UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21323
Eaton Vance Limited Duration Income Fund
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
March 31
Date of Fiscal Year End
September 30, 2023
Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
Limited Duration Income
Fund (EVV)
Semiannual Report
September 30, 2023
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund's adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
Semiannual Report September 30, 2023
Eaton Vance
Limited Duration Income Fund
Eaton Vance
Limited Duration Income Fund
September 30, 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 | Six Months | One Year | Five Years | Ten Years |
Fund at NAV | 05/30/2003 | 2.25% | 11.17% | 2.32% | 4.14% |
Fund at Market Price | — | (3.49) | 9.65 | 2.81 | 3.33 |
|
Bloomberg U.S. Aggregate Bond Index | — | (4.05)% | 0.64% | 0.10% | 1.13% |
Blended Index | — | 1.57 | 7.97 | 2.15 | 2.97 |
% Premium/Discount to NAV3 | |
As of period end | (11.46)% |
Distributions 4 | |
Total Distributions per share for the period | $0.470 |
Distribution Rate at NAV | 9.20% |
Distribution Rate at Market Price | 10.39 |
% Total Leverage5 | |
Auction Preferred Shares (APS) | 12.44% |
Borrowings | 19.18 |
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
September 30, 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 164.3%. |
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Endnotes and Additional Disclosures
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. |
| Important Notice to Shareholders |
| Effective October 18, 2023, the Fund’s portfolio management team includes Catherine C. McDermott, Kelley Gerrity, Tara O’Brien and Andrew Szczurowski. |
| 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. |
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited)
Asset-Backed Securities — 9.4% |
Security | Principal Amount (000's omitted) | Value |
Alinea CLO, Ltd., Series 2018-1A, Class E, 11.588%, (3 mo. SOFR + 6.26%), 7/20/31(1)(2) | $ | 1,000 | $ 920,195 |
AMMC CLO 15, Ltd., Series 2014-15A, Class ERR, 12.48%, (3 mo. SOFR + 7.17%), 1/15/32(1)(2) | | 500 | 439,478 |
AMMC CLO XII, Ltd., Series 2013-12A, Class ER, 11.807%, (3 mo. SOFR + 6.44%), 11/10/30(1)(2) | | 2,000 | 1,675,814 |
Ares XXXIV CLO, Ltd., Series 2015-2A, Class ER, 12.42%, (3 mo. SOFR + 7.11%), 4/17/33(1)(2) | | 2,000 | 1,823,496 |
Ares XXXVR CLO, Ltd., Series 2015-35RA, Class E, 11.27%, (3 mo. SOFR + 5.96%), 7/15/30(1)(2) | | 2,000 | 1,745,634 |
Benefit Street Partners CLO XVI, Ltd., Series 2018-16A, Class E, 12.27%, (3 mo. SOFR + 6.96%), 1/17/32(1)(2) | | 3,000 | 2,932,233 |
Benefit Street Partners CLO XVII, Ltd., Series 2019-17A, Class ER, 11.92%, (3 mo. SOFR + 6.61%), 7/15/32(1)(2) | | 3,000 | 2,812,476 |
Benefit Street Partners CLO XVIII, Ltd., Series 2019-18A, Class ER, 12.32%, (3 mo. SOFR + 7.01%), 10/15/34(1)(2) | | 4,500 | 4,443,318 |
Benefit Street Partners CLO XXII, Ltd., Series 2020-22A, Class ER, 12.256%, (3 mo. SOFR + 6.93%), 4/20/35(1)(2) | | 2,000 | 1,856,466 |
BlueMountain CLO XXIV, Ltd., Series 2019-24A, Class ER, 12.428%, (3 mo. SOFR + 7.10%), 4/20/34(1)(2) | | 1,000 | 918,616 |
BlueMountain CLO XXV, Ltd., Series 2019-25A, Class ER, 12.82%, (3 mo. SOFR + 7.51%), 7/15/36(1)(2) | | 2,000 | 1,812,930 |
BlueMountain CLO XXVI, Ltd., Series 2019-26A, Class ER, 12.718%, (3 mo. SOFR + 7.39%), 10/20/34(1)(2) | | 2,500 | 2,387,172 |
BlueMountain CLO XXX, Ltd., Series 2020-30A, Class ER, 12.008%, (3 mo. SOFR + 6.70%), 4/15/35(1)(2) | | 2,000 | 1,826,774 |
BlueMountain CLO XXXIV, Ltd., Series 2022-34A, Class E, 12.876%, (3 mo. SOFR + 7.55%), 4/20/35(1)(2) | | 1,000 | 966,839 |
BlueMountain CLO, Ltd.: | | | |
Series 2016-3A, Class ER, 11.576%, (3 mo. SOFR + 6.21%), 11/15/30(1)(2) | | 2,000 | 1,678,650 |
Series 2018-1A, Class E, 11.581%, (3 mo. SOFR + 6.21%), 7/30/30(1)(2) | | 1,000 | 814,648 |
Bryant Park Funding, Ltd., Series 2023- 21A, Class D, 10/18/36(1)(2)(3) | | 3,000 | 3,011,760 |
Canyon Capital CLO, Ltd.: | | | |
Series 2016-2A, Class ER, 11.57%, (3 mo. SOFR + 6.26%), 10/15/31(1)(2) | | 3,350 | 2,996,093 |
Series 2019-2A, Class ER, 12.32%, (3 mo. SOFR + 7.01%), 10/15/34(1)(2) | | 1,000 | 931,639 |
Security | Principal Amount (000's omitted) | Value |
Carlyle CLO C17, Ltd., Series C17A, Class DR, 11.631%, (3 mo. SOFR + 6.26%), 4/30/31(1)(2) | $ | 1,750 | $ 1,523,646 |
Carlyle Global Market Strategies CLO, Ltd.: | | | |
Series 2012-3A, Class DR2, 12.073%, (3 mo. SOFR + 6.76%), 1/14/32(1)(2) | | 2,000 | 1,666,938 |
Series 2014-4RA, Class D, 11.22%, (3 mo. SOFR + 5.91%), 7/15/30(1)(2) | | 1,250 | 1,074,589 |
Series 2015-5A, Class DR, 12.288%, (3 mo. SOFR + 6.96%), 1/20/32(1)(2) | | 1,000 | 873,597 |
Cedar Funding X CLO, Ltd., Series 2019-10A, Class ER, 12.088%, (3 mo. SOFR + 6.76%), 10/20/32(1)(2) | | 1,500 | 1,347,312 |
Clover CLO, Ltd., Series 2019-1A, Class ER, 12.01%, (3 mo. SOFR + 6.70%), 4/18/35(1)(2) | | 2,877 | 2,801,246 |
Dryden Senior Loan Fund: | | | |
Series 2015-41A, Class ER, 10.87%, (3 mo. SOFR + 5.56%), 4/15/31(1)(2) | | 2,000 | 1,687,374 |
Series 2016-42A, Class ER, 11.12%, (3 mo. SOFR + 5.81%), 7/15/30(1)(2) | | 1,000 | 863,217 |
Elmwood CLO 14, Ltd., Series 2022-1A, Class E, 11.676%, (3 mo. SOFR + 6.35%), 4/20/35(1)(2) | | 1,000 | 988,095 |
Elmwood CLO 17, Ltd., Series 2022-4A, Class E, 12.458%, (3 mo. SOFR + 7.15%), 7/17/35(1)(2) | | 2,000 | 1,988,686 |
Galaxy XIX CLO, Ltd., Series 2015-19A, Class D2R, 12.607%, (3 mo. SOFR + 7.26%), 7/24/30(1)(2) | | 1,600 | 1,393,083 |
Galaxy XV CLO, Ltd., Series 2013-15A, Class ER, 12.215%, (3 mo. SOFR + 6.91%), 10/15/30(1)(2) | | 3,275 | 3,061,218 |
Galaxy XXI CLO, Ltd., Series 2015-21A, Class ER, 10.838%, (3 mo. SOFR + 5.51%), 4/20/31(1)(2) | | 1,100 | 993,704 |
Galaxy XXV CLO, Ltd., Series 2018-25A, Class E, 11.563%, (3 mo. SOFR + 6.21%), 10/25/31(1)(2) | | 1,000 | 925,913 |
Golub Capital Partners CLO 37B, Ltd., Series 2018-37A, Class E, 11.338%, (3 mo. SOFR + 6.01%), 7/20/30(1)(2) | | 3,000 | 2,966,961 |
Golub Capital Partners CLO 50B-R, Ltd., Series 2020-50A, Class ER, 12.426%, (3 mo. SOFR + 7.10%), 4/20/35(1)(2) | | 2,000 | 1,868,880 |
Madison Park Funding XVII, Ltd., Series 2015-17A, Class ER, 12.095%, (3 mo. SOFR + 6.76%), 7/21/30(1)(2) | | 2,000 | 1,907,526 |
Madison Park Funding XXXVI, Ltd., Series 2019-36A, Class ER, 12.358%, (3 mo. SOFR + 7.05%), 4/15/35(1)(2) | | 3,000 | 2,973,426 |
Madison Park Funding XXXVII, Ltd., Series 2019-37A, Class ER, 11.72%, (3 mo. SOFR + 6.41%), 7/15/33(1)(2) | | 3,500 | 3,387,447 |
Neuberger Berman CLO XXII, Ltd., Series 2016-22A, Class ER, 11.63%, (3 mo. SOFR + 6.32%), 10/17/30(1)(2) | | 1,500 | 1,364,708 |
Neuberger Berman Loan Advisers CLO 30, Ltd., Series 2018-30A, Class ER, 11.788%, (3 mo. SOFR + 6.46%), 1/20/31(1)(2) | | 2,000 | 1,887,790 |
5
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value |
Neuberger Berman Loan Advisers CLO 31, Ltd., Series 2019-31A, Class ER, 12.088%, (3 mo. SOFR + 6.76%), 4/20/31(1)(2) | $ | 1,000 | $ 955,667 |
Neuberger Berman Loan Advisers CLO 48, Ltd., Series 2022-48A, Class E, 11.851%, (3 mo. SOFR + 6.50%), 4/25/36(1)(2) | | 2,000 | 1,941,898 |
NRZ Excess Spread-Collateralized Notes, Series 2021-GNT1, Class A, 3.474%, 11/25/26(1) | | 3,241 | 2,923,676 |
Octagon 68, Ltd.: | | | |
Series 2023-1A, Class D, 10/20/36(1)(2)(3) | | 5,000 | 5,000,000 |
Series 2023-1A, Class E, 10/20/36(1)(2)(3) | | 2,000 | 1,970,000 |
Palmer Square CLO, Ltd.: | | | |
Series 2013-2A, Class DRR, 11.42%, (3 mo. SOFR + 6.11%), 10/17/31(1)(2) | | 2,000 | 1,871,944 |
Series 2018-2A, Class D, 11.17%, (3 mo. SOFR + 5.86%), 7/16/31(1)(2) | | 1,000 | 968,651 |
Series 2019-1A, Class DR, 12.131%, (3 mo. SOFR + 6.76%), 11/14/34(1)(2) | | 2,000 | 1,954,884 |
Series 2021-3A, Class E, 11.72%, (3 mo. SOFR + 6.41%), 1/15/35(1)(2) | | 2,500 | 2,448,702 |
RAD CLO 5, Ltd., Series 2019-5A, Class E, 12.307%, (3 mo. SOFR + 6.96%), 7/24/32(1)(2) | | 4,550 | 4,429,875 |
Regatta IX Funding, Ltd., Series 2017-1A, Class E, 11.57%, (3 mo. SOFR + 6.26%), 4/17/30(1)(2) | | 450 | 422,736 |
Regatta XII Funding, Ltd., Series 2019-1A, Class ER, 11.92%, (3 mo. SOFR + 6.61%), 10/15/32(1)(2) | | 2,000 | 1,978,980 |
Regatta XIII Funding, Ltd., Series 2018-2A, Class D, 11.52%, (3 mo. SOFR + 6.21%), 7/15/31(1)(2) | | 2,000 | 1,740,790 |
Regatta XIV Funding, Ltd., Series 2018-3A, Class E, 11.563%, (3 mo. SOFR + 6.21%), 10/25/31(1)(2) | | 1,000 | 923,209 |
Regatta XVI Funding, Ltd., Series 2019-2A, Class E, 12.57%, (3 mo. SOFR + 7.26%), 1/15/33(1)(2) | | 1,800 | 1,808,926 |
Vibrant CLO IX, Ltd., Series 2018-9A, Class D, 11.838%, (3 mo. SOFR + 6.51%), 7/20/31(1)(2) | | 1,000 | 771,718 |
Vibrant CLO XI, Ltd., Series 2019-11A, Class D, 12.358%, (3 mo. SOFR + 7.03%), 7/20/32(1)(2) | | 575 | 498,664 |
Voya CLO, Ltd.: | | | |
Series 2015-3A, Class DR, 11.788%, (3 mo. SOFR + 6.46%), 10/20/31(1)(2) | | 3,000 | 2,404,833 |
Series 2016-3A, Class DR, 11.652%, (3 mo. SOFR + 6.34%), 10/18/31(1)(2) | | 1,400 | 1,110,876 |
Wellfleet CLO, Ltd., Series 2020-1A, Class D, 12.81%, (3 mo. SOFR + 7.50%), 4/15/33(1)(2) | | 2,000 | 1,806,828 |
Total Asset-Backed Securities (identified cost $118,647,387) | | | $ 111,472,444 |
Security | Shares | Value |
BlackRock Corporate High Yield Fund, Inc. | | 2,188,579 | $ 18,887,437 |
Total Closed-End Funds (identified cost $26,062,179) | | | $ 18,887,437 |
Collateralized Mortgage Obligations — 12.0% |
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)(4) | $ | 2,835 | $ 2,492,939 |
Federal Home Loan Mortgage Corp.: | | | |
Series 24, Class J, 6.25%, 11/25/23 | | 0 (5) | 333 |
Series 1620, Class Z, 6.00%, 11/15/23 | | 1 | 517 |
Series 1702, Class PZ, 6.50%, 3/15/24 | | 51 | 50,746 |
Series 2113, Class QG, 6.00%, 1/15/29 | | 136 | 134,616 |
Series 2122, Class K, 6.00%, 2/15/29 | | 27 | 26,400 |
Series 2130, Class K, 6.00%, 3/15/29 | | 18 | 18,102 |
Series 2167, Class BZ, 7.00%, 6/15/29 | | 21 | 21,394 |
Series 2182, Class ZB, 8.00%, 9/15/29 | | 202 | 205,356 |
Series 2198, Class ZA, 8.50%, 11/15/29 | | 190 | 192,406 |
Series 2458, Class ZB, 7.00%, 6/15/32 | | 327 | 332,794 |
Series 3762, Class SH, 0.00%, (9.77% - 30-day average SOFR x 2.00, Floor 0.00%), 11/15/40(6) | | 379 | 274,012 |
Series 4273, Class PU, 4.00%, 11/15/43 | | 2,263 | 1,956,784 |
Series 4273, Class SP, 0.00%, (11.69% - 30-day average SOFR x 2.67, Floor 0.00%), 11/15/43(6) | | 503 | 370,818 |
Series 4678, Class PC, 3.00%, 1/15/46 | | 2,336 | 2,116,136 |
Series 5028, Class TZ, 2.00%, 10/25/50 | | 2,644 | 1,267,524 |
Series 5035, Class AZ, 2.00%, 11/25/50 | | 8,105 | 3,484,348 |
Series 5083, Class SK, 0.00%, (3.87% - 30-day average SOFR x 1.33, Floor 0.00%), 3/25/51(6) | | 2,047 | 1,091,377 |
Series 5327, Class B, 6.00%, 8/25/53 | | 5,000 | 4,903,176 |
Interest Only:(7) | | | |
Series 284, Class S6, 0.672%, (5.99% - 30-day average SOFR), 10/15/42(6) | | 1,044 | 86,916 |
Series 362, Class C7, 3.50%, 9/15/47 | | 4,322 | 788,544 |
Series 362, Class C11, 4.00%, 12/15/47 | | 4,018 | 833,353 |
Series 4067, Class JI, 3.50%, 6/15/27 | | 541 | 21,561 |
Series 4070, Class S, 0.672%, (5.99% - 30-day average SOFR), 6/15/32(6) | | 2,318 | 117,435 |
Series 4088, Class EI, 3.50%, 9/15/41 | | 20 | 29 |
Series 4094, Class CS, 0.572%, (5.89% - 30-day average SOFR), 8/15/42(6) | | 612 | 49,035 |
Series 4095, Class HS, 0.672%, (5.99% - 30-day average SOFR), 7/15/32(6) | | 474 | 14,653 |
Series 4109, Class ES, 0.722%, (6.04% - 30-day average SOFR), 12/15/41(6) | | 81 | 6,749 |
6
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value |
Interest Only: (continued) | | | |
Series 4110, Class SA, 0.222%, (5.54% - 30-day average SOFR), 9/15/42(6) | $ | 1,965 | $ 105,772 |
Series 4149, Class S, 0.822%, (6.14% - 30-day average SOFR), 1/15/33(6) | | 1,239 | 67,441 |
Series 4188, Class AI, 3.50%, 4/15/28 | | 431 | 15,211 |
Series 4203, Class QS, 0.822%, (6.14% - 30-day average SOFR), 5/15/43(6) | | 2,265 | 116,046 |
Series 4408, Class IP, 3.50%, 4/15/44 | | 1,421 | 190,027 |
Series 4435, Class BI, 3.50%, 7/15/44 | | 2,965 | 460,107 |
Series 4629, Class QI, 3.50%, 11/15/46 | | 1,187 | 240,485 |
Series 4644, Class TI, 3.50%, 1/15/45 | | 1,290 | 191,919 |
Series 4744, Class IO, 4.00%, 11/15/47 | | 2,073 | 408,655 |
Series 4749, Class IL, 4.00%, 12/15/47 | | �� 923 | 182,568 |
Series 4793, Class SD, 0.772%, (6.09% - 30-day average SOFR), 6/15/48(6) | | 4,402 | 396,570 |
Series 4966, Class SY, 0.621%, (5.94% - 30-day average SOFR), 4/25/50(6) | | 11,455 | 1,123,274 |
Principal Only:(8) | | | |
Series 242, Class PO, 0.00%, 11/15/36 | | 1,784 | 1,381,230 |
Series 259, Class PO, 0.00%, 4/15/39 | | 1,126 | 857,748 |
Series 3606, Class PO, 0.00%, 12/15/39 | | 1,197 | 890,785 |
Series 4417, Class KO, 0.00%, 12/15/43 | | 184 | 113,287 |
Series 4478, Class PO, 0.00%, 5/15/45 | | 564 | 394,273 |
Federal National Mortgage Association: | | | |
Series G93-35, Class ZQ, 6.50%, 11/25/23 | | 5 | 5,073 |
Series G93-40, Class H, 6.40%, 12/25/23 | | 3 | 2,554 |
Series 1994-45, Class Z, 6.50%, 2/25/24 | | 1 | 785 |
Series 1994-89, Class ZQ, 8.00%, 7/25/24 | | 34 | 33,974 |
Series 1996-57, Class Z, 7.00%, 12/25/26 | | 82 | 81,401 |
Series 1997-77, Class Z, 7.00%, 11/18/27 | | 52 | 52,523 |
Series 1998-44, Class ZA, 6.50%, 7/20/28 | | 66 | 66,062 |
Series 1999-45, Class ZG, 6.50%, 9/25/29 | | 19 | 18,718 |
Series 2000-22, Class PN, 6.00%, 7/25/30 | | 259 | 256,540 |
Series 2002-21, Class PE, 6.50%, 4/25/32 | | 183 | 186,839 |
Series 2005-75, Class CS, 2.482%, (23.74% - 30-day average SOFR x 4.00), 9/25/35(6) | | 541 | 558,153 |
Series 2007-74, Class AC, 5.00%, 8/25/37 | | 2,102 | 2,061,128 |
Series 2011-49, Class NT, 6.00%, (64.86% - 30-day average SOFR x 10.00, Cap 6.00%), 6/25/41(6) | | 212 | 196,154 |
Series 2012-134, Class ZT, 2.00%, 12/25/42 | | 1,307 | 1,007,291 |
Series 2013-6, Class TA, 1.50%, 1/25/43 | | 1,195 | 1,007,327 |
Series 2013-67, Class NF, 5.00%, (30-day average SOFR + 1.11%), 7/25/43(2) | | 947 | 854,135 |
Series 2017-15, Class LE, 3.00%, 6/25/46 | | 456 | 438,620 |
Series 2017-48, Class LG, 2.75%, 5/25/47 | | 1,346 | 1,128,548 |
Interest Only:(7) | | | |
Series 2011-101, Class IC, 3.50%, 10/25/26 | | 1,242 | 36,174 |
Security | Principal Amount (000's omitted) | Value |
Interest Only: (continued) | | | |
Series 2011-101, Class IE, 3.50%, 10/25/26 | $ | 400 | $ 11,414 |
Series 2012-33, Class CI, 3.50%, 3/25/27 | | 634 | 13,117 |
Series 2012-118, Class IN, 3.50%, 11/25/42 | | 2,883 | 571,606 |
Series 2012-124, Class IO, 1.484%, 11/25/42(9) | | 1,239 | 56,353 |
Series 2012-125, Class IG, 3.50%, 11/25/42 | | 9,042 | 1,921,091 |
Series 2012-150, Class SK, 0.721%, (6.04% - 30-day average SOFR), 1/25/43(6) | | 1,695 | 139,915 |
Series 2013-12, Class SP, 0.221%, (5.54% - 30-day average SOFR), 11/25/41(6) | | 301 | 3,191 |
Series 2013-15, Class DS, 0.771%, (6.09% - 30-day average SOFR), 3/25/33(6) | | 3,752 | 166,590 |
Series 2013-16, Class SY, 0.721%, (6.04% - 30-day average SOFR), 3/25/43(6) | | 902 | 102,227 |
Series 2013-54, Class HS, 0.871%, (6.19% - 30-day average SOFR), 10/25/41(6) | | 12 | 18 |
Series 2013-64, Class PS, 0.821%, (6.14% - 30-day average SOFR), 4/25/43(6) | | 1,246 | 67,021 |
Series 2013-75, Class SC, 0.821%, (6.14% - 30-day average SOFR), 7/25/42(6) | | 1,586 | 27,562 |
Series 2014-32, Class EI, 4.00%, 6/25/44 | | 339 | 59,381 |
Series 2014-55, Class IN, 3.50%, 7/25/44 | | 726 | 148,369 |
Series 2014-89, Class IO, 3.50%, 1/25/45 | | 963 | 207,261 |
Series 2015-52, Class MI, 3.50%, 7/25/45 | | 838 | 168,785 |
Series 2018-21, Class IO, 3.00%, 4/25/48 | | 3,872 | 684,973 |
Series 2019-1, Class AS, 0.571%, (5.89% - 30-day average SOFR), 2/25/49(6) | | 6,286 | 342,832 |
Series 2019-33, Class SK, 0.621%, (5.94% - 30-day average SOFR), 7/25/49(6) | | 4,083 | 303,714 |
Series 2020-23, Class SP, 0.621%, (5.94% - 30-day average SOFR), 2/25/50(6) | | 3,549 | 351,728 |
Principal Only:(8) | | | |
Series 379, Class 1, 0.00%, 5/25/37 | | 1,116 | 847,313 |
Series 2006-8, Class WQ, 0.00%, 3/25/36 | | 1,869 | 1,480,084 |
Government National Mortgage Association: | | | |
Series 2017-121, Class DF, 5.00%, (1 mo. SOFR + 0.61%), 8/20/47(2) | | 3,119 | 2,945,530 |
Series 2017-137, Class AF, 5.00%, (1 mo. SOFR + 0.61%), 9/20/47(2) | | 1,635 | 1,542,999 |
Series 2018-6, Class JZ, 4.00%, 1/20/48 | | 5,204 | 4,557,477 |
Series 2021-160, Class NZ, 3.00%, 9/20/51 | | 1,514 | 787,629 |
Series 2021-165, Class MZ, 2.50%, 9/20/51 | | 9,209 | 4,941,949 |
Series 2022-189, Class US, 3.248%, (22.73% - 30-day average SOFR x 3.667), 11/20/52(6) | | 4,486 | 4,163,383 |
Series 2023-56, Class ZE, 6.00%, 4/20/53 | | 10,253 | 9,491,032 |
Series 2023-63, Class S, 3.064%, (22.55% - 30-day average SOFR x 3.667), 5/20/53(6) | | 4,936 | 4,500,195 |
Series 2023-65, Class SD, 3.064%, (22.55% - 30-day average SOFR x 3.667), 5/20/53(6) | | 5,968 | 5,704,395 |
Series 2023-96, Class BL, 6.00%, 7/20/53 | | 4,326 | 4,236,292 |
Series 2023-96, Class DB, 6.00%, 7/20/53 | | 2,500 | 2,444,831 |
7
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value |
Government National Mortgage Association: (continued) | | | |
Series 2023-97, Class CB, 6.00%, 7/20/53 | $ | 10,000 | $ 9,907,751 |
Series 2023-99, Class AL, 6.00%, 7/20/53 | | 2,500 | 2,445,172 |
Series 2023-102, Class SG, 2.742%, (22.55% - 30-day average SOFR x 3.727), 7/20/53(6) | | 8,398 | 7,630,503 |
Series 2023-115, Class AL, 6.00%, 8/20/53 | | 8,500 | 8,333,922 |
Series 2023-116, Class CY, 6.00%, 8/20/53 | | 5,000 | 4,890,295 |
Series 2023-133, Class S, 5.66%, (21.60% - 30-day average SOFR x 3.00), 9/20/53(6) | | 4,300 | 4,153,351 |
Series 2023-149, Class S, (21.45% - 30-day average SOFR x 3.00), 10/20/53(3)(6) | | 5,000 | 4,986,570 |
Interest Only:(7) | | | |
Series 2017-104, Class SD, 0.761%, (6.08% - 1 mo. SOFR), 7/20/47(6) | | 2,424 | 204,935 |
Series 2020-151, Class AI, 2.00%, 10/20/50 | | 11,645 | 1,427,132 |
Series 2020-154, Class PI, 2.50%, 10/20/50 | | 10,573 | 1,415,781 |
Series 2020-176, Class HI, 2.50%, 11/20/50 | | 12,354 | 1,661,957 |
Series 2021-131, Class QI, 3.00%, 7/20/51 | | 10,035 | 1,260,257 |
Series 2021-193, Class IU, 3.00%, 11/20/49 | | 21,186 | 2,843,528 |
Series 2021-209, Class IW, 3.00%, 11/20/51 | | 13,848 | 1,789,428 |
Total Collateralized Mortgage Obligations (identified cost $193,000,760) | | | $ 141,926,289 |
Commercial Mortgage-Backed Securities — 5.8% |
Security | Principal Amount (000's omitted) | Value |
BAMLL Commercial Mortgage Securities Trust: | | | |
Series 2019-BPR, Class ENM, 3.843%, 11/5/32(1)(9) | $ | 910 | $ 301,055 |
Series 2019-BPR, Class FNM, 3.843%, 11/5/32(1)(9) | | 3,505 | 775,904 |
BBCMS Mortgage Trust, Series 2017-C1, Class D, 3.709%, 2/15/50(1)(9) | | 2,200 | 1,458,403 |
BX Commercial Mortgage Trust, Series 2021-VOLT, Class C, 6.547%, (1 mo. SOFR + 1.214%), 9/15/36(1)(2) | | 2,000 | 1,925,011 |
CFCRE Commercial Mortgage Trust: | | | |
Series 2016-C3, Class C, 4.911%, 1/10/48(9) | | 1,300 | 1,118,091 |
Series 2016-C3, Class D, 3.052%, 1/10/48(1)(9) | | 3,500 | 2,679,251 |
Series 2016-C7, Class D, 4.514%, 12/10/54(1)(9) | | 1,675 | 1,157,300 |
CGMS Commercial Mortgage Trust, Series 2015-P1, Class D, 3.225%, 9/15/48(1) | | 1,100 | 883,357 |
COMM Mortgage Trust: | | | |
Series 2013-CR11, Class D, 4.828%, 8/10/50(1)(9) | | 7,400 | 6,635,487 |
Series 2014-CR21, Class C, 4.564%, 12/10/47(9) | | 2,000 | 1,848,232 |
Series 2015-CR22, Class D, 4.203%, 3/10/48(1)(9) | | 4,100 | 3,232,593 |
Security | Principal Amount (000's omitted) | Value |
CSMC Trust: | | | |
Series 2016-NXSR, Class C, 4.574%, 12/15/49(9) | $ | 2,770 | $ 1,944,848 |
Series 2016-NXSR, Class D, 4.574%, 12/15/49(1)(9) | | 3,000 | 1,904,133 |
Series 2020-TMIC, Class A, 8.948%, (1 mo. SOFR + 3.614%), 12/15/35(1)(2) | | 2,100 | 2,098,510 |
Series 2021-WEHO, Class A, 9.417%, (1 mo. SOFR + 4.083%), 4/15/26(1)(2) | | 72 | 70,502 |
Federal National Mortgage Association Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, 8.679%, (30-day average SOFR + 3.364%), 10/25/49(1)(2) | | 1,497 | 1,463,722 |
JPMBB Commercial Mortgage Securities Trust: | | | |
Series 2014-C22, Class D, 4.70%, 9/15/47(1)(9) | | 5,276 | 3,567,039 |
Series 2014-C23, Class D, 4.129%, 9/15/47(1)(9) | | 3,488 | 2,899,475 |
Series 2014-C25, Class D, 4.081%, 11/15/47(1)(9) | | 4,400 | 1,863,864 |
Series 2015-C29, Class D, 3.827%, 5/15/48(9) | | 2,000 | 1,311,879 |
JPMorgan Chase Commercial Mortgage Securities Trust: | | | |
Series 2013-C13, Class D, 4.116%, 1/15/46(1)(9) | | 608 | 559,721 |
Series 2013-C16, Class D, 5.10%, 12/15/46(1)(9) | | 3,500 | 3,017,870 |
Series 2014-DSTY, Class B, 3.771%, 6/10/27(1) | | 2,600 | 380,835 |
Series 2021-MHC, Class C, 6.747%, (1 mo. SOFR + 1.414%), 4/15/38(1)(2) | | 1,900 | 1,869,625 |
Morgan Stanley Bank of America Merrill Lynch Trust: | | | |
Series 2014-C16, Class B, 4.438%, 6/15/47(9)(10) | | 363 | 328,827 |
Series 2015-C23, Class D, 4.276%, 7/15/50(1)(9)(10) | | 2,670 | 2,253,613 |
Series 2016-C29, Class D, 3.00%, 5/15/49(1)(10) | | 3,577 | 2,569,828 |
Series 2016-C32, Class D, 3.396%, 12/15/49(1)(9)(10) | | 1,600 | 1,057,262 |
Morgan Stanley Capital I Trust: | | | |
Series 2016-UBS12, Class D, 3.312%, 12/15/49(1)(10) | | 4,489 | 2,372,598 |
Series 2019-BPR, Class C, 8.972%, (1 mo. SOFR + 3.642%), 5/15/36(1)(2)(10) | | 1,845 | 1,746,482 |
UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class D, 4.103%, 4/10/46(1)(9) | | 4,398 | 3,645,737 |
VMC Finance, LLC, Series 2021-HT1, Class B, 9.945%, (1 mo. SOFR + 4.614%), 1/18/37(1)(2) | | 6,000 | 5,691,163 |
Wells Fargo Commercial Mortgage Trust: | | | |
Series 2013-LC12, Class D, 4.087%, 7/15/46(1)(9) | | 3,000 | 598,417 |
Series 2015-C31, Class D, 3.852%, 11/15/48 | | 2,475 | 1,873,748 |
Series 2016-C35, Class D, 3.142%, 7/15/48(1) | | 1,850 | 1,316,033 |
Series 2016-C36, Class D, 2.942%, 11/15/59(1) | | 1,500 | 869,149 |
Total Commercial Mortgage-Backed Securities (identified cost $86,349,267) | | | $ 69,289,564 |
8
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value |
Aerospace and Defense — 0.0% |
IAP Worldwide Services, LLC(11)(12)(13) | | 30 | $ 0 |
| | | $ 0 |
Chemicals — 0.0% |
Flint Campfire Topco, Ltd.(12)(13) | | 43,048 | $ 0 |
| | | $ 0 |
Commercial Services & Supplies — 0.1% |
Monitronics International, Inc.(12)(13) | | 26,092 | $ 547,932 |
Phoenix Services International, LLC(12)(13) | | 17,026 | 170,260 |
Phoenix Services International, LLC(12)(13) | | 1,554 | 15,540 |
| | | $ 733,732 |
Containers and Glass Products — 0.1% |
LG Parent Holding Co.(12)(13) | | 166,175 | $ 1,262,930 |
| | | $ 1,262,930 |
Electronics/Electrical — 0.0%(14) |
Skillsoft Corp.(12)(13) | | 143,062 | $ 126,810 |
| | | $ 126,810 |
Entertainment — 0.0%(14) |
New Cineworld, Ltd.(12)(13) | | 12,854 | $ 304,212 |
| | | $ 304,212 |
Health Care — 0.0% |
Akorn Holding Company, LLC, Class A(11)(12)(13) | | 42,374 | $ 0 |
| | | $ 0 |
Household Durables — 0.3% |
Serta Simmons Bedding, Inc.(12)(13) | | 246,099 | $ 3,645,341 |
Serta SSB Equipment Co.(12)(13) | | 246,099 | 0 |
| | | $ 3,645,341 |
Investment Companies — 0.0%(14) |
Aegletes B.V.(13) | | 11,215 | $ 27,056 |
Jubilee Topco, Ltd., Class A(11)(12)(13) | | 807,124 | 0 |
| | | $ 27,056 |
Security | Shares | Value |
Media — 0.1% |
National CineMedia, Inc.(12)(13) | | 147,914 | $ 664,134 |
| | | $ 664,134 |
Nonferrous Metals/Minerals — 0.0%(14) |
ACNR Holdings, Inc., Class A(12)(13) | | 3,818 | $ 342,348 |
| | | $ 342,348 |
Oil and Gas — 0.0%(14) |
AFG Holdings, Inc.(11)(12)(13) | | 29,751 | $ 61,287 |
McDermott International, Ltd.(12)(13) | | 93,940 | 23,955 |
| | | $ 85,242 |
Pharmaceuticals — 0.0%(14) |
Covis Midco 1 S.a.r.l., Class A(12)(13) | | 560 | $ 285 |
Covis Midco 1 S.a.r.l., Class B(12)(13) | | 560 | 285 |
Covis Midco 1 S.a.r.l., Class C(12)(13) | | 560 | 286 |
Covis Midco 1 S.a.r.l., Class D(12)(13) | | 560 | 286 |
Covis Midco 1 S.a.r.l., Class E(12)(13) | | 560 | 286 |
| | | $ 1,428 |
Retailers (Except Food and Drug) — 0.0%(14) |
David’s Bridal, LLC(11)(12)(13) | | 40,851 | $ 0 |
Phillips Feed Service, Inc.(11)(12)(13) | | 582 | 27,774 |
| | | $ 27,774 |
Telecommunications — 0.0% |
Global Eagle Entertainment(11)(12)(13) | | 37,259 | $ 0 |
| | | $ 0 |
Utilities — 0.0%(14) |
Longview Intermediate Holdings, LLC, Class A(12)(13) | | 10,730 | $ 86,591 |
| | | $ 86,591 |
Total Common Stocks (identified cost $9,739,632) | | | $ 7,307,598 |
9
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value |
Energy — 0.1% |
NextEra Energy Partners, L.P., 2.50%, 6/15/26(1) | $ | 1,440 | $ 1,228,320 |
| | | $ 1,228,320 |
Transportation — 0.1% |
CryoPort, Inc., 0.75%, 12/1/26(1) | $ | 2,335 | $ 1,856,325 |
| | | $ 1,856,325 |
Total Convertible Bonds (identified cost $3,191,481) | | | $ 3,084,645 |
Security | Principal Amount* (000's omitted) | Value |
Aerospace and Defense — 1.4% |
Boeing Co., 5.04%, 5/1/27 | | 475 | $ 463,969 |
Bombardier, Inc.: | | | |
7.125%, 6/15/26(1) | | 736 | 713,784 |
7.875%, 4/15/27(1) | | 1,795 | 1,753,009 |
Moog, Inc., 4.25%, 12/15/27(1) | | 955 | 863,344 |
Rolls-Royce PLC: | | | |
5.75%, 10/15/27(1) | | 2,954 | 2,853,293 |
5.75%, 10/15/27(15) | GBP | 200 | 232,372 |
Spirit AeroSystems, Inc.: | | | |
4.60%, 6/15/28 | | 567 | 442,573 |
9.375%, 11/30/29(1) | | 220 | 224,155 |
TransDigm, Inc.: | | | |
5.50%, 11/15/27 | | 2,552 | 2,392,104 |
6.25%, 3/15/26(1) | | 2,408 | 2,368,161 |
6.75%, 8/15/28(1) | | 1,812 | 1,786,158 |
7.50%, 3/15/27 | | 2,862 | 2,870,351 |
| | | $ 16,963,273 |
Agriculture — 0.2% |
Darling Ingredients, Inc., 6.00%, 6/15/30(1) | | 1,277 | $ 1,210,414 |
Imperial Brands Finance PLC: | | | |
3.125%, 7/26/24(1) | | 300 | 292,419 |
6.125%, 7/27/27(1) | | 475 | 473,936 |
Philip Morris International, Inc., 5.125%, 11/17/27 | | 750 | 734,816 |
| | | $ 2,711,585 |
Security | Principal Amount* (000's omitted) | Value |
Air Transport — 0.9% |
Air France-KLM: | | | |
7.25%, 5/31/26(15) | EUR | 100 | $ 108,499 |
8.125%, 5/31/28(15) | EUR | 100 | 110,453 |
American Airlines, Inc., 7.25%, 2/15/28(1) | | 478 | 457,492 |
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.: | | | |
5.50%, 4/20/26(1) | | 1,789 | 1,749,168 |
5.75%, 4/20/29(1) | | 1,952 | 1,817,068 |
Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28(1) | | 1,016 | 965,924 |
Deutsche Lufthansa AG: | | | |
2.875%, 5/16/27(15) | EUR | 100 | 96,420 |
3.50%, 7/14/29(15) | EUR | 300 | 281,921 |
4.382% to 2/12/26, 8/12/75(15)(16) | EUR | 200 | 198,022 |
Gatwick Airport Finance PLC, 4.375%, 4/7/26(15) | GBP | 300 | 340,542 |
Heathrow Finance PLC, 4.75% to 12/1/23, 3/1/24(4)(15) | GBP | 225 | 271,777 |
Mileage Plus Holdings, LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, 6/20/27(1) | | 1,811 | 1,796,245 |
United Airlines, Inc.: | | | |
4.375%, 4/15/26(1) | | 835 | 773,031 |
4.625%, 4/15/29(1) | | 1,276 | 1,098,094 |
| | | $ 10,064,656 |
Airlines — 0.2% |
Air Canada: | | | |
3.875%, 8/15/26(1) | | 2,039 | $ 1,852,489 |
4.625%, 8/15/29(1) | CAD | 717 | 466,186 |
| | | $ 2,318,675 |
Auto Components — 0.4% |
Daimler Truck Finance North America, LLC, 2.00%, 12/14/26(1) | | 550 | $ 491,653 |
General Motors Financial Co., Inc.: | | | |
1.50%, 6/10/26 | | 1,125 | 994,558 |
5.80%, 6/23/28 | | 475 | 464,305 |
Hyundai Capital America, 1.30%, 1/8/26(1) | | 350 | 315,294 |
Mercedes-Benz Finance North America, LLC, 3.30%, 5/19/25(1) | | 500 | 482,309 |
Nissan Motor Acceptance Co., LLC, 6.95%, 9/15/26(1) | | 450 | 453,479 |
Volkswagen Group of America Finance, LLC: | | | |
0.875%, 11/22/23(1) | | 975 | 968,481 |
1.25%, 11/24/25(1) | | 525 | 476,799 |
| | | $ 4,646,878 |
10
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Automotive — 1.7% |
Asbury Automotive Group, Inc.: | | | |
4.625%, 11/15/29(1) | | 512 | $ 440,425 |
4.75%, 3/1/30 | | 1,134 | 971,285 |
5.00%, 2/15/32(1) | | 217 | 180,048 |
Clarios Global, L.P./Clarios U.S. Finance Co.: | | | |
4.375%, 5/15/26(15) | EUR | 400 | 407,457 |
6.25%, 5/15/26(1) | | 1,504 | 1,473,317 |
6.75%, 5/15/25(1) | | 432 | 429,188 |
8.50%, 5/15/27(1) | | 3,484 | 3,480,538 |
Dana Financing Luxembourg S.a.r.l., 8.50%, 7/15/31(15) | EUR | 200 | 214,692 |
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29(1) | | 1,263 | 1,045,653 |
Ford Motor Co.: | | | |
3.25%, 2/12/32 | | 2,825 | 2,179,893 |
4.75%, 1/15/43 | | 1,274 | 931,264 |
7.45%, 7/16/31 | | 457 | 474,602 |
9.625%, 4/22/30 | | 201 | 229,841 |
Forvia SE: | | | |
2.375%, 6/15/29(15) | EUR | 100 | 86,438 |
2.75%, 2/15/27(15) | EUR | 260 | 248,283 |
3.75%, 6/15/28(15) | EUR | 100 | 95,256 |
Goodyear Europe B.V., 2.75%, 8/15/28(15) | EUR | 100 | 87,755 |
IHO Verwaltungs GmbH: | | | |
6.375%, (6.375% cash or 7.125% PIK), 5/15/29(1)(17) | | 200 | 180,610 |
8.75%, (8.75% cash or 9.50% PIK), 5/15/28(15)(17) | EUR | 100 | 109,309 |
Jaguar Land Rover Automotive PLC, 2.20%, 1/15/24(15) | EUR | 100 | 104,842 |
Lithia Motors, Inc.: | | | |
3.875%, 6/1/29(1) | | 651 | 549,379 |
4.375%, 1/15/31(1) | | 1,171 | 969,936 |
4.625%, 12/15/27(1) | | 514 | 469,896 |
Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(1) | | 1,453 | 1,123,903 |
Renault S.A.: | | | |
2.375%, 5/25/26(15) | EUR | 100 | 98,176 |
2.50%, 6/2/27(15) | EUR | 500 | 479,731 |
Sonic Automotive, Inc.: | | | |
4.625%, 11/15/29(1) | | 1,297 | 1,076,904 |
4.875%, 11/15/31(1) | | 1,081 | 861,779 |
TI Automotive Finance PLC, 3.75%, 4/15/29(15) | EUR | 112 | 96,935 |
Volkswagen International Finance N.V., 3.875% to 6/17/29(15)(16)(18) | EUR | 200 | 174,975 |
Wheel Pros, Inc., 6.50%, 5/15/29(1) | | �� 1,069 | 359,451 |
ZF Europe Finance B.V., 6.125%, 3/13/29(15) | EUR | 200 | 211,741 |
ZF Finance GmbH: | | | |
2.00%, 5/6/27(15) | EUR | 100 | 92,847 |
Security | Principal Amount* (000's omitted) | Value |
Automotive (continued) |
ZF Finance GmbH: (continued) | | | |
5.75%, 8/3/26(15) | EUR | 100 | $ 105,732 |
| | | $ 20,042,081 |
Banks — 1.3% |
ABN AMRO Bank NV, 6.339% to 9/18/26, 9/18/27(1)(16) | | 400 | $ 399,171 |
AIB Group PLC, 6.608% to 9/13/28, 9/13/29(1)(16) | | 200 | 199,298 |
Australia & New Zealand Banking Group, Ltd., 4.829%, 2/3/25(1) | | 900 | 892,307 |
Bank of New York Mellon Corp. (The), 4.947% to 4/26/26, 4/26/27(16) | | 600 | 585,791 |
Banque Federative du Credit Mutuel S.A., 2.375%, 11/21/24(1) | | 1,025 | 983,441 |
Canadian Imperial Bank of Commerce: | | | |
3.30%, 4/7/25 | | 500 | 480,727 |
5.144%, 4/28/25 | | 650 | 641,684 |
Citizens Bank N.A., 6.064% to 10/24/24, 10/24/25(16) | | 700 | 675,678 |
Danske Bank A/S, 6.259% to 9/22/25, 9/22/26(1)(16) | | 500 | 499,996 |
Deutsche Bank AG: | | | |
0.962%, 11/8/23 | | 975 | 969,209 |
7.146% to 7/13/26, 7/13/27(16) | | 150 | 151,072 |
Discover Bank, 2.45%, 9/12/24 | | 1,000 | 961,417 |
Fifth Third Bancorp, 6.339% to 7/27/28, 7/27/29(16) | | 100 | 98,840 |
Intesa Sanpaolo SpA, 7.00%, 11/21/25(1) | | 925 | 936,641 |
KeyBank N.A., 4.15%, 8/8/25 | | 500 | 471,063 |
National Bank of Canada, 0.55% to 11/15/23, 11/15/24(16) | | 1,000 | 992,619 |
National Securities Clearing Corp., 5.00%, 5/30/28(1) | | 675 | 660,784 |
Santander UK Group Holdings PLC, 6.833% to 11/21/25, 11/21/26(16) | | 1,900 | 1,911,400 |
Sumitomo Mitsui Trust Bank, Ltd., 5.55%, 9/14/28(1) | | 350 | 348,208 |
Toronto-Dominion Bank (The): | | | |
5.523%, 7/17/28 | | 750 | 740,694 |
8.125% to 10/31/27, 10/31/82(16) | | 450 | 448,809 |
U.S. Bancorp, 5.775% to 6/12/28, 6/12/29(16) | | 1,475 | 1,436,554 |
UBS Group AG, 6.442% to 8/11/27, 8/11/28(1)(16) | | 475 | 474,798 |
| | | $ 15,960,201 |
Banks and Thrifts — 0.6% |
American Express Co., 2.55%, 3/4/27 | | 525 | $ 473,589 |
BPCE S.A., 5.15%, 7/21/24(1) | | 950 | 935,126 |
Capital One Financial Corp.: | | | |
3.273% to 3/1/29, 3/1/30(16) | | 395 | 330,648 |
6.312% to 6/8/28, 6/8/29(16) | | 350 | 342,235 |
11
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Banks and Thrifts (continued) |
HSBC Holdings PLC, 6.161% to 3/9/28, 3/9/29(16) | | 1,350 | $ 1,337,148 |
Swedbank AB, 3.356%, 4/4/25(1) | | 975 | 938,456 |
Synchrony Bank, 5.625%, 8/23/27 | | 1,300 | 1,214,177 |
Texas Capital Bancshares, Inc., 4.00% to 5/6/26, 5/6/31(16) | | 1,500 | 1,245,702 |
United Overseas Bank, Ltd., 3.863% to 10/7/27, 10/7/32(1)(16) | | 686 | 630,729 |
| | | $ 7,447,810 |
Beverage and Tobacco — 0.1% |
BAT Capital Corp., 3.557%, 8/15/27 | | 277 | $ 253,564 |
JDE Peet's NV, 0.80%, 9/24/24(1) | | 800 | 759,533 |
| | | $ 1,013,097 |
Biotechnology — 0.0%(14) |
Royalty Pharma PLC, 1.20%, 9/2/25 | | 525 | $ 477,383 |
| | | $ 477,383 |
Building and Development — 1.6% |
Ashton Woods USA, LLC/Ashton Woods Finance Co.: | | | |
4.625%, 8/1/29(1) | | 392 | $ 331,230 |
4.625%, 4/1/30(1) | | 390 | 319,679 |
Builders FirstSource, Inc.: | | | |
4.25%, 2/1/32(1) | | 2,118 | 1,739,377 |
5.00%, 3/1/30(1) | | 1,085 | 968,658 |
Castle UK Finco PLC, 9.031%, (3 mo. EURIBOR + 5.25%), 5/15/28(2)(15) | EUR | 200 | 183,475 |
Emerald Debt Merger Sub, LLC: | | | |
6.375%, 12/15/30(15) | EUR | 200 | 211,135 |
6.625%, 12/15/30(1) | | 379 | 365,327 |
James Hardie International Finance DAC, 3.625%, 10/1/26(15) | EUR | 400 | 407,553 |
KB Home: | | | |
4.00%, 6/15/31 | | 86 | 69,419 |
4.80%, 11/15/29 | | 556 | 489,880 |
Masonite International Corp., 5.375%, 2/1/28(1) | | 570 | 530,847 |
MIWD Holdco II, LLC/MIWD Finance Corp., 5.50%, 2/1/30(1) | | 760 | 628,706 |
Mohawk Industries, Inc., 5.85%, 9/18/28 | | 275 | 273,105 |
Patrick Industries, Inc.: | | | |
4.75%, 5/1/29(1) | | 1,187 | 992,457 |
7.50%, 10/15/27(1) | | 225 | 215,677 |
PGT Innovations, Inc., 4.375%, 10/1/29(1) | | 1,456 | 1,344,140 |
Smyrna Ready Mix Concrete, LLC, 6.00%, 11/1/28(1) | | 3,078 | 2,845,152 |
Security | Principal Amount* (000's omitted) | Value |
Building and Development (continued) |
SRS Distribution, Inc.: | | | |
6.00%, 12/1/29(1) | | 692 | $ 582,052 |
6.125%, 7/1/29(1) | | 1,195 | 1,018,892 |
Standard Industries, Inc.: | | | |
2.25%, 11/21/26(15) | EUR | 450 | 421,377 |
3.375%, 1/15/31(1) | | 1,634 | 1,265,102 |
4.375%, 7/15/30(1) | | 1,779 | 1,475,225 |
5.00%, 2/15/27(1) | | 457 | 424,064 |
Taylor Morrison Communities, Inc., 5.875%, 6/15/27(1) | | 808 | 769,031 |
Victoria PLC, 3.625%, 8/24/26(15) | EUR | 275 | 230,056 |
White Cap Buyer, LLC, 6.875%, 10/15/28(1) | | 719 | 636,341 |
White Cap Parent, LLC, 8.25%, (8.25% cash or 9.00% PIK), 3/15/26(1)(17) | | 691 | 667,563 |
| | | $ 19,405,520 |
Business Equipment and Services — 0.8% |
Adtalem Global Education, Inc., 5.50%, 3/1/28(1) | | 1,900 | $ 1,742,404 |
Allied Universal Holdco, LLC/Allied Universal Finance Corp.: | | | |
6.625%, 7/15/26(1) | | 2,443 | 2,318,187 |
9.75%, 7/15/27(1) | | 1,148 | 1,028,469 |
Allied Universal Holdco, LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l.: | | | |
3.625%, 6/1/28(15) | EUR | 300 | 262,459 |
4.625%, 6/1/28(1) | | 776 | 645,315 |
4.625%, 6/1/28(1) | | 549 | 458,308 |
4.875%, 6/1/28(15) | GBP | 100 | 97,654 |
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC: | | | |
7.125%, 7/31/26(1) | | 2,576 | 2,508,676 |
7.125%, 7/31/26(15) | | 350 | 340,853 |
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 7/15/25(15) | EUR | 100 | 102,336 |
| | | $ 9,504,661 |
Cable and Satellite Television — 1.6% |
Altice Financing S.A.: | | | |
3.00%, 1/15/28(15) | EUR | 100 | $ 89,472 |
5.00%, 1/15/28(1) | | 814 | 696,200 |
Altice France S.A.: | | | |
2.125%, 2/15/25(15) | EUR | 100 | 99,923 |
2.50%, 1/15/25(15) | EUR | 100 | 100,427 |
5.125%, 7/15/29(1) | | 767 | 546,415 |
5.50%, 1/15/28(1) | | 841 | 649,056 |
5.875%, 2/1/27(15) | EUR | 100 | 91,374 |
12
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Cable and Satellite Television (continued) |
CCO Holdings, LLC/CCO Holdings Capital Corp.: | | | |
4.25%, 2/1/31(1) | | 2,263 | $ 1,803,642 |
4.50%, 8/15/30(1) | | 2,140 | 1,759,333 |
4.50%, 5/1/32 | | 771 | 605,908 |
4.75%, 3/1/30(1) | | 1,789 | 1,504,006 |
4.75%, 2/1/32(1) | | 1,044 | 836,364 |
5.00%, 2/1/28(1) | | 1,755 | 1,595,704 |
5.375%, 6/1/29(1) | | 595 | 534,452 |
6.375%, 9/1/29(1) | | 1,974 | 1,842,671 |
Charter Communications Operating, LLC/Charter Communications Operating Capital, 4.908%, 7/23/25 | | 950 | 928,605 |
DISH Network Corp., 11.75%, 11/15/27(1) | | 1,293 | 1,304,561 |
UPC Holding B.V., 5.50%, 1/15/28(1) | | 593 | 526,940 |
Virgin Media Finance PLC: | | | |
3.75%, 7/15/30(15) | EUR | 125 | 105,731 |
5.00%, 7/15/30(1) | | 946 | 744,837 |
Virgin Media Secured Finance PLC, 5.25%, 5/15/29(15) | GBP | 200 | 211,077 |
Virgin Media Vendor Financing Notes III DAC, 4.875%, 7/15/28(15) | GBP | 525 | 534,805 |
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/28(1) | | 1,091 | 942,711 |
VZ Vendor Financing II B.V., 2.875%, 1/15/29(15) | EUR | 100 | 81,870 |
Ziggo B.V., 4.875%, 1/15/30(1) | | 628 | 512,381 |
Ziggo Bond Co., B.V.: | | | |
3.375%, 2/28/30(15) | EUR | 230 | 179,712 |
6.00%, 1/15/27(1) | | 745 | 682,972 |
| | | $ 19,511,149 |
Capital Goods — 0.1% |
BWX Technologies, Inc.: | | | |
4.125%, 6/30/28(1) | | 948 | $ 839,118 |
4.125%, 4/15/29(1) | | 733 | 643,735 |
| | | $ 1,482,853 |
Chemicals — 0.1% |
Calderys Financing, LLC, 11.25%, 6/1/28(1) | | 1,444 | $ 1,480,904 |
| | | $ 1,480,904 |
Chemicals and Plastics — 1.1% |
ASP Unifrax Holdings, Inc., 5.25%, 9/30/28(1) | | 1,242 | $ 886,428 |
Avient Corp., 7.125%, 8/1/30(1) | | 1,551 | 1,525,584 |
Celanese US Holdings, LLC, 6.35%, 11/15/28 | | 725 | 716,261 |
Herens Holdco S.a.r.l., 4.75%, 5/15/28(1) | | 545 | 423,867 |
Herens Midco S.a.r.l., 5.25%, 5/15/29(15) | EUR | 400 | 243,811 |
Security | Principal Amount* (000's omitted) | Value |
Chemicals and Plastics (continued) |
INEOS Finance PLC: | | | |
2.875%, 5/1/26(15) | EUR | 100 | $ 98,391 |
3.375%, 3/31/26(15) | EUR | 100 | 99,942 |
INEOS Quattro Finance 2 PLC, 2.50%, 1/15/26(15) | EUR | 154 | 148,657 |
Italmatch Chemicals SpA, 10.00%, 2/6/28(15) | EUR | 200 | 206,652 |
NOVA Chemicals Corp.: | | | |
4.25%, 5/15/29(1) | | 1,242 | 967,864 |
4.875%, 6/1/24(1) | | 1,276 | 1,254,837 |
Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.00%, 1/27/30(1) | | 1,759 | 1,554,261 |
Olympus Water US Holding Corp.: | | | |
3.875%, 10/1/28(15) | EUR | 110 | 97,666 |
9.75%, 11/15/28(1) | | 2,204 | 2,201,991 |
Valvoline, Inc., 3.625%, 6/15/31(1) | | 802 | 622,170 |
W.R. Grace Holdings, LLC: | | | |
4.875%, 6/15/27(1) | | 1,472 | 1,352,308 |
7.375%, 3/1/31(1) | | 611 | 592,953 |
| | | $ 12,993,643 |
Clothing/Textiles — 0.1% |
William Carter Co. (The), 5.625%, 3/15/27(1) | | 811 | $ 780,847 |
| | | $ 780,847 |
Commercial Services — 1.5% |
Abertis Infraestructuras Finance B.V., 3.248% to 11/24/25(15)(16)(18) | EUR | 600 | $ 581,433 |
APi Group DE, Inc., 4.75%, 10/15/29(1) | | 1,510 | 1,327,772 |
Arena Luxembourg Finance S.a.r.l., 1.875%, 2/1/28(15) | EUR | 200 | 175,664 |
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28(15) | EUR | 100 | 88,874 |
Global Payments, Inc., 4.95%, 8/15/27 | | 475 | 456,802 |
GTCR W-2 Merger Sub, LLC, 7.50%, 1/15/31(1)(3) | | 1,328 | 1,331,552 |
GTCR W-2 Merger Sub, LLC/GTCR W Dutch Finance Sub B.V., 8.50%, 1/15/31(3)(15) | GBP | 100 | 124,900 |
HealthEquity, Inc., 4.50%, 10/1/29(1) | | 1,974 | 1,702,822 |
IPD 3 B.V., 8.00%, 6/15/28(15) | EUR | 200 | 213,903 |
Korn Ferry, 4.625%, 12/15/27(1) | | 1,355 | 1,248,063 |
LABL, Inc.: | | | |
5.875%, 11/1/28(1) | | 507 | 456,094 |
8.25%, 11/1/29(1) | | 1,016 | 831,215 |
Loxam S.A.S., 2.875%, 4/15/26(15) | EUR | 100 | 97,896 |
Metis Merger Sub, LLC, 6.50%, 5/15/29(1) | | 2,923 | 2,472,671 |
Mooney Group SpA, 7.742%, (3 mo. EURIBOR + 3.875%), 12/17/26(2)(15) | EUR | 110 | 116,094 |
NESCO Holdings II, Inc., 5.50%, 4/15/29(1) | | 1,282 | 1,126,501 |
13
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Commercial Services (continued) |
PROG Holdings, Inc., 6.00%, 11/15/29(1) | | 1,085 | $ 947,965 |
Spectrum Brands, Inc., 4.00%, 10/1/26(15) | EUR | 200 | 203,982 |
Verisure Holding AB, 3.25%, 2/15/27(15) | EUR | 400 | 381,139 |
Verisure Midholding AB, 5.25%, 2/15/29(15) | EUR | 175 | 162,995 |
VT Topco, Inc., 8.50%, 8/15/30(1) | | 1,824 | 1,808,596 |
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26(1) | | 2,060 | 1,925,894 |
| | | $ 17,782,827 |
Computers — 1.0% |
Booz Allen Hamilton, Inc.: | | | |
3.875%, 9/1/28(1) | | 1,341 | $ 1,202,770 |
4.00%, 7/1/29(1) | | 717 | 633,261 |
Dell International, LLC/EMC Corp., 5.25%, 2/1/28 | | 200 | 197,039 |
Hewlett Packard Enterprise Co., 5.90%, 10/1/24 | | 754 | 753,596 |
Kyndryl Holdings, Inc., 2.70%, 10/15/28 | | 600 | 493,623 |
McAfee Corp., 7.375%, 2/15/30(1) | | 1,841 | 1,543,426 |
NCR Corp.: | | | |
5.125%, 4/15/29(1) | | 926 | 816,819 |
5.25%, 10/1/30(1) | | 843 | 727,318 |
Presidio Holdings, Inc., 8.25%, 2/1/28(1) | | 3,176 | 3,039,263 |
Seagate HDD Cayman: | | | |
4.091%, 6/1/29 | | 418 | 360,969 |
9.625%, 12/1/32(1) | | 1,800 | 1,941,311 |
| | | $ 11,709,395 |
Containers and Glass Products — 0.4% |
Ardagh Metal Packaging Finance USA, LLC/Ardagh Metal Packaging Finance PLC: | | | |
3.00%, 9/1/29(15) | EUR | 400 | $ 322,241 |
4.00%, 9/1/29(1) | | 1,408 | 1,103,768 |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.: | | | |
2.125%, 8/15/26(15) | EUR | 100 | 94,245 |
2.125%, 8/15/26(15) | EUR | 400 | 376,161 |
Berry Global, Inc., 5.50%, 4/15/28(1) | | 175 | 169,167 |
Canpack S.A./Canpack US, LLC, 3.875%, 11/15/29(1) | | 2,027 | 1,658,779 |
Crown Americas, LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26 | | 660 | 621,043 |
Crown Americas, LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26 | | 750 | 721,118 |
| | | $ 5,066,522 |
Cosmetics/Toiletries — 0.1% |
Edgewell Personal Care Co.: | | | |
4.125%, 4/1/29(1) | | 441 | $ 375,532 |
Security | Principal Amount* (000's omitted) | Value |
Cosmetics/Toiletries (continued) |
Edgewell Personal Care Co.: (continued) | | | |
5.50%, 6/1/28(1) | | 1,067 | $ 986,916 |
| | | $ 1,362,448 |
Distribution & Wholesale — 0.8% |
BCPE Empire Holdings, Inc., 7.625%, 5/1/27(1) | | 2,799 | $ 2,661,765 |
Parts Europe S.A.: | | | |
6.50%, 7/16/25(15) | EUR | 100 | 105,725 |
7.705%, (3 mo. EURIBOR + 4.00%), 7/20/27(2)(15) | EUR | 428 | 452,503 |
Performance Food Group, Inc.: | | | |
4.25%, 8/1/29(1) | | 2,429 | 2,101,251 |
5.50%, 10/15/27(1) | | 935 | 886,703 |
Rexel S.A., 5.25%, 9/15/30(15) | EUR | 150 | 156,962 |
Ritchie Bros Holdings, Inc.: | | | |
6.75%, 3/15/28(1) | | 558 | 557,414 |
7.75%, 3/15/31(1) | | 996 | 1,012,185 |
Windsor Holdings III, LLC, 8.50%, 6/15/30(1) | | 2,067 | 2,041,668 |
| | | $ 9,976,176 |
Diversified Financial Services — 1.6% |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust: | | | |
1.65%, 10/29/24 | | 599 | $ 570,009 |
2.45%, 10/29/26 | | 525 | 470,500 |
AG TTMT Escrow Issuer, LLC, 8.625%, 9/30/27(1) | | 1,308 | 1,317,176 |
Air Lease Corp., 0.80%, 8/18/24 | | 750 | 715,346 |
American AgCredit Corp., Series A, 5.25% to 6/15/26(1)(16)(18) | | 410 | 376,687 |
Aviation Capital Group, LLC: | | | |
6.25%, 4/15/28(1) | | 275 | 269,182 |
6.375%, 7/15/30(1) | | 250 | 242,308 |
Charles Schwab Corp. (The), 5.643% to 5/19/28, 5/19/29(16) | | 525 | 514,455 |
CI Financial Corp., 3.20%, 12/17/30 | | 1,000 | 759,277 |
Enact Holdings, Inc., 6.50%, 8/15/25(1) | | 708 | 698,049 |
Encore Capital Group, Inc., 7.913%, (3 mo. EURIBOR + 4.25%), 1/15/28(2)(15) | EUR | 100 | 106,121 |
Intrum AB, 4.875%, 8/15/25(15) | EUR | 225 | 216,714 |
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29(1) | | 1,905 | 1,639,366 |
Jefferies Financial Group, Inc., 5.875%, 7/21/28 | | 400 | 391,696 |
Jefferson Capital Holdings, LLC, 6.00%, 8/15/26(1) | | 1,275 | 1,129,287 |
Jerrold Finco PLC, 4.875%, 1/15/26(15) | GBP | 200 | 229,185 |
Louvre Bidco S.A.S., 6.50%, 9/30/24(15) | EUR | 333 | 346,511 |
Macquarie Airfinance Holdings, Ltd., 8.125%, 3/30/29(1) | | 805 | 806,590 |
14
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Diversified Financial Services (continued) |
Oxford Finance, LLC/Oxford Finance Co-Issuer II, Inc., 6.375%, 2/1/27(1) | | 1,209 | $ 1,124,920 |
PRA Group, Inc., 7.375%, 9/1/25(1) | | 1,292 | 1,259,604 |
ProGroup AG, 3.00%, 3/31/26(15) | EUR | 400 | 390,594 |
Radian Group, Inc., 6.625%, 3/15/25 | | 475 | 472,630 |
Rocket Mortgage, LLC/Rocket Mortgage Co.-Issuer, Inc.: | | | |
3.625%, 3/1/29(1) | | 2,290 | 1,895,640 |
4.00%, 10/15/33(1) | | 225 | 170,223 |
Sherwood Financing PLC, 6.00%, 11/15/26(15) | GBP | 150 | 156,249 |
Synchrony Financial, 4.50%, 7/23/25 | | 225 | 214,324 |
Unifin Financiera SAB de CV, 7.375%, 2/12/26(1)(19) | | 620 | 13,950 |
VistaJet Malta Finance PLC/Vista Management Holding, Inc.: | | | |
6.375%, 2/1/30(1) | | 2,192 | 1,696,663 |
9.50%, 6/1/28(1) | | 953 | 837,974 |
| | | $ 19,031,230 |
Drugs — 0.5% |
Endo DAC/Endo Finance, LLC/Endo Finco, Inc., 5.875%, 10/15/24(1)(19) | | 649 | $ 455,372 |
Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.125%, 4/1/29(1)(19) | | 1,550 | 1,103,507 |
Gruenenthal GmbH, 3.625%, 11/15/26(15) | EUR | 310 | 311,950 |
Jazz Securities DAC, 4.375%, 1/15/29(1) | | 1,371 | 1,196,443 |
Perrigo Finance Unlimited Co.: | | | |
4.65%, 6/15/30 | | 2,255 | 1,925,253 |
4.90%, 12/15/44 | | 588 | 436,446 |
| | | $ 5,428,971 |
Ecological Services and Equipment — 0.8% |
Clean Harbors, Inc.: | | | |
4.875%, 7/15/27(1) | | 551 | $ 519,837 |
5.125%, 7/15/29(1) | | 332 | 305,816 |
6.375%, 2/1/31(1) | | 308 | 299,872 |
Covanta Holding Corp.: | | | |
4.875%, 12/1/29(1) | | 1,536 | 1,262,461 |
5.00%, 9/1/30 | | 319 | 255,256 |
GFL Environmental, Inc.: | | | |
3.50%, 9/1/28(1) | | 1,679 | 1,446,971 |
3.75%, 8/1/25(1) | | 776 | 736,359 |
4.375%, 8/15/29(1) | | 2,000 | 1,739,750 |
4.75%, 6/15/29(1) | | 3,095 | 2,755,102 |
Paprec Holding S.A.: | | | |
3.50%, 7/1/28(15) | EUR | 129 | 122,406 |
Security | Principal Amount* (000's omitted) | Value |
Ecological Services and Equipment (continued) |
Paprec Holding S.A.: (continued) | | | |
4.00%, 3/31/25(15) | EUR | 300 | $ 312,341 |
| | | $ 9,756,171 |
Electric Utilities — 1.3% |
Dominion Energy, Inc., 1.45%, 4/15/26 | | 800 | $ 720,176 |
DTE Energy Co., 4.875%, 6/1/28 | | 500 | 483,570 |
Edison International, 4.70%, 8/15/25 | | 500 | 486,874 |
EDP - Energias de Portugal S.A., 4.496% to 1/30/24, 4/30/79(15)(16) | EUR | 600 | 632,325 |
EDP Finance B.V., 6.30%, 10/11/27(1) | | 700 | 710,519 |
Electricite de France S.A., 7.50% to 9/6/28(15)(16)(18) | EUR | 400 | 431,419 |
Energizer Gamma Acquisition B.V., 3.50%, 6/30/29(15) | EUR | 1,100 | 934,328 |
Fells Point Funding Trust, 3.046%, 1/31/27(1) | | 525 | 476,353 |
FirstEnergy Corp.: | | | |
2.65%, 3/1/30 | | 410 | 334,653 |
Series B, 4.15%, 7/15/27 | | 1,630 | 1,516,431 |
ITC Holdings Corp., 4.95%, 9/22/27(1) | | 600 | 584,983 |
Metropolitan Edison Co., 5.20%, 4/1/28(1) | | 225 | 219,672 |
NextEra Energy Capital Holdings, Inc.: | | | |
4.625%, 7/15/27 | | 475 | 458,094 |
5.749%, 9/1/25 | | 325 | 324,193 |
6.051%, 3/1/25 | | 175 | 175,327 |
Pacific Gas & Electric Co., 6.10%, 1/15/29 | | 475 | 464,315 |
PacifiCorp, 2.70%, 9/15/30 | | 575 | 469,931 |
Pattern Energy Operations, L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28(1) | | 1,112 | 967,017 |
Pennsylvania Electric Co., 5.15%, 3/30/26(1) | | 200 | 196,353 |
Public Power Corp S.A., 4.375%, 3/30/26(15) | EUR | 300 | 309,200 |
Southern Co. (The), 5.113%, 8/1/27 | | 994 | 974,852 |
TransAlta Corp., 7.75%, 11/15/29 | | 1,045 | 1,059,040 |
Wec Energy Group, Inc., 5.00%, 9/27/25 | | 475 | 468,307 |
WESCO Distribution, Inc.: | | | |
7.125%, 6/15/25(1) | | 1,024 | 1,027,503 |
7.25%, 6/15/28(1) | | 915 | 920,345 |
| | | $ 15,345,780 |
Electronic Equipment, Instruments & Components — 0.1% |
Vontier Corp., 1.80%, 4/1/26 | | 800 | $ 718,617 |
| | | $ 718,617 |
Electronics/Electrical — 0.8% |
Coherent Corp., 5.00%, 12/15/29(1) | | 1,777 | $ 1,543,165 |
Imola Merger Corp., 4.75%, 5/15/29(1) | | 3,165 | 2,776,927 |
Jabil, Inc., 5.45%, 2/1/29 | | 450 | 438,217 |
15
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Electronics/Electrical (continued) |
Open Text Corp., 3.875%, 2/15/28(1) | | 1,009 | $ 882,395 |
Open Text Holdings, Inc., 4.125%, 2/15/30(1) | | 883 | 739,682 |
RWE AG, 6.625% to 3/30/26, 7/30/75(15)(16) | | 266 | 264,894 |
Sensata Technologies B.V., 5.00%, 10/1/25(1) | | 447 | 433,826 |
Sensata Technologies, Inc.: | | | |
3.75%, 2/15/31(1) | | 1,660 | 1,345,181 |
4.375%, 2/15/30(1) | | 627 | 542,076 |
SS&C Technologies, Inc., 5.50%, 9/30/27(1) | | 517 | 488,392 |
| | | $ 9,454,755 |
Energy — 0.5% |
Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26(1) | | 2,651 | $ 2,164,727 |
New Fortress Energy, Inc., 6.50%, 9/30/26(1) | | 1,974 | 1,819,658 |
Sunoco, L.P./Sunoco Finance Corp., 4.50%, 4/30/30 | | 1,692 | 1,467,366 |
| | | $ 5,451,751 |
Engineering & Construction — 0.4% |
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26(1) | | 1,038 | $ 988,565 |
Cellnex Finance Co. S.A., 1.00%, 9/15/27(15) | EUR | 100 | 91,731 |
Dycom Industries, Inc., 4.50%, 4/15/29(1) | | 1,389 | 1,202,909 |
TopBuild Corp., 4.125%, 2/15/32(1) | | 1,562 | 1,269,979 |
VM Consolidated, Inc., 5.50%, 4/15/29(1) | | 1,899 | 1,711,453 |
| | | $ 5,264,637 |
Entertainment — 1.5% |
Allwyn Entertainment Financing UK, PLC: | | | |
7.25%, 4/30/30(15) | EUR | 325 | $ 348,191 |
7.875%, 4/30/29(1) | | 1,565 | 1,586,519 |
Boyne USA, Inc., 4.75%, 5/15/29(1) | | 1,719 | 1,505,561 |
Caesars Entertainment, Inc.: | | | |
4.625%, 10/15/29(1) | | 529 | 448,716 |
6.25%, 7/1/25(1) | | 2,521 | 2,488,713 |
7.00%, 2/15/30(1) | | 800 | 779,297 |
8.125%, 7/1/27(1) | | 1,589 | 1,597,782 |
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(1) | | 1,751 | 1,584,162 |
Cirsa Finance International S.a.r.l., 4.50%, 3/15/27(15) | EUR | 200 | 195,463 |
CPUK Finance, Ltd.: | | | |
4.50%, 8/28/27(15) | GBP | 100 | 106,027 |
4.875%, 2/28/47(15) | GBP | 435 | 504,206 |
6.50%, 8/28/26(15) | GBP | 100 | 116,670 |
Esc Cb National Cineme, 5.75%, 8/15/26 | | 1,186 | 0 |
Jacobs Entertainment, Inc., 6.75%, 2/15/29(1) | | 1,721 | 1,529,186 |
Light & Wonder International, Inc., 7.00%, 5/15/28(1) | | 1,647 | 1,620,533 |
Security | Principal Amount* (000's omitted) | Value |
Entertainment (continued) |
Live Nation Entertainment, Inc., 4.75%, 10/15/27(1) | | 1,226 | $ 1,123,874 |
Lottomatica SpA, 7.928%, 6/1/28(2)(15) | EUR | 100 | 106,927 |
Pinewood Finance Co., Ltd., 3.25%, 9/30/25(15) | GBP | 300 | 344,323 |
Speedway Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27(1) | | 1,515 | 1,376,423 |
WarnerMedia Holdings, Inc., 3.755%, 3/15/27 | | 1,050 | 969,835 |
| | | $ 18,332,408 |
Environmental — 0.0%(14) |
Waste Management, Inc., 0.75%, 11/15/25 | | 525 | $ 476,297 |
| | | $ 476,297 |
Equipment Leasing — 0.0%(14) |
Ashtead Capital, Inc., 4.25%, 11/1/29(1) | | 526 | $ 466,156 |
| | | $ 466,156 |
Financial Intermediaries — 1.9% |
Ally Financial, Inc.: | | | |
4.625%, 3/30/25 | | 1,225 | $ 1,183,217 |
Series B, 4.70% to 5/15/26(16)(18) | | 1,647 | 1,135,385 |
Alpha Holding S.A. de CV: | | | |
9.00%, 2/10/25(1)(19) | | 721 | 10,818 |
10.00%, 12/19/22(1)(19) | | 188 | 2,827 |
Citigroup, Inc.: | | | |
3.887% to 1/10/27, 1/10/28(16) | | 975 | 909,379 |
5.61% to 9/29/25, 9/29/26(16) | | 935 | 925,691 |
Compass Group Diversified Holdings, LLC, 5.25%, 4/15/29(1) | | 1,657 | 1,450,361 |
Ford Motor Credit Co., LLC: | | | |
2.90%, 2/16/28 | | 420 | 358,122 |
3.37%, 11/17/23 | | 513 | 510,477 |
3.625%, 6/17/31 | | 2,307 | 1,866,588 |
3.815%, 11/2/27 | | 1,984 | 1,768,750 |
4.00%, 11/13/30 | | 995 | 831,955 |
4.125%, 8/17/27 | | 2,739 | 2,496,943 |
4.271%, 1/9/27 | | 476 | 440,134 |
4.867%, 8/3/27 | EUR | 200 | 209,090 |
5.125%, 6/16/25 | | 938 | 908,850 |
5.584%, 3/18/24 | | 257 | 255,630 |
6.125%, 5/15/28 | EUR | 550 | 599,296 |
Goldman Sachs Group, Inc. (The), 3.615% to 3/15/27, 3/15/28(16) | | 1,496 | 1,380,871 |
JPMorgan Chase & Co.: | | | |
Series HH, 4.60% to 2/1/25(16)(18) | | 1,674 | 1,570,194 |
5.546%, 12/15/25(16) | | 1,400 | 1,390,820 |
16
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Financial Intermediaries (continued) |
MSCI, Inc.: | | | |
3.625%, 9/1/30(1) | | 520 | $ 436,457 |
3.875%, 2/15/31(1) | | 899 | 762,829 |
Synovus Financial Corp., 5.90% to 2/7/24, 2/7/29(16) | | 1,011 | 941,059 |
| | | $ 22,345,743 |
Financial Services — 0.6% |
Bank of America Corp.: | | | |
1.734% to 7/22/26, 7/22/27(16) | | 1,625 | $ 1,440,446 |
4.376% to 4/27/27, 4/27/28(16) | | 1,500 | 1,416,802 |
5.08% to 1/20/26, 1/20/27(16) | | 975 | 953,236 |
Nationwide Building Society, 4.00%, 9/14/26(1) | | 525 | 487,300 |
Vietnam Debt and Asset Trading Corp., 1.00%, 10/10/25(15) | | 2,600 | 2,210,000 |
| | | $ 6,507,784 |
Food Products — 0.4% |
Bellis Acquisition Co. PLC, 3.25%, 2/16/26(15) | GBP | 200 | $ 212,695 |
Casino Guichard Perrachon SA, 4.498%, 3/7/24(15) | EUR | 100 | 1,493 |
Chobani, LLC/Chobani Finance Corp., Inc., 7.50%, 4/15/25(1) | | 1,619 | 1,605,303 |
Ingles Markets, Inc., 4.00%, 6/15/31(1) | | 854 | 702,270 |
Nomad Foods Bondco PLC, 2.50%, 6/24/28(15) | EUR | 236 | 217,520 |
Pilgrim's Pride Corp., 3.50%, 3/1/32 | | 1,979 | 1,532,631 |
Premier Foods Financing PLC, 3.50%, 10/15/26(15) | GBP | 125 | 139,390 |
| | | $ 4,411,302 |
Food Service — 0.7% |
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc.: | | | |
3.875%, 1/15/28(1) | | 1,906 | $ 1,711,341 |
4.00%, 10/15/30(1) | | 2,705 | 2,250,949 |
4.375%, 1/15/28(1) | | 1,014 | 914,935 |
5.75%, 4/15/25(1) | | 372 | 369,517 |
Elior Group S.A., 3.75%, 7/15/26(15) | EUR | 100 | 83,842 |
IRB Holding Corp., 7.00%, 6/15/25(1) | | 615 | 615,849 |
US Foods, Inc., 4.75%, 2/15/29(1) | | 1,837 | 1,644,019 |
Yum! Brands, Inc., 3.625%, 3/15/31 | | 238 | 196,169 |
| | | $ 7,786,621 |
Food/Drug Retailers — 0.3% |
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC: | | | |
4.875%, 2/15/30(1) | | 1,595 | $ 1,439,247 |
Security | Principal Amount* (000's omitted) | Value |
Food/Drug Retailers (continued) |
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC: (continued) | | | |
5.875%, 2/15/28(1) | | 2,145 | $ 2,066,844 |
| | | $ 3,506,091 |
Forest Products & Paper — 0.0%(14) |
Georgia-Pacific, LLC, 1.75%, 9/30/25(1) | | 525 | $ 485,463 |
| | | $ 485,463 |
Health Care — 3.6% |
AHP Health Partners, Inc., 5.75%, 7/15/29(1) | | 610 | $ 515,355 |
Avantor Funding, Inc.: | | | |
2.625%, 11/1/25(15) | EUR | 300 | 303,764 |
3.875%, 7/15/28(15) | EUR | 100 | 97,478 |
Bausch & Lomb Escrow Corp., 8.375%, 10/1/28(1) | | 1,295 | 1,300,465 |
Cerba Healthcare SACA, 3.50%, 5/31/28(15) | EUR | 450 | 396,066 |
Chrome Holdco S.A.S., 5.00%, 5/31/29(15) | EUR | 400 | 321,869 |
Encompass Health Corp.: | | | |
4.625%, 4/1/31 | | 683 | 579,818 |
4.75%, 2/1/30 | | 639 | 566,228 |
Fortrea Holdings, Inc., 7.50%, 7/1/30(1) | | 1,849 | 1,801,416 |
Grifols S.A.: | | | |
1.625%, 2/15/25(15) | EUR | 200 | 204,415 |
3.20%, 5/1/25(15) | EUR | 350 | 356,855 |
3.875%, 10/15/28(15) | EUR | 494 | 444,095 |
4.75%, 10/15/28(1) | | 2,051 | 1,751,154 |
HCA, Inc.: | | | |
5.25%, 6/15/26 | | 475 | 465,148 |
5.625%, 9/1/28 | | 1,472 | 1,436,175 |
5.875%, 2/15/26 | | 2,705 | 2,690,669 |
Heartland Dental, LLC/Heartland Dental Finance Corp., 10.50%, 4/30/28(1) | | 3,006 | 3,028,545 |
IQVIA, Inc.: | | | |
2.25%, 1/15/28(15) | EUR | 450 | 418,152 |
2.25%, 3/15/29(15) | EUR | 100 | 88,757 |
2.875%, 6/15/28(15) | EUR | 100 | 94,483 |
5.00%, 10/15/26(1) | | 850 | 813,523 |
5.00%, 5/15/27(1) | | 685 | 646,385 |
6.50%, 5/15/30(1) | | 825 | 808,516 |
Legacy LifePoint Health, LLC, 4.375%, 2/15/27(1) | | 989 | 851,747 |
LifePoint Health, Inc.: | | | |
5.375%, 1/15/29(1) | | 2,888 | 2,020,175 |
9.875%, 8/15/30(1) | | 825 | 799,739 |
Medline Borrower, L.P., 5.25%, 10/1/29(1) | | 3,821 | 3,307,099 |
17
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Health Care (continued) |
ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29(1) | | 981 | $ 705,516 |
ModivCare, Inc., 5.875%, 11/15/25(1) | | 1,377 | 1,310,257 |
Molina Healthcare, Inc.: | | | |
3.875%, 11/15/30(1) | | 1,330 | 1,102,268 |
3.875%, 5/15/32(1) | | 1,450 | 1,164,706 |
Option Care Health, Inc., 4.375%, 10/31/29(1) | | 1,991 | 1,722,066 |
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26(1) | | 702 | 680,613 |
Team Health Holdings, Inc., 6.375%, 2/1/25(1) | | 1,890 | 1,459,832 |
Tenet Healthcare Corp.: | | | |
4.375%, 1/15/30 | | 187 | 161,082 |
4.875%, 1/1/26 | | 1,607 | 1,541,137 |
5.125%, 11/1/27 | | 1,607 | 1,497,129 |
6.125%, 10/1/28 | | 1,593 | 1,496,910 |
6.875%, 11/15/31 | | 878 | 842,736 |
US Acute Care Solutions, LLC, 6.375%, 3/1/26(1) | | 2,637 | 2,271,973 |
Varex Imaging Corp., 7.875%, 10/15/27(1) | | 896 | 899,096 |
| | | $ 42,963,412 |
Health Care Providers & Services — 0.2% |
Boston Scientific Corp., 1.90%, 6/1/25 | | 525 | $ 493,552 |
Catalent Pharma Solutions, Inc.: | | | |
2.375%, 3/1/28(15) | EUR | 100 | 88,809 |
3.50%, 4/1/30(1) | | 2,084 | 1,718,539 |
| | | $ 2,300,900 |
Home Furnishings — 0.2% |
CD&R Smokey Buyer, Inc., 6.75%, 7/15/25(1) | | 789 | $ 761,263 |
Tempur Sealy International, Inc., 3.875%, 10/15/31(1) | | 1,475 | 1,139,706 |
| | | $ 1,900,969 |
Homebuilders/Real Estate — 0.0%(14) |
M/I Homes, Inc., 4.95%, 2/1/28 | | 459 | $ 414,234 |
| | | $ 414,234 |
Hotels, Restaurants & Leisure — 0.3% |
Resorts World Las Vegas, LLC/RWLV Capital, Inc.: | | | |
4.625%, 4/6/31(15) | | 800 | $ 597,235 |
8.45%, 7/27/30(1) | | 600 | 578,143 |
SeaWorld Parks & Entertainment, Inc.: | | | |
5.25%, 8/15/29(1) | | 1,479 | 1,301,121 |
8.75%, 5/1/25(1) | | 1,090 | 1,105,723 |
| | | $ 3,582,222 |
Security | Principal Amount* (000's omitted) | Value |
Industrial Equipment — 0.2% |
Madison IAQ, LLC, 5.875%, 6/30/29(1) | | 2,000 | $ 1,612,964 |
TK Elevator Holdco GmbH, 6.625%, 7/15/28(15) | EUR | 90 | 83,552 |
TK Elevator Midco GmbH: | | | |
4.375%, 7/15/27(15) | EUR | 425 | 407,982 |
8.413%, (3 mo. EURIBOR + 4.75%), 7/15/27(2)(15) | EUR | 100 | 105,825 |
| | | $ 2,210,323 |
Insurance — 0.8% |
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(1) | | 1,615 | $ 1,503,656 |
AmWINS Group, Inc., 4.875%, 6/30/29(1) | | 1,010 | 886,309 |
Assurant, Inc., 6.10%, 2/27/26 | | 200 | 199,142 |
AssuredPartners, Inc., 5.625%, 1/15/29(1) | | 450 | 390,123 |
Athene Global Funding, 2.514%, 3/8/24(1) | | 650 | 638,594 |
BroadStreet Partners, Inc., 5.875%, 4/15/29(1) | | 2,209 | 1,951,471 |
F&G Annuities & Life, Inc., 7.40%, 1/13/28 | | 575 | 574,458 |
Galaxy Finco, Ltd., 9.25%, 7/31/27(15) | GBP | 575 | 631,402 |
GTCR AP Finance, Inc., 8.00%, 5/15/27(1) | | 820 | 806,796 |
Jones DesLauriers Insurance Management, Inc., 10.50%, 12/15/30(1) | | 1,539 | 1,568,640 |
Principal Life Global Funding II, 5.50%, 6/28/28(1) | | 475 | 466,327 |
| | | $ 9,616,918 |
Internet Software & Services — 0.7% |
Amazon.com, Inc., 3.30%, 4/13/27 | | 1,025 | $ 964,882 |
Arches Buyer, Inc.: | | | |
4.25%, 6/1/28(1) | | 655 | 559,237 |
6.125%, 12/1/28(1) | | 2,045 | 1,662,452 |
Cars.com, Inc., 6.375%, 11/1/28(1) | | 1,770 | 1,610,054 |
Match Group Holdings II, LLC, 3.625%, 10/1/31(1) | | 1,727 | 1,364,460 |
Science Applications International Corp., 4.875%, 4/1/28(1) | | 1,487 | 1,351,341 |
United Group B.V., 3.125%, 2/15/26(15) | EUR | 350 | 339,232 |
| | | $ 7,851,658 |
Leisure Goods/Activities/Movies — 1.7% |
Acushnet Co., 7.375%, 10/15/28(1)(3) | | 400 | $ 403,500 |
Carnival Corp., 5.75%, 3/1/27(1) | | 1,316 | 1,192,413 |
Cinemark USA, Inc.: | | | |
5.25%, 7/15/28(1) | | 1,481 | 1,316,357 |
5.875%, 3/15/26(1) | | 414 | 397,954 |
8.75%, 5/1/25(1) | | 182 | 183,310 |
LHMC Finco 2 S.a.r.l., 7.25%, (7.25% cash or 8.00% PIK), 10/2/25(15)(17) | EUR | 262 | 271,612 |
18
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Leisure Goods/Activities/Movies (continued) |
Life Time, Inc.: | | | |
5.75%, 1/15/26(1) | | 1,268 | $ 1,229,769 |
8.00%, 4/15/26(1) | | 846 | 832,096 |
Lindblad Expeditions Holdings, Inc., 9.00%, 5/15/28(1) | | 761 | 760,151 |
Lindblad Expeditions, LLC, 6.75%, 2/15/27(1) | | 599 | 561,443 |
NCL Corp., Ltd.: | | | |
3.625%, 12/15/24(1) | | 439 | 421,932 |
5.875%, 3/15/26(1) | | 2,162 | 1,998,559 |
5.875%, 2/15/27(1) | | 517 | 492,134 |
7.75%, 2/15/29(1) | | 433 | 402,362 |
NCL Finance, Ltd., 6.125%, 3/15/28(1) | | 1,000 | 883,665 |
Piaggio & C SpA, 6.50%, 10/5/30(3)(15) | EUR | 100 | 105,873 |
Pinnacle Bidco PLC, 5.50%, 2/15/25(15) | EUR | 200 | 214,056 |
Playtika Holding Corp., 4.25%, 3/15/29(1) | | 1,511 | 1,263,226 |
Royal Caribbean Cruises, Ltd., 11.625%, 8/15/27(1) | | 1,612 | 1,749,863 |
Viking Cruises, Ltd.: | | | |
5.875%, 9/15/27(1) | | 2,472 | 2,258,741 |
6.25%, 5/15/25(1) | | 1,690 | 1,655,718 |
7.00%, 2/15/29(1) | | 658 | 606,061 |
Viking Ocean Cruises Ship VII, Ltd., 5.625%, 2/15/29(1) | | 422 | 382,355 |
| | | $ 19,583,150 |
Lodging and Casinos — 0.3% |
Accor S.A.: | | | |
2.625% to 1/30/25(15)(16)(18) | EUR | 100 | $ 100,584 |
4.375% to 1/30/24(15)(16)(18) | EUR | 300 | 315,386 |
Hyatt Hotels Corp., 5.75%, 1/30/27 | | 650 | 646,137 |
MGM Resorts International: | | | |
4.75%, 10/15/28 | | 1,138 | 1,003,899 |
5.50%, 4/15/27 | | 453 | 423,081 |
5.75%, 6/15/25 | | 948 | 926,891 |
| | | $ 3,415,978 |
Machinery — 0.3% |
Chart Industries, Inc., 9.50%, 1/1/31(1) | | 1,984 | $ 2,110,383 |
IMA Industria Macchine Automatiche SpA, 3.75%, 1/15/28(15) | EUR | 121 | 113,654 |
Ingersoll Rand, Inc., 5.40%, 8/14/28 | | 475 | 467,361 |
John Deere Capital Corp., 4.95%, 7/14/28 | | 350 | 345,318 |
Renk AG, 5.75%, 7/15/25(15) | EUR | 200 | 210,604 |
| | | $ 3,247,320 |
Media — 0.4% |
Beasley Mezzanine Holdings, LLC, 8.625%, 2/1/26(1) | | 1,595 | $ 1,025,461 |
Security | Principal Amount* (000's omitted) | Value |
Media (continued) |
iHeartCommunications, Inc.: | | | |
6.375%, 5/1/26 | | 179 | $ 154,554 |
8.375%, 5/1/27 | | 324 | 233,234 |
Outfront Media Capital, LLC/Outfront Media Capital Corp.: | | | |
4.625%, 3/15/30(1) | | 925 | 728,243 |
6.25%, 6/15/25(1) | | 807 | 792,583 |
Univision Communications, Inc.: | | | |
4.50%, 5/1/29(1) | | 1,032 | 841,399 |
7.375%, 6/30/30(1) | | 391 | 357,815 |
Urban One, Inc., 7.375%, 2/1/28(1) | | 1,006 | 864,340 |
| | | $ 4,997,629 |
Metals/Mining — 1.2% |
BHP Billiton Finance USA, Ltd., 4.75%, 2/28/28 | | 675 | $ 657,583 |
Cleveland-Cliffs, Inc., 6.75%, 3/15/26(1) | | 2,658 | 2,653,178 |
Compass Minerals International, Inc., 6.75%, 12/1/27(1) | | 3,216 | 3,051,051 |
Constellium N.V.: | | | |
5.625%, 6/15/28(1) | | 630 | 593,552 |
5.875%, 2/15/26(1) | | 408 | 399,367 |
Freeport-McMoRan, Inc., 5.45%, 3/15/43 | | 1,600 | 1,366,240 |
Glencore Funding, LLC, 4.125%, 3/12/24(1) | | 475 | 470,995 |
Hudbay Minerals, Inc.: | | | |
4.50%, 4/1/26(1) | | 1,085 | 1,016,609 |
6.125%, 4/1/29(1) | | 489 | 453,004 |
Novelis Corp.: | | | |
3.25%, 11/15/26(1) | | 690 | 617,092 |
4.75%, 1/30/30(1) | | 1,068 | 925,731 |
Novelis Sheet Ingot GmbH, 3.375%, 4/15/29(15) | EUR | 700 | 641,931 |
Roller Bearing Co. of America, Inc., 4.375%, 10/15/29(1) | | 1,513 | 1,303,317 |
| | | $ 14,149,650 |
Nonferrous Metals/Minerals — 0.3% |
Eldorado Gold Corp., 6.25%, 9/1/29(1) | | 1,333 | $ 1,152,216 |
First Quantum Minerals, Ltd., 7.50%, 4/1/25(1) | | 1,042 | 1,041,333 |
New Gold, Inc., 7.50%, 7/15/27(1) | | 1,379 | 1,289,274 |
| | | $ 3,482,823 |
Oil and Gas — 2.7% |
Aethon United BR, L.P./Aethon United Finance Corp., 8.25%, 2/15/26(1) | | 1,570 | $ 1,559,120 |
Callon Petroleum Co.: | | | |
7.50%, 6/15/30(1) | | 601 | 583,482 |
19
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Oil and Gas (continued) |
Callon Petroleum Co.: (continued) | | | |
8.00%, 8/1/28(1) | | 788 | $ 789,827 |
CenterPoint Energy Resources Corp., 5.25%, 3/1/28 | | 500 | 493,790 |
Chord Energy Corp., 6.375%, 6/1/26(1) | | 1,111 | 1,090,458 |
Continental Resources, Inc., 2.268%, 11/15/26(1) | | 550 | 487,550 |
CrownRock, L.P./CrownRock Finance, Inc., 5.00%, 5/1/29(1) | | 1,519 | 1,424,822 |
CVR Energy, Inc., 5.75%, 2/15/28(1) | | 1,905 | 1,725,965 |
Marathon Petroleum Corp., 4.70%, 5/1/25 | | 475 | 465,326 |
Nabors Industries, Ltd., 7.50%, 1/15/28(1) | | 665 | 615,566 |
National Fuel Gas Co., 3.95%, 9/15/27 | | 650 | 596,408 |
Neptune Energy Bondco PLC, 6.625%, 5/15/25(1) | | 2,882 | 2,857,503 |
NiSource, Inc., 5.25%, 3/30/28 | | 950 | 931,669 |
Occidental Petroleum Corp., 7.50%, 5/1/31 | | 425 | 451,506 |
Parkland Corp.: | | | |
4.50%, 10/1/29(1) | | 376 | 322,433 |
4.625%, 5/1/30(1) | | 1,501 | 1,281,515 |
Permian Resources Operating, LLC: | | | |
5.375%, 1/15/26(1) | | 232 | 222,346 |
5.875%, 7/1/29(1) | | 2,252 | 2,121,339 |
7.00%, 1/15/32(1) | | 1,214 | 1,198,512 |
7.75%, 2/15/26(1) | | 1,166 | 1,174,621 |
Petroleos Mexicanos: | | | |
5.95%, 1/28/31 | | 1,170 | 838,603 |
6.35%, 2/12/48 | | 161 | 92,016 |
6.875%, 8/4/26 | | 171 | 157,779 |
Precision Drilling Corp.: | | | |
6.875%, 1/15/29(1) | | 932 | 883,691 |
7.125%, 1/15/26(1) | | 500 | 495,622 |
Repsol International Finance B.V., 4.50% to 3/25/25, 3/25/75(15)(16) | EUR | 100 | 104,394 |
Seadrill Finance, Ltd., 8.375%, 8/1/30(1) | | 513 | 522,778 |
Shelf Drilling Holdings, Ltd.: | | | |
8.25%, 2/15/25(1) | | 1,535 | 1,565,969 |
8.875%, 11/15/24(1) | | 441 | 441,276 |
Southwestern Energy Co., 4.75%, 2/1/32 | | 1,485 | 1,276,162 |
Transocean Poseidon, Ltd., 6.875%, 2/1/27(1) | | 801 | 789,442 |
Transocean, Inc., 8.75%, 2/15/30(1) | | 672 | 687,360 |
UGI International, LLC, 2.50%, 12/1/29(15) | EUR | 100 | 87,682 |
Var Energi ASA, 7.50%, 1/15/28(1) | | 600 | 616,729 |
Vital Energy, Inc., 9.75%, 10/15/30 | | 1,026 | 1,049,801 |
Weatherford International, Ltd., 8.625%, 4/30/30(1) | | 1,355 | 1,366,572 |
Wintershall Dea Finance 2 B.V., Series NC5, 2.499% to 4/20/26(15)(16)(18) | EUR | 500 | 461,913 |
| | | $ 31,831,547 |
Security | Principal Amount* (000's omitted) | Value |
Packaging & Containers — 0.5% |
Ball Corp., 6.875%, 3/15/28 | | 474 | $ 477,368 |
Kleopatra Finco S.a.r.l., 4.25%, 3/1/26(15) | EUR | 350 | 310,615 |
Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31(1) | | 2,035 | 1,991,756 |
Schoeller Packaging B.V., 6.375%, 11/1/24(15) | EUR | 200 | 192,420 |
Sealed Air Corp./Sealed Air Corp. U.S., 6.125%, 2/1/28(1) | | 626 | 606,961 |
Silgan Holdings, Inc., 1.40%, 4/1/26(1) | | 550 | 488,357 |
Trivium Packaging Finance B.V.: | | | |
3.75%, 8/15/26(15) | EUR | 200 | 196,099 |
5.50%, 8/15/26(1) | | 424 | 395,818 |
7.531%, (3 mo. EURIBOR + 3.75%), 8/15/26(2)(15) | EUR | 200 | 208,952 |
8.50%, 8/15/27(1) | | 810 | 741,194 |
| | | $ 5,609,540 |
Pharmaceuticals — 0.8% |
Abbvie, Inc., 3.80%, 3/15/25 | | 725 | $ 704,946 |
Bayer AG, 5.375% to 6/25/30, 3/25/82(15)(16) | EUR | 400 | 389,282 |
BellRing Brands, Inc., 7.00%, 3/15/30(1) | | 2,444 | 2,409,746 |
Cheplapharm Arzneimittel GmbH: | | | |
3.50%, 2/11/27(15) | EUR | 125 | 120,775 |
8.531%, (3 mo. EURIBOR + 4.75%), 5/15/30(2)(15) | EUR | 145 | 155,409 |
CVS Health Corp., 3.75%, 4/1/30 | | 525 | 464,268 |
Herbalife Nutrition, Ltd./HLF Financing, Inc., 7.875%, 9/1/25(1) | | 1,383 | 1,319,589 |
Horizon Therapeutics USA, Inc., 5.50%, 8/1/27(1) | | 1,105 | 1,135,387 |
P&L Development, LLC/PLD Finance Corp., 7.75%, 11/15/25(1) | | 1,595 | 1,166,599 |
Pfizer Investment Enterprises Pte., Ltd., 4.45%, 5/19/28 | | 450 | 434,029 |
PRA Health Sciences, Inc., 2.875%, 7/15/26(1) | | 410 | 370,347 |
Rossini S.a.r.l., 7.589%, (3 mo. EURIBOR + 3.875%), 10/30/25(2)(15) | EUR | 300 | 317,422 |
| | | $ 8,987,799 |
Pipelines — 2.1% |
Antero Midstream Partners, L.P./Antero Midstream Finance Corp.: | | | |
5.75%, 3/1/27(1) | | 1,874 | $ 1,790,323 |
7.875%, 5/15/26(1) | | 879 | 886,085 |
Cheniere Energy Partners, L.P.: | | | |
4.00%, 3/1/31 | | 2,706 | 2,316,339 |
4.50%, 10/1/29 | | 1,722 | 1,561,153 |
Columbia Pipelines Holding Co., LLC: | | | |
6.042%, 8/15/28(1) | | 200 | 199,110 |
6.055%, 8/15/26(1) | | 50 | 50,176 |
20
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Pipelines (continued) |
DT Midstream, Inc., 4.125%, 6/15/29(1) | | 1,449 | $ 1,254,648 |
Energy Transfer, L.P., 5.00%, 5/15/50 | | 1,094 | 859,553 |
Enterprise Products Operating, LLC, 5.05%, 1/10/26 | | 125 | 123,682 |
EQM Midstream Partners, L.P.: | | | |
4.50%, 1/15/29(1) | | 1,355 | 1,207,370 |
4.75%, 1/15/31(1) | | 1,086 | 936,017 |
6.00%, 7/1/25(1) | | 257 | 253,247 |
6.50%, 7/1/27(1) | | 702 | 686,189 |
7.50%, 6/1/30(1) | | 1,010 | 1,015,406 |
Kinetik Holdings, L.P., 5.875%, 6/15/30(1) | | 2,308 | 2,166,404 |
Midwest Connector Capital Co., LLC, 4.625%, 4/1/29(1) | | 1,269 | 1,160,690 |
ONEOK, Inc., 5.65%, 11/1/28 | | 250 | 246,854 |
Plains All American Pipeline, L.P., Series B, 9.736%, (3 mo. USD LIBOR + 4.11%)(2)(18) | | 1,462 | 1,386,934 |
Sabine Pass Liquefaction, LLC, 5.75%, 5/15/24 | | 183 | 182,649 |
Venture Global Calcasieu Pass, LLC: | | | |
3.875%, 11/1/33(1) | | 665 | 517,044 |
4.125%, 8/15/31(1) | | 992 | 815,058 |
Venture Global LNG, Inc.: | | | |
8.125%, 6/1/28(1) | | 1,174 | 1,163,285 |
8.375%, 6/1/31(1) | | 1,878 | 1,848,031 |
Western Midstream Operating, L.P.: | | | |
4.05%, 2/1/30 | | 1,187 | 1,038,841 |
4.50%, 3/1/28 | | 148 | 137,851 |
4.75%, 8/15/28 | | 150 | 140,425 |
Williams Cos., Inc. (The): | | | |
4.55%, 6/24/24 | | 950 | 939,939 |
5.30%, 8/15/28 | | 200 | 195,755 |
| | | $ 25,079,058 |
Publishing — 0.2% |
McGraw-Hill Education, Inc.: | | | |
5.75%, 8/1/28(1) | | 423 | $ 365,497 |
8.00%, 8/1/29(1) | | 1,879 | 1,631,987 |
| | | $ 1,997,484 |
Radio and Television — 0.4% |
Audacy Capital Corp., 6.75%, 3/31/29(1) | | 1,627 | $ 32,833 |
Clear Channel Outdoor Holdings, Inc.: | | | |
5.125%, 8/15/27(1) | | 740 | 657,836 |
7.75%, 4/15/28(1) | | 2,088 | 1,670,237 |
CMG Media Corp., 8.875%, 12/15/27(1) | | 1,567 | 1,228,896 |
Townsquare Media, Inc., 6.875%, 2/1/26(1) | | 1,492 | 1,410,836 |
| | | $ 5,000,638 |
Security | Principal Amount* (000's omitted) | Value |
Real Estate Investment Trusts (REITs) — 1.7% |
Adler Financing S.a.r.l., 12.50%, 6/30/25(17) | EUR | 200 | $ 226,011 |
Akelius Residential Property AB, 2.249% to 2/17/26, 5/17/81(15)(16) | EUR | 200 | 174,314 |
CTR Partnership, L.P./CareTrust Capital Corp., 3.875%, 6/30/28(1) | | 1,591 | 1,362,165 |
Cushman & Wakefield U.S. Borrower, LLC, 8.875%, 9/1/31(1) | | 868 | 840,567 |
Emeria SASU: | | | |
3.375%, 3/31/28(15) | EUR | 200 | 169,854 |
7.75%, 3/31/28(15) | EUR | 150 | 147,611 |
EPR Properties: | | | |
3.60%, 11/15/31 | | 600 | 445,319 |
3.75%, 8/15/29 | | 565 | 454,405 |
Equinix, Inc., 1.00%, 9/15/25 | | 525 | 477,266 |
Extra Space Storage, L.P., 5.70%, 4/1/28 | | 450 | 445,149 |
Greystar Real Estate Partners, LLC, 7.75%, 9/1/30(1) | | 1,840 | 1,819,634 |
HAT Holdings I, LLC/HAT Holdings II, LLC: | | | |
3.375%, 6/15/26(1) | | 1,316 | 1,171,119 |
3.75%, 9/15/30(1) | | 1,816 | 1,391,972 |
Heimstaden Bostad AB: | | | |
3.00% to 10/29/27(15)(16)(18) | EUR | 102 | 47,732 |
3.248% to 11/19/24(15)(16)(18) | EUR | 300 | 178,738 |
3.375% to 1/15/26(15)(16)(18) | EUR | 250 | 128,952 |
Newmark Group, Inc., 6.125%, 11/15/23 | | 2,126 | 2,124,097 |
VICI Properties, L.P./VICI Note Co., Inc.: | | | |
3.75%, 2/15/27(1) | | 323 | 293,380 |
4.125%, 8/15/30(1) | | 1,108 | 943,545 |
4.25%, 12/1/26(1) | | 1,653 | 1,541,639 |
4.50%, 9/1/26(1) | | 895 | 841,680 |
4.625%, 12/1/29(1) | | 2,359 | 2,095,500 |
5.625%, 5/1/24(1) | | 480 | 477,380 |
5.75%, 2/1/27(1) | | 2,073 | 2,008,857 |
| | | $ 19,806,886 |
Retail — 1.1% |
Arko Corp., 5.125%, 11/15/29(1) | | 2,074 | $ 1,675,191 |
B&M European Value Retail S.A., 3.625%, 7/15/25(15) | GBP | 100 | 118,240 |
Dufry One B.V.: | | | |
2.00%, 2/15/27(15) | EUR | 200 | 187,149 |
2.50%, 10/15/24(15) | EUR | 200 | 207,193 |
3.375%, 4/15/28(15) | EUR | 139 | 131,779 |
Evergreen AcqCo 1, L.P./TVI, Inc., 9.75%, 4/26/28(1) | | 1,993 | 2,054,036 |
Ferrellgas, L.P./Ferrellgas Finance Corp., 5.875%, 4/1/29(1) | | 1,582 | 1,424,399 |
21
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Retail (continued) |
Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(1) | | 745 | $ 632,203 |
Group 1 Automotive, Inc., 4.00%, 8/15/28(1) | | 1,328 | 1,154,260 |
Ken Garff Automotive, LLC, 4.875%, 9/15/28(1) | | 957 | 818,322 |
Kohl's Corp., 4.625%, 5/1/31 | | 851 | 573,106 |
LCM Investments Holdings II, LLC: | | | |
4.875%, 5/1/29(1) | | 1,652 | 1,406,547 |
8.25%, 8/1/31(1) | | 262 | 254,739 |
Macy's Retail Holdings, LLC, 5.875%, 4/1/29(1) | | 606 | 531,186 |
Michaels Cos., Inc., 5.25%, 5/1/28(1) | | 1,259 | 1,006,929 |
Midco GB SASU, 7.75%, (7.75% cash or 8.50% PIK), 11/1/27(15)(17) | EUR | 130 | 132,596 |
PEU Fin PLC, 7.25%, 7/1/28(15) | EUR | 200 | 202,463 |
Punch Finance PLC, 6.125%, 6/30/26(15) | GBP | 125 | 135,233 |
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 7/31/25(15) | GBP | 100 | 115,802 |
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., 5.00%, 6/1/31(1) | | 824 | 688,844 |
| | | $ 13,450,217 |
Retailers (Except Food and Drug) — 0.9% |
Bath & Body Works, Inc.: | | | |
6.625%, 10/1/30(1) | | 479 | $ 449,580 |
6.75%, 7/1/36 | | 437 | 383,384 |
6.95%, 3/1/33 | | 1,027 | 920,102 |
7.60%, 7/15/37 | | ��� 488 | 428,847 |
9.375%, 7/1/25(1) | | 182 | 189,470 |
Dave & Buster's, Inc., 7.625%, 11/1/25(1) | | 2,417 | 2,418,370 |
Murphy Oil USA, Inc.: | | | |
4.75%, 9/15/29 | | 170 | 153,476 |
5.625%, 5/1/27 | | 560 | 541,018 |
PetSmart, Inc./PetSmart Finance Corp.: | | | |
4.75%, 2/15/28(1) | | 1,290 | 1,130,883 |
7.75%, 2/15/29(1) | | 2,469 | 2,303,536 |
Superior Plus, L.P./Superior General Partner, Inc., 4.50%, 3/15/29(1) | | 1,532 | 1,333,039 |
| | | $ 10,251,705 |
Semiconductors & Semiconductor Equipment — 0.3% |
Broadcom Corp./Broadcom Cayman Finance, Ltd., 3.875%, 1/15/27 | | 700 | $ 657,956 |
Intel Corp., 4.875%, 2/10/28 | | 1,000 | 981,380 |
Marvell Technology, Inc., 5.75%, 2/15/29 | | 450 | 446,060 |
Security | Principal Amount* (000's omitted) | Value |
Semiconductors & Semiconductor Equipment (continued) |
NXP B.V./NXP Funding, LLC/NXP USA, Inc., 2.70%, 5/1/25 | | 550 | $ 522,557 |
ON Semiconductor Corp., 3.875%, 9/1/28(1) | | 1,544 | 1,368,694 |
| | | $ 3,976,647 |
Software — 0.5% |
Central Parent, LLC/CDK Global II, LLC/CDK Financing Co., Inc., 8.00%, 6/15/29(1) | | 1,071 | $ 1,068,001 |
Clarivate Science Holdings Corp., 4.875%, 7/1/29(1) | | 2,105 | 1,796,759 |
Cloud Software Group, Inc.: | | | |
6.50%, 3/31/29(1) | | 988 | 874,717 |
9.00%, 9/30/29(1) | | 1,136 | 988,758 |
Concentrix Corp., 6.65%, 8/2/26 | | 425 | 422,598 |
Oracle Corp.: | | | |
3.25%, 11/15/27 | | 500 | 455,865 |
5.80%, 11/10/25 | | 475 | 476,886 |
| | | $ 6,083,584 |
Software and Services — 0.3% |
Black Knight InfoServ, LLC, 3.625%, 9/1/28(1) | | 825 | $ 741,469 |
Fair Isaac Corp., 4.00%, 6/15/28(1) | | 1,248 | 1,117,114 |
Gartner, Inc.: | | | |
3.625%, 6/15/29(1) | | 427 | 365,720 |
3.75%, 10/1/30(1) | | 660 | 554,514 |
4.50%, 7/1/28(1) | | 908 | 829,457 |
Playtech PLC, 4.25%, 3/7/26(15) | EUR | 200 | 205,149 |
| | | $ 3,813,423 |
Specialty Retail — 0.0%(14) |
Fiber Bidco SpA: | | | |
9.952%, (3 mo. EURIBOR + 6.00%), 10/25/27(2)(15) | EUR | 300 | $ 320,347 |
11.00%, 10/25/27(15) | EUR | 100 | 113,157 |
| | | $ 433,504 |
Steel — 0.3% |
Allegheny Ludlum, LLC, 6.95%, 12/15/25 | | 465 | $ 466,755 |
ATI, Inc., 5.875%, 12/1/27 | | 320 | 303,653 |
Big River Steel, LLC/BRS Finance Corp., 6.625%, 1/31/29(1) | | 1,147 | 1,134,423 |
Nucor Corp., 3.95%, 5/23/25 | | 500 | 485,193 |
TMS International Corp., 6.25%, 4/15/29(1) | | 1,365 | 1,130,369 |
| | | $ 3,520,393 |
22
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Surface Transport — 0.1% |
Hertz Corp. (The): | | | |
4.625%, 12/1/26(1) | | 218 | $ 193,473 |
5.00%, 12/1/29(1) | | 1,771 | 1,389,007 |
| | | $ 1,582,480 |
Technology — 0.6% |
athenahealth Group, Inc., 6.50%, 2/15/30(1) | | 2,297 | $ 1,924,064 |
International Game Technology PLC: | | | |
4.125%, 4/15/26(1) | | 892 | 839,917 |
5.25%, 1/15/29(1) | | 2,500 | 2,306,365 |
6.25%, 1/15/27(1) | | 976 | 956,271 |
6.50%, 2/15/25(1) | | 513 | 512,699 |
| | | $ 6,539,316 |
Telecommunications — 2.2% |
AT&T, Inc., 1.65%, 2/1/28 | | 825 | $ 696,695 |
Ciena Corp., 4.00%, 1/31/30(1) | | 1,883 | 1,595,475 |
Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26(1) | | 2,698 | 2,519,791 |
Iliad Holding SASU: | | | |
5.125%, 10/15/26(15) | EUR | 400 | 403,370 |
6.50%, 10/15/26(1) | | 1,389 | 1,306,484 |
7.00%, 10/15/28(1) | | 811 | 739,102 |
LCPR Senior Secured Financing DAC: | | | |
5.125%, 7/15/29(1) | | 840 | 676,729 |
6.75%, 10/15/27(1) | | 1,482 | 1,363,084 |
Level 3 Financing, Inc., 4.25%, 7/1/28(1) | | 400 | 249,825 |
Lorca Telecom Bondco S.A., 4.00%, 9/18/27(15) | EUR | 843 | 830,224 |
Matterhorn Telecom S.A., 3.125%, 9/15/26(15) | EUR | 500 | 493,273 |
NBN Co., Ltd., 1.45%, 5/5/26(1) | | 1,075 | 966,281 |
PLT VII Finance S.a.r.l.: | | | |
4.625%, 1/5/26(15) | EUR | 500 | 513,097 |
8.288%, 1/5/26(2)(15) | EUR | 100 | 105,992 |
Rogers Communications, Inc., 2.95%, 3/15/25 | | 500 | 477,034 |
Sprint Capital Corp., 6.875%, 11/15/28 | | 2,379 | 2,458,390 |
Sprint Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LLC, 5.152%, 9/20/29(1) | | 428 | 420,109 |
Sprint, LLC: | | | |
7.625%, 2/15/25 | | 1,785 | 1,812,541 |
7.625%, 3/1/26 | | 993 | 1,021,293 |
Stagwell Global, LLC, 5.625%, 8/15/29(1) | | 1,173 | 948,629 |
Summer (BC) Bidco B, LLC, 5.50%, 10/31/26(1) | | 907 | 814,380 |
Summer (BC) Holdco A S.a.r.l., 9.25%, 10/31/27(15) | EUR | 135 | 117,192 |
Security | Principal Amount* (000's omitted) | Value |
Telecommunications (continued) |
Summer (BC) Holdco B S.a.r.l., 5.75%, 10/31/26(15) | EUR | 150 | $ 145,901 |
Telecom Italia Finance S.A., 7.75%, 1/24/33 | EUR | 95 | 106,964 |
Telecom Italia SpA: | | | |
1.625%, 1/18/29(15) | EUR | 100 | 83,061 |
2.75%, 4/15/25(15) | EUR | 356 | 360,136 |
3.00%, 9/30/25(15) | EUR | 120 | 120,799 |
5.303%, 5/30/24(1) | | 1,118 | 1,100,300 |
7.875%, 7/31/28(15) | EUR | 100 | 109,766 |
Telefonica Europe B.V.: | | | |
2.88% to 2/24/28(15)(16)(18) | EUR | 200 | 180,721 |
4.375% to 12/14/24(15)(16)(18) | EUR | 700 | 726,055 |
7.125% to 8/23/28(15)(16)(18) | EUR | 300 | 326,294 |
Viasat, Inc., 5.625%, 4/15/27(1) | | 476 | 412,930 |
Viavi Solutions, Inc., 3.75%, 10/1/29(1) | | 868 | 706,509 |
Vmed O2 UK Financing I PLC: | | | |
3.25%, 1/31/31(15) | EUR | 200 | 173,811 |
4.50%, 7/15/31(15) | GBP | 100 | 95,933 |
Vodafone Group PLC: | | | |
2.625% to 5/27/26, 8/27/80(15)(16) | EUR | 400 | 386,511 |
4.875% to 7/3/25, 10/3/78(15)(16) | GBP | 350 | 402,726 |
Wp/ap Telecom Holdings III B.V., 5.50%, 1/15/30(15) | EUR | 250 | 216,663 |
| | | $ 26,184,070 |
Transportation — 0.3% |
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(1) | | 1,528 | $ 1,365,902 |
Fenix Marine Service Holdings, Ltd., 8.00%, 1/15/24 | | 150 | 151,064 |
Penske Truck Leasing Co., L.P./PTL Finance Corp., 6.20%, 6/15/30(1) | | 450 | 443,824 |
Seaspan Corp., 5.50%, 8/1/29(1) | | 1,654 | 1,329,419 |
SMBC Aviation Capital Finance DAC, 5.45%, 5/3/28(1) | | 450 | 435,284 |
| | | $ 3,725,493 |
Utilities — 1.2% |
Calpine Corp.: | | | |
4.50%, 2/15/28(1) | | 1,073 | $ 968,132 |
4.625%, 2/1/29(1) | | 680 | 570,362 |
5.00%, 2/1/31(1) | | 910 | 736,927 |
5.125%, 3/15/28(1) | | 1,511 | 1,347,182 |
5.25%, 6/1/26(1) | | 344 | 334,330 |
Leeward Renewable Energy Operations, LLC, 4.25%, 7/1/29(1) | | 838 | 689,810 |
NextEra Energy Operating Partners, L.P.: | | | |
4.25%, 9/15/24(1) | | 60 | 57,666 |
4.50%, 9/15/27(1) | | 1,207 | 1,095,476 |
23
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Utilities (continued) |
NRG Energy, Inc.: | | | |
3.375%, 2/15/29(1) | | 664 | $ 538,061 |
3.625%, 2/15/31(1) | | 1,107 | 841,088 |
3.875%, 2/15/32(1) | | 1,466 | 1,102,234 |
5.25%, 6/15/29(1) | | 673 | 594,810 |
10.25% to 3/15/28(1)(16)(18) | | 1,413 | 1,385,325 |
TerraForm Power Operating, LLC, 5.00%, 1/31/28(1) | | 1,497 | 1,360,272 |
Vistra Operations Co., LLC: | | | |
4.375%, 5/1/29(1) | | 939 | 808,063 |
5.00%, 7/31/27(1) | | 1,278 | 1,176,320 |
| | | $ 13,606,058 |
Total Corporate Bonds (identified cost $691,503,289) | | | $ 638,669,389 |
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 | $ 982,635 |
| | | $ 982,635 |
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) | | | $ 982,635 |
Senior Floating-Rate Loans — 46.6%(20) |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Aerospace and Defense — 1.3% |
Aernnova Aerospace S.A.U.: | | | |
Term Loan, 6.783%, (3 mo. EURIBOR + 3.00%), 2/26/27 | EUR | 796 | $ 828,512 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Aerospace and Defense (continued) |
Aernnova Aerospace S.A.U.: (continued) | | | |
Term Loan, 6.934%, (3 mo. EURIBOR + 3.00%), 2/26/27 | EUR | 204 | $ 212,439 |
AI Convoy (Luxembourg) S.a.r.l., Term Loan, 7.078%, (6 mo. EURIBOR + 3.50%), 1/18/27 | EUR | 1,000 | 1,040,863 |
Dynasty Acquisition Co., Inc.: | | | |
Term Loan, 9.316%, (SOFR + 4.00%), 8/24/28 | | 1,160 | 1,160,051 |
Term Loan, 9.316%, (SOFR + 4.00%), 8/24/28 | | 497 | 497,165 |
IAP Worldwide Services, Inc., Term Loan - Second Lien, 12.152%, (SOFR + 6.50%), 7/18/23(11) | | 216 | 166,770 |
TransDigm, Inc.: | | | |
Term Loan, 8.64%, (SOFR + 3.25%), 2/22/27 | | 1,330 | 1,332,735 |
Term Loan, 8.64%, (SOFR + 3.25%), 8/24/28 | | 4,587 | 4,593,389 |
WP CPP Holdings, LLC, Term Loan, 9.27%, (SOFR + 3.75%), 4/30/25 | | 6,425 | 6,066,312 |
| | | $ 15,898,236 |
Airlines — 0.2% |
Mileage Plus Holdings, LLC, Term Loan, 10.798%, (SOFR + 5.25%), 6/21/27 | | 563 | $ 585,422 |
SkyMiles IP, Ltd., Term Loan, 9.076%, (SOFR + 3.75%), 10/20/27 | | 1,658 | 1,721,728 |
| | | $ 2,307,150 |
Apparel & Luxury Goods — 0.0%(14) |
Hanesbrands, Inc., Term Loan, 9.066%, (SOFR + 3.75%), 3/8/30 | | 373 | $ 366,595 |
| | | $ 366,595 |
Auto Components — 1.1% |
Adient US, LLC, Term Loan, 8.681%, (SOFR + 3.25%), 4/10/28 | | 556 | $ 556,468 |
Clarios Global, L.P.: | | | |
Term Loan, 7.108%, (1 mo. EURIBOR + 3.25%), 4/30/26 | EUR | 913 | 962,902 |
Term Loan, 9.066%, (SOFR + 3.75%), 5/6/30 | | 2,611 | 2,611,326 |
DexKo Global, Inc.: | | | |
Term Loan, 7.972%, (3 mo. EURIBOR + 4.00%), 10/4/28 | EUR | 96 | 99,533 |
Term Loan, 7.972%, (3 mo. EURIBOR + 4.00%), 10/4/28 | EUR | 309 | 321,683 |
Term Loan, 7.972%, (3 mo. EURIBOR + 4.00%), 10/4/28 | EUR | 595 | 618,589 |
Term Loan, 9.402%, (SOFR + 3.75%), 10/4/28 | | 813 | 794,214 |
Garrett LX I S.a.r.l., Term Loan, 8.881%, (SOFR + 3.25%), 4/30/28 | | 637 | 635,408 |
24
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Auto Components (continued) |
Garrett Motion, Inc., Term Loan, 10.131%, (SOFR + 4.50%), 4/30/28 | | 1,375 | $ 1,378,438 |
LSF12 Badger Bidco, LLC, Term Loan, 11.316%, (SOFR + 6.00%), 8/30/30 | | 300 | 299,625 |
LTI Holdings, Inc.: | | | |
Term Loan, 8.931%, (SOFR + 3.50%), 9/6/25 | | 3,330 | 3,251,642 |
Term Loan, 10.181%, (SOFR + 4.75%), 7/24/26 | | 707 | 691,989 |
RealTruck Group, Inc., Term Loan, 1/31/28(21) | | 675 | 661,500 |
| | | $ 12,883,317 |
Automobiles — 0.2% |
MajorDrive Holdings IV, LLC: | | | |
Term Loan, 9.652%, (SOFR + 4.00%), 6/1/28 | | 440 | $ 436,576 |
Term Loan, 11.04%, (SOFR + 5.50%), 6/1/29 | | 1,625 | 1,621,187 |
Thor Industries, Inc., Term Loan, 8.431%, (SOFR + 3.00%), 2/1/26 | | 313 | 313,858 |
| | | $ 2,371,621 |
Beverages — 0.0%(14) |
City Brewing Company, LLC, Term Loan, 9.07%, (SOFR + 3.50%), 4/5/28 | | 636 | $ 422,559 |
| | | $ 422,559 |
Biotechnology — 0.1% |
Alkermes, Inc., Term Loan, 7.945%, (SOFR + 2.50%), 3/12/26 | | 1,079 | $ 1,065,614 |
Alltech, Inc., Term Loan, 9.431%, (SOFR + 4.00%), 10/13/28 | | 467 | 453,853 |
| | | $ 1,519,467 |
Building Products — 0.3% |
Janus International Group, LLC, Term Loan, 8.677%, (SOFR + 3.25%), 7/25/30 | | 250 | $ 249,531 |
LHS Borrower, LLC, Term Loan, 10.06%, (SOFR + 4.75%), 2/16/29 | | 1,131 | 1,035,929 |
Oscar AcquisitionCo, LLC, Term Loan, 9.99%, (SOFR + 4.50%), 4/29/29 | | 891 | 882,313 |
Standard Industries, Inc., Term Loan, 7.938%, (SOFR + 2.50%), 9/22/28 | | 1,105 | 1,106,975 |
| | | $ 3,274,748 |
Capital Markets — 1.4% |
Advisor Group, Inc., Term Loan, 9.816%, (SOFR + 4.50%), 8/17/28 | | 1,134 | $ 1,135,765 |
Aretec Group, Inc.: | | | |
Term Loan, 9.666%, (SOFR + 4.25%), 10/1/25 | | 2,294 | 2,296,125 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Capital Markets (continued) |
Aretec Group, Inc.: (continued) | | | |
Term Loan, 9.916%, (SOFR + 4.50%), 8/9/30 | | 723 | $ 719,391 |
Brookfield Property REIT, Inc., Term Loan, 7.892%, (SOFR + 2.50%), 8/27/25 | | 766 | 760,908 |
CeramTec AcquiCo GmbH, Term Loan, 7.283%, (3 mo. EURIBOR + 3.50%), 3/16/29 | EUR | 760 | 795,926 |
Citadel Securities, L.P., Term Loan, 7.931%, (SOFR + 2.50%), 7/29/30 | | 723 | 722,623 |
EIG Management Company, LLC, Term Loan, 9.166%, (SOFR + 3.75%), 2/22/25 | | 260 | 259,875 |
FinCo I, LLC, Term Loan, 8.369%, (SOFR + 3.00%), 6/27/29 | | 1,222 | 1,224,228 |
Focus Financial Partners, LLC: | | | |
Term Loan, 8.566%, (SOFR + 3.25%), 6/30/28 | | 3,223 | 3,222,992 |
Term Loan, 8.816%, (SOFR + 3.50%), 6/30/28 | | 600 | 600,375 |
Franklin Square Holdings, L.P., Term Loan, 7.666%, (SOFR + 2.25%), 8/1/25 | | 522 | 523,803 |
HighTower Holdings, LLC, Term Loan, 9.612%, (SOFR + 4.00%), 4/21/28 | | 744 | 742,443 |
Hudson River Trading, LLC, Term Loan, 8.631%, (SOFR + 3.00%), 3/20/28 | | 2,171 | 2,161,449 |
Mariner Wealth Advisors, LLC, Term Loan, 8.901%, (SOFR + 3.25%), 8/18/28 | | 786 | 779,790 |
Victory Capital Holdings, Inc., Term Loan, 7.619%, (SOFR + 2.25%), 7/1/26 | | 891 | 891,504 |
| | | $ 16,837,197 |
Chemicals — 2.3% |
Aruba Investments, Inc., Term Loan, 7.858%, (1 mo. EURIBOR + 4.00%), 11/24/27 | EUR | 975 | $ 987,009 |
Campfire Bidco Limited, Term Loan, 10.606%, (SOFR + 5.00%), 9.856% cash, 0.75% PIK, 12/31/26 | | 75 | 70,744 |
Campfire TopCo Limited: | | | |
Term Loan, 12.606%, (SOFR + 7.00%), 5.706% cash, 6.90% PIK, 12/31/27 | | 36 | 25,299 |
Term Loan - Second Lien, 12.606%, (SOFR + 7.00%), 5.706% cash, 6.90% PIK, 12/31/27 | | 48 | 10,082 |
Groupe Solmax, Inc., Term Loan, 10.30%, (SOFR + 4.75%), 5/29/28(22) | | 196 | 184,067 |
INEOS Enterprises Holdings II Limited: | | | |
Term Loan, 7.033%, (3 mo. EURIBOR + 3.25%), 8/31/26 | EUR | 200 | 210,287 |
Term Loan, 7.783%, (3 mo. EURIBOR + 4.00%), 7/8/30 | EUR | 300 | 314,796 |
INEOS Enterprises Holdings US Finco, LLC, Term Loan, 9.273%, (SOFR + 3.75%), 6/23/30 | | 475 | 473,219 |
INEOS Finance PLC, Term Loan, 7.858%, (1 mo. EURIBOR + 4.00%), 11/8/27 | EUR | 1,194 | 1,258,585 |
25
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Chemicals (continued) |
INEOS Quattro Holdings UK, Ltd.: | | | |
Term Loan, 6.608%, (1 mo. EURIBOR + 2.75%), 1/29/26 | EUR | 1,000 | $ 1,046,678 |
Term Loan, 9.166%, (SOFR + 3.75%), 3/14/30 | | 424 | 423,408 |
INEOS Styrolution Group GmbH, Term Loan, 5.858%, (1 mo. EURIBOR + 2.00%), 1/29/27 | EUR | 1,000 | 1,032,405 |
INEOS Styrolution US Holding, LLC, Term Loan, 8.181%, (SOFR + 2.75%), 1/29/26 | | 2,297 | 2,292,818 |
INEOS US Finance, LLC: | | | |
Term Loan, 7.916%, (SOFR + 2.50%), 11/8/28 | | 616 | 611,173 |
Term Loan, 8.916%, (SOFR + 3.50%), 2/18/30 | | 773 | 769,197 |
Term Loan, 9.166%, (SOFR + 3.75%), 11/8/27 | | 1,016 | 1,012,999 |
Kraton Corporation, Term Loan, 8.921%, (SOFR + 3.25%), 3/15/29 | | 443 | 437,848 |
Kraton Polymers Holdings B.V., Term Loan, 6.938%, (1 mo. EURIBOR + 3.25%), 3/15/29 | EUR | 500 | 513,757 |
Lonza Group AG: | | | |
Term Loan, 7.897%, (3 mo. EURIBOR + 3.93%), 7/3/28 | EUR | 1,000 | 951,129 |
Term Loan, 9.415%, (SOFR + 3.93%), 7/3/28 | | 1,713 | 1,524,981 |
Messer Industries GmbH, Term Loan, 8.152%, (SOFR + 2.50%), 3/2/26 | | 1,157 | 1,158,186 |
Momentive Performance Materials, Inc., Term Loan, 9.816%, (SOFR + 4.50%), 3/29/28 | | 796 | 776,763 |
Nouryon Finance B.V., Term Loan, 7.949%, (1 mo. EURIBOR + 4.25%), 4/3/28 | EUR | 750 | 791,104 |
Olympus Water US Holding Corporation: | | | |
Term Loan, 9.99%, (SOFR + 4.50%), 11/9/28 | | 369 | 368,394 |
Term Loan, 10.39%, (SOFR + 5.00%), 11/9/28 | | 2,400 | 2,399,400 |
Orion Engineered Carbons GmbH: | | | |
Term Loan, 6.372%, (3 mo. EURIBOR + 2.40%), 9/24/28 | EUR | 1,000 | 1,051,964 |
Term Loan, 7.64%, (SOFR + 2.15%), 9/24/28 | | 368 | 365,433 |
Rohm Holding GmbH: | | | |
Term Loan, 8.472%, (6 mo. EURIBOR + 4.50%), 7/31/26 | EUR | 500 | 490,035 |
Term Loan, 10.881%, (SOFR + 5.00%), 7/31/26 | | 919 | 865,072 |
SCUR-Alpha 1503 GmbH, Term Loan, 10.869%, (SOFR + 5.50%), 3/29/30 | | 920 | 853,653 |
Starfruit Finco B.V., Term Loan, 8.427%, (SOFR + 3.00%), 10/1/25 | | 1,330 | 1,332,651 |
Tronox Finance, LLC: | | | |
Term Loan, 8.114%, (SOFR + 2.50%), 3/10/28(22) | | 1,318 | 1,297,435 |
Term Loan, 8.832%, (SOFR + 3.50%), 8/16/28 | | 475 | 471,289 |
W.R. Grace & Co.-Conn., Term Loan, 9.402%, (SOFR + 3.75%), 9/22/28 | | 1,105 | 1,101,997 |
| | | $ 27,473,857 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Commercial Services & Supplies — 1.6% |
Allied Universal Holdco, LLC: | | | |
Term Loan, 7.593%, (1 mo. EURIBOR + 3.75%), 5/12/28 | EUR | 980 | $ 1,013,348 |
Term Loan, 9.166%, (SOFR + 3.75%), 5/12/28 | | 2,686 | 2,599,600 |
Asplundh Tree Expert, LLC, Term Loan, 7.166%, (SOFR + 1.75%), 9/7/27 | | 1,091 | 1,091,420 |
Belfor Holdings, Inc., Term Loan, 9.566%, (SOFR + 4.25%), 4/6/26 | | 298 | 299,235 |
EnergySolutions, LLC, Term Loan, 9.324%, (SOFR + 4.00%), 9/22/30 | | 4,437 | 4,414,950 |
Foundever, Term Loan, 7.61%, (1 mo. EURIBOR + 3.75%), 8/28/28 | EUR | 500 | 518,603 |
Harsco Corporation, Term Loan, 7.681%, (SOFR + 2.25%), 3/10/28 | | 391 | 387,579 |
LABL, Inc., Term Loan, 10.416%, (SOFR + 5.00%), 10/29/28 | | 712 | 711,624 |
Monitronics International, Inc., Term Loan, 13.078%, (SOFR + 7.50%), 6/30/28 | | 1,438 | 1,454,331 |
PECF USS Intermediate Holding III Corporation, Term Loan, 9.881%, (SOFR + 4.25%), 12/15/28 | | 639 | 514,526 |
Phoenix Services International, LLC, Term Loan, 11.416%, (SOFR + 6.10%), 6/30/28 | | 204 | 190,618 |
Prime Security Services Borrower, LLC, Term Loan, 8.192%, (SOFR + 2.75%), 9/23/26 | | 1,506 | 1,505,389 |
SITEL Worldwide Corporation, Term Loan, 9.181%, (SOFR + 3.75%), 8/28/28 | | 1,862 | 1,814,674 |
Tempo Acquisition, LLC, Term Loan, 8.066%, (SOFR + 3.00%), 8/31/28 | | 826 | 827,179 |
TMF Group Holding B.V.: | | | |
Term Loan, 8.161%, (2 mo. EURIBOR + 4.50%), 5/3/28 | EUR | 1,000 | 1,060,266 |
Term Loan, 10.37%, (SOFR + 5.00%), 5/3/28 | | 375 | 376,406 |
| | | $ 18,779,748 |
Communications Equipment — 0.2% |
CommScope, Inc., Term Loan, 8.568%, (SOFR + 3.25%), 4/6/26 | | 1,752 | $ 1,604,540 |
Digi International, Inc., Term Loan, 10.431%, (SOFR + 5.00%), 11/1/28 | | 336 | 335,696 |
| | | $ 1,940,236 |
Construction Materials — 0.4% |
Quikrete Holdings, Inc.: | | | |
Term Loan, 8.056%, (SOFR + 2.63%), 2/1/27 | | 2,892 | $ 2,891,587 |
Term Loan, 8.181%, (SOFR + 2.75%), 3/19/29 | | 2,142 | 2,144,607 |
| | | $ 5,036,194 |
26
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Consumer Staples Distribution & Retail — 0.1% |
Cardenas Markets, Inc., Term Loan, 12.24%, (SOFR + 6.75%), 8/1/29 | | 398 | $ 398,197 |
Peer Holding III B.V., Term Loan, 7.722%, (3 mo. EURIBOR + 3.75%), 9/29/28 | EUR | 500 | 528,790 |
| | | $ 926,987 |
Containers & Packaging — 0.8% |
Berlin Packaging, LLC, Term Loan, 9.204%, (SOFR + 3.75%), 3/11/28(22) | | 1,225 | $ 1,214,062 |
Clydesdale Acquisition Holdings, Inc., Term Loan, 9.591%, (SOFR + 4.18%), 4/13/29 | | 568 | 560,797 |
Kouti B.V., Term Loan, 7.458%, (3 mo. EURIBOR + 3.68%), 8/31/28 | EUR | 2,000 | 2,079,082 |
Pregis TopCo Corporation, Term Loan, 9.066%, (SOFR + 3.75%), 7/31/26 | | 626 | 625,674 |
Pretium PKG Holdings, Inc.: | | | |
Term Loan, 9.509%, (SOFR + 4.00%), 10/2/28(22) | | 614 | 379,491 |
Term Loan - Second Lien, 12.236%, (SOFR + 6.75%), 10/1/29(22) | | 350 | 112,583 |
Proampac PG Borrower, LLC, Term Loan, 9.305%, (SOFR + 3.75%), 11/3/25 | | 562 | 559,561 |
Reynolds Group Holdings, Inc.: | | | |
Term Loan, 8.681%, (SOFR + 3.25%), 2/5/26 | | 782 | 781,931 |
Term Loan, 8.681%, (SOFR + 3.25%), 9/24/28 | | 955 | 955,500 |
Trident TPI Holdings, Inc.: | | | |
Term Loan, 9.652%, (SOFR + 4.00%), 9/15/28 | | 785 | 782,969 |
Term Loan, 9.89%, (SOFR + 4.50%), 9/15/28 | | 1,328 | 1,328,233 |
| | | $ 9,379,883 |
Distributors — 0.1% |
Autokiniton US Holdings, Inc., Term Loan, 9.931%, (SOFR + 4.50%), 4/6/28 | | 513 | $ 503,565 |
Phillips Feed Service, Inc., Term Loan, 12.32%, (SOFR + 7.00%), 11/13/24(11) | | 106 | 84,587 |
Winterfell Financing S.a.r.l., Term Loan, 8.765%, (3 mo. EURIBOR + 5.00%), 5/4/28 | EUR | 500 | 524,495 |
| | | $ 1,112,647 |
Diversified Consumer Services — 0.3% |
Ascend Learning, LLC, Term Loan, 8.916%, (SOFR + 3.50%), 12/11/28 | | 639 | $ 609,887 |
Fugue Finance B.V., Term Loan, 1/31/28(21) | EUR | 1,000 | 1,061,215 |
KUEHG Corp., Term Loan, 10.39%, (SOFR + 5.00%), 6/12/30 | | 1,300 | 1,303,900 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Diversified Consumer Services (continued) |
Sotheby's, Term Loan, 10.07%, (SOFR + 4.50%), 1/15/27 | | 813 | $ 794,603 |
Spring Education Group, Inc., Term Loan, 9/29/30(21) | | 350 | 345,625 |
| | | $ 4,115,230 |
Diversified Financial Services — 0.3% |
Concorde Midco, Ltd., Term Loan, 7.892%, (6 mo. EURIBOR + 4.00%), 3/1/28 | EUR | 1,000 | $ 1,054,277 |
Sandy BidCo B.V., Term Loan, 7.338%, (3 mo. EURIBOR + 3.75%), 8/17/29 | EUR | 1,000 | 1,050,211 |
Zephyr Bidco Limited, Term Loan, 9.968%, (SONIA + 4.75%), 7/23/25 | GBP | 775 | 938,091 |
| | | $ 3,042,579 |
Diversified Telecommunication Services — 1.5% |
Altice France S.A., Term Loan, 10.808%, (SOFR + 5.50%), 8/15/28 | | 1,074 | $ 974,703 |
CenturyLink, Inc., Term Loan, 7.681%, (SOFR + 2.25%), 3/15/27 | | 2,504 | 1,789,877 |
eircom Finco S.a.r.l., Term Loan, 6.92%, (1 mo. EURIBOR + 3.25%), 5/15/26 | EUR | 1,786 | 1,882,783 |
GEE Holdings 2, LLC: | | | |
Term Loan, 13.50%, (SOFR + 8.00%), 3/24/25 | | 329 | 322,237 |
Term Loan - Second Lien, 13.75%, (SOFR + 8.25%), 3/23/26 | | 741 | 444,656 |
Telenet International Finance S.a.r.l., Term Loan, 5.925%, (1 mo. EURIBOR + 2.25%), 4/30/29 | EUR | 1,750 | 1,823,073 |
UPC Broadband Holding B.V.: | | | |
Term Loan, 6.175%, (1 mo. EURIBOR + 2.50%), 4/30/29 | EUR | 1,500 | 1,569,025 |
Term Loan, 6.60%, (1 mo. EURIBOR + 2.93%), 1/31/29 | EUR | 3,000 | 3,139,256 |
Virgin Media Bristol, LLC, Term Loan, 8.697%, (SOFR + 3.25%), 1/31/29 | | 1,150 | 1,125,832 |
Virgin Media Ireland Limited, Term Loan, 7.138%, (1 mo. EURIBOR + 3.46%), 7/15/29 | EUR | 1,000 | 1,048,219 |
Virgin Media SFA Finance Limited: | | | |
Term Loan, 6.175%, (1 mo. EURIBOR + 2.50%), 1/31/29 | EUR | 600 | 618,491 |
Term Loan, 8.468%, (SONIA + 3.25%), 11/15/27 | GBP | 1,500 | 1,809,052 |
Zayo Group Holdings, Inc., Term Loan, 7.108%, (1 mo. EURIBOR + 3.25%), 3/9/27 | EUR | 965 | 779,942 |
| | | $ 17,327,146 |
27
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Electrical Equipment — 0.0%(14) |
AZZ, Inc., Term Loan, 9.066%, (SOFR + 3.75%), 5/13/29 | | 357 | $ 357,925 |
| | | $ 357,925 |
Electronic Equipment, Instruments & Components — 0.7% |
Chamberlain Group, Inc., Term Loan, 8.661%, (SOFR + 3.25%), 11/3/28 | | 1,523 | $ 1,503,046 |
Creation Technologies, Inc., Term Loan, 11.03%, (SOFR + 5.50%), 10/5/28 | | 963 | 914,672 |
II-VI Incorporated, Term Loan, 8.181%, (SOFR + 2.75%), 7/2/29 | | 914 | 914,723 |
Minimax Viking GmbH, Term Loan, 6.608%, (1 mo. EURIBOR + 2.75%), 7/31/25 | EUR | 940 | 997,647 |
Mirion Technologies, Inc., Term Loan, 8.402%, (SOFR + 2.75%), 10/20/28 | | 586 | 586,195 |
Robertshaw US Holding Corp.: | | | |
Term Loan, 13.49%, (SOFR + 8.00%), 8.49% cash, 5.00% PIK, 2/28/27 | | 235 | 237,360 |
Term Loan - Second Lien, 12.40%, (SOFR + 7.00%), 2/28/27 | | 993 | 868,448 |
Verifone Systems, Inc., Term Loan, 9.653%, (SOFR + 4.00%), 8/20/25 | | 1,216 | 1,133,943 |
Verisure Holding AB, Term Loan, 6.972%, (3 mo. EURIBOR + 3.00%), 3/27/28 | EUR | 1,000 | 1,048,254 |
| | | $ 8,204,288 |
Energy Equipment & Services — 0.1% |
Ameriforge Group, Inc.: | | | |
Term Loan, 16.713%, (SOFR + 13.00%), 12/29/23(11)(23) | | 110 | $ 88,151 |
Term Loan, 18.444%, (SOFR + 13.00%), 13.444% cash, 5.00% PIK, 12/29/23(11) | | 867 | 691,695 |
GIP Pilot Acquisition Partners L.P., Term Loan, 9/18/30(21) | | 475 | 474,406 |
Lealand Finance Company B.V., Term Loan, 12.431%, (SOFR + 7.00%), 9.431% cash, 3.00% PIK, 6/30/25 | | 233 | 122,169 |
| | | $ 1,376,421 |
Engineering & Construction — 0.2% |
Aegion Corporation, Term Loan, 10.181%, (SOFR + 4.75%), 5/17/28 | | 466 | $ 464,182 |
American Residential Services, LLC, Term Loan, 9.152%, (SOFR + 3.50%), 10/15/27 | | 559 | 558,489 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Engineering & Construction (continued) |
APi Group DE, Inc., Term Loan, 7.931%, (SOFR + 2.50%), 10/1/26 | | 1,305 | $ 1,309,442 |
Northstar Group Services, Inc., Term Loan, 10.931%, (SOFR + 5.50%), 11/12/26 | | 213 | 213,920 |
| | | $ 2,546,033 |
Entertainment — 0.7% |
City Football Group Limited, Term Loan, 8.439%, (SOFR + 3.00%), 7/21/28 | | 1,351 | $ 1,348,405 |
Crown Finance US, Inc., Term Loan, 14.381%, (SOFR + 8.50%), 7/31/28 | | 274 | 281,148 |
EP Purchaser, LLC, Term Loan, 9.152%, (SOFR + 3.50%), 11/6/28 | | 419 | 413,915 |
Playtika Holding Corp., Term Loan, 8.181%, (SOFR + 2.75%), 3/13/28 | | 2,165 | 2,165,075 |
Renaissance Holding Corp.: | | | |
Term Loan, 10.066%, (SOFR + 4.75%), 4/5/30 | | 950 | 943,865 |
Term Loan - Second Lien, 12.416%, (SOFR + 7.00%), 5/29/26 | | 9 | 8,991 |
UFC Holdings, LLC, Term Loan, 8.369%, (SOFR + 2.75%), 4/29/26 | | 2,744 | 2,744,683 |
Vue International Bidco PLC: | | | |
Term Loan, 11.086%, (6 mo. EURIBOR + 8.00%), 6/30/27 | EUR | 121 | 124,976 |
Term Loan, 11.859%, (6 mo. EURIBOR + 8.00%), 5.359% cash, 6.50% PIK, 12/31/27 | EUR | 817 | 413,336 |
| | | $ 8,444,394 |
Equity Real Estate Investment Trusts (REITs) — 0.1% |
Iron Mountain, Inc., Term Loan, 7.181%, (SOFR + 1.75%), 1/2/26 | | 874 | $ 873,579 |
| | | $ 873,579 |
Financial Services — 0.5% |
Ditech Holding Corporation, Term Loan, 0.00%, 6/30/24(19) | | 2,173 | $ 239,052 |
GTCR W Merger Sub, LLC: | | | |
Term Loan, 9/20/30(21) | | 2,875 | 2,876,127 |
Term Loan, 9/20/30(21) | EUR | 1,500 | 1,591,492 |
NCR Atleos, LLC, Term Loan, 3/27/29(21) | | 1,300 | 1,253,688 |
| | | $ 5,960,359 |
Food & Staples Retailing — 0.1% |
US Foods, Inc., Term Loan, 7.431%, (SOFR + 2.00%), 9/13/26 | | 1,288 | $ 1,289,841 |
| | | $ 1,289,841 |
28
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Food Products — 1.2% |
8th Avenue Food & Provisions, Inc., Term Loan, 10.181%, (SOFR + 4.75%), 10/1/25 | | 588 | $ 565,950 |
Badger Buyer Corp., Term Loan, 8.931%, (SOFR + 3.50%), 9/30/24 | | 376 | 318,660 |
CHG PPC Parent, LLC: | | | |
Term Loan, 8.358%, (1 mo. EURIBOR + 4.50%), 12/8/28 | EUR | 2,000 | 2,114,500 |
Term Loan, 8.431%, (SOFR + 3.00%), 12/8/28 | | 468 | 465,797 |
Del Monte Foods, Inc., Term Loan, 9.674%, (SOFR + 4.25%), 5/16/29 | | 447 | 435,041 |
Froneri International, Ltd.: | | | |
Term Loan, 6.097%, (6 mo. EURIBOR + 2.13%), 1/29/27 | EUR | 1,275 | 1,328,255 |
Term Loan, 7.666%, (SOFR + 2.25%), 1/29/27 | | 2,129 | 2,117,011 |
Monogram Food Solutions, LLC, Term Loan, 9.431%, (SOFR + 4.00%), 8/28/28 | | 540 | 532,945 |
Nomad Foods Europe Midco Limited, Term Loan, 6.445%, (6 mo. EURIBOR + 2.50%), 6/24/28 | EUR | 3,000 | 3,185,909 |
Shearer's Foods, Inc., Term Loan, 8.931%, (SOFR + 3.50%), 9/23/27 | | 388 | 388,108 |
Sovos Brands Intermediate, Inc., Term Loan, 9.131%, (SOFR + 3.50%), 6/8/28 | | 497 | 498,156 |
United Petfood Group B.V., Term Loan, 6.466%, (3 mo. EURIBOR + 2.75%), 4/23/28 | EUR | 750 | 780,383 |
Valeo F1 Company Limited (Ireland), Term Loan, 8.136%, (6 mo. EURIBOR + 4.00%), 9/29/28 | EUR | 1,000 | 961,040 |
| | | $ 13,691,755 |
Health Care Equipment & Supplies — 0.4% |
Artivion, Inc., Term Loan, 8.931%, (SOFR + 3.50%), 6/1/27 | | 518 | $ 504,443 |
Bayou Intermediate II, LLC, Term Loan, 9.966%, (SOFR + 4.50%), 8/2/28 | | 737 | 718,453 |
Gloves Buyer, Inc., Term Loan, 10.431%, (SOFR + 5.00%), 12/29/27 | | 625 | 602,344 |
Journey Personal Care Corp., Term Loan, 9.981%, (6 mo. USD LIBOR + 4.25%), 3/1/28 | | 1,521 | 1,436,689 |
Medline Borrower, L.P., Term Loan, 7.358%, (1 mo. EURIBOR + 3.50%), 10/23/28 | EUR | 1,000 | 1,055,048 |
| | | $ 4,316,977 |
Health Care Providers & Services — 3.1% |
AEA International Holdings (Lux) S.a.r.l., Term Loan, 9.402%, (SOFR + 3.75%), 9/7/28 | | 1,056 | $ 1,054,207 |
Biogroup-LCD, Term Loan, 6.754%, (3 mo. EURIBOR + 3.00%), 2/9/28 | EUR | 750 | 765,020 |
BW NHHC Holdco, Inc., Term Loan - Second Lien, 13.39%, (SOFR + 8.00%), 1/15/26 | | 3,729 | 3,187,881 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Health Care Providers & Services (continued) |
CCRR Parent, Inc., Term Loan, 9.181%, (SOFR + 3.75%), 3/6/28 | | 512 | $ 489,832 |
Cerba Healthcare S.A.S., Term Loan, 7.558%, (1 mo. EURIBOR + 3.70%), 6/30/28 | EUR | 1,250 | 1,278,521 |
CHG Healthcare Services, Inc.: | | | |
Term Loan, 8.681%, (SOFR + 3.25%), 9/29/28 | | 1,078 | 1,074,631 |
Term Loan, 9/29/28(21) | | 400 | 400,417 |
CNT Holdings I Corp., Term Loan, 8.80%, (SOFR + 3.50%), 11/8/27 | | 683 | 681,525 |
Covis Finco S.a.r.l., Term Loan, 12.04%, (SOFR + 6.50%), 2/18/27 | | 690 | 497,613 |
Dedalus Finance GmbH, Term Loan, 7.712%, (6 mo. EURIBOR + 3.75%), 7/17/27 | EUR | 500 | 513,262 |
Electron BidCo, Inc., Term Loan, 8.431%, (SOFR + 3.00%), 11/1/28 | | 788 | 785,960 |
Elsan S.A.S., Term Loan, 7.39%, (6 mo. EURIBOR + 3.35%), 6/16/28 | EUR | 1,500 | 1,565,308 |
Ensemble RCM, LLC, Term Loan, 9.219%, (SOFR + 3.75%), 8/3/26 | | 1,654 | 1,658,175 |
Envision Healthcare Corporation: | | | |
Term Loan, 0.00%, 3/31/27(19) | | 1,023 | 1,225,507 |
Term Loan - Second Lien, 0.00%, 3/31/27(19) | | 7,224 | 1,679,472 |
IVC Acquisition, Ltd., Term Loan, 9.204%, (SONIA + 4.50%), 2/13/26 | GBP | 1,000 | 1,213,237 |
LSCS Holdings, Inc., Term Loan, 9.931%, (SOFR + 4.61%), 12/16/28 | | 712 | 702,964 |
Medical Solutions Holdings, Inc., Term Loan, 8.773%, (SOFR + 3.25%), 11/1/28 | | 1,454 | 1,411,150 |
Mehilainen Yhtiot Oy, Term Loan, 7.497%, (3 mo. EURIBOR + 3.53%), 8/8/25 | EUR | 1,000 | 1,058,158 |
Midwest Physician Administrative Services, LLC, Term Loan, 8.902%, (SOFR + 3.25%), 3/12/28 | | 463 | 435,999 |
National Mentor Holdings, Inc.: | | | |
Term Loan, 9.181%, (SOFR + 3.75%), 3/2/28(22) | | 2,031 | 1,833,473 |
Term Loan, 9.24%, (SOFR + 3.75%), 3/2/28 | | 58 | 52,648 |
Option Care Health, Inc., Term Loan, 8.181%, (SOFR + 2.75%), 10/27/28 | | 418 | 419,128 |
Pacific Dental Services, LLC, Term Loan, 8.933%, (SOFR + 3.50%), 5/5/28 | | 689 | 688,320 |
Phoenix Guarantor, Inc.: | | | |
Term Loan, 8.681%, (SOFR + 3.25%), 3/5/26 | | 1,867 | 1,858,488 |
Term Loan, 8.931%, (SOFR + 3.50%), 3/5/26 | | 1,291 | 1,284,313 |
Radiology Partners, Inc., Term Loan, 10.179%, (SOFR + 4.25%), 7/9/25 | | 1,194 | 906,134 |
Radnet Management, Inc., Term Loan, 8.431%, (SOFR + 3.00%), 4/21/28 | | 1,002 | 1,001,781 |
Ramsay Generale de Sante S.A., Term Loan, 6.648%, (3 mo. EURIBOR + 2.95%), 4/22/27 | EUR | 500 | 530,182 |
29
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Health Care Providers & Services (continued) |
Select Medical Corporation, Term Loan, 8.316%, (SOFR + 3.00%), 3/6/27 | | 2,961 | $ 2,961,773 |
Sound Inpatient Physicians, Term Loan, 8.631%, (SOFR + 3.00%), 6/27/25 | | 474 | 225,031 |
Surgery Center Holdings, Inc., Term Loan, 9.189%, (SOFR + 3.75%), 8/31/26 | | 943 | 944,364 |
Synlab Bondco PLC, Term Loan, 6.392%, (6 mo. EURIBOR + 2.50%), 7/1/27 | EUR | 500 | 528,460 |
U.S. Anesthesia Partners, Inc., Term Loan, 9.694%, (SOFR + 4.25%), 10/1/28 | | 1,493 | 1,375,117 |
| | | $ 36,288,051 |
Health Care Technology — 0.5% |
Imprivata, Inc., Term Loan, 9.566%, (SOFR + 4.25%), 12/1/27 | | 222 | $ 223,021 |
MedAssets Software Intermediate Holdings, Inc., Term Loan, 9.431%, (SOFR + 4.00%), 12/18/28 | | 1,084 | 883,052 |
Navicure, Inc., Term Loan, 9.431%, (SOFR + 4.00%), 10/22/26 | | 1,645 | 1,649,230 |
Project Ruby Ultimate Parent Corp., Term Loan, 8.681%, (SOFR + 3.25%), 3/10/28 | | 1,024 | 1,012,489 |
Verscend Holding Corp., Term Loan, 9.431%, (SOFR + 4.00%), 8/27/25 | | 2,185 | 2,188,103 |
| | | $ 5,955,895 |
Hotels, Restaurants & Leisure — 1.8% |
Bally's Corporation, Term Loan, 8.838%, (SOFR + 3.25%), 10/2/28 | | 1,154 | $ 1,133,958 |
Carnival Corporation: | | | |
Term Loan, 7.608%, (1 mo. EURIBOR + 3.75%), 6/30/25 | EUR | 1,466 | 1,556,218 |
Term Loan, 8.681%, (SOFR + 3.25%), 10/18/28 | | 2,653 | 2,643,630 |
ClubCorp Holdings, Inc., Term Loan, 8.181%, (SOFR + 2.75%), 9/18/24 | | 1,880 | 1,854,934 |
Fertitta Entertainment, LLC, Term Loan, 9.316%, (SOFR + 4.00%), 1/27/29 | | 4,149 | 4,115,481 |
Four Seasons Hotels Limited, Term Loan, 7.916%, (SOFR + 2.50%), 11/30/29 | | 1,014 | 1,016,901 |
GVC Holdings (Gibraltar) Limited, Term Loan, 7.722%, (3 mo. EURIBOR + 3.75%), 6/30/28 | EUR | 1,850 | 1,955,388 |
IRB Holding Corp., Term Loan, 8.416%, (SOFR + 3.00%), 12/15/27 | | 295 | 294,698 |
Ontario Gaming GTA L.P., Term Loan, 9.64%, (SOFR + 4.25%), 8/1/30 | | 400 | 400,781 |
Oravel Stays Singapore Pte., Ltd., Term Loan, 13.908%, (SOFR + 8.25%), 6/23/26 | | 538 | 465,046 |
Playa Resorts Holding B.V., Term Loan, 9.581%, (SOFR + 4.25%), 1/5/29 | | 1,315 | 1,316,930 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Hotels, Restaurants & Leisure (continued) |
Scientific Games Holdings, L.P., Term Loan, 7.587%, (3 mo. EURIBOR + 4.00%), 4/4/29 | EUR | 1,000 | $ 1,054,387 |
SeaWorld Parks & Entertainment, Inc., Term Loan, 8.431%, (SOFR + 3.00%), 8/25/28 | | 882 | 881,265 |
SMG US Midco 2, Inc., Term Loan, 8.131%, (SOFR + 2.50%), 1/23/25 | | 236 | 236,562 |
Stars Group Holdings B.V. (The), Term Loan, 7.902%, (SOFR + 2.25%), 7/21/26 | | 2,229 | 2,231,047 |
Wyndham Hotels & Resorts, Inc., Term Loan, 7.666%, (SOFR + 2.25%), 5/24/30 | | 773 | 774,926 |
| | | $ 21,932,152 |
Household Durables — 1.3% |
ACProducts, Inc., Term Loan, 9.902%, (SOFR + 4.25%), 5/17/28 | | 1,735 | $ 1,439,234 |
Libbey Glass, Inc., Term Loan, 11.924%, (SOFR + 3.75%), 11/22/27 | | 9,654 | 9,219,929 |
Serta Simmons Bedding, LLC, Term Loan, 12.90%, (SOFR + 7.50%), 6/29/28 | | 3,630 | 3,635,229 |
Solis IV B.V., Term Loan, 7.826%, (3 mo. EURIBOR + 4.00%), 2/26/29 | EUR | 1,000 | 1,033,021 |
| | | $ 15,327,413 |
Household Products — 0.1% |
Kronos Acquisition Holdings, Inc., Term Loan, 11.567%, (SOFR + 6.00%), 12/22/26 | | 393 | $ 393,491 |
Nobel Bidco B.V., Term Loan, 7.27%, (6 mo. EURIBOR + 3.50%), 9/1/28 | EUR | 1,000 | 1,020,436 |
| | | $ 1,413,927 |
Industrial Conglomerates — 0.1% |
Ammeraal Beltech Holding B.V., Term Loan, 8.972%, (3 mo. EURIBOR + 5.00%), 12/30/28 | EUR | 500 | $ 527,469 |
Rain Carbon GmbH, Term Loan, 8.787%, (3 mo. EURIBOR + 5.00%), 10/31/28 | EUR | 1,025 | 1,074,199 |
| | | $ 1,601,668 |
Insurance — 1.7% |
Alliant Holdings Intermediate, LLC, Term Loan, 8.831%, (SOFR + 3.50%), 11/5/27 | | 1,505 | $ 1,504,278 |
AmWINS Group, Inc.: | | | |
Term Loan, 7.681%, (SOFR + 2.25%), 2/19/28 | | 3,768 | 3,748,470 |
Term Loan, 8.181%, (SOFR + 2.75%), 2/19/28 | | 670 | 670,655 |
AssuredPartners, Inc., Term Loan, 8.931%, (SOFR + 3.50%), 2/12/27 | | 168 | 168,362 |
Financiere CEP S.A.S., Term Loan, 7.722%, (3 mo. EURIBOR + 3.75%), 6/18/27 | EUR | 750 | 790,675 |
30
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Insurance (continued) |
HUB International Limited, Term Loan, 9.584%, (SOFR + 4.25%), 6/20/30 | | 5,353 | $ 5,375,586 |
NFP Corp., Term Loan, 8.681%, (SOFR + 3.25%), 2/16/27 | | 3,075 | 3,042,049 |
Ryan Specialty Group, LLC, Term Loan, 8.416%, (SOFR + 3.00%), 9/1/27 | | 1,673 | 1,676,561 |
USI, Inc., Term Loan, 9.14%, (SOFR + 3.75%), 11/22/29 | | 3,057 | 3,059,012 |
| | | $ 20,035,648 |
Interactive Media & Services — 0.3% |
Adevinta ASA: | | | |
Term Loan, 6.472%, (3 mo. EURIBOR + 2.50%), 6/26/28 | EUR | 1,367 | $ 1,447,621 |
Term Loan, 8.322%, (SOFR + 2.75%), 6/26/28 | | 168 | 168,260 |
Buzz Finco, LLC: | | | |
Term Loan, 8.166%, (SOFR + 2.75%), 1/29/27 | | 555 | 554,528 |
Term Loan, 8.666%, (SOFR + 3.25%), 1/29/27 | | 60 | 60,314 |
Foundational Education Group, Inc., Term Loan, 9.881%, (SOFR + 4.25%), 8/31/28 | | 540 | 513,356 |
Getty Images, Inc., Term Loan, 9.99%, (SOFR + 4.50%), 2/19/26 | | 676 | 679,037 |
Match Group, Inc., Term Loan, 7.298%, (SOFR + 1.75%), 2/13/27 | | 675 | 673,312 |
| | | $ 4,096,428 |
IT Services — 1.8% |
Asurion, LLC: | | | |
Term Loan, 8.681%, (SOFR + 3.25%), 12/23/26 | | 3,073 | $ 3,021,669 |
Term Loan, 8.681%, (SOFR + 3.25%), 7/31/27 | | 1,082 | 1,053,925 |
Term Loan, 9.416%, (SOFR + 4.00%), 8/19/28 | | 1,005 | 975,852 |
Term Loan - Second Lien, 10.681%, (SOFR + 5.25%), 1/31/28 | | 1,350 | 1,215,844 |
Cyxtera DC Holdings, Inc.: | | | |
DIP Loan, 13.942%, (SOFR + 8.61%), 12/7/23 | | 248 | 250,521 |
Term Loan, 0.00%, 5/1/24(19) | | 895 | 526,592 |
Endure Digital, Inc., Term Loan, 8.792%, (SOFR + 3.50%), 2/10/28 | | 2,737 | 2,666,295 |
Gainwell Acquisition Corp., Term Loan, 9.49%, (SOFR + 4.00%), 10/1/27 | | 3,064 | 2,995,283 |
Indy US Bidco, LLC, Term Loan, 7.608%, (1 mo. EURIBOR + 3.75%), 3/6/28 | EUR | 731 | 748,911 |
Informatica, LLC, Term Loan, 8.181%, (SOFR + 2.75%), 10/27/28 | | 2,635 | 2,631,992 |
NAB Holdings, LLC, Term Loan, 8.54%, (SOFR + 3.00%), 11/23/28 | | 1,105 | 1,103,536 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
IT Services (continued) |
Rackspace Technology Global, Inc., Term Loan, 8.194%, (SOFR + 2.75%), 2/15/28 | | 1,316 | $ 606,874 |
Sedgwick Claims Management Services, Inc., Term Loan, 9.066%, (SOFR + 3.75%), 2/24/28 | | 1,218 | 1,216,548 |
Skopima Merger Sub, Inc., Term Loan, 9.431%, (SOFR + 4.00%), 5/12/28 | | 1,470 | 1,433,488 |
team.blue Finco S.a.r.l., Term Loan, 7.058%, (1 mo. EURIBOR + 3.20%), 3/30/28 | EUR | 1,000 | 1,035,577 |
| | | $ 21,482,907 |
Leisure Products — 0.3% |
Accell Group N.V., Term Loan, 8.653%, (3 mo. EURIBOR + 4.90%), 6/14/29 | EUR | 500 | $ 481,049 |
Amer Sports Oyj, Term Loan, 7.648%, (6 mo. EURIBOR + 4.00%), 3/30/26 | EUR | 1,550 | 1,635,519 |
Fender Musical Instruments Corporation, Term Loan, 9.424%, (SOFR + 4.00%), 12/1/28 | | 320 | 312,475 |
Recess Holdings, Inc., Term Loan, 9.383%, (SOFR + 4.00%), 3/17/27 | | 600 | 600,000 |
| | | $ 3,029,043 |
Life Sciences Tools & Services — 0.6% |
Avantor Funding, Inc., Term Loan, 6.358%, (1 mo. EURIBOR + 2.50%), 6/12/28 | EUR | 978 | $ 1,034,207 |
Catalent Pharma Solutions, Inc., Term Loan, 7.438%, (SOFR + 2.00%), 2/22/28 | | 814 | 798,878 |
Curia Global, Inc., Term Loan, 9.219%, (SOFR + 3.75%), 8/30/26 | | 243 | 202,425 |
IQVIA, Inc., Term Loan, 7.402%, (SOFR + 1.75%), 1/17/25 | | 1,363 | 1,366,796 |
LGC Group Holdings, Ltd., Term Loan, 7.108%, (1 mo. EURIBOR + 3.25%), 4/21/27 | EUR | 1,000 | 1,038,252 |
Loire Finco Luxembourg S.a.r.l., Term Loan, 8.916%, (SOFR + 3.50%), 4/21/27 | | 339 | 334,976 |
Packaging Coordinators Midco, Inc., Term Loan, 9.152%, (SOFR + 3.50%), 11/30/27 | | 1,342 | 1,338,617 |
Star Parent, Inc., Term Loan, 9/19/30(21) | | 1,375 | 1,346,179 |
| | | $ 7,460,330 |
Machinery — 2.6% |
Albion Financing 3 S.a.r.l.: | | | |
Term Loan, 10.857%, (SOFR + 5.25%), 8/17/26 | | 1,523 | $ 1,527,317 |
Term Loan, 10.883%, (SOFR + 5.50%), 8/17/26 | | 299 | 299,246 |
Alliance Laundry Systems, LLC, Term Loan, 8.901%, (SOFR + 3.50%), 10/8/27 | | 1,038 | 1,039,259 |
American Trailer World Corp., Term Loan, 9.166%, (SOFR + 3.75%), 3/3/28 | | 612 | 589,682 |
31
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Machinery (continued) |
Apex Tool Group, LLC, Term Loan, 10.674%, (SOFR + 5.25%), 2/8/29 | | 3,321 | $ 3,046,679 |
Barnes Group, Inc., Term Loan, 8.416%, (SOFR + 3.00%), 9/3/30 | | 500 | 501,340 |
Conair Holdings, LLC, Term Loan, 9.402%, (SOFR + 3.75%), 5/17/28 | | 1,519 | 1,456,341 |
CPM Holdings, Inc., Term Loan, 9.90%, (SOFR + 4.50%), 9/22/28 | | 302 | 301,987 |
Delachaux Group S.A., Term Loan, 9.869%, (SOFR + 4.50%), 4/16/26 | | 333 | 327,651 |
EMRLD Borrower L.P., Term Loan, 8.316%, (SOFR + 3.00%), 5/31/30 | | 1,075 | 1,074,832 |
Engineered Machinery Holdings, Inc.: | | | |
Term Loan, 7.722%, (3 mo. EURIBOR + 3.75%), 5/21/28 | EUR | 980 | 1,033,838 |
Term Loan, 9.152%, (SOFR + 3.50%), 5/19/28 | | 2,325 | 2,315,606 |
Filtration Group Corporation: | | | |
Term Loan, 8.108%, (1 mo. EURIBOR + 4.25%), 10/21/28 | EUR | 1,340 | 1,411,395 |
Term Loan, 8.931%, (SOFR + 3.50%), 10/21/28 | | 735 | 733,239 |
Gates Global, LLC, Term Loan, 7.816%, (SOFR + 2.50%), 3/31/27 | | 3,909 | 3,905,010 |
Icebox Holdco III, Inc., Term Loan, 9.402%, (SOFR + 3.75%), 12/22/28 | | 838 | 835,009 |
INNIO Group Holding GmbH, Term Loan, 6.339%, (6 mo. EURIBOR + 3.00%), 10/31/25 | EUR | 750 | 791,663 |
Roper Industrial Products Investment Company, LLC: | | | |
Term Loan, 8.972%, (3 mo. EURIBOR + 5.25%), 11/22/29 | EUR | 498 | 525,160 |
Term Loan, 9.89%, (SOFR + 4.50%), 11/22/29 | | 597 | 598,972 |
SPX Flow, Inc., Term Loan, 9.916%, (SOFR + 4.50%), 4/5/29 | | 1,176 | 1,175,948 |
Titan Acquisition Limited, Term Loan, 8.652%, (SOFR + 3.00%), 3/28/25 | | 3,000 | 2,978,116 |
TK Elevator Topco GmbH, Term Loan, 7.597%, (6 mo. EURIBOR + 3.63%), 7/30/27 | EUR | 1,500 | 1,581,712 |
Vertical US Newco, Inc., Term Loan, 9.381%, (SOFR + 3.50%), 7/30/27 | | 1,189 | 1,187,512 |
Zephyr German BidCo GmbH, Term Loan, 7.462%, (3 mo. EURIBOR + 3.85%), 3/10/28 | EUR | 1,500 | 1,559,539 |
| | | $ 30,797,053 |
Media — 1.1% |
Axel Springer SE, Term Loan, 8.684%, (3 mo. EURIBOR + 4.75%), 12/18/26 | EUR | 1,000 | $ 1,058,572 |
Gray Television, Inc.: | | | |
Term Loan, 7.944%, (SOFR + 2.50%), 1/2/26 | | 637 | 634,179 |
Term Loan, 8.444%, (SOFR + 3.00%), 12/1/28 | | 933 | 911,207 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Media (continued) |
Hubbard Radio, LLC, Term Loan, 9.69%, (SOFR + 4.25%), 3/28/25 | | 616 | $ 560,504 |
iHeartCommunications, Inc., Term Loan, 8.431%, (SOFR + 3.00%), 5/1/26 | | 444 | 399,788 |
Magnite, Inc., Term Loan, 10.532%, (SOFR + 5.00%), 4/28/28(22) | | 635 | 638,949 |
MJH Healthcare Holdings, LLC, Term Loan, 8.916%, (SOFR + 3.50%), 1/28/29 | | 271 | 270,367 |
Nexstar Broadcasting, Inc., Term Loan, 7.931%, (SOFR + 2.50%), 9/18/26 | | 267 | 267,409 |
Recorded Books, Inc., Term Loan, 9.316%, (SOFR + 4.00%), 8/29/25 | | 954 | 954,783 |
Sinclair Television Group, Inc.: | | | |
Term Loan, 7.931%, (SOFR + 2.50%), 9/30/26 | | 624 | 543,469 |
Term Loan, 8.431%, (SOFR + 3.00%), 4/1/28 | | 403 | 287,820 |
Univision Communications, Inc., Term Loan, 8.681%, (SOFR + 3.25%), 3/15/26 | | 6,768 | 6,763,471 |
| | | $ 13,290,518 |
Metals/Mining — 0.4% |
Arsenal AIC Parent, LLC, Term Loan, 9.879%, (SOFR + 4.50%), 8/18/30 | | 750 | $ 749,812 |
Dynacast International, LLC: | | | |
Term Loan, 10.017%, (SOFR + 4.50%), 7/22/25 | | 1,042 | 974,589 |
Term Loan, 14.517%, (SOFR + 9.00%), 10/22/25 | | 402 | 309,792 |
PMHC II, Inc., Term Loan, 9.699%, (SOFR + 4.25%), 4/23/29 | | 995 | 944,121 |
WireCo WorldGroup, Inc., Term Loan, 9.695%, (SOFR + 4.25%), 11/13/28 | | 446 | 446,482 |
Zekelman Industries, Inc., Term Loan, 7.445%, (SOFR + 2.00%), 1/24/27 | | 1,099 | 1,099,884 |
| | | $ 4,524,680 |
Oil, Gas & Consumable Fuels — 0.5% |
Freeport LNG Investments, LLP, Term Loan, 9.088%, (SOFR + 3.50%), 12/21/28 | | 660 | $ 654,674 |
Matador Bidco S.a.r.l., Term Loan, 9.916%, (SOFR + 4.50%), 10/15/26 | | 1,529 | 1,537,803 |
Oryx Midstream Services Permian Basin, LLC, Term Loan, 8.692%, (SOFR + 3.25%), 10/5/28 | | 1,026 | 1,027,624 |
Oxbow Carbon, LLC, Term Loan, 9.453%, (SOFR + 4.00%), 5/10/30(22) | | 524 | 523,360 |
QuarterNorth Energy Holding, Inc., Term Loan - Second Lien, 13.431%, (SOFR + 8.00%), 8/27/26 | | 782 | 780,344 |
UGI Energy Services, LLC, Term Loan, 8.666%, (SOFR + 3.25%), 2/22/30 | | 1,476 | 1,476,747 |
| | | $ 6,000,552 |
32
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Personal Products — 0.2% |
HLF Financing S.a.r.l., Term Loan, 7.931%, (SOFR + 2.50%), 8/18/25 | | 957 | $ 953,496 |
Rainbow Finco S.a.r.l., Term Loan, 7.701%, (6 mo. EURIBOR + 3.75%), 2/23/29 | EUR | 1,000 | 1,049,321 |
Sunshine Luxembourg VII S.a.r.l.: | | | |
Term Loan, 7.472%, (3 mo. EURIBOR + 3.50%), 10/1/26 | EUR | 550 | 580,478 |
Term Loan, 9.24%, (SOFR + 3.75%), 10/1/26 | | 195 | 194,973 |
| | | $ 2,778,268 |
Pharmaceuticals — 1.3% |
Aenova Holding GmbH, Term Loan, 8.205%, (3 mo. EURIBOR + 4.50%), 3/6/26 | EUR | 1,000 | $ 1,057,470 |
AI Sirona (Luxembourg) Acquisition S.a.r.l., Term Loan, 8.858%, (1 mo. EURIBOR + 5.00%), 9/30/28 | EUR | 1,000 | 1,057,421 |
Bausch Health Companies, Inc., Term Loan, 10.674%, (SOFR + 5.25%), 2/1/27 | | 2,939 | 2,398,049 |
Horizon Therapeutics USA, Inc.: | | | |
Term Loan, 7.184%, (SOFR + 1.75%), 3/15/28 | | 1,901 | 1,901,963 |
Term Loan, 7.434%, (SOFR + 2.00%), 5/22/26 | | 654 | 654,692 |
Jazz Financing Lux S.a.r.l., Term Loan, 8.931%, (SOFR + 3.50%), 5/5/28 | | 1,431 | 1,432,273 |
Mallinckrodt International Finance S.A.: | | | |
DIP Loan, 13.441%, (SOFR + 8.00%), 8/28/24 | | 348 | 361,513 |
Term Loan, 12.689%, (SOFR + 7.25%), 9/30/27 | | 3,297 | 2,469,104 |
Term Loan, 12.939%, (SOFR + 7.50%), 9/30/27 | | 1,890 | 1,423,082 |
PharmaZell GmbH, Term Loan, 7.972%, (3 mo. EURIBOR + 4.00%), 5/12/27 | EUR | 1,000 | 1,032,140 |
Recipharm AB, Term Loan, 6.737%, (3 mo. EURIBOR + 2.95%), 2/17/28 | EUR | 1,000 | 1,029,056 |
| | | $ 14,816,763 |
Professional Services — 1.8% |
AlixPartners, LLP: | | | |
Term Loan, 6.972%, (3 mo. EURIBOR + 3.00%), 2/4/28 | EUR | 975 | $ 1,025,879 |
Term Loan, 8.181%, (SOFR + 2.75%), 2/4/28 | | 1,938 | 1,938,909 |
APFS Staffing Holdings, Inc., Term Loan, 9.316%, (SOFR + 4.00%), 12/29/28 | | 271 | 267,701 |
Apleona Holding GmbH, Term Loan, 6.764%, (3 mo. EURIBOR + 2.95%), 4/28/28 | EUR | 1,000 | 1,046,678 |
ASGN Incorporated, Term Loan, 7.566%, (SOFR + 2.25%), 8/30/30 | | 375 | 376,563 |
Camelot U.S. Acquisition, LLC: | | | |
Term Loan, 8.431%, (SOFR + 3.00%), 10/30/26 | | 1,510 | 1,510,946 |
Term Loan, 8.431%, (SOFR + 3.00%), 10/30/26 | | 886 | 886,587 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Professional Services (continued) |
CoreLogic, Inc., Term Loan, 8.931%, (SOFR + 3.50%), 6/2/28 | | 3,861 | $ 3,577,400 |
Corporation Service Company, Term Loan, 8.666%, (SOFR + 3.25%), 11/2/29 | | 333 | 333,750 |
Deerfield Dakota Holding, LLC, Term Loan, 9.14%, (SOFR + 3.75%), 4/9/27 | | 2,059 | 2,015,637 |
Employbridge Holding Company, Term Loan, 10.259%, (SOFR + 4.75%), 7/19/28 | | 2,327 | 2,105,140 |
First Advantage Holdings, LLC, Term Loan, 8.181%, (SOFR + 2.75%), 1/31/27 | | 606 | 607,371 |
Genuine Financial Holdings, LLC, Term Loan, 9/20/30(21) | | 400 | 396,333 |
Neptune Bidco US, Inc., Term Loan, 10.399%, (SOFR + 5.00%), 4/11/29 | | 1,895 | 1,710,124 |
Rockwood Service Corporation, Term Loan, 9.431%, (SOFR + 4.00%), 1/23/27 | | 966 | 971,065 |
Saphilux S.a.r.l., Term Loan, 7/18/28(21) | EUR | 500 | 529,409 |
Techem Verwaltungsgesellschaft 675 mbH, Term Loan, 6.275%, (6 mo. EURIBOR + 2.38%), 7/15/25 | EUR | 826 | 872,339 |
Trans Union, LLC, Term Loan, 7.681%, (SOFR + 2.25%), 12/1/28 | | 1,469 | 1,470,255 |
Vaco Holdings, LLC, Term Loan, 10.393%, (SOFR + 5.00%), 1/21/29 | | 270 | 260,618 |
| | | $ 21,902,704 |
Real Estate Management & Development — 0.4% |
Cushman & Wakefield U.S. Borrower, LLC: | | | |
Term Loan, 8.181%, (SOFR + 2.75%), 8/21/25 | | 142 | $ 141,853 |
Term Loan, 8.666%, (SOFR + 3.25%), 1/31/30 | | 2,997 | 2,950,185 |
Term Loan, 9.316%, (SOFR + 4.00%), 1/31/30 | | 1,232 | 1,224,701 |
Greystar Real Estate Partners, LLC, Term Loan, 9.147%, (SOFR + 3.75%), 8/21/30 | | 600 | 600,000 |
| | | $ 4,916,739 |
Road & Rail — 0.6% |
Grab Holdings, Inc., Term Loan, 9.931%, (SOFR + 4.50%), 1/29/26 | | 947 | $ 954,528 |
Hertz Corporation (The): | | | |
Term Loan, 8.681%, (SOFR + 3.25%), 6/30/28 | | 1,028 | 1,028,828 |
Term Loan, 8.681%, (SOFR + 3.25%), 6/30/28 | | 198 | 198,358 |
Kenan Advantage Group, Inc., Term Loan, 9.477%, (SOFR + 3.75%), 3/24/26 | | 2,188 | 2,185,731 |
Uber Technologies, Inc., Term Loan, 8.159%, (SOFR + 2.75%), 3/3/30 | | 2,396 | 2,398,447 |
| | | $ 6,765,892 |
33
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Semiconductors & Semiconductor Equipment — 0.3% |
Altar Bidco, Inc., Term Loan, 8.142%, (SOFR + 3.10%), 2/1/29(22) | | 1,259 | $ 1,256,702 |
Bright Bidco B.V., Term Loan, 14.366%, (SOFR + 9.00%), 6.366% cash, 8.00% PIK, 10/31/27 | | 347 | 141,278 |
MaxLinear, Inc., Term Loan, 7.681%, (SOFR + 2.25%), 6/23/28 | | 286 | 284,286 |
MKS Instruments, Inc., Term Loan, 6.858%, (1 mo. EURIBOR + 3.00%), 8/17/29 | EUR | 990 | 1,047,659 |
Synaptics Incorporated, Term Loan, 7.914%, (SOFR + 2.25%), 12/2/28 | | 392 | 391,326 |
Ultra Clean Holdings, Inc., Term Loan, 9.181%, (SOFR + 3.75%), 8/27/25 | | 570 | 572,148 |
| | | $ 3,693,399 |
Software — 6.3% |
Applied Systems, Inc., Term Loan, 9.89%, (SOFR + 4.50%), 9/18/26 | | 5,117 | $ 5,138,119 |
AppLovin Corporation, Term Loan, 8.416%, (SOFR + 3.10%), 8/14/30 | | 1,579 | 1,575,944 |
Aptean, Inc.: | | | |
Term Loan, 9.568%, (SOFR + 4.25%), 4/23/26 | | 816 | 813,214 |
Term Loan - Second Lien, 12.416%, (SOFR + 7.00%), 4/23/27 | | 1,450 | 1,353,938 |
Astra Acquisition Corp.: | | | |
Term Loan, 10.902%, (SOFR + 5.25%), 10/25/28 | | 1,069 | 806,151 |
Term Loan - Second Lien, 14.527%, (SOFR + 8.88%), 10/25/29 | | 1,650 | 977,390 |
Banff Merger Sub, Inc.: | | | |
Term Loan, 7.858%, (1 mo. EURIBOR + 4.00%), 10/2/25 | EUR | 483 | 510,107 |
Term Loan, 9.181%, (SOFR + 3.75%), 10/2/25 | | 2,682 | 2,681,916 |
Term Loan - Second Lien, 10.931%, (SOFR + 5.50%), 2/27/26 | | 900 | 900,000 |
CDK Global, Inc., Term Loan, 9.64%, (SOFR + 4.25%), 7/6/29 | | 2,258 | 2,260,995 |
Cegid Group SAS, Term Loan, 7/10/28(21) | EUR | 1,000 | 1,055,664 |
CentralSquare Technologies, LLC, Term Loan, 9.29%, (SOFR + 3.75%), 8/29/25 | | 1,406 | 1,336,691 |
Ceridian HCM Holding, Inc., Term Loan, 7.931%, (SOFR + 2.50%), 4/30/25 | | 1,473 | 1,476,181 |
Cloud Software Group, Inc., Term Loan, 9.99%, (SOFR + 4.50%), 3/30/29(22) | | 1,493 | 1,438,116 |
Cloudera, Inc.: | | | |
Term Loan, 9.166%, (SOFR + 3.75%), 10/8/28 | | 2,758 | 2,727,662 |
Term Loan - Second Lien, 11.416%, (SOFR + 6.00%), 10/8/29 | | 775 | 738,833 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Software (continued) |
Constant Contact, Inc., Term Loan, 9.561%, (SOFR + 4.00%), 2/10/28 | | 1,719 | $ 1,671,424 |
Cornerstone OnDemand, Inc., Term Loan, 9.181%, (SOFR + 3.75%), 10/16/28 | | 1,330 | 1,268,249 |
Delta TopCo, Inc.: | | | |
Term Loan, 9.069%, (SOFR + 3.75%), 12/1/27 | | 1,369 | 1,357,389 |
Term Loan - Second Lien, 12.569%, (SOFR + 7.25%), 12/1/28 | | 1,950 | 1,867,125 |
ECI Macola Max Holding, LLC, Term Loan, 9.402%, (SOFR + 3.75%), 11/9/27 | | 1,265 | 1,263,610 |
Epicor Software Corporation: | | | |
Term Loan, 8.681%, (SOFR + 3.25%), 7/30/27 | | 770 | 770,553 |
Term Loan, 7/30/27(21) | | 825 | 827,063 |
Fiserv Investment Solutions, Inc., Term Loan, 9.383%, (SOFR + 4.00%), 2/18/27 | | 508 | 479,154 |
GoTo Group, Inc., Term Loan, 10.269%, (SOFR + 4.75%), 8/31/27 | | 1,775 | 1,188,571 |
Greeneden U.S. Holdings II, LLC: | | | |
Term Loan, 7.964%, (3 mo. EURIBOR + 4.25%), 12/1/27 | EUR | 731 | 774,909 |
Term Loan, 9.431%, (SOFR + 4.00%), 12/1/27 | | 804 | 805,995 |
IGT Holding IV AB, Term Loan, 7.122%, (3 mo. EURIBOR + 3.15%), 3/31/28 | EUR | 1,000 | 1,046,017 |
Ivanti Software, Inc., Term Loan, 9.758%, (SOFR + 4.25%), 12/1/27 | | 1,445 | 1,253,875 |
Magenta Buyer, LLC: | | | |
Term Loan, 10.631%, (SOFR + 5.00%), 7/27/28 | | 2,507 | 1,882,043 |
Term Loan - Second Lien, 13.881%, (SOFR + 8.25%), 7/27/29 | | 1,050 | 488,250 |
Marcel LUX IV S.a.r.l.: | | | |
Term Loan, 7.087%, (3 mo. EURIBOR + 3.50%), 3/16/26 | EUR | 1,500 | 1,589,840 |
Term Loan, 9.436%, (SOFR + 4.00%), 12/31/27 | | 95 | 94,668 |
McAfee, LLC: | | | |
Term Loan, 7.714%, (3 mo. EURIBOR + 4.00%), 3/1/29 | EUR | 987 | 1,038,627 |
Term Loan, 9.18%, (SOFR + 3.75%), 3/1/29 | | 2,765 | 2,707,972 |
Mediaocean, LLC, Term Loan, 8.916%, (SOFR + 3.50%), 12/15/28 | | 616 | 591,000 |
Mosel Bidco SE: | | | |
Term Loan, 9/16/30(21) | | 250 | 250,313 |
Term Loan, 9/16/30(21) | EUR | 750 | 791,460 |
Open Text Corporation, Term Loan, 8.166%, (SOFR + 2.75%), 1/31/30 | | 1,365 | 1,365,968 |
Polaris Newco, LLC: | | | |
Term Loan, 7.714%, (3 mo. EURIBOR + 4.00%), 6/2/28 | EUR | 980 | 988,185 |
Term Loan, 9.431%, (SOFR + 4.00%), 6/2/28 | | 2,794 | 2,682,282 |
34
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Software (continued) |
Proofpoint, Inc., Term Loan, 8.681%, (SOFR + 3.25%), 8/31/28 | | 2,456 | $ 2,438,680 |
Quartz Acquireco, LLC, Term Loan, 8.818%, (SOFR + 3.50%), 6/28/30 | | 750 | 750,000 |
Quest Software US Holdings, Inc., Term Loan, 9.769%, (SOFR + 4.25%), 2/1/29 | | 997 | 834,322 |
RealPage, Inc., Term Loan, 8.431%, (SOFR + 3.00%), 4/24/28 | | 2,818 | 2,788,933 |
Sabre GLBL, Inc., Term Loan, 9.666%, (SOFR + 4.25%), 6/30/28 | | 1,100 | 972,400 |
SolarWinds Holdings, Inc., Term Loan, 9.066%, (SOFR + 3.75%), 2/5/27 | | 1,692 | 1,695,632 |
Sophia, L.P., Term Loan, 8.916%, (SOFR + 3.50%), 10/7/27 | | 389 | 388,768 |
Turing Midco, LLC, Term Loan, 7.931%, (SOFR + 2.50%), 3/24/28 | | 166 | 165,690 |
Ultimate Software Group, Inc. (The): | | | |
Term Loan, 8.618%, (SOFR + 3.25%), 5/4/26 | | 3,842 | 3,838,208 |
Term Loan, 9.219%, (SOFR + 3.75%), 5/4/26 | | 1,656 | 1,656,797 |
Veritas US, Inc.: | | | |
Term Loan, 8.608%, (3 mo. EURIBOR + 4.75%), 9/1/25 | EUR | 970 | 900,701 |
Term Loan, 10.431%, (SOFR + 5.00%), 9/1/25 | | 2,401 | 2,087,943 |
Vision Solutions, Inc., Term Loan, 9.613%, (SOFR + 4.00%), 4/24/28 | | 418 | 406,322 |
VS Buyer, LLC, Term Loan, 8.666%, (SOFR + 3.25%), 2/28/27 | | 1,062 | 1,058,846 |
| | | $ 74,818,705 |
Specialty Retail — 1.3% |
Belron Finance US, LLC, Term Loan, 8.057%, (SOFR + 2.43%), 4/13/28 | | 829 | $ 828,361 |
Belron Luxembourg S.a.r.l., Term Loan, 6.147%, (3 mo. EURIBOR + 2.43%), 4/13/28 | EUR | 900 | 952,219 |
Boels Topholding B.V., Term Loan, 7.015%, (EURIBOR + 3.25%), 2/6/27(22) | EUR | 862 | 912,562 |
David's Bridal, Inc.: | | | |
Term Loan, 0.00%, 6/23/24(11)(19) | | 581 | 0 |
Term Loan, 0.00%, 12/31/24(11)(19) | | 704 | 0 |
Etraveli Holding AB, Term Loan, 7.972%, (3 mo. EURIBOR + 4.00%), 8/2/24 | EUR | 937 | 990,170 |
Great Outdoors Group, LLC, Term Loan, 9.402%, (SOFR + 3.75%), 3/6/28 | | 2,383 | 2,381,503 |
Harbor Freight Tools USA, Inc., Term Loan, 8.181%, (SOFR + 2.75%), 10/19/27 | | 1,859 | 1,847,196 |
Hoya Midco, LLC, Term Loan, 8.619%, (SOFR + 3.25%), 2/3/29 | | 981 | 982,676 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Specialty Retail (continued) |
Les Schwab Tire Centers, Term Loan, 8.692%, (SOFR + 3.25%), 11/2/27 | | 2,873 | $ 2,865,867 |
Mattress Firm, Inc., Term Loan, 9.95%, (6 mo. USD LIBOR + 4.25%), 9/25/28 | | 1,181 | 1,174,083 |
PetSmart, Inc., Term Loan, 9.166%, (SOFR + 3.75%), 2/11/28 | | 1,299 | 1,296,742 |
Speedster Bidco GmbH, Term Loan, 6.886%, (6 mo. EURIBOR + 2.75%), 3/31/27 | EUR | 1,000 | 1,033,297 |
| | | $ 15,264,676 |
Technology Hardware, Storage & Peripherals — 0.1% |
NCR Corporation, Term Loan, 7.931%, (SOFR + 2.50%), 8/28/26 | | 908 | $ 908,463 |
| | | $ 908,463 |
Trading Companies & Distributors — 1.4% |
American Builders & Contractors Supply Co., Inc., Term Loan, 7.416%, (SOFR + 2.00%), 1/15/27 | | 2,352 | $ 2,352,612 |
Electro Rent Corporation, Term Loan, 11.002%, (SOFR + 5.50%), 11/1/24 | | 1,784 | 1,726,027 |
Hillman Group, Inc. (The), Term Loan, 8.181%, (SOFR + 2.75%), 7/14/28 | | 270 | 270,680 |
Patagonia Bidco Limited, Term Loan, 10.181%, (SONIA + 5.25%), 11/1/28 | GBP | 1,000 | 1,054,166 |
PEARLS (Netherlands) Bidco B.V., Term Loan, 7.214%, (3 mo. EURIBOR + 3.50%), 2/26/29 | EUR | 1,000 | 1,046,488 |
Quimper AB, Term Loan, 6.509%, (3 mo. EURIBOR + 2.93%), 2/16/26 | EUR | 1,875 | 1,965,018 |
Spin Holdco, Inc., Term Loan, 9.664%, (SOFR + 4.00%), 3/4/28 | | 3,803 | 3,299,262 |
SRS Distribution, Inc.: | | | |
Term Loan, 8.916%, (SOFR + 3.50%), 6/2/28 | | 369 | 366,374 |
Term Loan, 8.931%, (SOFR + 3.50%), 6/2/28 | | 980 | 972,037 |
White Cap Buyer, LLC, Term Loan, 9.066%, (SOFR + 3.75%), 10/19/27 | | 2,043 | 2,041,484 |
Windsor Holdings III, LLC: | | | |
Term Loan, 8.154%, (1 mo. EURIBOR + 4.50%), 8/1/30 | EUR | 500 | 527,832 |
Term Loan, 9.83%, (SOFR + 4.50%), 8/1/30 | | 1,025 | 1,021,584 |
| | | $ 16,643,564 |
Transportation Infrastructure — 0.1% |
Brown Group Holding, LLC: | | | |
Term Loan, 8.068%, (SOFR + 2.75%), 6/7/28 | | 220 | $ 218,651 |
Term Loan, 9.121%, (SOFR + 3.75%), 7/2/29(22) | | 248 | 247,616 |
35
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Transportation Infrastructure (continued) |
KKR Apple Bidco, LLC, Term Loan, 8.181%, (SOFR + 2.75%), 9/22/28 | | 172 | $ 171,042 |
| | | $ 637,309 |
Wireless Telecommunication Services — 0.4% |
Digicel International Finance Limited, Term Loan, 8.902%, (SOFR + 3.25%), 5/28/24 | | 4,775 | $ 4,326,892 |
| | | $ 4,326,892 |
Total Senior Floating-Rate Loans (identified cost $580,279,462) | | | $ 552,786,608 |
Sovereign Government Bonds — 4.2% |
Security | Principal Amount* (000's omitted) | Value |
Albania — 0.1% |
Albania Government International Bond: | | | |
3.50%, 10/9/25(15) | EUR | 101 | $ 103,106 |
5.90%, 6/9/28(15) | EUR | 978 | 1,009,414 |
| | | $ 1,112,520 |
Angola — 0.0%(14) |
Angolan Government International Bond, 8.75%, 4/14/32(15) | | 528 | $ 425,824 |
| | | $ 425,824 |
Argentina — 0.0%(14) |
Republic of Argentina: | | | |
1.00%, 7/9/29 | | 400 | $ 112,001 |
4.25% to 7/9/24, 1/9/38(4) | | 1,200 | 354,455 |
| | | $ 466,456 |
Bahrain — 0.1% |
Kingdom of Bahrain: | | | |
5.45%, 9/16/32(15) | | 200 | $ 174,606 |
5.625%, 5/18/34(15) | | 200 | 171,672 |
6.75%, 9/20/29(15) | | 300 | 295,578 |
7.00%, 10/12/28(15) | | 300 | 304,878 |
7.375%, 5/14/30(15) | | 590 | 593,617 |
| | | $ 1,540,351 |
Security | Principal Amount* (000's omitted) | Value |
Barbados — 0.1% |
Government of Barbados, 6.50%, 10/1/29(1) | | 913 | $ 853,120 |
| | | $ 853,120 |
Benin — 0.1% |
Benin Government International Bond: | | | |
4.875%, 1/19/32(15) | EUR | 406 | $ 319,286 |
4.95%, 1/22/35(15) | EUR | 200 | 145,558 |
6.875%, 1/19/52(15) | EUR | 1,158 | 820,480 |
| | | $ 1,285,324 |
Brazil — 0.2% |
Federative Republic of Brazil: | | | |
3.875%, 6/12/30 | | 371 | $ 323,921 |
4.625%, 1/13/28 | | 1,100 | 1,059,244 |
5.00%, 1/27/45 | | 600 | 445,659 |
| | | $ 1,828,824 |
Chile — 0.1% |
Chile Government International Bond: | | | |
2.45%, 1/31/31 | | 465 | $ 383,439 |
2.55%, 7/27/33 | | 600 | 462,179 |
3.24%, 2/6/28 | | 260 | 238,913 |
3.50%, 1/25/50 | | 845 | 564,892 |
| | | $ 1,649,423 |
Costa Rica — 0.0%(14) |
Costa Rica Government International Bond, 6.55%, 4/3/34(15) | | 460 | $ 448,428 |
| | | $ 448,428 |
Croatia — 0.0%(14) |
Croatia Government International Bond, 1.75%, 3/4/41(15) | EUR | 212 | $ 151,618 |
| | | $ 151,618 |
Dominican Republic — 0.1% |
Dominican Republic: | | | |
4.50%, 1/30/30(15) | | 430 | $ 365,476 |
4.875%, 9/23/32(15) | | 380 | 309,637 |
6.40%, 6/5/49(15) | | 150 | 119,368 |
6.85%, 1/27/45(15) | | 300 | 256,176 |
7.45%, 4/30/44(15) | | 300 | 274,874 |
| | | $ 1,325,531 |
36
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Ecuador — 0.1% |
Republic of Ecuador: | | | |
1.50%, 7/31/40(15) | | 382 | $ 92,977 |
2.50%, 7/31/40(15) | | 2,576 | 627,315 |
| | | $ 720,292 |
Egypt — 0.1% |
Arab Republic of Egypt: | | | |
5.25%, 10/6/25(1) | | 200 | $ 154,361 |
5.80%, 9/30/27(15) | | 427 | 282,206 |
7.50%, 2/16/61(15) | | 260 | 132,093 |
8.70%, 3/1/49(15) | | 452 | 243,639 |
8.875%, 5/29/50(15) | | 355 | 193,457 |
| | | $ 1,005,756 |
El Salvador — 0.1% |
Republic of El Salvador: | | | |
5.875%, 1/30/25(15) | | 57 | $ 51,947 |
6.375%, 1/18/27(15) | | 211 | 172,899 |
7.125%, 1/20/50(15) | | 150 | 97,950 |
7.65%, 6/15/35(15) | | 17 | 12,079 |
8.25%, 4/10/32(15) | | 513 | 409,547 |
| | | $ 744,422 |
Ethiopia — 0.1% |
Ethiopia Government International Bond, 6.625%, 12/11/24(15) | | 970 | $ 630,432 |
| | | $ 630,432 |
Gabon — 0.0%(14) |
Gabon Government International Bond, 6.625%, 2/6/31(15) | | 200 | $ 149,250 |
| | | $ 149,250 |
Ghana — 0.1% |
Ghana Government International Bond: | | | |
7.625%, 5/16/29(15)(19) | | 349 | $ 155,575 |
7.75%, 4/7/29(15)(19) | | 200 | 89,061 |
8.125%, 3/26/32(15)(19) | | 200 | 88,629 |
8.627%, 6/16/49(15)(19) | | 740 | 316,625 |
8.75%, 3/11/61(15)(19) | | 597 | 256,199 |
| | | $ 906,089 |
Security | Principal Amount* (000's omitted) | Value |
Guatemala — 0.1% |
Guatemala Government International Bond, 5.375%, 4/24/32(15) | | 538 | $ 493,252 |
| | | $ 493,252 |
Hungary — 0.1% |
Hungary Government International Bond: | | | |
2.125%, 9/22/31(15) | | 815 | $ 602,566 |
5.375%, 9/12/33(15) | EUR | 87 | 88,935 |
6.25%, 9/22/32(1) | | 400 | 390,782 |
6.25%, 9/22/32(15) | | 300 | 293,086 |
| | | $ 1,375,369 |
India — 0.1% |
Export-Import Bank of India: | | | |
2.25%, 1/13/31(15) | | 600 | $ 466,356 |
5.50%, 1/18/33(1) | | 230 | 220,665 |
| | | $ 687,021 |
Indonesia — 0.2% |
Indonesia Government International Bond: | | | |
3.55%, 3/31/32 | | 1,613 | $ 1,394,698 |
4.65%, 9/20/32 | | 455 | 426,292 |
4.85%, 1/11/33 | | 840 | 801,274 |
| | | $ 2,622,264 |
Iraq — 0.0%(14) |
Republic of Iraq, 5.80%, 1/15/28(15) | | 141 | $ 130,410 |
| | | $ 130,410 |
Ivory Coast — 0.1% |
Ivory Coast Government International Bond: | | | |
5.25%, 3/22/30(15) | EUR | 257 | $ 228,117 |
6.625%, 3/22/48(15) | EUR | 1,162 | 848,038 |
6.875%, 10/17/40(15) | EUR | 512 | 402,379 |
| | | $ 1,478,534 |
Jordan — 0.0%(14) |
Kingdom of Jordan: | | | |
5.85%, 7/7/30(15) | | 300 | $ 267,220 |
7.375%, 10/10/47(15) | | 200 | 165,599 |
| | | $ 432,819 |
37
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Kazakhstan — 0.1% |
Kazakhstan Government International Bond, 6.50%, 7/21/45(15) | | 500 | $ 509,906 |
| | | $ 509,906 |
Kuwait — 0.0%(14) |
Kuwait International Government Bond, 3.50%, 3/20/27(15) | | 247 | $ 234,464 |
| | | $ 234,464 |
Lebanon — 0.0%(14) |
Lebanese Republic: | | | |
5.80%, 4/14/20(15)(19) | | 57 | $ ���4,739 |
6.10%, 10/4/22(15)(19) | | 972 | 80,608 |
6.15%, 6/19/20(19) | | 75 | 6,207 |
6.375%, 3/9/20(19) | | 1,110 | 92,274 |
6.40%, 5/26/23(19) | | 13 | 1,072 |
6.65%, 11/3/28(15)(19) | | 147 | 12,060 |
6.85%, 5/25/29(19) | | 3 | 247 |
8.20%, 5/17/33(19) | | 156 | 12,736 |
8.25%, 5/17/34(19) | | 129 | 10,857 |
| | | $ 220,800 |
Mexico — 0.2% |
Mexico Government International Bond: | | | |
4.875%, 5/19/33 | | 1,089 | $ 977,986 |
5.00%, 4/27/51 | | 755 | 582,759 |
5.40%, 2/9/28 | | 1,003 | 989,905 |
| | | $ 2,550,650 |
Mongolia — 0.0%(14) |
Mongolia Government International Bond, 5.125%, 4/7/26(1) | | 200 | $ 187,021 |
| | | $ 187,021 |
Morocco — 0.0%(14) |
Morocco Government International Bond, 3.00%, 12/15/32(15) | | 365 | $ 278,633 |
| | | $ 278,633 |
Nigeria — 0.1% |
Nigeria Government International Bond: | | | |
7.375%, 9/28/33(15) | | 930 | $ 690,167 |
7.625%, 11/28/47(15) | | 200 | 133,802 |
7.696%, 2/23/38(15) | | 400 | 281,100 |
Security | Principal Amount* (000's omitted) | Value |
Nigeria (continued) |
Nigeria Government International Bond: (continued) | | | |
8.25%, 9/28/51(15) | | 400 | $ 278,070 |
| | | $ 1,383,139 |
North Macedonia — 0.2% |
North Macedonia Government International Bond: | | | |
1.625%, 3/10/28(15) | EUR | 905 | $ 779,877 |
3.675%, 6/3/26(15) | EUR | 136 | 135,525 |
6.96%, 3/13/27(15) | EUR | 884 | 953,795 |
| | | $ 1,869,197 |
Oman — 0.1% |
Oman Government International Bond: | | | |
5.375%, 3/8/27(15) | | 470 | $ 458,732 |
6.25%, 1/25/31(15) | | 483 | 478,083 |
6.75%, 1/17/48(15) | | 230 | 212,093 |
7.375%, 10/28/32(15) | | 457 | 484,363 |
| | | $ 1,633,271 |
Panama — 0.1% |
Panama Bonos del Tesoro, 6.375%, 7/25/33(15) | | 83 | $ 78,767 |
Panama Government International Bond, 6.70%, 1/26/36 | | 1,400 | 1,387,977 |
| | | $ 1,466,744 |
Paraguay — 0.1% |
Republic of Paraguay: | | | |
4.95%, 4/28/31(15) | | 577 | $ 535,366 |
5.40%, 3/30/50(15) | | 209 | 165,449 |
| | | $ 700,815 |
Peru — 0.1% |
Peruvian Government International Bond: | | | |
2.783%, 1/23/31 | | 926 | $ 760,601 |
3.00%, 1/15/34 | | 250 | 193,328 |
3.30%, 3/11/41 | | 447 | 310,331 |
| | | $ 1,264,260 |
Romania — 0.2% |
Romania Government International Bond: | | | |
1.75%, 7/13/30(15) | EUR | 657 | $ 527,225 |
2.00%, 1/28/32(15) | EUR | 15 | 11,449 |
2.00%, 4/14/33(15) | EUR | 95 | 69,307 |
2.124%, 7/16/31(15) | EUR | 25 | 19,653 |
38
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Romania (continued) |
Romania Government International Bond: (continued) | | | |
3.375%, 1/28/50(15) | EUR | 518 | $ 325,465 |
3.624%, 5/26/30(15) | EUR | 8 | 7,296 |
3.75%, 2/7/34(15) | EUR | 49 | 41,034 |
4.625%, 4/3/49(15) | EUR | 1,115 | 877,062 |
6.625%, 9/27/29(15) | EUR | 650 | 707,821 |
| | | $ 2,586,312 |
Serbia — 0.1% |
Serbia Government International Bond, 2.125%, 12/1/30(15) | | 1,536 | $ 1,131,336 |
| | | $ 1,131,336 |
Sri Lanka — 0.1% |
Sri Lanka Government International Bond: | | | |
5.75%, 4/18/23(15)(19) | | 858 | $ 414,171 |
6.20%, 5/11/27(15)(19) | | 800 | 373,632 |
6.35%, 6/28/24(15)(19) | | 760 | 364,149 |
6.825%, 7/18/26(15)(19) | | 200 | 96,483 |
6.85%, 3/14/24(15)(19) | | 230 | 110,503 |
6.85%, 11/3/25(15)(19) | | 400 | 193,548 |
| | | $ 1,552,486 |
Suriname — 0.4% |
Republic of Suriname, 9.25%, 10/26/26(15)(19) | | 5,467 | $ 4,715,288 |
| | | $ 4,715,288 |
Ukraine — 0.1% |
Ukraine Government International Bond: | | | |
0.00%, GDP-Linked, 8/1/41(15)(24) | | 189 | $ 87,364 |
7.75%, 9/1/24(15)(19) | | 614 | 211,899 |
7.75%, 9/1/25(15)(19) | | 609 | 202,119 |
7.75%, 9/1/28(15)(19) | | 318 | 92,864 |
| | | $ 594,246 |
United Arab Emirates — 0.2% |
Finance Department Government of Sharjah: | | | |
4.375%, 3/10/51(15) | | 1,275 | $ 799,189 |
6.50%, 11/23/32(1) | | 660 | 659,267 |
6.50%, 11/23/32(15) | | 640 | 639,290 |
| | | $ 2,097,746 |
Security | Principal Amount* (000's omitted) | Value |
Uruguay — 0.1% |
Uruguay Government International Bond: | | | |
4.375%, 1/23/31 | | 350 | $ 335,466 |
5.10%, 6/18/50 | | 470 | 417,728 |
5.75%, 10/28/34 | | 310 | 316,285 |
| | | $ 1,069,479 |
Uzbekistan — 0.1% |
Republic of Uzbekistan: | | | |
3.90%, 10/19/31(15) | | 564 | $ 440,977 |
4.75%, 2/20/24(15) | | 355 | 351,511 |
5.375%, 2/20/29(15) | | 300 | 269,320 |
| | | $ 1,061,808 |
Zambia — 0.0%(14) |
Zambia Government International Bond, 8.50%, 4/14/24(15)(19) | | 200 | $ 110,308 |
| | | $ 110,308 |
Total Sovereign Government Bonds (identified cost $56,868,898) | | | $ 49,681,238 |
Borrower/Description | Principal Amount (000's omitted) | Value |
Kenya — 0.1% |
Government of Kenya, Term Loan, 12.203%, (3 mo. USD LIBOR + 6.45%), 6/29/25(2) | $ | 1,248 | $ 1,204,948 |
| | | $ 1,204,948 |
Nigeria — 0.0%(14) |
Bank of Industry Limited, Term Loan, 11.67%, (3 mo. USD LIBOR + 6.00%), 12/11/23(2)(25) | $ | 251 | $ 251,845 |
| | | $ 251,845 |
Tanzania — 0.4% |
Government of the United Republic of Tanzania, Term Loan, 11.672%, (6 mo. USD LIBOR + 6.30%), 4/28/31(2) | $ | 4,151 | $ 4,050,517 |
| | | $ 4,050,517 |
Total Sovereign Loans (identified cost $5,648,155) | | | $ 5,507,310 |
39
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
U.S. Government Agency Mortgage-Backed Securities — 27.2% |
Security | Principal Amount (000's omitted) | Value |
Federal Home Loan Mortgage Corp.: | | | |
5.00%, with various maturities to 2052 | $ | 50,898 | $ 48,193,197 |
5.50%, 5/1/32 | | 232 | 232,096 |
6.50%, with various maturities to 2036 | | 1,382 | 1,405,410 |
7.00%, with various maturities to 2036 | | 1,125 | 1,157,530 |
7.50%, with various maturities to 2035 | | 559 | 571,361 |
8.00%, with various maturities to 2030 | | 63 | 65,713 |
9.00%, with various maturities to 2031 | | 13 | 13,113 |
Federal National Mortgage Association: | | | |
4.326%, (COF + 1.31%), 10/1/36(26) | | 369 | 360,325 |
4.402%, (6 mo. USD LIBOR + 1.54%), 9/1/37(26) | | 475 | 478,871 |
4.50%, 7/1/42 | | 2,610 | 2,499,180 |
5.00%, with various maturities to 2052 | | 4,539 | 4,408,292 |
5.105%, (1 yr. CMT + 2.27%), 8/1/36(26) | | 2,347 | 2,378,968 |
5.50%, 30-Year, TBA(27) | | 4,650 | 4,495,971 |
5.50%, with various maturities to 2033 | | 305 | 304,356 |
6.00%, with various maturities to 2029 | | 88 | 87,052 |
6.334%, (COF + 2.00%), 7/1/32(26) | | 458 | 469,111 |
6.50%, with various maturities to 2036 | | 5,711 | 5,797,125 |
7.00%, with various maturities to 2037 | | 1,234 | 1,263,919 |
7.50%, with various maturities to 2035 | | 623 | 645,885 |
8.00%, with various maturities to 2027 | | 24 | 24,275 |
8.047%, 9/15/27(9) | | 23 | 23,426 |
8.177%, 9/20/28(9) | | 6 | 6,024 |
8.213%, 10/15/29(9) | | 6 | 6,289 |
8.29%, 6/15/27(9) | | 11 | 10,650 |
8.50%, with various maturities to 2037 | | 127 | 132,418 |
9.00%, with various maturities to 2032 | | 106 | 108,073 |
9.50%, with various maturities to 2030 | | 16 | 16,043 |
Government National Mortgage Association: | | | |
4.00%, 9/20/49 | | 219 | 198,225 |
4.50%, with various maturities to 2052 | | 2,472 | 2,294,952 |
5.00%, 6/20/52 | | 14,572 | 13,818,403 |
5.50%, 30-Year, TBA(27) | | 93,900 | 91,159,622 |
6.00%, 30-Year, TBA(27) | | 98,500 | 97,637,761 |
6.00%, with various maturities to 2053 | | 8,239 | 8,189,368 |
6.50%, 30-Year, TBA(27) | | 27,538 | 27,713,445 |
6.50%, with various maturities to 2053 | | 5,025 | 5,084,534 |
7.00%, 4/20/26 | | 36 | 36,466 |
7.50%, with various maturities to 2032 | | 576 | 587,001 |
8.00%, with various maturities to 2034 | | 672 | 687,993 |
Security | Principal Amount (000's omitted) | Value |
Government National Mortgage Association: (continued) | | | |
9.00%, 12/15/25 | $ | 41 | $ 41,014 |
Total U.S. Government Agency Mortgage-Backed Securities (identified cost $332,792,411) | | | $ 322,603,457 |
Security | Shares | Value |
Retailers (Except Food and Drug) — 0.0% |
David’s Bridal, LLC, Exp. 12/31/28(11)(12)(13) | | 7,886 | $ 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%(14) |
Hertz Corp., Escrow Certificates(12) | $ | 364,000 | $ 32,760 |
| | | $ 32,760 |
Total Miscellaneous (identified cost $0) | | | $ 32,760 |
Short-Term Investments — 2.3% |
Security | Shares | Value |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(28) | | 26,743,497 | $ 26,743,497 |
Total Affiliated Fund (identified cost $26,743,497) | | | $ 26,743,497 |
40
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
U.S. Treasury Obligations — 0.0%(14) |
Security | Principal Amount (000's omitted) | Value |
U.S. Treasury Bill, 0.00%, 10/12/23(29) | $ | 500 | $ 499,268 |
Total U.S. Treasury Obligations (identified cost $499,210) | | | $ 499,268 |
Total Short-Term Investments (identified cost $27,242,707) | | | $ 27,242,765 |
Total Investments — 164.3% (identified cost $2,131,700,554) | | | $1,949,474,139 |
Less Unfunded Loan Commitments — (0.0)%(14) | | | $ (10,364) |
Net Investments — 164.3% (identified cost $2,131,690,190) | | | $1,949,463,775 |
Other Assets, Less Liabilities — (46.1)% | | | $ (546,635,138) |
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (18.2)% | | | $ (216,210,651) |
Net Assets Applicable to Common Shares — 100.0% | | | $1,186,617,986 |
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 September 30, 2023, the aggregate value of these securities is $642,187,827 or 54.1% of the Fund's net assets applicable to common shares. |
(2) | Variable rate security. The stated interest rate represents the rate in effect at September 30, 2023. |
(3) | When-issued security. For a variable rate security interest rate will be determined after September 30, 2023. |
(4) | Step coupon security. Interest rate represents the rate in effect at September 30, 2023. |
(5) | Principal amount is less than $500. |
(6) | 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 September 30, 2023. |
(7) | 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. |
(8) | Principal only security that entitles the holder to receive only principal payments on the underlying mortgages. |
(9) | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 2023. |
(10) | Represents an investment in an issuer that may be deemed to be an affiliate (see Note 9). |
(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) | Amount is less than 0.05% or (0.05)%, as applicable. |
(15) | 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 September 30, 2023, the aggregate value of these securities is $74,257,779 or 6.3% of the Fund's net assets applicable to common shares. |
(16) | Security converts to variable rate after the indicated fixed-rate coupon period. |
(17) | Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. |
(18) | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
(19) | Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy. 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 Secured Overnight Financing Rate (“SOFR”) (or the London Interbank Offered Rate (“LIBOR”) for those loans whose rates reset prior to the discontinuance of LIBOR on June 30, 2023) 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. |
(21) | This Senior Loan will settle after September 30, 2023, at which time the interest rate will be determined. |
(22) | The stated interest rate represents the weighted average interest rate at September 30, 2023 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. |
(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 September 30, 2023, the total value of unfunded loan commitments is $8,284. See Note 1F for description. |
41
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
(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 September 30, 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 September 30, 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) |
EUR | 1,142,237 | USD | 1,223,130 | 12/20/23 | $ (11,073) |
USD | 3,778,623 | EUR | 3,528,719 | 12/20/23 | 34,206 |
USD | 2,001,380 | EUR | 1,869,016 | 12/20/23 | 18,118 |
USD | 1,710,626 | EUR | 1,597,492 | 12/20/23 | 15,486 |
USD | 1,622,920 | EUR | 1,515,586 | 12/20/23 | 14,692 |
USD | 1,037,365 | EUR | 968,758 | 12/20/23 | 9,391 |
| | | | | $ 80,820 |
Forward Foreign Currency Exchange Contracts (OTC) |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) |
USD | 45,820,826 | EUR | 42,161,465 | Standard Chartered Bank | 10/3/23 | $ 1,245,613 | $ — |
GBP | 100,000 | USD | 122,526 | Bank of America, N.A. | 10/4/23 | — | (515) |
USD | 105,578 | EUR | 100,000 | Bank of America, N.A. | 10/5/23 | — | (156) |
EUR | 90,613 | USD | 97,350 | Citibank, N.A. | 10/6/23 | — | (1,539) |
EUR | 307,323 | USD | 330,335 | Citibank, N.A. | 10/6/23 | — | (5,378) |
USD | 715,326 | EUR | 666,539 | Citibank, N.A. | 10/6/23 | 10,542 | — |
USD | 170,771 | EUR | 159,014 | Citibank, N.A. | 10/6/23 | 2,633 | — |
USD | 81,802 | EUR | 76,317 | HSBC Bank USA, N.A. | 10/6/23 | 1,106 | — |
USD | 198,833 | EUR | 186,087 | State Street Bank and Trust Company | 10/6/23 | 2,068 | — |
CAD | 20,400 | USD | 15,228 | HSBC Bank USA, N.A. | 10/31/23 | — | (203) |
EUR | 13,898 | USD | 14,971 | HSBC Bank USA, N.A. | 10/31/23 | — | (260) |
EUR | 17,228 | USD | 18,522 | HSBC Bank USA, N.A. | 10/31/23 | — | (287) |
EUR | 252,294 | USD | 274,361 | HSBC Bank USA, N.A. | 10/31/23 | — | (7,316) |
EUR | 155,189 | USD | 166,867 | State Street Bank and Trust Company | 10/31/23 | — | (2,605) |
GBP | 11,598 | USD | 14,508 | State Street Bank and Trust Company | 10/31/23 | — | (354) |
USD | 497,417 | CAD | 655,597 | HSBC Bank USA, N.A. | 10/31/23 | 14,552 | — |
USD | 3,341 | CAD | 4,403 | The Toronto-Dominion Bank | 10/31/23 | 98 | — |
42
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts (OTC) (continued) |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) |
USD | 1,088,588 | EUR | 1,000,000 | Australia and New Zealand Banking Group Limited | 10/31/23 | $ 30,122 | $ — |
USD | 550,290 | EUR | 500,000 | Australia and New Zealand Banking Group Limited | 10/31/23 | 21,056 | — |
USD | 760,910 | EUR | 709,043 | Bank of America, N.A. | 10/31/23 | 10,411 | — |
USD | 9,082 | EUR | 8,224 | Bank of America, N.A. | 10/31/23 | 378 | — |
USD | 153,820 | EUR | 142,061 | Citibank, N.A. | 10/31/23 | 3,453 | — |
USD | 110,979 | EUR | 102,469 | Citibank, N.A. | 10/31/23 | 2,518 | — |
USD | 672,041 | EUR | 613,225 | Goldman Sachs International | 10/31/23 | 22,962 | — |
USD | 17,141 | EUR | 15,641 | Goldman Sachs International | 10/31/23 | 586 | — |
USD | 12,732,992 | EUR | 11,514,289 | HSBC Bank USA, N.A. | 10/31/23 | 545,498 | — |
USD | 10,185,676 | EUR | 9,221,669 | HSBC Bank USA, N.A. | 10/31/23 | 424,845 | — |
USD | 9,734,440 | EUR | 8,813,998 | HSBC Bank USA, N.A. | 10/31/23 | 405,116 | — |
USD | 315,121 | EUR | 284,960 | HSBC Bank USA, N.A. | 10/31/23 | 13,500 | — |
USD | 252,080 | EUR | 228,222 | HSBC Bank USA, N.A. | 10/31/23 | 10,514 | — |
USD | 240,911 | EUR | 218,132 | HSBC Bank USA, N.A. | 10/31/23 | 10,026 | — |
USD | 1,095,441 | EUR | 1,000,000 | NatWest Group PLC | 10/31/23 | 36,974 | — |
USD | 596,183 | EUR | 550,000 | Standard Chartered Bank | 10/31/23 | 14,027 | — |
USD | 551,182 | EUR | 500,000 | State Street Bank and Trust Company | 10/31/23 | 21,948 | — |
USD | 232,075 | GBP | 189,390 | Bank of America, N.A. | 10/31/23 | 961 | — |
USD | 48,604 | GBP | 37,765 | Citibank, N.A. | 10/31/23 | 2,519 | — |
USD | 1,300 | GBP | 1,010 | Citibank, N.A. | 10/31/23 | 67 | — |
USD | 4,927,808 | GBP | 3,837,146 | Goldman Sachs International | 10/31/23 | 245,301 | — |
USD | 325,031 | GBP | 253,093 | Goldman Sachs International | 10/31/23 | 16,180 | — |
USD | 90,616 | GBP | 71,168 | Goldman Sachs International | 10/31/23 | 3,769 | — |
USD | 5,555 | GBP | 4,363 | Goldman Sachs International | 10/31/23 | 231 | — |
USD | 44,692,852 | EUR | 42,161,465 | Standard Chartered Bank | 11/2/23 | 62,650 | — |
USD | 11,268,331 | EUR | 10,314,857 | Bank of America, N.A. | 11/30/23 | 336,262 | — |
USD | 6,102,438 | EUR | 5,588,322 | Bank of America, N.A. | 11/30/23 | 179,727 | — |
USD | 7,035,467 | EUR | 6,444,597 | State Street Bank and Trust Company | 11/30/23 | 205,243 | — |
USD | 482,286 | EUR | 441,817 | The Toronto-Dominion Bank | 11/30/23 | 14,031 | — |
USD | 5,503,643 | GBP | 4,361,147 | State Street Bank and Trust Company | 11/30/23 | 180,904 | — |
USD | 194,180 | EUR | 183,975 | Australia and New Zealand Banking Group Limited | 12/29/23 | — | (1,155) |
USD | 5,272,655 | EUR | 5,000,000 | Australia and New Zealand Banking Group Limited | 12/29/23 | — | (36,089) |
USD | 5,274,930 | EUR | 5,000,000 | Goldman Sachs International | 12/29/23 | — | (33,814) |
USD | 5,272,611 | EUR | 5,000,000 | State Street Bank and Trust Company | 12/29/23 | — | (36,133) |
USD | 5,810,731 | EUR | 5,511,638 | State Street Bank and Trust Company | 12/29/23 | — | (41,244) |
USD | 5,810,342 | EUR | 5,511,638 | State Street Bank and Trust Company | 12/29/23 | — | (41,634) |
| | | | | | $4,098,391 | $(208,682) |
43
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — 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 | 141 | Long | 12/29/23 | $ 28,582,242 | $ (72,566) |
U.S. 5-Year Treasury Note | 933 | Long | 12/29/23 | 98,300,297 | 94,040 |
U.S. Ultra 10-Year Treasury Note | 18 | Long | 12/19/23 | 2,008,125 | (58,781) |
Euro-Bobl | (21) | Short | 12/7/23 | (2,569,911) | 26,865 |
Euro-Bund | (12) | Short | 12/7/23 | (1,632,056) | 31,960 |
Euro-Buxl | (12) | Short | 12/7/23 | (1,552,381) | 105,490 |
U.S. 2-Year Treasury Note | (3) | Short | 12/29/23 | (608,133) | 2,109 |
U.S. 5-Year Treasury Note | (68) | Short | 12/29/23 | (7,164,438) | 59,333 |
U.S. 10-Year Treasury Note | (102) | Short | 12/19/23 | (11,022,375) | 190,901 |
U.S. Long Treasury Bond | (149) | Short | 12/19/23 | (16,953,406) | 30,310 |
U.S. Ultra 10-Year Treasury Note | (16) | Short | 12/19/23 | (1,785,000) | 50,101 |
U.S. Ultra-Long Treasury Bond | (134) | Short | 12/19/23 | (15,904,125) | 277,797 |
| | | | | $737,559 |
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) | 1.79% | 12/20/31 | $ (104,890) | $ 74,992 | $ (29,898) |
Total | | $2,041 | | | | $(104,890) | $74,992 | $(29,898) |
* | 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 September 30, 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. |
44
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Portfolio of Investments (Unaudited) — 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 |
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 |
45
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Statement of Assets and Liabilities (Unaudited)
| September 30, 2023 |
Assets | |
Unaffiliated investments, at value (identified cost $2,092,642,791) | $ 1,912,391,668 |
Affiliated investments, at value (identified cost $39,047,399) | 37,072,107 |
Cash | 6,733,956 |
Deposits for derivatives collateral: | |
Futures contracts | 1,161,459 |
Centrally cleared derivatives | 508,659 |
OTC derivatives | 3,305,400 |
Deposits for forward commitment securities | 2,076,000 |
Foreign currency, at value (identified cost $8,066,504) | 8,012,210 |
Interest receivable | 20,549,511 |
Interest and dividends receivable from affiliated investments | 171,287 |
Receivable for investments sold | 3,468,449 |
Receivable for variation margin on open futures contracts | 13,516 |
Receivable for open forward foreign currency exchange contracts | 4,098,391 |
Tax reclaims receivable | 7,315 |
Prepaid upfront fees on notes payable | 607,956 |
Trustees' deferred compensation plan | 262,583 |
Prepaid expenses | 8,890 |
Total assets | $2,000,449,357 |
Liabilities | |
Notes payable | $ 333,000,000 |
Cash collateral due to brokers | 3,210,000 |
Payable for investments purchased | 15,466,977 |
Payable for when-issued/delayed delivery/forward commitment securities | 241,065,146 |
Payable for variation margin on open centrally cleared derivatives | 19,807 |
Payable for open forward foreign currency exchange contracts | 208,682 |
Payable for open swap contracts | 29,898 |
Upfront receipts on open non-centrally cleared swap contracts | 74,992 |
Payable to affiliates: | |
Investment adviser fee | 1,072,884 |
Trustees' deferred compensation plan | 262,583 |
Accrued expenses | 3,209,751 |
Total liabilities | $ 597,620,720 |
Auction preferred shares (8,640 shares outstanding) at liquidation value plus cumulative unpaid dividends | $ 216,210,651 |
Net assets applicable to common shares | $1,186,617,986 |
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 | (441,792,373) |
Net assets applicable to common shares | $1,186,617,986 |
Common Shares Issued and Outstanding | 116,203,460 |
Net Asset Value Per Common Share | |
Net assets ÷ common shares issued and outstanding | $ 10.21 |
46
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Statement of Operations (Unaudited)
| Six Months Ended |
| September 30, 2023 |
Investment Income | |
Dividend income | $ 1,060,535 |
Dividend income from affiliated investments | 808,415 |
Interest and other income | 63,253,214 |
Interest income from affiliated investments | 343,696 |
Total investment income | $ 65,465,860 |
Expenses | |
Investment adviser fee | $ 6,467,390 |
Trustees’ fees and expenses | 54,250 |
Custodian fee | 317,971 |
Transfer and dividend disbursing agent fees | 11,059 |
Legal and accounting services | 120,465 |
Printing and postage | 195,377 |
Interest expense and fees | 11,080,392 |
Preferred shares service fee | 113,612 |
Miscellaneous | 104,887 |
Total expenses | $ 18,465,403 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 21,815 |
Total expense reductions | $ 21,815 |
Net expenses | $ 18,443,588 |
Net investment income | $ 47,022,272 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (30,698,346) |
Futures contracts | 758,808 |
Swap contracts | (17,129) |
Foreign currency transactions | (186,088) |
Forward foreign currency exchange contracts | (185,572) |
Net realized loss | $(30,328,327) |
Change in unrealized appreciation (depreciation): | |
Investments | $ 5,233,345 |
Investments - affiliated investments | 352,004 |
Futures contracts | 1,300,889 |
Swap contracts | 20,527 |
Foreign currency | (12,708) |
Forward foreign currency exchange contracts | 5,530,917 |
Net change in unrealized appreciation (depreciation) | $ 12,424,974 |
Net realized and unrealized loss | $(17,903,353) |
Distributions to preferred shareholders | $ (9,110,069) |
Net increase in net assets from operations | $ 20,008,850 |
47
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Statements of Changes in Net Assets
| Six Months Ended September 30, 2023 (Unaudited) | Year Ended March 31, 2023 |
Increase (Decrease) in Net Assets | | |
From operations: | | |
Net investment income | $ 47,022,272 | $ 81,866,574 |
Net realized loss | (30,328,327) | (48,404,601) |
Net change in unrealized appreciation (depreciation) | 12,424,974 | (91,991,826) |
Distributions to preferred shareholders | (9,110,069) | (9,997,733) |
Net increase (decrease) in net assets from operations | $ 20,008,850 | $ (68,527,586) |
Distributions to common shareholders | $ (54,569,145)* | $ (83,662,686) |
Tax return of capital to common shareholders | $ — | $ (55,781,466) |
Net decrease in net assets | $ (34,560,295) | $ (207,971,738) |
Net Assets Applicable to Common Shares | | |
At beginning of period | $ 1,221,178,281 | $ 1,429,150,019 |
At end of period | $1,186,617,986 | $1,221,178,281 |
* | A portion of the distributions may be deemed a tax return of capital at year-end. See Note 3. |
48
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Statement of Cash Flows (Unaudited)
| Six Months Ended |
| September 30, 2023 |
Cash Flows From Operating Activities | |
Net increase in net assets from operations | $ 20,008,850 |
Distributions to preferred shareholders | 9,110,069 |
Net increase in net assets from operations excluding distributions to preferred shareholders | $ 29,118,919 |
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | |
Investments purchased | (2,098,949,849) |
Investments sold and principal repayments | 2,102,236,046 |
Increase in short-term investments, net | (676,320) |
Net amortization/accretion of premium (discount) | (659,930) |
Amortization of prepaid upfront fees on notes payable | 251,550 |
Increase in interest receivable | (1,116,533) |
Increase in interest and dividends receivable from affiliated investments | (1,358) |
Increase in receivable for variation margin on open futures contracts | (13,516) |
Decrease in receivable for variation margin on open centrally cleared derivatives | 39,799 |
Decrease in tax reclaims receivable | 3,708 |
Increase in Trustees’ deferred compensation plan | (262,583) |
Increase in cash collateral due to brokers | 2,952,236 |
Increase in payable for variation margin on open centrally cleared derivatives | 19,807 |
Decrease in payable for variation margin on open futures contracts | (82,432) |
Decrease in payable for open swap contracts | (5,995) |
Decrease in upfront receipts on open non-centrally cleared swap contracts | (4,571) |
Decrease in payable to affiliate for investment adviser fee | (36,079) |
Increase in payable to affiliate for Trustees' deferred compensation plan | 262,583 |
Increase in accrued expenses | 260,278 |
Decrease in unfunded loan commitments | (90,369) |
Net change in unrealized (appreciation) depreciation from investments | (5,585,349) |
Net change in unrealized (appreciation) depreciation from forward foreign currency exchange contracts (OTC) | (5,359,337) |
Net realized loss from investments | 30,698,346 |
Net cash provided by operating activities | $ 52,999,051 |
Cash Flows From Financing Activities | |
Cash distributions paid to common shareholders | $ (54,569,145) |
Cash distributions paid to preferred shareholders | (9,037,716) |
Proceeds from notes payable | 69,000,000 |
Repayments of notes payable | (50,000,000) |
Net cash used in financing activities | $ (44,606,861) |
Net increase in cash and restricted cash* | $ 8,392,190 |
Cash and restricted cash at beginning of period (including foreign currency) | $ 13,405,494 |
Cash and restricted cash at end of period (including foreign currency) | $ 21,797,684 |
Supplemental disclosure of cash flow information: | |
Cash paid for interest and fees on borrowings | $ 10,218,775 |
* | Includes net change in unrealized appreciation (depreciation) on foreign currency of $(63,732). |
49
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Statement of Cash Flows (Unaudited) — 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.
| |
| September 30, 2023 |
Cash | $ 6,733,956 |
Deposits for derivatives collateral: | |
Futures contracts | 1,161,459 |
Centrally cleared derivatives | 508,659 |
OTC derivatives | 3,305,400 |
Deposits for forward commitment securities | 2,076,000 |
Foreign currency | 8,012,210 |
Total cash and restricted cash as shown on the Statement of Cash Flows | $21,797,684 |
50
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Selected data for a common share outstanding during the periods stated
| Six Months Ended September 30, 2023 (Unaudited) | Year Ended March 31, |
| 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value — Beginning of period (Common shares) | $ 10.510 | $ 12.300 | $ 13.570 | $ 11.750 | $ 14.450 | $ 14.740 |
Income (Loss) From Operations | | | | | | |
Net investment income(1) | $ 0.405 | $ 0.705 | $ 0.640 | $ 0.756 | $ 0.762 | $ 0.826 |
Net realized and unrealized gain (loss) | (0.157) | (1.209) | (0.707) | 2.271 | (2.390) | (0.267) |
Distributions to preferred shareholders: From net investment income(1) | (0.078) | (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 | $ 0.170 | $ (0.590) | $ (0.070) | $ 3.020 | $ (1.683) | $ 0.528 |
Less Distributions to Common Shareholders | | | | | | |
From net investment income | $ (0.470)* | $ (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 | $ (0.470) | $ (1.200) | $ (1.200) | $ (1.200) | $ (1.017) | $ (0.818) |
Net asset value — End of period (Common shares) | $10.210 | $10.510 | $12.300 | $13.570 | $11.750 | $14.450 |
Market value — End of period (Common shares) | $ 9.040 | $ 9.850 | $11.700 | $12.630 | $10.570 | $12.650 |
Total Investment Return on Net Asset Value(2) | 2.25% (3) | (3.98)% | (0.42)% | 27.62% | (11.69)% | 4.57% (4) |
Total Investment Return on Market Value(2) | (3.49)% (3) | (5.30)% | 1.70% | 32.25% | (9.33)% | 3.70% |
51
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| Six Months Ended September 30, 2023 (Unaudited) | Year Ended March 31, |
| 2023 | 2022 | 2021 | 2020 | 2019 |
Ratios/Supplemental Data | | | | | | |
Net assets applicable to common shares, end of period (000’s omitted) | $1,186,618 | $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):(5)† | | | | | | |
Expenses excluding interest and fees | 1.22% (6) | 1.29% | 1.24% | 1.33% | 1.29% | 1.31% |
Interest and fee expense(7) | 1.84% (6) | 1.43% | 0.53% | 0.58% | 1.33% | 1.43% |
Total expenses | 3.06% (6)(8) | 2.72% (8) | 1.77% | 1.91% | 2.62% | 2.74% |
Net investment income | 7.79% (6) | 6.47% | 4.83% | 5.73% | 5.33% | 5.71% |
Portfolio Turnover | 109% (3)(9) | 201% (9) | 137% (9) | 57% (9) | 49% | 34% |
Senior Securities: | | | | | | |
Total notes payable outstanding (in 000’s) | $ 333,000 | $ 314,000 | $ 578,000 | $ 570,000 | $ 525,000 | $ 595,000 |
Asset coverage per $1,000 of notes payable(10) | $ 5,213 | $ 5,577 | $ 3,846 | $ 4,143 | $ 4,012 | $ 4,184 |
Total preferred shares outstanding | 8,640 | 8,640 | 8,640 | 8,640 | 8,640 | 8,640 |
Asset coverage per preferred share(11) | $ 79,045 | $ 82,609 | $ 69,999 | $ 75,118 | $ 71,062 | $ 76,744 |
Involuntary liquidation preference per preferred share(12) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 |
Approximate market value per preferred share(12) | $ 25,000 | $ 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) | Not annualized. |
(4) | 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%. |
(5) | Ratios do not reflect the effect of dividend payments to preferred shareholders. |
(6) | Annualized. |
(7) | 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). |
(8) | 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 0.005% and 0.01% of average daily net assets for the six months ended September 30, 2023 and the year ended March 31, 2023, respectively). |
(9) | Includes the effect of To-Be-Announced (TBA) transactions. |
(10) | 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. |
(11) | 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 316%, 330%, 280%, 300%, 284% and 307% at September 30, 2023 and March 31, 2023, 2022, 2021, 2020 and 2019, respectively. |
(12) | Plus accumulated and unpaid dividends. |
* | A portion of the distributions may be deemed a tax return of capital at year-end. See Note 3. |
† | 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. |
| Six Months Ended September 30, 2023 (Unaudited) | Year Ended March 31, |
| 2023 | 2022 | 2021 | 2020 | 2019 |
Expenses excluding interest and fees | 0.86% | 0.85% | 0.83% | 0.88% | 0.86% | 0.87% |
Interest and fee expense | 1.28% | 0.94% | 0.36% | 0.38% | 0.89% | 0.95% |
Total expenses | 2.14% | 1.79% | 1.19% | 1.26% | 1.75% | 1.82% |
Net investment income | 5.45% | 4.24% | 3.25% | 3.79% | 3.57% | 3.79% |
52
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Notes to Financial Statements (Unaudited)
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
September 30, 2023
Notes to Financial Statements (Unaudited) — 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 September 30, 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 September 30, 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
September 30, 2023
Notes to Financial Statements (Unaudited) — 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 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.
L 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.
M 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.
N Interim Financial Statements—The interim financial statements relating to September 30, 2023 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
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.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Notes to Financial Statements (Unaudited) — continued
The number of APS issued and outstanding at September 30, 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 September 30, 2023, and the amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates (annualized), and dividend rate ranges for the six months then ended were as follows:
| APS Dividend Rates at September 30, 2023 | Dividends Accrued to APS Shareholders | Average APS Dividend Rates | Dividend Rate Ranges (%) |
Series A | 8.73% | $1,821,677 | 8.43% | 7.73-8.73 |
Series B | 8.73 | 1,820,650 | 8.43 | 7.73-8.73 |
Series C | 8.68 | 1,822,862 | 8.44 | 7.73-8.73 |
Series D | 8.68 | 1,825,825 | 8.45 | 7.74-8.73 |
Series E | 8.73 | 1,819,055 | 8.42 | 7.74-8.73 |
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 September 30, 2023.
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.
Distributions in any year may include a return of capital component. For the six months ended September 30, 2023, the amount of distributions estimated to be a tax return of capital was approximately $14,641,000. The final determination of tax characteristics of the Fund’s distributions will occur at the end of the year, at which time it will be reported to the shareholders.
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
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Notes to Financial Statements (Unaudited) — continued
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 September 30, 2023, as determined on a federal income tax basis, were as follows:
Aggregate cost | $2,129,405,527 |
Gross unrealized appreciation | $ 16,516,472 |
Gross unrealized depreciation | (191,780,034) |
Net unrealized depreciation | $ (175,263,562) |
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 six months ended September 30, 2023, the investment adviser fee amounted to $6,467,390. EVM also serves as administrator of the Fund, but receives no compensation.
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 six months ended September 30, 2023, the investment adviser fee paid was reduced by $21,815 relating to the Fund’s investment in the Liquidity 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. 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 six months ended September 30, 2023 were as follows:
| Purchases | Sales |
Investments (non-U.S. Government) | $ 207,063,729 | $ 223,921,396 |
U.S. Government and Agency Securities | 1,909,318,079 | 1,875,322,577 |
| $2,116,381,808 | $2,099,243,973 |
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 six months ended September 30, 2023 and the year ended March 31, 2023.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Notes to Financial Statements (Unaudited) — continued
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 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 six months ended September 30, 2023 and the year ended March 31, 2023.
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 September 30, 2023 is included in the Portfolio of Investments. At September 30, 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 futures contracts to manage the duration of its portfolio and to hedge against fluctuations in securities prices due to interest rates.
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 September 30, 2023, the fair value of derivatives with credit-related contingent features in a net liability position was $313,572. The aggregate fair value of assets pledged as collateral by the Fund for such liability was $175,982 at September 30, 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 September 30, 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 September 30, 2023.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Notes to Financial Statements (Unaudited) — continued
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at September 30, 2023 was as follows:
| Fair Value |
Statement of Assets and Liabilities Caption | Credit | Foreign Exchange | Interest Rate | Total |
Accumulated loss | $ — | $ 91,893 | $ 868,906* | $ 960,799 |
Receivable for open forward foreign currency exchange contracts | — | 4,098,391 | — | 4,098,391 |
Total Asset Derivatives | $ — | $4,190,284 | $ 868,906 | $5,059,190 |
Derivatives not subject to master netting or similar agreements | $ — | $ 91,893 | $ 868,906 | $ 960,799 |
Total Asset Derivatives subject to master netting or similar agreements | $ — | $4,098,391 | $ — | $4,098,391 |
Accumulated loss | $ — | $ (11,073) | $ (131,347) | $ (142,420) |
Payable for open forward foreign currency exchange contracts | — | (208,682) | — | (208,682) |
Payable for open swap contracts; Upfront receipts on open non-centrally cleared swap contracts | (104,890) | — | — | (104,890) |
Total Liability Derivatives | $(104,890) | $ (219,755) | $(131,347) | $ (455,992) |
Derivatives not subject to master netting or similar agreements | $ — | $ (11,073) | $(131,347) | $ (142,420) |
Total Liability Derivatives subject to master netting or similar agreements | $(104,890) | $ (208,682) | $ — | $ (313,572) |
* | 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. |
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 September 30, 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 |
Australia and New Zealand Banking Group Limited | $ 51,178 | $ (37,244) | $ — | $ — | $ 13,934 | $ — |
Bank of America, N.A. | 527,739 | (671) | — | (527,068) | — | 780,000 |
Citibank, N.A. | 21,732 | (21,732) | — | — | — | — |
Goldman Sachs International | 289,029 | (33,814) | — | (250,000) | 5,215 | 250,000 |
HSBC Bank USA, N.A. | 1,425,157 | (8,066) | (1,417,091) | — | — | — |
NatWest Group PLC | 36,974 | — | — | — | 36,974 | — |
Standard Chartered Bank | 1,322,290 | — | — | (1,322,290) | — | 1,500,000 |
State Street Bank and Trust Company | 410,163 | (121,970) | (288,193) | — | — | 680,000 |
The Toronto-Dominion Bank | 14,129 | — | — | — | 14,129 | — |
| $4,098,391 | $(223,497) | $(1,705,284) | $(2,099,358) | $70,252 | $3,210,000 |
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Notes to Financial Statements (Unaudited) — continued
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 |
Australia and New Zealand Banking Group Limited | $ (37,244) | $ 37,244 | $ — | $ — | $ — | $ — |
Bank of America, N.A. | (671) | 671 | — | — | — | — |
Citibank, N.A. | (111,807) | 21,732 | 80,582 | 9,493 | — | 95,400 |
Goldman Sachs International | (33,814) | 33,814 | — | — | — | — |
HSBC Bank USA, N.A. | (8,066) | 8,066 | — | — | — | — |
State Street Bank and Trust Company | (121,970) | 121,970 | — | — | — | — |
| $(313,572) | $223,497 | $80,582 | $9,493 | $ — | $ 95,400 |
Total — Deposits for derivatives collateral — OTC derivatives | | | | $3,305,400 |
(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. |
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 six months ended September 30, 2023 was as follows:
Statement of Operations Caption | Credit | Foreign Exchange | Interest Rate | Total |
Net realized gain (loss): | | | | |
Futures contracts | $ — | $ — | $ 758,808 | $ 758,808 |
Swap contracts | (17,129) | — | — | (17,129) |
Forward foreign currency exchange contracts | — | (185,572) | — | (185,572) |
Total | $(17,129) | $ (185,572) | $ 758,808 | $ 556,107 |
Change in unrealized appreciation (depreciation): | | | | |
Futures contracts | $ — | $ — | $ 1,300,889 | $ 1,300,889 |
Swap contracts | 20,527 | — | — | 20,527 |
Forward foreign currency exchange contracts | — | 5,530,917 | — | 5,530,917 |
Total | $ 20,527 | $5,530,917 | $1,300,889 | $6,852,333 |
The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended September 30, 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 |
$37,467,000 | $35,096,000 | $200,137,000 | $2,832,000 |
* | The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold. |
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Notes to Financial Statements (Unaudited) — continued
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. Interest is charged at a rate above either the Secured Overnight Financing Rate (SOFR) or the Federal Funds rate and is 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 September 30, 2023 is approximately $608,000 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 September 30, 2023, the Fund had borrowings outstanding under the Agreement of $333,000,000 at an annual interest rate of 6.33%. Based on the short-term nature of the borrowings under the Agreement and the variable interest rate, the carrying amount of the borrowings at September 30, 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 September 30, 2023. Facility fees for the six months ended September 30, 2023 totaled $1,016,667 and are included in interest expense and fees on the Statement of Operations. For the six months ended September 30, 2023, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $302,382,514 and 6.50%, respectively.
9 Affiliated Investments
At September 30, 2023, the value of the Fund's investment in issuers and funds that may be deemed to be affiliated was $37,072,107, which represents 3.1% of the Fund's net assets applicable to common shares. Transactions in such investments by the Fund for the six months ended September 30, 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/ Shares, end of period |
Commercial Mortgage-Backed Securities | | | | | | | | |
Morgan Stanley Bank of America Merrill Lynch Trust: | | | | | | | | |
Series 2014-C16, Class B, 4.438%, 6/15/47 | $ 342,690 | $ — | $ — | $ — | $ (14,532) | $ 328,827 | $ 8,683 | $ 363,000 |
Series 2015-C23, Class D, 4.276%, 7/15/50 | 2,054,435 | — | — | — | 192,021 | 2,253,613 | 63,939 | 2,670,000 |
Series 2016-C29, Class D, 3.00%, 5/15/49 | 2,540,356 | — | — | — | 19,006 | 2,569,828 | 64,127 | 3,577,365 |
Series 2016-C32, Class D, 3.396%, 12/15/49 | 1,054,795 | — | — | — | (4,930) | 1,057,262 | 34,565 | 1,600,000 |
Morgan Stanley Capital I Trust: | | | | | | | | |
Series 2016-UBS12, Class D, 3.312%, 12/15/49 | 2,198,211 | — | — | — | 157,110 | 2,372,598 | 91,610 | 4,488,667 |
Series 2019-BPR, Class C, 8.972%, (1 mo. SOFR + 3.642%), 5/15/36 | 1,743,153 | — | — | — | 3,329 | 1,746,482 | 80,772 | 1,845,000 |
Short-Term Investments |
Liquidity Fund | 26,067,123 | 299,857,183 | (299,180,809) | — | — | 26,743,497 | 808,415 | 26,743,497 |
Total | | | | $ — | $352,004 | $37,072,107 | $1,152,111 | |
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Notes to Financial Statements (Unaudited) — continued
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.
At September 30, 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 | $ — | $ 111,472,444 | $ — | $ 111,472,444 |
Closed-End Funds | 18,887,437 | — | — | 18,887,437 |
Collateralized Mortgage Obligations | — | 141,926,289 | — | 141,926,289 |
Commercial Mortgage-Backed Securities | — | 69,289,564 | — | 69,289,564 |
Common Stocks | 790,944 | 6,427,593 | 89,061 | 7,307,598 |
Convertible Bonds | — | 3,084,645 | — | 3,084,645 |
Corporate Bonds | — | 638,669,389 | — | 638,669,389 |
Preferred Stocks | — | 982,635 | 0 | 982,635 |
Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | — | 551,745,041 | 1,031,203 | 552,776,244 |
Sovereign Government Bonds | — | 49,681,238 | — | 49,681,238 |
Sovereign Loans | — | 5,507,310 | — | 5,507,310 |
U.S. Government Agency Mortgage-Backed Securities | — | 322,603,457 | — | 322,603,457 |
Warrants | — | — | 0 | 0 |
Miscellaneous | — | 32,760 | 0 | 32,760 |
Short-Term Investments: | | | | |
Affiliated Fund | 26,743,497 | — | — | 26,743,497 |
U.S. Treasury Obligations | — | 499,268 | — | 499,268 |
Total Investments | $ 46,421,878 | $ 1,901,921,633 | $ 1,120,264 | $ 1,949,463,775 |
Forward Foreign Currency Exchange Contracts | $ — | $ 4,190,284 | $ — | $ 4,190,284 |
Futures Contracts | 868,906 | — | — | 868,906 |
Total | $ 47,290,784 | $ 1,906,111,917 | $ 1,120,264 | $ 1,954,522,965 |
Liability Description | | | | |
Forward Foreign Currency Exchange Contracts | $ — | $ (219,755) | $ — | $ (219,755) |
Futures Contracts | (131,347) | — | — | (131,347) |
Swap Contracts | — | (104,890) | — | (104,890) |
Total | $ (131,347) | $ (324,645) | $ — | $ (455,992) |
* | 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 six months ended September 30, 2023 is not presented.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Notes to Financial Statements (Unaudited) — 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.
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, which is currently scheduled to begin in the Spring of 2024. 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
September 30, 2023
Board of Trustees’ Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.
At a meeting held on June 8, 2023, the Boards of Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between April and June 2023, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.
In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each “Eaton Vance Fund” is referred to below as a “fund”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)
Information about Fees, Performance and Expenses
• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);
• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;
• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;
• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);
• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;
• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;
Information about Portfolio Management and Trading
• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;
• The procedures and processes used to determine the value of fund assets, including, when necessary, the determination of “fair value” and actions taken to monitor and test the effectiveness of such procedures and processes;
• Information about the policies and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;
• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;
• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;
Information about each Adviser and Sub-adviser
• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;
• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;
1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Board of Trustees’ Contract Approval — continued
• Information regarding the adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent, as well as the ongoing unique environment presented by hybrid, remote and other alternative work arrangements;
• Information regarding the adviser’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage;
• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;
• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;
• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;
• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;
• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;
• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;
Other Relevant Information
• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley’s acquisition of Eaton Vance Corp. on March 1, 2021;
• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;
• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;
• Information concerning efforts to implement policies and procedures with respect to various recently adopted regulations applicable to the funds, including Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule) and Rule 2a-5 (the Fair Valuation Rule);
• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates and other relevant matters;
• The risks which the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, and other business risks (and the associated costs of such risks); and
• The terms of each investment advisory agreement and sub-advisory agreement.
During the various meetings of the Board and its committees over the course of the year leading up to the June 8, 2023 meeting, the Board received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Board also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.
The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Limited Duration Income Fund (the “Fund”) and Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Board of Trustees’ Contract Approval — continued
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board considered the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk in the context of investment grade and below investment grade investments. The Board considered the Adviser’s ability to implement the Fund’s investment strategy, including, with respect to the component of the Fund invested in below investment grade investments and bank loans, the Adviser’s deep and broad experience with investing in high-yield bonds and senior secured floating rate loans. The Board also considered, among other things, the Adviser’s experience investing in mortgage-backed securities and other investment grade instruments. As part of its evaluation, the Board considered the resources available to investment professionals of the Adviser. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund. The Board considered the deep experience of the Adviser and its affiliates with managing and operating funds organized as exchange-listed closed-end funds, such as the Fund. In this regard, the Board considered, among other things, the Adviser’s and its affiliates’ experience with implementing leverage arrangements, monitoring and assessing trading price discounts and premiums and adhering to the requirements of securities exchanges.
The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.
Fund Performance
The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a custom benchmark index. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2022. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary benchmark index and lower than its custom benchmark index for the three-year period. The Board considered information provided by the Adviser in response to inquiries from the Contract Review Committee regarding factors that contributed to the Fund’s underperformance during the three-year period, including the Fund’s use of leverage relative to its custom benchmark index, and determined to continue to monitor the Fund’s performance.
Management Fees and Expenses
The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31, 2022, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.
After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
Profitability and “Fall-Out” Benefits
The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Board of Trustees’ Contract Approval — continued
The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also considered the fact that the Fund is not continuously offered and that the Fund’s assets are not expected to increase materially in the foreseeable future. Accordingly, the Board did not find that the implementation of breakpoints in the advisory fee schedule is warranted at this time.
Eaton Vance
Limited Duration Income Fund
September 30, 2023
Officers |
Kenneth A. Topping President | Nicholas S. Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer | |
George J. Gorman Chairperson | |
Alan C. Bowser1 | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley | |
Anchal Pachnanda*2 | |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser | |
* | Interested Trustee |
(1) | Mr. Bowser began serving as Trustee effective January 4, 2023. |
(2) | Ms. Pachnanda began serving as Trustee effective April 1, 2023. |
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. |
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. Equiniti Trust Company, LLC (“EQ”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct EQ, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact EQ 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 EQ 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
Equiniti Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
Fund Offices
Two International Place
Boston, MA 02110
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Eaton Vance Management (“EVM” or “Eaton Vance”) is the investment adviser of the Fund. Kelley Gerrity, Tara O’Brien, Catherine McDermott, Andrew Szczurowski, CFA and Eric Stein, CFA are the portfolio managers of Eaton Vance Limited Duration Income Fund. Mmes. Gerrity and McDermott and Messrs. Szczurowski and Stein are Vice President of EVM, manage other Eaton Vance portfolios and have been members of the Eaton Vance organization for more than five years. Ms. O’Brien became a portfolio manager of the Fund in June 2023. Ms. O’Brien is a Vice President of EVM and has been a member of the Eaton Vance organization for more than five years. This information is provided as of the date of filing this report.
The following table shows, as of September 30, 2023, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.
| | | | | | | | | | | | | | | | |
| | Number of All Accounts | | | Total Assets of All Accounts | | | Number of Accounts Paying a Performance Fee | | | Total Assets of Accounts Paying a Performance Fee | |
Kelley Gerrity(1) | | | | | | | | | | | | | | | | |
Registered Investment Companies | | | 7 | | | $ | 10,612.3 | | | | 0 | | | $ | 0 | |
Other Pooled Investment Vehicles | | | 1 | | | $ | 20.6 | | | | 0 | | | $ | 0 | |
Other Accounts | | | 0 | | | $ | 0 | | | | 0 | | | $ | 0 | |
Catherine C. McDermott | | | | | | | | | | | | | | | | |
Registered Investment Companies | | | 6 | | | $ | 3,759.8 | | | | 0 | | | $ | 0 | |
Other Pooled Investment Vehicles | | | 0 | | | $ | 0 | | | | 0 | | | $ | 0 | |
Other Accounts | | | 0 | | | $ | 0 | | | | 0 | | | $ | 0 | |
Eric A. Stein, CFA(1) | | | | | | | | | | | | | | | | |
Registered Investment Companies | | | 3 | | | $ | 6,262.7 | | | | 0 | | | $ | 0 | |
Other Pooled Investment Vehicles | | | 1 | | | $ | 61.6 | | | | 0 | | | $ | 0 | |
Other Accounts | | | 0 | | | $ | 0 | | | | 0 | | | $ | 0 | |
Andrew Szczurowski, CFA(1) | | | | | | | | | | | | | | | | |
Registered Investment Companies | | | 6 | | | $ | 11,337.5 | | | | 0 | | | $ | 0 | |
Other Pooled Investment Vehicles | | | 2 | | | $ | 84.9 | | | | 0 | | | $ | 0 | |
Other Accounts | | | 0 | | | $ | 0 | | | | 0 | | | $ | 0 | |
Tara O’Brien | | | | | | | | | | | | | | | | |
Registered Investment Companies | | | 1 | | | $ | 2,044.9 | | | | 0 | | | $ | 0 | |
Other Pooled Investment Vehicles | | | 0 | | | $ | 0 | | | | 0 | | | $ | 0 | |
Other Accounts | | | 0 | | | $ | 0 | | | | 0 | | | $ | 0 | |
(1) | This portfolio manager serves as portfolio manager of one or more registered investment companies and/or pooled investment vehicles that invest or may invest in one or more underlying registered investment companies and/or separate pooled investment vehicles in the Eaton Vance family of funds. The underlying investment companies may be managed by this portfolio manager or another portfolio manager. |
The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of September 30, 2023.
| | |
Portfolio Manager | | Dollar Range of Equity Securities Beneficially Owned in the Fund |
Kelley Gerrety | | None |
Catherine C. McDermott | | None |
Eric A. Stein, CFA | | $1 - $10,000 |
Andrew Szczurowski, CFA | | $10,001 - $50,000 |
Tara O’Brien | | None |
Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments on the one hand and the investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and other accounts he or she advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, the portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager 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 portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise his or her discretion in a manner that he or she believes is equitable to all interested persons. EVM 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.
Compensation Structure for EVM
The compensation structure of Eaton Vance and its affiliates that are investment advisers (for purposes of this section “Eaton Vance”) is based on a total reward system of base salary and incentive compensation, which is paid either in the form of cash bonus, or for employees meeting the specified deferred compensation eligibility threshold, partially as a cash bonus and partially as mandatory deferred compensation. Deferred compensation granted to Eaton Vance employees is generally granted as a mix of deferred cash awards under the Investment Management Alignment Plan (IMAP) and equity-based awards in the form of stock units. The portion of incentive compensation granted in the form of a deferred compensation award and the terms of such awards are determined annually by the Compensation, Management Development and Succession Committee of Morgan Stanley.
Base salary compensation. Generally, portfolio managers receive base salary compensation based on the level of their position with the adviser.
Incentive compensation. In addition to base compensation, portfolio managers may receive discretionary year-end compensation. Incentive compensation may include:
| • | | A mandatory program that defers a portion of incentive compensation into restricted stock units or other awards based on Morgan Stanley common stock or other plans that are subject to vesting and other conditions. |
| • | | IMAP is a cash-based deferred compensation plan designed to increase the alignment of participants’ interests with the interests of clients. For eligible employees, a portion of their deferred compensation is mandatorily deferred into IMAP on an annual basis. Awards granted under IMAP are notionally invested in referenced funds available pursuant to the plan, which are funds advised by MSIM and its affiliates that are investment advisers. Portfolio managers are required to notionally invest a minimum of 40% of their account balance in the designated funds that they manage and are included in the IMAP notional investment fund menu. |
| • | | Deferred compensation awards are typically subject to vesting over a multi-year period and are subject to cancellation through the payment date for competition, cause (i.e., any act or omission that constitutes a breach of obligation to the Funds, including failure to comply with internal compliance, ethics or risk management standards, and failure or refusal to perform duties satisfactorily, including supervisory and management duties), disclosure of proprietary information, and solicitation of employees or clients. Awards are also subject to clawback through the payment date if an employee’s act or omission (including with respect to direct supervisory responsibilities) causes a restatement of the firm’s consolidated financial results, constitutes a violation of the firm’s global risk management principles, policies and standards, or causes a loss of revenue associated with a position on which the employee was paid and the employee operated outside of internal control policies. |
Eaton Vance compensates employees based on principles of pay-for-performance, market competitiveness and risk management. Eligibility for, and the amount of any, discretionary compensation is subject to a multi-dimensional process. Specifically, consideration is given to one or more of the following factors, which can vary by portfolio management team and circumstances:
| • | | Revenue and profitability of the business and/or each fund/account managed by the portfolio manager |
| • | | Revenue and profitability of the Firm |
| • | | Return on equity and risk factors of both the business units and Morgan Stanley |
| • | | Assets managed by the portfolio manager |
| • | | External market conditions |
| • | | New business development and business sustainability |
| • | | Contribution to client objectives |
| • | | Team, product and/or MSIM and its affiliates that are investment advisers (including Eaton Vance) performance |
| • | | The pre-tax investment performance of the funds/accounts managed by the portfolio manager (which may, in certain cases, be measured against the applicable benchmark(s) and/or peer group(s) over one, three and five-year periods) |
| • | | Individual contribution and performance |
Further, the firm’s Global Incentive Compensation Discretion Policy requires compensation managers to consider Further the only legitimate, business related factors when exercising discretion in determining variable incentive compensation, including adherence to Morgan Stanley’s core values, conduct, disciplinary actions in the current performance year, risk management and risk outcomes.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
No activity to report for the registrant’s most recent fiscal year end.
Item 13. Exhibits
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
Eaton Vance Limited Duration Income Fund |
| |
By: | | /s/ Kenneth A. Topping |
| | Kenneth A. Topping |
| | President |
Date: November 21, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
By: | | /s/ James F. Kirchner |
| | James F. Kirchner |
| | Treasurer |
Date: November 21, 2023
| | |
By: | | /s/ Kenneth A. Topping |
| | Kenneth A. Topping |
| | President |
Date: November 21, 2023