,982
|
USD
|
14,413
|
Goldman
Sachs International |
4/28/23
|
375
|
—
|
USD
|
3,329
|
CAD
|
4,428
|
JPMorgan
Chase Bank, N.A. |
4/28/23
|
51
|
—
|
47
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Forward
Foreign Currency Exchange Contracts (OTC) (continued) |
Currency
Purchased |
Currency
Sold |
Counterparty
|
Settlement
Date |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
USD
|
487,576
|
CAD
|
648,693
|
UBS
AG |
4/28/23
|
$
7,422 |
$
— |
USD
|
730,749
|
EUR
|
669,475
|
Bank
of America, N.A. |
4/28/23
|
3,729
|
—
|
USD
|
296,088
|
EUR
|
271,261
|
Bank
of America, N.A. |
4/28/23
|
1,511
|
—
|
USD
|
11,405
|
EUR
|
10,582
|
Bank
of America, N.A. |
4/28/23
|
—
|
(87)
|
USD
|
454,478
|
EUR
|
421,690
|
Bank
of America, N.A. |
4/28/23
|
—
|
(3,458)
|
USD
|
18,364,976
|
EUR
|
16,820,453
|
Citibank,
N.A. |
4/28/23
|
98,713
|
—
|
USD
|
14,303,749
|
EUR
|
13,102,702
|
Citibank,
N.A. |
4/28/23
|
74,799
|
—
|
USD
|
315,423
|
EUR
|
288,895
|
Citibank,
N.A. |
4/28/23
|
1,695
|
—
|
USD
|
245,670
|
EUR
|
225,042
|
Citibank,
N.A. |
4/28/23
|
1,285
|
—
|
USD
|
643,735
|
EUR
|
592,211
|
Citibank,
N.A. |
4/28/23
|
621
|
—
|
USD
|
187,222
|
EUR
|
175,506
|
HSBC
Bank USA, N.A. |
4/28/23
|
—
|
(3,369)
|
USD
|
91,248
|
EUR
|
83,551
|
State
Street Bank and Trust Company |
4/28/23
|
515
|
—
|
USD
|
270,983
|
EUR
|
253,686
|
The
Royal Bank of Scotland PLC |
4/28/23
|
—
|
(4,509)
|
USD
|
36,542
|
GBP
|
29,531
|
Bank
of America, N.A. |
4/28/23
|
94
|
—
|
USD
|
1,043
|
GBP
|
843
|
Bank
of America, N.A. |
4/28/23
|
3
|
—
|
USD
|
12,319
|
GBP
|
10,261
|
Bank
of America, N.A. |
4/28/23
|
—
|
(345)
|
USD
|
12,588
|
GBP
|
10,406
|
HSBC
Bank USA, N.A. |
4/28/23
|
—
|
(255)
|
USD
|
83,349
|
GBP
|
68,899
|
HSBC
Bank USA, N.A. |
4/28/23
|
—
|
(1,688)
|
USD
|
102,714
|
GBP
|
85,332
|
HSBC
Bank USA, N.A. |
4/28/23
|
—
|
(2,604)
|
USD
|
134,268
|
GBP
|
112,440
|
Standard
Chartered Bank |
4/28/23
|
—
|
(4,508)
|
USD
|
4,076,693
|
GBP
|
3,292,152
|
State
Street Bank and Trust Company |
4/28/23
|
13,468
|
—
|
USD
|
294,970
|
GBP
|
238,204
|
State
Street Bank and Trust Company |
4/28/23
|
974
|
—
|
USD
|
45,880,178
|
EUR
|
42,161,465
|
Standard
Chartered Bank |
5/3/23
|
81,761
|
—
|
USD
|
1,248,133
|
EUR
|
1,177,256
|
Bank
of America, N.A. |
5/31/23
|
—
|
(32,711)
|
USD
|
4,902,328
|
EUR
|
4,621,216
|
State
Street Bank and Trust Company |
5/31/23
|
—
|
(125,512)
|
USD
|
4,902,156
|
EUR
|
4,621,216
|
State
Street Bank and Trust Company |
5/31/23
|
—
|
(125,684)
|
USD
|
4,902,002
|
EUR
|
4,621,216
|
State
Street Bank and Trust Company |
5/31/23
|
—
|
(125,838)
|
USD
|
4,900,889
|
EUR
|
4,621,217
|
State
Street Bank and Trust Company |
5/31/23
|
—
|
(126,951)
|
USD
|
4,901,955
|
EUR
|
4,621,216
|
The
Royal Bank of Scotland PLC |
5/31/23
|
—
|
(125,885)
|
USD
|
4,915,877
|
GBP
|
4,105,273
|
State
Street Bank and Trust Company |
5/31/23
|
—
|
(154,241)
|
USD
|
1,997,889
|
EUR
|
1,833,973
|
Bank
of America, N.A. |
6/30/23
|
—
|
(784)
|
USD
|
5,553,227
|
EUR
|
5,100,000
|
Goldman
Sachs International |
6/30/23
|
—
|
(4,780)
|
USD
|
5,555,027
|
EUR
|
5,100,000
|
Standard
Chartered Bank |
6/30/23
|
—
|
(2,980)
|
USD
|
5,554,814
|
EUR
|
5,100,000
|
Standard
Chartered Bank |
6/30/23
|
—
|
(3,193)
|
USD
|
5,553,971
|
EUR
|
5,100,000
|
Standard
Chartered Bank |
6/30/23
|
—
|
(4,036)
|
USD
|
5,553,637
|
EUR
|
5,100,000
|
Standard
Chartered Bank |
6/30/23
|
—
|
(4,370)
|
|
|
|
|
|
|
$325,826
|
$(1,795,454)
|
48
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Futures
Contracts |
Description
|
Number
of Contracts |
Position
|
Expiration
Date |
Notional
Amount |
Value/Unrealized
Appreciation (Depreciation) |
Interest
Rate Futures |
|
|
|
|
|
U.S.
2-Year Treasury Note |
90
|
Long
|
6/30/23
|
$ 18,580,781
|
$ 187,859
|
Euro-Bobl
|
(18)
|
Short
|
6/8/23
|
(2,301,135)
|
(58,184)
|
Euro-Bund
|
(5)
|
Short
|
6/8/23
|
(736,592)
|
(27,447)
|
Euro-Buxl
|
(8)
|
Short
|
6/8/23
|
(1,222,101)
|
(67,547)
|
U.S.
5-Year Treasury Note |
(75)
|
Short
|
6/30/23
|
(8,213,086)
|
(92,562)
|
U.S.
10-Year Treasury Note |
(91)
|
Short
|
6/21/23
|
(10,457,891)
|
(265,210)
|
U.S.
10-Year Ultra Treasury Note |
(3)
|
Short
|
6/21/23
|
(363,423)
|
(11,884)
|
U.S.
Long Treasury Bond |
(2)
|
Short
|
6/21/23
|
(262,312)
|
(11,156)
|
U.S.
Ultra-Long Treasury Bond |
(34)
|
Short
|
6/21/23
|
(4,798,251)
|
(217,199)
|
|
|
|
|
|
$
(563,330) |
Credit
Default Swaps - Buy Protection (Centrally Cleared) |
|
Reference
Entity |
Notional
Amount* (000's omitted) |
Contract
Annual Fixed Rate** |
Termination
Date |
Value
|
Unamortized
Upfront Receipts (Payments) |
Unrealized
Appreciation (Depreciation) |
Mexico
|
|
$1,384
|
1.00%
(pays quarterly)(1) |
6/20/28
|
$
12,122 |
$
(26,654) |
$
(14,532) |
Total
|
|
|
|
|
$12,122
|
$(26,654)
|
$(14,532)
|
Credit
Default Swaps - Sell Protection (OTC) |
Reference
Entity |
Counterparty
|
Notional
Amount* (000's omitted) |
Contract
Annual Fixed Rate** |
Current
Market Annual Fixed Rate*** |
Termination
Date |
Value
|
Unamortized
Upfront Receipts (Payments) |
Unrealized
Appreciation (Depreciation) |
Mexico
|
Citibank,
N.A. |
$
2,041 |
1.00%
(pays quarterly)(1) |
1.80%
|
12/20/31
|
$
(115,456) |
$
79,563 |
$
(35,893) |
Total
|
|
$2,041
|
|
|
|
$(115,456)
|
$79,563
|
$(35,893)
|
*
|
If the Fund
is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At March 31, 2023, such
maximum potential amount for all open credit default swaps in which the Fund is the seller was $2,041,000. |
**
|
The
contract annual fixed rate represents the fixed rate of interest received by the Fund (as a seller of protection) or paid by the Fund (as a buyer of protection) on the notional amount of the credit default swap contract. |
***
|
Current
market annual fixed rates, utilized in determining the net unrealized appreciation or depreciation as of period end, serve as an indicator of the market’s perception of the current status of the payment/performance risk associated with the
credit derivative. The current market annual fixed rate of a particular reference entity reflects the cost, as quoted by the pricing vendor, of selling protection against default of that entity as of period end and may include upfront payments
required to be made to enter into the agreement. The higher the fixed rate, the greater the market perceived risk of a credit event involving the reference entity. A rate identified as “Defaulted” indicates a credit event has occurred
for the reference entity. |
(1) |
Upfront
payment is exchanged with the counterparty as a result of the standardized trading coupon. |
49
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Portfolio of
Investments — continued
Abbreviations:
|
CMT
|
– Constant
Maturity Treasury |
COF
|
– Cost
of Funds 11th District |
DIP
|
– Debtor
In Possession |
EURIBOR
|
– Euro
Interbank Offered Rate |
GDP
|
– Gross
Domestic Product |
LIBOR
|
– London
Interbank Offered Rate |
OTC
|
– Over-the-counter
|
PIK
|
– Payment
In Kind |
REITs
|
– Real
Estate Investment Trusts |
SOFR
|
– Secured
Overnight Financing Rate |
SONIA
|
– Sterling
Overnight Interbank Average |
TBA
|
– To
Be Announced |
Currency
Abbreviations: |
CAD
|
– Canadian
Dollar |
EUR
|
– Euro
|
GBP
|
– British
Pound Sterling |
USD
|
– United
States Dollar |
50
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Statement of Assets
and Liabilities
|
March
31, 2023 |
Assets
|
|
Unaffiliated investments, at value (identified cost $2,105,878,862)
|
$
1,920,394,394 |
Affiliated
investments, at value (identified cost $38,328,059) |
36,000,763
|
Cash
|
4,100,106
|
Deposits
for derivatives collateral: |
|
Futures
contracts |
770,557
|
Centrally
cleared derivatives |
471,949
|
OTC
derivatives |
3,550,400
|
Deposits
for forward commitment securities |
257,764
|
Foreign
currency, at value (identified cost $4,245,280) |
4,254,718
|
Interest receivable
|
19,432,978
|
Interest
and dividends receivable from affiliated investments |
169,929
|
Receivable
for investments sold |
6,460,522
|
Receivable
for variation margin on open centrally cleared derivatives |
39,799
|
Receivable
for open forward foreign currency exchange contracts |
325,826
|
Tax
reclaims receivable |
11,023
|
Prepaid
upfront fees on notes payable |
859,506
|
Prepaid
expenses |
8,890
|
Total
assets |
$1,997,109,124
|
Liabilities
|
|
Notes
payable |
$
314,000,000 |
Cash
collateral due to brokers |
257,764
|
Payable
for investments purchased |
5,549,400
|
Payable
for when-issued/delayed delivery/forward commitment securities |
233,933,603
|
Payable
for variation margin on open futures contracts |
82,432
|
Payable
for open forward foreign currency exchange contracts |
1,795,454
|
Payable
for open swap contracts |
35,893
|
Upfront
receipts on open non-centrally cleared swap contracts |
79,563
|
Payable
to affiliate: |
|
Investment
adviser fee |
1,108,963
|
Accrued
expenses |
2,949,473
|
Total
liabilities |
$
559,792,545 |
Auction
preferred shares (8,640 shares outstanding) at liquidation value plus cumulative unpaid dividends |
$
216,138,298 |
Net
assets applicable to common shares |
$1,221,178,281
|
Sources
of Net Assets |
|
Common
shares, $0.01 par value, unlimited number of shares authorized |
$
1,162,035 |
Additional
paid-in capital |
1,627,248,324
|
Accumulated
loss |
(407,232,078)
|
Net
assets applicable to common shares |
$1,221,178,281
|
Common
Shares Issued and Outstanding |
116,203,460
|
Net
Asset Value Per Common Share |
|
Net
assets ÷ common shares issued and outstanding |
$
10.51 |
51
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
|
Year
Ended |
|
March
31, 2023 |
Investment
Income |
|
Dividend
income (net of foreign taxes withheld of $2,759) |
$
2,407,590 |
Dividend
income from affiliated investments |
1,190,672
|
Interest and other income
|
112,100,778
|
Interest
income from affiliated investments |
608,855
|
Total investment income
|
$
116,307,895 |
Expenses
|
|
Investment
adviser fee |
$
14,516,524 |
Trustees’
fees and expenses |
108,500
|
Custodian
fee |
591,751
|
Transfer
and dividend disbursing agent fees |
18,943
|
Legal
and accounting services |
217,188
|
Printing
and postage |
530,266
|
Interest
expense and fees |
18,103,919
|
Preferred
shares service fee |
226,603
|
Miscellaneous
|
191,904
|
Total
expenses |
$
34,505,598 |
Deduct:
|
|
Waiver
and/or reimbursement of expenses by affiliate |
$
64,277 |
Total
expense reductions |
$
64,277 |
Net
expenses |
$
34,441,321 |
Net
investment income |
$
81,866,574 |
Realized
and Unrealized Gain (Loss) |
|
Net
realized gain (loss): |
|
Investment
transactions |
$
(76,551,082) |
Investment
transactions - affiliated investments |
9,203
|
Futures
contracts |
17,022,603
|
Swap
contracts |
31,174
|
Foreign
currency transactions |
193,773
|
Forward
foreign currency exchange contracts |
10,889,728
|
Net
realized loss |
$
(48,404,601) |
Change
in unrealized appreciation (depreciation): |
|
Investments
|
$
(82,036,961) |
Investments
- affiliated investments |
(1,157,991)
|
Futures
contracts |
(5,164,370)
|
Swap
contracts |
(44,031)
|
Foreign
currency |
77,521
|
Forward
foreign currency exchange contracts |
(3,665,994)
|
Net
change in unrealized appreciation (depreciation) |
$
(91,991,826) |
Net
realized and unrealized loss |
$(140,396,427)
|
Distributions
to preferred shareholders |
$
(9,997,733) |
Net
decrease in net assets from operations |
$
(68,527,586) |
52
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Statements of Changes
in Net Assets
|
Year
Ended March 31, |
|
2023
|
2022
|
Increase
(Decrease) in Net Assets |
|
|
From
operations: |
|
|
Net
investment income |
$
81,866,574 |
$
74,344,411 |
Net
realized gain (loss) |
(48,404,601)
|
3,126,359
|
Net
change in unrealized appreciation (depreciation) |
(91,991,826)
|
(85,016,408)
|
Distributions
to preferred shareholders |
(9,997,733)
|
(344,223)
|
Net
decrease in net assets from operations |
$
(68,527,586) |
$
(7,889,861) |
Distributions
to common shareholders |
$
(83,662,686) |
$
(79,170,448) |
Tax
return of capital to common shareholders |
$
(55,781,466) |
$
(60,229,921) |
Capital
share transactions: |
|
|
Reinvestment
of distributions to common shareholders |
$
— |
$
748,152 |
Net
increase in net assets from capital share transactions |
$
— |
$
748,152 |
Net
decrease in net assets |
$
(207,971,738) |
$
(146,542,078) |
Net
Assets Applicable to Common Shares |
|
|
At
beginning of year |
$
1,429,150,019 |
$
1,575,692,097 |
At
end of year |
$1,221,178,281
|
$1,429,150,019
|
53
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
|
Year
Ended |
|
March
31, 2023 |
Cash
Flows From Operating Activities |
|
Net
decrease in net assets from operations |
$
(68,527,586) |
Distributions
to preferred shareholders |
9,997,733
|
Net
decrease in net assets from operations excluding distributions to preferred shareholders |
$
(58,529,853) |
Adjustments
to reconcile net decrease in net assets from operations to net cash provided by operating activities: |
|
Investments
purchased |
(3,977,937,671)
|
Investments
sold and principal repayments |
4,262,756,423
|
Decrease
in short-term investments, net |
20,186,777
|
Net
amortization/accretion of premium (discount) |
4,863,903
|
Amortization
of prepaid upfront fees on notes payable |
457,978
|
Increase
in interest receivable |
(2,669,950)
|
Increase
in interest and dividends receivable from affiliated investments |
(126,890)
|
Decrease
in receivable for variation margin on open centrally cleared derivatives |
74,059
|
Decrease
in receivable for open forward foreign currency exchange contracts |
1,910,404
|
Increase
in tax reclaims receivable |
(7,874)
|
Decrease
in cash collateral due to broker |
(172,236)
|
Decrease
in payable for variation margin on open futures contracts |
(431,352)
|
Increase
in payable for open forward foreign currency exchange contracts |
1,705,893
|
Increase
in payable for open swap contracts |
6,851
|
Decrease
in upfront receipts on open non-centrally cleared swap contracts |
(13,649)
|
Decrease
in payable to affiliate for investment adviser fee |
(288,288)
|
Increase
in accrued expenses |
1,337,629
|
Decrease
in unfunded loan commitments |
(854,132)
|
Net
change in unrealized appreciation (depreciation) from investments |
83,194,952
|
Net
realized loss from investments |
76,541,879
|
Net
cash provided by operating activities |
$
412,004,853 |
Cash
Flows From Financing Activities |
|
Cash distributions paid to common shareholders
|
$
(139,444,152) |
Cash
distributions paid to preferred shareholders |
(9,873,101)
|
Proceeds
from notes payable |
120,000,000
|
Repayments
of notes payable |
(384,000,000)
|
Net
cash used in financing activities |
$
(413,317,253) |
Net
decrease in cash and restricted cash* |
$
(1,312,400) |
Cash
and restricted cash at beginning of year (including foreign currency) |
$
14,717,894 |
Cash
and restricted cash at end of year (including foreign currency) |
$
13,405,494 |
Supplemental
disclosure of cash flow information: |
|
Cash
paid for interest and fees on borrowings |
$
16,606,866 |
*
|
Includes
net change in unrealized appreciation (depreciation) on foreign currency of $14,392. |
54
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Statement of Cash
Flows — continued
The
following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such amounts shown on the Statement of Cash Flows.
|
|
|
March
31, 2023 |
Cash
|
$
4,100,106 |
Deposits
for derivatives collateral: |
|
Futures
contracts |
770,557
|
Centrally
cleared derivatives |
471,949
|
OTC
derivatives |
3,550,400
|
Deposits
for forward commitment securities |
257,764
|
Foreign
currency |
4,254,718
|
Total
cash and restricted cash as shown on the Statement of Cash Flows |
$13,405,494
|
55
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Selected data for a
common share outstanding during the periods stated
|
Year
Ended March 31, |
|
2023
|
2022
|
2021
|
2020
|
2019
|
Net
asset value — Beginning of year (Common shares) |
$
12.300 |
$
13.570 |
$
11.750 |
$
14.450 |
$
14.740 |
Income
(Loss) From Operations |
|
|
|
|
|
Net
investment income(1) |
$
0.705 |
$
0.640 |
$
0.756 |
$
0.762 |
$
0.826 |
Net
realized and unrealized gain (loss) |
(1.209)
|
(0.707)
|
2.271
|
(2.390)
|
(0.267)
|
Distributions
to preferred shareholders: From net investment income(1) |
(0.086)
|
(0.003)
|
(0.007)
|
(0.055)
|
(0.066)
|
Discount
on redemption and repurchase of auction preferred shares(1) |
—
|
—
|
—
|
—
|
0.035
|
Total
income (loss) from operations |
$
(0.590) |
$
(0.070) |
$
3.020 |
$
(1.683) |
$
0.528 |
Less
Distributions to Common Shareholders |
|
|
|
|
|
From
net investment income |
$
(0.720) |
$
(0.681) |
$
(0.789) |
$
(0.839) |
$
(0.818) |
Tax
return of capital |
(0.480)
|
(0.519)
|
(0.411)
|
(0.178)
|
—
|
Total
distributions to common shareholders |
$
(1.200) |
$
(1.200) |
$
(1.200) |
$
(1.017) |
$
(0.818) |
Net
asset value — End of year (Common shares) |
$10.510
|
$12.300
|
$13.570
|
$11.750
|
$14.450
|
Market
value — End of year (Common shares) |
$
9.850 |
$11.700
|
$12.630
|
$10.570
|
$12.650
|
Total
Investment Return on Net Asset Value(2) |
(3.98)%
|
(0.42)%
|
27.62%
|
(11.69)%
|
4.57%
(3) |
Total
Investment Return on Market Value(2) |
(5.30)%
|
1.70%
|
32.25%
|
(9.33)%
|
3.70%
|
56
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Financial
Highlights — continued
Selected data for a
common share outstanding during the periods stated
|
Year
Ended March 31, |
|
2023
|
2022
|
2021
|
2020
|
2019
|
Ratios/Supplemental
Data |
|
|
|
|
|
Net assets applicable to common shares, end of year
(000’s omitted) |
$1,221,178
|
$1,429,150
|
$1,575,692
|
$1,365,197
|
$1,678,459
|
Ratios
(as a percentage of average daily net assets applicable to common shares):(4)† |
|
|
|
|
|
Expenses excluding interest and fees
|
1.29%
|
1.24%
|
1.33%
|
1.29%
|
1.31%
|
Interest
and fee expense(5) |
1.43%
|
0.53%
|
0.58%
|
1.33%
|
1.43%
|
Total
expenses |
2.72%
(6) |
1.77%
|
1.91%
|
2.62%
|
2.74%
|
Net
investment income |
6.47%
|
4.83%
|
5.73%
|
5.33%
|
5.71%
|
Portfolio
Turnover |
201%
(7) |
137%
(7) |
57%
(7) |
49%
|
34%
|
Senior
Securities: |
|
|
|
|
|
Total
notes payable outstanding (in 000’s) |
$
314,000 |
$
578,000 |
$
570,000 |
$
525,000 |
$
595,000 |
Asset
coverage per $1,000 of notes payable(8) |
$
5,577 |
$
3,846 |
$
4,143 |
$
4,012 |
$
4,184 |
Total
preferred shares outstanding |
8,640
|
8,640
|
8,640
|
8,640
|
8,640
|
Asset
coverage per preferred share(9) |
$
82,609 |
$
69,999 |
$
75,118 |
$
71,062 |
$
76,744 |
Involuntary
liquidation preference per preferred share(10) |
$
25,000 |
$
25,000 |
$
25,000 |
$
25,000 |
$
25,000 |
Approximate
market value per preferred share(10) |
$
25,000 |
$
25,000 |
$
25,000 |
$
25,000 |
$
25,000 |
(1) |
Computed
using average common shares outstanding. |
(2) |
Returns
are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan.
|
(3) |
The
total return based on net asset value reflects the impact of the tender and repurchase by the Fund of a portion of its Auction Preferred Shares at 92% of the per share liquidation preference. Absent this transaction, the total return based on net
asset value would have been 4.31%. |
(4) |
Ratios
do not reflect the effect of dividend payments to preferred shareholders. |
(5) |
Interest
and fee expense relates to the notes payable, a portion of which was incurred to partially redeem the Fund’s Auction Preferred Shares (see Note 2). |
(6) |
Includes
a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the year ended March 31, 2023). |
(7) |
Includes
the effect of To-Be-Announced (TBA) transactions. |
(8) |
Calculated
by subtracting the Fund’s total liabilities (not including the notes payable and preferred shares) from the Fund’s total assets, and dividing the result by the notes payable balance in thousands. |
(9) |
Calculated
by subtracting the Fund’s total liabilities (not including the notes payable and preferred shares) from the Fund’s total assets, dividing the result by the sum of the value of the notes payable and liquidation value of the preferred
shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 330%, 280%, 300%, 284% and 307% at March 31, 2023, 2022, 2021, 2020 and 2019, respectively. |
(10) |
Plus
accumulated and unpaid dividends. |
† |
Ratios
based on net assets applicable to common shares plus preferred shares and borrowings are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders. |
|
Year
Ended March 31, |
|
2023
|
2022
|
2021
|
2020
|
2019
|
Expenses
excluding interest and fees |
0.85%
|
0.83%
|
0.88%
|
0.86%
|
0.87%
|
Interest
and fee expense |
0.94%
|
0.36%
|
0.38%
|
0.89%
|
0.95%
|
Total
expenses |
1.79%
|
1.19%
|
1.26%
|
1.75%
|
1.82%
|
Net
investment income |
4.24%
|
3.25%
|
3.79%
|
3.57%
|
3.79%
|
57
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Notes to Financial
Statements
1 Significant Accounting Policies
Eaton Vance Limited Duration Income Fund (the Fund) is a
Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Fund's primary investment objective is to provide a high level
of
current income. The Fund may, as a secondary objective, also seek capital appreciation to the extent it is consistent with its primary objective.
The following is a summary of significant accounting policies
of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting
Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment
Valuation—The following methodologies are used to determine the market value or fair value of
investments.
Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Senior Loans, for which a valuation is not available
or deemed unreliable, are fair valued by the investment adviser utilizing one or more of the valuation techniques described below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan. If the
investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other Senior
Loans issued by companies of comparable credit quality. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to:
(i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be
liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are
likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Junior Loans (i.e.,
subordinated loans and second lien loans) are valued in the same manner as Senior Loans.
Debt Obligations. Debt
obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and
ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The
pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or
less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Equity Securities. Equity
securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such
securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available
are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that
consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic
events.
Derivatives. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Forward foreign currency exchange contracts are generally valued at the mean of the
average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward
foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Swaps are normally valued using valuations provided by a third party
pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained
from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by
broker/dealers.
Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine
the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such
securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock
Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable
foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.
Other. Investments in
management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Notes to Financial
Statements — continued
Fair
Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not
readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might
reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may
include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or
entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the
company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized
gains and losses on investments sold are determined on the basis of identified cost.
C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated
with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign interest have been provided for in accordance with the Fund’s
understanding of the applicable countries’ tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.
D Federal
Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable
to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax
is necessary.
As of March 31, 2023, the Fund had
no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal
Revenue Service for a period of three years from the date of filing.
E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are
translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency
exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized
gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
F Unfunded Loan Commitments—The Fund may enter into certain loan agreements all or a portion of which may be unfunded. The Fund is
obligated to fund these commitments at the borrower's discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At March 31, 2023, the Fund had sufficient cash and/or securities to cover these
commitments.
G Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those
estimates.
H Indemnifications—Under the Fund’s organizational documents, its officers and Trustees may be indemnified against
certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have
personal liability for the obligations of the Fund. However, the Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume, upon
request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder
for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under
these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
I Futures
Contracts—Upon entering into a futures contract, the Fund is required to deposit with the
broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily
fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the
Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty,
guaranteeing counterparty performance.
J Forward Foreign Currency Exchange Contracts—The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific
foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the
contracts have been closed. While forward foreign currency
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Notes to Financial
Statements — continued
exchange contracts
are privately negotiated agreements between the Fund and a counterparty, certain contracts may be “centrally cleared”, whereby all payments made or received by the Fund pursuant to the contract are with a central clearing party (CCP)
rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared contracts, the Fund is required to deposit with the CCP, either in cash or securities, an amount
of initial margin determined by the CCP, which is subject to adjustment. For centrally cleared contracts, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. Risks may
arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar. In the case of centrally cleared contracts,
counterparty risk is minimal due to protections provided by the CCP.
K Interest Rate
Swaps—Swap contracts are privately negotiated agreements between the Fund and a counterparty. Certain
swap contracts may be centrally cleared. Pursuant to interest rate swap agreements, the Fund either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange
for fixed-rate payments or the Fund makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of
upfront payments/receipts, if any (which are amortized over the life of the swap contract), are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as
unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the
relationship between two rates of interest. The Fund is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the
CCP. Risk may also arise from movements in interest rates.
L Credit Default
Swaps—When the Fund is the buyer of a credit default swap contract, the Fund is entitled to receive
the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign
corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the
Fund would have spent the stream of payments and received no proceeds from the contract. When the Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an
amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract
specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund
could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of
a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to
investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation
(depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared
swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or
losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized
upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 7 and 10. These transactions involve
certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.
M When-Issued Securities and Delayed Delivery
Transactions—The Fund may purchase securities on a delayed delivery, when-issued or forward commitment
basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed.
Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less
than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract. A forward purchase commitment may also be closed by entering into an offsetting commitment. If an offsetting commitment is entered
into, the Fund will realize a gain or loss on investments based on the price established when the Fund entered into the commitment.
N Stripped Mortgage-Backed Securities—The Fund may invest in Interest Only (IO) and Principal Only (PO) securities, a form of stripped
mortgage-backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal
payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than
anticipated prepayments of principal, the Fund may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Notes to Financial
Statements — continued
2 Auction Preferred Shares
The Fund issued Auction Preferred Shares (APS) on July 25, 2003
in a public offering. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. Series of APS are identical in all respects except for the reset
dates of the dividend rates. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. Auctions
have not cleared since February 13, 2008 and the rate since that date has been the maximum applicable rate (see Note 3). The maximum applicable rate on the APS is 160% of the “AA” Financial Composite Commercial Paper Rate at the date of
the auction. The stated spread over the reference benchmark rate is determined based on the credit rating of the APS.
The number of APS issued and outstanding at March 31, 2023 are
as follows:
|
APS
Issued and Outstanding |
Series
A |
1,728
|
Series
B |
1,728
|
Series
C |
1,728
|
Series
D |
1,728
|
Series
E |
1,728
|
The APS are redeemable at the option
of the Fund at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated
and unpaid dividends, if the Fund is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years’ dividends, the holders of the
APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the
right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Fund is required to maintain certain asset coverage with respect to the APS as
defined in the Fund's By-Laws and the 1940 Act. The Fund pays an annual fee up to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.
3 Distributions to Shareholders and Income Tax
Information
The Fund intends to make monthly
distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, the Fund intends to distribute all or substantially all of its net realized capital gains.
Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for the APS at March 31, 2023, and the
amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates, and dividend rate ranges for the year then ended were as follows:
|
APS
Dividend Rates at March 31, 2023 |
Dividends
Accrued to APS Shareholders |
Average
APS Dividend Rates |
Dividend
Rate Ranges (%) |
Series
A |
7.73%
|
$1,990,056
|
4.61%
|
0.56-7.73
|
Series
B |
7.73
|
1,999,901
|
4.63
|
0.66-7.73
|
Series
C |
7.73
|
1,999,548
|
4.63
|
0.66-7.73
|
Series
D |
7.74
|
2,018,870
|
4.67
|
0.63-7.74
|
Series
E |
7.74
|
1,989,358
|
4.60
|
0.61-7.74
|
Beginning February 13, 2008 and
consistent with the patterns in the broader market for auction-rate securities, the Fund's APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset
to the maximum applicable rates. The table above reflects such maximum dividend rate for each series as of March 31, 2023.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Notes to Financial
Statements — continued
Distributions to shareholders are determined in accordance with
income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and
tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
The tax character of distributions declared for the years ended
March 31, 2023 and March 31, 2022 was as follows:
|
Year
Ended March 31, |
|
2023
|
2022
|
Ordinary
income |
$93,660,419
|
$79,514,671
|
Tax
return of capital |
$55,781,466
|
$60,229,921
|
During the year ended March 31,
2023, accumulated loss was decreased by $2,326 and paid-in capital was decreased by $2,326 due to differences between book and tax accounting for investments in swap contracts. These reclassifications had no effect on the net assets or net
asset value per share of the Fund.
As of March 31, 2023,
the components of distributable earnings (accumulated loss) on a tax basis were as follows:
Deferred
capital losses |
$
(219,516,627) |
Late
year ordinary losses |
(2,077,548)
|
Net
unrealized depreciation |
(185,637,903)
|
Accumulated
loss |
$(407,232,078)
|
At March 31, 2023, the Fund, for
federal income tax purposes, had deferred capital losses of $219,516,627 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus
would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the
Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at March 31, 2023, $54,851,996 are short-term and $164,664,631 are long-term.
Additionally, at March 31, 2023, the Fund had a late year
ordinary loss of $2,077,548 which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that
are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.
The cost and unrealized appreciation (depreciation) of
investments, including open derivative contracts, of the Fund at March 31, 2023, as determined on a federal income tax basis, were as follows:
Aggregate
cost |
$2,141,869,252
|
Gross
unrealized appreciation |
$
15,296,090 |
Gross
unrealized depreciation |
(200,770,185)
|
Net
unrealized depreciation |
$
(185,474,095) |
4 Investment Adviser Fee and Other Transactions
with Affiliates
The investment adviser fee is earned by
Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.75% of the Fund’s average weekly gross
assets and is payable monthly. Gross assets are calculated by deducting accrued liabilities of the Fund except the principal amount of any indebtedness for money borrowed, including debt securities issued by the Fund, and the amount of any
outstanding preferred shares issued by the Fund. Accrued liabilities are expenses incurred in the normal course of operations. For the year ended March 31, 2023, the investment adviser fee amounted to $14,516,524. EVM also serves as administrator of
the Fund, but receives no compensation.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Notes to Financial
Statements — continued
Effective April 26, 2022, the Fund may invest in a money market
fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a
wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the
year ended March 31, 2023, the investment adviser fee paid was reduced by $64,277 relating to the Fund’s investment in the Liquidity Fund. Prior to April 26, 2022, the Fund may have invested its cash in Eaton Vance Cash Reserves Fund, LLC
(Cash Reserves Fund), an affiliated investment company managed by EVM. EVM did not receive a fee for advisory services provided to Cash Reserves Fund.
Trustees and officers of the Fund who are members of
EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance
with the terms of the Trustees Deferred Compensation Plan. For the year ended March 31, 2023, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.
5 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term
obligations and including maturities, paydowns, principal repayments on Senior Loans and TBA transactions, for the year ended March 31, 2023 were as follows:
|
Purchases
|
Sales
|
Investments
(non-U.S. Government) |
$
341,643,889 |
$
486,396,699 |
U.S.
Government and Agency Securities |
3,761,995,888
|
3,763,894,812
|
|
$4,103,639,777
|
$4,250,291,511
|
6 Common Shares of
Beneficial Interest
The Fund may issue common shares
pursuant to its dividend reinvestment plan. There were no common shares issued by the Fund for the year ended March 31, 2023. Common shares issued by the Fund pursuant to its dividend reinvestment plan for the year ended March 31, 2022 were
56,442.
In November 2013, the Board of Trustees initially
approved a share repurchase program for the Fund. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 31, 2019, the Fund is authorized to repurchase up to 10% of its common shares outstanding as of the
last day of the prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common
shares by the Fund for the years ended March 31, 2023 and March 31, 2022.
7 Financial Instruments
The Fund may trade in financial instruments with off-balance
sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess
of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the
amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at March
31, 2023 is included in the Portfolio of Investments. At March 31, 2023, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
In the normal course of pursuing its investment objectives, the
Fund is subject to the following risks:
Credit Risk: The
Fund enters into credit default swap contracts to enhance total return and/or as a substitute for the purchase of securities.
Foreign Exchange Risk: The Fund holds foreign currency
denominated investments. The value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Fund enters into forward foreign currency exchange
contracts.
Interest Rate Risk: The Fund utilizes various
interest rate derivatives including futures contracts to manage the duration of its portfolio and to hedge against fluctuations in securities prices due to interest rates.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Notes to Financial
Statements — continued
The
Fund enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund's net assets below a certain level
over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At March 31, 2023, the fair value of derivatives with credit-related contingent features in a net liability position was
$1,910,910. The aggregate fair value of assets pledged as collateral by the Fund for such liability was $3,784,911 at March 31, 2023.
The OTC derivatives in which the Fund invests are subject
to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master
Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains,
among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the
counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the
event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency.
Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA
Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.
The collateral requirements for derivatives traded under an
ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an
ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty.
Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral
representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged
by the Fund as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at March 31, 2023 approximated its fair value. If measured at fair value, such
liability would have been considered as Level 2 in the fair value hierarchy (see Note 10) at March 31, 2023.
The fair value of open derivative instruments (not considered
to be hedging instruments for accounting disclosure purposes) by risk exposure at March 31, 2023 was as follows:
|
Fair
Value |
Statement
of Assets and Liabilities Caption |
Credit
|
Foreign
Exchange |
Interest
Rate |
Total
|
Accumulated
loss |
$
12,122* |
$
— |
$
187,859* |
$
199,981 |
Receivable
for open forward foreign currency exchange contracts |
—
|
325,826
|
—
|
325,826
|
Total
Asset Derivatives |
$
12,122 |
$
325,826 |
$
187,859 |
$
525,807 |
Derivatives
not subject to master netting or similar agreements |
$
12,122 |
$
— |
$
187,859 |
$
199,981 |
Total
Asset Derivatives subject to master netting or similar agreements |
$
— |
$
325,826 |
$
— |
$
325,826 |
Accumulated
loss |
$
— |
$
(90,760) |
$
(751,189) |
$
(841,949) |
Payable
for open forward foreign currency exchange contracts |
—
|
(1,795,454)
|
—
|
(1,795,454)
|
Payable
for open swap contracts; Upfront receipts on open non-centrally cleared swap contracts |
(115,456)
|
—
|
—
|
(115,456)
|
Total
Liability Derivatives |
$(115,456)
|
$(1,886,214)
|
$(751,189)
|
$(2,752,859)
|
Derivatives
not subject to master netting or similar agreements |
$
— |
$
(90,760) |
$(751,189)
|
$
(841,949) |
Total
Liability Derivatives subject to master netting or similar agreements |
$(115,456)
|
$(1,795,454)
|
$
— |
$(1,910,910)
|
*
|
For
futures contracts and centrally cleared derivatives, amount represents value as shown in the Portfolio of Investments. Only the current day’s variation margin on open futures contracts and centrally cleared derivatives is reported within the
Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared derivatives, as applicable. |
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Notes to Financial
Statements — continued
The
Fund's derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Fund's derivative assets and liabilities by
counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of March 31, 2023.
Counterparty
|
Derivative
Assets Subject to Master Netting Agreement |
Derivatives
Available for Offset |
Non-cash
Collateral Received(a) |
Cash
Collateral Received(a) |
Net
Amount of Derivative Assets(b) |
Total
Cash Collateral Received |
Bank
of America, N.A. |
$
9,991 |
$
(9,991) |
$
— |
$
— |
$
— |
$
— |
Citibank,
N.A. |
204,684
|
(128,099)
|
—
|
—
|
76,585
|
—
|
Goldman
Sachs International |
1,504
|
(1,504)
|
—
|
—
|
—
|
—
|
HSBC
Bank USA, N.A. |
5,456
|
(5,456)
|
—
|
—
|
—
|
—
|
JPMorgan
Chase Bank, N.A. |
51
|
—
|
—
|
—
|
51
|
—
|
Standard
Chartered Bank |
81,761
|
(81,761)
|
—
|
—
|
—
|
—
|
State
Street Bank and Trust Company |
14,957
|
(14,957)
|
—
|
—
|
—
|
—
|
UBS
AG |
7,422
|
—
|
—
|
—
|
7,422
|
—
|
|
$325,826
|
$(241,768)
|
$
— |
$
— |
$84,058
|
$
— |
Counterparty
|
Derivative
Liabilities Subject to Master Netting Agreement |
Derivatives
Available for Offset |
Non-cash
Collateral Pledged(a) |
Cash
Collateral Pledged(a) |
Net
Amount of Derivative Liabilities(c) |
Total
Cash Collateral Pledged |
Bank
of America, N.A. |
$
(38,301) |
$
9,991 |
$
— |
$
— |
$
(28,310) |
$
— |
Citibank,
N.A. |
(128,099)
|
128,099
|
—
|
—
|
—
|
1,082,400
|
Goldman
Sachs International |
(4,780)
|
1,504
|
—
|
—
|
(3,276)
|
—
|
HSBC
Bank USA, N.A. |
(7,916)
|
5,456
|
—
|
—
|
(2,460)
|
—
|
Standard
Chartered Bank |
(943,194)
|
81,761
|
4,595
|
856,838
|
—
|
1,335,000
|
State
Street Bank and Trust Company |
(658,226)
|
14,957
|
136,861
|
506,408
|
—
|
1,133,000
|
The
Royal Bank of Scotland PLC |
(130,394)
|
—
|
—
|
—
|
(130,394)
|
—
|
|
$(1,910,910)
|
$241,768
|
$141,456
|
$1,363,246
|
$(164,440)
|
$3,550,400
|
Total
— Deposits for derivatives collateral — OTC derivatives |
|
|
|
$3,550,400
|
(a) |
In some
instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) |
Net
amount represents the net amount due from the counterparty in the event of default. |
(c) |
Net
amount represents the net amount payable to the counterparty in the event of default. |
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Notes to Financial
Statements — continued
The
effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended March 31, 2023 was as follows:
Statement
of Operations Caption |
Credit
|
Foreign
Exchange |
Interest
Rate |
Total
|
Net
realized gain (loss): |
|
|
|
|
Futures
contracts |
$
— |
$
— |
$
17,022,603 |
$
17,022,603 |
Swap
contracts |
31,174
|
—
|
—
|
31,174
|
Forward
foreign currency exchange contracts |
—
|
10,889,728
|
—
|
10,889,728
|
Total
|
$
31,174 |
$10,889,728
|
$17,022,603
|
$27,943,505
|
Change
in unrealized appreciation (depreciation): |
|
|
|
|
Futures
contracts |
$
— |
$
— |
$
(5,164,370) |
$
(5,164,370) |
Swap
contracts |
(44,031)
|
—
|
—
|
(44,031)
|
Forward
foreign currency exchange contracts |
—
|
(3,665,994)
|
—
|
(3,665,994)
|
Total
|
$(44,031)
|
$
(3,665,994) |
$
(5,164,370) |
$
(8,874,395) |
The average notional cost of futures contracts and average
notional amounts of other derivative contracts outstanding during the year ended March 31, 2023, which are indicative of the volume of these derivative types, were approximately as follows:
Futures
Contracts — Long |
Futures
Contracts — Short |
Forward
Foreign Currency Exchange Contracts* |
Swap
Contracts |
$4,504,000
|
$148,991,000
|
$216,358,000
|
$3,732,000
|
*
|
The
average notional amount of forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold. |
8 Credit Agreement
The Fund has entered into a Credit Agreement, as amended
(the Agreement) with major financial institutions to borrow up to $800 million. Borrowings under the Agreement are secured by the assets of the Fund. Effective December 16, 2022, interest is charged at a rate above either the Secured Overnight
Financing Rate (SOFR) or the Federal Funds rate and is payable monthly. Prior to December 16, 2022, interest was charged at a rate above the London Interbank Offered Rate (LIBOR) and was payable monthly. Under the terms of the Agreement, in
effect through December 14, 2023, the Fund pays a facility fee of 0.25% per annum on the borrowing limit. In connection with the renewal of the Agreement on December 17, 2021, the Fund paid an upfront fee of $1,440,000 which is being
amortized to interest expense over a period of two years through December 2023. The unamortized balance at March 31, 2023 is approximately $860,000 and is included in prepaid upfront fees on notes payable on the Statement of Assets and
Liabilities. The Fund is required to maintain certain net asset levels during the term of the Agreement. At March 31, 2023, the Fund had borrowings outstanding under the Agreement of $314,000,000 at an annual interest rate of 5.78%. Based
on the short-term nature of the borrowings under the Agreement and the variable interest rate, the carrying amount of the borrowings at March 31, 2023 approximated its fair value. If measured at fair value, borrowings under the Agreement would have
been considered as Level 2 in the fair value hierarchy (see Note 10) at March 31, 2023. Facility fees for the year ended March 31, 2023 totaled $2,027,779 and are included in interest expense and fees on the Statement of Operations. For
the year ended March 31, 2023, the average borrowings under the Agreement and the average interest rate (excluding fees) were $448,295,890 and 3.47%, respectively.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Notes to Financial
Statements — continued
9 Affiliated Investments
At March 31, 2023, the value of the Fund's investment in
issuers and funds that may be deemed to be affiliated was $36,000,763, which represents 2.9% of the Fund's net assets applicable to common shares. Transactions in such investments by the Fund for the year ended March 31, 2023 were as
follows:
Name
|
Value,
beginning of period |
Purchases
|
Sales
proceeds |
Net
realized gain (loss) |
Change
in unrealized appreciation (depreciation) |
Value,
end of period |
Interest/
Dividend income |
Principal
amount/ Units/Shares, end of period |
Commercial
Mortgage-Backed Securities |
|
|
|
|
|
|
|
|
Morgan
Stanley Bank of America Merrill Lynch Trust: |
|
|
|
|
|
|
|
|
Series
2014-C16, Class B, 4.301%, 6/15/47 |
$
— |
$
330,557 |
$
— |
$
— |
$
11,994 |
$
342,690 |
$
1,830 |
$
363,000 |
Series
2015-C23, Class D, 4.14%, 7/15/50 |
1,866,948
|
572,353
|
—
|
—
|
(239,735)
|
2,054,435
|
103,323
|
2,670,000
|
Series
2016-C29, Class D, 3.00%, 5/15/49 |
2,984,932
|
—
|
—
|
—
|
(488,327)
|
2,540,356
|
128,197
|
3,577,365
|
Series
2016-C32, Class D, 3.396%, 12/15/49 |
1,236,954
|
—
|
—
|
—
|
(241,291)
|
1,054,795
|
69,090
|
1,600,000
|
Morgan
Stanley Capital I Trust: |
|
|
|
|
|
|
|
|
Series
2016-UBS12, Class D, 3.312%, 12/15/49 |
2,644,734
|
—
|
—
|
—
|
(171,757)
|
2,198,211
|
183,125
|
4,488,667
|
Series
2017-CLS, Class F, 5.418%, (1 mo. USD LIBOR + 2.60%), 11/15/34 |
562,594
|
—
|
(569,000)
|
4,129
|
2,072
|
—
|
13,176
|
—
|
Series
2019-BPR, Class C, 7.984%, (1 mo. USD LIBOR + 3.30%), 5/15/36 |
1,769,714
|
—
|
—
|
—
|
(26,561)
|
1,743,153
|
110,114
|
1,845,000
|
Short-Term
Investments |
Cash
Reserves Fund |
46,252,658
|
45,303,626
|
(91,556,972)
|
5,074
|
(4,386)
|
—
|
317
|
—
|
Liquidity
Fund |
—
|
905,205,572
|
(879,138,449)
|
—
|
—
|
26,067,123
|
1,190,355
|
26,067,123
|
Total
|
|
|
|
$9,203
|
$(1,157,991)
|
$36,000,763
|
$1,799,527
|
|
10 Fair Value Measurements
Under generally accepted accounting principles for fair value
measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
•
|
Level 1 – quoted prices
in active markets for identical investments |
•
|
Level 2 – other
significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
•
|
Level 3
– significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in
different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing in those securities.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Notes to Financial
Statements — continued
At
March 31, 2023, the hierarchy of inputs used in valuing the Fund's investments and open derivative instruments, which are carried at value, were as follows:
Asset
Description |
Level
1 |
Level
2 |
Level
3* |
Total
|
Asset-Backed
Securities |
$
— |
$
96,033,494 |
$
— |
$
96,033,494 |
Closed-End
Funds |
19,084,409
|
—
|
—
|
19,084,409
|
Collateralized
Mortgage Obligations |
—
|
84,606,269
|
—
|
84,606,269
|
Commercial
Mortgage-Backed Securities |
—
|
76,525,693
|
—
|
76,525,693
|
Common
Stocks |
685,344
|
2,424,932
|
623,736
|
3,734,012
|
Convertible
Bonds |
—
|
1,555,730
|
—
|
1,555,730
|
Convertible
Preferred Stocks |
—
|
1,831
|
—
|
1,831
|
Corporate
Bonds |
—
|
660,549,511
|
—
|
660,549,511
|
Preferred
Stocks |
—
|
1,059,263
|
0
|
1,059,263
|
Senior
Floating-Rate Loans (Less Unfunded Loan Commitments) |
—
|
568,741,939
|
426,706
|
569,168,645
|
Sovereign
Government Bonds |
—
|
45,017,513
|
—
|
45,017,513
|
Sovereign
Loans |
—
|
6,525,480
|
—
|
6,525,480
|
U.S.
Government Agency Mortgage-Backed Securities |
—
|
365,932,127
|
—
|
365,932,127
|
Warrants
|
—
|
0
|
0
|
0
|
Miscellaneous
|
—
|
34,580
|
0
|
34,580
|
Short-Term
Investments: |
|
|
|
|
Affiliated
Fund |
26,067,123
|
—
|
—
|
26,067,123
|
U.S.
Treasury Obligations |
—
|
499,477
|
—
|
499,477
|
Total
Investments |
$
45,836,876 |
$
1,909,507,839 |
$
1,050,442 |
$
1,956,395,157 |
Forward
Foreign Currency Exchange Contracts |
$
— |
$
325,826 |
$
— |
$
325,826 |
Futures
Contracts |
187,859
|
—
|
—
|
187,859
|
Swap
Contracts |
—
|
12,122
|
—
|
12,122
|
Total
|
$
46,024,735 |
$
1,909,845,787 |
$
1,050,442 |
$
1,956,920,964 |
Liability
Description |
|
|
|
|
Forward
Foreign Currency Exchange Contracts |
$
— |
$
(1,886,214) |
$
— |
$
(1,886,214) |
Futures
Contracts |
(751,189)
|
—
|
—
|
(751,189)
|
Swap
Contracts |
—
|
(115,456)
|
—
|
(115,456)
|
Total
|
$
(751,189) |
$
(2,001,670) |
$ —
|
$
(2,752,859) |
*
|
None
of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
Level 3 investments at the beginning and/or end of the period
in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended March 31, 2023 is not presented.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Notes to Financial
Statements — continued
11 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political,
economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to
reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets
typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may
be adversely affected by fluctuations in currency exchange rates.
LIBOR Transition Risk
Certain instruments held by the Fund may pay an interest rate
based on the London Interbank Offered Rate (“LIBOR”), which is the average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is used throughout global banking and financial
industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain
LIBOR settings on December 31, 2021, and is expected to cease publishing the remaining LIBOR settings on June 30, 2023. Although the transition process away from LIBOR has become increasingly well-defined, the impact on certain debt securities,
derivatives and other financial instruments that utilize LIBOR remains uncertain. The phase-out of LIBOR may result in, among other things, increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of
such instruments.
Pandemic Risk
An outbreak of respiratory disease caused by a novel
coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines,
cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and
economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market
in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund
invests.
12 Additional Information
On August 27, 2020, the Fund’s Board of Trustees (the
“Board”) received a shareholder demand letter from counsel to Saba Capital Master Fund, Ltd., a hedge fund (“Saba”). Saba also filed claims against the Fund in a lawsuit in Suffolk County Superior Court in Massachusetts
asserting breach of contract and fiduciary duty by the Fund and certain of its affiliates, the Fund’s adviser, and the Board, following the implementation by the Fund of by-law amendments that (i) require trustee nominees in contested
elections to obtain affirmative votes of a majority of eligible shares in order to be elected and (ii) establish certain requirements related to shares obtained in “control share” acquisitions. With respect to the Fund, Saba seeks
rescission of these by-law provisions and certain related relief. On March 31, 2021, the court allowed in part and denied in part a motion to dismiss Saba’s claims. Discovery is complete. On January 23, 2023, in ruling on the parties'
cross-motions for partial summary judgment, the court dismissed Saba's claims for breach of fiduciary duty against the Board, while holding that the control share by-law amendment violated Section 18(i) of the 1940 Act. Additional claims and
defenses will be addressed at trial. While management of the Fund is unable to predict the outcome of this matter, it does not believe the outcome would result in the payment of any monetary damages by the Fund.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Report of Independent
Registered Public Accounting Firm
To the
Trustees and Shareholders of Eaton Vance Limited Duration Income Fund:
Opinion on the Financial Statements and Financial
Highlights
We have audited the accompanying statement of
assets and liabilities of Eaton Vance Limited Duration Income Fund (the “Fund”), including the portfolio of investments, as of March 31, 2023, the related statements of operations and cash flows for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present
fairly, in all material respects, the financial position of the Fund as of March 31, 2023, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the
responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The
Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the
purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks
of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of March 31, 2023, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from
brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
May 18, 2023
We have served as the auditor of one or
more Eaton Vance investment companies since 1959.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Federal Tax
Information (Unaudited)
The
Form 1099-DIV you receive in February 2024 will show the tax status of all distributions paid to your account in calendar year 2023. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their
investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and 163(j) interest dividends.
Qualified Dividend Income. For
the fiscal year ended March 31, 2023, the Fund designates approximately $196,830, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of
15%.
163(j) Interest Dividends. For the fiscal year ended March 31, 2023, the Fund designates 51.29% of distributions from net investment income as a 163(j) interest dividend.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Annual Meeting of
Shareholders (Unaudited)
The
Fund held its Annual Meeting of Shareholders on January 12, 2023. The following action was taken by the shareholders:
Proposal 1(a): The election of Thomas E. Faust Jr., Mark R.
Fetting, Keith Quinton and Nancy A. Wiser as Class II Trustees of the Fund for a three-year term expiring in 2026.
The following votes were cast by the Fund's common and APS
shareholders, voting together as a single class:
|
|
|
Number
of Shares |
Nominees
for Trustee |
|
|
For
|
Withheld
|
Thomas
E. Faust Jr. |
|
|
83,690,282
|
2,562,835
|
Mark
R. Fetting |
|
|
83,811,249
|
2,441,868
|
Keith
Quinton |
|
|
83,741,927
|
2,511,190
|
The following votes were cast by the
Fund’s APS shareholders, voting separately as a single class:
|
|
|
Number
of Shares |
Nominees
for Trustee |
|
|
For
|
Withheld
|
Nancy
A. Wiser |
|
|
7,511
|
1,017
|
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Dividend Reinvestment
Plan
The Fund offers a dividend reinvestment plan (Plan)
pursuant to which shareholders may elect to have distributions automatically reinvested in common shares (Shares) of the Fund. You may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not
participate, you will receive all distributions in cash paid by check mailed directly to you by American Stock Transfer & Trust Company, LLC (AST) as dividend paying agent. On the distribution payment date, if the NAV per Share is equal to or
less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the NAV per Share or 95% of the market price. Otherwise, Shares generally will be
purchased on the open market by AST, the Plan agent (Agent). Distributions subject to income tax (if any) are taxable whether or not Shares are reinvested.
If your Shares are in the name of a brokerage firm, bank, or
other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that the Fund’s transfer agent re-register your Shares in your name or you will not be
able to participate.
The Agent’s service fee for
handling distributions will be paid by the Fund. Plan participants will be charged their pro-rata share of brokerage commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by
writing to the Agent at the address noted on the following page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all
of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your Shares are held
in your own name, you may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Application for
Participation in Dividend Reinvestment Plan
This form is for shareholders who hold
their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in
the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.
The following authorization and appointment
is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.
|
Please
print exact name on account |
|
|
Shareholder
signature |
Date
|
|
Shareholder
signature |
Date
|
Please
sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign. |
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO
RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
This authorization form, when signed, should
be mailed to the following address:
Eaton Vance Limited Duration Income
Fund
c/o American Stock Transfer & Trust Company, LLC
P.O. Box 922
Wall Street Station
New York, NY 10269-0560
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Management and
Organization
Fund
Management. The Board of Trustees of the Fund (the “Board”) is responsible for the overall management and supervision of the affairs of the Fund. The Board members and officers of the Fund are
listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his
or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s current Trustee retirement policy, an Independent Trustee must retire and resign as a
Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would
cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the Securities and Exchange Commission, then such retirement and resignation will not become effective until such time as action has been
taken for the Fund to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Fund, as that term is defined under the 1940 Act. The business address of each
Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC,
“EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly-owned subsidiaries
of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 129 funds in the Eaton Vance fund complex (including both funds
and portfolios in a hub and spoke structure).
Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustees
|
Thomas
E. Faust Jr. 1958 |
Class
II Trustee |
Until
2026. 3 years. Since 2007. |
Chairman
of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC
and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Fund. Mr. Faust has apprised the Board of Trustees that he intends to retire as a Trustee of all
Eaton Vance Funds effective on or about August 3, 2023. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
Anchal
Pachnanda(1) 1980 |
Class
I Trustee |
Until
2025. 3 years. Since 2023. |
Co-Head of
Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Fund. Other
Directorships. None. |
Noninterested Trustees
|
Alan
C. Bowser(2) 1962 |
Class
III Trustee |
Until
2024. 3 years. Since 2023. |
Formerly,
Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of
Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. None. |
Mark
R. Fetting 1954 |
Class
II Trustee |
Until
2026. 3 years. Since 2016. |
Private investor.
Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President
(2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia
E. Frost 1961 |
Class
I Trustee |
Until
2025. 3 years. Since 2014. |
Private
investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge
Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Management and
Organization — continued
Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees
(continued) |
George
J. Gorman(3) 1952 |
Chairperson
of the Board and Class III Trustee |
Until
2024. 3 years. Chairperson of the Board since 2021 and Trustee since 2014. |
Principal
at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Valerie
A. Mosley 1960 |
Class
I Trustee |
Until
2025. 3 years. Since 2014. |
Chairwoman
and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at
Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and
financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith
Quinton 1958 |
Class
II Trustee |
Until
2026. 3 years. Since 2018. |
Private investor,
researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)
(2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus
L. Smith 1966 |
Class
III Trustee |
Until
2024. 3 years. Since 2018. |
Private investor
and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management
(investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support
tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan
J. Sutherland 1957 |
Class
III Trustee |
Until
2024. 3 years. Since 2015. |
Private investor.
Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015).
Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech
acquisition company) (2021-2023). |
Scott
E. Wennerholm 1959 |
Class
I Trustee |
Until
2025. 3 years. Since 2016. |
Private investor.
Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset
Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments
Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy
A. Wiser(3) 1967 |
Class
II Trustee |
Until
2026. 3 years. Since 2022. |
Formerly,
Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s) During Past Five Years |
Principal
Officers who are not Trustees |
Eric
A. Stein 1980 |
President
|
Since
2020 |
Vice
President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management
(“CRM”). |
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Management and
Organization — continued
Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s) During Past Five Years |
Principal
Officers who are not Trustees (continued) |
Deidre
E. Walsh 1971 |
Vice
President and Chief Legal Officer |
Since
2009 |
Vice
President of EVM and BMR. Also Vice President of CRM. |
James
F. Kirchner 1967 |
Treasurer
|
Since
2007 |
Vice
President of EVM and BMR. Also Vice President of CRM. |
Nicholas
S. Di Lorenzo 1987 |
Secretary
|
Since
2022 |
Formerly,
associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard
F. Froio 1968 |
Chief
Compliance Officer |
Since
2017 |
Vice
President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).
|
(1) Ms. Pachnanda began serving as Trustee effective April 1, 2023.
(2) Mr. Bowser began serving as Trustee effective January 4, 2023.
(3) Preferred shares Trustee.
Privacy
Notice |
April 2021
|
FACTS
|
WHAT
DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why?
|
Financial
companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read
this notice carefully to understand what we do. |
|
|
What?
|
The
types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment
experience and risk tolerance ■ checking account number and wire transfer instructions |
|
|
How?
|
All
financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance
chooses to share; and whether you can limit this sharing. |
Reasons
we can share your personal information |
Does
Eaton Vance share? |
Can
you limit this sharing? |
For
our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes
|
No
|
For
our marketing purposes — to offer our products and services to you |
Yes
|
No
|
For
joint marketing with other financial companies |
No
|
We
don’t share |
For
our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness |
Yes
|
Yes
|
For
our affiliates’ everyday business purposes — information about your transactions and experiences |
Yes
|
No
|
For
our affiliates’ everyday business purposes — information about your creditworthiness |
No
|
We
don’t share |
For
our investment management affiliates to market to you |
Yes
|
Yes
|
For
our affiliates to market to you |
No
|
We
don’t share |
For
nonaffiliates to market to you |
No
|
We
don’t share |
To
limit our sharing |
Call
toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer,
we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact
us at any time to limit our sharing. |
Questions?
|
Call
toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy
Notice — continued |
April 2021
|
Who
we are |
Who
is providing this notice? |
Eaton
Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate
Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
|
What
we do |
How
does Eaton Vance protect my personal information? |
To
protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of
customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How
does Eaton Vance collect my personal information? |
We
collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer
■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why
can’t I limit all sharing? |
Federal
law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information
to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
|
Definitions
|
Investment
Management Affiliates |
Eaton
Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth
Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates
|
Companies
related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial
companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates
|
Companies
not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to
you. |
Joint
marketing |
A
formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market.
|
Other
important information |
Vermont:
Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such
information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing
such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Potential Conflicts of
Interest
As a
diversified global financial services firm, Morgan Stanley engages in a broad spectrum of activities, including financial advisory services, investment management activities, lending, commercial banking, sponsoring and managing private investment
funds, engaging in broker-dealer transactions and principal securities, commodities and foreign exchange transactions, research publication and other activities. In the ordinary course of its business, Morgan Stanley is a full-service investment
banking and financial services firm and therefore engages in activities where Morgan Stanley’s interests or the interests of its clients may conflict with the interests of a Fund or Portfolio, if applicable, (collectively for the purposes of
this section, “Fund” or “Funds”). Morgan Stanley advises clients and sponsors, manages or advises other investment funds and investment programs, accounts and businesses (collectively, together with the Morgan Stanley funds,
any new or successor funds, programs, accounts or businesses (other than funds, programs, accounts or businesses sponsored, managed, or advised by former direct or indirect subsidiaries of Eaton Vance Corp. (“Eaton Vance Investment
Accounts”)), the ‘‘MS Investment Accounts, and, together with the Eaton Vance Investment Accounts, the “Affiliated Investment Accounts’’) with a wide variety of investment objectives that in some instances may
overlap or conflict with a Fund’s investment objectives and present conflicts of interest. In addition, Morgan Stanley or the investment adviser may also from time to time create new or successor Affiliated Investment Accounts that may compete
with a Fund and present similar conflicts of interest. The discussion below enumerates certain actual, apparent and potential conflicts of interest. There is no assurance that conflicts of interest will be resolved in favor of Fund shareholders and,
in fact, they may not be. Conflicts of interest not described below may also exist.
The discussions below with respect to actual, apparent and
potential conflicts of interest also may be applicable to or arise from the MS Investment Accounts whether or not specifically identified.
Material Non-public and Other Information. It is expected that confidential or material non-public information regarding an investment or potential investment opportunity may become available to the investment adviser. If such information becomes available, the
investment adviser may be precluded (including by applicable law or internal policies or procedures) from pursuing an investment or disposition opportunity with respect to such investment or investment opportunity. The investment adviser may also
from time to time be subject to contractual ‘‘stand-still’’ obligations and/or confidentiality obligations that may restrict its ability to trade in certain investments on a Fund’s behalf. In addition, the investment
adviser may be precluded from disclosing such information to an investment team, even in circumstances in which the information would be beneficial if disclosed. Therefore, the investment team may not be provided access to material non-public
information in the possession of Morgan Stanley that might be relevant to an investment decision to be made on behalf of a Fund, and the investment team may initiate a transaction or sell an investment that, if such information had been known to it,
may not have been undertaken. In addition, certain members of the investment team may be recused from certain investment-related discussions so that such members do not receive information that would limit their ability to perform functions of their
employment with the investment adviser or its affiliates unrelated to that of a Fund. Furthermore, access to certain parts of Morgan Stanley may be subject to third party confidentiality obligations and to information barriers established by Morgan
Stanley in order to manage potential conflicts of interest and regulatory restrictions, including without limitation joint transaction restrictions pursuant to the 1940 Act. Accordingly, the investment adviser’s ability to source investments
from other business units within Morgan Stanley may be limited and there can be no assurance that the investment adviser will be able to source any investments from any one or more parts of the Morgan Stanley network.
The investment adviser may restrict its investment decisions
and activities on behalf of the Funds in various circumstances, including because of applicable regulatory requirements or information held by the investment adviser or Morgan Stanley. The investment adviser might not engage in transactions or other
activities for, or enforce certain rights in favor of, a Fund due to Morgan Stanley’s activities outside the Funds. In instances where trading of an investment is restricted, the investment adviser may not be able to purchase or sell such
investment on behalf of a Fund, resulting in the Fund’s inability to participate in certain desirable transactions. This inability to buy or sell an investment could have an adverse effect on a Fund’s portfolio due to, among other
things, changes in an investment’s value during the period its trading is restricted. Also, in situations where the investment adviser is required to aggregate its positions with those of other Morgan Stanley business units for position limit
calculations, the investment adviser may have to refrain from making investments due to the positions held by other Morgan Stanley business units or their clients. There may be other situations where the investment adviser refrains from making an
investment due to additional disclosure obligations, regulatory requirements, policies, and reputational risk, or the investment adviser may limit purchases or sales of securities in respect of which Morgan Stanley is engaged in an underwriting or
other distribution capacity.
Morgan Stanley has
established certain information barriers and other policies to address the sharing of information between different businesses within Morgan Stanley. As a result of information barriers, the investment adviser generally will not have access, or will
have limited access, to certain information and personnel in other areas of Morgan Stanley relating to business transactions for clients (including transactions in investing, banking, prime brokerage and certain other areas), and generally will not
manage the Funds with the benefit of the information held by such other areas. Morgan Stanley, due to its access to and knowledge of funds, markets and securities based on its prime brokerage and other businesses, may make decisions based on
information or take (or refrain from taking) actions with respect to interests in investments of the kind held (directly or indirectly) by the Funds in a manner that may be adverse to the Funds, and will not have any obligation or other duty to
share information with the investment adviser.
In limited
circumstances, however, including for purposes of managing business and reputational risk, and subject to policies and procedures and any applicable regulations, Morgan Stanley personnel, including personnel of the investment adviser, on one side of
an information barrier may have access to information and personnel on the other side of the information barrier through “wall crossings.” The investment adviser faces conflicts of interest in determining whether to engage in such wall
crossings. Information obtained in connection with such wall crossings may limit or restrict the ability of the investment adviser to engage in or otherwise effect transactions on behalf of the Funds (including purchasing or selling securities that
the investment adviser may otherwise have purchased or sold for a Fund in the absence of a wall crossing). In managing conflicts of interest that arise because of the foregoing, the investment adviser generally will be subject to fiduciary
requirements. The investment adviser may also implement internal information barriers or ethical walls, and the conflicts described herein with respect to information barriers and otherwise with respect to Morgan Stanley and the
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Potential Conflicts of
Interest — continued
investment adviser
will also apply internally within the investment adviser. As a result, a Fund may not be permitted to transact in (e.g., dispose of a security in whole or in part) during periods when it otherwise would have been able to do so, which could adversely
affect a Fund. Other investors in the security that are not subject to such restrictions may be able to transact in the security during such periods. There may also be circumstances in which, as a result of information held by certain portfolio
management teams in the investment adviser, the investment adviser limits an activity or transaction for a Fund, including if the Fund is managed by a portfolio management team other than the team holding such information.
Investments by Morgan Stanley and its Affiliated Investment
Accounts. In serving in multiple capacities to Affiliated Investment Accounts, Morgan Stanley, including the investment adviser and its investment teams, may have obligations to other clients or investors in
Affiliated Investment Accounts, the fulfillment of which may not be in the best interests of a Fund or its shareholders. A Fund’s investment objectives may overlap with the investment objectives of certain Affiliated Investment Accounts. As a
result, the members of an investment team may face conflicts in the allocation of investment opportunities among a Fund and other investment funds, programs, accounts and businesses advised by or affiliated with the investment adviser. Certain
Affiliated Investment Accounts may provide for higher management or incentive fees or greater expense reimbursements or overhead allocations, all of which may contribute to this conflict of interest and create an incentive for the investment adviser
to favor such other accounts.
Morgan Stanley
currently invests and plans to continue to invest on its own behalf and on behalf of its Affiliated Investment Accounts in a wide variety of investment opportunities globally. Morgan Stanley and its Affiliated Investment Accounts, to the extent
consistent with applicable law and policies and procedures, will be permitted to invest in investment opportunities without making such opportunities available to a Fund beforehand. Subject to the foregoing, Morgan Stanley may offer investments that
fall into the investment objectives of an Affiliated Investment Account to such account or make such investment on its own behalf, even though such investment also falls within a Fund’s investment objectives. A Fund may invest in opportunities
that Morgan Stanley and/or one or more Affiliated Investment Accounts has declined, and vice versa. All of the foregoing may reduce the number of investment opportunities available to a Fund and may create conflicts of interest in allocating
investment opportunities. Investors should note that the conflicts inherent in making such allocation decisions may not always be resolved to a Fund’s advantage. There can be no assurance that a Fund will have an opportunity to participate in
certain opportunities that fall within their investment objectives.
To seek to reduce potential conflicts of interest and to
attempt to allocate such investment opportunities in a fair and equitable manner, the investment adviser has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of the investment adviser,
including the Funds, fair access to investment opportunities consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duties of the investment adviser. Each client of the
investment adviser that is subject to the allocation policies and procedures, including each Fund, is assigned an investment team and portfolio manager(s) by the investment adviser. The investment team and portfolio managers review investment
opportunities and will decide with respect to the allocation of each opportunity considering various factors and in accordance with the allocation policies and procedures. The allocation policies and procedures are subject to change. Investors
should note that the conflicts inherent in making such allocation decisions may not always be resolved to the advantage of a Fund.
It is possible that Morgan Stanley or an Affiliated Investment
Account, including another Eaton Vance fund, will invest in or advise a company that is or becomes a competitor of a company of which a Fund holds an investment. Such investment could create a conflict between the Fund, on the one hand, and Morgan
Stanley or the Affiliated Investment Account, on the other hand. In such a situation, Morgan Stanley may also have a conflict in the allocation of its own resources to the portfolio investment. Furthermore, certain Affiliated Investment Accounts
will be focused primarily on investing in other funds which may have strategies that overlap and/or directly conflict and compete with a Fund.
In addition, certain investment professionals who are involved
in a Fund’s activities remain responsible for the investment activities of other Affiliated Investment Accounts managed by the investment adviser and its affiliates, and they will devote time to the management of such investments and other
newly created Affiliated Investment Accounts (whether in the form of funds, separate accounts or other vehicles), as well as their own investments. In addition, in connection with the management of investments for other Affiliated Investment
Accounts, members of Morgan Stanley and its affiliates may serve on the boards of directors of or advise companies which may compete with a Fund’s portfolio investments. Moreover, these Affiliated Investment Accounts managed by Morgan Stanley
and its affiliates may pursue investment opportunities that may also be suitable for a Fund.
It should be noted that Morgan Stanley may, directly or
indirectly, make large investments in certain of its Affiliated Investment Accounts, and accordingly Morgan Stanley’s investment in a Fund may not be a determining factor in the outcome of any of the foregoing conflicts. Nothing herein
restricts or in any way limits the activities of Morgan Stanley, including its ability to buy or sell interests in, or provide financing to, equity and/or debt instruments, funds or portfolio companies, for its own accounts or for the accounts of
Affiliated Investment Accounts or other investment funds or clients in accordance with applicable law.
Different clients of the investment adviser, including a Fund,
may invest in different classes of securities of the same issuer, depending on the respective clients’ investment objectives and policies. As a result, the investment adviser and its affiliates, at times, will seek to satisfy fiduciary
obligations to certain clients owning one class of securities of a particular issuer by pursuing or enforcing rights on behalf of those clients with respect to such class of securities, and those activities may have an adverse effect on another
client which owns a different class of securities of such issuer. For example, if one client holds debt securities of an issuer and another client holds equity securities of the same issuer, if the issuer experiences financial or operational
challenges, the investment adviser and its affiliates may seek a liquidation of the issuer on behalf of the client that holds the debt securities, whereas the client holding the
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Potential Conflicts of
Interest — continued
equity securities may
benefit from a reorganization of the issuer. Thus, in such situations, the actions taken by the investment adviser or its affiliates on behalf of one client can negatively impact securities held by another client. These conflicts also exist as
between the investment adviser’s clients, including the Funds, and the Affiliated Investment Accounts managed by Morgan Stanley.
The investment adviser and its affiliates may give advice and
recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, a Fund even though such other clients’ investment objectives may be similar to those of the Fund.
The investment adviser and its affiliates manage long and short
portfolios. The simultaneous management of long and short portfolios creates conflicts of interest in portfolio management and trading in that opposite directional positions may be taken in client accounts, including client accounts managed by the
same investment team, and creates risks such as: (i) the risk that short sale activity could adversely affect the market value of long positions in one or more portfolios (and vice versa) and (ii) the risks associated with the trading desk receiving
opposing orders in the same security simultaneously. The investment adviser and its affiliates have adopted policies and procedures that are reasonably designed to mitigate these conflicts. In certain circumstances, the investment adviser invests on
behalf of itself in securities and other instruments that would be appropriate for, held by, or may fall within the investment guidelines of its clients, including a Fund. At times, the investment adviser may give advice or take action for its own
accounts that differs from, conflicts with, or is adverse to advice given or action taken for any client.
From time to time, conflicts also arise due to the fact that
certain securities or instruments may be held in some client accounts, including a Fund, but not in others, or that client accounts may have different levels of holdings in certain securities or instruments. In addition, due to differences in the
investment strategies or restrictions among client accounts, the investment adviser may take action with respect to one account that differs from the action taken with respect to another account. In some cases, a client account may compensate the
investment adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for the investment adviser in the allocation of management time, resources
and investment opportunities. The investment adviser has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the investment adviser’s trading practices,
including, among other things, the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.
In addition, at times an investment adviser investment team
will give advice or take action with respect to the investments of one or more clients that is not given or taken with respect to other clients with similar investment programs, objectives, and strategies. Accordingly, clients with similar
strategies will not always hold the same securities or instruments or achieve the same performance. The investment adviser’s investment teams also advise clients with conflicting programs, objectives or strategies. These conflicts also exist
as between the investment adviser’s clients, including the Funds, and the Affiliated Investment Accounts managed by Morgan Stanley.
The investment adviser maintains separate trading desks by
investment team and generally based on asset class, including two trading desks trading equity securities. These trading desks operate independently of one another. The two equity trading desks do not share information. The separate equity trading
desks may result in one desk competing against the other desk when implementing buy and sell transactions, possibly causing certain accounts to pay more or receive less for a security than other accounts. In addition, Morgan Stanley and its
affiliates maintain separate trading desks that operate independently of each other and do not share trading information with the investment adviser. These trading desks may compete against the investment adviser trading desks when implementing buy
and sell transactions, possibly causing certain Affiliated Investment Accounts to pay more or receive less for a security than other Affiliated Investment Accounts.
Investments by Separate Investment Departments. The entities and individuals that provide investment-related services for the Fund and certain other Eaton Vance Investment Accounts (the “Eaton Vance Investment Department”) may be different from the
entities and individuals that provide investment-related services to MS Investment Accounts (the “MS Investment Department and, together with the Eaton Vance Investment Department, the “Investment Departments”). Although Morgan
Stanley has implemented information barriers between the Investment Departments in accordance with internal policies and procedures, each Investment Department may engage in discussions and share information and resources with the other Investment
Department on certain investment-related matters. The sharing of information and resources between the Investment Departments is designed to further increase the knowledge and effectiveness of each Investment Department. Because each Investment
Department generally makes investment decisions and executes trades independently of the other, the quality and price of execution, and the performance of investments and accounts, can be expected to vary. In addition, each Investment Department may
use different trading systems and technology and may employ differing investment and trading strategies. As a result, a MS Investment Account could trade in advance of the Fund (and vice versa), might complete trades more quickly and efficiently
than the Fund, and/or achieve different execution than the Fund on the same or similar investments made contemporaneously, even when the Investment Departments shared research and viewpoints that led to that investment decision. Any sharing of
information or resources between the Investment Department servicing the Fund and the MS Investment Department may result, from time to time, in the Fund simultaneously or contemporaneously seeking to engage in the same or similar transactions as an
account serviced by the other Investment Department and for which there are limited buyers or sellers on specific securities, which could result in less favorable execution for the Fund than such account. The Eaton Vance Investment Department will
not knowingly or intentionally cause the Fund to engage in a cross trade with an account serviced by the MS Investment Department, however, subject to applicable law and internal policies and procedures, the Fund may conduct cross trades with other
accounts serviced by the Eaton Vance Investment Department. Although the Eaton Vance Investment Department may aggregate the Fund’s trades with trades of other accounts serviced by the Eaton Vance Investment Department, subject to applicable
law and internal policies and procedures, there will be no aggregation or coordination of trades with accounts serviced by the MS Investment Department, even when both Investment Departments are seeking to acquire or dispose of the same investments
contemporaneously.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Potential Conflicts of
Interest — continued
Payments
to Broker-Dealers and Other Financial Intermediaries. The investment adviser and/or EVD may pay compensation, out of their own funds and not as an expense of the Funds, to certain financial intermediaries (which may
include affiliates of the investment adviser and EVD), including recordkeepers and administrators of various deferred compensation plans, in connection with the sale, distribution, marketing and retention of shares of the Funds and/or shareholder
servicing. For example, the investment adviser or EVD may pay additional compensation to a financial intermediary for, among other things, promoting the sale and distribution of Fund shares, providing access to various programs, mutual fund
platforms or preferred or recommended mutual fund lists that may be offered by a financial intermediary, granting EVD access to a financial intermediary’s financial advisors and consultants, providing assistance in the ongoing education and
training of a financial intermediary’s financial personnel, furnishing marketing support, maintaining share balances and/or for sub-accounting, recordkeeping, administrative, shareholder or transaction processing services. Such payments are in
addition to any distribution fees, shareholder servicing fees and/or transfer agency fees that may be payable by the Funds. The additional payments may be based on various factors, including level of sales (based on gross or net sales or some
specified minimum sales or some other similar criteria related to sales of the Funds and/or some or all other Eaton Vance funds), amount of assets invested by the financial intermediary’s customers (which could include current or aged assets
of the Funds and/or some or all other Eaton Vance funds), a Fund’s advisory fee, some other agreed upon amount or other measures as determined from time to time by the investment adviser and/or EVD. The amount of these payments may be
different for different financial intermediaries.
The prospect of receiving, or the receipt of, additional
compensation, as described above, by financial intermediaries may provide such financial intermediaries and their financial advisors and other salespersons with an incentive to favor sales of shares of the Funds over other investment options with
respect to which these financial intermediaries do not receive additional compensation (or receive lower levels of additional compensation). These payment arrangements, however, will not change the price that an investor pays for shares of the Funds
or the amount that the Funds receive to invest on behalf of an investor. Investors may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to Fund shares and should review carefully any
disclosures provided by financial intermediaries as to their compensation. In addition, in certain circumstances, the investment adviser may restrict, limit or reduce the amount of a Fund’s investment, or restrict the type of governance or
voting rights it acquires or exercises, where the Fund (potentially together with Morgan Stanley) exceeds a certain ownership interest, or possesses certain degrees of voting or control or has other interests.
Morgan Stanley Trading and Principal Investing Activities. Notwithstanding anything to the contrary herein, Morgan Stanley will generally conduct its sales and trading businesses, publish research and analysis, and render investment advice without regard for a Fund’s
holdings, although these activities could have an adverse impact on the value of one or more of the Fund’s investments, or could cause Morgan Stanley to have an interest in one or more portfolio investments that is different from, and
potentially adverse to that of a Fund. Furthermore, from time to time, the investment adviser or its affiliates may invest “seed” capital in a Fund, typically to enable the Fund to commence investment operations and/or achieve sufficient
scale. The investment adviser and its affiliates may hedge such seed capital exposure by investing in derivatives or other instruments expected to produce offsetting exposure. Such hedging transactions, if any, would occur outside of a
Fund.
Morgan Stanley’s sales and trading,
financing and principal investing businesses (whether or not specifically identified as such, and including Morgan Stanley’s trading and principal investing businesses) will not be required to offer any investment opportunities to a Fund.
These businesses may encompass, among other things, principal trading activities as well as principal investing.
Morgan Stanley’s sales and trading, financing and
principal investing businesses have acquired or invested in, and in the future may acquire or invest in, minority and/or majority control positions in equity or debt instruments of diverse public and/or private companies. Such activities may put
Morgan Stanley in a position to exercise contractual, voting or creditor rights, or management or other control with respect to securities or loans of portfolio investments or other issuers, and in these instances Morgan Stanley may, in its
discretion and subject to applicable law, act to protect its own interests or interests of clients, and not a Fund’s interests.
Subject to the limitations of applicable law, a Fund may
purchase from or sell assets to, or make investments in, companies in which Morgan Stanley has or may acquire an interest, including as an owner, creditor or counterparty.
Morgan Stanley’s Investment Banking and Other Commercial
Activities. Morgan Stanley advises clients on a variety of mergers, acquisitions, restructuring, bankruptcy and financing transactions. Morgan Stanley may act as an advisor to clients, including other investment
funds that may compete with a Fund and with respect to investments that a Fund may hold. Morgan Stanley may give advice and take action with respect to any of its clients or proprietary accounts that may differ from the advice given, or may involve
an action of a different timing or nature than the action taken, by a Fund. Morgan Stanley may give advice and provide recommendations to persons competing with a Fund and/or any of a Fund’s investments that are contrary to the Fund’s
best interests and/or the best interests of any of its investments.
Morgan Stanley could be engaged in financial advising, whether
on the buy-side or sell-side, or in financing or lending assignments that could result in Morgan Stanley’s determining in its discretion or being required to act exclusively on behalf of one or more third parties, which could limit a
Fund’s ability to transact with respect to one or more existing or potential investments. Morgan Stanley may have relationships with third-party funds, companies or investors who may have invested in or may look to invest in portfolio
companies, and there could be conflicts between a Fund’s best interests, on the one hand, and the interests of a Morgan Stanley client or counterparty, on the other hand.
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Potential Conflicts of
Interest — continued
To the
extent that Morgan Stanley advises creditor or debtor companies in the financial restructuring of companies either prior to or after filing for protection under Chapter 11 of the U.S. Bankruptcy Code or similar laws in other jurisdictions, the
investment adviser’s flexibility in making investments in such restructurings on a Fund’s behalf may be limited.
Morgan Stanley could provide investment banking services to
competitors of portfolio companies, as well as to private equity and/or private credit funds; such activities may present Morgan Stanley with a conflict of interest vis-a-vis a Fund’s investment and may also result in a conflict in respect of
the allocation of investment banking resources to portfolio companies.
To the extent permitted by applicable law, Morgan Stanley may
provide a broad range of financial services to companies in which a Fund invests, including strategic and financial advisory services, interim acquisition financing and other lending and underwriting or placement of securities, and Morgan Stanley
generally will be paid fees (that may include warrants or other securities) for such services. Morgan Stanley will not share any of the foregoing interest, fees and other compensation received by it (including, for the avoidance of doubt, amounts
received by the investment adviser) with a Fund, and any advisory fees payable will not be reduced thereby.
Morgan Stanley may be engaged to act as a financial advisor to
a company in connection with the sale of such company, or subsidiaries or divisions thereof, may represent potential buyers of businesses through its mergers and acquisition activities and may provide lending and other related financing services in
connection with such transactions. Morgan Stanley’s compensation for such activities is usually based upon realized consideration and is usually contingent, in substantial part, upon the closing of the transaction. Under these circumstances, a
Fund may be precluded from participating in a transaction with or relating to the company being sold or participating in any financing activity related to merger or acquisition.
The involvement or presence of Morgan Stanley in the investment
banking and other commercial activities described above (or the financial markets more broadly) may restrict or otherwise limit investment opportunities that may otherwise be available to the Funds. For example, issuers may hire and compensate
Morgan Stanley to provide underwriting, financial advisory, placement agency, brokerage services or other services and, because of limitations imposed by applicable law and regulation, a Fund may be prohibited from buying or selling securities
issued by those issuers or participating in related transactions or otherwise limited in its ability to engage in such investments.
The investment adviser believes that the nature and range of
clients to whom Morgan Stanley and its subsidiaries render investment banking and other services is such that it would be inadvisable to exclude these companies from the Fund’s portfolio.
Morgan Stanley’s Marketing Activities. Morgan Stanley is engaged in the business of underwriting, syndicating, brokering, administering, servicing, arranging and advising on the distribution of a wide variety of securities and other investments in which a
Fund may invest. Subject to the restrictions of the 1940 Act, including Sections 10(f) and 17(e) thereof, a Fund may invest in transactions in which Morgan Stanley acts as underwriter, placement agent, syndicator, broker, administrative agent,
servicer, advisor, arranger or structuring agent and receives fees or other compensation from the sponsors of such products or securities. Any fees earned by Morgan Stanley in such capacity will not be shared with the investment adviser or the
Funds. Certain conflicts of interest, in addition to the receipt of fees or other compensation, would be inherent in these transactions. Moreover, the interests of one of Morgan Stanley’s clients with respect to an issuer of securities in
which a Fund has an investment may be adverse to the investment adviser’s or a Fund’s best interests. In conducting the foregoing activities, Morgan Stanley will be acting for its other clients and will have no obligation to act in the
investment adviser’s or a Fund’s best interests.
Client Relationships. Morgan
Stanley has existing and potential relationships with a significant number of corporations, institutions and individuals. In providing services to its clients, Morgan Stanley may face conflicts of interest with respect to activities recommended to
or performed for such clients, on the one hand, and a Fund, its shareholders or the entities in which the Fund invests, on the other hand. In addition, these client relationships may present conflicts of interest in determining whether to offer
certain investment opportunities to a Fund.
In
acting as principal or in providing advisory and other services to its other clients, Morgan Stanley may engage in or recommend activities with respect to a particular matter that conflict with or are different from activities engaged in or
recommended by the investment adviser on a Fund’s behalf.
Principal Investments. To the
extent permitted by applicable law, there may be situations in which a Fund’s interests may conflict with the interests of one or more general accounts of Morgan Stanley and its affiliates or accounts managed by Morgan Stanley or its
affiliates. This may occur because these accounts hold public and private debt and equity securities of many issuers which may be or become portfolio companies, or from whom portfolio companies may be acquired.
Transactions with Portfolio Companies of Affiliated Investment
Accounts. The companies in which a Fund may invest may be counterparties to or participants in agreements, transactions or other arrangements with portfolio companies or other entities of portfolio investments of
Affiliated Investment Accounts (for example, a company in which a Fund invests may retain a company in which an Affiliated Investment Account invests to provide services or may acquire an asset from such company or vice versa). Certain of these
agreements, transactions and arrangements involve fees, servicing payments, rebates and/or other benefits to Morgan Stanley or its affiliates. For example, portfolio entities may, including at the encouragement of Morgan Stanley, enter into
agreements regarding group procurement and/or vendor discounts. Morgan Stanley and its affiliates may also participate in these agreements and may realize better pricing or discounts as a result of the participation of portfolio entities. To the
extent permitted by applicable law, certain of these agreements may provide for commissions or similar payments and/or discounts or rebates to be paid to a portfolio entity of an Affiliated Investment Account, and such payments or discounts or
rebates may also be made directly to Morgan Stanley or its affiliates. Under these arrangements, a particular
Eaton Vance
Limited Duration Income Fund
March 31, 2023
Potential Conflicts of
Interest — continued
portfolio company or
other entity may benefit to a greater degree than the other participants, and the funds, investment vehicles and accounts (which may or may not include a Fund) that own an interest in such entity will receive a greater relative benefit from the
arrangements than the Eaton Vance funds, investment vehicles or accounts that do not own an interest therein. Fees and compensation received by portfolio companies of Affiliated Investment Accounts in relation to the foregoing will not be shared
with a Fund or offset advisory fees payable.
Investments in
Portfolio Investments of Other Funds. To the extent permitted by applicable law, when a Fund invests in certain companies or other entities, other funds affiliated with the investment adviser may have made or may be
making an investment in such companies or other entities. Other funds that have been or may be managed by the investment adviser may invest in the companies or other entities in which a Fund has made an investment. Under such circumstances, a Fund
and such other funds may have conflicts of interest (e.g., over the terms, exit strategies and related matters, including the exercise of remedies of their respective investments). If the interests held by a Fund are different from (or take priority
over) those held by such other funds, the investment adviser may be required to make a selection at the time of conflicts between the interests held by such other funds and the interests held by a Fund.
Allocation of Expenses.
Expenses may be incurred that are attributable to a Fund and one or more other Affiliated Investment Accounts (including in connection with issuers in which a Fund and such other Affiliated Investment Accounts have
overlapping investments). The allocation of such expenses among such entities raises potential conflicts of interest. The investment adviser and its affiliates intend to allocate such common expenses among a Fund and any such other Affiliated
Investment Accounts on a pro rata basis or in such other manner as the investment adviser deems to be fair and equitable or in such other manner as may be required by applicable law.
Temporary Investments. To more
efficiently invest short-term cash balances held by a Fund, the investment adviser may invest such balances on an overnight “sweep” basis in shares of one or more money market funds or other short-term vehicles. It is anticipated that
the investment adviser to these money market funds or other short-term vehicles may be the investment adviser (or an affiliate) to the extent permitted by applicable law, including Rule 12d1-1 under the 1940 Act.
Transactions with Affiliates.
The investment adviser and any investment sub-adviser might purchase securities from underwriters or placement agents in which a Morgan Stanley affiliate is a member of a syndicate or selling group, as a result of which an affiliate might benefit
from the purchase through receipt of a fee or otherwise. Neither the investment adviser nor any investment sub-adviser will purchase securities on behalf of a Fund from an affiliate that is acting as a manager of a syndicate or selling group.
Purchases by the investment adviser on behalf of a Fund from an affiliate acting as a placement agent must meet the requirements of applicable law. Furthermore, Morgan Stanley may face conflicts of interest when the Funds use service providers
affiliated with Morgan Stanley because Morgan Stanley receives greater overall fees when they are used.
General Process for Potential Conflicts. All of the transactions described above involve the potential for conflicts of interest between the investment adviser, related persons of the investment adviser and/or their clients. The Advisers Act, the 1940 Act and
ERISA impose certain requirements designed to decrease the possibility of conflicts of interest between an investment adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other
transactions may be prohibited. In addition, the investment adviser has instituted policies and procedures designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner
that is consistent with its fiduciary duty to its clients and in accordance with applicable law. The investment adviser seeks to ensure that potential or actual conflicts of interest are appropriately resolved taking into consideration the
overriding best interests of the client.
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and
shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. American Stock Transfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents
indefinitely unless you instruct AST, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial
intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial intermediary.
Portfolio
Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the
SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy
Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying
Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or
Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
Share Repurchase
Program. The Fund's Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares
outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund's repurchase activity,
including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund's annual and semi-annual reports to shareholders.
Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or
rating agency requirements or for other purposes as it deems appropriate or necessary.
Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly
after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted
to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Closed-End Funds & Term Trusts.”
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Investment Adviser and Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
Fund Offices
Two International Place
Boston, MA 02110