Eaton Vance Limited Duration Income Fund

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21323

 

 

Eaton Vance Limited Duration Income Fund

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

March 31

Date of Fiscal Year End

September 30, 2018

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders

 


LOGO

 

 

Eaton Vance

Limited Duration Income Fund (EVV)

Semiannual Report

September 30, 2018

 

 

 

 

LOGO


 

 

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. 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 and a commodity trading advisor.

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


Semiannual Report September 30, 2018

Eaton Vance

Limited Duration Income Fund

Table of Contents

 

Performance

     2  

Fund Profile

     2  

Endnotes and Additional Disclosures

     3  

Financial Statements

     4  

Board of Trustees’ Contract Approval

     70  

Officers and Trustees

     73  

Important Notices

     74  


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Performance1

 

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

 

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

Fund at NAV

     05/30/2003        2.74      3.61      5.99      8.64

Fund at Market Price

            0.60        –3.24        3.85        10.28  
              
% Premium/Discount to NAV2                                        
                 –13.57
              
Distributions3                                        

Total Distributions per share for the period

               $ 0.416  

Distribution Rate at NAV

                 5.48

Distribution Rate at Market Price

                 6.34
              
% Total Leverage4                                        

Auction Preferred Shares (APS)

                 8.02

Borrowings

                 28.73  

Fund Profile

 

 

Asset Allocation (% of total investments)5

 

 

 

LOGO

MBS refers to Mortgage-Backed Securities

    

 

 

See Endnotes and Additional Disclosures in this report.

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


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Endnotes and Additional Disclosures

 

 

1 

Performance results reflect the effects of leverage. The Fund’s performance for certain periods reflects the effects of expense reductions. Absent these reductions, performance would have been lower.

 

2 

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

 

3 

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.

 

4 

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

 

5 

Asset allocation as a percentage of the Fund’s net assets amounted to 155.2%.

 

  

Fund profile subject to change due to active management.

    

 

 

  3  


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited)

 

 

Senior Floating-Rate Loans — 53.5%(1)

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Aerospace and Defense — 0.6%  
Accudyne Industries, LLC                  

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing August 18, 2024

      703     $ 706,355  
IAP Worldwide Services, Inc.                  

Revolving Loan, 1.46%, (3 mo. USD LIBOR + 5.50%),
Maturing July 18, 2019(2)

      172       173,246  

Term Loan - Second Lien, 8.89%, (3 mo. USD LIBOR + 6.50%),
Maturing July 18, 2019(3)

      228       185,085  
TransDigm, Inc.                  

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing June 9, 2023

      5,614       5,639,209  

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing August 22, 2024

      1,395       1,401,240  
Wesco Aircraft Hardware Corp.                  

Term Loan, 5.25%, (1 mo. USD LIBOR + 3.00%), Maturing November 30, 2020

      1,035       1,022,063  
WP CPP Holdings, LLC                  

Term Loan, 6.21%, (2 mo. USD LIBOR + 3.75%), Maturing April 30, 2025

            550       554,239  
                    $ 9,681,437  
Automotive — 1.7%  
Allison Transmission, Inc.                  

Term Loan, 3.97%, (1 mo. USD LIBOR + 1.75%), Maturing September 23, 2022

      1,736     $ 1,748,856  
American Axle and Manufacturing, Inc.                  

Term Loan, 4.46%, (USD LIBOR + 2.25%), Maturing April 6, 2024(4)

      3,486       3,491,070  
Apro, LLC                  

Term Loan, 6.20%, (2 mo. USD LIBOR + 4.00%), Maturing August 8, 2024

      292       292,957  
Belron Finance US, LLC                  

Term Loan, 4.84%, (3 mo. USD LIBOR + 2.50%), Maturing November 7, 2024

      596       597,547  
Chassix, Inc.                  

Term Loan, 7.91%, (USD LIBOR + 5.50%),
Maturing November 15,
2023(4)

      1,489       1,501,777  
CS Intermediate Holdco 2, LLC                  

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing November 2, 2023

      1,699       1,706,461  
Dayco Products, LLC                  

Term Loan, 6.56%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023

      1,175       1,186,387  
FCA US, LLC                  

Term Loan, 4.25%, (1 mo. USD LIBOR + 2.00%), Maturing December 31, 2018

      1,597       1,601,402  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Automotive (continued)  
Federal-Mogul Holdings Corporation                  

Term Loan, 5.89%, (USD LIBOR + 3.75%), Maturing April 15, 2021(4)

      4,784     $ 4,794,809  
Garrett LX III S.a.r.l.                  

Term Loan,
Maturing September 30, 2025(5)

      300       300,750  
Goodyear Tire & Rubber Company (The)                  

Term Loan - Second Lien, 4.15%, (1 mo. USD LIBOR + 2.00%), Maturing March 7, 2025

      2,258       2,265,097  
Horizon Global Corporation                  

Term Loan, 8.24%, (1 mo. USD LIBOR + 6.00%),
Maturing June 30, 2021

      408       399,133  
L&W, Inc.                  

Term Loan, 6.21%, (1 mo. USD LIBOR + 4.00%), Maturing May 22, 2025

      848       855,824  
Tenneco, Inc.                  

Term Loan, Maturing June 18, 2025(5)

      3,775       3,776,748  
TI Group Automotive Systems, LLC                  

Term Loan, 3.50%, (3 mo. EURIBOR + 2.75%, Floor 0.75%), Maturing June 30, 2022

    EUR       922       1,075,926  

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%),
Maturing June 30, 2022

      1,137       1,141,897  
Tower Automotive Holdings USA, LLC                  

Term Loan, 4.88%, (1 mo. USD LIBOR + 2.75%), Maturing March 7, 2024

            1,846       1,857,983  
                    $ 28,594,624  
Beverage and Tobacco — 0.3%  
Arterra Wines Canada, Inc.                  

Term Loan, 5.09%, (3 mo. USD LIBOR + 2.75%), Maturing December 15, 2023

      2,928     $ 2,945,899  
Flavors Holdings, Inc.                  

Term Loan, 8.14%, (3 mo. USD LIBOR + 5.75%),
Maturing April 3, 2020

      830       790,813  

Term Loan - Second Lien, 12.39%, (3 mo. USD LIBOR + 10.00%),
Maturing October 3, 2021

            1,000       875,000  
                    $ 4,611,712  
Brokerage / Securities Dealers / Investment Houses — 0.2%  
Advisor Group, Inc.                  

Term Loan, 5.91%, (1 mo. USD LIBOR + 3.75%),
Maturing August 15, 2025

      600     $ 604,125  
Aretec Group, Inc.                  

Term Loan, 8.50%, (1 mo. USD LIBOR + 4.25%), Maturing November 23, 2020

      954       958,442  

Term Loan - Second Lien, 11.75%, (3 mo. USD Prime + 6.50% (7.25% cash, 4.50% PIK)),
Maturing May 23, 2021

      1,526       1,530,901  
 

 

  4   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Brokerage / Securities Dealers / Investment Houses (continued)  
OZ Management L.P.                  

Term Loan, 6.94%, (1 mo. USD LIBOR + 4.75%), Maturing April 11, 2023

            560     $ 564,200  
                    $ 3,657,668  
Building and Development — 1.5%  
American Builders & Contractors Supply Co., Inc.                  

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing October 31, 2023

      3,004     $ 3,000,152  
Beacon Roofing Supply, Inc.                  

Term Loan, 4.38%, (1 mo. USD LIBOR + 2.25%), Maturing January 2, 2025

      647       646,346  
Core & Main L.P.                  

Term Loan, 5.32%, (3 mo. USD LIBOR + 3.00%), Maturing August 1, 2024

      844       847,970  
CPG International, Inc.                  

Term Loan, 6.25%, (6 mo. USD LIBOR + 3.75%), Maturing May 3, 2024

      1,716       1,729,237  
DTZ U.S. Borrower, LLC                  

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing August 21, 2025

      5,900       5,927,040  
GGP, Inc.                  

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing August 27, 2025

      1,025       1,020,973  
Henry Company, LLC                  

Term Loan, 6.24%, (1 mo. USD LIBOR + 4.00%), Maturing October 5, 2023

      2,333       2,349,480  
Quikrete Holdings, Inc.                  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing November 15, 2023

      3,005       3,013,636  
RE/MAX International, Inc.                  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing December 15, 2023

      2,245       2,256,199  
Realogy Group, LLC                  

Term Loan, 4.40%, (1 mo. USD LIBOR + 2.25%), Maturing February 8, 2025

      914       918,541  
Summit Materials Companies I, LLC                  

Term Loan, 4.22%, (1 mo. USD LIBOR + 2.00%), Maturing November 21, 2024

      695       696,487  
Werner FinCo L.P.                  

Term Loan, 6.10%, (1 mo. USD LIBOR + 4.00%), Maturing July 24, 2024

      1,043       1,043,461  
WireCo WorldGroup, Inc.                  

Term Loan, 7.24%, (1 mo. USD LIBOR + 5.00%), Maturing September 30, 2023

      686       694,003  

Term Loan - Second Lien, 11.24%, (1 mo. USD LIBOR + 9.00%),
Maturing September 30, 2024

            1,650       1,666,500  
                    $ 25,810,025  
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Business Equipment and Services — 5.0%  
Acosta Holdco, Inc.                

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%),
Maturing September 26, 2021

      2,209     $ 1,656,085  
Adtalem Global Education, Inc.                

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025

      424       427,647  
AlixPartners, LLP                

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing April 4, 2024

      2,515       2,529,380  
Altran Technologies S.A.                

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 20, 2025

  EUR     1,541       1,797,080  
AppLovin Corporation                

Term Loan, 6.06%, (3 mo. USD LIBOR + 3.75%), Maturing August 15, 2025

      1,600       1,613,667  
ASGN Incorporated                

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing April 2, 2025

      503       504,468  
Blitz F18-675 GmbH                

Term Loan, 3.75%, (2 mo. EURIBOR + 3.75%), Maturing July 31, 2025

  EUR     1,675       1,961,998  
Bracket Intermediate Holding Corp.                

Term Loan, 6.57%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025

      950       950,000  
Brand Energy & Infrastructure Services, Inc.                

Term Loan, 6.60%, (3 mo. USD LIBOR + 4.25%), Maturing June 21, 2024

      593       596,944  
Camelot UK Holdco Limited                

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing October 3, 2023

      2,340       2,346,839  
Cast and Crew Payroll, LLC                

Term Loan, 5.00%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024

      468       468,776  
Ceridian HCM Holding, Inc.                

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing April 5, 2025

      1,550       1,555,086  
Change Healthcare Holdings, LLC                

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing March 1, 2024

      7,532       7,565,347  
CPM Holdings, Inc.                

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing April 11, 2022

      338       340,319  
Crossmark Holdings, Inc.                

Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing December 20, 2019

      1,958       1,119,559  
Cypress Intermediate Holdings III, Inc.                

Term Loan, 5.25%, (1 mo. USD LIBOR + 3.00%), Maturing April 27, 2024

      1,432       1,439,258  
 

 

  5   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Business Equipment and Services (continued)  
EAB Global, Inc.                

Term Loan, 6.25%, (6 mo. USD LIBOR + 3.75%),
Maturing November 15, 2024

      1,418     $ 1,410,786  
Education Management, LLC                

Term Loan, 0.00%,
Maturing July 2, 2020(3)(6)

      393       74,204  

Term Loan, 0.00%,
Maturing July 2, 2020(3)(6)

      885       0  
EIG Investors Corp.                

Term Loan, 6.06%, (3 mo. USD LIBOR + 3.75%),
Maturing February 9, 2023

      3,538       3,570,514  
Element Materials Technology Group US
Holdings, Inc.
               

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing June 28, 2024

      422       424,976  
Extreme Reach, Inc.                

Term Loan, 8.50%, (1 mo. USD LIBOR + 6.25%), Maturing February 7, 2020

      1,480       1,482,263  
First Data Corporation                

Term Loan, 4.21%, (1 mo. USD LIBOR + 2.00%), Maturing July 8, 2022

      4,456       4,463,761  
Garda World Security Corporation                

Term Loan, 5.83%, (CIDOR + 4.25%), Maturing May 24, 2024

  CAD     1,012       785,598  

Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing May 24, 2024

      2,178       2,190,529  
Global Payments, Inc.                

Term Loan, 3.99%, (1 mo. USD LIBOR + 1.75%), Maturing April 21, 2023

      1,047       1,050,287  
IG Investment Holdings, LLC                

Term Loan, 5.80%, (USD LIBOR + 3.50%), Maturing May 23, 2025(4)

      2,947       2,970,726  
Information Resources, Inc.                

Term Loan, 6.57%, (3 mo. USD LIBOR + 4.25%), Maturing January 18, 2024

      1,010       1,018,459  
Iron Mountain, Inc.                

Term Loan, 3.99%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026

      920       910,787  
J.D. Power and Associates                

Term Loan, 6.49%, (1 mo. USD LIBOR + 4.25%), Maturing September 7, 2023

      1,178       1,186,139  
KAR Auction Services, Inc.                

Term Loan, 4.69%, (3 mo. USD LIBOR + 2.25%), Maturing March 11, 2021

      2,190       2,201,009  
Kronos Incorporated                

Term Loan, 5.34%, (3 mo. USD LIBOR + 3.00%), Maturing November 1, 2023

      6,920       6,961,407  
KUEHG Corp.                

Term Loan, 6.14%, (3 mo. USD LIBOR + 3.75%), Maturing February 21, 2025

      2,324       2,339,208  
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Business Equipment and Services (continued)  
KUEHG Corp. (continued)                

Term Loan - Second Lien, 10.64%, (3 mo. USD LIBOR + 8.25%), Maturing August 18, 2025

      425     $ 431,375  
LegalZoom.com, Inc.                

Term Loan, 6.46%, (1 mo. USD LIBOR + 4.25%), Maturing November 21, 2024

      794       806,816  

Term Loan - Second Lien, 10.74%, (1 mo. USD LIBOR + 8.50%), Maturing November 21, 2025

      600       605,250  
Monitronics International, Inc.                

Term Loan, 7.89%, (3 mo. USD LIBOR + 5.50%), Maturing September 30, 2022

      2,904       2,839,811  
PGX Holdings, Inc.                

Term Loan, 7.50%, (1 mo. USD LIBOR + 5.25%), Maturing September 29, 2020

      1,516       1,484,871  
Ping Identity Corporation                

Term Loan, 5.99%, (1 mo. USD LIBOR + 3.75%), Maturing January 24, 2025

      374       374,998  
Pre-Paid Legal Services, Inc.                

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025

      464       467,156  
Prime Security Services Borrower, LLC                

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2022

      1,991       2,003,194  
Red Ventures, LLC                

Term Loan, 6.24%, (1 mo. USD LIBOR + 4.00%), Maturing November 8, 2024

      1,083       1,097,630  
SMG Holdings, Inc.                

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing January 23, 2025

      249       250,382  
Solera, LLC                

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing March 3, 2023

      868       871,461  
Spin Holdco, Inc.                

Term Loan, 5.59%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2022

      3,917       3,935,838  
Tempo Acquisition, LLC                

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2024

      988       992,314  
Trans Union, LLC                

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing April 10, 2023

      292       293,477  

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing June 19, 2025

      449       450,621  
Travelport Finance (Luxembourg) S.a.r.l.                

Term Loan, 4.81%, (3 mo. USD LIBOR + 2.50%), Maturing March 17, 2025

      2,138       2,141,690  
 

 

  6   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Business Equipment and Services (continued)  
Vestcom Parent Holdings, Inc.                  

Term Loan, 6.24%, (1 mo. USD LIBOR + 4.00%), Maturing December 19, 2023

      614     $ 617,156  
WASH Multifamily Laundry Systems, LLC                  

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022

      309       311,058  
West Corporation                  

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing October 10, 2024

      349       346,787  

Term Loan, 6.24%, (1 mo. USD LIBOR + 4.00%), Maturing October 10, 2024

      1,216       1,213,702  
Worldpay, LLC                  

Term Loan, 3.88%, (1 mo. USD LIBOR + 1.75%), Maturing October 14, 2023

      307       307,659  

Term Loan, 3.88%, (1 mo. USD LIBOR + 1.75%), Maturing August 9, 2024

      1,940       1,945,948  
ZPG PLC                  

Term Loan, 5.47%, (1 mo. GBP LIBOR + 4.75%), Maturing June 30, 2025

    GBP       775       1,013,292  
                    $ 84,715,592  
Cable and Satellite Television — 2.2%  
Charter Communications Operating, LLC                  

Term Loan, 4.25%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2025

      3,821     $ 3,830,896  
CSC Holdings, LLC                  

Term Loan, 4.41%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025

      4,015       4,018,834  

Term Loan, 4.66%, (1 mo. USD LIBOR + 2.50%), Maturing January 25, 2026

      1,372       1,374,649  
MCC Iowa, LLC                  

Term Loan, 4.17%, (1 week USD LIBOR + 2.00%), Maturing January 15, 2025

      1,090       1,094,202  
Mediacom Illinois, LLC                  

Term Loan, 3.92%, (1 week USD LIBOR + 1.75%), Maturing February 15, 2024

      627       628,241  
Numericable Group S.A.                  

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

    EUR       518       595,348  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025

      2,123       2,083,316  
Radiate Holdco, LLC                  

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing February 1, 2024

      2,152       2,151,015  
Telenet Financing USD, LLC                  

Term Loan, 4.41%, (1 mo. USD LIBOR + 2.25%), Maturing August 15, 2026

      2,725       2,715,918  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Cable and Satellite Television (continued)  
Unitymedia Finance, LLC                  

Term Loan, 4.41%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026

      1,050     $ 1,051,875  
Unitymedia Hessen GmbH & Co. KG                  

Term Loan, 2.75%, (6 mo. EURIBOR + 2.75%), Maturing January 15, 2027

    EUR       1,000       1,168,791  
UPC Financing Partnership                  

Term Loan, 4.66%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026

      2,332       2,333,124  
Virgin Media Bristol, LLC                  

Term Loan, 4.66%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026

      8,050       8,071,630  
Ziggo Secured Finance B.V.                  

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing April 15, 2025

    EUR       2,625       3,049,934  
Ziggo Secured Finance Partnership                  

Term Loan, 4.66%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2025

            4,150       4,079,321  
                    $ 38,247,094  
Chemicals and Plastics — 2.7%  
Alpha 3 B.V.                  

Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing January 31, 2024

      756     $ 760,401  
Aruba Investments, Inc.                  

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing February 2, 2022

      365       366,099  
Ashland, Inc.                  

Term Loan, 3.94%, (1 mo. USD LIBOR + 1.75%), Maturing May 17, 2024

      617       619,425  
Axalta Coating Systems US Holdings, Inc.                  

Term Loan, 4.14%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024

      2,845       2,853,782  
Chemours Company (The)                  

Term Loan, 4.00%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025

      523       522,782  
Emerald Performance Materials, LLC                  

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2021

      644       649,629  

Term Loan - Second Lien, 9.99%, (1 mo. USD LIBOR + 7.75%), Maturing August 1, 2022

      725       727,719  
Ferro Corporation                  

Term Loan, 4.64%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024

      345       346,400  

Term Loan, 4.64%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024

      352       353,931  
 

 

  7   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Chemicals and Plastics (continued)  
Ferro Corporation (continued)                

Term Loan, 4.64%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024

      493     $ 495,234  
Flint Group GmbH                

Term Loan, 5.34%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021

      191       181,604  
Flint Group US, LLC                

Term Loan, 5.34%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021

      1,153       1,098,556  
Gemini HDPE, LLC                

Term Loan, 4.85%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024

      1,987       2,000,863  
H.B. Fuller Company                

Term Loan, 4.17%, (1 mo. USD LIBOR + 2.00%), Maturing October 20, 2024

      2,176       2,176,714  
Ineos US Finance, LLC                

Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 31, 2024

  EUR     3,275       3,804,514  

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing March 31, 2024

      1,588       1,592,591  
Invictus U.S., LLC                

Term Loan, 5.20%, (2 mo. USD LIBOR + 3.00%), Maturing March 28, 2025

      522       526,619  
Kraton Polymers, LLC                

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing March 5, 2025

      1,158       1,163,507  
MacDermid, Inc.                

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing June 7, 2020

      362       363,707  

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing June 7, 2023

      2,714       2,727,842  
Minerals Technologies, Inc.                

Term Loan, 4.46%, (USD LIBOR + 2.25%), Maturing February 14,
2024(4)

      1,107       1,116,886  
Orion Engineered Carbons GmbH                

Term Loan, 4.39%, (3 mo. USD LIBOR + 2.00%), Maturing July 25, 2024

      719       722,572  

Term Loan, 2.25%, (3 mo. EURIBOR + 2.25%), Maturing July 31, 2024

  EUR     982       1,150,359  
PMHC II, Inc.                

Term Loan, 6.15%, (USD LIBOR + 3.50%), Maturing March 31, 2025(4)

      398       389,045  
PolyOne Corporation                

Term Loan, 3.90%, (1 mo. USD LIBOR + 1.75%), Maturing November 11, 2022

      584       584,890  
PQ Corporation                

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing February 8, 2025

      2,228       2,232,655  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Chemicals and Plastics (continued)  
Schenectady International Group, Inc.                  

Term Loan, Maturing August 10, 2025(5)

      975     $ 978,047  
Sonneborn Refined Products B.V.                  

Term Loan, 6.09%, (3 mo. USD LIBOR + 3.75%), Maturing December 10, 2020

      79       80,331  
Sonneborn, LLC                  

Term Loan, 6.09%, (3 mo. USD LIBOR + 3.75%), Maturing December 10, 2020

      448       455,209  
Spectrum Holdings III Corp.                  

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2025

      362       360,143  
Starfruit Finco B.V.                  

Term Loan, Maturing September 20,
2025(5)

      3,050       3,066,610  
Tata Chemicals North America, Inc.                  

Term Loan, 5.19%, (3 mo. USD LIBOR + 2.75%), Maturing August 7, 2020

      1,019       1,023,673  
Trinseo Materials Operating S.C.A.                  

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing September 9, 2024

      2,814       2,823,076  
Tronox Blocked Borrower, LLC                  

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing September 22, 2024

      1,133       1,138,265  
Tronox Finance, LLC                  

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing September 22, 2024

      2,614       2,626,766  
Unifrax Corporation                  

Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing April 4, 2024

      617       626,461  
Univar, Inc.                  

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.25%), Maturing July 1, 2024

      2,888       2,898,560  
Venator Materials Corporation                  

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing August 8, 2024

      421       421,539  
Versum Materials, Inc.                  

Term Loan, 4.39%, (3 mo. USD LIBOR + 2.00%), Maturing September 29, 2023

            711       714,793  
                    $ 46,741,799  
Conglomerates — 0.2%  
Penn Engineering & Manufacturing Corp.                  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing June 27, 2024

      272     $ 274,101  
Spectrum Brands, Inc.                  

Term Loan, 4.35%, (3 mo. USD LIBOR + 2.00%), Maturing June 23, 2022

            2,210       2,223,105  
                    $ 2,497,206  
 

 

  8   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Containers and Glass Products — 1.7%  
Berlin Packaging, LLC                  

Term Loan, 5.16%, (USD LIBOR + 3.00%), Maturing November 7, 2025(4)

      249     $ 249,706  
Berry Global, Inc.                  

Term Loan, 4.19%, (2 mo. USD LIBOR + 2.00%), Maturing October 1, 2022

      961       963,174  
BWAY Holding Company                  

Term Loan, 5.58%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024

      2,603       2,605,008  
Consolidated Container Company, LLC                  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024

      446       447,806  
Crown Americas, LLC                  

Term Loan, 2.38%, (1 mo. EURIBOR + 2.38%), Maturing April 3, 2025

    EUR       648       757,972  
Flex Acquisition Company, Inc.                  

Term Loan, 5.34%, (3 mo. USD LIBOR + 3.00%), Maturing December 29, 2023

      2,271       2,273,380  

Term Loan, 5.75%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025

      1,550       1,554,844  
Libbey Glass, Inc.                  

Term Loan, 5.13%, (1 mo. USD LIBOR + 3.00%), Maturing April 9, 2021

      983       983,894  
Pelican Products, Inc.                  

Term Loan, 5.60%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2025

      648       649,895  
Reynolds Group Holdings, Inc.                  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023

      9,940       9,996,653  
Ring Container Technologies Group, LLC                  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing October 31, 2024

      819       821,114  
SIG Combibloc US Acquisition, Inc.                  

Term Loan, 7.00%, (3 mo. USD Prime + 1.75%), Maturing March 13, 2022

      2,639       2,647,695  
Trident TPI Holdings, Inc.                  

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing October 17, 2024

      845       843,416  
Verallia Packaging S.A.S                  

Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing October 29, 2022

    EUR       1,785       2,073,051  

Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing August 29, 2025

    EUR       1,500       1,750,404  
                    $ 28,618,012  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Cosmetics / Toiletries — 0.2%  
KIK Custom Products, Inc.                  

Term Loan, 6.24%, (1 mo. USD LIBOR + 4.00%), Maturing May 15, 2023

      2,115     $ 2,108,132  
Prestige Brands, Inc.                  

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing January 26, 2024

            478       478,264  
                    $ 2,586,396  
Drugs — 1.9%  
Alkermes, Inc.                  

Term Loan, 4.38%, (1 mo. USD LIBOR + 2.25%), Maturing March 23, 2023

      1,132     $ 1,138,748  
Amneal Pharmaceuticals, LLC                  

Term Loan, 5.75%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025

      3,740       3,779,493  
Arbor Pharmaceuticals, Inc.                  

Term Loan, 7.49%, (6 mo. USD LIBOR + 5.00%), Maturing July 5, 2023

      2,826       2,848,625  
Endo Luxembourg Finance Company I S.a.r.l.                  

Term Loan, 6.50%, (1 mo. USD LIBOR + 4.25%), Maturing April 29, 2024

      5,357       5,404,063  
Horizon Pharma, Inc.                  

Term Loan, 5.50%, (1 mo. USD LIBOR + 3.25%), Maturing March 29, 2024

      1,055       1,064,539  
Jaguar Holding Company II                  

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2022

      6,396       6,407,911  
Mallinckrodt International Finance S.A.                  

Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024

      3,446       3,429,691  

Term Loan, 5.52%, (6 mo. USD LIBOR + 3.00%), Maturing February 24, 2025

      920       922,316  
PharMerica Corporation                  

Term Loan, 5.65%, (1 mo. USD LIBOR + 3.50%), Maturing December 6, 2024

      871       877,155  
Valeant Pharmaceuticals International, Inc.                  

Term Loan, 5.10%, (1 mo. USD LIBOR + 3.00%), Maturing June 1, 2025

            6,342       6,381,716  
                    $ 32,254,257  
Ecological Services and Equipment — 0.4%  
Advanced Disposal Services, Inc.                  

Term Loan, 4.41%, (2 mo. USD LIBOR + 2.25%), Maturing November 10, 2023

      2,399     $ 2,410,372  
EnergySolutions, LLC                  

Term Loan, 6.14%, (3 mo. USD LIBOR + 3.75%), Maturing May 9, 2025

      1,297       1,308,097  
 

 

  9   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Ecological Services and Equipment (continued)  
GFL Environmental, Inc.                  

Term Loan, 1.00%, Maturing May 30, 2025(2)

      285     $ 285,242  

Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing May 30, 2025

      2,285       2,290,455  
Wastequip, LLC                  

Term Loan, 5.71%, (1 mo. USD LIBOR + 3.50%), Maturing March 20, 2025

      149       150,136  
Wrangler Buyer Corp.                  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024

            770       775,217  
                    $ 7,219,519  
Electronics / Electrical — 6.0%  
Almonde, Inc.                  

Term Loan, 5.89%, (USD LIBOR + 3.50%), Maturing June 13, 2024(4)

      2,823     $ 2,828,212  
Answers Finance, LLC                  

Term Loan - Second Lien, 9.00%, (3 mo. USD Prime + 7.90%), Maturing September 15, 2021

      404       395,952  
Applied Systems, Inc.                  

Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing September 19, 2024

      2,475       2,492,704  
Aptean, Inc.                  

Term Loan, 6.64%, (3 mo. USD LIBOR + 4.25%), Maturing December 20, 2022

      932       936,701  
Avast Software B.V.                  

Term Loan, 4.89%, (3 mo. USD LIBOR + 2.50%), Maturing September 30, 2023

      1,647       1,658,333  
Barracuda Networks, Inc.                  

Term Loan, 5.41%, (1 mo. USD LIBOR + 3.25%), Maturing February 12, 2025

      399       400,122  
Blackhawk Network Holdings, Inc.                  

Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing June 15, 2025

      848       854,322  
BMC Software Finance, Inc.                  

Term Loan, Maturing September 1, 2025(5)

    EUR       300       353,366  

Term Loan, Maturing September 1, 2025(5)

      3,025       3,057,492  
Campaign Monitor Finance Pty. Limited                  

Term Loan, 7.49%, (3 mo. USD LIBOR + 5.25%), Maturing March 18, 2021

      887       845,747  
Cohu, Inc.                  

Term Loan, Maturing September 20, 2025(5)

      825       828,094  
CommScope, Inc.                  

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing December 29, 2022

      818       823,494  
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Electronics / Electrical (continued)  
CPI International, Inc.                

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing July 26, 2024

      718     $ 720,890  
Cypress Semiconductor Corporation                

Term Loan, 4.25%, (1 mo. USD LIBOR + 2.00%), Maturing July 5, 2021

      1,243       1,248,525  
DigiCert, Inc.                

Term Loan, 6.24%, (1 mo. USD LIBOR + 4.00%), Maturing October 31, 2024

      1,197       1,203,811  
Electro Rent Corporation                

Term Loan, 7.19%, (2 mo. USD LIBOR + 5.00%), Maturing January 31, 2024

      1,449       1,469,114  
Energizer Holdings, Inc.                

Term Loan, Maturing June 20, 2025(5)

      575       580,750  
Entegris, Inc.                

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.25%), Maturing April 30, 2021

      154       154,579  
Epicor Software Corporation                

Term Loan, 5.50%, (1 mo. USD LIBOR + 3.25%), Maturing June 1, 2022

      223       224,266  
Exact Merger Sub, LLC                

Term Loan, 6.64%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024

      668       675,350  
EXC Holdings III Corp.                

Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing December 2, 2024

      521       525,947  
Eze Castle Software, Inc.                

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing April 6, 2020

      720       723,012  
Financial & Risk US Holdings, Inc.                

Term Loan, Maturing October 1, 2025(5)

      1,225       1,223,797  
Flexera Software, LLC                

Term Loan, 5.50%, (1 mo. USD LIBOR + 3.25%), Maturing February 26, 2025

      274       275,404  
GlobalLogic Holdings, Inc.                

Term Loan, 0.00%, Maturing August 1, 2025(2)

      66       66,261  

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing August 1, 2025

      459       463,825  
Go Daddy Operating Company, LLC                

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.25%), Maturing February 15, 2024

      6,288       6,319,351  
GTCR Valor Companies, Inc.                

Term Loan, 5.64%, (3 mo. USD LIBOR + 3.25%), Maturing June 16, 2023

      1,721       1,733,423  
Hyland Software, Inc.                

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing July 1, 2022

      4,125       4,157,723  
 

 

  10   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

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

Term Loan, 6.74%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023

      1,015     $ 1,023,435  
Infor (US), Inc.                

Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing February 1, 2022

      8,917       8,951,555  
Informatica, LLC                

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 5, 2022

  EUR     347       408,043  

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing August 5, 2022

      3,049       3,072,689  
Lattice Semiconductor Corporation                

Term Loan, 6.37%, (1 mo. USD LIBOR + 4.25%), Maturing March 10, 2021

      558       561,302  
MA FinanceCo., LLC                

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.25%), Maturing November 19, 2021

      4,629       4,618,979  

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024

      555       552,960  
MACOM Technology Solutions Holdings, Inc.                

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024

      1,485       1,454,892  
Microchip Technology Incorporated                

Term Loan, 4.25%, (1 mo. USD LIBOR + 2.00%), Maturing May 29, 2025

      2,482       2,487,120  
MTS Systems Corporation                

Term Loan, 5.41%, (1 mo. USD LIBOR + 3.25%), Maturing July 5, 2023

      1,361       1,370,807  
Prometric Holdings, Inc.                

Term Loan, 5.25%, (1 mo. USD LIBOR + 3.00%), Maturing January 29, 2025

      323       323,914  
Renaissance Holding Corp.                

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing May 30, 2025

      1,297       1,297,020  

Term Loan - Second Lien, 9.24%, (1 mo. USD LIBOR + 7.00%), Maturing May 29, 2026

      200       199,875  
Rocket Software, Inc.                

Term Loan, 6.14%, (3 mo. USD LIBOR + 3.75%), Maturing October 14, 2023

      1,497       1,509,576  
Seattle Spinco, Inc.                

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024

      3,748       3,731,466  
SGS Cayman L.P.                

Term Loan, 7.76%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021

      254       242,835  
SkillSoft Corporation                

Term Loan, 6.99%, (1 mo. USD LIBOR + 4.75%), Maturing April 28, 2021

      5,045       4,816,743  
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Electronics / Electrical (continued)  
SolarWinds Holdings, Inc.                

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing February 5, 2024

      1,191     $ 1,198,815  
Southwire Company                

Term Loan, 4.16%, (1 mo. USD LIBOR + 2.00%), Maturing May 15, 2025

      623       627,256  
SS&C Technologies Holdings Europe S.a.r.l.                

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025

      1,495       1,498,118  
SS&C Technologies, Inc.                

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025

      3,852       3,859,474  
SurveyMonkey, Inc.                

Term Loan, 6.75%, (1 mo. USD LIBOR + 4.50%), Maturing April 13, 2024

      988       991,178  
Sutherland Global Services, Inc.                

Term Loan, 7.76%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021

      1,090       1,043,205  
Switch, Ltd.                

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.25%), Maturing June 27, 2024

      272       272,355  
Tibco Software, Inc.                

Term Loan, 5.75%, (1 mo. USD LIBOR + 3.50%), Maturing December 4, 2020

      617       621,000  
TriTech Software Systems                

Term Loan, 5.99%, (1 mo. USD LIBOR + 3.75%), Maturing August 29, 2025

      900       904,219  
TTM Technologies, Inc.                

Term Loan, 4.60%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024

      334       336,030  
Uber Technologies                

Term Loan, 5.65%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023

      3,577       3,597,121  

Term Loan, 6.12%, (1 mo. USD LIBOR + 4.00%), Maturing April 4, 2025

      3,092       3,118,148  
Ultra Clean Holdings, Inc.                

Term Loan, Maturing August 27, 2025(5)

      950       941,687  
Verifone Systems, Inc.                

Term Loan, 6.32%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025

      1,000       1,007,625  
Veritas Bermuda Ltd.                

Term Loan, 6.78%, (USD LIBOR + 4.50%), Maturing January 27, 2023(4)

      2,699       2,634,076  
Vero Parent, Inc.                

Term Loan, 7.26%, (1 mo. USD LIBOR + 5.00%), Maturing August 16, 2024

      2,624       2,634,978  
 

 

  11   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

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

Term Loan, 4.00%, (3 mo. EURIBOR + 3.00%, Floor 1.00%), Maturing November 21, 2024

    EUR       645     $ 756,981  

Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing November 21, 2024

      819       817,789  
Western Digital Corporation                  

Term Loan, 3.99%, (1 mo. USD LIBOR + 1.75%), Maturing April 29, 2023

            2,215       2,221,836  
                    $ 102,945,669  
Equipment Leasing — 0.6%  
Avolon TLB Borrower 1 (US), LLC                  

Term Loan, 4.17%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2025

      1,844     $ 1,851,699  
Delos Finance S.a.r.l.                  

Term Loan, 4.14%, (3 mo. USD LIBOR + 1.75%), Maturing October 6, 2023

      3,275       3,291,961  
Flying Fortress, Inc.                  

Term Loan, 4.14%, (3 mo. USD LIBOR + 1.75%), Maturing October 30, 2022

      4,712       4,741,604  
IBC Capital Limited                  

Term Loan, 6.09%, (3 mo. USD LIBOR + 3.75%), Maturing September 11, 2023

            622       626,928  
                    $ 10,512,192  
Financial Intermediaries — 1.7%  
Citco Funding, LLC                  

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing March 31, 2022

      4,016     $ 4,035,001  
Clipper Acquisitions Corp.                  

Term Loan, 3.86%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024

      1,265       1,272,540  
Ditech Holding Corporation                  

Term Loan, 8.24%, (1 mo. USD LIBOR + 6.00%), Maturing June 30, 2022

      4,390       4,151,231  
Donnelley Financial Solutions, Inc.                  

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing October 2, 2023

      653       654,514  
EIG Management Company, LLC                  

Term Loan, 6.06%, (3 mo. USD LIBOR + 3.75%), Maturing February 22, 2025

      274       276,027  
Evergood 4 ApS                  

Term Loan, Maturing February 6, 2025(5)

    EUR       118       138,567  

Term Loan, Maturing February 6, 2025(5)

    EUR       632       739,024  
Focus Financial Partners, LLC                  

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing July 3, 2024

      1,970       1,977,860  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Financial Intermediaries (continued)  
Fortress Investment Group, LLC                  

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2022

      1,102     $ 1,107,923  
Franklin Square Holdings L.P.                  

Term Loan, 4.63%, (1 mo. USD LIBOR + 2.50%), Maturing August 1, 2025

      550       554,799  
Freedom Mortgage Corporation                  

Term Loan, 6.99%, (1 mo. USD LIBOR + 4.75%), Maturing February 23, 2022

      1,255       1,266,996  
Greenhill & Co., Inc.                  

Term Loan, 5.95%, (USD LIBOR + 3.75%), Maturing October 12, 2022(4)

      1,107       1,122,094  
GreenSky Holdings, LLC                  

Term Loan, 5.50%, (1 mo. USD LIBOR + 3.25%), Maturing March 29, 2025

      1,542       1,549,961  
Guggenheim Partners, LLC                  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing July 21, 2023

      2,754       2,775,000  
Harbourvest Partners, LLC                  

Term Loan, 4.41%, (1 mo. USD LIBOR + 2.25%), Maturing March 1, 2025

      1,222       1,225,179  
LPL Holdings, Inc.                  

Term Loan, 4.42%, (1 mo. USD LIBOR + 2.25%), Maturing September 23, 2024

      1,580       1,584,978  
MIP Delaware, LLC                  

Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing March 9, 2020

      113       113,210  
Ocwen Financial Corporation                  

Term Loan, 7.17%, (1 mo. USD LIBOR + 5.00%), Maturing December 5, 2020

      340       342,460  
Sesac Holdco II, LLC                  

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing February 23, 2024

      640       639,450  
StepStone Group L.P.                  

Term Loan, 6.24%, (1 mo. USD LIBOR + 4.00%), Maturing March 14, 2025

      647       652,409  
Victory Capital Holdings, Inc.                  

Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing February 12, 2025

      292       293,003  
Virtus Investment Partners, Inc.                  

Term Loan, 4.60%, (1 mo. USD LIBOR + 2.50%), Maturing June 1, 2024

      746       750,749  
Walker & Dunlop, Inc.                  

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing December 11, 2020

            827       833,178  
                    $ 28,056,153  
 

 

  12   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Food Products — 1.8%  
Alphabet Holding Company, Inc.                  

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024

      2,648     $ 2,565,079  
American Seafoods Group, LLC                  

Term Loan, 5.00%, (1 mo. USD LIBOR + 2.75%), Maturing August 21, 2023

      189       188,590  
Badger Buyer Corp.                  

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing September 30, 2024

      396       395,010  
CHG PPC Parent, LLC                  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing March 31, 2025

      499       499,841  
Del Monte Foods, Inc.                  

Term Loan, 5.56%, (3 mo. USD LIBOR + 3.25%), Maturing February 18, 2021

      3,779       3,493,591  
Dole Food Company, Inc.                  

Term Loan, 4.96%, (USD LIBOR + 2.75%), Maturing April 6, 2024(4)

      1,938       1,939,013  
Froneri International PLC                  

Term Loan, 2.63%, (1 mo. EURIBOR + 2.63%), Maturing January 22, 2025

    EUR       3,075       3,587,410  
Hearthside Food Solutions, LLC                  

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing May 23, 2025

      773       771,751  
High Liner Foods Incorporated                  

Term Loan, 5.59%, (3 mo. USD LIBOR + 3.25%), Maturing April 24, 2021

      1,005       954,486  
HLF Financing S.a.r.l.                  

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing August 9, 2025

      1,100       1,109,968  
Jacobs Douwe Egberts International B.V.                  

Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing July 1, 2022

    EUR       421       494,023  

Term Loan, 4.63%, (3 mo. USD LIBOR + 2.25%), Maturing July 1, 2022

      2,052       2,066,990  
JBS USA, LLC                  

Term Loan, 4.84%, (3 mo. USD LIBOR + 2.50%), Maturing October 30, 2022

      8,084       8,109,227  
Nomad Foods Europe Midco Limited                  

Term Loan, 4.41%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024

      1,318       1,314,405  
Pinnacle Foods Finance, LLC                  

Term Loan, 3.85%, (1 mo. USD LIBOR + 1.75%), Maturing February 2, 2024

      671       671,585  
Post Holdings, Inc.                  

Term Loan, 4.22%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2024

            1,852       1,854,109  
                    $ 30,015,078  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Food Service — 0.9%  
1011778 B.C. Unlimited Liability Company                  

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.25%), Maturing February 16, 2024

      7,522     $ 7,533,316  
Aramark Services, Inc.                  

Term Loan, 4.08%, (3 mo. USD LIBOR + 1.75%), Maturing March 11, 2025

      933       935,694  
Del Frisco’s Restaurant Group, Inc.                  

Term Loan, 8.25%, (1 mo. USD LIBOR + 6.00%), Maturing June 27, 2025

      648       641,891  
IRB Holding Corp.                  

Term Loan, 5.46%, (2 mo. USD LIBOR + 3.25%), Maturing February 5, 2025

      896       900,047  
KFC Holding Co.                  

Term Loan, 3.91%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025

      1,176       1,178,630  
NPC International, Inc.                  

Term Loan, 5.58%, (1 mo. USD LIBOR + 3.50%), Maturing April 19, 2024

      990       995,156  
Restaurant Technologies, Inc.                  

Term Loan, Maturing September 21,
2025(5)

      225       226,266  
Seminole Hard Rock Entertainment, Inc.                  

Term Loan, 5.09%, (3 mo. USD LIBOR + 2.75%), Maturing May 14, 2020

      309       310,294  
US Foods, Inc.                  

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing June 27, 2023

      871       874,356  
Welbilt, Inc.                  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing March 3, 2023

            1,860       1,873,417  
                    $ 15,469,067  
Food / Drug Retailers — 0.5%  
Albertsons, LLC                  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing August 25, 2021

      3,628     $ 3,636,621  

Term Loan, 5.38%, (3 mo. USD LIBOR + 3.00%), Maturing December 21, 2022

      688       689,216  

Term Loan, 5.31%, (3 mo. USD LIBOR + 3.00%), Maturing June 22, 2023

      3,226       3,230,126  
Dhanani Group, Inc.                  

Term Loan, 5.99%, (1 mo. USD LIBOR + 3.75%), Maturing June 27, 2025

      648       649,185  
Diplomat Pharmacy, Inc.                  

Term Loan, 6.75%, (1 mo. USD LIBOR + 4.50%), Maturing December 20, 2024

      505       508,893  
 

 

  13   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Food / Drug Retailers (continued)  
Supervalu, Inc.                  

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing June 8, 2024

      218     $ 218,698  

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing June 8, 2024

            364       364,496  
                    $ 9,297,235  
Forest Products — 0.1%  
Expera Specialty Solutions, LLC                  

Term Loan, 6.34%, (1 mo. USD LIBOR + 4.25%), Maturing November 3, 2023

            2,203     $ 2,206,112  
                    $ 2,206,112  
Health Care — 4.7%  
Acadia Healthcare Company, Inc.                  

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing February 11, 2022

      282     $ 284,120  
ADMI Corp.                  

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing April 30, 2025

      1,845       1,856,909  
Akorn, Inc.                  

Term Loan, 7.00%, (1 mo. USD LIBOR + 4.75%), Maturing April 16, 2021

      1,115       1,082,514  
Alliance Healthcare Services, Inc.                  

Term Loan, 6.74%, (1 mo. USD LIBOR + 4.50%), Maturing October 24, 2023

      1,084       1,091,721  

Term Loan - Second Lien, 12.24%, (1 mo. USD LIBOR + 10.00%), Maturing April 24, 2024

      525       524,344  
Argon Medical Devices, Inc.                  

Term Loan, 5.99%, (1 mo. USD LIBOR + 3.75%), Maturing January 23, 2025

      423       426,245  
Auris Luxembourg III S.a.r.l.                  

Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing January 17, 2022

      965       979,557  
Avantor, Inc.                  

Term Loan, 6.24%, (1 mo. USD LIBOR + 4.00%), Maturing November 21, 2024

      3,350       3,393,053  
Beaver-Visitec International, Inc.                  

Term Loan, 6.39%, (2 mo. USD LIBOR + 4.00%), Maturing August 21, 2023

      956       960,320  

BioClinica, Inc.

     

Term Loan, 6.63%, (3 mo. USD LIBOR + 4.25%), Maturing October 20, 2023

      786       746,700  

BW NHHC Holdco, Inc.

     

Term Loan, 7.16%, (1 mo. USD LIBOR + 5.00%), Maturing May 15, 2025

      1,072       1,054,217  
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Health Care (continued)  

Carestream Dental Equipment, Inc.

     

Term Loan, 5.64%, (3 mo. USD LIBOR + 3.25%), Maturing September 1, 2024

      421     $ 420,575  

CHG Healthcare Services, Inc.

     

Term Loan, 5.31%, (USD LIBOR + 3.00%), Maturing June 7, 2023(4)

      3,771       3,795,926  

Concentra, Inc.

     

Term Loan, 4.86%, (1 mo. USD LIBOR + 2.75%), Maturing June 1, 2022

      921       925,518  

Convatec, Inc.

     

Term Loan, 4.64%, (3 mo. USD LIBOR + 2.25%), Maturing October 31, 2023

      690       692,947  

CPI Holdco, LLC

     

Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing March 21, 2024

      913       919,846  

CryoLife, Inc.

     

Term Loan, 6.39%, (3 mo. USD LIBOR + 4.00%), Maturing November 14, 2024

      546       552,698  

CTC AcquiCo GmbH

     

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing March 7, 2025

  EUR     925       1,074,704  

DaVita, Inc.

     

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing June 24, 2021

      3,726       3,747,409  

DJO Finance, LLC

     

Term Loan, 5.54%, (USD LIBOR + 3.25%), Maturing June 8, 2020(4)

      2,546       2,549,698  

Envision Healthcare Corporation

     

Term Loan, 5.25%, (1 mo. USD LIBOR + 3.00%), Maturing December 1, 2023

      4,758       4,764,279  

Equian, LLC

     

Term Loan, 5.46%, (1 mo. USD LIBOR + 3.25%), Maturing May 20, 2024

      717       721,660  

Gentiva Health Services, Inc.

     

Term Loan, 6.00%, (1 mo. USD LIBOR + 3.75%), Maturing July 2, 2025

      2,150       2,178,448  

GHX Ultimate Parent Corporation

     

Term Loan, 5.64%, (3 mo. USD LIBOR + 3.25%), Maturing June 28, 2024

      965       970,133  

Greatbatch Ltd.

     

Term Loan, 5.14%, (1 mo. USD LIBOR + 3.00%), Maturing October 27, 2022

      1,384       1,394,896  

Grifols Worldwide Operations USA, Inc.

     

Term Loan, 4.42%, (1 week USD LIBOR + 2.25%), Maturing January 31, 2025

      3,965       3,989,404  

Hanger, Inc.

     

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing February 26, 2025

      1,144       1,142,820  
 

 

  14   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

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

Indivior Finance S.a.r.l.

     

Term Loan, 6.85%, (3 mo. USD LIBOR + 4.50%), Maturing December 18, 2022

      584     $ 581,536  

Inovalon Holdings, Inc.

     

Term Loan, 5.63%, (1 mo. USD LIBOR + 3.50%), Maturing April 2, 2025

      1,300       1,301,625  

IQVIA, Inc.

     

Term Loan, 4.39%, (3 mo. USD LIBOR + 2.00%), Maturing March 7, 2024

      1,503       1,508,653  

Term Loan, 4.39%, (3 mo. USD LIBOR + 2.00%), Maturing January 17, 2025

      1,510       1,515,569  

Kinetic Concepts, Inc.

     

Term Loan, 5.64%, (3 mo. USD LIBOR + 3.25%), Maturing February 2, 2024

      3,160       3,183,305  

Medical Solutions, LLC

     

Term Loan, 5.99%, (1 mo. USD LIBOR + 3.75%), Maturing June 9, 2024

      818       821,456  

MedPlast Holdings, Inc.

     

Term Loan, 6.09%, (3 mo. USD LIBOR + 3.75%), Maturing July 2, 2025

      500       506,250  

MPH Acquisition Holdings, LLC

     

Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing June 7, 2023

      2,409       2,416,491  

National Mentor Holdings, Inc.

     

Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing January 31, 2021

      668       671,425  

Navicure, Inc.

     

Term Loan, 5.99%, (1 mo. USD LIBOR + 3.75%), Maturing November 1, 2024

      844       848,720  

New Millennium Holdco, Inc.

     

Term Loan, 8.74%, (1 mo. USD LIBOR + 6.50%), Maturing December 21, 2020

      352       198,207  

One Call Corporation

     

Term Loan, 7.38%, (1 mo. USD LIBOR + 5.25%), Maturing November 25, 2022

      1,794       1,706,493  

Ortho-Clinical Diagnostics S.A.

     

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025

      3,992       4,009,003  

Parexel International Corporation

     

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024

      2,896       2,882,175  

Press Ganey Holdings, Inc.

     

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing October 23, 2023

      860       864,523  

Prospect Medical Holdings, Inc.

     

Term Loan, 7.63%, (1 mo. USD LIBOR + 5.50%), Maturing February 22, 2024

      1,269       1,282,897  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Health Care (continued)  

R1 RCM, Inc.

     

Term Loan, 7.43%, (2 mo. USD LIBOR + 5.25%), Maturing May 8, 2025

      600     $ 601,500  

RadNet, Inc.

     

Term Loan, 6.09%, (3 mo. USD LIBOR + 3.75%), Maturing June 30, 2023

      1,809       1,824,029  

Select Medical Corporation

     

Term Loan, 4.90%, (USD LIBOR + 2.75%), Maturing March 1, 2021(4)

      1,921       1,936,356  

Sotera Health Holdings, LLC

     

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing May 15, 2022

      998       1,000,801  

Sound Inpatient Physicians

     

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing June 27, 2025

      499       502,646  

Surgery Center Holdings, Inc.

     

Term Loan, 5.57%, (3 mo. USD LIBOR + 3.25%), Maturing September 2, 2024

      1,089       1,091,314  

Syneos Health, Inc.

     

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing August 1, 2024

      410       411,739  

Team Health Holdings, Inc.

     

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing February 6, 2024

      2,389       2,325,924  

Tecomet, Inc.

     

Term Loan, 5.62%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2024

      889       892,916  

U.S. Anesthesia Partners, Inc.

     

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing June 23, 2024

      1,260       1,268,914  

Verscend Holding Corp.

     

Term Loan, 6.74%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025

      1,600       1,609,000  

Wink Holdco, Inc.

     

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing December 2, 2024

            496       495,320  
                    $ 80,499,448  
Home Furnishings — 0.4%  

Bright Bidco B.V.

     

Term Loan, 5.84%, (USD LIBOR + 3.50%), Maturing June 30, 2024(4)

      1,779     $ 1,761,270  

Serta Simmons Bedding, LLC

     

Term Loan, 5.61%, (1 mo. USD LIBOR + 3.50%), Maturing November 8, 2023

            5,245       4,766,507  
                    $ 6,527,777  
 

 

  15   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Industrial Equipment — 2.3%  

Altra Industrial Motion Corp.

     

Term Loan, Maturing September 5, 2025(5)

      800     $ 803,000  

Apex Tool Group, LLC

     

Term Loan, 5.99%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2022

      2,576       2,586,589  

CFSP Acquisition Corp.

     

Term Loan, 1.00%, Maturing March 20, 2025(2)

      51       50,424  

Term Loan, 5.21%, (1 mo. USD LIBOR + 3.00%), Maturing March 20, 2025

      223       222,427  

Clark Equipment Company

     

Term Loan, 4.37%, (USD LIBOR + 2.00%), Maturing May 18, 2024(4)

      1,830       1,835,065  

Delachaux S.A.

     

Term Loan, 5.88%, (USD LIBOR + 3.50%), Maturing October 28,
2021(4)

      502       508,186  

DexKo Global, Inc.

     

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

  EUR     33       38,136  

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

  EUR     81       95,339  

Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), Maturing July 24, 2024

  EUR     295       345,140  

Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), Maturing July 24, 2024

  EUR     737       862,850  

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing July 24, 2024

      943       947,797  

DXP Enterprises, Inc.

     

Term Loan, 6.99%, (1 mo. USD LIBOR + 4.75%), Maturing August 29, 2023

      569       573,519  

Engineered Machinery Holdings, Inc.

     

Term Loan, 5.64%, (3 mo. USD LIBOR + 3.25%), Maturing July 19, 2024

      1,613       1,594,668  

EWT Holdings III Corp.

     

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing December 20, 2024

      2,291       2,309,108  

Filtration Group Corporation

     

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

  EUR     398       465,660  

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025

      1,741       1,754,491  

Gardner Denver, Inc.

     

Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 30, 2024

  EUR     453       528,548  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing July 30, 2024

      1,157       1,165,547  
Gates Global, LLC                

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

  EUR     985       1,149,411  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Industrial Equipment (continued)  
Gates Global, LLC (continued)                  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing April 1, 2024

      5,009     $ 5,044,809  

Hamilton Holdco, LLC

     

Term Loan, 4.34%, (3 mo. USD LIBOR + 2.00%), Maturing July 2, 2025

      898       900,555  

Hayward Industries, Inc.

     

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing August 5, 2024

      495       498,713  

LTI Holdings, Inc.

     

Term Loan, Maturing September 6, 2025(5)

      475       477,672  

Milacron, LLC

     

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023

      3,051       3,054,368  

Paladin Brands Holding, Inc.

     

Term Loan, 7.89%, (3 mo. USD LIBOR + 5.50%), Maturing August 15, 2022

      1,338       1,342,665  

Pro Mach Group, Inc.

     

Term Loan, 5.13%, (1 mo. USD LIBOR + 3.00%), Maturing March 7, 2025

      249       248,439  

Rexnord, LLC

     

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing August 21, 2024

      3,426       3,448,031  

Robertshaw US Holding Corp.

     

Term Loan, 5.75%, (1 mo. USD LIBOR + 3.50%), Maturing February 28, 2025

      1,045       1,038,873  

Shape Technologies Group, Inc.

     

Term Loan, 5.23%, (USD LIBOR + 3.00%), Maturing April 21, 2025(4)

      249       249,531  

Tank Holding Corp.

     

Term Loan, 5.67%, (USD LIBOR + 3.50%), Maturing March 17,
2022(4)

      703       706,771  

Thermon Industries, Inc.

     

Term Loan, 5.85%, (2 mo. USD LIBOR + 3.75%), Maturing October 24, 2024

      353       356,291  

Titan Acquisition Limited

     

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025

      3,159       3,068,054  

Wittur GmbH

     

Term Loan, 5.00%, (3 mo. EURIBOR + 4.00%, Floor 1.00%), Maturing March 31, 2022

    EUR       1,100       1,293,918  
                    $ 39,564,595  
Insurance — 1.8%  

Alliant Holdings I, Inc.

     

Term Loan, 5.15%, (1 mo. USD LIBOR + 3.00%), Maturing May 9, 2025

      2,771     $ 2,779,927  
 

 

  16   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Insurance (continued)  
AmWINS Group, Inc.                  

Term Loan, 4.96%, (1 mo. USD LIBOR + 2.75%), Maturing January 25, 2024

      3,278     $ 3,290,538  

Asurion, LLC

     

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing August 4, 2022

      5,694       5,748,497  

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023

      2,713       2,735,091  

Term Loan - Second Lien, 8.74%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025

      2,750       2,833,072  

Financiere CEP SAS

     

Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing January 16, 2025

    EUR       550       634,055  

FrontDoor, Inc.

     

Term Loan, 4.75%, (1 mo. USD LIBOR + 2.50%), Maturing August 14, 2025

      475       479,156  

Hub International Limited

     

Term Loan, 5.34%, (3 mo. USD LIBOR + 3.00%), Maturing April 25, 2025

      5,187       5,201,747  

NFP Corp.

     

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing January 8, 2024

      2,321       2,323,771  

Sedgwick Claims Management Services, Inc.

     

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing March 1, 2021

      1,169       1,170,845  

USI, Inc.

     

Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing May 16, 2024

            3,218       3,222,098  
                    $ 30,418,797  
Leisure Goods / Activities / Movies — 2.2%  

AMC Entertainment Holdings, Inc.

     

Term Loan, 4.38%, (1 mo. USD LIBOR + 2.25%), Maturing December 15, 2023

      640     $ 641,717  

Ancestry.com Operations, Inc.

     

Term Loan, 5.50%, (1 mo. USD LIBOR + 3.25%), Maturing October 19, 2023

      4,310       4,327,934  

Bombardier Recreational Products, Inc.

     

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing May 23, 2025

      5,368       5,373,878  

Bright Horizons Family Solutions, Inc.

     

Term Loan, 3.99%, (1 mo. USD LIBOR + 1.75%), Maturing November 7, 2023

      854       855,165  

CDS U.S. Intermediate Holdings, Inc.

     

Term Loan, 6.14%, (3 mo. USD LIBOR + 3.75%), Maturing July 8, 2022

      1,301       1,284,019  
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Leisure Goods / Activities / Movies (continued)  

ClubCorp Holdings, Inc.

     

Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024

      1,959     $ 1,949,968  

Crown Finance US, Inc.

     

Term Loan, 2.63%, (1 mo. EURIBOR + 2.63%), Maturing February 28, 2025

  EUR     920       1,072,991  

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing February 28, 2025

      2,164       2,163,073  

Delta 2 (LUX) S.a.r.l.

     

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2024

      725       719,893  

Emerald Expositions Holding, Inc.

     

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024

      1,214       1,223,793  

Etraveli Holding AB

     

Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing August 2, 2024

  EUR     850       994,500  

Kasima, LLC

     

Term Loan, 4.78%, (USD LIBOR + 2.50%), Maturing May 17, 2021(4)

      174       174,871  

Lindblad Expeditions, Inc.

     

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing March 21, 2025

      269       271,542  

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing March 21, 2025

      2,092       2,115,052  

Live Nation Entertainment, Inc.

     

Term Loan, 4.00%, (1 mo. USD LIBOR + 1.75%), Maturing October 31, 2023

      3,738       3,749,377  

Match Group, Inc.

     

Term Loan, 4.67%, (1 mo. USD LIBOR + 2.50%), Maturing November 16, 2022

      1,510       1,522,657  

Sabre GLBL, Inc.

     

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing February 22, 2024

      1,141       1,145,287  

SeaWorld Parks & Entertainment, Inc.

     

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing March 31, 2024

      2,231       2,229,469  

SRAM, LLC

     

Term Loan, 5.02%, (2 mo. USD LIBOR + 2.75%), Maturing March 15, 2024

      1,582       1,593,185  

Steinway Musical Instruments, Inc.

     

Term Loan, 5.91%, (1 mo. USD LIBOR + 3.75%), Maturing February 13, 2025

      920       922,676  

Travel Leaders Group, LLC

     

Term Loan, 6.16%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024

      973       985,327  
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Leisure Goods / Activities / Movies (continued)  

UFC Holdings, LLC

     

Term Loan, 5.50%, (1 mo. USD LIBOR + 3.25%), Maturing August 18, 2023

            2,383     $ 2,398,943  
                    $ 37,715,317  
Lodging and Casinos — 2.3%  

Aristocrat Technologies, Inc.

     

Term Loan, 4.10%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024

      1,204     $ 1,204,612  

Azelis Finance S.A.

     

Term Loan, Maturing July 31, 2025(5)

    EUR       475       557,703  

Boyd Gaming Corporation

     

Term Loan, 4.42%, (2 mo. USD LIBOR + 2.25%), Maturing September 15, 2023

      1,094       1,100,652  

CityCenter Holdings, LLC

     

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.25%), Maturing April 18, 2024

      2,818       2,825,021  

Eldorado Resorts, LLC

     

Term Loan, 4.41%, (USD LIBOR + 2.25%), Maturing April 17, 2024(4)

      940       946,120  

ESH Hospitality, Inc.

     

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing August 30, 2023

      2,242       2,245,047  

Four Seasons Hotels Limited

     

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing November 30, 2023

      1,081       1,082,970  

Golden Nugget, Inc.

     

Term Loan, 4.95%, (1 mo. USD LIBOR + 2.75%), Maturing October 4, 2023

      3,760       3,780,523  

GVC Holdings PLC

     

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 29, 2024

    EUR       1,350       1,572,807  

Term Loan, 4.30%, (3 mo. GBP LIBOR + 3.50%), Maturing March 29, 2024

    GBP       700       916,086  

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing March 29, 2024

      1,169       1,175,458  

Hanjin International Corp.

     

Term Loan, 4.83%, (3 mo. USD LIBOR + 2.50%), Maturing October 18, 2020

      550       550,859  

Hilton Worldwide Finance, LLC

     

Term Loan, 3.97%, (1 mo. USD LIBOR + 1.75%), Maturing October 25, 2023

      5,572       5,600,324  

Las Vegas Sands, LLC

     

Term Loan, 3.99%, (1 mo. USD LIBOR + 1.75%), Maturing March 27, 2025

      1,119       1,119,757  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Lodging and Casinos (continued)  

MGM Growth Properties Operating Partnership L.P.

     

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing March 21, 2025

      2,291     $ 2,296,774  

Playa Resorts Holding B.V.

     

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing April 29, 2024

      2,696       2,679,105  

Stars Group Holdings B.V. (The)

     

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

    EUR       975       1,146,528  

Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025

      4,289       4,331,336  

VICI Properties 1, LLC

     

Term Loan, 4.21%, (1 mo. USD LIBOR + 2.00%), Maturing December 20, 2024

      2,315       2,322,006  

Wyndham Hotels & Resorts, Inc.

     

Term Loan, 3.99%, (1 mo. USD LIBOR + 1.75%), Maturing May 30, 2025

            1,375       1,380,844  
                    $ 38,834,532  
Nonferrous Metals / Minerals — 0.4%  

CD&R Hydra Buyer, Inc.

     

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

      140     $ 120,792  

Dynacast International, LLC

     

Term Loan, 5.64%, (3 mo. USD LIBOR + 3.25%), Maturing January 28, 2022

      1,461       1,467,388  

Global Brass & Copper, Inc.

     

Term Loan, 4.75%, (1 mo. USD LIBOR + 2.50%), Maturing May 29, 2025

      1,005       1,010,150  

Murray Energy Corporation

     

Term Loan, 9.49%, (1 mo. USD LIBOR + 7.25%), Maturing October 17, 2022

      2,284       2,098,153  

Noranda Aluminum Acquisition Corporation

     

Term Loan, 0.00%,
Maturing February 28, 2019(3)(6)

      452       34,836  

Oxbow Carbon, LLC

     

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing January 4, 2023

      674       682,172  

Term Loan - Second Lien, 9.74%, (1 mo. USD LIBOR + 7.50%), Maturing January 4, 2024

      800       820,000  

Rain Carbon GmbH

     

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

    EUR       1,025       1,197,217  
                    $ 7,430,708  
 

 

  18   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Oil and Gas — 0.9%  

Ameriforge Group, Inc.

     

Term Loan, 9.39%, (3 mo. USD LIBOR + 7.00%), Maturing June 8, 2022

      747     $ 752,123  

Apergy Corporation

     

Term Loan, 4.75%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025

      357       360,381  

CITGO Petroleum Corporation

     

Term Loan, 5.84%, (3 mo. USD LIBOR + 3.50%), Maturing July 29, 2021

      1,741       1,745,425  

Delek US Holdings, Inc.

     

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing March 31, 2025

      398       400,156  

Fieldwood Energy, LLC

     

Term Loan, 7.49%, (1 mo. USD LIBOR + 5.25%), Maturing April 11, 2022

      2,771       2,795,183  

Term Loan - Second Lien, 9.49%, (1 mo. USD LIBOR + 7.25%), Maturing April 11, 2023

      163       158,957  

Green Plains Renewable Energy, Inc.

     

Term Loan, 7.75%, (1 mo. USD LIBOR + 5.50%), Maturing August 18, 2023

      1,114       1,129,064  

Lotus Midstream, LLC

     

Term Loan, Maturing September 25,
2025(5)

      275       277,406  

McDermott Technology Americas, Inc.

     

Term Loan, 7.24%, (1 mo. USD LIBOR + 5.00%), Maturing May 10, 2025

      1,318       1,336,832  

Medallion Midland Acquisition, LLC

     

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing October 30, 2024

      495       492,513  

MEG Energy Corp.

     

Term Loan, 5.75%, (1 mo. USD LIBOR + 3.50%), Maturing December 31, 2023

      1,258       1,259,088  

PSC Industrial Holdings Corp.

     

Term Loan, 5.91%, (1 mo. USD LIBOR + 3.75%), Maturing October 3, 2024

      794       797,474  

Sheridan Investment Partners II L.P.

     

Term Loan, 5.82%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020

      46       41,875  

Term Loan, 5.82%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020

      122       112,281  

Term Loan, 5.82%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020

      880       807,155  

Sheridan Production Partners I, LLC

     

Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019

      109       100,138  

Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019

      179       163,945  

Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019

      1,348       1,237,242  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Oil and Gas (continued)  

Ultra Resources, Inc.

     

Term Loan, 5.17%, (1 mo. USD LIBOR + 3.00%), Maturing April 12, 2024

            1,650     $ 1,499,437  
                    $ 15,466,675  
Publishing — 0.6%  

Ascend Learning, LLC

     

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing July 12, 2024

      1,213     $ 1,215,403  

Getty Images, Inc.

     

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing October 18, 2019

      3,667       3,646,661  

Harland Clarke Holdings Corp.

     

Term Loan, 7.14%, (3 mo. USD LIBOR + 4.75%), Maturing November 3, 2023

      385       370,595  

Lamar Media Corporation

     

Term Loan, 3.94%, (1 mo. USD LIBOR + 1.75%), Maturing March 14, 2025

      572       574,867  

LSC Communications, Inc.

     

Term Loan, 7.74%, (1 mo. USD LIBOR + 5.50%), Maturing September 30, 2022

      1,045       1,052,838  

Merrill Communications, LLC

     

Term Loan, 7.59%, (3 mo. USD LIBOR + 5.25%), Maturing June 1, 2022

      307       309,561  

Multi Color Corporation

     

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.25%), Maturing October 31, 2024

      372       374,514  

ProQuest, LLC

     

Term Loan, 5.99%, (1 mo. USD LIBOR + 3.75%), Maturing October 24, 2021

      1,840       1,850,609  

Tweddle Group, Inc.

     

Term Loan, 6.83%, (3 mo. USD LIBOR + 4.50%), Maturing September 17, 2023

            761       748,572  
                    $ 10,143,620  
Radio and Television — 1.5%  

ALM Media Holdings, Inc.

     

Term Loan, 6.89%, (3 mo. USD LIBOR + 4.50%), Maturing July 31, 2020

      513     $ 455,707  

CBS Radio, Inc.

     

Term Loan, 4.96%, (1 mo. USD LIBOR + 2.75%), Maturing November 17, 2024

      1,750       1,737,309  

Cumulus Media New Holdings, Inc.

     

Term Loan, 6.75%, (1 mo. USD LIBOR + 4.50%), Maturing May 15, 2022

      3,923       3,880,726  
 

 

  19   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

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

E.W. Scripps Company (The)

     

Term Loan, 4.24%, (1 mo. USD LIBOR + 2.00%), Maturing October 2, 2024

      421     $ 421,889  

Entravision Communications Corporation

     

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024

      1,163       1,151,132  

Gray Television, Inc.

     

Term Loan, 4.35%, (1 mo. USD LIBOR + 2.25%), Maturing February 7, 2024

      278       279,219  

Hubbard Radio, LLC

     

Term Loan, 5.25%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025

      706       708,467  

iHeartCommunications, Inc.

     

Term Loan, 0.00%, Maturing January 30, 2019(6)

      1,066       797,265  

Term Loan, 0.00%, Maturing July 30, 2019(6)

      1,682       1,257,388  

Mission Broadcasting, Inc.

     

Term Loan, 4.60%, (1 mo. USD LIBOR + 2.50%), Maturing January 17, 2024

      354       355,193  

Nexstar Broadcasting, Inc.

     

Term Loan, 4.60%, (1 mo. USD LIBOR + 2.50%), Maturing January 17, 2024

      2,524       2,537,607  

Raycom TV Broadcasting, LLC

     

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.25%), Maturing August 23, 2024

      1,188       1,190,228  

Sinclair Television Group, Inc.

     

Term Loan, 4.50%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024

      497       498,830  

Townsquare Media, Inc.

     

Term Loan, 5.29%, (2 mo. USD LIBOR + 3.00%), Maturing April 1, 2022

      2,276       2,280,806  

Univision Communications, Inc.

     

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing March 15, 2024

            7,893       7,687,163  
                    $ 25,238,929  
Retailers (Except Food and Drug) — 2.0%  

Ascena Retail Group, Inc.

     

Term Loan, 6.75%, (1 mo. USD LIBOR + 4.50%), Maturing August 21, 2022

      3,226     $ 3,120,658  

Bass Pro Group, LLC

     

Term Loan, 7.24%, (1 mo. USD LIBOR + 5.00%), Maturing September 25, 2024

      1,535       1,552,003  

BJ’s Wholesale Club, Inc.

     

Term Loan, 5.15%, (1 mo. USD LIBOR + 3.00%), Maturing February 3, 2024

      1,066       1,073,377  
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Retailers (Except Food and Drug) (continued)  

CDW, LLC

     

Term Loan, 4.00%, (1 mo. USD LIBOR + 1.75%), Maturing August 17, 2023

      2,525     $ 2,533,186  

Coinamatic Canada, Inc.

     

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022

      54       54,475  

David’s Bridal, Inc.

     

Term Loan, 6.32%, (3 mo. USD LIBOR + 4.00%), Maturing October 11, 2019

      3,582       3,195,141  

Evergreen Acqco 1 L.P.

     

Term Loan, 6.10%, (3 mo. USD LIBOR + 3.75%), Maturing July 9, 2019

      3,116       3,055,319  

Global Appliance, Inc.

     

Term Loan, 6.25%, (1 mo. USD LIBOR + 4.00%), Maturing September 29, 2024

      1,089       1,059,052  

Go Wireless, Inc.

     

Term Loan, 8.74%, (1 mo. USD LIBOR + 6.50%), Maturing December 22, 2024

      622       609,485  

Harbor Freight Tools USA, Inc.

     

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2023

      565       566,075  

J. Crew Group, Inc.

     

Term Loan, 5.32%, (USD LIBOR + 3.00%), Maturing March 5, 2021(3)(4)

      3,771       3,057,243  

LSF9 Atlantis Holdings, LLC

     

Term Loan, 8.12%, (1 mo. USD LIBOR + 6.00%), Maturing May 1, 2023

      1,114       1,078,552  

Neiman Marcus Group Ltd., LLC

     

Term Loan, 5.37%, (1 mo. USD LIBOR + 3.25%), Maturing October 25, 2020

      2,432       2,262,619  

Party City Holdings, Inc.

     

Term Loan, 5.14%, (USD LIBOR + 2.75%), Maturing August 19, 2022(4)

      1,192       1,201,489  

PetSmart, Inc.

     

Term Loan, 5.12%, (1 mo. USD LIBOR + 3.00%), Maturing March 11, 2022

      4,376       3,853,006  

PFS Holding Corporation

     

Term Loan, 5.61%, (1 mo. USD LIBOR + 3.50%), Maturing January 31, 2021

      2,242       1,289,214  

Pier 1 Imports (U.S.), Inc.

     

Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing April 30, 2021

      646       529,976  

Radio Systems Corporation

     

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2024

      469       471,408  

Shutterfly, Inc.

     

Term Loan, 5.00%, (1 mo. USD LIBOR + 2.75%), Maturing August 17, 2024

      574       576,359  
 

 

  20   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Retailers (Except Food and Drug) (continued)  

Staples, Inc.

     

Term Loan, 6.34%, (3 mo. USD LIBOR + 4.00%), Maturing September 12, 2024

      670     $ 670,566  

Vivid Seats Ltd.

     

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing June 30, 2024

            2,126       2,120,286  
                    $ 33,929,489  
Steel — 0.4%  

Atkore International, Inc.

     

Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing December 22, 2023

      422     $ 424,027  

GrafTech Finance, Inc.

     

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2025

      2,987       3,011,458  

Neenah Foundry Company

     

Term Loan, 8.74%, (2 mo. USD LIBOR + 6.50%), Maturing December 13, 2022

      866       861,919  

Phoenix Services International, LLC

     

Term Loan, 5.87%, (1 mo. USD LIBOR + 3.75%), Maturing March 1, 2025

      896       906,694  

Zekelman Industries, Inc.

     

Term Loan, 4.62%, (3 mo. USD LIBOR + 2.25%), Maturing June 14, 2021

            1,315       1,317,364  
                    $ 6,521,462  
Surface Transport — 0.3%  

Agro Merchants NAI Holdings, LLC

     

Term Loan, 6.14%, (3 mo. USD LIBOR + 3.75%), Maturing December 6, 2024

      397     $ 400,061  

Hertz Corporation (The)

     

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing June 30, 2023

      1,234       1,232,599  

Kenan Advantage Group, Inc.

     

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022

      130       130,147  

Term Loan, 5.24%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022

      427       427,977  

PODS, LLC

     

Term Loan, 4.88%, (1 mo. USD LIBOR + 2.75%), Maturing December 6, 2024

      668       670,507  

Stena International S.a.r.l.

     

Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing March 3, 2021

      2,006       1,967,897  

XPO Logistics, Inc.

     

Term Loan, 4.23%, (1 mo. USD LIBOR + 2.00%), Maturing February 24, 2025

            650       654,187  
                    $ 5,483,375  
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
Telecommunications — 2.4%  

CenturyLink, Inc.

     

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.75%), Maturing January 31, 2025

      5,657     $ 5,626,605  

Colorado Buyer, Inc.

     

Term Loan, 5.11%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2024

      938       941,057  

Digicel International Finance Limited

     

Term Loan, 5.57%, (3 mo. USD LIBOR + 3.25%), Maturing May 28, 2024

      866       827,632  

eircom Finco S.a.r.l.

     

Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing April 19, 2024

  EUR     2,200       2,569,956  

Frontier Communications Corp.

     

Term Loan, 6.00%, (1 mo. USD LIBOR + 3.75%), Maturing June 15, 2024

      2,123       2,087,962  

Gamma Infrastructure III B.V.

     

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing January 9, 2025

  EUR     1,700       1,982,011  

Global Eagle Entertainment, Inc.

     

Term Loan, 10.02%, (6 mo. USD LIBOR + 7.50%), Maturing January 6, 2023

      2,249       2,321,863  

Intelsat Jackson Holdings S.A.

     

Term Loan, 6.73%, (1 mo. USD LIBOR + 4.50%), Maturing January 2, 2024

      1,500       1,582,032  

IPC Corp.

     

Term Loan, 6.85%, (3 mo. USD LIBOR + 4.50%), Maturing August 6, 2021

      1,088       1,062,000  

Level 3 Financing, Inc.

     

Term Loan, 4.43%, (1 mo. USD LIBOR + 2.25%), Maturing February 22, 2024

      700       702,479  

Lumentum Holdings

     

Term Loan, Maturing August 7, 2025(5)

      625       631,250  

Mitel Networks Corporation

     

Term Loan, 5.99%, (1 mo. USD LIBOR + 3.75%), Maturing September 25, 2023

      468       472,817  

Onvoy, LLC

     

Term Loan, 6.89%, (3 mo. USD LIBOR + 4.50%), Maturing February 10, 2024

      837       821,028  

Plantronics, Inc.

     

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing July 2, 2025

      1,450       1,455,211  

Sprint Communications, Inc.

     

Term Loan, 4.75%, (1 mo. USD LIBOR + 2.50%), Maturing February 2, 2024

      4,063       4,075,822  

Syniverse Holdings, Inc.

     

Term Loan, 7.15%, (1 mo. USD LIBOR + 5.00%), Maturing March 9, 2023

      1,070       1,073,970  
 

 

  21   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

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

TDC A/S

     

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing May 31, 2025

    EUR       4,700     $ 5,504,309  

Term Loan, 5.84%, (3 mo. USD LIBOR + 3.50%), Maturing May 31, 2025

      1,995       2,020,686  

Telesat Canada

     

Term Loan, 4.89%, (3 mo. USD LIBOR + 2.50%), Maturing November 17, 2023

            5,485       5,507,237  
                    $ 41,265,927  
Utilities — 1.1%  

Brookfield WEC Holdings, Inc.

     

Term Loan, 5.99%, (1 mo. USD LIBOR + 3.75%), Maturing August 1, 2025

      2,375     $ 2,406,419  

Calpine Construction Finance Company L.P.

     

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2025

      2,785       2,790,424  

Calpine Corporation

     

Term Loan, 4.89%, (3 mo. USD LIBOR + 2.50%), Maturing January 15, 2024

      3,652       3,656,432  

Dayton Power & Light Company (The)

     

Term Loan, 4.25%, (1 mo. USD LIBOR + 2.00%), Maturing August 24, 2022

      663       665,674  

Granite Acquisition, Inc.

     

Term Loan, 5.84%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021

      3,151       3,180,833  

Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021

      143       144,653  

Lightstone Generation, LLC

     

Term Loan, 5.99%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024

      92       91,606  

Term Loan, 5.99%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024

      1,714       1,705,587  

Longview Power, LLC

     

Term Loan, 8.35%, (3 mo. USD LIBOR + 6.00%), Maturing April 13, 2021

      339       296,015  

Talen Energy Supply, LLC

     

Term Loan, 6.24%, (1 mo. USD LIBOR + 4.00%), Maturing July 15, 2023

      1,086       1,094,905  

Term Loan, 6.24%, (1 mo. USD LIBOR + 4.00%), Maturing April 15, 2024

      809       814,687  

USIC Holdings, Inc.

     

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.25%), Maturing December 8, 2023

      199       200,720  
Borrower/Tranche Description          Principal
Amount*
(000’s omitted)
    Value  
Utilities (continued)  

Vistra Energy Corp.

     

Term Loan, 4.18%, (1 mo. USD LIBOR + 2.00%), Maturing December 31, 2025

            1,122     $ 1,124,011  
                    $ 18,171,966  

Total Senior Floating-Rate Loans
(identified cost $917,233,408)

 

  $ 910,949,464  
Corporate Bonds & Notes — 49.1%

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Aerospace and Defense — 1.4%  
Bombardier, Inc.                  

6.00%, 10/15/22(8)

      4,720     $ 4,755,400  

6.125%, 1/15/23(8)

      125       126,172  

7.50%, 12/1/24(8)

      1,100       1,163,250  

7.50%, 3/15/25(8)

      340       352,325  
Booz Allen Hamilton, Inc.                  

5.125%, 5/1/25(8)

      345       339,825  
BWX Technologies, Inc.                  

5.375%, 7/15/26(8)

      1,305       1,313,156  
Huntington Ingalls Industries, Inc.                  

5.00%, 11/15/25(8)

      415       430,347  
Latam Finance, Ltd.                  

6.875%, 4/11/24(8)

      950       926,250  
Lockheed Martin Corp.                  

3.55%, 1/15/26

      960       948,883  
Northrop Grumman Corp.                  

2.93%, 1/15/25

      770       731,965  
TA MFG., Ltd.                  

3.625%, 4/15/23(9)

    EUR       375       445,849  
TransDigm UK Holdings PLC                  

6.875%, 5/15/26(8)

      725       745,844  
TransDigm, Inc.                  

6.00%, 7/15/22

      2,850       2,903,438  

6.50%, 7/15/24

      7,535       7,738,445  

6.50%, 5/15/25

      185       188,931  

6.375%, 6/15/26

            670       678,375  
                    $ 23,788,455  
Air Transport — 0.2%  
Azul Investments LLP                  

5.875%, 10/26/24(8)

      1,030     $ 895,029  
 

 

  22   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Air Transport (continued)  
WestJet Airlines, Ltd.                  

3.50%, 6/16/21(8)

            2,000     $ 1,968,573  
                    $ 2,863,602  
Automotive — 0.5%  
Adient Global Holdings, Ltd.                  

3.50%, 8/15/24(9)

    EUR       150     $ 162,646  
Deck Chassis Acquisition, Inc.                  

10.00%, 6/15/23(8)

      1,840       1,959,600  
Fiat Chrysler Finance Europe SA                  

4.75%, 3/22/21(9)

    EUR       325       413,477  
General Motors Co.                  

5.00%, 4/1/35

      1,095       1,025,275  
Gestamp Funding Luxembourg SA                  

3.50%, 5/15/23(9)

    EUR       300       359,222  
Navistar International Corp.                  

6.625%, 11/1/25(8)

      3,015       3,150,675  
RAC Bond Co. PLC                  

5.00%, 11/6/22(9)

    GBP       250       307,759  
Wabash National Corp.                  

5.50%, 10/1/25(8)

      985       943,137  
ZF North America Capital, Inc.                  

4.50%, 4/29/22(8)

            392       397,163  
                    $ 8,718,954  
Banks and Thrifts — 0.7%  
Banco Comercial Portugues SA                  

4.50% to 12/7/22, 12/7/27(9)(10)

    EUR       500     $ 571,838  
Banco Mercantil del Norte SA/Grand Cayman                  

5.75% to 10/4/26, 10/4/31(8)(10)

      1,685       1,589,056  
Bank of America Corp.                  

3.593% to 7/21/27, 7/21/28(10)

      1,450       1,383,117  
Bank of Montreal                  

3.803% to 12/15/27, 12/15/32(10)

      1,325       1,239,657  
BankUnited, Inc.                  

4.875%, 11/17/25

      1,815       1,845,435  
BBVA Bancomer SA                  

5.125% to 1/18/28, 1/18/33(8)(10)

      1,515       1,384,331  
First Midwest Bancorp, Inc.                  

5.875%, 9/29/26

      1,000       1,036,062  
Flagstar Bancorp, Inc.                  

6.125%, 7/15/21

      650       677,682  
Goldman Sachs Group, Inc. (The)                  

3.691% to 6/5/27, 6/5/28(10)

      990       942,796  
Security          Principal
Amount*
(000’s omitted)
    Value  
Banks and Thrifts (continued)  
Wells Fargo & Co.                  

4.65%, 11/4/44

            700     $ 686,914  
                    $ 11,356,888  
Beverage and Tobacco — 0.1%  
Anheuser-Busch InBev Finance, Inc.                  

3.65%, 2/1/26

      895     $ 869,291  
BAT Capital Corp.                  

3.557%, 8/15/27(8)

            1,045       974,431  
                    $ 1,843,722  
Brokerage / Securities Dealers / Investment Houses — 0.1%  
Alliance Data Systems Corp.                  

5.875%, 11/1/21(8)

      1,620     $ 1,656,450  
Intrum Justitia AB                  

3.125%, 7/15/24(9)

    EUR       400       441,351  
Neuberger Berman Group, LLC/Neuberger Berman
Finance Corp.
                 

4.875%, 4/15/45(8)

            500       468,169  
                    $ 2,565,970  
Building and Development — 1.4%  
ADLER Real Estate AG                  

1.875%, 4/27/23(9)

    EUR       500     $ 569,408  
AT Securities B.V.                  

5.25% to 7/21/23(9)(10)(11)

      500       473,500  
Builders FirstSource, Inc.                  

5.625%, 9/1/24(8)

      3,425       3,305,125  
DEMIRE Deutsche Mittelstand Real Estate AG                  

2.875%, 7/15/22(9)

    EUR       400       475,589  
Five Point Operating Co., L.P./Five Point Capital
Corp.
                 

7.875%, 11/15/25(8)

      2,965       3,001,321  
Greystar Real Estate Partners, LLC                  

5.75%, 12/1/25(8)

      2,975       2,908,063  
Hillman Group, Inc. (The)                  

6.375%, 7/15/22(8)

      1,916       1,733,980  
MDC Holdings, Inc.                  

6.00%, 1/15/43

      982       842,065  
Reliance Intermediate Holdings, L.P.                  

6.50%, 4/1/23(8)

      4,610       4,800,162  
Standard Industries, Inc.                  

6.00%, 10/15/25(8)

      2,330       2,391,163  
 

 

  23   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Building and Development (continued)  
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.                  

4.375%, 6/15/19

      1,725     $ 1,740,094  

5.875%, 6/15/24

            1,670       1,663,738  
                    $ 23,904,208  
Business Equipment and Services — 1.9%  
Arena Luxembourg Finance S.a.r.l                  

2.75%, (3 mo. EURIBOR + 2.75%), 11/1/23(9)(12)

    EUR       500     $ 582,826  
Carriage Services, Inc.                  

6.625%, 6/1/26(8)

      1,025       1,053,188  
EC Finance PLC                  

2.375%, 11/15/22(9)

    EUR       500       582,428  
EIG Investors Corp.                  

10.875%, 2/1/24

      3,810       4,176,712  
First Data Corp.                  

7.00%, 12/1/23(8)

      6,630       6,920,062  

5.00%, 1/15/24(8)

      815       822,743  
FTI Consulting, Inc.                  

6.00%, 11/15/22

      3,974       4,075,734  
KAR Auction Services, Inc.                  

5.125%, 6/1/25(8)

      1,555       1,512,238  
La Financiere Atalian S.A.                  

5.125%, 5/15/25(9)

    EUR       413       472,848  
Prime Security Services Borrower, LLC/Prime
Finance, Inc.
                 

9.25%, 5/15/23(8)

      3,706       3,972,832  
ServiceMaster Co., LLC (The)                  

7.45%, 8/15/27

      1,975       2,086,094  
Solera, LLC/Solera Finance, Inc.                  

10.50%, 3/1/24(8)

      1,035       1,139,328  
United Rentals North America, Inc.                  

5.50%, 5/15/27

      295       292,419  
Vantiv, LLC/Vanity Issuer Corp.                  

3.875%, 11/15/25(9)

    GBP       350       447,066  

4.375%, 11/15/25(8)

      945       901,294  
West Corp.                  

8.50%, 10/15/25(8)

            3,330       3,071,925  
                    $ 32,109,737  
Cable and Satellite Television — 3.0%  
Altice France S.A.                  

7.375%, 5/1/26(8)

      965     $ 969,632  

8.125%, 2/1/27(8)

      1,716       1,767,480  
Security        Principal
Amount*
(000’s omitted)
    Value  
Cable and Satellite Television (continued)  
Altice US Finance I Corp.                

5.50%, 5/15/26(8)

      2,000     $ 1,999,000  
Cablevision Systems Corp.                

8.00%, 4/15/20

      635       670,719  

5.875%, 9/15/22

      1,085       1,108,734  
CCO Holdings, LLC/CCO Holdings Capital Corp.                

5.25%, 9/30/22

      4,295       4,357,965  

5.75%, 1/15/24

      1,980       2,017,125  

5.875%, 4/1/24(8)

      230       235,463  

5.375%, 5/1/25(8)

      3,605       3,586,975  

5.75%, 2/15/26(8)

      1,885       1,896,781  

5.00%, 2/1/28(8)

      1,755       1,653,912  
Cequel Communications Holdings I, LLC/Cequel
Capital Corp.
               

5.125%, 12/15/21(8)

      105       105,811  
Charter Communications Operating, LLC/Charter
Communications Operating Capital
               

3.75%, 2/15/28

      1,300       1,198,898  
Comcast Corp.                

3.15%, 2/15/28

      1,105       1,025,158  
CSC Holdings, LLC                

6.75%, 11/15/21

      2,780       2,936,375  

10.125%, 1/15/23(8)

      2,880       3,157,920  

5.25%, 6/1/24

      355       347,900  

10.875%, 10/15/25(8)

      2,816       3,277,120  
DISH DBS Corp.                

6.75%, 6/1/21

      410       419,738  

5.875%, 7/15/22

      2,395       2,345,603  

5.875%, 11/15/24

      530       478,325  

7.75%, 7/1/26

      85       80,856  
Unitymedia Hessen GmbH & Co. KG/Unitymedia
NRW GmbH
               

4.00%, 1/15/25(9)

  EUR     500       612,261  
UPC Holding B.V.                

5.50%, 1/15/28(8)

      1,825       1,736,214  

3.875%, 6/15/29(9)

  EUR     245       278,839  
Virgin Media Finance PLC                

6.375%, 4/15/23(8)

      6,814       7,009,902  
Virgin Media Secured Finance PLC                

5.50%, 1/15/25(8)

      725       727,719  

5.25%, 1/15/26(8)

      2,430       2,385,142  
WarnerMedia, LLC                

3.80%, 2/15/27

      500       478,842  
Ziggo Bond Finance B.V.                

5.875%, 1/15/25(8)

      730       688,937  

6.00%, 1/15/27(8)

      745       680,744  
 

 

  24   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Cable and Satellite Television (continued)  
Ziggo Secured Finance B.V.                  

5.50%, 1/15/27(8)

            1,035     $ 973,676  
                    $ 51,209,766  
Capital Goods — 0.1%  
Valmont Industries, Inc.                  

5.00%, 10/1/44

            1,000     $ 912,116  
                    $ 912,116  
Chemicals and Plastics — 1.0%  
Chemours Co. (The)                  

7.00%, 5/15/25

      1,085     $ 1,156,057  

4.00%, 5/15/26

    EUR       300       349,604  
CTC BondCo GmbH                  

5.25%, 12/15/25(9)

    EUR       375       433,874  
Cydsa SAB de CV                  

6.25%, 10/4/27(8)

      585       560,138  
Monitchem HoldCo 3 S.A.                  

5.25%, 6/15/21(9)

    EUR       250       288,138  
Nufarm Australia, Ltd./Nufarm Americas, Inc.                  

5.75%, 4/30/26(8)

      1,160       1,100,550  
OCI N.V.                  

5.00%, 4/15/23(9)

    EUR       200       245,271  

6.625%, 4/15/23(8)

      840       872,550  
Olin Corp.                  

5.00%, 2/1/30

      725       680,594  
Platform Specialty Products Corp.                  

6.50%, 2/1/22(8)

      2,190       2,247,487  
Sasol Financing USA, LLC                  

5.875%, 3/27/24

      795       810,779  
SPCM S.A.                  

4.875%, 9/15/25(8)

      560       535,354  
Starfruit Finco B.V./Starfruit US Holdco, LLC                  

6.50%, 10/1/26(9)(13)

    EUR       190       223,230  

8.00%, 10/1/26(8)(13)

      446       452,690  
Tronox Finance PLC                  

5.75%, 10/1/25(8)

      865       804,450  
Tronox, Inc.                  

6.50%, 4/15/26(8)

      975       942,094  
Valvoline, Inc.                  

5.50%, 7/15/24

      375       376,875  
Venator Finance S.a.r.l./Venator Materials, LLC                  

5.75%, 7/15/25(8)

      835       761,937  
Security          Principal
Amount*
(000’s omitted)
    Value  
Chemicals and Plastics (continued)  
Versum Materials, Inc.                  

5.50%, 9/30/24(8)

      1,270     $ 1,301,750  
W.R. Grace & Co.                  

5.125%, 10/1/21(8)

      2,170       2,234,015  

5.625%, 10/1/24(8)

            490       517,563  
                    $ 16,895,000  
Clothing / Textiles — 0.3%  
PrestigeBidCo GmbH                  

6.25%, 12/15/23(9)

    EUR       265     $ 328,704  
PVH Corp.                  

7.75%, 11/15/23

            3,740       4,282,300  
                    $ 4,611,004  
Commercial Services — 0.2%  
Algeco Global Finance PLC                  

6.50%, 2/15/23(9)

    EUR       250     $ 307,472  

8.00%, 2/15/23(8)

      895       921,850  
Block Financial, LLC                  

5.25%, 10/1/25

      1,815       1,829,193  
Inter Media and Communication SpA                  

4.875%, 12/31/22(9)

    EUR       135       157,911  
IPD 3 B.V.                  

4.50%, 7/15/22(9)

    EUR       475       564,901  
Refinitiv US Holdings, Inc.                  

6.875%, 11/15/26(9)(13)

    EUR       100       116,454  
Verisure Holding AB                  

6.00%, 11/1/22(9)

    EUR       315       379,016  
                    $ 4,276,797  
Computers — 0.2%  
DXC Technology Co.                  

4.75%, 4/15/27

      1,000     $ 1,024,867  
Seagate HDD Cayman                  

4.75%, 1/1/25

      665       638,200  

4.875%, 6/1/27

      969       907,737  

5.75%, 12/1/34

            1,030       932,198  
                    $ 3,503,002  
Conglomerates — 0.3%  
Spectrum Brands, Inc.                  

5.75%, 7/15/25

      3,470     $ 3,522,050  

4.00%, 10/1/26(9)

    EUR       200       236,501  
 

 

  25   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Conglomerates (continued)  
TMS International Corp.                  

7.25%, 8/15/25(8)

            1,425     $ 1,439,250  
                    $ 5,197,801  
Consumer Products — 0.1%  
Central Garden & Pet Co.                  

6.125%, 11/15/23

      575     $ 595,844  
HRG Group, Inc.                  

7.75%, 1/15/22

            250       258,000  
                    $ 853,844  
Containers and Glass Products — 0.7%  
Ardagh Packaging Finance PLC/Ardagh Holdings
USA, Inc.
                 

4.25%, 9/15/22(8)

      375     $ 371,063  

2.75%, 3/15/24(9)

    EUR       500       590,374  

7.25%, 5/15/24(8)

      325       341,250  
Ball Corp.                  

4.375%, 12/15/20

      2,375       2,413,594  
Berry Global, Inc.                  

6.00%, 10/15/22

      970       1,002,737  

4.50%, 2/15/26(8)

      197       187,643  
BWAY Holding Co.                  

5.50%, 4/15/24(8)

      1,115       1,098,933  
Crown Americas, LLC/Crown Americas Capital
Corp., V
                 

4.25%, 9/30/26

      660       605,550  
Crown Americas, LLC/Crown Americas Capital
Corp., VI
                 

4.75%, 2/1/26(8)

      750       720,000  
Owens-Brockway Glass Container, Inc.                  

5.875%, 8/15/23(8)

      980       1,011,850  

6.375%, 8/15/25(8)

      700       722,750  
Reynolds Group Issuer, Inc./Reynolds Group
Issuer, LLC
                 

5.75%, 10/15/20

      242       243,185  

5.125%, 7/15/23(8)

      1,015       1,010,686  

7.00%, 7/15/24(8)

            1,315       1,340,478  
                    $ 11,660,093  
Distribution & Wholesale — 0.0%(14)  
Autodis SA                  

4.375%, (3 mo. EURIBOR + 4.375%), 5/1/22(9)(12)

    EUR       190     $ 223,353  
Security          Principal
Amount*
(000’s omitted)
    Value  
Distribution & Wholesale (continued)  
LKQ Italia Bondco SpA                  

3.875%, 4/1/24(9)

    EUR       250     $ 308,177  
                    $ 531,530  
Diversified Financial Services — 0.9%  
Arrow Global Finance PLC                  

2.875%, (3 mo. EURIBOR + 2.875%), 4/1/25(9)(12)

    EUR       250     $ 272,826  
Barclays PLC                  

4.836%, 5/9/28

      1,990       1,872,556  
BGC Partners, Inc.                  

5.375%, 7/24/23

      2,000       2,001,528  
BrightSphere Investment Group PLC                  

4.80%, 7/27/26

      2,195       2,134,753  
Cadence Financial Corp.                  

4.875%, 6/28/19(8)

      1,375       1,377,816  
Discover Bank                  

4.682% to 8/9/23, 8/9/28(10)

      1,000       990,970  
Grupo KUO SAB de CV                  

5.75%, 7/7/27(8)

      1,000       962,500  
Jefferies Finance, LLC/JFIN Co-Issuer Corp.                  

7.25%, 8/15/24(8)

      2,260       2,203,500  
LSF10 Wolverine Investments SCA                  

4.625%, (3 mo. EURIBOR + 4.625%), 3/15/24(9)(12)

    EUR       200       235,055  
SASU Newco SAB 20 SAS                  

4.25%, 9/30/24(9)

    EUR       390       435,372  
Synchrony Financial                  

3.95%, 12/1/27

      1,100       998,505  
UniCredit SpA                  

5.861% to 6/19/27, 6/19/32(8)(10)

      1,250       1,119,721  
Unifin Financiera SAB de CV SOFOM ENR                  

8.875% to 1/29/25(8)(10)(11)

            248       233,120  
                    $ 14,838,222  
Drugs — 1.6%  
Bausch Health Companies, Inc.                  

7.50%, 7/15/21(8)

      3,210     $ 3,278,212  

5.625%, 12/1/21(8)

      1,780       1,780,000  

6.50%, 3/15/22(8)

      2,419       2,521,807  

5.875%, 5/15/23(8)

      1,135       1,106,057  

7.00%, 3/15/24(8)

      4,105       4,347,195  

6.125%, 4/15/25(8)

      345       328,975  

5.50%, 11/1/25(8)

      2,585       2,590,170  

9.00%, 12/15/25(8)

      2,340       2,527,294  
 

 

  26   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Drugs (continued)  
Bausch Health Companies, Inc. (continued)                  

9.25%, 4/1/26(8)

      670     $ 724,438  

8.50%, 1/31/27(8)

      1,680       1,768,200  
Catalent Pharma Solutions, Inc.                  

4.875%, 1/15/26(8)

      2,700       2,612,250  
Jaguar Holding Co. II/Pharmaceutical Product
Development, LLC
                 

6.375%, 8/1/23(8)

      3,120       3,151,200  
Nidda Healthcare Holding GmbH                  

3.50%, 9/30/24(9)

    EUR       200       232,915  
                    $ 26,968,713  
Ecological Services and Equipment — 0.8%  
Advanced Disposal Services, Inc.                  

5.625%, 11/15/24(8)

      1,405     $ 1,423,953  
Clean Harbors, Inc.                  

5.125%, 6/1/21

      900       904,500  
Covanta Holding Corp.                  

6.375%, 10/1/22

      1,960       2,004,100  

5.875%, 3/1/24

      1,900       1,944,555  

5.875%, 7/1/25

      860       870,750  
GFL Environmental, Inc.                  

5.375%, 3/1/23(8)

      1,695       1,597,537  
Hulk Finance Corp.                  

7.00%, 6/1/26(8)

      690       668,438  
Waste Pro USA, Inc.                  

5.50%, 2/15/26(8)

      655       641,900  
Wrangler Buyer Corp.                  

6.00%, 10/1/25(8)

            3,793       3,696,620  
                    $ 13,752,353  
Electric Utilities — 0.3%  
ContourGlobal Power Holdings SA                  

3.375%, 8/1/23(9)

    EUR       240     $ 279,418  
Drax Finco PLC                  

4.25%, 5/1/22(9)

    GBP       325       433,507  
Engie Energia Chile SA                  

4.50%, 1/29/25(8)

      637       637,683  
NRG Yield Operating, LLC                  

5.375%, 8/15/24

      483       487,830  

5.00%, 9/15/26

      495       476,438  
State Grid Overseas Investment 2016, Ltd.                  

2.875%, 5/18/26(9)

      2,300       2,115,713  
Security          Principal
Amount*
(000’s omitted)
    Value  
Electric Utilities (continued)  
TenneT Holding B.V.                  

2.995% to 6/1/24(9)(10)(11)

    EUR       350     $ 412,061  
                    $ 4,842,650  
Electronics / Electrical — 1.4%  
Avnet, Inc.                  

4.625%, 4/15/26

      985     $ 979,596  
Electricite de France S.A.                  

6.00% to 1/29/26(9)(10)(11)

    GBP       400       534,394  
Enel Finance International NV                  

3.625%, 5/25/27(8)

      2,080       1,886,349  
Energizer Gamma Acquisition B.V.                  

4.625%, 7/15/26(9)

    EUR       155       187,284  
Energizer Gamma Acquisition, Inc.                  

6.375%, 7/15/26(8)

      3,325       3,445,531  
Entegris, Inc.                  

4.625%, 2/10/26(8)

      975       932,246  
Exelon Corp.                  

5.625%, 6/15/35

      819       917,759  
Infor (US), Inc.                  

6.50%, 5/15/22

      1,760       1,792,648  
Ingram Micro, Inc.                  

5.45%, 12/15/24

      1,889       1,862,316  
Marvell Technology Group, Ltd.                  

4.875%, 6/22/28

      1,000       1,006,578  
Microchip Technology, Inc.                  

4.333%, 6/1/23(8)

      571       567,923  
NXP B.V./NXP Funding, LLC                  

4.625%, 6/1/23(8)

      1,430       1,455,311  
Trimble, Inc.                  

4.90%, 6/15/28

      497       500,518  
Veritas US, Inc./Veritas Bermuda, Ltd.                  

7.50%, 2/1/23(8)

      985       959,390  

7.50%, 2/1/23(9)

    EUR       500       574,131  

10.50%, 2/1/24(8)

      2,125       1,955,000  
Western Digital Corp.                  

4.75%, 2/15/26

            4,765       4,617,047  
                    $ 24,174,021  
Energy — 0.1%  
Sunoco, L.P./Sunoco Finance Corp.                  

4.875%, 1/15/23(8)

      950     $ 942,875  

5.50%, 2/15/26(8)

      412       399,022  
 

 

  27   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Energy (continued)  
Ultrapar International S.A.                  

5.25%, 10/6/26(8)

            1,000     $ 925,000  
                    $ 2,266,897  
Engineering & Construction — 0.1%  
Abengoa Abenewco 2 SAU                  

1.50%, (0.25% cash, 1.25% PIK), 3/31/23(8)

      368     $ 16,557  
Fluor Corp.                  

4.25%, 9/15/28

            1,000       978,790  
                    $ 995,347  
Entertainment — 0.1%  
CPUK Finance, Ltd.                  

4.875%, 2/28/47(9)

    GBP       485     $ 631,985  
Merlin Entertainments PLC                  

5.75%, 6/15/26(8)

            870       880,875  
                    $ 1,512,860  
Financial Intermediaries — 1.2%  
Ally Financial, Inc.                  

8.00%, 12/31/18

      75     $ 75,844  
CIT Group, Inc.                  

5.375%, 5/15/20

      570       587,157  

6.125%, 3/9/28

      650       680,875  
Citigroup, Inc.                  

2.35%, 8/2/21

      360       349,037  
Credit Acceptance Corp.                  

7.375%, 3/15/23

      925       971,250  
Icahn Enterprises, L.P./Icahn Enterprises
Finance Corp.
                 

6.25%, 2/1/22

      2,385       2,450,588  

6.375%, 12/15/25

      820       825,125  
JPMorgan Chase & Co.                  

4.203% to 7/23/28, 7/23/29(10)

      1,260       1,255,317  

Series S, 6.75% to 2/1/24(10)(11)

      3,325       3,632,562  
Navient Corp.                  

5.50%, 1/15/19

      3,125       3,144,531  

4.875%, 6/17/19

      215       216,774  

8.00%, 3/25/20

      2,150       2,277,925  

5.00%, 10/26/20

      995       1,009,736  

7.25%, 1/25/22

      215       227,631  

6.75%, 6/15/26

      1,345       1,334,913  
Security          Principal
Amount*
(000’s omitted)
    Value  
Financial Intermediaries (continued)  
Springleaf Finance Corp.                  

7.125%, 3/15/26

            998     $ 998,000  
                    $ 20,037,265  
Financial Services — 0.5%  
Banco BTG Pactual SA/Cayman Islands                  

5.50%, 1/31/23(8)

      510     $ 482,498  
Banco Santander Mexico                  

5.95% to 10/1/23, 10/1/28(8)(10)(13)

      865       880,138  
Brookfield Finance, Inc.                  

3.90%, 1/25/28

      2,000       1,903,610  
Jefferies Group, LLC                  

6.50%, 1/20/43

      680       701,501  
Nordea Bank ABP                  

4.625% to 9/13/28, 9/13/33(8)(10)

      1,000       989,653  
Sensata Technologies UK Financing Co. PLC                  

6.25%, 2/15/26(8)

            2,735       2,892,262  
                    $ 7,849,662  
Food Products — 0.8%  
Dole Food Co., Inc.                  

7.25%, 6/15/25(8)

      3,550     $ 3,479,000  
Iceland Bondco PLC                  

5.003%, (3 mo. GBP LIBOR + 4.25%), 7/15/20(8)(12)

    GBP       254       331,821  
Pilgrim’s Pride Corp.                  

5.875%, 9/30/27(8)

      1,170       1,111,500  
Post Holdings, Inc.                  

5.50%, 3/1/25(8)

      1,680       1,672,860  

8.00%, 7/15/25(8)

      745       822,294  

5.00%, 8/15/26(8)

      2,275       2,159,658  

5.625%, 1/15/28(8)

      1,325       1,278,625  
Smithfield Foods, Inc.                  

2.65%, 10/3/21(8)

      550       524,421  
Tesco PLC                  

6.125%, 2/24/22

    GBP       400       585,794  
US Foods, Inc.                  

5.875%, 6/15/24(8)

            2,560       2,585,600  
                    $ 14,551,573  
Food Service — 0.6%  
1011778 B.C. Unlimited Liability Company/
New Red Finance, Inc.
                 

4.625%, 1/15/22(8)

      2,410     $ 2,425,062  
 

 

  28   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

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)
                 

4.25%, 5/15/24(8)

      2,720     $ 2,588,434  

5.00%, 10/15/25(8)

      3,470       3,331,235  
IRB Holding Corp.                  

6.75%, 2/15/26(8)

      1,045       1,026,712  
Welbilt, Inc.                  

9.50%, 2/15/24

            815       894,463  
                    $ 10,265,906  
Food / Drug Retailers — 0.1%  
ESAL GmbH                  

6.25%, 2/5/23(8)

            2,075     $ 2,067,219  
                    $ 2,067,219  
Forest Products — 0.0%(14)  
Mercer International, Inc.                  

5.50%, 1/15/26

            450     $ 442,125  
                    $ 442,125  
Health Care — 3.8%  
Abbott Laboratories                  

4.90%, 11/30/46

      360     $ 391,971  
Amgen, Inc.                  

2.60%, 8/19/26

      840       761,428  
Centene Corp.                  

4.75%, 5/15/22

      870       882,615  

6.125%, 2/15/24

      200       211,000  

4.75%, 1/15/25

      2,450       2,450,000  

5.375%, 6/1/26(8)

      2,690       2,763,975  
Charles River Laboratories International, Inc.                  

5.50%, 4/1/26(8)

      545       554,538  
CHS/Community Health Systems, Inc.                  

6.25%, 3/31/23

      2,785       2,656,194  
Eagle Holding Co. II, LLC                  

7.625%, (7.625% cash or 8.375% PIK), 5/15/22(8)(15)

      1,260       1,278,900  
Envision Healthcare Corp.                  

5.625%, 7/15/22

      1,050       1,080,135  

6.25%, 12/1/24(8)

      1,641       1,772,280  

8.75%, 10/15/26(8)(13)

      2,520       2,520,000  
Gilead Sciences, Inc.                  

2.95%, 3/1/27

      800       745,050  
Security          Principal
Amount*
(000’s omitted)
    Value  
Health Care (continued)  
Grifols S.A.                  

3.20%, 5/1/25(9)

    EUR       550     $ 648,955  
HCA Healthcare, Inc.                  

6.25%, 2/15/21

      1,710       1,786,950  
HCA, Inc.                  

6.50%, 2/15/20

      3,215       3,346,011  

7.50%, 2/15/22

      2,930       3,215,675  

4.75%, 5/1/23

      1,125       1,148,906  

5.00%, 3/15/24

      675       693,563  

5.875%, 2/15/26

      2,705       2,823,344  

5.375%, 9/1/26

      1,610       1,633,345  

5.625%, 9/1/28

      1,990       2,004,925  
Hologic, Inc.                  

4.375%, 10/15/25(8)

      1,665       1,594,238  
inVentiv Group Holdings, Inc./inVentiv Health, Inc./
inVentiv Health Clinical, Inc.
                 

7.50%, 10/1/24(8)

      1,629       1,730,813  
Kinetic Concepts, Inc./KCI USA, Inc.                  

7.875%, 2/15/21(8)

      1,405       1,452,840  

12.50%, 11/1/21(8)

      2,965       3,277,214  
Medtronic Global Holdings SCA                  

3.35%, 4/1/27

      750       732,651  
MPH Acquisition Holdings, LLC                  

7.125%, 6/1/24(8)

      2,150       2,240,300  
Polaris Intermediate Corp.                  

8.50%, (8.50% cash or 9.25% PIK), 12/1/22(8)(15)

      2,940       3,048,751  
Synlab Bondco PLC                  

3.50%, (3 mo. EURIBOR + 3.50%), 7/1/22(9)(12)

    EUR       580       679,605  
Team Health Holdings, Inc.                  

6.375%, 2/1/25(8)

      2,020       1,757,400  
Teleflex, Inc.                  

5.25%, 6/15/24

      790       816,505  

4.625%, 11/15/27

      1,055       1,006,206  
Tenet Healthcare Corp.                  

6.00%, 10/1/20

      2,435       2,517,181  

7.50%, 1/1/22(8)

      680       712,300  

8.125%, 4/1/22

      2,040       2,157,402  

6.75%, 6/15/23

      325       325,000  
UnitedHealth Group, Inc.                  

3.375%, 4/15/27

      475       461,742  
WellCare Health Plans, Inc.                  

5.25%, 4/1/25

      3,275       3,336,406  

5.375%, 8/15/26(8)

            1,215       1,239,300  
                    $ 64,455,614  
 

 

  29   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Home Furnishings — 0.1%  
Harman International Industries, Inc.                  

4.15%, 5/15/25

            940     $ 927,091  
                    $ 927,091  
Homebuilders / Real Estate — 0.0%(14)  
Keystone Financing PLC                  

9.50%, 10/15/19(9)

    GBP       306     $ 401,443  
                    $ 401,443  
Industrial Equipment — 0.3%  
ABG Orphan Holdco S.a.r.l.                  

14.00%, (5.00% cash, 9.00% PIK), 2/28/21(8)

      283     $ 303,453  
BlueLine Rental Finance Corp./
BlueLine Rental, LLC
                 

9.25%, 3/15/24(8)

      1,010       1,062,394  
CNH Industrial Capital, LLC                  

4.20%, 1/15/24

      805       801,489  
Orano SA                  

4.875%, 9/23/24

    EUR       450       538,526  
Titan Acquisition, Ltd./Titan Co-Borrower, LLC                  

7.75%, 4/15/26(8)

      2,160       1,879,200  
Wabtec Corp.                  

3.45%, 11/15/26

            1,000       918,813  
                    $ 5,503,875  
Insurance — 0.9%  
Alliant Holdings Intermediate, LLC/Alliant Holdings
Co-Issuer
                 

8.25%, 8/1/23(8)

      5,430     $ 5,633,625  
Ardonagh Midco 3 PLC                  

8.375%, 7/15/23(9)

    GBP       440       559,273  

8.625%, 7/15/23(8)

      2,335       2,317,487  
Athene Holding, Ltd.                  

4.125%, 1/12/28

      1,000       935,571  
Berkshire Hathaway Energy Co.                  

4.50%, 2/1/45

      680       681,952  
Frontdoor, Inc.                  

6.75%, 8/15/26(8)

      1,100       1,135,750  
Hub International, Ltd.                  

7.00%, 5/1/26(8)

      2,365       2,374,011  
MGIC Investment Corp.                  

5.75%, 8/15/23

            1,000       1,050,000  
                    $ 14,687,669  
Security          Principal
Amount*
(000’s omitted)
    Value  
Internet Software & Services — 0.7%  
eDreams Odigeo SA        

5.50%, 9/1/23(9)

    EUR       180     $ 210,327  
Netflix, Inc.                  

5.50%, 2/15/22

      1,825       1,890,244  

4.875%, 4/15/28(8)

      1,665       1,567,181  

5.875%, 11/15/28(8)

      1,810       1,817,819  
Riverbed Technology, Inc.                  

8.875%, 3/1/23(8)

      3,495       3,307,144  
Symantec Corp.                  

5.00%, 4/15/25(8)

            2,495       2,478,772  
                    $ 11,271,487  
Leisure Goods / Activities / Movies — 0.9%  
AMC Entertainment Holdings, Inc.                  

6.375%, 11/15/24

    GBP       225     $ 299,468  

5.875%, 11/15/26

      710       681,600  

6.125%, 5/15/27

      2,545       2,451,471  
Cinemark USA, Inc.                  

4.875%, 6/1/23

      2,730       2,699,287  
Mattel, Inc.                  

6.75%, 12/31/25(8)

      805       790,913  
National CineMedia, LLC                  

6.00%, 4/15/22

      725       737,688  
NCL Corp., Ltd.                  

4.75%, 12/15/21(8)

      1,086       1,098,217  
Sabre GLBL, Inc.                  

5.375%, 4/15/23(8)

      855       861,284  
Viking Cruises, Ltd.                  

6.25%, 5/15/25(8)

      1,690       1,698,450  

5.875%, 9/15/27(8)

            4,760       4,656,708  
                    $ 15,975,086  
Lodging and Casinos — 2.3%  
Caesars Resort Collection, LLC/CRC Finco, Inc.                  

5.25%, 10/15/25(8)

      4,027     $ 3,845,785  
Eldorado Resorts, Inc.                  

6.00%, 4/1/25

      1,450       1,473,563  
ESH Hospitality, Inc.                  

5.25%, 5/1/25(8)

      1,260       1,225,350  
Gateway Casinos & Entertainment, Ltd.                  

8.25%, 3/1/24(8)

      255       269,025  
GLP Capital, L.P./GLP Financing II, Inc.                  

4.875%, 11/1/20

      2,650       2,703,000  

5.75%, 6/1/28

      1,125       1,163,655  
 

 

  30   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Lodging and Casinos (continued)  
Golden Nugget, Inc.                  

6.75%, 10/15/24(8)

      2,945     $ 2,994,712  

8.75%, 10/1/25(8)

      1,995       2,096,306  
Hilton Domestic Operating Co., Inc.                  

4.25%, 9/1/24

      1,410       1,368,123  
Jack Ohio Finance, LLC/Jack Ohio Finance 1 Corp.                  

6.75%, 11/15/21(8)

      1,395       1,447,313  

10.25%, 11/15/22(8)

      1,310       1,444,537  
MGM Growth Properties Operating Partnership,
L.P./MGP Finance Co-Issuer, Inc.
                 

5.625%, 5/1/24

      480       493,800  

4.50%, 9/1/26

      895       850,250  
MGM Resorts International                  

6.625%, 12/15/21

      2,455       2,607,210  

7.75%, 3/15/22

      3,340       3,669,925  

5.75%, 6/15/25

      1,445       1,455,115  
NH Hotel Group S.A.  

3.75%, 10/1/23(9)

    EUR       250       304,403  
RHP Hotel Properties, L.P./RHP Finance Corp.                  

5.00%, 4/15/23

      1,291       1,297,997  
Stars Group Holdings B.V./
Stars Group US Co-Borrower, LLC
                 

7.00%, 7/15/26(8)

      2,270       2,347,611  
Studio City Co., Ltd.                  

7.25%, 11/30/21(8)

      845       876,688  
Tunica-Biloxi Gaming Authority                  

3.78%, 12/15/20(8)

      1,856       505,704  
VICI Properties 1, LLC/VICI FC, Inc.                  

8.00%, 10/15/23

      2,969       3,291,600  
Wyndham Destinations, Inc.                  

4.15%, 4/1/24

      1,200       1,170,000  
Wynn Las Vegas, LLC/Wynn Las Vegas Capital
Corp.
                 

5.25%, 5/15/27(8)

      335       311,550  
Wynn Macau, Ltd.                  

5.50%, 10/1/27(8)

            215       201,831  
                    $ 39,415,053  
Machinery — 0.2%  
Cloud Crane, LLC                  

10.125%, 8/1/24(8)

      1,625     $ 1,783,437  
Nvent Finance S.a.r.l.                  

4.55%, 4/15/28(8)

            1,000       974,870  
                    $ 2,758,307  
Security          Principal
Amount*
(000’s omitted)
    Value  
Manufacturing — 0.1%  
Novelis Corp.                  

6.25%, 8/15/24(8)

      1,065     $ 1,088,963  

5.875%, 9/30/26(8)

            1,530       1,497,487  
                    $ 2,586,450  
Media — 0.0%(14)  
McGraw-Hill Global Education Holdings, LLC/
McGraw-Hill Global Education Finance
                 

7.875%, 5/15/24(8)

      261     $ 234,900  
MDC Partners, Inc.                  

6.50%, 5/1/24(8)

            186       166,470  
                    $ 401,370  
Metals / Mining — 0.6%  
Alcoa Nederland Holding B.V.                  

6.75%, 9/30/24(8)

      670     $ 711,875  

7.00%, 9/30/26(8)

      200       215,750  

6.125%, 5/15/28(8)

      970       999,100  
Constellium N.V.                  

4.25%, 2/15/26(8)

    EUR       1,000       1,182,762  

4.25%, 2/15/26(9)

    EUR       400       473,105  

5.875%, 2/15/26(8)

      1,205       1,182,406  
Freeport-McMoRan, Inc.                  

4.55%, 11/14/24

      1,000       975,000  

5.45%, 3/15/43

      150       136,875  
Hudbay Minerals, Inc.                  

7.25%, 1/15/23(8)

      1,015       1,048,099  

7.625%, 1/15/25(8)

      1,825       1,893,437  
Nyrstar Netherlands Holdings B.V.                  

8.50%, 9/15/19(9)

    EUR       180       194,099  
Yamana Gold, Inc.                  

4.625%, 12/15/27

            1,000       942,210  
                    $ 9,954,718  
Nonferrous Metals / Minerals — 0.8%  
Eldorado Gold Corp.                  

6.125%, 12/15/20(8)

      3,750     $ 3,571,875  
First Quantum Minerals, Ltd.                  

7.00%, 2/15/21(8)

      655       648,859  

7.25%, 4/1/23(8)

      2,010       1,919,550  

7.50%, 4/1/25(8)

      2,508       2,388,870  

6.875%, 3/1/26(8)

      636       579,555  
Imperial Metals Corp.                  

7.00%, 3/15/19(8)

      880       748,000  
 

 

  31   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Nonferrous Metals / Minerals (continued)  
New Gold, Inc.                  

6.25%, 11/15/22(8)

      2,130     $ 1,874,400  

6.375%, 5/15/25(8)

      695       580,325  
SunCoke Energy Partners, L.P./SunCoke Energy
Partners Finance Corp.
                 

7.50%, 6/15/25(8)

            1,530       1,579,725  
                    $ 13,891,159  
Oil and Gas — 6.7%  
Aker BP ASA                  

5.875%, 3/31/25(8)

      965     $ 999,981  
AmeriGas Partners, L.P./AmeriGas Finance Corp.                  

5.625%, 5/20/24

      280       279,300  

5.50%, 5/20/25

      2,880       2,844,000  
Antero Resources Corp.                  

5.375%, 11/1/21

      2,715       2,756,539  

5.625%, 6/1/23

      270       277,088  
Ascent Resources Utica Holdings, LLC/ARU
Finance Corp.
                 

7.00%, 11/1/26(8)(13)

      1,951       1,942,708  
Berry Petroleum Co., LLC                  

7.00%, 2/15/26(8)

      1,385       1,440,400  
Canbriam Energy, Inc.                  

9.75%, 11/15/19(8)

      2,265       2,281,987  
Centennial Resource Production, LLC                  

5.375%, 1/15/26(8)

      2,175       2,169,562  
Cheniere Corpus Christi Holdings, LLC                  

7.00%, 6/30/24

      340       373,150  

5.875%, 3/31/25

      2,065       2,173,412  
Cheniere Energy Partners, L.P.                  

5.25%, 10/1/25

      1,590       1,593,975  

5.625%, 10/1/26(8)

      1,265       1,275,689  
Chesapeake Energy Corp.                  

8.00%, 12/15/22(8)

      98       102,900  

7.00%, 10/1/24

      1,269       1,270,586  
CrownRock, L.P./CrownRock Finance, Inc.                  

5.625%, 10/15/25(8)

      4,165       4,086,906  
CVR Refining, LLC/Coffeyville Finance, Inc.                  

6.50%, 11/1/22

      5,412       5,520,240  
Denbury Resources, Inc.                  

9.00%, 5/15/21(8)

      650       706,063  
Diamondback Energy, Inc.                  

4.75%, 11/1/24

      490       491,838  

5.375%, 5/31/25

      1,235       1,267,419  
Security          Principal
Amount*
(000’s omitted)
    Value  
Oil and Gas (continued)  
Endeavor Energy Resources, L.P./
EER Finance, Inc.
                 

5.50%, 1/30/26(8)

      1,045     $ 1,050,225  

5.75%, 1/30/28(8)

      1,390       1,395,213  
Energy Transfer Equity, L.P.                  

7.50%, 10/15/20

      1,950       2,092,838  

5.875%, 1/15/24

      875       923,125  
Energy Transfer Partners, L.P.                  

Series A, 6.25% to 2/15/23(10)(11)

      1,345       1,297,084  
Eni SpA                  

4.75%, 9/12/28(8)

      1,000       988,936  
EP Energy, LLC/Everest Acquisition Finance, Inc.                  

8.00%, 11/29/24(8)

      875       885,938  

8.00%, 2/15/25(8)

      1,350       1,039,500  

7.75%, 5/15/26(8)

      630       647,325  
Extraction Oil & Gas, Inc.                  

7.375%, 5/15/24(8)

      535       530,988  

5.625%, 2/1/26(8)

      2,455       2,184,950  
Great Western Petroleum, LLC/Great Western
Finance Corp.
                 

9.00%, 9/30/21(8)

      2,485       2,460,150  
Gulfport Energy Corp.                  

6.625%, 5/1/23

      2,085       2,131,912  

6.00%, 10/15/24

      1,175       1,151,500  
Holly Energy Partners, L.P./Holly Energy
Finance Corp.
                 

6.00%, 8/1/24(8)

      525       539,438  
Jagged Peak Energy, LLC                  

5.875%, 5/1/26(8)

      288       287,280  
Matador Resources Co.                  

5.875%, 9/15/26(8)

      2,220       2,253,300  
Moss Creek Resources Holdings, Inc.                  

7.50%, 1/15/26(8)

      1,915       1,922,181  
Nabors Industries, Inc.                  

4.625%, 9/15/21

      255       252,402  

5.50%, 1/15/23

      1,840       1,816,354  

5.75%, 2/1/25

      1,645       1,580,646  
Neptune Energy Bondco PLC                  

6.625%, 5/15/25(8)

      1,290       1,286,775  

6.625%, 5/15/25(9)

      450       448,875  
Oasis Petroleum, Inc.                  

6.875%, 3/15/22

      1,997       2,034,404  

6.875%, 1/15/23

      910       927,063  
Oceaneering International, Inc.                  

4.65%, 11/15/24

      1,250       1,198,214  
 

 

  32   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Oil and Gas (continued)  
Parsley Energy, LLC/Parsley Finance Corp.                  

6.25%, 6/1/24(8)

      345     $ 360,525  

5.375%, 1/15/25(8)

      1,240       1,249,300  

5.25%, 8/15/25 (8)

      1,170       1,170,000  

5.625%, 10/15/27(8)

      923       927,615  
PBF Holding Co., LLC/PBF Finance Corp.                  

7.00%, 11/15/23

      730       762,850  

7.25%, 6/15/25

      3,219       3,387,997  
PBF Logistics, L.P./PBF Logistics Finance Corp.                  

6.875%, 5/15/23

      1,800       1,847,250  
Precision Drilling Corp.                  

6.50%, 12/15/21

      122       124,675  

7.75%, 12/15/23

      90       95,625  

7.125%, 1/15/26(8)

      500       515,000  
QEP Resources, Inc.                  

5.625%, 3/1/26

      1,409       1,352,640  
Resolute Energy Corp.                  

8.50%, 5/1/20

      560       561,400  
Rowan Cos., Inc.                  

4.875%, 6/1/22

      1,810       1,746,650  
Sabine Pass Liquefaction, LLC                  

5.625%, 2/1/21

      935       972,965  
SESI, LLC                  

7.75%, 9/15/24

      220       225,225  
Seven Generations Energy, Ltd.                  

6.875%, 6/30/23(8)

      1,250       1,300,000  

5.375%, 9/30/25(8)

      1,710       1,669,388  
Shelf Drilling Holdings, Ltd.                  

8.25%, 2/15/25(8)

      2,715       2,806,631  
SM Energy Co.                  

6.125%, 11/15/22

      561       580,635  

6.75%, 9/15/26

      1,010       1,054,188  

6.625%, 1/15/27

      930       962,550  
Tallgrass Energy Partners, L.P./Tallgrass Energy
Finance Corp.
                 

5.50%, 1/15/28(8)

      3,305       3,342,181  
Targa Resources Partners, L.P./Targa Resources
Partners Finance Corp.
                 

5.875%, 4/15/26(8)

      985       1,020,706  
Tervita Escrow Corp.                  

7.625%, 12/1/21(8)

      2,775       2,875,594  
Transocean Guardian, Ltd.                  

5.875%, 1/15/24(8)

      1,060       1,073,250  
Transocean Pontus, Ltd.                  

6.125%, 8/1/25(8)

      725       738,587  
Security          Principal
Amount*
(000’s omitted)
    Value  
Oil and Gas (continued)  
Transocean, Inc.                  

7.50%, 1/15/26(8)

      650     $ 672,750  
Trinidad Drilling, Ltd.                  

6.625%, 2/15/25(8)

      1,675       1,666,625  
Weatherford International, Ltd.                  

8.25%, 6/15/23

      360       342,000  

9.875%, 2/15/24

      835       820,388  
Whiting Petroleum Corp.                  

5.75%, 3/15/21

      650       667,875  

6.625%, 1/15/26

      2,070       2,160,562  
WildHorse Resource Development Corp.                  

6.875%, 2/1/25

      3,128       3,245,300  
Williams Cos., Inc. (The)                  

3.70%, 1/15/23

      1,605       1,588,943  

4.55%, 6/24/24

      1,240       1,260,972  

5.75%, 6/24/44

      790       847,174  
Woodside Finance, Ltd.                  

3.70%, 9/15/26(8)

            1,000       951,993  
                    $ 114,128,368  
Packaging & Containers — 0.2%  
ARD Finance S.A.                  

7.125%, (7.125% cash or 7.875% PIK), 9/15/23(15)

      2,025     $ 2,055,375  
ARD Securities Finance S.a.r.l.                  

8.75%, (8.75% cash or 8.75% PIK), 1/31/23(8)(15)

      1,388       1,374,538  
Guala Closures SpA                  

3.50%, (3 mo. EURIBOR + 3.50%), 4/15/24(9)(12)(13)

    EUR       200       233,830  
                    $ 3,663,743  
Pharmaceuticals — 0.4%  
AbbVie, Inc.                  

4.45%, 5/14/46

      380     $ 352,935  
CVS Health Corp.                  

4.78%, 3/25/38

      2,245       2,234,522  
Teva Pharmaceutical Finance Netherlands III B.V.                  

6.00%, 4/15/24

      2,500       2,540,967  

3.15%, 10/1/26

      320       266,745  

6.75%, 3/1/28

      1,083       1,143,720  
Vizient, Inc.                  

10.375%, 3/1/24(8)

            1,005       1,104,244  
                    $ 7,643,133  
 

 

  33   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Pipelines — 0.3%  
Antero Midstream Partners, L.P./Antero
Midstream Finance Corp.
                 

5.375%, 9/15/24

      620     $ 626,975  
Georgian Oil and Gas Corp. JSC                  

6.75%, 4/26/21(9)

      615       633,601  
NGPL PipeCo, LLC                  

4.375%, 8/15/22(8)

      340       344,250  
Plains All American Pipeline, L.P.                  

Series B, 6.125% to 11/15/22 (10)(11)

      1,850       1,806,063  
Western Gas Partners, L.P.                  

4.65%, 7/1/26

            1,025       1,005,855  
                    $ 4,416,744  
Publishing — 0.3%  
Laureate Education, Inc.                  

8.25%, 5/1/25(8)

      4,048     $ 4,344,840  
Tribune Media Co.                  

5.875%, 7/15/22

            1,390       1,426,487  
                    $ 5,771,327  
Radio and Television — 0.6%  
CBS Radio, Inc.                  

7.25%, 11/1/24(8)

      665     $ 642,377  
Clear Channel Worldwide Holdings, Inc.                  

Series A, 7.625%, 3/15/20

      470       473,525  

Series A, 6.50%, 11/15/22

      1,100       1,126,125  

Series B, 6.50%, 11/15/22

      2,130       2,184,038  
iHeartCommunications, Inc.                  

9.00%, 12/15/19(6)

      226       171,195  
Nielsen Co. Luxembourg S.a.r.l. (The)                  

5.50%, 10/1/21(8)

      1,250       1,260,312  
Salem Media Group, Inc.                  

6.75%, 6/1/24(8)

      150       134,250  
Sirius XM Radio, Inc.                  

6.00%, 7/15/24(8)

      2,830       2,943,766  

5.00%, 8/1/27(8)

            1,609       1,556,241  
                    $ 10,491,829  
Real Estate Investment Trusts (REITs) — 0.4%  
CBL & Associates, L.P.                  

5.25%, 12/1/23

      1,465     $ 1,252,136  
DDR Corp.                  

3.625%, 2/1/25

      781       740,724  
Security          Principal
Amount*
(000’s omitted)
    Value  
Real Estate Investment Trusts (REITs) (continued)  
EPR Properties                  

4.50%, 6/1/27

      1,100     $ 1,052,631  
Mattamy Group Corp.                  

6.875%, 12/15/23(8)

      1,926       1,947,668  

6.50%, 10/1/25(8)

      854       832,650  
VEREIT Operating Partnership, L.P.                  

3.95%, 8/15/27

            1,060       998,259  
                    $ 6,824,068  
Retailers (Except Food and Drug) — 1.0%  
Best Buy Co., Inc.                  

4.45%, 10/1/28

      1,000     $ 997,096  
Dollar Tree, Inc.                  

4.00%, 5/15/25

      1,200       1,178,101  
Macy’s Retail Holdings, Inc.                  

6.70%, 7/15/34

      785       806,072  

4.30%, 2/15/43

      1,252       938,969  
Murphy Oil USA, Inc.                  

6.00%, 8/15/23

      4,165       4,300,362  

5.625%, 5/1/27

      560       557,900  
Nordstrom, Inc.                  

5.00%, 1/15/44

      500       462,000  
Party City Holdings, Inc.                  

6.125%, 8/15/23(8)

      3,565       3,627,388  

6.625%, 8/1/26(8)

      635       644,525  
Signet UK Finance PLC                  

4.70%, 6/15/24

      904       857,336  
Tapestry, Inc.                  

4.125%, 7/15/27

      1,000       951,627  
Walmart, Inc.                  

3.55%, 6/26/25

            1,000       1,005,409  
                    $ 16,326,785  
Road & Rail — 0.1%  
Watco Cos., LLC/Watco Finance Corp.                  

6.375%, 4/1/23(8)

            1,990     $ 2,037,263  
                    $ 2,037,263  
Software and Services — 0.6%  
Camelot Finance S.A.                  

7.875%, 10/15/24(8)

      2,253     $ 2,251,378  
Gartner, Inc.                  

5.125%, 4/1/25(8)

      795       801,257  
 

 

  34   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Software and Services (continued)  
IHS Markit, Ltd.                  

5.00%, 11/1/22(8)

      2,240     $ 2,317,504  
Infor Software Parent, LLC/Infor Software
Parent, Inc.
                 

7.125%, (7.125% cash or 7.875% PIK), 5/1/21(8)(15)

      2,090       2,122,917  
j2 Cloud Services, LLC/j2 Global Co-Obligor, Inc.                  

6.00%, 7/15/25(8)

      1,915       1,972,450  
Microsoft Corp.                  

3.30%, 2/6/27

            890       874,737  
                    $ 10,340,243  
Steel — 0.3%  
Allegheny Ludlum, LLC                  

6.95%, 12/15/25

      225     $ 231,188  
Allegheny Technologies, Inc.                  

5.95%, 1/15/21

      455       464,669  

7.875%, 8/15/23

      3,195       3,430,631  
Big River Steel, LLC/BRS Finance Corp.                  

7.25%, 9/1/25(8)

            635       674,687  
                    $ 4,801,175  
Super Retail — 0.0%(14)  
Dufry Finance SCA                  

4.50%, 8/1/23(9)

    EUR       500     $ 602,635  
                    $ 602,635  
Surface Transport — 0.8%  
Anglian Water Osprey Financing PLC                  

4.00%, 3/8/26(9)

    GBP       225     $ 272,882  
CMA CGM S.A.                  

7.75%, 1/15/21(9)

    EUR       200       236,750  

5.25%, 1/15/25(9)

    EUR       185       190,784  
DAE Funding, LLC                  

4.50%, 8/1/22(8)

      1,050       1,026,375  

5.00%, 8/1/24(8)

      1,745       1,712,281  
Debt and Asset Trading Corp.                  

1.00%, 10/10/25(9)

      2,600       1,787,500  
Flexi-Van Leasing, Inc.                  

10.00%, 2/15/23(8)

      1,785       1,561,875  
Moto Finance PLC                  

4.50%, 10/1/22(9)

    GBP       250       323,136  
Park Aerospace Holdings, Ltd.                  

5.25%, 8/15/22(8)

      2,990       3,031,112  

5.50%, 2/15/24 (8)

      1,333       1,367,991  
Security          Principal
Amount*
(000’s omitted)
    Value  
Surface Transport (continued)  
XPO Logistics, Inc.                  

6.50%, 6/15/22(8)

      2,276     $ 2,358,505  

6.125%, 9/1/23(8)

            705       733,200  
                    $ 14,602,391  
Technology — 0.5%  
Dell International, LLC/EMC Corp.                  

5.875%, 6/15/21(8)

      100     $ 103,250  

7.125%, 6/15/24(8)

      2,440       2,621,254  

6.02%, 6/15/26(8)

      1,945       2,074,437  
International Game Technology PLC                  

6.50%, 2/15/25(8)

      720       750,600  
Israel Electric Corp., Ltd.                  

5.00%, 11/12/24(8)(9)

      1,800       1,831,500  
Safari Holding Verwaltungs GmbH                  

5.375%, 11/30/22(9)

    EUR       250       296,699  
Western Union Co. (The)                  

6.20%, 11/17/36

            637       649,089  
                    $ 8,326,829  
Telecommunications — 3.9%  
Altice Financing S.A.                  

6.625%, 2/15/23(8)

      865     $ 873,650  
Altice Luxembourg S.A.                  

7.25%, 5/15/22(9)

    EUR       204       236,677  

7.75%, 5/15/22(8)

      1,379       1,347,283  
Arqiva Broadcast Finance PLC                  

6.75%, 9/30/23(9)(13)

    GBP       125       167,149  
AT&T, Inc.                  

4.75%, 5/15/46

      380       347,921  
CenturyLink, Inc.                  

6.75%, 12/1/23

      2,276       2,369,885  

7.50%, 4/1/24

      420       449,925  
CommScope Technologies, LLC                  

6.00%, 6/15/25(8)

      2,546       2,640,202  

5.00%, 3/15/27(8)

      2,515       2,426,975  
Digicel, Ltd.                  

6.00%, 4/15/21(8)

      2,305       2,146,531  
DKT Finance ApS                  

7.00%, 6/17/23(9)

    EUR       295       366,703  

9.375%, 6/17/23(8)

      1,720       1,816,750  
Equinix, Inc.                  

5.875%, 1/15/26

      2,725       2,810,156  

2.875%, 2/1/26

    EUR       440       504,642  

5.375%, 5/15/27

      1,010       1,014,202  
 

 

  35   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Telecommunications (continued)  
Frontier Communications Corp.                  

10.50%, 9/15/22

      815     $ 726,874  

7.625%, 4/15/24

      285       185,250  

6.875%, 1/15/25

      1,845       1,130,671  
Hughes Satellite Systems Corp.                  

6.50%, 6/15/19

      2,912       2,976,064  

5.25%, 8/1/26

      1,245       1,221,283  

6.625%, 8/1/26

      770       746,900  
Intelsat Jackson Holdings S.A.                  

7.50%, 4/1/21

      173       176,028  

5.50%, 8/1/23

      995       919,877  

8.00%, 2/15/24(8)

      490       516,808  
Level 3 Financing, Inc.                  

5.375%, 1/15/24

      2,190       2,199,286  
Level 3 Parent, LLC                  

5.75%, 12/1/22

      330       334,603  
Matterhorn Telecom SA                  

3.875%, 5/1/22(9)

    EUR       250       296,376  
Nokia Oyj                  

4.375%, 6/12/27

      1,025       989,125  
Qualitytech, L.P./QTS Finance Corp.                  

4.75%, 11/15/25(8)

      795       765,339  
SBA Communications Corp.                  

4.00%, 10/1/22

      1,020       1,005,975  

4.875%, 9/1/24

      460       455,975  
Sprint Capital Corp.                  

6.875%, 11/15/28

      990       997,118  
Sprint Communications, Inc.                  

9.00%, 11/15/18(8)

      5,014       5,051,354  

7.00%, 8/15/20

      2,968       3,115,153  

6.00%, 11/15/22

      365       373,212  
Sprint Corp.                  

7.25%, 9/15/21

      3,265       3,456,819  

7.875%, 9/15/23

      7,909       8,540,613  

7.625%, 2/15/25

      1,785       1,897,455  

7.625%, 3/1/26

      993       1,053,325  
T-Mobile USA, Inc.                  

6.375%, 3/1/25

      1,395       1,456,798  

6.50%, 1/15/26

      595       624,869  

4.50%, 2/1/26

      980       935,410  

4.75%, 2/1/28

      1,045       984,912  
TalkTalk Telecom Group PLC                  

5.375%, 1/15/22(9)

    GBP       250       327,354  
Security          Principal
Amount*
(000’s omitted)
    Value  
Telecommunications (continued)  
Wind Tre SpA                  

2.75%, (3 mo. EURIBOR + 2.75%), 1/20/24 (8)(12)

    EUR       650     $ 706,139  

5.00%, 1/20/26(8)

      1,385       1,211,397  
Zayo Group, LLC/Zayo Capital, Inc.                  

6.375%, 5/15/25

            1,700       1,772,709  
                    $ 66,669,722  
Transportation — 0.1%  
A.P. Moller—Maersk A/S                  

3.75%, 9/22/24(8)

      1,025     $ 989,688  
JSL Europe S.A.                  

7.75%, 7/26/24(8)

            1,000       871,250  
                    $ 1,860,938  
Utilities — 1.5%  
AES Corp. (The)                  

4.00%, 3/15/21

      1,060     $ 1,060,000  

5.50%, 4/15/25

      309       318,270  

6.00%, 5/15/26

      1,655       1,752,231  
Calpine Corp.                  

5.50%, 2/1/24

      285       255,431  

5.75%, 1/15/25

      2,862       2,543,603  

5.25%, 6/1/26(8)

      1,040       967,200  
ITC Holdings Corp.                  

5.30%, 7/1/43

      660       724,861  
Kansas City Power & Light Co.                  

4.20%, 6/15/47

      750       720,752  
NextEra Energy Operating Partners, L.P.                  

4.25%, 9/15/24(8)

      660       649,275  
NRG Energy, Inc.                  

7.25%, 5/15/26

      3,000       3,279,510  

5.75%, 1/15/28(8)

      1,455       1,473,188  
Pattern Energy Group, Inc.                  

5.875%, 2/1/24(8)

      970       984,550  
Southern Co. (The)                  

3.25%, 7/1/26

      1,000       933,813  
Southwestern Electric Power Co.                  

6.20%, 3/15/40

      696       830,879  
TerraForm Power Operating, LLC                  

4.25%, 1/31/23(8)

      655       641,900  

6.625%, 6/15/25(8)

      580       616,975  

5.00%, 1/31/28(8)

      985       919,744  
Thames Water Kemble Finance PLC                  

5.875%, 7/15/22(9)

    GBP       450       619,382  
 

 

  36   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Utilities (continued)  
Vistra Energy Corp.                  

7.375%, 11/1/22

      1,130     $ 1,176,816  

7.625%, 11/1/24

      1,733       1,873,806  

8.125%, 1/30/26(8)

            2,315       2,555,181  
                    $ 24,897,367  

Total Corporate Bonds & Notes
(identified cost $839,393,206)

 

  $ 837,001,184  
Foreign Corporate Bonds — 0.1%

 

Security          Principal
Amount
(000’s omitted)
    Value  

Export-Import Bank of India, 3.375%, 8/5/26(9)

          $ 1,700     $ 1,556,156  

Total Foreign Corporate Bonds
(identified cost $1,664,866)

 

  $ 1,556,156  
Foreign Government Securities — 5.0%

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Albania — 0.2%  
Republic of Albania                  

5.75%, 11/12/20(9)

    EUR       2,000     $ 2,536,431  

Total Albania

                  $ 2,536,431  
Angola — 0.2%  
Republic of Angola                  

8.25%, 5/9/28(9)

      1,321     $ 1,369,309  

9.375%, 5/8/48(9)

            1,314       1,393,142  

Total Angola

                  $ 2,762,451  
Argentina — 0.2%  
Republic of Argentina                  

3.875%, 1/15/22(9)

    EUR       425     $ 448,484  

6.25%, 11/9/47

    EUR       1,422       1,268,193  

6.875%, 1/11/48

      1,318       1,021,450  

7.50%, 4/22/26

            515       459,637  

Total Argentina

                  $ 3,197,764  
Security          Principal
Amount*
(000’s omitted)
    Value  
Armenia — 0.1%  
Republic of Armenia                  

6.00%, 9/30/20(9)

      700     $ 714,560  

7.15%, 3/26/25(9)

            1,675       1,773,867  

Total Armenia

                  $ 2,488,427  
Bahrain — 0.3%  
CBB International Sukuk Co. 7 SPC                  

6.875%, 10/5/25(9)

      418     $ 435,151  
Kingdom of Bahrain                  

6.125%, 8/1/23(9)

      863       878,469  

6.75%, 9/20/29(9)

      405       394,612  

7.00%, 10/12/28(9)

      1,375       1,368,400  

7.50%, 9/20/47(9)

            1,970       1,905,699  

Total Bahrain

                  $ 4,982,331  
Barbados — 0.1%  
Government of Barbados                  

6.625%, 12/5/35(6)(9)

      2,300     $ 1,201,060  

7.00%, 8/4/22(6)(9)

      712       378,570  

7.25%, 12/15/21(6)(9)

            892       464,911  

Total Barbados

 

  $ 2,044,541  
Colombia — 0.1%  
Republic of Colombia                  

2.625%, 3/15/23

            2,250     $ 2,143,969  

Total Colombia

                  $ 2,143,969  
Croatia — 0.1%  
Croatia                  

3.875%, 5/30/22(9)

    EUR       1,601     $ 2,076,062  

Total Croatia

                  $ 2,076,062  
Dominican Republic — 0.2%  
Dominican Republic                  

8.625%, 4/20/27(9)

            2,671     $ 3,058,295  

Total Dominican Republic

                  $ 3,058,295  
Egypt — 0.2%  
Arab Republic of Egypt                  

6.125%, 1/31/22(9)

            2,650     $ 2,657,261  

Total Egypt

                  $ 2,657,261  
 

 

  37   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
El Salvador — 0.2%  
Republic of El Salvador                  

7.375%, 12/1/19(9)

      1,210     $ 1,235,712  

7.75%, 1/24/23(9)

      1,250       1,311,350  

8.25%, 4/10/32(9)

      684       698,966  

8.625%, 2/28/29(9)

            804       852,240  

Total El Salvador

                  $ 4,098,268  
Fiji — 0.1%  
Republic of Fiji                  

6.625%, 10/2/20(9)

            2,443     $ 2,449,230  

Total Fiji

                  $ 2,449,230  
Georgia — 0.1%  
Republic of Georgia                  

6.875%, 4/12/21(9)

            939     $ 990,861  

Total Georgia

 

  $ 990,861  
Greece — 0.0%(14)  
Hellenic Republic Government Bond                  

3.50%, 1/30/23(9)

    EUR       380     $ 446,198  

Total Greece

                  $ 446,198  
Honduras — 0.2%  
Republic of Honduras                  

6.25%, 1/19/27(9)

      150     $ 154,703  

7.50%, 3/15/24(9)

      200       216,056  

8.75%, 12/16/20(9)

            3,323       3,642,174  

Total Honduras

                  $ 4,012,933  
Hungary — 0.1%  
Hungary Government Bond                  

5.75%, 11/22/23

            820     $ 889,651  

Total Hungary

                  $ 889,651  
Indonesia — 0.3%  
Republic of Indonesia                  

3.70%, 1/8/22(9)

            4,230     $ 4,207,407  

Total Indonesia

                  $ 4,207,407  
Ivory Coast — 0.0%(14)  
Ivory Coast                  

5.125%, 6/15/25(9)

    EUR       435     $ 510,191  

Total Ivory Coast

                  $ 510,191  
Security          Principal
Amount*
(000’s omitted)
    Value  
Lebanon — 0.1%  
Lebanese Republic                  

5.15%, 11/12/18(9)

            2,200     $ 2,191,508  

Total Lebanon

                  $ 2,191,508  
Macedonia — 0.2%  
Republic of Macedonia                  

2.75%, 1/18/25(9)

    EUR       110     $ 126,051  

3.975%, 7/24/21(9)

    EUR       1,346       1,662,369  

4.875%, 12/1/20(9)

    EUR       788       991,257  

Total Macedonia

                  $ 2,779,677  
Nigeria — 0.0%(14)  
Republic of Nigeria                  

6.75%, 1/28/21(9)

            550     $ 572,247  

Total Nigeria

                  $ 572,247  
Poland — 0.1%  
Republic of Poland                  

4.00%, 1/22/24

            890     $ 908,724  

Total Poland

                  $ 908,724  
Romania — 0.2%  
Romania Government Bond                  

6.75%, 2/7/22(9)

            2,400     $ 2,624,208  

Total Romania

                  $ 2,624,208  
Rwanda — 0.2%  
Republic of Rwanda                  

6.625%, 5/2/23(9)

            3,896     $ 3,964,667  

Total Rwanda

                  $ 3,964,667  
Saudi Arabia — 0.1%  
Saudi International Bond                  

3.25%, 10/26/26(9)

            2,300     $ 2,165,921  

Total Saudi Arabia

                  $ 2,165,921  
Senegal — 0.0%(14)  
Republic of Senegal                  

4.75%, 3/13/28(9)

    EUR       315     $ 354,953  

Total Senegal

                  $ 354,953  
 

 

  38   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Serbia — 0.2%  
Republic of Serbia                  

4.875%, 2/25/20(9)

      2,615     $ 2,652,946  

5.875%, 12/3/18(9)

            980       984,681  

Total Serbia

                  $ 3,637,627  
Seychelles — 0.1%  
Republic of Seychelles                  

8.00%, 1/1/26(9)

            1,680     $ 1,720,915  

Total Seychelles

                  $ 1,720,915  
Sri Lanka — 0.3%  
Republic of Sri Lanka                  

6.125%, 6/3/25(9)

      4,230     $ 4,040,200  

6.85%, 11/3/25(9)

            1,000       989,620  

Total Sri Lanka

                  $ 5,029,820  
Tunisia — 0.1%  
Banque Centrale de Tunisie International Bond                  

5.625%, 2/17/24(9)

    EUR       2,125     $ 2,425,536  

Total Tunisia

                  $ 2,425,536  
Turkey — 0.5%  
Republic of Turkey                  

5.625%, 3/30/21

      2,380     $ 2,336,803  

6.125%, 10/24/28

      2,747       2,483,316  

6.25%, 9/26/22

      1,230       1,207,219  

7.00%, 6/5/20

            2,390       2,418,883  

Total Turkey

                  $ 8,446,221  
Ukraine — 0.1%  
Ukraine Government International Bond                  

7.75%, 9/1/20(9)

            900     $ 907,875  

Total Ukraine

                  $ 907,875  
United Arab Emirates — 0.1%  
Dubai DOF Sukuk, Ltd.                  

3.875%, 1/30/23(9)

            2,000     $ 2,007,420  

Total United Arab Emirates

                  $ 2,007,420  

Total Foreign Government Securities
(identified cost $87,860,483)

 

  $ 85,289,590  
Sovereign Loans — 0.5%      
Borrower         

Principal
Amount

(000’s omitted)

    Value  
Barbados — 0.1%  
Government of Barbados                  

Term Loan, 0.00%,
Maturing December 20, 2019(6)(12)(16)

          $ 1,200     $ 400,560  

Total Barbados

                  $ 400,560  
Kenya — 0.0%(14)  
Government of Kenya                  

Term Loan, 7.50%, (6 mo. USD LIBOR + 5.00%), Maturing April 18, 2019(12)

          $ 200     $ 200,500  

Total Kenya

                  $ 200,500  
Nigeria — 0.1%  
Bank of Industry Limited                  

Term Loan, 8.32%, (3 mo. USD LIBOR + 6.00%), Maturing May 21, 2021(12)(16)

          $ 1,900     $ 1,922,124  

Total Nigeria

                  $ 1,922,124  
Tanzania — 0.3%  
Government of the United Republic of Tanzania                  

Term Loan, 7.70%, (6 mo. USD LIBOR + 5.20%), Maturing June 23, 2022(12)

    $ 3,575     $ 3,632,775  

Term Loan, 7.53%, (3 mo. USD LIBOR + 5.20%), Maturing May 23, 2023(12)

            1,700       1,723,484  

Total Tanzania

                  $ 5,356,259  

Total Sovereign Loans
(identified cost $8,544,355)

 

  $ 7,879,443  
Mortgage Pass-Throughs — 9.9%

 

Security          Principal
Amount
(000’s omitted)
    Value  
Federal Home Loan Mortgage Corp.:                  

5.00%, with various maturities to 2019

    $ 90     $ 90,032  

5.50%, with maturity at 2032

      673       724,000  

6.00%, with maturity at 2021

      13       12,825  

6.50%, with various maturities to 2036

      5,226       5,724,060  

7.00%, with various maturities to 2036(17)

      5,091       5,631,445  

7.13%, with maturity at 2023

      72       74,360  

7.50%, with various maturities to 2035

      3,578       3,917,670  

7.65%, with maturity at 2022

      53       54,343  

8.00%, with various maturities to 2034

      1,788       1,933,691  

8.25%, with maturity at 2020

      5       5,291  
 

 

  39   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount
(000’s omitted)
    Value  
Federal Home Loan Mortgage Corp.: (continued)                  

8.30%, with maturity at 2020

    $ 60     $ 60,092  

8.50%, with various maturities to 2031

      1,104       1,224,573  

9.00%, with various maturities to 2031

      167       180,547  

9.50%, with various maturities to 2025

      73       75,066  

10.00%, with maturity at 2020

      3       3,582  

10.50%, with maturity at 2020

            3       3,164  
                    $ 19,714,741  
Federal National Mortgage Association:                  

2.793%, (COF + 1.25%), with maturity at 2036(18)

    $ 994     $ 974,636  

3.798%, (6 mo. USD LIBOR + 1.54%), with maturity at 2037(18)

      1,532       1,595,870  

3.862%, (1 yr. CMT + 2.258%), with
maturity at 2036(18)

      8,927       9,362,659  

4.308%, (1 yr. CMT + 2.213%), with
maturity at 2022(18)

      58       58,929  

4.50%, with various maturities to 2048(17)

      18,823       19,387,720  

5.00%, with various maturities to 2040(17)

      8,964       9,501,765  

5.50%, with various maturities to 2033

      976       1,053,969  

6.00%, with various maturities to 2029

      1,996       2,099,393  

6.322%, (COF + 2.00%), with maturity at 2032(18)

      2,651       2,837,445  

6.50%, with various maturities to 2036(17)

      21,633       23,712,760  

6.75%, with maturity at 2023

      50       52,604  

7.00%, with various maturities to 2037

      10,000       11,089,833  

7.50%, with various maturities to 2035

      4,149       4,631,024  

7.879%, with maturity at 2027(19)

      274       298,551  

8.00%, with various maturities to 2034

      1,256       1,383,151  

8.255%, with maturity at 2024(19)

      15       16,051  

8.264%, with maturity at 2028(19)

      79       87,802  

8.28%, with maturity at 2029(19)

      67       73,515  

8.366%, with maturity at 2027(19)

      92       101,401  

8.50%, with various maturities to 2037

      1,066       1,181,721  

9.00%, with various maturities to 2032

      1,466       1,605,542  

9.243%, with maturity at 2025(19)

      10       10,351  

9.50%, with various maturities to 2030

      499       542,347  

10.00%, with maturity at 2020

      2       1,941  

10.50%, with maturity at 2021

            37       39,729  
                    $ 91,700,709  
Government National Mortgage Association:                  

4.50%, with maturity at 2047(17)

    $ 9,681     $ 10,026,535  

5.00%, with various maturities to 2048(17)

      32,885       34,419,141  

6.00%, with maturity at 2024

      483       506,618  

6.50%, with maturity at 2024(17)

      2,647       2,805,534  

7.00%, with maturity at 2026

      221       241,635  

7.50%, with various maturities to 2032(17)

      5,007       5,449,357  

8.00%, with various maturities to 2034(17)

      3,249       3,640,975  
Security          Principal
Amount
(000’s omitted)
    Value  
Government National Mortgage
Association: (continued)
                 

8.30%, with maturity at 2020

    $ 15     $ 15,164  

8.50%, with maturity at 2022

      116       122,455  

9.00%, with various maturities to 2025

      593       646,399  

9.50%, with various maturities to 2021

      180       188,373  

10.00%, with maturity at 2019

            2       2,335  
                    $ 58,064,521  

Total Mortgage Pass-Throughs
(identified cost $168,994,956)

 

  $ 169,479,971  
Collateralized Mortgage Obligations — 24.4%

 

Security        Principal
Amount
(000’s omitted)
    Value  
Federal Home Loan Mortgage Corp.:                

Series 24, Class J, 6.25%, 11/25/23

    $ 258     $ 271,013  

Series 1497, Class K, 7.00%, 4/15/23

      216       229,094  

Series 1529, Class Z, 7.00%, 6/15/23

      333       354,620  

Series 1620, Class Z, 6.00%, 11/15/23

      247       259,168  

Series 1677, Class Z, 7.50%, 7/15/23

      193       206,763  

Series 1702, Class PZ, 6.50%, 3/15/24

      2,333       2,475,534  

Series 2113, Class QG, 6.00%, 1/15/29

      533       573,884  

Series 2122, Class K, 6.00%, 2/15/29

      105       113,022  

Series 2130, Class K, 6.00%, 3/15/29

      71       76,573  

Series 2167, Class BZ, 7.00%, 6/15/29

      80       87,747  

Series 2182, Class ZB, 8.00%, 9/15/29

      824       923,665  

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

      918       1,028,969  

Series 2245, Class A, 8.00%, 8/15/27

      2,266       2,537,476  

Series 2458, Class ZB, 7.00%, 6/15/32

      866       974,129  

Series 3762, Class SH, 5.793%, (10.00% - 1 mo. USD LIBOR x 2.00), 11/15/40(20)

      770       766,860  

Series 4097, Class PE, 3.00%, 11/15/40

      1,607       1,583,656  

Series 4273, Class PU, 4.00%, 11/15/43

      2,263       2,220,644  

Series 4273, Class SP, 6.39%, (12.00% - 1 mo. USD LIBOR x 2.67), 11/15/43(20)

      503       530,035  

Series 4337, Class YT, 3.50%, 4/15/49

      5,836       5,699,940  

Series 4407, Class LN, 4.418%, (9.32% - 1 mo. USD LIBOR x 2.33), 12/15/43(20)

      114       98,011  

Series 4416, Class SU, 4.393%, (8.60% - 1 mo. USD LIBOR x 2.00), 12/15/44(20)

      3,038       2,309,024  

Series 4452, Class ZJ, 3.00%, 11/15/44

      2,999       2,569,398  

Series 4584, Class PM, 3.00%, 5/15/46

      5,393       5,220,518  

Series 4594, Class FM, 3.104%, (1 mo. USD LIBOR + 1.00%), 6/15/46(12)

      614       619,792  

Series 4608, Class TV, 3.50%, 1/15/55

      7,944       7,632,576  

Series 4617, Class CZ, 3.50%, 5/15/46

      818       756,467  
 

 

  40   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount
(000’s omitted)
    Value  
Federal Home Loan Mortgage Corp.: (continued)                

Series 4630, Class CZ, 3.00%, 12/15/43

    $ 9,067     $ 8,419,507  

Series 4637, Class CU, 3.00%, 8/15/44

      6,466       5,953,809  

Series 4637, Class QF, 3.104%, (1 mo. USD LIBOR + 1.00%), 4/15/44(12)

      11,960       11,981,887  

Series 4639, Class KF, 3.404%, (1 mo. USD LIBOR + 1.30%), 12/15/44(12)

      4,472       4,535,745  

Series 4648, Class WF, 3.104%, (1 mo. USD LIBOR + 1.00%), 1/15/47(12)

      670       674,225  

Series 4677, Class SB, 7.585%, (16.00% - 1 mo. USD LIBOR x 4.00), 4/15/47(20)

      3,110       2,903,287  

Series 4678, Class PC, 3.00%, 1/15/46

      13,550       13,311,435  

Series 4746, Class CZ, 4.00%, 11/15/47

      1,590       1,531,602  

Series 4751, Class ZC, 4.00%, 11/15/47

      7,642       7,401,828  

Series 4774, Class MH, 4.50%, 12/15/42

      9,331       9,584,067  

Series 4774, Class QD, 4.50%, 1/15/43

      23,190       23,812,657  

Series 4776, Class C, 4.50%, 3/15/43

      9,285       9,536,130  
Interest Only:(21)                

Series 267, Class S5, 3.842%, (6.00% - 1 mo. USD LIBOR), 8/15/42(20)

      7,526       1,041,606  

Series 284, Class S6, 3.942%, (6.10% - 1 mo. USD LIBOR), 10/15/42(20)

      4,233       645,695  

Series 362, Class C11, 4.00%, 12/15/47

      21,292       4,802,668  

Series 3727, Class PS, 4.542%, (6.70% - 1 mo. USD LIBOR), 11/15/38(20)

      139       553  

Series 3973, Class SG, 4.492%, (6.65% - 1 mo. USD LIBOR), 4/15/30(20)

      2,790       180,873  

Series 4067, Class JI, 3.50%, 6/15/27

      4,208       430,748  

Series 4070, Class S, 3.942%, (6.10% - 1 mo. USD LIBOR), 6/15/32(20)

      8,709       1,131,080  

Series 4088, Class EI, 3.50%, 9/15/41

      10,881       1,817,309  

Series 4094, Class CS, 3.842%, (6.00% - 1 mo. USD LIBOR), 8/15/42(20)

      4,109       662,283  

Series 4095, Class HS, 3.942%, (6.10% - 1 mo. USD LIBOR), 7/15/32(20)

      2,881       324,279  

Series 4109, Class ES, 3.992%, (6.15% - 1 mo. USD LIBOR), 12/15/41(20)

      90       13,201  

Series 4109, Class KS, 3.942%, (6.10% - 1 mo. USD LIBOR), 5/15/32(20)

      966       34,242  

Series 4110, Class SA, 3.492%, (5.65% - 1 mo. USD LIBOR), 9/15/42(20)

      5,198       605,422  

Series 4149, Class S, 4.092%, (6.25% - 1 mo. USD LIBOR), 1/15/33(20)

      4,232       581,780  

Series 4186, Class IQ, 4.00%, 12/15/28

      145       943  

Series 4188, Class AI, 3.50%, 4/15/28

      2,944       259,908  

Series 4203, Class QS, 4.092%, (6.25% - 1 mo. USD LIBOR), 5/15/43(20)

      8,053       965,952  

Series 4233, Class GI, 3.50%, 3/15/25

      507       5,907  

Series 4408, Class IP, 3.50%, 4/15/44

      6,988       1,380,021  

Series 4435, Class BI, 3.50%, 7/15/44

      16,189       3,099,797  

Series 4629, Class QI, 3.50%, 11/15/46

      8,541       1,518,648  
Security          Principal
Amount
(000’s omitted)
    Value  
Federal Home Loan Mortgage Corp.: (continued)                  
Interest Only: (continued)                  

Series 4644, Class TI, 3.50%, 1/15/45

    $ 8,915     $ 1,711,802  

Series 4653, Class PI, 3.50%, 7/15/44

      4,529       704,616  

Series 4667, Class PI, 3.50%, 5/15/42

      11,652       1,859,849  

Series 4676, Class DI, 4.00%, 7/15/44

      19,539       3,285,875  

Series 4744, Class IO, 4.00%, 11/15/47

      12,109       2,619,642  

Series 4749, Class IL, 4.00%, 12/15/47

      5,609       1,351,322  

Series 4767, Class IM, 4.00%, 5/15/45

      9,528       1,623,580  
Principal Only:(22)                  

Series 242, Class PO, 0.00%, 11/15/36

      5,013       4,294,309  

Series 259, Class PO, 0.00%, 4/15/39

      3,071       2,710,158  

Series 3606, Class PO, 0.00%, 12/15/39

      3,418       2,850,151  

Series 4417, Class KO, 0.00%, 12/15/43

      541       318,794  

Series 4478, Class PO, 0.00%, 5/15/45

      2,397       1,872,616  

Series 4754, Class JO, 0.00%, 4/15/44

            2,240       1,420,318  
                    $ 185,890,704  
Federal Home Loan Mortgage Corp.
Structured Agency Credit Risk Debt Notes:
                 

Series 2016-DNA2, Class M3, 6.866%, (1 mo. USD LIBOR + 4.65%),
10/25/28(12)

    $ 6,250     $ 7,219,425  

Series 2017-DNA2, Class M2, 5.666%, (1 mo. USD LIBOR + 3.45%),
10/25/29(12)

            3,000       3,316,581  
                    $ 10,536,006  
Federal National Mortgage Association:                  

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

    $ 1     $ 907  

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

      1       1,476  

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

      103       108,348  

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

      141       148,578  

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

      3,141       3,310,825  

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

      671       706,987  

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

      7       7,026  

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

      9       9,336  

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

      9       9,685  

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

      11       11,290  

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

      34       35,078  

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

      46       48,495  

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

      227       239,856  

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

      17       18,395  

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

      43       45,424  

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

      69       72,727  

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

      169       179,742  

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

      133       141,015  

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

      200       214,088  

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

      379       404,827  

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

      502       529,181  

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

      76       81,004  

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

      89       95,226  
 

 

  41   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount
(000’s omitted)
    Value  
Federal National Mortgage
Association: (continued)
                 

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

    $ 640     $ 673,905  

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

      446       486,265  

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

      429       466,889  

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

      233       255,904  

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

      239       259,341  

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

      68       73,675  

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

      771       832,869  

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

      106       112,758  

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

      562       618,816  

Series 2005-75, Class CS, 15.337%,
(24.20% - 1 mo. USD LIBOR x 4.00), 9/25/35(20)

      948       1,468,216  

Series 2007-74, Class AC, 5.00%, 8/25/37(17)

      6,170       6,531,502  

Series 2011-49, Class NT, 6.00%, (66.00% - 1 mo. USD LIBOR x 10.00, Cap 6.00%), 6/25/41(20)

      658       700,502  

Series 2011-109, Class PE, 3.00%, 8/25/41

      4,297       4,200,923  

Series 2012-134, Class ZT, 2.00%, 12/25/42

      3,645       2,887,473  

Series 2013-6, Class TA, 1.50%, 1/25/43

      5,553       5,301,258  

Series 2013-52, Class MD, 1.25%, 6/25/43

      5,764       5,133,011  

Series 2013-67, Class NF, 3.216%, (1 mo. USD LIBOR + 1.00%), 7/25/43(12)

      2,784       2,793,376  

Series 2014-64, Class PA, 3.00%, 3/25/44

      4,720       4,628,393  

Series 2016-22, Class ZE, 3.00%, 6/25/44

      743       635,872  

Series 2017-13, Class KF, 3.104%, (1 mo. USD LIBOR + 1.00%), 2/25/47(12)

      1,330       1,340,667  

Series 2017-15, Class LE, 3.00%, 6/25/46

      15,942       15,569,712  

Series 2017-39, Class JZ, 3.00%, 5/25/47

      1,065       967,462  

Series 2017-48, Class LG, 2.75%, 5/25/47

      8,688       8,338,383  

Series 2017-66, Class ZJ, 3.00%, 9/25/57

      3,257       2,795,147  

Series 2017-75, Class Z, 3.00%, 9/25/57

      2,194       1,884,653  

Series 2017-76, Class Z, 3.00%, 10/25/57

      2,719       2,411,391  

Series 2017-96, Class Z, 3.00%, 12/25/57

      6,655       6,043,542  

Series 2017-110, Class Z, 3.00%, 2/25/57

      5,752       5,187,371  

Series 2018-18, Class QD, 4.50%, 5/25/45(17)

      36,103       37,167,176  

Series 2018-50, Class MZ, 4.50%, 7/25/48

      5,295       5,295,709  
Interest Only:(21)                  

Series 2010-99, Class NS, 4.384%, (6.60% - 1 mo. USD LIBOR), 3/25/39(20)

      1,394       55,903  

Series 2010-124, Class SJ, 3.834%, (6.05% - 1 mo. USD LIBOR), 11/25/38(20)

      2,333       119,885  

Series 2011-45, Class SA, 4.434%, (6.65% - 1 mo. USD LIBOR), 1/25/29(20)

      216       1,541  

Series 2011-101, Class IC, 3.50%, 10/25/26

      10,190       872,961  

Series 2011-101, Class IE, 3.50%, 10/25/26

      3,387       291,548  

Series 2012-24, Class S, 3.284%, (5.50% - 1 mo. USD LIBOR), 5/25/30(20)

      2,245       123,798  

Series 2012-33, Class CI, 3.50%, 3/25/27

      5,776       517,492  

Series 2012-56, Class SU, 4.534%, (6.75% - 1 mo. USD LIBOR), 8/25/26(20)

      674       32,054  
Security          Principal
Amount
(000’s omitted)
    Value  
Federal National Mortgage
Association: (continued)
                 
Interest Only: (continued)                  

Series 2012-94, Class KS, 4.434%, (6.65% - 1 mo. USD LIBOR), 5/25/38(20)

    $ 6,341     $ 711,039  

Series 2012-97, Class PS, 3.934%, (6.15% - 1 mo. USD LIBOR), 3/25/41(20)

      8,161       1,149,694  

Series 2012-103, Class GS, 3.884%, (6.10% - 1 mo. USD LIBOR), 2/25/40(20)

      5,685       398,321  

Series 2012-118, Class IN, 3.50%, 11/25/42

      9,931       1,988,176  

Series 2012-124, Class IO, 1.635%, 11/25/42(19)

      5,615       233,814  

Series 2012-150, Class SK, 3.934%, (6.15% - 1 mo. USD LIBOR), 1/25/43(20)

      5,780       721,290  

Series 2013-12, Class SP, 3.434%, (5.65% - 1 mo. USD LIBOR), 11/25/41(20)

      2,957       298,147  

Series 2013-15, Class DS, 3.984%, (6.20% - 1 mo. USD LIBOR), 3/25/33(20)

      11,480       1,419,764  

Series 2013-16, Class SY, 3.934%, (6.15% - 1 mo. USD LIBOR), 3/25/43(20)

      2,652       345,840  

Series 2013-54, Class HS, 4.084%, (6.30% - 1 mo. USD LIBOR), 10/25/41(20)

      3,534       296,184  

Series 2013-64, Class PS, 4.034%, (6.25% - 1 mo. USD LIBOR), 4/25/43(20)

      4,392       514,158  

Series 2013-75, Class SC, 4.034%, (6.25% - 1 mo. USD LIBOR), 7/25/42(20)

      10,463       877,547  

Series 2014-32, Class EI, 4.00%, 6/25/44

      1,615       369,619  

Series 2014-55, Class IN, 3.50%, 7/25/44

      4,175       723,682  

Series 2014-89, Class IO, 3.50%, 1/25/45

      5,335       1,007,148  

Series 2015-17, Class SA, 3.984%, (6.20% - 1 mo. USD LIBOR), 11/25/43(20)

      6,191       950,926  

Series 2015-52, Class MI, 3.50%, 7/25/45

      4,690       842,392  

Series 2015-95, Class SB, 3.784%, (6.00% - 1 mo. USD LIBOR), 1/25/46(20)

      14,957       2,119,936  

Series 2016-1, Class SJ, 3.934%, (6.15% - 1 mo. USD LIBOR), 2/25/46(20)

      22,344       3,770,490  

Series 2017-46, Class NI, 3.00%, 8/25/42

      12,861       1,908,298  

Series 2018-21, Class IO, 3.00%, 4/25/48

      24,132       4,638,290  
Principal Only:(22)                  

Series 379, Class 1, 0.00%, 5/25/37

      3,383       2,885,051  

Series 2006-8, Class WQ, 0.00%, 3/25/36

            4,681       3,946,518  
                    $ 165,613,183  
Federal National Mortgage Association
Connecticut Avenue Securities:
                 

Series 2017-C01, Class 1B1, 7.966%, (1 mo. USD LIBOR + 5.75%), 7/25/29(12)

    $ 4,500     $ 5,462,679  

Series 2017-C03, Class 1B1, 7.066%, (1 mo. USD LIBOR + 4.85%), 10/25/29(12)

      2,000       2,300,349  

Series 2017-C03, Class 1M2, 5.216%, (1 mo. USD LIBOR + 3.00%), 10/25/29(12)

            2,750       2,966,795  
                    $ 10,729,823  
 

 

  42   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Principal
Amount
(000’s omitted)
    Value  
Government National Mortgage Association:                  

Series 2011-156, Class GA, 2.00%, 12/16/41

    $ 593     $ 482,872  

Series 2016-129, Class ZC, 2.00%, 6/20/45

      570       505,790  

Series 2017-82, Class TZ, 2.50%, 2/16/43

      464       407,953  

Series 2017-110, Class ZJ, 3.00%, 7/20/47

      35       29,560  

Series 2017-121, Class DF, 2.665%, (1 mo. USD LIBOR + 0.50%), 8/20/47(12)

      17,173       17,182,515  

Series 2017-137, Class AF, 2.665%, (1 mo. USD LIBOR + 0.50%), 9/20/47(12)

      9,781       9,822,432  

Series 2017-141, Class KZ, 3.00%, 9/20/47

      4,229       3,858,591  

Series 2018-6, Class JZ, 4.00%, 1/20/48

      4,262       4,183,073  

Series 2018-67, Class LT, 4.50%, (13.50% - 1 mo. USD LIBOR x 2.25, Cap 4.50%), 4/20/48(20)

      3,822       3,844,995  
Interest Only:(21)                  

Series 2017-104, Class SD, 4.035%, (6.20% - 1 mo. USD LIBOR), 7/20/47(20)

      9,111       1,463,872  

Series 2018-105, Class SE, 4.035%, (6.20% - 1 mo. USD LIBOR), 8/20/48(20)

            9,084       1,460,888  
                    $ 43,242,541  

Total Collateralized Mortgage Obligations
(identified cost $438,269,038)

 

  $ 416,012,257  
Commercial Mortgage-Backed Securities — 5.3%

 

Security          Principal
Amount
(000’s omitted)
    Value  
Agate Bay Mortgage Trust                  

Series 2015-1, Class A4, 3.50%, 1/25/45(8)(19)

    $ 2,797     $ 2,813,699  
CFCRE Commercial Mortgage Trust                  

Series 2016-C3, Class D, 3.052%, 1/10/48(8)(19)

      3,500       2,859,020  

Series 2016-C7, Class D, 4.587%, 12/10/54(8)(19)

      1,675       1,491,604  
Citigroup Commercial Mortgage Trust                  

Series 2015-P1, Class D, 3.225%, 9/15/48(8)

      1,000       866,490  

Series 2017-MDRB, Class C, 4.658%, (1 mo. USD LIBOR + 2.50%), 7/15/30(8)(12)

      5,000       5,002,723  
COMM Mortgage Trust                  

Series 2012-CR2, Class D,
4.993%, 8/15/45(8)(19)

      1,650       1,596,912  

Series 2013-CR11, Class D,
5.333%, 8/10/50(8)(19)

      4,500       4,267,395  

Series 2015-CR22, Class D, 4.259%, 3/10/48(8)(19)

      4,100       3,508,584  

Series 2015-CR24, Class D, 3.463%, 8/10/48

      300       253,163  
Credit Suisse Mortgage Trust                  

Series 2016-NXSR, Class C, 4.508%, 12/15/49(19)

      2,770       2,721,629  
Security        Principal
Amount
(000’s omitted)
    Value  
JPMBB Commercial Mortgage Securities Trust                

Series 2014-C19, Class A2, 3.046%, 4/15/47

    $ 2,230     $ 2,231,119  

Series 2014-C19, Class D, 4.819%, 4/15/47(8)(19)

      1,425       1,280,697  

Series 2014-C22, Class C, 4.71%, 9/15/47(19)

      730       708,647  

Series 2014-C22, Class D, 4.71%, 9/15/47(8)(19)

      5,276       4,512,754  

Series 2014-C25, Class C, 4.593%, 11/15/47(19)

      900       894,060  

Series 2014-C25, Class D,
4.093%, 11/15/47(8)(19)

      2,080       1,766,210  

Series 2015-C29, Class D, 3.817%, 5/15/48(19)

      2,000       1,671,655  
JPMorgan Chase Commercial Mortgage
Securities Trust
               

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

      940       943,369  

Series 2010-C2, Class D, 5.828%, 11/15/43(8)(19)

      3,247       3,277,718  

Series 2011-C5, Class D, 5.586%, 8/15/46(8)(19)

      7,045       7,046,615  

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

      1,000       1,024,032  

Series 2013-C13, Class D, 4.125%, 1/15/46(8)(19)

      3,000       2,908,995  

Series 2013-C16, Class D, 5.177%, 12/15/46(8)(19)

      3,500       3,492,173  

Series 2014-DSTY, Class B, 3.771%, 6/10/27(8)

      2,600       2,573,993  
Morgan Stanley Bank of America Merrill Lynch
Trust
               

Series 2015-C23, Class D, 4.27%, 7/15/50(8)(19)

      2,000       1,805,509  

Series 2016-C32, Class D, 3.396%, 12/15/49(8)(19)

      1,600       1,329,618  
Morgan Stanley Capital I Trust                

Series 2016-UB12, Class D, 3.312%, 12/15/49(8)

      4,489       3,537,454  

Series 2017-CLS, Class A, 2.858%, (1 mo. USD LIBOR + 0.70%), 11/15/34(8)(12)

      2,000       1,999,303  
Motel 6 Trust                

Series 2017-MTL6, Class C, 3.558%, (1 mo. USD LIBOR + 1.40%), 8/15/34(8)(12)

      2,905       2,911,651  
RETL Trust                

Series 2018-RVP, Class C, 4.208%, (1 mo. USD LIBOR + 2.05%), 3/15/33(8)(12)

      919       926,588  
UBS Commercial Mortgage Trust                

Series 2012-C1, Class D, 5.729%, 5/10/45(8)(19)

      3,000       2,954,465  
UBS-Barclays Commercial Mortgage Trust                

Series 2013-C6, Class D, 4.457%, 4/10/46(8)(19)

      4,437       4,032,135  
Wells Fargo Commercial Mortgage Trust                

Series 2013-LC12, Class D, 4.423%, 7/15/46(8)(19)

      3,000       2,538,158  

Series 2015-C31, Class D, 3.852%, 11/15/48

      2,475       2,136,509  

Series 2015-LC22, Class C, 4.694%, 9/15/58(19)

      1,250       1,237,774  

Series 2015-SG1, Class C, 4.618%, 9/15/48(19)

      2,575       2,515,494  
WF-RBS Commercial Mortgage Trust                

Series 2014-C24, Class B, 4.204%, 11/15/47(19)

        2,500       2,408,760  

Total Commercial Mortgage-Backed Securities
(identified cost $90,003,491)

 

  $ 90,046,674  
 

 

  43   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Asset-Backed Securities — 2.5%

 

 
Security        Principal
Amount
(000’s omitted)
    Value  
AASET U.S., Ltd.                

Series 2018-1A, Class A, 3.844%, 1/16/38(8)

    $ 468     $ 463,633  
Alinea CLO, Ltd.                

Series 2018-1A, Class E, 8.307%, (3 mo. USD LIBOR + 6.00%), 7/20/31(8)(12)

      1,000       988,175  
Apidos CLO XVII                

Series 2014-17A, Class C, 5.636%, (3 mo. USD LIBOR + 3.30%), 4/17/26(8) (12)

      1,000       1,000,051  
Ares CLO, Ltd.                

Series 2015-35RA, Class E, 8.039%, (3 mo. USD LIBOR + 5.70%),
7/15/30(8) (12)

      2,000       2,007,926  
Babson CLO, Ltd.                

Series 2016-1A, Class ER, 8.201%, (3 mo. USD LIBOR + 6.00%), 7/23/30(8) (12)

      1,000       1,003,960  
BlueMountain CLO, Ltd.                

Series 2018-1A, Class E, 8.289%, (3 mo. USD LIBOR + 5.95%), 7/30/30(8) (12)

      1,000       993,407  
Canyon Capital CLO, Ltd.                

Series 2016-2A, Class ER, (3 mo. USD LIBOR + 6.00%), 10/15/31(8)(23)

      3,350       3,331,368  
Conn Funding II L.P.                

Series 2017-B, Class A, 2.73%, 7/15/20(8)

      119       118,491  
Dell Equipment Finance Trust                

Series 2016-1, Class B, 2.03%, 7/22/21(8)

      1,750       1,747,940  
Dryden Senior Loan Fund                

Series 2016-42I, Class ER, 7.889%, (3 mo. USD LIBOR + 5.55%),
7/15/30(8)(12)

      1,000       1,003,974  
First Investors Auto Owner Trust                

Series 2015-1A, Class C,
2.71%, 6/15/21(8)

      1,400       1,396,492  
FOCUS Brands Funding, LLC                

Series 2017-1A, Class A2I,
3.857%, 4/30/47(8)

      1,600       1,596,865  
Galaxy CLO, Ltd.                

Series 2018-25A, Class E, (3 mo. USD LIBOR + 5.95%), 10/25/31(8)

      1,000       1,000,000  
Golub Capital Partners CLO, Ltd.                

Series 2018-37A, Class E, 7.936%, (3 mo. USD LIBOR + 5.75%), 7/20/30(8)(12)

      3,000       2,985,711  
Invitation Homes Trust                

Series 2017-SFR2, Class B, 3.308%, (1 mo. USD LIBOR + 1.15%),
12/17/36(8)(12)

      1,595       1,601,638  

Series 2018-SFR1, Class C, 3.408%, (1 mo. USD LIBOR + 1.25%),
3/17/37(8)(12)

      615       616,099  
Marlette Funding Trust                

Series 2018-1A, Class A, 2.61%, 3/15/28(8)

      1,108       1,105,063  
MVW Owner Trust                

Series 2014-1A, Class A, 2.25%, 9/22/31(8)

      596       582,214  
Security          Principal
Amount
(000’s omitted)
    Value  
Neuberger Berman CLO, Ltd.                  

Series 2016-22A, Class ER, (3 mo. USD LIBOR + 6.06%), 10/17/30(8)(23)

    $ 1,500     $ 1,481,250  
Palmer Square CLO, Ltd.                  

Series 2018-2A, Class D, 7.862%, (3 mo. USD LIBOR + 5.60%), 7/16/31(8)(12)

      1,000       994,527  
Prosper Marketplace Issuance Trust                  

Series 2017-1A, Class A,
2.56%, 6/15/23(8)

      69       68,837  

Series 2017-2A, Class B,
3.48%, 9/15/23(8)

      1,395       1,394,630  

Series 2017-3A, Class A,
2.36%, 11/15/23(8)

      760       757,800  

Series 2018-1A, Class A,
3.11%, 6/17/24(8)

      1,223       1,223,843  
Purchasing Power Funding, LLC                  

Series 2018-A, Class A, 3.34%, 8/15/22(8)

      3,200       3,181,738  
Regatta XIII Funding, Ltd.                  

Series 2018-2A, Class D, 8.284%, (3 mo. USD LIBOR + 5.95%), 7/15/31(8)(12)

      2,000       1,969,478  
Regatta XIV Funding, Ltd.                  

Series 2018-3A, Class E, 8.162%, (3 mo. USD LIBOR + 5.95%), 10/25/31(8)(12)

      1,000       990,685  
Sierra Receivables Funding Co., LLC                  

Series 2015-1A, Class B, 3.05%, 3/22/32(8)

      477       474,868  
Taco Bell Funding, LLC                  

Series 2016-1A, Class A2I, 3.832%, 5/25/46(8)

      2,945       2,950,287  
Trafigura Securitisation Finance PLC                  

Series 2017-1A, Class B, 3.858%, (1 mo. USD LIBOR + 1.70%), 12/15/20(8)(12)

      1,500       1,500,871  
Tricon American Homes                  

Series 2016-SFR1, Class D,
3.886%, 11/17/33(8)

      1,300       1,286,499  
Vibrant CLO, Ltd.                  

Series 2018-9A, Class D, 8.492%, (3 mo. USD LIBOR + 6.25%), 7/20/31(8)(12)

            1,000       994,936  

Total Asset-Backed Securities
(identified cost $42,803,232)

                  $ 42,813,256  
Common Stocks — 0.9%

 

Security          Shares     Value  
Aerospace and Defense — 0.0%(14)  

IAP Global Services, LLC(3)(24)(25)

            31     $ 362,559  
                    $ 362,559  
Automotive — 0.1%  

Dayco Products, LLC(24)(25)

            27,250     $ 981,000  
                    $ 981,000  
 

 

  44   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security          Shares     Value  
Business Equipment and Services — 0.2%  

Education Management Corp.(3)(24)(25)

      5,580,468     $ 0  

RCS Capital Corp.(24)(25)

            37,523       3,672,564  
                    $ 3,672,564  
Electronics / Electrical — 0.1%  

Answers Corp.(3)(24)(25)

            78,756     $ 574,131  
                    $ 574,131  
Health Care — 0.0%(14)  

New Millennium Holdco, Inc.(24)(25)

            42,216     $ 6,438  
                    $ 6,438  
Nonferrous Metals / Minerals — 0.0%  

ASP United/GHX Holding, LLC(3)(24)(25)

            76,163     $ 0  
                    $ 0  
Oil and Gas — 0.2%  

AFG Holdings, Inc.(3)(24)(25)

      29,751     $ 2,023,068  

Fieldwood Energy, Inc.(24)(25)

      10,085       521,059  

Nine Point Energy Holdings, Inc.(3)(24)(26)

      29,787       33,064  

Paragon Offshore Finance Company, Class A(24)(25)

      2,021       2,147  

Paragon Offshore Finance Company, Class B(24)(25)

      1,011       33,616  

Samson Resources II, LLC, Class A(24)(25)

      45,294       1,075,732  

Southcross Holdings Group, LLC(3)(24)(25)

      78       0  

Southcross Holdings L.P., Class A(24)(25)

            78       19,110  
                    $ 3,707,796  
Publishing — 0.3%  

Cumulus Media, Inc.(24)(25)

      50,522     $ 862,916  

ION Media Networks, Inc.(3)(24)(25)

      5,187       4,224,656  

Tweddle Group, Inc.(3)(24)(25)

            5,433       292,241  
                    $ 5,379,813  

Total Common Stocks
(identified cost $6,032,190)

 

  $ 14,684,301  
Convertible Bonds — 0.0%(14)

 

Security          Principal
Amount
(000’s omitted)
    Value  
Utilities — 0.0%(14)  

Clearway Energy, Inc., 3.25%, 6/1/20(8)

          $ 225     $ 225,383  

Total Convertible Bonds
(identified cost $221,427)

 

  $ 225,383  
Convertible Preferred Stocks — 0.0%(14)

 

Security          Shares     Value  
Business Equipment and Services — 0.0%  

Education Management Corp.,
Series A-1, 7.50%(3)(24)(25)

            6,209     $ 0  
                    $ 0  
Oil and Gas — 0.0%(14)  

Nine Point Energy Holdings, Inc., Series A, 12.00%(3)(24)(26)

            555     $ 814,723  
                    $ 814,723  

Total Convertible Preferred Stocks
(identified cost $993,211)

 

  $ 814,723  
Preferred Stocks — 0.0%(14)

 

Security          Shares     Value  
Pipelines — 0.0%(14)  

NuStar Energy, L.P., Series B, 7.625% to
6/15/22(10)

            31,500     $ 683,235  

Total Preferred Stocks
(identified cost $702,450)

 

  $ 683,235  
Closed-End Funds — 1.3%

 

Security          Shares     Value  

BlackRock Corporate High Yield Fund, Inc.

            2,073,855     $ 21,796,216  

Total Closed-End Funds
(identified cost $25,207,868)

 

  $ 21,796,216  
Miscellaneous — 0.0%

 

Security          Principal
Amount/
Shares
    Value  
Cable and Satellite Television — 0.0%  

ACC Claims Holdings, LLC(3)(24)

            2,257,600     $ 0  
                    $ 0  
Telecommunications — 0.0%  

Avaya, Inc., Escrow Certificates(3)(24)

          $ 1,135,000     $ 0  
                    $ 0  

Total Miscellaneous
(identified cost $0)

 

  $ 0  
 

 

  45   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Short-Term Investments — 2.7%

 

U.S. Treasury Obligations — 0.1%

 

Security        Principal
Amount
(000’s omitted)
    Value  

U.S. Treasury Bill, 0.00%, 10/11/18(27)

      $ 500     $ 499,716  

Total U.S. Treasury Obligations
(identified cost $499,731)

 

  $ 499,716  
Other — 2.6%

 

Description        Units     Value  

Eaton Vance Cash Reserves Fund, LLC, 2.19%(28)

        44,698,983     $ 44,698,983  

Total Other
(identified cost $44,699,132)

 

  $ 44,698,983  

Total Short-Term Investments
(identified cost $45,198,863)

 

  $ 45,198,699  

Total Investments — 155.2%
(identified cost $2,673,123,044)

 

  $ 2,644,430,552  

Less Unfunded Loan Commitments — (0.0)%(14)

 

  $ (555,837

Net Investments — 155.2%
(identified cost $2,672,567,207)

 

  $ 2,643,874,715  

Other Assets, Less Liabilities — (42.5)%

 

  $ (724,006,093

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (12.7)%

 

  $ (216,083,715

Net Assets Applicable to Common Shares — 100.0%

 

  $ 1,703,784,907  

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.

 

  (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. See Note 1F for description.
  (3) 

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 12).

 

  (4) 

The stated interest rate represents the weighted average interest rate at September 30, 2018 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.

 

  (5) 

This Senior Loan will settle after September 30, 2018, at which time the interest rate will be determined.

 

  (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) 

Security exempt from registration pursuant to Rule 144A under 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, 2018, the aggregate value of these securities is $558,533,313 or 32.8% of the Fund’s net assets applicable to common shares.

 

  (9) 

Security exempt from registration under Regulation S of the Securities Act of 1933, 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. At September 30, 2018, the aggregate value of these securities is $101,995,888 or 6.0% of the Fund’s net assets applicable to common shares.

 

(10) 

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

 

(11) 

Perpetual security with no stated maturity date but may be subject to calls by the issuer.

 

(12) 

Variable rate security. The stated interest rate represents the rate in effect at September 30, 2018.

 

(13) 

When-issued security.

 

(14) 

Amount is less than 0.05% or (0.05)%, as applicable.

 

(15) 

Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

 

(16) 

Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

 

(17) 

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

 

(18) 

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, 2018.

 

(19) 

Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 2018.

 

(20) 

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, 2018.

 

(21) 

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.

 

 

  46   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

(22) 

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

 

(23) 

When-issued, variable rate security whose interest rate will be determined after September 30, 2018.

 

(24) 

Non-income producing security.

 

(25) 

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

(26) 

Restricted security (see Note 7).

 

(27) 

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

 

(28) 

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, 2018.

 

 

Forward Foreign Currency Exchange Contracts  
Currency Purchased     Currency Sold     Counterparty   Settlement
Date
    Unrealized
Appreciation
    Unrealized
(Depreciation)
 
EUR     190,000     USD     223,185     State Street Bank and Trust Company     10/1/18     $     $ (2,586
GBP     125,000     USD     163,422     State Street Bank and Trust Company     10/1/18             (497
EUR     200,000     USD     235,002     State Street Bank and Trust Company     10/3/18             (2,774
USD     267,858     EUR     215,338     JPMorgan Chase Bank, N.A.     10/5/18       17,782        
USD     169,779     EUR     135,594     JPMorgan Chase Bank, N.A.     10/5/18       12,310        
EUR     568,696     USD     669,059     Goldman Sachs International     10/29/18             (7,382
USD     2,556,410     EUR     2,172,933     Goldman Sachs International     10/29/18       28,206        
USD     2,099,964     EUR     1,784,957     Goldman Sachs International     10/29/18       23,170        
USD     693,684     EUR     589,627     Goldman Sachs International     10/29/18       7,654        
USD     558,633     EUR     474,835     Goldman Sachs International     10/29/18       6,164        
USD     458,049     EUR     389,339     Goldman Sachs International     10/29/18       5,054        
USD     370,743     EUR     315,129     Goldman Sachs International     10/29/18       4,091        
EUR     100,373     USD     117,092     State Street Bank and Trust Company     10/31/18             (289
EUR     95,434     USD     111,400     State Street Bank and Trust Company     10/31/18             (346
EUR     103,482     USD     121,365     State Street Bank and Trust Company     10/31/18             (945
EUR     346,425     USD     407,156     State Street Bank and Trust Company     10/31/18             (4,029
GBP     476,938     USD     628,380     State Street Bank and Trust Company     10/31/18             (5,940
USD     20,721,897     EUR     17,677,180     Goldman Sachs International     10/31/18       151,328        
USD     19,009,822     EUR     16,206,640     State Street Bank and Trust Company     10/31/18       150,489        
USD     1,194,470     EUR     1,018,334     State Street Bank and Trust Company     10/31/18       9,456        
USD     235,515     EUR     200,000     State Street Bank and Trust Company     10/31/18       2,779        
USD     223,705     EUR     190,000     State Street Bank and Trust Company     10/31/18       2,606        
USD     199,695     EUR     169,535     State Street Bank and Trust Company     10/31/18       2,411        
USD     117,407     EUR     100,000     State Street Bank and Trust Company     10/31/18       1,039        
USD     210,096     EUR     180,000     State Street Bank and Trust Company     10/31/18       634        
USD     116,996     EUR     100,000     State Street Bank and Trust Company     10/31/18       628        
USD     313,129     EUR     269,107     State Street Bank and Trust Company     10/31/18             (25
USD     999,839     GBP     775,000     Citibank, N.A.     10/31/18             (11,594
USD     5,797,160     GBP     4,402,293     State Street Bank and Trust Company     10/31/18       51,840        
USD     2,269,765     GBP     1,724,343     State Street Bank and Trust Company     10/31/18       19,369        
USD     163,634     GBP     125,000     State Street Bank and Trust Company     10/31/18       500        
USD     739,351     GBP     571,416     State Street Bank and Trust Company     10/31/18             (6,390
USD     235,271     EUR     197,833     Deutsche Bank AG     11/15/18       4,786        
USD     123,726     EUR     103,381     Deutsche Bank AG     11/15/18       3,282        
USD     117,849     EUR     98,409     Deutsche Bank AG     11/15/18       3,197        
USD     123,168     EUR     103,229     Deutsche Bank AG     11/15/18       2,901        
USD     77,834     EUR     65,840     Deutsche Bank AG     11/15/18       1,127        

 

  47   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Forward Foreign Currency Exchange Contracts (continued)  
Currency Purchased     Currency Sold     Counterparty   Settlement
Date
    Unrealized
Appreciation
    Unrealized
(Depreciation)
 
USD     161,337     EUR     138,009     Deutsche Bank AG     11/15/18     $ 550     $  
USD     783,563     CAD     1,014,718     HSBC Bank USA, N.A.     11/30/18             (2,968
USD     6,383,188     EUR     5,414,483     State Street Bank and Trust Company     11/30/18       67,600        
USD     587,020     EUR     498,000     State Street Bank and Trust Company     11/30/18       6,140        
USD     25,603,591     EUR     21,804,765     Goldman Sachs International     12/6/18       155,960        
USD     2,035,111     EUR     1,709,000     Goldman Sachs International     12/13/18       39,128        
USD     3,416,084     EUR     2,884,524     Deutsche Bank AG     12/20/18       44,702        
USD     773,254     EUR     659,565     Goldman Sachs International     2/21/19             (2,033
                                    $ 826,883     $ (47,798

 

Futures Contracts  
Description    Number of
Contracts
     Position      Expiration
Month/Year
     Notional
Amount
     Value/Net
Unrealized
Appreciation
(Depreciation)
 

Interest Rate Futures

              
5-Year USD Deliverable Interest Rate Swap      91        Short        Dec-18      $ (8,949,281    $ 40,523  
10-Year USD Deliverable Interest Rate Swap      129        Short        Dec-18        (12,714,563      124,969  
U.S. 2-Year Treasury Note      647        Short        Dec-18        (136,345,141      264,772  
U.S. 5-Year Treasury Note      1,118        Short        Dec-18        (125,748,797      761,808  
U.S. 10-Year Treasury Note      675        Short        Dec-18        (80,177,344      780,468  
U.S. 10-Year Treasury Note      300        Long        Dec-18        35,634,375        (353,906
U.S. Ultra 10-Year Treasury Note      214        Short        Dec-18        (26,964,000      359,453  
                                         $ 1,978,087  

 

Centrally Cleared Interest Rate Swaps  
Counterparty   Notional Amount
(000’s omitted)
    

Fund

Pays/Receives

Floating Rate

   Floating Rate   

Annual

Fixed Rate

   Termination
Date
     Value/Net
Unrealized
Appreciation
(Depreciation)
 
LCH.Clearnet   EUR     4,492      Receives   

6-month EURIBOR

(pays semi-annually)

   0.25%
(pays annually)(1)
     9/20/22      $ (8,144
LCH.Clearnet   EUR     500      Receives   

6-month EURIBOR

(pays semi-annually)

   1.00% (pays annually)(1)      3/21/23        (7,440
LCH.Clearnet   EUR     2,250      Receives   

6-month EURIBOR

(pays semi-annually)

   0.37% (pays annually)      5/9/23        (11,349
LCH.Clearnet   EUR     240      Receives   

6-month EURIBOR

(pays semi-annually)

   1.01% (pays annually)      3/20/28        (3,684
LCH.Clearnet   EUR     290      Receives   

6-month EURIBOR

(pays semi-annually)

   1.01% (pays annually)      3/21/28        (4,941
LCH.Clearnet   EUR     95      Receives   

6-month EURIBOR

(pays semi-annually)

   1.47% (pays annually)      4/5/48        625  

 

  48   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Centrally Cleared Interest Rate Swaps (continued)  
Counterparty   Notional Amount
(000’s omitted)
   

Fund

Pays/Receives

Floating Rate

  Floating Rate  

Annual

Fixed Rate

  Termination
Date
    Value/Net
Unrealized
Appreciation
(Depreciation)
 
LCH.Clearnet   EUR     265     Receives  

6-month EURIBOR

(pays semi-annually)

  1.36% (pays annually)     4/5/48     $ 873  
LCH.Clearnet   EUR     140     Receives  

6-month EURIBOR

(pays semi-annually)

  1.60% (pays annually)     5/18/48       (4,229
LCH.Clearnet   EUR     159     Receives  

6-month EURIBOR

(pays semi-annually)

  1.54% (pays annually)     5/29/48       (1,455
LCH.Clearnet   EUR     71     Receives   6-month EURIBOR
(pays semi-annually)
  1.46% (pays annually)     5/31/48       948  
LCH.Clearnet   USD     1,700     Receives   3-month USD-LIBOR
(pays quarterly)
  1.75% (pays semi-annually)(1)     9/20/19       17,975  
LCH.Clearnet   USD     2,250     Receives   3-month USD-LIBOR
(pays quarterly)
  1.50% (pays semi-annually)(1)     3/20/20       37,015  
LCH.Clearnet   USD     760     Receives   3-month USD-LIBOR
(pays quarterly)
  1.93% (pays semi-annually)     11/3/20       13,105  
LCH.Clearnet   USD     100     Receives   3-month USD-LIBOR
(pays quarterly)
  1.96% (pays semi-annually)     11/17/20       1,461  
LCH.Clearnet   USD     550     Receives   3-month USD-LIBOR
(pays quarterly)
 

2.68%

(pays semi-annually)

    3/16/21       3,885  
LCH.Clearnet   USD     650     Receives   3-month USD-LIBOR
(pays quarterly)
 

2.69%

(pays semi-annually)

    3/16/21       4,950  
LCH.Clearnet   USD     650     Receives   3-month USD-LIBOR
(pays quarterly)
 

2.68%

(pays semi-annually)

    3/16/21       4,610  
LCH.Clearnet   USD     500     Receives   3-month USD-LIBOR (pays quarterly)  

2.68%

(pays semi-annually)

    3/19/21       3,829  
LCH.Clearnet   USD     375     Receives   3-month USD-LIBOR (pays quarterly)  

2.77%

(pays semi-annually)

    3/26/21       2,777  
LCH.Clearnet   USD     665     Receives   3-month USD-LIBOR (pays quarterly)  

2.09%

(pays semi-annually)

    11/7/22       21,556  
LCH.Clearnet   USD     1,750     Receives   3-month USD-LIBOR (pays quarterly)  

2.07%

(pays semi-annually)

    11/14/22       58,167  
LCH.Clearnet   USD     170     Receives   3-month USD-LIBOR (pays quarterly)  

2.09%

(pays semi-annually)

    11/17/22       5,249  
LCH.Clearnet   USD     210     Receives   3-month USD-LIBOR (pays quarterly)  

2.09%

(pays semi-annually)

    11/17/22       6,465  
LCH.Clearnet   USD     2,000     Receives   3-month USD-LIBOR
(pays quarterly)
 

2.21%

(pays semi-annually)

    12/7/22       54,829  
LCH.Clearnet   USD     350     Receives   3-month USD-LIBOR
(pays quarterly)
 

2.76%

(pays semi-annually)

    3/20/23       4,221  
LCH.Clearnet   USD     390     Receives   3-month USD-LIBOR
(pays quarterly)
 

3.11%

(pays semi-annually)

    9/27/23       (892
LCH.Clearnet   USD     292     Receives   3-month USD-LIBOR
(pays quarterly)
 

3.09%

(pays semi-annually)

    9/28/23       (398
LCH.Clearnet(2)   USD     263     Receives   3-month USD-LIBOR
(pays quarterly)
 

3.08%

(pays semi-annually)

    10/2/23       (188
LCH.Clearnet(2)   USD     425     Receives   3-month USD-LIBOR
(pays quarterly)
 

3.06%

(pays semi-annually)

    10/2/23        

 

  49   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Centrally Cleared Interest Rate Swaps (continued)  
Counterparty   Notional Amount
(000’s omitted)
   

Fund

Pays/Receives

Floating Rate

  Floating Rate  

Annual

Fixed Rate

  Termination
Date
    Value/Net
Unrealized
Appreciation
(Depreciation)
 
LCH.Clearnet   USD     1,600     Receives   3-month USD-LIBOR
(pays quarterly)
 

2.36%

(pays semi-annually)

    11/21/27     $ 83,692  
LCH.Clearnet   USD     330     Receives   3-month USD-LIBOR
(pays quarterly)
 

2.68%

(pays semi-annually)

    1/30/28       11,156  
LCH.Clearnet   USD     140     Receives   3-month USD-LIBOR
(pays quarterly)
 

2.72%

(pays semi-annually)

    1/31/28       4,193  
LCH.Clearnet   USD     250     Receives   3-month USD-LIBOR
(pays quarterly)
 

2.85%

(pays semi-annually)

    3/16/28       4,937  
LCH.Clearnet   USD     240     Receives   3-month USD-LIBOR
(pays quarterly)
 

2.86%

(pays semi-annually)

    3/20/28       4,681  
LCH.Clearnet   USD     1,046     Receives   3-month USD-LIBOR
(pays quarterly)
 

3.02%

(pays semi-annually)

    5/10/28       (3,309
LCH.Clearnet   USD     2,339     Receives   3-month USD-LIBOR
(pays quarterly)
 

2.88%

(pays semi-annually)

    6/1/28       24,432  
LCH.Clearnet   USD     673     Receives   3-month USD-LIBOR
(pays quarterly)
 

3.13%

(pays semi-annually)

    9/28/28       (1,506
LCH.Clearnet(2)   USD     273     Receives   3-month USD-LIBOR
(pays quarterly)
 

3.11%

(pays semi-annually)

    10/2/28        
LCH.Clearnet(2)   USD     573     Receives   3-month USD-LIBOR
(pays quarterly)
 

3.12%

(pays semi-annually)

    10/2/28       (382
LCH.Clearnet   USD     279     Receives   3-month USD-LIBOR
(pays quarterly)
 

2.92%

(pays semi-annually)

    4/16/48       8,872  
LCH.Clearnet   USD     310     Receives   3-month USD-LIBOR (pays quarterly)  

2.91%

(pays semi-annually)

    4/17/48       10,609  
LCH.Clearnet   USD     648     Receives   3-month USD-LIBOR (pays quarterly)  

3.12%

(pays semi-annually)

    5/17/48       9,021  
LCH.Clearnet   USD     39     Receives   3-month USD-LIBOR (pays quarterly)  

3.12%

(pays semi-annually)

    5/18/48       (172
LCH.Clearnet   USD     40     Receives   3-month USD-LIBOR (pays quarterly)  

3.12%

(pays semi-annually)

    5/23/48       (280
LCH.Clearnet   USD     30     Receives   3-month USD-LIBOR (pays quarterly)  

3.02%

(pays semi-annually)

    5/29/48       383  
LCH.Clearnet   USD     321     Receives   3-month USD-LIBOR (pays quarterly)  

3.14%

(pays semi-annually)

    9/25/48       (1,303
LCH.Clearnet(2)   USD     629     Receives   3-month USD-LIBOR (pays quarterly)  

3.12%

(pays semi-annually)

    10/1/48       290  
                                      $355,134  

 

(1)

Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

 

(2)

Effective date, which represents the date on which the Fund and the counterparty to the interest rate swap begin interest payment accrual, is after September 30, 2018.

 

  50   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

 

Credit Default Swaps — Sell Protection  

Reference

Entity

  Counterparty     Notional
Amount*
(000’s omitted)
    Contract
Annual
Fixed Rate**
  Termination
Date
 

Current

Market
Annual

Fixed Rate***

   

Market

Value

    Unamortized
Upfront
Payments
Received
    Net
Unrealized
Appreciation
(Depreciation)
 
Argentina    
Goldman Sachs
International
 
 
  $ 3,117    

5.00%

(pays quarterly)(1)

  12/20/23     5.33%     $ (102,124   $ 132,592     $ 30,468  
Bahamas    
Deutsche Bank
AG
 
 
    1,150    

1.00%

(pays quarterly)(1)

  6/20/22     1.85       (38,877     76,907       38,030  
Brazil     Citibank, N.A.       3,549    

1.00%

(pays quarterly)(1)

  12/20/23     2.54       (257,652     285,863       28,211  
Brazil    
Goldman Sachs
International
 
 
    900    

1.00%

(pays quarterly)(1)

  12/20/23     2.54       (65,339     67,567       2,228  
Russia    
Deutsche Bank
AG
 
 
    2,500    

1.00%

(pays quarterly)(1)

  12/20/23     1.44       (49,948     67,239       17,291  
Russia    
Deutsche Bank
AG
 
 
    300    

1.00%

(pays quarterly)(1)

  12/20/23     1.44       (5,994     8,082       2,088  
Turkey     Citibank, N.A.       290    

1.00%

(pays quarterly)(1)

  6/20/23     3.62       (30,669     19,321       (11,348

Total

          $ 11,806                     $ (550,603   $ 657,571     $ 106,968  

 

*

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, 2018, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $11,806,000.

 

**

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.

Abbreviations:

 

CIDOR     Canada Three Month Interbank Rate
CMT     Constant Maturity Treasury
COF     Cost of Funds 11th District
EURIBOR     Euro Interbank Offered Rate
LIBOR     London Interbank Offered Rate
PIK     Payment In Kind

Currency Abbreviations:

 

CAD     Canadian Dollar
EUR     Euro
GBP     British Pound Sterling
USD     United States Dollar

 

  51   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Statement of Assets and Liabilities (Unaudited)

 

 

Assets    September 30, 2018  

Unaffiliated investments, at value (identified cost, $2,627,868,075)

   $ 2,599,175,732  

Affiliated investment, at value (identified cost, $44,699,132)

     44,698,983  

Cash

     7,958,879  

Deposits for derivatives collateral —

  

Financial futures contracts

     2,841,512  

Centrally cleared swap contracts

     580,463  

OTC derivatives

     1,000,000  

Deposits for reverse repurchase agreements

     985,555  

Foreign currency, at value (identified cost, $3,938,545)

     3,934,813  

Interest and dividends receivable

     21,951,209  

Dividends receivable from affiliated investment

     51,819  

Receivable for investments sold

     54,255,675  

Receivable for open forward foreign currency exchange contracts

     826,883  

Receivable for open swap contracts

     118,316  

Receivable for closed swap contracts

     75,559  

Tax reclaims receivable

     5,333  

Prepaid upfront fees on notes payable

     123,145  

Prepaid expenses

     61,437  

Total assets

   $ 2,738,645,313  
Liabilities         

Notes payable

   $ 615,000,000  

Payable for reverse repurchase agreements, including accrued interest of $154,880

     159,228,738  

Payable for investments purchased

     28,027,192  

Payable for when-issued securities

     11,296,684  

Payable for variation margin on open financial futures contracts

     111,076  

Payable for variation margin on open centrally cleared swap contracts

     42,751  

Payable for open forward foreign currency exchange contracts

     47,798  

Payable for open swap contracts

     11,348  

Premium received on open non-centrally cleared swap contracts

     657,571  

Payable to affiliates:

  

Investment adviser fee

     1,655,069  

Accrued expenses

     2,698,464  

Total liabilities

   $ 818,776,691  

Commitments and Contingencies (Note 13)

        

Auction preferred shares (8,640 shares outstanding) at liquidation value plus cumulative unpaid dividends

   $ 216,083,715  

Net assets applicable to common shares

   $ 1,703,784,907  
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

     1,831,914,804  

Accumulated loss

     (129,291,367

Net assets applicable to common shares

   $ 1,703,784,907  
Net Asset Value Per Common Share         

($1,703,784,907 ÷ 116,147,018 common shares issued and outstanding)

   $ 14.67  

 

  52   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Statement of Operations (Unaudited)

 

 

Investment Income   

Six Months Ended

September 30, 2018

 

Interest and other income

   $ 69,555,585  

Dividends

     913,486  

Dividends from affiliated investment

     419,961  

Total investment income

   $ 70,889,032  
Expenses         

Investment adviser fee

   $ 10,141,418  

Trustees’ fees and expenses

     50,750  

Custodian fee

     442,590  

Transfer and dividend disbursing agent fees

     9,451  

Legal and accounting services

     168,110  

Printing and postage

     258,993  

Interest expense and fees

     11,384,123  

Preferred shares service fee

     150,514  

Miscellaneous

     100,014  

Total expenses

   $ 22,705,963  

Net investment income

   $ 48,183,069  
Realized and Unrealized Gain (Loss)         

Net realized gain (loss) —

  

Investment transactions

   $ (5,131,318

Investment transactions — affiliated investment

     16,201  

Financial futures contracts

     737,805  

Swap contracts

     (70,966

Foreign currency transactions

     (35,964

Forward foreign currency exchange contracts

     6,776,688  

Net realized gain

   $ 2,292,446  

Change in unrealized appreciation (depreciation) —

  

Investments

   $ (14,183,257

Investments — affiliated investment

     3,414  

Financial futures contracts

     2,814,605  

Swap contracts

     (63,130

Foreign currency

     249,167  

Forward foreign currency exchange contracts

     (64,330

Net change in unrealized appreciation (depreciation)

   $ (11,243,531

Net realized and unrealized loss

   $ (8,951,085

Distributions to preferred shareholders

        

From net investment income

   $ (3,809,402
Discount on redemption and repurchase of auction preferred shares    $ 4,050,000  

Net increase in net assets from operations

   $ 39,472,582  

 

  53   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Statements of Changes in Net Assets

 

 

Increase (Decrease) in Net Assets   

Six Months Ended

September 30, 2018

(Unaudited)

    

Year Ended

March 31, 2018

 

From operations —

     

Net investment income

   $ 48,183,069      $ 93,844,713  

Net realized gain

     2,292,446        538,453  

Net change in unrealized appreciation (depreciation)

     (11,243,531      (19,638,132

Distributions to preferred shareholders —

     

From net investment income

     (3,809,402      (4,960,007

Discount on redemption and repurchase of auction preferred shares

     4,050,000         

Net increase in net assets from operations

   $ 39,472,582      $ 69,785,027  

Distributions to common shareholders(1)

   $ (48,270,701    $ (95,060,901

Tax return of capital to common shareholders

   $      $ (17,276,495

Net decrease in net assets

   $ (8,798,119    $ (42,552,369
Net Assets Applicable to Common Shares                  

At beginning of period

   $ 1,712,583,026      $ 1,755,135,395  

At end of period

   $ 1,703,784,907      $ 1,712,583,026 (2)   

 

(1)  

For the year ended March 31, 2018, the source of distributions was from net investment income.

 

(2) 

Includes accumulated distributions in excess of net investment income of $(5,545,653) at March 31, 2018. The requirement to disclose the corresponding amount as of September 30, 2018 was eliminated.

 

  54   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Statement of Cash Flows (Unaudited)

 

 

Cash Flows From Operating Activities   

Six Months Ended

September 30, 2018

 

Net increase in net assets from operations

   $ 39,472,582  

Distributions to preferred shareholders

     3,809,402  

Discount on redemption and repurchase of auction preferred shares

     (4,050,000

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

   $ 39,231,984  

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

  

Investments purchased

     (526,659,935

Investments sold and principal repayments

     564,271,879  

Increase in short-term investments, net

     (20,716,733

Net amortization/accretion of premium (discount)

     5,674,886  

Amortization of prepaid upfront fees on notes payable

     261,750  

Increase in interest and dividends receivable

     (460,974

Decrease in dividends receivable from affiliated investment

     17,692  

Decrease in receivable for open forward foreign currency exchange contracts

     51,518  

Increase in receivable for open swap contracts

     (3,697

Increase in receivable for closed swap contracts

     (75,559

Increase in tax reclaims receivable

     (3,153

Increase in prepaid expenses

     (5,357

Increase in payable for variation margin on open financial futures contracts

     110,951  

Increase in payable for variation margin on open centrally cleared swap contracts

     16,481  

Increase in payable for open forward foreign currency exchange contracts

     12,812  

Increase in payable for open swap contracts

     10,899  

Increase in premium received on open non-centrally cleared swap contracts

     366,049  

Decrease in payable to affiliate for investment adviser fee

     (76,267

Increase in accrued expenses

     246,171  

Increase in accrued interest on reverse repurchase agreements

     22,087  

Decrease in unfunded loan commitments

     (957,171

Net change in unrealized (appreciation) depreciation from investments

     14,179,843  

Net realized loss from investments

     5,115,117  

Net cash provided by operating activities

   $ 80,631,273  
Cash Flows From Financing Activities         

Cash distributions paid to common shareholders

   $ (48,270,701

Cash distributions paid to preferred shareholders

     (3,835,233

Liquidation of auction preferred shares

     (46,575,000

Proceeds from notes payable

     113,000,000  

Repayments of notes payable

     (161,000,000

Proceeds from reverse repurchase agreements, net

     47,725,597  

Net cash used in financing activities

   $ (98,955,337

Net decrease in cash and restricted cash*

   $ (18,324,064

Cash and restricted cash at beginning of period (including foreign currency)

   $ 35,625,286  

Cash and restricted cash at end of period (including foreign currency)

   $ 17,301,222  
Supplemental disclosure of cash flow information:         

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

   $ 10,929,862  

 

*

Includes net change in unrealized appreciation (depreciation) on foreign currency of $(5,179).

 

  55   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

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, 2018      March 31, 2018  

Cash

   $ 7,958,879      $ 29,511,612  

Deposits for derivatives collateral —

     

Financial futures contracts

     2,841,512        1,825,585  

Centrally cleared swap contracts

     580,463        1,364,303  

OTC derivatives

     1,000,000        470,000  

Deposits for reverse repurchase agreements

     985,555        1,422,699  

Foreign currency

     3,934,813        1,031,087  

Total cash and restricted cash as shown in the Statement of Cash Flows

   $ 17,301,222      $ 35,625,286  

 

  56   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

    Six Months Ended
September 30, 2018
(Unaudited)
    Year Ended March 31,  
    2018     2017     2016     2015     2014  

Net asset value — Beginning of period (Common shares)

  $ 14.740     $ 15.110     $ 14.510     $ 16.010     $ 16.600     $ 16.860  
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.415     $ 0.808     $ 0.899     $ 0.979     $ 1.044     $ 1.018  

Net realized and unrealized gain (loss)

    (0.071     (0.168     0.834       (1.278     (0.411     (0.055

Distributions to preferred shareholders

           

From net investment income(1)

    (0.033     (0.043     (0.018     (0.007     (0.003     (0.003

Discount on redemption and repurchase of auction preferred shares(1)

    0.035                                

Total income (loss) from operations

  $ 0.346     $ 0.597     $ 1.715     $ (0.306   $ 0.630     $ 0.960  
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.416   $ (0.818   $ (0.991   $ (1.114   $ (1.197   $ (1.178

Tax return of capital

          (0.149     (0.124     (0.106     (0.023     (0.042

Total distributions to common shareholders

  $ (0.416   $ (0.967   $ (1.115   $ (1.220   $ (1.220   $ (1.220

Anti-dilutive effect of share repurchase program (see Note 6)(1)

  $     $     $     $ 0.026     $     $  

Net asset value — End of period (Common shares)

  $ 14.670     $ 14.740     $ 15.110     $ 14.510     $ 16.010     $ 16.600  

Market value — End of period (Common shares)

  $ 12.680     $ 13.020     $ 13.830     $ 13.180     $ 14.390     $ 15.250  

Total Investment Return on Net Asset Value(2)

    2.74 %(3)(4)       4.72     12.99     (0.62 )%      4.73     6.50

Total Investment Return on Market Value(2)

    0.60 %(3)      0.99     13.85     0.44     2.47     (3.53 )% 

 

  57   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Six Months Ended
September 30, 2018
(Unaudited)
    Year Ended March 31,  
Ratios/Supplemental Data   2018     2017     2016     2015     2014  

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

  $ 1,703,785     $ 1,712,583     $ 1,755,135     $ 1,685,016     $ 1,881,988     $ 1,950,819  

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

           

Expenses excluding interest and fees(6)

    1.33 %(7)      1.30     1.32     1.37     1.35     1.27

Interest and fee expense(8)

    1.34 %(7)      1.00     0.73     0.63     0.54     0.44

Total expenses(6)

    2.67 %(7)      2.30     2.05     2.00     1.89     1.71

Net investment income

    5.66 %(7)      5.36     6.01     6.49     6.44     6.16

Portfolio Turnover

    20 %(3)      43     45     33     35     37

Senior Securities:

           

Total notes payable outstanding (in 000’s)

  $ 615,000     $ 663,000     $ 585,000     $ 660,000     $ 803,200     $ 828,200  

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

  $ 4,122     $ 3,985     $ 4,456     $ 3,957     $ 3,675     $ 3,677  

Total preferred shares outstanding

    8,640       10,665       10,665       10,665       10,665       10,665  

Asset coverage per preferred share(10)

  $ 76,260     $ 71,059     $ 76,524     $ 70,461     $ 68,979     $ 69,546  

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 APS at 92% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 2.50%.

 

  (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 APS (see Note 9), 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 305%, 284%, 306%, 282%, 276% and 278% at September 30, 2018 and March 31, 2018, 2017, 2016, 2015 and 2014, 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, 2018
(Unaudited)
     Year Ended March 31,  
      2018      2017      2016     2015     2014  

Expenses excluding interest and fees

     0.87      0.87      0.87      0.88     0.86     0.86

Interest and fee expense

     0.88      0.67      0.49      0.40     0.34     0.30

Total expenses

     1.75      1.54      1.36      1.28     1.20     1.16

Net investment income

     3.72      3.58      3.99      4.15     4.10     4.16

 

  58   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

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 asked 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 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 asked 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 asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that 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 asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. 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.

 

  59  


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Notes to Financial Statements (Unaudited) — continued

 

 

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 fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. 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, 2018, 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, 2018, 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 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.

 

  60  


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Notes to Financial Statements (Unaudited) — continued

 

 

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. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

K  Interest Rate Swaps — Swap contracts are privately negotiated agreements between the Fund and a counterparty. Certain swap contracts may be centrally cleared (“centrally cleared swaps”), 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 swaps, 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.

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 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, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments, 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  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.

N  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.

 

  61  


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Notes to Financial Statements (Unaudited) — continued

 

 

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.

O  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.

P  Interim Financial Statements — The interim financial statements relating to September 30, 2018 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.

Q  New Accounting Pronouncement — During the six months ended September 30, 2018, the Fund adopted the FASB’s Accounting Standards Update No. 2016-18 “Statement of Cash Flows (Topic 230), Restricted Cash, a consensus of the FASB’s Emerging Issues Task Force” (ASU 2016-18), which became effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Pursuant to the new standard, the Fund is required to include amounts described as restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Statement of Cash Flows. Prior to the change, such amounts were disclosed separately within the Statement of Cash Flows. This change in accounting had no impact on the Fund’s net assets.

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.

On June 29, 2018, the Fund announced a tender offer to purchase up to 19% of its outstanding APS at a price per share equal to 92% of the APS liquidation preference of $25,000 per share (or $23,000 per share), plus any accrued but unpaid APS dividends. The tender offer expired on September 14, 2018. The number of APS redeemed pursuant to the tender offer and the redemption amount (excluding the final dividend payment) during the six months ended September 30, 2018 and the number of APS issued and outstanding are as follows:

 

      APS Redeemed
During the Period
     Redemption
Amount
     APS Issued and
Outstanding
 

Series A

     405      $ 9,315,000        1,728  

Series B

     405        9,315,000        1,728  

Series C

     405        9,315,000        1,728  

Series D

     405        9,315,000        1,728  

Series E

     405        9,315,000        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%.

 

  62  


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Notes to Financial Statements (Unaudited) — continued

 

 

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 (reduced by available capital loss carryforwards from prior years). Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for the APS at September 30, 2018, 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, 2018
     Dividends
Accrued to APS
Shareholders
     Average APS
Dividend
Rates
     Dividend
Rate
Ranges (%)
 

Series A

     3.07    $ 759,972        2.89      2.60–3.10  

Series B

     3.08        762,288        2.90        2.60–3.08  

Series C

     3.08        767,869        2.92        2.69–3.10  

Series D

     3.08        757,304        2.88        2.57–3.08  

Series E

     3.07        761,969        2.90        2.60–3.08  

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, 2018.

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, 2018, the amount of distributions estimated to be a tax return of capital was approximately $1,312,000. 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, 2018, the Fund, for federal income tax purposes, had capital loss carryforwards of $21,436,361 and deferred capital losses of $66,869,620 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 capital loss carryforwards will expire on March 31, 2019 and their character is short-term. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of the Fund’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused. Of the deferred capital losses at March 31, 2018, $66,869,620 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at September 30, 2018, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

   $ 2,686,370,213  

Gross unrealized appreciation

   $ 37,628,997  

Gross unrealized depreciation

     (76,503,654

Net unrealized depreciation

   $ (39,276,224

4  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.75% of the Fund’s average weekly gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage. For the six months ended September 30, 2018, the Fund’s investment adviser fee amounted to $10,141,418. 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.

 

  63  


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Notes to Financial Statements (Unaudited) — continued

 

 

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, 2018, 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, 2018 were as follows:

 

      Purchases      Sales  

Investments (non-U.S. Government)

   $ 341,325,594      $ 396,542,511  

U.S. Government and Agency Securities

     186,440,345        217,737,750  
     $ 527,765,939      $ 614,280,261  

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, 2018 and the year ended March 31, 2018.

On November 11, 2013, the Board of Trustees of the Fund authorized the repurchase by the Fund of up to 10% of its then currently outstanding common shares in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund for the six months ended September 30, 2018 and the year ended March 31, 2018.

7  Restricted Securities

At September 30, 2018, the Fund owned the following securities (representing less than 0.1% of net assets applicable to common shares) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

 

Description   

Date of

Acquisition

     Shares      Cost      Value  

Common Stocks

           

Nine Point Energy Holdings, Inc.

     7/15/14        29,787      $ 1,370,397      $ 33,064  

Convertible Preferred Stocks

           

Nine Point Energy Holdings, Inc., Series A, 12.00%

     5/26/17        555      $ 555,000      $ 814,723  

Total Restricted Securities

                     $ 1,925,397      $ 847,787  

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, 2018 is included in the Portfolio of Investments. At September 30, 2018, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

 

  64  


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Notes to Financial Statements (Unaudited) — continued

 

 

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, 2018, the fair value of derivatives with credit-related contingent features in a net liability position was $598,401. The aggregate fair value of assets pledged as collateral by the Fund for such liability was $1,000,000 at September 30, 2018.

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 fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at September 30, 2018 was as follows:

 

     Fair Value  
Statement of Assets and Liabilities Caption    Credit      Foreign
Exchange
     Interest
Rate
     Total  

Accumulated loss*

   $         —      $      $ 2,736,799      $ 2,736,799  

Receivable for open forward foreign currency exchange contracts

            826,883               826,883  

Total Asset Derivatives

   $      $ 826,883      $ 2,736,799      $ 3,563,682  

Derivatives not subject to master netting or similar agreements

   $      $      $ 2,736,799      $ 2,736,799  

Total Asset Derivatives subject to master netting or similar agreements

   $      $ 826,883      $      $ 826,883  

 

  65  


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Notes to Financial Statements (Unaudited) — continued

 

 

 

      Credit      Foreign
Exchange
    

Interest

Rate

     Total  

Accumulated loss*

   $      $      $ (403,578    $ (403,578

Payable for open forward foreign currency exchange contracts

            (47,798             (47,798

Payable/receivable for open swap contracts; Premium received on open non-centrally cleared swap contracts

     (550,603                    (550,603

Total Liability Derivatives

   $ (550,603    $ (47,798    $ (403,578    $ (1,001,979

Derivatives not subject to master netting or similar agreements

   $      $      $ (403,578    $ (403,578

Total Liability Derivatives subject to master netting or similar agreements

   $ (550,603    $ (47,798    $      $ (598,401

 

*

For futures contracts and centrally cleared swap contracts, amount represents value as shown in the Portfolio of Investments. Only the current day’s variation margin on open futures contracts and centrally cleared swap contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open financial futures contracts and centrally cleared swap contracts, 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, 2018.

 

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
 

Deutsche Bank AG

   $ 60,545      $ (60,545    $      $      $      $  

Goldman Sachs International

     420,755        (176,878                    243,877         

JPMorgan Chase Bank, N.A.

     30,092                             30,092         

State Street Bank and Trust Company

     315,491        (23,821                    291,670         
     $ 826,883      $ (261,244    $      $      $ 565,639      $  
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
 

Citibank, N.A.

   $ (299,915    $      $         —      $ 260,000      $ (39,915    $ 260,000  

Deutsche Bank AG

     (94,819      60,545                      (34,274       

Goldman Sachs International

     (176,878      176,878                             450,000  

HSBC Bank USA, N.A.

     (2,968                           (2,968       

State Street Bank and Trust Company

     (23,821      23,821                             290,000  
     $ (598,401    $ 261,244      $      $ 260,000      $ (77,157    $ 1,000,000  

Total — Deposits for derivatives collateral — OTC derivatives

 

                     $ 1,000,000  

 

(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, 2018 is included at Note 10.

 

  66  


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Notes to Financial Statements (Unaudited) — continued

 

 

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the six months ended September 30, 2018 was as follows:

 

Statement of Operations Caption    Credit      Foreign
Exchange
    

Interest

Rate

 

Net realized gain (loss) —

        

Financial futures contracts

   $      $      $ 737,805  

Swap contracts

     (458,150             387,184  

Forward foreign currency exchange contracts

            6,776,688         

Total

   $ (458,150    $ 6,776,688      $ 1,124,989  

Change in unrealized appreciation (depreciation) —

        

Financial futures contracts

   $      $      $ 2,814,605  

Swap contracts

     (12,067             (51,063

Forward foreign currency exchange contracts

            (64,330       

Total

   $ (12,067    $ (64,330    $ 2,763,542  

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended September 30, 2018, 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
 
  $32,820,000     $ 340,537,000     $ 104,847,000     $ 46,583,000  

 

*

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.

9  Credit Agreement

The Fund has entered into a Credit Agreement (the Agreement) with major financial institutions to borrow up to $900 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 21, 2018, the Fund pays a facility fee of 0.25% (0.35% if the Fund’s outstanding borrowings are less than 65% of the borrowing limit) per annum on the borrowing limit. The Fund also paid an upfront fee of $1,620,000, which is being amortized to interest expense over a period of three years through December 2018. The unamortized balance at September 30, 2018 is approximately $123,000 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, 2018, the Fund had borrowings outstanding under the Agreement of $615,000,000 at an interest rate of 2.99%. 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, 2018 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, 2018. Facility fees for the six months ended September 30, 2018 totaled $1,166,250 and are included in interest expense and fees on the Statement of Operations. For the six months ended September 30, 2018, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $620,158,470 and 2.82%, respectively.

 

  67  


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Notes to Financial Statements (Unaudited) — continued

 

 

10  Reverse Repurchase Agreements

Reverse repurchase agreements outstanding as of September 30, 2018 were as follows:

 

Counterparty    Trade
Date
     Maturity
Date
    

Interest

Rate

     Principal
Amount
    

Value

Including
Accrued

Interest

    

U.S. Treasury

and Agency

Securities

Pledged as
Collateral

 

Bank of America

     9/12/18        10/12/18        2.34    $ 28,008,435      $ 28,041,205      $ 28,732,980  

Bank of America

     9/12/18        10/12/18        2.38        41,457,783        41,507,118        43,698,678  

Federal Reserve Bank of Boston

     8/30/18        10/1/18        2.14        45,342,854        45,415,629        46,350,546  

Federal Reserve Bank of Boston

     9/26/18        10/12/18        2.35        44,264,786        44,264,786        (1)  

Total

                              $ 159,073,858      $ 159,228,738      $ 118,782,204  

 

(1)  

Collateral will be pledged upon the settlement of the reverse repurchase agreement.

The Fund also pledged cash of $165,555 and $820,000 to Bank of America and Federal Reserve Bank of Boston, respectively, as additional collateral for its reverse repurchase agreements. At September 30, 2018, the remaining contractual maturity of all reverse repurchase agreements was less than 30 days.

For the six months ended September 30, 2018, the average borrowings under settled reverse repurchase agreements and the average annual interest rate were $109,247,467 and 2.12%, 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, 2018, 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, 2018. 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, 2018.

11  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.

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.

 

  68  


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Notes to Financial Statements (Unaudited) — continued

 

 

At September 30, 2018, 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)

   $      $ 906,921,467      $ 3,472,160      $ 910,393,627  

Corporate Bonds & Notes

            837,001,184               837,001,184  

Foreign Corporate Bonds

            1,556,156               1,556,156  

Foreign Government Securities

            85,289,590               85,289,590  

Sovereign Loans

            7,879,443               7,879,443  

Mortgage Pass-Throughs

            169,479,971               169,479,971  

Collateralized Mortgage Obligations

            416,012,257               416,012,257  

Commercial Mortgage-Backed Securities

            90,046,674               90,046,674  

Asset-Backed Securities

            42,813,256               42,813,256  

Common Stocks

     862,916        6,311,666        7,509,719        14,684,301  

Convertible Bonds

            225,383               225,383  

Convertible Preferred Stocks

                   814,723        814,723  

Preferred Stocks

     683,235                      683,235  

Closed-End Funds

     21,796,216                      21,796,216  

Miscellaneous

                   0        0  

Short-Term Investments —

           

U.S. Treasury Obligations

            499,716               499,716  

Other

            44,698,983               44,698,983  

Total Investments

   $ 23,342,367      $ 2,608,735,746      $ 11,796,602      $ 2,643,874,715  

Forward Foreign Currency Exchange Contracts

   $      $ 826,883      $      $ 826,883  

Futures Contracts

     2,331,993                      2,331,993  

Swap Contracts

            404,806               404,806  

Total

   $ 25,674,360      $ 2,609,967,435      $ 11,796,602      $ 2,647,438,397  

Liability Description

                                   

Forward Foreign Currency Exchange Contracts

   $      $ (47,798    $      $ (47,798

Futures Contracts

     (353,906                    (353,906

Swap Contracts

            (600,275             (600,275

Total

   $ (353,906    $ (648,073    $      $ (1,001,979

 

*

None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended September 30, 2018 is not presented.

13  Legal Proceedings

In May 2015, the Fund was served with an amended complaint filed in an adversary proceeding in the United States Bankruptcy Court for the Southern District of New York. The adversary proceeding was filed by the Motors Liquidation Company Avoidance Action Trust (“AAT”) against the former holders of a $1.5 billion term loan issued by General Motors Corp. (“GM”) in 2006 (the “Term Loan Lenders”) who received a full repayment of the term loan pursuant to a court order in the GM bankruptcy proceeding. The court order was made with the understanding that the term loan was fully secured at the time of GM’s bankruptcy filing in June 2009. The AAT is seeking (1) a determination from the Bankruptcy Court that the security interest held by the Term Loan Lenders was not perfected at the time GM filed for Chapter 11 Bankruptcy protection and thus the Term Loan Lenders should have been treated in the same manner as GM’s unsecured creditors, (2) disgorgement of any interest payments made to the Term Loan Lenders within ninety days of GM’s filing for Chapter 11 Bankruptcy protection, and (3) disgorgement of the $1.5 billion term loan repayment that was made to the Term Loan Lenders. The value of the payment received under the term loan agreement by the Fund is approximately $4,460,000 (equal to 0.26% of net assets applicable to common shares at September 30, 2018). The Fund cannot predict the outcome of these proceedings or the effect, if any, on the Fund’s net asset value. The attorneys’ fees and costs related to these actions are expensed by the Fund as incurred.

 

  69  


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Board of Trustees’ Contract Approval

 

 

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the registered investment companies advised by either Eaton Vance Management or its affiliate, Boston Management and Research, (the “Eaton Vance Funds”) held on April 24, 2018, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2018. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), 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 the advisory and related fees paid by each fund with 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 comparable funds;

 

 

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

 

 

Data regarding investment performance in comparison to benchmark indices, as well as customized groups of peer funds and blended indices identified by the adviser in consultation with the Board;

 

 

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

 

 

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

 

 

Descriptions of the investment management services provided to each fund, including the fund’s investment strategies and policies;

 

 

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

 

 

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

 

 

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

 

 

Data relating to portfolio turnover rates of each fund;

Information about each Adviser

 

 

Reports detailing the financial results and condition of each adviser;

 

 

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

 

 

The Code of Ethics of each adviser and its affiliates, 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 each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

 

 

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

 

 

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

 

  70  


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Board of Trustees’ Contract Approval — continued

 

 

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

 

 

The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2018, with respect to one or more funds, the Board met seven times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, thirteen, six, eight and nine times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

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

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds’ advisers and sub-advisers.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement of Eaton Vance Limited Duration Income Fund (the “Fund”) with Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee based on the material factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board considered the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk and special considerations relevant to investing in senior secured floating rate loans, mortgage-backed securities and high-yield bonds. The Board considered the resources available to investment professionals of the Adviser. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of the Adviser and other factors, such as 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 compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment professionals, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio

 

  71  


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Board of Trustees’ Contract Approval — continued

 

 

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 shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large 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 and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2017 for the Fund. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s custom peer group and lower than the median performance of the Fund’s peer group for the three-year period. 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, 2017, 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 certain Fund specific factors that had an impact on Fund expense ratios relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee.

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 Other “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 services. The Board also considered other direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

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 any benefits from economies of scale. The Board also considered the fact that the Fund is not continuously offered and that the Fund’s assets are not expected to increase materially in the foreseeable future. The Board concluded that, in light of the level of the Adviser’s profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not warranted at this time.

 

  72  


Eaton Vance

Limited Duration Income Fund

September 30, 2018

 

Officers and Trustees

 

 

Officers of Eaton Vance Limited Duration Income Fund

 

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Limited Duration Income Fund

 

 

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(1)

Marcus L. Smith(1)

Susan J. Sutherland

Harriett Tee Taggart

Scott E. Wennerholm

 

 

*

Interested Trustee

(1) 

Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

 

  73  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

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

 

 

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

 

 

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

 

 

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

 

 

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

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

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. American Stock Transfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct AST, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial advisor. 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 advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

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

Share Repurchase Program.  The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its outstanding common shares as of the approved date 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”.

 

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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

 


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7731    9.30.18


Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.    

Item 6. Schedule of Investments

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

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

Not required in this filing.

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

Not required in this filing.

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

No such purchases this period.

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

No material changes.

Item 11. Controls and Procedures

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

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


Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

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.

 


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Limited Duration Income Fund

 

By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President
Date:   November 26, 2018

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 26, 2018
By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President
Date:   November 26, 2018