0001193125-13-456396.txt : 20131127 0001193125-13-456396.hdr.sgml : 20131127 20131127123012 ACCESSION NUMBER: 0001193125-13-456396 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20130930 FILED AS OF DATE: 20131127 DATE AS OF CHANGE: 20131127 EFFECTIVENESS DATE: 20131127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE LTD DURATION INCOME FUND CENTRAL INDEX KEY: 0001222922 IRS NUMBER: 000000000 FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21323 FILM NUMBER: 131246555 BUSINESS ADDRESS: STREET 1: TWO INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 617-482-8260 MAIL ADDRESS: STREET 1: TWO INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: EATON VANCE LIMITED DURATION INCOME FUND DATE OF NAME CHANGE: 20030313 N-CSRS 1 d624373dncsrs.htm EATON VANCE LIMITED DURATION INCOME FUND Eaton Vance Limited Duration Income Fund

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21323

 

 

Eaton Vance Limited Duration Income Fund

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

March 31

Date of Fiscal Year End

September 30, 2013

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


LOGO

 

 

Eaton Vance

Limited Duration Income

Fund (EVV)

Semiannual Report

September 30, 2013

 

 

 

 

LOGO


 

 

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes 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 Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and is not subject to the CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.


Semiannual Report September 30, 2013

Eaton Vance

Limited Duration Income Fund

Table of Contents

 

Performance

     2   

Fund Profile

     2   

Endnotes and Additional Disclosures

     3   

Financial Statements

     4   

Board of Trustees’ Contract Approval

     54   

Officers and Trustees

     57   

Important Notices

     58   


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Performance1

 

Portfolio Managers Scott H. Page, CFA, Payson F. Swaffield, CFA, Michael W. Weilheimer, CFA, Catherine McDermott, Andrew Szczurowski, CFA, and Eric A. Stein, CFA

 

% Average Annual Total Returns    Inception Date      Six Months      One Year      Five Years      Ten Years  

Fund at NAV

     05/30/2003         0.73      5.33      11.36      7.51

Fund at Market Price

             –4.94         –0.67         17.11         7.37   
              
% Premium/Discount to NAV2                                        
                 –4.28
              
Distributions3                                        

Total Distributions per share for the period

               $ 0.610   

Distribution Rate at NAV

                 7.47

Distribution Rate at Market Price

                 7.80
              
% Total Leverage4                                        

Auction Preferred Shares (APS)

                 8.96

Borrowings

                 26.49   

Fund Profile

 

Asset Allocation (% of total investments)5

 

 

LOGO

 

    

 

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than 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 www.eatonvance.com.

 

  2  


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Endnotes and Additional Disclosures

 

 

1 

Performance results reflect the effects of leverage.

 

2 

The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund 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 http://eatonvance.com/closedend.

 

3 

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 may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.

 

4 

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.

 

5 

Asset allocation as a percentage of the Fund’s net assets amounted to 158.3%.

 

   Fund profile subject to change due to active management.
    
 

 

  3  


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited)

 

 

Senior Floating-Rate Interests — 60.2%(1)   
     
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Aerospace and Defense — 1.0%

  

Atlantic Aviation FBO Inc.

     

Term Loan, 3.25%, Maturing June 1, 2020

      524      $ 523,360   

Beechcraft Holdings, LLC

     

Term Loan, 5.75%, Maturing February 14, 2020

      975        982,312   

Booz Allen Hamilton Inc.

     

Term Loan, 3.75%, Maturing July 31, 2019

      1,390        1,388,872   

DAE Aviation Holdings, Inc.

     

Term Loan, 6.25%, Maturing October 29, 2018

      732        735,944   

Term Loan, 6.25%, Maturing November 2, 2018

      332        333,628   

Ducommun Incorporated

     

Term Loan, 4.75%, Maturing June 28, 2017

      424        429,098   

IAP Worldwide Services, Inc.

     

Term Loan, 10.00%, Maturing December 31, 2015(2)

      908        476,697   

Sequa Corporation

     

Term Loan, 5.25%, Maturing June 19, 2017

      3,821        3,839,436   

Silver II US Holdings, LLC

     

Term Loan, 4.00%, Maturing December 13, 2019

      5,260        5,231,024   

TASC, Inc.

     

Term Loan, 4.50%, Maturing December 18, 2015

      1,512        1,485,974   

Transdigm, Inc.

     

Term Loan, 3.75%, Maturing February 28, 2020

      2,911        2,906,302   
                     
  $ 18,332,647   
                     

Air Transport — 0.0%(3)

  

Evergreen International Aviation, Inc.

     

Term Loan, 5.00%, Maturing June 30, 2015(2)

      116      $ 92,837   
                     
  $ 92,837   
                     

Automotive — 2.4%

  

Affinia Group Intermediate Holdings Inc.

     

Term Loan, 4.75%, Maturing April 27, 2020

      673      $ 674,996   

Allison Transmission, Inc.

     

Term Loan, 3.19%, Maturing August 7, 2017

      2,189        2,199,286   

Term Loan, 3.75%, Maturing August 23, 2019

      4,397        4,406,390   

Chrysler Group LLC

     

Term Loan, 4.25%, Maturing May 24, 2017

      5,820        5,870,551   

Federal-Mogul Corporation

     

Term Loan, 2.12%, Maturing December 29, 2014

      3,957        3,896,532   

Term Loan, 2.12%, Maturing December 28, 2015

      3,516        3,462,085   

Goodyear Tire & Rubber Company (The)

     

Term Loan - Second Lien, 4.75%, Maturing April 30, 2019

      6,775        6,830,047   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Automotive (continued)

 

HHI Holdings LLC

     

Term Loan, 5.00%, Maturing October 5, 2018

      4,359      $ 4,399,902   

Metaldyne Company LLC

     

Term Loan, 5.00%, Maturing December 18, 2018

      1,514        1,524,914   

Schaeffler AG

     

Term Loan, 4.25%, Maturing January 27, 2017

      975        979,631   

SRAM, LLC

     

Term Loan, 4.02%, Maturing April 10, 2020

      2,379        2,349,755   

Tomkins LLC

     

Term Loan, 3.75%, Maturing September 29, 2016

      3,850        3,861,257   

Tower Automotive Holdings USA, LLC

     

Term Loan, 4.75%, Maturing April 23, 2020

      973        976,210   

TriMas Corporation

     

Term Loan, 3.75%, Maturing October 10, 2019

      916        918,039   

Veyance Technologies, Inc.

     

Term Loan, 5.25%, Maturing September 8, 2017

      3,557        3,550,455   
                     
  $ 45,900,050   
                     

Beverage and Tobacco — 0.2%

  

D.E Master Blenders 1753 N.V.

     

Term Loan, 4.50%, Maturing June 25, 2018

  EUR     2,950      $ 4,022,265   
                     
  $ 4,022,265   
                     

Building and Development — 0.7%

  

ABC Supply Co., Inc.

     

Term Loan, 3.50%, Maturing April 16, 2020

      1,575      $ 1,566,338   

CPG International Inc.

     

Term Loan, Maturing September 30, 2020(4)

      775        771,609   

Faenza Acquisition GmbH

     

Term Loan, 4.25%, Maturing August 28, 2020

      553        552,976   

Term Loan, 4.25%, Maturing August 31, 2020

      1,818        1,818,012   

Four Seasons Holdings Inc.

     

Term Loan - Second Lien, 6.25%, Maturing December 28, 2020

      3,100        3,177,500   

Preferred Proppants, LLC

     

Term Loan, 9.00%, Maturing December 15, 2016

      714        498,102   

Quikrete Holdings, Inc.

     

Term Loan, Maturing September 25, 2020(4)

      1,225        1,229,399   

RE/MAX International, Inc.

     

Term Loan, 4.00%, Maturing July 31, 2020

      2,120        2,125,650   

Realogy Corporation

     

Term Loan, 3.20%, Maturing October 10, 2013

      81        80,894   

Term Loan, 4.50%, Maturing March 5, 2020

      622        627,057   
 

 

  4   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Building and Development (continued)

  

Summit Materials Companies I, LLC

     

Term Loan, 5.00%, Maturing January 30, 2019

      494      $ 495,312   

WireCo WorldGroup, Inc.

     

Term Loan, 6.00%, Maturing February 15, 2017

      693        697,331   
                     
  $ 13,640,180   
                     

Business Equipment and Services — 5.4%

  

Acosta, Inc.

     

Term Loan, 5.00%, Maturing March 2, 2018

      3,884      $ 3,901,296   

Advantage Sales & Marketing, Inc.

     

Term Loan, 4.25%, Maturing December 18, 2017

      3,400        3,418,625   

Allied Security Holdings, LLC

     

Term Loan, 5.25%, Maturing February 3, 2017

      1,526        1,534,728   

Altegrity, Inc.

     

Term Loan, 5.00%, Maturing February 21, 2015

      2,556        2,505,103   

Altisource Solutions S.a.r.l.

     

Term Loan, 5.75%, Maturing November 27, 2019

      1,440        1,453,097   

Audio Visual Services Group, Inc.

     

Term Loan, 6.75%, Maturing November 9, 2018

      1,213        1,227,909   

BakerCorp International, Inc.

     

Term Loan, 4.25%, Maturing February 14, 2020

      871        865,184   

BAR/BRI Review Courses, Inc.

     

Term Loan, 5.25%, Maturing June 16, 2017

      675        678,595   

Brand Energy & Infrastructure Services, Inc.

     

Term Loan, 6.25%, Maturing October 23, 2018

      172        173,287   

Term Loan, 6.25%, Maturing October 23, 2018

      719        722,029   

Brickman Group Holdings Inc.

     

Term Loan, 3.26%, Maturing October 14, 2016

      692        695,374   

Term Loan, 4.00%, Maturing September 28, 2018

      873        877,041   

Brock Holdings III, Inc.

     

Term Loan, 6.01%, Maturing March 16, 2017

      1,000        1,005,060   

CCC Information Services, Inc.

     

Term Loan, 4.00%, Maturing December 20, 2019

      497        495,227   

Ceridian Corp.

     

Term Loan, 4.43%, Maturing May 9, 2017

      1,525        1,527,542   

ClientLogic Corporation

     

Term Loan, 7.02%, Maturing January 30, 2017

      1,171        1,165,240   

CPM Acquisition Corp.

     

Term Loan, 6.25%, Maturing August 29, 2017

      520        522,349   

Crossmark Holdings, Inc.

     

Term Loan, 4.50%, Maturing December 20, 2019

      2,062        2,042,971   

Education Management LLC

     

Term Loan, 8.25%, Maturing March 29, 2018

      2,090        2,054,333   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Business Equipment and Services (continued)

  

EIG Investors Corp.

     

Term Loan, 6.25%, Maturing November 11, 2019

      4,149      $ 4,169,418   

Term Loan - Second Lien, 10.25%, Maturing May 8, 2020

      575        577,875   

Expert Global Solutions, Inc.

  

Term Loan, 8.50%, Maturing April 3, 2018

      1,948        1,989,410   

Genesys Telecom Holdings, U.S., Inc.

     

Term Loan, 4.00%, Maturing February 7, 2020

      1,608        1,608,089   

Genpact International, Inc.

     

Term Loan, 3.50%, Maturing August 30, 2019

      2,680        2,692,065   

IG Investment Holdings, LLC

     

Term Loan, 6.00%, Maturing October 31, 2019

      844        851,359   

IMS Health Incorporated

     

Term Loan, 3.75%, Maturing September 1, 2017

      3,757        3,767,630   

Term Loan, 4.25%, Maturing September 1, 2017

  EUR     3,641        4,967,316   

Information Resources, Inc.

     

Term Loan, Maturing September 30, 2020(4)

      1,575        1,567,125   

ION Trading Technologies S.a.r.l.

     

Term Loan, 4.50%, Maturing May 22, 2020

      748        749,060   

Term Loan - Second Lien, 8.25%, Maturing May 21, 2021

      1,000        1,005,625   

ISS Holdings A/S

     

Term Loan, 3.75%, Maturing April 30, 2018

      2,356        2,365,579   

Jason Incorporated

     

Term Loan, 5.02%, Maturing February 28, 2019

      634        633,931   

KAR Auction Services, Inc.

     

Term Loan, 3.75%, Maturing May 19, 2017

      3,471        3,487,954   

Kronos Incorporated

     

Term Loan, 4.50%, Maturing October 30, 2019

      3,697        3,720,169   

Term Loan - Second Lien, 9.75%, Maturing April 30, 2020

      2,000        2,076,250   

MEI Conlux Holdings (US), Inc.

     

Term Loan, 5.00%, Maturing August 21, 2020

      575        576,437   

Mitchell International, Inc.

     

Term Loan - Second Lien, 5.50%, Maturing March 30, 2015

      2,500        2,448,500   

Monitronics International Inc.

     

Term Loan, 4.25%, Maturing March 23, 2018

      1,805        1,807,724   

National CineMedia, LLC

     

Term Loan, 2.93%, Maturing November 26, 2019

      575        572,412   

Polarpak Inc.

     

Term Loan, 4.53%, Maturing June 5, 2020

      615        617,945   

Quintiles Transnational Corp.

     

Term Loan, 4.00%, Maturing June 8, 2018

      6,890        6,898,226   

Term Loan, 4.50%, Maturing June 8, 2018

      278        279,900   
 

 

  5   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Business Equipment and Services (continued)

  

Sensus USA Inc.

     

Term Loan, 4.75%, Maturing May 9, 2017

      707      $ 702,678   

ServiceMaster Company

     

Term Loan, 4.25%, Maturing January 31, 2017

      1,762        1,719,113   

Term Loan, 4.44%, Maturing January 31, 2017

      3,147        3,080,556   

SunGard Data Systems, Inc.

     

Term Loan, 3.93%, Maturing February 28, 2017

      192        192,623   

Term Loan, 4.00%, Maturing March 9, 2020

      10,074        10,134,197   

TNS, Inc.

     

Term Loan, 5.00%, Maturing February 14, 2020

      1,059        1,071,176   

TransUnion, LLC

     

Term Loan, 4.25%, Maturing February 10, 2019

      2,671        2,688,411   

U.S. Security Holdings, Inc.

     

Term Loan, 6.00%, Maturing July 28, 2017

      128        129,648   

Term Loan, 6.00%, Maturing July 28, 2017

      656        662,363   

WASH Multifamily Laundry Systems, LLC

     

Term Loan, 5.25%, Maturing February 21, 2019

      399        399,998   

West Corporation

     

Term Loan, 3.75%, Maturing June 29, 2018

      6,246        6,250,046   
                     
  $ 103,325,798   
                     

Cable and Satellite Television — 2.6%

  

Atlantic Broadband Finance, LLC

     

Term Loan, 3.25%, Maturing December 2, 2019

      916      $ 912,316   

Bragg Communications Incorporated

     

Term Loan, 3.50%, Maturing February 28, 2018

      394        395,478   

Cequel Communications, LLC

     

Term Loan, 3.50%, Maturing February 14, 2019

      5,442        5,445,951   

Charter Communications Operating, LLC

     

Term Loan, 3.00%, Maturing July 1, 2020

      1,671        1,656,976   

Term Loan, 3.00%, Maturing January 4, 2021

      1,810        1,795,267   

Crown Media Holdings, Inc.

     

Term Loan, 4.00%, Maturing July 14, 2018

      409        408,938   

Kabel Deutschland GmbH

     

Term Loan, 3.25%, Maturing February 1, 2019

      1,100        1,102,062   

Term Loan, 2.86%, Maturing April 17, 2020

  EUR     850        1,152,079   

Lavena Holding 3 GmbH

     

Term Loan, 4.09%, Maturing March 6, 2017

  EUR     217        293,950   

Term Loan, 4.09%, Maturing March 6, 2017

  EUR     1,349        1,825,336   

Term Loan, 4.09%, Maturing March 6, 2017

  EUR     1,353        1,830,671   

MCC Iowa LLC

     

Term Loan, 1.89%, Maturing January 30, 2015

      2,286        2,272,701   

Term Loan, 3.25%, Maturing January 29, 2021

      1,147        1,140,315   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Cable and Satellite Television (continued)

 

Media Holdco, LP

     

Term Loan, 7.25%, Maturing July 24, 2018

      993      $ 997,462   

Mediacom Illinois, LLC

     

Term Loan, 1.64%, Maturing January 30, 2015

      4,512        4,490,512   

Term Loan, 4.50%, Maturing October 23, 2017

      992        995,097   

P7S1 Broadcasting Holding II B.V.

     

Term Loan, 2.97%, Maturing July 3, 2018

  EUR     1,195        1,615,730   

UPC Financing Partnership

     

Term Loan, 4.00%, Maturing January 29, 2021

      850        855,844   

Term Loan, 3.88%, Maturing March 26, 2021

  EUR     6,493        8,816,872   

Term Loan, 3.25%, Maturing June 30, 2021

      2,054        2,045,356   

Virgin Media Investment Holdings Limited

     

Term Loan, 4.50%, Maturing June 5, 2020

  GBP     1,800        2,942,381   

Term Loan, 3.50%, Maturing June 8, 2020

      6,950        6,925,870   

WaveDivision Holdings, LLC

     

Term Loan, 4.00%, Maturing October 15, 2019

      347        348,026   
                     
  $ 50,265,190   
                     

Chemicals and Plastics — 2.1%

  

Allnex (Luxembourg) & Cy S.C.A.

     

Term Loan, 4.50%, Maturing October 3, 2019

      632      $ 633,191   

Term Loan, 4.50%, Maturing October 3, 2019

      1,217        1,220,369   

Arysta LifeScience Corporation

     

Term Loan, 4.50%, Maturing May 29, 2020

      3,666        3,670,395   

Axalta Coating Systems US Holdings Inc.

     

Term Loan, 4.75%, Maturing February 3, 2020

      4,303        4,322,973   

AZ Chem US Inc.

     

Term Loan, 5.25%, Maturing December 22, 2017

      973        982,253   

Chemtura Corporation

     

Term Loan, 5.50%, Maturing August 27, 2016

      208        209,908   

Emerald Performance Materials, LLC

     

Term Loan, 6.75%, Maturing May 18, 2018

      741        746,181   

General Chemical Corporation

     

Term Loan, 5.00%, Maturing October 6, 2015

      491        495,881   

Huntsman International, LLC

     

Term Loan, 2.71%, Maturing April 19, 2017

      2,123        2,126,690   

Ineos US Finance LLC

     

Term Loan, 4.00%, Maturing May 4, 2018

      8,010        7,937,528   

MacDermid, Inc.

     

Term Loan, 4.00%, Maturing June 8, 2020

      898        899,714   

Term Loan - Second Lien, 7.75%, Maturing December 7, 2020

      500        507,500   

OEP Pearl Dutch Acquisition B.V.

     

Term Loan, 6.50%, Maturing March 30, 2018

      96        97,584   
 

 

  6   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Chemicals and Plastics (continued)

 

OXEA Finance LLC

     

Term Loan, 4.25%, Maturing January 15, 2020

      800      $ 798,490   

Term Loan - Second Lien, 8.25%, Maturing July 15, 2020

      1,000        995,000   

PQ Corporation

     

Term Loan, 4.50%, Maturing August 7, 2017

      3,275        3,298,449   

Schoeller Arca Systems Holding B.V.

     

Term Loan, 4.73%, Maturing December 18, 2014

  EUR     289        277,635   

Term Loan, 4.73%, Maturing December 18, 2014

  EUR     824        791,587   

Term Loan, 4.73%, Maturing December 18, 2014

  EUR     887        851,825   

Sonneborn LLC

     

Term Loan, 6.50%, Maturing March 30, 2018

      546        552,978   

Taminco NV

     

Term Loan, 4.25%, Maturing February 15, 2019

      394        396,485   

Tata Chemicals North America Inc.

     

Term Loan, 3.75%, Maturing August 7, 2020

      1,421        1,420,549   

Tronox Pigments (Netherlands) B.V.

     

Term Loan, 4.50%, Maturing March 19, 2020

      2,494        2,512,453   

Univar Inc.

     

Term Loan, 5.00%, Maturing June 30, 2017

      3,928        3,796,682   

WNA Holdings Inc.

     

Term Loan, 4.53%, Maturing June 5, 2020

      334        335,674   
                     
  $ 39,877,974   
                     

Clothing / Textiles — 0.0%(3)

  

Wolverine Worldwide, Inc.

  

Term Loan, 4.00%, Maturing July 31, 2019

      390      $ 391,795   
                     
  $ 391,795   
                     

Conglomerates — 0.4%

  

RGIS Services, LLC

     

Term Loan, 4.50%, Maturing October 18, 2016

      1,964      $ 1,942,279   

Term Loan, 5.50%, Maturing October 18, 2017

      1,453        1,440,162   

Spectrum Brands, Inc.

     

Term Loan, 3.50%, Maturing August 13, 2019

      1,000        999,375   

Term Loan, 4.53%, Maturing December 17, 2019

      3,373        3,388,374   

Term Loan, 5.08%, Maturing December 17, 2019

  CAD     899        870,390   
                     
  $ 8,640,580   
                     

Containers and Glass Products — 1.1%

  

Berry Plastics Holding Corporation

     

Term Loan, 2.18%, Maturing April 3, 2015

      5,372      $ 5,370,372   

Term Loan, 3.50%, Maturing February 7, 2020

      2,587        2,565,981   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Containers and Glass Products (continued)

 

BWAY Corporation

     

Term Loan, 4.50%, Maturing August 7, 2017

      2,953      $ 2,971,142   

Pact Group (USA), Inc.

     

Term Loan, 3.75%, Maturing May 29, 2020

      2,918        2,883,040   

Pelican Products, Inc.

     

Term Loan, 7.00%, Maturing July 11, 2018

      494        495,601   

Reynolds Group Holdings Inc.

     

Term Loan, 4.75%, Maturing September 28, 2018

      5,123        5,146,305   

Sealed Air Corporation

     

Term Loan, 4.00%, Maturing October 3, 2018

      565        570,587   

TricorBraun, Inc.

     

Term Loan, 4.00%, Maturing May 3, 2018

      668        671,312   
                     
  $ 20,674,340   
                     

Cosmetics / Toiletries — 0.2%

  

Prestige Brands, Inc.

     

Term Loan, 3.75%, Maturing January 31, 2019

      348      $ 349,925   

Revlon Consumer Products Corporation

     

Term Loan, Maturing August 19, 2019(4)

      1,500        1,496,250   

Sun Products Corporation (The)

     

Term Loan, 5.50%, Maturing March 23, 2020

      2,637        2,559,844   
                     
  $ 4,406,019   
                     

Drugs — 1.1%

  

Aptalis Pharma, Inc.

     

Term Loan, 6.25%, Maturing February 10, 2017

      985      $ 986,847   

Term Loan, 6.25%, Maturing February 10, 2017

      1,724        1,727,285   

Auxilium Pharmaceuticals, Inc.

     

Term Loan, 6.25%, Maturing April 26, 2017

      683        690,289   

Ikaria Acquisition Inc.

     

Term Loan, 7.25%, Maturing July 3, 2018

      790        794,937   

Par Pharmaceutical Companies, Inc.

     

Term Loan, 4.25%, Maturing September 30, 2019

      1,262        1,259,645   

Valeant Pharmaceuticals International, Inc.

     

Term Loan, 3.75%, Maturing February 13, 2019

      1,869        1,871,832   

Term Loan, 3.75%, Maturing December 11, 2019

      3,975        3,979,656   

Term Loan, 4.50%, Maturing August 5, 2020

      4,714        4,754,890   

Warner Chilcott Company, LLC

     

Term Loan, 5.25%, Maturing March 17, 2016

      413        412,800   

Warner Chilcott Corporation

     

Term Loan, 5.50%, Maturing March 15, 2018

      739        740,430   

Term Loan, 5.50%, Maturing March 15, 2018

      1,697        1,700,801   
 

 

  7   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Drugs (continued)

 

WC Luxco S.a.r.l.

     

Term Loan, 5.50%, Maturing March 15, 2018

      1,337      $ 1,340,271   
                     
  $ 20,259,683   
                     

Ecological Services and Equipment — 0.3%

  

ADS Waste Holdings, Inc.

     

Term Loan, 4.25%, Maturing October 9, 2019

      5,341      $ 5,348,579   

Envirotest Systems Holding Corp.

     

Term Loan - Second Lien, 15.50%, Maturing March 31, 2017(2)

      9        9,721   

Progressive Waste Solutions Ltd.

     

Term Loan, 3.50%, Maturing October 24, 2019

      571        570,687   

Viking Consortium Borrower Limited

     

Term Loan - Second Lien, 6.59%, Maturing March 31, 2016(5)

  GBP     542        234,568   
                     
  $ 6,163,555   
                     

Electronics / Electrical — 5.2%

  

Aeroflex Incorporated

     

Term Loan, 4.50%, Maturing November 11, 2019

      1,386      $ 1,398,163   

Allflex Holdings III, Inc.

     

Term Loan, 4.25%, Maturing July 17, 2020

      775        778,633   

Aspect Software, Inc.

     

Term Loan, 7.00%, Maturing May 6, 2016

      1,227        1,232,717   

Attachmate Corporation

     

Term Loan, 7.25%, Maturing November 22, 2017

      6,417        6,450,819   

Blue Coat Systems, Inc.

     

Term Loan, 4.50%, Maturing May 31, 2019

      500        501,563   

Term Loan - Second Lien, 9.50%, Maturing June 26, 2020

      2,975        2,997,312   

Cinedigm Digital Funding I, LLC

     

Term Loan, 3.75%, Maturing April 29, 2016

      613        615,003   

CommScope, Inc.

     

Term Loan, 3.75%, Maturing January 12, 2018

      3,233        3,240,576   

CompuCom Systems, Inc.

     

Term Loan, 4.25%, Maturing May 11, 2020

      2,419        2,413,899   

Dealer Computer Services, Inc.

     

Term Loan, 2.18%, Maturing April 21, 2016

      1,110        1,113,192   

Dell Inc.

     

Term Loan, Maturing October 31, 2018(4)

      2,075        2,065,274   

Term Loan, Maturing April 30, 2020(4)

      11,475        11,304,068   

DG FastChannel, Inc.

     

Term Loan, 7.25%, Maturing July 26, 2018

      1,390        1,393,744   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Electronics / Electrical (continued)

 

Eagle Parent, Inc.

     

Term Loan, 4.50%, Maturing May 16, 2018

      2,737      $ 2,746,211   

Edwards (Cayman Islands II) Limited

     

Term Loan, 4.75%, Maturing March 26, 2020

      1,508        1,510,737   

Eze Castle Software Inc.

     

Term Loan, 4.75%, Maturing April 6, 2020

      524        527,179   

Freescale Semiconductor, Inc.

     

Term Loan, 5.00%, Maturing February 28, 2020

      3,507        3,526,648   

Go Daddy Operating Company, LLC

     

Term Loan, 4.25%, Maturing December 17, 2018

      4,556        4,549,328   

Hyland Software, Inc.

     

Term Loan, 5.50%, Maturing October 25, 2019

      372        374,398   

Infor (US), Inc.

     

Term Loan, 5.25%, Maturing April 5, 2018

      7,759        7,797,412   

Internet Brands, Inc.

     

Term Loan, 6.25%, Maturing March 15, 2019

      1,144        1,148,541   

Magic Newco LLC

     

Term Loan, 5.00%, Maturing December 12, 2018

      2,030        2,052,878   

Microsemi Corporation

     

Term Loan, 3.75%, Maturing February 19, 2020

      1,394        1,397,893   

NXP B.V.

     

Term Loan, 4.50%, Maturing March 3, 2017

      2,511        2,551,423   

Term Loan, 4.75%, Maturing January 11, 2020

      2,556        2,598,815   

Renaissance Learning, Inc.

     

Term Loan, 5.75%, Maturing November 13, 2018

      1,634        1,641,667   

Rocket Software, Inc.

     

Term Loan, 5.75%, Maturing February 8, 2018

      442        443,050   

Term Loan - Second Lien, 10.25%, Maturing February 8, 2019

      1,500        1,502,250   

Rovi Solutions Corporation

     

Term Loan, 3.50%, Maturing March 29, 2019

      796        788,518   

RP Crown Parent, LLC

     

Term Loan, 6.75%, Maturing December 21, 2018

      4,074        4,111,586   

Term Loan - Second Lien, 11.25%, Maturing December 20, 2019

      1,675        1,711,641   

SafeNet Inc.

     

Term Loan, 2.68%, Maturing April 12, 2014

      241        241,108   

Sensata Technologies Finance Company, LLC

     

Term Loan, 3.75%, Maturing May 11, 2018

      1,633        1,643,834   

Serena Software, Inc.

     

Term Loan, 4.18%, Maturing March 10, 2016

      3,206        3,141,979   

Term Loan, 5.00%, Maturing March 10, 2016

      350        347,813   

Shield Finance Co. S.a.r.l.

     

Term Loan, 6.50%, Maturing May 10, 2019

      3,017        2,956,488   
 

 

  8   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Electronics / Electrical (continued)

 

Sirius Computer Solutions, Inc.

     

Term Loan, 7.00%, Maturing November 30, 2018

      620      $ 630,515   

SkillSoft Corporation

  

Term Loan, 5.00%, Maturing May 26, 2017

      1,139        1,144,631   

Smart Technologies ULC

     

Term Loan, 10.50%, Maturing January 31, 2018

      750        720,000   

Sophia, L.P.

     

Term Loan, 4.50%, Maturing July 19, 2018

      1,830        1,840,430   

SS&C Technologies Inc.

     

Term Loan, 3.50%, Maturing June 7, 2019

      112        112,491   

Term Loan, 3.50%, Maturing June 7, 2019

      1,087        1,088,996   

SumTotal Systems LLC

     

Term Loan, 6.25%, Maturing November 16, 2018

      1,337        1,333,942   

SurveyMonkey.com, LLC

     

Term Loan, 5.50%, Maturing February 5, 2019

      1,575        1,587,335   

VeriFone Inc.

     

Term Loan, 4.25%, Maturing December 28, 2018

      110        109,689   

Vertafore, Inc.

     

Term Loan, 4.25%, Maturing October 3, 2019

      2,040        2,047,399   

Wall Street Systems, Inc.

     

Term Loan, 5.75%, Maturing October 25, 2019

      1,787        1,796,504   

Term Loan - Second Lien, 9.25%, Maturing October 26, 2020

      500        504,050   

Web.com Group, Inc.

     

Term Loan, 4.50%, Maturing October 27, 2017

      2,125        2,141,333   

Websense, Inc.

     

Term Loan, 4.50%, Maturing June 25, 2020

      948        947,625   
                     
  $ 100,821,300   
                     

Equipment Leasing — 0.2%

  

Flying Fortress Inc.

     

Term Loan, 3.50%, Maturing June 30, 2017

      4,712      $ 4,708,722   
                     
  $ 4,708,722   
                     

Financial Intermediaries — 2.9%

  

American Capital Holdings, Inc.

     

Term Loan, 4.00%, Maturing August 22, 2016

      656      $ 659,531   

American Stock Transfer & Trust Company, LLC

     

Term Loan - Second Lien, 10.25%, Maturing December 11, 2020

      1,000        995,000   

Armor Holding II LLC

     

Term Loan, 5.75%, Maturing June 11, 2020

      798        794,509   

Cetera Financial Group, Inc.

     

Term Loan, 6.50%, Maturing August 2, 2019

      900        900,000   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Financial Intermediaries (continued)

 

Citco Funding LLC

     

Term Loan, 4.25%, Maturing May 23, 2018

      3,261      $ 3,263,222   

Clipper Acquisitions Corp.

     

Term Loan, 4.00%, Maturing February 6, 2020

      1,638        1,647,328   

First Data Corporation

     

Term Loan, 4.18%, Maturing March 24, 2017

      1,000        996,750   

Term Loan, 4.18%, Maturing March 23, 2018

      3,000        2,979,375   

Term Loan, 4.18%, Maturing September 24, 2018

      4,650        4,625,006   

Grosvenor Capital Management Holdings, LLP

     

Term Loan, 4.19%, Maturing December 5, 2016

      2,062        2,057,888   

Guggenheim Partners, LLC

     

Term Loan, 4.00%, Maturing July 17, 2020

      3,000        3,014,250   

Hamilton Lane Advisors, LLC

     

Term Loan, 5.25%, Maturing February 23, 2018

      678        679,609   

Harbourvest Partners, LLC

     

Term Loan, 4.75%, Maturing November 21, 2017

      898        904,694   

Home Loan Servicing Solutions, Ltd.

     

Term Loan, 4.50%, Maturing June 19, 2020

      1,247        1,260,902   

LPL Holdings, Inc.

     

Term Loan, 2.68%, Maturing March 29, 2017

      516        513,933   

Term Loan, 3.25%, Maturing March 29, 2019

      3,989        3,978,638   

Mercury Payment Systems Canada, LLC

     

Term Loan, 5.50%, Maturing July 3, 2017

      1,080        1,089,386   

MIP Delaware, LLC

     

Term Loan, 4.00%, Maturing March 9, 2020

      819        823,730   

Moneygram International, Inc.

     

Term Loan, 4.25%, Maturing March 27, 2020

      1,545        1,546,996   

Nuveen Investments, Inc.

     

Term Loan, 4.18%, Maturing May 15, 2017

      7,745        7,679,406   

NXT Capital, Inc.

     

Term Loan, 7.50%, Maturing September 4, 2018

      925        920,375   

Ocwen Financial Corporation

     

Term Loan, 5.00%, Maturing February 15, 2018

      3,458        3,506,789   

Oz Management LP

     

Term Loan, 1.68%, Maturing November 15, 2016

      1,354        1,262,887   

RPI Finance Trust

     

Term Loan, 3.50%, Maturing May 9, 2018

      2,629        2,644,368   

Term Loan, 4.00%, Maturing November 9, 2018

      1,954        1,964,327   

Sesac Holdco II, LLC

     

Term Loan, Maturing February 8, 2019(4)

      2,000        2,020,000   

Starwood Property Trust, Inc.

     

Term Loan, 3.50%, Maturing April 17, 2020

      323        323,240   

Transfirst Holdings, Inc.

     

Term Loan, 4.75%, Maturing December 27, 2017

      993        994,580   
 

 

  9   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Financial Intermediaries (continued)

 

Walter Investment Management Corp.

     

Term Loan, 5.75%, Maturing November 28, 2017

      2,166      $ 2,190,409   
                     
  $ 56,237,128   
                     

Food Products — 2.3%

  

AdvancePierre Foods, Inc.

     

Term Loan, 5.75%, Maturing July 10, 2017

      2,382      $ 2,398,376   

Blue Buffalo Company, Ltd.

     

Term Loan, 4.75%, Maturing August 8, 2019

      1,386        1,395,555   

Clearwater Seafoods Limited Partnership

     

Term Loan, 5.75%, Maturing June 24, 2019

      1,047        1,051,740   

CSM Bakery Supplies LLC

     

Term Loan, 4.75%, Maturing July 3, 2020

      1,200        1,193,250   

Del Monte Foods Company

     

Term Loan, 4.00%, Maturing March 8, 2018

      5,672        5,666,441   

Dole Food Company Inc.

     

Term Loan, 3.75%, Maturing April 1, 2020

      871        870,444   

Hearthside Food Solutions, LLC

     

Term Loan, 6.50%, Maturing June 7, 2018

      1,262        1,262,268   

High Liner Foods Incorporated

     

Term Loan, 4.75%, Maturing December 31, 2017

      1,097        1,105,529   

H.J. Heinz Company

     

Term Loan, 3.50%, Maturing June 5, 2020

      12,893        12,957,963   

JBS USA Holdings Inc.

     

Term Loan, 3.75%, Maturing May 25, 2018

      3,034        3,022,154   

Term Loan, 3.75%, Maturing September 18, 2020

      2,000        1,990,000   

Michael Foods Group, Inc.

     

Term Loan, 4.25%, Maturing February 23, 2018

      1,348        1,358,631   

NBTY, Inc.

     

Term Loan, 3.50%, Maturing October 1, 2017

      9,496        9,534,341   

Pinnacle Foods Finance LLC

     

Term Loan, Maturing April 29, 2020(4)

      850        845,396   
                     
  $ 44,652,088   
                     

Food Service — 2.2%

  

Aramark Corporation

     

Term Loan, 3.68%, Maturing July 26, 2016

      137      $ 137,474   

Term Loan, 3.68%, Maturing July 26, 2016

      246        246,871   

Term Loan, 3.71%, Maturing July 26, 2016

      3,038        3,047,041   

Term Loan, 3.75%, Maturing July 26, 2016

      1,696        1,701,687   

Term Loan, 4.02%, Maturing July 26, 2016

  GBP     950        1,537,956   
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
     

Food Service (continued)

 

Buffets, Inc.

     

Term Loan, 0.15%, Maturing April 22, 2015(2)

      122      $ 122,270   

Burger King Corporation

     

Term Loan, 3.75%, Maturing September 27, 2019

      2,624        2,634,275   

Centerplate, Inc.

     

Term Loan, 5.75%, Maturing October 15, 2018

      893        896,600   

DineEquity, Inc.

     

Term Loan, 3.75%, Maturing October 19, 2017

      1,661        1,671,691   

Dunkin’ Brands, Inc.

     

Term Loan, 3.75%, Maturing February 14, 2020

      3,279        3,274,930   

Landry’s, Inc.

     

Term Loan, 4.75%, Maturing April 24, 2018

      2,846        2,870,325   

NPC International, Inc.

     

Term Loan, 4.50%, Maturing December 28, 2018

      687        692,320   

OSI Restaurant Partners, LLC

     

Term Loan, 3.50%, Maturing October 25, 2019

      2,852        2,851,875   

P.F. Chang’s China Bistro Inc.

     

Term Loan, 5.25%, Maturing July 2, 2019

      941        949,317   

Pacific Industrial Services US Finco LLC

     

Term Loan, Maturing September 24, 2018(4)

      1,600        1,606,000   

Sagittarius Restaurants, LLC

  

Term Loan, 6.26%, Maturing October 1, 2018

      742        744,747   

Seminole Hard Rock Entertainment, Inc.

     

Term Loan, 3.50%, Maturing May 14, 2020

      324        324,323   

US Foods, Inc.

     

Term Loan, 4.50%, Maturing March 29, 2019

      7,805        7,788,367   

Weight Watchers International, Inc.

     

Term Loan, 3.75%, Maturing April 2, 2020

      7,662        7,525,868   

Wendy’s International, Inc.

     

Term Loan, 3.25%, Maturing May 15, 2019

      2,081        2,079,779   
                         
  $ 42,703,716   
                         

Food / Drug Retailers — 1.6%

  

Albertson’s, LLC

     

Term Loan, 4.25%, Maturing March 21, 2016

      542      $ 544,293   

Term Loan, 4.75%, Maturing March 21, 2019

      829        828,320   

Alliance Boots Holdings Limited

     

Term Loan, 3.60%, Maturing July 10, 2017

    EUR        1,000        1,353,189   

Term Loan, 3.98%, Maturing July 10, 2017

    GBP        5,950        9,588,315   

General Nutrition Centers, Inc.

     

Term Loan, 3.75%, Maturing March 2, 2018

      6,387        6,423,540   

Pantry, Inc. (The)

     

Term Loan, 4.75%, Maturing August 2, 2019

      470        476,912   
 

 

  10   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Food / Drug Retailers (continued)

 

Rite Aid Corporation

     

Term Loan, 4.00%, Maturing February 21, 2020

      5,806      $ 5,822,811   

Term Loan - Second Lien, 5.75%, Maturing August 21, 2020

      550        563,887   

Supervalu Inc.

     

Term Loan, 5.00%, Maturing March 21, 2019

      4,299        4,293,166   
                     
  $ 29,894,433   
                     

Forest Products — 0.0%(3)

  

Expera Specialty Solutions, LLC

     

Term Loan, 7.50%, Maturing December 21, 2018

      623      $ 629,672   
                     
  $ 629,672   
                     

Health Care — 6.1%

  

Alere, Inc.

     

Term Loan, 4.25%, Maturing June 30, 2017

      468      $ 471,676   

Term Loan, 4.25%, Maturing June 30, 2017

      590        593,921   

Term Loan, 4.25%, Maturing June 30, 2017

      3,237        3,261,728   

Alkermes, Inc.

     

Term Loan, 3.50%, Maturing September 18, 2019

      1,189        1,189,612   

Alliance Healthcare Services, Inc.

     

Term Loan, 4.25%, Maturing June 3, 2019

      1,421        1,423,214   

Apria Healthcare Group I

     

Term Loan, 6.75%, Maturing April 5, 2020

      698        706,100   

Ardent Medical Services, Inc.

     

Term Loan, 6.75%, Maturing July 2, 2018

      1,737        1,748,816   

ATI Holdings, Inc.

     

Term Loan, 5.75%, Maturing December 20, 2019

      521        526,924   

Biomet Inc.

     

Term Loan, 3.70%, Maturing July 25, 2017

      6,215        6,240,022   

BSN Medical Inc.

     

Term Loan, 4.25%, Maturing August 28, 2019

      625        627,344   

Catalent Pharma Solutions Inc.

     

Term Loan, 3.68%, Maturing September 15, 2016

      1,074        1,078,785   

Term Loan, 4.13%, Maturing September 15, 2016

  EUR     1,875        2,546,107   

Term Loan, 4.25%, Maturing September 15, 2017

      1,631        1,637,813   

CeramTec Acquisition Corporation

     

Term Loan, 4.25%, Maturing August 28, 2020

      179        179,013   

CHG Buyer Corporation

     

Term Loan, 5.00%, Maturing November 19, 2019

      2,228        2,246,325   

Community Health Systems, Inc.

     

Term Loan, 3.76%, Maturing January 25, 2017

      7,104        7,116,051   

Convatec Inc.

     

Term Loan, 4.00%, Maturing December 22, 2016

      1,450        1,463,105   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Health Care (continued)

 

CRC Health Corporation

     

Term Loan, 4.68%, Maturing November 16, 2015

      1,145      $ 1,150,952   

DaVita, Inc.

     

Term Loan, 4.00%, Maturing November 1, 2019

      3,300        3,318,213   

DJO Finance LLC

     

Term Loan, 4.75%, Maturing September 15, 2017

      1,447        1,454,825   

Drumm Investors LLC

     

Term Loan, 5.00%, Maturing May 4, 2018

      1,954        1,873,501   

Emdeon Business Services, LLC

     

Term Loan, 3.75%, Maturing November 2, 2018

      2,558        2,564,297   

Envision Healthcare Corporation

     

Term Loan, 4.00%, Maturing May 25, 2018

      4,289        4,289,853   

Grifols Inc.

     

Term Loan, 4.25%, Maturing June 1, 2017

      4,645        4,684,099   

HCA, Inc.

     

Term Loan, 3.00%, Maturing March 31, 2017

      7,661        7,658,992   

Term Loan, 2.93%, Maturing May 1, 2018

      2,152        2,150,778   

Health Management Associates, Inc.

     

Term Loan, 3.50%, Maturing November 16, 2018

      4,141        4,145,895   

Hologic Inc.

     

Term Loan, 3.75%, Maturing August 1, 2019

      1,768        1,776,408   

Iasis Healthcare LLC

     

Term Loan, 4.50%, Maturing May 3, 2018

      3,295        3,319,628   

inVentiv Health, Inc.

     

Term Loan, 7.50%, Maturing August 4, 2016

      1,866        1,826,065   

Term Loan, 7.75%, Maturing May 15, 2018

      1,259        1,232,557   

Kindred Healthcare, Inc.

     

Term Loan, 4.25%, Maturing June 1, 2018

      1,866        1,866,117   

Kinetic Concepts, Inc.

     

Term Loan, 4.50%, Maturing May 4, 2018

      6,860        6,913,290   

LHP Hospital Group, Inc.

     

Term Loan, 9.00%, Maturing July 3, 2018

      593        586,575   

MedAssets, Inc.

     

Term Loan, 4.00%, Maturing December 13, 2019

      508        509,671   

Medpace, Inc.

     

Term Loan, 5.25%, Maturing June 16, 2017

      671        673,327   

MMM Holdings, Inc.

     

Term Loan, 9.75%, Maturing December 12, 2017

      706        710,284   

MSO of Puerto Rico, Inc.

     

Term Loan, 9.75%, Maturing December 12, 2017

      513        515,927   

Multiplan, Inc.

     

Term Loan, 4.00%, Maturing August 25, 2017

      3,184        3,204,419   

One Call Medical, Inc.

     

Term Loan, 5.50%, Maturing August 16, 2019

      2,293        2,310,072   
 

 

  11   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Health Care (continued)

 

Onex Carestream Finance LP

     

Term Loan, 5.00%, Maturing June 7, 2019

      4,358      $ 4,390,861   

Pharmaceutical Product Development, Inc.

     

Term Loan, 4.25%, Maturing December 5, 2018

      3,523        3,539,523   

PRA Holdings, Inc.

     

Term Loan, Maturing September 21, 2020(4)

      1,625        1,622,715   

Radnet Management, Inc.

     

Term Loan, 4.25%, Maturing October 10, 2018

      1,833        1,838,190   

Sage Products, Inc.

     

Term Loan, 4.25%, Maturing December 13, 2019

      641        644,576   

Select Medical Corporation

     

Term Loan, 4.00%, Maturing June 1, 2018

      1,493        1,501,161   

Sheridan Holdings, Inc.

     

Term Loan, 4.50%, Maturing June 29, 2018

      692        694,026   

Steward Health Care System LLC

     

Term Loan, 6.75%, Maturing April 15, 2020

      1,424        1,384,779   

TriZetto Group, Inc. (The)

     

Term Loan, 4.75%, Maturing May 2, 2018

      1,540        1,439,491   

Truven Health Analytics Inc.

     

Term Loan, 4.50%, Maturing June 1, 2019

      1,807        1,812,419   

U.S. Renal Care, Inc.

     

Term Loan, 5.25%, Maturing July 3, 2019

      1,675        1,687,563   

Universal Health Services, Inc.

     

Term Loan, 2.43%, Maturing November 15, 2016

      507        510,077   

Vanguard Health Holding Company II, LLC

     

Term Loan, 3.75%, Maturing January 29, 2016

      1,216        1,217,717   

VWR Funding, Inc.

     

Term Loan, 4.18%, Maturing April 3, 2017

      1,787        1,788,733   

Term Loan, 4.43%, Maturing April 3, 2017

      2,103        2,102,758   
                     
  $ 117,966,890   
                     

Home Furnishings — 0.3%

  

Serta/Simmons Holdings, LLC

     

Term Loan, 5.00%, Maturing October 1, 2019

      3,747      $ 3,762,300   

Tempur-Pedic International Inc.

     

Term Loan, 3.50%, Maturing March 18, 2020

      2,739        2,721,530   
                     
  $ 6,483,830   
                     

Industrial Equipment — 1.3%

  

Alliance Laundry Systems LLC

  

Term Loan, 4.25%, Maturing December 10, 2018

      398      $ 399,345   

Apex Tool Group, LLC

     

Term Loan, 4.50%, Maturing January 31, 2020

      1,343        1,349,547   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Industrial Equipment (continued)

  

Colfax Corporation

     

Term Loan, 3.25%, Maturing January 11, 2019

      720      $ 720,642   

Gardner Denver, Inc.

     

Term Loan, 4.25%, Maturing July 30, 2020

      2,175        2,158,083   

Term Loan, 4.75%, Maturing July 30, 2020

  EUR     475        647,424   

Generac Power Systems, Inc.

     

Term Loan, 3.50%, Maturing May 29, 2020

      2,050        2,035,480   

Grede LLC

     

Term Loan, 4.50%, Maturing May 2, 2018

      1,024        1,025,552   

Husky Injection Molding Systems Ltd.

     

Term Loan, 4.25%, Maturing June 29, 2018

      4,313        4,319,355   

International Equipment Solutions, LLC

     

Term Loan, 6.75%, Maturing August 13, 2019

      900        891,562   

Manitowoc Company, Inc. (The)

     

Term Loan, 4.25%, Maturing November 13, 2017

      137        137,198   

Milacron LLC

     

Term Loan, 4.25%, Maturing March 30, 2020

      1,495        1,495,617   

Rexnord LLC

     

Term Loan, 4.00%, Maturing August 20, 2020

      6,625        6,558,750   

Spansion LLC

     

Term Loan, 5.25%, Maturing December 11, 2018

      891        898,007   

Tank Holding Corp.

     

Term Loan, 4.25%, Maturing July 9, 2019

      998        996,213   

Unifrax Corporation

     

Term Loan, 4.25%, Maturing November 28, 2018

      643        646,166   
                     
  $ 24,278,941   
                     

Insurance — 2.0%

  

Alliant Holdings I, Inc.

     

Term Loan, 5.00%, Maturing December 20, 2019

      3,280      $ 3,302,763   

AmWINS Group, Inc.

     

Term Loan, 5.00%, Maturing September 6, 2019

      4,218        4,244,488   

Applied Systems, Inc.

     

Term Loan, 4.25%, Maturing December 8, 2016

      2,078        2,090,180   

Asurion LLC

     

Term Loan, 4.50%, Maturing May 24, 2019

      10,570        10,488,016   

Term Loan, 3.50%, Maturing July 8, 2020

      1,147        1,108,769   

CNO Financial Group, Inc.

     

Term Loan, 3.00%, Maturing September 28, 2016

      900        906,187   

Term Loan, 3.75%, Maturing September 20, 2018

      4,782        4,814,469   

Compass Investors Inc.

     

Term Loan, 5.00%, Maturing December 27, 2019

      3,481        3,503,008   

Cooper Gay Swett & Crawford Ltd.

     

Term Loan, 5.00%, Maturing April 16, 2020

      599        595,881   
 

 

  12   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Insurance (continued)

 

Cunningham Lindsey U.S. Inc.

     

Term Loan, 5.00%, Maturing December 10, 2019

      2,429      $ 2,426,382   

Hub International Limited

     

Term Loan, 3.62%, Maturing June 13, 2017

      1,574        1,577,674   

Term Loan, Maturing September 17, 2020(4)

      3,575        3,557,125   

Sedgwick CMS Holdings, Inc.

     

Term Loan, 4.25%, Maturing June 12, 2018

      748        750,463   
                     
  $ 39,365,405   
                     

Leisure Goods / Activities / Movies — 2.9%

  

Activision Blizzard, Inc.

     

Term Loan, Maturing September 11, 2020(4)

      4,325      $ 4,330,406   

Alpha D2 Limited

     

Term Loan, 4.50%, Maturing April 30, 2019

      3,188        3,221,905   

Bombardier Recreational Products, Inc.

     

Term Loan, 4.00%, Maturing January 30, 2019

      4,582        4,578,945   

Bright Horizons Family Solutions, Inc.

     

Term Loan, 4.00%, Maturing January 30, 2020

      223        223,766   

Cedar Fair, L.P.

     

Term Loan, 3.25%, Maturing March 6, 2020

      1,493        1,498,657   

ClubCorp Club Operations, Inc.

     

Term Loan, 4.00%, Maturing July 24, 2020

      1,892        1,898,209   

Emerald Expositions Holding, Inc.

     

Term Loan, 5.50%, Maturing June 17, 2020

      898        904,203   

Equinox Holdings, Inc.

     

Term Loan, 4.50%, Maturing January 31, 2020

      1,343        1,350,806   

Fender Musical Instruments Corporation

     

Term Loan, 5.75%, Maturing April 3, 2019

      578        578,944   

Kasima, LLC

     

Term Loan, 3.25%, Maturing May 17, 2021

      1,125        1,121,484   

Live Nation Entertainment, Inc.

     

Term Loan, 3.50%, Maturing August 16, 2020

      7,079        7,070,478   

LodgeNet Interactive Corp.

     

Term Loan, 6.75%, Maturing March 31, 2018

      543        309,772   

Regal Cinemas, Inc.

     

Term Loan, 2.70%, Maturing August 23, 2017

      3,890        3,892,836   

Revolution Studios Distribution Company, LLC

     

Term Loan, 3.93%, Maturing December 21, 2014

      1,183        1,048,352   

Term Loan - Second Lien, 7.18%, Maturing June 21, 2015(2)

      2,050        1,486,660   

Sabre, Inc.

     

Term Loan, 5.25%, Maturing February 19, 2019

      1,439        1,448,659   

Scientific Games International, Inc.

     

Term Loan, Maturing May 22, 2020(4)

      4,200        4,171,877   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Leisure Goods / Activities / Movies (continued)

 

SeaWorld Parks & Entertainment, Inc.

     

Term Loan, 3.00%, Maturing May 14, 2020

      2,397      $ 2,372,596   

Six Flags Theme Parks, Inc.

     

Term Loan, 4.00%, Maturing December 20, 2018

      3,158        3,188,699   

Town Sports International Inc.

     

Term Loan, 5.75%, Maturing May 11, 2018

      2,416        2,443,597   

US Finco LLC

     

Term Loan, 4.00%, Maturing May 29, 2020

      1,671        1,667,680   

Term Loan - Second Lien, 8.25%, Maturing November 30, 2020

      2,000        2,010,000   

WMG Acquisition Corp.

     

Term Loan, 3.75%, Maturing July 1, 2020

      1,175        1,171,084   

Zuffa LLC

     

Term Loan, 4.50%, Maturing February 25, 2020

      3,499        3,507,309   
                     
  $ 55,496,924   
                     

Lodging and Casinos — 2.1%

  

Affinity Gaming, LLC

     

Term Loan, 5.50%, Maturing November 9, 2017

      1,630      $ 1,641,948   

Bally Technologies, Inc.

     

Term Loan, Maturing August 31, 2020(4)

      3,250        3,255,688   

Boyd Gaming Corporation

     

Term Loan, 4.00%, Maturing August 14, 2020

      600        600,250   

Caesars Entertainment Operating Company

     

Term Loan, 9.50%, Maturing October 31, 2016

      1,191        1,190,439   

Term Loan, 5.43%, Maturing January 26, 2018

      5,336        4,847,403   

Gala Group LTD

     

Term Loan, 5.49%, Maturing May 25, 2018

  GBP     2,775        4,515,613   

Hilton Worldwide Finance, LLC

     

Term Loan, Maturing September 23, 2020(4)

      11,925        11,926,240   

Las Vegas Sands LLC

     

Term Loan, 2.68%, Maturing November 23, 2016

      410        409,764   

Term Loan, 2.68%, Maturing November 23, 2016

      1,244        1,244,150   

MGM Resorts International

     

Term Loan, 2.93%, Maturing December 20, 2017

      1,985        1,986,985   

Term Loan, 3.50%, Maturing December 20, 2019

      4,466        4,456,679   

Penn National Gaming, Inc.

     

Term Loan, 3.75%, Maturing July 16, 2018

      925        927,363   

Pinnacle Entertainment, Inc.

     

Term Loan, 3.75%, Maturing August 13, 2020

      1,197        1,199,993   

Playa Resorts Holding B.V.

     

Term Loan, 4.75%, Maturing August 6, 2019

      600        604,875   

Seminole Tribe of Florida

     

Term Loan, 3.00%, Maturing April 29, 2020

      772        772,000   
 

 

  13   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Lodging and Casinos (continued)

 

Tropicana Entertainment Inc.

     

Term Loan, 7.50%, Maturing March 16, 2018

      148      $ 148,304   
                     
  $ 39,727,694   
                     

Nonferrous Metals / Minerals — 1.0%

  

Alpha Natural Resources, LLC

     

Term Loan, 3.50%, Maturing May 22, 2020

      920      $ 881,489   

Arch Coal Inc.

     

Term Loan, 5.75%, Maturing May 16, 2018

      3,063        2,985,481   

Constellium Holdco B.V.

     

Term Loan, 6.00%, Maturing March 25, 2020

      647        667,769   

Fairmount Minerals LTD

     

Term Loan, 4.31%, Maturing March 15, 2017

      500        500,625   

Term Loan, 5.00%, Maturing September 5, 2019

      2,525        2,532,876   

Murray Energy Corporation

     

Term Loan, 4.75%, Maturing May 24, 2019

      449        449,016   

Noranda Aluminum Acquisition Corporation

     

Term Loan, 5.75%, Maturing February 28, 2019

      1,034        976,073   

Novelis, Inc.

     

Term Loan, 3.75%, Maturing March 10, 2017

      3,274        3,283,750   

Oxbow Carbon LLC

     

Term Loan, 4.25%, Maturing July 19, 2019

      543        547,198   

Term Loan - Second Lien, 8.00%, Maturing January 17, 2020

      925        938,875   

United Central Industrial Supply Company, LLC

     

Term Loan, 7.50%, Maturing October 9, 2018

      1,238        1,119,938   

Term Loan - Second Lien, 12.50%, Maturing April 12, 2019

      500        455,000   

Walter Energy, Inc.

     

Term Loan, 6.75%, Maturing April 2, 2018

      3,138        3,023,152   
                     
  $ 18,361,242   
                     

Oil and Gas — 1.8%

  

Ameriforge Group, Inc.

     

Term Loan, 5.00%, Maturing December 19, 2019

      1,618      $ 1,621,844   

Term Loan - Second Lien, 8.75%, Maturing December 18, 2020

      2,025        2,050,312   

Bronco Midstream Funding LLC

     

Term Loan, 5.00%, Maturing August 17, 2020

      2,175        2,185,875   

Citgo Petroleum Corporation

     

Term Loan, 8.00%, Maturing June 24, 2015

      399        403,597   

Term Loan, 9.00%, Maturing June 23, 2017

      423        432,554   

Crestwood Holdings LLC

     

Term Loan, 7.00%, Maturing June 19, 2019

      1,075        1,092,742   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Oil and Gas (continued)

  

Energy Transfer Equity, L.P.

     

Term Loan, 3.75%, Maturing March 24, 2017

      1,226      $ 1,233,999   

Fieldwood Energy LLC

     

Term Loan, Maturing October 1, 2018(4)

      1,025        1,025,513   

Term Loan - Second Lien, Maturing October 1, 2020(4)

      700        700,438   

Frac Tech International LLC

     

Term Loan, 8.50%, Maturing May 6, 2016

      579        569,308   

MEG Energy Corp.

     

Term Loan, 3.75%, Maturing March 31, 2020

      8,769        8,816,671   

Obsidian Holdings LLC

     

Term Loan, 6.75%, Maturing November 2, 2015

      1,295        1,300,112   

Obsidian Natural Gas Trust

     

Term Loan, 7.00%, Maturing November 2, 2015

      1,641        1,647,201   

Ruby Western Pipeline Holdings, LLC

     

Term Loan, 3.50%, Maturing March 27, 2020

      560        558,378   

Samson Investment Company

     

Term Loan - Second Lien, 6.00%, Maturing September 25, 2018

      1,900        1,906,888   

Sheridan Production Partners I, LLC

     

Term Loan, 5.00%, Maturing September 14, 2019

      3,269        3,278,638   

Term Loan, 5.00%, Maturing September 25, 2019

      265        265,362   

Term Loan, 5.00%, Maturing September 25, 2019

      433        434,446   

Tallgrass Operations, LLC

     

Term Loan, 5.25%, Maturing November 13, 2018

      1,271        1,283,552   

Tervita Corporation

     

Term Loan, 6.25%, Maturing May 15, 2018

      2,990        2,930,200   
                     
  $ 33,737,630   
                     

Publishing — 2.2%

  

Advanstar Communications Inc.

     

Term Loan, 5.50%, Maturing April 29, 2019

      896      $ 888,224   

American Greetings Corporation

     

Term Loan, 4.00%, Maturing August 9, 2019

      1,300        1,303,250   

Ascend Learning, Inc.

     

Term Loan, 7.00%, Maturing May 23, 2017

      2,513        2,509,626   

Flint Group SA

     

Term Loan, 6.65%, Maturing December 30, 2016

      72        71,679   

Term Loan, 6.65%, Maturing December 30, 2016

      171        170,382   

Term Loan, 6.65%, Maturing December 30, 2016

      655        652,322   

Term Loan, 6.59%, Maturing December 31, 2016

  EUR     429        577,556   

Term Loan, 6.59%, Maturing December 31, 2016

  EUR     479        645,549   

Term Loan - Second Lien, 7.34%, Maturing June 30, 2018

  EUR     1,510        1,907,893   
 

 

  14   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Publishing (continued)

 

Getty Images, Inc.

     

Term Loan, 4.75%, Maturing October 18, 2019

      9,156      $ 8,190,634   

Interactive Data Corporation

     

Term Loan, 3.75%, Maturing February 11, 2018

      4,637        4,628,001   

Laureate Education, Inc.

     

Term Loan, 5.25%, Maturing June 18, 2018

      8,300        8,330,732   

McGraw-Hill Global Education Holdings, LLC

     

Term Loan, 9.00%, Maturing March 22, 2019

      995        1,008,681   

Media General Inc.

     

Term Loan, 0.00%, Maturing July 31, 2020(6)

      1,325        1,329,958   

MediaNews Group Inc.

     

Term Loan, 8.50%, Maturing March 19, 2014

      28        27,982   

Merrill Communications, LLC

     

Term Loan, 7.31%, Maturing March 8, 2018

      846        851,389   

Multi Packaging Solutions, Inc.

     

Term Loan, 4.25%, Maturing August 21, 2020

      425        427,391   

Nelson Education Ltd.

     

Term Loan, 2.75%, Maturing July 3, 2014

      595        503,191   

Nielsen Finance LLC

     

Term Loan, 2.93%, Maturing May 2, 2016

      1,950        1,957,313   

Penton Media, Inc.

     

Term Loan, 6.00%, Maturing August 1, 2014

      973        957,558   

Rentpath, Inc.

     

Term Loan, 6.25%, Maturing May 29, 2020

      1,197        1,175,304   

Springer Science+Business Media Deutschland GmbH

     

Term Loan, 5.00%, Maturing July 31, 2020

      1,325        1,318,375   

Star Tribune Company (The)

     

Term Loan, 8.00%, Maturing September 28, 2014

      6        6,158   

Term Loan, 8.00%, Maturing September 29, 2014

      25        24,880   

Tribune Company

     

Term Loan, 4.00%, Maturing December 31, 2019

      1,985        1,992,434   
                     
  $ 41,456,462   
                     

Radio and Television — 1.6%

  

Clear Channel Communications, Inc.

     

Term Loan, 3.83%, Maturing January 29, 2016

      192      $ 181,551   

Term Loan, 6.93%, Maturing January 30, 2019

      566        524,512   

Cumulus Media Holdings Inc.

     

Term Loan, 4.50%, Maturing September 17, 2018

      4,315        4,353,933   

Term Loan - Second Lien, 7.50%, Maturing September 16, 2019

      1,000        1,018,750   

Entercom Radio, LLC

     

Term Loan, 5.03%, Maturing November 23, 2018

      493        495,880   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Radio and Television (continued)

  

Entravision Communications Corporation

     

Term Loan, 3.50%, Maturing May 29, 2020

      2,000      $ 1,977,500   

Foxco Acquisition Sub, LLC

     

Term Loan, 5.50%, Maturing July 14, 2017

      2,164        2,177,534   

Gray Television, Inc.

     

Term Loan, 4.75%, Maturing October 15, 2019

      530        533,991   

LIN Television Corp.

     

Term Loan, 4.00%, Maturing December 21, 2018

      590        592,088   

Local TV Finance, LLC

     

Term Loan, 4.18%, Maturing May 7, 2015

      1,401        1,411,167   

Mission Broadcasting, Inc.

     

Term Loan, 4.25%, Maturing December 3, 2019

      458        459,987   

Term Loan, Maturing September 24, 2020(4)

      396        397,565   

Nexstar Broadcasting, Inc.

     

Term Loan, 4.25%, Maturing December 3, 2019

      1,084        1,088,046   

Term Loan, Maturing September 30, 2020(4)

      79        79,513   

Nine Entertainment Group Limited

     

Term Loan, 3.50%, Maturing February 5, 2020

      1,866        1,855,131   

Term Loan, Maturing February 5, 2020(4)

      625        621,094   

Raycom TV Broadcasting, Inc.

     

Term Loan, 4.25%, Maturing May 31, 2017

      904        904,188   

Sinclair Television Group Inc.

     

Term Loan, 3.00%, Maturing April 9, 2020

      522        521,147   

TWCC Holding Corp.

     

Term Loan, 3.50%, Maturing February 13, 2017

      1,249        1,252,921   

Term Loan - Second Lien, 7.00%, Maturing June 26, 2020

      825        848,719   

Tyrol Acquisitions 2 SAS

     

Term Loan, 3.13%, Maturing January 29, 2016

  EUR     765        1,004,214   

Term Loan, 3.13%, Maturing January 29, 2016

  EUR     765        1,004,214   

Univision Communications Inc.

     

Term Loan, 4.50%, Maturing March 2, 2020

      6,692        6,674,060   
                     
  $ 29,977,705   
                     

Retailers (Except Food and Drug) — 2.5%

  

99 Cents Only Stores

     

Term Loan, 5.25%, Maturing January 11, 2019

      2,299      $ 2,307,221   

B&M Retail Limited

  

Term Loan, 6.01%, Maturing February 18, 2020

  GBP     1,800        2,916,449   

Bass Pro Group, LLC

  

Term Loan, 4.00%, Maturing November 20, 2019

      1,535        1,541,705   

CDW LLC

  

Term Loan, 3.50%, Maturing April 29, 2020

      4,682        4,621,636   

David’s Bridal, Inc.

     

Term Loan, 5.00%, Maturing October 11, 2019

      695        698,224   
 

 

  15   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Retailers (Except Food and Drug) (continued)

 

Evergreen Acqco 1 LP

     

Term Loan, 5.00%, Maturing July 9, 2019

      716      $ 718,640   

Harbor Freight Tools USA, Inc.

     

Term Loan, 4.75%, Maturing July 26, 2019

      1,325        1,340,569   

J Crew Group, Inc.

     

Term Loan, 4.00%, Maturing March 7, 2018

      3,632        3,629,366   

Jo-Ann Stores, Inc.

     

Term Loan, 4.00%, Maturing March 16, 2018

      4,075        4,077,725   

Michaels Stores, Inc.

     

Term Loan, 3.75%, Maturing January 28, 2020

      4,015        4,028,560   

National Vision, Inc.

     

Term Loan, 7.00%, Maturing August 2, 2018

      839        843,572   

Neiman Marcus Group, Inc. (The)

     

Term Loan, 4.00%, Maturing May 16, 2018

      5,061        5,057,340   

Ollie’s Bargain Outlet, Inc.

     

Term Loan, 5.25%, Maturing September 27, 2019

      521        523,018   

Party City Holdings Inc.

     

Term Loan, 4.25%, Maturing July 29, 2019

      2,655        2,655,758   

Pep Boys-Manny, Moe & Jack (The)

     

Term Loan, 5.00%, Maturing October 11, 2018

      498        500,920   

Petco Animal Supplies, Inc.

     

Term Loan, 4.00%, Maturing November 24, 2017

      2,421        2,427,128   

Pilot Travel Centers LLC

     

Term Loan, 3.75%, Maturing March 30, 2018

      1,659        1,658,163   

Term Loan, 4.25%, Maturing August 7, 2019

      569        571,563   

Spin Holdco Inc.

     

Term Loan, 4.25%, Maturing November 14, 2019

      1,250        1,250,000   

Toys ‘R’ US Property Company I, LLC

     

Term Loan, 6.00%, Maturing August 21, 2019

      2,475        2,447,671   

Visant Holding Corp.

     

Term Loan, 5.25%, Maturing December 22, 2016

      1,258        1,224,187   

Vivarte SA

     

Term Loan, 2.33%, Maturing March 9, 2015

  EUR     31        38,624   

Term Loan, 2.33%, Maturing March 9, 2015

  EUR     122        150,204   

Term Loan, 2.33%, Maturing March 9, 2015

  EUR     781        964,737   

Term Loan, 2.83%, Maturing March 8, 2016

  EUR     31        38,624   

Term Loan, 2.83%, Maturing March 8, 2016

  EUR     122        150,204   

Term Loan, 2.83%, Maturing March 8, 2016

  EUR     781        964,738   

Wilton Brands LLC

     

Term Loan, 7.50%, Maturing August 30, 2018

      641        630,028   
                     
  $ 47,976,574   
                     
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Steel — 0.9%

  

Essar Steel Algoma, Inc.

     

Term Loan, 8.75%, Maturing September 19, 2014

      2,327      $ 2,358,489   

FMG Resources (August 2006) Pty Ltd.

     

Term Loan, 5.25%, Maturing October 18, 2017

      8,172        8,216,112   

JFB Firth Rixson Inc.

     

Term Loan, 4.25%, Maturing June 30, 2017

      372        371,955   

JMC Steel Group, Inc.

     

Term Loan, 4.75%, Maturing April 3, 2017

      1,361        1,365,371   

Neenah Foundry Company

     

Term Loan, 6.75%, Maturing April 26, 2017

      2,541        2,540,812   

Patriot Coal Corporation

     

DIP Loan, 9.25%, Maturing December 31, 2013

      875        875,000   

SunCoke Energy, Inc.

     

Term Loan, 4.00%, Maturing July 26, 2018

      167        166,003   

Waupaca Foundry, Inc.

     

Term Loan, 4.50%, Maturing June 29, 2017

      2,116        2,116,454   
                     
  $ 18,010,196   
                     

Surface Transport — 0.5%

  

Hertz Corporation, (The)

     

Term Loan, 2.75%, Maturing March 9, 2018

      997      $ 993,649   

Term Loan, 3.00%, Maturing March 11, 2018

      3,267        3,255,867   

Term Loan, 3.75%, Maturing March 12, 2018

      2,953        2,958,962   

Swift Transportation Co. Inc.

     

Term Loan, 2.93%, Maturing December 21, 2016

      1,034        1,039,737   

Term Loan, 4.00%, Maturing December 21, 2017

      1,232        1,240,448   
                     
  $ 9,488,663   
                     

Telecommunications — 2.0%

  

Arris Group, Inc.

     

Term Loan, 3.50%, Maturing April 17, 2020

      1,568      $ 1,558,565   

Cellular South, Inc.

     

Term Loan, 3.25%, Maturing May 22, 2020

      448        447,470   

Cricket Communications, Inc.

     

Term Loan, 4.75%, Maturing October 10, 2019

      521        521,714   

Term Loan, 4.75%, Maturing March 9, 2020

      2,569        2,572,690   

Crown Castle International Corporation

     

Term Loan, 3.25%, Maturing January 31, 2019

      3,288        3,263,564   

Intelsat Jackson Holdings S.A.

     

Term Loan, 4.25%, Maturing April 2, 2018

      11,084        11,130,553   

IPC Systems, Inc.

     

Term Loan, 2.77%, Maturing May 31, 2014

  GBP     578        936,351   

Mitel Networks Corporation

     

Term Loan, 7.00%, Maturing February 27, 2019

      896        902,216   
 

 

  16   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Telecommunications (continued)

  

Oberthur Technologies Holding SAS

     

Term Loan, 6.25%, Maturing March 30, 2019

      569      $ 569,962   

SBA Finance

     

Term Loan, 3.75%, Maturing June 29, 2018

      370        370,778   

Term Loan, 3.75%, Maturing September 27, 2019

      174        174,484   

Syniverse Holdings, Inc.

     

Term Loan, 4.00%, Maturing April 23, 2019

      2,400        2,400,566   

Term Loan, 4.00%, Maturing April 23, 2019

      2,841        2,846,510   

Telesat LLC

     

Term Loan, 3.50%, Maturing March 28, 2019

      5,886        5,870,988   

Windstream Corporation

     

Term Loan, 4.00%, Maturing August 8, 2019

      988        991,568   

Term Loan, 3.50%, Maturing January 23, 2020

      3,573        3,582,826   
                     
  $ 38,140,805   
                     

Utilities — 1.1%

  

AES Corporation

     

Term Loan, 3.75%, Maturing June 1, 2018

      2,959      $ 2,978,457   

Calpine Construction Finance Company, L.P.

     

Term Loan, 3.00%, Maturing May 4, 2020

      1,247        1,224,795   

Term Loan, 3.25%, Maturing January 31, 2022

      474        466,705   

Calpine Corporation

     

Term Loan, 4.00%, Maturing April 2, 2018

      1,002        1,005,695   

Term Loan, 4.00%, Maturing April 2, 2018

      2,584        2,590,796   

Term Loan, 4.00%, Maturing October 9, 2019

      4,851        4,863,128   

Dynegy Holdings Inc.

     

Term Loan, 4.00%, Maturing April 23, 2020

      1,182        1,181,408   

Equipower Resources Holdings LLC

     

Term Loan, 4.25%, Maturing December 31, 2019

      673        676,398   

La Frontera Generation, LLC

     

Term Loan, 4.50%, Maturing September 30, 2020

      751        755,061   

LSP Madison Funding, LLC

     

Term Loan, 5.50%, Maturing June 28, 2019

      588        594,248   

Power Team Services, LLC

     

Term Loan, 0.00%, Maturing May 6, 2020(6)

      97        96,250   

Term Loan, 4.25%, Maturing May 6, 2020

      776        768,075   

Raven Power Finance, LLC

     

Term Loan, 8.25%, Maturing November 15, 2018

      571        586,381   

Texas Competitive Electric Holdings Company, LLC

     

Term Loan, 4.71%, Maturing October 10, 2017

      5,000        3,374,742   
                     
  $ 21,162,139   
                     

Total Senior Floating-Rate Interests
(identified cost $1,158,596,155)

   

  $ 1,157,271,072   
                     
Corporate Bonds & Notes — 55.0%      
     
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Aerospace and Defense — 0.5%

  

GenCorp, Inc.

     

7.125%, 3/15/21(7)

      1,395      $ 1,468,238   

Huntington Ingalls Industries, Inc.

     

7.125%, 3/15/21

      2,025        2,192,062   

TransDigm, Inc.

     

7.75%, 12/15/18

      5,030        5,382,100   
                     
      $ 9,042,400   
                     

Agriculture — 0.0%(3)

  

Lorillard Tobacco Co.

     

7.00%, 8/4/41

      750      $ 791,084   
                     
      $ 791,084   
                     

Automotive — 1.4%

  

American Axle & Manufacturing, Inc.

     

9.25%, 1/15/17(7)

      914      $ 977,989   

Chrysler Group, LLC

     

8.25%, 6/15/21

      6,640        7,470,000   

Continental Rubber of America Corp.

     

4.50%, 9/15/19(7)

      1,130        1,184,240   

Ford Motor Co.

     

6.625%, 10/1/28

      1,000        1,131,799   

General Motors Financial Co., Inc.

     

2.75%, 5/15/16(7)

      3,070        3,068,081   

4.75%, 8/15/17(7)

      1,615        1,679,600   

3.50%, 10/2/18(7)

      945        947,363   

4.25%, 5/15/23(7)

      960        879,600   

Kia Motors Corp.

     

3.625%, 6/14/16(7)

      1,600        1,673,456   

Navistar International Corp.

     

8.25%, 11/1/21

      3,190        3,245,825   

Schaeffler Finance BV

     

6.875%, 8/15/18(5)(7)

      2,225        2,341,812   

4.75%, 5/15/21(7)

      1,660        1,618,500   

Tomkins, LLC/Tomkins, Inc.

     

9.00%, 10/1/18

      595        651,525   
                     
      $ 26,869,790   
                     

Banks and Thrifts — 1.2%

  

Banco do Brasil SA

     

6.25% to 4/15/24, 12/29/49(7)(8)

      750      $ 620,625   
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Banks and Thrifts (continued)

 

Bank of America Corp.

     

3.30%, 1/11/23

      300      $ 281,701   

Bank of America NA

     

7.625%, 6/1/19

      400        491,200   

Bank One Michigan

     

8.25%, 11/1/24

      1,375        1,766,908   

Barclays Bank PLC

     

10.179%, 6/12/21(7)

      1,000        1,300,695   

Citigroup, Inc.

     

5.50%, 9/13/25

      1,000        1,031,192   

6.625%, 6/15/32

      1,000        1,079,221   

CNH Capital, LLC

     

3.875%, 11/1/15

      1,070        1,107,450   

6.25%, 11/1/16

      2,055        2,270,775   

3.625%, 4/15/18

      2,500        2,500,000   

Countrywide Financial Corp.

     

6.25%, 5/15/16

      1,800        1,992,046   

First Niagara Financial Group, Inc.

     

7.25%, 12/15/21

      945        1,101,251   

HBOS PLC

     

6.75%, 5/21/18(7)

      1,700        1,897,899   

HSBC Holdings PLC

     

6.50%, 5/2/36

      425        482,667   

Merrill Lynch & Co., Inc.

     

6.11%, 1/29/37

      500        516,517   

Regions Financial Corp.

     

5.75%, 6/15/15

      450        482,377   

2.00%, 5/15/18

      625        607,454   

7.375%, 12/10/37

      730        775,059   

Standard Chartered Bank

     

6.40%, 9/26/17(7)

      1,075        1,228,381   

Zions Bancorporation

     

6.00%, 9/15/15

      1,600        1,714,390   
                     
      $ 23,247,808   
                     

Beverage and Tobacco — 0.2%

  

Constellation Brands, Inc.

     

6.00%, 5/1/22

      1,530      $ 1,637,100   

4.25%, 5/1/23

      3,025        2,783,000   
                     
      $ 4,420,100   
                     

Brokers, Dealers and Investment Houses — 0.6%

  

Alliance Data Systems Corp.

     

6.375%, 4/1/20(7)

      1,210      $ 1,258,400   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Brokers, Dealers and Investment Houses (continued)

 

BP Capital Markets PLC

     

3.561%, 11/1/21

      800      $ 797,437   

E*TRADE Financial Corp.

     

6.00%, 11/15/17

      295        311,963   

6.375%, 11/15/19

      1,015        1,086,050   

Macquarie Bank, Ltd.

     

6.625%, 4/7/21(7)

      550        600,754   

Morgan Stanley

     

7.30%, 5/13/19

      1,900        2,276,639   

Neuberger Berman Group, LLC/Neuberger Berman Finance Corp.

     

5.625%, 3/15/20(7)

      4,335        4,454,212   

Nielsen Co. Luxembourg S.a.r.l. (The)

     

5.50%, 10/1/21(7)

      1,250        1,254,687   
                     
      $ 12,040,142   
                     

Building and Development — 1.5%

  

American Builders & Contractors Supply Co., Inc.

     

5.625%, 4/15/21(7)

      1,030      $ 1,015,838   

Brookfield Residential Properties, Inc.

     

6.50%, 12/15/20(7)

      1,555        1,570,550   

Builders FirstSource, Inc.

     

7.625%, 6/1/21(7)

      2,175        2,180,437   

CB Richard Ellis Service, Inc.

     

6.625%, 10/15/20

      3,270        3,507,075   

HD Supply, Inc.

     

8.125%, 4/15/19

      825        919,875   

7.50%, 7/15/20(7)

      990        1,028,363   

11.50%, 7/15/20

      1,005        1,200,975   

Interface, Inc.

     

7.625%, 12/1/18

      860        937,400   

Interline Brands, Inc.

     

10.00%, 11/15/18(5)

      5,775        6,338,062   

MDC Holdings, Inc.

     

5.625%, 2/1/20

      555        573,596   

6.00%, 1/15/43

      230        200,112   

Nortek, Inc.

     

10.00%, 12/1/18

      1,905        2,100,263   

8.50%, 4/15/21

      2,225        2,430,812   

Rexel SA

     

6.125%, 12/15/19(7)

      500        513,750   

5.25%, 6/15/20(7)

      2,710        2,655,800   
 

 

  18   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Building and Development (continued)

 

Toll Brothers Finance Corp.

     

4.375%, 4/15/23

      915      $ 844,088   
                     
      $ 28,016,996   
                     

Business Equipment and Services — 3.2%

  

ADT Corp. (The)

     

6.25%, 10/15/21(7)

      3,495      $ 3,551,794   

3.50%, 7/15/22

      1,135        961,668   

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc.

     

8.25%, 1/15/19

      550        599,500   

9.75%, 3/15/20

      4,410        5,104,575   

Carlson Wagonlit BV

     

6.875%, 6/15/19(7)

      3,275        3,324,125   

Catalina Marketing Corp.

     

10.50%, 10/1/15(7)

      3,255        3,271,275   

11.625%, 10/1/17(7)

      4,150        4,336,750   

Education Management, LLC

     

15.00%, 7/1/18

      3,538        3,803,265   

FTI Consulting, Inc.

     

6.00%, 11/15/22

      1,090        1,087,275   

Iron Mountain, Inc.

     

6.00%, 8/15/23

      2,800        2,793,000   

National CineMedia, LLC

     

7.875%, 7/15/21

      3,090        3,383,550   

6.00%, 4/15/22

      3,625        3,715,625   

RSC Equipment Rental, Inc./RSC Holdings III, LLC

     

10.25%, 11/15/19

      1,525        1,730,875   

8.25%, 2/1/21

      440        490,600   

ServiceMaster Co.

     

8.00%, 2/15/20

      1,175        1,169,125   

SSI Investments II, Ltd./SSI Co-Issuer, LLC

     

11.125%, 6/1/18

      4,605        5,088,525   

TransUnion Holding Co., Inc.

     

9.625%, 6/15/18

      3,925        4,268,437   

TransUnion LLC/TransUnion Financing Corp.

     

11.375%, 6/15/18

      3,880        4,331,050   

United Rentals North America, Inc.

     

7.375%, 5/15/20

      4,375        4,735,937   

8.375%, 9/15/20

      525        584,063   

7.625%, 4/15/22

      3,065        3,348,513   
                     
      $ 61,679,527   
                     
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Cable and Satellite Television — 2.5%

  

AMC Networks, Inc.

     

7.75%, 7/15/21

      1,100      $ 1,229,250   

4.75%, 12/15/22

      915        860,100   

Cablevision Systems Corp.

     

7.75%, 4/15/18

      1,055        1,186,875   

CCO Holdings, LLC

     

6.75%, 11/15/21

      2,780        2,988,500   

CCO Holdings, LLC/CCO Capital Corp.

     

8.125%, 4/30/20

      365        398,763   

5.25%, 9/30/22

      4,295        3,994,350   

5.75%, 1/15/24

      1,980        1,876,050   

Comcast Corp.

     

6.95%, 8/15/37

      595        750,933   

DISH DBS Corp.

     

6.75%, 6/1/21

      6,195        6,543,469   

5.875%, 7/15/22

      3,495        3,460,050   

Lynx II Corp.

     

6.375%, 4/15/23(7)

      10,705        10,705,000   

Mediacom, LLC/Mediacom Capital Corp.

     

9.125%, 8/15/19

      785        861,537   

Time Warner Cable, Inc.

     

8.75%, 2/14/19

      1,055        1,242,837   

8.25%, 4/1/19

      750        869,368   

Time Warner, Inc.

     

4.90%, 6/15/42

      500        469,383   

Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH

     

5.50%, 1/15/23(7)

      4,295        4,090,987   

UPCB Finance V, Ltd.

     

7.25%, 11/15/21(7)

      3,055        3,345,225   

UPCB Finance VI, Ltd.

     

6.875%, 1/15/22(7)

      2,025        2,156,625   
                     
      $ 47,029,302   
                     

Chemicals and Plastics — 1.0%

  

Celanese US Holdings, LLC

     

6.625%, 10/15/18

      880      $ 954,800   

5.875%, 6/15/21

      940        987,000   

CF Industries, Inc.

     

7.125%, 5/1/20

      650        763,282   

Chemtura Corp.

     

5.75%, 7/15/21

      755        756,887   
 

 

  19   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Chemicals and Plastics (continued)

 

Ineos Finance PLC

     

7.25%, 2/15/19(7)(9)

  EUR     1,000      $ 1,440,786   

8.375%, 2/15/19(7)

      3,700        4,093,125   

7.50%, 5/1/20(7)

      850        915,875   

Kraton Polymers, LLC

     

6.75%, 3/1/19

      940        972,900   

Milacron, LLC/Mcron Finance Corp.

     

7.75%, 2/15/21(5)(7)

      525        544,687   

Polymer Group, Inc.

     

7.75%, 2/1/19

      320        343,600   

Scotts Miracle-Gro Co. (The)

     

6.625%, 12/15/20

      335        357,613   

Tronox Finance, LLC

     

6.375%, 8/15/20

      4,170        4,149,150   

Tyco Electronics Group SA

     

4.875%, 1/15/21

      750        789,286   

US Coatings Acquisition, Inc./Flash Dutch 2 BV

     

7.375%, 5/1/21(7)

      2,810        2,950,500   
                     
      $ 20,019,491   
                     

Clothing / Textiles — 0.4%

  

Levi Strauss & Co.

     

6.875%, 5/1/22

      1,190      $ 1,267,350   

Phillips-Van Heusen Corp.

     

7.75%, 11/15/23(2)

      3,740        4,472,976   

Quiksilver, Inc./QS Wholesale, Inc.

     

7.875%, 8/1/18(7)

      320        335,200   

10.00%, 8/1/20(7)

      215        227,363   

SIWF Merger Sub, Inc.

     

6.25%, 6/1/21(7)

      1,015        997,237   
                     
      $ 7,300,126   
                     

Commercial Services — 0.1%

  

Cielo SA/Cielo USA, Inc.

     

3.75%, 11/16/22(7)

      960      $ 828,000   

Verisk Analytics, Inc.

     

4.125%, 9/12/22

      960        950,652   
                     
      $ 1,778,652   
                     

Conglomerates — 0.5%

  

Amsted Industries, Inc.

     

8.125%, 3/15/18(7)

      3,220      $ 3,429,300   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Conglomerates (continued)

 

Belden, Inc.

     

5.50%, 9/1/22(7)

      1,080      $ 1,047,600   

Harbinger Group, Inc.

     

7.875%, 7/15/19(7)

      915        951,600   

Spectrum Brands Escrow Corp.

     

6.375%, 11/15/20(7)

      1,100        1,149,500   

6.625%, 11/15/22(7)

      1,600        1,664,000   

Spectrum Brands, Inc.

     

6.75%, 3/15/20

      1,645        1,756,038   
                     
      $ 9,998,038   
                     

Containers and Glass Products — 1.2%

  

Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc.

     

7.00%, 11/15/20(7)

      4,445      $ 4,289,425   

BOE Merger Corp.

     

9.50%, 11/1/17(5)(7)

      545        569,525   

BWAY Holding Co.

     

10.00%, 6/15/18

      620        678,900   

Crown Americas, LLC/Crown Americas Capital Corp. IV

     

4.50%, 1/15/23(7)

      2,295        2,111,400   

Reynolds Group Holdings, Inc.

     

7.125%, 4/15/19

      2,665        2,844,887   

7.875%, 8/15/19

      1,225        1,353,625   

9.875%, 8/15/19

      4,370        4,763,300   

Sealed Air Corp.

     

8.375%, 9/15/21(7)

      5,630        6,404,125   
                     
      $ 23,015,187   
                     

Cosmetics / Toiletries — 0.3%

  

Party City Holdings, Inc.

     

8.875%, 8/1/20(7)

      2,735      $ 2,953,800   

Sun Products Corp. (The)

     

7.75%, 3/15/21(7)

      2,075        1,919,375   
                     
      $ 4,873,175   
                     

Diversified Financial Services — 1.1%

  

Denali Borrower, LLC/Denali Finance Corp.

     

5.625%, 10/15/20(7)

      3,460      $ 3,377,825   

Discover Financial Services

     

3.85%, 11/21/22

      270        258,197   

General Electric Capital Corp.

     

2.95%, 5/9/16

      250        261,553   

5.30%, 2/11/21

      2,850        3,105,386   
 

 

  20   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Diversified Financial Services (continued)

 

Goldman Sachs Group, Inc. (The)

     

6.00%, 6/15/20

      875      $ 995,251   

5.95%, 1/15/27

      1,000        1,056,749   

Jefferies Group, Inc.

     

8.50%, 7/15/19

      1,025        1,246,233   

KION Finance SA

     

4.725%, 2/15/20(7)(9)

  EUR     1,575        2,157,374   

SLM Corp.

     

5.50%, 1/15/19

      5,390        5,344,708   

8.00%, 3/25/20

      3,150        3,413,812   

7.25%, 1/25/22

      430        439,675   
                     
      $ 21,656,763   
                     

Diversified Manufacturing Operations — 0.1%

  

Hutchison Whampoa International, Ltd.

     

6.25%, 1/24/14(7)

      500      $ 508,552   

7.45%, 11/24/33(7)

      400        513,560   
                     
      $ 1,022,112   
                     

Drugs — 0.8%

  

Cardinal Health, Inc.

     

4.625%, 12/15/20

      1,250      $ 1,338,201   

Endo Pharmaceuticals Holdings, Inc.

     

7.00%, 7/15/19

      1,260        1,304,100   

7.00%, 12/15/20

      1,145        1,179,350   

7.25%, 1/15/22

      185        191,475   

Pharmaceutical Product Development, Inc.

     

9.50%, 12/1/19(7)

      5,050        5,700,188   

VPII Escrow Corp.

     

7.50%, 7/15/21(7)

      2,170        2,349,025   

Warner Chilcott Co., LLC

     

7.75%, 9/15/18

      3,720        4,064,100   
                     
      $ 16,126,439   
                     

Ecological Services and Equipment — 0.2%

  

Clean Harbors, Inc.

     

5.25%, 8/1/20

      1,095      $ 1,089,525   

5.125%, 6/1/21

      900        874,125   

Covanta Holding Corp.

     

6.375%, 10/1/22

      2,085        2,146,881   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Ecological Services and Equipment (continued)

 

Environmental Systems Product Holdings, Inc.

     

16.00%, 3/31/15(2)(7)

      212      $ 179,494   
                     
      $ 4,290,025   
                     

Electronics / Electrical — 1.4%

  

Agilent Technologies, Inc.

     

6.50%, 11/1/17

      1,025      $ 1,199,923   

Alcatel-Lucent USA, Inc.

     

8.875%, 1/1/20(7)

      4,245        4,499,700   

BMC Software Finance, Inc.

     

8.125%, 7/15/21(7)

      2,955        3,080,587   

Comision Federal de Electricidad

     

4.875%, 5/26/21(7)

      1,100        1,133,000   

CommScope Holding Co., Inc.

     

6.625%, 6/1/20(5)(7)

      1,615        1,615,000   

Energizer Holdings, Inc.

     

4.70%, 5/19/21

      860        885,695   

Entergy Corp.

     

3.625%, 9/15/15

      2,390        2,478,062   

Exelon Corp.

     

5.625%, 6/15/35

      400        402,317   

Hewlett-Packard Co.

     

3.75%, 12/1/20

      1,000        973,776   

Infor US, Inc.

     

9.375%, 4/1/19

      1,965        2,205,712   

Midamerican Funding, LLC

     

6.927%, 3/1/29

      345        425,847   

NeuStar, Inc.

     

4.50%, 1/15/23

      695        627,238   

Nuance Communications, Inc.

     

5.375%, 8/15/20(7)

      885        840,750   

NXP BV/NXP Funding, LLC

     

5.75%, 2/15/21(7)

      1,105        1,127,100   

PPL Energy Supply, LLC

     

6.50%, 5/1/18

      1,500        1,698,278   

Seagate HDD Cayman

     

7.00%, 11/1/21

      3,340        3,724,100   

South Carolina Electric & Gas Co.

     

6.05%, 1/15/38

      350        409,637   
                     
      $ 27,326,722   
                     

Equipment Leasing — 0.9%

  

AWAS Aviation Capital, Ltd.

     

7.00%, 10/17/16(7)

      4,157      $ 4,302,702   
 

 

  21   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Equipment Leasing (continued)

  

International Lease Finance Corp.

     

8.625%, 9/15/15

      3,650      $ 4,042,375   

8.75%, 3/15/17

      1,525        1,757,563   

6.25%, 5/15/19

      1,025        1,081,375   

8.25%, 12/15/20

      3,275        3,741,687   

8.625%, 1/15/22

      2,615        3,026,862   
                     
      $ 17,952,564   
                     

Financial Intermediaries — 2.5%

  

Ally Financial, Inc.

     

2.46%, 12/1/14(9)

      765      $ 765,216   

3.50%, 7/18/16

      6,170        6,247,125   

5.50%, 2/15/17

      5,000        5,268,225   

6.25%, 12/1/17

      3,295        3,536,487   

8.00%, 11/1/31

      2,450        2,768,500   

CIT Group, Inc.

     

4.75%, 2/15/15(7)

      8,135        8,440,062   

5.25%, 3/15/18

      645        678,863   

5.00%, 8/15/22

      405        397,618   

First Data Corp.

     

7.375%, 6/15/19(7)

      3,105        3,283,537   

6.75%, 11/1/20(7)

      5,415        5,631,600   

11.25%, 1/15/21(7)

      1,925        2,021,250   

10.625%, 6/15/21(7)

      1,925        1,963,500   

Ford Motor Credit Co., LLC

     

12.00%, 5/15/15

      3,380        3,974,126   

5.875%, 8/2/21

      1,205        1,342,102   

General Motors Financial Co., Inc.

     

6.75%, 6/1/18

      1,365        1,518,563   

Janus Capital Group, Inc.

     

6.70%, 6/15/17

      100        111,857   

XLIT, Ltd.

     

5.75%, 10/1/21

      600        684,595   
                     
      $ 48,633,226   
                     

Food Products — 1.0%

  

ASG Consolidated, LLC/ASG Finance, Inc.

     

10.75%, 5/15/16(7)

      2,015      $ 2,105,675   

15.00%, 5/15/17(5)(7)

      2,701        2,609,101   

B&G Foods, Inc.

     

4.625%, 6/1/21

      745        713,337   

Bunge, Ltd. Finance Corp.

     

8.50%, 6/15/19

      1,000        1,246,900   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Food Products (continued)

 

ConAgra Foods, Inc.

     

6.625%, 8/15/39(7)

      940      $ 1,092,450   

Corn Products International, Inc.

     

6.625%, 4/15/37

      325        370,216   

Hawk Acquisition Sub, Inc.

     

4.25%, 10/15/20(7)

      2,625        2,510,156   

Kraft Foods, Inc.

     

5.375%, 2/10/20

      1,200        1,357,253   

Michael Foods Group, Inc.

     

9.75%, 7/15/18

      4,360        4,790,550   

Michael Foods Holding, Inc.

     

8.50%, 7/15/18(5)(7)

      1,380        1,435,200   

Post Holdings, Inc.

     

7.375%, 2/15/22(7)

      425        448,906   
                     
      $ 18,679,744   
                     

Food Service — 0.4%

  

Aramark Corp.

     

5.75%, 3/15/20(7)

      1,005      $ 1,020,075   

Delhaize Group SA

     

4.125%, 4/10/19

      460        480,428   

NPC International, Inc.

     

10.50%, 1/15/20

      4,405        5,043,725   

Pinnacle Operating Corp.

     

9.00%, 11/15/20(7)

      1,345        1,380,306   
                     
      $ 7,924,534   
                     

Food / Drug Retailers — 0.1%

  

Pantry, Inc.

     

8.375%, 8/1/20

      1,635      $ 1,733,100   
                     
      $ 1,733,100   
                     

Forest Products — 0.3%

  

Boise Paper Holdings, LLC/Boise Co-Issuer Co.

     

9.00%, 11/1/17

      370      $ 389,980   

8.00%, 4/1/20

      605        686,675   

Domtar Corp.

     

10.75%, 6/1/17

      2,995        3,763,029   
                     
      $ 4,839,684   
                     

Health Care — 4.1%

  

Accellent, Inc.

     

8.375%, 2/1/17

      3,655      $ 3,824,044   
 

 

  22   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Health Care (continued)

 

Air Medical Group Holdings, Inc.

     

9.25%, 11/1/18

      1,787      $ 1,929,960   

Alere, Inc.

     

8.625%, 10/1/18

      1,310        1,418,075   

6.50%, 6/15/20

      1,055        1,051,044   

Amsurg Corp.

     

5.625%, 11/30/20

      645        648,225   

Bausch & Lomb, Inc.

     

9.875%, 11/1/15

      1,141        1,149,558   

Biomet, Inc.

     

6.50%, 8/1/20

      1,245        1,291,688   

Community Health Systems, Inc.

     

5.125%, 8/15/18

      4,830        4,926,600   

7.125%, 7/15/20

      2,785        2,816,331   

ConvaTec Finance International SA

     

8.25%, 1/15/19(5)(7)

      5,205        5,218,012   

ConvaTec Healthcare E SA

     

10.50%, 12/15/18(7)

      2,235        2,536,725   

Emergency Medical Services Corp.

     

8.125%, 6/1/19

      1,255        1,361,675   

Fresenius Medical Care US Finance II, Inc.

     

5.625%, 7/31/19(7)

      1,640        1,717,900   

5.875%, 1/31/22(7)

      1,365        1,405,950   

Fresenius US Finance II, Inc.

     

9.00%, 7/15/15(7)

      1,400        1,561,000   

HCA Holdings, Inc.

     

6.25%, 2/15/21

      1,710        1,742,063   

HCA, Inc.

     

6.50%, 2/15/20

      3,565        3,872,481   

7.50%, 2/15/22

      2,930        3,223,000   

4.75%, 5/1/23

      1,125        1,061,719   

Hologic, Inc.

     

6.25%, 8/1/20

      5,990        6,267,037   

Kinetic Concepts, Inc./KCI USA, Inc.

     

10.50%, 11/1/18

      3,115        3,453,756   

MPH Intermediate Holding Co. 2

     

8.375%, 8/1/18(5)(7)

      5,355        5,505,609   

MultiPlan, Inc.

     

9.875%, 9/1/18(7)

      4,060        4,506,600   

Mylan Inc.

     

3.125%, 1/15/23(7)

      1,000        911,750   

Physio-Control International, Inc.

     

9.875%, 1/15/19(7)

      1,496        1,683,000   

ResCare, Inc.

     

10.75%, 1/15/19

      1,740        1,953,150   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Health Care (continued)

 

STHI Holding Corp.

     

8.00%, 3/15/18(7)

      1,375      $ 1,488,438   

Teleflex, Inc.

     

6.875%, 6/1/19

      540        572,400   

Tenet Healthcare Corp.

     

6.00%, 10/1/20(7)

      1,795        1,838,753   

8.125%, 4/1/22(7)

      3,570        3,735,112   

United Surgical Partners International, Inc.

     

9.00%, 4/1/20

      1,880        2,072,700   

VWR Funding, Inc.

     

7.25%, 9/15/17

      1,580        1,674,800   
                     
      $ 78,419,155   
                     

Home Furnishings — 0.3%

  

Libbey Glass, Inc.

     

6.875%, 5/15/20

      1,413      $ 1,511,910   

Tempur Sealy International, Inc.

     

6.875%, 12/15/20

      3,125        3,281,250   
                     
      $ 4,793,160   
                     

Homebuilders / Real Estate — 0.1%

  

BC Mountain, LLC/BC Mountain Finance, Inc.

     

7.00%, 2/1/21(7)

      1,900      $ 1,895,250   
                     
      $ 1,895,250   
                     

Industrial Equipment — 0.2%

  

Erikson Air-Crane, Inc., Promissory Note

     

6.00%, 11/2/20(2)(10)

      85      $ 60,895   

Kennametal, Inc.

     

3.875%, 2/15/22

      970        940,135   

Manitowoc Co., Inc. (The)

     

9.50%, 2/15/18

      800        862,000   

Silver II Borrower/Silver II US Holdings, LLC

     

7.75%, 12/15/20(7)

      1,945        2,008,213   
                     
      $ 3,871,243   
                     

Insurance — 0.7%

  

A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub, LLC

     

7.875%, 12/15/20(7)

      1,295      $ 1,327,375   

Aflac, Inc.

     

6.45%, 8/15/40

      490        583,882   
 

 

  23   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Insurance (continued)

  

American International Group, Inc.

     

4.875%, 9/15/16

      1,000      $ 1,096,394   

5.60%, 10/18/16

      600        671,080   

6.25%, 5/1/36

      500        574,871   

Genworth Financial, Inc.

     

7.625%, 9/24/21

      990        1,172,283   

Hub International, Ltd.

     

8.125%, 10/15/18(7)

      1,530        1,711,687   

ING US, Inc.

     

2.90%, 2/15/18

      1,190        1,196,311   

5.70%, 7/15/43(7)

      200        199,193   

Onex USI Acquisition Corp.

     

7.75%, 1/15/21(7)

      3,115        3,130,575   

PartnerRe Finance B, LLC

     

5.50%, 6/1/20

      800        877,515   

Principal Financial Group, Inc.

     

6.05%, 10/15/36

      340        393,215   

QBE Insurance Group, Ltd.

     

9.75%, 3/14/14(7)

      1,235        1,280,353   
                     
      $ 14,214,734   
                     

Internet Software & Services — 0.0%(3)

  

VeriSign, Inc.

     

4.625%, 5/1/23(7)

      550      $ 519,750   
                     
      $ 519,750   
                     

Leisure Goods / Activities / Movies — 1.1%

  

Activision Blizzard, Inc.

     

6.125%, 9/15/23(7)

      1,190      $ 1,198,925   

AMC Entertainment, Inc.

     

8.75%, 6/1/19

      1,145        1,236,600   

Cinemark USA, Inc.

     

7.375%, 6/15/21

      685        743,225   

MISA Investments, Ltd.

     

8.625%, 8/15/18(5)(7)

      1,670        1,686,700   

NCL Corp., Ltd.

     

5.00%, 2/15/18(7)

      1,445        1,448,612   

Regal Cinemas Corp.

     

8.625%, 7/15/19

      220        239,800   

Regal Entertainment Group

     

9.125%, 8/15/18

      508        563,880   

5.75%, 2/1/25

      745        690,988   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Leisure Goods / Activities / Movies (continued)

  

Royal Caribbean Cruises

     

6.875%, 12/1/13

      1,400      $ 1,415,750   

11.875%, 7/15/15

      530        624,075   

7.25%, 6/15/16

      660        740,850   

7.25%, 3/15/18

      1,680        1,902,600   

Seven Seas Cruises, S. de R.L.

     

9.125%, 5/15/19

      3,285        3,597,075   

Viking Cruises, Ltd.

     

8.50%, 10/15/22(7)

      435        483,938   

WMG Acquisition Corp.

     

11.50%, 10/1/18

      3,755        4,346,412   
                     
      $ 20,919,430   
                     

Lodging and Casinos — 2.7%

  

Buffalo Thunder Development Authority

     

9.375%, 12/15/14(7)(11)

      4,300      $ 1,569,500   

Caesars Entertainment Operating Co., Inc.

     

5.625%, 6/1/15

      6,875        6,256,250   

11.25%, 6/1/17

      4,615        4,695,762   

8.50%, 2/15/20

      6,150        5,677,219   

Hilton Worldwide Finance, LLC/Hilton Worldwide Finance Corp.

     

5.625%, 10/15/21(7)

      5,805        5,830,397   

Inn of the Mountain Gods Resort & Casino

     

8.75%, 11/30/20(7)

      654        654,000   

MGM Resorts International

     

5.875%, 2/27/14

      2,280        2,334,150   

6.625%, 12/15/21

      3,290        3,409,263   

7.75%, 3/15/22

      3,970        4,322,337   

Mohegan Tribal Gaming Authority

     

11.00%, 9/15/18(7)

      1,560        1,556,100   

Playa Resorts Holding B.V.

     

8.00%, 8/15/20(7)

      1,110        1,176,600   

Station Casinos, LLC

     

7.50%, 3/1/21

      2,535        2,693,438   

Studio City Finance, Ltd.

     

8.50%, 12/1/20(7)

      4,685        5,165,212   

SugarHouse HSP Gaming Prop Mezz, LP/SugarHouse HSP Gaming Finance Corp.

     

6.375%, 6/1/21(7)

      530        508,800   

Tunica-Biloxi Gaming Authority

     

9.00%, 11/15/15(7)

      3,565        3,261,975   

Waterford Gaming, LLC

     

8.625%, 9/15/14(2)(7)

      2,724        1,279,957   
 

 

  24   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Lodging and Casinos (continued)

  

Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp.

     

7.75%, 8/15/20

      1,945      $ 2,192,988   
                     
      $ 52,583,948   
                     

Mining, Steel, Iron and Nonprecious Metals — 0.5%

  

ArcelorMittal

     

6.75%, 2/25/22

      4,000      $ 4,230,000   

Eldorado Gold Corp.

     

6.125%, 12/15/20(7)

      3,315        3,215,550   

Inmet Mining Corp.

     

8.75%, 6/1/20(7)

      1,010        1,085,750   

7.50%, 6/1/21(7)

      1,370        1,411,100   
                     
      $ 9,942,400   
                     

Nonferrous Metals / Minerals — 1.1%

  

Barrick International Barbados Corp.

     

6.35%, 10/15/36(7)

      750      $ 652,547   

FMG Resources (August 2006) Pty, Ltd.

     

7.00%, 11/1/15(7)

      7,525        7,778,969   

New Gold, Inc.

     

7.00%, 4/15/20(7)

      950        983,250   

6.25%, 11/15/22(7)

      1,535        1,500,462   

Novelis, Inc.

     

8.375%, 12/15/17

      1,565        1,684,331   

8.75%, 12/15/20

      3,010        3,318,525   

Quadra FNX Mining, Ltd.

     

7.75%, 6/15/19(7)

      3,730        3,869,875   

Teck Resources, Ltd.

     

4.75%, 1/15/22

      900        905,036   

Vale, Inc.

     

5.70%, 10/15/15

      500        530,544   

6.875%, 11/21/36

      500        509,540   
                     
      $ 21,733,079   
                     

Oil and Gas — 7.4%

  

AmeriGas Finance LLC/AmeriGas Finance Corp.

     

6.75%, 5/20/20

      1,245      $ 1,329,038   

7.00%, 5/20/22

      4,620        4,827,900   

AmeriGas Partners LP/AmeriGas Finance Corp.

     

6.25%, 8/20/19

      1,570        1,632,800   

Anadarko Finance Co.

     

7.50%, 5/1/31

      465        581,158   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Oil and Gas (continued)

  

Antero Resources Finance Corp.

     

6.00%, 12/1/20

      300      $ 304,500   

Atlas Energy Holdings Operating Co., LLC

     

7.75%, 1/15/21(7)

      780        729,300   

Atlas Pipeline Partners, LP

     

4.75%, 11/15/21(7)

      820        745,175   

Atwood Oceanics, Inc.

     

6.50%, 2/1/20

      1,305        1,373,512   

Berry Petroleum Co.

     

6.375%, 9/15/22

      3,215        3,247,150   

Bonanza Creek Energy, Inc.

     

6.75%, 4/15/21

      2,010        2,040,150   

Bristow Group, Inc.

     

6.25%, 10/15/22

      1,000        1,043,750   

Calfrac Holdings, LP

     

7.50%, 12/1/20(7)

      955        966,938   

Cameron International Corp.

     

7.00%, 7/15/38

      700        868,900   

Chesapeake Energy Corp.

     

6.125%, 2/15/21

      1,825        1,902,562   

5.75%, 3/15/23

      4,450        4,483,375   

Chesapeake Oilfield Operating, LLC/Chesapeake Oilfield Finance, Inc.

     

6.625%, 11/15/19

      1,100        1,124,750   

Concho Resources, Inc.

     

7.00%, 1/15/21

      1,800        1,980,000   

6.50%, 1/15/22

      685        738,088   

5.50%, 4/1/23

      2,550        2,530,875   

Continental Resources, Inc.

     

7.125%, 4/1/21

      1,535        1,723,037   

5.00%, 9/15/22

      5,085        5,142,206   

4.50%, 4/15/23

      1,015        1,001,044   

CrownRock, LP/CrownRock Finance, Inc.

     

7.125%, 4/15/21(7)

      2,045        2,014,325   

CVR Refining, LLC/Coffeyville Finance, Inc.

     

6.50%, 11/1/22

      5,000        4,881,250   

Denbury Resources, Inc.

     

8.25%, 2/15/20

      1,674        1,845,585   

Energy Transfer Equity, L.P.

     

7.50%, 10/15/20

      3,185        3,423,875   

Energy Transfer Partners, L.P.

     

3.60%, 2/1/23

      600        560,216   

Ensco PLC

     

4.70%, 3/15/21

      450        478,554   
 

 

  25   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Oil and Gas (continued)

  

EP Energy, LLC/EP Energy Finance, Inc.

     

9.375%, 5/1/20

      3,055      $ 3,452,150   

EP Energy, LLC/Everest Acquisition Finance, Inc.

     

6.875%, 5/1/19

      4,180        4,483,050   

7.75%, 9/1/22

      815        888,350   

Frontier Oil Corp.

     

6.875%, 11/15/18

      610        658,800   

FTS International Services, LLC/FTS International Bonds, Inc.

     

8.125%, 11/15/18(7)

      3,769        4,108,210   

Harvest Operations Corp.

     

6.875%, 10/1/17

      920        989,000   

Holly Energy Partners, LP/Holly Energy Finance Corp.

     

6.50%, 3/1/20

      615        636,525   

Kodiak Oil & Gas Corp.

     

8.125%, 12/1/19

      8,630        9,471,425   

5.50%, 1/15/21(7)

      375        370,313   

Laredo Petroleum, Inc.

     

7.375%, 5/1/22

      5,880        6,262,200   

MEG Energy Corp.

     

6.375%, 1/30/23(7)

      2,210        2,176,850   

Murphy Oil USA, Inc.

     

6.00%, 8/15/23(7)

      4,165        4,165,000   

Oasis Petroleum, Inc.

     

6.50%, 11/1/21

      955        1,012,300   

6.875%, 3/15/22(7)

      2,805        2,966,287   

6.875%, 1/15/23

      3,030        3,226,950   

Oil States International, Inc.

     

6.50%, 6/1/19

      2,685        2,859,525   

Pacific Drilling SA

     

5.375%, 6/1/20(7)

      1,115        1,089,913   

PBF Holding Co., LLC/PBF Finance Corp.

     

8.25%, 2/15/20

      1,770        1,840,800   

Petrobras International Finance Co.

     

6.875%, 1/20/40

      900        893,004   

Precision Drilling Corp.

     

6.625%, 11/15/20

      1,150        1,221,875   

6.50%, 12/15/21

      2,390        2,509,500   

Range Resources Corp.

     

6.75%, 8/1/20

      1,815        1,964,737   

Rockies Express Pipeline, LLC

     

3.90%, 4/15/15(7)

      600        600,000   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Oil and Gas (continued)

  

Rosetta Resources, Inc.

     

9.50%, 4/15/18

      1,115      $ 1,206,988   

5.625%, 5/1/21

      1,715        1,637,825   

Rowan Cos., Inc.

     

7.875%, 8/1/19

      1,000        1,207,103   

Sabine Pass Liquefaction, LLC

     

5.625%, 2/1/21(7)

      3,640        3,580,850   

5.625%, 4/15/23(7)

      2,055        1,980,506   

SandRidge Energy, Inc.

     

7.50%, 3/15/21

      1,000        1,015,000   

8.125%, 10/15/22

      100        101,500   

SESI, LLC

     

6.375%, 5/1/19

      3,365        3,575,312   

Seven Generations Energy, Ltd.

     

8.25%, 5/15/20(7)

      2,180        2,261,750   

SM Energy Co.

     

6.50%, 1/1/23

      1,745        1,788,625   

Southwestern Energy Co.

     

7.50%, 2/1/18

      4,200        4,997,236   

Tesoro Corp.

     

4.25%, 10/1/17

      1,000        1,030,000   

Transocean, Inc.

     

4.95%, 11/15/15

      400        429,371   

6.50%, 11/15/20

      900        1,006,386   

Weatherford International, Ltd./Bermuda

     

9.625%, 3/1/19

      800        1,008,523   

WPX Energy, Inc.

     

5.25%, 1/15/17

      770        816,200   

6.00%, 1/15/22

      3,405        3,468,844   
                     
      $ 142,478,796   
                     

Publishing — 1.2%

  

Gannett Co., Inc.

     

5.125%, 7/15/20(7)

      3,290      $ 3,240,650   

Laureate Education, Inc.

     

9.25%, 9/1/19(7)

      13,605        14,761,425   

McGraw-Hill Global Education Holdings, LLC/McGraw-Hill Global Education Finance

     

9.75%, 4/1/21(7)

      3,080        3,280,200   

Nielsen Finance, LLC/Nielsen Finance Co.

     

4.50%, 10/1/20

      960        928,800   
                     
      $ 22,211,075   
                     
 

 

  26   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Radio and Television — 0.9%

  

Clear Channel Communications, Inc.

     

9.00%, 12/15/19

      226      $ 222,610   

11.25%, 3/1/21

      1,525        1,582,188   

Clear Channel Worldwide Holdings, Inc., Series A

     

7.625%, 3/15/20

      470        484,100   

6.50%, 11/15/22

      1,100        1,122,000   

Clear Channel Worldwide Holdings, Inc., Series B

     

6.50%, 11/15/22

      2,970        3,044,250   

Crown Media Holdings, Inc.

     

10.50%, 7/15/19

      940        1,055,150   

LBI Media, Inc.

     

10.00%, 4/15/19(7)

      1,830        1,756,800   

Sirius XM Radio, Inc.

     

5.875%, 10/1/20(7)

      2,545        2,573,631   

Starz, LLC/Starz Finance Corp.

     

5.00%, 9/15/19

      1,470        1,462,650   

Univision Communications, Inc.

     

5.125%, 5/15/23(7)

      4,765        4,586,312   
                     
      $ 17,889,691   
                     

Real Estate Investment Trusts (REITs) — 0.2%

  

CubeSmart LP

     

4.80%, 7/15/22

      480      $ 500,231   

Digital Realty Trust, LP

     

5.875%, 2/1/20

      500        550,843   

Goodman Funding PTY, Ltd.

     

6.375%, 4/15/21(7)

      560        623,734   

Host Hotels & Resorts LP

     

4.75%, 3/1/23

      500        503,446   

Mack-Cali Realty LP

     

3.15%, 5/15/23

      500        441,399   

RHP Hotel Properties, LP/RHP Finance Corp.

     

5.00%, 4/15/21(7)

      690        650,325   

Vornado Realty, LP

     

5.00%, 1/15/22

      500        525,324   
                     
      $ 3,795,302   
                     

Retailers (Except Food and Drug) — 3.9%

  

Academy, Ltd./Academy Finance Corp.

     

9.25%, 8/1/19(7)

      3,000      $ 3,360,000   

Best Buy Co., Inc.

     

5.00%, 8/1/18

      1,265        1,306,113   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Retailers (Except Food and Drug) (continued)

  

Burlington Holdings, LLC/Burlington Holding Finance, Inc.

     

9.00%, 2/15/18(5)(7)

      9,740      $ 10,056,550   

Claire’s Stores, Inc.

     

9.00%, 3/15/19(7)

      2,950        3,281,875   

6.125%, 3/15/20(7)

      1,435        1,427,825   

Dollar General Corp.

     

4.125%, 7/15/17

      1,000        1,063,877   

Express, LLC/Express Finance Corp.

     

8.75%, 3/1/18

      10,414        11,116,945   

Gap, Inc. (The)

     

5.95%, 4/12/21

      1,000        1,110,074   

Hot Topic, Inc.

     

9.25%, 6/15/21(7)

      3,975        4,104,187   

L Brands, Inc.

     

8.50%, 6/15/19

      3,325        3,981,688   

6.625%, 4/1/21

      6,135        6,664,144   

5.625%, 2/15/22

      790        813,700   

Macy’s Retail Holdings, Inc.

     

6.90%, 4/1/29

      650        745,700   

Michaels FinCo Holdings, LLC/Michaels FinCo, Inc.

     

7.50%, 8/1/18(5)(7)

      5,095        5,184,162   

Michaels Stores, Inc.

     

11.375%, 11/1/16

      834        857,986   

7.75%, 11/1/18

      835        901,800   

New Academy Finance Co., LLC/New Academy Finance Corp.

     

8.00%, 6/15/18(5)(7)

      6,365        6,555,950   

Petco Animal Supplies, Inc.

     

9.25%, 12/1/18(7)

      4,475        4,821,812   

Petco Holdings, Inc.

     

8.50%, 10/15/17(5)(7)

      2,400        2,448,000   

Sally Holdings, LLC/Sally Capital, Inc.

     

5.75%, 6/1/22

      4,750        4,785,625   

Total Capital International SA

     

2.70%, 1/25/23

      960        895,989   
                     
      $ 75,484,002   
                     

Software and Services — 0.1%

  

Healthcare Technology Intermediate, Inc.

     

7.375%, 9/1/18(5)(7)

      2,210      $ 2,268,013   
                     
  $ 2,268,013   
                     
 

 

  27   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Steel — 0.2%

  

AK Steel Corp.

     

8.75%, 12/1/18

      910      $ 996,450   

JMC Steel Group, Inc.

     

8.25%, 3/15/18(7)

      855        829,350   

Steel Dynamics, Inc.

     

6.375%, 8/15/22

      500        518,750   

SunCoke Energy Partners, LP/SunCoke Energy Partners Finance Corp.

     

7.375%, 2/1/20(7)

      480        501,600   

SunCoke Energy, Inc.

     

7.625%, 8/1/19

      1,365        1,470,788   
                     
  $ 4,316,938   
                     

Surface Transport — 0.3%

  

CEVA Group PLC

     

11.625%, 10/1/16(7)

      1,060      $ 1,102,400   

8.375%, 12/1/17(7)

      2,510        2,541,375   

Hertz Corp. (The)

     

7.50%, 10/15/18

      25        27,063   

Watco Cos., LLC/Watco Finance Corp.

     

6.375%, 4/1/23(7)

      1,045        1,039,775   
                     
  $ 4,710,613   
                     

Technology — 0.1%

  

International Game Technology

     

7.50%, 6/15/19

      1,170      $ 1,369,644   

Western Union Co. (The)

     

6.20%, 11/17/36

      500        496,443   
                     
  $ 1,866,087   
                     

Telecommunications — 5.6%

  

America Movil SAB de CV

     

5.00%, 10/16/19

      300      $ 327,751   

AT&T, Inc.

     

5.80%, 2/15/19

      1,350        1,557,020   

Avaya, Inc.

     

9.00%, 4/1/19(7)

      2,515        2,452,125   

10.50%, 3/1/21(7)

      4,995        4,070,742   

Digicel, Ltd.

     

8.25%, 9/1/17(7)

      5,905        6,148,581   

6.00%, 4/15/21(7)

      2,310        2,177,175   

Equinix, Inc.

     

7.00%, 7/15/21

      1,340        1,432,125   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Telecommunications (continued)

  

Frontier Communications Corp.

     

7.625%, 4/15/24

      1,540      $ 1,547,700   

Hughes Satellite Systems Corp.

     

6.50%, 6/15/19

      3,235        3,437,187   

Intelsat Jackson Holdings SA

     

7.25%, 10/15/20

      2,350        2,520,375   

Intelsat Luxembourg SA

     

7.75%, 6/1/21(7)

      4,625        4,804,219   

8.125%, 6/1/23(7)

      3,540        3,747,975   

Koninklijke KPN NV

     

7.00% to 3/28/23, 3/28/73(7)(8)

      500        503,789   

MetroPCS Wireless, Inc.

     

6.25%, 4/1/21(7)

      1,675        1,689,656   

6.625%, 4/1/23(7)

      4,690        4,719,312   

News America, Inc.

     

8.00%, 10/17/16

      950        1,131,794   

NII International Telecom SCA

     

7.875%, 8/15/19(7)

      2,090        1,907,125   

SBA Telecommunications, Inc.

     

8.25%, 8/15/19

      640        694,400   

5.75%, 7/15/20

      1,985        1,980,038   

Softbank Corp.

     

4.50%, 4/15/20(7)

      4,995        4,801,444   

Sprint Capital Corp.

     

8.75%, 3/15/32

      1,365        1,394,006   

Sprint Corp.

     

7.25%, 9/15/21(7)

      2,475        2,505,937   

7.875%, 9/15/23(7)

      5,770        5,899,825   

Sprint Nextel Corp.

     

6.00%, 12/1/16

      5,935        6,305,937   

9.125%, 3/1/17

      1,225        1,414,875   

9.00%, 11/15/18(7)

      7,585        8,912,375   

7.00%, 8/15/20

      4,810        4,918,225   

6.00%, 11/15/22

      4,755        4,398,375   

T-Mobile USA, Inc.

     

5.25%, 9/1/18(7)

      4,725        4,825,406   

Telefonica Emisiones SAU

     

5.877%, 7/15/19

      600        651,533   

7.045%, 6/20/36

      400        426,511   

Verizon Communications, Inc.

     

4.50%, 9/15/20

      2,499        2,661,960   

Wind Acquisition Finance SA

     

5.476%, 4/30/19(7)(9)

  EUR     600        823,886   

Wind Acquisition Holdings Finance SA

     

12.25%, 7/15/17(5)(7)

      3,904        3,773,455   
 

 

  28   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Telecommunications (continued)

  

Windstream Corp.

     

8.125%, 9/1/18

      2,490      $ 2,689,200   

7.75%, 10/1/21

      675        700,313   

7.75%, 10/1/21(7)

      780        809,250   

7.50%, 6/1/22

      1,870        1,874,675   

6.375%, 8/1/23

      180        165,600   
                     
  $ 106,801,877   
                     

Utilities — 0.9%

  

AES Corporation

     

4.875%, 5/15/23

      1,020      $ 958,800   

Duke Energy Corp.

     

1.625%, 8/15/17

      1,000        997,208   

Duquesne Light Holdings, Inc.

     

5.90%, 12/1/21(7)

      850        955,991   

Edison Mission Energy

     

7.50%, 6/15/13(12)

      1,355        894,300   

Enel S.p.A.

     

8.75% to 9/24/23, 9/24/73(7)(8)

      600        612,330   

Energy Future Intermediate Holding Co., LLC/EFIH Finance, Inc.

     

6.875%, 8/15/17(7)

      765        782,212   

Exelon Generation Co., LLC

     

6.20%, 10/1/17

      1,065        1,222,223   

Iberdrola Finance Ireland, Ltd.

     

5.00%, 9/11/19(7)

      1,500        1,592,421   

ITC Holdings Corp.

     

5.30%, 7/1/43

      750        742,414   

NRG Energy, Inc.

     

8.25%, 9/1/20

      3,910        4,310,775   

7.875%, 5/15/21

      2,015        2,166,125   

Progress Energy, Inc.

     

6.00%, 12/1/39

      450        503,348   

Southwestern Electric Power Co.

     

6.20%, 3/15/40

      565        630,129   
                     
  $ 16,368,276   
                     

Total Corporate Bonds & Notes
(identified cost $1,028,737,269)

   

  $ 1,057,389,550   
                     
Foreign Corporate Bonds — 0.1%   
   
Security       

Principal

Amount

(000’s omitted)

    Value  
     

Royal Bank of Scotland Group PLC, 6.10%, 6/10/23

    $ 1,200      $ 1,213,266   
                     

Total Foreign Corporate Bonds
(identified cost $1,200,967)

   

  $ 1,213,266   
                     
Foreign Government Securities — 0.1%   
   
Security        Principal
Amount
(000’s omitted)
    Value  

Government of Bermuda 5.603%, 7/20/20(7)

    $ 1,000      $ 1,076,000   
                     

Total Foreign Government Securities
(identified cost $1,100,212)

   

  $ 1,076,000   
                     
Mortgage Pass-Throughs — 20.4%   
   
Security        Principal
Amount
(000’s omitted)
    Value  

Federal Home Loan Mortgage Corp.:

  

5.00%, with various maturities to 2023(13)

    $ 12,609      $ 13,420,626   

5.50%, with various maturities to 2032(14)

      4,409        4,775,289   

6.00%, with various maturities to 2031(13)

      3,379        3,620,105   

6.50%, with various maturities to 2032(13)

      24,201        26,993,320   

7.00%, with various maturities to 2036

      17,675        20,160,590   

7.13%, with maturity at 2023

      292        334,224   

7.50%, with various maturities to 2029

      11,033        12,828,942   

7.65%, with maturity at 2022

      369        426,390   

7.70%, with maturity at 2022

      4        4,470   

8.00%, with various maturities to 2030

      6,982        8,071,900   

8.25%, with maturity at 2020

      169        190,424   

8.30%, with maturity at 2020

      663        761,690   

8.50%, with various maturities to 2031

      6,100        7,265,044   

9.00%, with various maturities to 2031

      1,521        1,753,524   

9.50%, with various maturities to 2025

      1,265        1,448,307   

10.00%, with maturity at 2020

      157        176,709   

10.50%, with maturity at 2020

      140        160,974   

12.00%, with maturity at 2020

      56        58,808   

13.00%, with maturity at 2015

      5        5,314   
                     
  $ 102,456,650   
                     

Federal National Mortgage Association:

  

2.399%, with maturity at 2022(15)

    $ 1,312      $ 1,344,341   

2.755%, with maturity at 2036(15)

      2,926        3,033,392   

4.50%, with maturity at 2042(13)

      17,822        19,063,421   

5.00%, with various maturities to 2033

      19,144        20,448,769   
 

 

  29   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount
(000’s omitted)
    Value  
     

Federal National Mortgage Association: (continued)

  

5.50%, with various maturities to 2033

    $ 6,170      $ 6,674,102   

5.533%, with maturity at 2037(15)

      5,453        5,822,322   

6.00%, with various maturities to 2033

      11,295        12,455,173   

6.322%, with maturity at 2032(15)

      8,434        9,312,686   

6.50%, with various maturities to 2036(13)

      62,236        69,647,385   

6.75%, with maturity at 2023

      211        242,060   

7.00%, with various maturities to 2036

      30,242        34,628,971   

7.50%, with various maturities to 2035

      12,170        14,185,115   

8.00%, with various maturities to 2031

      4,650        5,444,344   

8.163%, with maturity at 2027(16)

      1,160        1,352,691   

8.25%, with maturity at 2018

      11        12,025   

8.377%, with maturity at 2029(16)

      349        418,289   

8.423%, with maturity at 2028(16)

      410        476,396   

8.488%, with maturity at 2024(16)

      54        62,379   

8.50%, with various maturities to 2030

      5,464        6,461,308   

8.615%, with maturity at 2027(16)

      388        456,802   

9.00%, with various maturities to 2027

      6,919        8,203,299   

9.075%, with maturity at 2018(16)

      180        197,528   

9.50%, with various maturities to 2030

      1,960        2,314,949   

9.68%, with maturity at 2025(16)

      321        362,188   

9.939%, with maturity at 2019(16)

      180        198,492   

10.00%, with various maturities to 2020

      467        531,261   

10.50%, with maturity at 2021

      430        498,181   

11.50%, with maturity at 2016

      36        38,494   
                     
  $ 223,886,363   
                     

Government National Mortgage Association:

  

6.00%, with maturity at 2024

    $ 1,540      $ 1,741,441   

6.50%, with various maturities to 2032

      11,739        13,313,087   

7.00%, with various maturities to 2033

      7,867        9,210,093   

7.50%, with various maturities to 2032

      16,564        19,449,255   

8.00%, with various maturities to 2034

      10,559        12,555,492   

8.30%, with maturity at 2020

      366        422,918   

8.50%, with various maturities to 2022

      607        712,695   

9.00%, with various maturities to 2026

      2,933        3,450,145   

9.50%, with various maturities to 2026

      4,242        5,056,517   

10.00%, with maturity at 2019

      220        252,271   
                     
  $ 66,163,914   
                     

Total Mortgage Pass-Throughs
(identified cost $373,575,247)

   

  $ 392,506,927   
                     
Collateralized Mortgage Obligations — 6.2%   
   
Security        Principal
Amount
(000’s omitted)
    Value  
     

Federal Home Loan Mortgage Corp.:

     

Series 24, Class J, 6.25%, 11/25/23

    $ 864      $ 962,064   

Series 1497, Class K, 7.00%, 4/15/23

      830        933,400   

Series 1529, Class Z, 7.00%, 6/15/23

      1,323        1,487,035   

Series 1620, Class Z, 6.00%, 11/15/23

      1,077        1,196,626   

Series 1677, Class Z, 7.50%, 7/15/23

      729        834,856   

Series 1702, Class PZ, 6.50%, 3/15/24

      9,330        10,411,349   

Series 2113, Class QG, 6.00%, 1/15/29

      1,799        1,990,811   

Series 2122, Class K, 6.00%, 2/15/29

      334        375,911   

Series 2130, Class K, 6.00%, 3/15/29

      226        254,685   

Series 2167, Class BZ, 7.00%, 6/15/29

      238        271,292   

Series 2182, Class ZB, 8.00%, 9/15/29

      2,062        2,415,076   

Series 2198, Class ZA, 8.50%, 11/15/29

      2,666        3,122,082   

Series 2245, Class A, 8.00%, 8/15/27

      6,509        7,644,740   

Series 2458, Class ZB, 7.00%, 6/15/32

      2,209        2,526,336   

Series 4070, (Interest Only), Class S, 5.918%, 6/15/32(17)(18)

      19,753        3,556,171   

Series 4110, (Interest Only), Class SA, 5.468%, 9/15/42(17)(18)

      16,672        1,980,280   

Series 4149, (Interest Only), Class S, 6.068%, 1/15/33(17)(18)

      9,322        1,837,051   

Series 4203, (Interest Only), Class QS, 6.068%, 5/15/43(17)(18)

      6,905        1,405,702   
                     
  $ 43,205,467   
                     

Federal National Mortgage Association:

     

Series G92-44, Class Z, 8.00%, 7/25/22

    $ 165      $ 179,726   

Series G92-44, Class ZQ, 8.00%, 7/25/22

      269        292,444   

Series G92-46, Class Z, 7.00%, 8/25/22

      555        621,157   

Series G92-60, Class Z, 7.00%, 10/25/22

      881        977,053   

Series G93-35, Class ZQ, 6.50%, 11/25/23

      10,708        12,015,170   

Series G93-40, Class H, 6.40%, 12/25/23

      2,405        2,694,182   

Series 1988-14, Class I, 9.20%, 6/25/18

      146        162,043   

Series 1989-1, Class D, 10.30%, 1/25/19

      101        109,714   

Series 1989-34, Class Y, 9.85%, 7/25/19

      256        292,596   

Series 1990-17, Class G, 9.00%, 2/25/20

      157        179,119   

Series 1990-27, Class Z, 9.00%, 3/25/20

      99        114,157   

Series 1990-29, Class J, 9.00%, 3/25/20

      86        97,980   

Series 1990-43, Class Z, 9.50%, 4/25/20

      347        400,406   

Series 1991-98, Class J, 8.00%, 8/25/21

      167        189,694   

Series 1992-77, Class ZA, 8.00%, 5/25/22

      1,098        1,262,076   

Series 1992-103, Class Z, 7.50%, 6/25/22

      71        80,242   

Series 1992-113, Class Z, 7.50%, 7/25/22

      132        150,601   

Series 1992-185, Class ZB, 7.00%, 10/25/22

      268        300,940   

Series 1993-16, Class Z, 7.50%, 2/25/23

      697        795,541   

Series 1993-22, Class PM, 7.40%, 2/25/23

      523        594,922   
 

 

  30   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount
(000’s omitted)
    Value  
     

Federal National Mortgage Association: (continued)

   

Series 1993-25, Class J, 7.50%, 3/25/23

    $ 842      $ 961,537   

Series 1993-30, Class PZ, 7.50%, 3/25/23

      1,439        1,627,247   

Series 1993-42, Class ZQ, 6.75%, 4/25/23

      1,893        2,129,709   

Series 1993-56, Class PZ, 7.00%, 5/25/23

      293        330,172   

Series 1993-156, Class ZB, 7.00%, 9/25/23

      338        382,549   

Series 1994-45, Class Z, 6.50%, 2/25/24

      2,466        2,771,997   

Series 1994-89, Class ZQ, 8.00%, 7/25/24

      1,495        1,744,323   

Series 1996-57, Class Z, 7.00%, 12/25/26

      1,427        1,628,095   

Series 1997-77, Class Z, 7.00%, 11/18/27

      615        702,294   

Series 1998-44, Class ZA, 6.50%, 7/20/28

      626        713,846   

Series 1999-45, Class ZG, 6.50%, 9/25/29

      223        251,625   

Series 2000-22, Class PN, 6.00%, 7/25/30

      1,855        2,062,273   

Series 2001-37, Class GA, 8.00%, 7/25/16

      204        216,638   

Series 2002-1, Class G, 7.00%, 7/25/23

      419        471,462   

Series 2002-21, Class PE, 6.50%, 4/25/32

      1,715        1,906,958   

Series 2004-40, (Interest Only), Class KS,
6.871%, 5/25/34(17)(18)

      5,736        1,005,059   

Series 2005-75, Class CS, 23.485%, 9/25/35(17)

      948        1,609,912   

Series 2010-124, (Interest Only), Class SJ,
5.871%, 11/25/38(17)(18)

      9,932        1,421,290   

Series 2011-101, (Interest Only), Class IC, 3.50%, 10/25/26(18)

      19,094        2,375,732   

Series 2011-101, (Interest Only), Class IE, 3.50%, 10/25/26(18)

      10,582        1,284,856   

Series 2012-150, (Interest Only), Class SK,
5.971%, 1/25/43(17)(18)

      11,540        2,291,074   

Series 2013-12, (Interest Only), Class SP,
5.471%, 11/25/41(17)(18)

      6,730        1,107,086   

Series 2013-15, (Interest Only), Class DS,
6.021%, 3/25/33(17)(18)

      24,118        5,037,872   

Series 2013-16, (Interest Only), Class SY,
5.971%, 3/25/43(17)(18)

      5,301        1,113,619   

Series 2013-54, (Interest Only), Class HS,
6.121%, 10/25/41(17)(18)

      9,791        1,822,257   

Series 2013-64, (Interest Only), Class PS,
6.071%, 4/25/43(17)(18)

      9,853        2,004,858   

Series 2013-75, (Interest Only), Class SC,
6.071%, 7/25/42(17)(18)

      22,646        4,329,111   
                     
  $ 64,813,214   
                     

Government National Mortgage Association:

     

Series 2002-45, Class PG, 6.00%, 3/17/32

    $ 2,160      $ 2,308,600   

Series 2005-72, Class E, 12.00%, 11/16/15

      48        51,129   

Series 2012-50, (Principal Only), Class CO, 0.00%, 8/20/40(19)

      1,051        880,445   

Series 2013-24, Class KS, 5.544%, 2/20/43(17)

      4,855        4,727,504   

Series 2013-124, Class LS, 11.92%, 5/20/41(17)

      2,716        2,786,246   
                     
  $ 10,753,924   
                     
Security        Principal
Amount
(000’s omitted)
    Value  
     

Total Collateralized Mortgage Obligations
(identified cost $114,158,853)

   

  $ 118,772,605   
                     
Commercial Mortgage-Backed Securities — 8.9%   
     
Security        Principal
Amount
(000’s omitted)
    Value  

A10 Securitization, LLC, Series 2013-1, Class A, 2.40%, 11/15/25(7)

    $ 2,150      $ 2,143,785   

ACRE, Series 2010-ARTA, Class D, 7.443%, 1/14/29(7)

      3,000        3,406,567   

BACM, Series 2004-1, Class A4, 4.76%, 11/10/39

      8,164        8,195,198   

BACM, Series 2004-6, Class A5, 4.811%, 12/10/42

      820        847,509   

BACM, Series 2006-3, Class A4, 5.889%, 7/10/44(16)

      2,000        2,198,542   

BACM, Series 2006-5, Class AM, 5.448%, 9/10/47

      3,000        3,178,762   

BSCMS, Series 2002-TOP8, Class C, 5.22%, 8/15/38(16)

      2,000        2,031,546   

BSCMS, Series 2004-PWR3, Class A4, 4.715%, 2/11/41

      654        657,673   

BSCMS, Series 2005-PW10, Class A4, 5.405%, 12/11/40(16)

      3,352        3,583,804   

BSCMS, Series 2005-PWR7, Class A3, 5.116%, 2/11/41(16)

      2,361        2,470,261   

BSCMS, Series 2006-PW14, Class A4, 5.201%, 12/11/38

      610        671,311   

CDCMT, Series 2005-CD1, Class AJ, 5.393%, 7/15/44(16)

      650        682,980   

CDCMT, Series 2006-CD3, Class A5, 5.617%, 10/15/48

      1,595        1,751,891   

CDCMT, Series 2006-CD3, Class AM, 5.648%, 10/15/48

      3,200        3,504,491   

CGCMT, Series 2004-C1, Class A4, 5.605%, 4/15/40(16)

      2,016        2,046,663   

CGCMT, Series 2012-GC8, Class A2, 1.813%, 9/10/45

      3,113        3,121,914   

COMM, Series 2004-LB2A, Class A4, 4.715%, 3/10/39

      4,688        4,704,728   

COMM, Series 2006-C7, Class AM, 5.972%, 6/10/46(16)

      2,000        2,158,134   

COMM, Series 2012-CR2, Class AM, 3.791%, 8/15/45

      395        393,598   

COMM, Series 2012-CR2, Class D, 5.02%, 8/15/45(7)(16)

      1,440        1,392,720   

COMM, Series 2012-CR5, Class A4, 2.771%, 12/10/45

      470        442,357   

COMM, Series 2012-LC4, Class AM, 4.063%, 12/10/44

      750        767,973   
 

 

  31   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount
(000’s omitted)
    Value  
     

COMM, Series 2012-LC4, Class C, 5.824%, 12/10/44(16)

    $ 600      $ 636,031   

COMM, Series 2013-CR9, Class D, 4.404%, 7/10/45(7)(16)

      3,000        2,516,162   

COMM, Series 2013-CR10, Class D, 4.959%, 8/10/46(7)(16)

      3,500        3,066,980   

CSFB, Series 2003-C5, Class D, 5.116%, 12/15/36(16)

      3,270        3,288,474   

CSFB, Series 2004-C1, Class A4, 4.75%, 1/15/37(16)

      5,503        5,516,590   

CSFB, Series 2004-C3, Class A5, 5.113%, 7/15/36(16)

      1,577        1,599,064   

CSMC, Series 2006-C3, Class A3, 5.993%, 6/15/38(16)

      1,979        2,168,255   

DBUBS, Series 2011-LC1A, Class A1, 3.742%, 11/10/46(7)

      1,025        1,079,906   

DDR, Series 2009-DDR1, Class C, 6.223%, 10/14/22(7)

      2,165        2,248,739   

ESA, Series 2013-ESH5, Class D5, 4.316%, 12/5/31(7)(16)

      500        504,004   

ESA, Series 2013-ESH7, Class D7, 5.521%, 12/5/31(7)(16)

      4,000        4,029,278   

FMBT, Series 2012-FBLU, Class B, 3.875%, 5/5/27(7)

      2,600        2,690,219   

GECMC, Series 2005-C1, Class A3, 4.578%, 6/10/48

      628        635,867   

GMACC, Series 2004-C1, Class A4, 4.908%, 3/10/38

      1,350        1,362,329   

GMACC, Series 2004-C3, Class A5, 4.864%, 12/10/41

      1,850        1,915,884   

GSMS, Series 2004-GG2, Class A6, 5.396%, 8/10/38(16)

      3,123        3,185,067   

GSMS, Series 2013-KYO, Class B, 1.632%, 11/8/29(7)(16)

      2,500        2,472,224   

JPMCC, Series 2004-CBX, Class A5, 4.654%, 1/12/37

      344        344,877   

JPMCC, Series 2005-LDP3, Class A3, 4.959%, 8/15/42

      89        88,556   

JPMCC, Series 2005-LDP4, Class A4, 4.918%, 10/15/42(16)

      2,982        3,160,944   

JPMCC, Series 2005-LDP5, Class AJ, 5.489%, 12/15/44(16)

      1,000        1,068,807   

JPMCC, Series 2006-CB14, Class A4, 5.481%, 12/12/44(16)

      3,620        3,897,877   

JPMCC, Series 2006-LDP7, Class A4, 6.056%, 4/15/45(16)

      2,990        3,288,864   

JPMCC, Series 2006-LDP7, Class AM, 6.056%, 4/15/45(16)

      500        550,271   

JPMCC, Series 2006-LDP9, Class AM, 5.372%, 5/15/47

      3,000        3,218,371   
Security        Principal
Amount
(000’s omitted)
    Value  
     

JPMCC, Series 2010-C2, Class D, 5.71%, 11/15/43(7)(16)

    $ 3,247      $ 3,365,212   

JPMCC, Series 2010-CNTR, Class A2, 4.311%, 8/5/32(7)

      3,750        3,961,249   

JPMCC, Series 2011-C3, Class A2, 3.673%, 2/15/46(7)

      2,000        2,108,172   

JPMCC, Series 2012-CBX, Class A2, 1.81%, 6/15/45

      4,500        4,548,085   

JPMCC, Series 2012-CBX, Class AS, 4.271%, 6/15/45

      1,000        1,035,892   

JPMCC, Series 2013-LC11, Class AS, 3.216%, 4/15/46

      1,110        1,050,733   

LB-UBS, Series 2006-C1, Class A4, 5.156%, 2/15/31

      2,000        2,152,584   

LB-UBS, Series 2006-C7, Class AM, 5.378%, 11/15/38

      1,750        1,884,617   

MLCFC, Series 2006-4, Class A3, 5.172%, 12/12/49(16)

      5,000        5,465,850   

MLMT, Series 2003-KEY1, Class A4, 5.236%, 11/12/35(16)

      672        671,749   

MLMT, Series 2004-BPC1, Class A5, 4.855%, 10/12/41(16)

      2,911        2,982,827   

MOTEL 6, Series 2012-MTL6, Class D, 3.781%, 10/5/25(7)

      2,275        2,214,864   

MSC, Series 2003-T11, Class B, 5.607%, 6/13/41(16)

      750        749,808   

MSC, Series 2004-IQ8, Class A5, 5.11%, 6/15/40(16)

      1,523        1,554,164   

MSC, Series 2006-HQ8, Class A4, 5.597%, 3/12/44(16)

      5,154        5,546,121   

ORES, Series 2012-LV1, Class A, 4.00%, 9/25/44(7)

      23        22,929   

RBSCF, Series 2010-MB1, Class B, 4.807%, 4/15/24(7)(16)

      3,005        3,143,823   

RBSCF, Series 2010-MB1, Class C, 4.84%, 4/15/24(7)(16)

      500        519,835   

WBCMT, Series 2004-C11, Class A5, 5.215%, 1/15/41(16)

      1,129        1,140,317   

WBCMT, Series 2004-C12, Class A4, 5.478%, 7/15/41(16)

      243        246,051   

WBCMT, Series 2006-C23, Class A4, 5.418%, 1/15/45(16)

      2,958        3,169,714   

WBCMT, Series 2006-C27, Class A3, 5.765%, 7/15/45(16)

      2,977        3,216,404   

WBCMT, Series 2006-C28, Class A4, 5.572%, 10/15/48

      2,750        3,024,185   

WBCMT, Series 2006-C28, Class AM, 5.603%, 10/15/48(16)

      3,000        3,250,368   

WBCMT, Series 2006-C29, Class A4, 5.308%, 11/15/48

      3,500        3,856,984   

WFCM, Series 2013-LC12, Class D, 4.44%, 7/15/46(7)(16)

      3,000        2,484,182   
 

 

  32   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount
(000’s omitted)
    Value  
     

WF-RBS, Series 2012-C9, Class D, 4.963%, 11/15/45(7)(16)

    $ 2,750      $ 2,467,121   

WF-RBS, Series 2013-C13, Class AS, 3.345%, 5/15/45

      660        627,584   
                     

Total Commercial Mortgage-Backed Securities
(identified cost $172,036,646)

   

  $ 171,347,471   
                     
Asset-Backed Securities — 0.6%   
     
Security        Principal
Amount
(000’s omitted)
    Value  

Babson Ltd., Series 2005-1A, Class C1, 2.218%, 4/15/19(7)(9)

    $ 753      $ 711,238   

Centurion CDO 8 Ltd., Series 2005-8A, Class D, 5.758%, 3/8/17(7)(9)

      985        984,689   

Centurion CDO 9 Ltd., Series 2005-9A, Class D1, 5.018%, 7/17/19(7)(9)

      500        480,387   

CIFC Funding, Ltd., Series 2013-2A, Class A3L, 2.976%, 4/21/25(7)(9)

      3,100        3,003,339   

Comstock Funding Ltd., Series 2006-1A, Class D, 4.511%, 5/30/20(7)(9)

      1,844        1,697,081   

MVW Owner Trust, Series 2013-1A, Class A, 2.15%, 4/22/30(7)

      1,298        1,300,109   

Octagon Investment Partners XVI Ltd.,
Series 2013-1A, Class C1, 3.022%, 7/17/25(7)(9)

      1,075        1,042,311   

Octagon Investment Partners XVI Ltd.,
Series 2013-1A, Class D, 3.622%, 7/17/25(7)(9)

      1,075        1,021,293   

Octagon Investment Partners XVI Ltd.,
Series 2013-1A, Class E, 4.772%, 7/17/25(7)(9)

      1,300        1,177,968   
                     

Total Asset-Backed Securities
(identified cost $11,343,454)

   

  $ 11,418,415   
                     
U.S. Government Agency Obligations — 1.6%   
     
Security        Principal
Amount
(000’s omitted)
    Value  
     

Federal Home Loan Bank:

     

4.125%, 12/13/19(13)

    $ 3,975      $ 4,441,641   

5.25%, 12/9/22(13)

      9,000        10,512,009   

5.375%, 5/15/19(13)

      6,585        7,792,979   
     

Federal Home Loan Bank: (continued)

     

5.375%, 8/15/24(13)

      5,740        6,754,413   
                     

Total U.S. Government Agency Obligations
(identified cost $28,637,153)

   

  $ 29,501,042   
                     
Security        Principal
Amount
(000’s omitted)
    Value  
     
U.S. Treasury Obligations — 1.8%   
     
Security        Principal
Amount
(000’s omitted)
    Value  

U.S. Treasury Bond, 8.875%, 2/15/19(13)

    $ 25,000      $ 34,630,850   
                     

Total U.S. Treasury Obligations
(identified cost $35,573,480)

   

  $ 34,630,850   
                     
Tax-Exempt Investments — 0.0%(3)   
     
Security        Principal
Amount
(000’s omitted)
    Value  

Detroit, MI, Water Supply System

     

5.25%, 7/1/14

    $ 200      $ 181,074   
                     

Total Tax-Exempt Investments
(identified cost $181,990)

   

  $ 181,074   
                     
Common Stocks — 1.1%   
     
Security        Shares     Value  

Automotive — 0.1%

  

Dayco Products, LLC(10)(20)

      25,372      $ 938,764   
                     
      $ 938,764   
                     

Building and Development — 0.3%

  

Panolam Holdings Co.(2)(20)(21)

      3,677      $ 4,826,761   

United Subcontractors, Inc.(2)(10)(20)

      1,299        59,371   
                     
      $ 4,886,132   
                     

Ecological Services and Equipment — 0.0%(3)

  

Environmental Systems Products Holdings, Inc.(2)(20)(21)

      2,484      $ 189,430   
                     
      $ 189,430   
                     

Food Service — 0.0%(3)

  

Buffets Restaurants Holdings, Inc.(2)(10)(20)

      55,884      $ 321,333   
                     
      $ 321,333   
                     

Home Furnishings — 0.0%(3)

  

Sanitec Europe Oy B Units(2)(10)(20)

      26,265      $ 207,155   

Sanitec Europe Oy E Units(2)(10)(20)

      25,787        0   
                     
      $ 207,155   
                     
 

 

  33   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Shares     Value  
     

Leisure Goods / Activities / Movies — 0.2%

  

Metro-Goldwyn-Mayer Holdings, Inc.(10)(20)

      72,419      $ 3,946,835   
                     
      $ 3,946,835   
                     

Lodging and Casinos — 0.0%(3)

  

Affinity Gaming, LLC(2)(10)(20)

      46,819      $ 561,830   

Greektown Superholdings, Inc.(20)

      828        66,240   

Tropicana Entertainment, Inc.(2)(10)(20)

      17,051        254,060   
                     
      $ 882,130   
                     

Nonferrous Metals/Minerals — 0.0%(3)

  

Euramax International, Inc.(10)(20)

      1,636      $ 339,491   
                     
      $ 339,491   
                     

Publishing — 0.2%

  

ION Media Networks, Inc.(2)(10)

      5,187      $ 3,287,521   

MediaNews Group, Inc.(2)(10)(20)

      14,016        294,050   
                     
      $ 3,581,571   
                     

Radio and Television — 0.3%

  

New Young Broadcasting Holding Co., Inc.(2)(10)(20)

      583      $ 5,421,900   
                     
      $ 5,421,900   
                     

Total Common Stocks
(identified cost $8,136,503)

   

  $ 20,714,741   
                     
Convertible Bonds — 0.0%(3)   
     
Security        Principal
Amount
(000’s omitted)
    Value  
     

Business Equipment and Services — 0.0%(3)

  

       

Mood Media Corp., 10.00%, 10/31/15(2)(21)

    $ 75      $ 41,550   
                     

Total Convertible Bonds
(identified cost $0)

   

  $ 41,550   
                     
Preferred Stocks — 0.2%   
     
Security        Shares     Value  
     

Banks and Thrifts — 0.1%

  

Credit Agricole SA

      4,250      $ 424,557   

Farm Credit Bank of Texas(7)

      4,833        485,415   

Fifth Third Bancorp, Series H

      500        445,855   

PNC Financial Services Group, Inc. (The)

      650        573,235   
                     
      $ 1,929,062   
                     
Security        Shares     Value  
     

Ecological Services and Equipment — 0.0%(3)

  

Environmental Systems Products Holdings, Inc., Series A(2)(20)(21)

      569      $ 35,750   
                     
      $ 35,750   
                     

Electronics / Electrical — 0.1%

  

Electricite de France SA

      1,000      $ 956,650   
                     
      $ 956,650   
                     

Oil, Gas & Consumable Fuels — 0.0%(3)

  

Chesapeake Energy Corp., 4.50%, Convertible

      6,331      $ 560,040   
                     
      $ 560,040   
                     

Total Preferred Stocks
(identified cost $3,673,228)

   

  $ 3,481,502   
                     
Warrants — 0.0%(3)   
     
Security        Shares     Value  

Chemicals and Plastics — 0.0%

  

Foamex, Series A, Expires 12/31/13(2)(10)(20)

      663      $ 0   

Foamex, Series B, Expires 12/31/15(2)(10)(20)

      663        0   
                     
      $ 0   
                     

Food Products — 0.0%(3)

  

ASG Consolidated, LLC/ASG Finance, Inc., Expires 5/15/18(20)

      1,745      $ 253,025   
                     
      $ 253,025   
                     

Radio and Television — 0.0%(3)

  

New Young Broadcasting Holding Co., Inc., Expires 12/24/24(2)(10)(20)

      4      $ 37,200   
                     
      $ 37,200   
                     

Total Warrants
(identified cost $6,874)

   

  $ 290,225   
                     
Miscellaneous — 0.0%(3)   
     
Security        Shares     Value  

Cable and Satellite Television — 0.0%(3)

  

Adelphia Recovery Trust(2)(20)

      2,786,444      $ 0   

Adelphia, Inc., Escrow Certificate(20)

      300,000        2,625   
Adelphia, Inc., Escrow Certificate(20)       2,500,000        21,875   
                     
      $ 24,500   
                     
 

 

  34   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Shares     Value  

Oil and Gas — 0.0%(3)

  

       

SemGroup Corp., Escrow Certificate(20)

      6,135,000      $ 122,700   
                     
      $ 122,700   
                     

Total Miscellaneous
(identified cost $2,502,927)

   

  $ 147,200   
                     
Interest Rate Swaptions Purchased — 0.1%   
       
Description   Counterparty   Expiration
Date
    Notional
Amount
(000’s omitted)
    Value  
       

Options to receive 3-month USD-LIBOR-BBA Rate and pay 5.25%

  Credit Suisse
International
    2/28/17      $      52,500      $ 2,226,578   
                             

Total Interest Rate Swaptions Purchased
(identified cost $2,535,750)

   

  $ 2,226,578   
                             
Short-Term Investments — 2.0%   
     
Security        Interest
(000’s omitted)
    Value  
     

Eaton Vance Cash Reserves Fund, LLC, 0.11%(22)

    $ 38,601      $ 38,600,809   
                     

Total Short-Term Investments
(identified cost $38,600,809)

      $ 38,600,809   
                     

Total Investments — 158.3%
(identified cost $2,980,597,517)

      $ 3,040,810,877   
                     

Less Unfunded Loan Commitments — (0.1)%

      $ (1,422,222
                     

Net Investments — 158.2%
(identified cost $2,979,175,295)

      $ 3,039,388,655   
                     
     
Interest Rate Swaptions Written — (0.1)%   
       
Description   Counterparty     Expiration
Date
    Notional
Amount
(000’s omitted)
    Value  
       

Options to receive 3-month USD-LIBOR-BBA Rate and pay 5.25%

    Citibank NA        2/28/17      $ 52,500      $ (2,226,578
                                 

Total Interest Rate Swaptions Written
(premiums received $2,031,750)

   

  $ (2,226,578
                                 
Description   Counterparty   Expiration
Date
  Notional
Amount
(000’s omitted)
  Value  

Other Assets, Less Liabilities — (44.2)%

  $ (849,242,927
                     

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (13.9)%

  $ (266,627,519
                     

Net Assets Applicable to Common Shares — 100.0%

  $ 1,921,291,631   
                     

 

ACRE     Americold LLC Trust
BACM     Banc of America Commercial Mortgage Trust
BSCMS     Bear Stearns Commercial Mortgage Securities Trust
CDCMT     CD Commercial Mortgage Trust
CGCMT     Citigroup Commercial Mortgage Trust
COMM     Commercial Mortgage Pass-Through Certificates
CSFB     Credit Suisse First Boston Mortgage Securities Trust
CSMC     Credit Suisse Commercial Mortgage Trust
DBUBS     DBUBS Mortgage Trust
DDR     Developers Diversified Realty Corp.
DIP     Debtor In Possession
ESA     Extended Stay America Trust
FMBT     Fontainebleau Miami Beach Trust
GECMC     General Electric Commercial Mortgage Corp.
GMACC     GMAC Commercial Mortgage Securities, Inc. Trust
GSMS     Goldman Sachs Mortgage Securities Corp. II
JPMCC     JPMorgan Chase Commercial Mortgage Securities Trust
LB-UBS     LB-UBS Commercial Mortgage Trust
MLCFC     ML-CFC Commercial Mortgage Trust
MLMT     Merrill Lynch Mortgage Trust
MSC     Morgan Stanley Capital I Trust
ORES     Oaktree Real Estate Investments/Sabal
RBSCF     Royal Bank of Scotland Commercial Funding
WBCMT     Wachovia Bank Commercial Mortgage Trust
WFCM     Wells Fargo Commercial Mortgage Trust
WF-RBS     WF-RBS Commercial Mortgage Trust
CAD     Canadian Dollar
EUR     Euro
GBP     British Pound Sterling

 

  * In U.S. dollars unless otherwise indicated.

 

  (1)

Senior floating-rate interests (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 have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States

 

 

  35   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

  banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

 

  (2)

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 13).

 

  (3)

Amount is less than 0.05%.

 

  (4)

This Senior Loan will settle after September 30, 2013, at which time the interest rate will be determined.

 

  (5)

Represents a payment-in-kind security which may pay all or a portion of interest in additional par.

 

  (6)

Unfunded or partially unfunded loan commitments. See Note 1G for description.

 

  (7)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At September 30, 2013, the aggregate value of these securities is $502,934,013 or 26.2% of the Fund’s net assets.

 

  (8)

Security converts to floating rate after the indicated fixed-rate coupon period.

 

  (9)

Variable rate security. The stated interest rate represents the rate in effect at September 30, 2013.

 

(10)

Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

 

(11)

Currently the issuer is in default with respect to interest payments. For a variable rate security, interest rate has been adjusted to reflect non-accrued status.

 

(12)

Defaulted security.

 

(13)

Security (or a portion thereof) has been pledged for the benefit of the counterparty for reverse repurchase agreements.

 

(14)

Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

 

(15)

Adjustable rate mortgage security. Rate shown is the rate at September 30, 2013.

 

(16)

Weighted average fixed-rate coupon that changes/updates monthly.

 

(17)

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, 2013.

 

(18)

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.

 

(19)

Principal only security that entitles the holder to receive only principal payments on the underlying mortgages.

 

(20)

Non-income producing security.

 

(21)

Restricted security (see Note 8).

 

(22)

Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of September 30, 2013.

 

 

  36   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Statement of Assets and Liabilities (Unaudited)

 

 

Assets   September 30, 2013  

Unaffiliated investments, at value (identified cost, $2,940,574,486)

  $ 3,000,787,846   

Affiliated investment, at value (identified cost, $38,600,809)

    38,600,809   

Cash

    9,624,924   

Restricted cash*

    3,617,000   

Foreign currency, at value (identified cost, $2,938,443)

    2,937,045   

Interest receivable

    29,700,573   

Interest receivable from affiliated investment

    2,029   

Receivable for investments sold

    3,633,307   

Tax reclaims receivable

    204   

Prepaid expenses

    41,269   

Total assets

  $ 3,088,945,006   
Liabilities   

Notes payable

  $ 680,200,000   

Written swaptions outstanding, at value (premiums received, $2,031,750)

    2,226,578   

Cash collateral due to broker

    97,000   

Payable for reverse repurchase agreements, including accrued interest of $7,494

    108,199,494   

Payable for investments purchased

    105,893,361   

Payable for variation margin on open financial futures contracts

    29,257   

Payable for open forward foreign currency exchange contracts

    1,563,933   

Payable to affiliates:

 

Investment adviser fee

    1,797,482   

Accrued expenses

    1,018,751   

Total liabilities

  $ 901,025,856   

Auction preferred shares (10,665 shares outstanding) at liquidation value plus cumulative unpaid dividends

  $ 266,627,519   

Net assets applicable to common shares

  $ 1,921,291,631   
Sources of Net Assets        

Common shares, $0.01 par value, unlimited number of shares authorized, 117,547,018 shares issued and outstanding

  $ 1,175,470   

Additional paid-in capital

    2,200,090,717   

Accumulated net realized loss

    (322,884,183

Accumulated distributions in excess of net investment income

    (14,461,905

Net unrealized appreciation

    57,371,532   

Net assets applicable to common shares

  $ 1,921,291,631   
Net Asset Value Per Common Share        

($1,921,291,631 ÷ 117,547,018 common shares issued and outstanding)

  $ 16.34   

 

* Represents restricted cash on deposit at the custodian for open derivative contracts.

 

  37   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Statement of Operations (Unaudited)

 

 

Investment Income  

Six Months Ended

September 30, 2013

 

Interest and other income

  $ 72,758,553   

Dividends

    412,899   

Interest allocated from affiliated investment

    14,410   

Expenses allocated from affiliated investment

    (2,006

Total investment income

  $ 73,183,856   
Expenses   

Investment adviser fee

  $ 10,743,405   

Trustees’ fees and expenses

    34,000   

Custodian fee

    387,459   

Transfer and dividend disbursing agent fees

    9,709   

Legal and accounting services

    151,151   

Printing and postage

    265,514   

Interest expense and fees

    3,627,647   

Preferred shares service fee

    196,769   

Miscellaneous

    117,377   

Total expenses

  $ 15,533,031   

Deduct —

 

Reduction of custodian fee

  $ 237   

Total expense reductions

  $ 237   

Net expenses

  $ 15,532,794   

Net investment income

  $ 57,651,062   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

 

Investment transactions

  $ 6,615,814   

Investment transactions allocated from affiliated investment

    173   

Financial futures contracts

    2,086,333   

Foreign currency and forward foreign currency exchange contract transactions

    (887,215

Net realized gain

  $ 7,815,105   

Change in unrealized appreciation (depreciation) —

 

Investments

  $ (49,939,911

Written swaptions

    (194,828

Financial futures contracts

    (791,680

Foreign currency and forward foreign currency exchange contracts

    (2,846,395

Net change in unrealized appreciation (depreciation)

  $ (53,772,814

Net realized and unrealized loss

  $ (45,957,709

Distributions to preferred shareholders

       

From net investment income

  $ (162,206

Net increase in net assets from operations

  $ 11,531,147   

 

  38   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Statements of Changes in Net Assets

 

 

Increase (Decrease) in Net Assets  

Six Months Ended

September 30, 2013
(Unaudited)

   

Year Ended

March 31, 2013

 

From operations —

   

Net investment income

  $ 57,651,062      $ 122,176,628   

Net realized gain from investment transactions, financial futures contracts, and foreign currency and forward foreign currency exchange contract transactions

    7,815,105        39,746,247   

Net change in unrealized appreciation (depreciation) from investments, written swaptions, financial futures contracts, foreign currency and forward foreign currency exchange contracts

    (53,772,814     21,071,202   

Distributions to preferred shareholders —

   

From net investment income

    (162,206     (487,368

Net increase in net assets from operations

  $ 11,531,147      $ 182,506,709   

Distributions to common shareholders —

   

From net investment income

  $ (71,720,893   $ (142,076,310

Tax return of capital

           (3,846,735

Total distributions to common shareholders

  $ (71,720,893   $ (145,923,045

Capital share transactions —

   

Reinvestment of distributions to common shareholders

  $ 663,888      $ 2,729,513   

Net increase in net assets from capital share transactions

  $ 663,888      $ 2,729,513   

Net increase (decrease) in net assets

  $ (59,525,858   $ 39,313,177   
Net Assets Applicable to Common Shares   

At beginning of period

  $ 1,980,817,489      $ 1,941,504,312   

At end of period

  $ 1,921,291,631      $ 1,980,817,489   
Accumulated distributions in excess of net investment income
included in net assets applicable to common shares
   

At end of period

  $ (14,461,905   $ (229,868

 

  39   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Statement of Cash Flows (Unaudited)

 

 

Cash Flows From Operating Activities   Six Months Ended
September 30, 2013
 

Net increase in net assets from operations

  $ 11,531,147   

Distributions to preferred shareholders

    162,206   

Net increase in net assets from operations excluding distributions to preferred shareholders

  $ 11,693,353   

Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:

 

Investments purchased

    (710,323,238

Investments sold and principal repayments

    552,720,725   

Increase in short-term investments, net

    (20,383,882

Net amortization/accretion of premium (discount)

    9,799,572   

Increase in restricted cash

    (3,617,000

Increase in interest receivable

    (2,410,610

Increase in interest receivable from affiliated investment

    (256

Decrease in receivable for variation margin on open financial futures contracts

    51,676   

Decrease in receivable for open forward foreign currency exchange contracts

    1,267,317   

Increase in tax reclaims receivable

    (204

Increase in prepaid expenses

    (225

Decrease in other assets

    173,655   

Increase in written swaptions outstanding

    2,226,578   

Increase in payable for variation margin on open financial futures contracts

    29,257   

Increase in payable for open forward foreign currency exchange contracts

    1,514,504   

Increase in cash collateral due to broker

    97,000   

Increase in payable to affiliate for investment adviser fee

    6,032   

Increase in accrued expenses

    38,302   

Decrease in accrued interest on reverse repurchase agreements

    (4,979

Decrease in unfunded loan commitments

    (1,052,778

Net change in unrealized (appreciation) depreciation from investments

    49,939,911   

Net realized gain from investments

    (6,615,814

Net cash used in operating activities

  $ (114,851,104
Cash Flows From Financing Activities   

Distributions paid to common shareholders, net of reinvestments

  $ (71,057,005

Cash distributions to preferred shareholders

    (163,766

Proceeds from notes payable

    279,000,000   

Repayment of notes payable

    (95,000,000

Proceeds from reverse repurchase agreements, net

    1,281,000   

Net cash provided by financing activities

  $ 114,060,229   

Net decrease in cash*

  $ (790,875

Cash at beginning of period(1)

  $ 13,352,844   

Cash at end of period(1)

  $ 12,561,969   
Supplemental disclosure of cash flow information:   

Noncash financing activities not included herein consist of:

 

Reinvestment of dividends and distributions

  $ 663,888   

Cash paid for interest and fees on borrowings and reverse repurchase agreements

  $ 3,536,339   

 

(1)

Balance includes foreign currency, at value.

 

* Includes net change in unrealized appreciation (depreciation) on foreign currency of $(209).

 

  40   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

    Six Months Ended
September 30, 2013
(Unaudited)
    Year Ended
March 31, 2013
   

Period Ended

March 31, 2012(1)

    Year Ended April 30,  
          2011     2010     2009     2008  

Net asset value — Beginning of period (Common shares)

  $ 16.860      $ 16.550      $ 17.060      $ 16.630      $ 12.960      $ 16.330      $ 18.320   
Income (Loss) From Operations                                                        

Net investment income(2)

  $ 0.490      $ 1.041      $ 1.007      $ 1.118      $ 1.213      $ 1.348      $ 1.700   

Net realized and unrealized gain (loss)

    (0.399     0.516        (0.368     0.697        3.809        (3.290     (1.817

Distributions to preferred shareholders from net investment income(2)

    (0.001     (0.004     (0.003     (0.007     (0.007     (0.058     (0.360

Total income (loss) from operations

  $ 0.090      $ 1.553      $ 0.636      $ 1.808      $ 5.015      $ (2.000   $ (0.477
Less Distributions to Common Shareholders                                                   

From net investment income

  $ (0.610   $ (1.210   $ (1.103   $ (1.319   $ (1.345   $ (1.347   $ (1.513

Tax return of capital

           (0.033     (0.043     (0.059            (0.023       

Total distributions to common shareholders

  $ (0.610   $ (1.243   $ (1.146   $ (1.378   $ (1.345   $ (1.370   $ (1.513

Net asset value — End of period (Common shares)

  $ 16.340      $ 16.860      $ 16.550      $ 17.060      $ 16.630      $ 12.960      $ 16.330   

Market value — End of period (Common shares)

  $ 15.640      $ 17.100      $ 16.050      $ 16.080      $ 16.600      $ 11.580      $ 15.300   

Total Investment Return on Net Asset Value(3)

    0.73 %(4)      9.80     4.44 %(4)      11.68     40.73     (10.71 )%      (1.99 )% 

Total Investment Return on Market Value(3)

    (4.94 )%(4)      14.83     7.40 %(4)      5.52     57.21     (14.85 )%      (10.04 )% 

 

  41   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Six Months Ended
September 30, 2013
(Unaudited)
    Year Ended
March 31, 2013
   

Period Ended

March 31, 2012(1)

    Year Ended April 30,  
Ratios/Supplemental Data         2011     2010     2009     2008  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 1,921,292      $ 1,980,817      $ 1,941,504      $ 2,001,368      $ 1,950,179      $ 1,456,963      $ 1,836,391   

Ratios (as a percentage of average daily net assets applicable to common shares):(5)

             

Expenses excluding interest and fees(6)

    1.22 %(7)      1.16     1.19 %(7)      1.15     1.02     1.09     1.07

Interest and fee expense(8)

    0.37 %(7)      0.44     0.52 %(7)      0.61     1.04     1.37       

Total expenses

    1.59 %(7)      1.60     1.71 %(7)      1.76     2.06     2.46     1.07

Net investment income

    5.91 %(7)      6.25     6.68 %(7)      6.73     7.90     9.91     9.89

Portfolio Turnover

    19 %(4)      46     42 %(4)      46     46     27     39

The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares and borrowings under the credit agreement, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares plus preferred shares and borrowings):(5)

    

           

Expenses excluding interest and fees(6)

    0.86 %(7)      0.85     0.86 %(7)      0.83     0.69     0.71     0.76

Interest and fee expense(8)

    0.26 %(7)      0.32     0.38 %(7)      0.44     0.70     0.90       

Total expenses

    1.12 %(7)      1.17     1.24 %(7)      1.27     1.39     1.61     0.76

Net investment income

    4.17 %(7)      4.57     4.82 %(7)      4.85     5.31     6.48     7.00

Senior Securities:

             

Total notes payable outstanding (in 000’s)

  $ 680,200      $ 496,200      $ 439,200      $ 418,200      $ 526,200      $ 619,200      $   

Asset coverage per $1,000 of notes payable(9)

  $ 4,217      $ 5,529      $ 6,028      $ 6,423      $ 5,213      $ 3,784      $   

Total preferred shares outstanding

    10,665        10,665        10,665        10,665        10,665        10,665        32,000   

Asset coverage per preferred share

  $ 75,730 (10)    $ 89,917 (10)    $ 93,767 (10)    $ 98,061 (10)    $ 86,494 (10)    $ 66,119 (10)    $ 82,395 (11) 

Involuntary liquidation preference per preferred share(12)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(12)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

  (1)

For the eleven months ended March 31, 2012. The Fund changed its fiscal year-end from April 30 to March 31.

 

  (2)

Computed using average common shares outstanding.

 

  (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)

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

  (6)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

  (7)

Annualized.

 

  (8)

Interest and fee expense relates to the notes payable incurred primarily to partially redeem the Fund’s APS (see Note 10), the reverse repurchase agreements (see Note 11), and/or other borrowings.

 

  (9)

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.

 

(10)

Calculated by subtracting the Fund’s total liabilities (not including the notes payables 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 303%, 360%, 375%, 392%, 346% and 264% at September 30, 2013, March 31, 2013 and 2012 and at April 30, 2011, 2010 and 2009, respectively.

 

(11)

Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(12)

Plus accumulated and unpaid dividends.

 

  42   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

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.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Senior Floating-Rate Notes. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. 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. 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. Fair value determinations are made by the portfolio managers of the Fund based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Fund. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Fund. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days and excluding most seasoned, fixed-rate 30-year mortgage-backed securities as noted below) 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 asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, 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. Most seasoned, fixed-rate 30-year mortgage-backed securities are valued through the use of the investment adviser’s matrix pricing system, which takes into account bond prices, yield differentials, anticipated prepayments and interest rates provided by dealers. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

Equity Securities. Equity securities (including common shares of closed-end investment companies) 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 asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally 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 asked 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 will use 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. Options on interest rate swaps (“swaptions”) 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. Future cash flows are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Alternatively, swaptions may be valued at the valuation provided by a broker-dealer (usually the counterparty to the option), so determined using similar techniques as those employed by the pricing service. Financial 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 asked 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.

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

 

  43  


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

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.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The value of the Fund’s investment in Cash Reserves Fund reflects the Fund’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that fairly reflects the security’s value, or 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 condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

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.

At March 31, 2013, the Fund, for federal income tax purposes, had a capital loss carryforward of $291,841,849 and deferred capital losses of $24,032,288, which will 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 will 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. Such capital loss carryforward will expire on March 31, 2014 ($28,843,098), March 31, 2015 ($18,927,766), March 31, 2016 ($42,273,076), March 31, 2017 ($112,795,908), March 31, 2018 ($67,565,640) and March 31, 2019 ($21,436,361). The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and are treated as realized prior the utilization of the capital loss carryforward.

As of September 30, 2013, 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  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

F  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.

G  Unfunded Loan Commitments — The Fund may enter into certain credit 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, 2013, the Fund had sufficient cash and/or securities to cover these commitments.

H  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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.

 

  44  


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

I  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 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.

J  Financial Futures Contracts — Upon entering into a financial 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 financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial 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.

K  Forward Foreign Currency Exchange Contracts — The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. 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.

L  Swaptions — A purchased swaption contract grants the Fund, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Fund purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked to market to reflect the current value of the swaption. A written swaption gives the Fund the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Fund writes a swaption, the premium received by the Fund is recorded as a liability and subsequently marked to market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Fund’s risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the present terms of the underlying swap contract.

M  Reverse Repurchase Agreements — Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Fund agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. Because the Fund retains effective control over the transferred security, the transaction is accounted for as a secured borrowing. The Fund may enter into such agreements when it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Fund’s assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. The Fund segregates cash or liquid assets equal to its obligation to repurchase the security during the term of the agreement. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Fund may be delayed or the Fund may incur a loss equal to the amount by which the value of the security transferred by the Fund exceeds the repurchase price payable by the Fund.

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 pre-payments) 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 to changes in interest rates.

O  Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of the Fund is the amount included in the Fund’s Statement of Assets and Liabilities and represents the unrestricted cash on hand at its custodian and does not include any short-term investments.

P  Interim Financial Statements — The interim financial statements relating to September 30, 2013 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.

 

  45  


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

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. The underwriting discount and other offering costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares. 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 150% of the “AA” Financial Composite Commercial Paper Rate on 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 as of September 30, 2013 is as follows:

 

     APS Issued and
Outstanding
 

Series A

    2,133   

Series B

    2,133   

Series C

    2,133   

Series D

    2,133   

Series E

    2,133   

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

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 (reduced by available capital loss carryforwards from prior years). 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, 2013, 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, 2013

    

Dividends

Accrued to APS

Shareholders

    

Average APS

Dividend

Rates

    

Dividend

Rate

Ranges (%)

 

Series A

    0.08    $ 32,198         0.12      0.08–0.21   

Series B

    0.15         33,138         0.12         0.08–0.23   

Series C

    0.09         34,193         0.13         0.08–0.23   

Series D

    0.06         29,509         0.11         0.06–0.17   

Series E

    0.09         33,168         0.12         0.05–0.23   

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, 2013.

 

  46  


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be 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.

4  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for management and 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 as referred to herein represent net assets plus obligations attributable to investment leverage. For the six months ended September 30, 2013, the Fund’s investment adviser fee amounted to $10,743,405. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. EVM also serves as administrator of the Fund, but receives no compensation.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended September 30, 2013, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, for the six months ended September 30, 2013 were as follows:

 

     Purchases      Sales  

Investments (non-U.S. Government)

  $ 657,121,567       $ 476,995,963   

U.S. Government and Agency Securities

    85,102,136         66,496,925   
    $ 742,223,703       $ 543,492,888   

6  Common Shares of Beneficial Interest

The Fund may issue common shares pursuant to its dividend reinvestment plan. Transactions in common shares were as follows:

 

    

Six Months Ended

September 30, 2013

   

Year Ended

March 31, 2013

 

Issued to shareholders electing to receive payments of distributions in Fund shares

    39,354        163,511   

Net increase

    39,354        163,511   

7  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2013, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

  $ 2,995,617,001   

Gross unrealized appreciation

  $ 83,078,897   

Gross unrealized depreciation

    (39,307,243

Net unrealized appreciation

  $ 43,771,654   

 

  47  


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

8  Restricted Securities

At September 30, 2013, the Fund owned the following securities (representing 0.3% of net assets applicable to common shares) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

 

Description  

Date of

Acquisition

    

Principal

Amount/

Shares

     Cost      Value  

Convertible Bonds

          

Mood Media Corp.

    7/30/12         75,000       $ 0       $ 41,550   

Total Convertible Bonds

                    $ 0       $ 41,550   

Common Stocks

          

Environmental Systems Products Holdings, Inc.

    10/25/07         2,484       $ 0       $ 189,430   

Panolam Holdings Co.

    12/30/09         3,677         2,020,511         4,826,761   

Total Common Stocks

                    $ 2,020,511       $ 5,016,191   

Preferred Stocks

          

Environmental Systems Products Holdings, Inc., Series A

    10/25/07         569       $ 9,958       $ 35,750   

Total Preferred Stocks

                    $ 9,958       $ 35,750   

Total Restricted Securities

                    $ 2,030,469       $ 5,093,491   

9  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, financial futures contracts and written swaptions 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 written swaptions at September 30, 2013 is included in the Portfolio of Investments.

A summary of obligations under these financial instruments at September 30, 2013 is as follows:

 

Forward Foreign Currency Exchange Contracts            
          

Sales

 
Settlement Date   Deliver    In Exchange For    Counterparty   

Net
Unrealized

Depreciation

 
10/31/13   British Pound Sterling 4,496,040    United States Dollar
6,890,923
   HSBC Bank USA    $ (386,061
10/31/13   Canadian Dollar
898,803
   United States Dollar
870,942
   Citibank NA      (1,001
10/31/13   Euro
2,859,729
   United States Dollar
3,789,570
   Deutsche Bank      (79,492
11/29/13   British Pound Sterling 6,944,270    United States Dollar
10,771,604
   Goldman Sachs International      (465,581

 

  48  


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

Forward Foreign Currency Exchange Contracts (continued)            
          

Sales

 
Settlement Date   Deliver    In Exchange For    Counterparty   

Net
Unrealized

Depreciation

 
11/29/13   Euro
28,860,316
   United States Dollar
38,477,728
   Citibank NA    $ (571,973
12/31/13   British Pound Sterling
3,060,938
   United States Dollar
4,899,950
   Citibank NA      (52,196
12/31/13   Euro
1,667,937
   United States Dollar
2,249,363
   HSBC Bank USA      (7,629
                   $ (1,563,933

 

Futures Contracts  

Expiration

Month/Year

  Contracts    Position    Aggregate Cost      Value     

Net

Unrealized

Depreciation

 
12/13  

125

U.S. 2-Year Treasury Note

   Short    $ (27,455,078    $ (27,533,203    $        (78,125
12/13  

175

U.S. 5-Year Treasury Note

   Short      (20,924,805      (21,183,204      (258,399
12/13  

235

U.S. 10-Year Treasury Note

   Short      (29,171,211      (29,701,797      (530,586
12/13  

30

U.S. Long Treasury Bond

   Short      (3,931,406      (4,001,250      (69,844
                                $ (936,954

Written swaptions activity for the six months ended September 30, 2013 was as follows:

 

    

Notional

Amount

(000’s omitted)

    

Premiums

Received

 

Outstanding, beginning of period

  $       $   

Swaptions written

    52,500         2,031,750   

Outstanding, end of period

  $ 52,500       $ 2,031,750   

At September 30, 2013, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

 

  49  


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

In the normal course of pursuing its investment objective, the Fund is subject to the following risks:

Foreign Exchange Risk: Because the Fund holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Fund enters into forward foreign currency exchange contracts.

Interest Rate Risk: The Fund utilizes various interest rate derivatives including futures contracts and interest rate swaptions to manage the duration of its portfolio and to hedge against fluctuations in securities price due to interest rates.

The Fund enters into forward foreign currency exchange contracts and written swaptions 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, 2013 the fair value of derivatives with credit-related contingent features in a net liability position was $3,790,511.

The non-exchange traded derivatives in which the Fund invests, including forward foreign currency exchange contracts and purchased swaptions contracts, 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 master netting agreements with substantially all of its derivative counterparties, which allows it and a counterparty to aggregate amounts owed by each of them for derivative transactions under the agreement into a single net amount payable by either the Fund or the counterparty. Counterparties may be required to pledge collateral in the form of cash, U.S. Government securities or highly-rated bonds for the benefit of the Fund if the net amount due from the counterparty with respect to a derivative contract exceeds a certain threshold. The amount of collateral posted by the counterparties with respect to such contracts would also reduce the amount of any loss incurred. Collateral pledged for the benefit of the Fund is held in a segregated account by the Fund’s custodian. The portion of such collateral representing cash of $97,000 is reflected as restricted cash with a corresponding liability on the Statement of Assets and Liabilities. The carrying amount of the liability at September 30, 2013 approximated its fair value. If measured at fair value, the liability for cash collateral due to broker would have been considered as Level 2 in the fair value hierarchy (see Note 13) at September 30, 2013.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at September 30, 2013 was as follows:

 

         Fair Value  
Risk   Derivative    Asset Derivative      Liability Derivative  
Foreign Exchange   Forward foreign currency exchange contracts    $       $ (1,563,933 )(1) 
Interest rate   Financial futures contracts              (936,954 )(2) 
Interest rate   Interest rate swaptions      2,226,578 (3)         
Interest rate   Interest rate swaptions written              (2,226,578 )(4) 

Total

       $ 2,226,578       $ (4,727,465

Derivatives not subject to master netting agreements

       $       $ (936,954

Total Derivatives subject to master netting agreements

   $ 2,226,578       $ (3,790,511

 

(1)

Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts; Net unrealized appreciation.

 

(2)

Amount represents cumulative unrealized depreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

 

(3)

Statement of Assets and Liabilities location: Unaffiliated investments, at value.

 

(4)

Statement of Assets and Liabilities location: Written swaptions outstanding, at value.

 

  50  


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

During the current reporting period, the Fund adopted the new disclosure requirements for offsetting assets and liabilities, pursuant to which an entity is required to disclose both gross and net information for assets and liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. 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 assets and pledged by the Fund for liabilities as of September 30, 2013.

 

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)

 

Credit Suisse International

  $ 2,226,578       $         —       $ (2,129,578    $ (97,000 )    $  
    $ 2,226,578       $       $ (2,129,578    $ (97,000 )    $  
             
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)

 

Citibank NA

  $ (2,851,748    $       $       $ 2,851,748       $   

Deutsche Bank

    (79,492                              (79,492

Goldman Sachs International

    (465,581                      260,000         (205,581

HSBC

    (393,690              123,690         270,000           
    $ (3,790,511    $       $ 123,690       $ 3,381,748       $ (285,073

 

(a) 

In some instances, the actual 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.

Information with respect to reverse repurchase agreements at September 30, 2013 is included at Note 11.

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, 2013 was as follows:

 

Risk   Derivative   

Realized Gain (Loss)

on Derivatives Recognized

in Income(1)

    

Change in Unrealized

Appreciation (Depreciation) on

Derivatives Recognized in Income(2)

 
Foreign Exchange   Forward foreign currency exchange contracts    $ (1,057,888    $ (2,781,821
Interest Rate   Futures contracts      2,086,333         (791,680
Interest Rate   Interest rate swaptions      (504,000      1,741,058   
Interest Rate   Interest rate swaptions written              (194,828

Total

       $ 524,445       $ (2,027,271

 

(1) 

Statement of Operations location: Net realized gain (loss) – Foreign currency and forward foreign currency exchange contract transactions, Financial futures contracts and Investment transactions, respectively.

 

(2) 

Statement of Operations location: Change in unrealized appreciation (depreciation) – Foreign currency and forward foreign currency exchange contracts, Financial futures contracts, Investments and Written swaptions, respectively.

 

  51  


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

The average notional amounts of forward foreign currency exchange contracts, financial futures contracts and purchased swaptions outstanding during the six months ended September 30, 2013, which are indicative of the volume of these derivative types, were approximately $67,390,000, $69,000,000 and $82,500,000, respectively.

10  Revolving Credit and Security Agreement

Effective March 28, 2013, the Fund renewed its Revolving Credit and Security Agreement, as amended (the Agreement) with conduit lenders and a bank to borrow up to a limit of $715,625,000. Effective September 3, 2013, the Fund increased its borrowing limit to $1 billion. The Agreement provides for a renewable 364-day backstop financing arrangement, which ensures that alternate financing will continue to be available to the Fund should the conduits be unable to place their commercial paper. Borrowings under the Agreement are secured by the assets of the Fund. Interest is charged at a rate above the conduits’ commercial paper issuance rate and is payable monthly. Under the terms of the Agreement, in effect through March 19, 2014, the Fund pays a program fee of 0.80% per annum on its outstanding borrowings to administer the facility and a liquidity fee of 0.15% (0.25% if the Fund’s outstanding borrowings are equal to or less than 50% of the borrowing limit) per annum on the borrowing limit under the Agreement. Program and liquidity fees for the six months ended September 30, 2013 totaled $2,790,071 and are included in interest expense and fees on the Statement of Operations. The Fund is required to maintain certain net asset levels during the term of the Agreement. At September 30, 2013, the Fund had borrowings outstanding under the Agreement of $680,200,000 at an interest rate of 0.22%. 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, 2013 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 13) at September 30, 2013. For the six months ended September 30, 2013, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $543,746,448 and 0.23%, respectively.

11  Reverse Repurchase Agreements

Reverse repurchase agreements outstanding as of September 30, 2013 were as follows:

 

Counterparty   Trade
Date
     Maturity
Date
    

Interest

Rate

    

Principal

Amount

    

Principal Amount

Including Accrued

Interest

 

Bank of America

    9/24/13         10/24/13         0.39    $ 108,192,000       $ 108,199,494   

For the six months ended September 30, 2013, the average borrowings under reverse repurchase agreements and the average annual interest rate were $104,965,891 and 0.39%, respectively. At September 30, 2013, the market value of securities pledged for the benefit of the counterparty for reverse repurchase agreements, which exceeded the amount of borrowings, was $116,928,386. Based on the short-term nature of the borrowings under the reverse repurchase agreements, the carrying value of the payable for reverse repurchase agreements approximated its fair value at September 30, 2013. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy (see Note 13) at September 30, 2013.

12  Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

13  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.

 

Ÿ  

Level 1 – quoted prices in active markets for identical investments

 

Ÿ  

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

Ÿ  

Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

 

  52  


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

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, 2013, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description   Level 1      Level 2      Level 3*      Total  

Senior Floating-Rate Interests (Less Unfunded Loan Commitments)

  $       $ 1,153,660,665       $ 2,188,185       $ 1,155,848,850   

Corporate Bonds & Notes

            1,051,396,228         5,993,322         1,057,389,550   

Foreign Corporate Bonds

            1,213,266                 1,213,266   

Foreign Government Securities

            1,076,000                 1,076,000   

Mortgage-Pass-Throughs

            392,506,927                 392,506,927   

Collateralized Mortgage Obligations

            118,772,605                 118,772,605   

Commercial Mortgage-Backed Securities

            171,347,471                 171,347,471   

Asset-Backed Securities

            11,418,415                 11,418,415   

U.S. Government Agency Obligations

            29,501,042                 29,501,042   

U.S. Treasury Obligations

            34,630,850                 34,630,850   

Tax-Exempt Investments

            181,074                 181,074   

Common Stocks

            5,291,330         15,423,411         20,714,741   

Convertible Bonds

                    41,550         41,550   

Preferred Stocks

    1,045,455         2,400,297         35,750         3,481,502   

Warrants

            253,025         37,200         290,225   

Miscellaneous

            147,200         0         147,200   

Interest Rate Swaptions Purchased

            2,226,578                 2,226,578   

Short-Term Investments

            38,600,809                 38,600,809   

Total Investments

  $ 1,045,455       $ 3,014,623,782       $ 23,719,418       $ 3,039,388,655   

Liability Description

                                  

Interest Rate Swaptions Written

  $       $ (2,226,578    $       $ (2,226,578

Forward Foreign Currency Exchange Contracts

            (1,563,933              (1,563,933

Futures Contracts

    (936,954                      (936,954

Total

  $ (936,954    $ (3,790,511    $       $ (4,727,465

 

* 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, 2013 is not presented.

At September 30, 2013, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

 

  53  


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

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 each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of 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 of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 23, 2013, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2013, as well as information considered during prior meetings of the committee. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

 

Ÿ  

An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

 

Ÿ  

An independent report comparing each fund’s total expense ratio and its components to comparable funds;

 

Ÿ  

An independent report comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

 

Ÿ  

Data regarding investment performance in comparison to benchmark indices and customized peer groups, in each case as approved by the Board with respect to the funds;

 

Ÿ  

For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

 

Ÿ  

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

 

Ÿ  

Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

 

Ÿ  

Information about the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and the fund’s policies with respect to “soft dollar” arrangements;

 

Ÿ  

Data relating to portfolio turnover rates of each fund;

 

Ÿ  

The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

 

Ÿ  

Information about each adviser’s processes for monitoring best execution of portfolio transactions, and other policies and practices of each adviser with respect to trading;

Information about each Adviser

 

Ÿ  

Reports detailing the financial results and condition of each adviser;

 

Ÿ  

Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

 

Ÿ  

Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

 

Ÿ  

Copies of or descriptions of each adviser’s policies and procedures relating to proxy voting, the handling of corporate actions and class actions;

 

Ÿ  

Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

 

Ÿ  

Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

 

Ÿ  

A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

 

  54  


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Board of Trustees’ Contract Approval — continued

 

 

Other Relevant Information

 

Ÿ  

Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

 

Ÿ  

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

 

Ÿ  

The terms of each advisory agreement.

In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2013, with respect to one or more funds, the Board met eight times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met eight, twenty-one, five, nine and thirteen times respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each adviser relating to each fund. The Board and its Committees considered the investment and trading strategies used in pursuing each fund’s investment objective, including, where relevant, the use of derivative instruments, as well as processes for monitoring best execution of portfolio transactions and risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory 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 advisory and sub-advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement of Eaton Vance Limited Duration Income Fund (the “Fund”) with Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, 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 of 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 process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, including recent changes to such personnel. In particular, the Board considered, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk and special considerations relevant to investing in senior secured floating rate loans, mortgage-backed securities and high-yield bonds. The Board considered the resources available to personnel of the Adviser, including research services. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation methods of the Adviser to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed 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 family of funds.

 

  55  


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Board of Trustees’ Contract Approval — continued

 

 

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 a relevant universe of comparable funds identified by an independent data provider and appropriate benchmark indices, as well as a customized peer group of similarly managed funds approved by the Board. The Board reviewed comparative performance data for the one-, three- and five-year periods ended September 30, 2012 for the Fund. On the basis of the foregoing and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates payable by the Fund (referred to as “management fees”). As part of its review, the Board considered the management fees and the Fund’s total expense ratio for the year ended September 30, 2012, as compared to a group of similarly managed funds selected by an independent data provider. The Board considered the fact that the Adviser had waived fees and/or paid expenses for the Fund. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee, as well as actions taken by management in recent years to reduce expenses at the Eaton Vance fund complex level, including the negotiation of reduced fees for transfer agency and custody services.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability

The Board reviewed 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 revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with their 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.

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 reasonable.

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 the economies of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale. 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. The Board concluded that, in light of the level of the Adviser’s profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate at this time.

 

  56  


Eaton Vance

Limited Duration Income Fund

September 30, 2013

 

Officers and Trustees

 

 

Officers of Eaton Vance Limited Duration Income Fund

 

 

Payson F. Swaffield

President

James F. Kirchner

Treasurer

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

Paul M. O’Neil

Chief Compliance Officer

 

Trustees of Eaton Vance Limited Duration Income Fund

 

 

Ralph F. Verni

Chairman

Scott E. Eston

Benjamin C. Esty

Thomas E. Faust Jr.*

Allen R. Freedman

 

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Lynn A. Stout

Harriett Tee Taggart

 

 

* Interested Trustee

 

 

Number of Employees

The Fund is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees.

Number of Shareholders

As of September 30, 2013, Fund records indicate that there are 103 registered shareholders and approximately 89,098 shareholders owning the Fund shares in street name, such as through brokers, banks, and financial intermediaries.

If you are a street name shareholder and wish to receive Fund reports directly, which contain important information about the Fund, please write or call:

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

1-800-262-1122

NYSE MKT symbol

The NYSE MKT symbol is EVV.

 

  57  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

 

Ÿ  

Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

 

Ÿ  

None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

 

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Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

 

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We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

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. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available 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. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

Share Repurchase Program.  On November 11, 2013, the Fund’s Board of Trustees approved a share repurchase program authorizing the Fund to repurchase up to 10% of its currently outstanding common shares 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, will be disclosed in the Fund’s annual and semi-annual reports to shareholders.

Additional Notice to Shareholders.  If applicable, a Fund may redeem or purchase its outstanding auction preferred shares (APS) 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. 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 “Individual Investors — Closed-End Funds”.

 

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

American Stock Transfer & Trust Company

59 Maiden Lane

Plaza Level

New York, NY 10038

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

 

1856-11/13   CE-LDISRC


Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a consultant and private investor. Previously, he served as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).


Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not required in this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

No such purchases this period.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

 

(a)(1)    Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)    Treasurer’s Section 302 certification.
(a)(2)(ii)    President’s Section 302 certification.
(b)    Combined Section 906 certification.


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/ Payson F. Swaffield

  Payson F. Swaffield
  President

Date: November 7, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ James F. Kirchner

  James F. Kirchner
  Treasurer

Date: November 7, 2013

 

By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President

Date: November 7, 2013

EX-99.CERT 2 d624373dex99cert.htm EX-99.CERT SECTION 302 CERTIFICATION EX-99.CERT Section 302 Certification

Eaton Vance Limited Duration Income Fund

FORM N-CSR

Exhibit 12(a)(2)(i)

CERTIFICATION

I, James F. Kirchner, certify that:

1. I have reviewed this report on Form N-CSR of Eaton Vance Limited Duration Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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; and


5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 7, 2013

 

/s/ James F. Kirchner

James F. Kirchner
Treasurer


Eaton Vance Limited Duration Income Fund

FORM N-CSR

Exhibit 12(a)(2)(ii)

CERTIFICATION

I, Payson F. Swaffield, certify that:

1. I have reviewed this report on Form N-CSR of Eaton Vance Limited Duration Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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; and


5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 7, 2013

 

/s/ Payson F. Swaffield

Payson F. Swaffield
President
EX-99.906CERT 3 d624373dex99906cert.htm EX-99.906CERT SECTION 906 CERTIFICATION EX-99.906CERT Section 906 Certification

Form N-CSR Item 12(b) Exhibit

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Eaton Vance Limited Duration Income Fund (the “Fund”), that:

 

  (a) The Semi-Annual Report of the Trust on Form N-CSR for the period ended September 30, 2013 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

  (b) The information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Fund for such period.

A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

Eaton Vance Limited Duration Income Fund

Date: November 7, 2013

 

/s/ James F. Kirchner

James F. Kirchner
Treasurer

Date: November 7, 2013

 

/s/ Payson F. Swaffield

Payson F. Swaffield
President
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