0001193125-20-302382.txt : 20201124 0001193125-20-302382.hdr.sgml : 20201124 20201124133103 ACCESSION NUMBER: 0001193125-20-302382 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201124 DATE AS OF CHANGE: 20201124 EFFECTIVENESS DATE: 20201124 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE LTD DURATION INCOME FUND CENTRAL INDEX KEY: 0001222922 IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21323 FILM NUMBER: 201342072 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 d49469dncsrs.htm EATON VANCE LIMITED DURATION INCOME FUND Eaton Vance Limited Duration Income Fund
Table of Contents

 

 

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, 2020

Date of Reporting Period

 

 

 


Table of Contents
Item 1.

Reports to Stockholders


Table of Contents

LOGO

 

 

Eaton Vance

Limited Duration Income Fund (EVV)

Semiannual Report

September 30, 2020

 

 

 

 

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold shares at the Fund’s transfer agent, American Stock Transfer & Trust Company, LLC (“AST”), you may elect to receive shareholder reports and other communications from the Fund electronically by contacting AST. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you hold shares at AST, you can inform AST that you wish to continue receiving paper copies of your shareholder reports by calling 1-866-439-6787. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with AST or to all funds held through your financial intermediary, as applicable.

 

LOGO


Table of Contents

 

 

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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

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


Table of Contents

Semiannual Report September 30, 2020

Eaton Vance

Limited Duration Income Fund

 

Table of Contents

  

Performance

     2  

Fund Profile

     3  

Endnotes and Additional Disclosures

     4  

Financial Statements

     5  

Board of Trustees’ Contract Approval

     75  

Officers and Trustees

     79  

Important Notices

     80  


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Performance1,2

 

Portfolio Managers Payson F. Swaffield, CFA, Catherine C. McDermott, Andrew Szczurowski, CFA, Eric A. Stein, CFA and Kelley G. Baccei

 

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

Fund at NAV

     05/30/2003        18.28      1.00      5.64      5.89

Fund at Market Price

            12.84        0.18        5.87        4.39  

 

Blended Index

            9.65      2.40      4.47      4.45
% Premium/Discount to NAV3                                        
                 –14.25
Distributions4                                        

Total Distributions per share for the period

               $ 0.600  

Distribution Rate at NAV

                 9.10

Distribution Rate at Market Price

                 10.61
% Total Leverage5                                        

Auction Preferred Shares (APS)

                 9.19

Borrowings

                 25.65  

 

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

 

  2  


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Fund Profile

 

Asset Allocation (% of total investments)6

 

 

LOGO

 

 

MBS refers to Mortgage-Backed Securities

 

 

See Endnotes and Additional Disclosures in this report.

 

  3  


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Endnotes and Additional Disclosures

 

1 

S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. S&P/LSTA Leveraged Loan indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® is a registered trademark of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); LSTA is a trademark of Loan Syndications and Trading Association, Inc. S&P DJI, Dow Jones, their respective affiliates and their third party licensors do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. ICE BofA B U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds with a credit quality rating of B. ICE BofA U.S. Mortgage-Backed Securities Index is an unmanaged index of fixed rate residential mortgage pass-through securities issued by U.S. agencies. ICE® BofA® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index consists of 33.33% S&P/LSTA Leveraged Loan Index, 33.33% ICE BofA B U.S. High Yield Index and 33.34% ICE BofA U.S. Mortgage-Backed Securities Index, rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

 

2 

Performance results reflect the effects of leverage. Included in the average annual total return at NAV for the five- and ten-year periods is the impact of the 2018 tender and repurchase of a portion of the Fund’s Auction Preferred Shares (APS) at 92% of the Fund’s APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund. The Fund’s performance for certain periods reflects the effects of expense reductions. Absent these reductions, performance would have been lower. Pursuant to the Fund’s Dividend Reinvestment Plan, if the NAV per share on the distribution payment date is equal to or less than the market price per share plus estimated brokerage commissions, then new shares are issued. The number of shares shall be determined by the greater of the NAV per share or 95% of the market price. Otherwise, shares generally are purchased on the open market by the Plan’s agent.

 

3 

The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php.

 

4 

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with “yield” or “income.” Distributions in excess of Fund returns may include a return of capital which, over time, will cause the Fund’s net assets and net asset value per share to erode. When the Fund’s distributions include amounts from sources other than net investment income, shareholders are notified. The final determination of the tax characteristics of Fund distributions will occur

  after the end of the year, at which time that determination will be reported to shareholders.

 

5 

Leverage represents the liquidation value of the Fund’s APS and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus APS and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.

 

6 

Asset Allocation as a percentage of the Fund’s net assets amounted to 154.8%.

 

 

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective November 1, 2020, the Fund is managed by Catherine C. McDermott, Andrew Szczurowski, Eric A. Stein and Kelley G. Baccei.

On August 13, 2020, the Board of Trustees of the Fund amended and restated the Fund’s By-Laws (the “Amended and Restated By-Laws”). The Amended and Restated By-Laws include provisions (the “Control Share Provisions”) pursuant to which, in summary, a shareholder who obtains beneficial ownership of Fund shares in a “Control Share Acquisition” may exercise voting rights with respect to such shares only to the extent the authorization of such voting rights is approved by other shareholders of the Fund. The Control Share Provisions are primarily intended to protect the interests of the Fund and its shareholders by limiting the risk that the Fund will become subject to undue influence by opportunistic hedge funds or other activist investors. The Control Share Provisions do not eliminate voting rights for shares acquired in Control Share Acquisitions, but rather, they entrust the Fund’s other “non-interested” shareholders with determining whether to approve the authorization of voting rights for such shares. Subject to various conditions and exceptions, the Amended and Restated By-Laws define a “Control Share Acquisition” to include an acquisition of Fund shares that, but for the Control Share Provisions, would give the beneficial owner, upon the acquisition of such shares, the ability to exercise voting power in the election of Fund Trustees in any of the following ranges: (i) one-tenth or more, but less than one-fifth of all voting power; (ii) one-fifth or more, but less than one-third of all voting power; (iii) one-third or more, but less than a majority of all voting power; or (iv) a majority or more of all voting power. Share acquisitions prior to August 13, 2020 are excluded from the definition of Control Share Acquisition. This discussion is only a high-level summary of certain aspects of the Control Share Provisions, and is qualified in its entirety by reference to the full Amended and Restated By-Laws. The Amended and Restated By-Laws were filed by the Fund on Form 8-K with the Securities and Exchange Commission and are available at sec.gov.

 

 

  4  


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited)

 

 

Senior Floating-Rate Loans — 49.8%(1)

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Aerospace and Defense — 1.1%  
Aernnova Aerospace S.A.U.                  

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 22, 2027

    EUR       204     $ 181,849  

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 26, 2027

    EUR       796       709,212  
AI Convoy (Luxembourg) S.a.r.l.                  

Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing January 17, 2027

    EUR       1,000       1,155,229  

Term Loan, 4.65%, (6 mo. USD LIBOR + 3.50%), Maturing January 17, 2027

      746       740,653  
Dynasty Acquisition Co., Inc.                  

Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026

      355       315,217  

Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026

      660       586,303  
IAP Worldwide Services, Inc.                  

Revolving Loan, 1.38%, (3 mo. USD LIBOR + 5.50%), Maturing July 19, 2021(2)

      172       169,042  

Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 6.50%, Floor 1.50%), Maturing July 18, 2021(3)

      223       176,716  
Spirit Aerosystems, Inc.                  

Term Loan, Maturing January 30, 2025(4)

      400       398,000  
TransDigm, Inc.                  

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing August 22, 2024

      1,367       1,296,642  

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing December 9, 2025

      5,502       5,219,921  
WP CPP Holdings, LLC                  

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing April 30, 2025

            6,619       5,841,396  
                    $ 16,790,180  
Air Transport — 0.2%  
Delta Air Lines, Inc.                  

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing October 20, 2027

      1,950     $ 1,969,196  
JetBlue Airways Corporation                  

Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing June 17, 2024

      395       392,729  
Mileage Plus Holdings, LLC                  

Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing June 25, 2027

            750       763,652  
                    $ 3,125,577  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Automotive — 1.1%  
Adient US, LLC                  

Term Loan, 4.42%, (USD LIBOR + 4.25%), Maturing May 6, 2024(5)

      716     $ 710,568  
American Axle and Manufacturing, Inc.                  

Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 6, 2024

      2,636       2,538,157  
Autokiniton US Holdings, Inc.                  

Term Loan, 6.52%, (1 mo. USD LIBOR + 6.38%), Maturing May 22, 2025

      831       805,949  
Bright Bidco B.V.                  

Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 30, 2024

      1,743       847,233  
Chassix, Inc.                  

Term Loan, 6.50%, (USD LIBOR + 5.50%, Floor 1.00%), Maturing November 15, 2023(5)

      1,459       1,312,875  
Clarios Global L.P.                  

Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), Maturing April 30, 2026

    EUR       1,500       1,731,195  
Dayco Products, LLC                  

Term Loan, 4.51%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023

      1,161       743,040  
Garrett LX III S.a.r.l.                  

Term Loan, 5.75%, (USD Prime + 2.50%), Maturing September 27, 2025

      295       285,613  
Garrett Motion, Inc.                  

DIP Loan, Maturing March 15, 2021(4)

      78       78,066  
IAA, Inc.                  

Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing June 28, 2026

      581       573,969  
Tenneco, Inc.                  

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025

      3,709       3,367,600  
Thor Industries, Inc.                  

Term Loan, 3.94%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2026

      1,085       1,080,693  
TI Group Automotive Systems, LLC                  

Term Loan, 4.50%, (3 mo. EURIBOR + 3.75%, Floor 0.75%), Maturing December 16, 2024

    EUR       905       1,058,268  

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing December 16, 2024

      945       943,383  

Term Loan, Maturing December 16, 2024(4)

            400       399,500  
                    $ 16,476,109  
Beverage and Tobacco — 0.2%  
Arterra Wines Canada, Inc.                  

Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing December 15, 2023

            2,868     $ 2,839,326  
                    $ 2,839,326  
 

 

  5   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Brokerage / Securities Dealers / Investment Houses — 0.2%  
Advisor Group, Inc.                  

Term Loan, 5.15%, (1 mo. USD LIBOR + 5.00%), Maturing July 31, 2026

      1,166     $ 1,131,494  
Clipper Acquisitions Corp.                  

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024

      1,240       1,227,538  
OZ Management L.P.                  

Term Loan, 4.94%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023

            24       23,800  
                    $ 2,382,832  
Building and Development — 1.6%  
ACProducts, Inc.                  

Term Loan, 7.50%, (6 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing August 18, 2025

      395     $ 397,222  
Advanced Drainage Systems, Inc.                  

Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing July 31, 2026

      253       253,341  
American Builders & Contractors Supply Co., Inc.                  

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2027

      2,426       2,360,882  
APi Group DE, Inc.                  

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing October 1, 2026

      1,514       1,485,183  
Beacon Roofing Supply, Inc.                  

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 2, 2025

      634       615,134  
Brookfield Property REIT, Inc.                  

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing August 27, 2025

      1,004       819,783  
Core & Main L.P.                  

Term Loan, 3.75%, (USD LIBOR + 2.75%, Floor 1.00%), Maturing August 1, 2024(5)

      1,172       1,151,670  
CPG International, Inc.                  

Term Loan, 4.75%, (12 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing May 5, 2024

      976       975,227  
Cushman & Wakefield U.S. Borrower, LLC                  

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing August 21, 2025

      5,797       5,606,295  
LSF11 Skyscraper Holdco S.a.r.l.                  

Term Loan, Maturing July 10, 2027(4)

    EUR       1,000       1,164,633  
Quikrete Holdings, Inc.                  

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2027

      2,982       2,918,433  
RE/MAX International, Inc.                  

Term Loan, 2.98%, (3 mo. USD LIBOR + 2.75%), Maturing December 15, 2023

      2,199       2,177,167  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Building and Development (continued)  
Realogy Group, LLC                  

Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing February 8, 2025

      896     $ 861,559  
Werner FinCo L.P.                  

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing July 24, 2024

      1,019       986,046  
WireCo WorldGroup, Inc.                  

Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing September 30, 2023

      1,338       1,170,944  

Term Loan - Second Lien, 10.00%, (6 mo. USD LIBOR + 9.00%, Floor 1.00%), Maturing September 30, 2024

            1,425       1,104,375  
                    $ 24,047,894  
Business Equipment and Services — 4.1%  
Adtalem Global Education, Inc.                  

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025

      415     $ 408,167  
Airbnb, Inc.                  

Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 17, 2025

      798       857,850  
AlixPartners, LLP                  

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing April 4, 2024

    EUR       1,753       2,035,770  
Allied Universal Holdco, LLC                  

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing July 10, 2026

      2,754       2,729,444  
Amentum Government Services Holdings, LLC                  

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing February 1, 2027

      1,022       1,013,491  
AppLovin Corporation                  

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing August 15, 2025

      2,261       2,235,326  

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing August 15, 2025

      672       664,069  
ASGN Incorporated                  

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 2, 2025

      313       310,332  
Asplundh Tree Expert, LLC                  

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing September 7, 2027

      1,125       1,125,234  
BidFair MergeRight, Inc.                  

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing January 15, 2027

      645       643,166  
Bracket Intermediate Holding Corp.                  

Term Loan, 4.55%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025

      931       914,707  
 

 

  6   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Business Equipment and Services (continued)  
Brand Energy & Infrastructure Services, Inc.                

Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing June 21, 2024

      581     $ 543,614  
Camelot U.S. Acquisition 1 Co.                

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 30, 2026

      1,836       1,811,644  

Term Loan, Maturing October 30, 2026(4)

      1,075       1,072,536  
Cardtronics USA, Inc.                

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing June 29, 2027

      549       549,482  
CCC Information Services, Inc.                

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing April 29, 2024

      1,924       1,913,415  
Ceridian HCM Holding, Inc.                

Term Loan, 2.60%, (1 week USD LIBOR + 2.50%), Maturing April 30, 2025

      1,519       1,473,430  
CM Acquisition Co.                

Term Loan, 11.00%, (3 mo. USD LIBOR + 10.00%, Floor 1.00%), Maturing July 26, 2023

      262       250,281  
Deerfield Dakota Holding, LLC                

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing April 9, 2027

      1,970       1,962,880  
EAB Global, Inc.                

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing November 15, 2024

      1,389       1,354,641  
EIG Investors Corp.                

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing February 9, 2023

      3,121       3,113,786  
Element Materials Technology Group US
Holdings, Inc.
               

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 28, 2024

      413       393,687  
Garda World Security Corporation                

Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing October 30, 2026

      859       855,074  
IG Investment Holdings, LLC                

Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing May 23, 2025

      2,888       2,860,989  
Illuminate Buyer, LLC                

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing June 16, 2027

      800       795,334  
IRI Holdings, Inc.                

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing December 1, 2025

      9,983       9,889,045  
Iron Mountain, Inc.                

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026

      902       873,315  
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Business Equipment and Services (continued)  
KAR Auction Services, Inc.                

Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing September 19, 2026

      644     $ 623,391  
KUEHG Corp.                

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing February 21, 2025

      2,277       2,089,349  

Term Loan - Second Lien, 9.25%, (3 mo. USD LIBOR + 8.25%, Floor 1.00%), Maturing August 22, 2025

      425       381,438  
LGC Group Holdings, Ltd.                

Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing April 21, 2027

  EUR     1,000       1,148,512  
Loire Finco Luxembourg S.a.r.l.                

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing April 21, 2027

      349       340,688  
Monitronics International, Inc.                

Term Loan, 7.75%, (1 mo. USD LIBOR + 6.50%, Floor 1.25%), Maturing March 29, 2024

      2,003       1,525,474  
PGX Holdings, Inc.                

Term Loan, 6.25%, (12 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing September 29, 2023

      1,286       1,086,932  
Prime Security Services Borrower, LLC                

Term Loan, 4.25%, (USD LIBOR + 3.25%, Floor 1.00%), Maturing September 23, 2026(5)

      1,711       1,697,577  
Rockwood Service Corporation                

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing January 23, 2027

      498       495,013  
SMG US Midco 2, Inc.                

Term Loan, 2.73%, (USD LIBOR + 2.50%), Maturing January 23, 2025(5)

      244       213,615  
Speedster Bidco GmbH                

Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing March 31, 2027

  EUR     1,000       1,124,575  
Spin Holdco, Inc.                

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing November 14, 2022

      3,838       3,771,929  
Techem Verwaltungsgesellschaft 675 mbH                

Term Loan, 2.63%, (3 mo. EURIBOR + 2.63%), Maturing July 15, 2025

  EUR     826       951,460  
Tempo Acquisition, LLC                

Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), Maturing November 2, 2026

      852       830,205  
Vestcom Parent Holdings, Inc.                

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing December 19, 2023

      601       588,152  
WASH Multifamily Laundry Systems, LLC                

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022

      302       297,320  
 

 

  7   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Business Equipment and Services (continued)  
West Corporation                  

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing October 10, 2024

      342     $ 310,265  

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing October 10, 2024

      1,191       1,089,626  
Zephyr Bidco Limited                  

Term Loan, 4.30%, (1 mo. GBP LIBOR + 4.25%), Maturing July 23, 2025

    GBP       775       957,520  
                    $ 62,173,750  
Cable and Satellite Television — 1.9%  
CSC Holdings, LLC                  

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025

      3,933     $ 3,815,341  

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026

      1,059       1,027,329  

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2027

      1,351       1,313,533  
Numericable Group S.A.                  

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025

      2,080       1,987,039  

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025

    EUR       508       572,454  
Telenet International Finance S.a.r.l.                  

Term Loan, 2.25%, (6 mo. EURIBOR + 2.25%), Maturing April 30, 2029

    EUR       3,750       4,327,074  
UPC Broadband Holding B.V.                  

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing April 30, 2028

      900       869,175  

Term Loan, Maturing January 31, 2029(4)

    EUR       500       580,118  

Term Loan, Maturing January 31, 2029(4)

    EUR       500       580,118  

Term Loan, Maturing January 31, 2029(4)

      1,825       1,772,987  

Term Loan, Maturing January 31, 2029(4)

      1,825       1,772,988  

Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing April 30, 2029

    EUR       1,500       1,719,470  
Virgin Media Bristol, LLC                  

Term Loan, Maturing January 31, 2029(4)

      1,150       1,133,161  
Virgin Media SFA Finance Limited                  

Term Loan, 3.30%, (1 mo. GBP LIBOR + 3.25%), Maturing November 15, 2027

    GBP       1,500       1,875,039  

Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing January 31, 2029

    EUR       1,300       1,483,794  
Ziggo B.V.                  

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 31, 2029

    EUR       3,750       4,306,691  
                    $ 29,136,311  
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Chemicals and Plastics — 2.3%  
Alpha 3 B.V.                

Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing January 31, 2024

      671     $ 661,897  
Aruba Investments, Inc.                

Term Loan, 5.25%, (6 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing July 7, 2025

      1,075       1,072,313  
Caldic B.V.                

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing July 18, 2024

  EUR     1,000       1,120,666  
Emerald Performance Materials, LLC                

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing August 12, 2025

      1,919       1,914,387  
Ferro Corporation                

Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024

      338       333,234  

Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024

      345       340,479  

Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024

      483       476,411  
Flint Group GmbH                

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 5.25% cash, 0.75% PIK, Maturing September 21, 2023

      187       170,195  
Flint Group US, LLC                

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 5.25% cash, 0.75% PIK, Maturing September 21, 2023

      1,131       1,029,539  
Gemini HDPE, LLC                

Term Loan, 2.76%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024

      1,820       1,783,716  
Hexion, Inc.                

Term Loan, 3.80%, (3 mo. USD LIBOR + 3.50%), Maturing July 1, 2026

      765       755,109  

Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing July 1, 2026

  EUR     1,075       1,244,629  
INEOS Enterprises Holdings II Limited                

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing August 28, 2026

  EUR     200       230,855  
INEOS Enterprises Holdings US Finco, LLC                

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 28, 2026

      224       222,614  
INEOS Finance PLC                

Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 1, 2024

  EUR     1,225       1,408,012  
INEOS Styrolution Group GmbH                

Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing January 29, 2027

  EUR     1,000       1,137,276  
 

 

  8   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Chemicals and Plastics (continued)  
Inovyn Finance PLC                  

Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 9, 2027

    EUR       1,000     $ 1,152,665  
Messer Industries GmbH                  

Term Loan, 2.72%, (3 mo. USD LIBOR + 2.50%), Maturing March 1, 2026

      1,601       1,573,815  
Minerals Technologies, Inc.                  

Term Loan, 3.00%, (USD LIBOR + 2.25%, Floor 0.75%), Maturing February 14, 2024(5)

      1,057       1,048,805  
Momentive Performance Materials, Inc.                  

Term Loan, 3.41%, (1 mo. USD LIBOR + 3.25%), Maturing May 15, 2024

      469       451,082  
Orion Engineered Carbons GmbH                  

Term Loan, 2.22%, (3 mo. USD LIBOR + 2.00%), Maturing July 25, 2024

      701       691,750  

Term Loan, 2.25%, (3 mo. EURIBOR + 2.25%), Maturing July 25, 2024

    EUR       958       1,105,392  
PMHC II, Inc.                  

Term Loan, 4.50%, (12 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 31, 2025

      2,670       2,474,597  
PQ Corporation                  

Term Loan, 2.51%, (3 mo. USD LIBOR + 2.25%), Maturing February 7, 2027

      1,741       1,707,807  

Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing February 7, 2027

      1,870       1,867,507  
Pregis TopCo Corporation                  

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing July 31, 2026

      645       637,867  
Rohm Holding GmbH                  

Term Loan, 5.00%, (6 mo. EURIBOR + 5.00%), Maturing July 31, 2026

    EUR       500       544,896  

Term Loan, 5.32%, (6 mo. USD LIBOR + 5.00%), Maturing July 31, 2026

      347       313,066  
Starfruit Finco B.V.                  

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025

      2,927       2,839,137  
Tronox Finance, LLC                  

Term Loan, 3.18%, (USD LIBOR + 3.00%), Maturing September 23, 2024(5)

      3,183       3,143,351  
Univar, Inc.                  

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing July 1, 2024

      2,089       2,065,411  
Venator Materials Corporation                  

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing August 8, 2024

            412       400,398  
                    $ 35,918,878  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Conglomerates — 0.1%  
Penn Engineering & Manufacturing Corp.                  

Term Loan, 3.50%, (3 mo. EURIBOR + 2.50%, Floor 1.00%), Maturing June 27, 2024

    EUR       1,328     $ 1,509,982  
                    $ 1,509,982  
Containers and Glass Products — 1.1%  
Berry Global, Inc.                  

Term Loan, 2.16%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022

      961     $ 954,933  

Term Loan, 2.16%, (1 mo. USD LIBOR + 2.00%), Maturing July 1, 2026

      988       959,452  
BWAY Holding Company                  

Term Loan, 3.52%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024

      2,551       2,414,352  
Flex Acquisition Company, Inc.                  

Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing December 29, 2023

      1,474       1,442,163  

Term Loan, 3.55%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025

      1,517       1,475,942  
Libbey Glass, Inc.                  

DIP Loan, 12.00%, (USD LIBOR + 11.00%, Floor 1.00%), Maturing November 27, 2020(5)

      1,519       1,527,183  

DIP Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), 2.00% cash, 2.00% PIK, Maturing November 30, 2020

      1,527       1,564,835  

Term Loan, 0.00%, Maturing April 9, 2021(6)

      5,362       924,974  
Pelican Products, Inc.                  

Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing May 1, 2025

      635       609,431  
Reynolds Consumer Products, LLC                  

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing February 4, 2027

      2,386       2,358,709  
Reynolds Group Holdings, Inc.                  

Term Loan, Maturing February 3,
2026(4)

      1,375       1,371,562  
Trident TPI Holdings, Inc.                  

Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing October 17, 2024

            828       814,650  
                    $ 16,418,186  
Cosmetics / Toiletries — 0.1%  
Kronos Acquisition Holdings, Inc.                  

Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing May 15, 2023

            2,112     $ 2,104,426  
                    $ 2,104,426  
 

 

  9   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Drugs — 2.3%  
Aenova Holding GmbH                  

Term Loan, 5.00%, (6 mo. EURIBOR + 5.00%), Maturing March 6, 2025

    EUR       500     $ 586,225  
Akorn, Inc.                  

DIP Loan, 10.50%, (1 mo. USD LIBOR + 9.50%, Floor 1.00%), Maturing November 17, 2020

      50       50,413  

Term Loan, 15.50%, (1 mo. USD LIBOR + 14.50%, Floor 1.00%), 14.75% cash, 0.75% PIK, Maturing April 16, 2021

      1,153       982,664  
Alkermes, Inc.                  

Term Loan, 2.41%, (1 mo. USD LIBOR + 2.25%), Maturing March 27, 2023

      1,110       1,101,295  
Amneal Pharmaceuticals, LLC                  

Term Loan, 3.69%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025

      3,665       3,468,159  
Arbor Pharmaceuticals, Inc.                  

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing July 5, 2023

      1,759       1,635,908  
Bausch Health Companies, Inc.                  

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025

      4,984       4,894,842  
Catalent Pharma Solutions, Inc.                  

Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing May 18, 2026

      837       835,157  
Elanco Animal Health Incorporated                  

Term Loan, 1.91%, (1 mo. USD LIBOR + 1.75%), Maturing August 1, 2027

      1,807       1,759,783  
Endo Luxembourg Finance Company I S.a.r.l.                  

Term Loan, 5.00%, (3 mo. USD LIBOR + 4.25%, Floor 0.75%), Maturing April 29, 2024

      5,249       5,030,305  
Horizon Therapeutics USA, Inc.                  

Term Loan, 2.19%, (1 mo. USD LIBOR + 2.00%), Maturing May 22, 2026

      654       649,429  
Jaguar Holding Company II                  

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing August 18, 2022

      6,264       6,250,180  
Mallinckrodt International Finance S.A.                  

Term Loan, 3.50%, (3 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing September 24, 2024

      3,658       3,081,447  

Term Loan, 3.75%, (6 mo. USD LIBOR + 3.00%, Floor 0.75%), Maturing February 24, 2025

      2,097       1,783,668  
Nidda Healthcare Holding AG                  

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 21, 2026

    EUR       625       716,752  

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 21, 2026

    EUR       1,000       1,147,779  
Packaging Coordinators Midco, Inc.                  

Term Loan, Maturing September 25, 2027(4)

            1,100       1,097,937  
                    $ 35,071,943  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Ecological Services and Equipment — 0.5%  
Advanced Disposal Services, Inc.                  

Term Loan, 3.00%, (1 week USD LIBOR + 2.25%, Floor 0.75%), Maturing November 10, 2023

      2,229     $ 2,225,726  
EnergySolutions, LLC                  

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing May 9, 2025

      5,230       5,030,841  
Patriot Container Corp.                  

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 20, 2025

      146       143,325  
US Ecology Holdings, Inc.                  

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing November 1, 2026

            273       270,208  
                    $ 7,670,100  
Electronics / Electrical — 8.1%  
Allegro Microsystems, Inc.                  

Term Loan, Maturing September 24, 2027(4)

      550     $ 549,312  
Applied Systems, Inc.                  

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing September 19, 2024

      3,063       3,051,966  

Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing September 19, 2025

      475       482,719  
Aptean, Inc.                  

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing April 23, 2026

      740       722,195  

Term Loan - Second Lien, 8.65%, (1 mo. USD LIBOR + 8.50%), Maturing April 23, 2027

      1,450       1,477,550  
Astra Acquisition Corp.                  

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing March 1, 2027

      771       774,981  
Avast Software B.V.                  

Term Loan, 2.25%, (3 mo. EURIBOR + 2.25%), Maturing September 29, 2023

    EUR       2,006       2,350,531  
Banff Merger Sub, Inc.                  

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing October 2, 2025

      2,972       2,892,931  

Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025

    EUR       295       340,684  
Blackhawk Network Holdings, Inc.                  

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing June 15, 2025

      831       787,427  
Buzz Merger Sub, Ltd.                  

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing January 29, 2027

      572       561,398  
Castle US Holding Corporation                  

Term Loan, 3.97%, (3 mo. USD LIBOR + 3.75%), Maturing January 29, 2027

      1,056       1,019,078  
 

 

  10   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Electronics / Electrical (continued)  
Celestica, Inc.                

Term Loan, 2.64%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025

      263     $ 259,875  
CentralSquare Technologies, LLC                

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing August 29, 2025

      884       797,151  
Cohu, Inc.                

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025

      808       780,103  
CommScope, Inc.                

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026

      1,807       1,764,969  
Cornerstone OnDemand, Inc.                

Term Loan, 4.41%, (1 mo. USD LIBOR + 4.25%), Maturing April 22, 2027

      1,725       1,724,462  
CPI International, Inc.                

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 26, 2024

      658       639,409  
Datto, Inc.                

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing April 2, 2026

      370       370,255  
ECI Macola/Max Holdings, LLC                

Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing September 27, 2024

      828       822,869  
Electro Rent Corporation                

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing January 31, 2024

      1,841       1,839,100  
Epicor Software Corporation                

Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing July 30, 2027

      794       792,308  
EXC Holdings III Corp.                

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing December 2, 2024

      511       505,457  
Finastra USA, Inc.                

Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 13, 2024

      3,032       2,849,706  
Fiserv Investment Solutions, Inc.                

Term Loan, 5.02%, (3 mo. USD LIBOR + 4.75%), Maturing February 18, 2027

      524       522,542  
GlobalLogic Holdings, Inc.                

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing August 1, 2025

      451       439,756  

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing August 13, 2027

      750       746,250  
Go Daddy Operating Company, LLC                

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing August 10, 2027

      1,097       1,083,534  
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Electronics / Electrical (continued)  
Hyland Software, Inc.                

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing July 1, 2024

      7,767     $ 7,737,520  
Infoblox, Inc.                

Term Loan, 4.65%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023

      790       792,369  
Informatica, LLC                

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing February 25, 2027

  EUR     3,483       3,995,017  

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 25, 2027

      5,721       5,597,288  

Term Loan - Second Lien, 7.13%, Maturing February 25, 2025(7)

      500       509,375  
LogMeIn, Inc.                

Term Loan, 4.91%, (1 mo. USD LIBOR + 4.75%), Maturing August 31, 2027

      1,475       1,428,291  
MA FinanceCo., LLC                

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024

      533       511,494  

Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing June 5, 2025

  EUR     1,000       1,168,053  

Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing June 5, 2025

      1,800       1,794,375  
MACOM Technology Solutions Holdings, Inc.                

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024

      1,455       1,415,972  
Marcel LUX IV S.a.r.l.                

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 16, 2026

  EUR     1,500       1,731,561  

Term Loan, Maturing September 22, 2027(4)

      425       423,937  
Microchip Technology Incorporated                

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing May 29, 2025

      1,550       1,547,312  
Milano Acquisition Corp.                

Term Loan, Maturing August 17, 2027(4)

      2,800       2,777,250  
Mirion Technologies, Inc.                

Term Loan, 4.27%, (6 mo. USD LIBOR + 4.00%), Maturing March 6, 2026

      444       442,450  
NCR Corporation                

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing August 28, 2026

      941       918,751  
Recorded Books, Inc.                

Term Loan, 4.16%, (1 mo. USD LIBOR + 4.00%), Maturing August 29, 2025

      236       234,685  

Term Loan, Maturing August 29, 2025(4)

      1,425       1,410,750  
Redstone Buyer, LLC                

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing September 1, 2027

      1,525       1,520,234  
 

 

  11   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Electronics / Electrical (continued)  
Refinitiv US Holdings, Inc.                

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025

      1,204     $ 1,193,407  
Renaissance Holding Corp.                

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing May 30, 2025

      1,271       1,229,451  

Term Loan - Second Lien, 7.15%, (1 mo. USD LIBOR + 7.00%), Maturing May 29, 2026

      200       192,333  
Seattle Spinco, Inc.                

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024

      3,602       3,454,466  
SGS Cayman L.P.                

Term Loan, 5.60%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021

      248       216,602  
SkillSoft Corporation                

Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing December 27, 2024

      740       747,115  

Term Loan - Second Lien, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 27, 2025

      2,444       2,419,578  
SolarWinds Holdings, Inc.                

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024

      1,167       1,148,328  
Solera, LLC                

Term Loan, 2.94%, (2 mo. USD LIBOR + 2.75%), Maturing March 3, 2023

      851       834,258  
Sophia L.P.                

Term Loan, Maturing September 22,
2027(4)

      400       398,062  
Sparta Systems, Inc.                

Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing August 21, 2024

      4,442       4,231,058  
SS&C Technologies Holdings Europe S.a.r.l.                

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025

      1,126       1,093,000  
SS&C Technologies, Inc.                

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025

      1,602       1,555,718  
STG-Fairway Holdings, LLC                

Term Loan, 3.47%, (3 mo. USD LIBOR + 3.25%), Maturing January 31, 2027

      424       413,516  
SurveyMonkey, Inc.                

Term Loan, 3.86%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025

      719       715,972  
Sutherland Global Services, Inc.                

Term Loan, 6.38%, (3 mo. USD LIBOR + 5.38%, Floor 1.00%), Maturing April 23, 2021

      1,068       930,512  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Electronics / Electrical (continued)  
Syncsort Incorporated                  

Term Loan, 6.51%, (3 mo. USD LIBOR + 6.25%), Maturing August 16, 2024

      2,571     $ 2,536,750  
Tech Data Corporation                  

Term Loan, 3.64%, (1 mo. USD LIBOR + 3.50%), Maturing June 30, 2025

      1,125       1,128,750  
Tibco Software, Inc.                  

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing June 30, 2026

      5,109       4,994,338  

Term Loan - Second Lien, 7.40%, (1 mo. USD LIBOR + 7.25%), Maturing March 3, 2028

      475       466,094  
TTM Technologies, Inc.                  

Term Loan, 2.66%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024

      150       147,563  
Uber Technologies, Inc.                  

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023

      3,504       3,460,200  

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing April 4, 2025

      7,732       7,691,880  
Ultimate Software Group, Inc. (The)                  

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing May 4, 2026

      1,708       1,696,677  

Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing May 4, 2026

      3,950       3,944,138  
Ultra Clean Holdings, Inc.                  

Term Loan, 4.65%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025

      775       775,268  
Verifone Systems, Inc.                  

Term Loan, 4.25%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025

      1,254       1,130,992  
Veritas US, Inc.                  

Term Loan, 6.50%, (3 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing September 1, 2025

      2,475       2,423,025  
VS Buyer, LLC                  

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 28, 2027

      1,095       1,079,451  
Vungle, Inc.                  

Term Loan, 5.65%, (1 mo. USD LIBOR + 5.50%), Maturing September 30, 2026

            4,505       4,481,977  
                    $ 123,635,681  
Equipment Leasing — 0.2%  
Boels Topholding B.V.                  

Term Loan, 4.00%, (1 mo. EURIBOR + 4.00%), Maturing January 14, 2027

    EUR       750     $ 858,727  
 

 

  12   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Equipment Leasing (continued)  
Delos Finance S.a.r.l.                  

Term Loan, 1.97%, (3 mo. USD LIBOR + 1.75%), Maturing October 6, 2023

            2,293     $ 2,246,650  
                    $ 3,105,377  
Financial Intermediaries — 1.5%  
Apollo Commercial Real Estate Finance, Inc.                  

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing May 15, 2026

      444     $ 424,378  
Aretec Group, Inc.                  

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025

      2,366       2,262,349  
Citco Funding, LLC                  

Term Loan, 2.77%, (6 mo. USD LIBOR + 2.50%), Maturing September 28, 2023

      3,935       3,831,343  
Claros Mortgage Trust, Inc.                  

Term Loan, 3.41%, (1 mo. USD LIBOR + 3.25%), Maturing August 9, 2026

      792       767,250  
Ditech Holding Corporation                  

Term Loan, 0.00%, Maturing June 30, 2022(6)

      3,264       783,437  
EIG Management Company, LLC                  

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing February 22, 2025

      268       268,125  
Evergood 4 ApS                  

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing February 6, 2025

    EUR       750       870,984  
FinCo I, LLC                  

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025

      866       862,762  
Focus Financial Partners, LLC                  

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing July 3, 2024

      2,992       2,919,996  
Franklin Square Holdings L.P.                  

Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing August 1, 2025

      539       533,609  
Greenhill & Co., Inc.                  

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing April 12, 2024

      1,133       1,118,961  
GreenSky Holdings, LLC                  

Term Loan, 3.44%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025

      1,511       1,431,909  
Guggenheim Partners, LLC                  

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing July 21, 2023

      2,692       2,678,967  
Harbourvest Partners, LLC                  

Term Loan, 2.53%, (3 mo. USD LIBOR + 2.25%), Maturing March 3, 2025

      991       980,753  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Financial Intermediaries (continued)  
Nets Holding A/S                  

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing February 6, 2025

    EUR       1,000     $ 1,143,688  
Starwood Property Trust, Inc.                  

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing July 27, 2026

      520       504,807  
Victory Capital Holdings, Inc.                  

Term Loan, 2.80%, (3 mo. USD LIBOR + 2.50%), Maturing July 1, 2026

      1,171       1,156,036  
Virtus Investment Partners, Inc.                  

Term Loan, 3.00%, (3 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing June 1, 2024

            492       489,566  
                    $ 23,028,920  
Food Products — 1.7%  
Alphabet Holding Company, Inc.                  

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024

      3,820     $ 3,728,588  
Atkins Nutritionals Holdings II, Inc.                  

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing July 7, 2024

      370       371,487  
B&G Foods, Inc.                  

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing October 10, 2026

      227       226,998  
Badger Buyer Corp.                  

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing September 30, 2024

      388       368,600  
CHG PPC Parent, LLC                  

Term Loan, 3.50%, (1 mo. EURIBOR + 3.50%), Maturing March 31, 2025

    EUR       2,000       2,274,552  
Froneri International, Ltd.                  

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 31, 2027

      2,195       2,118,722  

Term Loan, 2.63%, (1 mo. EURIBOR + 2.63%), Maturing January 31, 2027

    EUR       1,275       1,456,567  
H Food Holdings, LLC                  

Term Loan, 3.83%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025

      758       739,807  

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025

      467       458,229  
HLF Financing S.a.r.l.                  

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing August 18, 2025

      1,078       1,064,749  
Jacobs Douwe Egberts International B.V.                  

Term Loan, 2.25%, (3 mo. EURIBOR + 1.75%, Floor 0.50%), Maturing November 1, 2025

    EUR       2,221       2,616,943  
 

 

  13   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Food Products (continued)  
JBS USA LUX S.A.                  

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing May 1, 2026

      4,703     $ 4,600,489  
Nomad Foods Europe Midco Limited                  

Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing May 15, 2024

    EUR       3,000       3,510,754  
Shearer’s Foods, Inc.                  

Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing September 23, 2027

      400       398,800  
Sunshine Investments B.V.                  

Term Loan, 4.07%, (3 mo. GBP LIBOR + 4.00%), Maturing March 28, 2025

    GBP       750       945,987  
Valeo F1 Company Limited (Ireland)                  

Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing August 27, 2027

    EUR       1,000       1,156,817  
                    $ 26,038,089  
Food Service — 0.4%  
Aramark Services, Inc.                  

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing March 11, 2025

      933     $ 897,590  
IRB Holding Corp.                  

Term Loan, 3.75%, (USD LIBOR + 2.75%, Floor 1.00%), Maturing February 5, 2025(5)

      2,228       2,133,058  
US Foods, Inc.                  

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing June 27, 2023

      853       823,263  

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing September 13, 2026

            1,708       1,640,774  
                    $ 5,494,685  
Food / Drug Retailers — 0.1%  
BW Gas & Convenience Holdings, LLC                  

Term Loan, 6.40%, (1 mo. USD LIBOR + 6.25%), Maturing November 18, 2024

      626     $ 629,144  
L1R HB Finance Limited                  

Term Loan, 4.25%, (6 mo. EURIBOR + 4.25%), Maturing August 9, 2024

    EUR       750       705,668  
                    $ 1,334,812  
Forest Products — 0.0%(8)  
Clearwater Paper Corporation                  

Term Loan, 3.19%, (1 mo. USD LIBOR + 3.00%), Maturing July 26, 2026

            232     $ 231,877  
                    $ 231,877  
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Health Care — 5.1%  
Acadia Healthcare Company, Inc.                

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing February 11, 2022

      272     $ 271,536  
Accelerated Health Systems, LLC                

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing October 31, 2025

      565       550,814  
ADMI Corp.                

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing April 30, 2025

      1,809       1,746,006  
Alliance Healthcare Services, Inc.                

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing October 24, 2023

      798       613,466  

Term Loan - Second Lien, 11.00%, (1 mo. USD LIBOR + 10.00%, Floor 1.00%), Maturing April 24, 2024

      525       236,250  
athenahealth, Inc.                

Term Loan, 4.75%, (3 mo. USD LIBOR + 4.50%), Maturing February 11, 2026

      1,945       1,923,490  
Avantor Funding, Inc.                

Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing November 21, 2024

      1,054       1,040,818  
BioClinica Holding I L.P.                

Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing October 20, 2023

      3,896       3,769,036  
BW NHHC Holdco, Inc.                

Term Loan, 5.27%, (3 mo. USD LIBOR + 5.00%), Maturing May 15, 2025

      3,768       3,244,615  
CeramTec AcquiCo GmbH                

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 7, 2025

  EUR     903       1,011,534  
Change Healthcare Holdings, LLC                

Term Loan, 3.50%, (USD LIBOR + 2.50%, Floor 1.00%), Maturing March 1, 2024(5)

      5,693       5,589,020  
CHG Healthcare Services, Inc.                

Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing June 7, 2023

      2,597       2,557,332  
CryoLife, Inc.                

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing December 1, 2024

      535       532,201  
Dedalus Finance GmbH                

Term Loan, 4.50%, (1 mo. EURIBOR + 4.50%), Maturing May 4, 2027

  EUR     500       583,294  
Elsan S.A.S.                

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing October 31, 2024

  EUR     1,500       1,742,308  
Ensemble RCM, LLC                

Term Loan, 4.01%, (3 mo. USD LIBOR + 3.75%), Maturing August 3, 2026

      520       515,202  
 

 

  14   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Health Care (continued)  
Envision Healthcare Corporation                

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025

      8,997     $ 6,489,124  
Gentiva Health Services, Inc.                

Term Loan, 3.44%, (1 mo. USD LIBOR + 3.25%), Maturing July 2, 2025

      2,509       2,461,688  
GHX Ultimate Parent Corporation                

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing June 28, 2024

      946       921,886  
Greatbatch, Ltd.                

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing October 27, 2022

      1,174       1,173,225  
Hanger, Inc.                

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025

      1,121       1,116,111  
Inovalon Holdings, Inc.                

Term Loan, 3.19%, (1 mo. USD LIBOR + 3.00%), Maturing April 2, 2025

      1,208       1,185,406  
IQVIA, Inc.                

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing March 7, 2024

      1,503       1,485,800  

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing January 17, 2025

      1,479       1,462,608  
Medical Solutions, LLC                

Term Loan, 5.50%, (6 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing June 14, 2024

      1,223       1,183,070  
Mehilainen Yhtiot Oy                

Term Loan, Maturing August 9, 2025(4)

  EUR     750       868,529  
MPH Acquisition Holdings, LLC                

Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing June 7, 2023

      9,123       8,989,009  
National Mentor Holdings, Inc.                

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026

      28       27,774  

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026

      614       608,456  
Navicure, Inc.                

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing October 22, 2026

      995       975,100  

Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing October 22, 2026

      500       490,000  
One Call Corporation                

Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing November 25, 2022

      1,478       1,296,628  
Ortho-Clinical Diagnostics S.A.                

Term Loan, 3.41%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025

      3,326       3,193,907  

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing June 30, 2025

  EUR     746       845,047  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Health Care (continued)  
Parexel International Corporation                  

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024

      582     $ 558,875  
Phoenix Guarantor, Inc.                  

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing March 5, 2026

      1,926       1,883,974  
Radiology Partners, Inc                  

Term Loan, 5.67%, (USD LIBOR + 4.25%), Maturing July 9, 2025(5)

      597       574,540  
RadNet, Inc.                  

Term Loan, 4.75%, (6 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing June 30, 2023

      1,768       1,747,905  
Select Medical Corporation                  

Term Loan, 2.78%, (6 mo. USD LIBOR + 2.50%), Maturing March 6, 2025

      2,968       2,901,021  
Sound Inpatient Physicians                  

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing June 27, 2025

      489       480,401  
Surgery Center Holdings, Inc.                  

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing September 3, 2024

      1,067       1,012,125  
Synlab Bondco PLC                  

Term Loan, Maturing July 31, 2024(4)

    EUR       1,000       1,172,031  
Team Health Holdings, Inc.                  

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing February 6, 2024

      2,340       1,971,555  
Tecomet, Inc.                  

Term Loan, 4.68%, (6 mo. USD LIBOR + 3.50%), Maturing May 1, 2024

      1,168       1,143,094  
U.S. Anesthesia Partners, Inc.                  

Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing June 23, 2024

      1,675       1,585,889  
Verscend Holding Corp.                  

Term Loan, 4.65%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025

      1,568       1,559,499  
Viant Medical Holdings, Inc.                  

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing July 2, 2025

      490       454,475  
Wink Holdco, Inc.                  

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing December 2, 2024

            486       485,718  
                    $ 78,231,392  
Home Furnishings — 0.6%  
Serta Simmons Bedding, LLC                  

Term Loan, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing August 10, 2023

      2,492     $ 2,496,154  
 

 

  15   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Home Furnishings (continued)  
Serta Simmons Bedding, LLC (continued)                  

Term Loan - Second Lien, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing August 10, 2023

            8,238     $ 6,734,588  
                    $ 9,230,742  
Industrial Equipment — 2.6%  
AI Alpine AT Bidco GmbH                  

Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing October 31, 2025

    EUR       750     $ 814,266  

Term Loan, 4.21%, (6 mo. USD LIBOR + 3.00%), Maturing October 31, 2025

      221       205,588  
Altra Industrial Motion Corp.                  

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025

      657       642,556  
Apex Tool Group, LLC                  

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.25%, Floor 1.25%), Maturing August 1, 2024

      4,397       4,168,497  
CFS Brands, LLC                  

Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing March 20, 2025

      269       240,328  
CPM Holdings, Inc.                  

Term Loan, 3.91%, (1 mo. USD LIBOR + 3.75%), Maturing November 17, 2025

      319       301,301  
Delachaux Group S.A.                  

Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing April 16, 2026

    EUR       375       424,830  

Term Loan, 5.36%, (6 mo. USD LIBOR + 4.50%),
Maturing April 16, 2026

      470       452,616  
DexKo Global, Inc.                  

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024

    EUR       319       361,229  

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024

    EUR       798       903,077  

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 24, 2024

      919       900,236  
DXP Enterprises, Inc.                  

Term Loan, 5.75%, (1 mo. USD LIBOR + 4.75%, Floor 1.00%), Maturing August 29, 2023

      500       491,496  
Dynacast International, LLC                  

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing January 28, 2022

      1,431       1,309,138  
Engineered Machinery Holdings, Inc.                  

Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 19, 2024

      1,580       1,544,755  

Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing July 19, 2024

      319       315,321  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Industrial Equipment (continued)  
EWT Holdings III Corp.                  

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing December 20, 2024

      2,001     $ 1,977,584  
Filtration Group Corporation                  

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025

    EUR       1,380       1,596,569  
Gardner Denver, Inc.                  

Term Loan, 2.00%, (1 mo. EURIBOR + 2.00%), Maturing March 1, 2027

    EUR       1,437       1,653,789  
Gates Global, LLC                  

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024

    EUR       965       1,114,263  

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing April 1, 2024

      4,908       4,845,632  
Hayward Industries, Inc.                  

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing August 5, 2024

      478       467,058  
LTI Holdings, Inc.                  

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025

      3,435       3,194,733  

Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing July 24, 2026

      198       184,883  
Minimax Viking GmbH                  

Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 31, 2025

    EUR       970       1,130,821  
Quimper AB                  

Term Loan, 4.25%, (6 mo. EURIBOR + 4.25%), Maturing February 13, 2026

    EUR       1,875       2,167,017  
Robertshaw US Holding Corp.                  

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing February 28, 2025

      1,024       891,515  
Thermon Industries, Inc.                  

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing October 30, 2024

      280       277,503  
Titan Acquisition Limited                  

Term Loan, 3.36%, (3 mo. USD LIBOR + 3.00%), Maturing March 28, 2025

      3,092       2,929,738  
Vertical Midco GmbH                  

Term Loan, 4.25%, (6 mo. EURIBOR + 4.25%), Maturing July 30, 2027

    EUR       1,500       1,758,949  

Term Loan, 4.57%, (3 mo. USD LIBOR + 4.25%), Maturing July 30, 2027

      1,225       1,217,453  
Welbilt, Inc.                  

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing October 23, 2025

            1,767       1,611,172  
                    $ 40,093,913  
 

 

  16   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Insurance — 2.5%  
Alliant Holdings Intermediate, LLC                  

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing May 9, 2025

      2,715     $ 2,642,213  

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing May 9, 2025

      469       461,587  
AmWINS Group, Inc.                  

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing January 25, 2024

      4,871       4,839,887  
Andromeda Investissements                  

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing June 12, 2026

    EUR       1,250       1,449,075  
AssuredPartners, Inc.                  

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2027

      174       168,954  
Asurion, LLC                  

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing August 4, 2022

      4,629       4,579,228  

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023

      2,656       2,620,638  

Term Loan - Second Lien, 6.65%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025

      2,583       2,594,635  
Financiere CEP S.A.S.                  

Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing June 3, 2027

    EUR       550       644,646  
FrontDoor, Inc.                  

Term Loan, 2.69%, (1 mo. USD LIBOR + 2.50%), Maturing August 16, 2025

      466       462,591  
Hub International Limited                  

Term Loan, 3.26%, (3 mo. USD LIBOR + 3.00%), Maturing April 25, 2025

      5,083       4,920,344  

Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing April 25, 2025

      1,861       1,858,944  
NFP Corp.                  

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 15, 2027

      3,171       3,044,802  
Ryan Specialty Group, LLC                  

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing September 1, 2027

      1,725       1,716,375  
Sedgwick Claims Management Services, Inc.                  

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing December 31, 2025

      1,253       1,211,751  
USI, Inc.                  

Term Loan, 3.22%, (3 mo. USD LIBOR + 3.00%),
Maturing May 16, 2024

      3,153       3,055,955  

Term Loan, 4.22%, (3 mo. USD LIBOR + 4.00%), Maturing December 2, 2026

            1,414       1,408,832  
                    $ 37,680,457  
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Leisure Goods / Activities / Movies — 2.1%  
AMC Entertainment Holdings, Inc.                

Term Loan, 3.22%, (3 mo. USD LIBOR + 3.00%), Maturing April 22, 2026

      1,847     $ 1,195,852  
Amer Sports Oyj                

Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing March 30, 2026

  EUR     1,550       1,635,567  
Ancestry.com Operations, Inc.                

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing August 27, 2026

      6,721       6,722,461  
Carnival Corporation                

Term Loan, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing June 30, 2025

      1,297       1,315,121  
ClubCorp Holdings, Inc.                

Term Loan, 2.97%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024

      1,940       1,672,239  
Crown Finance US, Inc.                

Term Loan, 2.63%, (6 mo. EURIBOR + 2.63%), Maturing February 28, 2025

  EUR     290       232,178  

Term Loan, 3.02%, (6 mo. USD LIBOR + 2.75%), Maturing September 30, 2026

      1,510       1,013,042  
Delta 2 (LUX) S.a.r.l.                

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing February 1, 2024

      725       707,184  
Emerald Expositions Holding, Inc.                

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing May 22, 2024

      665       600,844  
Etraveli Holding AB                

Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing August 2, 2024

  EUR     950       907,769  
Lindblad Expeditions, Inc.                

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%, Floor 0.75%), Maturing March 27, 2025

      464       428,904  

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%, Floor 0.75%), Maturing March 27, 2025

      1,855       1,715,618  
Match Group, Inc.                

Term Loan, 2.00%, (3 mo. USD LIBOR + 1.75%), Maturing February 13, 2027

      675       665,719  
Motion Finco S.a.r.l.                

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing November 12, 2026

  EUR     1,375       1,417,321  

Term Loan, 3.47%, (3 mo. USD LIBOR + 3.25%), Maturing November 12, 2026

      69       60,298  

Term Loan, 3.47%, (3 mo. USD LIBOR + 3.25%), Maturing November 12, 2026

      526       458,790  
Playtika Holding Corp.                

Term Loan, 7.00%, (6 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing December 10, 2024

      3,369       3,380,962  
 

 

  17   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Leisure Goods / Activities / Movies (continued)  
SeaWorld Parks & Entertainment, Inc.                  

Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), Maturing March 31, 2024

      2,185     $ 2,065,176  
SRAM, LLC                  

Term Loan, 3.75%, (USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024(5)

      1,035       1,035,295  
Steinway Musical Instruments, Inc.                  

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing February 14, 2025

      514       493,290  
Travel Leaders Group, LLC                  

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024

      953       706,259  
UFC Holdings, LLC                  

Term Loan, 4.25%, (6 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing April 29, 2026

      3,117       3,079,819  
Vue International Bidco PLC                  

Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing July 3, 2026

    EUR       1,081       986,032  
                    $ 32,495,740  
Lodging and Casinos — 1.5%  
Aristocrat Technologies, Inc.                  

Term Loan, 2.02%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024

      1,061     $ 1,038,653  
Azelis Finance S.A.                  

Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing November 10, 2025

    EUR       1,925       2,209,709  
Boyd Gaming Corporation                  

Term Loan, 2.36%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023

      727       708,338  
CityCenter Holdings, LLC                  

Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 18, 2024

      2,761       2,658,189  
ESH Hospitality, Inc.                  

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing September 18, 2026

      1,196       1,166,188  
Four Seasons Hotels Limited                  

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing November 30, 2023

      1,059       1,031,752  
Golden Nugget, Inc.                  

Term Loan, 3.25%, (2 mo. USD LIBOR + 2.50%, Floor 0.75%), Maturing October 4, 2023

      4,273       3,849,726  
GVC Holdings (Gibraltar) Limited                  

Term Loan, 3.25%, (3 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing March 29, 2024

      1,146       1,129,873  
GVC Holdings PLC                  

Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 29, 2024

    EUR       1,850       2,134,462  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Lodging and Casinos (continued)  
Playa Resorts Holding B.V.                  

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing April 29, 2024

      2,642     $ 2,338,474  
Stars Group Holdings B.V. (The)                  

Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025

      2,108       2,111,382  

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025

    EUR       582       684,224  
VICI Properties 1, LLC                  

Term Loan, 1.91%, (1 mo. USD LIBOR + 1.75%), Maturing December 20, 2024

            2,315       2,243,015  
                    $ 23,303,985  
Nonferrous Metals / Minerals — 0.2%  
American Consolidated Natural Resources, Inc.                  

Term Loan, 13.15%, (1 mo. USD LIBOR + 13.00%), Maturing September 16, 2025

      738     $ 512,988  
CD&R Hydra Buyer, Inc.                  

Term Loan, 7.50%, (0.00% cash, 7.50% PIK), Maturing August 15, 2021(3)(7)

      163       129,715  
Noranda Aluminum Acquisition Corporation                  

Term Loan, 0.00%, Maturing February 28, 2021(6)

      452       31,628  
Oxbow Carbon, LLC                  

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing January 4, 2023

      604       594,694  
Rain Carbon GmbH                  

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 16, 2025

    EUR       1,025       1,122,144  
                    $ 2,391,169  
Oil and Gas — 1.0%  
Ameriforge Group, Inc.                  

Term Loan, 14.00%, (3 mo. USD LIBOR + 13.00%, Floor 1.00%), 9.00% cash, 5.00% PIK, Maturing June 8, 2022

      746     $ 652,719  
Apergy Corporation                  

Term Loan, 2.69%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025

      172       168,217  

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing May 28, 2027

      222       221,632  
Blackstone CQP Holdco L.P.                  

Term Loan, 3.73%, (3 mo. USD LIBOR + 3.50%), Maturing September 30, 2024

      1,012       992,893  
Buckeye Partners L.P.                  

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing November 1, 2026

      2,761       2,716,257  
 

 

  18   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Oil and Gas (continued)  
Centurion Pipeline Company, LLC                

Term Loan, 4.14%, (1 mo. USD LIBOR + 4.00%), Maturing September 28, 2025

      225     $ 220,500  

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing September 29, 2025

      270       267,486  
CITGO Holding, Inc.                

Term Loan, 8.00%, (6 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing August 1, 2023

      248       233,269  
CITGO Petroleum Corporation                

Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing March 28, 2024

      2,290       2,183,851  
Delek US Holdings, Inc.                

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing March 31, 2025

      1,379       1,307,099  

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing March 31, 2025

      572       558,537  
Fieldwood Energy, LLC                

DIP Loan, 3.68%, (1 mo. USD LIBOR + 8.75%), Maturing August 4, 2021(2)

      409       411,405  

Term Loan, 0.00%, Maturing April 11, 2022(6)

      2,771       727,371  
Matador Bidco S.a.r.l.                

Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing October 15, 2026

      1,741       1,699,895  
McDermott Technology Americas, Inc.                

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing June 30, 2024

      26       22,357  

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing June 30, 2025

      212       173,148  
Prairie ECI Acquiror L.P.                

Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing March 11, 2026

      1,304       1,181,503  
PSC Industrial Holdings Corp.                

Term Loan, 4.98%, (6 mo. USD LIBOR + 3.75%), Maturing October 11, 2024

      778       741,045  
RDV Resources Properties, LLC                

Term Loan, 7.50%, (1 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing March 29, 2024(3)

      447       290,484  
Sunrise Oil & Gas Properties, LLC                

Term Loan - First Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023

      104       94,225  

Term Loan - Second Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023

      107       83,935  

Term Loan - Third Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023

      124       62,381  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Oil and Gas (continued)  
UGI Energy Services, LLC                  

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing August 13, 2026

            1,062     $ 1,060,236  
                    $ 16,070,445  
Publishing — 0.5%  
Alchemy Copyrights, LLC                  

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing August 16, 2027

      475     $ 475,000  
Ascend Learning, LLC                  

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 12, 2024

      1,188       1,176,738  
Axel Springer S.E.                  

Term Loan, 5.00%, (6 mo. EURIBOR + 5.00%), Maturing December 18, 2026

    EUR       1,000       1,126,529  
Getty Images, Inc.                  

Term Loan, 4.69%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026

      1,069       1,003,899  
LSC Communications, Inc.                  

Term Loan, 0.00%, Maturing September 30, 2022(6)

      843       121,410  
Nielsen Finance, LLC                  

Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), Maturing June 4, 2025

    EUR       1,000       1,171,473  
ProQuest, LLC                  

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing October 23, 2026

      1,510       1,495,621  
Tweddle Group, Inc.                  

Term Loan, 4.65%, (1 mo. USD LIBOR + 4.50%), Maturing September 17, 2023

            576       518,801  
                    $ 7,089,471  
Radio and Television — 1.3%  
Cumulus Media New Holdings, Inc.                  

Term Loan, 4.75%, (6 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing March 31, 2026

      470     $ 446,738  
Diamond Sports Group, LLC                  

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing August 24, 2026

      3,069       2,393,820  
Entercom Media Corp.                  

Term Loan, 2.64%, (1 mo. USD LIBOR + 2.50%), Maturing November 18, 2024

      1,001       946,588  
Entravision Communications Corporation                  

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024

      846       810,045  
 

 

  19   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Radio and Television (continued)  
Gray Television, Inc.                  

Term Loan, 2.41%, (1 mo. USD LIBOR + 2.25%), Maturing February 7, 2024

      278     $ 272,637  

Term Loan, 2.66%, (1 mo. USD LIBOR + 2.50%), Maturing January 2, 2026

      637       627,098  
Hubbard Radio, LLC                  

Term Loan, 5.25%, (6 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing March 28, 2025

      814       782,933  
iHeartCommunications, Inc.                  

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2026

      496       471,934  
Nexstar Broadcasting, Inc.                  

Term Loan, 2.39%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024

      137       133,656  

Term Loan, 2.91%, (1 mo. USD LIBOR + 2.75%), Maturing September 18, 2026

      504       494,872  
Sinclair Television Group, Inc.                  

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024

      486       475,046  

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing September 30, 2026

      644       630,147  
Terrier Media Buyer, Inc.                  

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing December 17, 2026

      1,861       1,819,532  
Townsquare Media, Inc.                  

Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing April 1, 2022

      2,196       2,096,817  
Univision Communications, Inc.                  

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing March 13, 2026

            7,034       6,859,909  
                    $ 19,261,772  
Retailers (Except Food and Drug) — 0.6%  
Apro, LLC                  

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing November 14, 2026

      670     $ 663,608  
Ascena Retail Group, Inc.                  

DIP Loan, 12.75%, (1 mo. USD LIBOR + 11.75%, Floor 1.00%), Maturing March 16, 2021

      933       1,261,476  

Term Loan, 0.00%, Maturing August 21, 2022(6)

      2,690       596,385  
Bass Pro Group, LLC                  

Term Loan, 5.75%, (3 mo. USD LIBOR + 5.00%, Floor 0.75%), Maturing September 25, 2024

      1,504       1,494,760  
BJ’s Wholesale Club, Inc.                  

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing February 3, 2024

      806       793,073  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Retailers (Except Food and Drug) (continued)  
Coinamatic Canada, Inc.                  

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022

      53     $ 52,069  
David’s Bridal, Inc.                  

Term Loan, 11.00%, (1 mo. USD LIBOR + 10.00%, Floor 1.00%), 6.00% cash, 5.00% PIK, Maturing June 23, 2023

      513       473,190  

Term Loan, 7.00%, (3 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing June 30, 2023

      597       484,193  
Hoya Midco, LLC                  

Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 30, 2024

      2,082       1,798,538  
LSF9 Atlantis Holdings, LLC                  

Term Loan, 7.00%, (1 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing May 1, 2023

      1,049       1,023,304  
PFS Holding Corporation                  

Term Loan, 0.00%, Maturing January 31, 2021(6)

      2,213       862,978  
Pier 1 Imports (U.S.), Inc.                  

Term Loan, 0.00%, Maturing April 30,
2021(3)(6)

            638       311,283  
                    $ 9,814,857  
Steel — 0.4%  
Atkore International, Inc.                  

Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing December 22, 2023

      375     $ 374,374  
GrafTech Finance, Inc.                  

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing February 12, 2025

      3,588       3,554,640  
Neenah Foundry Company                  

Term Loan, 9.19%, (2 mo. USD LIBOR + 9.00%), Maturing December 13, 2022

      727       636,388  
Phoenix Services International, LLC                  

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing March 1, 2025

      878       844,594  
Zekelman Industries, Inc.                  

Term Loan, 2.14%, (1 mo. USD LIBOR + 2.00%), Maturing January 24, 2027

            1,144       1,111,174  
                    $ 6,521,170  
Surface Transport — 0.1%  
Hertz Corporation (The)                  

Term Loan, 0.00%, Maturing June 30,
2023(6)

      1,195     $ 1,147,500  
Kenan Advantage Group, Inc.                  

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022

      127       122,674  

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022

      418       403,409  
 

 

  20   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Surface Transport (continued)  
XPO Logistics, Inc.                  

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing February 24, 2025

            650     $ 640,318  
                    $ 2,313,901  
Telecommunications — 2.1%  
Cablevision Lightpath, LLC                  

Term Loan, Maturing September 15, 2027(4)

      350     $ 348,031  
CenturyLink, Inc.                  

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing March 15, 2027

      7,345       7,069,735  
Colorado Buyer, Inc.                  

Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing May 1, 2024

      919       808,830  
Digicel International Finance Limited                  

Term Loan, 3.80%, (6 mo. USD LIBOR + 3.25%), Maturing May 28, 2024

      4,927       4,352,041  
eircom Finco S.a.r.l.                  

Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing May 15, 2026

    EUR       1,786       2,074,178  
Gamma Infrastructure III B.V.                  

Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing January 9, 2025

    EUR       1,700       1,935,030  
Global Eagle Entertainment, Inc.                  

DIP Loan, 11.25%, (1 mo. USD LIBOR + 10.00%, Floor 1.25%), Maturing January 22, 2021

      329       328,814  

Term Loan, 0.00%, Maturing January 6, 2023(6)

      2,210       1,538,952  
Intelsat Jackson Holdings S.A.                  

DIP Loan, 5.05%, (3 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing July 13, 2022(2)

      444       453,466  

Term Loan, 8.75%, (USD Prime + 5.50%), Maturing January 2, 2024

      1,500       1,516,340  
IPC Corp.                  

Term Loan, 5.50%, (3 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing August 6, 2021(3)

      1,088       786,732  
Onvoy, LLC                  

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing February 10, 2024

      820       788,978  
Plantronics, Inc.                  

Term Loan, 2.65%, (USD LIBOR + 2.50%), Maturing July 2, 2025(5)

      1,304       1,229,226  
Syniverse Holdings, Inc.                  

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing March 9, 2023

      1,048       816,664  
Telesat Canada                  

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing December 7, 2026

      1,390       1,347,815  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Telecommunications (continued)  
Zayo Group Holdings, Inc.                  

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing March 9, 2027

      2,313     $ 2,250,423  

Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing March 9, 2027

    EUR       995       1,145,297  
Ziggo Financing Partnership                  

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing April 30, 2028

            4,150       4,011,091  
                    $ 32,801,643  
Utilities — 0.4%  
Calpine Construction Finance Company L.P.                  

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2025

      2,729     $ 2,649,242  
Calpine Corporation                  

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2024

      3,081       3,005,646  

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing April 5, 2026

      913       890,887  
Longview Power, LLC                  

Term Loan, 11.50%, (3 mo. USD LIBOR + 10.00%, Floor 1.50%), Maturing July 30, 2025(3)

            43       34,251  
                    $ 6,580,026  

Total Senior Floating-Rate Loans
(identified cost $797,433,626)

 

  $ 762,415,618  
Corporate Bonds & Notes — 50.8%

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Aerospace and Defense — 1.3%  
Bombardier, Inc.                  

6.125%, 5/15/21(9)

    EUR       100     $ 116,372  

6.00%, 10/15/22(10)

      2,014       1,870,502  

6.125%, 1/15/23(10)

      1,685       1,442,360  

7.875%, 4/15/27(10)

      602       457,502  
Howmet Aerospace, Inc.                  

6.875%, 5/1/25

      1,683       1,861,819  
Moog, Inc.                  

4.25%, 12/15/27(10)

      955       977,729  
Spirit AeroSystems, Inc.                  

7.50%, 4/15/25(10)

      741       751,656  
 

 

  21   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Aerospace and Defense (continued)  
TransDigm UK Holdings PLC                  

6.875%, 5/15/26

      725     $ 730,818  
TransDigm, Inc.                  

6.50%, 7/15/24

      4,410       4,409,735  

6.50%, 5/15/25

      185       184,769  

6.25%, 3/15/26(10)

      2,408       2,527,930  

7.50%, 3/15/27

      1,862       1,936,480  

5.50%, 11/15/27

            2,052       1,975,973  
                    $ 19,243,645  
Agriculture — 0.0%(8)  
Tereos Finance Groupe I S.A.                  

4.125%, 6/16/23(9)

    EUR       100     $ 108,994  
                    $ 108,994  
Air Transport — 0.4%  
Azul Investments LLP                  

5.875%, 10/26/24(10)

      1,030     $ 774,570  
Delta Air Lines, Inc.                  

7.375%, 1/15/26

      1,266       1,328,934  
Delta Air Lines, Inc./SkyMiles IP, Ltd.                  

4.50%, 10/20/25(10)

      681       699,466  

4.75%, 10/20/28(10)

      683       709,625  
Mileage Plus Holdings, LLC/Mileage Plus
Intellectual Property Assets, Ltd.
                 

6.50%, 6/20/27(10)

            2,418       2,523,787  
                    $ 6,036,382  
Automotive — 1.5%  
Adient Global Holdings, Ltd.                  

3.50%, 8/15/24(9)

    EUR       150     $ 162,624  
Clarios Global, L.P.                  

6.75%, 5/15/25(10)

      480       505,954  

4.375%, 5/15/26(9)

    EUR       300       353,933  

6.25%, 5/15/26(10)

      1,671       1,755,260  

8.50%, 5/15/27(10)

      3,233       3,359,572  
Faurecia S.E.                  

3.75%, 6/15/28(9)

    EUR       260       304,299  
Fiat Chrysler Automobiles N.V.                  

4.50%, 7/7/28(9)

    EUR       420       561,847  
Ford Motor Co.                  

8.50%, 4/21/23

      2,361       2,577,256  

9.00%, 4/22/25

      2,833       3,251,703  

9.625%, 4/22/30

      1,184       1,530,740  
Security          Principal
Amount*
(000’s omitted)
    Value  
Automotive (continued)  
Ford Motor Co. (continued)                  

7.45%, 7/16/31

      993     $ 1,140,644  

4.75%, 1/15/43

      274       248,600  
Frigoglass Finance B.V.                  

6.875%, 2/12/25(9)

    EUR       100       79,131  
General Motors Co.                  

5.00%, 4/1/35

      1,495       1,623,915  
GKN Holdings, Ltd.                  

4.625%, 5/12/32(9)

    GBP       120       149,801  
IAA, Inc.                  

5.50%, 6/15/27(10)

      444       463,148  
Jaguar Land Rover Automotive PLC                  

6.875%, 11/15/26(9)

    EUR       100       107,572  
Lithia Motors, Inc.                  

4.625%, 12/15/27(10)

      514       531,990  

4.375%, 1/15/31(10)(11)

      333       333,000  
LKQ European Holdings B.V.                  

3.625%, 4/1/26(9)

    EUR       125       148,819  
Navistar International Corp.                  

9.50%, 5/1/25(10)

      954       1,073,279  

6.625%, 11/1/25(10)

      1,572       1,616,212  
RAC Bond Co. PLC                  

5.00%, 11/6/22(9)

    GBP       150       187,657  
Renault S.A.                  

1.25%, 6/24/25(9)

    EUR       300       324,925  
ZF North America Capital, Inc.                  

4.50%, 4/29/22(10)

      392       403,288  

4.75%, 4/29/25(10)

            200       204,988  
                    $ 23,000,157  
Banks and Thrifts — 1.1%  
Banco Comercial Portugues S.A.                  

4.50% to 12/7/22, 12/7/27(9)(12)

    EUR       500     $ 565,662  
Banco Mercantil del Norte S.A./Grand Cayman                  

5.75% to 10/4/26, 10/4/31(10)(12)

      1,160       1,175,590  
Bank of Montreal                  

3.803% to 12/15/27, 12/15/32(12)

      1,325       1,477,136  
BankUnited, Inc.                  

5.125%, 6/11/30

      1,000       1,100,563  
BBVA Bancomer S.A.                  

5.125% to 1/18/28, 1/18/33(10)(12)

      2,590       2,497,149  
Commonwealth Bank of Australia                  

3.61% to 9/12/29, 9/12/34(10)(12)

      1,500       1,634,881  
Danske Bank A/S                  

1.621% to 9/11/25, 9/11/26(10)(12)

      1,086       1,077,907  
 

 

  22   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Banks and Thrifts (continued)  
Deutsche Bank AG/New York, NY                  

2.222% to 9/18/23, 9/18/24(12)

      720     $ 725,243  
First Midwest Bancorp, Inc.                  

5.875%, 9/29/26

      1,000       1,106,499  
Flagstar Bancorp, Inc.                  

6.125%, 7/15/21

      650       660,946  
Nationwide Building Society                  

4.125% to 10/18/27, 10/18/32(10)(12)

      1,280       1,363,826  
Santander Holdings USA, Inc.                  

3.45%, 6/2/25

      1,030       1,100,338  
Wells Fargo & Co.                  

3.584% to 5/22/27, 5/22/28(12)

            1,500       1,680,341  
                    $ 16,166,081  
Beverage and Tobacco — 0.1%  
Altria Group, Inc.                  

3.875%, 9/16/46

      650     $ 666,812  
Coca-Cola Co. (The)                  

2.75%, 6/1/60

      500       506,085  
Vector Group, Ltd.                  

6.125%, 2/1/25(10)

            500       499,950  
                    $ 1,672,847  
Brokerage / Securities Dealers / Investment Houses — 0.1%  
Alliance Data Systems Corp.                  

4.75%, 12/15/24(10)

      1,071     $ 1,005,856  
Intrum AB                  

3.50%, 7/15/26(9)

    EUR       200       214,060  
Neuberger Berman Group, LLC/Neuberger Berman
Finance Corp.
                 

4.875%, 4/15/45(10)

            688       763,563  
                    $ 1,983,479  
Building and Development — 1.3%  
ADLER Real Estate AG                  

1.875%, 4/27/23(9)

    EUR       300     $ 340,671  
AT Securities B.V.                  

5.25% to 7/21/23(9)(12)(13)

      250       250,938  
Boise Cascade Co.                  

4.875%, 7/1/30(10)

      707       760,025  
Brookfield Property REIT, Inc./BPR Cumulus, LLC/
BPR Nimbus, LLC/GGSI Sellco, LLC
                 

5.75%, 5/15/26(10)

      1,592       1,257,593  
Security          Principal
Amount*
(000’s omitted)
    Value  
Building and Development (continued)  
Brookfield Residential Properties, Inc./Brookfield
Residential U.S. Corp.
                 

6.25%, 9/15/27(10)

      378     $ 381,893  

4.875%, 2/15/30(10)

      697       653,054  
Builders FirstSource, Inc.                  

6.75%, 6/1/27(10)

      852       913,770  

5.00%, 3/1/30(10)

      510       528,806  
Cemex SAB de CV                  

7.375%, 6/5/27(10)

      200       216,379  
Cornerstone Building Brands, Inc.                  

6.125%, 1/15/29(10)

      355       359,659  
CyrusOne, L.P./CyrusOne Finance Corp.                  

3.45%, 11/15/29

      562       609,913  
Five Point Operating Co., L.P./Five Point
Capital Corp.
                 

7.875%, 11/15/25(10)

      1,213       1,215,426  
Greystar Real Estate Partners, LLC                  

5.75%, 12/1/25(10)

      2,076       2,101,950  
Hillman Group, Inc. (The)                  

6.375%, 7/15/22(10)

      2,695       2,643,836  
HT Troplast GmbH                  

9.25%, 7/15/25(9)

    EUR       115       143,906  
James Hardie International Finance DAC                  

3.625%, 10/1/26(9)

    EUR       200       239,404  
Masonite International Corp.                  

5.375%, 2/1/28(10)

      570       609,837  
Miller Homes Group Holdings PLC                  

5.50%, 10/15/24(9)

    GBP       100       127,540  
Shea Homes, L.P./Shea Homes Funding Corp.                  

4.75%, 2/15/28(10)

      1,423       1,422,780  

4.75%, 4/1/29(10)

      440       439,725  
Standard Industries, Inc.                  

2.25%, 11/21/26(9)

    EUR       250       281,280  

5.00%, 2/15/27(10)

      457       476,608  

4.375%, 7/15/30(10)

      1,146       1,176,713  
Taylor Morrison Communities, Inc.                  

5.875%, 6/15/27(10)

      808       892,662  

5.75%, 1/15/28(10)

      1,062       1,164,403  

5.125%, 8/1/30(10)

      685       734,234  
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.                  

5.875%, 6/15/24

      280       303,275  

5.70%, 6/15/28

            385       422,538  
                    $ 20,668,818  
 

 

  23   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Business Equipment and Services — 1.3%  
Allied Universal Holdco, LLC                  

6.625%, 7/15/26(10)

      1,274     $ 1,358,402  

9.75%, 7/15/27(10)

      845       919,580  
EIG Investors Corp.                  

10.875%, 2/1/24

      5,445       5,682,647  
Garda World Security Corp.                  

9.50%, 11/1/27(10)

      2,416       2,540,883  
Iron Mountain, Inc.                  

5.00%, 7/15/28(10)

      94       96,467  

5.25%, 7/15/30(10)

      1,164       1,215,652  

4.50%, 2/15/31(10)

      1,431       1,441,575  

5.625%, 7/15/32(10)

      792       837,433  
ServiceMaster Co., LLC (The)                  

7.45%, 8/15/27

      4,075       4,461,351  
Techem Verwaltungsgesellschaft 674 mbH                  

6.00%, 7/30/26(9)

    EUR       200       240,030  
United Rentals North America, Inc.                  

3.875%, 2/15/31

            440       447,425  
                    $ 19,241,445  
Cable and Satellite Television — 3.5%  
Altice France S.A.                  

7.375%, 5/1/26(10)

      1,249     $ 1,310,139  

8.125%, 2/1/27(10)

      4,904       5,349,553  

5.50%, 1/15/28(10)

      841       852,564  

5.125%, 1/15/29(10)

      686       685,777  
CCO Holdings, LLC/CCO Holdings Capital Corp.                  

5.375%, 5/1/25(10)

      3,605       3,713,150  

5.75%, 2/15/26(10)

      1,885       1,962,756  

5.00%, 2/1/28(10)

      1,755       1,846,699  

5.375%, 6/1/29(10)

      595       645,510  

4.75%, 3/1/30(10)

      1,789       1,896,340  

4.50%, 8/15/30(10)

      1,640       1,724,132  

4.25%, 2/1/31(10)

      1,739       1,804,995  

4.50%, 5/1/32(10)

      771       805,695  
Charter Communications Operating, LLC/Charter
Communications Operating Capital
                 

4.80%, 3/1/50

      975       1,119,890  
CSC Holdings, LLC                  

6.75%, 11/15/21

      2,780       2,918,778  

5.875%, 9/15/22

      1,085       1,149,422  

5.25%, 6/1/24

      355       381,403  

5.50%, 5/15/26(10)

      2,000       2,082,500  

7.50%, 4/1/28(10)

      619       684,685  

6.50%, 2/1/29(10)

      543       606,463  
Security          Principal
Amount*
(000’s omitted)
    Value  
Cable and Satellite Television (continued)  
CSC Holdings, LLC (continued)                  

5.75%, 1/15/30(10)

      5,848     $ 6,222,067  

4.625%, 12/1/30(10)

      1,585       1,594,692  

3.375%, 2/15/31(10)

      912       884,184  
DISH DBS Corp.                  

6.75%, 6/1/21

      410       420,660  

5.875%, 7/15/22

      2,395       2,493,195  

5.875%, 11/15/24

      530       546,562  
Radiate Holdco, LLC/Radiate Finance, Inc.                  

6.50%, 9/15/28(10)

      1,165       1,197,489  
TEGNA, Inc.                  

4.75%, 3/15/26(10)

      440       450,428  

4.625%, 3/15/28(10)

      372       364,672  

5.00%, 9/15/29(10)

      766       757,145  
UPC Holding B.V.                  

5.50%, 1/15/28(10)

      593       613,384  
UPCB Finance VII, Ltd.                  

3.625%, 6/15/29(9)

    EUR       300       353,554  
Virgin Media Finance PLC                  

5.00%, 7/15/30(10)

      946       942,452  
Virgin Media Secured Finance PLC                  

5.50%, 8/15/26(10)

      1,163       1,214,608  

5.00%, 4/15/27(9)

    GBP       100       135,457  
Virgin Media Vendor Financing Notes III DAC                  

4.875%, 7/15/28(9)

    GBP       500       652,804  
Ziggo B.V.                  

5.50%, 1/15/27(10)

      1,808       1,897,216  

4.875%, 1/15/30(10)

      802       831,574  
Ziggo Bond Co., B.V.                  

6.00%, 1/15/27(10)

      745       772,006  

3.375%, 2/28/30(9)

    EUR       230       257,340  
                    $ 54,141,940  
Capital Goods — 0.2%  
BWX Technologies, Inc.                  

5.375%, 7/15/26(10)

      1,305     $ 1,360,215  

4.125%, 6/30/28(10)

      948       972,292  
Valmont Industries, Inc.                  

5.25%, 10/1/54

            610       663,755  
                    $ 2,996,262  
Chemicals and Plastics — 0.6%  
Alpek SAB de CV                  

4.25%, 9/18/29(10)

      310     $ 306,520  
 

 

  24   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Chemicals and Plastics (continued)  
Huntsman International, LLC                  

4.50%, 5/1/29

      500     $ 562,503  
K+S AG                  

2.625%, 4/6/23(9)

    EUR       100       111,323  
Nufarm Australia, Ltd./Nufarm Americas, Inc.                  

5.75%, 4/30/26(10)

      1,800       1,842,588  
OCI N.V.                  

5.00%, 4/15/23(9)

    EUR       200       240,815  

3.125%, 11/1/24(9)

    EUR       200       233,890  

3.625%, 10/15/25(9)(11)

    EUR       100       117,245  
SPCM S.A.                  

4.875%, 9/15/25(10)

      1,356       1,407,650  

2.625%, 2/1/29(9)

    EUR       300       350,993  
Synthomer PLC                  

3.875%, 7/1/25(9)

    EUR       200       239,637  
Univar Solutions USA, Inc.                  

5.125%, 12/1/27(10)

      360       370,058  
Valvoline, Inc.                  

4.25%, 2/15/30(10)

      790       806,985  
W.R. Grace & Co.                  

4.875%, 6/15/27(10)

      1,146       1,185,623  
Westlake Chemical Corp.                  

5.00%, 8/15/46

            710       831,440  
                    $ 8,607,270  
Clothing / Textiles — 0.4%  
Hanesbrands Finance Luxembourg SCA                  

3.50%, 6/15/24(9)

    EUR       300     $ 366,826  
PrestigeBidCo GmbH                  

6.25%, 12/15/23(9)

    EUR       265       317,063  
PVH Corp.                  

7.75%, 11/15/23

      3,740       4,305,242  
William Carter Co. (The)                  

5.50%, 5/15/25(10)

      331       347,343  

5.625%, 3/15/27(10)

            811       848,509  
                    $ 6,184,983  
Commercial Services — 0.7%  
AMN Healthcare, Inc.                  

4.625%, 10/1/27(10)

      458     $ 470,309  
Autostrade per l’Italia SpA                  

6.25%, 6/9/22

    GBP       250       341,145  
Avis Budget Car Rental, LLC/Avis Budget
Finance, Inc.
                 

6.375%, 4/1/24(10)

      225       214,380  
Security          Principal
Amount*
(000’s omitted)
    Value  
Commercial Services (continued)  
Avis Budget Car Rental, LLC/Avis Budget
Finance, Inc. (continued)
             

5.25%, 3/15/25(10)

      685     $ 625,885  

5.75%, 7/15/27(10)

      1,215       1,096,788  
Block Financial, LLC                  

3.875%, 8/15/30

      488       491,186  
Ellaktor Value PLC                  

6.375%, 12/15/24(9)

    EUR       3,007       3,078,058  

6.375%, 12/15/24(10)

    EUR       226       230,254  
Intertrust Group B.V.                  

3.375%, 11/15/25(9)

    EUR       340       407,554  
Korn Ferry                  

4.625%, 12/15/27(10)

      355       360,325  
Loxam S.A.S.                  

3.25%, 1/14/25(9)

    EUR       200       223,303  
Nexi SpA                  

1.75%, 10/31/24(9)

    EUR       200       232,079  
Nielsen Finance, LLC/Nielsen Finance Co.                  

5.625%, 10/1/28(10)

      447       460,410  

5.875%, 10/1/30(10)

      447       463,483  
Q-Park Holding I B.V.                  

2.00%, 3/1/27(9)

    EUR       300       315,506  
Sisal Pay SpA                  

3.875%, (3 mo. EURIBOR + 3.875%), 12/17/26(9)(14)

    EUR       110       125,987  
Verisure Holding AB                  

3.50%, 5/15/23(9)

    EUR       140       165,514  
Verisure Midholding AB                  

5.75%, 12/1/23(9)

    EUR       200       235,175  
Verscend Escrow Corp.                  

9.75%, 8/15/26(10)

            382       416,300  
                    $ 9,953,641  
Computers — 0.4%  
Booz Allen Hamilton, Inc.                  

3.875%, 9/1/28(10)

      1,341     $ 1,379,118  
DXC Technology Co.                  

4.75%, 4/15/27

      1,000       1,114,794  
HP, Inc.                  

3.40%, 6/17/30

      1,000       1,074,263  
International Business Machines Corp.                  

2.95%, 5/15/50

      500       521,473  
Presidio Holdings, Inc.                  

8.25%, 2/1/28(10)

      1,005       1,055,878  
 

 

  25   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Computers (continued)  
Seagate HDD Cayman                  

5.75%, 12/1/34

            995     $ 1,131,934  
                    $ 6,277,460  
Conglomerates — 0.3%  
Spectrum Brands, Inc.                  

5.75%, 7/15/25

      3,470     $ 3,586,245  

5.00%, 10/1/29(10)

      406       422,240  

5.50%, 7/15/30(10)

      691       730,301  
TMS International Holding Corp.                  

7.25%, 8/15/25(10)

            543       509,741  
                    $ 5,248,527  
Consumer Products — 0.1%  
Central Garden & Pet Co.                  

6.125%, 11/15/23

      575     $ 587,877  

5.125%, 2/1/28

            285       300,265  
                    $ 888,142  
Containers and Glass Products — 0.3%  
Ardagh Packaging Finance PLC/Ardagh Holdings
USA, Inc.
                 

2.125%, 8/15/26(9)

    EUR       100     $ 114,297  

5.25%, 8/15/27(10)

      1,661       1,694,220  
Berry Global, Inc.                  

6.00%, 10/15/22

      485       487,207  
Crown Americas, LLC/Crown Americas Capital
Corp. V
                 

4.25%, 9/30/26

      660       685,988  
Crown Americas, LLC/Crown Americas Capital
Corp. VI
                 

4.75%, 2/1/26

      750       780,795  
Reynolds Group Issuer, Inc./Reynolds Group
Issuer, LLC
                 

5.125%, 7/15/23(10)

      548       555,124  
Smurfit Kappa Acquisitions ULC                  

2.375%, 2/1/24(9)

    EUR       200       243,842  

2.875%, 1/15/26(9)

    EUR       100       125,269  
                    $ 4,686,742  
Cosmetics / Toiletries — 0.1%  
Edgewell Personal Care Co.                  

5.50%, 6/1/28(10)

      1,067     $ 1,124,207.  
Security          Principal
Amount*
(000’s omitted)
    Value  
Cosmetics / Toiletries (continued)  
Prestige Brands, Inc.                  

5.125%, 1/15/28(10)

      357     $ 369,495  
Procter & Gamble Co. (The)                  

3.60%, 3/25/50

            500       636,599  
                    $ 2,130,301  
Distribution & Wholesale — 0.1%  
LKQ Italia Bondco SpA                  

3.875%, 4/1/24(9)

    EUR       200     $ 247,034  
Parts Europe S.A.                  

4.375%, (3 mo. EURIBOR + 4.375%),
5/1/22(9)(14)

    EUR       447       517,828  
Performance Food Group, Inc.                  

5.50%, 10/15/27(10)

      935       964,761  
Travis Perkins PLC                  

4.50%, 9/7/23(9)

    GBP       175       228,893  
                    $ 1,958,516  
Diversified Financial Services — 1.4%  
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust
                 

4.50%, 9/15/23

      693     $ 714,624  

6.50%, 7/15/25

      159       171,862  
Affiliated Managers Group, Inc.                  

3.30%, 6/15/30

      849       908,706  
AG Issuer, LLC                  

6.25%, 3/1/28(10)

      1,117       1,114,208  
Arrow Global Finance PLC                  

2.875%, (3 mo. EURIBOR + 2.875%),
4/1/25(9)(14)

    EUR       250       275,177  
Barclays PLC                  

5.088% to 6/20/29, 6/20/30(12)

      1,000       1,127,705  
BrightSphere Investment Group, Inc.                  

4.80%, 7/27/26

      2,195       2,331,146  
Cabot Financial Luxembourg S.A.                  

7.50%, 10/1/23(9)

    GBP       100       130,701  
Cabot Financial Luxembourg II S.A.                  

6.375%, (3 mo. EURIBOR + 6.375%), 6/14/24(9)(14)

    EUR       500       589,631  
Discover Bank                  

4.682% to 8/9/23, 8/9/28(12)

      1,000       1,049,155  
GEMS MENASA Cayman, Ltd./GEMS
Education Delaware, LLC
                 

7.125%, 7/31/26(9)

      350       347,375  

7.125%, 7/31/26(10)

      2,279       2,261,908  
 

 

  26   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Diversified Financial Services (continued)  
Grupo KUO SAB de CV                  

5.75%, 7/7/27(10)

      750     $ 733,305  
Lincoln Financing S.a.r.l.                  

3.625%, 4/1/24(9)

    EUR       145       164,123  
Louvre Bidco S.A.S.                  

6.50%, 9/30/24(9)(11)

    EUR       400       469,683  
Nationstar Mortgage Holdings, Inc.                  

5.50%, 8/15/28(10)

      71       71,044  
PRA Group, Inc.                  

7.375%, 9/1/25(10)

      1,353       1,414,399  
Quicken Loans, LLC/Quicken Loans Co-Issuer, Inc.                  

3.625%, 3/1/29(10)

      1,188       1,179,833  
Stifel Financial Corp.                  

4.00%, 5/15/30

      769       851,695  
UniCredit SpA                  

5.861% to 6/19/27, 6/19/32(10)(12)

      715       762,254  

7.296% to 4/2/29, 4/2/34(10)(12)

      500       575,345  
Unifin Financiera SAB de CV                  

7.375%, 2/12/26(10)

      620       499,106  
Vivion Investments S.a.r.l.                  

3.00%, 8/8/24(9)

    EUR       3,400       3,512,953  

3.50%, 11/1/25(9)

    EUR       200       204,581  
                    $ 21,460,519  
Drugs — 1.8%  
AdaptHealth, LLC                  

6.125%, 8/1/28(10)

      685     $ 710,825  
Bausch Health Americas, Inc.                  

9.25%, 4/1/26(10)

      670       737,871  

8.50%, 1/31/27(10)

      3,076       3,384,108  
Bausch Health Companies, Inc.                  

5.50%, 3/1/23(10)

      198       197,876  

5.875%, 5/15/23(10)

      57       56,759  

7.00%, 3/15/24(10)

      3,810       3,947,160  

6.125%, 4/15/25(10)

      345       353,539  

5.50%, 11/1/25(10)

      955       978,636  

9.00%, 12/15/25(10)

      2,340       2,551,302  

5.75%, 8/15/27(10)

      412       438,008  

7.00%, 1/15/28(10)

      2,092       2,215,825  

5.00%, 1/30/28(10)

      1,051       1,022,097  

6.25%, 2/15/29(10)

      1,508       1,553,240  

7.25%, 5/30/29(10)

      544       586,397  

5.25%, 1/30/30(10)

      2,106       2,077,316  
Security          Principal
Amount*
(000’s omitted)
    Value  
Drugs (continued)  
Catalent Pharma Solutions, Inc.                  

4.875%, 1/15/26(10)

      2,700     $ 2,763,612  

5.00%, 7/15/27(10)

      656       683,349  

2.375%, 3/1/28(9)

    EUR       1,374       1,553,556  
Jaguar Holding Co. II/PPD Development, L.P.                  

4.625%, 6/15/25(10)

      1,159       1,195,659  

5.00%, 6/15/28(10)

      1,022       1,067,990  
Nidda Healthcare Holding GmbH                  

3.50%, 9/30/24(9)

    EUR       124       142,251  
                    $ 28,217,376  
Ecological Services and Equipment — 0.6%  
Clean Harbors, Inc.                  

4.875%, 7/15/27(10)

      551     $ 572,594  

5.125%, 7/15/29(10)

      332       361,151  
Covanta Holding Corp.                  

5.875%, 7/1/25

      860       892,160  

5.00%, 9/1/30

      841       849,873  
GFL Environmental, Inc.                  

3.75%, 8/1/25(10)

      776       775,515  

7.00%, 6/1/26(10)

      1,870       1,974,860  

8.50%, 5/1/27(10)

      2,822       3,067,161  
Waste Pro USA, Inc.                  

5.50%, 2/15/26(10)

            446       452,643  
                    $ 8,945,957  
Electric Utilities — 0.8%  
Clearway Energy Operating, LLC                  

4.75%, 3/15/28(10)

      460     $ 477,683  
Consolidated Edison Co. of New York, Inc.                  

4.125%, 5/15/49

      400       480,267  
ContourGlobal Power Holdings S.A.                  

4.125%, 8/1/25(9)

    EUR       200       237,544  
Drax Finco PLC                  

6.625%, 11/1/25(10)

      806       840,255  
Duke Energy Indiana, LLC                  

2.75%, 4/1/50

      500       512,970  
Duquesne Light Holdings, Inc.                  

2.532%, 10/1/30(10)

      492       494,249  
Edison International                  

3.55%, 11/15/24

      614       647,964  
EDP - Energias de Portugal S.A.                  

4.496% to 4/30/24, 4/30/79(9)(12)

    EUR       300       380,531  
 

 

  27   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Electric Utilities (continued)  
Liberty Utilities Finance GP 1                  

2.05%, 9/15/30(10)

      526     $ 519,790  
Orano S.A.                  

4.875%, 9/23/24

    EUR       200       260,582  
Pattern Energy Operations, L.P./Pattern Energy
Operations, Inc.
                 

4.50%, 8/15/28(10)

      705       732,759  
Pike Corp.                  

5.50%, 9/1/28(10)

      890       898,290  
Southern California Edison Co.                  

4.00%, 4/1/47

      845       906,291  
Southern Co. (The)                  

4.40%, 7/1/46

      971       1,154,760  
TenneT Holding B.V.                  

2.995% to 6/1/24(9)(12)(13)

    EUR       350       428,126  
Virginia Electric & Power Co.                  

4.00%, 1/15/43

      410       502,403  
WESCO Distribution, Inc.                  

7.125%, 6/15/25(10)

      1,024       1,116,800  

7.25%, 6/15/28(10)

            915       1,003,828  
                    $ 11,595,092  
Electronics / Electrical — 1.0%  
Enel Finance International N.V.                  

3.625%, 5/25/27(10)

      2,310     $ 2,571,212  
Energizer Holdings, Inc.                  

7.75%, 1/15/27(10)

      657       719,004  

4.375%, 3/31/29(10)

      707       715,838  
Engie Energia Chile S.A.                  

3.40%, 1/28/30(10)

      960       1,038,000  
Entegris, Inc.                  

4.625%, 2/10/26(10)

      517       529,827  

4.375%, 4/15/28(10)

      963       992,492  
Go Daddy Operating Co., LLC/GD Finance Co., Inc.                  

5.25%, 12/1/27(10)

      1,249       1,302,438  
Ingram Micro, Inc.                  

5.45%, 12/15/24

      1,889       2,019,299  
Jabil, Inc.                  

3.95%, 1/12/28

      171       187,156  

3.00%, 1/15/31

      869       888,888  
Open Text Corp.                  

3.875%, 2/15/28(10)

      1,009       1,022,400  
Open Text Holdings, Inc.                  

4.125%, 2/15/30(10)

      883       909,737  
Security          Principal
Amount*
(000’s omitted)
    Value  
Electronics / Electrical (continued)  
RWE AG                  

6.625% to 3/30/26, 7/30/75(9)(12)

      266     $ 305,999  
Sensata Technologies, Inc.                  

4.375%, 2/15/30(10)

      627       659,936  

3.75%, 2/15/31(10)

      680       677,450  
SS&C Technologies, Inc.                  

5.50%, 9/30/27(10)

      517       550,072  
Trimble, Inc.                  

4.90%, 6/15/28

            699       825,476  
                    $ 15,915,224  
Energy — 0.4%  
Empresa Electrica Cochrane SpA                  

5.50%, 5/14/27(10)

      2,136     $ 2,207,980  
Enviva Partners, L.P./Enviva Partners
Finance Corp.
                 

6.50%, 1/15/26(10)

      1,988       2,098,582  
Sunoco, L.P./Sunoco Finance Corp.                  

4.875%, 1/15/23

      950       958,213  

5.50%, 2/15/26

            412       412,952  
                    $ 5,677,727  
Engineering & Construction — 0.0%(8)  
Weekley Homes, LLC/Weekley Finance Corp.                  

4.875%, 9/15/28(10)

            396     $ 400,950  
                    $ 400,950  
Entertainment — 0.6%  
Colt Merger Sub, Inc.                  

6.25%, 7/1/25(10)

      2,521     $ 2,631,306  

8.125%, 7/1/27(10)

      2,032       2,156,572  
CPUK Finance, Ltd.                  

4.25%, 2/28/47(9)

    GBP       52       66,610  

4.875%, 2/28/47(9)

    GBP       135       163,780  
Live Nation Entertainment, Inc.                  

4.75%, 10/15/27(10)

      1,226       1,150,141  
Pinewood Finance Co., Ltd.                  

3.25%, 9/30/25(9)

    GBP       450       580,574  
Powdr Corp.                  

6.00%, 8/1/25(10)

      1,040       1,067,300  
Speedway Motorsports, LLC/Speedway
Funding II, Inc.
                 

4.875%, 11/1/27(10)

            871       838,076  
                    $ 8,654,359  
 

 

  28   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Equipment Leasing — 0.1%  
Ashtead Capital, Inc.                  

4.125%, 8/15/25(10)

      1,425     $ 1,466,079  

4.25%, 11/1/29(10)

            526       555,139  
                    $ 2,021,218  
Financial Intermediaries — 1.9%  
Alpha Holding S.A. de CV                  

10.00%, 12/19/22(10)

      200     $ 169,750  

9.00%, 2/10/25(10)

      765       582,548  
CIT Group, Inc.                  

6.125%, 3/9/28

      650       743,314  
Citigroup, Inc.                  

3.98% to 3/20/29, 3/20/30(12)

      1,200       1,384,565  
FCE Bank PLC                  

1.875%, 6/24/21(9)

    EUR       100       116,470  

1.134%, 2/10/22(9)

    EUR       600       690,633  
Ford Motor Credit Co., LLC                  

3.813%, 10/12/21

      466       468,039  

5.596%, 1/7/22

      1,127       1,155,175  

1.503%, (3 mo. USD LIBOR + 1.27%), 3/28/22(14)

      230       219,720  

3.339%, 3/28/22

      530       528,927  

4.25%, 9/20/22

      500       505,150  

3.087%, 1/9/23

      439       431,089  

1.515%, (3 mo. USD LIBOR + 1.24%), 2/15/23(14)

      479       440,923  

3.37%, 11/17/23

      1,506       1,486,234  

5.584%, 3/18/24

      257       267,688  

5.125%, 6/16/25

      938       968,485  

4.125%, 8/17/27

      2,739       2,668,813  

3.815%, 11/2/27

      587       560,209  
Icahn Enterprises, L.P./
Icahn Enterprises Finance
Corp.
                 

6.25%, 2/1/22

      1,606       1,626,549  

6.375%, 12/15/25

      820       845,067  

6.25%, 5/15/26

      1,615       1,687,417  

5.25%, 5/15/27

      1,614       1,686,509  
JPMorgan Chase & Co.                  

Series S, 6.75% to 2/1/24(12)(13)

      3,325       3,606,518  

4.60% to 2/1/25(12)(13)

      1,674       1,642,613  

4.26% to 2/22/47, 2/22/48(12)

      1,035       1,305,201  
MSCI, Inc.                  

3.625%, 9/1/30(10)

      520       534,300  
Navient Corp.                  

5.00%, 10/26/20

      995       996,433  

7.25%, 1/25/22

      215       221,245  
Security          Principal
Amount*
(000’s omitted)
    Value  
Financial Intermediaries (continued)  
Synovus Financial Corp.                  

5.90% to 2/7/24, 2/7/29(12)

            1,511     $ 1,561,097  
                    $ 29,100,681  
Financial Services — 0.4%  
Banco BTG Pactual S.A./Cayman Islands                  

4.50%, 1/10/25(10)

      1,100     $ 1,124,761  
Brookfield Finance, Inc.                  

4.70%, 9/20/47

      1,050       1,226,599  
Carlyle Finance Subsidiary, LLC                  

3.50%, 9/19/29(10)

      1,000       1,090,053  
Debt and Asset Trading Corp.                  

1.00%, 10/10/25(9)

      2,600       2,099,500  
Nordea Bank Abp                  

4.625% to 9/13/28, 9/13/33(10)(12)

            1,000       1,135,264  
                    $ 6,676,177  
Food Products — 0.9%  
JBS USA LUX S.A./JBS USA Finance, Inc.                  

6.75%, 2/15/28(10)

      1,350     $ 1,469,758  
JBS USA LUX S.A./JBS USA Food Co./ JBS USA
Finance, Inc.
                 

5.50%, 1/15/30(10)

      1,046       1,141,447  
Kraft Heinz Foods Co.                  

3.875%, 5/15/27(10)

      1,261       1,345,878  

4.25%, 3/1/31(10)

      1,261       1,386,019  

4.375%, 6/1/46

      3,059       3,149,756  

5.50%, 6/1/50(10)

      1,261       1,447,907  
Post Holdings, Inc.                  

5.00%, 8/15/26(10)

      1,377       1,413,814  

4.625%, 4/15/30(10)

      558       574,740  
Smithfield Foods, Inc.                  

2.65%, 10/3/21(10)

      550       553,552  
Tesco PLC                  

6.125%, 2/24/22

    GBP       200       276,320  
TreeHouse Foods, Inc.                  

4.00%, 9/1/28

            435       440,766  
                    $ 13,199,957  
Food Service — 0.6%  
1011778 B.C. Unlimited Liability
Company/New Red Finance, Inc.
                 

5.75%, 4/15/25(10)

      372     $ 397,694  

5.00%, 10/15/25(10)

      1,794       1,842,537  
 

 

  29   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Food Service (continued)  
1011778 B.C. Unlimited Liability Company/New
Red Finance, Inc. (continued)
                 

3.875%, 1/15/28(10)

      663     $ 676,585  

4.375%, 1/15/28(10)

      1,014       1,035,791  

4.00%, 10/15/30(10)(11)

      1,141       1,152,649  
IRB Holding Corp.                  

7.00%, 6/15/25(10)

      451       481,679  
US Foods, Inc.                  

5.875%, 6/15/24(10)

      1,995       2,013,055  
Yum! Brands, Inc.                  

7.75%, 4/1/25(10)

      304       336,300  

3.625%, 3/15/31

            1,119       1,121,098  
                    $ 9,057,388  
Food / Drug Retailers — 0.1%  
Albertsons Cos., Inc./Safeway, Inc./New
Albertsons, L.P./Albertsons, LLC
                 

5.875%, 2/15/28(10)

      1,004     $ 1,073,467  

4.875%, 2/15/30(10)

            1,042       1,087,327  
                    $ 2,160,794  
Health Care — 4.3%  
Acadia Healthcare Co., Inc.                  

5.50%, 7/1/28(10)

      980     $ 1,009,780  

5.00%, 4/15/29(10)(11)

      1,052       1,063,835  
Amgen, Inc.                  

3.375%, 2/21/50

      400       434,467  
Anthem, Inc.                  

3.125%, 5/15/50

      500       506,219  
Avantor Funding, Inc.  

4.625%, 7/15/28(10)

      1,630       1,693,162  
Centene Corp.                  

4.75%, 5/15/22

      870       881,310  

4.75%, 1/15/25

      1,227       1,262,644  

5.25%, 4/1/25(10)

      2,775       2,887,387  

5.375%, 6/1/26(10)

      2,690       2,842,577  

5.375%, 8/15/26(10)

      672       713,866  

4.25%, 12/15/27

      1,795       1,882,497  

4.625%, 12/15/29

      1,758       1,898,561  

3.375%, 2/15/30

      3,056       3,175,383  

3.00%, 10/15/30(11)

      2,345       2,391,900  
Charles River Laboratories International, Inc.                  

5.50%, 4/1/26(10)

      545       574,975  

4.25%, 5/1/28(10)

      502       527,692  
Security        Principal
Amount*
(000’s omitted)
    Value  
Health Care (continued)  
CHS/Community Health Systems, Inc.                

6.25%, 3/31/23

      90     $ 88,087  
DaVita, Inc.                

3.75%, 2/15/31(10)

      931       899,393  
DENTSPLY SIRONA, Inc.                

3.25%, 6/1/30

      209       227,439  
Emergent BioSolutions, Inc.                

3.875%, 8/15/28(10)

      1,115       1,122,169  
Encompass Health Corp.                

4.50%, 2/1/28

      998       1,004,677  

4.75%, 2/1/30

      1,098       1,115,821  

4.625%, 4/1/31(11)

      787       787,000  
Grifols S.A.                

3.20%, 5/1/25(9)

  EUR     250       294,932  
HCA, Inc.                

5.00%, 3/15/24

      675       757,010  

5.875%, 2/15/26

      2,705       3,032,981  

5.375%, 9/1/26

      1,610       1,782,069  

5.625%, 9/1/28

      1,990       2,279,993  

5.875%, 2/1/29

      1,076       1,255,375  

3.50%, 9/1/30

      1,549       1,580,362  
Hologic, Inc.                

3.25%, 2/15/29(10)

      454       457,689  
IQVIA, Inc.                

3.25%, 3/15/25(9)

  EUR     300       355,121  

5.00%, 10/15/26(10)

      850       889,844  

5.00%, 5/15/27(10)

      577       606,159  

2.25%, 1/15/28(9)

  EUR     250       287,551  
LifePoint Health, Inc.                

6.75%, 4/15/25(10)

      731       771,205  

4.375%, 2/15/27(10)

      1,408       1,413,280  
Molina Healthcare, Inc.                

4.375%, 6/15/28(10)

      1,257       1,284,025  
MPH Acquisition Holdings, LLC                

7.125%, 6/1/24(10)

      9,217       9,481,989  
RegionalCare Hospital Partners Holdings, Inc./
LifePoint Health, Inc.
               

9.75%, 12/1/26(10)

      1,485       1,581,525  
Royalty Pharma PLC                

2.20%, 9/2/30(10)

      250       249,090  
Synlab Bondco PLC  

4.75%, (3 mo. EURIBOR + 4.75%), 7/1/25(9)(14)

  EUR     100       118,941  
Team Health Holdings, Inc.                

6.375%, 2/1/25(10)

      703       485,070  
 

 

  30   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Health Care (continued)  
Teleflex, Inc.                  

4.625%, 11/15/27

      1,055     $ 1,112,830  

4.25%, 6/1/28(10)

      230       238,337  
Tenet Healthcare Corp.                  

4.625%, 9/1/24(10)

      268       270,428  

4.875%, 1/1/26(10)

      1,607       1,633,098  

5.125%, 11/1/27(10)

      1,607       1,656,978  

4.625%, 6/15/28(10)

      377       380,883  

6.125%, 10/1/28(10)

      276       268,927  
Thermo Fisher Scientific, Inc.                  

4.10%, 8/15/47

      400       512,811  
UnitedHealth Group, Inc.                  

3.75%, 10/15/47

      650       772,567  
Varex Imaging Corp.                  

7.875%, 10/15/27(10)

            546       566,475  
                    $ 65,368,386  
Home Furnishings — 0.1%  
Harman International Industries, Inc.                  

4.15%, 5/15/25

            940     $ 1,050,922  
                    $ 1,050,922  
Homebuilders / Real Estate — 0.0%  
M/I Homes, Inc.                  

4.95%, 2/1/28

      459     $ 474,204  
Williams Scotsman International, Inc.                  

4.625%, 8/15/28(10)

            273       274,615  
                    $ 748,819  
Industrial Equipment — 0.1%  
Colfax Corp.                  

6.00%, 2/15/24(10)

      478     $ 497,923  

6.375%, 2/15/26(10)

      780       828,021  
Vertical Midco GmbH                  

4.75%, (3 mo. EURIBOR + 4.75%), 7/15/27(9)(14)

    EUR       115       135,630  
                    $ 1,461,574  
Insurance — 1.3%  
Alliant Holdings Intermediate, LLC/Alliant Holdings
Co-Issuer
                 

6.75%, 10/15/27(10)

      3,121     $ 3,279,578  
AmWINS Group, Inc.                  

7.75%, 7/1/26(10)

      1,557       1,671,533  
Security          Principal
Amount*
(000’s omitted)
    Value  
Insurance (continued)  
Athene Holding, Ltd.                  

4.125%, 1/12/28

      1,000     $ 1,084,026  
Galaxy Finco, Ltd.                  

9.25%, 7/31/27(9)

    GBP       575       756,790  
GTCR AP Finance, Inc.                  

8.00%, 5/15/27(10)

      1,078       1,146,049  
Hub International, Ltd.  

7.00%, 5/1/26(10)

      2,618       2,715,534  
Kemper Corp.                  

2.40%, 9/30/30

      615       607,023  
MetLife, Inc.                  

4.05%, 3/1/45

      300       365,391  
NFP Corp.                  

6.875%, 8/15/28(10)

      1,645       1,664,904  
QBE Insurance Group, Ltd.                  

5.875% to 5/12/25(10)(12)(13)

      1,000       1,063,750  
Radian Group, Inc.                  

4.875%, 3/15/27

      1,032       1,029,420  
USI, Inc.                  

6.875%, 5/1/25(10)

            3,948       4,009,648  
                    $ 19,393,646  
Internet Software & Services — 0.8%  
ANGI Group, LLC                  

3.875%, 8/15/28(10)

      446     $ 442,376  
CDK Global, Inc.                  

5.25%, 5/15/29(10)

      531       566,014  
Expedia Group, Inc.                  

6.25%, 5/1/25(10)

      487       537,372  

7.00%, 5/1/25(10)

      243       263,039  
Netflix, Inc.                  

5.50%, 2/15/22

      1,825       1,916,250  

3.00%, 6/15/25(9)

    EUR       100       122,389  

4.875%, 4/15/28

      1,665       1,863,351  

5.875%, 11/15/28

      1,810       2,162,932  

5.375%, 11/15/29(10)

      1,000       1,179,900  

3.625%, 6/15/30(9)

    EUR       500       637,203  

4.875%, 6/15/30(10)

      1,300       1,484,438  
Riverbed Technology, Inc.                  

8.875%, 3/1/23(10)

      1,819       1,273,300  
Science Applications International Corp.                  

4.875%, 4/1/28(10)

            362       368,158  
                    $ 12,816,722  
 

 

  31   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Leisure Goods / Activities/Movies — 0.7%  
AMC Entertainment Holdings, Inc.                  

10.50%, 4/15/25(10)

      1,249     $ 936,750  
Carnival Corp.                  

11.50%, 4/1/23(10)

      531       596,013  
Cinemark Holdings, Inc.                  

4.50%, 8/15/25(10)

      290       289,814  
Cinemark USA, Inc.                  

4.875%, 6/1/23

      2,730       2,339,269  
Explorer II AS                  

3.375%, 2/24/25

    EUR       100       94,968  
NCL Corp, Ltd.                  

3.625%, 12/15/24(10)

      1,065       747,497  

10.25%, 2/1/26(10)

      955       997,975  
Sabre GLBL, Inc.  

9.25%, 4/15/25(10)

      483       532,481  
Viking Cruises, Ltd.                  

6.25%, 5/15/25(10)

      1,690       1,332,810  

5.875%, 9/15/27(10)

      3,132       2,441,002  
WMG Acquisition Corp.                  

3.625%, 10/15/26(9)

    EUR       165       198,083  
                    $ 10,506,662  
Lodging and Casinos — 1.5%  
Caesars Resort Collection, LLC/CRC Finco, Inc.                  

5.25%, 10/15/25(10)

      3,279     $ 3,176,744  
Gateway Casinos & Entertainment, Ltd.                  

8.25%, 3/1/24(10)

      2,255       1,913,694  
Golden Nugget, Inc.                  

6.75%, 10/15/24(10)

      1,665       1,392,356  
MGM Growth Properties Operating Partnership,
L.P./MGP Finance Co-Issuer, Inc.
                 

5.625%, 5/1/24

      480       510,134  

4.50%, 9/1/26

      895       910,591  

5.75%, 2/1/27

      573       618,304  
MGM Resorts International                  

7.75%, 3/15/22

      2,300       2,428,628  

5.75%, 6/15/25

      948       996,040  
NH Hotel Group S.A.                  

3.75%, 10/1/23(9)

    EUR       225       242,834  
Stars Group Holdings B.V./
Stars Group US
Co-Borrower, LLC
                 

7.00%, 7/15/26(10)

      3,930       4,182,994  
VICI Properties, L.P./VICI Note Co., Inc.                  

4.25%, 12/1/26(10)

      1,653       1,663,290  
Security          Principal
Amount*
(000’s omitted)
    Value  
Lodging and Casinos (continued)  
VICI Properties, L.P./VICI Note Co.,
Inc. (continued)
       

3.75%, 2/15/27(10)

      1,108     $ 1,091,380  

4.625%, 12/1/29(10)

      1,574       1,610,399  

4.125%, 8/15/30(10)

      1,108       1,092,765  
Wynn Las Vegas, LLC/Wynn Las
Vegas Capital
Corp.
                 

5.25%, 5/15/27(10)

            812       762,773  
                    $ 22,592,926  
Machinery — 0.1%  
Flowserve Corp.                  

3.50%, 10/1/30

      244     $ 242,083  
nVent Finance S.a.r.l.                  

4.55%, 4/15/28

            1,500       1,620,459  
                    $ 1,862,542  
Manufacturing — 0.2%  
Novelis Corp.                  

5.875%, 9/30/26(10)

      1,530     $ 1,573,987  

4.75%, 1/30/30(10)

            1,068       1,044,488  
                    $ 2,618,475  
Media — 0.2%  
Banijay Group S.A.S.                  

6.50%, 3/1/26(9)

    EUR       150     $ 171,260  
Discovery Communications, LLC  

4.65%, 5/15/50

      300       343,800  
Outfront Media Capital, LLC/Outfront Media
Capital Corp.
                 

6.25%, 6/15/25(10)

      807       832,723  
Scripps Escrow, Inc.                  

5.875%, 7/15/27(10)

      1,036       1,001,035  
Tele Columbus AG                  

3.875%, 5/2/25(9)

    EUR       300       336,875  
Telenet Finance Luxembourg S.a.r.l.                  

3.50%, 3/1/28(9)

    EUR       200       242,527  
VTR Finance N.V.                  

6.375%, 7/15/28(10)

            490       515,112  
                    $ 3,443,332  
Metals / Mining — 0.9%  
Arconic Corp.                  

6.125%, 2/15/28(10)

      2,573     $ 2,648,582  
 

 

  32   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Metals / Mining (continued)  
Cleveland-Cliffs, Inc.                  

9.875%, 10/17/25(10)

      443     $ 495,052  

6.75%, 3/15/26(10)

      2,808       2,859,808  
Compass Minerals International, Inc.                  

6.75%, 12/1/27(10)

      3,005       3,250,478  
Constellium N.V.                  

4.25%, 2/15/26(9)

    EUR       150       176,080  

5.875%, 2/15/26(10)

      837       860,365  
Freeport-McMoRan, Inc.                  

5.45%, 3/15/43

      1,821       2,025,171  
Hudbay Minerals, Inc.                  

6.125%, 4/1/29(10)

      920       914,250  
Joseph T. Ryerson & Son, Inc.                  

8.50%, 8/1/28(10)

            1,180       1,244,900  
                    $ 14,474,686  
Nonferrous Metals / Minerals — 0.5%  
Eldorado Gold Corp.                  

9.50%, 6/1/24(10)

      432     $ 460,575  
First Quantum Minerals, Ltd.                  

7.25%, 4/1/23(10)

      1,332       1,332,366  

7.50%, 4/1/25(10)

      1,615       1,599,431  

6.875%, 3/1/26(10)

      637       615,103  
New Gold, Inc.                  

6.375%, 5/15/25(10)

      2,014       2,083,231  

7.50%, 7/15/27(10)

            1,621       1,732,444  
                    $ 7,823,150  
Oil and Gas — 4.3%  
Aker BP ASA                  

4.75%, 6/15/24(10)

      1,106     $ 1,137,339  
AmeriGas Partners, L.P./AmeriGas Finance Corp.                  

5.625%, 5/20/24

      216       229,176  

5.50%, 5/20/25

      880       947,685  
Apache Corp.                  

4.625%, 11/15/25

      605       577,775  

4.875%, 11/15/27

      755       714,891  

4.375%, 10/15/28

      767       703,243  

4.25%, 1/15/30

      1,529       1,380,878  
Archrock Partners, L.P./Archrock
Partners Finance Corp.
                 

6.25%, 4/1/28(10)

      756       714,420  
Ascent Resources Utica Holdings, LLC/
ARU Finance Corp.
                 

7.00%, 11/1/26(10)

      1,920       1,473,600  
Security        Principal
Amount*
(000’s omitted)
    Value  
Oil and Gas (continued)  
Berry Petroleum Co., LLC                

7.00%, 2/15/26(10)

      722     $ 563,925  
BP Capital Markets America, Inc.                

2.772%, 11/10/50

      294       270,161  
Buckeye Partners, L.P.                

4.50%, 3/1/28(10)

      921       889,916  
Cenovus Energy, Inc.                

3.80%, 9/15/23

      383       370,626  

6.75%, 11/15/39

      1,500       1,507,404  

5.40%, 6/15/47

      633       534,598  
Centennial Resource Production, LLC                

5.375%, 1/15/26(10)

      2,175       875,438  

6.875%, 4/1/27(10)

      2,055       843,382  
Chevron Corp.                

3.078%, 5/11/50

      500       537,039  
Continental Resources, Inc.                

4.375%, 1/15/28

      1,220       1,056,923  

4.90%, 6/1/44

      47       35,619  
CrownRock, L.P./CrownRock Finance, Inc.                

5.625%, 10/15/25(10)

      3,677       3,474,765  
CVR Energy, Inc.                

5.75%, 2/15/28(10)

      1,280       1,091,200  
Endeavor Energy Resources, L.P./EER
Finance, Inc.
               

6.625%, 7/15/25(10)

      707       727,545  

5.50%, 1/30/26(10)

      1,045       1,039,122  

5.75%, 1/30/28(10)

      250       251,719  
Energy Transfer Operating, L.P.                

Series A, 6.25% to 2/15/23(12)(13)

      1,045       683,686  

5.875%, 1/15/24

      875       963,024  
Eni SpA                

4.75%, 9/12/28(10)

      1,000       1,163,943  
EP Energy, LLC/Everest Acquisition Finance, Inc.                

7.75%, 5/15/26(6)(10)

      480       107,400  
EQT Corp.                

7.875%, 2/1/25

      407       451,707  

8.75%, 2/1/30

      594       702,595  
Extraction Oil & Gas, Inc.                

7.375%, 5/15/24(6)(10)

      689       174,761  

5.625%, 2/1/26(6)(10)

      1,821       461,733  
Gran Tierra Energy International Holdings, Ltd.                

6.25%, 2/15/25(10)

      550       189,585  
Gran Tierra Energy, Inc.                

7.75%, 5/23/27(10)

      405       141,501  
 

 

  33   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
Oil and Gas (continued)  
Great Western Petroleum, LLC/Great
Western Finance Corp.
               

9.00%, 9/30/21(10)

      2,423     $ 1,435,628  
Ithaca Energy North Sea PLC                

9.375%, 7/15/24(10)

      200       186,498  
Jagged Peak Energy, LLC                

5.875%, 5/1/26

      507       505,968  
Laredo Petroleum, Inc.                

9.50%, 1/15/25

      414       247,100  

10.125%, 1/15/28

      622       368,473  
Matador Resources Co.                

5.875%, 9/15/26

      2,220       1,859,972  
MEG Energy Corp.                

7.125%, 2/1/27(10)

      1,030       926,310  
Moss Creek Resources Holdings, Inc.                

7.50%, 1/15/26(10)

      1,915       1,155,817  
Nabors Industries, Ltd.                

7.25%, 1/15/26(10)

      617       306,186  

7.50%, 1/15/28(10)

      665       322,109  
National Oilwell Varco, Inc.                

3.60%, 12/1/29

      297       288,604  
Neptune Energy Bondco PLC                

6.625%, 5/15/25(9)

      250       223,605  

6.625%, 5/15/25(10)

      3,725       3,331,715  
Nine Energy Service, Inc.                

8.75%, 11/1/23(10)

      500       152,033  
Occidental Petroleum Corp.                

3.125%, 2/15/22

      15       14,233  

2.70%, 8/15/22

      293       274,305  

3.45%, 7/15/24

      244       209,840  

2.90%, 8/15/24

      97       82,479  

3.40%, 4/15/26

      208       166,400  

8.50%, 7/15/27

      1,965       1,983,835  

6.375%, 9/1/28

      800       742,060  

3.50%, 8/15/29

      599       460,272  

8.875%, 7/15/30

      1,685       1,738,709  

6.625%, 9/1/30

      1,511       1,396,731  

6.20%, 3/15/40

      480       394,800  

4.625%, 6/15/45

      499       361,835  

4.20%, 3/15/48

      931       641,226  

4.40%, 8/15/49

      748       525,694  
Parsley Energy, LLC/Parsley Finance Corp.                

5.375%, 1/15/25(10)

      1,240       1,240,000  

5.25%, 8/15/25(10)

      1,170       1,161,225  

5.625%, 10/15/27(10)

      923       920,116  
Security          Principal
Amount*
(000’s omitted)
    Value  
Oil and Gas (continued)  
Patterson-UTI Energy, Inc.                  

3.95%, 2/1/28

      1,310     $ 1,013,516  
PBF Holding Co., LLC/PBF Finance Corp.                  

7.25%, 6/15/25

      365       276,526  

6.00%, 2/15/28(10)

      698       469,702  
Precision Drilling Corp.                  

7.75%, 12/15/23

      216       164,835  

5.25%, 11/15/24

      303       203,957  

7.125%, 1/15/26(10)

      500       323,370  
Seven Generations Energy, Ltd.                  

6.875%, 6/30/23(10)

      625       612,994  

5.375%, 9/30/25(10)

      1,710       1,623,448  
Shelf Drilling Holdings, Ltd.                  

8.25%, 2/15/25(10)

      2,715       1,086,000  
Shell International Finance B.V.                  

2.375%, 11/7/29

      500       529,248  

3.75%, 9/12/46

      400       448,548  
SM Energy Co.                  

6.125%, 11/15/22

      383       299,309  
Southwestern Energy Co.                  

8.375%, 9/15/28

      710       698,984  
Tallgrass Energy Partners, L.P./Tallgrass
Energy Finance Corp.
                 

5.50%, 1/15/28(10)

      612       552,578  
Targa Resources Partners, L.P./Targa
Resources Partners Finance Corp.
                 

5.875%, 4/15/26

      985       1,013,146  

6.50%, 7/15/27

      566       591,470  
Tervita Corp.                  

7.625%, 12/1/21(10)

      2,381       2,179,365  
Transocean Guardian, Ltd.                  

5.875%, 1/15/24(10)

      827       537,420  
Transocean Pontus, Ltd.                  

6.125%, 8/1/25(10)

      566       508,950  
Transocean Poseidon, Ltd.                  

6.875%, 2/1/27(10)

      294       236,670  
Transocean, Inc.                  

11.50%, 1/30/27(10)

      243       98,111  
Williams Cos., Inc. (The)                  

5.75%, 6/24/44

      790       933,974  
WPX Energy, Inc.                  

5.25%, 10/15/27

            371       377,192  
                    $ 65,391,415  
 

 

  34   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Packaging & Containers — 0.6%  
ARD Finance S.A.                  

5.00%, (5.00% cash or 5.75% PIK),
6/30/27(9)(15)

    EUR       172     $ 197,467  

6.50%, (6.50% cash or 7.25% PIK),
6/30/27(10)(15)

      2,948       2,936,355  
Intelligent Packaging, Ltd. Finco, Inc./Intelligent
Packaging, Ltd. Co-Issuer, LLC
                 

6.00%, 9/15/28(10)

      653       663,399  
Silgan Holdings, Inc.                  

2.25%, 6/1/28

    EUR       1,070       1,226,294  
Smurfit Kappa Treasury ULC                  

1.50%, 9/15/27(9)

    EUR       145       168,703  
Trivium Packaging Finance B.V.                  

3.75%, 8/15/26(9)

    EUR       280       325,940  

5.50%, 8/15/26(10)

      779       808,583  

8.50%, 8/15/27(10)

            2,858       3,086,640  
                    $ 9,413,381  
Pharmaceuticals — 0.3%  
CVS Health Corp.                  

4.78%, 3/25/38

      1,080     $ 1,310,190  
Diocle SpA                  

3.875%, (3 mo. EURIBOR + 3.875%), 6/30/26(9)(14)

    EUR       134       155,106  
Herbalife Nutrition, Ltd./HLF Financing, Inc.                  

7.875%, 9/1/25(10)

      1,169       1,256,675  
Merck & Co., Inc.                  

2.45%, 6/24/50

      400       399,966  
Pfizer, Inc.  

2.70%, 5/28/50

      500       523,197  
Rossini S.a.r.l.                  

3.875%, (3 mo. EURIBOR + 3.875%), 10/30/25(9)(14)

    EUR       300       346,617  
                    $ 3,991,751  
Pipelines — 0.8%  
Antero Midstream Partners, L.P./Antero
Midstream Finance Corp.
                 

5.75%, 3/1/27(10)

      1,874     $ 1,555,420  
Cheniere Energy Partners, L.P.                  

4.50%, 10/1/29

      1,722       1,768,477  
Cheniere Energy, Inc.                  

4.625%, 10/15/28(10)

      1,122       1,153,556  
Crestwood Midstream Partners, L.P./Crestwood
Midstream Finance Corp.
                 

5.625%, 5/1/27(10)

      1,060       949,516  
Security          Principal
Amount*
(000’s omitted)
    Value  
Pipelines (continued)  
EnLink Midstream, LLC                  

5.375%, 6/1/29

      653     $ 530,563  
EQM Midstream Partners, L.P.                  

6.00%, 7/1/25(10)

      699       721,717  

6.50%, 7/1/27(10)

      702       745,127  
Kinder Morgan, Inc.                  

5.05%, 2/15/46

      500       568,052  
Magellan Midstream Partners, L.P.                  

4.20%, 10/3/47

      300       312,798  
NGPL PipeCo, LLC                  

4.375%, 8/15/22(10)

      340       353,133  
Plains All American Pipeline, L.P.                  

Series B, 6.125% to 11/15/22(12)(13)

      2,344       1,489,964  
TransCanada PipeLines, Ltd.                  

4.75%, 5/15/38

      390       460,049  
Western Midstream Operating, L.P.                  

4.50%, 3/1/28

      148       139,860  

4.75%, 8/15/28

      150       144,909  

5.05%, 2/1/30

            1,187       1,158,809  
                    $ 12,051,950  
Private Equity — 0.0%(8)  
KKR Group Finance Co. VII, LLC                  

3.625%, 2/25/50(10)

            400     $ 416,301  
                    $ 416,301  
Radio and Television — 1.0%  
Clear Channel Worldwide Holdings, Inc.                  

5.125%, 8/15/27(10)

      740     $ 711,510  
Diamond Sports Group, LLC/Diamond
Sports Finance Co.
                 

5.375%, 8/15/26(10)

      2,646       1,878,435  
iHeartCommunications, Inc.                  

6.375%, 5/1/26

      179       186,848  

8.375%, 5/1/27

      2,130       2,102,407  
Nexstar Broadcasting, Inc.                  

5.625%, 7/15/27(10)

      1,312       1,378,276  
Nielsen Co. Luxembourg S.a.r.l. (The)                  

5.50%, 10/1/21(10)

      300       300,844  
Sinclair Television Group, Inc.  

5.50%, 3/1/30(10)

      1,040       966,358  
Sirius XM Radio, Inc.                  

4.625%, 7/15/24(10)

      1,595       1,651,822  

5.00%, 8/1/27(10)

      1,609       1,683,070  
 

 

  35   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Radio and Television (continued)  
Terrier Media Buyer, Inc.                  

8.875%, 12/15/27(10)

            3,987     $ 4,024,378  
                    $ 14,883,948  
Real Estate Investment Trusts (REITs) — 0.5%  
ADLER Group S.A.                  

3.25%, 8/5/25(9)

    EUR       100     $ 118,718  
Consus Real Estate AG                  

9.625%, 5/15/24(9)

    EUR       250       313,566  
Corporate Office Properties, L.P.                  

2.25%, 3/15/26

      292       295,648  
HAT Holdings I, LLC/HAT Holdings II, LLC                  

6.00%, 4/15/25(10)

      716       763,650  

3.75%, 9/15/30(10)

      905       911,788  
Newmark Group, Inc.                  

6.125%, 11/15/23

      2,126       2,216,032  
Service Properties Trust                  

7.50%, 9/15/25

      993       1,057,635  

4.75%, 10/1/26

      1,990       1,778,363  
WP Carey, Inc.                  

3.85%, 7/15/29

            159       172,028  
                    $ 7,627,428  
Retail — 0.4%  
B&M European Value Retail S.A.                  

3.625%, 7/15/25(9)

    GBP       130     $ 171,247  
eG Global Finance PLC                  

6.25%, 10/30/25(9)

    EUR       100       117,279  
Ferrellgas, L.P./Ferrellgas Finance Corp.                  

10.00%, 4/15/25(10)

      1,215       1,318,275  
Group 1 Automotive, Inc.                  

4.00%, 8/15/28(10)

      895       881,016  
Ken Garff Automotive, LLC                  

4.875%, 9/15/28(10)

      528       520,740  
Michaels Stores, Inc.                  

4.75%, 10/1/27(10)(11)

      353       350,573  
Penske Automotive Group, Inc.                  

3.50%, 9/1/25

      1,110       1,102,374  
Specialty Building Products Holdings,
LLC/SBP Finance Corp.
                 

6.375%, 9/30/26(10)

      442       450,564  
Walmart, Inc.                  

2.95%, 9/24/49

            500       563,913  
                    $ 5,475,981  
Security          Principal
Amount*
(000’s omitted)
    Value  
Retailers (Except Food and Drug) — 0.6%  
Asbury Automotive Group, Inc.                  

4.50%, 3/1/28(10)

      312     $ 314,535  

4.75%, 3/1/30(10)

      410       413,844  
Burlington Coat Factory Warehouse Corp.  

6.25%, 4/15/25(10)

      1,000       1,054,375  
L Brands, Inc.                  

6.875%, 7/1/25(10)

      451       487,761  

9.375%, 7/1/25(10)

      316       363,005  

6.625%, 10/1/30(10)

      884       901,680  

6.875%, 11/1/35

      1,336       1,318,872  

6.75%, 7/1/36

      223       218,958  

7.60%, 7/15/37

      254       234,714  
Macy’s Retail Holdings, LLC                  

4.30%, 2/15/43

      1,252       707,931  
Murphy Oil USA, Inc.                  

5.625%, 5/1/27

      560       596,994  

4.75%, 9/15/29

      728       777,005  
Nordstrom, Inc.                  

4.375%, 4/1/30

      158       128,021  

5.00%, 1/15/44

      775       549,732  
Tapestry, Inc.                  

4.125%, 7/15/27

            704       693,602  
                    $ 8,761,029  
Semiconductors & Semiconductor Equipment — 0.3%  
ON Semiconductor Corp.                  

3.875%, 9/1/28(10)

      1,544     $ 1,568,627  
Qorvo, Inc.                  

3.375%, 4/1/31(10)

      878       894,682  
Sensata Technologies UK Financing Co. PLC                  

6.25%, 2/15/26(10)

            1,588       1,666,407  
                    $ 4,129,716  
Software and Services — 0.5%  
Black Knight InfoServ, LLC                  

3.625%, 9/1/28(10)

      752     $ 761,400  
Gartner, Inc.                  

4.50%, 7/1/28(10)

      908       952,447  

3.75%, 10/1/30(10)

      660       668,861  
j2 Cloud Services, LLC/j2 Cloud Co-Obligor, Inc.                  

6.00%, 7/15/25(10)

      1,915       1,994,089  
Logan Merger Sub, Inc.                  

5.50%, 9/1/27(10)

      662       673,171  
 

 

  36   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Software and Services (continued)  
Microsoft Corp.                  

2.525%, 6/1/50

      750     $ 787,279  
Oracle Corp.                  

2.95%, 4/1/30

      1,500       1,680,482  
PTC, Inc.                  

3.625%, 2/15/25(10)

      264       268,455  

4.00%, 2/15/28(10)

            392       403,642  
                    $ 8,189,826  
Steel — 0.6%  
Allegheny Ludlum, LLC                  

6.95%, 12/15/25

      225     $ 224,132  
Allegheny Technologies, Inc.                  

7.875%, 8/15/23

      4,801       4,922,057  

5.875%, 12/1/27

      709       682,643  
Big River Steel, LLC/BRS Finance Corp.                  

6.625%, 1/31/29(10)

      1,433       1,451,665  
Infrabuild Australia Pty, Ltd.                  

12.00%, 10/1/24(10)

      2,494       2,406,710  
thyssenkrupp AG                  

2.875%, 2/22/24(9)

    EUR       100       110,419  
                    $ 9,797,626  
Surface Transport — 0.4%  
Anglian Water Osprey Financing PLC                  

4.00%, 3/8/26(9)

    GBP       325     $ 412,402  
CMA CGM S.A.                  

5.25%, 1/15/25(9)

    EUR       185       193,451  
Moto Finance PLC                  

4.50%, 10/1/22(9)

    GBP       250       309,887  
XPO Logistics, Inc.                  

6.50%, 6/15/22(10)

      2,276       2,286,754  

6.125%, 9/1/23(10)

            2,221       2,271,083  
                    $ 5,473,577  
Technology — 0.5%  
Dell International, LLC/EMC Corp.                  

5.875%, 6/15/21(10)

      66     $ 66,208  

7.125%, 6/15/24(10)

      2,440       2,540,772  

5.85%, 7/15/25(10)

      504       589,065  

6.02%, 6/15/26(10)

      1,945       2,287,027  

6.10%, 7/15/27(10)

      1,016       1,201,024  

6.20%, 7/15/30(10)

      507       608,828  
Security          Principal
Amount*
(000’s omitted)
    Value  
Technology (continued)  
Western Union Co. (The)                  

6.20%, 11/17/36

            872     $ 1,051,615  
                    $ 8,344,539  
Telecommunications — 3.3%  
Altice Financing S.A.                  

2.25%, 1/15/25(9)

    EUR       100     $ 112,667  
Altice Finco S.A.                  

4.75%, 1/15/28(9)

    EUR       716       763,921  
Altice France Holding S.A.                  

10.50%, 5/15/27(10)

      1,599       1,779,887  

4.00%, 2/15/28(9)

    EUR       1,108       1,187,138  

6.00%, 2/15/28(10)

      719       687,109  
AT&T, Inc.                  

3.55%, 9/15/55(10)

      1,589       1,527,499  
CenturyLink, Inc.                  

7.50%, 4/1/24

      47       52,680  
Connect Finco S.a.r.l./Connect US Finco, LLC                  

6.75%, 10/1/26(10)

      2,698       2,710,681  
Consolidated Communications, Inc.                  

6.50%, 10/1/28(10)(11)

      617       630,883  
Crystal Almond S.a.r.l.                  

4.25%, 10/15/24(9)

    EUR       286       331,129  
DKT Finance ApS  

9.375%, 6/17/23(10)

      201       208,035  
eircom Finance DAC                  

3.50%, 5/15/26(9)

    EUR       200       234,248  
Equinix, Inc.                  

2.875%, 2/1/26

    EUR       440       527,098  
Hughes Satellite Systems Corp.                  

5.25%, 8/1/26

      1,245       1,328,066  

6.625%, 8/1/26

      770       836,035  
Intelsat Jackson Holdings S.A.                  

5.50%, 8/1/23(6)

      995       626,850  

8.00%, 2/15/24(6)(10)

      490       498,163  
LCPR Senior Secured Financing DAC                  

6.75%, 10/15/27(10)

      786       822,352  
Level 3 Financing, Inc.                  

5.375%, 1/15/24

      2,190       2,218,131  
Lorca Telecom Bondco S.A.U.                  

4.00%, 9/18/27(9)

    EUR       135       162,048  
Matterhorn Telecom S.A.                  

3.125%, 9/15/26(9)

    EUR       200       224,398  
 

 

  37   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Telecommunications (continued)  
PLT VII Finance S.a.r.l.                  

4.625%, 1/5/26(9)

    EUR       200     $ 239,107  
SBA Communications Corp.                  

4.00%, 10/1/22

      1,020       1,029,562  

4.875%, 9/1/24

      460       472,029  
SoftBank Group Corp.                  

4.00%, 4/20/23(9)

    EUR       200       243,352  

3.125%, 9/19/25(9)

    EUR       250       292,015  
Sprint Capital Corp.                  

6.875%, 11/15/28

      840       1,047,656  
Sprint Communications, Inc.                  

6.00%, 11/15/22

      365       393,744  
Sprint Corp.                  

7.25%, 9/15/21

      3,265       3,420,087  

7.875%, 9/15/23

      9,822       11,271,973  

7.625%, 2/15/25

      1,785       2,091,797  

7.625%, 3/1/26

      993       1,201,431  
Summer (BC) Holdco B S.a.r.l.                  

5.75%, 10/31/26(9)

    EUR       150       173,439  
Switch, Ltd.                  

3.75%, 9/15/28(10)

      536       542,700  
T-Mobile USA, Inc.                  

6.50%, 1/15/26

      595       622,519  

4.50%, 2/1/26

      980       1,011,629  

4.75%, 2/1/28

      1,045       1,119,185  

3.875%, 4/15/30(10)

      1,000       1,138,280  
TalkTalk Telecom Group PLC                  

3.875%, 2/20/25(9)

    GBP       420       525,201  
Telecom Italia Capital S.A.                  

6.00%, 9/30/34

      1,271       1,479,050  
Telecom Italia SpA                  

2.50%, 7/19/23(9)

    EUR       400       482,463  

5.303%, 5/30/24(10)

      1,118       1,215,741  

2.75%, 4/15/25(9)

    EUR       500       605,362  

3.00%, 9/30/25(9)

    EUR       140       171,316  
ViaSat, Inc.                  

5.625%, 4/15/27(10)

      796       820,378  
Vmed O2 UK Financing I PLC                  

3.25%, 1/31/31(9)

    EUR       400       467,273  

4.25%, 1/31/31(10)

      474       484,369  
Vodafone Group PLC                  

4.875% to 7/3/25, 10/3/78(9)(12)

    GBP       350       479,300  
VTR Comunicaciones SpA                  

5.125%, 1/15/28(10)

            590       610,945  
                    $ 51,120,921  
Security          Principal
Amount*
(000’s omitted)
    Value  
Transportation — 0.4%  
A.P. Moller - Maersk A/S                  

4.50%, 6/20/29(10)

      1,000     $ 1,127,769  
Cargo Aircraft Management, Inc.                  

4.75%, 2/1/28(10)

      716       724,843  
FedEx Corp.                  

4.10%, 2/1/45

      500       573,259  
Getlink S.E.                  

3.625%, 10/1/23(9)

    EUR       200       235,012  
JSL Europe S.A.                  

7.75%, 7/26/24(10)

      1,000       1,033,750  
Watco Cos., LLC/Watco Finance Corp.                  

6.50%, 6/15/27(10)

      1,900       1,947,500  
XPO CNW, Inc.                  

6.70%, 5/1/34

            1,000       1,069,630  
                    $ 6,711,763  
Utilities — 1.2%  
AES Corp. (The)                  

5.50%, 4/15/25

      309     $ 319,180  

6.00%, 5/15/26

      1,694       1,785,095  

5.125%, 9/1/27

      445       475,000  
Calpine Corp.                  

5.25%, 6/1/26(10)

      1,040       1,083,623  

4.50%, 2/15/28(10)

      1,073       1,100,705  

5.125%, 3/15/28(10)

      1,511       1,566,023  

4.625%, 2/1/29(10)

      680       680,425  

5.00%, 2/1/31(10)

      910       929,269  
ENERGO-PRO AS                  

4.50%, 5/4/24(9)

    EUR       450       506,095  
NextEra Energy Operating Partners, L.P.                  

4.25%, 9/15/24(10)

      660       688,875  

4.50%, 9/15/27(10)

      851       916,953  
NRG Energy, Inc.                  

7.25%, 5/15/26

      1,278       1,362,533  

5.75%, 1/15/28

      1,455       1,572,309  

5.25%, 6/15/29(10)

      673       733,446  
TerraForm Power Operating, LLC                  

4.25%, 1/31/23(10)

      655       672,868  

5.00%, 1/31/28(10)

      1,497       1,641,535  
Thames Water Kemble Finance PLC  

5.875%, 7/15/22(9)

    GBP       200       264,796  
Vistra Operations Co., LLC                  

5.00%, 7/31/27(10)

      1,278       1,343,497  
 

 

  38   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Utilities (continued)  
Vistra Operations Co., LLC (continued)                  

4.30%, 7/15/29(10)

            202     $ 220,263  
                    $ 17,862,490  

Total Corporate Bonds & Notes
(identified cost $771,728,983)

                  $ 778,084,535  
Foreign Government Securities — 4.2%

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Argentina — 0.1%                     
Republic of Argentina                  

0.125% to 11/9/20, 7/9/35(16)

 

    2,741     $ 1,035,970  

0.125% to 11/9/20, 7/9/41(16)

            750       299,431  

Total Argentina

                  $ 1,335,401  
Armenia — 0.1%  
Republic of Armenia                  

3.95%, 9/26/29(9)

 

    973     $ 946,243  

7.15%, 3/26/25(9)

            1,167       1,276,679  

Total Armenia

                  $ 2,222,922  
Bahrain — 0.5%  
CBB International Sukuk Programme Co.                  

6.25%, 11/14/24(9)

 

    665     $ 716,504  
Kingdom of Bahrain                  

6.75%, 9/20/29(9)

 

    1,464       1,573,428  

7.00%, 1/26/26(9)

 

    647       720,357  

7.00%, 10/12/28(9)

 

    728       796,399  

7.375%, 5/14/30(9)

            2,804       3,082,611  

Total Bahrain

                  $ 6,889,299  
Barbados — 0.2%  
Government of Barbados                  

6.50%, 10/1/29(10)

            3,080     $ 3,029,809  

Total Barbados

                  $ 3,029,809  
Belarus — 0.2%  
Republic of Belarus                  

5.875%, 2/24/26(9)

 

    440     $ 409,763  

6.378%, 2/24/31(9)

 

    782       733,919  
Security          Principal
Amount*
(000’s omitted)
    Value  
Belarus (continued)  
Republic of Belarus (continued)                  

6.875%, 2/28/23(9)

            2,615     $ 2,546,508  

Total Belarus

                  $ 3,690,190  
Benin — 0.1%  
Benin Government International Bond                  

5.75%, 3/26/26(9)

    EUR       1,928     $ 2,150,420  

Total Benin

                  $ 2,150,420  
Dominican Republic — 0.2%  
Dominican Republic                  

4.50%, 1/30/30(9)

 

    2,600     $ 2,564,250  

5.875%, 1/30/60(9)

 

    230       218,500  

7.45%, 4/30/44(9)

            868       980,840  

Total Dominican Republic

                  $ 3,763,590  
Egypt — 0.5%  
Arab Republic of Egypt                  

8.15%, 11/20/59(9)

 

    2,338     $ 2,185,352  

8.50%, 1/31/47(9)

 

    3,343       3,246,802  

8.70%, 3/1/49(9)

 

    1,463       1,430,741  

8.875%, 5/29/50(9)

            355       352,834  

Total Egypt

                  $ 7,215,729  
Fiji — 0.2%  
Republic of Fiji                  

6.625%, 10/2/20(9)

            2,443     $ 2,443,000  

Total Fiji

                  $ 2,443,000  
Gabon — 0.1%  
Republic of Gabon                  

6.625%, 2/6/31(9)

            2,356     $ 2,113,305  

Total Gabon

                  $ 2,113,305  
Guatemala — 0.0%(8)  
Republic of Guatemala                  

6.125%, 6/1/50(9)

            435     $ 522,000  

Total Guatemala

                  $ 522,000  
Iraq — 0.0%(8)  
Republic of Iraq                  

5.80%, 1/15/28(9)

            525     $ 468,896  

Total Iraq

                  $ 468,896  
 

 

  39   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Jamaica — 0.2%  
Jamaica Government International Bond                  

7.875%, 7/28/45

            1,928     $ 2,454,344  

Total Jamaica

                  $ 2,454,344  
Jordan — 0.2%  
Jordan Government International Bond                  

7.375%, 10/10/47(9)

            2,600     $ 2,592,389  

Total Jordan

                  $ 2,592,389  
Lebanon — 0.0%(8)  
Lebanese Republic                  

6.25%, 6/12/25(6)(9)

      287     $ 47,176  

6.65%, 4/22/24(6)(9)

      700       112,000  

7.00%, 3/20/28(6)(9)

      288       46,126  

7.15%, 11/20/31(6)(9)

      451       72,399  

8.20%, 5/17/33(6)

      156       25,242  

8.25%, 5/17/34(6)

            129       20,640  

Total Lebanon

                  $ 323,583  
Mongolia — 0.0%(8)  
Mongolia Government International Bond                  

5.125%, 4/7/26(9)(11)

            200     $ 202,750  

Total Mongolia

                  $ 202,750  
Romania — 0.5%  
Romania Government International Bond                  

3.375%, 1/28/50(9)

    EUR       2,758     $ 3,310,508  

3.624%, 5/26/30(9)

    EUR       610       810,548  

4.625%, 4/3/49(9)

    EUR       2,473       3,544,136  

Total Romania

                  $ 7,665,192  
Seychelles — 0.1%  
Republic of Seychelles                  

8.00%, 1/1/26(9)

            1,232     $ 1,128,790  

Total Seychelles

                  $ 1,128,790  
Suriname — 0.1%  
Suriname Government International Bond                  

9.25%, 10/26/26(9)

            2,289     $ 1,368,822  

Total Suriname

                  $ 1,368,822  
Security          Principal
Amount*
(000’s omitted)
    Value  
Ukraine — 0.7%  
Ukraine Government International Bond                  

0.00%, GDP-Linked, 5/31/40(9)(10)(17)

      3,181     $ 2,908,070  

9.75%, 11/1/28(9)

            7,659       8,305,037  

Total Ukraine

                  $ 11,213,107  
United Arab Emirates — 0.2%  
Abu Dhabi Government International Bond                  

3.125%, 9/30/49(9)

            2,300     $ 2,468,362  

Total United Arab Emirates

                  $ 2,468,362  

Total Foreign Government Securities
(identified cost $65,143,316)

 

  $ 65,261,900  
Sovereign Loans — 0.6%      
Borrower          Principal
Amount
(000’s omitted)
    Value  
Kenya — 0.3%  
Government of Kenya                  

Term Loan, 6.81%, (6 mo. USD LIBOR + 6.45%), Maturing June 29, 2025(14)

          $ 4,500     $ 4,455,792  

Total Kenya

                  $ 4,455,792  
Nigeria — 0.1%  
Bank of Industry Limited                  

Term Loan, 6.27%, (3 mo. USD LIBOR + 6.00%), Maturing April 11, 2021(14)(18)

          $ 713     $ 687,850  

Total Nigeria

                  $ 687,850  
Tanzania — 0.2%  
Government of the United Republic of Tanzania                  

Term Loan, 5.61%, (6 mo. USD LIBOR + 5.20%), Maturing June 23, 2022(14)

    $ 2,043     $ 2,061,423  

Term Loan, 5.78%, (6 mo. USD LIBOR + 5.20%), Maturing May 23, 2023(14)

            1,457       1,471,587  

Total Tanzania

                  $ 3,533,010  

Total Sovereign Loans
(identified cost $8,689,204)

                  $ 8,676,652  
 

 

  40   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Mortgage Pass-Throughs — 16.9%

 

Security          Principal
Amount
(000’s omitted)
    Value  
Federal Home Loan Mortgage Corp.:                  

2.50%, with maturity at 2050

    $ 30,000     $ 31,615,119  

3.00%, with various maturities to 2050

      39,894       42,290,761  

4.50%, with various maturities to 2048

      940       994,280  

5.50%, with maturity at 2032

      392       445,447  

6.50%, with various maturities to 2036

      3,302       3,754,888  

7.00%, with various maturities to 2036

      3,077       3,522,967  

7.13%, with maturity at 2023

      24       24,228  

7.50%, with various maturities to 2035

      2,017       2,232,859  

7.65%, with maturity at 2022

      4       4,246  

8.00%, with various maturities to 2030

      542       558,031  

8.50%, with various maturities to 2022

      68       72,669  

9.00%, with various maturities to 2031

      44       48,357  

9.50%, with various maturities to 2025

            2       2,091  
                    $ 85,565,943  
Federal National Mortgage Association:                  

2.80%, (6 mo. USD LIBOR + 1.54%), with maturity at 2037(19)

    $ 1,048     $ 1,087,047  

2.776%, (COF + 1.25%), with
maturity at 2036(19)

      669       675,251  

3.00%, with maturity at 2050

      19,683       20,845,811  

3.245%, (1 yr. CMT + 2.265%), with maturity at 2036(19)

      5,124       5,347,791  

4.50%, with maturity at 2042(20)

      6,319       7,060,284  

5.00%, with various maturities to 2040(20)

      6,008       6,868,251  

5.50%, with various maturities to 2033

      621       714,175  

6.00%, with various maturities to 2029

      897       959,398  

6.33%, (COF + 2.00%, Floor 6.328%), with maturity at 2032(19)

      1,282       1,403,803  

6.50%, with various maturities to 2036(20)

      13,465       15,327,588  

6.75%, with maturity at 2023

      20       21,475  

6.988%, with maturity at 2048

      2,339       2,663,255  

7.00%, with various maturities to 2037

      3,421       3,901,567  

7.50%, with various maturities to 2035

      1,751       2,037,962  

7.887%, with maturity at 2027(21)

      139       151,367  

8.00%, with various maturities to 2027

      212       229,118  

8.224%, with maturity at 2028(21)

      33       36,453  

8.232%, with maturity at 2024(21)

      7       6,954  

8.277%, with maturity at 2029(21)

      33       36,123  

8.298%, with maturity at 2027(21)

      48       53,143  

8.50%, with various maturities to 2037

      503       566,789  

9.00%, with various maturities to 2032

      519       573,079  

9.132%, with maturity at 2025(21)

      2       2,020  

9.50%, with various maturities to 2030

      94       104,929  

10.50%, with maturity at 2021

            1       1,150  
                    $ 70,674,783  
Security          Principal
Amount
(000’s omitted)
    Value  
Government National Mortgage Association:                  

3.00%, with maturity at 2050

    $ 84,800     $ 89,572,776  

4.00%, with maturity at 2049

      1,548       1,656,476  

4.50%, with maturity at 2047

      3,522       3,906,967  

6.00%, with maturity at 2024

      221       232,960  

6.50%, with maturity at 2024(20)

      1,239       1,311,760  

7.00%, with maturity at 2026

      129       142,317  

7.50%, with various maturities to 2032(20)

      2,482       2,732,421  

8.00%, with various maturities to 2034(20)

      1,964       2,211,404  

8.50%, with maturity at 2022

      20       21,069  

9.00%, with various maturities to 2025

      265       287,071  

9.50%, with various maturities to 2021

            7       7,339  
                    $ 102,082,560  

Total Mortgage Pass-Throughs
(identified cost $253,573,294)

 

  $ 258,323,286  
Collateralized Mortgage Obligations — 15.3%

 

Security          Principal
Amount
(000’s omitted)
    Value  
Federal Home Loan Mortgage Corp.:                  

Series 24, Class J, 6.25%, 11/25/23

    $ 117     $ 125,078  

Series 1497, Class K, 7.00%, 4/15/23

      87       93,551  

Series 1529, Class Z, 7.00%, 6/15/23

      162       173,852  

Series 1620, Class Z, 6.00%, 11/15/23

      100       106,926  

Series 1677, Class Z, 7.50%, 7/15/23

      88       94,479  

Series 1702, Class PZ, 6.50%, 3/15/24

      1,121       1,210,806  

Series 2113, Class QG, 6.00%, 1/15/29

      338       384,323  

Series 2122, Class K, 6.00%, 2/15/29

      67       75,562  

Series 2130, Class K, 6.00%, 3/15/29

      45       51,194  

Series 2167, Class BZ, 7.00%, 6/15/29

      54       62,501  

Series 2182, Class ZB, 8.00%, 9/15/29

      526       614,857  

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

      585       676,969  

Series 2458, Class ZB, 7.00%, 6/15/32

      623       752,057  

Series 3762, Class SH, 9.69%, (10.00% - 1 mo. USD LIBOR x 2.00),
11/15/40(22)

      641       817,208  

Series 4097, Class PE, 3.00%, 11/15/40

      882       899,082  

Series 4273, Class PU, 4.00%, 11/15/43

      2,263       2,590,728  

Series 4273, Class SP, 11.586%, (12.00% - 1 mo. USD LIBOR x 2.67), 11/15/43(22)

      503       844,830  

Series 4337, Class YT, 3.50%, 4/15/49

      3,094       3,097,752  

Series 4416, Class SU, 8.29%, (8.60% - 1 mo. USD LIBOR x 2.00),
12/15/44(22)

      351       354,362  

Series 4452, Class ZJ, 3.00%, 11/15/44

      3,184       3,203,212  

Series 4584, Class PM, 3.00%, 5/15/46

      2,450       2,478,820  
 

 

  41   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount
(000’s omitted)
    Value  
Federal Home Loan Mortgage Corp.: (continued)                

Series 4594, Class FM, 1.155%, (1 mo. USD LIBOR + 1.00%), 6/15/46(14)

    $ 401     $ 400,364  

Series 4608, Class TV, 3.50%, 1/15/55

      5,444       5,534,405  

Series 4630, Class CZ, 3.00%, 12/15/43

      2,459       2,459,501  

Series 4637, Class CU, 3.00%, 8/15/44

      4,566       4,657,582  

Series 4637, Class QF, 1.155%, (1 mo. USD LIBOR + 1.00%), 4/15/44(14)(20)

      7,338       7,235,848  

Series 4639, Class KF, 1.455%, (1 mo. USD LIBOR + 1.30%), 12/15/44(14)

      2,526       2,522,825  

Series 4677, Class SB, 15.38%, (16.00% - 1 mo. USD LIBOR x 4.00), 4/15/47(22)

      123       123,548  

Series 4678, Class PC, 3.00%, 1/15/46

      6,994       7,237,465  

Series 4774, Class MH, 4.50%, 12/15/42

      3,020       3,068,811  

Series 4774, Class QD, 4.50%, 1/15/43

      7,696       7,834,189  

Series 4776, Class C, 4.50%, 3/15/43

      1,492       1,501,704  

Series 4858, Class LA, 4.50%, 8/15/43

      76       76,417  

Series 4859, Class GA, 4.50%, 10/15/43

      2,241       2,250,435  

Series 4911, Class JZ, 3.50%, 9/25/49

      951       951,053  

Series 4980, Class ZP, 2.50%, 7/25/49

      2,970       2,974,142  

Series 4996, Class ZA, 3.00%, 7/25/50

      776       775,743  

Series 5028, Class TZ, 2.00%, 10/25/50

      4,882       4,879,558  

Interest Only:(23)

     

Series 284, Class S6, 5.948%, (6.10% - 1 mo. USD LIBOR), 10/15/42(22)

      2,704       460,577  

Series 362, Class C7, 3.50%, 9/15/47

      14,059       1,143,706  

Series 362, Class C11, 4.00%, 12/15/47

      12,253       1,270,066  

Series 3973, Class SG, 6.498%, (6.65% - 1 mo. USD LIBOR), 4/15/30(22)

      545       7,990  

Series 4067, Class JI, 3.50%, 6/15/27

      2,152       152,384  

Series 4070, Class S, 5.948%, (6.10% - 1 mo. USD LIBOR), 6/15/32(22)

      5,738       932,763  

Series 4088, Class EI, 3.50%, 9/15/41

      5,654       282,351  

Series 4094, Class CS, 5.848%, (6.00% - 1 mo. USD LIBOR), 8/15/42(22)

      2,199       426,675  

Series 4095, Class HS, 5.948%, (6.10% - 1 mo. USD LIBOR), 7/15/32(22)

      1,649       203,602  

Series 4109, Class ES, 5.998%, (6.15% - 1 mo. USD LIBOR), 12/15/41(22)

      86       22,691  

Series 4110, Class SA, 5.498%, (5.65% - 1 mo. USD LIBOR), 9/15/42(22)

      3,680       783,023  

Series 4149, Class S, 6.098%, (6.25% - 1 mo. USD LIBOR), 1/15/33(22)

      2,877       510,168  

Series 4188, Class AI, 3.50%, 4/15/28

      1,684       109,637  

Series 4203, Class QS, 6.098%, (6.25% - 1 mo. USD LIBOR), 5/15/43(22)

      4,353       856,382  

Series 4408, Class IP, 3.50%, 4/15/44

      4,391       331,311  

Series 4435, Class BI, 3.50%, 7/15/44

      9,479       851,776  

Series 4629, Class QI, 3.50%, 11/15/46

      4,982       339,192  
Security          Principal
Amount
(000’s omitted)
    Value  
Federal Home Loan Mortgage Corp.: (continued)                  
Interest Only:(23) (continued)                  

Series 4644, Class TI, 3.50%, 1/15/45

    $ 5,020     $ 278,841  

Series 4653, Class PI, 3.50%, 7/15/44

      1,644       19,272  

Series 4667, Class PI, 3.50%, 5/15/42

      5,817       131,374  

Series 4676, Class DI, 4.00%, 7/15/44

      7,852       195,744  

Series 4744, Class IO, 4.00%, 11/15/47

      7,123       720,511  

Series 4749, Class IL, 4.00%, 12/15/47

      3,086       339,508  

Series 4767, Class IM, 4.00%, 5/15/45

      4,121       100,623  

Series 4793, Class SD, 6.048%, (6.20% - 1 mo. USD LIBOR), 6/15/48(22)

      16,105       2,032,338  

Series 4966, Class SY, 5.898%, (6.05% - 1 mo. USD LIBOR), 4/25/50(22)

      31,079       4,728,970  

Principal Only:(24)

     

Series 242, Class PO, 0.00%, 11/15/36

      3,611       3,468,798  

Series 259, Class PO, 0.00%, 4/15/39

      2,142       2,130,503  

Series 3606, Class PO, 0.00%, 12/15/39

      2,372       2,243,401  

Series 4417, Class KO, 0.00%, 12/15/43

      485       429,518  

Series 4478, Class PO, 0.00%, 5/15/45

      1,534       1,443,744  

Series 4754, Class JO, 0.00%, 4/15/44

            1,374       1,260,760  
                    $ 101,399,938  
Federal Home Loan Mortgage Corp. Structured
Agency Credit Risk Debt Notes
                 

Series 2020-DNA4, Class M2, 3.90%, (1 mo. USD LIBOR + 3.75%),
8/25/50(10)(14)

    $ 8,000     $ 8,102,622  
Federal National Mortgage Association:                  

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

      1       599  

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

      29       30,260  

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

      43       44,679  

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

      1,361       1,454,258  

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

      305       325,638  

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

      9       9,226  

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

      49       51,193  

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

      6       6,159  

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

      17       17,632  

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

      25       26,241  

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

      64       67,978  

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

      51       54,258  

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

      79       84,291  

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

      145       155,101  

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

      195       207,207  

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

      33       34,902  

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

      41       43,727  

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

      283       301,412  

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

      249       274,633  

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

      271       305,715  

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

      142       162,129  

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

      146       165,243  
 

 

  42   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount
(000’s omitted)
    Value  
Federal National Mortgage Association: (continued)            

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

    $ 44     $ 50,715  

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

      585       672,022  

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

      49       52,177  

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

      373       437,080  

Series 2005-75, Class CS, 23.608%, (24.20% -

1 mo. USD LIBOR x 4.00), 9/25/35(22)

      948       1,712,536  

Series 2007-74, Class AC, 5.00%, 8/25/37

      4,140       4,676,852  

Series 2011-49, Class NT, 6.00%, (66.00% - 1 mo. USD LIBOR x 10.00, Cap 6.00%), 6/25/41(22)

      443       497,215  

Series 2011-109, Class PE, 3.00%, 8/25/41

      2,224       2,281,652  

Series 2012-134, Class ZT, 2.00%, 12/25/42

      2,333       2,265,913  

Series 2013-6, Class TA, 1.50%, 1/25/43

      3,751       3,769,454  

Series 2013-52, Class MD, 1.25%, 6/25/43

      3,537       3,500,873  

Series 2013-67, Class NF, 1.148%, (1 mo. USD LIBOR + 1.00%), 7/25/43(14)

      2,784       2,754,697  

Series 2014-64, Class PA, 3.00%, 3/25/44

      2,221       2,269,993  

Series 2016-22, Class ZE, 3.00%, 6/25/44

      458       458,137  

Series 2017-13, Class KF, 1.155%, (1 mo. USD LIBOR + 1.00%), 2/25/47(14)

      117       116,600  

Series 2017-15, Class LE, 3.00%, 6/25/46(20)

      6,433       6,602,442  

Series 2017-39, Class JZ, 3.00%, 5/25/47

      553       555,317  

Series 2017-48, Class LG, 2.75%, 5/25/47

      4,915       5,180,639  

Series 2017-66, Class ZJ, 3.00%, 9/25/57

      1,346       1,345,156  

Series 2017-75, Class Z, 3.00%, 9/25/57

      898       897,885  

Series 2017-76, Class Z, 3.00%, 10/25/57

      115       115,117  

Series 2018-18, Class QD, 4.50%, 5/25/45

      14,304       14,682,988  

Series 2019-50, Class NZ, 3.50%, 9/25/49

      396       395,679  

Series 2020-45, Class HZ, 2.50%, 7/25/50

      5,799       5,738,917  

Series 2020-46, Class KZ, 2.50%, 7/25/50

      8,003       8,025,459  

Series 2020-46, Class QZ, 2.50%, 3/15/48

      1,674       1,675,281  

Interest Only:(23)

     

Series 2010-124, Class SJ, 5.902%, (6.05% - 1 mo. USD LIBOR), 11/25/38(22)

      668       14,229  

Series 2011-101, Class IC, 3.50%, 10/25/26

      5,563       343,756  

Series 2011-101, Class IE, 3.50%, 10/25/26

      1,777       109,417  

Series 2012-24, Class S, 5.352%, (5.50% - 1 mo. USD LIBOR), 5/25/30(22)

      710       15,758  

Series 2012-33, Class CI, 3.50%, 3/25/27

      3,303       193,373  

Series 2012-94, Class KS, 6.502%, (6.65% - 1 mo. USD LIBOR), 5/25/38(22)

      3,090       141,763  

Series 2012-97, Class PS, 6.002%, (6.15% - 1 mo. USD LIBOR), 3/25/41(22)

      4,002       275,103  

Series 2012-103, Class GS, 5.952%, (6.10% - 1 mo. USD LIBOR), 2/25/40(22)

      1,139       12,296  

Series 2012-118, Class IN, 3.50%, 11/25/42

      6,719       827,572  

Series 2012-124, Class IO, 1.968%, 11/25/42(21)

      2,929       149,805  
Security          Principal
Amount
(000’s omitted)
    Value  
Federal National Mortgage Association:
continued)
                 

Interest Only:(23) (continued)

     

Series 2012-125, Class IG, 3.50%, 11/25/42

    $ 20,822     $ 2,670,880  

Series 2012-150, Class SK, 6.002%, (6.15% - 1 mo. USD LIBOR), 1/25/43(22)

      3,574       652,568  

Series 2013-12, Class SP, 5.502%, (5.65% - 1 mo. USD LIBOR), 11/25/41(22)

      1,040       94,569  

Series 2013-15, Class DS, 6.052%, (6.20% - 1 mo. USD LIBOR), 3/25/33(22)

      7,482       1,482,355  

Series 2013-16, Class SY, 6.002%, (6.15% - 1 mo. USD LIBOR), 3/25/43(22)

      1,714       348,655  

Series 2013-54, Class HS, 6.152%, (6.30% - 1 mo. USD LIBOR), 10/25/41(22)

      1,347       92,791  

Series 2013-64, Class PS, 6.102%, (6.25% - 1 mo. USD LIBOR), 4/25/43(22)

      2,472       419,955  

Series 2013-75, Class SC, 6.102%, (6.25% - 1 mo. USD LIBOR), 7/25/42(22)

      4,889       515,193  

Series 2014-32, Class EI, 4.00%, 6/25/44

      963       123,840  

Series 2014-55, Class IN, 3.50%, 7/25/44

      2,313       253,544  

Series 2014-89, Class IO, 3.50%, 1/25/45

      2,873       233,640  

Series 2015-17, Class SA, 6.052%, (6.20% - 1 mo. USD LIBOR), 11/25/43(22)

      2,708       183,079  

Series 2015-52, Class MI, 3.50%, 7/25/45

      2,763       281,030  

Series 2017-46, Class NI, 3.00%, 8/25/42

      7,005       131,873  

Series 2018-21, Class IO, 3.00%, 4/25/48

      14,004       1,113,489  

Series 2019-1, Class AS, 5.852%, (6.00% - 1 mo. USD LIBOR), 2/25/49(22)

      18,193       3,227,236  

Series 2019-33, Class SK, 5.902%, (6.05% - 1 mo. USD LIBOR), 7/25/49(22)

      16,524       1,812,030  

Series 2020-23, Class SP, 5.902%, (6.05% - 1 mo. USD LIBOR), 2/25/50(22)

      9,705       1,560,269  

Principal Only:(24)

     

Series 379, Class 1, 0.00%, 5/25/37

      2,257       2,172,838  

Series 2006-8, Class WQ, 0.00%, 3/25/36

            3,410       3,142,328  
                    $ 105,251,133  
Government National Mortgage Association:                  

Series 2011-156, Class GA, 2.00%, 12/16/41

    $ 339     $ 336,409  

Series 2017-121, Class DF, 0.656%, (1 mo. USD LIBOR + 0.50%),
8/20/47(14)(20)

      9,095       9,149,055  

Series 2017-137, Class AF, 0.656%, (1 mo. USD LIBOR + 0.50%),
9/20/47(14)(20)

      5,090       5,120,229  

Series 2017-141, Class KZ, 3.00%, 9/20/47

      1,052       1,052,541  

Series 2018-6, Class JZ, 4.00%, 1/20/48

      4,617       4,725,754  

Series 2018-67, Class LT, 4.50%, (13.50% - 1 mo. USD LIBOR x 2.25, Cap 4.50%), 4/20/48(22)

      1,410       1,411,468  

Series 2019-97, Class ZC, 3.50%, 8/20/49

      1,317       1,316,702  

Series 2019-108, Class KZ, 3.50%, 8/20/49

      2,321       2,329,247  

Series 2019-115, Class ZH, 4.00%, 9/20/49

      603       602,282  
 

 

  43   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount
(000’s omitted)
    Value  
Government National Mortgage
Association: (continued)
                 

Interest Only:(23)

     

Series 2017-104, Class SD, 6.044%, (6.20% - 1 mo. USD LIBOR), 7/20/47(22)

          $ 6,066     $ 1,074,249  
                    $ 27,117,936  

Total Collateralized Mortgage Obligations
(identified cost $257,061,906)

 

  $ 233,769,007  
Commercial Mortgage-Backed Securities — 5.0%

 

Security          Principal
Amount
(000’s omitted)
    Value  
Agate Bay Mortgage Trust                  

Series 2015-1, Class A4, 3.50%, 1/25/45(10)(21)

    $ 281     $ 283,260  
BAMLL Commercial Mortgage Securities Trust                  

Series 2019-BPR, Class ENM, 3.719%, 11/5/32(10)(21)

      795       577,865  

Series 2019-BPR, Class FNM, 3.719%, 11/5/32(10)(21)

      3,205       2,031,369  
CFCRE Commercial Mortgage Trust                  

Series 2016-C3, Class D, 3.052%, 1/10/48(10)(21)

      3,500       2,072,444  

Series 2016-C7, Class D, 4.577%, 12/10/54(10)(21)

      1,675       1,349,344  
Citigroup Commercial Mortgage Trust                  

Series 2015-P1, Class D, 3.225%, 9/15/48(10)

      1,000       794,244  

Series 2017-MDRB, Class C, 2.652%, (1 mo. USD LIBOR + 2.50%), 7/15/30(10)(14)

      5,000       4,737,513  
COMM Mortgage Trust                  

Series 2013-CR11, Class D, 5.285%, 8/10/50(10)(21)

      7,400       5,998,830  

Series 2015-CR22, Class D, 4.244%, 3/10/48(10)(21)

      4,100       3,639,797  
Credit Suisse Mortgage Trust                  

Series 2016-NXSR, Class C, 4.503%, 12/15/49(21)

      2,770       2,613,149  

Series 2016-NXSR, Class D, 4.503%, 12/15/49(10)(21)

      3,000       2,454,201  
Federal National Mortgage Association
Multifamily Connecticut Avenue
Securities Trust
                 

Series 2019-01, Class M7, 1.848%, (1 mo. USD LIBOR + 1.70%), 10/15/49(10)(14)

      213       204,357  

Series 2019-01, Class M10, 3.398%, (1 mo. USD LIBOR + 3.25%), 10/15/49(10)(14)

      120       111,670  

Series 2020-01, Class M10, 3.898%, (1 mo. USD LIBOR + 3.75%),
3/25/50(10)(14)

      2,000       1,883,819  
Security        Principal
Amount
(000’s omitted)
    Value  
JPMBB Commercial Mortgage Securities Trust                

Series 2014-C22, Class D, 4.706%, 9/15/47(10)(21)

    $ 5,276     $ 3,431,540  

Series 2014-C25, Class D, 4.099%, 11/15/47(10)(21)

      4,400       3,161,913  

Series 2015-C29, Class D, 3.852%, 5/15/48(21)

      2,000       1,521,346  
JPMorgan Chase Commercial Mortgage
Securities Trust
               

Series 2011-C5, Class D,
5.605%, 8/15/46(10)(21)

      7,167       6,003,820  

Series 2013-C13, Class D, 4.214%, 1/15/46(10)(21)

      3,000       2,949,900  

Series 2013-C16, Class D, 5.194%, 12/15/46(10)(21)

      3,500       3,376,928  

Series 2014-DSTY, Class B, 3.771%, 6/10/27(10)

      2,600       780,478  
Morgan Stanley Bank of America Merrill
Lynch Trust
               

Series 2015-C23, Class D, 4.289%, 7/15/50(10)(21)

      2,000       1,788,119  

Series 2016-C29, Class D,
3.00%, 5/15/49(10)

      3,577       2,749,145  

Series 2016-C32, Class D, 3.396%, 12/15/49(10)(21)

      1,600       1,099,648  
Morgan Stanley Capital I Trust                

Series 2016-UBS12, Class D, 3.312%, 12/15/49(10)

      4,489       3,305,131  

Series 2017-CLS, Class A, 0.852%, (1 mo. USD LIBOR + 0.70%), 11/15/34(10)(14)

      2,000       1,996,171  

Series 2019-BPR, Class C, 3.202%, (1 mo. USD LIBOR + 3.05%), 5/15/36(10)(14)

      1,845       1,614,274  
Motel 6 Trust                

Series 2017-MTL6, Class C, 1.552%, (1 mo. USD LIBOR + 1.40%),
8/15/34(10)(14)

      2,407       2,354,402  
RETL Trust                

Series 2019-RVP, Class B, 1.702%, (1 mo. USD LIBOR + 1.55%), 3/15/36(10)(14)

      735       700,534  
UBS Commercial Mortgage Trust                

Series 2012-C1, Class D,
5.569%, 5/10/45(10)(21)

      3,000       2,222,602  
UBS-Barclays Commercial Mortgage Trust                

Series 2013-C6, Class D,
4.307%, 4/10/46(10)(21)

      4,437       2,900,522  
Wells Fargo Commercial Mortgage Trust                

Series 2013-LC12, Class D, 4.411%, 7/15/46(10)(21)

      3,000       1,038,467  

Series 2015-C31, Class D, 3.852%, 11/15/48

      2,475       2,056,971  

Series 2015-LC22, Class C, 4.688%, 9/15/58(21)

      1,250       1,250,815  

Series 2016-C35, Class D, 3.142%, 7/15/48(10)

      1,850       1,375,032  

Series 2016-C36, Class D, 2.942%, 11/15/59(10)

        1,500       984,801  

Total Commercial Mortgage-Backed Securities
(identified cost $89,865,092)

 

  $ 77,414,421  
 

 

  44   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Asset-Backed Securities — 7.6%

 

Security        Principal
Amount
(000’s omitted)
    Value  
Alinea CLO, Ltd.                

Series 2018-1A, Class E, 6.272%, (3 mo. USD LIBOR + 6.00%), 7/20/31(10)(14)

    $ 1,000     $ 877,501  
AMMC CLO 15, Ltd.                

Series 2014-15A, Class ERR, 7.185%, (3 mo. USD LIBOR + 6.91%),
1/15/32(10)(14)

      500       442,599  
AMMC CLO XII, Ltd.                

Series 2013-12A, Class ER, 6.423%, (3 mo. USD LIBOR + 6.18%),
11/10/30(10)(14)

      2,000       1,542,259  
Ares LII CLO, Ltd.                

Series 2019-52A, Class E, 6.808%, (3 mo. USD LIBOR + 6.55%), 4/22/31(10)(14)

      1,000       952,353  
Ares XL CLO, Ltd.                

Series 2016-40A, Class DR, 6.625%, (3 mo. USD LIBOR + 6.35%),
1/15/29(10)(14)

      1,000       911,372  
Ares XXXIV CLO, Ltd.                

Series 2015-2A, Class ER, 7.123%, (3 mo. USD LIBOR + 6.85%), 4/17/33(10)(14)

      2,000       1,836,664  
Ares XXXVR CLO, Ltd.                

Series 2015-35RA, Class E, 5.975%, (3 mo. USD LIBOR + 5.70%),
7/15/30(10)(14)

      2,000       1,769,756  
Babson CLO, Ltd.                

Series 2016-1A, Class ER, 6.256%, (3 mo. USD LIBOR + 6.00%), 7/23/30(10)(14)

      1,000       857,794  
Bain Capital Credit CLO, Ltd.                

Series 2017-2A, Class E, 6.595%, (3 mo. USD LIBOR + 6.35%), 7/25/30(10)(14)

      2,000       1,689,428  
Bardot CLO, Ltd.                

Series 2019-2A, Class E, 7.208%, (3 mo. USD LIBOR + 6.95%), 10/22/32(10)(14)

      1,850       1,783,132  
Benefit Street Partners CLO XVI, Ltd.                

Series 2018-16A, Class E, 6.973%, (3 mo. USD LIBOR + 6.70%), 1/17/32(10)(14)

      3,000       2,747,307  
Benefit Street Partners CLO XVII, Ltd.                

Series 2019-17A, Class E, 6.875%, (3 mo. USD LIBOR + 6.60%), 7/15/32(10)(14)

      3,000       2,810,586  
Benefit Street Partners CLO XVIII, Ltd.                

Series 2019-18A, Class E, 7.175%, (3 mo. USD LIBOR + 6.90%), 10/15/32(10)(14)

      4,500       4,313,637  
BlueMountain CLO XXIV, Ltd.                

Series 2019-24A, Class E, 7.032%, (3 mo. USD LIBOR + 6.76%), 4/20/31(10)(14)

      1,000       964,015  
BlueMountain CLO XXV, Ltd.                

Series 2019-25A, Class E, 6.975%, (3 mo. USD LIBOR + 6.70%), 7/15/32(10)(14)

      4,500       4,284,139  
BlueMountain CLO XXVI, Ltd.                

Series 2019-26A, Class E, 7.972%, (3 mo. USD LIBOR + 7.70%), 10/20/32(10)(14)

      6,500       6,452,277  
Security        Principal
Amount
(000’s omitted)
    Value  
BlueMountain CLO, Ltd.  

Series 2016-3A, Class ER, 6.23%, (3 mo. USD LIBOR + 5.95%), 11/15/30(10)(14)

    $ 2,000     $ 1,599,181  

Series 2018-1A, Class E, 6.218%, (3 mo. USD LIBOR + 5.95%), 7/30/30(10)(14)

      1,000       808,529  
Canyon Capital CLO, Ltd.                

Series 2016-2A, Class ER, 6.275%, (3 mo. USD LIBOR + 6.00%), 10/15/31(10)(14)

      3,350       2,855,914  

Series 2019-2A, Class E, 7.425%, (3 mo. USD LIBOR + 7.15%), 10/15/32(10)(14)

      1,000       971,689  
Carlyle Global Market Strategies CLO, Ltd.                

Series 2012-3A, Class DR2, 6.768%, (3 mo. USD LIBOR + 6.50%), 1/14/32(10)(14)

      2,000       1,551,981  

Series 2014-4RA, Class D, 5.925%, (3 mo. USD LIBOR + 5.65%), 7/15/30(10)(14)

      1,250       956,404  

Series 2015-5A, Class DR, 6.972%, (3 mo. USD LIBOR + 6.70%), 1/20/32(10)(14)

      1,000       795,242  

Series C17A, Class DR, 6.268%, (3 mo. USD LIBOR + 6.00%), 4/30/31(10)(14)

      1,750       1,467,786  
Cedar Funding X CLO, Ltd.                

Series 2019-10A, Class E, 7.272%, (3 mo. USD LIBOR + 7.00%), 10/20/32(10)(14)

      1,500       1,433,163  
Cole Park CLO, Ltd.                

Series 2015-1A, Class ER, 6.872%, (3 mo. USD LIBOR + 6.60%), 10/20/28(10)(14)

      2,000       1,831,598  
Dryden Senior Loan Fund                

Series 2015-41A, Class ER, 5.575%, (3 mo. USD LIBOR + 5.30%), 4/15/31(10)(14)

      2,000       1,708,395  

Series 2016-42A, Class ER, 5.825%, (3 mo. USD LIBOR + 5.55%), 7/15/30(10)(14)

      1,000       885,924  
FOCUS Brands Funding, LLC                

Series 2017-1A, Class A2I,
3.857%, 4/30/47(10)

      1,567       1,454,538  
Fort Washington CLO, Ltd.                

Series 2019-1A, Class E, 7.522%, (3 mo. USD LIBOR + 7.25%), 10/20/32(10)(14)

      1,500       1,361,955  
Galaxy XIX CLO, Ltd.                

Series 2015-19A, Class D2R, 7.264%, (3 mo. USD LIBOR + 7.00%), 7/24/30(10)(14)

      1,600       1,427,308  
Galaxy XV CLO, Ltd.                

Series 2013-15A, Class ER, 6.92%, (3 mo. USD LIBOR + 6.65%), 10/15/30(10)(14)

      3,275       2,894,800  
Galaxy XXI CLO, Ltd.                

Series 2015-21A, Class ER, 5.522%, (3 mo. USD LIBOR + 5.25%), 4/20/31(10)(14)

      1,100       926,934  
Galaxy XXV CLO, Ltd.                

Series 2018-25A, Class E, 6.195%, (3 mo. USD LIBOR + 5.95%), 10/25/31(10)(14)

      1,000       874,494  
Golub Capital Partners CLO 37B, Ltd.                

Series 2018-37A, Class E, 6.022%, (3 mo. USD LIBOR + 5.75%), 7/20/30(10)(14)

      3,000       2,574,288  
 

 

  45   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount
(000’s omitted)
    Value  
Kayne CLO 5, Ltd.                

Series 2019-5A, Class E, 6.964%, (3 mo. USD LIBOR + 6.70%), 7/24/32(10)(14)

    $ 4,550     $ 4,387,783  
Madison Park Funding XVII, Ltd.                

Series 2015-17A, Class ER, 6.771%, (3 mo. USD LIBOR + 6.50%),
7/21/30(10)(14)

      2,000       1,820,746  
Madison Park Funding XXXVI, Ltd.                

Series 2019-36A, Class E, 7.525%, (3 mo. USD LIBOR + 7.25%), 1/15/33(10)(14)

      1,500       1,480,852  
Madison Park Funding XXXVII, Ltd.                

Series 2019-37A, Class E, 6.825%, (3 mo. USD LIBOR + 6.55%), 7/15/32(10)(14)

      5,500       5,226,842  
Magnetite XXII, Ltd.                

Series 2019-22A, Class E, 7.025%, (3 mo. USD LIBOR + 6.75%), 4/15/31(10)(14)

      1,500       1,451,139  
Magnetite XXIV, Ltd.                

Series 2019-24A, Class E, 7.225%, (3 mo. USD LIBOR + 6.95%), 1/15/33(10)(14)

      3,000       2,999,889  
MVW Owner Trust                

Series 2014-1A, Class A,
2.25%, 9/22/31(10)

      270       270,847  
Neuberger Berman CLO XXII, Ltd.                

Series 2016-22A, Class ER, 6.333%, (3 mo. USD LIBOR + 6.06%),
10/17/30(10)(14)

      1,500       1,362,735  
Neuberger Berman Loan Advisers CLO 30, Ltd.                

Series 2018-30A, Class E, 7.022%, (3 mo. USD LIBOR + 6.75%), 1/20/31(10)(14)

      2,000       1,938,636  
Neuberger Berman Loan Advisers CLO 31, Ltd.                

Series 2019-31A, Class E, 7.022%, (3 mo. USD LIBOR + 6.75%), 4/20/31(10)(14)

      1,000       972,714  
Neuberger Berman Loan Advisers CLO 33, Ltd.                

Series 2019-33A, Class E, 7.071%, (3 mo. USD LIBOR + 6.80%), 10/16/32(10)(14)

      2,250       2,198,455  
Oaktree CLO, Ltd.                

Series 2019-3A, Class E, 7.042%, (3 mo. USD LIBOR + 6.77%), 7/20/31(10)(14)

      3,625       3,045,328  
Palmer Square CLO, Ltd.                

Series 2013-2A, Class DRR, 6.123%, (3 mo. USD LIBOR + 5.85%),
10/17/31(10)(14)

      2,000       1,796,578  

Series 2018-2A, Class D, 5.871%, (3 mo. USD LIBOR + 5.60%), 7/16/31(10)(14)

      1,000       910,101  

Series 2019-1A, Class D, 7.265%, (3 mo. USD LIBOR + 7.00%), 11/14/32(10)(14)

      2,000       1,980,034  
Purchasing Power Funding, LLC                

Series 2018-A, Class A, 3.34%, 8/15/22(10)

      188       188,525  
Regatta IX Funding, Ltd.                

Series 2017-1A, Class E, 6.273%, (3 mo. USD LIBOR + 6.00%), 4/17/30(10)(14)

      450       414,729  
Regatta XII Funding, Ltd.                

Series 2019-1A, Class E, 7.125%, (3 mo. USD LIBOR + 6.85%), 10/15/32(10)(14)

      2,000       1,916,942  
Security          Principal
Amount
(000’s omitted)
    Value  
Regatta XIII Funding, Ltd.                  

Series 2018-2A, Class D, 6.225%, (3 mo. USD LIBOR + 5.95%), 7/15/31(10)(14)

    $ 2,000     $ 1,722,833  
Regatta XIV Funding, Ltd.                  

Series 2018-3A, Class E, 6.195%, (3 mo. USD LIBOR + 5.95%), 10/25/31(10)(14)

      1,000       877,747  
Regatta XVI Funding, Ltd.                  

Series 2019-2A, Class E, 7.275%, (3 mo. USD LIBOR + 7.00%), 1/15/33(10)(14)

      1,800       1,744,398  
Southwick Park CLO, LLC                  

Series 2019-4A, Class E, 6.972%, (3 mo. USD LIBOR + 6.70%), 7/20/32(10)(14)

      6,000       5,780,790  
Vibrant CLO IX, Ltd.                  

Series 2018-9A, Class D, 6.522%, (3 mo. USD LIBOR + 6.25%), 7/20/31(10)(14)

      1,000       777,767  
Vibrant CLO XI, Ltd.                  

Series 2019-11A, Class D, 7.042%, (3 mo. USD LIBOR + 6.77%),
7/20/32(10)(14)

      575       513,623  
Voya CLO, Ltd.                  

Series 2015-3A, Class DR, 6.472%, (3 mo. USD LIBOR + 6.20%),
10/20/31(10)(14)

      3,000       2,503,779  

Series 2016-3A, Class DR, 6.352%, (3 mo. USD LIBOR + 6.08%),
10/18/31(10)(14)

      1,400       1,168,653  

Series 2019-4A, Class E, 7.755%, (3 mo. USD LIBOR + 7.48%), 1/15/33(10)(14)

      3,000       2,905,758  
Wellfleet CLO, Ltd.                  

Series 2020-1A, Class D, 8.422%, (3 mo. USD LIBOR + 7.24%), 4/15/33(10)(14)

            2,000       1,969,678  

Total Asset-Backed Securities (identified cost $125,732,135)

                  $ 116,942,843  
Common Stocks — 0.6%      
Security          Shares     Value  
Aerospace and Defense — 0.0%(8)                     

IAP Global Services, LLC(3)(25)(26)

            31     $ 461,947  
                    $ 461,947  
Automotive — 0.0%(8)                     

Dayco Products, LLC(25)(26)

            27,250     $ 204,375  
                    $ 204,375  
Business Equipment and Services — 0.0%(8)                     

Crossmark Holdings, Inc.(25)(26)

            4,883     $ 280,773  
                    $ 280,773  
 

 

  46   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Shares     Value  
Electronics / Electrical — 0.2%                     

Answers Corp.(3)(25)(26)

      78,756     $ 58,279  

Software Luxembourg Holding S.A.(25)(26)

            22,890       3,319,050  
                    $ 3,377,329  
Nonferrous Metals / Minerals — 0.0%(8)                     

Acnr Holdings, Inc.(25)(26)

            3,818     $ 43,907  
                    $ 43,907  
Oil and Gas — 0.1%                     

AFG Holdings, Inc.(3)(25)(26)

      29,751     $ 588,475  

Fieldwood Energy, Inc.(25)(26)

      10,085       1,008  

McDermott International, Ltd.(25)(26)

      93,940       225,456  

Nine Point Energy Holdings, Inc.(3)(25)(27)

      29,787       0  

RDV Resources, Inc., Class A(3)(25)(26)

      27,724       0  

Samson Resources II, LLC, Class A(3)(26)

      45,294       294,411  

Sunrise Oil & Gas, Inc., Class A(25)(26)

            15,647       109,529  
                    $ 1,218,879  
Publishing — 0.2%                     

ION Media Networks, Inc.(3)(25)(26)

      5,187     $ 3,366,363  

Tweddle Group, Inc.(3)(25)(26)

            5,433       14,778  
                    $ 3,381,141  
Radio and Television — 0.1%                     

Clear Channel Outdoor Holdings, Inc.(25)(26)

      74,443     $ 74,443  

Cumulus Media, Inc., Class A(25)(26)

      50,522       271,303  

iHeartMedia, Inc., Class A(25)(26)

            31,657       257,055  
                    $ 602,801  
Retailers (Except Food and Drug) — 0.0%(8)                     

David’s Bridal, LLC(3)(25)(26)

            40,851     $ 371,336  
                    $ 371,336  
Utilities — 0.0%(8)                     

Longview Intermediate Holdings, LLC,
Class A(3)(25)(26)

            10,730     $ 87,235  
      $ 87,235  

Total Common Stocks
(identified cost $11,232,253)

                  $ 10,029,723  
Convertible Bonds — 0.1%      
Security          Principal
Amount
(000’s omitted)
    Value  
Electronics / Electrical — 0.1%                     

Western Digital Corp., 1.50%, 2/1/24

          $ 793     $ 756,836  
                    $ 756,836  
Software and Services — 0.0%(8)                     

J2 Global, Inc., 1.75%, 11/1/26(10)

          $ 424     $ 377,030  
                    $ 377,030  

Total Convertible Bonds
(identified cost $1,111,240)

                  $ 1,133,866  
Convertible Preferred Stocks — 0.0%

 

Security          Shares     Value  
Oil and Gas — 0.0%                     

Nine Point Energy Holdings, Inc., Series A, 12.00%(3)(25)(27)

            555     $ 0  

Total Convertible Preferred Stocks
(identified cost $555,000)

                  $ 0  
Preferred Stocks — 0.1%      
Security          Shares     Value  
Building and Development — 0.1%                     

Brookfield Property Partners, L.P., Series A, 5.75%(26)

            40,000     $ 714,800  
                    $ 714,800  
Financial Services — 0.0%(8)                     

DBI Investors, Inc., Series A-1(3)(25)(26)

            1,932     $ 155,197  
                    $ 155,197  
Nonferrous Metals / Minerals — 0.0%(8)                     

Acnr Holdings, Inc.(25)(26)

            1,803     $ 27,045  
                    $ 27,045  
Pipelines — 0.0%(8)                     

NuStar Energy, L.P., Series B, 7.625% to 6/15/22(12)

            31,500     $ 505,890  
                    $ 505,890  
 

 

  47   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Shares     Value  
Retailers (Except Food and Drug) — 0.0%(8)                     

David’s Bridal, LLC, Series A, 8.00%
(PIK)(3)(25)(26)

      1,136     $ 90,880  

David’s Bridal, LLC, Series B, 10.00%
(PIK)(3)(25)(26)

            4,631       374,926  
                    $ 465,806  

Total Preferred Stocks
(identified cost $2,077,376)

                  $ 1,868,738  
Closed-End Funds — 1.5%      
Security          Shares     Value  

BlackRock Corporate High Yield Fund, Inc.

            2,187,871     $ 23,366,462  

Total Closed-End Funds
(identified cost $26,353,826)

                  $ 23,366,462  
Warrants — 0.0%      
Security          Shares     Value  
Retailers (Except Food and Drug) — 0.0%                     

David’s Bridal, LLC, Exp. 11/26/22(3)(25)(26)

            7,886     $ 0  

Total Warrants
(identified cost $0)

                  $ 0  
Miscellaneous — 0.0%(8)      
Security          Shares     Value  
Cable and Satellite Television — 0.0%                     

ACC Claims Holdings, LLC(3)(26)

            2,257,600     $ 0  
                    $ 0  
Oil and Gas — 0.0%(8)                     

Paragon Offshore Finance Company,
Class A(25)(26)

      2,021     $ 606  

Paragon Offshore Finance Company,
Class B(25)(26)

            1,011       12,385  
                    $ 12,991  

Total Miscellaneous
(identified cost $21,988)

                  $ 12,991  
Short-Term Investments — 2.3%

 

U.S. Treasury Obligations — 0.0%(8)

 

Security          Principal
Amount
(000’s omitted)
    Value  

U.S. Treasury Bill, 0.00%, 11/19/20(28)

          $ 500     $ 499,946  

Total U.S. Treasury Obligations
(identified cost $499,947)

                  $ 499,946  
Other — 2.3%      
Description          Units     Value  

Eaton Vance Cash Reserves Fund, LLC, 0.15%(29)

            34,303,854     $ 34,303,854  

Total Other
(identified cost $34,303,791)

 

  $ 34,303,854  

Total Short-Term Investments
(identified cost $34,803,738)

 

  $ 34,803,800  

Total Investments — 154.8%
(identified cost $2,445,382,977)

 

  $ 2,372,103,842  

Less Unfunded Loan Commitments — (0.0)%(8)

 

  $ (745,687

Net Investments — 154.8%
(identified cost $2,444,637,290)

 

  $ 2,371,358,155  

Other Assets, Less Liabilities — (40.7)%

 

  $ (623,377,816

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (14.1)%

 

  $ (216,003,009

Net Assets Applicable to Common Shares — 100.0%

 

  $ 1,531,977,330  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.

 

  *

In U.S. dollars unless otherwise indicated.

 

  (1) 

Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

 

 

  48   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

  (2) 

Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. At September 30, 2020, the total value of unfunded loan commitments is $749,135. See Note 1F for description.

 

  (3) 

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 12).

 

  (4) 

This Senior Loan will settle after September 30, 2020, at which time the interest rate will be determined.

 

  (5) 

The stated interest rate represents the weighted average interest rate at September 30, 2020 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

 

  (6) 

Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

 

  (7) 

Fixed-rate loan.

 

  (8) 

Amount is less than 0.05% or (0.05)%, as applicable.

 

  (9) 

Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At September 30, 2020, the aggregate value of these securities is $100,443,916 or 6.6% of the Fund’s net assets applicable to common shares.

 

(10) 

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2020, the aggregate value of these securities is $660,714,631 or 43.1% of the Fund’s net assets applicable to common shares.

 

(11) 

When-issued security. For a variable rate security, interest rate will be determined after September 30, 2020.

 

(12) 

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

 

(13) 

Perpetual security with no stated maturity date but may be subject to calls by the issuer.

 

(14) 

Variable rate security. The stated interest rate represents the rate in effect at September 30, 2020.

(15) 

Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

 

(16) 

Step coupon security. Interest rate represents the rate in effect at September 30, 2020.

 

(17) 

Amounts payable in respect of the security are contingent upon and determined by reference to Ukraine’s GDP and Real GDP Growth Rate. Principal amount represents the notional amount used to calculate payments due to the security holder and does not represent an entitlement for payment.

 

(18) 

Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

 

(19) 

Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at September 30, 2020.

 

(20) 

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

 

(21) 

Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 2020.

 

(22) 

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, 2020.

 

(23) 

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.

 

(24) 

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

 

(25) 

Non-income producing security.

 

(26) 

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

 

(27) 

Restricted security (see Note 7).

 

(28) 

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

 

(29) 

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, 2020.

 

 

Centrally Cleared Forward Foreign Currency Exchange Contracts  
Currency Purchased     Currency Sold        Settlement
Date
     Value/Unrealized
Appreciation
(Depreciation)
 
EUR     4,641,043     USD     5,442,319        10/2/20      $ (929
USD     5,554,019     EUR     4,641,043        10/2/20        112,628  
USD     5,445,765     EUR     4,641,043        11/3/20        782  
       $ 112,481  

 

  49   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Forward Foreign Currency Exchange Contracts  
Currency Purchased     Currency Sold     Counterparty   Settlement
Date
    Unrealized
Appreciation
    Unrealized
(Depreciation)
 
EUR     401,200     USD     470,118     State Street Bank and Trust Company     10/1/20     $ 269     $  
EUR     4,641,043     USD     5,442,319     BNP Paribas     10/2/20             (929
EUR     28,169,930     USD     33,033,468     Standard Chartered Bank     10/2/20             (5,640
USD     5,442,319     EUR     4,641,043     BNP Paribas     10/2/20       929        
USD     33,711,689     EUR     28,169,930     Standard Chartered Bank     10/2/20       683,861        
EUR     84,328     USD     99,663     Bank of America, N.A.     10/30/20             (735
EUR     883,235     USD     1,031,134     Citibank, N.A.     10/30/20       5,013        
EUR     94,094     USD     110,637     Citibank, N.A.     10/30/20             (253
EUR     100,396     USD     118,037     Citibank, N.A.     10/30/20             (260
EUR     113,036     USD     133,805     JPMorgan Chase Bank, N.A.     10/30/20             (1,200
GBP     90,948     USD     116,336     Bank of America, N.A.     10/30/20       1,036        
GBP     332,652     USD     434,196     Bank of America, N.A.     10/30/20             (4,896
GBP     78,047     USD     100,049     HSBC Bank USA, N.A.     10/30/20       673        
GBP     111,760     USD     141,977     State Street Bank and Trust Company     10/30/20       2,254        
GBP     2,754     USD     3,499     State Street Bank and Trust Company     10/30/20       56        
USD     8,061,851     EUR     6,834,197     Bank of America, N.A.     10/30/20       44,468        
USD     3,116,909     EUR     2,642,268     Bank of America, N.A.     10/30/20       17,193        
USD     157,472     EUR     135,000     Bank of America, N.A.     10/30/20             (900
USD     4,029,453     EUR     3,417,099     Citibank, N.A.     10/30/20       20,762        
USD     1,557,885     EUR     1,321,134     Citibank, N.A.     10/30/20       8,027        
USD     4,510,535     EUR     3,824,905     Goldman Sachs International     10/30/20       23,434        
USD     1,743,883     EUR     1,478,802     Goldman Sachs International     10/30/20       9,060        
USD     27,442,412     EUR     23,509,325     Goldman Sachs International     10/30/20             (137,018
USD     8,059,269     EUR     6,834,197     State Street Bank and Trust Company     10/30/20       41,886        
USD     1,780,751     EUR     1,500,000     State Street Bank and Trust Company     10/30/20       21,060        
USD     3,115,911     EUR     2,642,268     State Street Bank and Trust Company     10/30/20       16,194        
USD     1,180,250     EUR     1,000,000     State Street Bank and Trust Company     10/30/20       7,123        
USD     870,495     EUR     737,317     State Street Bank and Trust Company     10/30/20       5,528        
USD     433,225     EUR     365,004     State Street Bank and Trust Company     10/30/20       5,029        
USD     473,741     EUR     400,000     State Street Bank and Trust Company     10/30/20       4,490        
USD     355,769     EUR     300,000     State Street Bank and Trust Company     10/30/20       3,830        
USD     112,853     EUR     95,054     State Street Bank and Trust Company     10/30/20       1,343        
USD     118,587     EUR     100,000     State Street Bank and Trust Company     10/30/20       1,275        
USD     116,789     EUR     98,871     State Street Bank and Trust Company     10/30/20       801        
USD     63,329     EUR     53,640     State Street Bank and Trust Company     10/30/20       403        
USD     117,327     EUR     100,000     State Street Bank and Trust Company     10/30/20       14        
USD     470,166     EUR     401,003     State Street Bank and Trust Company     10/30/20             (261
USD     1,896,445     EUR     1,623,780     State Street Bank and Trust Company     10/30/20             (8,456
USD     2,080,001     EUR     1,780,945     State Street Bank and Trust Company     10/30/20             (9,274
USD     3,283,138     GBP     2,530,000     Bank of America, N.A.     10/30/20       18,077        
USD     189,462     GBP     146,000     Bank of America, N.A.     10/30/20       1,043        
USD     3,188,635     GBP     2,456,982     Citibank, N.A.     10/30/20       17,806        
USD     183,786     GBP     141,615     Citibank, N.A.     10/30/20       1,026        
USD     33,054,616     EUR     28,169,930     Standard Chartered Bank     11/3/20       4,976        
EUR     211,179     USD     250,801     State Street Bank and Trust Company     11/30/20             (2,902

 

  50   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Forward Foreign Currency Exchange Contracts (continued)  
Currency Purchased     Currency Sold     Counterparty   Settlement
Date
    Unrealized
Appreciation
    Unrealized
(Depreciation)
 
USD     32,446,144     EUR     27,424,661     HSBC Bank USA, N.A.     11/30/20     $ 252,853     $  
USD     1,812,147     EUR     1,530,250     State Street Bank and Trust Company     11/30/20       15,815        
USD     3,869,894     GBP     2,930,197     State Street Bank and Trust Company     11/30/20       87,836        
                                    $ 1,325,443     $ (172,724

 

Futures Contracts  
Description    Number of
Contracts
     Position      Expiration
Date
     Notional
Amount
     Value/Unrealized
Appreciation
(Depreciation)
 

Interest Rate Futures

              
U.S. 10-Year Treasury Note      176        Long        12/21/20      $ 24,557,500      $ 64,203  
5-Year USD Deliverable Interest Rate Swap      (4      Short        12/14/20        (412,594      156  
10-Year USD Deliverable Interest Rate Swap      (4      Short        12/14/20        (410,063      938  
Euro-Bobl      (11      Short        12/8/20        (1,743,280      (950
Euro-Bund      (3      Short        12/8/20        (613,848      (1,161
Euro-Buxl      (2      Short        12/8/20        (522,162      (6,331
U.S. 5-Year Treasury Note      (2      Short        12/31/20        (252,062      141  
U.S. Long Treasury Bond      (10      Short        12/21/20        (1,762,813      (8,752
                                         $ 48,244  

 

Centrally Cleared Interest Rate Swaps  
Notional Amount
(000’s omitted)
  Fund
Pays/Receives
Floating Rate
    Floating Rate   Annual
Fixed Rate
  Termination
Date
    Value     Unamortized
Upfront
Receipts
(Payments)
    Unrealized
Appreciation
(Depreciation)
 
EUR   950     Receives     6-month EURIBOR (pays semi-annually)   (0.53)% (pays annually)     8/22/24     $ 3,290     $     $ 3,290  
EUR   246     Receives     6-month EURIBOR (pays semi-annually)   0.37%
(pays annually)
    2/12/50       (33,774           (33,774
EUR   207     Receives     6-month EURIBOR (pays semi-annually)   0.38%
(pays annually)
    2/13/50       (28,912     3       (28,909
EUR   242     Receives     6-month EURIBOR (pays semi-annually)   0.39%
(pays annually)
    2/13/50       (34,426           (34,426
EUR   1,500     Receives     6-month EURIBOR (pays semi-annually)   0.26%
(pays annually)
    2/25/50       (146,044           (146,044
EUR   260     Receives     6-month EURIBOR (pays semi-annually)   0.21%
(pays annually)
    2/26/50       (20,497     (2     (20,499
EUR   681     Receives     6-month EURIBOR (pays semi-annually)   0.12%
(pays annually)
    6/8/50       (32,695           (32,695
USD   760     Receives     3-month USD-LIBOR (pays quarterly)   1.93%
(pays semi-annually)
    11/3/20       (6,834           (6,834
USD   100     Receives     3-month USD-LIBOR (pays quarterly)   1.96%
(pays semi-annually)
    11/17/20       (906     (12     (918

 

  51   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Centrally Cleared Interest Rate Swaps (continued)  
Notional Amount
(000’s omitted)
  Fund
Pays/Receives
Floating Rate
    Floating Rate   Annual
Fixed Rate
  Termination
Date
    Value     Unamortized
Upfront
Receipts
(Payments)
    Unrealized
Appreciation
(Depreciation)
 
USD   2,680     Receives     3-month USD-LIBOR (pays quarterly)   0.55%
(pays semi-annually)
    3/12/23     $ (21,139   $     $ (21,139
USD   200     Receives     3-month USD-LIBOR (pays quarterly)   1.49%
(pays semi-annually)
    1/28/25       (10,644           (10,644
USD   461     Receives     3-month USD-LIBOR (pays quarterly)   1.46%
(pays semi-annually)
    1/30/25       (23,963           (23,963
USD   800     Receives     3-month USD-LIBOR (pays quarterly)   1.41%
(pays semi-annually)
    2/3/25       (39,749           (39,749
USD   260     Receives     3-month USD-LIBOR (pays quarterly)   1.44%
(pays semi-annually)
    2/18/25       (13,162           (13,162
USD   200     Receives     3-month USD-LIBOR (pays quarterly)   1.16%
(pays semi-annually)
    2/28/25       (7,674           (7,674
USD   120     Receives     3-month USD-LIBOR (pays quarterly)   0.83%
(pays semi-annually)
    3/5/25       (2,801           (2,801
USD   850     Receives     3-month USD-LIBOR (pays quarterly)   0.43%
(pays semi-annually)
    4/30/25       (5,353           (5,353
USD   562     Receives     3-month USD-LIBOR (pays quarterly)   0.33%
(pays semi-annually)
    5/12/25       (890           (890
USD   150     Receives     3-month USD-LIBOR (pays quarterly)   0.34%
(pays semi-annually)
    5/15/25       (281           (281
USD   140     Receives     3-month USD-LIBOR (pays quarterly)   0.34%
(pays semi-annually)
    5/19/25       (221           (221
USD   452     Receives     3-month USD-LIBOR (pays quarterly)   0.39%
(pays semi-annually)
    6/19/25       (1,845           (1,845
USD   2,240     Receives     3-month USD-LIBOR (pays quarterly)   1.74%
(pays semi-annually)
    12/16/26       (191,269           (191,269
USD   1,700     Receives     3-month USD-LIBOR (pays quarterly)   0.57%
(pays semi-annually)
    4/17/27       (15,648           (15,648
USD   5,222     Receives     3-month USD-LIBOR (pays quarterly)   2.09%
(pays semi-annually)
    7/15/29       (675,256     1,558       (673,698
USD   800     Receives     3-month USD-LIBOR (pays quarterly)   1.76%
(pays semi-annually)
    12/12/29       (83,882           (83,882
USD   570     Receives     3-month USD-LIBOR (pays quarterly)   0.80%
(pays semi-annually)
    4/15/30       (8,249           (8,249
USD   511     Receives     3-month USD-LIBOR (pays quarterly)   0.60%
(pays semi-annually)
    5/12/30       2,755             2,755  
USD   163     Receives     3-month USD-LIBOR (pays quarterly)   0.67%
(pays semi-annually)
    5/26/30       (75           (75
USD   173     Receives     3-month USD-LIBOR (pays quarterly)   0.69%
(pays semi-annually)
    6/1/30       (506           (506
USD   1,850     Receives     3-month USD-LIBOR (pays quarterly)   0.66%
(pays semi-annually)
    6/2/30       1,067             1,067  
USD   511     Receives     3-month USD-LIBOR (pays quarterly)   0.80%
(pays semi-annually)
    6/11/30       (6,364           (6,364
USD   68     Receives     3-month USD-LIBOR (pays quarterly)   0.77%
(pays semi-annually)
    6/12/30       (703           (703
USD   375     Receives     3-month USD-LIBOR (pays quarterly)   0.69%
(pays semi-annually)
    6/16/30       (857           (857

 

  52   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Centrally Cleared Interest Rate Swaps (continued)  
Notional Amount
(000’s omitted)
  Fund
Pays/Receives
Floating Rate
    Floating Rate   Annual
Fixed Rate
  Termination
Date
    Value     Unamortized
Upfront
Receipts
(Payments)
    Unrealized
Appreciation
(Depreciation)
 
USD   313     Receives     3-month USD-LIBOR (pays quarterly)   0.74%
(pays semi-annually)
    6/18/30     $ (2,135   $     $ (2,135
USD   634     Receives     3-month USD-LIBOR (pays quarterly)   0.72%
(pays semi-annually)
    6/19/30       (3,427           (3,427
USD   43     Receives     3-month USD-LIBOR (pays quarterly)   0.67%
(pays semi-annually)
    6/26/30       2             2  
USD   1,280     Receives     3-month USD-LIBOR (pays quarterly)   2.88%
(pays semi-annually)
    1/31/49       (563,399     (636     (564,035
USD   128     Receives     3-month USD-LIBOR (pays quarterly)   1.71%
(pays semi-annually)
    8/27/49       (19,392           (19,392
USD   148     Receives     3-month USD-LIBOR (pays quarterly)   1.70%
(pays semi-annually)
    8/27/49       (22,011           (22,011
USD   160     Receives     3-month USD-LIBOR (pays quarterly)   1.65%
(pays semi-annually)
    8/28/49       (21,553           (21,553
USD   85     Receives     3-month USD-LIBOR (pays quarterly)   1.54%
(pays semi-annually)
    8/30/49       (9,106           (9,106
USD   88     Receives     3-month USD-LIBOR (pays quarterly)   1.70%
(pays semi-annually)
    9/12/49       (12,943           (12,943
USD   1,400     Receives     3-month USD-LIBOR (pays quarterly)   1.87%
(pays semi-annually)
    10/25/49       (277,304           (277,304
USD   92     Receives     3-month USD-LIBOR (pays quarterly)   1.82%
(pays semi-annually)
    12/6/49       (16,361           (16,361
USD   91     Receives     3-month USD-LIBOR (pays quarterly)   1.81%
(pays semi-annually)
    12/6/49       (16,049           (16,049
USD   19     Receives     3-month USD-LIBOR (pays quarterly)   1.94%
(pays semi-annually)
    1/9/50       (4,080           (4,080
USD   210     Receives     3-month USD-LIBOR (pays quarterly)   0.79%
(pays semi-annually)
    4/23/50       16,824             16,824  
USD   1,650     Receives     3-month USD-LIBOR (pays quarterly)   0.96%
(pays semi-annually)
    6/2/50       61,579             61,579  
USD   383     Receives     3-month USD-LIBOR (pays quarterly)   1.10%
(pays semi-annually)
    6/11/50       302             302  
USD   347     Receives     3-month USD-LIBOR (pays quarterly)   0.93%
(pays semi-annually)
    6/15/50       15,793             15,793  
USD   316     Receives     3-month USD-LIBOR (pays quarterly)   0.93%
(pays semi-annually)
    6/15/50       14,752             14,752  
USD   121     Receives     3-month USD-LIBOR (pays quarterly)   0.97%
(pays semi-annually)
    6/16/50       4,262             4,262  
USD   280     Receives     3-month USD-LIBOR (pays quarterly)   0.97% (pays semi-annually)     6/17/50       9,694             9,694  

Total

                              $ (2,252,059   $ 911     $ (2,251,148

 

  53   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Centrally Cleared Credit Default Swaps — Sell Protection  
Reference Entity        Notional
Amount
*
(000’s omitted)
    Contract
Annual
Fixed Rate
**
  Termination
Date
    Current
Market
Annual
Fixed Rate
***
    Value     Unamortized
Upfront
Receipts
(Payments)
    Unrealized
Appreciation
(Depreciation)
 
Brazil     $ 950     1.00%
(pays quarterly)(1)
    12/20/25       2.43   $ (66,944   $ 53,020     $ (13,924
Colombia       3,725    

1.00%

(pays quarterly)(1)

    12/20/25       1.48       (90,556     60,446       (30,110
Indonesia       3,750     1.00%
(pays quarterly)(1)
    12/20/25       1.14       (26,735           (26,735
Philippines       3,100     1.00%
(pays quarterly)(1)
    12/20/25       0.55       73,463       (78,697     (5,234
South Africa       1,840     1.00%
(pays quarterly)(1)
    6/20/21       1.27       (3,083     15,851       12,768  
Turkey       3,196     1.00%
(pays quarterly)(1)
    6/20/21       3.89       (65,267     110,177       44,910  
Turkey         2,400     1.00%
(pays quarterly)(1)
    6/20/25       5.25       (416,559     405,534       (11,025

Total

      $ 18,961                         $ (595,681   $ 566,331     $ (29,350

 

Credit Default Swaps — Sell Protection  
Reference Entity   Counterparty     Notional
Amount
*
(000’s omitted)
    Contract
Annual
Fixed Rate
**
  Termination
Date
  Current
Market
Annual
Fixed Rate
***
    Value     Unamortized
Upfront
Receipts
(Payments)
    Unrealized
Appreciation
(Depreciation)
 
Bahamas     Deutsche Bank AG     $ 1,150     1.00%
(pays quarterly)(1)
  6/20/22     7.06   $ (111,399   $ 35,509     $ (75,890
Brazil     Citibank, N.A.       2,450     1.00%
(pays quarterly)(1)
  12/20/30     3.12       (443,931     377,995       (65,936
Mexico     Citibank, N.A.       2,640     1.00%
(pays quarterly)(1)
  12/20/30     2.11       (266,197     220,566       (45,631
Mexico    
Goldman Sachs
International
 
 
    2,385     1.00%
(pays quarterly)(1)
  12/20/30     2.11       (240,485     187,263       (53,222

Total

          $ 8,625                     $ (1,062,012   $ 821,333     $ (240,679

 

*

If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At September 30, 2020, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $27,586,000.

 

**

The contract annual fixed rate represents the fixed rate of interest received by the Fund (as a seller of protection) on the notional amount of the credit default swap contract.

 

***

Current market annual fixed rates, utilized in determining the net unrealized appreciation or depreciation as of period end, serve as an indicator of the market’s perception of the current status of the payment/performance risk associated with the credit derivative. The current market annual fixed rate of a particular reference entity reflects the cost, as quoted by the pricing vendor, of selling protection against default of that entity as of period end and may include upfront payments required to be made to enter into the agreement. The higher the fixed rate, the greater the market perceived risk of a credit event involving the reference entity. A rate identified as “Defaulted” indicates a credit event has occurred for the reference entity.

 

(1) 

Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

 

  54   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Portfolio of Investments (Unaudited) — continued

 

 

Abbreviations:

 

CMT     Constant Maturity Treasury
COF     Cost of Funds 11th District
DIP     Debtor In Possession
EURIBOR     Euro Interbank Offered Rate
GDP     Gross Domestic Product
LIBOR     London Interbank Offered Rate
PIK     Payment In Kind

Currency Abbreviations:

 

EUR     Euro
GBP     British Pound Sterling
USD     United States Dollar

 

  55   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Statement of Assets and Liabilities (Unaudited)

 

 

Assets    September 30, 2020  

Unaffiliated investments, at value (identified cost, $2,410,333,499)

   $ 2,337,054,301  

Affiliated investment, at value (identified cost, $34,303,791)

     34,303,854  

Cash

     6,498,809  

Deposits for derivatives collateral —

  

Financial futures contracts

     272,734  

Centrally cleared derivatives

     6,746,482  

OTC derivatives

     1,272,500  

Deposits for reverse repurchase agreements

     2,762,942  

Foreign currency, at value (identified cost, $1,031,498)

     1,070,811  

Interest and dividends receivable

     18,961,284  

Dividends receivable from affiliated investment

     4,399  

Receivable for investments sold

     6,567,544  

Receivable for variation margin on open centrally cleared derivatives

     246,123  

Receivable for open forward foreign currency exchange contracts

     1,325,443  

Tax reclaims receivable

     7,056  

Prepaid upfront fees on notes payable

     633,915  

Prepaid expenses

     38,657  

Total assets

   $ 2,417,766,854  
Liabilities         

Notes payable

   $ 550,000,000  

Cash collateral due to brokers

     970,000  

Payable for reverse repurchase agreements, including accrued interest of $2,310

     53,046,548  

Payable for investments purchased

     54,088,608  

Payable for when-issued securities

     7,462,620  

Payable for variation margin on open financial futures contracts

     27,336  

Payable for open forward foreign currency exchange contracts

     172,724  

Payable for open swap contracts

     240,679  

Upfront receipts on open non-centrally cleared swap contracts

     821,333  

Payable to affiliate:

  

Investment adviser fee

     1,462,690  

Accrued expenses

     1,493,977  

Total liabilities

   $ 669,786,515  

Auction preferred shares (8,640 shares outstanding) at liquidation value plus cumulative unpaid dividends

   $ 216,003,009  

Net assets applicable to common shares

   $ 1,531,977,330  
Sources of Net Assets         

Common shares, $0.01 par value, unlimited number of shares authorized, 116,147,018 shares issued and outstanding

   $ 1,161,470  

Additional paid-in capital

     1,790,375,350  

Accumulated loss

     (259,559,490

Net assets applicable to common shares

   $ 1,531,977,330  
Net Asset Value Per Common Share         

($1,531,977,330 ÷ 116,147,018 common shares issued and outstanding)

   $ 13.19  

 

  56   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Statement of Operations (Unaudited)

 

 

Investment Income   

Six Months Ended

September 30, 2020

 

Interest and other income (net of foreign taxes, $101)

   $ 51,898,337  

Dividends

     1,069,816  

Dividends from affiliated investment

     48,198  

Total investment income

   $ 53,016,351  
Expenses         

Investment adviser fee

   $ 8,641,426  

Trustees’ fees and expenses

     54,250  

Custodian fee

     274,544  

Transfer and dividend disbursing agent fees

     9,320  

Legal and accounting services

     424,992  

Printing and postage

     98,040  

Interest expense and fees

     4,450,449  

Preferred shares service fee

     113,612  

Miscellaneous

     92,704  

Total expenses

   $ 14,159,337  

Net investment income

   $ 38,857,014  
Realized and Unrealized Gain (Loss)         

Net realized gain (loss) —

  

Investment transactions

   $ (19,503,756

Investment transactions — affiliated investment

     14,228  

Financial futures contracts

     4,962,647  

Swap contracts

     (1,201,215

Foreign currency transactions

     211,503  

Forward foreign currency exchange contracts

     (9,017,423

Net realized loss

   $ (24,534,016

Change in unrealized appreciation (depreciation) —

  

Investments

   $ 225,114,753  

Investments — affiliated investment

     (342

Financial futures contracts

     (4,692,540

Swap contracts

     1,812,452  

Foreign currency

     (271,199

Forward foreign currency exchange contracts

     891,809  

Net change in unrealized appreciation (depreciation)

   $ 222,854,933  

Net realized and unrealized gain

   $ 198,320,917  

Distributions to preferred shareholders

   $ (709,329

Net increase in net assets from operations

   $ 236,468,602  

 

  57   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Statements of Changes in Net Assets

 

 

Increase (Decrease) in Net Assets   

Six Months Ended

September 30, 2020

(Unaudited)

    

Year Ended

March 31, 2020

 

From operations —

     

Net investment income

   $ 38,857,014      $ 88,499,011  

Net realized loss

     (24,534,016      (21,565,589

Net change in unrealized appreciation (depreciation)

     222,854,933        (255,637,607

Distributions to preferred shareholders

     (709,329      (6,436,406

Net increase (decrease) in net assets from operations

   $ 236,468,602      $ (195,140,591

Distributions to common shareholders

   $ (69,688,211    $ (97,429,716

Tax return of capital to common shareholders

   $      $ (20,691,801

Net increase (decrease) in net assets

   $ 166,780,391      $ (313,262,108
Net Assets Applicable to Common Shares                  

At beginning of period

   $ 1,365,196,939      $ 1,678,459,047  

At end of period

   $ 1,531,977,330      $ 1,365,196,939  

 

  58   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Statement of Cash Flows (Unaudited)

 

 

Cash Flows From Operating Activities   

Six Months Ended

September 30, 2020

 

Net increase in net assets from operations

   $ 236,468,602  

Distributions to preferred shareholders

     709,329  

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

   $ 237,177,931  

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

  

Investments purchased

     (541,221,547

Investments sold and principal repayments

     555,247,218  

Increase in short-term investments, net

     (9,628,392

Net amortization/accretion of premium (discount)

     11,829,807  

Amortization of prepaid upfront fees on notes payable

     261,082  

Decrease in interest and dividends receivable

     2,129,061  

Decrease in dividends receivable from affiliated investment

     31,528  

Decrease in receivable for variation margin on open centrally cleared derivatives

     313,240  

Increase in receivable for open forward foreign currency exchange contracts

     (267,683

Increase in tax reclaims receivable

     (1,665

Decrease in prepaid expenses

     14,557  

Increase in cash collateral due to brokers

     640,000  

Decrease in payable for variation margin on open financial futures contracts

     (645,267

Decrease in payable for open forward foreign currency exchange contracts

     (367,681

Increase in payable for open swap contracts

     229,021  

Increase in upfront receipts on open non-centrally cleared swap contracts

     775,461  

Decrease in payable to affiliate for investment adviser fee

     (92,564

Decrease in accrued expenses

     (1,090,848

Decrease in accrued interest on reverse repurchase agreements

     (21,095

Increase in unfunded loan commitments

     440,619  

Net change in unrealized (appreciation) depreciation from investments

     (225,114,411

Net realized loss from investments

     19,489,528  

Net cash provided by operating activities

   $ 50,127,900  
Cash Flows From Financing Activities         

Cash distributions paid to common shareholders

   $ (69,688,211

Cash distributions paid to preferred shareholders

     (778,222

Proceeds from notes payable

     135,000,000  

Repayments of notes payable

     (110,000,000

Repayments of reverse repurchase agreements, net

     (13,435,918

Net cash used in financing activities

   $ (58,902,351

Net decrease in cash and restricted cash*

   $ (8,774,451

Cash and restricted cash at beginning of period (including foreign currency)

   $ 27,398,729  

Cash and restricted cash at end of period (including foreign currency)

   $ 18,624,278  
Supplemental disclosure of cash flow information:         

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

   $ 4,776,808  

 

*

Includes net change in unrealized appreciation (depreciation) on foreign currency of $157.

 

  59   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Statement of Cash Flows (Unaudited) — continued

 

 

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such amounts shown on the Statement of Cash Flows.

 

      September 30, 2020  

Cash

   $ 6,498,809  

Deposits for derivatives collateral —

  

Financial futures contracts

     272,734  

Centrally cleared derivatives

     6,746,482  

OTC derivatives

     1,272,500  

Deposits for reverse repurchase agreements

     2,762,942  

Foreign currency

     1,070,811  

Total cash and restricted cash as shown on the Statement of Cash Flows

   $ 18,624,278  

 

  60   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

     Six Months Ended
September 30, 2020
(Unaudited)
    Year Ended March 31,  
    2020      2019     2018     2017     2016  
             

Net asset value — Beginning of period (Common shares)

   $ 11.750     $ 14.450      $ 14.740     $ 15.110     $ 14.510     $ 16.010  
Income (Loss) From Operations                                                  

Net investment income(1)

   $ 0.335     $ 0.762      $ 0.826     $ 0.808     $ 0.899     $ 0.979  

Net realized and unrealized gain (loss)

     1.711       (2.390      (0.267     (0.168     0.834       (1.278

Distributions to preferred shareholders —

             

From net investment income(1)

     (0.006     (0.055      (0.066     (0.043     (0.018     (0.007

Discount on redemption and repurchase of auction preferred shares(1)

                  0.035                    

Total income (loss) from operations

   $ 2.040     $ (1.683    $ 0.528     $ 0.597     $ 1.715     $ (0.306
Less Distributions to Common Shareholders                                                  

From net investment income

   $ (0.600   $ (0.839    $ (0.818   $ (0.818   $ (0.991   $ (1.114

Tax return of capital

           (0.178            (0.149     (0.124     (0.106

Total distributions to common shareholders

   $ (0.600   $ (1.017    $ (0.818   $ (0.967   $ (1.115   $ (1.220

Anti-dilutive effect of share repurchase program (see Note 6)(1)

   $     $      $     $     $     $ 0.026  

Net asset value — End of period (Common shares)

   $ 13.190     $ 11.750      $ 14.450     $ 14.740     $ 15.110     $ 14.510  

Market value — End of period (Common shares)

   $ 11.310     $ 10.570      $ 12.650     $ 13.020     $ 13.830     $ 13.180  

Total Investment Return on Net Asset Value(2)

     18.28 %(3)      (11.69 )%       4.57 %(4)      4.72     12.99     (0.62 )% 

Total Investment Return on Market Value(2)

     12.84 %(3)      (9.33 )%       3.70     0.99     13.85     0.44

 

  61   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Six Months Ended
September 30, 2020
(Unaudited)
    Year Ended March 31,  
Ratios/Supplemental Data   2020     2019     2018     2017     2016  
             

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

  $ 1,531,977     $ 1,365,197     $ 1,678,459     $ 1,712,583     $ 1,755,135     $ 1,685,016  

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

           

Expenses excluding interest and fees(6)

    1.30 %(7)      1.29     1.31     1.30     1.32     1.37

Interest and fee expense(8)

    0.60 %(7)      1.33     1.43     1.00     0.73     0.63

Total expenses(6)

    1.90 %(7)      2.62     2.74     2.30     2.05     2.00

Net investment income

    5.20 %(7)      5.33     5.71     5.36     6.01     6.49

Portfolio Turnover

    25 %(3)      49     34     43     45     33

Senior Securities:

           

Total notes payable outstanding (in 000’s)

  $ 550,000     $ 525,000     $ 595,000     $ 663,000     $ 585,000     $ 660,000  

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

  $ 4,178     $ 4,012     $ 4,184     $ 3,985     $ 4,456     $ 3,957  

Total preferred shares outstanding

    8,640       8,640       8,640       10,665       10,665       10,665  

Asset coverage per preferred share(10)

  $ 74,999     $ 71,062     $ 76,744     $ 71,059     $ 76,524     $ 70,461  

Involuntary liquidation preference per preferred share(11)

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

Approximate market value per preferred share(11)

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

 

  (1) 

Computed using average common shares outstanding.

 

  (2)

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.

 

  (3)

Not annualized.

 

  (4)

The total return based on net asset value reflects the impact of the tender and repurchase by the Fund of a portion of its Auction Preferred Shares at 92% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 4.31%.

 

  (5)

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

 

  (6)

Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

  (7)

Annualized.

 

  (8)

Interest and fee expense relates to the notes payable, a portion of which was incurred to partially redeem the Fund’s Auction Preferred Shares (see Note 2), and the reverse repurchase agreements (see Note 10).

 

  (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 payable and preferred shares) from the Fund’s total assets, dividing the result by the sum of the value of the notes payable and liquidation value of the preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 300%, 284%, 307%, 284%, 306% and 282% at September 30, 2020 and March 31, 2020, 2019, 2018, 2017 and 2016, respectively.

 

(11) 

Plus accumulated and unpaid dividends.

 

 

Ratios based on net assets applicable to common shares plus preferred shares and borrowings are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

     Six Months Ended
September 30, 2020
(Unaudited)
       Year Ended March 31,  
        2020        2019        2018        2017        2016  

Expenses excluding interest and fees

     0.86        0.86        0.87        0.87        0.87        0.88

Interest and fee expense

     0.40        0.89        0.95        0.67        0.49        0.40

Total expenses

     1.26        1.75        1.82        1.54        1.36        1.28

Net investment income

     3.45        3.57        3.79        3.58        3.99        4.15

 

  62   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Notes to Financial Statements (Unaudited)

 

 

1  Significant Accounting Policies

Eaton Vance Limited Duration Income Fund (the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Fund’s primary investment objective is to provide a high level of current income. The Fund may, as a secondary objective, also seek capital appreciation to the extent it is consistent with its primary objective.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

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

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) 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 are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ 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 ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Derivatives. 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 ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

 

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Limited Duration Income Fund

September 30, 2020

 

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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). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values 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 most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign interest have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D  Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of September 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F  Unfunded Loan Commitments — The Fund may enter into certain loan agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At September 30, 2020, the Fund had sufficient cash and/or securities to cover these commitments.

G  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H  Indemnifications — Under the Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have personal liability for the obligations of the Fund. However, the Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

I  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.

 

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Limited Duration Income Fund

September 30, 2020

 

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J  Forward Foreign Currency Exchange Contracts — The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. While forward foreign currency exchange contracts are privately negotiated agreements between the Fund and a counterparty, certain contracts may be “centrally cleared”, whereby all payments made or received by the Fund pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared contracts, the Fund is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. For centrally cleared contracts, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. Risks may arise upon entering forward foreign currency exchange contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar. In the case of centrally cleared contracts, counterparty risk is minimal due to protections provided by the CCP.

K  Interest Rate Swaps — Pursuant to interest rate swap agreements, the Fund either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Fund makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Fund is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

L  Credit Default Swaps — When the Fund is the buyer of a credit default swap contract, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and received no proceeds from the contract. When the Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 8 and 12. The Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked-to-market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

M  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. In periods of increased demand for a security, the Fund may receive a payment from the counterparty for the use of the security, which is recorded as interest income. 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 believes 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 (and the counterparty making a loan), 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, the Fund may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. 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.

 

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Limited Duration Income Fund

September 30, 2020

 

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N  Stripped Mortgage-Backed Securities — The Fund may invest in Interest Only (IO) and Principal Only (PO) securities, a form of stripped mortgage-backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Fund may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.

O  When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

P  Interim Financial Statements — The interim financial statements relating to September 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Auction Preferred Shares

The Fund issued Auction Preferred Shares (APS) on July 25, 2003 in a public offering. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. Series of APS are identical in all respects except for the reset dates of the dividend rates. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. Auctions have not cleared since February 13, 2008 and the rate since that date has been the maximum applicable rate (see Note 3). The maximum applicable rate on the APS is 150% of the “AA” Financial Composite Commercial Paper Rate at the date of the auction. The stated spread over the reference benchmark rate is determined based on the credit rating of the APS.

The number of APS issued and outstanding at September 30, 2020 are as follows:

 

      APS Issued and
Outstanding
 

Series A

     1,728  

Series B

     1,728  

Series C

     1,728  

Series D

     1,728  

Series E

     1,728  

The APS are redeemable at the option of the Fund at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if the Fund is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years’ dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Fund is required to maintain certain asset coverage with respect to the APS as defined in the Fund’s By-Laws and the 1940 Act. The Fund pays an annual fee up to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.

 

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Limited Duration Income Fund

September 30, 2020

 

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3  Distributions to Shareholders and Income Tax Information

The Fund intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, the Fund intends to distribute all or substantially all of its net realized capital gains. Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for the APS at September 30, 2020, 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, 2020
     Dividends
Accrued to APS
Shareholders
     Average APS
Dividend
Rates
     Dividend
Rate
Ranges (%)
 

Series A

     0.14    $ 138,865        0.64      0.06-3.32  

Series B

     0.12        142,865        0.66        0.06-3.32  

Series C

     0.14        144,752        0.67        0.06-3.46  

Series D

     0.12        146,320        0.68        0.09-3.32  

Series E

     0.15        136,527        0.63        0.09-3.32  

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, 2020.

Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

Distributions in any year may include a return of capital component. For the six months ended September 30, 2020, the amount of distributions estimated to be a tax return of capital was approximately $22,788,000. The final determination of tax characteristics of the Fund’s distributions will occur at the end of the year, at which time it will be reported to the shareholders.

At March 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $116,241,745 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at March 31, 2020, $15,423,802 are short-term and $100,817,943 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at September 30, 2020, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

   $ 2,458,921,418  

Gross unrealized appreciation

   $ 50,757,500  

Gross unrealized depreciation

     (139,528,496

Net unrealized depreciation

   $ (88,770,996

4  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM, a wholly-owned subsidiary of Eaton Vance Corp., 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, 2020, the Fund’s investment adviser fee amounted to $8,641,426. 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.

 

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Limited Duration Income Fund

September 30, 2020

 

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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, 2020, 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, 2020 were as follows:

 

      Purchases      Sales  

Investments (non-U.S. Government)

   $ 358,506,412      $ 341,811,792  

U.S. Government and Agency Securities

     212,022,457        214,385,963  
     $ 570,528,869      $ 556,197,755  

6  Common Shares of Beneficial Interest

The Fund may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Fund for the six months ended September 30, 2020 and the year ended March 31, 2020.

In November 2013, the Board of Trustees initially approved a share repurchase program for the Fund. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Fund is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund for the six months ended September 30, 2020 and the year ended March 31, 2020.

7  Restricted Securities

At September 30, 2020, the Fund owned the following securities 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
     Shares      Cost      Value  

Common Stocks

           

Nine Point Energy Holdings, Inc.

     7/15/14        29,787      $ 1,370,397      $ 0  

Convertible Preferred Stocks

           

Nine Point Energy Holdings, Inc., Series A, 12.00%

     5/26/17        555        555,000        0  

Total Restricted Securities

                     $ 1,925,397      $ 0  

8  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 swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at September 30, 2020 is included in the Portfolio of Investments. At September 30, 2020, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

 

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Limited Duration Income Fund

September 30, 2020

 

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

Credit Risk: The Fund enters into credit default swap contracts to enhance total return and/or as a substitute for the purchase of securities.

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

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

The Fund enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At September 30, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $1,234,736. The aggregate fair value of assets pledged as collateral by the Fund for such liability was $802,446 at September 30, 2020.

The OTC derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at September 30, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 12) at September 30, 2020.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at September 30, 2020 was as follows:

 

     Fair Value  
Statement of Assets and Liabilities Caption    Credit      Foreign
Exchange
     Interest Rate      Total  

Accumulated loss

   $ 73,463    $ 113,410    $ 195,758    $ 382,631  

Receivable for open forward foreign currency exchange contracts

            1,325,443               1,325,443  

Total Asset Derivatives

   $ 73,463      $ 1,438,853      $ 195,758      $ 1,708,074  

Derivatives not subject to master netting or similar agreements

   $ 73,463      $ 113,410      $ 195,758      $ 382,631  

Total Asset Derivatives subject to master netting or similar agreements

   $      $ 1,325,443      $      $ 1,325,443  

 

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Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Notes to Financial Statements (Unaudited) — continued

 

 

      Credit      Foreign
Exchange
    

Interest

Rate

     Total  

Accumulated loss

   $ (669,144 )*     $ (929 )*     $ (2,399,573 )*     $ (3,069,646

Payable for open forward foreign currency exchange contracts

            (172,724             (172,724

Payable/receivable for open swap contracts; Upfront receipts on open non-centrally cleared swap contracts

     (1,062,012                    (1,062,012

Total Liability Derivatives

   $ (1,731,156    $ (173,653    $ (2,399,573    $ (4,304,382

Derivatives not subject to master netting or similar agreements

   $ (669,144    $ (929    $ (2,399,573    $ (3,069,646

Total Liability Derivatives subject to master netting or similar agreements

   $ (1,062,012    $ (172,724    $      $ (1,234,736

 

*

For futures contracts and centrally cleared derivatives, amount represents value as shown in the Portfolio of Investments. Only the current day’s variation margin on open futures contracts and centrally cleared derivatives is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open financial futures contracts and centrally cleared derivatives, as applicable.

The Fund’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Fund’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of September 30, 2020.

 

Counterparty    Derivative Assets
Subject to
Master Netting
Agreement
     Derivatives
Available
for Offset
     Non-cash
Collateral
Received
(a)
     Cash
Collateral
Received
(a)
     Net Amount
of Derivative
Assets
(b)
     Total Cash
Collateral
Received
 

Bank of America, N.A.

   $ 81,817      $ (6,531    $      $ (75,286    $      $ 130,000  

BNP Paribas

     929        (929                            

Citibank, N.A.

     52,634        (52,634                            

Goldman Sachs International

     32,494        (32,494                            

HSBC Bank USA, N.A.

     253,526               (234,229             19,297         

Standard Chartered Bank

     688,837        (5,640             (683,197             840,000  

State Street Bank and Trust Company

     215,206        (20,893      (194,313                     
     $ 1,325,443      $ (119,121    $ (428,542    $ (758,483    $ 19,297      $ 970,000  

 

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Limited Duration Income Fund

September 30, 2020

 

Notes to Financial Statements (Unaudited) — continued

 

 

Counterparty    Derivative Liabilities
Subject to
Master Netting
Agreement
     Derivatives
Available
for Offset
     Non-cash
Collateral
Pledged
(a)
     Cash
Collateral
Pledged
(a)
     Net Amount
of Derivative
Liabilities
(c)
     Total Cash
Collateral
Pledged
 

Bank of America, N.A.

   $ (6,531    $ 6,531      $      $      $      $  

BNP Paribas

     (929      929                              

Citibank, N.A.

     (710,641      52,634        499,946        72,500        (85,561      72,500  

Deutsche Bank AG

     (111,399                           (111,399       

Goldman Sachs International

     (377,503      32,494               230,000        (115,009      230,000  

JPMorgan Chase Bank, N.A.

     (1,200                           (1,200       

Standard Chartered Bank

     (5,640      5,640                              

State Street Bank and Trust Company

     (20,893      20,893                              
     $ (1,234,736    $ 119,121      $ 499,946      $ 302,500      $ (313,169    $ 302,500  

Total Deposits for derivatives collateral — OTC derivatives

 

   $ 1,272,500  

 

(a)  

In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

 

(b) 

Net amount represents the net amount due from the counterparty in the event of default.

 

(c) 

Net amount represents the net amount payable to the counterparty in the event of default.

Information with respect to reverse repurchase agreements at September 30, 2020 is included at Note 10.

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, 2020 was as follows:

 

Statement of Operations Caption    Credit      Foreign
Exchange
     Interest
Rate
     Total  

Net realized gain (loss) —

           

Financial futures contracts

   $      $      $ 4,962,647      $ 4,962,647  

Swap contracts

     1,203,640               (2,404,855      (1,201,215

Forward foreign currency exchange contracts

            (9,017,423             (9,017,423

Total

   $ 1,203,640      $ (9,017,423    $ 2,557,792      $ (5,255,991

Change in unrealized appreciation (depreciation) —

           

Financial futures contracts

   $      $      $ (4,692,540    $ (4,692,540

Swap contracts

     (360,012             2,172,464        1,812,452  

Forward foreign currency exchange contracts

            891,809               891,809  

Total

   $ (360,012    $ 891,809      $ (2,520,076    $ (1,988,279

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended September 30, 2020, which are indicative of the volume of these derivative types, were approximately as follows:

 

Futures
Contracts — Long
    Futures
Contracts — Short
    Forward
Foreign Currency
Exchange Contracts
*
    Swap
Contracts
 
  $82,904,000     $ 5,751,000     $ 188,986,000     $ 56,652,000  

 

*

The average notional amount of forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

 

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Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Notes to Financial Statements (Unaudited) — continued

 

 

9  Credit Agreement

The Fund has entered into a Credit Agreement, as amended (the Agreement) with major financial institutions to borrow up to $850 million. Borrowings under the Agreement are secured by the assets of the Fund. Interest is charged at a rate above the London Interbank Offered Rate (LIBOR) and is payable monthly. Under the terms of the Agreement, in effect through December 17, 2021, the Fund pays a facility fee of 0.25% per annum on the borrowing limit. In connection with the renewal of the Agreement on December 18, 2018, the Fund paid an upfront fee of $1,530,000, which is being amortized to interest expense over a period of three years through December 2021. The unamortized balance at September 30, 2020 is approximately $634,000 and is included in prepaid upfront fees on notes payable in the Statement of Assets and Liabilities. The Fund is required to maintain certain net asset levels during the term of the Agreement. At September 30, 2020, the Fund had borrowings outstanding under the Agreement of $550,000,000 at an interest rate of 1.00%. 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, 2020 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 12) at September 30, 2020. Facility fees for the six months ended September 30, 2020 totaled $1,080,209 and are included in interest expense and fees on the Statement of Operations. For the six months ended September 30, 2020, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $539,639,344 and 1.09%, respectively.

10  Reverse Repurchase Agreements

Reverse repurchase agreements outstanding as of September 30, 2020 were as follows:

 

Counterparty    Trade
Date
     Maturity
Date
     Interest
Rate
     Principal
Amount
    

Value

Including
Accrued

Interest

    

U.S. Government
Agency

Securities

Pledged as
Collateral

 

Bank of America

     9/24/20        10/27/20        0.24    $ 10,088,540      $ 10,088,944      $ 10,682,606  

Bank of America

     9/24/20        10/27/20        0.29        26,021,921        26,023,178        28,107,573  

Bank of Montreal

     9/24/20        10/27/20        0.23        16,933,777        16,934,426        18,150,087  

Total

                              $ 53,044,238      $ 53,046,548      $ 56,940,266  

The Fund also pledged cash of $2,492,942 and $270,000 to Bank of America and Bank of Montreal, respectively, as additional collateral for its reverse repurchase agreements. At September 30, 2020, the remaining contractual maturity of all reverse repurchase agreements was less than 30 days.

For the six months ended September 30, 2020, the average borrowings under settled reverse repurchase agreements and the average annual interest rate were $59,736,288 and 0.43%, respectively. The reverse repurchase agreements entered into by the Fund are subject to Master Repurchase Agreements (MRA), which permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. At September 30, 2020, the market value of securities and cash pledged for the benefit of counterparties for reverse repurchase agreements exceeded the amount of borrowings for each counterparty. 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, 2020. 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 12) at September 30, 2020.

11  Investments in Affiliated Funds

At September 30, 2020, the value of the Fund’s investment in affiliated funds was $34,303,854, which represents 2.3% of the Fund’s net assets applicable to common shares. Transactions in affiliated funds by the Fund for the six months ended September 30, 2020 were as follows:

 

Name of affiliated fund   Value,
beginning of
period
    Purchases     Sales
proceeds
    Net
realized
gain (loss)
    Change in
unrealized
appreciation
(depreciation)
    Value, end
of period
    Dividend
income
    Units, end
of period
 

Short-Term Investments

 

Eaton Vance Cash Reserves Fund, LLC

  $ 24,661,698     $ 483,602,818     $ (473,974,548   $ 14,228     $ (342   $ 34,303,854     $ 48,198       34,303,854  

 

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Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Notes to Financial Statements (Unaudited) — continued

 

 

12  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

 

Level 1 – quoted prices in active markets for identical investments

 

 

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

 

 

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

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At September 30, 2020, 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 Loans (Less Unfunded Loan Commitments)

   $      $ 759,940,750      $ 1,729,181      $ 761,669,931  

Corporate Bonds & Notes

            778,084,535               778,084,535  

Foreign Government Securities

            65,261,900               65,261,900  

Sovereign Loans

            8,676,652               8,676,652  

Mortgage Pass-Throughs

            258,323,286               258,323,286  

Collateralized Mortgage Obligations

            233,769,007               233,769,007  

Commercial Mortgage-Backed Securities

            77,414,421               77,414,421  

Asset-Backed Securities

            116,942,843               116,942,843  

Common Stocks

     828,257        3,958,642        5,242,824        10,029,723  

Convertible Bonds

            1,133,866               1,133,866  

Convertible Preferred Stocks

                   0        0  

Preferred Stocks

     1,220,690        27,045        621,003        1,868,738  

Closed-End Funds

     23,366,462                      23,366,462  

Warrants

                   0        0  

Miscellaneous

            12,991        0        12,991  

Short-Term Investments —

           

U.S. Treasury Obligations

            499,946               499,946  

Other

            34,303,854               34,303,854  

Total Investments

   $ 25,415,409      $ 2,338,349,738      $ 7,593,008      $ 2,371,358,155  

Forward Foreign Currency Exchange Contracts

   $      $ 1,438,853      $      $ 1,438,853  

Futures Contracts

     65,438                      65,438  

Swap Contracts

            203,783               203,783  

Total

   $ 25,480,847      $ 2,339,992,374      $ 7,593,008      $ 2,373,066,229  

Liability Description

                                   

Forward Foreign Currency Exchange Contracts

   $      $ (173,653    $      $ (173,653

Futures Contracts

     (17,194                    (17,194

Swap Contracts

            (4,113,535             (4,113,535

Total

   $ (17,194    $ (4,287,188    $      $ (4,304,382

 

*

None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

 

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Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Notes to Financial Statements (Unaudited) — continued

 

 

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, 2020 is not presented.

13  Risks and Uncertainties

Risks Associated with Foreign Investments

Investing in securities issued by companies or entities 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.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

14  Additional Information

On August 27, 2020, the Fund’s Board of Trustees (the “Board”) received a shareholder demand letter from counsel to Saba Capital Master Fund, Ltd., a hedge fund (“Saba”). Saba also filed claims against the Fund in a lawsuit in Suffolk County Superior Court in Massachusetts asserting breach of contract and fiduciary duty by the Fund and certain of its affiliates, the Fund’s adviser, and the Board, following the recent implementation by the Fund of by-law amendments that (i) require trustee nominees in contested elections to obtain affirmative votes of a majority of eligible shares in order to be elected and (ii) establish certain requirements related to shares obtained in “control share” acquisitions. With respect to the Fund, Saba seeks rescission of these by-law provisions and certain related relief. As of the date these financial statements were issued, the court has not ruled on these matters.

15  Subsequent Event

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 10, 2020, the Fund’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Fund shareholders for approval, and, if approved, would take effect upon consummation of the transaction. Shareholders of record of the Fund at the close of business on October 29, 2020 who have voting power with respect to such shares are entitled to be present and vote at a joint special meeting of shareholders to be held on January 7, 2021 and at any adjournments or postponements thereof.

 

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Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Board of Trustees’ Contract Approval

 

 

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements(1) for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

 

   

A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

 

   

A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

 

   

A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

 

   

In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

 

   

Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

 

   

Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

 

   

Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

 

   

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

 

   

Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

 

   

Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

 

   

Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

 

   

Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

 

   

Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

 

(1) 

Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

 

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Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Board of Trustees’ Contract Approval — continued

 

 

   

The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

 

   

Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

 

   

Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

 

   

Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

 

   

A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

 

   

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

 

   

Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

 

   

For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

 

   

The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Limited Duration Income Fund (the “Fund”) and Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of 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 the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk in the context of investment grade and below investment grade investments. The Board

 

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Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Board of Trustees’ Contract Approval — continued

 

 

considered the Adviser’s ability to implement the Fund’s investment strategy, including, with respect to the component of the Fund invested in below investment grade investments and bank loans, the Adviser’s deep and broad experience with investing in high-yield bonds and senior secured floating rate loans. The Board also considered, among other things, the Adviser’s experience investing in mortgage-backed securities and other investment grade instruments. As part of its evaluation, the Board considered the resources available to investment professionals of the Adviser. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund. The Board considered the deep experience of the Adviser and its affiliates with managing and operating funds organized as exchange-listed closed-end funds, such as the Fund. In this regard, the Board considered, among other things, the Adviser’s and its affiliates’ experience with implementing leverage arrangements, monitoring and assessing trading price discounts and premiums and adhering to the requirements of securities exchanges.

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

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as a custom benchmark index and a custom peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its custom benchmark index for the three-year period. 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 considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

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

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

 

  77  


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Board of Trustees’ Contract Approval — continued

 

 

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also considered the fact that the Fund is not continuously offered and that the Fund’s assets are not expected to increase materially in the foreseeable future. Accordingly, the Board did not find that the implementation of breakpoints in the advisory fee schedule is warranted at this time.

 

  78  


Table of Contents

Eaton Vance

Limited Duration Income Fund

September 30, 2020

 

Officers and Trustees

 

 

Officers

 

Eric A. Stein

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

 

 

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

 

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

 

 

*

Interested Trustee

 

  79  


Table of Contents

Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

 

 

At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

 

 

On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

 

 

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

 

 

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

Our pledge of protecting your personal information 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 (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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. American Stock Transfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct AST, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

Share Repurchase Program.  The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.

Additional Notice to Shareholders.  If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information.  Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.

 

  80  


Table of Contents

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Fund Offices

Two International Place

Boston, MA 02110

 


Table of Contents

LOGO

 

LOGO

7731    9.30.20


Table of Contents
Item 2.

Code of Ethics

Not required in this filing.

 

Item 3.

Audit Committee Financial Expert

Not required in this filing.

 

Item 4.

Principal Accountant Fees and Services

Not required in this filing.

 

Item 5.

Audit Committee of Listed Registrants

Not required in this filing.


Table of Contents
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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

No activity to report for the registrant’s most recent fiscal year end.

 

Item 13.

Exhibits

 

(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.


Table of Contents

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/ Eric A. Stein                                    

  Eric A. Stein
  President
Date:   November 23, 2020

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 23, 2020

 

By:  

/s/ Eric A. Stein                                    

  Eric A. Stein
  President
Date:   November 23, 2020
EX-99.CERT 2 d49469dex99cert.htm EX-99.CERT SECTION 302 CERTIFICATIONS EX-99.CERT Section 302 Certifications

Eaton Vance Limited Duration Income Fund

FORM N-CSR

Exhibit 13(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 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 23, 2020      

/s/ James F. Kirchner

      James F. Kirchner
      Treasurer


Eaton Vance Limited Duration Income Fund

FORM N-CSR

Exhibit 13(a)(2)(ii)

CERTIFICATION

I, Eric A. Stein, 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 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 23, 2020      

/s/ Eric A. Stein

      Eric A. Stein
      President
EX-99.906CERT 3 d49469dex99906cert.htm EX-99.906CERT SECTION 906 CERTIFICATION EX-99.906CERT Section 906 Certification

Form N-CSR Item 13(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 Semiannual Report of the Fund on Form N-CSR for the period ended September 30, 2020 (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 23, 2020

/s/ James F. Kirchner

James F. Kirchner
Treasurer
Date: November 23, 2020

/s/ Eric A. Stein

Eric A. Stein
President
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