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)
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
March 31
Date of Fiscal Year End
September 30, 2024
Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
Limited Duration Income
Fund (EVV)
Semi-Annual Report
September 30, 2024
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.
Semi-Annual Report September 30, 2024
Eaton Vance
Limited Duration Income Fund
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Performance
Portfolio Manager(s) Catherine C. McDermott, Andrew Szczurowski, CFA, Kelley Gerrity, Tara O'Brien, each of Eaton Vance Management and Bo Hunt of Morgan Stanley Investment Management Limited
% Average Annual Total Returns1,2 | Inception Date | Six Months | One Year | Five Years | Ten Years |
Fund at NAV | 05/30/2003 | 6.49% | 16.36% | 4.39% | 5.03% |
Fund at Market Price | — | 13.09 | 28.13 | 6.93 | 5.82 |
|
Bloomberg U.S. Aggregate Bond Index | — | 5.26% | 11.57% | 0.33% | 1.84% |
Blended Index | — | 5.15 | 12.17 | 3.37 | 3.67 |
% Premium/Discount to NAV3 | |
As of period end | (2.50)% |
Distributions 4 | |
Total Distributions per share for the period | $0.48 |
Distribution Rate at NAV | 8.97% |
Distribution Rate at Market Price | 9.20 |
% Total Leverage5 | |
Auction Preferred Shares (APS) | 10.71% |
Borrowings | 27.17 |
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, 2024
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 169.2%. |
Eaton Vance
Limited Duration Income Fund
September 30, 2024
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. 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 ten-year period 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 |
| 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 By-Laws from the provisions of the By-Laws addressing “Control Share Acquisitions.” On October 10, 2024, the Board adopted Amendment No. 1 to the By-Laws to formally eliminate the Control Share Provisions and to make certain related conforming changes. |
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited)
Asset-Backed Securities — 14.2% |
Security | Principal Amount (000's omitted) | Value |
Aimco CLO 11 Ltd., Series 2020-11A, Class D1R2, 8.194%, (3 mo. SOFR + 2.95%), 7/17/37(1)(2) | $ | 3,000 | $ 3,011,100 |
Alinea CLO Ltd., Series 2018-1A, Class E, 11.544%, (3 mo. SOFR + 6.262%), 7/20/31(1)(2) | | 1,000 | 997,500 |
AMMC CLO 15 Ltd., Series 2014-15A, Class ERR, 12.473%, (3 mo. SOFR + 7.172%), 1/15/32(1)(2) | | 500 | 499,810 |
AMMC CLO XII Ltd., Series 2013-12A, Class ER, 11.544%, (3 mo. SOFR + 6.442%), 11/10/30(1)(2) | | 2,000 | 1,968,932 |
ARES XXXIV CLO Ltd., Series 2015-2A, Class ER, 12.397%, (3 mo. SOFR + 7.112%), 4/17/33(1)(2) | | 2,000 | 2,005,334 |
ARES XXXVR CLO Ltd., Series 2015-35RA, Class E, 11.263%, (3 mo. SOFR + 5.962%), 7/15/30(1)(2) | | 2,000 | 1,977,216 |
Babson CLO Ltd., Series 2022-4A, Class D1R, (3 mo. SOFR + 3.25%), 10/20/37(1)(2)(3) | | 2,000 | 2,007,500 |
Benefit Street Partners CLO XII-B Ltd., Series 2017-12BRA, Class D1, 8.292%, (3 mo. SOFR + 3.05%), 10/15/37(1)(2) | | 2,000 | 2,007,214 |
Benefit Street Partners CLO XV Ltd., Series 2018-15A, Class D2R, 9.808%, (3 mo. SOFR + 4.50%), 7/15/37(1)(2) | | 1,000 | 1,001,281 |
Benefit Street Partners CLO XVI Ltd., Series 2018-16A, Class E, 12.247%, (3 mo. SOFR + 6.962%), 1/17/32(1)(2) | | 3,000 | 3,014,790 |
Benefit Street Partners CLO XVII Ltd., Series 2019-17A, Class ER, 11.913%, (3 mo. SOFR + 6.612%), 7/15/32(1)(2) | | 3,000 | 3,000,150 |
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class ER, 12.313%, (3 mo. SOFR + 7.012%), 10/15/34(1)(2) | | 4,500 | 4,514,836 |
Benefit Street Partners CLO XXII Ltd., Series 2020-22A, Class ER, 12.212%, (3 mo. SOFR + 6.93%), 4/20/35(1)(2) | | 2,000 | 2,007,092 |
Benefit Street Partners CLO XXXII Ltd.: | | | |
Series 2023-32A, Class D, 9.535%, (3 mo. SOFR + 4.25%), 10/25/36(1)(2) | | 3,000 | 3,074,391 |
Series 2023-32A, Class E, 12.635%, (3 mo. SOFR + 7.35%), 10/25/36(1)(2) | | 2,000 | 2,048,778 |
BlueMountain CLO Ltd.: | | | |
Series 2016-3A, Class ER, 11.33%, (3 mo. SOFR + 6.212%), 11/15/30(1)(2) | | 2,000 | 1,906,482 |
Series 2018-1A, Class E, 11.467%, (3 mo. SOFR + 6.212%), 7/30/30(1)(2) | | 1,000 | 908,920 |
BlueMountain CLO XXIV Ltd., Series 2019-24A, Class ER, 12.384%, (3 mo. SOFR + 7.102%), 4/20/34(1)(2) | | 1,000 | 967,042 |
Security | Principal Amount (000's omitted) | Value |
BlueMountain CLO XXV Ltd., Series 2019-25A, Class ER, 12.813%, (3 mo. SOFR + 7.512%), 7/15/36(1)(2) | $ | 2,000 | $ 1,938,106 |
BlueMountain CLO XXVI Ltd., Series 2019-26A, Class ER, 12.674%, (3 mo. SOFR + 7.392%), 10/20/34(1)(2) | | 2,500 | 2,449,888 |
BlueMountain CLO XXX Ltd., Series 2020-30A, Class ER, 12.001%, (3 mo. SOFR + 6.70%), 4/15/35(1)(2) | | 2,000 | 1,935,214 |
BlueMountain CLO XXXIV Ltd., Series 2022-34A, Class E, 12.832%, (3 mo. SOFR + 7.55%), 4/20/35(1)(2) | | 1,000 | 979,284 |
Brookhaven Park CLO Ltd., Series 2024-1A, Class D, 8.894%, (3 mo. SOFR + 3.60%), 4/19/37(1)(2) | | 3,000 | 3,041,775 |
Bryant Park Funding Ltd., Series 2023-21A, Class D, 10.729%, (3 mo. SOFR + 5.45%), 10/18/36(1)(2) | | 3,000 | 3,071,517 |
Canyon Capital CLO Ltd.: | | | |
Series 2016-2A, Class ER, 11.563%, (3 mo. SOFR + 6.262%), 10/15/31(1)(2) | | 3,350 | 3,243,158 |
Series 2019-2A, Class ER, 12.313%, (3 mo. SOFR + 7.012%), 10/15/34(1)(2) | | 1,000 | 985,140 |
Carlyle C17 CLO Ltd., Series C17A, Class DR, 11.517%, (3 mo. SOFR + 6.262%), 4/30/31(1)(2) | | 1,750 | 1,741,367 |
Carlyle Global Market Strategies CLO Ltd.: | | | |
Series 2012-3A, Class DR2, 12.063%, (3 mo. SOFR + 6.762%), 1/14/32(1)(2) | | 2,000 | 1,975,092 |
Series 2014-4RA, Class D, 11.213%, (3 mo. SOFR + 5.912%), 7/15/30(1)(2) | | 1,250 | 1,231,671 |
Series 2015-5A, Class DR, 12.244%, (3 mo. SOFR + 6.962%), 1/20/32(1)(2) | | 1,000 | 1,000,540 |
Carlyle U.S. CLO Ltd.: | | | |
Series 2022-6A, Class DR, 10.035%, (3 mo. SOFR + 4.75%), 10/25/36(1)(2) | | 5,400 | 5,520,793 |
Series 2022-6A, Class ER, 13.185%, (3 mo. SOFR + 7.90%), 10/25/36(1)(2) | | 2,000 | 2,066,536 |
Cedar Funding X CLO Ltd., Series 2019-10A, Class ER, 12.044%, (3 mo. SOFR + 6.762%), 10/20/32(1)(2) | | 1,500 | 1,504,196 |
Clover CLO Ltd., Series 2019-1A, Class ER, 11.979%, (3 mo. SOFR + 6.70%), 4/18/35(1)(2) | | 2,877 | 2,886,301 |
Dryden 41 Senior Loan Fund, Series 2015-41A, Class ER, 10.863%, (3 mo. SOFR + 5.562%), 4/15/31(1)(2) | | 2,000 | 1,808,488 |
Dryden 42 Senior Loan Fund, Series 2016-42A, Class ERR, 11.801%, (3 mo. SOFR + 6.50%), 7/15/37(1)(2) | | 1,000 | 982,624 |
Elmwood CLO 14 Ltd., Series 2022-1A, Class E, 11.632%, (3 mo. SOFR + 6.35%), 4/20/35(1)(2) | | 1,000 | 1,006,399 |
Elmwood CLO 32 Ltd., Series 2024-8A, Class D1, 7.647%, (3 mo. SOFR + 2.85%), 10/18/37(1)(2) | | 3,000 | 3,008,916 |
5
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value |
Elmwood CLO VI Ltd., Series 2020-3A, Class D2RR, 9.689%, (3 mo. SOFR + 4.35%), 7/18/37(1)(2) | $ | 1,000 | $ 1,002,936 |
Elmwood CLO VIII Ltd., Series 2021-1A, Class DR, 9.082%, (3 mo. SOFR + 3.80%), 4/20/37(1)(2) | | 4,000 | 4,097,660 |
Galaxy 33 CLO Ltd., Series 2024-33A, Class D1, 8.875%, (3 mo. SOFR + 3.55%), 4/20/37(1)(2) | | 2,000 | 2,008,082 |
Galaxy XIX CLO Ltd., Series 2015-19A, Class D2R, 12.545%, (3 mo. SOFR + 7.262%), 7/24/30(1)(2) | | 1,600 | 1,587,512 |
Galaxy XV CLO Ltd., Series 2013-15A, Class ER, 12.208%, (3 mo. SOFR + 6.907%), 10/15/30(1)(2) | | 3,275 | 3,268,250 |
Galaxy XXI CLO Ltd., Series 2015-21A, Class ER, 10.794%, (3 mo. SOFR + 5.512%), 4/20/31(1)(2) | | 1,100 | 1,101,197 |
Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class ER, 12.382%, (3 mo. SOFR + 7.10%), 4/20/35(1)(2) | | 2,000 | 2,006,474 |
Golub Capital Partners CLO 72 B Ltd., Series 2024-72A, Class D, 9.296%, (3 mo. SOFR + 4.00%), 4/25/37(1)(2) | | 2,000 | 2,041,362 |
Harvest U.S. CLO Ltd., Series 2024-2A, Class D1, 8.059%, (3 mo. SOFR + 3.25%), 10/15/37(1)(2) | | 3,000 | 3,001,368 |
Madison Park Funding LV Ltd., Series 2022-55A, Class D1R, 8.429%, (3 mo. SOFR + 3.15%), 7/18/37(1)(2) | | 3,000 | 3,007,992 |
Madison Park Funding XVII Ltd., Series 2015-17A, Class ER, 12.044%, (3 mo. SOFR + 6.762%), 7/21/30(1)(2) | | 2,000 | 2,000,100 |
Madison Park Funding XXXVI Ltd., Series 2019-36A, Class ER, 12.351%, (3 mo. SOFR + 7.05%), 4/15/35(1)(2) | | 3,000 | 3,018,684 |
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class ER2, 11.901%, (3 mo. SOFR + 6.60%), 4/15/37(1)(2) | | 3,500 | 3,516,348 |
Magnetite XXII Ltd.: | | | |
Series 2019-22A, Class DJ, 9.426%, (3 mo. SOFR + 4.15%), 7/15/36(1)(2) | | 1,000 | 1,001,042 |
Series 2019-22A, Class DRR, 8.176%, (3 mo. SOFR + 2.90%), 7/15/36(1)(2) | | 3,000 | 3,004,161 |
Marble Point CLO XIX Ltd., Series 2020-3A, Class DR, 9.28%, (3 mo. SOFR + 4.00%), 1/19/34(1)(2) | | 3,000 | 3,005,970 |
Neuberger Berman Loan Advisers CLO 30 Ltd., Series 2018-30A, Class ER, 11.744%, (3 mo. SOFR + 6.462%), 1/20/31(1)(2) | | 2,000 | 2,010,298 |
Neuberger Berman Loan Advisers CLO 31 Ltd., Series 2019-31A, Class ER, 12.044%, (3 mo. SOFR + 6.762%), 4/20/31(1)(2) | | 1,000 | 1,006,054 |
Neuberger Berman Loan Advisers CLO 48 Ltd., Series 2022-48A, Class E, 11.785%, (3 mo. SOFR + 6.50%), 4/25/36(1)(2) | | 2,000 | 2,008,516 |
Security | Principal Amount (000's omitted) | Value |
NRZ Excess Spread-Collateralized Notes, Series 2021-GNT1, Class A, 3.474%, 11/25/26(1) | $ | 1,343 | $ 1,291,265 |
Oaktree CLO Ltd., Series 2019-4A, Class D2RR, 9.982%, (3 mo. SOFR + 4.70%), 7/20/37(1)(2) | | 2,000 | 2,004,690 |
OCP CLO Ltd.: | | | |
Series 2022-24A, Class D2R, 9.599%, (3 mo. SOFR + 4.40%), 10/20/37(1)(2) | | 1,500 | 1,501,722 |
Series 2023-27A, Class DR, 8.674%, (3 mo. SOFR + 3.35%), 7/16/35(1)(2) | | 2,000 | 2,015,734 |
Series 2024-32A, Class D1, 9.076%, (3 mo. SOFR + 3.75%), 4/23/37(1)(2) | | 4,000 | 4,060,032 |
Octagon 68 Ltd.: | | | |
Series 2023-1A, Class D, 9.482%, (3 mo. SOFR + 4.20%), 10/20/36(1)(2) | | 5,000 | 5,122,425 |
Series 2023-1A, Class E, 12.522%, (3 mo. SOFR + 7.24%), 10/20/36(1)(2) | | 2,000 | 2,027,912 |
Palmer Square CLO Ltd.: | | | |
Series 2013-2A, Class DRR, 11.397%, (3 mo. SOFR + 6.112%), 10/17/31(1)(2) | | 2,000 | 2,008,248 |
Series 2018-1A, Class CR, 9.179%, (3 mo. SOFR + 3.90%), 4/18/37(1)(2) | | 3,000 | 3,040,095 |
Series 2019-1A, Class DR, 11.878%, (3 mo. SOFR + 6.762%), 11/14/34(1)(2) | | 2,000 | 2,006,038 |
Series 2021-3A, Class E, 11.713%, (3 mo. SOFR + 6.412%), 1/15/35(1)(2) | | 2,500 | 2,514,828 |
Series 2023-3A, Class D, 9.982%, (3 mo. SOFR + 4.70%), 1/20/37(1)(2) | | 3,500 | 3,560,865 |
RAD CLO 5 Ltd., Series 2019-5A, Class E, 12.245%, (3 mo. SOFR + 6.962%), 7/24/32(1)(2) | | 4,550 | 4,568,414 |
RAD CLO 22 Ltd., Series 2023-22A, Class D, 10.282%, (3 mo. SOFR + 5.00%), 1/20/37(1)(2) | | 3,000 | 3,090,066 |
Regatta XII Funding Ltd., Series 2019-1A, Class ER, 11.913%, (3 mo. SOFR + 6.612%), 10/15/32(1)(2) | | 2,000 | 2,000,100 |
Regatta XIII Funding Ltd., Series 2018-2A, Class D, 11.513%, (3 mo. SOFR + 6.212%), 7/15/31(1)(2) | | 2,000 | 1,916,122 |
Regatta XIV Funding Ltd., Series 2018-3A, Class E, 11.496%, (3 mo. SOFR + 6.212%), 10/25/31(1)(2) | | 1,000 | 985,467 |
Sixth Street CLO XXI Ltd., Series 2022-21A, Class D1R, (3 mo. SOFR + 3.00%), 10/21/37(1)(2)(3) | | 2,000 | 2,007,890 |
Vibrant CLO 1X Ltd., Series 2018-9A, Class D, 11.794%, (3 mo. SOFR + 6.512%), 7/20/31(1)(2) | | 1,000 | 950,059 |
Vibrant CLO XI Ltd., Series 2019-11A, Class D, 12.314%, (3 mo. SOFR + 7.032%), 7/20/32(1)(2) | | 575 | 571,188 |
Voya CLO Ltd.: | | | |
Series 2015-3A, Class DR, 11.744%, (3 mo. SOFR + 6.462%), 10/20/31(1)(2) | | 3,000 | 2,712,234 |
6
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value |
Voya CLO Ltd.: (continued) | | | |
Series 2016-3A, Class DR, 11.621%, (3 mo. SOFR + 6.342%), 10/18/31(1)(2) | $ | 1,400 | $ 1,298,319 |
Series 2024-2A, Class D, 8.522%, (3 mo. SOFR + 3.20%), 7/20/37(1)(2) | | 2,000 | 2,001,638 |
Wellfleet CLO Ltd., Series 2020-1A, Class D, 12.803%, (3 mo. SOFR + 7.502%), 4/15/33(1)(2) | | 2,000 | 1,975,256 |
Total Asset-Backed Securities (identified cost $177,549,846) | | | $ 178,219,986 |
Security | Shares | Value |
BlackRock Corporate High Yield Fund, Inc. | | 2,188,579 | $ 22,017,105 |
Total Closed-End Funds (identified cost $26,062,179) | | | $ 22,017,105 |
Collateralized Mortgage Obligations — 26.8% |
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) | $ | 2,633 | $ 2,472,674 |
Champs Trust: | | | |
Series 2024-1, Class A, 8.39%, 7/25/59(1) | | 11,367 | 11,843,294 |
Series 2024-2, Class A, 14.782%, 11/25/59(1)(5) | | 12,000 | 12,561,708 |
Federal Home Loan Mortgage Corp.: | | | |
Series 2113, Class QG, 6.00%, 1/15/29 | | 100 | 101,540 |
Series 2122, Class K, 6.00%, 2/15/29 | | 17 | 17,082 |
Series 2130, Class K, 6.00%, 3/15/29 | | 11 | 11,723 |
Series 2167, Class BZ, 7.00%, 6/15/29 | | 14 | 14,597 |
Series 2182, Class ZB, 8.00%, 9/15/29 | | 133 | 138,108 |
Series 2198, Class ZA, 8.50%, 11/15/29 | | 97 | 100,255 |
Series 2458, Class ZB, 7.00%, 6/15/32 | | 268 | 283,057 |
Series 3762, Class SH, 0.00%, (9.771% - 30-day SOFR Average x 2.00, Floor 0.00%), 11/15/40(6) | | 350 | 281,793 |
Series 4273, Class PU, 4.00%, 11/15/43 | | 2,263 | 2,118,922 |
Series 4273, Class SP, 0.00%, (11.695% - 30-day SOFR Average x 2.667, Floor 0.00%), 11/15/43(6) | | 503 | 441,900 |
Series 4678, Class PC, 3.00%, 1/15/46 | | 1,982 | 1,886,221 |
Series 5035, Class AZ, 2.00%, 11/25/50 | | 8,268 | 4,262,618 |
Series 5083, Class SK, 0.00%, (3.867% - 30-day SOFR Average x 1.333, Floor 0.00%), 3/25/51(6) | | 2,047 | 1,291,839 |
Series 5327, Class B, 6.00%, 8/25/53 | | 5,000 | 5,258,844 |
Series 5353, Class AZ, 6.50%, 11/25/53 | | 2,122 | 2,272,313 |
Security | Principal Amount (000's omitted) | Value |
Federal Home Loan Mortgage Corp.: (continued) | | | |
Series 5410, Class KY, 6.00%, 5/25/54 | $ | 36,000 | $ 37,967,569 |
Series 5414, Class CZ, 5.50%, 5/25/54 | | 10,231 | 10,428,145 |
Series 5424, Class CZ, 6.00%, 6/25/54 | | 15,575 | 16,462,132 |
Series 5428, Class Z, 6.00%, 7/25/54 | | 4,060 | 4,326,346 |
Series 5429, Class DZ, 6.00%, 7/25/54 | | 3,045 | 3,198,268 |
Series 5453, Class DZ, 5.50%, 9/25/54 | | 5,023 | 5,119,451 |
Interest Only:(7) | | | |
Series 284, Class S6, 0.644%, (5.986% - 30-day SOFR Average), 10/15/42(6) | | 983 | 117,197 |
Series 362, Class C7, 3.50%, 9/15/47 | | 4,003 | 767,886 |
Series 362, Class C11, 4.00%, 12/15/47 | | 3,693 | 782,645 |
Series 4067, Class JI, 3.50%, 6/15/27 | | 322 | 9,938 |
Series 4070, Class S, 0.644%, (5.986% - 30-day SOFR Average), 6/15/32(6) | | 1,902 | 136,684 |
Series 4094, Class CS, 0.544%, (5.886% - 30-day SOFR Average), 8/15/42(6) | | 548 | 63,790 |
Series 4095, Class HS, 0.644%, (5.986% - 30-day SOFR Average), 7/15/32(6) | | 355 | 15,734 |
Series 4109, Class ES, 0.694%, (6.036% - 30-day SOFR Average), 12/15/41(6) | | 81 | 9,946 |
Series 4110, Class SA, 0.194%, (5.536% - 30-day SOFR Average), 9/15/42(6) | | 1,672 | 135,484 |
Series 4149, Class S, 0.794%, (6.136% - 30-day SOFR Average), 1/15/33(6) | | 1,021 | 78,029 |
Series 4188, Class AI, 3.50%, 4/15/28 | | 229 | 5,677 |
Series 4203, Class QS, 0.794%, (6.136% - 30-day SOFR Average), 5/15/43(6) | | 1,927 | 159,361 |
Series 4408, Class IP, 3.50%, 4/15/44 | | 1,288 | 158,494 |
Series 4435, Class BI, 3.50%, 7/15/44 | | 2,492 | 356,745 |
Series 4629, Class QI, 3.50%, 11/15/46 | | 1,122 | 203,297 |
Series 4644, Class TI, 3.50%, 1/15/45 | | 1,146 | 143,634 |
Series 4744, Class IO, 4.00%, 11/15/47 | | 1,881 | 382,876 |
Series 4749, Class IL, 4.00%, 12/15/47 | | 838 | 171,079 |
Series 4793, Class SD, 0.744%, (6.086% - 30-day SOFR Average), 6/15/48(6) | | 3,912 | 522,347 |
Series 4966, Class SY, 0.655%, (5.936% - 30-day SOFR Average), 4/25/50(6) | | 10,551 | 1,546,421 |
Principal Only:(8) | | | |
Series 242, Class PO, 0.00%, 11/15/36 | | 1,575 | 1,301,232 |
Series 259, Class PO, 0.00%, 4/15/39 | | 1,013 | 824,822 |
Series 3606, Class PO, 0.00%, 12/15/39 | | 1,031 | 815,918 |
Series 4417, Class KO, 0.00%, 12/15/43 | | 184 | 128,819 |
Series 4478, Class PO, 0.00%, 5/15/45 | | 544 | 412,233 |
Federal National Mortgage Association: | | | |
Series 1996-57, Class Z, 7.00%, 12/25/26 | | 38 | 38,217 |
Series 1997-77, Class Z, 7.00%, 11/18/27 | | 36 | 36,692 |
Series 1998-44, Class ZA, 6.50%, 7/20/28 | | 47 | 48,465 |
Series 1999-45, Class ZG, 6.50%, 9/25/29 | | 14 | 14,004 |
Series 2000-22, Class PN, 6.00%, 7/25/30 | | 197 | 199,252 |
7
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value |
Federal National Mortgage Association: (continued) | | | |
Series 2002-21, Class PE, 6.50%, 4/25/32 | $ | 149 | $ 155,757 |
Series 2005-75, Class CS, 2.622%, (23.742% - 30-day SOFR Average x 4.00), 9/25/35(6) | | 471 | 560,376 |
Series 2007-74, Class AC, 5.00%, 8/25/37 | | 1,754 | 1,786,497 |
Series 2011-49, Class NT, 6.00%, (64.855% - 30-day SOFR Average x 10.00, Cap 6.00%), 6/25/41(6) | | 187 | 186,101 |
Series 2012-134, Class ZT, 2.00%, 12/25/42 | | 1,334 | 1,067,578 |
Series 2013-6, Class TA, 1.50%, 1/25/43 | | 1,031 | 921,774 |
Series 2013-67, Class NF, 5.00%, (30-day SOFR Average + 1.114%, Cap 5.00%), 7/25/43(2) | | 947 | 901,104 |
Series 2017-15, Class LE, 3.00%, 6/25/46 | | 384 | 376,678 |
Series 2017-48, Class LG, 2.75%, 5/25/47 | | 1,254 | 1,130,014 |
Interest Only:(7) | | | |
Series 2011-101, Class IC, 3.50%, 10/25/26 | | 567 | 9,976 |
Series 2011-101, Class IE, 3.50%, 10/25/26 | | 183 | 3,206 |
Series 2012-33, Class CI, 3.50%, 3/25/27 | | 148 | 980 |
Series 2012-118, Class IN, 3.50%, 11/25/42 | | 2,617 | 511,780 |
Series 2012-124, Class IO, 1.497%, 11/25/42(5) | | 1,002 | 47,637 |
Series 2012-125, Class IG, 3.50%, 11/25/42 | | 8,336 | 1,737,941 |
Series 2012-150, Class SK, 0.755%, (6.036% - 30-day SOFR Average), 1/25/43(6) | | 1,536 | 193,040 |
Series 2013-12, Class SP, 0.255%, (5.536% - 30-day SOFR Average), 11/25/41(6) | | 227 | 4,783 |
Series 2013-15, Class DS, 0.805%, (6.086% - 30-day SOFR Average), 3/25/33(6) | | 2,934 | 194,702 |
Series 2013-16, Class SY, 0.755%, (6.036% - 30-day SOFR Average), 3/25/43(6) | | 832 | 106,125 |
Series 2013-64, Class PS, 0.855%, (6.136% - 30-day SOFR Average), 4/25/43(6) | | 1,097 | 98,296 |
Series 2013-75, Class SC, 0.855%, (6.136% - 30-day SOFR Average), 7/25/42(6) | | 1,233 | 38,824 |
Series 2014-32, Class EI, 4.00%, 6/25/44 | | 311 | 57,264 |
Series 2014-55, Class IN, 3.50%, 7/25/44 | | 644 | 122,721 |
Series 2014-89, Class IO, 3.50%, 1/25/45 | | 861 | 166,882 |
Series 2015-52, Class MI, 3.50%, 7/25/45 | | 761 | 147,569 |
Series 2018-21, Class IO, 3.00%, 4/25/48 | | 3,450 | 559,322 |
Series 2019-1, Class AS, 0.605%, (5.886% - 30-day SOFR Average), 2/25/49(6) | | 5,433 | 442,859 |
Series 2019-33, Class SK, 0.655%, (5.936% - 30-day SOFR Average), 7/25/49(6) | | 3,630 | 416,074 |
Series 2020-23, Class SP, 0.655%, (5.936% - 30-day SOFR Average), 2/25/50(6) | | 3,292 | 485,320 |
Principal Only:(8) | | | |
Series 379, Class 1, 0.00%, 5/25/37 | | 981 | 802,721 |
Series 2006-8, Class WQ, 0.00%, 3/25/36 | | 1,603 | 1,326,694 |
Government National Mortgage Association: | | | |
Series 2017-121, Class DF, 5.00%, (1 mo. SOFR + 0.614%, Cap 5.00%), 8/20/47(2) | | 2,798 | 2,730,663 |
Security | Principal Amount (000's omitted) | Value |
Government National Mortgage Association: (continued) | | | |
Series 2017-137, Class AF, 5.00%, (1 mo. SOFR + 0.614%, Cap 5.00%), 9/20/47(2) | $ | 1,467 | $ 1,430,703 |
Series 2018-6, Class JZ, 4.00%, 1/20/48 | | 5,417 | 5,343,470 |
Series 2021-160, Class NZ, 3.00%, 9/20/51 | | 1,561 | 972,194 |
Series 2021-165, Class MZ, 2.50%, 9/20/51 | | 9,442 | 5,984,832 |
Series 2022-189, Class US, 3.134%, (22.733% - 30-day SOFR Average x 3.667), 11/20/52(6) | | 4,024 | 4,508,093 |
Series 2023-56, Class ZE, 6.00%, 4/20/53 | | 10,885 | 11,554,037 |
Series 2023-63, Class S, 2.95%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53(6) | | 4,106 | 4,457,160 |
Series 2023-65, Class SD, 2.95%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53(6) | | 5,435 | 6,049,113 |
Series 2023-96, Class BL, 6.00%, 7/20/53 | | 4,326 | 4,581,915 |
Series 2023-96, Class DB, 6.00%, 7/20/53 | | 2,500 | 2,650,096 |
Series 2023-97, Class CB, 6.00%, 7/20/53 | | 10,000 | 10,435,699 |
Series 2023-99, Class AL, 6.00%, 7/20/53 | | 2,500 | 2,649,668 |
Series 2023-102, Class SG, 2.626%, (22.546% - 30-day SOFR Average x 3.727), 7/20/53(6) | | 7,235 | 7,809,444 |
Series 2023-115, Class AL, 6.00%, 8/20/53 | | 8,500 | 8,913,697 |
Series 2023-116, Class CY, 6.00%, 8/20/53 | | 5,000 | 5,246,785 |
Series 2023-133, Class S, 5.564%, (21.60% - 30-day SOFR Average x 3.00), 9/20/53(6) | | 3,787 | 4,093,897 |
Series 2023-149, Class S, 5.414%, (21.45% - 30-day SOFR Average x 3.00), 10/20/53(6) | | 4,407 | 4,859,957 |
Series 2023-150, Class AS, 6.948%, (27.528% - 30-day SOFR Average x 3.85), 10/20/53(6) | | 2,753 | 3,107,250 |
Series 2023-153, Class SM, 6.618%, (28.00% - 30-day SOFR Average x 4.00), 10/20/53(6) | | 3,431 | 3,865,176 |
Series 2023-164, Class EL, 6.00%, 11/20/53 | | 6,000 | 6,223,103 |
Series 2023-165, Class DY, 6.00%, 11/20/53 | | 12,000 | 12,413,751 |
Series 2023-165, Class EY, 6.50%, 11/20/53 | | 30,000 | 31,440,624 |
Series 2023-173, Class AX, 6.00%, 11/20/53 | | 6,000 | 6,258,694 |
Series 2023-181, Class CL, 6.50%, 11/20/53 | | 2,000 | 2,144,414 |
Series 2023-182, Class EL, 6.00%, 12/20/53 | | 3,000 | 3,139,798 |
Series 2024-20, Class PZ, 7.50%, 2/20/54 | | 7,255 | 7,271,879 |
Interest Only:(7) | | | |
Series 2017-104, Class SD, 1.125%, (6.086% - 1 mo. SOFR), 7/20/47(6) | | 2,208 | 302,741 |
Series 2020-151, Class AI, 2.00%, 10/20/50 | | 10,873 | 1,314,988 |
Series 2020-154, Class PI, 2.50%, 10/20/50 | | 9,740 | 1,302,386 |
Series 2020-176, Class HI, 2.50%, 11/20/50 | | 11,448 | 1,539,148 |
Series 2021-131, Class QI, 3.00%, 7/20/51 | | 8,849 | 1,139,174 |
Series 2021-193, Class IU, 3.00%, 11/20/49 | | 19,021 | 2,607,271 |
Series 2021-209, Class IW, 3.00%, 11/20/51 | | 12,394 | 1,611,703 |
8
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value |
JPM Lending Facility, 11.96%, (SOFR + 7.00%), 7/15/29(2) | $ | 8,250 | $ 8,232,188 |
Total Collateralized Mortgage Obligations (identified cost $362,227,557) | | | $ 335,193,623 |
Commercial Mortgage-Backed Securities — 4.6% |
Security | Principal Amount (000's omitted) | Value |
BAMLL Commercial Mortgage Securities Trust: | | | |
Series 2019-BPR, Class ENM, 3.843%, 11/5/32(1)(5) | $ | 910 | $ 368,583 |
Series 2019-BPR, Class FNM, 3.843%, 11/5/32(1)(5) | | 3,505 | 772,986 |
BBCMS Mortgage Trust, Series 2017-C1, Class D, 3.697%, 2/15/50(1)(5) | | 2,200 | 1,636,474 |
BX Commercial Mortgage Trust, Series 2021-VOLT, Class C, 6.311%, (1 mo. SOFR + 1.214%), 9/15/36(1)(2) | | 2,000 | 1,980,380 |
CFCRE Commercial Mortgage Trust: | | | |
Series 2016-C3, Class C, 4.901%, 1/10/48(5) | | 1,300 | 1,253,631 |
Series 2016-C3, Class D, 3.052%, 1/10/48(1)(5) | | 3,500 | 3,124,606 |
Series 2016-C7, Class D, 4.51%, 12/10/54(1)(5) | | 1,675 | 1,363,368 |
Citigroup Commercial Mortgage Trust, Series 2015-P1, Class D, 3.225%, 9/15/48(1) | | 2,218 | 1,905,326 |
COMM Mortgage Trust: | | | |
Series 2013-CR11, Class D, 4.612%, 8/10/50(1)(5) | | 6,100 | 5,639,816 |
Series 2014-CR21, Class C, 4.643%, 12/10/47(5) | | 2,000 | 1,916,568 |
Series 2015-CR22, Class D, 4.199%, 3/10/48(1)(5) | | 4,100 | 3,079,621 |
CSMC Trust: | | | |
Series 2016-NXSR, Class C, 4.57%, 12/15/49(5) | | 2,770 | 2,342,449 |
Series 2016-NXSR, Class D, 4.57%, 12/15/49(1)(5) | | 3,000 | 2,269,151 |
Federal National Mortgage Association Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, 8.645%, (30-day SOFR Average + 3.364%), 10/25/49(1)(2) | | 1,477 | 1,488,231 |
JPMBB Commercial Mortgage Securities Trust: | | | |
Series 2014-C22, Class D, 4.649%, 9/15/47(1)(5) | | 1,376 | 832,538 |
Series 2014-C23, Class D, 4.214%, 9/15/47(1)(5) | | 3,488 | 3,026,786 |
Series 2014-C25, Class D, 4.123%, 11/15/47(1)(5) | | 3,200 | 1,569,412 |
JPMorgan Chase Commercial Mortgage Securities Trust: | | | |
Series 2013-C13, Class D, 4.116%, 1/15/46(1)(5) | | 431 | 400,377 |
Series 2013-C16, Class D, 5.05%, 12/15/46(1)(5) | | 2,612 | 2,307,823 |
Series 2014-DSTY, Class B, 3.771%, 6/10/27(1) | | 2,600 | 327,392 |
Security | Principal Amount (000's omitted) | Value |
JPMorgan Chase Commercial Mortgage Securities Trust: (continued) | | | |
Series 2021-MHC, Class C, 6.762%, (1 mo. SOFR + 1.664%), 4/15/38(1)(2) | $ | 1,900 | $ 1,891,882 |
Morgan Stanley Bank of America Merrill Lynch Trust: | | | |
Series 2014-C16, Class B, 4.442%, 6/15/47(5)(9) | | 133 | 127,766 |
Series 2015-C23, Class D, 4.275%, 7/15/50(1)(5)(9) | | 2,670 | 2,520,546 |
Series 2016-C29, Class D, 3.00%, 5/15/49(1)(9) | | 3,577 | 3,055,888 |
Series 2016-C32, Class D, 3.396%, 12/15/49(1)(5)(9) | | 1,600 | 1,127,009 |
Morgan Stanley Capital I Trust, Series 2016-UBS12, Class D, 3.312%, 12/15/49(1)(9) | | 4,489 | 2,389,798 |
UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class D, 4.061%, 4/10/46(1)(5) | | 3,770 | 3,275,278 |
Wells Fargo Commercial Mortgage Trust: | | | |
Series 2013-LC12, Class D, 4.082%, 7/15/46(1)(5) | | 3,000 | 1,095,060 |
Series 2015-C31, Class D, 3.852%, 11/15/48 | | 2,475 | 2,106,520 |
Series 2016-C35, Class D, 3.142%, 7/15/48(1) | | 1,850 | 1,586,525 |
Series 2016-C36, Class D, 2.942%, 11/15/59(1) | | 1,500 | 1,101,591 |
Total Commercial Mortgage-Backed Securities (identified cost $68,896,616) | | | $ 57,883,381 |
Security | Shares | Value |
Aerospace and Defense — 0.0% |
IAP Worldwide Services LLC(10)(11)(12) | | 31 | $ 0 |
| | | $ 0 |
Commercial Services & Supplies — 0.1% |
Monitronics International, Inc.(11)(12) | | 26,092 | $ 547,932 |
Phoenix Services International LLC(11)(12) | | 17,026 | 76,617 |
Phoenix Services International LLC(11)(12) | | 1,554 | 6,993 |
| | | $ 631,542 |
Containers and Glass Products — 0.1% |
LG Parent Holding Co.(11)(12) | | 166,175 | $ 747,787 |
| | | $ 747,787 |
Electronics/Electrical — 0.0%(13) |
Skillsoft Corp.(11)(12) | | 7,153 | $ 110,872 |
| | | $ 110,872 |
9
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value |
Entertainment — 0.0%(13) |
New Cineworld Ltd.(11)(12) | | 12,854 | $ 264,310 |
| | | $ 264,310 |
Health Care — 0.1% |
Akorn Holding Co. LLC(10)(11)(12) | | 42,374 | $ 0 |
Envision Parent, Inc.(11)(12) | | 146,518 | 1,575,068 |
| | | $ 1,575,068 |
Household Durables — 0.1% |
Serta Simmons Bedding, Inc.(11)(12) | | 246,099 | $ 1,799,599 |
Serta SSB Equipment Co.(10)(11)(12) | | 246,099 | 0 |
| | | $ 1,799,599 |
Investment Companies — 0.0%(13) |
Aegletes BV(11)(12) | | 11,215 | $ 7,290 |
| | | $ 7,290 |
Nonferrous Metals/Minerals — 0.1% |
ACNR Holdings, Inc., Class A(11)(12) | | 14,636 | $ 1,141,608 |
| | | $ 1,141,608 |
Oil and Gas — 0.0% |
AFG Holdings, Inc.(10)(11)(12) | | 29,751 | $ 0 |
| | | $ 0 |
Pharmaceuticals — 0.2% |
Covis Midco 1 SARL, Class A(11)(12) | | 560 | $ 285 |
Covis Midco 1 SARL, Class B(11)(12) | | 560 | 285 |
Covis Midco 1 SARL, Class C(11)(12) | | 560 | 286 |
Covis Midco 1 SARL, Class D(11)(12) | | 560 | 286 |
Covis Midco 1 SARL, Class E(11)(12) | | 560 | 286 |
Endo, Inc.(11) | | 21,612 | 550,674 |
Mallinckrodt International Finance SA(11)(12) | | 31,584 | 2,400,384 |
| | | $ 2,952,486 |
Retail — 0.0% |
Jubilee Enterprise PCL, Class A1(10)(11)(12) | | 807 | $ 0 |
Jubilee Enterprise PCL, Class A2(10)(11)(12) | | 644,824 | 0 |
| | | $ 0 |
Retailers (Except Food and Drug) — 0.0% |
Phillips Feed Service, Inc.(10)(11)(12) | | 582 | $ 0 |
| | | $ 0 |
Security | Shares | Value |
Telecommunications — 0.0% |
GEE Acquisition Holdings Corp.(10)(11)(12) | | 37,259 | $ 0 |
| | | $ 0 |
Total Common Stocks (identified cost $12,235,762) | | | $ 9,230,562 |
Security | Principal Amount* (000's omitted) | Value |
Energy — 0.1% |
NextEra Energy Partners LP, 2.50%, 6/15/26(1) | | 1,825 | $ 1,722,266 |
| | | $ 1,722,266 |
Semiconductors & Semiconductor Equipment — 0.0%(13) |
ams-OSRAM AG, Series AMS, 0.00%, 3/5/25(14) | EUR | 200 | $ 217,064 |
| | | $ 217,064 |
Total Convertible Bonds (identified cost $1,893,901) | | | $ 1,939,330 |
Security | Principal Amount* (000's omitted) | Value |
Aerospace and Defense — 1.4% |
Bombardier, Inc.: | | | |
7.00%, 6/1/32(1) | | 710 | $ 743,502 |
7.25%, 7/1/31(1) | | 825 | 873,209 |
7.875%, 4/15/27(1) | | 1,019 | 1,022,497 |
8.75%, 11/15/30(1) | | 1,125 | 1,236,740 |
Moog, Inc., 4.25%, 12/15/27(1) | | 955 | 928,253 |
Rolls-Royce PLC, 5.75%, 10/15/27(1) | | 3,387 | 3,494,798 |
TransDigm, Inc.: | | | |
4.625%, 1/15/29 | | 2,965 | 2,865,807 |
5.50%, 11/15/27 | | 2,552 | 2,545,157 |
6.375%, 3/1/29(1) | | 650 | 671,431 |
6.625%, 3/1/32(1) | | 1,045 | 1,089,509 |
6.75%, 8/15/28(1) | | 1,812 | 1,867,335 |
| | | $ 17,338,238 |
Agriculture — 0.1% |
Darling Ingredients, Inc., 6.00%, 6/15/30(1) | | 814 | $ 822,546 |
| | | $ 822,546 |
10
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Air Transport — 0.2% |
Deutsche Lufthansa AG, 4.382% to 2/12/26, 8/12/75(14)(15) | EUR | 200 | $ 222,775 |
Gatwick Airport Finance PLC, 4.375%, 4/7/26(14) | GBP | 300 | 393,040 |
Heathrow Finance PLC: | | | |
4.125%, 9/1/29(14) | GBP | 100 | 122,545 |
6.625%, 3/1/31(14) | GBP | 220 | 294,851 |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27(1) | | 1,330 | 1,347,433 |
| | | $ 2,380,644 |
Automotive — 1.7% |
Asbury Automotive Group, Inc.: | | | |
4.625%, 11/15/29(1) | | 512 | $ 488,692 |
4.75%, 3/1/30 | | 1,134 | 1,086,306 |
5.00%, 2/15/32(1) | | 217 | 205,912 |
Clarios Global LP/Clarios U.S. Finance Co.: | | | |
4.375%, 5/15/26(14) | EUR | 150 | 166,686 |
6.25%, 5/15/26(1) | | 1,504 | 1,504,588 |
8.50%, 5/15/27(1) | | 3,484 | 3,501,876 |
Dana Financing Luxembourg SARL: | | | |
3.00%, 7/15/29(14) | EUR | 100 | 98,326 |
8.50%, 7/15/31(14) | EUR | 300 | 356,316 |
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29(1) | | 1,445 | 1,273,386 |
Ford Motor Co.: | | | |
4.75%, 1/15/43 | | 1,274 | 1,056,317 |
7.45%, 7/16/31 | | 457 | 505,259 |
9.625%, 4/22/30 | | 201 | 238,406 |
Forvia SE: | | | |
2.375%, 6/15/29(14) | EUR | 100 | 99,410 |
2.75%, 2/15/27(14) | EUR | 100 | 107,077 |
5.50%, 6/15/31(14) | EUR | 505 | 558,276 |
Goodyear Tire & Rubber Co., 5.00%, 7/15/29 | | 1,433 | 1,319,124 |
IHO Verwaltungs GmbH: | | | |
6.375%, (6.375% cash or 7.125% PIK), 5/15/29(1)(16) | | 200 | 195,956 |
8.75%, (8.75% cash or 9.50% PIK), 5/15/28(14)(16) | EUR | 100 | 117,105 |
Lithia Motors, Inc.: | | | |
3.875%, 6/1/29(1) | | 651 | 608,052 |
4.375%, 1/15/31(1) | | 1,171 | 1,090,527 |
4.625%, 12/15/27(1) | | 514 | 502,972 |
Mahle GmbH, 6.50%, 5/2/31(14) | EUR | 100 | 108,212 |
RCI Banque SA, 5.50% to 7/9/29, 10/9/34(14)(15) | EUR | 100 | 113,844 |
Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(1) | | 2,173 | 1,892,039 |
Security | Principal Amount* (000's omitted) | Value |
Automotive (continued) |
Renault SA: | | | |
2.375%, 5/25/26(14) | EUR | 100 | $ 109,305 |
2.50%, 6/2/27(14) | EUR | 600 | 650,358 |
Sonic Automotive, Inc.: | | | |
4.625%, 11/15/29(1) | | 1,297 | 1,218,772 |
4.875%, 11/15/31(1) | | 1,081 | 998,697 |
Volkswagen International Finance NV: | | | |
3.875% to 6/17/29(14)(15)(17) | EUR | 400 | 415,019 |
7.875% to 9/6/32(14)(15)(17) | EUR | 200 | 250,910 |
ZF Europe Finance BV, 6.125%, 3/13/29(14) | EUR | 200 | 227,389 |
ZF Finance GmbH, 5.75%, 8/3/26(14) | EUR | 100 | 113,413 |
| | | $ 21,178,527 |
Beverage and Tobacco — 0.2% |
Triton Water Holdings, Inc., 6.25%, 4/1/29(1) | | 1,942 | $ 1,941,797 |
| | | $ 1,941,797 |
Building and Development — 2.2% |
Ashton Woods USA LLC/Ashton Woods Finance Co.: | | | |
4.625%, 8/1/29(1) | | 392 | $ 376,651 |
4.625%, 4/1/30(1) | | 1,097 | 1,051,930 |
Builders FirstSource, Inc.: | | | |
4.25%, 2/1/32(1) | | 2,498 | 2,311,090 |
5.00%, 3/1/30(1) | | 1,085 | 1,064,935 |
CP Atlas Buyer, Inc., 7.00%, 12/1/28(1) | | 2,055 | 1,904,750 |
EMRLD Borrower LP/Emerald Co-Issuer, Inc.: | | | |
6.375%, 12/15/30(14) | EUR | 600 | 702,600 |
6.625%, 12/15/30(1) | | 1,782 | 1,839,639 |
HT Troplast GmbH, 9.375%, 7/15/28(14) | EUR | 125 | 143,853 |
James Hardie International Finance DAC, 3.625%, 10/1/26(14) | EUR | 400 | 443,312 |
KB Home: | | | |
4.00%, 6/15/31 | | 86 | 79,623 |
4.80%, 11/15/29 | | 556 | 549,062 |
Masterbrand, Inc., 7.00%, 7/15/32(1) | | 1,620 | 1,699,092 |
Meritage Homes Corp., 3.875%, 4/15/29(1) | | 596 | 570,105 |
Miller Homes Group Finco PLC: | | | |
7.00%, 5/15/29(14) | GBP | 100 | 130,471 |
8.792%, (3 mo. EURIBOR + 5.25%), 5/15/28(2)(14) | EUR | 200 | 225,830 |
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30(1) | | 559 | 544,370 |
Patrick Industries, Inc.: | | | |
4.75%, 5/1/29(1) | | 1,187 | 1,130,458 |
7.50%, 10/15/27(1) | | 225 | 225,939 |
11
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Building and Development (continued) |
Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28(1) | | 3,078 | $ 3,092,270 |
Standard Building Solutions, Inc., 6.50%, 8/15/32(1) | | 670 | 694,320 |
Standard Industries, Inc.: | | | |
2.25%, 11/21/26(14) | EUR | 125 | 134,619 |
3.375%, 1/15/31(1) | | 2,339 | 2,085,766 |
4.375%, 7/15/30(1) | | 1,779 | 1,685,127 |
Summit Materials LLC/Summit Materials Finance Corp., 7.25%, 1/15/31(1) | | 1,300 | 1,378,356 |
Taylor Morrison Communities, Inc., 5.875%, 6/15/27(1) | | 808 | 825,505 |
White Cap Buyer LLC, 6.875%, 10/15/28(1) | | 1,237 | 1,249,620 |
White Cap Parent LLC, 8.25%, (8.25% cash or 9.00% PIK), 3/15/26(1)(16) | | 1,691 | 1,693,640 |
| | | $ 27,832,933 |
Business Equipment and Services — 0.4% |
Adtalem Global Education, Inc., 5.50%, 3/1/28(1) | | 1,900 | $ 1,883,698 |
Allied Universal Holdco LLC, 7.875%, 2/15/31(1) | | 630 | 644,079 |
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 7/15/27(1) | | 1,148 | 1,151,554 |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL: | | | |
4.625%, 6/1/28(1) | | 1,316 | 1,238,439 |
4.625%, 6/1/28(1) | | 549 | 515,649 |
| | | $ 5,433,419 |
Cable and Satellite Television — 1.7% |
Altice Financing SA: | | | |
2.25%, 1/15/25(14) | EUR | 400 | $ 439,722 |
3.00%, 1/15/28(14) | EUR | 100 | 91,487 |
4.25%, 8/15/29(14) | EUR | 200 | 179,391 |
5.00%, 1/15/28(1) | | 814 | 689,284 |
5.75%, 8/15/29(1) | | 611 | 491,589 |
CCO Holdings LLC/CCO Holdings Capital Corp.: | | | |
4.25%, 2/1/31(1) | | 2,589 | 2,284,481 |
4.50%, 8/15/30(1) | | 1,814 | 1,645,674 |
4.50%, 5/1/32 | | 535 | 463,004 |
4.75%, 3/1/30(1) | | 1,789 | 1,646,930 |
5.00%, 2/1/28(1) | | 1,755 | 1,708,497 |
5.375%, 6/1/29(1) | | 595 | 573,867 |
6.375%, 9/1/29(1) | | 1,974 | 1,977,721 |
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1) | | 340 | 334,063 |
DISH Network Corp., 11.75%, 11/15/27(1) | | 1,293 | 1,358,096 |
Sunrise HoldCo IV BV, 5.50%, 1/15/28(1) | | 593 | 590,892 |
Security | Principal Amount* (000's omitted) | Value |
Cable and Satellite Television (continued) |
Virgin Media Finance PLC: | | | |
3.75%, 7/15/30(14) | EUR | 125 | $ 125,421 |
5.00%, 7/15/30(1) | | 946 | 833,042 |
Virgin Media Secured Finance PLC, 5.25%, 5/15/29(14) | GBP | 200 | 252,349 |
Virgin Media Vendor Financing Notes III DAC, 4.875%, 7/15/28(14) | GBP | 725 | 897,852 |
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/28(1) | | 1,862 | 1,796,052 |
VZ Vendor Financing II BV, 2.875%, 1/15/29(14) | EUR | 200 | 206,081 |
Ziggo Bond Co. BV: | | | |
3.375%, 2/28/30(14) | EUR | 230 | 232,712 |
5.125%, 2/28/30(1) | | 560 | 516,829 |
6.00%, 1/15/27(1) | | 745 | 745,251 |
Ziggo BV, 4.875%, 1/15/30(1) | | 628 | 597,422 |
| | | $ 20,677,709 |
Capital Goods — 0.1% |
BWX Technologies, Inc.: | | | |
4.125%, 6/30/28(1) | | 948 | $ 915,249 |
4.125%, 4/15/29(1) | | 733 | 705,029 |
| | | $ 1,620,278 |
Chemicals — 0.3% |
Calderys Financing II LLC, 11.75%, (11.75% cash or 12.50% PIK), 6/1/28(1)(16) | | 1,360 | $ 1,382,859 |
Calderys Financing LLC, 11.25%, 6/1/28(1) | | 2,315 | 2,491,558 |
CTEC II GmbH, 5.25%, 2/15/30(14) | EUR | 250 | 258,721 |
| | | $ 4,133,138 |
Chemicals and Plastics — 0.9% |
Avient Corp.: | | | |
6.25%, 11/1/31(1) | | 700 | $ 718,150 |
7.125%, 8/1/30(1) | | 1,762 | 1,838,836 |
Cerdia Finanz GmbH, 9.375%, 10/3/31(1)(3) | | 895 | 915,137 |
Herens Holdco SARL, 4.75%, 5/15/28(1) | | 545 | 476,208 |
Herens Midco SARL, 5.25%, 5/15/29(14) | EUR | 400 | 334,615 |
INEOS Finance PLC: | | | |
2.875%, 5/1/26(14) | EUR | 100 | 109,680 |
6.375%, 4/15/29(14) | EUR | 100 | 115,170 |
Italmatch Chemicals SpA, 10.00%, 2/6/28(14) | EUR | 400 | 474,794 |
Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00%, 1/27/30(1) | | 1,759 | 1,633,719 |
Olympus Water U.S. Holding Corp.: | | | |
3.875%, 10/1/28(14) | EUR | 110 | 118,016 |
12
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Chemicals and Plastics (continued) |
Olympus Water U.S. Holding Corp.: (continued) | | | |
9.625%, 11/15/28(14) | EUR | 525 | $ 628,513 |
9.75%, 11/15/28(1) | | 2,512 | 2,684,095 |
Valvoline, Inc., 3.625%, 6/15/31(1) | | 1,403 | 1,256,966 |
| | | $ 11,303,899 |
Clothing/Textiles — 0.2% |
Hanesbrands, Inc., 9.00%, 2/15/31(1) | | 1,710 | $ 1,847,388 |
PrestigeBidCo GmbH, 7.459%, (3 mo. EURIBOR + 3.75%), 7/1/29(2)(14) | EUR | 100 | 112,846 |
William Carter Co., 5.625%, 3/15/27(1) | | 811 | 810,071 |
| | | $ 2,770,305 |
Commercial Services — 2.0% |
Amber Finco PLC, 6.625%, 7/15/29(1) | EUR | 165 | $ 192,578 |
AMN Healthcare, Inc.: | | | |
4.00%, 4/15/29(1) | | 2,227 | 2,084,017 |
4.625%, 10/1/27(1) | | 156 | 152,626 |
APi Group DE, Inc., 4.75%, 10/15/29(1) | | 2,510 | 2,420,499 |
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28(14) | EUR | 100 | 108,526 |
Boels Topholding BV, 5.75%, 5/15/30(14) | EUR | 430 | 494,306 |
Boost Newco Borrower LLC, 7.50%, 1/15/31(1) | | 1,328 | 1,426,109 |
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, 8.50%, 1/15/31(14) | GBP | 200 | 290,015 |
Cimpress PLC, 7.375%, 9/15/32(1) | | 885 | 893,275 |
HealthEquity, Inc., 4.50%, 10/1/29(1) | | 1,674 | 1,619,909 |
IPD 3 BV: | | | |
6.856%, (3 mo. EURIBOR + 3.375%), 6/15/31(2)(14) | EUR | 100 | 111,782 |
8.00%, 6/15/28(14) | EUR | 425 | 501,854 |
Korn Ferry, 4.625%, 12/15/27(1) | | 1,412 | 1,381,346 |
Loxam SAS, 2.875%, 4/15/26(14) | EUR | 100 | 110,662 |
Mavis Tire Express Services Topco Corp., 6.50%, 5/15/29(1) | | 2,923 | 2,811,157 |
Neptune Bidco U.S., Inc., 9.29%, 4/15/29(1) | | 783 | 767,728 |
NESCO Holdings II, Inc., 5.50%, 4/15/29(1) | | 1,647 | 1,519,880 |
Pachelbel Bidco SpA: | | | |
7.125%, 5/17/31(1) | EUR | 120 | 142,714 |
7.125%, 5/17/31(14) | EUR | 100 | 118,929 |
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/32(1) | | 1,046 | 1,092,873 |
Spectrum Brands, Inc., 3.875%, 3/15/31(1) | | 266 | 234,211 |
Verisure Holding AB: | | | |
3.25%, 2/15/27(14) | EUR | 400 | 437,735 |
9.25%, 10/15/27(14) | EUR | 125 | 146,101 |
Security | Principal Amount* (000's omitted) | Value |
Commercial Services (continued) |
Verisure Midholding AB, 5.25%, 2/15/29(14) | EUR | 325 | $ 359,730 |
VT Topco, Inc., 8.50%, 8/15/30(1) | | 2,193 | 2,341,997 |
Wand NewCo 3, Inc., 7.625%, 1/30/32(1) | | 1,234 | 1,300,868 |
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26(1) | | 2,060 | 2,050,683 |
| | | $ 25,112,110 |
Computers — 0.6% |
Almaviva-The Italian Innovation Co. SpA, 4.875%, 10/30/26(14) | EUR | 100 | $ 112,266 |
Amentum Escrow Corp., 7.25%, 8/1/32(1) | | 520 | 543,165 |
Insight Enterprises, Inc., 6.625%, 5/15/32(1) | | 1,272 | 1,328,800 |
McAfee Corp., 7.375%, 2/15/30(1) | | 2,175 | 2,123,535 |
NCR Voyix Corp., 5.125%, 4/15/29(1) | | 270 | 264,444 |
Seagate HDD Cayman: | | | |
4.091%, 6/1/29 | | 418 | 401,763 |
9.625%, 12/1/32 | | 1,800 | 2,091,554 |
| | | $ 6,865,527 |
Containers and Glass Products — 0.5% |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC: | | | |
3.00%, 9/1/29(14) | EUR | 1,225 | $ 1,164,317 |
4.00%, 9/1/29(1) | | 1,139 | 1,017,734 |
Berry Global, Inc., 5.625%, 7/15/27(1) | | 968 | 967,812 |
Canpack SA/Canpack U.S. LLC, 3.875%, 11/15/29(1) | | 2,027 | 1,899,911 |
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26 | | 660 | 650,195 |
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26 | | 750 | 748,002 |
| | | $ 6,447,971 |
Cosmetics/Toiletries — 0.1% |
Edgewell Personal Care Co.: | | | |
4.125%, 4/1/29(1) | | 441 | $ 417,622 |
5.50%, 6/1/28(1) | | 1,067 | 1,061,742 |
| | | $ 1,479,364 |
Distribution & Wholesale — 0.8% |
BCPE Empire Holdings, Inc., 7.625%, 5/1/27(1) | | 1,959 | $ 1,967,212 |
Performance Food Group, Inc.: | | | |
4.25%, 8/1/29(1) | | 2,429 | 2,312,252 |
5.50%, 10/15/27(1) | | 935 | 933,263 |
6.125%, 9/15/32(1) | | 960 | 982,181 |
13
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Distribution & Wholesale (continued) |
Rexel SA, 5.25%, 9/15/30(14) | EUR | 150 | $ 174,391 |
Ritchie Bros Holdings, Inc.: | | | |
6.75%, 3/15/28(1) | | 1,132 | 1,171,718 |
7.75%, 3/15/31(1) | | 422 | 449,962 |
Travis Perkins PLC, 3.75%, 2/17/26(14) | GBP | 125 | 161,641 |
Windsor Holdings III LLC, 8.50%, 6/15/30(1) | | 2,067 | 2,213,608 |
| | | $ 10,366,228 |
Diversified Financial Services — 1.3% |
AG TTMT Escrow Issuer LLC, 8.625%, 9/30/27(1) | | 910 | $ 933,721 |
American AgCredit Corp., Series A, 5.25% to 6/15/26(1)(15)(17) | | 410 | 399,750 |
CI Financial Corp., 4.10%, 6/15/51 | | 1,380 | 962,390 |
Encore Capital Group, Inc., 7.935%, (3 mo. EURIBOR + 4.25%), 1/15/28(2)(14) | EUR | 100 | 111,866 |
Focus Financial Partners LLC, 6.75%, 9/15/31(1) | | 1,175 | 1,186,980 |
Hightower Holding LLC, 9.125%, 1/31/30(1) | | 1,010 | 1,054,978 |
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29(1) | | 1,905 | 1,835,190 |
Jefferson Capital Holdings LLC, 6.00%, 8/15/26(1) | | 840 | 840,810 |
Macquarie Airfinance Holdings Ltd.: | | | |
6.40%, 3/26/29(1) | | 465 | 484,308 |
6.50%, 3/26/31(1) | | 562 | 593,594 |
8.125%, 3/30/29(1) | | 1,530 | 1,621,956 |
ProGroup AG: | | | |
5.125%, 4/15/29(14) | EUR | 164 | 179,215 |
5.375%, 4/15/31(14) | EUR | 333 | 362,140 |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.: | | | |
3.625%, 3/1/29(1) | | 2,648 | 2,492,049 |
4.00%, 10/15/33(1) | | 225 | 201,179 |
Sherwood Financing PLC, 6.00%, 11/15/26(14) | GBP | 150 | 189,844 |
Unifin Financiera SAB de CV: | | | |
7.375%, 2/12/26(1)(10)(18) | | 620 | 0 |
7.375%, 2/12/26(1)(10)(18) | | 620 | 0 |
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.375%, 2/1/30(1) | | 2,806 | 2,413,216 |
| | | $ 15,863,186 |
Drugs — 0.3% |
Gruenenthal GmbH, 3.625%, 11/15/26(14) | EUR | 310 | $ 343,662 |
Perrigo Finance Unlimited Co.: | | | |
4.90%, 6/15/30 | | 2,255 | 2,197,924 |
4.90%, 12/15/44 | | 588 | 492,036 |
Security | Principal Amount* (000's omitted) | Value |
Drugs (continued) |
Perrigo Finance Unlimited Co.: (continued) | | | |
5.375%, 9/30/32 | EUR | 250 | $ 283,589 |
| | | $ 3,317,211 |
Ecological Services and Equipment — 0.9% |
Clean Harbors, Inc.: | | | |
4.875%, 7/15/27(1) | | 551 | $ 543,651 |
5.125%, 7/15/29(1) | | 332 | 328,129 |
6.375%, 2/1/31(1) | | 643 | 659,305 |
GFL Environmental, Inc.: | | | |
3.50%, 9/1/28(1) | | 1,679 | 1,599,860 |
3.75%, 8/1/25(1) | | 776 | 770,402 |
4.375%, 8/15/29(1) | | 2,000 | 1,918,763 |
4.75%, 6/15/29(1) | | 3,095 | 3,021,691 |
Paprec Holding SA, 7.25%, 11/17/29(14) | EUR | 100 | 118,479 |
Reworld Holding Corp.: | | | |
4.875%, 12/1/29(1) | | 1,536 | 1,447,189 |
5.00%, 9/1/30 | | 319 | 299,895 |
Wrangler Holdco Corp., 6.625%, 4/1/32(1) | | 690 | 717,804 |
| | | $ 11,425,168 |
Electric Utilities — 0.6% |
Alpha Generation LLC, 6.75%, 10/15/32(1) | | 770 | $ 781,336 |
Electricite de France SA, 7.50% to 9/6/28(14)(15)(17) | EUR | 400 | 489,418 |
Enel SpA, 6.625% to 4/16/31(14)(15)(17) | EUR | 300 | 372,329 |
Energizer Gamma Acquisition BV, 3.50%, 6/30/29(14) | EUR | 323 | 340,001 |
Nexans SA, 4.125%, 5/29/29(14) | EUR | 100 | 113,166 |
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28(1) | | 1,112 | 1,076,614 |
TransAlta Corp., 7.75%, 11/15/29 | | 1,045 | 1,104,715 |
WESCO Distribution, Inc.: | | | |
6.375%, 3/15/29(1) | | 848 | 877,136 |
6.625%, 3/15/32(1) | | 854 | 890,596 |
7.25%, 6/15/28(1) | | 915 | 937,675 |
| | | $ 6,982,986 |
Electronics/Electrical — 0.8% |
Coherent Corp., 5.00%, 12/15/29(1) | | 1,219 | $ 1,193,223 |
EquipmentShare.com, Inc., 8.625%, 5/15/32(1) | | 825 | 866,537 |
Imola Merger Corp., 4.75%, 5/15/29(1) | | 3,165 | 3,091,116 |
Open Text Corp., 3.875%, 2/15/28(1) | | 1,009 | 964,512 |
Open Text Holdings, Inc., 4.125%, 2/15/30(1) | | 883 | 829,733 |
RWE AG, 6.625% to 3/30/26, 7/30/75(14)(15) | | 266 | 268,717 |
14
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Electronics/Electrical (continued) |
Sensata Technologies, Inc.: | | | |
3.75%, 2/15/31(1) | | 1,660 | $ 1,521,616 |
4.375%, 2/15/30(1) | | 627 | 599,828 |
6.625%, 7/15/32(1) | | 400 | 417,369 |
SS&C Technologies, Inc., 5.50%, 9/30/27(1) | | 517 | 517,174 |
| | | $ 10,269,825 |
Energy — 0.2% |
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 1/15/26(1)(18) | | 1,391 | $ 60,334 |
Sunoco LP, 7.25%, 5/1/32(1) | | 1,130 | 1,198,746 |
Sunoco LP/Sunoco Finance Corp., 4.50%, 4/30/30 | | 1,692 | 1,622,380 |
| | | $ 2,881,460 |
Engineering & Construction — 0.7% |
Arcosa, Inc., 6.875%, 8/15/32(1) | | 1,046 | $ 1,095,585 |
Artera Services LLC, 8.50%, 2/15/31(1) | | 1,535 | 1,521,038 |
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26(1) | | 1,038 | 1,034,790 |
Dycom Industries, Inc., 4.50%, 4/15/29(1) | | 1,389 | 1,342,128 |
TopBuild Corp., 4.125%, 2/15/32(1) | | 1,562 | 1,440,250 |
VM Consolidated, Inc., 5.50%, 4/15/29(1) | | 1,899 | 1,883,863 |
| | | $ 8,317,654 |
Entertainment — 1.4% |
Allwyn Entertainment Financing U.K. PLC: | | | |
7.25%, 4/30/30(14) | EUR | 525 | $ 622,661 |
7.875%, 4/30/29(1) | | 1,985 | 2,093,131 |
Boyne USA, Inc., 4.75%, 5/15/29(1) | | 1,357 | 1,305,544 |
Caesars Entertainment, Inc.: | | | |
4.625%, 10/15/29(1) | | 529 | 503,535 |
6.50%, 2/15/32(1) | | 1,068 | 1,105,422 |
7.00%, 2/15/30(1) | | 800 | 836,305 |
8.125%, 7/1/27(1) | | 1,589 | 1,622,712 |
Churchill Downs, Inc., 5.75%, 4/1/30(1) | | 1,751 | 1,754,196 |
Cirsa Finance International SARL: | | | |
4.50%, 3/15/27(14) | EUR | 200 | 222,260 |
6.50%, 3/15/29(14) | EUR | 200 | 233,440 |
7.875%, 7/31/28(14) | EUR | 100 | 118,373 |
CPUK Finance Ltd.: | | | |
4.50%, 8/28/27(14) | GBP | 100 | 126,112 |
6.50%, 8/28/26(14) | GBP | 100 | 133,257 |
7.875%, 8/28/29(14) | GBP | 130 | 178,507 |
Flutter Treasury DAC, 5.00%, 4/29/29(14) | EUR | 135 | 155,257 |
Security | Principal Amount* (000's omitted) | Value |
Entertainment (continued) |
Inter Media and Communication SpA, 6.75%, 2/9/27(14) | EUR | 595 | $ 672,933 |
Jacobs Entertainment, Inc., 6.75%, 2/15/29(1) | | 791 | 769,900 |
Light & Wonder International, Inc., 7.00%, 5/15/28(1) | | 1,647 | 1,662,549 |
Live Nation Entertainment, Inc., 4.75%, 10/15/27(1) | | 1,226 | 1,209,749 |
Lottomatica SpA, 7.505%, (3 mo. EURIBOR + 4.00%), 12/15/30(2)(14) | EUR | 200 | 224,741 |
Motion Finco SARL, 7.375%, 6/15/30(14) | EUR | 400 | 451,237 |
Speedway Motorsports LLC/Speedway Funding II, Inc., 4.875%, 11/1/27(1) | | 1,515 | 1,490,024 |
| | | $ 17,491,845 |
Financial Intermediaries — 0.6% |
Ally Financial, Inc., Series B, 4.70% to 5/15/26(15)(17) | | 1,647 | $ 1,440,409 |
Alpha Holding SA de CV: | | | |
9.00%, 2/10/25(1)(18) | | 721 | 3,945 |
10.00%, 12/19/22(1)(18) | | 188 | 1,030 |
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29(1) | | 1,807 | 1,757,054 |
Ford Motor Credit Co. LLC: | | | |
2.90%, 2/16/28 | | 420 | 390,074 |
3.625%, 6/17/31 | | 2,307 | 2,047,249 |
4.00%, 11/13/30 | | 995 | 920,281 |
MSCI, Inc.: | | | |
3.625%, 9/1/30(1) | | 520 | 489,637 |
3.875%, 2/15/31(1) | | 899 | 851,440 |
| | | $ 7,901,119 |
Financial Services — 0.2% |
Viet Nam Debt & Asset Trading Corp., 1.00%, 10/10/25(14) | | 2,600 | $ 2,418,000 |
| | | $ 2,418,000 |
Food Products — 0.5% |
Flora Food Management BV, 6.875%, 7/2/29(14) | EUR | 110 | $ 122,666 |
Ingles Markets, Inc., 4.00%, 6/15/31(1) | | 1,502 | 1,375,159 |
La Doria SpA, 8.155%, (3 mo. EURIBOR + 4.50%), 11/12/29(2)(14) | EUR | 200 | 226,253 |
Lion/Polaris Lux 4 SA, 6.951%, (3 mo. EURIBOR + 3.625%), 7/1/29(1)(2) | EUR | 100 | 112,080 |
Market Bidco Finco PLC, 4.75%, 11/4/27(14) | EUR | 125 | 133,935 |
Nomad Foods Bondco PLC, 2.50%, 6/24/28(14) | EUR | 236 | 249,116 |
Picard Groupe SAS, 6.375%, 7/1/29(1) | EUR | 100 | 114,707 |
15
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Food Products (continued) |
Pilgrim's Pride Corp.: | | | |
3.50%, 3/1/32 | | 1,979 | $ 1,758,765 |
6.875%, 5/15/34 | | 740 | 822,178 |
Post Holdings, Inc., 6.25%, 2/15/32(1) | | 1,176 | 1,212,407 |
Premier Foods Finance PLC, 3.50%, 10/15/26(14) | GBP | 125 | 163,887 |
| | | $ 6,291,153 |
Food Service — 0.9% |
1011778 BC ULC/New Red Finance, Inc.: | | | |
3.875%, 1/15/28(1) | | 1,906 | $ 1,833,161 |
4.00%, 10/15/30(1) | | 2,705 | 2,496,784 |
4.375%, 1/15/28(1) | | 1,014 | 986,181 |
Chobani LLC/Chobani Finance Corp., Inc.: | | | |
4.625%, 11/15/28(1) | | 175 | 170,599 |
7.625%, 7/1/29(1) | | 2,278 | 2,395,023 |
Fiesta Purchaser, Inc., 7.875%, 3/1/31(1) | | 1,015 | 1,077,809 |
U.S. Foods, Inc., 4.75%, 2/15/29(1) | | 1,837 | 1,792,858 |
Yum! Brands, Inc., 3.625%, 3/15/31 | | 603 | 557,500 |
| | | $ 11,309,915 |
Food/Drug Retailers — 0.3% |
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC: | | | |
4.875%, 2/15/30(1) | | 1,028 | $ 1,014,385 |
5.875%, 2/15/28(1) | | 2,145 | 2,160,948 |
| | | $ 3,175,333 |
Forest Products & Paper — 0.1% |
WEPA Hygieneprodukte GmbH, 5.625%, 1/15/31(14) | EUR | 660 | $ 754,102 |
| | | $ 754,102 |
Health Care — 2.9% |
AHP Health Partners, Inc., 5.75%, 7/15/29(1) | | 610 | $ 600,630 |
Avantor Funding, Inc., 3.875%, 7/15/28(14) | EUR | 100 | 111,085 |
Cerba Healthcare SACA, 3.50%, 5/31/28(14) | EUR | 550 | 518,989 |
Chrome Holdco SAS, 5.00%, 5/31/29(14) | EUR | 200 | 143,582 |
Concentra Escrow Issuer Corp., 6.875%, 7/15/32(1) | | 480 | 505,326 |
Encompass Health Corp.: | | | |
4.625%, 4/1/31 | | 683 | 654,512 |
4.75%, 2/1/30 | | 639 | 625,068 |
Ephios Subco 3 SARL, 7.875%, 1/31/31(14) | EUR | 160 | 192,269 |
Fortrea Holdings, Inc., 7.50%, 7/1/30(1) | | 1,427 | 1,438,152 |
HCA, Inc., 5.875%, 2/15/26 | | 2,705 | 2,734,016 |
Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 4/30/28(1) | | 4,006 | 4,291,118 |
Security | Principal Amount* (000's omitted) | Value |
Health Care (continued) |
IQVIA, Inc.: | | | |
2.25%, 1/15/28(14) | EUR | 250 | $ 265,787 |
2.25%, 3/15/29(14) | EUR | 300 | 313,869 |
2.875%, 6/15/28(14) | EUR | 100 | 108,246 |
5.00%, 10/15/26(1) | | 850 | 848,396 |
5.00%, 5/15/27(1) | | 685 | 681,420 |
6.50%, 5/15/30(1) | | 825 | 861,566 |
Legacy LifePoint Health LLC, 4.375%, 2/15/27(1) | | 989 | 970,724 |
LifePoint Health, Inc.: | | | |
5.375%, 1/15/29(1) | | 2,888 | 2,731,611 |
9.875%, 8/15/30(1) | | 825 | 909,360 |
10.00%, 6/1/32(1) | | 375 | 412,731 |
Medline Borrower LP, 5.25%, 10/1/29(1) | | 4,431 | 4,350,899 |
Molina Healthcare, Inc.: | | | |
3.875%, 11/15/30(1) | | 1,330 | 1,236,453 |
3.875%, 5/15/32(1) | | 1,450 | 1,327,239 |
Option Care Health, Inc., 4.375%, 10/31/29(1) | | 1,991 | 1,893,318 |
Surgery Center Holdings, Inc., 7.25%, 4/15/32(1) | | 1,320 | 1,379,430 |
Team Health Holdings, Inc, 13.50%, (9.00% cash and 4.50% PIK), 6/30/28(1) | | 77 | 85,388 |
Tenet Healthcare Corp.: | | | |
4.375%, 1/15/30 | | 187 | 179,546 |
5.125%, 11/1/27 | | 1,607 | 1,602,219 |
6.125%, 10/1/28 | | 1,593 | 1,606,987 |
6.875%, 11/15/31 | | 878 | 961,757 |
U.S. Acute Care Solutions LLC, 9.75%, 5/15/29(1) | | 1,710 | 1,773,285 |
Varex Imaging Corp., 7.875%, 10/15/27(1) | | 558 | 570,158 |
| | | $ 36,885,136 |
Health Care Providers & Services — 0.1% |
Catalent Pharma Solutions, Inc.: | | | |
2.375%, 3/1/28(14) | EUR | 150 | $ 164,444 |
3.50%, 4/1/30(1) | | 1,465 | 1,442,175 |
| | | $ 1,606,619 |
Home Furnishings — 0.2% |
Tempur Sealy International, Inc.: | | | |
3.875%, 10/15/31(1) | | 1,932 | $ 1,724,199 |
4.00%, 4/15/29(1) | | 968 | 903,703 |
| | | $ 2,627,902 |
Homebuilders/Real Estate — 0.0%(13) |
M/I Homes, Inc., 4.95%, 2/1/28 | | 459 | $ 451,616 |
| | | $ 451,616 |
16
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Hotels, Restaurants & Leisure — 0.1% |
Resorts World Las Vegas LLC/RWLV Capital, Inc., 8.45%, 7/27/30(1) | | 600 | $ 633,808 |
| | | $ 633,808 |
Housewares — 0.1% |
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/29(1)(3) | | 1,515 | $ 1,518,333 |
| | | $ 1,518,333 |
Industrial Equipment — 0.2% |
Alstom SA, 5.868% to 5/29/29(14)(15)(17) | EUR | 200 | $ 230,117 |
Madison IAQ LLC, 5.875%, 6/30/29(1) | | 1,660 | 1,617,683 |
TK Elevator Holdco GmbH, 6.625%, 7/15/28(14) | EUR | 270 | 300,565 |
TK Elevator Midco GmbH, 4.375%, 7/15/27(14) | EUR | 425 | 470,190 |
| | | $ 2,618,555 |
Insurance — 0.9% |
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer: | | | |
6.75%, 10/15/27(1) | | 2,323 | $ 2,316,136 |
7.00%, 1/15/31(1) | | 808 | 830,925 |
7.375%, 10/1/32(1) | | 285 | 289,304 |
AmWINS Group, Inc., 4.875%, 6/30/29(1) | | 1,010 | 969,301 |
AssuredPartners, Inc., 5.625%, 1/15/29(1) | | 450 | 433,609 |
Galaxy Finco Ltd., 9.25%, 7/31/27(14) | GBP | 475 | 630,388 |
GTCR AP Finance, Inc., 8.00%, 5/15/27(1) | | 820 | 820,546 |
Jones Deslauriers Insurance Management, Inc., 10.50%, 12/15/30(1) | | 1,539 | 1,674,964 |
Panther Escrow Issuer LLC, 7.125%, 6/1/31(1) | | 2,679 | 2,812,130 |
Ryan Specialty LLC, 5.875%, 8/1/32(1) | | 975 | 991,917 |
| | | $ 11,769,220 |
Internet Software & Services — 0.6% |
Arches Buyer, Inc.: | | | |
4.25%, 6/1/28(1) | | 655 | $ 603,321 |
6.125%, 12/1/28(1) | | 1,854 | 1,589,078 |
Cars.com, Inc., 6.375%, 11/1/28(1) | | 1,770 | 1,784,190 |
Match Group Holdings II LLC, 3.625%, 10/1/31(1) | | 1,727 | 1,547,951 |
Science Applications International Corp., 4.875%, 4/1/28(1) | | 1,487 | 1,457,475 |
United Group BV: | | | |
3.125%, 2/15/26(14) | EUR | 200 | 220,293 |
6.75%, 2/15/31(14) | EUR | 120 | 139,088 |
Security | Principal Amount* (000's omitted) | Value |
Internet Software & Services (continued) |
United Group BV: (continued) | | | |
7.792%, (3 mo. EURIBOR + 4.25%), 2/15/31(2)(14) | EUR | 100 | $ 111,433 |
| | | $ 7,452,829 |
Leisure Goods/Activities/Movies — 2.0% |
Acushnet Co., 7.375%, 10/15/28(1) | | 1,142 | $ 1,204,968 |
Carnival Corp.: | | | |
5.75%, 3/1/27(1) | | 1,316 | 1,333,605 |
5.75%, 1/15/30(14) | EUR | 100 | 119,355 |
6.00%, 5/1/29(1) | | 2,081 | 2,109,768 |
Cinemark USA, Inc.: | | | |
5.25%, 7/15/28(1) | | 1,481 | 1,457,415 |
7.00%, 8/1/32(1) | | 1,015 | 1,060,435 |
LHMC Finco 2 SARL, 7.25%, (7.25% cash or 8.00% PIK), 10/2/25(14)(16) | EUR | 158 | 176,715 |
Life Time, Inc.: | | | |
5.75%, 1/15/26(1) | | 1,268 | 1,270,115 |
8.00%, 4/15/26(1) | | 846 | 854,461 |
NCL Corp. Ltd.: | | | |
5.875%, 3/15/26(1) | | 2,601 | 2,602,786 |
5.875%, 2/15/27(1) | | 517 | 519,178 |
7.75%, 2/15/29(1) | | 433 | 464,316 |
NCL Finance Ltd., 6.125%, 3/15/28(1) | | 1,000 | 1,020,709 |
Piaggio & C SpA, 6.50%, 10/5/30(14) | EUR | 200 | 236,164 |
Playtika Holding Corp., 4.25%, 3/15/29(1) | | 1,511 | 1,387,999 |
Royal Caribbean Cruises Ltd.: | | | |
3.70%, 3/15/28 | | 590 | 569,762 |
6.00%, 2/1/33(1) | | 1,105 | 1,133,519 |
6.25%, 3/15/32(1) | | 845 | 877,080 |
TUI AG, 5.875%, 3/15/29(14) | EUR | 600 | 697,320 |
TUI Cruises GmbH, 6.25%, 4/15/29(14) | EUR | 250 | 293,414 |
Viking Cruises Ltd.: | | | |
5.875%, 9/15/27(1) | | 2,472 | 2,472,003 |
6.25%, 5/15/25(1) | | 1,690 | 1,688,777 |
7.00%, 2/15/29(1) | | 658 | 666,805 |
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1) | | 422 | 420,922 |
| | | $ 24,637,591 |
Lodging and Casinos — 0.1% |
Genting New York LLC/GENNY Capital, Inc., 7.25%, 10/1/29(1) | | 980 | $ 992,445 |
TVL Finance PLC, 10.25%, 4/28/28(14) | GBP | 220 | 308,688 |
| | | $ 1,301,133 |
17
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Machinery — 0.3% |
Chart Industries, Inc., 9.50%, 1/1/31(1) | | 1,984 | $ 2,164,280 |
Dynamo Newco II GmbH, 6.25%, 10/15/31(1) | EUR | 235 | 263,552 |
Esab Corp., 6.25%, 4/15/29(1) | | 1,083 | 1,113,658 |
EVOCA SpA, 8.962%, (3 mo. EURIBOR + 5.25%), 4/9/29(2)(14) | EUR | 344 | 388,167 |
IMA Industria Macchine Automatiche SpA: | | | |
3.75%, 1/15/28(14) | EUR | 121 | 131,309 |
7.435%, (3 mo. EURIBOR + 3.75%), 4/15/29(2)(14) | EUR | 150 | 169,089 |
| | | $ 4,230,055 |
Media — 0.3% |
CSC Holdings LLC, 11.75%, 1/31/29(1) | | 571 | $ 552,280 |
iHeartCommunications, Inc., 6.375%, 5/1/26 | | 179 | 156,863 |
Outfront Media Capital LLC/Outfront Media Capital Corp.: | | | |
4.25%, 1/15/29(1) | | 610 | 581,360 |
4.625%, 3/15/30(1) | | 925 | 879,740 |
7.375%, 2/15/31(1) | | 1,475 | 1,575,927 |
Summer BidCo BV, 10.00%, (10.00% cash or 10.75% PIK), 2/15/29(14)(16) | EUR | 409 | 471,329 |
| | | $ 4,217,499 |
Metals/Mining — 1.2% |
Arsenal AIC Parent LLC, 11.50%, 10/1/31(1) | | 3,254 | $ 3,681,799 |
Compass Minerals International, Inc., 6.75%, 12/1/27(1) | | 2,449 | 2,439,600 |
Constellium SE, 5.625%, 6/15/28(1) | | 630 | 629,255 |
First Quantum Minerals Ltd., 9.375%, 3/1/29(1) | | 1,215 | 1,289,351 |
Freeport-McMoRan, Inc., 5.45%, 3/15/43 | | 1,600 | 1,608,416 |
Hudbay Minerals, Inc.: | | | |
4.50%, 4/1/26(1) | | 1,085 | 1,074,142 |
6.125%, 4/1/29(1) | | 489 | 496,450 |
Novelis Corp.: | | | |
3.25%, 11/15/26(1) | | 690 | 666,449 |
4.75%, 1/30/30(1) | | 1,068 | 1,036,356 |
Novelis Sheet Ingot GmbH, 3.375%, 4/15/29(14) | EUR | 600 | 639,273 |
Roller Bearing Co. of America, Inc., 4.375%, 10/15/29(1) | | 1,513 | 1,453,434 |
| | | $ 15,014,525 |
Nonferrous Metals/Minerals — 0.2% |
Eldorado Gold Corp., 6.25%, 9/1/29(1) | | 1,333 | $ 1,331,820 |
New Gold, Inc., 7.50%, 7/15/27(1) | | 1,379 | 1,407,552 |
| | | $ 2,739,372 |
Security | Principal Amount* (000's omitted) | Value |
Oil and Gas — 2.0% |
Aethon United BR LP/Aethon United Finance Corp.: | | | |
7.50%, 10/1/29(1)(3) | | 1,475 | $ 1,495,591 |
8.25%, 2/15/26(1) | | 1,570 | 1,589,532 |
Civitas Resources, Inc., 8.625%, 11/1/30(1) | | 2,678 | 2,839,542 |
Matador Resources Co., 6.50%, 4/15/32(1) | | 1,400 | 1,398,959 |
Nabors Industries Ltd., 7.50%, 1/15/28(1) | | 665 | 624,084 |
Parkland Corp.: | | | |
4.50%, 10/1/29(1) | | 376 | 356,244 |
4.625%, 5/1/30(1) | | 1,501 | 1,416,563 |
Permian Resources Operating LLC: | | | |
5.375%, 1/15/26(1) | | 232 | 231,793 |
5.875%, 7/1/29(1) | | 2,252 | 2,251,824 |
6.25%, 2/1/33(1) | | 935 | 950,773 |
7.00%, 1/15/32(1) | | 1,214 | 1,263,959 |
Petroleos de Venezuela SA: | | | |
5.375%, 4/12/27(14)(18) | | 1,233 | 119,883 |
5.50%, 4/12/37(14)(18) | | 432 | 43,073 |
6.00%, 10/28/22(14)(18) | | 308 | 26,556 |
6.00%, 5/16/24(14)(18) | | 1,578 | 153,006 |
6.00%, 11/15/26(14)(18) | | 897 | 87,443 |
8.50%, 10/27/20(14)(18) | | 75 | 69,375 |
9.00%, 11/17/21(14)(18) | | 566 | 58,968 |
9.75%, 5/17/35(14)(18) | | 635 | 69,861 |
12.75%, 2/17/22(14)(18) | | 393 | 45,125 |
Petroleos Mexicanos: | | | |
6.50%, 3/13/27 | | 235 | 230,593 |
6.84%, 1/23/30 | | 416 | 385,495 |
6.875%, 8/4/26 | | 367 | 365,792 |
Precision Drilling Corp.: | | | |
6.875%, 1/15/29(1) | | 932 | 930,817 |
7.125%, 1/15/26(1) | | 309 | 309,856 |
Repsol International Finance BV, 4.50% to 3/25/25, 3/25/75(14)(15) | EUR | 100 | 111,505 |
Seadrill Finance Ltd., 8.375%, 8/1/30(1) | | 513 | 535,965 |
SM Energy Co., 7.00%, 8/1/32(1) | | 1,070 | 1,074,869 |
Southwestern Energy Co., 4.75%, 2/1/32 | | 1,485 | 1,421,754 |
Transocean Poseidon Ltd., 6.875%, 2/1/27(1) | | 641 | 641,501 |
Transocean, Inc., 8.75%, 2/15/30(1) | | 601 | 627,054 |
Vital Energy, Inc.: | | | |
7.875%, 4/15/32(1) | | 694 | 672,798 |
9.75%, 10/15/30 | | 1,026 | 1,097,240 |
Weatherford International Ltd., 8.625%, 4/30/30(1) | | 1,355 | 1,412,922 |
Wintershall Dea Finance 2 BV, Series NC5, 2.499% to 4/20/26(14)(15)(17) | EUR | 200 | 214,164 |
| | | $ 25,124,479 |
18
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Packaging & Containers — 0.3% |
Ball Corp., 6.875%, 3/15/28 | | 474 | $ 491,266 |
Kleopatra Finco SARL, 4.25%, 3/1/26(14) | EUR | 140 | 146,596 |
OI European Group BV, 6.25%, 5/15/28(14) | EUR | 125 | 145,179 |
Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31(1) | | 1,382 | 1,421,500 |
Trivium Packaging Finance BV: | | | |
5.50%, 8/15/26(1) | | 424 | 422,721 |
7.292%, (3 mo. EURIBOR + 3.75%), 8/15/26(2)(14) | EUR | 300 | 335,398 |
8.50%, 8/15/27(1) | | 810 | 812,744 |
| | | $ 3,775,404 |
Pharmaceuticals — 0.8% |
Bayer AG, 5.375% to 6/25/30, 3/25/82(14)(15) | EUR | 500 | $ 552,747 |
BellRing Brands, Inc., 7.00%, 3/15/30(1) | | 2,444 | 2,560,244 |
Endo Finance Holdings, Inc., 8.50%, 4/15/31(1) | | 900 | 965,505 |
Grifols SA, 7.50%, 5/1/30(14) | EUR | 150 | 177,711 |
Nidda Healthcare Holding GmbH, 7.50%, 8/21/26(14) | EUR | 400 | 461,147 |
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25(1) | | 1,119 | 1,099,874 |
Prestige Brands, Inc., 3.75%, 4/1/31(1) | | 752 | 689,339 |
Rossini SARL, 6.75%, 12/31/29(14) | EUR | 455 | 533,453 |
Teva Pharmaceutical Finance Netherlands II BV, 7.875%, 9/15/31 | EUR | 100 | 132,125 |
Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/1/46 | | 3,321 | 2,471,375 |
| | | $ 9,643,520 |
Pipelines — 2.3% |
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 3/1/27(1) | | 1,874 | $ 1,877,143 |
Cheniere Energy Partners LP, 4.00%, 3/1/31 | | 2,706 | 2,562,862 |
DT Midstream, Inc., 4.125%, 6/15/29(1) | | 1,449 | 1,387,101 |
Energy Transfer LP, 5.00%, 5/15/50 | | 1,094 | 989,021 |
EQM Midstream Partners LP: | | | |
4.50%, 1/15/29(1) | | 1,355 | 1,326,622 |
4.75%, 1/15/31(1) | | 1,086 | 1,052,299 |
6.00%, 7/1/25(1) | | 257 | 257,573 |
6.50%, 7/1/27(1) | | 702 | 723,621 |
7.50%, 6/1/30(1) | | 1,010 | 1,109,950 |
Genesis Energy LP/Genesis Energy Finance Corp., 7.875%, 5/15/32 | | 798 | 813,115 |
Global Partners LP/GLP Finance Corp., 8.25%, 1/15/32(1) | | 1,317 | 1,367,163 |
Kinetik Holdings LP, 5.875%, 6/15/30(1) | | 2,308 | 2,325,589 |
Security | Principal Amount* (000's omitted) | Value |
Pipelines (continued) |
Plains All American Pipeline LP, Series B, 9.49% to 11/15/24, (3 mo. SOFR + 4.372%)(2)(17) | | 1,912 | $ 1,913,323 |
Venture Global LNG, Inc.: | | | |
7.00%, 1/15/30(1) | | 800 | 817,890 |
8.125%, 6/1/28(1) | | 1,174 | 1,224,704 |
8.375%, 6/1/31(1) | | 1,878 | 1,984,306 |
9.00% to 9/30/29(1)(15)(17) | | 2,160 | 2,191,091 |
9.50%, 2/1/29(1) | | 1,623 | 1,829,331 |
9.875%, 2/1/32(1) | | 1,542 | 1,714,422 |
Western Midstream Operating LP: | | | |
4.05%, 2/1/30 | | 1,187 | 1,143,602 |
4.50%, 3/1/28 | | 148 | 146,831 |
4.75%, 8/15/28 | | 150 | 149,917 |
| | | $ 28,907,476 |
Publishing — 0.2% |
McGraw-Hill Education, Inc.: | | | |
5.75%, 8/1/28(1) | | 423 | $ 418,366 |
7.375%, 9/1/31(1) | | 735 | 763,193 |
8.00%, 8/1/29(1) | | 1,879 | 1,887,299 |
| | | $ 3,068,858 |
Radio and Television — 0.4% |
Clear Channel Outdoor Holdings, Inc.: | | | |
7.75%, 4/15/28(1) | | 2,088 | $ 1,870,125 |
7.875%, 4/1/30(1) | | 1,227 | 1,284,100 |
Townsquare Media, Inc., 6.875%, 2/1/26(1) | | 1,492 | 1,490,074 |
| | | $ 4,644,299 |
Real Estate Investment Trusts (REITs) — 1.2% |
AccorInvest Group SA, 6.375%, 10/15/29(3)(14) | EUR | 165 | $ 190,478 |
Akelius Residential Property AB, 2.249% to 2/17/26, 5/17/81(14)(15) | EUR | 200 | 214,081 |
Alexandrite Monnet U.K. Holdco PLC, 10.50%, 5/15/29(14) | EUR | 600 | 723,423 |
CTR Partnership LP/CareTrust Capital Corp., 3.875%, 6/30/28(1) | | 1,591 | 1,517,737 |
Cushman & Wakefield U.S. Borrower LLC: | | | |
6.75%, 5/15/28(1) | | 1,272 | 1,284,721 |
8.875%, 9/1/31(1) | | 907 | 991,059 |
Greystar Real Estate Partners LLC, 7.75%, 9/1/30(1) | | 2,048 | 2,176,774 |
HAT Holdings I LLC/HAT Holdings II LLC: | | | |
3.375%, 6/15/26(1) | | 1,316 | 1,275,315 |
3.75%, 9/15/30(1) | | 1,816 | 1,641,207 |
19
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Real Estate Investment Trusts (REITs) (continued) |
Heimstaden Bostad AB: | | | |
3.00% to 10/29/27(14)(15)(17) | EUR | 102 | $ 96,405 |
3.375% to 1/15/26(14)(15)(17) | EUR | 150 | 150,023 |
Heimstaden Bostad Treasury BV, 0.25%, 10/13/24(14) | EUR | 225 | 250,117 |
Pebblebrook Hotel LP/PEB Finance Corp., 6.375%, 10/15/29(1)(3) | | 435 | 438,249 |
VICI Properties LP/VICI Note Co., Inc.: | | | |
3.75%, 2/15/27(1) | | 323 | 315,293 |
4.125%, 8/15/30(1) | | 1,108 | 1,053,089 |
4.25%, 12/1/26(1) | | 1,653 | 1,638,146 |
4.50%, 9/1/26(1) | | 895 | 891,615 |
5.75%, 2/1/27(1) | | 573 | 583,347 |
| | | $ 15,431,079 |
Retail — 1.3% |
B&M European Value Retail SA, 8.125%, 11/15/30(14) | GBP | 200 | $ 287,363 |
Bertrand Franchise Finance SAS: | | | |
6.50%, 7/18/30(14) | EUR | 100 | 115,513 |
6.50%, 7/18/30(1) | EUR | 100 | 115,513 |
7.489%, (3 mo. EURIBOR + 3.75%), 7/18/30(1)(2) | EUR | 120 | 134,635 |
CD&R Firefly Bidco PLC, 8.625%, 4/30/29(14) | GBP | 450 | 624,358 |
Cougar JV Subsidiary LLC, 8.00%, 5/15/32(1) | | 1,737 | 1,838,135 |
Dufry One BV: | | | |
2.00%, 2/15/27(14) | EUR | 200 | 215,035 |
3.375%, 4/15/28(14) | EUR | 139 | 153,147 |
Duomo Bidco SpA, 7.803%, (3 mo. EURIBOR + 4.125%), 7/15/31(2)(14) | EUR | 150 | 168,809 |
Evergreen Acqco 1 LP/TVI, Inc., 9.75%, 4/26/28(1) | | 1,620 | 1,709,858 |
Ferrellgas LP/Ferrellgas Finance Corp., 5.875%, 4/1/29(1) | | 1,582 | 1,481,733 |
Group 1 Automotive, Inc.: | | | |
4.00%, 8/15/28(1) | | 1,328 | 1,268,129 |
6.375%, 1/15/30(1) | | 455 | 463,366 |
Ken Garff Automotive LLC, 4.875%, 9/15/28(1) | | 957 | 927,838 |
LCM Investments Holdings II LLC: | | | |
4.875%, 5/1/29(1) | | 1,652 | 1,588,700 |
8.25%, 8/1/31(1) | | 262 | 278,409 |
NMG Holding Co., Inc./Neiman Marcus Group LLC, 8.50%, 10/1/28(1) | | 1,537 | 1,565,864 |
PEU Fin PLC, 7.25%, 7/1/28(14) | EUR | 200 | 232,453 |
Punch Finance PLC, 6.125%, 6/30/26(14) | GBP | 125 | 165,824 |
Raising Cane's Restaurants LLC, 9.375%, 5/1/29(1) | | 1,798 | 1,949,178 |
Security | Principal Amount* (000's omitted) | Value |
Retail (continued) |
Stonegate Pub Co. Financing PLC, 10.173%, (3 mo. EURIBOR + 6.625%), 7/31/29(2)(14) | EUR | 100 | $ 113,767 |
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 6/1/31(1) | | 824 | 768,922 |
| | | $ 16,166,549 |
Retailers (Except Food and Drug) — 0.7% |
Bath & Body Works, Inc.: | | | |
6.625%, 10/1/30(1) | | 479 | $ 488,773 |
6.75%, 7/1/36 | | 437 | 450,841 |
6.95%, 3/1/33 | | 1,027 | 1,041,119 |
9.375%, 7/1/25(1) | | 182 | 187,305 |
Dave & Buster's, Inc., 7.625%, 11/1/25(1) | | 2,417 | 2,420,986 |
Murphy Oil USA, Inc., 5.625%, 5/1/27 | | 560 | 560,038 |
PetSmart, Inc./PetSmart Finance Corp.: | | | |
4.75%, 2/15/28(1) | | 1,290 | 1,237,946 |
7.75%, 2/15/29(1) | | 1,015 | 1,002,963 |
Superior Plus LP/Superior General Partner, Inc., 4.50%, 3/15/29(1) | | 1,532 | 1,453,846 |
| | | $ 8,843,817 |
Semiconductors & Semiconductor Equipment — 0.1% |
ams-OSRAM AG, 10.50%, 3/30/29(14) | EUR | 125 | $ 144,171 |
ON Semiconductor Corp., 3.875%, 9/1/28(1) | | 1,544 | 1,473,481 |
| | | $ 1,617,652 |
Software — 0.5% |
Clarivate Science Holdings Corp., 4.875%, 7/1/29(1) | | 1,555 | $ 1,497,146 |
Cloud Software Group, Inc.: | | | |
6.50%, 3/31/29(1) | | 1,268 | 1,262,689 |
9.00%, 9/30/29(1) | | 2,620 | 2,668,392 |
Rocket Software, Inc., 9.00%, 11/28/28(1) | | 530 | 553,543 |
TeamSystem SpA, 7.127%, (3 mo. EURIBOR + 3.50%), 7/31/31(1)(2) | EUR | 170 | 190,355 |
| | | $ 6,172,125 |
Software and Services — 0.3% |
Fair Isaac Corp., 4.00%, 6/15/28(1) | | 1,248 | $ 1,208,618 |
Gartner, Inc.: | | | |
3.625%, 6/15/29(1) | | 427 | 407,918 |
3.75%, 10/1/30(1) | | 660 | 620,028 |
4.50%, 7/1/28(1) | | 908 | 899,479 |
Playtech PLC, 4.25%, 3/7/26(14) | EUR | 200 | 222,802 |
| | | $ 3,358,845 |
20
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Specialty Retail — 0.0%(13) |
Fiber Bidco SpA, 7.345%, (3 mo. EURIBOR + 4.00%), 1/15/30(2)(14) | EUR | 260 | $ 291,683 |
Fiber Midco SpA: | | | |
10.00% PIK, 6/15/29(1)(16) | EUR | 155 | 177,384 |
10.00% PIK, 6/15/29(14)(16) | EUR | 100 | 114,442 |
| | | $ 583,509 |
Steel — 0.3% |
Allegheny Ludlum LLC, 6.95%, 12/15/25 | | 465 | $ 475,120 |
ATI, Inc., 5.875%, 12/1/27 | | 320 | 319,884 |
Big River Steel LLC/BRS Finance Corp., 6.625%, 1/31/29(1) | | 1,147 | 1,163,073 |
TMS International Corp., 6.25%, 4/15/29(1) | | 1,365 | 1,301,200 |
| | | $ 3,259,277 |
Surface Transport — 0.0%(13) |
Hertz Corp., 4.625%, 12/1/26(1) | | 80 | $ 63,101 |
| | | $ 63,101 |
Technology — 0.7% |
athenahealth Group, Inc., 6.50%, 2/15/30(1) | | 3,768 | $ 3,622,482 |
International Game Technology PLC: | | | |
4.125%, 4/15/26(1) | | 892 | 880,936 |
5.25%, 1/15/29(1) | | 3,110 | 3,100,291 |
6.25%, 1/15/27(1) | | 976 | 996,931 |
| | | $ 8,600,640 |
Telecommunications — 1.6% |
Ciena Corp., 4.00%, 1/31/30(1) | | 1,883 | $ 1,781,994 |
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 9/15/29(1) | | 1,990 | 1,928,280 |
eircom Finance DAC, 5.75%, 12/15/29(14) | EUR | 200 | 229,954 |
Iliad Holding SASU: | | | |
6.50%, 10/15/26(1) | | 671 | 678,831 |
6.875%, 4/15/31(14) | EUR | 200 | 236,827 |
7.00%, 10/15/28(1) | | 811 | 825,729 |
8.50%, 4/15/31(1) | | 720 | 775,063 |
LCPR Senior Secured Financing DAC, 5.125%, 7/15/29(1) | | 420 | 340,739 |
Lorca Telecom Bondco SA, 4.00%, 9/18/27(14) | EUR | 643 | 711,936 |
Odido Group Holding BV, 5.50%, 1/15/30(14) | EUR | 450 | 490,905 |
Optics Bidco SpA: | | | |
1.625%, 1/18/29 | EUR | 100 | 102,088 |
7.75%, 1/24/33 | EUR | 440 | 598,463 |
7.875%, 7/31/28(14) | EUR | 192 | 241,903 |
Security | Principal Amount* (000's omitted) | Value |
Telecommunications (continued) |
PLT VII Finance SARL, 6.981%, (3 mo. EURIBOR + 3.50%), 6/15/31(2)(14) | EUR | 100 | $ 111,819 |
Sable International Finance Ltd., 7.125%, 10/15/32(1)(3) | | 619 | 621,891 |
Stagwell Global LLC, 5.625%, 8/15/29(1) | | 1,987 | 1,922,598 |
Summer (BC) Bidco B LLC, 5.50%, 10/31/26(1) | | 907 | 896,747 |
Summer (BC) Holdco A SARL, 9.25%, 10/31/27(14) | EUR | 126 | 140,509 |
Summer (BC) Holdco B SARL, 5.75%, 10/31/26(14) | EUR | 150 | 167,160 |
Telecom Italia SpA, 7.875%, 7/31/28(14) | EUR | 133 | 167,462 |
Telefonica Europe BV: | | | |
2.88% to 2/24/28(14)(15)(17) | EUR | 200 | 212,519 |
7.125% to 8/23/28(14)(15)(17) | EUR | 400 | 489,780 |
Viasat, Inc., 5.625%, 4/15/27(1) | | 476 | 449,590 |
Vmed O2 U.K. Financing I PLC: | | | |
4.50%, 7/15/31(14) | GBP | 100 | 115,680 |
4.75%, 7/15/31(1) | | 976 | 869,745 |
5.625%, 4/15/32(14) | EUR | 325 | 366,605 |
7.75%, 4/15/32(1) | | 645 | 662,886 |
Vodafone Group PLC: | | | |
2.625% to 5/27/26, 8/27/80(14)(15) | EUR | 400 | 435,670 |
4.875% to 7/3/25, 10/3/78(14)(15) | GBP | 350 | 464,234 |
8.00% to 5/30/31, 8/30/86(14)(15) | GBP | 200 | 294,133 |
Zegona Finance PLC: | | | |
6.75%, 7/15/29(14) | EUR | 300 | 349,181 |
8.625%, 7/15/29(1) | | 2,050 | 2,192,219 |
| | | $ 19,873,140 |
Transportation — 0.4% |
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(1) | | 1,528 | $ 1,466,364 |
Seaspan Corp., 5.50%, 8/1/29(1) | | 1,911 | 1,821,831 |
Watco Cos. LLC/Watco Finance Corp., 7.125%, 8/1/32(1) | | 1,155 | 1,204,818 |
| | | $ 4,493,013 |
Utilities — 1.4% |
Calpine Corp.: | | | |
4.50%, 2/15/28(1) | | 1,073 | $ 1,048,400 |
4.625%, 2/1/29(1) | | 680 | 657,337 |
5.00%, 2/1/31(1) | | 910 | 881,876 |
5.125%, 3/15/28(1) | | 1,511 | 1,491,089 |
5.25%, 6/1/26(1) | | 344 | 342,916 |
Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29(1) | | 838 | 790,854 |
NextEra Energy Operating Partners LP, 4.50%, 9/15/27(1) | | 1,207 | 1,180,217 |
21
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Utilities (continued) |
NRG Energy, Inc.: | | | |
3.375%, 2/15/29(1) | | 664 | $ 619,539 |
3.625%, 2/15/31(1) | | 1,107 | 1,004,140 |
3.875%, 2/15/32(1) | | 1,466 | 1,336,796 |
5.25%, 6/15/29(1) | | 673 | 671,338 |
10.25% to 3/15/28(1)(15)(17) | | 1,753 | 1,978,811 |
TerraForm Power Operating LLC, 5.00%, 1/31/28(1) | | 1,497 | 1,482,236 |
Vistra Operations Co. LLC: | | | |
4.375%, 5/1/29(1) | | 939 | 909,583 |
5.00%, 7/31/27(1) | | 1,698 | 1,691,045 |
6.875%, 4/15/32(1) | | 1,405 | 1,479,111 |
| | | $ 17,565,288 |
Total Corporate Bonds (identified cost $573,779,897) | | | $ 574,999,854 |
Senior Floating-Rate Loans — 44.3%(19) |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Aerospace and Defense — 0.8% |
Aernnova Aerospace SAU, Term Loan, 7.708%, (3 mo. EURIBOR + 4.00%), 2/27/30 | EUR | 1,000 | $ 1,117,324 |
Dynasty Acquisition Co., Inc.: | | | |
Term Loan, 8.345%, (SOFR + 3.50%), 8/24/28 | | 1,350 | 1,352,491 |
Term Loan, 8.345%, (SOFR + 3.50%), 8/24/28 | | 520 | 521,486 |
HDI Aerospace Intermediate Holding III Corp., Term Loan, 9/19/31(20) | | 650 | 647,969 |
IAP Worldwide Services, Inc., Term Loan - Second Lien, 0.00%, 7/18/23(10)(18) | | 216 | 172,262 |
Novaria Holdings LLC, Term Loan, 9.195%, (SOFR + 4.25%), 6/6/31 | | 200 | 200,416 |
TransDigm, Inc.: | | | |
Term Loan, 7.104%, (SOFR + 2.50%), 2/28/31 | | 4,564 | 4,551,023 |
Term Loan, 7.354%, (SOFR + 2.75%), 3/22/30 | | 1,320 | 1,320,912 |
| | | $ 9,883,883 |
Airlines — 0.1% |
SkyMiles IP Ltd., Term Loan, 9.032%, (SOFR + 3.75%), 10/20/27 | | 777 | $ 792,679 |
| | | $ 792,679 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Apparel & Luxury Goods — 0.1% |
ABG Intermediate Holdings 2 LLC, Term Loan, 12/21/28(20) | | 425 | $ 425,896 |
Gloves Buyer, Inc., Term Loan, 8.96%, (SOFR + 4.00%), 12/29/27 | | 623 | 621,831 |
Hanesbrands, Inc., Term Loan, 8.595%, (SOFR + 3.75%), 3/8/30 | | 369 | 369,375 |
| | | $ 1,417,102 |
Auto Components — 0.6% |
Adient U.S. LLC, Term Loan, 7.595%, (SOFR + 2.75%), 1/31/31 | | 553 | $ 554,186 |
Autokiniton U.S. Holdings, Inc., Term Loan, 8.96%, (SOFR + 4.00%), 4/6/28 | | 508 | 508,671 |
Clarios Global LP: | | | |
Term Loan, 6.378%, (1 mo. EURIBOR + 3.00%), 7/16/31 | EUR | 913 | 1,017,806 |
Term Loan, 7.345%, (SOFR + 2.50%), 5/6/30 | | 2,604 | 2,610,442 |
DexKo Global, Inc.: | | | |
Term Loan, 7.345%, (3 mo. EURIBOR + 4.00%), 10/4/28 | EUR | 405 | 437,306 |
Term Loan, 7.345%, (3 mo. EURIBOR + 4.00%), 10/4/28 | EUR | 595 | 642,218 |
Term Loan, 8.615%, (SOFR + 3.75%), 10/4/28 | | 804 | 779,695 |
Garrett LX I SARL, Term Loan, 8.002%, (SOFR + 2.75%), 4/30/28 | | 631 | 632,470 |
LSF12 Badger Bidco LLC, Term Loan, 10.845%, (SOFR + 6.00%), 8/30/30 | | 298 | 286,957 |
RealTruck Group, Inc., Term Loan, 9.96%, (SOFR + 5.00%), 1/31/28 | | 672 | 665,818 |
| | | $ 8,135,569 |
Automobiles — 0.2% |
MajorDrive Holdings IV LLC: | | | |
Term Loan, 8.865%, (SOFR + 4.00%), 6/1/28 | | 435 | $ 436,804 |
Term Loan, 10.254%, (SOFR + 5.50%), 6/1/29 | | 1,609 | 1,619,810 |
| | | $ 2,056,614 |
Beverages — 0.1% |
City Brewing Co. LLC: | | | |
Term Loan, 9.063%, (SOFR + 3.50%), 4/5/28 | | 546 | $ 447,386 |
Term Loan, 11.551%, (SOFR + 6.25%), 4/5/28 | | 177 | 156,528 |
Term Loan - Second Lien, 10.563%, (SOFR + 5.00%), 4/5/28 | | 1,047 | 549,654 |
| | | $ 1,153,568 |
22
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Biotechnology — 0.1% |
Alkermes, Inc., Term Loan, 7.469%, (SOFR + 2.50%), 3/12/26 | | 1,068 | $ 1,072,707 |
Alltech, Inc., Term Loan, 8.96%, (SOFR + 4.00%), 10/13/28 | | 462 | 462,515 |
| | | $ 1,535,222 |
Building Products — 0.5% |
CPG International, Inc., Term Loan, 9/19/31(20) | | 725 | $ 726,359 |
LHS Borrower LLC, Term Loan, 9.695%, (SOFR + 4.75%), 2/16/29 | | 1,119 | 1,070,933 |
MI Windows and Doors LLC, Term Loan, 8.345%, (SOFR + 3.50%), 3/28/31 | | 1,272 | 1,277,775 |
Oscar AcquisitionCo LLC, Term Loan, 8.495%, (SOFR + 4.25%), 4/29/29 | | 882 | 872,629 |
Sport Group Holding GmbH, Term Loan, 7.958%, (3 mo. EURIBOR + 4.25%), 7/8/31 | EUR | 1,000 | 1,118,715 |
Standard Industries, Inc., Term Loan, 6.92%, (SOFR + 2.00%), 9/22/28 | | 733 | 735,287 |
| | | $ 5,801,698 |
Capital Markets — 1.4% |
Advisor Group, Inc., Term Loan, 8.845%, (SOFR + 4.00%), 8/17/28 | | 1,128 | $ 1,117,870 |
Aretec Group, Inc., Term Loan, 8.845%, (SOFR + 4.00%), 8/9/30 | | 1,687 | 1,654,931 |
Athena Holdco SAS, Term Loan, 7.345%, (3 mo. EURIBOR + 4.00%), 4/14/31 | EUR | 1,000 | 1,121,498 |
Brookfield Property REIT, Inc., Term Loan, 7.445%, (SOFR + 2.50%), 8/27/25 | | 609 | 607,562 |
CeramTec AcquiCo GmbH, Term Loan, 7.005%, (3 mo. EURIBOR + 3.50%), 3/16/29 | EUR | 760 | 844,517 |
Citco Funding LLC, Term Loan, 7.308%, (SOFR + 2.75%), 4/27/28 | | 767 | 772,704 |
EIG Management Co. LLC, Term Loan, 9.965%, (SOFR + 5.00%), 5/17/29 | | 444 | 445,486 |
FinCo I LLC, Term Loan, 8.255%, (SOFR + 3.00%), 6/27/29 | | 1,210 | 1,213,972 |
Focus Financial Partners LLC: | | | |
Term Loan, 3.25%, 9/11/31(21) | | 416 | 415,419 |
Term Loan, 8.095%, (SOFR + 3.25%), 9/11/31 | | 3,876 | 3,867,871 |
Franklin Square Holdings LP, Term Loan, 7.095%, (SOFR + 2.25%), 4/25/31 | | 1,022 | 1,023,716 |
HighTower Holdings LLC, Term Loan, 8.748%, (SOFR + 3.50%), 8/21/28 | | 1,009 | 1,010,709 |
Kestra Advisor Services Holdings A, Inc., Term Loan, 9.057%, (SOFR + 4.00%), 3/22/31 | | 648 | 651,346 |
Mariner Wealth Advisors LLC, Term Loan, 7.604%, (SOFR + 3.00%), 8/18/28 | | 778 | 779,466 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Capital Markets (continued) |
Press Ganey Holdings, Inc., Term Loan, 8.345%, (SOFR + 3.50%), 4/30/31 | | 650 | $ 650,203 |
Victory Capital Holdings, Inc., Term Loan, 7.664%, (SOFR + 2.25%), 7/1/26 | | 873 | 874,459 |
| | | $ 17,051,729 |
Chemicals — 2.3% |
Aruba Investments Holdings LLC, Term Loan, 7.378%, (1 mo. EURIBOR + 4.00%), 11/24/27 | EUR | 965 | $ 1,057,405 |
Discovery Purchaser Corp., Term Loan, 10/4/29(20) | | 600 | 598,000 |
Flint Group Topco Ltd., Term Loan - Second Lien, 12.545%, (SOFR + 7.26%), 5.645% cash, 6.90% PIK, 12/30/27 | | 3 | 505 |
Groupe Solmax, Inc., Term Loan, 9.659%, (SOFR + 4.75%), 5/29/28(22) | | 191 | 177,643 |
INEOS Enterprises Holdings II Ltd., Term Loan, 7.505%, (3 mo. EURIBOR + 4.00%), 7/7/30 | EUR | 500 | 560,436 |
INEOS Enterprises Holdings U.S. Finco LLC, Term Loan, 8.907%, (SOFR + 3.75%), 7/8/30 | | 1,042 | 1,048,638 |
INEOS Finance PLC, Term Loan, 6.878%, (1 mo. EURIBOR + 3.50%), 6/23/31 | EUR | 1,194 | 1,328,266 |
INEOS Quattro Holdings U.K. Ltd.: | | | |
Term Loan, 7.878%, (1 mo. EURIBOR + 4.50%), 4/2/29 | EUR | 1,000 | 1,115,468 |
Term Loan, 8.695%, (SOFR + 3.75%), 3/14/30 | | 420 | 420,562 |
Term Loan, 9.195%, (SOFR + 4.25%), 4/2/29 | | 2,286 | 2,291,354 |
INEOS Styrolution Group GmbH, Term Loan, 5.378%, (1 mo. EURIBOR + 2.00%), 1/29/27 | EUR | 1,000 | 1,107,323 |
INEOS U.S. Finance LLC: | | | |
Term Loan, 7.445%, (SOFR + 2.50%), 11/8/28 | | 609 | 608,234 |
Term Loan, 8.095%, (SOFR + 3.25%), 2/18/30 | | 1,780 | 1,780,957 |
Term Loan, 8.595%, (SOFR + 3.75%), 2/7/31 | | 524 | 524,931 |
Lonza Group AG: | | | |
Term Loan, 7.27%, (3 mo. EURIBOR + 3.93%), 7/3/28 | EUR | 1,000 | 1,057,028 |
Term Loan, 8.529%, (SOFR + 3.93%), 7/3/28 | | 1,696 | 1,591,163 |
Momentive Performance Materials, Inc., Term Loan, 9.345%, (SOFR + 4.50%), 3/29/28 | | 788 | 790,709 |
Nobian Finance BV, Term Loan, 7/2/29(20) | EUR | 500 | 558,314 |
Nouryon Finance BV: | | | |
Term Loan, 6.914%, (1 mo. EURIBOR + 3.50%), 4/3/28 | EUR | 750 | 836,427 |
Term Loan, 8.628%, (SOFR + 3.50%), 4/3/28 | | 1,320 | 1,323,481 |
Olympus Water U.S. Holding Corp., Term Loan, 8.104%, (SOFR + 3.50%), 6/20/31 | | 2,046 | 2,048,899 |
Orion Engineered Carbons GmbH: | | | |
Term Loan, 5.745%, (3 mo. EURIBOR + 2.40%), 9/24/28 | EUR | 1,000 | 1,096,452 |
23
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Chemicals (continued) |
Orion Engineered Carbons GmbH: (continued) | | | |
Term Loan, 6.854%, (SOFR + 2.15%), 9/24/28 | | 364 | $ 361,931 |
Paint Intermediate III LLC, Term Loan, 9/11/31(20) | | 525 | 525,000 |
Rohm Holding GmbH: | | | |
Term Loan, 8.59%, (6 mo. EURIBOR + 5.00%), 1/31/29 | EUR | 1,000 | 1,048,796 |
Term Loan, 10.588%, (SOFR + 5.50%), 1/31/29 | | 909 | 857,022 |
SCUR-Alpha 1503 GmbH, Term Loan, 10.752%, (SOFR + 5.50%), 3/29/30 | | 910 | 870,284 |
Tronox Finance LLC: | | | |
Term Loan, 7.211%, (SOFR + 2.50%), 9/18/31 | | 1,743 | 1,742,218 |
Term Loan, 7.354%, (SOFR + 2.75%), 4/4/29 | | 474 | 474,886 |
W.R. Grace & Co.-Conn., Term Loan, 7.854%, (SOFR + 3.25%), 9/22/28 | | 1,094 | 1,098,165 |
| | | $ 28,900,497 |
Commercial Services & Supplies — 1.8% |
Albion Financing 3 SARL, Term Loan, 9.826%, (SOFR + 4.25%), 8/16/29 | | 1,803 | $ 1,814,250 |
Allied Universal Holdco LLC: | | | |
Term Loan, 7.128%, (1 mo. EURIBOR + 3.75%), 5/12/28 | EUR | 970 | 1,076,187 |
Term Loan, 8.695%, (SOFR + 3.75%), 5/12/28 | | 2,658 | 2,635,342 |
Asplundh Tree Expert LLC, Term Loan, 6.695%, (SOFR + 1.75%), 9/7/27 | | 1,055 | 1,057,489 |
Befesa SA, Term Loan, 6.117%, (6 mo. EURIBOR + 2.75%), 7/9/29 | EUR | 1,000 | 1,117,497 |
Belfor Holdings, Inc.: | | | |
Term Loan, 7.628%, (1 mo. EURIBOR + 4.25%), 11/1/30 | EUR | 1,000 | 1,120,107 |
Term Loan, 8.595%, (SOFR + 3.75%), 11/1/30 | | 584 | 587,168 |
EnergySolutions LLC, Term Loan, 8.354%, (SOFR + 3.75%), 9/20/30 | | 4,238 | 4,269,642 |
Foundever Group, Term Loan, 7.13%, (1 mo. EURIBOR + 3.75%), 8/28/28 | EUR | 500 | 366,296 |
Foundever Worldwide Corp., Term Loan, 8.71%, (SOFR + 3.75%), 8/28/28 | | 1,843 | 1,232,650 |
GFL Environmental, Inc., Term Loan, 7.321%, (SOFR + 2.00%), 7/3/31 | | 950 | 950,255 |
Harsco Corp., Term Loan, 7.21%, (SOFR + 2.25%), 3/10/28 | | 387 | 387,048 |
Heritage-Crystal Clean, Inc., Term Loan, 9.465%, (SOFR + 4.50%), 10/17/30 | | 695 | 698,224 |
LABL, Inc., Term Loan, 9.945%, (SOFR + 5.00%), 10/29/28 | | 705 | 690,477 |
Monitronics International, Inc., Term Loan, 13.014%, (SOFR + 7.50%), 6/30/28 | | 1,424 | 1,430,782 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Commercial Services & Supplies (continued) |
Phoenix Services International LLC, Term Loan, 10.955%, (SOFR + 6.10%), 6/30/28 | | 210 | $ 202,272 |
Prime Security Services Borrower LLC, Term Loan, 7.445%, (SOFR + 2.25%), 10/13/30 | | 948 | 947,733 |
Tempo Acquisition LLC, Term Loan, 7.095%, (SOFR + 2.25%), 8/31/28 | | 673 | 673,679 |
TMF Group Holding BV: | | | |
Term Loan, 7.455%, (3 mo. EURIBOR + 3.75%), 5/3/28 | EUR | 1,000 | 1,119,689 |
Term Loan, 8.814%, (SOFR + 3.50%), 5/3/28 | | 372 | 374,130 |
| | | $ 22,750,917 |
Construction Materials — 0.5% |
Quikrete Holdings, Inc.: | | | |
Term Loan, 7.095%, (SOFR + 2.25%), 3/19/29 | | 2,121 | $ 2,123,935 |
Term Loan, 7.345%, (SOFR + 2.50%), 4/14/31 | | 3,136 | 3,143,095 |
Star Holding LLC, Term Loan, 9.345%, (SOFR + 4.50%), 7/31/31 | | 850 | 832,380 |
| | | $ 6,099,410 |
Consumer Staples Distribution & Retail — 0.4% |
Cardenas Markets, Inc., Term Loan, 11.454%, (SOFR + 6.75%), 8/1/29 | | 394 | $ 389,784 |
Peer Holding III BV: | | | |
Term Loan, 7.095%, (3 mo. EURIBOR + 3.75%), 9/29/28 | EUR | 1,500 | 1,678,263 |
Term Loan, 7.604%, (SOFR + 3.00%), 7/1/31 | | 1,425 | 1,431,234 |
Term Loan, 7.854%, (SOFR + 3.25%), 10/28/30 | | 1,095 | 1,099,289 |
| | | $ 4,598,570 |
Containers & Packaging — 0.6% |
Altium Packaging LLC, Term Loan, 7.345%, (SOFR + 2.50%), 6/11/31 | | 499 | $ 497,815 |
Berlin Packaging LLC, Term Loan, 8.892%, (SOFR + 3.75%), 6/9/31(22) | | 1,216 | 1,216,210 |
Clydesdale Acquisition Holdings, Inc., Term Loan, 8.02%, (SOFR + 3.18%), 4/13/29 | | 468 | 465,892 |
Kouti BV, Term Loan, 6.93%, (3 mo. EURIBOR + 3.43%), 8/31/28 | EUR | 1,525 | 1,699,675 |
Pregis TopCo Corp., Term Loan, 8.845%, (SOFR + 4.00%), 7/31/26 | | 619 | 621,060 |
Pretium Packaging LLC, Term Loan - Second Lien, 11.228%, (SOFR + 5.98%), 9.848% cash, 1.38% PIK, 10/2/28 | | 129 | 103,702 |
Pretium PKG Holdings, Inc., Term Loan - Second Lien, 12.068%, (SOFR + 6.75%), 10/1/29 | | 350 | 144,083 |
24
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Containers & Packaging (continued) |
Proampac PG Borrower LLC, Term Loan, 9.229%, (SOFR + 4.00%), 9/15/28(22) | | 1,117 | $ 1,120,415 |
Reynolds Group Holdings, Inc., Term Loan, 7.345%, (SOFR + 2.50%), 9/24/28 | | 1,630 | 1,632,018 |
| | | $ 7,500,870 |
Distributors — 0.4% |
CD&R Hydra Buyer, Inc., Term Loan, 8.945%, (SOFR + 4.00%), 3/25/31 | | 846 | $ 841,169 |
Parts Europe SA, Term Loan, 7.188%, (3 mo. EURIBOR + 3.50%), 2/3/31 | EUR | 1,500 | 1,675,304 |
Phillips Feed Service, Inc., Term Loan, 11.945%, (SOFR + 7.00%), 11/13/24(10) | | 105 | 65,402 |
Rubix Group Midco 3 Ltd., Term Loan, 7.302%, (3 mo. EURIBOR + 4.25%), 9/30/26 | EUR | 1,000 | 1,118,193 |
Safic-Alcan SAS, Term Loan, 7.345%, (3 mo. EURIBOR + 4.00%), 6/22/29 | EUR | 1,000 | 1,119,411 |
Winterfell Financing SARL, Term Loan, 8.557%, (3 mo. EURIBOR + 5.00%), 5/4/28 | EUR | 500 | 552,404 |
| | | $ 5,371,883 |
Diversified Consumer Services — 0.8% |
Amber Finco PLC, Term Loan, 6/11/29(20) | EUR | 1,100 | $ 1,233,903 |
Anticimex International AB, Term Loan, 6.905%, (3 mo. EURIBOR + 3.40%), 11/16/28 | EUR | 1,000 | 1,112,732 |
Ascend Learning LLC, Term Loan, 8.445%, (SOFR + 3.50%), 12/11/28 | | 632 | 630,193 |
Belron Finance U.S. LLC, Term Loan, 7.319%, (SOFR + 1.93%), 4/13/28 | | 820 | 820,763 |
Fugue Finance BV, Term Loan, 7.755%, (3 mo. EURIBOR + 4.25%), 1/31/28 | EUR | 1,000 | 1,121,884 |
KUEHG Corp., Term Loan, 9.104%, (SOFR + 4.50%), 6/12/30 | | 1,560 | 1,566,580 |
Project Boost Purchaser LLC: | | | |
Term Loan, 8.786%, (SOFR + 3.50%), 7/16/31 | | 850 | 850,797 |
Term Loan - Second Lien, 10.533%, (SOFR + 5.25%), 7/16/32 | | 375 | 376,172 |
Sotheby's, Term Loan, 10.063%, (SOFR + 4.50%), 1/15/27 | | 805 | 795,886 |
Spring Education Group, Inc., Term Loan, 8.604%, (SOFR + 4.00%), 10/4/30 | | 347 | 350,328 |
Wand NewCo 3, Inc., Term Loan, 8.006%, (SOFR + 3.25%), 1/30/31 | | 1,247 | 1,247,017 |
| | | $ 10,106,255 |
Diversified Financial Services — 0.2% |
Concorde Midco Ltd., Term Loan, 7.851%, (6 mo. EURIBOR + 4.00%), 3/1/28 | EUR | 1,000 | $ 1,114,077 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Diversified Financial Services (continued) |
Sandy BidCo BV, Term Loan, 6.823%, (6 mo. EURIBOR + 3.60%), 8/17/29 | EUR | 1,000 | $ 1,110,443 |
| | | $ 2,224,520 |
Diversified Telecommunication Services — 1.3% |
Altice France SA, Term Loan, 10.801%, (SOFR + 5.50%), 8/15/28 | | 1,063 | $ 801,176 |
Anuvu Holdings 2 LLC: | | | |
Term Loan, 8.963%, (SOFR + 4.00%), 9/27/27(10) | | 329 | 263,051 |
Term Loan, 13.213%, (SOFR + 8.25%), 3/23/26(10) | | 815 | 344,957 |
Eircom Finco SARL, Term Loan, 6.76%, (1 mo. EURIBOR + 3.25%), 5/15/29 | EUR | 1,786 | 2,000,078 |
Lumen Technologies, Inc.: | | | |
Term Loan, 7.319%, (SOFR + 2.35%), 4/15/29 | | 1,049 | 925,471 |
Term Loan, 7.319%, (SOFR + 2.35%), 4/15/30 | | 1,049 | 908,757 |
Telenet International Finance SARL, Term Loan, 5.686%, (1 mo. EURIBOR + 2.25%), 4/30/29 | EUR | 1,750 | 1,917,132 |
UPC Broadband Holding BV: | | | |
Term Loan, 5.936%, (1 mo. EURIBOR + 2.50%), 4/30/29 | EUR | 1,500 | 1,667,338 |
Term Loan, 6.361%, (1 mo. EURIBOR + 2.93%), 1/31/29 | EUR | 3,000 | 3,345,503 |
Virgin Media Bristol LLC, Term Loan, 8.461%, (SOFR + 3.25%), 1/31/29 | | 1,150 | 1,101,684 |
Virgin Media Ireland Ltd., Term Loan, 7.011%, (1 mo. EURIBOR + 3.58%), 7/15/29 | EUR | 1,000 | 1,105,283 |
Virgin Media SFA Finance Ltd., Term Loan, 5.936%, (1 mo. EURIBOR + 2.50%), 1/31/29 | EUR | 600 | 655,557 |
Zayo Group Holdings, Inc., Term Loan, 6.628%, (1 mo. EURIBOR + 3.25%), 3/9/27 | EUR | 955 | 999,274 |
| | | $ 16,035,261 |
Electrical Equipment — 0.3% |
AZZ, Inc., Term Loan, 5/13/29(20) | | 300 | $ 301,922 |
Dynamo Newco II GmbH, Term Loan, 9/26/31(20) | EUR | 500 | 556,807 |
WEC U.S. Holdings Ltd., Term Loan, 7.595%, (SOFR + 2.75%), 1/27/31 | | 3,050 | 3,052,193 |
| | | $ 3,910,922 |
Electronic Equipment, Instruments & Components — 0.9% |
Chamberlain Group, Inc.: | | | |
Term Loan, 8.195%, (SOFR + 3.25%), 11/3/28 | | 1,507 | $ 1,503,254 |
Term Loan, 8.345%, (SOFR + 3.50%), 11/3/28 | | 1,144 | 1,144,161 |
Creation Technologies, Inc., Term Loan, 11.08%, (SOFR + 5.50%), 10/5/28 | | 953 | 929,236 |
25
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Electronic Equipment, Instruments & Components (continued) |
II-VI, Inc., Term Loan, 7.345%, (SOFR + 2.50%), 7/2/29 | | 814 | $ 814,952 |
Minimax Viking GmbH, Term Loan, 6.628%, (1 mo. EURIBOR + 3.25%), 7/31/28 | EUR | 1,673 | 1,874,710 |
Mirion Technologies, Inc., Term Loan, 6.854%, (SOFR + 2.25%), 10/20/28 | | 586 | 585,609 |
MX Holdings U.S., Inc., Term Loan, 7.71%, (SOFR + 2.75%), 7/31/28 | | 248 | 248,634 |
Robertshaw U.S. Holding Corp.: | | | |
DIP Loan, 17.50%, (USD Prime + 9.50%), 9.00% cash, 8.50% PIK, 10/11/24 | | 347 | 346,775 |
Term Loan, 0.00%, 2/28/27(18) | | 0 (23) | 190 |
Term Loan, 0.00%, 2/28/27(18) | | 1,075 | 1,048,525 |
Term Loan - Second Lien, 0.00%, 2/28/27(18) | | 990 | 519,763 |
Sector Alarm Holding AS, Term Loan, 7.755%, (3 mo. EURIBOR + 4.25%), 6/14/29 | EUR | 500 | 560,015 |
Verifone Systems, Inc., Term Loan, 9.333%, (SOFR + 4.00%), 8/20/25 | | 1,203 | 1,109,222 |
Verisure Holding AB, Term Loan, 6.345%, (3 mo. EURIBOR + 3.00%), 3/27/28 | EUR | 1,000 | 1,117,710 |
| | | $ 11,802,756 |
Energy — 0.0%(13) |
New Generation Gas Gathering LLC, Term Loan, 10.354%, (SOFR + 5.75%), 9/30/29 | | 646 | $ 636,262 |
| | | $ 636,262 |
Energy Equipment & Services — 0.3% |
Ameriforge Group, Inc.: | | | |
Term Loan, 15.96%, (SOFR + 11.00%), 4.96% cash, 11.00% PIK, 12/31/25(10) | | 116 | $ 54,270 |
Term Loan, 15.96%, (SOFR + 11.00%), 4.96% cash, 11.00% PIK, 12/31/25(10) | | 1,002 | 469,953 |
GIP Pilot Acquisition Partners LP, Term Loan, 7.818%, (SOFR + 2.50%), 10/4/30 | | 473 | 474,095 |
Holding Socotec, Term Loan, 6/2/28(20) | EUR | 1,000 | 1,118,715 |
PG Investment Co. 59 SARL, Term Loan, 8.104%, (SOFR + 3.50%), 3/26/31 | | 1,072 | 1,075,530 |
| | | $ 3,192,563 |
Engineering & Construction — 0.4% |
American Residential Services LLC, Term Loan, 8.365%, (SOFR + 3.50%), 10/15/27 | | 553 | $ 555,167 |
APi Group DE, Inc., Term Loan, 6.845%, (SOFR + 2.00%), 1/3/29 | | 1,305 | 1,306,547 |
Arcosa, Inc., Term Loan, 8/12/31(20) | | 375 | 375,469 |
Artera Services LLC, Term Loan, 9.104%, (SOFR + 4.50%), 2/15/31 | | 423 | 412,744 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Engineering & Construction (continued) |
Azuria Water Solutions, Inc., Term Loan, 8.605%, (SOFR + 3.75%), 5/17/28 | | 461 | $ 463,704 |
Northstar Group Services, Inc., Term Loan, 10.014%, (SOFR + 4.75%), 5/8/30 | | 1,397 | 1,404,573 |
Platea BC Bidco AB: | | | |
Term Loan, 5.156%, (3 mo. EURIBOR + 4.50%), 4/3/31(21) | EUR | 83 | 93,268 |
Term Loan, 7.845%, (3 mo. EURIBOR + 4.50%), 4/3/31 | EUR | 417 | 466,338 |
| | | $ 5,077,810 |
Entertainment — 0.6% |
City Football Group Ltd., Term Loan, 7.969%, (SOFR + 3.00%), 7/22/30 | | 1,341 | $ 1,330,647 |
Crown Finance U.S., Inc., Term Loan, 13.46%, (SOFR + 8.50%), 6.46% cash, 7.00% PIK, 7/31/28 | | 12 | 11,726 |
Playtika Holding Corp., Term Loan, 7.71%, (SOFR + 2.75%), 3/13/28 | | 2,137 | 2,125,451 |
Renaissance Holding Corp., Term Loan, 9.095%, (SOFR + 4.25%), 4/5/30 | | 941 | 941,213 |
UFC Holdings LLC, Term Loan, 8.291%, (SOFR + 2.75%), 4/29/26 | | 2,713 | 2,719,019 |
Vue Entertainment International Ltd., Term Loan, 11.993%, (6 mo. EURIBOR + 8.50%), 3.593% cash, 8.40% PIK, 12/31/27 | EUR | 471 | 323,821 |
Vue International Bidco PLC, Term Loan, 11.844%, (6 mo. EURIBOR + 8.00%), 6/30/27 | EUR | 121 | 135,509 |
| | | $ 7,587,386 |
Equity Real Estate Investment Trusts (REITs) — 0.1% |
Iron Mountain, Inc., Term Loan, 6.845%, (SOFR + 2.00%), 1/31/31 | | 865 | $ 861,224 |
| | | $ 861,224 |
Financial Services — 0.8% |
Boost Newco Borrower LLC: | | | |
Term Loan, 6.095%, (3 mo. EURIBOR + 2.75%), 1/31/31 | EUR | 1,500 | $ 1,675,057 |
Term Loan, 7.104%, (SOFR + 2.50%), 1/31/31 | | 2,875 | 2,878,850 |
CPI Holdco B LLC, Term Loan, 6.845%, (SOFR + 2.00%), 5/19/31 | | 1,225 | 1,220,406 |
Ditech Holding Corp., Term Loan, 0.00%, 6/30/25(18) | | 2,110 | 416,702 |
Grant Thornton Advisors LLC, Term Loan, 8.095%, (SOFR + 3.25%), 6/2/31 | | 1,450 | 1,453,807 |
NCR Atleos LLC, Term Loan, 10.102%, (SOFR + 4.75%), 3/27/29 | | 1,286 | 1,297,806 |
26
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Financial Services (continued) |
Nuvei Technologies Corp.: | | | |
Term Loan, 7.955%, (SOFR + 3.00%), 12/19/30 | | 814 | $ 816,644 |
Term Loan, 7/18/31(20) | | 525 | 519,750 |
| | | $ 10,279,022 |
Food & Staples Retailing — 0.1% |
US Foods, Inc., Term Loan, 6.96%, (SOFR + 2.00%), 9/13/26 | | 1,271 | $ 1,272,895 |
| | | $ 1,272,895 |
Food Products — 1.2% |
8th Avenue Food & Provisions, Inc., Term Loan, 9.71%, (SOFR + 4.75%), 10/1/25 | | 582 | $ 566,480 |
Artisan Newco BV, Term Loan, 2/12/29(20) | EUR | 500 | 559,288 |
Badger Buyer Corp., Term Loan, 8.46%, (SOFR + 3.50%), 12/27/24 | | 373 | 369,270 |
CHG PPC Parent LLC: | | | |
Term Loan, 7.71%, (SOFR + 2.75%), 12/8/28 | | 463 | 461,296 |
Term Loan, 7.878%, (1 mo. EURIBOR + 4.50%), 12/8/28 | EUR | 2,000 | 2,241,142 |
Del Monte Foods, Inc.: | | | |
Term Loan, 13.166%, (SOFR + 8.00%), 8/2/28 | | 209 | 198,639 |
Term Loan - Second Lien, 9.406%, (SOFR + 4.25%), 8/2/28 | | 441 | 242,550 |
Froneri International Ltd.: | | | |
Term Loan, 5.715%, (6 mo. EURIBOR + 2.13%), 1/29/27 | EUR | 1,275 | 1,419,265 |
Term Loan, 7.195%, (SOFR + 2.25%), 1/29/27 | | 2,107 | 2,103,098 |
Monogram Food Solutions LLC, Term Loan, 8.96%, (SOFR + 4.00%), 8/28/28 | | 535 | 529,526 |
Nomad Foods Europe Midco Ltd., Term Loan, 6.176%, (6 mo. EURIBOR + 2.50%), 6/24/28 | EUR | 3,000 | 3,351,136 |
Pegasus BidCo BV, Term Loan, 7.292%, (3 mo. EURIBOR + 3.75%), 7/12/29 | EUR | 940 | 1,048,844 |
Simply Good Foods USA, Inc., Term Loan, 7.455%, (SOFR + 2.50%), 3/17/27 | | 158 | 159,251 |
United Petfood Group BV, Term Loan, 6.583%, (6 mo. EURIBOR + 2.75%), 4/24/28 | EUR | 750 | 834,340 |
Valeo F1 Co. Ltd. (Ireland), Term Loan, 7.162%, (6 mo. EURIBOR + 4.00%), 9/29/28 | EUR | 500 | 547,444 |
| | | $ 14,631,569 |
Health Care Equipment & Supplies — 0.1% |
Bayou Intermediate II LLC, Term Loan, 10.014%, (SOFR + 4.50%), 8/2/28 | | 729 | $ 714,788 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Health Care Equipment & Supplies (continued) |
Medline Borrower LP, Term Loan, 5.603%, (1 mo. EURIBOR + 2.25%), 10/23/28 | EUR | 1,000 | $ 1,116,396 |
| | | $ 1,831,184 |
Health Care Providers & Services — 2.5% |
AEA International Holdings (Lux) SARL, Term Loan, 7.354%, (SOFR + 2.75%), 9/7/28 | | 1,046 | $ 1,046,919 |
Biogroup-LCD, Term Loan, 7.069%, (3 mo. EURIBOR + 3.50%), 2/9/28 | EUR | 750 | 798,510 |
BW NHHC Holdco, Inc., Term Loan - Second Lien, 12.604%, (SOFR + 8.00%), 10.354% cash, 2.25% PIK, 1/15/26 | | 3,778 | 3,267,577 |
CCRR Parent, Inc., Term Loan, 9.21%, (SOFR + 4.25%), 3/6/28 | | 507 | 424,603 |
Cerba Healthcare SAS, Term Loan, 7.078%, (1 mo. EURIBOR + 3.70%), 6/30/28 | EUR | 950 | 937,087 |
CHG Healthcare Services, Inc.: | | | |
Term Loan, 8.46%, (SOFR + 3.50%), 9/29/28 | | 1,067 | 1,068,533 |
Term Loan, 8.46%, (SOFR + 3.50%), 9/29/28 | | 397 | 397,957 |
CNT Holdings I Corp., Term Loan, 8.752%, (SOFR + 3.50%), 11/8/27 | | 676 | 677,990 |
Concentra Health Services, Inc., Term Loan, 7.095%, (SOFR + 2.25%), 7/28/31 | | 375 | 374,766 |
Covis Finco SARL, Term Loan, 0.00%, 2/18/27(18) | | 690 | 279,261 |
Dedalus Finance GmbH, Term Loan, 7.385%, (6 mo. EURIBOR + 3.75%), 7/17/27 | EUR | 500 | 545,675 |
Electron BidCo, Inc., Term Loan, 7.96%, (SOFR + 3.00%), 11/1/28 | | 780 | 781,828 |
Elsan SAS, Term Loan, 6.831%, (3 mo. EURIBOR + 3.35%), 6/16/28 | EUR | 1,500 | 1,660,419 |
Ensemble RCM LLC, Term Loan, 8.252%, (SOFR + 3.00%), 8/1/29 | | 2,308 | 2,313,665 |
IVC Acquisition Ltd.: | | | |
Term Loan, 9.393%, (SOFR + 4.75%), 12/12/28 | | 1,017 | 1,020,080 |
Term Loan, 11.227%, (SONIA + 5.75%), 12/12/28 | GBP | 1,000 | 1,338,263 |
LSCS Holdings, Inc., Term Loan, 9.46%, (SOFR + 4.61%), 12/16/28 | | 705 | 703,741 |
Medical Solutions Holdings, Inc., Term Loan, 8.852%, (SOFR + 3.50%), 11/1/28 | | 1,439 | 1,095,711 |
Mehilainen Yhtiot Oy, Term Loan, 7.345%, (3 mo. EURIBOR + 4.00%), 8/5/31 | EUR | 1,000 | 1,117,463 |
Midwest Physician Administrative Services LLC, Term Loan, 7.865%, (SOFR + 3.00%), 3/12/28 | | 458 | 414,600 |
National Mentor Holdings, Inc.: | | | |
Term Loan, 8.454%, (SOFR + 3.75%), 3/2/28 | | 58 | 56,232 |
Term Loan, 8.649%, (SOFR + 3.75%), 3/2/28(22) | | 2,010 | 1,938,185 |
27
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Health Care Providers & Services (continued) |
Option Care Health, Inc., Term Loan, 7.095%, (SOFR + 2.25%), 10/27/28 | | 413 | $ 415,224 |
Pacific Dental Services LLC, Term Loan, 7.847%, (SOFR + 2.75%), 3/15/31 | | 846 | 846,581 |
Phoenix Guarantor, Inc., Term Loan, 8.095%, (SOFR + 3.25%), 2/21/31 | | 1,582 | 1,579,875 |
R1 RCM, Inc., Term Loan, 7.845%, (SOFR + 3.00%), 6/21/29 | | 223 | 223,942 |
Radnet Management, Inc., Term Loan, 7.779%, (SOFR + 2.50%), 4/18/31 | | 723 | 724,713 |
Select Medical Corp., Term Loan, 7.845%, (SOFR + 3.00%), 3/6/27 | | 526 | 529,186 |
Sound Inpatient Physicians, Term Loan - Second Lien, 11.365%, (SOFR + 5.00%), 9.865% cash, 1.50% PIK, 6/28/28 | | 411 | 367,375 |
Surgery Center Holdings, Inc., Term Loan, 7.67%, (SOFR + 2.75%), 12/19/30 | | 938 | 939,439 |
Synlab Bondco PLC: | | | |
Term Loan, 6.178%, (6 mo. EURIBOR + 2.50%), 7/1/27 | EUR | 500 | 557,097 |
Term Loan, 8.414%, (3 mo. EURIBOR + 4.75%), 12/23/30 | EUR | 125 | 139,513 |
TTF Holdings LLC, Term Loan, 8.595%, (SOFR + 3.75%), 7/18/31 | | 1,425 | 1,428,563 |
U.S. Anesthesia Partners, Inc., Term Loan, 9.565%, (SOFR + 4.25%), 10/1/28 | | 1,478 | 1,449,975 |
| | | $ 31,460,548 |
Health Care Technology — 0.2% |
Imprivata, Inc., Term Loan, 8.752%, (SOFR + 3.50%), 12/1/27 | | 519 | $ 521,919 |
Project Ruby Ultimate Parent Corp., Term Loan, 8.21%, (SOFR + 3.25%), 3/10/28 | | 1,013 | 1,013,160 |
Waystar Technologies, Inc., Term Loan, 7.595%, (SOFR + 2.75%), 10/22/29 | | 1,043 | 1,046,640 |
| | | $ 2,581,719 |
Hotels, Restaurants & Leisure — 1.6% |
Caesars Entertainment, Inc., Term Loan, 7.595%, (SOFR + 2.75%), 2/6/31 | | 2,264 | $ 2,266,631 |
Carnival Corp., Term Loan, 7.595%, (SOFR + 2.75%), 10/18/28 | | 2,052 | 2,059,733 |
Fertitta Entertainment LLC, Term Loan, 8.847%, (SOFR + 3.75%), 1/27/29 | | 4,107 | 4,098,779 |
Flutter Financing BV, Term Loan, 6.604%, (SOFR + 2.00%), 11/29/30 | | 3,052 | 3,058,423 |
Four Seasons Hotels Ltd., Term Loan, 6.605%, (SOFR + 1.75%), 11/30/29 | | 1,003 | 1,004,920 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Hotels, Restaurants & Leisure (continued) |
GVC Holdings (Gibraltar) Ltd., Term Loan, 6.922%, (6 mo. EURIBOR + 3.25%), 6/30/28 | EUR | 1,850 | $ 2,072,912 |
IRB Holding Corp., Term Loan, 7.695%, (SOFR + 2.75%), 12/15/27 | | 293 | 293,247 |
Ontario Gaming GTA LP, Term Loan, 8.893%, (SOFR + 4.25%), 8/1/30 | | 968 | 967,688 |
Oravel Stays Singapore Pte. Ltd., Term Loan, 13.325%, (SOFR + 8.25%), 6/23/26 | | 345 | 348,236 |
Playa Resorts Holding BV, Term Loan, 7.595%, (SOFR + 2.75%), 1/5/29 | | 1,302 | 1,295,033 |
Scientific Games Holdings LP, Term Loan, 7.464%, (3 mo. EURIBOR + 3.75%), 4/4/29 | EUR | 1,000 | 1,117,025 |
SeaWorld Parks & Entertainment, Inc., Term Loan, 7.345%, (SOFR + 2.50%), 8/25/28 | | 873 | 873,152 |
Wyndham Hotels & Resorts, Inc., Term Loan, 6.595%, (SOFR + 1.75%), 5/24/30 | | 767 | 768,001 |
| | | $ 20,223,780 |
Household Durables — 1.3% |
ACProducts, Inc., Term Loan, 9.115%, (SOFR + 4.25%), 5/17/28 | | 1,717 | $ 1,435,386 |
Libbey Glass, Inc., Term Loan, 11.929%, (SOFR + 6.50%), 11/22/27 | | 9,334 | 9,264,356 |
Madison Safety & Flow LLC, Term Loan, 9/19/31(20) | | 525 | 526,313 |
Serta Simmons Bedding LLC: | | | |
Term Loan, 12.218%, (SOFR + 7.50%), 6/29/28 | | 3,630 | 3,039,756 |
Term Loan, 12.894%, (SOFR + 7.50%), 6/29/28 | | 394 | 392,067 |
Solis IV BV, Term Loan, 7.527%, (3 mo. EURIBOR + 4.00%), 2/26/29 | EUR | 1,000 | 1,114,801 |
| | | $ 15,772,679 |
Household Products — 0.2% |
Kronos Acquisition Holdings, Inc., Term Loan, 9.314%, (SOFR + 4.00%), 7/8/31 | | 1,850 | $ 1,744,781 |
Nobel Bidco BV, Term Loan, 6.626%, (6 mo. EURIBOR + 3.25%), 9/1/28 | EUR | 1,000 | 1,098,838 |
| | | $ 2,843,619 |
Independent Power and Renewable Electricity Producers — 0.1% |
Thunder Generation Funding LLC, Term Loan, 9/27/31(20) | | 1,100 | $ 1,100,688 |
| | | $ 1,100,688 |
Industrial Conglomerates — 0.3% |
Ammeraal Beltech Holding BV, Term Loan, 8.345%, (3 mo. EURIBOR + 5.00%), 12/30/28 | EUR | 942 | $ 1,051,875 |
28
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Industrial Conglomerates (continued) |
Nvent Electric Public Ltd. Co., Term Loan, 9/12/31(20) | | 1,125 | $ 1,125,351 |
Rain Carbon GmbH, Term Loan, 8.56%, (3 mo. EURIBOR + 5.00%), 10/31/28 | EUR | 901 | 997,499 |
| | | $ 3,174,725 |
Industrials Conglomerates — 0.3% |
Kohler Energy Co. LLC: | | | |
Term Loan, 8.128%, (1 mo. EURIBOR + 4.75%), 5/1/31 | EUR | 1,500 | $ 1,682,247 |
Term Loan, 9.354%, (SOFR + 4.75%), 5/1/31 | | 2,269 | 2,294,842 |
| | | $ 3,977,089 |
Insurance — 1.6% |
Alliant Holdings Intermediate LLC, Term Loan, 7.965%, (SOFR + 3.00%), 9/19/31 | | 1,227 | $ 1,221,687 |
AmWINS Group, Inc., Term Loan, 7.21%, (SOFR + 2.25%), 2/19/28 | | 4,260 | 4,258,480 |
Broadstreet Partners, Inc., Term Loan, 8.095%, (SOFR + 3.25%), 6/13/31 | | 1,147 | 1,143,827 |
Financiere CEP SAS, Term Loan, 7.378%, (1 mo. EURIBOR + 4.00%), 6/18/27 | EUR | 1,750 | 1,956,686 |
HUB International Ltd., Term Loan, 8.225%, (SOFR + 3.00%), 6/20/30 | | 5,313 | 5,311,059 |
Ryan Specialty Group LLC, Term Loan, 7.095%, (SOFR + 2.25%), 9/15/31 | | 1,250 | 1,250,000 |
Siaci Saint Honore, Term Loan, 7.095%, (3 mo. EURIBOR + 3.75%), 11/16/28 | EUR | 1,000 | 1,117,463 |
Truist Insurance Holdings LLC, Term Loan, 7.854%, (SOFR + 3.25%), 5/6/31 | | 600 | 600,125 |
USI, Inc., Term Loan, 7.354%, (SOFR + 2.75%), 11/22/29 | | 3,026 | 3,020,730 |
| | | $ 19,880,057 |
Interactive Media & Services — 0.2% |
Buzz Finco LLC: | | | |
Term Loan, 7.695%, (SOFR + 2.75%), 1/29/27 | | 549 | $ 547,638 |
Term Loan, 8.195%, (SOFR + 3.25%), 1/29/27 | | 60 | 60,088 |
Foundational Education Group, Inc., Term Loan, 9.264%, (SOFR + 3.75%), 8/31/28 | | 535 | 516,154 |
Getty Images, Inc., Term Loan, 8.845%, (SOFR + 4.50%), 2/19/26 | | 615 | 613,058 |
Match Group, Inc., Term Loan, 6.714%, (SOFR + 1.75%), 2/13/27 | | 675 | 674,156 |
| | | $ 2,411,094 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
IT Services — 1.8% |
Asurion LLC: | | | |
Term Loan, 8.21%, (SOFR + 3.25%), 7/31/27 | | 1,071 | $ 1,057,187 |
Term Loan, 8.945%, (SOFR + 4.00%), 8/19/28 | | 995 | 980,059 |
Term Loan, 9.095%, (SOFR + 4.25%), 9/19/30 | | 3,049 | 3,002,387 |
Term Loan - Second Lien, 10.21%, (SOFR + 5.25%), 1/31/28 | | 1,350 | 1,271,169 |
Endure Digital, Inc., Term Loan, 8.81%, (SOFR + 3.50%), 2/10/28 | | 2,709 | 2,404,519 |
Gainwell Acquisition Corp., Term Loan, 8.704%, (SOFR + 4.00%), 10/1/27 | | 3,033 | 2,893,402 |
Go Daddy Operating Co. LLC, Term Loan, 6.845%, (SOFR + 2.00%), 11/9/29 | | 146 | 146,103 |
Indy U.S. Bidco LLC, Term Loan, 7.128%, (1 mo. EURIBOR + 3.75%), 3/6/28 | EUR | 724 | 797,521 |
Informatica LLC, Term Loan, 7.095%, (SOFR + 2.25%), 10/27/28 | | 2,608 | 2,607,583 |
NAB Holdings LLC, Term Loan, 7.354%, (SOFR + 2.75%), 11/23/28 | | 1,094 | 1,092,333 |
Plano HoldCo, Inc., Term Loan, 8/15/31(20) | | 600 | 601,500 |
Rackspace Finance LLC: | | | |
Term Loan, 11.483%, (SOFR + 6.25%), 5/15/28 | | 1,460 | 1,487,955 |
Term Loan - Second Lien, 7.983%, (SOFR + 2.75%), 5/15/28 | | 2,329 | 1,302,202 |
Sedgwick Claims Management Services, Inc., Term Loan, 8.252%, (SOFR + 3.00%), 7/31/31 | | 1,209 | 1,207,945 |
Synechron, Inc., Term Loan, 9/26/31(20) | | 875 | 868,438 |
team.blue Finco SARL, Term Loan, 7.045%, (3 mo. EURIBOR + 3.70%), 9/30/29 | EUR | 1,000 | 1,107,931 |
| | | $ 22,828,234 |
Leisure Products — 0.3% |
Accell Group NV, Term Loan, 8.648%, (6 mo. EURIBOR + 4.90%), 6/14/29 | EUR | 500 | $ 76,066 |
Amer Sports Co., Term Loan, 2/17/31(20) | EUR | 1,212 | 1,353,457 |
Fender Musical Instruments Corp., Term Loan, 8.945%, (SOFR + 4.00%), 12/1/28 | | 302 | 293,281 |
OVG Business Services LLC, Term Loan, 7.845%, (SOFR + 3.00%), 6/25/31 | | 325 | 323,781 |
Recess Holdings, Inc., Term Loan, 9.752%, (SOFR + 4.50%), 2/20/30 | | 971 | 975,628 |
Tait LLC, Term Loan, 8/14/31(20) | | 1,000 | 1,003,750 |
| | | $ 4,025,963 |
Life Sciences Tools & Services — 0.4% |
Avantor Funding, Inc., Term Loan, 5.878%, (1 mo. EURIBOR + 2.50%), 6/12/28 | EUR | 133 | $ 148,988 |
29
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Life Sciences Tools & Services (continued) |
Catalent Pharma Solutions, Inc.: | | | |
Term Loan, 7.034%, (SOFR + 2.00%), 2/22/28 | | 806 | $ 806,299 |
Term Loan, 7.92%, (SOFR + 3.00%), 2/22/28 | | 249 | 249,216 |
Curia Global, Inc., Term Loan, 9.102%, (SOFR + 3.75%), 8/30/26 | | 241 | 229,836 |
IQVIA, Inc., Term Loan, 6.604%, (SOFR + 2.00%), 1/2/31 | | 1,315 | 1,322,152 |
LGC Group Holdings Ltd., Term Loan, 6.628%, (1 mo. EURIBOR + 3.25%), 4/21/27 | EUR | 1,000 | 1,109,740 |
Loire Finco Luxembourg SARL, Term Loan, 8.445%, (SOFR + 3.50%), 4/21/27 | | 335 | 333,525 |
Packaging Coordinators Midco, Inc., Term Loan, 8.095%, (SOFR + 3.25%), 11/30/27 | | 1,335 | 1,336,520 |
| | | $ 5,536,276 |
Machinery — 2.1% |
American Trailer World Corp., Term Loan, 8.695%, (SOFR + 3.75%), 3/3/28 | | 612 | $ 556,525 |
Apex Tool Group LLC: | | | |
Term Loan, 14.954%, (SOFR + 7.45%), 7.50% cash, 7.454% PIK, 2/8/30 | | 1,920 | 1,833,425 |
Term Loan - Second Lien, 12.204%, (SOFR + 7.35%), 4.854% cash, 7.35% PIK, 2/8/29 | | 822 | 783,609 |
Barnes Group, Inc., Term Loan, 7.345%, (SOFR + 2.50%), 9/3/30 | | 495 | 495,713 |
Conair Holdings LLC, Term Loan, 8.71%, (SOFR + 3.75%), 5/17/28 | | 1,504 | 1,382,907 |
CPM Holdings, Inc., Term Loan, 9.701%, (SOFR + 4.50%), 9/28/28 | | 300 | 285,617 |
Delachaux Group SA, Term Loan, 7.386%, (3 mo. EURIBOR + 3.75%), 4/16/29 | EUR | 922 | 1,030,351 |
EMRLD Borrower LP: | | | |
Term Loan, 7.557%, (SOFR + 2.50%), 5/31/30 | | 713 | 711,976 |
Term Loan, 7.557%, (SOFR + 2.50%), 8/4/31 | | 1,050 | 1,049,344 |
Engineered Machinery Holdings, Inc.: | | | |
Term Loan, 7.095%, (3 mo. EURIBOR + 3.75%), 5/21/28 | EUR | 970 | 1,085,829 |
Term Loan, 8.418%, (SOFR + 3.75%), 5/19/28 | | 2,599 | 2,610,397 |
Filtration Group Corp.: | | | |
Term Loan, 7.628%, (1 mo. EURIBOR + 4.25%), 10/21/28 | EUR | 1,184 | 1,321,593 |
Term Loan, 8.46%, (SOFR + 3.50%), 10/21/28 | | 728 | 728,455 |
Gates Global LLC, Term Loan, 7.095%, (SOFR + 2.25%), 6/4/31 | | 3,591 | 3,601,611 |
Icebox Holdco III, Inc., Term Loan, 8.615%, (SOFR + 3.75%), 12/22/28 | | 829 | 833,034 |
INNIO Group Holding GmbH, Term Loan, 7.414%, (3 mo. EURIBOR + 3.75%), 11/2/28 | EUR | 578 | 647,370 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Machinery (continued) |
Roper Industrial Products Investment Co. LLC: | | | |
Term Loan, 7.095%, (3 mo. EURIBOR + 3.75%), 11/22/29 | EUR | 493 | $ 550,666 |
Term Loan, 7.854%, (SOFR + 3.25%), 11/22/29 | | 591 | 592,707 |
SPX Flow, Inc., Term Loan, 8.345%, (SOFR + 3.50%), 4/5/29 | | 942 | 943,872 |
TK Elevator Topco GmbH, Term Loan, 7.215%, (6 mo. EURIBOR + 3.63%), 7/30/27 | EUR | 1,500 | 1,675,289 |
TK Elevator U.S. Newco, Inc., Term Loan, 8.588%, (SOFR + 3.50%), 4/30/30 | | 1,996 | 2,002,665 |
Zephyr German BidCo GmbH, Term Loan, 7.446%, (3 mo. EURIBOR + 3.60%), 3/10/28 | EUR | 1,500 | 1,660,958 |
| | | $ 26,383,913 |
Marine Transportation — 0.1% |
Boluda Towage, S.L., Term Loan, 7.255%, (3 mo. EURIBOR + 3.75%), 1/31/30 | EUR | 1,000 | $ 1,119,510 |
| | | $ 1,119,510 |
Media — 0.6% |
Aragorn Parent Corp., Term Loan, 9.17%, (SOFR + 4.25%), 12/15/28 | | 947 | $ 951,341 |
Axel Springer SE, Term Loan, 8.205%, (3 mo. EURIBOR + 4.75%), 12/18/26 | EUR | 1,000 | 1,118,947 |
Gray Television, Inc., Term Loan, 8.315%, (SOFR + 3.00%), 12/1/28 | | 922 | 852,244 |
Hubbard Radio LLC, Term Loan, 9.345%, (SOFR + 4.50%), 9/30/27 | | 538 | 424,967 |
iHeartCommunications, Inc., Term Loan, 7.96%, (SOFR + 3.00%), 5/1/26 | | 444 | 387,551 |
MJH Healthcare Holdings LLC, Term Loan, 8.195%, (SOFR + 3.25%), 1/28/29 | | 493 | 492,732 |
Sinclair Television Group, Inc., Term Loan, 8.014%, (SOFR + 2.50%), 9/30/26 | | 617 | 600,215 |
Univision Communications, Inc., Term Loan, 8.21%, (SOFR + 3.25%), 3/16/26 | | 2,664 | 2,666,330 |
| | | $ 7,494,327 |
Metals/Mining — 0.3% |
AAP Buyer, Inc., Term Loan, 7.854%, (SOFR + 3.25%), 9/9/31 | | 475 | $ 477,969 |
Arsenal AIC Parent LLC, Term Loan, 7.918%, (SOFR + 3.25%), 8/18/30 | | 743 | 743,359 |
Dynacast International LLC, Term Loan, 14.407%, (SOFR + 9.25%), 10/22/25 | | 398 | 321,049 |
Navoi Mining & Metallurgical Co., Term Loan, 10.065%, (SOFR + 4.76%), 4/23/27 | | 326 | 325,293 |
30
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Metals/Mining (continued) |
PMHC II, Inc., Term Loan, 9.704%, (SOFR + 4.25%), 4/23/29 | | 985 | $ 962,610 |
WireCo WorldGroup, Inc., Term Loan, 9.032%, (SOFR + 3.75%), 11/13/28 | | 434 | 422,826 |
Zekelman Industries, Inc., Term Loan, 7.17%, (SOFR + 2.25%), 1/24/31 | | 1,089 | 1,091,973 |
| | | $ 4,345,079 |
Oil, Gas & Consumable Fuels — 0.5% |
Freeport LNG Investments LLLP, Term Loan, 9.044%, (SOFR + 3.50%), 12/21/28 | | 653 | $ 648,221 |
ITT Holdings LLC, Term Loan, 7.945%, (SOFR + 3.00%), 10/11/30 | | 792 | 794,000 |
Matador Bidco SARL, Term Loan, 9.095%, (SOFR + 4.25%), 7/30/29 | | 1,529 | 1,534,458 |
Oryx Midstream Services Permian Basin LLC, Term Loan, 8.225%, (SOFR + 3.00%), 10/5/28 | | 1,016 | 1,017,030 |
Oxbow Carbon LLC, Term Loan, 8.345%, (SOFR + 3.50%), 5/10/30 | | 518 | 521,030 |
UGI Energy Services LLC, Term Loan, 7.345%, (SOFR + 2.50%), 2/22/30 | | 1,461 | 1,464,695 |
| | | $ 5,979,434 |
Paper & Forest Products — 0.1% |
Enviva Partners LP/Fin C: | | | |
DIP Loan, 7.713%, (SOFR + 8.00%), 12/13/24(21) | | 463 | $ 474,956 |
DIP Loan, 13.016%, (SOFR + 8.00%), 12/13/24 | | 185 | 219,329 |
Term Loan, 13.301%, (SOFR + 8.00%), 12/13/24 | | 278 | 328,994 |
| | | $ 1,023,279 |
Passenger Airlines — 0.0%(13) |
WestJet Loyalty LP, Term Loan, 8.354%, (SOFR + 3.75%), 2/14/31 | | 498 | $ 493,058 |
| | | $ 493,058 |
Personal Products — 0.1% |
Rainbow Finco SARL, Term Loan, 6.882%, (6 mo. EURIBOR + 3.50%), 2/23/29 | EUR | 1,000 | $ 1,112,714 |
| | | $ 1,112,714 |
Pharmaceuticals — 0.8% |
AI Sirona (Luxembourg) Acquisition SARL, Term Loan, 7.378%, (1 mo. EURIBOR + 4.00%), 9/30/28 | EUR | 1,000 | $ 1,120,802 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Pharmaceuticals (continued) |
Ceva Sante Animale: | | | |
Term Loan, 6.845%, (3 mo. EURIBOR + 3.50%), 11/8/30 | EUR | 1,500 | $ 1,677,029 |
Term Loan, 8.354%, (SOFR + 3.25%), 11/8/30 | | 398 | 399,327 |
Jazz Financing Lux SARL, Term Loan, 7.095%, (SOFR + 2.25%), 5/5/28 | | 1,415 | 1,415,027 |
Mallinckrodt International Finance SA: | | | |
Term Loan, 12.42%, (SOFR + 7.50%), 11/14/28 | | 431 | 462,541 |
Term Loan - Second Lien, 14.42%, (SOFR + 9.50%), 11/14/28 | | 2,443 | 2,646,502 |
Nidda Healthcare Holding AG, Term Loan, 2/21/30(20) | EUR | 750 | 837,210 |
Recipharm AB, Term Loan, 6.499%, (3 mo. EURIBOR + 2.95%), 2/17/28 | EUR | 1,000 | 1,093,360 |
| | | $ 9,651,798 |
Professional Services — 2.2% |
AAL Delaware Holdco, Inc., Term Loan, 8.345%, (SOFR + 3.50%), 7/30/31 | | 700 | $ 703,718 |
AlixPartners LLP: | | | |
Term Loan, 6.345%, (3 mo. EURIBOR + 3.00%), 2/4/28 | EUR | 965 | 1,077,163 |
Term Loan, 7.46%, (SOFR + 2.50%), 2/4/28 | | 1,918 | 1,922,616 |
APFS Staffing Holdings, Inc., Term Loan, 8.676%, (SOFR + 4.00%), 12/29/28(22) | | 264 | 258,333 |
Apleona Holding GmbH, Term Loan, 6.336%, (3 mo. EURIBOR + 2.70%), 4/28/28 | EUR | 1,000 | 1,111,758 |
Camelot U.S. Acquisition LLC, Term Loan, 7.595%, (SOFR + 2.75%), 1/31/31 | | 2,232 | 2,230,848 |
CoreLogic, Inc., Term Loan, 8.46%, (SOFR + 3.50%), 6/2/28 | | 2,031 | 2,015,756 |
Corporation Service Co., Term Loan, 7.345%, (SOFR + 2.50%), 11/2/29 | | 265 | 265,429 |
Crisis Prevention Institute, Inc., Term Loan, 9.354%, (SOFR + 4.75%), 4/9/31 | | 325 | 326,354 |
Deerfield Dakota Holding LLC, Term Loan, 8.354%, (SOFR + 3.75%), 4/9/27 | | 2,037 | 1,998,624 |
EAB Global, Inc., Term Loan, 8.095%, (SOFR + 3.25%), 8/16/28 | | 224 | 223,339 |
Employbridge Holding Co., Term Loan, 10.426%, (SOFR + 4.75%), 7/19/28 | | 2,303 | 1,552,939 |
First Advantage Holdings LLC: | | | |
Term Loan, 7.71%, (SOFR + 2.75%), 1/31/27 | | 606 | 607,504 |
Term Loan, 9/19/31(20) | | 1,625 | 1,619,922 |
Fleet Midco I Ltd., Term Loan, 7.578%, (SOFR + 2.75%), 2/21/31 | | 663 | 662,771 |
Genuine Financial Holdings LLC, Term Loan, 8.604%, (SOFR + 4.00%), 9/27/30 | | 396 | 393,938 |
31
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Professional Services (continued) |
Mermaid Bidco, Inc.: | | | |
Term Loan, 7.388%, (3 mo. EURIBOR + 3.75%), 7/3/31 | EUR | 1,000 | $ 1,116,396 |
Term Loan, 8.492%, (SOFR + 3.25%), 7/3/31 | | 475 | 475,000 |
Neptune Bidco U.S., Inc., Term Loan, 10.404%, (SOFR + 5.00%), 4/11/29 | | 1,876 | 1,765,630 |
PHM Group Holding Oy, Term Loan, 8.455%, (3 mo. EURIBOR + 4.75%), 6/24/31 | EUR | 500 | 555,183 |
Saphilux SARL, Term Loan, 7.768%, (6 mo. EURIBOR + 4.00%), 7/18/28 | EUR | 500 | 559,986 |
Techem Verwaltungsgesellschaft 675 GmbH, Term Loan, 7.292%, (1 mo. EURIBOR + 3.75%), 7/15/29 | EUR | 1,826 | 2,039,490 |
Teneo Holdings LLC, Term Loan, 9.595%, (SOFR + 4.75%), 3/13/31 | | 1,045 | 1,050,954 |
Trans Union LLC, Term Loan, 6.845%, (SOFR + 2.00%), 12/1/28 | | 1,242 | 1,243,134 |
Vaco Holdings LLC, Term Loan, 9.945%, (SOFR + 5.00%), 1/21/29 | | 267 | 262,490 |
Wood Mackenzie Ltd., Term Loan, 8.604%, (SOFR + 3.50%), 2/7/31 | | 1,197 | 1,200,554 |
| | | $ 27,239,829 |
Real Estate Management & Development — 0.5% |
Cushman & Wakefield U.S. Borrower LLC: | | | |
Term Loan, 7.71%, (SOFR + 2.75%), 8/21/25 | | 35 | $ 35,304 |
Term Loan, 7.845%, (SOFR + 3.00%), 1/31/30 | | 2,982 | 2,985,718 |
Term Loan, 8.595%, (SOFR + 3.75%), 1/31/30 | | 1,229 | 1,232,396 |
Greystar Real Estate Partners LLC, Term Loan, 7.67%, (SOFR + 2.75%), 8/21/30 | | 594 | 594,019 |
Homeserve USA Holding Corp., Term Loan, 7.211%, (SOFR + 2.25%), 10/21/30 | | 896 | 894,800 |
| | | $ 5,742,237 |
Road & Rail — 0.3% |
Hertz Corp.: | | | |
Term Loan, 8.46%, (SOFR + 3.50%), 6/30/28 | | 198 | $ 177,930 |
Term Loan, 8.607%, (SOFR + 3.75%), 6/30/28 | | 720 | 647,306 |
Term Loan, 8.882%, (SOFR + 3.50%), 6/30/28 | | 1,018 | 913,435 |
Kenan Advantage Group, Inc., Term Loan, 8.095%, (SOFR + 3.25%), 1/25/29 | | 2,172 | 2,171,601 |
| | | $ 3,910,272 |
Semiconductors & Semiconductor Equipment — 0.3% |
Altar Bidco, Inc., Term Loan, 7.947%, (SOFR + 3.10%), 2/1/29 | | 1,246 | $ 1,249,299 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Semiconductors & Semiconductor Equipment (continued) |
Bright Bidco BV, Term Loan, 14.252%, (SOFR + 9.00%), 6.252% cash, 8.00% PIK, 10/31/27 | | 347 | $ 170,687 |
MaxLinear, Inc., Term Loan, 7.22%, (SOFR + 2.25%), 6/23/28 | | 286 | 277,143 |
MKS Instruments, Inc., Term Loan, 6.145%, (1 mo. EURIBOR + 2.75%), 8/17/29 | EUR | 1,972 | 2,205,742 |
Synaptics, Inc., Term Loan, 7.527%, (SOFR + 2.25%), 12/2/28 | | 388 | 387,879 |
| | | $ 4,290,750 |
Software — 5.2% |
Applied Systems, Inc., Term Loan, 7.604%, (SOFR + 3.00%), 2/24/31 | | 5,092 | $ 5,103,863 |
AppLovin Corp., Term Loan, 7.345%, (SOFR + 2.50%), 8/16/30 | | 1,567 | 1,567,978 |
Astra Acquisition Corp.: | | | |
Term Loan, 9.854%, (SOFR + 5.25%), 10/25/28 | | 853 | 177,778 |
Term Loan, 11.354%, (SOFR + 6.75%), 2/25/28 | | 614 | 506,222 |
Term Loan, 17.998%, (SOFR + 13.33%), 10/25/29 | | 1,244 | 217,630 |
Banff Merger Sub, Inc.: | | | |
Term Loan, 7.655%, (3 mo. EURIBOR + 4.00%), 7/30/31 | EUR | 481 | 536,063 |
Term Loan, 9.005%, (SOFR + 3.75%), 7/30/31 | | 2,967 | 2,962,796 |
Cegid Group SAS, Term Loan, 7.205%, (3 mo. EURIBOR + 3.50%), 7/10/28 | EUR | 1,000 | 1,117,439 |
Central Parent, Inc., Term Loan, 7.854%, (SOFR + 3.25%), 7/6/29 | | 2,258 | 2,236,164 |
Cloud Software Group, Inc., Term Loan, 8.604%, (SOFR + 4.00%), 3/30/29(22) | | 1,481 | 1,476,670 |
Cloudera, Inc.: | | | |
Term Loan, 8.695%, (SOFR + 3.75%), 10/8/28 | | 3,799 | 3,710,632 |
Term Loan - Second Lien, 10.945%, (SOFR + 6.00%), 10/8/29 | | 775 | 732,375 |
Constant Contact, Inc., Term Loan, 9.566%, (SOFR + 4.00%), 2/10/28 | | 1,704 | 1,653,150 |
Cornerstone OnDemand, Inc., Term Loan, 8.71%, (SOFR + 3.75%), 10/16/28 | | 1,316 | 1,233,984 |
Dragon Buyer, Inc., Term Loan, 9/30/31(20) | | 1,425 | 1,420,013 |
Drake Software LLC, Term Loan, 8.918%, (SOFR + 4.25%), 6/26/31 | | 2,050 | 1,978,250 |
ECI Macola Max Holding LLC, Term Loan, 8.354%, (SOFR + 3.75%), 5/9/30 | | 1,402 | 1,406,932 |
Epicor Software Corp.: | | | |
Term Loan, 1.00%, 5/30/31(21) | | 244 | 244,661 |
Term Loan, 8.095%, (SOFR + 3.25%), 5/30/31 | | 2,082 | 2,085,267 |
Fiserv Investment Solutions, Inc., Term Loan, 9.128%, (SOFR + 4.00%), 2/18/27 | | 503 | 484,465 |
32
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Software (continued) |
GoTo Group, Inc.: | | | |
Term Loan, 9.968%, (SOFR + 4.75%), 4/28/28 | | 945 | $ 783,263 |
Term Loan - Second Lien, 9.968%, (SOFR + 4.75%), 4/28/28 | | 594 | 225,579 |
IGT Holding IV AB, Term Loan, 6.245%, (3 mo. EURIBOR + 2.90%), 3/31/28 | EUR | 1,000 | 1,109,439 |
iSolved, Inc., Term Loan, 8.345%, (SOFR + 3.50%), 10/15/30 | | 498 | 499,887 |
Ivanti Software, Inc., Term Loan, 9.833%, (SOFR + 4.25%), 12/1/27 | | 1,431 | 1,223,558 |
Marcel LUX IV SARL: | | | |
Term Loan, 7.631%, (1 mo. EURIBOR + 4.00%), 11/9/30 | EUR | 1,500 | 1,681,412 |
Term Loan, 9.34%, (SOFR + 4.00%), 11/11/30 | | 1,222 | 1,231,102 |
McAfee LLC: | | | |
Term Loan, 7.136%, (3 mo. EURIBOR + 3.50%), 3/1/29 | EUR | 980 | 1,088,208 |
Term Loan, 8.451%, (SOFR + 3.25%), 3/1/29 | | 2,744 | 2,737,476 |
Mosel Bidco SE: | | | |
Term Loan, 7.845%, (3 mo. EURIBOR + 4.50%), 9/16/30 | EUR | 750 | 839,663 |
Term Loan, 9.104%, (SOFR + 4.50%), 9/16/30 | | 250 | 251,563 |
OceanKey (U.S.) II Corp., Term Loan, 8.445%, (SOFR + 3.50%), 12/15/28 | | 609 | 609,756 |
Open Text Corp., Term Loan, 7.095%, (SOFR + 2.25%), 1/31/30 | | 848 | 852,541 |
Polaris Newco LLC: | | | |
Term Loan, 7.345%, (3 mo. EURIBOR + 4.00%), 6/2/28 | EUR | 970 | 1,031,391 |
Term Loan, 9.514%, (SOFR + 4.00%), 6/2/28 | | 2,766 | 2,724,241 |
Proofpoint, Inc., Term Loan, 7.845%, (SOFR + 3.00%), 8/31/28 | | 2,432 | 2,433,389 |
Quartz Acquireco LLC, Term Loan, 7.354%, (SOFR + 2.75%), 6/28/30 | | 743 | 740,644 |
Quest Software U.S. Holdings, Inc., Term Loan, 9.652%, (SOFR + 4.25%), 2/1/29 | | 987 | 673,904 |
RealPage, Inc., Term Loan, 7.96%, (SOFR + 3.00%), 4/24/28 | | 2,789 | 2,710,316 |
Sabre GLBL, Inc., Term Loan, 9.195%, (SOFR + 4.25%), 6/30/28 | | 1,100 | 1,036,750 |
SolarWinds Holdings, Inc., Term Loan, 7.595%, (SOFR + 2.75%), 2/5/30 | | 1,812 | 1,814,892 |
Sophia LP, Term Loan, 8.445%, (SOFR + 3.50%), 10/9/29 | | 385 | 385,974 |
UKG, Inc., Term Loan, 8.555%, (SOFR + 3.25%), 2/10/31 | | 4,224 | 4,228,815 |
Veritas U.S., Inc.: | | | |
Term Loan, 8.095%, (3 mo. EURIBOR + 4.75%), 9/1/25 | EUR | 960 | 983,230 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Software (continued) |
Veritas U.S., Inc.: (continued) | | | |
Term Loan, 9.96%, (SOFR + 5.00%), 9/1/25 | | 2,376 | $ 2,235,780 |
Vision Solutions, Inc., Term Loan, 9.514%, (SOFR + 4.00%), 4/24/28 | | 413 | 403,246 |
| | | $ 65,388,351 |
Specialty Retail — 1.3% |
Apro LLC, Term Loan, 8.868%, (SOFR + 3.75%), 7/9/31 | | 600 | $ 602,157 |
Belron Luxembourg SARL, Term Loan, 6.009%, (3 mo. EURIBOR + 2.43%), 4/13/28 | EUR | 900 | 1,004,548 |
Boels Topholding BV, Term Loan, 6.557%, (3 mo. EURIBOR + 3.00%), 2/6/27 | EUR | 862 | 963,810 |
Etraveli Holding AB, Term Loan, 7.845%, (3 mo. EURIBOR + 4.50%), 11/2/28 | EUR | 937 | 1,046,396 |
Great Outdoors Group LLC, Term Loan, 8.71%, (SOFR + 3.75%), 3/6/28 | | 2,359 | 2,360,641 |
Harbor Freight Tools USA, Inc., Term Loan, 7.333%, (SOFR + 2.50%), 6/5/31(22) | | 2,350 | 2,316,219 |
Hoya Midco LLC, Term Loan, 7.845%, (SOFR + 3.00%), 2/3/29 | | 976 | 983,004 |
Les Schwab Tire Centers, Term Loan, 7.845%, (SOFR + 3.00%), 4/23/31 | | 3,300 | 3,305,162 |
Mattress Firm, Inc., Term Loan, 8.924%, (SOFR + 4.25%), 9/25/28 | | 1,168 | 1,169,223 |
PetSmart, Inc., Term Loan, 8.695%, (SOFR + 3.75%), 2/11/28 | | 1,285 | 1,276,184 |
Speedster Bidco GmbH, Term Loan, 5.662%, (6 mo. EURIBOR + 2.50%), 3/31/27 | EUR | 1,000 | 1,115,106 |
| | | $ 16,142,450 |
Technology Hardware, Storage & Peripherals — 0.1% |
Poseidon Bidco SASU, Term Loan, 8.345%, (3 mo. EURIBOR + 5.00%), 3/13/30 | EUR | 750 | $ 647,614 |
| | | $ 647,614 |
Trading Companies & Distributors — 1.5% |
American Builders & Contractors Supply Co., Inc., Term Loan, 6.595%, (SOFR + 1.75%), 1/31/31 | | 2,334 | $ 2,338,361 |
Beacon Roofing Supply, Inc., Term Loan, 6.845%, (SOFR + 2.00%), 5/19/28 | | 546 | 546,762 |
Core & Main LP, Term Loan, 7.105%, (SOFR + 2.25%), 2/9/31 | | 373 | 374,058 |
DXP Enterprises, Inc., Term Loan, 10.164%, (SOFR + 4.75%), 10/11/30 | | 668 | 670,422 |
Foundation Building Materials Holding Co. LLC, Term Loan, 9.252%, (SOFR + 4.00%), 1/29/31 | | 1,244 | 1,213,240 |
33
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount* (000's omitted) | Value |
Trading Companies & Distributors (continued) |
Patagonia Bidco Ltd., Term Loan, 10.45%, (SONIA + 5.25%), 11/1/28 | GBP | 1,000 | $ 1,189,469 |
PEARLS (Netherlands) Bidco BV, Term Loan, 7.636%, (3 mo. EURIBOR + 4.00%), 2/26/29 | EUR | 1,000 | 1,117,025 |
Quimper AB, Term Loan, 6.62%, (3 mo. EURIBOR + 2.93%), 2/16/26 | EUR | 1,875 | 2,083,763 |
Ramudden Global Group GmbH, Term Loan, 7.686%, (1 mo. EURIBOR + 4.25%), 12/10/29 | EUR | 1,000 | 1,113,034 |
Spin Holdco, Inc., Term Loan, 9.256%, (SOFR + 4.00%), 3/4/28 | | 3,764 | 3,306,784 |
White Cap Buyer LLC, Term Loan, 8.095%, (SOFR + 3.25%), 10/19/29 | | 3,177 | 3,155,969 |
Windsor Holdings III LLC: | | | |
Term Loan, 6.898%, (1 mo. EURIBOR + 3.50%), 8/1/30 | EUR | 500 | 558,662 |
Term Loan, 8.461%, (SOFR + 3.50%), 8/1/30 | | 1,139 | 1,144,540 |
| | | $ 18,812,089 |
Transportation Infrastructure — 0.0%(13) |
Brown Group Holding LLC: | | | |
Term Loan, 7.595%, (SOFR + 2.75%), 7/1/31 | | 218 | $ 218,082 |
Term Loan, 7.837%, (SOFR + 2.75%), 7/1/31(22) | | 246 | 245,994 |
KKR Apple Bidco LLC, Term Loan, 7.71%, (SOFR + 2.75%), 9/22/28 | | 170 | 170,157 |
| | | $ 634,233 |
Wireless Telecommunication Services — 0.5% |
CCI Buyer, Inc., Term Loan, 8.604%, (SOFR + 4.00%), 12/17/27 | | 447 | $ 446,474 |
Digicel International Finance Ltd., Term Loan, 12.002%, (SOFR + 6.75%), 5/25/27 | | 5,007 | 4,966,214 |
SBA Senior Finance II LLC, Term Loan, 6.85%, (SOFR + 2.00%), 1/25/31 | | 721 | 722,194 |
| | | $ 6,134,882 |
Total Senior Floating-Rate Loans (identified cost $565,581,064) | | | $ 554,862,130 |
Sovereign Government Bonds — 4.2% |
Security | Principal Amount* (000's omitted) | Value |
Albania — 0.0%(13) |
Albania Government International Bonds: | | | |
3.50%, 11/23/31(14) | EUR | 300 | $ 316,287 |
Security | Principal Amount* (000's omitted) | Value |
Albania (continued) |
Albania Government International Bonds: (continued) | | | |
5.90%, 6/9/28(14) | EUR | 162 | $ 188,982 |
| | | $ 505,269 |
Angola — 0.2% |
Angola Government International Bonds: | | | |
8.75%, 4/14/32(14) | | 1,161 | $ 1,043,441 |
9.125%, 11/26/49(14) | | 600 | 498,338 |
9.375%, 5/8/48(14) | | 820 | 695,754 |
| | | $ 2,237,533 |
Argentina — 0.1% |
Argentina Republic Government International Bonds: | | | |
3.50% to 7/9/29, 7/9/41(4) | | 200 | $ 91,542 |
4.125% to 7/9/27, 7/9/35(4) | | 500 | 241,250 |
5.00%, 1/9/38 | | 700 | 366,743 |
| | | $ 699,535 |
Bahamas — 0.0%(13) |
Bahamas Government International Bonds: | | | |
6.00%, 11/21/28(14) | | 200 | $ 188,470 |
6.95%, 11/20/29(14) | | 8 | 7,598 |
8.95%, 10/15/32(14) | | 200 | 204,731 |
| | | $ 400,799 |
Barbados — 0.1% |
Barbados Government International Bonds, 6.50%, 10/1/29(1)(14) | | 685 | $ 659,409 |
| | | $ 659,409 |
Benin — 0.2% |
Benin Government International Bonds: | | | |
4.875%, 1/19/32(14) | EUR | 406 | $ 405,108 |
4.95%, 1/22/35(14) | EUR | 430 | 402,736 |
6.875%, 1/19/52(14) | EUR | 1,158 | 1,083,040 |
7.96%, 2/13/38(14) | | 200 | 198,795 |
| | | $ 2,089,679 |
Brazil — 0.2% |
Brazil Government International Bonds: | | | |
3.875%, 6/12/30 | | 371 | $ 347,388 |
4.625%, 1/13/28 | | 1,100 | 1,107,983 |
34
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Brazil (continued) |
Brazil Government International Bonds: (continued) | | | |
5.00%, 1/27/45 | | 600 | $ 496,372 |
| | | $ 1,951,743 |
Cameroon — 0.2% |
Republic of Cameroon International Bonds: | | | |
5.95%, 7/7/32(14) | EUR | 500 | $ 453,038 |
9.50%, 7/31/31(14) | | 1,762 | 1,719,051 |
| | | $ 2,172,089 |
Chile — 0.1% |
Chile Government International Bonds: | | | |
2.45%, 1/31/31 | | 200 | $ 178,839 |
2.55%, 7/27/33 | | 600 | 515,083 |
3.50%, 1/25/50 | | 300 | 231,436 |
| | | $ 925,358 |
Colombia — 0.1% |
Colombia Government International Bonds: | | | |
3.25%, 4/22/32 | | 900 | $ 728,023 |
4.125%, 5/15/51 | | 430 | 272,479 |
| | | $ 1,000,502 |
Costa Rica — 0.0%(13) |
Costa Rica Government International Bonds, 6.55%, 4/3/34(14) | | 460 | $ 490,313 |
| | | $ 490,313 |
Croatia — 0.0%(13) |
Croatia Government International Bonds, 1.75%, 3/4/41(14) | EUR | 212 | $ 191,446 |
| | | $ 191,446 |
Dominican Republic — 0.1% |
Dominican Republic International Bonds: | | | |
4.50%, 1/30/30(14) | | 250 | $ 239,634 |
4.875%, 9/23/32(14) | | 530 | 505,486 |
5.95%, 1/25/27(14) | | 200 | 202,945 |
7.45%, 4/30/44(14) | | 300 | 340,921 |
| | | $ 1,288,986 |
Ecuador — 0.2% |
Ecuador Government International Bonds: | | | |
0.00%, 7/31/30(14) | | 685 | $ 383,710 |
Security | Principal Amount* (000's omitted) | Value |
Ecuador (continued) |
Ecuador Government International Bonds: (continued) | | | |
5.00%, 7/31/40(14) | | 2,958 | $ 1,298,597 |
6.90%, 7/31/30(14) | | 930 | 678,435 |
| | | $ 2,360,742 |
Egypt — 0.3% |
Egypt Government International Bonds: | | | |
5.25%, 10/6/25(1) | | 200 | $ 198,751 |
5.625%, 4/16/30(14) | EUR | 995 | 927,402 |
5.80%, 9/30/27(14) | | 427 | 404,778 |
6.375%, 4/11/31(14) | EUR | 203 | 189,645 |
7.053%, 1/15/32(14) | | 442 | 383,885 |
7.50%, 2/16/61(14) | | 260 | 188,838 |
7.625%, 5/29/32(14) | | 200 | 177,633 |
7.903%, 2/21/48(14) | | 393 | 304,288 |
8.15%, 11/20/59(14) | | 200 | 155,276 |
8.50%, 1/31/47(14) | | 200 | 161,705 |
8.70%, 3/1/49(14) | | 400 | 328,204 |
8.875%, 5/29/50(14) | | 780 | 647,273 |
| | | $ 4,067,678 |
El Salvador — 0.0%(13) |
El Salvador Government International Bonds, 8.25%, 4/10/32(14) | | 418 | $ 389,720 |
| | | $ 389,720 |
Ethiopia — 0.1% |
Ethiopia International Bonds, 6.625%, 12/11/24(14)(18) | | 1,854 | $ 1,446,120 |
| | | $ 1,446,120 |
Gabon — 0.0%(13) |
Gabon Government International Bonds, 6.625%, 2/6/31(14) | | 200 | $ 155,281 |
| | | $ 155,281 |
Ghana — 0.2% |
Ghana Government International Bonds: | | | |
7.625%, 5/16/29(14)(18) | | 711 | $ 373,008 |
7.75%, 4/7/29(14)(18) | | 560 | 296,698 |
7.875%, 2/11/35(14)(18) | | 200 | 106,346 |
8.125%, 1/18/26(14)(18) | | 208 | 110,387 |
8.125%, 3/26/32(14)(18) | | 576 | 306,842 |
8.627%, 6/16/49(14)(18) | | 740 | 389,171 |
35
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Ghana (continued) |
Ghana Government International Bonds: (continued) | | | |
8.75%, 3/11/61(14)(18) | | 597 | $ 320,811 |
| | | $ 1,903,263 |
Guatemala — 0.0%(13) |
Guatemala Government Bonds, 5.375%, 4/24/32(14) | | 338 | $ 336,622 |
| | | $ 336,622 |
Hungary — 0.1% |
Hungary Government International Bonds: | | | |
2.125%, 9/22/31(14) | | 400 | $ 332,453 |
6.25%, 9/22/32(1)(14) | | 700 | 754,564 |
| | | $ 1,087,017 |
India — 0.1% |
Export-Import Bank of India: | | | |
2.25%, 1/13/31(14) | | 600 | $ 521,983 |
5.50%, 1/18/33(1) | | 230 | 241,872 |
| | | $ 763,855 |
Indonesia — 0.1% |
Indonesia Government International Bonds: | | | |
4.70%, 2/10/34 | | 962 | $ 970,961 |
5.10%, 2/10/54 | | 560 | 568,774 |
| | | $ 1,539,735 |
Iraq — 0.0%(13) |
Iraq International Bonds, 5.80%, 1/15/28(14) | | �� 109 | $ 106,315 |
| | | $ 106,315 |
Ivory Coast — 0.0%(13) |
Ivory Coast Government International Bonds, 6.625%, 3/22/48(14) | EUR | 662 | $ 608,911 |
| | | $ 608,911 |
Jordan — 0.0%(13) |
Jordan Government International Bonds: | | | |
5.85%, 7/7/30(14) | | 300 | $ 283,448 |
7.50%, 1/13/29(14) | | 200 | 203,583 |
| | | $ 487,031 |
Kenya — 0.0%(13) |
Republic of Kenya Government International Bonds: | | | |
8.00%, 5/22/32(14) | | 200 | $ 186,314 |
Security | Principal Amount* (000's omitted) | Value |
Kenya (continued) |
Republic of Kenya Government International Bonds: (continued) | | | |
8.25%, 2/28/48(14) | | 200 | $ 170,229 |
| | | $ 356,543 |
Kuwait — 0.0%(13) |
Kuwait International Government Bonds, 3.50%, 3/20/27(14) | | 247 | $ 244,051 |
| | | $ 244,051 |
Lebanon — 0.0%(13) |
Lebanon Government International Bonds, 6.375%, 3/9/49(18) | | 1,110 | $ 86,759 |
| | | $ 86,759 |
Mexico — 0.1% |
Mexico Government International Bonds: | | | |
4.875%, 5/19/33 | | 600 | $ 576,149 |
5.00%, 4/27/51 | | 300 | 253,737 |
5.40%, 2/9/28 | | 600 | 614,190 |
| | | $ 1,444,076 |
Mongolia — 0.0%(13) |
Mongolia Government International Bonds, 5.125%, 4/7/26(1) | | 200 | $ 197,547 |
| | | $ 197,547 |
Montenegro — 0.1% |
Montenegro Government International Bonds: | | | |
2.875%, 12/16/27(14) | EUR | 100 | $ 105,489 |
7.25%, 3/12/31(14) | | 515 | 540,229 |
| | | $ 645,718 |
Morocco — 0.0%(13) |
Morocco Government International Bonds, 3.00%, 12/15/32(14) | | 365 | $ 313,976 |
| | | $ 313,976 |
Oman — 0.1% |
Oman Government International Bonds: | | | |
5.375%, 3/8/27(14) | | 200 | $ 202,604 |
6.25%, 1/25/31(14) | | 483 | 516,453 |
6.75%, 1/17/48(14) | | 230 | 249,590 |
7.375%, 10/28/32(14) | | 250 | 287,431 |
| | | $ 1,256,078 |
36
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
Pakistan — 0.0%(13) |
Pakistan Government International Bonds: | | | |
6.875%, 12/5/27(14) | | 200 | $ 181,969 |
7.375%, 4/8/31(14) | | 200 | 169,975 |
| | | $ 351,944 |
Panama — 0.1% |
Panama Government International Bonds: | | | |
2.252%, 9/29/32 | | 201 | $ 155,915 |
3.16%, 1/23/30 | | 251 | 225,153 |
3.298%, 1/19/33 | | 200 | 167,403 |
4.50%, 4/1/56 | | 400 | 288,837 |
6.70%, 1/26/36 | | 200 | 208,921 |
| | | $ 1,046,229 |
Paraguay — 0.0%(13) |
Paraguay Government International Bonds, 4.95%, 4/28/31(14) | | 577 | $ 576,572 |
| | | $ 576,572 |
Peru — 0.1% |
Peru Government International Bonds: | | | |
2.783%, 1/23/31 | | 700 | $ 625,975 |
3.00%, 1/15/34 | | 250 | 214,979 |
3.30%, 3/11/41 | | 447 | 353,334 |
| | | $ 1,194,288 |
Philippines — 0.1% |
Philippines Government International Bonds: | | | |
5.00%, 7/17/33 | | 720 | $ 743,476 |
5.50%, 1/17/48 | | 290 | 309,952 |
| | | $ 1,053,428 |
Romania — 0.1% |
Romania Government International Bonds: | | | |
1.75%, 7/13/30(14) | EUR | 400 | $ 380,829 |
3.375%, 1/28/50(14) | EUR | 400 | 303,696 |
6.625%, 9/27/29(14) | EUR | 400 | 488,891 |
| | | $ 1,173,416 |
Serbia — 0.1% |
Serbia International Bonds, 2.125%, 12/1/30(14) | | 1,003 | $ 843,349 |
| | | $ 843,349 |
Security | Principal Amount* (000's omitted) | Value |
Sri Lanka — 0.2% |
Sri Lanka Government International Bonds: | | | |
5.75%, 4/18/23(14)(18) | | 858 | $ 473,492 |
6.20%, 5/11/27(14)(18) | | 800 | 449,552 |
6.35%, 6/28/24(14)(18) | | 520 | 287,697 |
6.75%, 4/18/28(14)(18) | | 504 | 284,706 |
6.825%, 7/18/26(14)(18) | | 200 | 113,024 |
6.85%, 3/14/24(14)(18) | | 230 | 127,673 |
6.85%, 11/3/25(14)(18) | | 583 | 330,437 |
| | | $ 2,066,581 |
Suriname — 0.2% |
Suriname Government International Bonds: | | | |
7.95%, (4.95% cash and 3.00% PIK), 7/15/33(1) | | 1,283 | $ 1,245,774 |
9.00%, 12/31/50(1) | | 894 | 876,120 |
| | | $ 2,121,894 |
Tunisia — 0.0%(13) |
Tunisian Republic, 6.375%, 7/15/26(14) | EUR | 556 | $ 560,551 |
| | | $ 560,551 |
Turkey — 0.1% |
Turkiye Government International Bonds: | | | |
4.25%, 4/14/26 | | 500 | $ 496,983 |
4.875%, 4/16/43 | | 260 | 196,507 |
6.125%, 10/24/28 | | 370 | 378,589 |
6.75%, 5/30/40 | | 300 | 290,122 |
7.625%, 5/15/34 | | 360 | 382,952 |
| | | $ 1,745,153 |
Ukraine — 0.1% |
Ukraine Government International Bonds: | | | |
0.00%, GDP-Linked, 8/1/41(14)(24) | | 691 | $ 490,870 |
1.75% to 8/1/25, 2/1/29(4)(14) | | 59 | 35,022 |
1.75% to 8/1/25, 2/1/34(4)(14) | | 304 | 135,934 |
1.75% to 8/1/25, 2/1/35(4)(14) | | 312 | 136,603 |
1.75% to 8/1/25, 2/1/36(4)(14) | | 7 | 3,014 |
3.00% to 2/1/27, 2/1/30(4)(14) | | 17 | 7,440 |
3.00% to 2/1/27, 2/1/34(4)(14) | | 420 | 142,931 |
3.00% to 2/1/27, 2/1/35(4)(14) | | 26 | 11,498 |
3.00% to 2/1/27, 2/1/36(4)(14) | | 11 | 4,790 |
| | | $ 968,102 |
37
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000's omitted) | Value |
United Arab Emirates — 0.2% |
Finance Department Government of Sharjah: | | | |
4.375%, 3/10/51(14) | | 700 | $ 519,156 |
6.50%, 11/23/32(1)(14) | | 1,250 | 1,344,276 |
| | | $ 1,863,432 |
Uruguay — 0.1% |
Uruguay Government International Bonds: | | | |
4.375%, 1/23/31 | | 200 | $ 201,236 |
5.10%, 6/18/50 | | 300 | 300,540 |
5.75%, 10/28/34 | | 250 | 271,543 |
| | | $ 773,319 |
Uzbekistan — 0.1% |
National Bank of Uzbekistan, 8.50%, 7/5/29(14) | | 490 | $ 500,687 |
Republic of Uzbekistan International Bonds, 5.375%, 2/20/29(14) | | 300 | 290,999 |
| | | $ 791,686 |
Venezuela — 0.0%(13) |
Venezuela Government International Bonds: | | | |
6.00%, 12/9/20(14)(18) | | 361 | $ 44,193 |
7.00%, 3/31/38(14)(18) | | 156 | 21,587 |
7.65%, 4/21/25(14)(18) | | 525 | 73,129 |
7.75%, 10/13/19(14)(18) | | 400 | 52,106 |
8.25%, 10/13/24(14)(18) | | 468 | 65,481 |
9.00%, 5/7/23(14)(18) | | 101 | 14,384 |
9.25%, 9/15/27(18) | | 693 | 109,830 |
9.25%, 5/7/28(14)(18) | | 470 | 70,263 |
9.375%, 1/13/34(18) | | 41 | 7,067 |
11.75%, 10/21/26(14)(18) | | 205 | 34,363 |
11.95%, 8/5/31(14)(18) | | 174 | 28,316 |
12.75%, 8/23/22(14)(18) | | 158 | 25,885 |
| | | $ 546,604 |
Total Sovereign Government Bonds (identified cost $50,566,984) | | | $ 52,086,247 |
Borrower/Description | Principal Amount* (000's omitted) | Value |
Argentina — 0.0%(13) |
Provincia De Neuquen, Term Loan, 11/1/27(20) | | 196 | $ 197,868 |
| | | $ 197,868 |
Bahamas — 0.1% |
Commonwealth of Bahamas, Term Loan, 10.512%, (3 mo. EURIBOR + 6.85%), 11/24/28(2) | EUR | 660 | $ 732,695 |
| | | $ 732,695 |
Kenya — 0.0%(13) |
Government of Kenya, Term Loan, 12.142%, (6 mo. SOFR + 6.45%), 6/29/25(2) | | 624 | $ 635,104 |
| | | $ 635,104 |
Tanzania — 0.2% |
Government of the United Republic of Tanzania, Term Loan, 12.022%, (6 mo. SOFR + 6.30%), 4/28/31(2) | | 2,726 | $ 2,793,397 |
| | | $ 2,793,397 |
Total Sovereign Loans (identified cost $4,269,135) | | | $ 4,359,064 |
U.S. Government Agency Mortgage-Backed Securities — 19.2% |
Security | Principal Amount (000's omitted) | Value |
Federal Home Loan Mortgage Corp.: | | | |
5.00%, 8/1/52 | $ | 39,295 | $ 39,417,508 |
5.50%, 5/1/32 | | 198 | 203,339 |
6.50%, 6/17/28 | | 5 | 5,236 |
7.00%, 10/17/27 | | 4 | 4,295 |
7.50%, with various maturities to 2035 | | 354 | 369,233 |
8.00%, with various maturities to 2030 | | 25 | 25,996 |
9.00%, with various maturities to 2031 | | 9 | 9,594 |
Federal National Mortgage Association: | | | |
4.50%, 7/1/42 | | 2,397 | 2,418,472 |
4.778%, (COF + 1.317%), 10/1/36(25) | | 293 | 284,344 |
5.00%, with various maturities to 2040 | | 2,438 | 2,496,339 |
5.50%, with various maturities to 2033 | | 251 | 260,003 |
6.00%, 5/1/29 | | 55 | 56,161 |
6.35%, (COF + 2.004%), 7/1/32(25) | | 360 | 367,705 |
6.438%, (6 mo. RFUCCT + 1.541%), 9/1/37(25) | | 440 | 448,426 |
38
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value |
Federal National Mortgage Association: (continued) | | | |
6.50%, with various maturities to 2031 | $ | 14 | $ 14,198 |
6.978%, (1 yr. CMT + 2.283), 8/1/36(25) | | 1,822 | 1,857,611 |
7.00%, with various maturities to 2029 | | 119 | 122,040 |
7.50%, with various maturities to 2035 | | 469 | 494,697 |
7.967%, 10/15/29(5) | | 3 | 2,685 |
8.00%, with various maturities to 2027 | | 6 | 5,876 |
8.079%, 9/15/27(5) | | 6 | 5,911 |
8.222%, 9/20/28(5) | | 3 | 2,922 |
8.239%, 6/15/27(5) | | 3 | 2,715 |
8.50%, 12/1/37 | | 82 | 85,891 |
9.00%, 2/1/32 | | 53 | 54,237 |
9.50%, with various maturities to 2030 | | 6 | 6,549 |
Government National Mortgage Association: | | | |
4.00%, 9/20/49 | | 214 | 208,047 |
4.50%, with various maturities to 2052 | | 2,264 | 2,245,084 |
5.00%, 6/20/52 | | 13,892 | 13,976,497 |
5.50%, 30-Year, TBA(26) | | 10,950 | 11,057,768 |
5.50%, with various maturities to 2054 | | 12,275 | 12,466,263 |
6.00%, 30-Year, TBA(26) | | 5,300 | 5,389,799 |
6.00%, with various maturities to 2054 | | 15,833 | 16,253,189 |
6.50%, with various maturities to 2054 | | 21,715 | 22,304,339 |
7.00%, with various maturities to 2054 | | 2,995 | 3,038,273 |
7.50%, with various maturities to 2054 | | 3,169 | 3,230,151 |
8.00%, with various maturities to 2054 | | 3,339 | 3,431,479 |
9.00%, 12/15/25 | | 9 | 9,368 |
Uniform Mortgage-Backed Security: | | | |
5.00%, 30-Year, TBA(26) | | 9,737 | 9,730,915 |
5.50%, 30-Year, TBA(26) | | 25,350 | 25,650,041 |
6.00%, 30-Year, TBA(26) | | 60,700 | 62,039,670 |
Total U.S. Government Agency Mortgage-Backed Securities (identified cost $237,013,356) | | | $ 240,052,866 |
Security | Shares | Value |
Consumer Staples Distribution & Retail — 0.0%(13) |
Casino Guichard Perrachon SA, Exp. 4/27/29(11) | | 32,288 | $ 36 |
Total Warrants (identified cost $0) | | | $ 36 |
Security | Principal Amount/ Shares | Value |
Cable and Satellite Television — 0.0% |
ACC Claims Holdings LLC(10) | | 2,257,600 | $ 0 |
| | | $ 0 |
Engineering & Construction — 0.0% |
Abengoa Abenewco 2 SA, Escrow Certificates(1)(10)(18) | $ | 377,752 | $ 0 |
Abengoa Abenewco 2 SA, Escrow Certificates(1)(10)(18) | | 377,752 | 0 |
| | | $ 0 |
Entertainment — 0.0% |
National CineMedia, Inc., Escrow Certificates(10)(11) | $ | 1,186,000 | $ 0 |
| | | $ 0 |
Pharmaceuticals — 0.0% |
Endo Design LLC, Escrow Certificates(1)(10)(11) | $ | 649,000 | $ 0 |
Endo Luxembourg Finance SARL, Escrow Certificates(1)(10)(11) | | 1,550,000 | 0 |
| | | $ 0 |
Surface Transport — 0.0%(13) |
Hertz Corp., Escrow Certificates(1)(11) | $ | 364,000 | $ 63,700 |
| | | $ 63,700 |
Total Miscellaneous (identified cost $0) | | | $ 63,700 |
Short-Term Investments — 7.1% |
Security | Shares | Value |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.83%(27) | | 87,317,893 | $ 87,317,893 |
Total Affiliated Fund (identified cost $87,317,893) | | | $ 87,317,893 |
39
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
U.S. Treasury Obligations — 0.1% |
Security | Principal Amount (000's omitted) | Value |
U.S. Treasury Bills: | | | |
0.00%, 10/10/24(28) | $ | 169 | $ 168,804 |
0.00%, 11/7/24(28) | | 167 | 166,197 |
0.00%, 11/21/24(28) | | 164 | 162,927 |
0.00%, 12/5/24(28) | | 487 | 482,537 |
Total U.S. Treasury Obligations (identified cost $980,162) | | | $ 980,465 |
Total Short-Term Investments (identified cost $88,298,055) | | | $ 88,298,358 |
Total Investments — 169.2% (identified cost $2,168,374,352) | | | $ 2,119,206,242 |
Less Unfunded Loan Commitments — (0.1)% | | | $ (1,011,653) |
Net Investments — 169.1% (identified cost $2,167,362,699) | | | $ 2,118,194,589 |
TBA Sale Commitments — (1.8)% |
U.S. Government Agency Mortgage-Backed Securities — (1.8)% |
Security | Principal Amount (000's omitted) | Value |
Government National Mortgage Association: | | | |
6.50%, 30-Year, TBA(26) | $ | (15,000) | $ (15,347,818) |
7.00%, 30-Year, TBA(26) | | (6,806) | (6,981,175) |
Total U.S. Government Agency Mortgage-Backed Securities (identified cost $(22,351,955)) | | | $ (22,328,993) |
Total TBA Sale Commitments (identified cost $(22,351,955)) | | | $ (22,328,993) |
Other Assets, Less Liabilities — (84.6)% | | | $ (1,059,349,006) |
Auction Preferred Shares Plus Cumulative Unpaid Dividends — 17.3% | | | $ 216,217,740 |
Net Assets Applicable to Common Shares — 100.0% | | | $ 1,252,734,330 |
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, 2024, the aggregate value of these securities is $731,856,990 or 58.4% 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, 2024. |
(3) | When-issued security. |
(4) | Step coupon security. Interest rate represents the rate in effect at September 30, 2024. |
(5) | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 2024. |
(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, 2024. |
(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) | Represents an investment in an issuer that may be deemed to be an affiliate (see Note 9). |
(10) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10). |
(11) | Non-income producing security. |
(12) | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
(13) | Amount is less than 0.05%. |
(14) | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At September 30, 2024, the aggregate value of these securities is $80,377,638 or 6.4% of the Fund's net assets applicable to common shares. |
(15) | Security converts to variable rate after the indicated fixed-rate coupon period. |
(16) | Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. |
(17) | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
(18) | Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. For a variable rate security, interest rate has been adjusted to reflect non-accrual status. |
40
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
(19) | 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”) 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. |
(20) | This Senior Loan will settle after September 30, 2024, at which time the interest rate will be determined. |
(21) | 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, 2024, the total value of unfunded loan commitments is $1,020,034. See Note 1F for description. |
(22) | The stated interest rate represents the weighted average interest rate at September 30, 2024 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) | Principal amount is less than $500. |
(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) | 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, 2024. |
(26) | TBA (To Be Announced) securities are purchased or sold on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount, which is not expected to differ significantly from the commitment amount, and maturity date are determined upon settlement. |
(27) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2024. |
(28) | 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 | 2,058,996 | USD | 2,281,999 | 12/18/24 | $ 17,128 |
EUR | 799,291 | USD | 887,517 | 12/18/24 | 4,992 |
EUR | 697,649 | USD | 774,656 | 12/18/24 | 4,357 |
EUR | 290,000 | USD | 322,010 | 12/18/24 | 1,811 |
EUR | 123,375 | USD | 136,737 | 12/18/24 | 1,026 |
USD | 5,805 | EUR | 5,238 | 12/18/24 | (44) |
USD | 99,499 | EUR | 89,776 | 12/18/24 | (747) |
USD | 276,802 | EUR | 249,752 | 12/18/24 | (2,077) |
USD | 321,409 | EUR | 290,000 | 12/18/24 | (2,412) |
USD | 518,009 | EUR | 467,388 | 12/18/24 | (3,888) |
USD | 732,851 | EUR | 660,000 | 12/18/24 | (4,122) |
USD | 992,475 | EUR | 895,487 | 12/18/24 | (7,449) |
USD | 1,095,399 | EUR | 988,354 | 12/18/24 | (8,221) |
USD | 1,403,316 | EUR | 1,266,181 | 12/18/24 | (10,533) |
USD | 1,940,553 | EUR | 1,750,917 | 12/18/24 | (14,565) |
USD | 2,251,765 | EUR | 2,031,717 | 12/18/24 | (16,901) |
41
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued) |
Currency Purchased | Currency Sold | Settlement Date | Value/Unrealized Appreciation (Depreciation) |
USD | 2,486,808 | EUR | 2,243,791 | 12/18/24 | $ (18,665) |
| | | | | $(60,310) |
Forward Foreign Currency Exchange Contracts (OTC) |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) |
EUR | 165,000 | USD | 184,220 | Citibank, N.A. | 10/2/24 | $ — | $ (550) |
USD | 46,729,734 | EUR | 42,161,465 | Standard Chartered Bank | 10/2/24 | — | (202,276) |
EUR | 314,782 | USD | 347,201 | Citibank, N.A. | 10/4/24 | 3,226 | — |
USD | 556,638 | EUR | 498,000 | Citibank, N.A. | 10/4/24 | 2,246 | — |
EUR | 77,487 | USD | 86,326 | Goldman Sachs International | 10/31/24 | 33 | — |
EUR | 356,725 | USD | 398,785 | Standard Chartered Bank | 10/31/24 | — | (1,218) |
EUR | 88,449 | USD | 98,547 | State Street Bank and Trust Company | 10/31/24 | 29 | — |
EUR | 85,615 | USD | 95,815 | State Street Bank and Trust Company | 10/31/24 | — | (398) |
USD | 3,553,988 | EUR | 3,200,000 | Bank of America, N.A. | 10/31/24 | — | (12,385) |
USD | 474,985 | EUR | 424,934 | Citibank, N.A. | 10/31/24 | 1,400 | — |
USD | 163,384 | EUR | 147,014 | Citibank, N.A. | 10/31/24 | — | (462) |
USD | 167,063 | EUR | 150,468 | HSBC Bank USA, N.A. | 10/31/24 | — | (633) |
USD | 645,014 | EUR | 593,474 | HSBC Bank USA, N.A. | 10/31/24 | — | (16,408) |
USD | 683,341 | EUR | 628,832 | HSBC Bank USA, N.A. | 10/31/24 | — | (17,487) |
USD | 18,221,659 | EUR | 16,765,664 | HSBC Bank USA, N.A. | 10/31/24 | — | (463,527) |
USD | 19,304,391 | EUR | 17,764,513 | HSBC Bank USA, N.A. | 10/31/24 | — | (494,005) |
USD | 17,937 | EUR | 16,243 | State Street Bank and Trust Company | 10/31/24 | — | (166) |
USD | 33,155 | GBP | 24,846 | Citibank, N.A. | 10/31/24 | — | (63) |
USD | 9,650 | GBP | 7,531 | HSBC Bank USA, N.A. | 10/31/24 | — | (418) |
USD | 117,125 | GBP | 91,402 | HSBC Bank USA, N.A. | 10/31/24 | — | (5,073) |
USD | 142,733 | GBP | 108,643 | Standard Chartered Bank | 10/31/24 | — | (2,515) |
USD | 353,492 | GBP | 274,824 | State Street Bank and Trust Company | 10/31/24 | — | (13,929) |
USD | 5,478,134 | GBP | 4,259,002 | State Street Bank and Trust Company | 10/31/24 | — | (215,863) |
USD | 47,118,146 | EUR | 42,161,465 | Standard Chartered Bank | 11/4/24 | 121,586 | — |
USD | 7,251,914 | EUR | 6,493,000 | Australia and New Zealand Banking Group Limited | 11/29/24 | 7,379 | — |
USD | 7,251,220 | EUR | 6,493,000 | Bank of America, N.A. | 11/29/24 | 6,685 | — |
USD | 7,248,332 | EUR | 6,493,000 | Bank of America, N.A. | 11/29/24 | 3,797 | — |
USD | 7,252,913 | EUR | 6,493,000 | State Street Bank and Trust Company | 11/29/24 | 8,377 | — |
USD | 7,250,804 | EUR | 6,494,425 | State Street Bank and Trust Company | 11/29/24 | 4,679 | — |
USD | 2,533,341 | GBP | 1,918,194 | Goldman Sachs International | 11/29/24 | — | (30,977) |
USD | 8,767,219 | EUR | 7,845,000 | Goldman Sachs International | 12/31/24 | 2,500 | — |
USD | 8,588,372 | EUR | 7,684,569 | State Street Bank and Trust Company | 12/31/24 | 2,893 | — |
USD | 8,767,523 | EUR | 7,845,000 | State Street Bank and Trust Company | 12/31/24 | 2,805 | — |
42
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts (OTC) (continued) |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) |
USD | 8,765,796 | EUR | 7,845,000 | State Street Bank and Trust Company | 12/31/24 | $ 1,077 | $ — |
| | | | | | $168,712 | $(1,478,353) |
Futures Contracts |
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Interest Rate Futures | | | | | |
U.S. 2-Year Treasury Note | 650 | Long | 12/31/24 | $135,357,422 | $ 278,797 |
U.S. 5-Year Treasury Note | 2,238 | Long | 12/31/24 | 245,917,736 | 290,888 |
U.S. 10-Year Treasury Note | 390 | Long | 12/19/24 | 44,569,688 | 60,637 |
U.S. Ultra 10-Year Treasury Note | 15 | Long | 12/19/24 | 1,774,453 | (3,051) |
Euro-Bobl | (16) | Short | 12/6/24 | (2,138,137) | (24,044) |
Euro-Bund | (9) | Short | 12/6/24 | (1,351,675) | (14,820) |
Euro-Buxl | (8) | Short | 12/6/24 | (1,213,600) | (29,921) |
Euro-Schatz | (7) | Short | 12/6/24 | (835,113) | (4,519) |
U.S. 2-Year Treasury Note | (9) | Short | 12/31/24 | (1,874,180) | (6,837) |
U.S. 5-Year Treasury Note | (77) | Short | 12/31/24 | (8,460,977) | (4,009) |
U.S. 10-Year Treasury Note | (12) | Short | 12/19/24 | (1,371,375) | (2,188) |
U.S. Long Treasury Bond | (281) | Short | 12/19/24 | (34,896,688) | 78,893 |
U.S. Ultra-Long Treasury Bond | (181) | Short | 12/19/24 | (24,089,969) | 116,623 |
| | | | | $736,449 |
Credit Default Swaps - Sell Protection (Centrally Cleared) |
Reference Entity | Notional Amount* (000's omitted) | Contract Annual Fixed Rate** | Current Market Annual Fixed Rate*** | Termination Date | Value | Unamortized Upfront Receipts (Payments) | Unrealized Appreciation (Depreciation) |
Egypt | $ 158 | 1.00% (pays quarterly)(1) | 5.63% | 12/20/28 | $ (25,663) | $ 40,543 | $ 14,880 |
Total | $158 | | | | $(25,663) | $40,543 | $14,880 |
43
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of Investments (Unaudited) — continued
Credit Default Swaps - Buy Protection (Centrally Cleared) | |
Reference Entity | Notional Amount (000's omitted) | Contract Annual Fixed Rate** | Termination Date | Value | Unamortized Upfront Receipts (Payments) | Unrealized Appreciation (Depreciation) |
Philippines | | $ 980 | 1.00% (pays quarterly)(1) | 12/20/29 | $ (19,691) | $ 18,775 | $ (916) |
Total | | $980 | | | $(19,691) | $18,775 | $(916) |
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) |
Ivory Coast | Deutsche Bank AG | $ 271 | 1.00% (pays quarterly)(1) | 2.71% | 6/20/27 | $ (11,601) | $ 19,112 | $ 7,511 |
Ivory Coast | Deutsche Bank AG | 312 | 1.00% (pays quarterly)(1) | 2.71 | 6/20/27 | (13,360) | 22,035 | 8,675 |
Mexico | Citibank, N.A. | 2,041 | 1.00% (pays quarterly)(1) | 1.56 | 12/20/31 | (69,648) | 65,849 | (3,799) |
U.S. Single Family Rental | Goldman Sachs International | 670 | 7.85% (pays annually)(1) | 7.78 | 3/18/28 | 4,544 | — | 4,544 |
Vietnam | Goldman Sachs International | 300 | 1.00% (pays quarterly)(1) | 0.97 | 12/20/29 | 449 | (839) | (390) |
Total | | $3,594 | | | | $ (89,616) | $106,157 | $16,541 |
* | 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, 2024, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $3,752,000. |
** | 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. |
Abbreviations: |
CMT | – Constant Maturity Treasury |
COF | – Cost of Funds 11th District |
DIP | – Debtor In Possession |
EURIBOR | – Euro Interbank Offered Rate |
GDP | – Gross Domestic Product |
OTC | – Over-the-counter |
PCL | – Public Company Limited |
PIK | – Payment In Kind |
RFUCCT | – FTSE USD IBOR Consumer Cash Fallbacks Term |
SOFR | – Secured Overnight Financing Rate |
SONIA | – Sterling Overnight Interbank Average |
Currency Abbreviations: |
EUR | – Euro |
GBP | – British Pound Sterling |
USD | – United States Dollar |
44
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Statement of Assets and Liabilities (Unaudited)
| September 30, 2024 |
Assets | |
Unaffiliated investments, at value (identified cost $2,069,710,479) | $ 2,021,655,689 |
Affiliated investments, at value (identified cost $97,652,220) | 96,538,900 |
Cash | 2,666,983 |
Deposits for forward commitment securities | 328,000 |
Deposits for derivatives collateral: | |
Futures contracts | 3,673,906 |
Centrally cleared derivatives | 571,713 |
OTC derivatives | 2,635,100 |
Foreign currency, at value (identified cost $7,231,998) | 7,246,675 |
Interest receivable | 21,905,461 |
Interest and dividends receivable from affiliated investments | 189,682 |
Receivable for investments sold | 11,240,068 |
Receivable for TBA sale commitments | 22,351,955 |
Receivable for variation margin on open centrally cleared derivatives | 20,476 |
Receivable for open forward foreign currency exchange contracts | 168,712 |
Receivable for open swap contracts | 20,730 |
Upfront payments on open OTC swap contracts | 839 |
Tax reclaims receivable | 5,726 |
Trustees' deferred compensation plan | 283,738 |
Prepaid upfront fees on notes payable | 825,678 |
Prepaid expenses | 2,303 |
Total assets | $2,192,332,334 |
Liabilities | |
Notes payable | $ 548,000,000 |
Cash collateral due to brokers | 8,000 |
Payable for investments purchased | 23,647,788 |
Payable for when-issued/delayed delivery/forward commitment securities | 121,516,380 |
TBA sale commitments, at value (proceeds receivable $22,351,955) | 22,328,993 |
Payable for variation margin on open futures contracts | 891,913 |
Payable for open forward foreign currency exchange contracts | 1,478,353 |
Payable for open swap contracts | 4,189 |
Upfront receipts on open OTC swap contracts | 106,996 |
Payable to affiliates: | |
Investment adviser fee | 1,231,915 |
Trustees' deferred compensation plan | 283,738 |
Accrued expenses | 3,881,998 |
Total liabilities | $ 723,380,263 |
Auction preferred shares (8,640 shares outstanding) at liquidation value plus cumulative unpaid dividends | $ 216,217,741 |
Net assets applicable to common shares | $1,252,734,330 |
Sources of Net Assets | |
Common shares, $0.01 par value, unlimited number of shares authorized | $ 1,162,035 |
Additional paid-in capital | 1,598,998,899 |
Accumulated loss | (347,426,604) |
Net assets applicable to common shares | $1,252,734,330 |
Common Shares Issued and Outstanding | 116,203,460 |
Net Asset Value Per Common Share | |
Net assets ÷ common shares issued and outstanding | $ 10.78 |
45
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Statement of Operations (Unaudited)
| Six Months Ended |
| September 30, 2024 |
Investment Income | |
Dividend income | $ 1,022,942 |
Dividend income from affiliated investments | 743,615 |
Interest income | 69,075,647 |
Interest income from affiliated investments | 299,189 |
Other income | 246,962 |
Total investment income | $71,388,355 |
Expenses | |
Investment adviser fee | $ 7,253,924 |
Trustees’ fees and expenses | 54,250 |
Custodian fee | 329,165 |
Transfer and dividend disbursing agent fees | 11,110 |
Legal and accounting services | 120,632 |
Printing and postage | 161,566 |
Interest expense and fees | 16,620,395 |
Preferred shares service fee | 113,612 |
Miscellaneous | 122,624 |
Total expenses | $24,787,278 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 19,457 |
Total expense reductions | $ 19,457 |
Net expenses | $24,767,821 |
Net investment income | $46,620,534 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (9,738,947) |
Futures contracts | 1,936,766 |
Swap contracts | 18,859 |
Foreign currency transactions | 1,398,970 |
Forward foreign currency exchange contracts | (3,344,499) |
Net realized loss | $ (9,728,851) |
Change in unrealized appreciation (depreciation): | |
Investments | $ 47,469,599 |
Investments - affiliated investments | 489,247 |
TBA sale commitments | 22,962 |
Futures contracts | 912,458 |
Swap contracts | (33,308) |
Foreign currency | (24,803) |
Forward foreign currency exchange contracts | (2,244,113) |
Net change in unrealized appreciation (depreciation) | $46,592,042 |
Net realized and unrealized gain | $36,863,191 |
Distributions to preferred shareholders | $ (9,339,642) |
Net increase in net assets from operations | $74,144,083 |
46
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Statements of Changes in Net Assets
| Six Months Ended September 30, 2024 (Unaudited) | Year Ended March 31, 2024 |
Increase (Decrease) in Net Assets | | |
From operations: | | |
Net investment income | $ 46,620,534 | $ 92,614,913 |
Net realized loss | (9,728,851) | (45,834,953) |
Net change in unrealized appreciation (depreciation) | 46,592,042 | 93,594,530 |
Distributions to preferred shareholders | (9,339,642) | (18,534,628) |
Net increase in net assets from operations | $ 74,144,083 | $ 121,839,862 |
Distributions to common shareholders | $ (55,359,328)* | $ (80,819,287) |
Tax return of capital to common shareholders | $ — | $ (28,249,281) |
Net increase in net assets | $ 18,784,755 | $ 12,771,294 |
Net Assets Applicable to Common Shares | | |
At beginning of period | $ 1,233,949,575 | $ 1,221,178,281 |
At end of period | $1,252,734,330 | $1,233,949,575 |
* | A portion of the distributions may be deemed a tax return of capital at year-end. See Note 3. |
47
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Statement of Cash Flows (Unaudited)
| Six Months Ended |
| September 30, 2024 |
Cash Flows From Operating Activities | |
Net increase in net assets from operations | $ 74,144,083 |
Distributions to preferred shareholders | 9,339,642 |
Net increase in net assets from operations excluding distributions to preferred shareholders | $ 83,483,725 |
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: | |
Investments purchased | (1,533,486,477) |
Investments sold and principal repayments | 1,507,352,663 |
Increase in short-term investments, net | (66,091,600) |
Net amortization/accretion of premium (discount) | (1,063,697) |
Amortization of prepaid upfront fees on notes payable | 357,162 |
Decrease in interest receivable | 149,399 |
Increase in interest and dividends receivable from affiliated investments | (40,385) |
Decrease in receivable for variation margin on open centrally cleared derivatives | 15,353 |
Decrease in receivable for open swap contracts | 23,973 |
Increase in upfront payments on open OTC swap contracts | (839) |
Increase in tax reclaims receivable | (1,457) |
Increase in Trustees’ deferred compensation plan | (27,618) |
Decrease in prepaid expenses | 6,587 |
Decrease in cash collateral due to broker | (262,000) |
Increase in payable for variation margin on open futures contracts | 619,966 |
Increase in payable for open swap contracts | 1,994 |
Decrease in upfront receipts on open OTC swap contracts | (35,478) |
Increase in payable to affiliate for investment adviser fee | 38,004 |
Increase in payable to affiliate for Trustees' deferred compensation plan | 27,618 |
Increase in accrued expenses | 95,257 |
Increase in unfunded loan commitments | 826,289 |
Net change in unrealized (appreciation) depreciation from investments, including TBA Sale Commitments | (47,981,808) |
Net change in unrealized (appreciation) depreciation from forward foreign currency exchange contracts (OTC) | 2,093,770 |
Net realized loss from investments | 9,738,947 |
Net cash used in operating activities | $ (44,160,652) |
Cash Flows From Financing Activities | |
Cash distributions paid to common shareholders | $ (55,359,328) |
Cash distributions paid to preferred shareholders | (9,449,550) |
Proceeds from notes payable | 109,000,000 |
Net cash provided by financing activities | $ 44,191,122 |
Net increase in cash and restricted cash* | $ 30,470 |
Cash and restricted cash at beginning of period (including foreign currency) | $ 17,091,907 |
Cash and restricted cash at end of period (including foreign currency) | $ 17,122,377 |
Supplemental disclosure of cash flow information: | |
Cash paid for interest and fees on borrowings | $ 16,026,374 |
* | Includes net change in unrealized (appreciation) depreciation on foreign currency of $29,376. |
48
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
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, 2024 |
Cash | $ 2,666,983 |
Deposits for derivatives collateral: | |
Futures contracts | 3,673,906 |
Centrally cleared derivatives | 571,713 |
OTC derivatives | 2,635,100 |
Deposits for forward commitment securities | 328,000 |
Foreign currency | 7,246,675 |
Total cash and restricted cash as shown on the Statement of Cash Flows | $17,122,377 |
49
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Selected data for a common share outstanding during the periods stated
| Six Months Ended September 30, 2024 (Unaudited) | Year Ended March 31, |
| 2024 | 2023 | 2022 | 2021 | 2020 |
Net asset value — Beginning of period (Common shares) | $ 10.62 | $ 10.51 | $ 12.30 | $ 13.57 | $ 11.75 | $ 14.45 |
Income (Loss) From Operations | | | | | | |
Net investment income(1) | $ 0.40 | $ 0.80 | $ 0.71 | $ 0.64 | $ 0.76 | $ 0.76 |
Net realized and unrealized gain (loss) | 0.32 | 0.41 | (1.21) | (0.71) | 2.27 | (2.39) |
Distributions to preferred shareholders: From net investment income(1) | (0.08) | (0.16) | (0.09) | (0.00) (2) | (0.01) | (0.05) |
Total income (loss) from operations | $ 0.64 | $ 1.05 | $ (0.59) | $ (0.07) | $ 3.02 | $ (1.68) |
Less Distributions to Common Shareholders | | | | | | |
From net investment income | $ (0.48)* | $ (0.70) | $ (0.72) | $ (0.68) | $ (0.79) | $ (0.84) |
Tax return of capital | — | (0.24) | (0.48) | (0.52) | (0.41) | (0.18) |
Total distributions to common shareholders | $ (0.48) | $ (0.94) | $ (1.20) | $ (1.20) | $ (1.20) | $ (1.02) |
Net asset value — End of period (Common shares) | $10.78 | $10.62 | $10.51 | $12.30 | $13.57 | $ 11.75 |
Market value — End of period (Common shares) | $10.51 | $ 9.75 | $ 9.85 | $11.70 | $12.63 | $ 10.57 |
Total Investment Return on Net Asset Value(3) | 6.49% (4) | 11.73% | (3.98)% | (0.42)% | 27.62% | (11.69)% |
Total Investment Return on Market Value(3) | 13.09% (4) | 9.35% | (5.30)% | 1.70% | 32.25% | (9.33)% |
50
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| Six Months Ended September 30, 2024 (Unaudited) | Year Ended March 31, |
| 2024 | 2023 | 2022 | 2021 | 2020 |
Ratios/Supplemental Data | | | | | | |
Net assets applicable to common shares, end of period (000’s omitted) | $1,252,734 | $1,233,950 | $1,221,178 | $1,429,150 | $1,575,692 | $1,365,197 |
Ratios (as a percentage of average daily net assets applicable to common shares):(5)(6)† | | | | | | |
Expenses excluding interest and fees | 1.32% (7) | 1.27% | 1.29% | 1.24% | 1.33% | 1.29% |
Interest and fee expense(8) | 2.69% (7) | 2.09% | 1.43% | 0.53% | 0.58% | 1.33% |
Total expenses | 4.01% (7) | 3.36% | 2.72% | 1.77% | 1.91% | 2.62% |
Net expenses | 4.01% (7)(9) | 3.36% (9) | 2.72% (9) | 1.77% | 1.91% | 2.62% |
Net investment income | 7.54% (7) | 7.66% | 6.47% | 4.83% | 5.73% | 5.33% |
Portfolio Turnover | 77% (4)(10) | 199% (10) | 201% (10) | 137% (10) | 57% (10) | 49% |
Senior Securities: | | | | | | |
Total notes payable outstanding (in 000’s) | $ 548,000 | $ 439,000 | $ 314,000 | $ 578,000 | $ 570,000 | $ 525,000 |
Asset coverage per $1,000 of notes payable(11) | $ 3,681 | $ 4,304 | $ 5,577 | $ 3,846 | $ 4,143 | $ 4,012 |
Total preferred shares outstanding | 8,640 | 8,640 | 8,640 | 8,640 | 8,640 | 8,640 |
Asset coverage per preferred share(12) | $ 66,000 | $ 72,110 | $ 82,609 | $ 69,999 | $ 75,118 | $ 71,062 |
Involuntary liquidation preference per preferred share(13) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 |
Approximate market value per preferred share(13) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 |
(1) | Computed using average common shares outstanding. |
(2) | Amount is less than $(0.005). |
(3) | 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. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Ratios do not reflect the effect of dividend payments to preferred shareholders. |
(7) | Annualized. |
(8) | 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). |
(9) | 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% of average daily net assets for the six months ended September 30, 2024 and less than 0.01% of average daily net assets for the years ended March 31, 2024 and 2023). |
(10) | Includes the effect of To-Be-Announced (TBA) transactions. |
(11) | 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. |
(12) | 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 264%, 288%, 330%, 280%, 300% and 284% at September 30, 2024 and March 31, 2024, 2023, 2022, 2021 and 2020, respectively. |
(13) | 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. |
51
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| Six Months Ended September 30, 2024 (Unaudited) | Year Ended March 31, |
| 2024 | 2023 | 2022 | 2021 | 2020 |
Expenses excluding interest and fees | 0.84% | 0.87% | 0.85% | 0.83% | 0.88% | 0.86% |
Interest and fee expense | 1.72% | 1.43% | 0.94% | 0.36% | 0.38% | 0.89% |
Total expenses | 2.56% | 2.30% | 1.79% | 1.19% | 1.26% | 1.75% |
Net investment income | 4.81% | 5.23% | 4.24% | 3.25% | 3.79% | 3.57% |
52
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
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, 2024
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 in connection with investments in senior floating-rate loans may include amendment fees, consent fees and prepayment fees, which are recorded to income as earned and included in Other income on the Statement of Operations. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. 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, 2024, 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, 2024, 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
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial Statements (Unaudited) — continued
underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. While forward foreign currency 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 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 Forward Sale Commitments—The Fund may enter into forward sale commitments to sell generic U.S. government agency mortgage-backed securities to hedge its portfolio positions and/or to enhance return. The proceeds to be received from the forward sale commitment are recorded as an asset and a corresponding liability, which is subsequently valued at approximately the current market value of the underlying security in accordance with the Fund's policies on investment valuations discussed above. The Fund records an unrealized gain or loss on investments to the extent of the difference between the proceeds to be received and the value of the open forward sale commitment on the day of determination. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment or the delivery of securities, the Fund realizes a gain or loss on investments based on the price established when the Fund entered into the commitment. If the Fund enters into a forward sale commitment for the delivery of a security that it does not own or has the right to obtain, it is subject to the risk of loss if the purchase price to settle the commitment is higher than the price at which it was sold.
N Stripped Mortgage-Backed Securities—The Fund may invest in Interest Only (IO) and Principal Only (PO) securities, a form of stripped mortgage-
backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Fund may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.
O Interim Financial Statements—The interim financial statements relating to September 30, 2024 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.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial Statements (Unaudited) — continued
2 Auction Preferred Shares
The Fund issued Auction Preferred Shares (APS) on July 25, 2003 in a public offering. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. Series of APS are identical in all respects except for the reset dates of the dividend rates. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. Auctions have not cleared since February 13, 2008 and the rate since that date has been the maximum applicable rate (see Note 3). The maximum applicable rate on the APS is 160% of the “AA” Financial Composite Commercial Paper Rate at the date of the auction. The stated spread over the reference benchmark rate is determined based on the credit rating of the APS.
The number of APS issued and outstanding at September 30, 2024 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, 2024, 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, 2024 | Dividends Accrued to APS Shareholders | Average APS Dividend Rates | Dividend Rate Ranges (%) |
Series A | 7.89% | $1,868,790 | 8.63% | 7.89-8.68 |
Series B | 7.89 | 1,868,017 | 8.62 | 7.89-8.68 |
Series C | 7.89 | 1,869,365 | 8.63 | 7.89-8.68 |
Series D | 7.89 | 1,865,297 | 8.61 | 7.89-8.68 |
Series E | 7.89 | 1,868,173 | 8.63 | 7.89-8.68 |
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, 2024.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial Statements (Unaudited) — continued
Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
Distributions in any year may include a return of capital component. For the six months ended September 30, 2024, the amount of distributions estimated to be a tax return of capital was approximately $17,250,000. 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, 2024, the Fund, for federal income tax purposes, had deferred capital losses of $268,997,755 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at March 31, 2024, $51,504,368 are short-term and $217,493,387 are long-term.
The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts and TBA sale commitments, of the Fund at September 30, 2024, as determined on a federal income tax basis, were as follows:
Aggregate cost | $2,143,564,333 |
Gross unrealized appreciation | $ 45,763,566 |
Gross unrealized depreciation | (94,065,300) |
Net unrealized depreciation | $ (48,301,734) |
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, 2024, the investment adviser fee amounted to $7,253,924. EVM also serves as administrator of the Fund, but receives no compensation.
Effective April 18, 2024, pursuant to an investment sub-advisory agreement between EVM and Morgan Stanley Investment Management Limited (“MSIM Ltd.”), an affiliate of EVM and an indirect wholly-owned subsidiary of Morgan Stanley, EVM has delegated a portion of the investment management of the Fund to MSIM Ltd. EVM pays MSIM Ltd. a portion of its investment adviser fee for sub-advisory services provided to the Fund.
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, 2024, the investment adviser fee paid was reduced by $19,457 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.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial Statements (Unaudited) — continued
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, 2024 were as follows:
| Purchases | Sales |
Investments (non-U.S. Government) | $ 267,404,220 | $ 329,447,423 |
U.S. Government and Agency Securities | 1,256,964,693 | 1,207,242,505 |
| $1,524,368,913 | $1,536,689,928 |
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, 2024 and the year ended March 31, 2024.
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, 2024 and the year ended March 31, 2024.
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, 2024 is included in the Portfolio of Investments. At September 30, 2024, 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 enters into interest rate 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, 2024, the fair value of derivatives with credit-related contingent features in a net liability position was $1,572,962. The aggregate fair value of assets pledged as collateral by the Fund for such liability was $3,615,069 at September 30, 2024.
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
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial Statements (Unaudited) — continued
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, 2024 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, 2024.
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at September 30, 2024 was as follows:
| Fair Value |
Statement of Assets and Liabilities Caption | Credit | Foreign Exchange | Interest Rate | Total |
Accumulated loss | $ — | $ 29,314* | $ 825,838* | $ 855,152 |
Receivable for open forward foreign currency exchange contracts | — | 168,712 | — | 168,712 |
Receivable for open swap contracts; Upfront payments on open OTC swap contracts | 4,993 | — | — | 4,993 |
Total Asset Derivatives | $ 4,993 | $ 198,026 | $825,838 | $ 1,028,857 |
Derivatives not subject to master netting or similar agreements | $ — | $ 29,314 | $825,838 | $ 855,152 |
Total Asset Derivatives subject to master netting or similar agreements | $ 4,993 | $ 168,712 | $ — | $ 173,705 |
Accumulated loss | $ (45,354)* | $ (89,624)* | $ (89,389)* | $ (224,367) |
Payable for open forward foreign currency exchange contracts | — | (1,478,353) | — | (1,478,353) |
Payable for open swap contracts; Upfront receipts on open OTC swap contracts | (94,609) | — | — | (94,609) |
Total Liability Derivatives | $(139,963) | $(1,567,977) | $ (89,389) | $(1,797,329) |
Derivatives not subject to master netting or similar agreements | $ (45,354) | $ (89,624) | $ (89,389) | $ (224,367) |
Total Liability Derivatives subject to master netting or similar agreements | $ (94,609) | $(1,478,353) | $ — | $(1,572,962) |
* | For futures contracts and centrally cleared derivatives, amount represents value as shown in the Portfolio of Investments. Only the current day’s variation margin on open futures contracts and centrally cleared derivatives is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared derivatives, as applicable. |
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial Statements (Unaudited) — continued
The Fund's derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Fund's derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of September 30, 2024.
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 | $ 7,379 | $ — | $ — | $ — | $ 7,379 | $ — |
Bank of America, N.A. | 10,482 | (10,482) | — | — | — | — |
Citibank, N.A. | 6,872 | (6,872) | — | — | — | — |
Goldman Sachs International | 7,526 | (7,526) | — | — | — | — |
Standard Chartered Bank | 121,586 | (121,586) | — | — | — | — |
State Street Bank and Trust Company | 19,860 | (19,860) | — | — | — | — |
| $173,705 | $(166,326) | $ — | $ — | $7,379 | $ — |
Counterparty | Derivative Liabilities Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Pledged(a) | Cash Collateral Pledged(a) | Net Amount of Derivative Liabilities(c) | Total Cash Collateral Pledged |
Bank of America, N.A. | $ (12,385) | $ 10,482 | $ — | $ — | $ (1,903) | $ — |
Citibank, N.A. | (70,723) | 6,872 | — | 63,851 | — | 80,100 |
Deutsche Bank AG | (24,961) | — | — | — | (24,961) | — |
Goldman Sachs International | (30,977) | 7,526 | 23,451 | — | — | 13,000 |
HSBC Bank USA, N.A. | (997,551) | — | — | 997,551 | — | 1,128,000 |
Standard Chartered Bank | (206,009) | 121,586 | — | 84,423 | — | 270,000 |
State Street Bank and Trust Company | (230,356) | 19,860 | 210,496 | — | — | 1,144,000 |
| $(1,572,962) | $166,326 | $233,947 | $1,145,825 | $(26,864) | $2,635,100 |
Total — Deposits for derivatives collateral — OTC derivatives | | | | $2,635,100 |
(a) | In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Net amount represents the net amount due from the counterparty in the event of default. |
(c) | Net amount represents the net amount payable to the counterparty in the event of default. |
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial Statements (Unaudited) — continued
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the six months ended September 30, 2024 was as follows:
Statement of Operations Caption | Credit | Foreign Exchange | Interest Rate | Total |
Net realized gain (loss): | | | | |
Futures contracts | $ — | $ — | $ 1,936,766 | $ 1,936,766 |
Swap contracts | 18,859 | — | — | 18,859 |
Forward foreign currency exchange contracts | — | (3,344,499) | — | (3,344,499) |
Total | $ 18,859 | $(3,344,499) | $1,936,766 | $(1,388,874) |
Change in unrealized appreciation (depreciation): | | | | |
Futures contracts | $ — | $ — | $ 912,458 | $ 912,458 |
Swap contracts | (33,308) | — | — | (33,308) |
Forward foreign currency exchange contracts | — | (2,244,113) | — | (2,244,113) |
Total | $(33,308) | $(2,244,113) | $ 912,458 | $(1,364,963) |
The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended September 30, 2024, 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 |
$316,650,000 | $78,318,000 | $235,496,000 | $5,934,000 |
* | 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. |
8 Credit Agreement
The Fund has entered into a Credit Agreement, as amended (the Agreement) with major financial institutions to borrow up to $625 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 11, 2025, 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 14, 2023, the Fund paid an upfront fee of $1,375,000 which is being amortized to interest expense over a period of two years through December 2025. The unamortized balance at September 30, 2024 is approximately $826,000 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, 2024, the Fund had borrowings outstanding under the Agreement of $548,000,000 at an annual interest rate of 5.91%. 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, 2024 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, 2024. Facility fees for the six months ended September 30, 2024 totaled $661,801 and are included in interest expense and fees on the Statement of Operations. For the six months ended September 30, 2024, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $483,819,672 and 6.35%, respectively.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial Statements (Unaudited) — continued
9 Affiliated Investments
At September 30, 2024, the value of the Fund's investment in issuers and funds that may be deemed to be affiliated was $96,538,900, which represents 7.7% of the Fund's net assets applicable to common shares. Transactions in such investments by the Fund for the six months ended September 30, 2024 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, 4.442%, 6/15/47 | $ 342,235 | $ — | $ (229,679) | $ — | $ (4,629) | $ 127,766 | 24,735 | 133,321 |
Series 2015-C23, Class D, 4.275%, 7/15/50 | 2,332,746 | — | — | — | 180,643 | 2,520,546 | 63,925 | 2,670,000 |
Series 2016-C29, Class D, 3.00%, 5/15/49 | 2,924,627 | — | — | — | 120,794 | 3,055,888 | 64,127 | 3,577,365 |
Series 2016-C32, Class D, 3.396%, 12/15/49 | 1,040,095 | — | — | — | 79,517 | 1,127,009 | 34,565 | 1,600,000 |
Morgan Stanley Capital I Trust: | | | | | | | | |
Series 2016-UBS12, Class D, 3.312%, 12/15/49 | 2,306,494 | — | — | — | 66,027 | 2,389,798 | 91,610 | 4,488,667 |
Series 2019-BPR, Class C, 8.968%, (1 mo. SOFR + 3.642%), 5/15/36 | 1,798,105 | — | (1,845,000) | — | 46,895 | — | 20,227 | — |
Short-Term Investments |
Liquidity Fund | 21,711,062 | 571,403,226 | (505,796,395) | — | — | 87,317,893 | 743,615 | 87,317,893 |
Total | | | | $ — | $489,247 | $96,538,900 | $1,042,804 | |
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, 2024, the hierarchy of inputs used in valuing the Fund's investments and open derivative instruments, which are carried at fair value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3* | Total |
Asset-Backed Securities | $ — | $ 178,219,986 | $ — | $ 178,219,986 |
Closed-End Funds | 22,017,105 | — | — | 22,017,105 |
Collateralized Mortgage Obligations | — | 335,193,623 | — | 335,193,623 |
Commercial Mortgage-Backed Securities | — | 57,883,381 | — | 57,883,381 |
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial Statements (Unaudited) — continued
Asset Description (continued) | Level 1 | Level 2 | Level 3* | Total |
Common Stocks | $ 661,546 | $ 8,569,016 | $ 0 | $ 9,230,562 |
Convertible Bonds | — | 1,939,330 | 0 | 1,939,330 |
Corporate Bonds | — | 574,999,854 | 0 | 574,999,854 |
Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | — | 552,480,582 | 1,369,895 | 553,850,477 |
Sovereign Government Bonds | — | 52,086,247 | — | 52,086,247 |
Sovereign Loans | — | 4,359,064 | — | 4,359,064 |
U.S. Government Agency Mortgage-Backed Securities | — | 240,052,866 | — | 240,052,866 |
Warrants | 36 | — | — | 36 |
Miscellaneous | — | 63,700 | 0 | 63,700 |
Short-Term Investments: | | | | |
Affiliated Fund | 87,317,893 | — | — | 87,317,893 |
U.S. Treasury Obligations | — | 980,465 | — | 980,465 |
Total Investments | $ 109,996,580 | $ 2,006,828,114 | $ 1,369,895 | $ 2,118,194,589 |
Forward Foreign Currency Exchange Contracts | $ — | $ 198,026 | $ — | $ 198,026 |
Futures Contracts | 825,838 | — | — | 825,838 |
Swap Contracts | — | 4,993 | — | 4,993 |
Total | $ 110,822,418 | $ 2,007,031,133 | $ 1,369,895 | $ 2,119,223,446 |
Liability Description | | | | |
TBA Sale Commitments | $ — | $ (22,328,993) | $ — | $ (22,328,993) |
Forward Foreign Currency Exchange Contracts | — | (1,567,977) | — | (1,567,977) |
Futures Contracts | (89,389) | — | — | (89,389) |
Swap Contracts | — | (139,963) | — | (139,963) |
Total | $ (89,389) | $ (24,036,933) | $ — | $ (24,126,322) |
* | 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, 2024 is not presented.
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, and by acts of terrorism and war. 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.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial Statements (Unaudited) — continued
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. 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. The Board has amended the Fund's by-laws to remove the control share provisions. Following a bench trial that took place September 9-17, 2024, the court ruled in the Fund's favor on October 21, 2024 on Saba's remaining claims, finding that the majority voting standard by-law did not violate the 1940 Act or breach the Fund's declaration of trust as Saba alleged. The trial court proceedings are now complete, and the court's judgment regarding the majority voting standard by-law amendment is subject to appeal by Saba.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
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 6, 2024, 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 comprised of all of the 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 meetings held between April and June 2024, 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 funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, 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 by the adviser to determine the value of fund assets, including, when necessary, the determination of “fair value” by the adviser in its role as each funds’ valuation designee 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;
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 Management and Boston Management and Research are referred to collectively as the “adviser.”
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Board of Trustees’ Contract Approval — continued
• 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 funds and investment accounts, as applicable;
• 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;
• 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 personal trading codes 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, including descriptions of their various compliance programs and their record of compliance and remediation;
• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;
• A description of the adviser’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 the adviser 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 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 that 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 6, 2024 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser 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 and its committees 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 the adviser and sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular video or telephone conferences 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 Kirkland & Ellis 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.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Board of Trustees’ Contract Approval — continued
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.
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 and experience of the investment professionals who provide services to the Fund, including recent changes to such personnel. 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, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by 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, 2023. 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. After considering the relative underperformance of the Fund over the longer term, the Board noted that the Fund’s performance record had improved relative to its peer group in more recent periods. On the basis of the foregoing and other relevant information provided by the Adviser in response to requests from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.
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, 2023, 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.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Board of Trustees’ Contract Approval — continued
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 not excessive.
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. To assist in the evaluation of the sharing of any economies of scale, the Board received data showing for recent years, asset levels, Adviser profitability and total expense ratios. 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, 2024
Officers |
Kenneth A. Topping President | Nicholas S. Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Laura T. Donovan Chief Compliance Officer |
James F. Kirchner Treasurer | |
George J. Gorman Chairperson | |
Alan C. Bowser | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley | |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy Wiser Stefani | |
U.S. Customer Privacy Notice | March 2024 |
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 information 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 affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
For our affiliates to market to you | Yes | Yes* |
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 |
U.S. Customer Privacy Notice — continued | March 2024 |
Who we are |
Who is providing this notice? | Eaton Vance Management and our investment management affiliates (“Eaton Vance”) (see 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.) |
What happens when I limit sharing for an account I hold jointly with someone else? | Your choices will apply to everyone on your account. |
Definitions |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
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 does not jointly market. |
Other important information |
U.S. Customer Privacy Notice — continued | March 2024 |
*PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.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. You may also access proxy voting information for the Eaton Vance Funds or their underlying Portfolios at www.eatonvance.com/
proxyvoting.
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.”
This Page Intentionally Left Blank
This Page Intentionally Left Blank
This Page Intentionally Left Blank
Investment Adviser and Administrator
Eaton Vance Management
One Post Office Square
Boston, MA 02109
Investment Sub-Adviser
Morgan Stanley Investment Management Limited
25 Cabot Square, Canary Wharf
London, E14 4QA, England
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
Equiniti Trust Company, LLC (“EQ”)
P.O. Box 500
Newark, NJ 07101
Fund Offices
One Post Office Square
Boston, MA 02109
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
(a) | Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
Not applicable.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Not applicable.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included in Item 1 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.
Item 16. 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 control 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 17. 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 18. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19. 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 |
| | Principal Executive Officer |
Date: November 25, 2024
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 |
| | Principal Financial Officer |
Date: November 25, 2024
| | |
By: | | /s/ Kenneth A. Topping |
| | Kenneth A. Topping |
| | Principal Executive Officer |
Date: November 25, 2024