UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21323
Eaton Vance Limited Duration Income Fund
(Exact Name of Registrant as Specified in Charter)
One Post
Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One
Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
March 31
Date of
Fiscal Year End
September 30, 2024
Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
Limited Duration Income
Fund (EVV)
Semi-Annual Report
September 30, 2024
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a
prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion
from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC
regulation. Because of its management of other strategies, the Fund's adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.
Fund shares are not insured by the FDIC and are not deposits or
other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
Semi-Annual Report September 30,
2024
Eaton Vance
Limited Duration Income Fund
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Performance
Portfolio Manager(s) Catherine
C. McDermott, Andrew Szczurowski, CFA, Kelley Gerrity, Tara O'Brien, each of Eaton Vance Management and Bo Hunt of Morgan Stanley Investment Management Limited
| %
Average Annual Total Returns1,2 |
Inception
Date |
Six
Months |
One
Year |
Five
Years |
Ten
Years |
| Fund
at NAV |
05/30/2003
|
6.49%
|
16.36%
|
4.39%
|
5.03%
|
| Fund
at Market Price |
—
|
13.09
|
28.13
|
6.93
|
5.82
|
|
| Bloomberg
U.S. Aggregate Bond Index |
—
|
5.26%
|
11.57%
|
0.33%
|
1.84%
|
| Blended
Index |
—
|
5.15
|
12.17
|
3.37
|
3.67
|
| %
Premium/Discount to NAV3 |
|
| As
of period end |
(2.50)%
|
| Distributions
4 |
|
| Total
Distributions per share for the period |
$0.48
|
| Distribution
Rate at NAV |
8.97%
|
| Distribution
Rate at Market Price |
9.20
|
| %
Total Leverage5 |
|
| Auction
Preferred Shares (APS) |
10.71%
|
| Borrowings
|
27.17
|
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results.
Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s
Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to
variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and
distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for
periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end,
please refer to eatonvance.com.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
| Asset
Allocation (% of total investments)1 |
Footnotes:
|
1 |
Including
the Fund’s use of leverage, Asset Allocation as a percentage of the Fund's net assets amounted to 169.2%. |
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Endnotes and
Additional Disclosures
| 1 |
Bloomberg U.S. Aggregate
Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities.The Blended Index consists of 33.33% Morningstar® LSTA® US Leveraged Loan IndexSM, 33.33% ICE BofA Single-B U.S. High Yield Index and 33.34% ICE BofA U.S. Mortgage-Backed Securities Index, rebalanced monthly. Morningstar® LSTA® US Leveraged Loan
IndexSM is an unmanaged index of the institutional leveraged loan market. Morningstar® LSTA® Leveraged Loan indices are a product of Morningstar, Inc.
(“Morningstar”) and have been licensed for use. Morningstar® is a registered trademark of Morningstar licensed for certain use. Loan Syndications and Trading Association® and LSTA® are trademarks of the LSTA
licensed for certain use by Morningstar, and further sublicensed by Morningstar for certain use. Neither Morningstar nor LSTA guarantees the accuracy and/or completeness of the Morningstar® LSTA® US Leveraged Loan IndexSM or any data included therein, and shall have no liability for any errors, omissions, or interruptions therein. ICE BofA Single-B U.S. High Yield Index is an unmanaged index of
below-investment grade U.S. corporate bonds with a credit quality rating of B. ICE BofA U.S. Mortgage-Backed Securities Index is an unmanaged index of fixed rate residential mortgage pass-through securities issued by U.S. agencies. ICE®
BofA® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or
endorse Eaton Vance’s products. BofA® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. Unless otherwise stated, index returns do not reflect the effect of any applicable sales
charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
|
2 |
Performance
results reflect the effects of leverage. Included in the average annual total return at NAV for the ten-year period is the impact of the 2018 tender and repurchase of a portion of the Fund’s Auction Preferred Shares (APS) at 92% of the
Fund’s APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund. Performance reflects expenses waived and/or reimbursed, if applicable. Without such
waivers and/or
reimbursements, performance would have been lower. Pursuant to the Fund’s Dividend Reinvestment Plan, if the NAV per share on the distribution payment date is equal to or less than the market price per share plus estimated brokerage
commissions, then new shares are issued. The number of shares shall be determined by the greater of the NAV per share or 95% of the market price. Otherwise, shares generally are purchased on the open market by the Plan’s agent. |
|
3 |
The shares
of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to
https://funds.eatonvance.com/closed-end-fund-prices.php. |
|
4 |
The
Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions in any period may be more or less
than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with “yield” or “income.” Distributions in |
| |
excess of Fund returns may
include a return of capital which, over time, will cause the Fund’s net assets and net asset value per share to erode. When the Fund’s distributions include amounts from sources other than net investment income, shareholders are
notified. The final determination of the tax characteristics of Fund distributions will occur after the end of the year, at which time that determination will be reported to shareholders. |
|
5 |
Leverage
represents the liquidation value of the Fund’s APS and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus APS and borrowings outstanding. Use of leverage creates an opportunity for income, but creates
risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at
an inopportune time. |
| |
Fund profile subject to
change due to active management. |
| |
Important Notice to
Shareholders |
| |
On January
26, 2023, the Fund's Board of Trustees voted to exempt, on a going forward basis, all prior and, until further notice, new acquisitions of Fund shares that otherwise might be deemed “Control Share Acquisitions” under the By-Laws from the
provisions of the By-Laws addressing “Control Share Acquisitions.” On October 10, 2024, the Board adopted Amendment No. 1 to the By-Laws to formally eliminate the Control Share Provisions and to make certain related conforming changes.
|
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited)
| Asset-Backed
Securities — 14.2% |
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Aimco
CLO 11 Ltd., Series 2020-11A, Class D1R2, 8.194%, (3 mo. SOFR + 2.95%), 7/17/37(1)(2) |
$
|
3,000
|
$ 3,011,100
|
| Alinea
CLO Ltd., Series 2018-1A, Class E, 11.544%, (3 mo. SOFR + 6.262%), 7/20/31(1)(2) |
|
1,000
|
997,500
|
| AMMC
CLO 15 Ltd., Series 2014-15A, Class ERR, 12.473%, (3 mo. SOFR + 7.172%), 1/15/32(1)(2) |
|
500
|
499,810
|
| AMMC
CLO XII Ltd., Series 2013-12A, Class ER, 11.544%, (3 mo. SOFR + 6.442%), 11/10/30(1)(2) |
|
2,000
|
1,968,932
|
| ARES
XXXIV CLO Ltd., Series 2015-2A, Class ER, 12.397%, (3 mo. SOFR + 7.112%), 4/17/33(1)(2) |
|
2,000
|
2,005,334
|
| ARES
XXXVR CLO Ltd., Series 2015-35RA, Class E, 11.263%, (3 mo. SOFR + 5.962%), 7/15/30(1)(2) |
|
2,000
|
1,977,216
|
| Babson
CLO Ltd., Series 2022-4A, Class D1R, (3 mo. SOFR + 3.25%), 10/20/37(1)(2)(3) |
|
2,000
|
2,007,500
|
| Benefit
Street Partners CLO XII-B Ltd., Series 2017-12BRA, Class D1, 8.292%, (3 mo. SOFR + 3.05%), 10/15/37(1)(2) |
|
2,000
|
2,007,214
|
| Benefit
Street Partners CLO XV Ltd., Series 2018-15A, Class D2R, 9.808%, (3 mo. SOFR + 4.50%), 7/15/37(1)(2) |
|
1,000
|
1,001,281
|
| Benefit
Street Partners CLO XVI Ltd., Series 2018-16A, Class E, 12.247%, (3 mo. SOFR + 6.962%), 1/17/32(1)(2) |
|
3,000
|
3,014,790
|
| Benefit
Street Partners CLO XVII Ltd., Series 2019-17A, Class ER, 11.913%, (3 mo. SOFR + 6.612%), 7/15/32(1)(2) |
|
3,000
|
3,000,150
|
| Benefit
Street Partners CLO XVIII Ltd., Series 2019-18A, Class ER, 12.313%, (3 mo. SOFR + 7.012%), 10/15/34(1)(2) |
|
4,500
|
4,514,836
|
| Benefit
Street Partners CLO XXII Ltd., Series 2020-22A, Class ER, 12.212%, (3 mo. SOFR + 6.93%), 4/20/35(1)(2) |
|
2,000
|
2,007,092
|
| Benefit
Street Partners CLO XXXII Ltd.: |
|
|
|
| Series
2023-32A, Class D, 9.535%, (3 mo. SOFR + 4.25%), 10/25/36(1)(2) |
|
3,000
|
3,074,391
|
| Series
2023-32A, Class E, 12.635%, (3 mo. SOFR + 7.35%), 10/25/36(1)(2) |
|
2,000
|
2,048,778
|
| BlueMountain
CLO Ltd.: |
|
|
|
| Series
2016-3A, Class ER, 11.33%, (3 mo. SOFR + 6.212%), 11/15/30(1)(2) |
|
2,000
|
1,906,482
|
| Series
2018-1A, Class E, 11.467%, (3 mo. SOFR + 6.212%), 7/30/30(1)(2) |
|
1,000
|
908,920
|
| BlueMountain
CLO XXIV Ltd., Series 2019-24A, Class ER, 12.384%, (3 mo. SOFR + 7.102%), 4/20/34(1)(2) |
|
1,000
|
967,042 |
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| BlueMountain
CLO XXV Ltd., Series 2019-25A, Class ER, 12.813%, (3 mo. SOFR + 7.512%), 7/15/36(1)(2) |
$
|
2,000
|
$ 1,938,106
|
| BlueMountain
CLO XXVI Ltd., Series 2019-26A, Class ER, 12.674%, (3 mo. SOFR + 7.392%), 10/20/34(1)(2) |
|
2,500
|
2,449,888
|
| BlueMountain
CLO XXX Ltd., Series 2020-30A, Class ER, 12.001%, (3 mo. SOFR + 6.70%), 4/15/35(1)(2) |
|
2,000
|
1,935,214
|
| BlueMountain
CLO XXXIV Ltd., Series 2022-34A, Class E, 12.832%, (3 mo. SOFR + 7.55%), 4/20/35(1)(2) |
|
1,000
|
979,284
|
| Brookhaven
Park CLO Ltd., Series 2024-1A, Class D, 8.894%, (3 mo. SOFR + 3.60%), 4/19/37(1)(2) |
|
3,000
|
3,041,775
|
| Bryant
Park Funding Ltd., Series 2023-21A, Class D, 10.729%, (3 mo. SOFR + 5.45%), 10/18/36(1)(2) |
|
3,000
|
3,071,517
|
| Canyon
Capital CLO Ltd.: |
|
|
|
| Series
2016-2A, Class ER, 11.563%, (3 mo. SOFR + 6.262%), 10/15/31(1)(2) |
|
3,350
|
3,243,158
|
| Series
2019-2A, Class ER, 12.313%, (3 mo. SOFR + 7.012%), 10/15/34(1)(2) |
|
1,000
|
985,140
|
| Carlyle
C17 CLO Ltd., Series C17A, Class DR, 11.517%, (3 mo. SOFR + 6.262%), 4/30/31(1)(2) |
|
1,750
|
1,741,367
|
| Carlyle
Global Market Strategies CLO Ltd.: |
|
|
|
| Series
2012-3A, Class DR2, 12.063%, (3 mo. SOFR + 6.762%), 1/14/32(1)(2) |
|
2,000
|
1,975,092
|
| Series
2014-4RA, Class D, 11.213%, (3 mo. SOFR + 5.912%), 7/15/30(1)(2) |
|
1,250
|
1,231,671
|
| Series
2015-5A, Class DR, 12.244%, (3 mo. SOFR + 6.962%), 1/20/32(1)(2) |
|
1,000
|
1,000,540
|
| Carlyle
U.S. CLO Ltd.: |
|
|
|
| Series
2022-6A, Class DR, 10.035%, (3 mo. SOFR + 4.75%), 10/25/36(1)(2) |
|
5,400
|
5,520,793
|
| Series
2022-6A, Class ER, 13.185%, (3 mo. SOFR + 7.90%), 10/25/36(1)(2) |
|
2,000
|
2,066,536
|
| Cedar
Funding X CLO Ltd., Series 2019-10A, Class ER, 12.044%, (3 mo. SOFR + 6.762%), 10/20/32(1)(2) |
|
1,500
|
1,504,196
|
| Clover
CLO Ltd., Series 2019-1A, Class ER, 11.979%, (3 mo. SOFR + 6.70%), 4/18/35(1)(2) |
|
2,877
|
2,886,301
|
| Dryden
41 Senior Loan Fund, Series 2015-41A, Class ER, 10.863%, (3 mo. SOFR + 5.562%), 4/15/31(1)(2) |
|
2,000
|
1,808,488
|
| Dryden
42 Senior Loan Fund, Series 2016-42A, Class ERR, 11.801%, (3 mo. SOFR + 6.50%), 7/15/37(1)(2) |
|
1,000
|
982,624
|
| Elmwood
CLO 14 Ltd., Series 2022-1A, Class E, 11.632%, (3 mo. SOFR + 6.35%), 4/20/35(1)(2) |
|
1,000
|
1,006,399
|
| Elmwood
CLO 32 Ltd., Series 2024-8A, Class D1, 7.647%, (3 mo. SOFR + 2.85%), 10/18/37(1)(2) |
|
3,000
|
3,008,916 |
5
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Elmwood
CLO VI Ltd., Series 2020-3A, Class D2RR, 9.689%, (3 mo. SOFR + 4.35%), 7/18/37(1)(2) |
$
|
1,000
|
$ 1,002,936
|
| Elmwood
CLO VIII Ltd., Series 2021-1A, Class DR, 9.082%, (3 mo. SOFR + 3.80%), 4/20/37(1)(2) |
|
4,000
|
4,097,660
|
| Galaxy
33 CLO Ltd., Series 2024-33A, Class D1, 8.875%, (3 mo. SOFR + 3.55%), 4/20/37(1)(2) |
|
2,000
|
2,008,082
|
| Galaxy
XIX CLO Ltd., Series 2015-19A, Class D2R, 12.545%, (3 mo. SOFR + 7.262%), 7/24/30(1)(2) |
|
1,600
|
1,587,512
|
| Galaxy
XV CLO Ltd., Series 2013-15A, Class ER, 12.208%, (3 mo. SOFR + 6.907%), 10/15/30(1)(2) |
|
3,275
|
3,268,250
|
| Galaxy
XXI CLO Ltd., Series 2015-21A, Class ER, 10.794%, (3 mo. SOFR + 5.512%), 4/20/31(1)(2) |
|
1,100
|
1,101,197
|
| Golub
Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class ER, 12.382%, (3 mo. SOFR + 7.10%), 4/20/35(1)(2) |
|
2,000
|
2,006,474
|
| Golub
Capital Partners CLO 72 B Ltd., Series 2024-72A, Class D, 9.296%, (3 mo. SOFR + 4.00%), 4/25/37(1)(2) |
|
2,000
|
2,041,362
|
| Harvest
U.S. CLO Ltd., Series 2024-2A, Class D1, 8.059%, (3 mo. SOFR + 3.25%), 10/15/37(1)(2) |
|
3,000
|
3,001,368
|
| Madison
Park Funding LV Ltd., Series 2022-55A, Class D1R, 8.429%, (3 mo. SOFR + 3.15%), 7/18/37(1)(2) |
|
3,000
|
3,007,992
|
| Madison
Park Funding XVII Ltd., Series 2015-17A, Class ER, 12.044%, (3 mo. SOFR + 6.762%), 7/21/30(1)(2) |
|
2,000
|
2,000,100
|
| Madison
Park Funding XXXVI Ltd., Series 2019-36A, Class ER, 12.351%, (3 mo. SOFR + 7.05%), 4/15/35(1)(2) |
|
3,000
|
3,018,684
|
| Madison
Park Funding XXXVII Ltd., Series 2019-37A, Class ER2, 11.901%, (3 mo. SOFR + 6.60%), 4/15/37(1)(2) |
|
3,500
|
3,516,348
|
| Magnetite
XXII Ltd.: |
|
|
|
| Series
2019-22A, Class DJ, 9.426%, (3 mo. SOFR + 4.15%), 7/15/36(1)(2) |
|
1,000
|
1,001,042
|
| Series
2019-22A, Class DRR, 8.176%, (3 mo. SOFR + 2.90%), 7/15/36(1)(2) |
|
3,000
|
3,004,161
|
| Marble
Point CLO XIX Ltd., Series 2020-3A, Class DR, 9.28%, (3 mo. SOFR + 4.00%), 1/19/34(1)(2) |
|
3,000
|
3,005,970
|
| Neuberger
Berman Loan Advisers CLO 30 Ltd., Series 2018-30A, Class ER, 11.744%, (3 mo. SOFR + 6.462%), 1/20/31(1)(2) |
|
2,000
|
2,010,298
|
| Neuberger
Berman Loan Advisers CLO 31 Ltd., Series 2019-31A, Class ER, 12.044%, (3 mo. SOFR + 6.762%), 4/20/31(1)(2) |
|
1,000
|
1,006,054
|
| Neuberger
Berman Loan Advisers CLO 48 Ltd., Series 2022-48A, Class E, 11.785%, (3 mo. SOFR + 6.50%), 4/25/36(1)(2) |
|
2,000
|
2,008,516 |
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| NRZ
Excess Spread-Collateralized Notes, Series 2021-GNT1, Class A, 3.474%, 11/25/26(1) |
$
|
1,343
|
$ 1,291,265
|
| Oaktree
CLO Ltd., Series 2019-4A, Class D2RR, 9.982%, (3 mo. SOFR + 4.70%), 7/20/37(1)(2) |
|
2,000
|
2,004,690
|
| OCP
CLO Ltd.: |
|
|
|
| Series
2022-24A, Class D2R, 9.599%, (3 mo. SOFR + 4.40%), 10/20/37(1)(2) |
|
1,500
|
1,501,722
|
| Series
2023-27A, Class DR, 8.674%, (3 mo. SOFR + 3.35%), 7/16/35(1)(2) |
|
2,000
|
2,015,734
|
| Series
2024-32A, Class D1, 9.076%, (3 mo. SOFR + 3.75%), 4/23/37(1)(2) |
|
4,000
|
4,060,032
|
| Octagon
68 Ltd.: |
|
|
|
| Series
2023-1A, Class D, 9.482%, (3 mo. SOFR + 4.20%), 10/20/36(1)(2) |
|
5,000
|
5,122,425
|
| Series
2023-1A, Class E, 12.522%, (3 mo. SOFR + 7.24%), 10/20/36(1)(2) |
|
2,000
|
2,027,912
|
| Palmer
Square CLO Ltd.: |
|
|
|
| Series
2013-2A, Class DRR, 11.397%, (3 mo. SOFR + 6.112%), 10/17/31(1)(2) |
|
2,000
|
2,008,248
|
| Series
2018-1A, Class CR, 9.179%, (3 mo. SOFR + 3.90%), 4/18/37(1)(2) |
|
3,000
|
3,040,095
|
| Series
2019-1A, Class DR, 11.878%, (3 mo. SOFR + 6.762%), 11/14/34(1)(2) |
|
2,000
|
2,006,038
|
| Series
2021-3A, Class E, 11.713%, (3 mo. SOFR + 6.412%), 1/15/35(1)(2) |
|
2,500
|
2,514,828
|
| Series
2023-3A, Class D, 9.982%, (3 mo. SOFR + 4.70%), 1/20/37(1)(2) |
|
3,500
|
3,560,865
|
| RAD
CLO 5 Ltd., Series 2019-5A, Class E, 12.245%, (3 mo. SOFR + 6.962%), 7/24/32(1)(2) |
|
4,550
|
4,568,414
|
| RAD
CLO 22 Ltd., Series 2023-22A, Class D, 10.282%, (3 mo. SOFR + 5.00%), 1/20/37(1)(2) |
|
3,000
|
3,090,066
|
| Regatta
XII Funding Ltd., Series 2019-1A, Class ER, 11.913%, (3 mo. SOFR + 6.612%), 10/15/32(1)(2) |
|
2,000
|
2,000,100
|
| Regatta
XIII Funding Ltd., Series 2018-2A, Class D, 11.513%, (3 mo. SOFR + 6.212%), 7/15/31(1)(2) |
|
2,000
|
1,916,122
|
| Regatta
XIV Funding Ltd., Series 2018-3A, Class E, 11.496%, (3 mo. SOFR + 6.212%), 10/25/31(1)(2) |
|
1,000
|
985,467
|
| Sixth
Street CLO XXI Ltd., Series 2022-21A, Class D1R, (3 mo. SOFR + 3.00%), 10/21/37(1)(2)(3) |
|
2,000
|
2,007,890
|
| Vibrant
CLO 1X Ltd., Series 2018-9A, Class D, 11.794%, (3 mo. SOFR + 6.512%), 7/20/31(1)(2) |
|
1,000
|
950,059
|
| Vibrant
CLO XI Ltd., Series 2019-11A, Class D, 12.314%, (3 mo. SOFR + 7.032%), 7/20/32(1)(2) |
|
575
|
571,188
|
| Voya
CLO Ltd.: |
|
|
|
| Series
2015-3A, Class DR, 11.744%, (3 mo. SOFR + 6.462%), 10/20/31(1)(2) |
|
3,000
|
2,712,234 |
6
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Voya
CLO Ltd.: (continued) |
|
|
|
| Series
2016-3A, Class DR, 11.621%, (3 mo. SOFR + 6.342%), 10/18/31(1)(2) |
$
|
1,400
|
$
1,298,319 |
| Series
2024-2A, Class D, 8.522%, (3 mo. SOFR + 3.20%), 7/20/37(1)(2) |
|
2,000
|
2,001,638
|
| Wellfleet
CLO Ltd., Series 2020-1A, Class D, 12.803%, (3 mo. SOFR + 7.502%), 4/15/33(1)(2) |
|
2,000
|
1,975,256
|
Total
Asset-Backed Securities
(identified cost $177,549,846) |
|
|
$ 178,219,986
|
| Security
|
Shares
|
Value
|
| BlackRock
Corporate High Yield Fund, Inc. |
|
2,188,579
|
$
22,017,105 |
Total
Closed-End Funds
(identified cost $26,062,179) |
|
|
$ 22,017,105
|
| Collateralized
Mortgage Obligations — 26.8% |
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Cascade
MH Asset Trust, Series 2022-MH1, Class A, 4.25% to 7/25/27, 8/25/54(1)(4) |
$
|
2,633
|
$ 2,472,674
|
| Champs
Trust: |
|
|
|
| Series
2024-1, Class A, 8.39%, 7/25/59(1) |
|
11,367
|
11,843,294
|
| Series
2024-2, Class A, 14.782%, 11/25/59(1)(5) |
|
12,000
|
12,561,708
|
| Federal
Home Loan Mortgage Corp.: |
|
|
|
| Series
2113, Class QG, 6.00%, 1/15/29 |
|
100
|
101,540
|
| Series
2122, Class K, 6.00%, 2/15/29 |
|
17
|
17,082
|
| Series
2130, Class K, 6.00%, 3/15/29 |
|
11
|
11,723
|
| Series
2167, Class BZ, 7.00%, 6/15/29 |
|
14
|
14,597
|
| Series
2182, Class ZB, 8.00%, 9/15/29 |
|
133
|
138,108
|
| Series
2198, Class ZA, 8.50%, 11/15/29 |
|
97
|
100,255
|
| Series
2458, Class ZB, 7.00%, 6/15/32 |
|
268
|
283,057
|
| Series
3762, Class SH, 0.00%, (9.771% - 30-day SOFR Average x 2.00, Floor 0.00%), 11/15/40(6) |
|
350
|
281,793
|
| Series
4273, Class PU, 4.00%, 11/15/43 |
|
2,263
|
2,118,922
|
| Series
4273, Class SP, 0.00%, (11.695% - 30-day SOFR Average x 2.667, Floor 0.00%), 11/15/43(6) |
|
503
|
441,900
|
| Series
4678, Class PC, 3.00%, 1/15/46 |
|
1,982
|
1,886,221
|
| Series
5035, Class AZ, 2.00%, 11/25/50 |
|
8,268
|
4,262,618
|
| Series
5083, Class SK, 0.00%, (3.867% - 30-day SOFR Average x 1.333, Floor 0.00%), 3/25/51(6) |
|
2,047
|
1,291,839
|
| Series
5327, Class B, 6.00%, 8/25/53 |
|
5,000
|
5,258,844
|
| Series
5353, Class AZ, 6.50%, 11/25/53 |
|
2,122
|
2,272,313 |
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Federal
Home Loan Mortgage Corp.: (continued) |
|
|
|
| Series
5410, Class KY, 6.00%, 5/25/54 |
$
|
36,000
|
$ 37,967,569
|
| Series
5414, Class CZ, 5.50%, 5/25/54 |
|
10,231
|
10,428,145
|
| Series
5424, Class CZ, 6.00%, 6/25/54 |
|
15,575
|
16,462,132
|
| Series
5428, Class Z, 6.00%, 7/25/54 |
|
4,060
|
4,326,346
|
| Series
5429, Class DZ, 6.00%, 7/25/54 |
|
3,045
|
3,198,268
|
| Series
5453, Class DZ, 5.50%, 9/25/54 |
|
5,023
|
5,119,451
|
| Interest
Only:(7) |
|
|
|
| Series
284, Class S6, 0.644%, (5.986% - 30-day SOFR Average), 10/15/42(6) |
|
983
|
117,197
|
| Series
362, Class C7, 3.50%, 9/15/47 |
|
4,003
|
767,886
|
| Series
362, Class C11, 4.00%, 12/15/47 |
|
3,693
|
782,645
|
| Series
4067, Class JI, 3.50%, 6/15/27 |
|
322
|
9,938
|
| Series
4070, Class S, 0.644%, (5.986% - 30-day SOFR Average), 6/15/32(6) |
|
1,902
|
136,684
|
| Series
4094, Class CS, 0.544%, (5.886% - 30-day SOFR Average), 8/15/42(6) |
|
548
|
63,790
|
| Series
4095, Class HS, 0.644%, (5.986% - 30-day SOFR Average), 7/15/32(6) |
|
355
|
15,734
|
| Series
4109, Class ES, 0.694%, (6.036% - 30-day SOFR Average), 12/15/41(6) |
|
81
|
9,946
|
| Series
4110, Class SA, 0.194%, (5.536% - 30-day SOFR Average), 9/15/42(6) |
|
1,672
|
135,484
|
| Series
4149, Class S, 0.794%, (6.136% - 30-day SOFR Average), 1/15/33(6) |
|
1,021
|
78,029
|
| Series
4188, Class AI, 3.50%, 4/15/28 |
|
229
|
5,677
|
| Series
4203, Class QS, 0.794%, (6.136% - 30-day SOFR Average), 5/15/43(6) |
|
1,927
|
159,361
|
| Series
4408, Class IP, 3.50%, 4/15/44 |
|
1,288
|
158,494
|
| Series
4435, Class BI, 3.50%, 7/15/44 |
|
2,492
|
356,745
|
| Series
4629, Class QI, 3.50%, 11/15/46 |
|
1,122
|
203,297
|
| Series
4644, Class TI, 3.50%, 1/15/45 |
|
1,146
|
143,634
|
| Series
4744, Class IO, 4.00%, 11/15/47 |
|
1,881
|
382,876
|
| Series
4749, Class IL, 4.00%, 12/15/47 |
|
838
|
171,079
|
| Series
4793, Class SD, 0.744%, (6.086% - 30-day SOFR Average), 6/15/48(6) |
|
3,912
|
522,347
|
| Series
4966, Class SY, 0.655%, (5.936% - 30-day SOFR Average), 4/25/50(6) |
|
10,551
|
1,546,421
|
| Principal
Only:(8) |
|
|
|
| Series
242, Class PO, 0.00%, 11/15/36 |
|
1,575
|
1,301,232
|
| Series
259, Class PO, 0.00%, 4/15/39 |
|
1,013
|
824,822
|
| Series
3606, Class PO, 0.00%, 12/15/39 |
|
1,031
|
815,918
|
| Series
4417, Class KO, 0.00%, 12/15/43 |
|
184
|
128,819
|
| Series
4478, Class PO, 0.00%, 5/15/45 |
|
544
|
412,233
|
| Federal
National Mortgage Association: |
|
|
|
| Series
1996-57, Class Z, 7.00%, 12/25/26 |
|
38
|
38,217
|
| Series
1997-77, Class Z, 7.00%, 11/18/27 |
|
36
|
36,692
|
| Series
1998-44, Class ZA, 6.50%, 7/20/28 |
|
47
|
48,465
|
| Series
1999-45, Class ZG, 6.50%, 9/25/29 |
|
14
|
14,004
|
| Series
2000-22, Class PN, 6.00%, 7/25/30 |
|
197
|
199,252 |
7
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Federal
National Mortgage Association: (continued) |
|
|
|
| Series
2002-21, Class PE, 6.50%, 4/25/32 |
$
|
149
|
$ 155,757
|
| Series
2005-75, Class CS, 2.622%, (23.742% - 30-day SOFR Average x 4.00), 9/25/35(6) |
|
471
|
560,376
|
| Series
2007-74, Class AC, 5.00%, 8/25/37 |
|
1,754
|
1,786,497
|
| Series
2011-49, Class NT, 6.00%, (64.855% - 30-day SOFR Average x 10.00, Cap 6.00%), 6/25/41(6) |
|
187
|
186,101
|
| Series
2012-134, Class ZT, 2.00%, 12/25/42 |
|
1,334
|
1,067,578
|
| Series
2013-6, Class TA, 1.50%, 1/25/43 |
|
1,031
|
921,774
|
| Series
2013-67, Class NF, 5.00%, (30-day SOFR Average + 1.114%, Cap 5.00%), 7/25/43(2) |
|
947
|
901,104
|
| Series
2017-15, Class LE, 3.00%, 6/25/46 |
|
384
|
376,678
|
| Series
2017-48, Class LG, 2.75%, 5/25/47 |
|
1,254
|
1,130,014
|
| Interest
Only:(7) |
|
|
|
| Series
2011-101, Class IC, 3.50%, 10/25/26 |
|
567
|
9,976
|
| Series
2011-101, Class IE, 3.50%, 10/25/26 |
|
183
|
3,206
|
| Series
2012-33, Class CI, 3.50%, 3/25/27 |
|
148
|
980
|
| Series
2012-118, Class IN, 3.50%, 11/25/42 |
|
2,617
|
511,780
|
| Series
2012-124, Class IO, 1.497%, 11/25/42(5) |
|
1,002
|
47,637
|
| Series
2012-125, Class IG, 3.50%, 11/25/42 |
|
8,336
|
1,737,941
|
| Series
2012-150, Class SK, 0.755%, (6.036% - 30-day SOFR Average), 1/25/43(6) |
|
1,536
|
193,040
|
| Series
2013-12, Class SP, 0.255%, (5.536% - 30-day SOFR Average), 11/25/41(6) |
|
227
|
4,783
|
| Series
2013-15, Class DS, 0.805%, (6.086% - 30-day SOFR Average), 3/25/33(6) |
|
2,934
|
194,702
|
| Series
2013-16, Class SY, 0.755%, (6.036% - 30-day SOFR Average), 3/25/43(6) |
|
832
|
106,125
|
| Series
2013-64, Class PS, 0.855%, (6.136% - 30-day SOFR Average), 4/25/43(6) |
|
1,097
|
98,296
|
| Series
2013-75, Class SC, 0.855%, (6.136% - 30-day SOFR Average), 7/25/42(6) |
|
1,233
|
38,824
|
| Series
2014-32, Class EI, 4.00%, 6/25/44 |
|
311
|
57,264
|
| Series
2014-55, Class IN, 3.50%, 7/25/44 |
|
644
|
122,721
|
| Series
2014-89, Class IO, 3.50%, 1/25/45 |
|
861
|
166,882
|
| Series
2015-52, Class MI, 3.50%, 7/25/45 |
|
761
|
147,569
|
| Series
2018-21, Class IO, 3.00%, 4/25/48 |
|
3,450
|
559,322
|
| Series
2019-1, Class AS, 0.605%, (5.886% - 30-day SOFR Average), 2/25/49(6) |
|
5,433
|
442,859
|
| Series
2019-33, Class SK, 0.655%, (5.936% - 30-day SOFR Average), 7/25/49(6) |
|
3,630
|
416,074
|
| Series
2020-23, Class SP, 0.655%, (5.936% - 30-day SOFR Average), 2/25/50(6) |
|
3,292
|
485,320
|
| Principal
Only:(8) |
|
|
|
| Series
379, Class 1, 0.00%, 5/25/37 |
|
981
|
802,721
|
| Series
2006-8, Class WQ, 0.00%, 3/25/36 |
|
1,603
|
1,326,694
|
| Government
National Mortgage Association: |
|
|
|
| Series
2017-121, Class DF, 5.00%, (1 mo. SOFR + 0.614%, Cap 5.00%), 8/20/47(2) |
|
2,798
|
2,730,663 |
| Security
|
Principal
Amount
(000's omitted) |
Value
|
Government
National Mortgage Association:
(continued) |
|
|
|
| Series
2017-137, Class AF, 5.00%, (1 mo. SOFR + 0.614%, Cap 5.00%), 9/20/47(2) |
$
|
1,467
|
$ 1,430,703
|
| Series
2018-6, Class JZ, 4.00%, 1/20/48 |
|
5,417
|
5,343,470
|
| Series
2021-160, Class NZ, 3.00%, 9/20/51 |
|
1,561
|
972,194
|
| Series
2021-165, Class MZ, 2.50%, 9/20/51 |
|
9,442
|
5,984,832
|
| Series
2022-189, Class US, 3.134%, (22.733% - 30-day SOFR Average x 3.667), 11/20/52(6) |
|
4,024
|
4,508,093
|
| Series
2023-56, Class ZE, 6.00%, 4/20/53 |
|
10,885
|
11,554,037
|
| Series
2023-63, Class S, 2.95%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53(6) |
|
4,106
|
4,457,160
|
| Series
2023-65, Class SD, 2.95%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53(6) |
|
5,435
|
6,049,113
|
| Series
2023-96, Class BL, 6.00%, 7/20/53 |
|
4,326
|
4,581,915
|
| Series
2023-96, Class DB, 6.00%, 7/20/53 |
|
2,500
|
2,650,096
|
| Series
2023-97, Class CB, 6.00%, 7/20/53 |
|
10,000
|
10,435,699
|
| Series
2023-99, Class AL, 6.00%, 7/20/53 |
|
2,500
|
2,649,668
|
| Series
2023-102, Class SG, 2.626%, (22.546% - 30-day SOFR Average x 3.727), 7/20/53(6) |
|
7,235
|
7,809,444
|
| Series
2023-115, Class AL, 6.00%, 8/20/53 |
|
8,500
|
8,913,697
|
| Series
2023-116, Class CY, 6.00%, 8/20/53 |
|
5,000
|
5,246,785
|
| Series
2023-133, Class S, 5.564%, (21.60% - 30-day SOFR Average x 3.00), 9/20/53(6) |
|
3,787
|
4,093,897
|
| Series
2023-149, Class S, 5.414%, (21.45% - 30-day SOFR Average x 3.00), 10/20/53(6) |
|
4,407
|
4,859,957
|
| Series
2023-150, Class AS, 6.948%, (27.528% - 30-day SOFR Average x 3.85), 10/20/53(6) |
|
2,753
|
3,107,250
|
| Series
2023-153, Class SM, 6.618%, (28.00% - 30-day SOFR Average x 4.00), 10/20/53(6) |
|
3,431
|
3,865,176
|
| Series
2023-164, Class EL, 6.00%, 11/20/53 |
|
6,000
|
6,223,103
|
| Series
2023-165, Class DY, 6.00%, 11/20/53 |
|
12,000
|
12,413,751
|
| Series
2023-165, Class EY, 6.50%, 11/20/53 |
|
30,000
|
31,440,624
|
| Series
2023-173, Class AX, 6.00%, 11/20/53 |
|
6,000
|
6,258,694
|
| Series
2023-181, Class CL, 6.50%, 11/20/53 |
|
2,000
|
2,144,414
|
| Series
2023-182, Class EL, 6.00%, 12/20/53 |
|
3,000
|
3,139,798
|
| Series
2024-20, Class PZ, 7.50%, 2/20/54 |
|
7,255
|
7,271,879
|
| Interest
Only:(7) |
|
|
|
| Series
2017-104, Class SD, 1.125%, (6.086% - 1 mo. SOFR), 7/20/47(6) |
|
2,208
|
302,741
|
| Series
2020-151, Class AI, 2.00%, 10/20/50 |
|
10,873
|
1,314,988
|
| Series
2020-154, Class PI, 2.50%, 10/20/50 |
|
9,740
|
1,302,386
|
| Series
2020-176, Class HI, 2.50%, 11/20/50 |
|
11,448
|
1,539,148
|
| Series
2021-131, Class QI, 3.00%, 7/20/51 |
|
8,849
|
1,139,174
|
| Series
2021-193, Class IU, 3.00%, 11/20/49 |
|
19,021
|
2,607,271
|
| Series
2021-209, Class IW, 3.00%, 11/20/51 |
|
12,394
|
1,611,703 |
8
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| JPM
Lending Facility, 11.96%, (SOFR + 7.00%), 7/15/29(2) |
$
|
8,250
|
$
8,232,188 |
Total
Collateralized Mortgage Obligations
(identified cost $362,227,557) |
|
|
$ 335,193,623
|
| Commercial
Mortgage-Backed Securities — 4.6% |
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| BAMLL
Commercial Mortgage Securities Trust: |
|
|
|
| Series
2019-BPR, Class ENM, 3.843%, 11/5/32(1)(5) |
$
|
910
|
$ 368,583
|
| Series
2019-BPR, Class FNM, 3.843%, 11/5/32(1)(5) |
|
3,505
|
772,986
|
| BBCMS
Mortgage Trust, Series 2017-C1, Class D, 3.697%, 2/15/50(1)(5) |
|
2,200
|
1,636,474
|
| BX
Commercial Mortgage Trust, Series 2021-VOLT, Class C, 6.311%, (1 mo. SOFR + 1.214%), 9/15/36(1)(2) |
|
2,000
|
1,980,380
|
| CFCRE
Commercial Mortgage Trust: |
|
|
|
| Series
2016-C3, Class C, 4.901%, 1/10/48(5) |
|
1,300
|
1,253,631
|
| Series
2016-C3, Class D, 3.052%, 1/10/48(1)(5) |
|
3,500
|
3,124,606
|
| Series
2016-C7, Class D, 4.51%, 12/10/54(1)(5) |
|
1,675
|
1,363,368
|
| Citigroup
Commercial Mortgage Trust, Series 2015-P1, Class D, 3.225%, 9/15/48(1) |
|
2,218
|
1,905,326
|
| COMM
Mortgage Trust: |
|
|
|
| Series
2013-CR11, Class D, 4.612%, 8/10/50(1)(5) |
|
6,100
|
5,639,816
|
| Series
2014-CR21, Class C, 4.643%, 12/10/47(5) |
|
2,000
|
1,916,568
|
| Series
2015-CR22, Class D, 4.199%, 3/10/48(1)(5) |
|
4,100
|
3,079,621
|
| CSMC
Trust: |
|
|
|
| Series
2016-NXSR, Class C, 4.57%, 12/15/49(5) |
|
2,770
|
2,342,449
|
| Series
2016-NXSR, Class D, 4.57%, 12/15/49(1)(5) |
|
3,000
|
2,269,151
|
| Federal
National Mortgage Association Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, 8.645%, (30-day SOFR Average + 3.364%), 10/25/49(1)(2) |
|
1,477
|
1,488,231
|
| JPMBB
Commercial Mortgage Securities Trust: |
|
|
|
| Series
2014-C22, Class D, 4.649%, 9/15/47(1)(5) |
|
1,376
|
832,538
|
| Series
2014-C23, Class D, 4.214%, 9/15/47(1)(5) |
|
3,488
|
3,026,786
|
| Series
2014-C25, Class D, 4.123%, 11/15/47(1)(5) |
|
3,200
|
1,569,412
|
| JPMorgan
Chase Commercial Mortgage Securities Trust: |
|
|
|
| Series
2013-C13, Class D, 4.116%, 1/15/46(1)(5) |
|
431
|
400,377
|
| Series
2013-C16, Class D, 5.05%, 12/15/46(1)(5) |
|
2,612
|
2,307,823
|
| Series
2014-DSTY, Class B, 3.771%, 6/10/27(1) |
|
2,600
|
327,392 |
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| JPMorgan
Chase Commercial Mortgage Securities Trust: (continued) |
|
|
|
| Series
2021-MHC, Class C, 6.762%, (1 mo. SOFR + 1.664%), 4/15/38(1)(2) |
$
|
1,900
|
$
1,891,882 |
| Morgan
Stanley Bank of America Merrill Lynch Trust: |
|
|
|
| Series
2014-C16, Class B, 4.442%, 6/15/47(5)(9) |
|
133
|
127,766
|
| Series
2015-C23, Class D, 4.275%, 7/15/50(1)(5)(9) |
|
2,670
|
2,520,546
|
| Series
2016-C29, Class D, 3.00%, 5/15/49(1)(9) |
|
3,577
|
3,055,888
|
| Series
2016-C32, Class D, 3.396%, 12/15/49(1)(5)(9) |
|
1,600
|
1,127,009
|
| Morgan
Stanley Capital I Trust, Series 2016-UBS12, Class D, 3.312%, 12/15/49(1)(9) |
|
4,489
|
2,389,798
|
| UBS-Barclays
Commercial Mortgage Trust, Series 2013-C6, Class D, 4.061%, 4/10/46(1)(5) |
|
3,770
|
3,275,278
|
| Wells
Fargo Commercial Mortgage Trust: |
|
|
|
| Series
2013-LC12, Class D, 4.082%, 7/15/46(1)(5) |
|
3,000
|
1,095,060
|
| Series
2015-C31, Class D, 3.852%, 11/15/48 |
|
2,475
|
2,106,520
|
| Series
2016-C35, Class D, 3.142%, 7/15/48(1) |
|
1,850
|
1,586,525
|
| Series
2016-C36, Class D, 2.942%, 11/15/59(1) |
|
1,500
|
1,101,591
|
Total
Commercial Mortgage-Backed Securities
(identified cost $68,896,616) |
|
|
$ 57,883,381
|
| Security
|
Shares
|
Value
|
| Aerospace
and Defense — 0.0% |
| IAP
Worldwide Services LLC(10)(11)(12) |
|
31
|
$
0 |
| |
|
|
$ 0
|
| Commercial
Services & Supplies — 0.1% |
| Monitronics
International, Inc.(11)(12) |
|
26,092
|
$
547,932 |
| Phoenix
Services International LLC(11)(12) |
|
17,026
|
76,617
|
| Phoenix
Services International LLC(11)(12) |
|
1,554
|
6,993
|
| |
|
|
$ 631,542
|
| Containers
and Glass Products — 0.1% |
| LG
Parent Holding Co.(11)(12) |
|
166,175
|
$
747,787 |
| |
|
|
$ 747,787
|
| Electronics/Electrical
— 0.0%(13) |
| Skillsoft
Corp.(11)(12) |
|
7,153
|
$
110,872 |
| |
|
|
$ 110,872
|
9
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Shares
|
Value
|
| Entertainment
— 0.0%(13) |
| New
Cineworld Ltd.(11)(12) |
|
12,854
|
$
264,310 |
| |
|
|
$ 264,310
|
| Health
Care — 0.1% |
| Akorn
Holding Co. LLC(10)(11)(12) |
|
42,374
|
$
0 |
| Envision
Parent, Inc.(11)(12) |
|
146,518
|
1,575,068
|
| |
|
|
$ 1,575,068
|
| Household
Durables — 0.1% |
| Serta
Simmons Bedding, Inc.(11)(12) |
|
246,099
|
$
1,799,599 |
| Serta
SSB Equipment Co.(10)(11)(12) |
|
246,099
|
0
|
| |
|
|
$ 1,799,599
|
| Investment
Companies — 0.0%(13) |
| Aegletes
BV(11)(12) |
|
11,215
|
$
7,290 |
| |
|
|
$ 7,290
|
| Nonferrous
Metals/Minerals — 0.1% |
| ACNR
Holdings, Inc., Class A(11)(12) |
|
14,636
|
$
1,141,608 |
| |
|
|
$ 1,141,608
|
| Oil
and Gas — 0.0% |
| AFG
Holdings, Inc.(10)(11)(12) |
|
29,751
|
$
0 |
| |
|
|
$ 0
|
| Pharmaceuticals
— 0.2% |
| Covis
Midco 1 SARL, Class A(11)(12) |
|
560
|
$
285 |
| Covis
Midco 1 SARL, Class B(11)(12) |
|
560
|
285
|
| Covis
Midco 1 SARL, Class C(11)(12) |
|
560
|
286
|
| Covis
Midco 1 SARL, Class D(11)(12) |
|
560
|
286
|
| Covis
Midco 1 SARL, Class E(11)(12) |
|
560
|
286
|
| Endo,
Inc.(11) |
|
21,612
|
550,674
|
| Mallinckrodt
International Finance SA(11)(12) |
|
31,584
|
2,400,384
|
| |
|
|
$ 2,952,486
|
| Retail
— 0.0% |
| Jubilee
Enterprise PCL, Class A1(10)(11)(12) |
|
807
|
$
0 |
| Jubilee
Enterprise PCL, Class A2(10)(11)(12) |
|
644,824
|
0
|
| |
|
|
$ 0
|
| Retailers
(Except Food and Drug) — 0.0% |
| Phillips
Feed Service, Inc.(10)(11)(12) |
|
582
|
$
0 |
| |
|
|
$ 0
|
| Security
|
Shares
|
Value
|
| Telecommunications
— 0.0% |
| GEE
Acquisition Holdings Corp.(10)(11)(12) |
|
37,259
|
$
0 |
| |
|
|
$ 0
|
Total
Common Stocks
(identified cost $12,235,762) |
|
|
$ 9,230,562
|
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Energy
— 0.1% |
| NextEra
Energy Partners LP, 2.50%, 6/15/26(1) |
|
1,825
|
$
1,722,266 |
| |
|
|
$ 1,722,266
|
| Semiconductors
& Semiconductor Equipment — 0.0%(13) |
| ams-OSRAM
AG, Series AMS, 0.00%, 3/5/25(14) |
EUR
|
200
|
$
217,064 |
| |
|
|
$ 217,064
|
Total
Convertible Bonds
(identified cost $1,893,901) |
|
|
$ 1,939,330
|
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Aerospace
and Defense — 1.4% |
| Bombardier,
Inc.: |
|
|
|
| 7.00%,
6/1/32(1) |
|
710
|
$
743,502 |
| 7.25%,
7/1/31(1) |
|
825
|
873,209
|
| 7.875%,
4/15/27(1) |
|
1,019
|
1,022,497
|
| 8.75%,
11/15/30(1) |
|
1,125
|
1,236,740
|
| Moog,
Inc., 4.25%, 12/15/27(1) |
|
955
|
928,253
|
| Rolls-Royce
PLC, 5.75%, 10/15/27(1) |
|
3,387
|
3,494,798
|
| TransDigm,
Inc.: |
|
|
|
| 4.625%,
1/15/29 |
|
2,965
|
2,865,807
|
| 5.50%,
11/15/27 |
|
2,552
|
2,545,157
|
| 6.375%,
3/1/29(1) |
|
650
|
671,431
|
| 6.625%,
3/1/32(1) |
|
1,045
|
1,089,509
|
| 6.75%,
8/15/28(1) |
|
1,812
|
1,867,335
|
| |
|
|
$ 17,338,238
|
| Agriculture
— 0.1% |
| Darling
Ingredients, Inc., 6.00%, 6/15/30(1) |
|
814
|
$
822,546 |
| |
|
|
$ 822,546
|
10
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Air
Transport — 0.2% |
| Deutsche
Lufthansa AG, 4.382% to 2/12/26, 8/12/75(14)(15) |
EUR
|
200
|
$
222,775 |
| Gatwick
Airport Finance PLC, 4.375%, 4/7/26(14) |
GBP
|
300
|
393,040
|
| Heathrow
Finance PLC: |
|
|
|
| 4.125%,
9/1/29(14) |
GBP
|
100
|
122,545
|
| 6.625%,
3/1/31(14) |
GBP
|
220
|
294,851
|
| Mileage
Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27(1) |
|
1,330
|
1,347,433
|
| |
|
|
$ 2,380,644
|
| Automotive
— 1.7% |
| Asbury
Automotive Group, Inc.: |
|
|
|
| 4.625%,
11/15/29(1) |
|
512
|
$
488,692 |
| 4.75%,
3/1/30 |
|
1,134
|
1,086,306
|
| 5.00%,
2/15/32(1) |
|
217
|
205,912
|
| Clarios
Global LP/Clarios U.S. Finance Co.: |
|
|
|
| 4.375%,
5/15/26(14) |
EUR
|
150
|
166,686
|
| 6.25%,
5/15/26(1) |
|
1,504
|
1,504,588
|
| 8.50%,
5/15/27(1) |
|
3,484
|
3,501,876
|
| Dana
Financing Luxembourg SARL: |
|
|
|
| 3.00%,
7/15/29(14) |
EUR
|
100
|
98,326
|
| 8.50%,
7/15/31(14) |
EUR
|
300
|
356,316
|
| Dornoch
Debt Merger Sub, Inc., 6.625%, 10/15/29(1) |
|
1,445
|
1,273,386
|
| Ford
Motor Co.: |
|
|
|
| 4.75%,
1/15/43 |
|
1,274
|
1,056,317
|
| 7.45%,
7/16/31 |
|
457
|
505,259
|
| 9.625%,
4/22/30 |
|
201
|
238,406
|
| Forvia
SE: |
|
|
|
| 2.375%,
6/15/29(14) |
EUR
|
100
|
99,410
|
| 2.75%,
2/15/27(14) |
EUR
|
100
|
107,077
|
| 5.50%,
6/15/31(14) |
EUR
|
505
|
558,276
|
| Goodyear
Tire & Rubber Co., 5.00%, 7/15/29 |
|
1,433
|
1,319,124
|
| IHO
Verwaltungs GmbH: |
|
|
|
| 6.375%,
(6.375% cash or 7.125% PIK), 5/15/29(1)(16) |
|
200
|
195,956
|
| 8.75%,
(8.75% cash or 9.50% PIK), 5/15/28(14)(16) |
EUR
|
100
|
117,105
|
| Lithia
Motors, Inc.: |
|
|
|
| 3.875%,
6/1/29(1) |
|
651
|
608,052
|
| 4.375%,
1/15/31(1) |
|
1,171
|
1,090,527
|
| 4.625%,
12/15/27(1) |
|
514
|
502,972
|
| Mahle
GmbH, 6.50%, 5/2/31(14) |
EUR
|
100
|
108,212
|
| RCI
Banque SA, 5.50% to 7/9/29, 10/9/34(14)(15) |
EUR
|
100
|
113,844
|
| Real
Hero Merger Sub 2, Inc., 6.25%, 2/1/29(1) |
|
2,173
|
1,892,039 |
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Automotive
(continued) |
| Renault
SA: |
|
|
|
| 2.375%,
5/25/26(14) |
EUR
|
100
|
$
109,305 |
| 2.50%,
6/2/27(14) |
EUR
|
600
|
650,358
|
| Sonic
Automotive, Inc.: |
|
|
|
| 4.625%,
11/15/29(1) |
|
1,297
|
1,218,772
|
| 4.875%,
11/15/31(1) |
|
1,081
|
998,697
|
| Volkswagen
International Finance NV: |
|
|
|
| 3.875%
to 6/17/29(14)(15)(17) |
EUR
|
400
|
415,019
|
| 7.875%
to 9/6/32(14)(15)(17) |
EUR
|
200
|
250,910
|
| ZF
Europe Finance BV, 6.125%, 3/13/29(14) |
EUR
|
200
|
227,389
|
| ZF
Finance GmbH, 5.75%, 8/3/26(14) |
EUR
|
100
|
113,413
|
| |
|
|
$ 21,178,527
|
| Beverage
and Tobacco — 0.2% |
| Triton
Water Holdings, Inc., 6.25%, 4/1/29(1) |
|
1,942
|
$
1,941,797 |
| |
|
|
$ 1,941,797
|
| Building
and Development — 2.2% |
| Ashton
Woods USA LLC/Ashton Woods Finance Co.: |
|
|
|
| 4.625%,
8/1/29(1) |
|
392
|
$
376,651 |
| 4.625%,
4/1/30(1) |
|
1,097
|
1,051,930
|
| Builders
FirstSource, Inc.: |
|
|
|
| 4.25%,
2/1/32(1) |
|
2,498
|
2,311,090
|
| 5.00%,
3/1/30(1) |
|
1,085
|
1,064,935
|
| CP
Atlas Buyer, Inc., 7.00%, 12/1/28(1) |
|
2,055
|
1,904,750
|
| EMRLD
Borrower LP/Emerald Co-Issuer, Inc.: |
|
|
|
| 6.375%,
12/15/30(14) |
EUR
|
600
|
702,600
|
| 6.625%,
12/15/30(1) |
|
1,782
|
1,839,639
|
| HT
Troplast GmbH, 9.375%, 7/15/28(14) |
EUR
|
125
|
143,853
|
| James
Hardie International Finance DAC, 3.625%, 10/1/26(14) |
EUR
|
400
|
443,312
|
| KB
Home: |
|
|
|
| 4.00%,
6/15/31 |
|
86
|
79,623
|
| 4.80%,
11/15/29 |
|
556
|
549,062
|
| Masterbrand,
Inc., 7.00%, 7/15/32(1) |
|
1,620
|
1,699,092
|
| Meritage
Homes Corp., 3.875%, 4/15/29(1) |
|
596
|
570,105
|
| Miller
Homes Group Finco PLC: |
|
|
|
| 7.00%,
5/15/29(14) |
GBP
|
100
|
130,471
|
| 8.792%,
(3 mo. EURIBOR + 5.25%), 5/15/28(2)(14) |
EUR
|
200
|
225,830
|
| MIWD
Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30(1) |
|
559
|
544,370
|
| Patrick
Industries, Inc.: |
|
|
|
| 4.75%,
5/1/29(1) |
|
1,187
|
1,130,458
|
| 7.50%,
10/15/27(1) |
|
225
|
225,939 |
11
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Building
and Development (continued) |
| Smyrna
Ready Mix Concrete LLC, 6.00%, 11/1/28(1) |
|
3,078
|
$
3,092,270 |
| Standard
Building Solutions, Inc., 6.50%, 8/15/32(1) |
|
670
|
694,320
|
| Standard
Industries, Inc.: |
|
|
|
| 2.25%,
11/21/26(14) |
EUR
|
125
|
134,619
|
| 3.375%,
1/15/31(1) |
|
2,339
|
2,085,766
|
| 4.375%,
7/15/30(1) |
|
1,779
|
1,685,127
|
| Summit
Materials LLC/Summit Materials Finance Corp., 7.25%, 1/15/31(1) |
|
1,300
|
1,378,356
|
| Taylor
Morrison Communities, Inc., 5.875%, 6/15/27(1) |
|
808
|
825,505
|
| White
Cap Buyer LLC, 6.875%, 10/15/28(1) |
|
1,237
|
1,249,620
|
| White
Cap Parent LLC, 8.25%, (8.25% cash or 9.00% PIK), 3/15/26(1)(16) |
|
1,691
|
1,693,640
|
| |
|
|
$ 27,832,933
|
| Business
Equipment and Services — 0.4% |
| Adtalem
Global Education, Inc., 5.50%, 3/1/28(1) |
|
1,900
|
$
1,883,698 |
| Allied
Universal Holdco LLC, 7.875%, 2/15/31(1) |
|
630
|
644,079
|
| Allied
Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 7/15/27(1) |
|
1,148
|
1,151,554
|
| Allied
Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL: |
|
|
|
| 4.625%,
6/1/28(1) |
|
1,316
|
1,238,439
|
| 4.625%,
6/1/28(1) |
|
549
|
515,649
|
| |
|
|
$ 5,433,419
|
| Cable
and Satellite Television — 1.7% |
| Altice
Financing SA: |
|
|
|
| 2.25%,
1/15/25(14) |
EUR
|
400
|
$
439,722 |
| 3.00%,
1/15/28(14) |
EUR
|
100
|
91,487
|
| 4.25%,
8/15/29(14) |
EUR
|
200
|
179,391
|
| 5.00%,
1/15/28(1) |
|
814
|
689,284
|
| 5.75%,
8/15/29(1) |
|
611
|
491,589
|
| CCO
Holdings LLC/CCO Holdings Capital Corp.: |
|
|
|
| 4.25%,
2/1/31(1) |
|
2,589
|
2,284,481
|
| 4.50%,
8/15/30(1) |
|
1,814
|
1,645,674
|
| 4.50%,
5/1/32 |
|
535
|
463,004
|
| 4.75%,
3/1/30(1) |
|
1,789
|
1,646,930
|
| 5.00%,
2/1/28(1) |
|
1,755
|
1,708,497
|
| 5.375%,
6/1/29(1) |
|
595
|
573,867
|
| 6.375%,
9/1/29(1) |
|
1,974
|
1,977,721
|
| Directv
Financing LLC/Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1) |
|
340
|
334,063
|
| DISH
Network Corp., 11.75%, 11/15/27(1) |
|
1,293
|
1,358,096
|
| Sunrise
HoldCo IV BV, 5.50%, 1/15/28(1) |
|
593
|
590,892 |
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Cable
and Satellite Television (continued) |
| Virgin
Media Finance PLC: |
|
|
|
| 3.75%,
7/15/30(14) |
EUR
|
125
|
$
125,421 |
| 5.00%,
7/15/30(1) |
|
946
|
833,042
|
| Virgin
Media Secured Finance PLC, 5.25%, 5/15/29(14) |
GBP
|
200
|
252,349
|
| Virgin
Media Vendor Financing Notes III DAC, 4.875%, 7/15/28(14) |
GBP
|
725
|
897,852
|
| Virgin
Media Vendor Financing Notes IV DAC, 5.00%, 7/15/28(1) |
|
1,862
|
1,796,052
|
| VZ
Vendor Financing II BV, 2.875%, 1/15/29(14) |
EUR
|
200
|
206,081
|
| Ziggo
Bond Co. BV: |
|
|
|
| 3.375%,
2/28/30(14) |
EUR
|
230
|
232,712
|
| 5.125%,
2/28/30(1) |
|
560
|
516,829
|
| 6.00%,
1/15/27(1) |
|
745
|
745,251
|
| Ziggo
BV, 4.875%, 1/15/30(1) |
|
628
|
597,422
|
| |
|
|
$ 20,677,709
|
| Capital
Goods — 0.1% |
| BWX
Technologies, Inc.: |
|
|
|
| 4.125%,
6/30/28(1) |
|
948
|
$
915,249 |
| 4.125%,
4/15/29(1) |
|
733
|
705,029
|
| |
|
|
$ 1,620,278
|
| Chemicals
— 0.3% |
| Calderys
Financing II LLC, 11.75%, (11.75% cash or 12.50% PIK), 6/1/28(1)(16) |
|
1,360
|
$
1,382,859 |
| Calderys
Financing LLC, 11.25%, 6/1/28(1) |
|
2,315
|
2,491,558
|
| CTEC
II GmbH, 5.25%, 2/15/30(14) |
EUR
|
250
|
258,721
|
| |
|
|
$ 4,133,138
|
| Chemicals
and Plastics — 0.9% |
| Avient
Corp.: |
|
|
|
| 6.25%,
11/1/31(1) |
|
700
|
$
718,150 |
| 7.125%,
8/1/30(1) |
|
1,762
|
1,838,836
|
| Cerdia
Finanz GmbH, 9.375%, 10/3/31(1)(3) |
|
895
|
915,137
|
| Herens
Holdco SARL, 4.75%, 5/15/28(1) |
|
545
|
476,208
|
| Herens
Midco SARL, 5.25%, 5/15/29(14) |
EUR
|
400
|
334,615
|
| INEOS
Finance PLC: |
|
|
|
| 2.875%,
5/1/26(14) |
EUR
|
100
|
109,680
|
| 6.375%,
4/15/29(14) |
EUR
|
100
|
115,170
|
| Italmatch
Chemicals SpA, 10.00%, 2/6/28(14) |
EUR
|
400
|
474,794
|
| Nufarm
Australia Ltd./Nufarm Americas, Inc., 5.00%, 1/27/30(1) |
|
1,759
|
1,633,719
|
| Olympus
Water U.S. Holding Corp.: |
|
|
|
| 3.875%,
10/1/28(14) |
EUR
|
110
|
118,016 |
12
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Chemicals
and Plastics (continued) |
| Olympus
Water U.S. Holding Corp.: (continued) |
|
|
|
| 9.625%,
11/15/28(14) |
EUR
|
525
|
$
628,513 |
| 9.75%,
11/15/28(1) |
|
2,512
|
2,684,095
|
| Valvoline,
Inc., 3.625%, 6/15/31(1) |
|
1,403
|
1,256,966
|
| |
|
|
$ 11,303,899
|
| Clothing/Textiles
— 0.2% |
| Hanesbrands,
Inc., 9.00%, 2/15/31(1) |
|
1,710
|
$
1,847,388 |
| PrestigeBidCo
GmbH, 7.459%, (3 mo. EURIBOR + 3.75%), 7/1/29(2)(14) |
EUR
|
100
|
112,846
|
| William
Carter Co., 5.625%, 3/15/27(1) |
|
811
|
810,071
|
| |
|
|
$ 2,770,305
|
| Commercial
Services — 2.0% |
| Amber
Finco PLC, 6.625%, 7/15/29(1) |
EUR
|
165
|
$
192,578 |
| AMN
Healthcare, Inc.: |
|
|
|
| 4.00%,
4/15/29(1) |
|
2,227
|
2,084,017
|
| 4.625%,
10/1/27(1) |
|
156
|
152,626
|
| APi
Group DE, Inc., 4.75%, 10/15/29(1) |
|
2,510
|
2,420,499
|
| BCP
V Modular Services Finance II PLC, 4.75%, 11/30/28(14) |
EUR
|
100
|
108,526
|
| Boels
Topholding BV, 5.75%, 5/15/30(14) |
EUR
|
430
|
494,306
|
| Boost
Newco Borrower LLC, 7.50%, 1/15/31(1) |
|
1,328
|
1,426,109
|
| Boost
Newco Borrower LLC/GTCR W Dutch Finance Sub BV, 8.50%, 1/15/31(14) |
GBP
|
200
|
290,015
|
| Cimpress
PLC, 7.375%, 9/15/32(1) |
|
885
|
893,275
|
| HealthEquity,
Inc., 4.50%, 10/1/29(1) |
|
1,674
|
1,619,909
|
| IPD
3 BV: |
|
|
|
| 6.856%,
(3 mo. EURIBOR + 3.375%), 6/15/31(2)(14) |
EUR
|
100
|
111,782
|
| 8.00%,
6/15/28(14) |
EUR
|
425
|
501,854
|
| Korn
Ferry, 4.625%, 12/15/27(1) |
|
1,412
|
1,381,346
|
| Loxam
SAS, 2.875%, 4/15/26(14) |
EUR
|
100
|
110,662
|
| Mavis
Tire Express Services Topco Corp., 6.50%, 5/15/29(1) |
|
2,923
|
2,811,157
|
| Neptune
Bidco U.S., Inc., 9.29%, 4/15/29(1) |
|
783
|
767,728
|
| NESCO
Holdings II, Inc., 5.50%, 4/15/29(1) |
|
1,647
|
1,519,880
|
| Pachelbel
Bidco SpA: |
|
|
|
| 7.125%,
5/17/31(1) |
EUR
|
120
|
142,714
|
| 7.125%,
5/17/31(14) |
EUR
|
100
|
118,929
|
| Shift4
Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/32(1) |
|
1,046
|
1,092,873
|
| Spectrum
Brands, Inc., 3.875%, 3/15/31(1) |
|
266
|
234,211
|
| Verisure
Holding AB: |
|
|
|
| 3.25%,
2/15/27(14) |
EUR
|
400
|
437,735
|
| 9.25%,
10/15/27(14) |
EUR
|
125
|
146,101 |
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Commercial
Services (continued) |
| Verisure
Midholding AB, 5.25%, 2/15/29(14) |
EUR
|
325
|
$
359,730 |
| VT
Topco, Inc., 8.50%, 8/15/30(1) |
|
2,193
|
2,341,997
|
| Wand
NewCo 3, Inc., 7.625%, 1/30/32(1) |
|
1,234
|
1,300,868
|
| WASH
Multifamily Acquisition, Inc., 5.75%, 4/15/26(1) |
|
2,060
|
2,050,683
|
| |
|
|
$ 25,112,110
|
| Computers
— 0.6% |
| Almaviva-The
Italian Innovation Co. SpA, 4.875%, 10/30/26(14) |
EUR
|
100
|
$
112,266 |
| Amentum
Escrow Corp., 7.25%, 8/1/32(1) |
|
520
|
543,165
|
| Insight
Enterprises, Inc., 6.625%, 5/15/32(1) |
|
1,272
|
1,328,800
|
| McAfee
Corp., 7.375%, 2/15/30(1) |
|
2,175
|
2,123,535
|
| NCR
Voyix Corp., 5.125%, 4/15/29(1) |
|
270
|
264,444
|
| Seagate
HDD Cayman: |
|
|
|
| 4.091%,
6/1/29 |
|
418
|
401,763
|
| 9.625%,
12/1/32 |
|
1,800
|
2,091,554
|
| |
|
|
$ 6,865,527
|
| Containers
and Glass Products — 0.5% |
| Ardagh
Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC: |
|
|
|
| 3.00%,
9/1/29(14) |
EUR
|
1,225
|
$
1,164,317 |
| 4.00%,
9/1/29(1) |
|
1,139
|
1,017,734
|
| Berry
Global, Inc., 5.625%, 7/15/27(1) |
|
968
|
967,812
|
| Canpack
SA/Canpack U.S. LLC, 3.875%, 11/15/29(1) |
|
2,027
|
1,899,911
|
| Crown
Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26 |
|
660
|
650,195
|
| Crown
Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26 |
|
750
|
748,002
|
| |
|
|
$ 6,447,971
|
| Cosmetics/Toiletries
— 0.1% |
| Edgewell
Personal Care Co.: |
|
|
|
| 4.125%,
4/1/29(1) |
|
441
|
$
417,622 |
| 5.50%,
6/1/28(1) |
|
1,067
|
1,061,742
|
| |
|
|
$ 1,479,364
|
| Distribution
& Wholesale — 0.8% |
| BCPE
Empire Holdings, Inc., 7.625%, 5/1/27(1) |
|
1,959
|
$
1,967,212 |
| Performance
Food Group, Inc.: |
|
|
|
| 4.25%,
8/1/29(1) |
|
2,429
|
2,312,252
|
| 5.50%,
10/15/27(1) |
|
935
|
933,263
|
| 6.125%,
9/15/32(1) |
|
960
|
982,181 |
13
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Distribution
& Wholesale (continued) |
| Rexel
SA, 5.25%, 9/15/30(14) |
EUR
|
150
|
$
174,391 |
| Ritchie
Bros Holdings, Inc.: |
|
|
|
| 6.75%,
3/15/28(1) |
|
1,132
|
1,171,718
|
| 7.75%,
3/15/31(1) |
|
422
|
449,962
|
| Travis
Perkins PLC, 3.75%, 2/17/26(14) |
GBP
|
125
|
161,641
|
| Windsor
Holdings III LLC, 8.50%, 6/15/30(1) |
|
2,067
|
2,213,608
|
| |
|
|
$ 10,366,228
|
| Diversified
Financial Services — 1.3% |
| AG
TTMT Escrow Issuer LLC, 8.625%, 9/30/27(1) |
|
910
|
$
933,721 |
| American
AgCredit Corp., Series A, 5.25% to 6/15/26(1)(15)(17) |
|
410
|
399,750
|
| CI
Financial Corp., 4.10%, 6/15/51 |
|
1,380
|
962,390
|
| Encore
Capital Group, Inc., 7.935%, (3 mo. EURIBOR + 4.25%), 1/15/28(2)(14) |
EUR
|
100
|
111,866
|
| Focus
Financial Partners LLC, 6.75%, 9/15/31(1) |
|
1,175
|
1,186,980
|
| Hightower
Holding LLC, 9.125%, 1/31/30(1) |
|
1,010
|
1,054,978
|
| Jane
Street Group/JSG Finance, Inc., 4.50%, 11/15/29(1) |
|
1,905
|
1,835,190
|
| Jefferson
Capital Holdings LLC, 6.00%, 8/15/26(1) |
|
840
|
840,810
|
| Macquarie
Airfinance Holdings Ltd.: |
|
|
|
| 6.40%,
3/26/29(1) |
|
465
|
484,308
|
| 6.50%,
3/26/31(1) |
|
562
|
593,594
|
| 8.125%,
3/30/29(1) |
|
1,530
|
1,621,956
|
| ProGroup
AG: |
|
|
|
| 5.125%,
4/15/29(14) |
EUR
|
164
|
179,215
|
| 5.375%,
4/15/31(14) |
EUR
|
333
|
362,140
|
| Rocket
Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.: |
|
|
|
| 3.625%,
3/1/29(1) |
|
2,648
|
2,492,049
|
| 4.00%,
10/15/33(1) |
|
225
|
201,179
|
| Sherwood
Financing PLC, 6.00%, 11/15/26(14) |
GBP
|
150
|
189,844
|
| Unifin
Financiera SAB de CV: |
|
|
|
| 7.375%,
2/12/26(1)(10)(18) |
|
620
|
0
|
| 7.375%,
2/12/26(1)(10)(18) |
|
620
|
0
|
| VistaJet
Malta Finance PLC/Vista Management Holding, Inc., 6.375%, 2/1/30(1) |
|
2,806
|
2,413,216
|
| |
|
|
$ 15,863,186
|
| Drugs
— 0.3% |
| Gruenenthal
GmbH, 3.625%, 11/15/26(14) |
EUR
|
310
|
$
343,662 |
| Perrigo
Finance Unlimited Co.: |
|
|
|
| 4.90%,
6/15/30 |
|
2,255
|
2,197,924
|
| 4.90%,
12/15/44 |
|
588
|
492,036 |
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Drugs
(continued) |
| Perrigo
Finance Unlimited Co.: (continued) |
|
|
|
| 5.375%,
9/30/32 |
EUR
|
250
|
$
283,589 |
| |
|
|
$ 3,317,211
|
| Ecological
Services and Equipment — 0.9% |
| Clean
Harbors, Inc.: |
|
|
|
| 4.875%,
7/15/27(1) |
|
551
|
$
543,651 |
| 5.125%,
7/15/29(1) |
|
332
|
328,129
|
| 6.375%,
2/1/31(1) |
|
643
|
659,305
|
| GFL
Environmental, Inc.: |
|
|
|
| 3.50%,
9/1/28(1) |
|
1,679
|
1,599,860
|
| 3.75%,
8/1/25(1) |
|
776
|
770,402
|
| 4.375%,
8/15/29(1) |
|
2,000
|
1,918,763
|
| 4.75%,
6/15/29(1) |
|
3,095
|
3,021,691
|
| Paprec
Holding SA, 7.25%, 11/17/29(14) |
EUR
|
100
|
118,479
|
| Reworld
Holding Corp.: |
|
|
|
| 4.875%,
12/1/29(1) |
|
1,536
|
1,447,189
|
| 5.00%,
9/1/30 |
|
319
|
299,895
|
| Wrangler
Holdco Corp., 6.625%, 4/1/32(1) |
|
690
|
717,804
|
| |
|
|
$ 11,425,168
|
| Electric
Utilities — 0.6% |
| Alpha
Generation LLC, 6.75%, 10/15/32(1) |
|
770
|
$
781,336 |
| Electricite
de France SA, 7.50% to 9/6/28(14)(15)(17) |
EUR
|
400
|
489,418
|
| Enel
SpA, 6.625% to 4/16/31(14)(15)(17) |
EUR
|
300
|
372,329
|
| Energizer
Gamma Acquisition BV, 3.50%, 6/30/29(14) |
EUR
|
323
|
340,001
|
| Nexans
SA, 4.125%, 5/29/29(14) |
EUR
|
100
|
113,166
|
| Pattern
Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28(1) |
|
1,112
|
1,076,614
|
| TransAlta
Corp., 7.75%, 11/15/29 |
|
1,045
|
1,104,715
|
| WESCO
Distribution, Inc.: |
|
|
|
| 6.375%,
3/15/29(1) |
|
848
|
877,136
|
| 6.625%,
3/15/32(1) |
|
854
|
890,596
|
| 7.25%,
6/15/28(1) |
|
915
|
937,675
|
| |
|
|
$ 6,982,986
|
| Electronics/Electrical
— 0.8% |
| Coherent
Corp., 5.00%, 12/15/29(1) |
|
1,219
|
$
1,193,223 |
| EquipmentShare.com,
Inc., 8.625%, 5/15/32(1) |
|
825
|
866,537
|
| Imola
Merger Corp., 4.75%, 5/15/29(1) |
|
3,165
|
3,091,116
|
| Open
Text Corp., 3.875%, 2/15/28(1) |
|
1,009
|
964,512
|
| Open
Text Holdings, Inc., 4.125%, 2/15/30(1) |
|
883
|
829,733
|
| RWE
AG, 6.625% to 3/30/26, 7/30/75(14)(15) |
|
266
|
268,717 |
14
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Electronics/Electrical
(continued) |
| Sensata
Technologies, Inc.: |
|
|
|
| 3.75%,
2/15/31(1) |
|
1,660
|
$
1,521,616 |
| 4.375%,
2/15/30(1) |
|
627
|
599,828
|
| 6.625%,
7/15/32(1) |
|
400
|
417,369
|
| SS&C
Technologies, Inc., 5.50%, 9/30/27(1) |
|
517
|
517,174
|
| |
|
|
$ 10,269,825
|
| Energy
— 0.2% |
| Enviva
Partners LP/Enviva Partners Finance Corp., 6.50%, 1/15/26(1)(18) |
|
1,391
|
$
60,334 |
| Sunoco
LP, 7.25%, 5/1/32(1) |
|
1,130
|
1,198,746
|
| Sunoco
LP/Sunoco Finance Corp., 4.50%, 4/30/30 |
|
1,692
|
1,622,380
|
| |
|
|
$ 2,881,460
|
| Engineering
& Construction — 0.7% |
| Arcosa,
Inc., 6.875%, 8/15/32(1) |
|
1,046
|
$
1,095,585 |
| Artera
Services LLC, 8.50%, 2/15/31(1) |
|
1,535
|
1,521,038
|
| Brundage-Bone
Concrete Pumping Holdings, Inc., 6.00%, 2/1/26(1) |
|
1,038
|
1,034,790
|
| Dycom
Industries, Inc., 4.50%, 4/15/29(1) |
|
1,389
|
1,342,128
|
| TopBuild
Corp., 4.125%, 2/15/32(1) |
|
1,562
|
1,440,250
|
| VM
Consolidated, Inc., 5.50%, 4/15/29(1) |
|
1,899
|
1,883,863
|
| |
|
|
$ 8,317,654
|
| Entertainment
— 1.4% |
| Allwyn
Entertainment Financing U.K. PLC: |
|
|
|
| 7.25%,
4/30/30(14) |
EUR
|
525
|
$
622,661 |
| 7.875%,
4/30/29(1) |
|
1,985
|
2,093,131
|
| Boyne
USA, Inc., 4.75%, 5/15/29(1) |
|
1,357
|
1,305,544
|
| Caesars
Entertainment, Inc.: |
|
|
|
| 4.625%,
10/15/29(1) |
|
529
|
503,535
|
| 6.50%,
2/15/32(1) |
|
1,068
|
1,105,422
|
| 7.00%,
2/15/30(1) |
|
800
|
836,305
|
| 8.125%,
7/1/27(1) |
|
1,589
|
1,622,712
|
| Churchill
Downs, Inc., 5.75%, 4/1/30(1) |
|
1,751
|
1,754,196
|
| Cirsa
Finance International SARL: |
|
|
|
| 4.50%,
3/15/27(14) |
EUR
|
200
|
222,260
|
| 6.50%,
3/15/29(14) |
EUR
|
200
|
233,440
|
| 7.875%,
7/31/28(14) |
EUR
|
100
|
118,373
|
| CPUK
Finance Ltd.: |
|
|
|
| 4.50%,
8/28/27(14) |
GBP
|
100
|
126,112
|
| 6.50%,
8/28/26(14) |
GBP
|
100
|
133,257
|
| 7.875%,
8/28/29(14) |
GBP
|
130
|
178,507
|
| Flutter
Treasury DAC, 5.00%, 4/29/29(14) |
EUR
|
135
|
155,257 |
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Entertainment
(continued) |
| Inter
Media and Communication SpA, 6.75%, 2/9/27(14) |
EUR
|
595
|
$
672,933 |
| Jacobs
Entertainment, Inc., 6.75%, 2/15/29(1) |
|
791
|
769,900
|
| Light
& Wonder International, Inc., 7.00%, 5/15/28(1) |
|
1,647
|
1,662,549
|
| Live
Nation Entertainment, Inc., 4.75%, 10/15/27(1) |
|
1,226
|
1,209,749
|
| Lottomatica
SpA, 7.505%, (3 mo. EURIBOR + 4.00%), 12/15/30(2)(14) |
EUR
|
200
|
224,741
|
| Motion
Finco SARL, 7.375%, 6/15/30(14) |
EUR
|
400
|
451,237
|
| Speedway
Motorsports LLC/Speedway Funding II, Inc., 4.875%, 11/1/27(1) |
|
1,515
|
1,490,024
|
| |
|
|
$ 17,491,845
|
| Financial
Intermediaries — 0.6% |
| Ally
Financial, Inc., Series B, 4.70% to 5/15/26(15)(17) |
|
1,647
|
$
1,440,409 |
| Alpha
Holding SA de CV: |
|
|
|
| 9.00%,
2/10/25(1)(18) |
|
721
|
3,945
|
| 10.00%,
12/19/22(1)(18) |
|
188
|
1,030
|
| Compass
Group Diversified Holdings LLC, 5.25%, 4/15/29(1) |
|
1,807
|
1,757,054
|
| Ford
Motor Credit Co. LLC: |
|
|
|
| 2.90%,
2/16/28 |
|
420
|
390,074
|
| 3.625%,
6/17/31 |
|
2,307
|
2,047,249
|
| 4.00%,
11/13/30 |
|
995
|
920,281
|
| MSCI,
Inc.: |
|
|
|
| 3.625%,
9/1/30(1) |
|
520
|
489,637
|
| 3.875%,
2/15/31(1) |
|
899
|
851,440
|
| |
|
|
$ 7,901,119
|
| Financial
Services — 0.2% |
| Viet
Nam Debt & Asset Trading Corp., 1.00%, 10/10/25(14) |
|
2,600
|
$
2,418,000 |
| |
|
|
$ 2,418,000
|
| Food
Products — 0.5% |
| Flora
Food Management BV, 6.875%, 7/2/29(14) |
EUR
|
110
|
$
122,666 |
| Ingles
Markets, Inc., 4.00%, 6/15/31(1) |
|
1,502
|
1,375,159
|
| La
Doria SpA, 8.155%, (3 mo. EURIBOR + 4.50%), 11/12/29(2)(14) |
EUR
|
200
|
226,253
|
| Lion/Polaris
Lux 4 SA, 6.951%, (3 mo. EURIBOR + 3.625%), 7/1/29(1)(2) |
EUR
|
100
|
112,080
|
| Market
Bidco Finco PLC, 4.75%, 11/4/27(14) |
EUR
|
125
|
133,935
|
| Nomad
Foods Bondco PLC, 2.50%, 6/24/28(14) |
EUR
|
236
|
249,116
|
| Picard
Groupe SAS, 6.375%, 7/1/29(1) |
EUR
|
100
|
114,707 |
15
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Food
Products (continued) |
| Pilgrim's
Pride Corp.: |
|
|
|
| 3.50%,
3/1/32 |
|
1,979
|
$
1,758,765 |
| 6.875%,
5/15/34 |
|
740
|
822,178
|
| Post
Holdings, Inc., 6.25%, 2/15/32(1) |
|
1,176
|
1,212,407
|
| Premier
Foods Finance PLC, 3.50%, 10/15/26(14) |
GBP
|
125
|
163,887
|
| |
|
|
$ 6,291,153
|
| Food
Service — 0.9% |
| 1011778
BC ULC/New Red Finance, Inc.: |
|
|
|
| 3.875%,
1/15/28(1) |
|
1,906
|
$
1,833,161 |
| 4.00%,
10/15/30(1) |
|
2,705
|
2,496,784
|
| 4.375%,
1/15/28(1) |
|
1,014
|
986,181
|
| Chobani
LLC/Chobani Finance Corp., Inc.: |
|
|
|
| 4.625%,
11/15/28(1) |
|
175
|
170,599
|
| 7.625%,
7/1/29(1) |
|
2,278
|
2,395,023
|
| Fiesta
Purchaser, Inc., 7.875%, 3/1/31(1) |
|
1,015
|
1,077,809
|
| U.S.
Foods, Inc., 4.75%, 2/15/29(1) |
|
1,837
|
1,792,858
|
| Yum!
Brands, Inc., 3.625%, 3/15/31 |
|
603
|
557,500
|
| |
|
|
$ 11,309,915
|
| Food/Drug
Retailers — 0.3% |
| Albertsons
Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC: |
|
|
|
| 4.875%,
2/15/30(1) |
|
1,028
|
$
1,014,385 |
| 5.875%,
2/15/28(1) |
|
2,145
|
2,160,948
|
| |
|
|
$ 3,175,333
|
| Forest
Products & Paper — 0.1% |
| WEPA
Hygieneprodukte GmbH, 5.625%, 1/15/31(14) |
EUR
|
660
|
$
754,102 |
| |
|
|
$ 754,102
|
| Health
Care — 2.9% |
| AHP
Health Partners, Inc., 5.75%, 7/15/29(1) |
|
610
|
$
600,630 |
| Avantor
Funding, Inc., 3.875%, 7/15/28(14) |
EUR
|
100
|
111,085
|
| Cerba
Healthcare SACA, 3.50%, 5/31/28(14) |
EUR
|
550
|
518,989
|
| Chrome
Holdco SAS, 5.00%, 5/31/29(14) |
EUR
|
200
|
143,582
|
| Concentra
Escrow Issuer Corp., 6.875%, 7/15/32(1) |
|
480
|
505,326
|
| Encompass
Health Corp.: |
|
|
|
| 4.625%,
4/1/31 |
|
683
|
654,512
|
| 4.75%,
2/1/30 |
|
639
|
625,068
|
| Ephios
Subco 3 SARL, 7.875%, 1/31/31(14) |
EUR
|
160
|
192,269
|
| Fortrea
Holdings, Inc., 7.50%, 7/1/30(1) |
|
1,427
|
1,438,152
|
| HCA,
Inc., 5.875%, 2/15/26 |
|
2,705
|
2,734,016
|
| Heartland
Dental LLC/Heartland Dental Finance Corp., 10.50%, 4/30/28(1) |
|
4,006
|
4,291,118 |
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Health
Care (continued) |
| IQVIA,
Inc.: |
|
|
|
| 2.25%,
1/15/28(14) |
EUR
|
250
|
$
265,787 |
| 2.25%,
3/15/29(14) |
EUR
|
300
|
313,869
|
| 2.875%,
6/15/28(14) |
EUR
|
100
|
108,246
|
| 5.00%,
10/15/26(1) |
|
850
|
848,396
|
| 5.00%,
5/15/27(1) |
|
685
|
681,420
|
| 6.50%,
5/15/30(1) |
|
825
|
861,566
|
| Legacy
LifePoint Health LLC, 4.375%, 2/15/27(1) |
|
989
|
970,724
|
| LifePoint
Health, Inc.: |
|
|
|
| 5.375%,
1/15/29(1) |
|
2,888
|
2,731,611
|
| 9.875%,
8/15/30(1) |
|
825
|
909,360
|
| 10.00%,
6/1/32(1) |
|
375
|
412,731
|
| Medline
Borrower LP, 5.25%, 10/1/29(1) |
|
4,431
|
4,350,899
|
| Molina
Healthcare, Inc.: |
|
|
|
| 3.875%,
11/15/30(1) |
|
1,330
|
1,236,453
|
| 3.875%,
5/15/32(1) |
|
1,450
|
1,327,239
|
| Option
Care Health, Inc., 4.375%, 10/31/29(1) |
|
1,991
|
1,893,318
|
| Surgery
Center Holdings, Inc., 7.25%, 4/15/32(1) |
|
1,320
|
1,379,430
|
| Team
Health Holdings, Inc, 13.50%, (9.00% cash and 4.50% PIK), 6/30/28(1) |
|
77
|
85,388
|
| Tenet
Healthcare Corp.: |
|
|
|
| 4.375%,
1/15/30 |
|
187
|
179,546
|
| 5.125%,
11/1/27 |
|
1,607
|
1,602,219
|
| 6.125%,
10/1/28 |
|
1,593
|
1,606,987
|
| 6.875%,
11/15/31 |
|
878
|
961,757
|
| U.S.
Acute Care Solutions LLC, 9.75%, 5/15/29(1) |
|
1,710
|
1,773,285
|
| Varex
Imaging Corp., 7.875%, 10/15/27(1) |
|
558
|
570,158
|
| |
|
|
$ 36,885,136
|
| Health
Care Providers & Services — 0.1% |
| Catalent
Pharma Solutions, Inc.: |
|
|
|
| 2.375%,
3/1/28(14) |
EUR
|
150
|
$
164,444 |
| 3.50%,
4/1/30(1) |
|
1,465
|
1,442,175
|
| |
|
|
$ 1,606,619
|
| Home
Furnishings — 0.2% |
| Tempur
Sealy International, Inc.: |
|
|
|
| 3.875%,
10/15/31(1) |
|
1,932
|
$
1,724,199 |
| 4.00%,
4/15/29(1) |
|
968
|
903,703
|
| |
|
|
$ 2,627,902
|
| Homebuilders/Real
Estate — 0.0%(13) |
| M/I
Homes, Inc., 4.95%, 2/1/28 |
|
459
|
$
451,616 |
| |
|
|
$ 451,616
|
16
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Hotels,
Restaurants & Leisure — 0.1% |
| Resorts
World Las Vegas LLC/RWLV Capital, Inc., 8.45%, 7/27/30(1) |
|
600
|
$
633,808 |
| |
|
|
$ 633,808
|
| Housewares
— 0.1% |
| CD&R
Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/29(1)(3) |
|
1,515
|
$
1,518,333 |
| |
|
|
$ 1,518,333
|
| Industrial
Equipment — 0.2% |
| Alstom
SA, 5.868% to 5/29/29(14)(15)(17) |
EUR
|
200
|
$
230,117 |
| Madison
IAQ LLC, 5.875%, 6/30/29(1) |
|
1,660
|
1,617,683
|
| TK
Elevator Holdco GmbH, 6.625%, 7/15/28(14) |
EUR
|
270
|
300,565
|
| TK
Elevator Midco GmbH, 4.375%, 7/15/27(14) |
EUR
|
425
|
470,190
|
| |
|
|
$ 2,618,555
|
| Insurance
— 0.9% |
| Alliant
Holdings Intermediate LLC/Alliant Holdings Co.-Issuer: |
|
|
|
| 6.75%,
10/15/27(1) |
|
2,323
|
$
2,316,136 |
| 7.00%,
1/15/31(1) |
|
808
|
830,925
|
| 7.375%,
10/1/32(1) |
|
285
|
289,304
|
| AmWINS
Group, Inc., 4.875%, 6/30/29(1) |
|
1,010
|
969,301
|
| AssuredPartners,
Inc., 5.625%, 1/15/29(1) |
|
450
|
433,609
|
| Galaxy
Finco Ltd., 9.25%, 7/31/27(14) |
GBP
|
475
|
630,388
|
| GTCR
AP Finance, Inc., 8.00%, 5/15/27(1) |
|
820
|
820,546
|
| Jones
Deslauriers Insurance Management, Inc., 10.50%, 12/15/30(1) |
|
1,539
|
1,674,964
|
| Panther
Escrow Issuer LLC, 7.125%, 6/1/31(1) |
|
2,679
|
2,812,130
|
| Ryan
Specialty LLC, 5.875%, 8/1/32(1) |
|
975
|
991,917
|
| |
|
|
$ 11,769,220
|
| Internet
Software & Services — 0.6% |
| Arches
Buyer, Inc.: |
|
|
|
| 4.25%,
6/1/28(1) |
|
655
|
$
603,321 |
| 6.125%,
12/1/28(1) |
|
1,854
|
1,589,078
|
| Cars.com,
Inc., 6.375%, 11/1/28(1) |
|
1,770
|
1,784,190
|
| Match
Group Holdings II LLC, 3.625%, 10/1/31(1) |
|
1,727
|
1,547,951
|
| Science
Applications International Corp., 4.875%, 4/1/28(1) |
|
1,487
|
1,457,475
|
| United
Group BV: |
|
|
|
| 3.125%,
2/15/26(14) |
EUR
|
200
|
220,293
|
| 6.75%,
2/15/31(14) |
EUR
|
120
|
139,088 |
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Internet
Software & Services (continued) |
| United
Group BV: (continued) |
|
|
|
| 7.792%,
(3 mo. EURIBOR + 4.25%), 2/15/31(2)(14) |
EUR
|
100
|
$
111,433 |
| |
|
|
$ 7,452,829
|
| Leisure
Goods/Activities/Movies — 2.0% |
| Acushnet
Co., 7.375%, 10/15/28(1) |
|
1,142
|
$
1,204,968 |
| Carnival
Corp.: |
|
|
|
| 5.75%,
3/1/27(1) |
|
1,316
|
1,333,605
|
| 5.75%,
1/15/30(14) |
EUR
|
100
|
119,355
|
| 6.00%,
5/1/29(1) |
|
2,081
|
2,109,768
|
| Cinemark
USA, Inc.: |
|
|
|
| 5.25%,
7/15/28(1) |
|
1,481
|
1,457,415
|
| 7.00%,
8/1/32(1) |
|
1,015
|
1,060,435
|
| LHMC
Finco 2 SARL, 7.25%, (7.25% cash or 8.00% PIK), 10/2/25(14)(16) |
EUR
|
158
|
176,715
|
| Life
Time, Inc.: |
|
|
|
| 5.75%,
1/15/26(1) |
|
1,268
|
1,270,115
|
| 8.00%,
4/15/26(1) |
|
846
|
854,461
|
| NCL
Corp. Ltd.: |
|
|
|
| 5.875%,
3/15/26(1) |
|
2,601
|
2,602,786
|
| 5.875%,
2/15/27(1) |
|
517
|
519,178
|
| 7.75%,
2/15/29(1) |
|
433
|
464,316
|
| NCL
Finance Ltd., 6.125%, 3/15/28(1) |
|
1,000
|
1,020,709
|
| Piaggio
& C SpA, 6.50%, 10/5/30(14) |
EUR
|
200
|
236,164
|
| Playtika
Holding Corp., 4.25%, 3/15/29(1) |
|
1,511
|
1,387,999
|
| Royal
Caribbean Cruises Ltd.: |
|
|
|
| 3.70%,
3/15/28 |
|
590
|
569,762
|
| 6.00%,
2/1/33(1) |
|
1,105
|
1,133,519
|
| 6.25%,
3/15/32(1) |
|
845
|
877,080
|
| TUI
AG, 5.875%, 3/15/29(14) |
EUR
|
600
|
697,320
|
| TUI
Cruises GmbH, 6.25%, 4/15/29(14) |
EUR
|
250
|
293,414
|
| Viking
Cruises Ltd.: |
|
|
|
| 5.875%,
9/15/27(1) |
|
2,472
|
2,472,003
|
| 6.25%,
5/15/25(1) |
|
1,690
|
1,688,777
|
| 7.00%,
2/15/29(1) |
|
658
|
666,805
|
| Viking
Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1) |
|
422
|
420,922
|
| |
|
|
$ 24,637,591
|
| Lodging
and Casinos — 0.1% |
| Genting
New York LLC/GENNY Capital, Inc., 7.25%, 10/1/29(1) |
|
980
|
$
992,445 |
| TVL
Finance PLC, 10.25%, 4/28/28(14) |
GBP
|
220
|
308,688
|
| |
|
|
$ 1,301,133
|
17
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Machinery
— 0.3% |
| Chart
Industries, Inc., 9.50%, 1/1/31(1) |
|
1,984
|
$
2,164,280 |
| Dynamo
Newco II GmbH, 6.25%, 10/15/31(1) |
EUR
|
235
|
263,552
|
| Esab
Corp., 6.25%, 4/15/29(1) |
|
1,083
|
1,113,658
|
| EVOCA
SpA, 8.962%, (3 mo. EURIBOR + 5.25%), 4/9/29(2)(14) |
EUR
|
344
|
388,167
|
| IMA
Industria Macchine Automatiche SpA: |
|
|
|
| 3.75%,
1/15/28(14) |
EUR
|
121
|
131,309
|
| 7.435%,
(3 mo. EURIBOR + 3.75%), 4/15/29(2)(14) |
EUR
|
150
|
169,089
|
| |
|
|
$ 4,230,055
|
| Media
— 0.3% |
| CSC
Holdings LLC, 11.75%, 1/31/29(1) |
|
571
|
$
552,280 |
| iHeartCommunications,
Inc., 6.375%, 5/1/26 |
|
179
|
156,863
|
| Outfront
Media Capital LLC/Outfront Media Capital Corp.: |
|
|
|
| 4.25%,
1/15/29(1) |
|
610
|
581,360
|
| 4.625%,
3/15/30(1) |
|
925
|
879,740
|
| 7.375%,
2/15/31(1) |
|
1,475
|
1,575,927
|
| Summer
BidCo BV, 10.00%, (10.00% cash or 10.75% PIK), 2/15/29(14)(16) |
EUR
|
409
|
471,329
|
| |
|
|
$ 4,217,499
|
| Metals/Mining
— 1.2% |
| Arsenal
AIC Parent LLC, 11.50%, 10/1/31(1) |
|
3,254
|
$
3,681,799 |
| Compass
Minerals International, Inc., 6.75%, 12/1/27(1) |
|
2,449
|
2,439,600
|
| Constellium
SE, 5.625%, 6/15/28(1) |
|
630
|
629,255
|
| First
Quantum Minerals Ltd., 9.375%, 3/1/29(1) |
|
1,215
|
1,289,351
|
| Freeport-McMoRan,
Inc., 5.45%, 3/15/43 |
|
1,600
|
1,608,416
|
| Hudbay
Minerals, Inc.: |
|
|
|
| 4.50%,
4/1/26(1) |
|
1,085
|
1,074,142
|
| 6.125%,
4/1/29(1) |
|
489
|
496,450
|
| Novelis
Corp.: |
|
|
|
| 3.25%,
11/15/26(1) |
|
690
|
666,449
|
| 4.75%,
1/30/30(1) |
|
1,068
|
1,036,356
|
| Novelis
Sheet Ingot GmbH, 3.375%, 4/15/29(14) |
EUR
|
600
|
639,273
|
| Roller
Bearing Co. of America, Inc., 4.375%, 10/15/29(1) |
|
1,513
|
1,453,434
|
| |
|
|
$ 15,014,525
|
| Nonferrous
Metals/Minerals — 0.2% |
| Eldorado
Gold Corp., 6.25%, 9/1/29(1) |
|
1,333
|
$
1,331,820 |
| New
Gold, Inc., 7.50%, 7/15/27(1) |
|
1,379
|
1,407,552
|
| |
|
|
$ 2,739,372
|
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Oil
and Gas — 2.0% |
| Aethon
United BR LP/Aethon United Finance Corp.: |
|
|
|
| 7.50%,
10/1/29(1)(3) |
|
1,475
|
$
1,495,591 |
| 8.25%,
2/15/26(1) |
|
1,570
|
1,589,532
|
| Civitas
Resources, Inc., 8.625%, 11/1/30(1) |
|
2,678
|
2,839,542
|
| Matador
Resources Co., 6.50%, 4/15/32(1) |
|
1,400
|
1,398,959
|
| Nabors
Industries Ltd., 7.50%, 1/15/28(1) |
|
665
|
624,084
|
| Parkland
Corp.: |
|
|
|
| 4.50%,
10/1/29(1) |
|
376
|
356,244
|
| 4.625%,
5/1/30(1) |
|
1,501
|
1,416,563
|
| Permian
Resources Operating LLC: |
|
|
|
| 5.375%,
1/15/26(1) |
|
232
|
231,793
|
| 5.875%,
7/1/29(1) |
|
2,252
|
2,251,824
|
| 6.25%,
2/1/33(1) |
|
935
|
950,773
|
| 7.00%,
1/15/32(1) |
|
1,214
|
1,263,959
|
| Petroleos
de Venezuela SA: |
|
|
|
| 5.375%,
4/12/27(14)(18) |
|
1,233
|
119,883
|
| 5.50%,
4/12/37(14)(18) |
|
432
|
43,073
|
| 6.00%,
10/28/22(14)(18) |
|
308
|
26,556
|
| 6.00%,
5/16/24(14)(18) |
|
1,578
|
153,006
|
| 6.00%,
11/15/26(14)(18) |
|
897
|
87,443
|
| 8.50%,
10/27/20(14)(18) |
|
75
|
69,375
|
| 9.00%,
11/17/21(14)(18) |
|
566
|
58,968
|
| 9.75%,
5/17/35(14)(18) |
|
635
|
69,861
|
| 12.75%,
2/17/22(14)(18) |
|
393
|
45,125
|
| Petroleos
Mexicanos: |
|
|
|
| 6.50%,
3/13/27 |
|
235
|
230,593
|
| 6.84%,
1/23/30 |
|
416
|
385,495
|
| 6.875%,
8/4/26 |
|
367
|
365,792
|
| Precision
Drilling Corp.: |
|
|
|
| 6.875%,
1/15/29(1) |
|
932
|
930,817
|
| 7.125%,
1/15/26(1) |
|
309
|
309,856
|
| Repsol
International Finance BV, 4.50% to 3/25/25, 3/25/75(14)(15) |
EUR
|
100
|
111,505
|
| Seadrill
Finance Ltd., 8.375%, 8/1/30(1) |
|
513
|
535,965
|
| SM
Energy Co., 7.00%, 8/1/32(1) |
|
1,070
|
1,074,869
|
| Southwestern
Energy Co., 4.75%, 2/1/32 |
|
1,485
|
1,421,754
|
| Transocean
Poseidon Ltd., 6.875%, 2/1/27(1) |
|
641
|
641,501
|
| Transocean,
Inc., 8.75%, 2/15/30(1) |
|
601
|
627,054
|
| Vital
Energy, Inc.: |
|
|
|
| 7.875%,
4/15/32(1) |
|
694
|
672,798
|
| 9.75%,
10/15/30 |
|
1,026
|
1,097,240
|
| Weatherford
International Ltd., 8.625%, 4/30/30(1) |
|
1,355
|
1,412,922
|
| Wintershall
Dea Finance 2 BV, Series NC5, 2.499% to 4/20/26(14)(15)(17) |
EUR
|
200
|
214,164
|
| |
|
|
$ 25,124,479
|
18
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Packaging
& Containers — 0.3% |
| Ball
Corp., 6.875%, 3/15/28 |
|
474
|
$
491,266 |
| Kleopatra
Finco SARL, 4.25%, 3/1/26(14) |
EUR
|
140
|
146,596
|
| OI
European Group BV, 6.25%, 5/15/28(14) |
EUR
|
125
|
145,179
|
| Owens-Brockway
Glass Container, Inc., 7.25%, 5/15/31(1) |
|
1,382
|
1,421,500
|
| Trivium
Packaging Finance BV: |
|
|
|
| 5.50%,
8/15/26(1) |
|
424
|
422,721
|
| 7.292%,
(3 mo. EURIBOR + 3.75%), 8/15/26(2)(14) |
EUR
|
300
|
335,398
|
| 8.50%,
8/15/27(1) |
|
810
|
812,744
|
| |
|
|
$ 3,775,404
|
| Pharmaceuticals
— 0.8% |
| Bayer
AG, 5.375% to 6/25/30, 3/25/82(14)(15) |
EUR
|
500
|
$
552,747 |
| BellRing
Brands, Inc., 7.00%, 3/15/30(1) |
|
2,444
|
2,560,244
|
| Endo
Finance Holdings, Inc., 8.50%, 4/15/31(1) |
|
900
|
965,505
|
| Grifols
SA, 7.50%, 5/1/30(14) |
EUR
|
150
|
177,711
|
| Nidda
Healthcare Holding GmbH, 7.50%, 8/21/26(14) |
EUR
|
400
|
461,147
|
| P&L
Development LLC/PLD Finance Corp., 7.75%, 11/15/25(1) |
|
1,119
|
1,099,874
|
| Prestige
Brands, Inc., 3.75%, 4/1/31(1) |
|
752
|
689,339
|
| Rossini
SARL, 6.75%, 12/31/29(14) |
EUR
|
455
|
533,453
|
| Teva
Pharmaceutical Finance Netherlands II BV, 7.875%, 9/15/31 |
EUR
|
100
|
132,125
|
| Teva
Pharmaceutical Finance Netherlands III BV, 4.10%, 10/1/46 |
|
3,321
|
2,471,375
|
| |
|
|
$ 9,643,520
|
| Pipelines
— 2.3% |
| Antero
Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 3/1/27(1) |
|
1,874
|
$
1,877,143 |
| Cheniere
Energy Partners LP, 4.00%, 3/1/31 |
|
2,706
|
2,562,862
|
| DT
Midstream, Inc., 4.125%, 6/15/29(1) |
|
1,449
|
1,387,101
|
| Energy
Transfer LP, 5.00%, 5/15/50 |
|
1,094
|
989,021
|
| EQM
Midstream Partners LP: |
|
|
|
| 4.50%,
1/15/29(1) |
|
1,355
|
1,326,622
|
| 4.75%,
1/15/31(1) |
|
1,086
|
1,052,299
|
| 6.00%,
7/1/25(1) |
|
257
|
257,573
|
| 6.50%,
7/1/27(1) |
|
702
|
723,621
|
| 7.50%,
6/1/30(1) |
|
1,010
|
1,109,950
|
| Genesis
Energy LP/Genesis Energy Finance Corp., 7.875%, 5/15/32 |
|
798
|
813,115
|
| Global
Partners LP/GLP Finance Corp., 8.25%, 1/15/32(1) |
|
1,317
|
1,367,163
|
| Kinetik
Holdings LP, 5.875%, 6/15/30(1) |
|
2,308
|
2,325,589 |
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Pipelines
(continued) |
| Plains
All American Pipeline LP, Series B, 9.49% to 11/15/24, (3 mo. SOFR + 4.372%)(2)(17) |
|
1,912
|
$
1,913,323 |
| Venture
Global LNG, Inc.: |
|
|
|
| 7.00%,
1/15/30(1) |
|
800
|
817,890
|
| 8.125%,
6/1/28(1) |
|
1,174
|
1,224,704
|
| 8.375%,
6/1/31(1) |
|
1,878
|
1,984,306
|
| 9.00%
to 9/30/29(1)(15)(17) |
|
2,160
|
2,191,091
|
| 9.50%,
2/1/29(1) |
|
1,623
|
1,829,331
|
| 9.875%,
2/1/32(1) |
|
1,542
|
1,714,422
|
| Western
Midstream Operating LP: |
|
|
|
| 4.05%,
2/1/30 |
|
1,187
|
1,143,602
|
| 4.50%,
3/1/28 |
|
148
|
146,831
|
| 4.75%,
8/15/28 |
|
150
|
149,917
|
| |
|
|
$ 28,907,476
|
| Publishing
— 0.2% |
| McGraw-Hill
Education, Inc.: |
|
|
|
| 5.75%,
8/1/28(1) |
|
423
|
$
418,366 |
| 7.375%,
9/1/31(1) |
|
735
|
763,193
|
| 8.00%,
8/1/29(1) |
|
1,879
|
1,887,299
|
| |
|
|
$ 3,068,858
|
| Radio
and Television — 0.4% |
| Clear
Channel Outdoor Holdings, Inc.: |
|
|
|
| 7.75%,
4/15/28(1) |
|
2,088
|
$
1,870,125 |
| 7.875%,
4/1/30(1) |
|
1,227
|
1,284,100
|
| Townsquare
Media, Inc., 6.875%, 2/1/26(1) |
|
1,492
|
1,490,074
|
| |
|
|
$ 4,644,299
|
| Real
Estate Investment Trusts (REITs) — 1.2% |
| AccorInvest
Group SA, 6.375%, 10/15/29(3)(14) |
EUR
|
165
|
$
190,478 |
| Akelius
Residential Property AB, 2.249% to 2/17/26, 5/17/81(14)(15) |
EUR
|
200
|
214,081
|
| Alexandrite
Monnet U.K. Holdco PLC, 10.50%, 5/15/29(14) |
EUR
|
600
|
723,423
|
| CTR
Partnership LP/CareTrust Capital Corp., 3.875%, 6/30/28(1) |
|
1,591
|
1,517,737
|
| Cushman
& Wakefield U.S. Borrower LLC: |
|
|
|
| 6.75%,
5/15/28(1) |
|
1,272
|
1,284,721
|
| 8.875%,
9/1/31(1) |
|
907
|
991,059
|
| Greystar
Real Estate Partners LLC, 7.75%, 9/1/30(1) |
|
2,048
|
2,176,774
|
| HAT
Holdings I LLC/HAT Holdings II LLC: |
|
|
|
| 3.375%,
6/15/26(1) |
|
1,316
|
1,275,315
|
| 3.75%,
9/15/30(1) |
|
1,816
|
1,641,207 |
19
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Real
Estate Investment Trusts (REITs) (continued) |
| Heimstaden
Bostad AB: |
|
|
|
| 3.00%
to 10/29/27(14)(15)(17) |
EUR
|
102
|
$
96,405 |
| 3.375%
to 1/15/26(14)(15)(17) |
EUR
|
150
|
150,023
|
| Heimstaden
Bostad Treasury BV, 0.25%, 10/13/24(14) |
EUR
|
225
|
250,117
|
| Pebblebrook
Hotel LP/PEB Finance Corp., 6.375%, 10/15/29(1)(3) |
|
435
|
438,249
|
| VICI
Properties LP/VICI Note Co., Inc.: |
|
|
|
| 3.75%,
2/15/27(1) |
|
323
|
315,293
|
| 4.125%,
8/15/30(1) |
|
1,108
|
1,053,089
|
| 4.25%,
12/1/26(1) |
|
1,653
|
1,638,146
|
| 4.50%,
9/1/26(1) |
|
895
|
891,615
|
| 5.75%,
2/1/27(1) |
|
573
|
583,347
|
| |
|
|
$ 15,431,079
|
| Retail
— 1.3% |
| B&M
European Value Retail SA, 8.125%, 11/15/30(14) |
GBP
|
200
|
$
287,363 |
| Bertrand
Franchise Finance SAS: |
|
|
|
| 6.50%,
7/18/30(14) |
EUR
|
100
|
115,513
|
| 6.50%,
7/18/30(1) |
EUR
|
100
|
115,513
|
| 7.489%,
(3 mo. EURIBOR + 3.75%), 7/18/30(1)(2) |
EUR
|
120
|
134,635
|
| CD&R
Firefly Bidco PLC, 8.625%, 4/30/29(14) |
GBP
|
450
|
624,358
|
| Cougar
JV Subsidiary LLC, 8.00%, 5/15/32(1) |
|
1,737
|
1,838,135
|
| Dufry
One BV: |
|
|
|
| 2.00%,
2/15/27(14) |
EUR
|
200
|
215,035
|
| 3.375%,
4/15/28(14) |
EUR
|
139
|
153,147
|
| Duomo
Bidco SpA, 7.803%, (3 mo. EURIBOR + 4.125%), 7/15/31(2)(14) |
EUR
|
150
|
168,809
|
| Evergreen
Acqco 1 LP/TVI, Inc., 9.75%, 4/26/28(1) |
|
1,620
|
1,709,858
|
| Ferrellgas
LP/Ferrellgas Finance Corp., 5.875%, 4/1/29(1) |
|
1,582
|
1,481,733
|
| Group
1 Automotive, Inc.: |
|
|
|
| 4.00%,
8/15/28(1) |
|
1,328
|
1,268,129
|
| 6.375%,
1/15/30(1) |
|
455
|
463,366
|
| Ken
Garff Automotive LLC, 4.875%, 9/15/28(1) |
|
957
|
927,838
|
| LCM
Investments Holdings II LLC: |
|
|
|
| 4.875%,
5/1/29(1) |
|
1,652
|
1,588,700
|
| 8.25%,
8/1/31(1) |
|
262
|
278,409
|
| NMG
Holding Co., Inc./Neiman Marcus Group LLC, 8.50%, 10/1/28(1) |
|
1,537
|
1,565,864
|
| PEU
Fin PLC, 7.25%, 7/1/28(14) |
EUR
|
200
|
232,453
|
| Punch
Finance PLC, 6.125%, 6/30/26(14) |
GBP
|
125
|
165,824
|
| Raising
Cane's Restaurants LLC, 9.375%, 5/1/29(1) |
|
1,798
|
1,949,178 |
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Retail
(continued) |
| Stonegate
Pub Co. Financing PLC, 10.173%, (3 mo. EURIBOR + 6.625%), 7/31/29(2)(14) |
EUR
|
100
|
$
113,767 |
| Suburban
Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 6/1/31(1) |
|
824
|
768,922
|
| |
|
|
$ 16,166,549
|
| Retailers
(Except Food and Drug) — 0.7% |
| Bath
& Body Works, Inc.: |
|
|
|
| 6.625%,
10/1/30(1) |
|
479
|
$
488,773 |
| 6.75%,
7/1/36 |
|
437
|
450,841
|
| 6.95%,
3/1/33 |
|
1,027
|
1,041,119
|
| 9.375%,
7/1/25(1) |
|
182
|
187,305
|
| Dave
& Buster's, Inc., 7.625%, 11/1/25(1) |
|
2,417
|
2,420,986
|
| Murphy
Oil USA, Inc., 5.625%, 5/1/27 |
|
560
|
560,038
|
| PetSmart,
Inc./PetSmart Finance Corp.: |
|
|
|
| 4.75%,
2/15/28(1) |
|
1,290
|
1,237,946
|
| 7.75%,
2/15/29(1) |
|
1,015
|
1,002,963
|
| Superior
Plus LP/Superior General Partner, Inc., 4.50%, 3/15/29(1) |
|
1,532
|
1,453,846
|
| |
|
|
$ 8,843,817
|
| Semiconductors
& Semiconductor Equipment — 0.1% |
| ams-OSRAM
AG, 10.50%, 3/30/29(14) |
EUR
|
125
|
$
144,171 |
| ON
Semiconductor Corp., 3.875%, 9/1/28(1) |
|
1,544
|
1,473,481
|
| |
|
|
$ 1,617,652
|
| Software
— 0.5% |
| Clarivate
Science Holdings Corp., 4.875%, 7/1/29(1) |
|
1,555
|
$
1,497,146 |
| Cloud
Software Group, Inc.: |
|
|
|
| 6.50%,
3/31/29(1) |
|
1,268
|
1,262,689
|
| 9.00%,
9/30/29(1) |
|
2,620
|
2,668,392
|
| Rocket
Software, Inc., 9.00%, 11/28/28(1) |
|
530
|
553,543
|
| TeamSystem
SpA, 7.127%, (3 mo. EURIBOR + 3.50%), 7/31/31(1)(2) |
EUR
|
170
|
190,355
|
| |
|
|
$ 6,172,125
|
| Software
and Services — 0.3% |
| Fair
Isaac Corp., 4.00%, 6/15/28(1) |
|
1,248
|
$
1,208,618 |
| Gartner,
Inc.: |
|
|
|
| 3.625%,
6/15/29(1) |
|
427
|
407,918
|
| 3.75%,
10/1/30(1) |
|
660
|
620,028
|
| 4.50%,
7/1/28(1) |
|
908
|
899,479
|
| Playtech
PLC, 4.25%, 3/7/26(14) |
EUR
|
200
|
222,802
|
| |
|
|
$ 3,358,845
|
20
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Specialty
Retail — 0.0%(13) |
| Fiber
Bidco SpA, 7.345%, (3 mo. EURIBOR + 4.00%), 1/15/30(2)(14) |
EUR
|
260
|
$
291,683 |
| Fiber
Midco SpA: |
|
|
|
| 10.00%
PIK, 6/15/29(1)(16) |
EUR
|
155
|
177,384
|
| 10.00%
PIK, 6/15/29(14)(16) |
EUR
|
100
|
114,442
|
| |
|
|
$ 583,509
|
| Steel
— 0.3% |
| Allegheny
Ludlum LLC, 6.95%, 12/15/25 |
|
465
|
$
475,120 |
| ATI,
Inc., 5.875%, 12/1/27 |
|
320
|
319,884
|
| Big
River Steel LLC/BRS Finance Corp., 6.625%, 1/31/29(1) |
|
1,147
|
1,163,073
|
| TMS
International Corp., 6.25%, 4/15/29(1) |
|
1,365
|
1,301,200
|
| |
|
|
$ 3,259,277
|
| Surface
Transport — 0.0%(13) |
| Hertz
Corp., 4.625%, 12/1/26(1) |
|
80
|
$
63,101 |
| |
|
|
$ 63,101
|
| Technology
— 0.7% |
| athenahealth
Group, Inc., 6.50%, 2/15/30(1) |
|
3,768
|
$
3,622,482 |
| International
Game Technology PLC: |
|
|
|
| 4.125%,
4/15/26(1) |
|
892
|
880,936
|
| 5.25%,
1/15/29(1) |
|
3,110
|
3,100,291
|
| 6.25%,
1/15/27(1) |
|
976
|
996,931
|
| |
|
|
$ 8,600,640
|
| Telecommunications
— 1.6% |
| Ciena
Corp., 4.00%, 1/31/30(1) |
|
1,883
|
$
1,781,994 |
| Connect
Finco SARL/Connect U.S. Finco LLC, 9.00%, 9/15/29(1) |
|
1,990
|
1,928,280
|
| eircom
Finance DAC, 5.75%, 12/15/29(14) |
EUR
|
200
|
229,954
|
| Iliad
Holding SASU: |
|
|
|
| 6.50%,
10/15/26(1) |
|
671
|
678,831
|
| 6.875%,
4/15/31(14) |
EUR
|
200
|
236,827
|
| 7.00%,
10/15/28(1) |
|
811
|
825,729
|
| 8.50%,
4/15/31(1) |
|
720
|
775,063
|
| LCPR
Senior Secured Financing DAC, 5.125%, 7/15/29(1) |
|
420
|
340,739
|
| Lorca
Telecom Bondco SA, 4.00%, 9/18/27(14) |
EUR
|
643
|
711,936
|
| Odido
Group Holding BV, 5.50%, 1/15/30(14) |
EUR
|
450
|
490,905
|
| Optics
Bidco SpA: |
|
|
|
| 1.625%,
1/18/29 |
EUR
|
100
|
102,088
|
| 7.75%,
1/24/33 |
EUR
|
440
|
598,463
|
| 7.875%,
7/31/28(14) |
EUR
|
192
|
241,903 |
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Telecommunications
(continued) |
| PLT
VII Finance SARL, 6.981%, (3 mo. EURIBOR + 3.50%), 6/15/31(2)(14) |
EUR
|
100
|
$
111,819 |
| Sable
International Finance Ltd., 7.125%, 10/15/32(1)(3) |
|
619
|
621,891
|
| Stagwell
Global LLC, 5.625%, 8/15/29(1) |
|
1,987
|
1,922,598
|
| Summer
(BC) Bidco B LLC, 5.50%, 10/31/26(1) |
|
907
|
896,747
|
| Summer
(BC) Holdco A SARL, 9.25%, 10/31/27(14) |
EUR
|
126
|
140,509
|
| Summer
(BC) Holdco B SARL, 5.75%, 10/31/26(14) |
EUR
|
150
|
167,160
|
| Telecom
Italia SpA, 7.875%, 7/31/28(14) |
EUR
|
133
|
167,462
|
| Telefonica
Europe BV: |
|
|
|
| 2.88%
to 2/24/28(14)(15)(17) |
EUR
|
200
|
212,519
|
| 7.125%
to 8/23/28(14)(15)(17) |
EUR
|
400
|
489,780
|
| Viasat,
Inc., 5.625%, 4/15/27(1) |
|
476
|
449,590
|
| Vmed
O2 U.K. Financing I PLC: |
|
|
|
| 4.50%,
7/15/31(14) |
GBP
|
100
|
115,680
|
| 4.75%,
7/15/31(1) |
|
976
|
869,745
|
| 5.625%,
4/15/32(14) |
EUR
|
325
|
366,605
|
| 7.75%,
4/15/32(1) |
|
645
|
662,886
|
| Vodafone
Group PLC: |
|
|
|
| 2.625%
to 5/27/26, 8/27/80(14)(15) |
EUR
|
400
|
435,670
|
| 4.875%
to 7/3/25, 10/3/78(14)(15) |
GBP
|
350
|
464,234
|
| 8.00%
to 5/30/31, 8/30/86(14)(15) |
GBP
|
200
|
294,133
|
| Zegona
Finance PLC: |
|
|
|
| 6.75%,
7/15/29(14) |
EUR
|
300
|
349,181
|
| 8.625%,
7/15/29(1) |
|
2,050
|
2,192,219
|
| |
|
|
$ 19,873,140
|
| Transportation
— 0.4% |
| Cargo
Aircraft Management, Inc., 4.75%, 2/1/28(1) |
|
1,528
|
$
1,466,364 |
| Seaspan
Corp., 5.50%, 8/1/29(1) |
|
1,911
|
1,821,831
|
| Watco
Cos. LLC/Watco Finance Corp., 7.125%, 8/1/32(1) |
|
1,155
|
1,204,818
|
| |
|
|
$ 4,493,013
|
| Utilities
— 1.4% |
| Calpine
Corp.: |
|
|
|
| 4.50%,
2/15/28(1) |
|
1,073
|
$
1,048,400 |
| 4.625%,
2/1/29(1) |
|
680
|
657,337
|
| 5.00%,
2/1/31(1) |
|
910
|
881,876
|
| 5.125%,
3/15/28(1) |
|
1,511
|
1,491,089
|
| 5.25%,
6/1/26(1) |
|
344
|
342,916
|
| Leeward
Renewable Energy Operations LLC, 4.25%, 7/1/29(1) |
|
838
|
790,854
|
| NextEra
Energy Operating Partners LP, 4.50%, 9/15/27(1) |
|
1,207
|
1,180,217 |
21
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Utilities
(continued) |
| NRG
Energy, Inc.: |
|
|
|
| 3.375%,
2/15/29(1) |
|
664
|
$
619,539 |
| 3.625%,
2/15/31(1) |
|
1,107
|
1,004,140
|
| 3.875%,
2/15/32(1) |
|
1,466
|
1,336,796
|
| 5.25%,
6/15/29(1) |
|
673
|
671,338
|
| 10.25%
to 3/15/28(1)(15)(17) |
|
1,753
|
1,978,811
|
| TerraForm
Power Operating LLC, 5.00%, 1/31/28(1) |
|
1,497
|
1,482,236
|
| Vistra
Operations Co. LLC: |
|
|
|
| 4.375%,
5/1/29(1) |
|
939
|
909,583
|
| 5.00%,
7/31/27(1) |
|
1,698
|
1,691,045
|
| 6.875%,
4/15/32(1) |
|
1,405
|
1,479,111
|
| |
|
|
$ 17,565,288
|
Total
Corporate Bonds
(identified cost $573,779,897) |
|
|
$ 574,999,854
|
| Senior
Floating-Rate Loans — 44.3%(19) |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Aerospace
and Defense — 0.8% |
| Aernnova
Aerospace SAU, Term Loan, 7.708%, (3 mo. EURIBOR + 4.00%), 2/27/30 |
EUR
|
1,000
|
$
1,117,324 |
| Dynasty
Acquisition Co., Inc.: |
|
|
|
| Term
Loan, 8.345%, (SOFR + 3.50%), 8/24/28 |
|
1,350
|
1,352,491
|
| Term
Loan, 8.345%, (SOFR + 3.50%), 8/24/28 |
|
520
|
521,486
|
| HDI
Aerospace Intermediate Holding III Corp., Term Loan, 9/19/31(20) |
|
650
|
647,969
|
| IAP
Worldwide Services, Inc., Term Loan - Second Lien, 0.00%, 7/18/23(10)(18) |
|
216
|
172,262
|
| Novaria
Holdings LLC, Term Loan, 9.195%, (SOFR + 4.25%), 6/6/31 |
|
200
|
200,416
|
| TransDigm,
Inc.: |
|
|
|
| Term
Loan, 7.104%, (SOFR + 2.50%), 2/28/31 |
|
4,564
|
4,551,023
|
| Term
Loan, 7.354%, (SOFR + 2.75%), 3/22/30 |
|
1,320
|
1,320,912
|
| |
|
|
$ 9,883,883
|
| Airlines
— 0.1% |
| SkyMiles
IP Ltd., Term Loan, 9.032%, (SOFR + 3.75%), 10/20/27 |
|
777
|
$
792,679 |
| |
|
|
$ 792,679
|
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Apparel
& Luxury Goods — 0.1% |
| ABG
Intermediate Holdings 2 LLC, Term Loan, 12/21/28(20) |
|
425
|
$
425,896 |
| Gloves
Buyer, Inc., Term Loan, 8.96%, (SOFR + 4.00%), 12/29/27 |
|
623
|
621,831
|
| Hanesbrands,
Inc., Term Loan, 8.595%, (SOFR + 3.75%), 3/8/30 |
|
369
|
369,375
|
| |
|
|
$ 1,417,102
|
| Auto
Components — 0.6% |
| Adient
U.S. LLC, Term Loan, 7.595%, (SOFR + 2.75%), 1/31/31 |
|
553
|
$
554,186 |
| Autokiniton
U.S. Holdings, Inc., Term Loan, 8.96%, (SOFR + 4.00%), 4/6/28 |
|
508
|
508,671
|
| Clarios
Global LP: |
|
|
|
| Term
Loan, 6.378%, (1 mo. EURIBOR + 3.00%), 7/16/31 |
EUR
|
913
|
1,017,806
|
| Term
Loan, 7.345%, (SOFR + 2.50%), 5/6/30 |
|
2,604
|
2,610,442
|
| DexKo
Global, Inc.: |
|
|
|
| Term
Loan, 7.345%, (3 mo. EURIBOR + 4.00%), 10/4/28 |
EUR
|
405
|
437,306
|
| Term
Loan, 7.345%, (3 mo. EURIBOR + 4.00%), 10/4/28 |
EUR
|
595
|
642,218
|
| Term
Loan, 8.615%, (SOFR + 3.75%), 10/4/28 |
|
804
|
779,695
|
| Garrett
LX I SARL, Term Loan, 8.002%, (SOFR + 2.75%), 4/30/28 |
|
631
|
632,470
|
| LSF12
Badger Bidco LLC, Term Loan, 10.845%, (SOFR + 6.00%), 8/30/30 |
|
298
|
286,957
|
| RealTruck
Group, Inc., Term Loan, 9.96%, (SOFR + 5.00%), 1/31/28 |
|
672
|
665,818
|
| |
|
|
$ 8,135,569
|
| Automobiles
— 0.2% |
| MajorDrive
Holdings IV LLC: |
|
|
|
| Term
Loan, 8.865%, (SOFR + 4.00%), 6/1/28 |
|
435
|
$
436,804 |
| Term
Loan, 10.254%, (SOFR + 5.50%), 6/1/29 |
|
1,609
|
1,619,810
|
| |
|
|
$ 2,056,614
|
| Beverages
— 0.1% |
| City
Brewing Co. LLC: |
|
|
|
| Term
Loan, 9.063%, (SOFR + 3.50%), 4/5/28 |
|
546
|
$
447,386 |
| Term
Loan, 11.551%, (SOFR + 6.25%), 4/5/28 |
|
177
|
156,528
|
| Term
Loan - Second Lien, 10.563%, (SOFR + 5.00%), 4/5/28 |
|
1,047
|
549,654
|
| |
|
|
$ 1,153,568
|
22
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Biotechnology
— 0.1% |
| Alkermes,
Inc., Term Loan, 7.469%, (SOFR + 2.50%), 3/12/26 |
|
1,068
|
$
1,072,707 |
| Alltech,
Inc., Term Loan, 8.96%, (SOFR + 4.00%), 10/13/28 |
|
462
|
462,515
|
| |
|
|
$ 1,535,222
|
| Building
Products — 0.5% |
| CPG
International, Inc., Term Loan, 9/19/31(20) |
|
725
|
$
726,359 |
| LHS
Borrower LLC, Term Loan, 9.695%, (SOFR + 4.75%), 2/16/29 |
|
1,119
|
1,070,933
|
| MI
Windows and Doors LLC, Term Loan, 8.345%, (SOFR + 3.50%), 3/28/31 |
|
1,272
|
1,277,775
|
| Oscar
AcquisitionCo LLC, Term Loan, 8.495%, (SOFR + 4.25%), 4/29/29 |
|
882
|
872,629
|
| Sport
Group Holding GmbH, Term Loan, 7.958%, (3 mo. EURIBOR + 4.25%), 7/8/31 |
EUR
|
1,000
|
1,118,715
|
| Standard
Industries, Inc., Term Loan, 6.92%, (SOFR + 2.00%), 9/22/28 |
|
733
|
735,287
|
| |
|
|
$ 5,801,698
|
| Capital
Markets — 1.4% |
| Advisor
Group, Inc., Term Loan, 8.845%, (SOFR + 4.00%), 8/17/28 |
|
1,128
|
$
1,117,870 |
| Aretec
Group, Inc., Term Loan, 8.845%, (SOFR + 4.00%), 8/9/30 |
|
1,687
|
1,654,931
|
| Athena
Holdco SAS, Term Loan, 7.345%, (3 mo. EURIBOR + 4.00%), 4/14/31 |
EUR
|
1,000
|
1,121,498
|
| Brookfield
Property REIT, Inc., Term Loan, 7.445%, (SOFR + 2.50%), 8/27/25 |
|
609
|
607,562
|
| CeramTec
AcquiCo GmbH, Term Loan, 7.005%, (3 mo. EURIBOR + 3.50%), 3/16/29 |
EUR
|
760
|
844,517
|
| Citco
Funding LLC, Term Loan, 7.308%, (SOFR + 2.75%), 4/27/28 |
|
767
|
772,704
|
| EIG
Management Co. LLC, Term Loan, 9.965%, (SOFR + 5.00%), 5/17/29 |
|
444
|
445,486
|
| FinCo
I LLC, Term Loan, 8.255%, (SOFR + 3.00%), 6/27/29 |
|
1,210
|
1,213,972
|
| Focus
Financial Partners LLC: |
|
|
|
| Term
Loan, 3.25%, 9/11/31(21) |
|
416
|
415,419
|
| Term
Loan, 8.095%, (SOFR + 3.25%), 9/11/31 |
|
3,876
|
3,867,871
|
| Franklin
Square Holdings LP, Term Loan, 7.095%, (SOFR + 2.25%), 4/25/31 |
|
1,022
|
1,023,716
|
| HighTower
Holdings LLC, Term Loan, 8.748%, (SOFR + 3.50%), 8/21/28 |
|
1,009
|
1,010,709
|
| Kestra
Advisor Services Holdings A, Inc., Term Loan, 9.057%, (SOFR + 4.00%), 3/22/31 |
|
648
|
651,346
|
| Mariner
Wealth Advisors LLC, Term Loan, 7.604%, (SOFR + 3.00%), 8/18/28 |
|
778
|
779,466 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Capital
Markets (continued) |
| Press
Ganey Holdings, Inc., Term Loan, 8.345%, (SOFR + 3.50%), 4/30/31 |
|
650
|
$
650,203 |
| Victory
Capital Holdings, Inc., Term Loan, 7.664%, (SOFR + 2.25%), 7/1/26 |
|
873
|
874,459
|
| |
|
|
$ 17,051,729
|
| Chemicals
— 2.3% |
| Aruba
Investments Holdings LLC, Term Loan, 7.378%, (1 mo. EURIBOR + 4.00%), 11/24/27 |
EUR
|
965
|
$
1,057,405 |
| Discovery
Purchaser Corp., Term Loan, 10/4/29(20) |
|
600
|
598,000
|
| Flint
Group Topco Ltd., Term Loan - Second Lien, 12.545%, (SOFR + 7.26%), 5.645% cash, 6.90% PIK, 12/30/27 |
|
3
|
505
|
| Groupe
Solmax, Inc., Term Loan, 9.659%, (SOFR + 4.75%), 5/29/28(22) |
|
191
|
177,643
|
| INEOS
Enterprises Holdings II Ltd., Term Loan, 7.505%, (3 mo. EURIBOR + 4.00%), 7/7/30 |
EUR
|
500
|
560,436
|
| INEOS
Enterprises Holdings U.S. Finco LLC, Term Loan, 8.907%, (SOFR + 3.75%), 7/8/30 |
|
1,042
|
1,048,638
|
| INEOS
Finance PLC, Term Loan, 6.878%, (1 mo. EURIBOR + 3.50%), 6/23/31 |
EUR
|
1,194
|
1,328,266
|
| INEOS
Quattro Holdings U.K. Ltd.: |
|
|
|
| Term
Loan, 7.878%, (1 mo. EURIBOR + 4.50%), 4/2/29 |
EUR
|
1,000
|
1,115,468
|
| Term
Loan, 8.695%, (SOFR + 3.75%), 3/14/30 |
|
420
|
420,562
|
| Term
Loan, 9.195%, (SOFR + 4.25%), 4/2/29 |
|
2,286
|
2,291,354
|
| INEOS
Styrolution Group GmbH, Term Loan, 5.378%, (1 mo. EURIBOR + 2.00%), 1/29/27 |
EUR
|
1,000
|
1,107,323
|
| INEOS
U.S. Finance LLC: |
|
|
|
| Term
Loan, 7.445%, (SOFR + 2.50%), 11/8/28 |
|
609
|
608,234
|
| Term
Loan, 8.095%, (SOFR + 3.25%), 2/18/30 |
|
1,780
|
1,780,957
|
| Term
Loan, 8.595%, (SOFR + 3.75%), 2/7/31 |
|
524
|
524,931
|
| Lonza
Group AG: |
|
|
|
| Term
Loan, 7.27%, (3 mo. EURIBOR + 3.93%), 7/3/28 |
EUR
|
1,000
|
1,057,028
|
| Term
Loan, 8.529%, (SOFR + 3.93%), 7/3/28 |
|
1,696
|
1,591,163
|
| Momentive
Performance Materials, Inc., Term Loan, 9.345%, (SOFR + 4.50%), 3/29/28 |
|
788
|
790,709
|
| Nobian
Finance BV, Term Loan, 7/2/29(20) |
EUR
|
500
|
558,314
|
| Nouryon
Finance BV: |
|
|
|
| Term
Loan, 6.914%, (1 mo. EURIBOR + 3.50%), 4/3/28 |
EUR
|
750
|
836,427
|
| Term
Loan, 8.628%, (SOFR + 3.50%), 4/3/28 |
|
1,320
|
1,323,481
|
| Olympus
Water U.S. Holding Corp., Term Loan, 8.104%, (SOFR + 3.50%), 6/20/31 |
|
2,046
|
2,048,899
|
| Orion
Engineered Carbons GmbH: |
|
|
|
| Term
Loan, 5.745%, (3 mo. EURIBOR + 2.40%), 9/24/28 |
EUR
|
1,000
|
1,096,452 |
23
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Chemicals
(continued) |
| Orion
Engineered Carbons GmbH: (continued) |
|
|
|
| Term
Loan, 6.854%, (SOFR + 2.15%), 9/24/28 |
|
364
|
$
361,931 |
| Paint
Intermediate III LLC, Term Loan, 9/11/31(20) |
|
525
|
525,000
|
| Rohm
Holding GmbH: |
|
|
|
| Term
Loan, 8.59%, (6 mo. EURIBOR + 5.00%), 1/31/29 |
EUR
|
1,000
|
1,048,796
|
| Term
Loan, 10.588%, (SOFR + 5.50%), 1/31/29 |
|
909
|
857,022
|
| SCUR-Alpha
1503 GmbH, Term Loan, 10.752%, (SOFR + 5.50%), 3/29/30 |
|
910
|
870,284
|
| Tronox
Finance LLC: |
|
|
|
| Term
Loan, 7.211%, (SOFR + 2.50%), 9/18/31 |
|
1,743
|
1,742,218
|
| Term
Loan, 7.354%, (SOFR + 2.75%), 4/4/29 |
|
474
|
474,886
|
| W.R.
Grace & Co.-Conn., Term Loan, 7.854%, (SOFR + 3.25%), 9/22/28 |
|
1,094
|
1,098,165
|
| |
|
|
$ 28,900,497
|
| Commercial
Services & Supplies — 1.8% |
| Albion
Financing 3 SARL, Term Loan, 9.826%, (SOFR + 4.25%), 8/16/29 |
|
1,803
|
$
1,814,250 |
| Allied
Universal Holdco LLC: |
|
|
|
| Term
Loan, 7.128%, (1 mo. EURIBOR + 3.75%), 5/12/28 |
EUR
|
970
|
1,076,187
|
| Term
Loan, 8.695%, (SOFR + 3.75%), 5/12/28 |
|
2,658
|
2,635,342
|
| Asplundh
Tree Expert LLC, Term Loan, 6.695%, (SOFR + 1.75%), 9/7/27 |
|
1,055
|
1,057,489
|
| Befesa
SA, Term Loan, 6.117%, (6 mo. EURIBOR + 2.75%), 7/9/29 |
EUR
|
1,000
|
1,117,497
|
| Belfor
Holdings, Inc.: |
|
|
|
| Term
Loan, 7.628%, (1 mo. EURIBOR + 4.25%), 11/1/30 |
EUR
|
1,000
|
1,120,107
|
| Term
Loan, 8.595%, (SOFR + 3.75%), 11/1/30 |
|
584
|
587,168
|
| EnergySolutions
LLC, Term Loan, 8.354%, (SOFR + 3.75%), 9/20/30 |
|
4,238
|
4,269,642
|
| Foundever
Group, Term Loan, 7.13%, (1 mo. EURIBOR + 3.75%), 8/28/28 |
EUR
|
500
|
366,296
|
| Foundever
Worldwide Corp., Term Loan, 8.71%, (SOFR + 3.75%), 8/28/28 |
|
1,843
|
1,232,650
|
| GFL
Environmental, Inc., Term Loan, 7.321%, (SOFR + 2.00%), 7/3/31 |
|
950
|
950,255
|
| Harsco
Corp., Term Loan, 7.21%, (SOFR + 2.25%), 3/10/28 |
|
387
|
387,048
|
| Heritage-Crystal
Clean, Inc., Term Loan, 9.465%, (SOFR + 4.50%), 10/17/30 |
|
695
|
698,224
|
| LABL,
Inc., Term Loan, 9.945%, (SOFR + 5.00%), 10/29/28 |
|
705
|
690,477
|
| Monitronics
International, Inc., Term Loan, 13.014%, (SOFR + 7.50%), 6/30/28 |
|
1,424
|
1,430,782 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Commercial
Services & Supplies (continued) |
| Phoenix
Services International LLC, Term Loan, 10.955%, (SOFR + 6.10%), 6/30/28 |
|
210
|
$
202,272 |
| Prime
Security Services Borrower LLC, Term Loan, 7.445%, (SOFR + 2.25%), 10/13/30 |
|
948
|
947,733
|
| Tempo
Acquisition LLC, Term Loan, 7.095%, (SOFR + 2.25%), 8/31/28 |
|
673
|
673,679
|
| TMF
Group Holding BV: |
|
|
|
| Term
Loan, 7.455%, (3 mo. EURIBOR + 3.75%), 5/3/28 |
EUR
|
1,000
|
1,119,689
|
| Term
Loan, 8.814%, (SOFR + 3.50%), 5/3/28 |
|
372
|
374,130
|
| |
|
|
$ 22,750,917
|
| Construction
Materials — 0.5% |
| Quikrete
Holdings, Inc.: |
|
|
|
| Term
Loan, 7.095%, (SOFR + 2.25%), 3/19/29 |
|
2,121
|
$
2,123,935 |
| Term
Loan, 7.345%, (SOFR + 2.50%), 4/14/31 |
|
3,136
|
3,143,095
|
| Star
Holding LLC, Term Loan, 9.345%, (SOFR + 4.50%), 7/31/31 |
|
850
|
832,380
|
| |
|
|
$ 6,099,410
|
| Consumer
Staples Distribution & Retail — 0.4% |
| Cardenas
Markets, Inc., Term Loan, 11.454%, (SOFR + 6.75%), 8/1/29 |
|
394
|
$
389,784 |
| Peer
Holding III BV: |
|
|
|
| Term
Loan, 7.095%, (3 mo. EURIBOR + 3.75%), 9/29/28 |
EUR
|
1,500
|
1,678,263
|
| Term
Loan, 7.604%, (SOFR + 3.00%), 7/1/31 |
|
1,425
|
1,431,234
|
| Term
Loan, 7.854%, (SOFR + 3.25%), 10/28/30 |
|
1,095
|
1,099,289
|
| |
|
|
$ 4,598,570
|
| Containers
& Packaging — 0.6% |
| Altium
Packaging LLC, Term Loan, 7.345%, (SOFR + 2.50%), 6/11/31 |
|
499
|
$
497,815 |
| Berlin
Packaging LLC, Term Loan, 8.892%, (SOFR + 3.75%), 6/9/31(22) |
|
1,216
|
1,216,210
|
| Clydesdale
Acquisition Holdings, Inc., Term Loan, 8.02%, (SOFR + 3.18%), 4/13/29 |
|
468
|
465,892
|
| Kouti
BV, Term Loan, 6.93%, (3 mo. EURIBOR + 3.43%), 8/31/28 |
EUR
|
1,525
|
1,699,675
|
| Pregis
TopCo Corp., Term Loan, 8.845%, (SOFR + 4.00%), 7/31/26 |
|
619
|
621,060
|
| Pretium
Packaging LLC, Term Loan - Second Lien, 11.228%, (SOFR + 5.98%), 9.848% cash, 1.38% PIK, 10/2/28 |
|
129
|
103,702
|
| Pretium
PKG Holdings, Inc., Term Loan - Second Lien, 12.068%, (SOFR + 6.75%), 10/1/29 |
|
350
|
144,083 |
24
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Containers
& Packaging (continued) |
| Proampac
PG Borrower LLC, Term Loan, 9.229%, (SOFR + 4.00%), 9/15/28(22) |
|
1,117
|
$
1,120,415 |
| Reynolds
Group Holdings, Inc., Term Loan, 7.345%, (SOFR + 2.50%), 9/24/28 |
|
1,630
|
1,632,018
|
| |
|
|
$ 7,500,870
|
| Distributors
— 0.4% |
| CD&R
Hydra Buyer, Inc., Term Loan, 8.945%, (SOFR + 4.00%), 3/25/31 |
|
846
|
$
841,169 |
| Parts
Europe SA, Term Loan, 7.188%, (3 mo. EURIBOR + 3.50%), 2/3/31 |
EUR
|
1,500
|
1,675,304
|
| Phillips
Feed Service, Inc., Term Loan, 11.945%, (SOFR + 7.00%), 11/13/24(10) |
|
105
|
65,402
|
| Rubix
Group Midco 3 Ltd., Term Loan, 7.302%, (3 mo. EURIBOR + 4.25%), 9/30/26 |
EUR
|
1,000
|
1,118,193
|
| Safic-Alcan
SAS, Term Loan, 7.345%, (3 mo. EURIBOR + 4.00%), 6/22/29 |
EUR
|
1,000
|
1,119,411
|
| Winterfell
Financing SARL, Term Loan, 8.557%, (3 mo. EURIBOR + 5.00%), 5/4/28 |
EUR
|
500
|
552,404
|
| |
|
|
$ 5,371,883
|
| Diversified
Consumer Services — 0.8% |
| Amber
Finco PLC, Term Loan, 6/11/29(20) |
EUR
|
1,100
|
$
1,233,903 |
| Anticimex
International AB, Term Loan, 6.905%, (3 mo. EURIBOR + 3.40%), 11/16/28 |
EUR
|
1,000
|
1,112,732
|
| Ascend
Learning LLC, Term Loan, 8.445%, (SOFR + 3.50%), 12/11/28 |
|
632
|
630,193
|
| Belron
Finance U.S. LLC, Term Loan, 7.319%, (SOFR + 1.93%), 4/13/28 |
|
820
|
820,763
|
| Fugue
Finance BV, Term Loan, 7.755%, (3 mo. EURIBOR + 4.25%), 1/31/28 |
EUR
|
1,000
|
1,121,884
|
| KUEHG
Corp., Term Loan, 9.104%, (SOFR + 4.50%), 6/12/30 |
|
1,560
|
1,566,580
|
| Project
Boost Purchaser LLC: |
|
|
|
| Term
Loan, 8.786%, (SOFR + 3.50%), 7/16/31 |
|
850
|
850,797
|
| Term
Loan - Second Lien, 10.533%, (SOFR + 5.25%), 7/16/32 |
|
375
|
376,172
|
| Sotheby's,
Term Loan, 10.063%, (SOFR + 4.50%), 1/15/27 |
|
805
|
795,886
|
| Spring
Education Group, Inc., Term Loan, 8.604%, (SOFR + 4.00%), 10/4/30 |
|
347
|
350,328
|
| Wand
NewCo 3, Inc., Term Loan, 8.006%, (SOFR + 3.25%), 1/30/31 |
|
1,247
|
1,247,017
|
| |
|
|
$ 10,106,255
|
| Diversified
Financial Services — 0.2% |
| Concorde
Midco Ltd., Term Loan, 7.851%, (6 mo. EURIBOR + 4.00%), 3/1/28 |
EUR
|
1,000
|
$
1,114,077 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Diversified
Financial Services (continued) |
| Sandy
BidCo BV, Term Loan, 6.823%, (6 mo. EURIBOR + 3.60%), 8/17/29 |
EUR
|
1,000
|
$
1,110,443 |
| |
|
|
$ 2,224,520
|
| Diversified
Telecommunication Services — 1.3% |
| Altice
France SA, Term Loan, 10.801%, (SOFR + 5.50%), 8/15/28 |
|
1,063
|
$
801,176 |
| Anuvu
Holdings 2 LLC: |
|
|
|
| Term
Loan, 8.963%, (SOFR + 4.00%), 9/27/27(10) |
|
329
|
263,051
|
| Term
Loan, 13.213%, (SOFR + 8.25%), 3/23/26(10) |
|
815
|
344,957
|
| Eircom
Finco SARL, Term Loan, 6.76%, (1 mo. EURIBOR + 3.25%), 5/15/29 |
EUR
|
1,786
|
2,000,078
|
| Lumen
Technologies, Inc.: |
|
|
|
| Term
Loan, 7.319%, (SOFR + 2.35%), 4/15/29 |
|
1,049
|
925,471
|
| Term
Loan, 7.319%, (SOFR + 2.35%), 4/15/30 |
|
1,049
|
908,757
|
| Telenet
International Finance SARL, Term Loan, 5.686%, (1 mo. EURIBOR + 2.25%), 4/30/29 |
EUR
|
1,750
|
1,917,132
|
| UPC
Broadband Holding BV: |
|
|
|
| Term
Loan, 5.936%, (1 mo. EURIBOR + 2.50%), 4/30/29 |
EUR
|
1,500
|
1,667,338
|
| Term
Loan, 6.361%, (1 mo. EURIBOR + 2.93%), 1/31/29 |
EUR
|
3,000
|
3,345,503
|
| Virgin
Media Bristol LLC, Term Loan, 8.461%, (SOFR + 3.25%), 1/31/29 |
|
1,150
|
1,101,684
|
| Virgin
Media Ireland Ltd., Term Loan, 7.011%, (1 mo. EURIBOR + 3.58%), 7/15/29 |
EUR
|
1,000
|
1,105,283
|
| Virgin
Media SFA Finance Ltd., Term Loan, 5.936%, (1 mo. EURIBOR + 2.50%), 1/31/29 |
EUR
|
600
|
655,557
|
| Zayo
Group Holdings, Inc., Term Loan, 6.628%, (1 mo. EURIBOR + 3.25%), 3/9/27 |
EUR
|
955
|
999,274
|
| |
|
|
$ 16,035,261
|
| Electrical
Equipment — 0.3% |
| AZZ,
Inc., Term Loan, 5/13/29(20) |
|
300
|
$
301,922 |
| Dynamo
Newco II GmbH, Term Loan, 9/26/31(20) |
EUR
|
500
|
556,807
|
| WEC
U.S. Holdings Ltd., Term Loan, 7.595%, (SOFR + 2.75%), 1/27/31 |
|
3,050
|
3,052,193
|
| |
|
|
$ 3,910,922
|
| Electronic
Equipment, Instruments & Components — 0.9% |
| Chamberlain
Group, Inc.: |
|
|
|
| Term
Loan, 8.195%, (SOFR + 3.25%), 11/3/28 |
|
1,507
|
$
1,503,254 |
| Term
Loan, 8.345%, (SOFR + 3.50%), 11/3/28 |
|
1,144
|
1,144,161
|
| Creation
Technologies, Inc., Term Loan, 11.08%, (SOFR + 5.50%), 10/5/28 |
|
953
|
929,236 |
25
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Electronic
Equipment, Instruments & Components (continued) |
| II-VI,
Inc., Term Loan, 7.345%, (SOFR + 2.50%), 7/2/29 |
|
814
|
$
814,952 |
| Minimax
Viking GmbH, Term Loan, 6.628%, (1 mo. EURIBOR + 3.25%), 7/31/28 |
EUR
|
1,673
|
1,874,710
|
| Mirion
Technologies, Inc., Term Loan, 6.854%, (SOFR + 2.25%), 10/20/28 |
|
586
|
585,609
|
| MX
Holdings U.S., Inc., Term Loan, 7.71%, (SOFR + 2.75%), 7/31/28 |
|
248
|
248,634
|
| Robertshaw
U.S. Holding Corp.: |
|
|
|
| DIP
Loan, 17.50%, (USD Prime + 9.50%), 9.00% cash, 8.50% PIK, 10/11/24 |
|
347
|
346,775
|
| Term
Loan, 0.00%, 2/28/27(18) |
|
0
(23) |
190
|
| Term
Loan, 0.00%, 2/28/27(18) |
|
1,075
|
1,048,525
|
| Term
Loan - Second Lien, 0.00%, 2/28/27(18) |
|
990
|
519,763
|
| Sector
Alarm Holding AS, Term Loan, 7.755%, (3 mo. EURIBOR + 4.25%), 6/14/29 |
EUR
|
500
|
560,015
|
| Verifone
Systems, Inc., Term Loan, 9.333%, (SOFR + 4.00%), 8/20/25 |
|
1,203
|
1,109,222
|
| Verisure
Holding AB, Term Loan, 6.345%, (3 mo. EURIBOR + 3.00%), 3/27/28 |
EUR
|
1,000
|
1,117,710
|
| |
|
|
$ 11,802,756
|
| Energy
— 0.0%(13) |
| New
Generation Gas Gathering LLC, Term Loan, 10.354%, (SOFR + 5.75%), 9/30/29 |
|
646
|
$
636,262 |
| |
|
|
$ 636,262
|
| Energy
Equipment & Services — 0.3% |
| Ameriforge
Group, Inc.: |
|
|
|
| Term
Loan, 15.96%, (SOFR + 11.00%), 4.96% cash, 11.00% PIK, 12/31/25(10) |
|
116
|
$
54,270 |
| Term
Loan, 15.96%, (SOFR + 11.00%), 4.96% cash, 11.00% PIK, 12/31/25(10) |
|
1,002
|
469,953
|
| GIP
Pilot Acquisition Partners LP, Term Loan, 7.818%, (SOFR + 2.50%), 10/4/30 |
|
473
|
474,095
|
| Holding
Socotec, Term Loan, 6/2/28(20) |
EUR
|
1,000
|
1,118,715
|
| PG
Investment Co. 59 SARL, Term Loan, 8.104%, (SOFR + 3.50%), 3/26/31 |
|
1,072
|
1,075,530
|
| |
|
|
$ 3,192,563
|
| Engineering
& Construction — 0.4% |
| American
Residential Services LLC, Term Loan, 8.365%, (SOFR + 3.50%), 10/15/27 |
|
553
|
$
555,167 |
| APi
Group DE, Inc., Term Loan, 6.845%, (SOFR + 2.00%), 1/3/29 |
|
1,305
|
1,306,547
|
| Arcosa,
Inc., Term Loan, 8/12/31(20) |
|
375
|
375,469
|
| Artera
Services LLC, Term Loan, 9.104%, (SOFR + 4.50%), 2/15/31 |
|
423
|
412,744 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Engineering
& Construction (continued) |
| Azuria
Water Solutions, Inc., Term Loan, 8.605%, (SOFR + 3.75%), 5/17/28 |
|
461
|
$
463,704 |
| Northstar
Group Services, Inc., Term Loan, 10.014%, (SOFR + 4.75%), 5/8/30 |
|
1,397
|
1,404,573
|
| Platea
BC Bidco AB: |
|
|
|
| Term
Loan, 5.156%, (3 mo. EURIBOR + 4.50%), 4/3/31(21) |
EUR
|
83
|
93,268
|
| Term
Loan, 7.845%, (3 mo. EURIBOR + 4.50%), 4/3/31 |
EUR
|
417
|
466,338
|
| |
|
|
$ 5,077,810
|
| Entertainment
— 0.6% |
| City
Football Group Ltd., Term Loan, 7.969%, (SOFR + 3.00%), 7/22/30 |
|
1,341
|
$
1,330,647 |
| Crown
Finance U.S., Inc., Term Loan, 13.46%, (SOFR + 8.50%), 6.46% cash, 7.00% PIK, 7/31/28 |
|
12
|
11,726
|
| Playtika
Holding Corp., Term Loan, 7.71%, (SOFR + 2.75%), 3/13/28 |
|
2,137
|
2,125,451
|
| Renaissance
Holding Corp., Term Loan, 9.095%, (SOFR + 4.25%), 4/5/30 |
|
941
|
941,213
|
| UFC
Holdings LLC, Term Loan, 8.291%, (SOFR + 2.75%), 4/29/26 |
|
2,713
|
2,719,019
|
| Vue
Entertainment International Ltd., Term Loan, 11.993%, (6 mo. EURIBOR + 8.50%), 3.593% cash, 8.40% PIK, 12/31/27 |
EUR
|
471
|
323,821
|
| Vue
International Bidco PLC, Term Loan, 11.844%, (6 mo. EURIBOR + 8.00%), 6/30/27 |
EUR
|
121
|
135,509
|
| |
|
|
$ 7,587,386
|
| Equity
Real Estate Investment Trusts (REITs) — 0.1% |
| Iron
Mountain, Inc., Term Loan, 6.845%, (SOFR + 2.00%), 1/31/31 |
|
865
|
$
861,224 |
| |
|
|
$ 861,224
|
| Financial
Services — 0.8% |
| Boost
Newco Borrower LLC: |
|
|
|
| Term
Loan, 6.095%, (3 mo. EURIBOR + 2.75%), 1/31/31 |
EUR
|
1,500
|
$
1,675,057 |
| Term
Loan, 7.104%, (SOFR + 2.50%), 1/31/31 |
|
2,875
|
2,878,850
|
| CPI
Holdco B LLC, Term Loan, 6.845%, (SOFR + 2.00%), 5/19/31 |
|
1,225
|
1,220,406
|
| Ditech
Holding Corp., Term Loan, 0.00%, 6/30/25(18) |
|
2,110
|
416,702
|
| Grant
Thornton Advisors LLC, Term Loan, 8.095%, (SOFR + 3.25%), 6/2/31 |
|
1,450
|
1,453,807
|
| NCR
Atleos LLC, Term Loan, 10.102%, (SOFR + 4.75%), 3/27/29 |
|
1,286
|
1,297,806 |
26
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Financial
Services (continued) |
| Nuvei
Technologies Corp.: |
|
|
|
| Term
Loan, 7.955%, (SOFR + 3.00%), 12/19/30 |
|
814
|
$
816,644 |
| Term
Loan, 7/18/31(20) |
|
525
|
519,750
|
| |
|
|
$ 10,279,022
|
| Food
& Staples Retailing — 0.1% |
| US
Foods, Inc., Term Loan, 6.96%, (SOFR + 2.00%), 9/13/26 |
|
1,271
|
$
1,272,895 |
| |
|
|
$ 1,272,895
|
| Food
Products — 1.2% |
| 8th
Avenue Food & Provisions, Inc., Term Loan, 9.71%, (SOFR + 4.75%), 10/1/25 |
|
582
|
$
566,480 |
| Artisan
Newco BV, Term Loan, 2/12/29(20) |
EUR
|
500
|
559,288
|
| Badger
Buyer Corp., Term Loan, 8.46%, (SOFR + 3.50%), 12/27/24 |
|
373
|
369,270
|
| CHG
PPC Parent LLC: |
|
|
|
| Term
Loan, 7.71%, (SOFR + 2.75%), 12/8/28 |
|
463
|
461,296
|
| Term
Loan, 7.878%, (1 mo. EURIBOR + 4.50%), 12/8/28 |
EUR
|
2,000
|
2,241,142
|
| Del
Monte Foods, Inc.: |
|
|
|
| Term
Loan, 13.166%, (SOFR + 8.00%), 8/2/28 |
|
209
|
198,639
|
| Term
Loan - Second Lien, 9.406%, (SOFR + 4.25%), 8/2/28 |
|
441
|
242,550
|
| Froneri
International Ltd.: |
|
|
|
| Term
Loan, 5.715%, (6 mo. EURIBOR + 2.13%), 1/29/27 |
EUR
|
1,275
|
1,419,265
|
| Term
Loan, 7.195%, (SOFR + 2.25%), 1/29/27 |
|
2,107
|
2,103,098
|
| Monogram
Food Solutions LLC, Term Loan, 8.96%, (SOFR + 4.00%), 8/28/28 |
|
535
|
529,526
|
| Nomad
Foods Europe Midco Ltd., Term Loan, 6.176%, (6 mo. EURIBOR + 2.50%), 6/24/28 |
EUR
|
3,000
|
3,351,136
|
| Pegasus
BidCo BV, Term Loan, 7.292%, (3 mo. EURIBOR + 3.75%), 7/12/29 |
EUR
|
940
|
1,048,844
|
| Simply
Good Foods USA, Inc., Term Loan, 7.455%, (SOFR + 2.50%), 3/17/27 |
|
158
|
159,251
|
| United
Petfood Group BV, Term Loan, 6.583%, (6 mo. EURIBOR + 2.75%), 4/24/28 |
EUR
|
750
|
834,340
|
| Valeo
F1 Co. Ltd. (Ireland), Term Loan, 7.162%, (6 mo. EURIBOR + 4.00%), 9/29/28 |
EUR
|
500
|
547,444
|
| |
|
|
$ 14,631,569
|
| Health
Care Equipment & Supplies — 0.1% |
| Bayou
Intermediate II LLC, Term Loan, 10.014%, (SOFR + 4.50%), 8/2/28 |
|
729
|
$
714,788 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Health
Care Equipment & Supplies (continued) |
| Medline
Borrower LP, Term Loan, 5.603%, (1 mo. EURIBOR + 2.25%), 10/23/28 |
EUR
|
1,000
|
$
1,116,396 |
| |
|
|
$ 1,831,184
|
| Health
Care Providers & Services — 2.5% |
| AEA
International Holdings (Lux) SARL, Term Loan, 7.354%, (SOFR + 2.75%), 9/7/28 |
|
1,046
|
$
1,046,919 |
| Biogroup-LCD,
Term Loan, 7.069%, (3 mo. EURIBOR + 3.50%), 2/9/28 |
EUR
|
750
|
798,510
|
| BW
NHHC Holdco, Inc., Term Loan - Second Lien, 12.604%, (SOFR + 8.00%), 10.354% cash, 2.25% PIK, 1/15/26 |
|
3,778
|
3,267,577
|
| CCRR
Parent, Inc., Term Loan, 9.21%, (SOFR + 4.25%), 3/6/28 |
|
507
|
424,603
|
| Cerba
Healthcare SAS, Term Loan, 7.078%, (1 mo. EURIBOR + 3.70%), 6/30/28 |
EUR
|
950
|
937,087
|
| CHG
Healthcare Services, Inc.: |
|
|
|
| Term
Loan, 8.46%, (SOFR + 3.50%), 9/29/28 |
|
1,067
|
1,068,533
|
| Term
Loan, 8.46%, (SOFR + 3.50%), 9/29/28 |
|
397
|
397,957
|
| CNT
Holdings I Corp., Term Loan, 8.752%, (SOFR + 3.50%), 11/8/27 |
|
676
|
677,990
|
| Concentra
Health Services, Inc., Term Loan, 7.095%, (SOFR + 2.25%), 7/28/31 |
|
375
|
374,766
|
| Covis
Finco SARL, Term Loan, 0.00%, 2/18/27(18) |
|
690
|
279,261
|
| Dedalus
Finance GmbH, Term Loan, 7.385%, (6 mo. EURIBOR + 3.75%), 7/17/27 |
EUR
|
500
|
545,675
|
| Electron
BidCo, Inc., Term Loan, 7.96%, (SOFR + 3.00%), 11/1/28 |
|
780
|
781,828
|
| Elsan
SAS, Term Loan, 6.831%, (3 mo. EURIBOR + 3.35%), 6/16/28 |
EUR
|
1,500
|
1,660,419
|
| Ensemble
RCM LLC, Term Loan, 8.252%, (SOFR + 3.00%), 8/1/29 |
|
2,308
|
2,313,665
|
| IVC
Acquisition Ltd.: |
|
|
|
| Term
Loan, 9.393%, (SOFR + 4.75%), 12/12/28 |
|
1,017
|
1,020,080
|
| Term
Loan, 11.227%, (SONIA + 5.75%), 12/12/28 |
GBP
|
1,000
|
1,338,263
|
| LSCS
Holdings, Inc., Term Loan, 9.46%, (SOFR + 4.61%), 12/16/28 |
|
705
|
703,741
|
| Medical
Solutions Holdings, Inc., Term Loan, 8.852%, (SOFR + 3.50%), 11/1/28 |
|
1,439
|
1,095,711
|
| Mehilainen
Yhtiot Oy, Term Loan, 7.345%, (3 mo. EURIBOR + 4.00%), 8/5/31 |
EUR
|
1,000
|
1,117,463
|
| Midwest
Physician Administrative Services LLC, Term Loan, 7.865%, (SOFR + 3.00%), 3/12/28 |
|
458
|
414,600
|
| National
Mentor Holdings, Inc.: |
|
|
|
| Term
Loan, 8.454%, (SOFR + 3.75%), 3/2/28 |
|
58
|
56,232
|
| Term
Loan, 8.649%, (SOFR + 3.75%), 3/2/28(22) |
|
2,010
|
1,938,185 |
27
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Health
Care Providers & Services (continued) |
| Option
Care Health, Inc., Term Loan, 7.095%, (SOFR + 2.25%), 10/27/28 |
|
413
|
$
415,224 |
| Pacific
Dental Services LLC, Term Loan, 7.847%, (SOFR + 2.75%), 3/15/31 |
|
846
|
846,581
|
| Phoenix
Guarantor, Inc., Term Loan, 8.095%, (SOFR + 3.25%), 2/21/31 |
|
1,582
|
1,579,875
|
| R1
RCM, Inc., Term Loan, 7.845%, (SOFR + 3.00%), 6/21/29 |
|
223
|
223,942
|
| Radnet
Management, Inc., Term Loan, 7.779%, (SOFR + 2.50%), 4/18/31 |
|
723
|
724,713
|
| Select
Medical Corp., Term Loan, 7.845%, (SOFR + 3.00%), 3/6/27 |
|
526
|
529,186
|
| Sound
Inpatient Physicians, Term Loan - Second Lien, 11.365%, (SOFR + 5.00%), 9.865% cash, 1.50% PIK, 6/28/28 |
|
411
|
367,375
|
| Surgery
Center Holdings, Inc., Term Loan, 7.67%, (SOFR + 2.75%), 12/19/30 |
|
938
|
939,439
|
| Synlab
Bondco PLC: |
|
|
|
| Term
Loan, 6.178%, (6 mo. EURIBOR + 2.50%), 7/1/27 |
EUR
|
500
|
557,097
|
| Term
Loan, 8.414%, (3 mo. EURIBOR + 4.75%), 12/23/30 |
EUR
|
125
|
139,513
|
| TTF
Holdings LLC, Term Loan, 8.595%, (SOFR + 3.75%), 7/18/31 |
|
1,425
|
1,428,563
|
| U.S.
Anesthesia Partners, Inc., Term Loan, 9.565%, (SOFR + 4.25%), 10/1/28 |
|
1,478
|
1,449,975
|
| |
|
|
$ 31,460,548
|
| Health
Care Technology — 0.2% |
| Imprivata,
Inc., Term Loan, 8.752%, (SOFR + 3.50%), 12/1/27 |
|
519
|
$
521,919 |
| Project
Ruby Ultimate Parent Corp., Term Loan, 8.21%, (SOFR + 3.25%), 3/10/28 |
|
1,013
|
1,013,160
|
| Waystar
Technologies, Inc., Term Loan, 7.595%, (SOFR + 2.75%), 10/22/29 |
|
1,043
|
1,046,640
|
| |
|
|
$ 2,581,719
|
| Hotels,
Restaurants & Leisure — 1.6% |
| Caesars
Entertainment, Inc., Term Loan, 7.595%, (SOFR + 2.75%), 2/6/31 |
|
2,264
|
$
2,266,631 |
| Carnival
Corp., Term Loan, 7.595%, (SOFR + 2.75%), 10/18/28 |
|
2,052
|
2,059,733
|
| Fertitta
Entertainment LLC, Term Loan, 8.847%, (SOFR + 3.75%), 1/27/29 |
|
4,107
|
4,098,779
|
| Flutter
Financing BV, Term Loan, 6.604%, (SOFR + 2.00%), 11/29/30 |
|
3,052
|
3,058,423
|
| Four
Seasons Hotels Ltd., Term Loan, 6.605%, (SOFR + 1.75%), 11/30/29 |
|
1,003
|
1,004,920 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Hotels,
Restaurants & Leisure (continued) |
| GVC
Holdings (Gibraltar) Ltd., Term Loan, 6.922%, (6 mo. EURIBOR + 3.25%), 6/30/28 |
EUR
|
1,850
|
$
2,072,912 |
| IRB
Holding Corp., Term Loan, 7.695%, (SOFR + 2.75%), 12/15/27 |
|
293
|
293,247
|
| Ontario
Gaming GTA LP, Term Loan, 8.893%, (SOFR + 4.25%), 8/1/30 |
|
968
|
967,688
|
| Oravel
Stays Singapore Pte. Ltd., Term Loan, 13.325%, (SOFR + 8.25%), 6/23/26 |
|
345
|
348,236
|
| Playa
Resorts Holding BV, Term Loan, 7.595%, (SOFR + 2.75%), 1/5/29 |
|
1,302
|
1,295,033
|
| Scientific
Games Holdings LP, Term Loan, 7.464%, (3 mo. EURIBOR + 3.75%), 4/4/29 |
EUR
|
1,000
|
1,117,025
|
| SeaWorld
Parks & Entertainment, Inc., Term Loan, 7.345%, (SOFR + 2.50%), 8/25/28 |
|
873
|
873,152
|
| Wyndham
Hotels & Resorts, Inc., Term Loan, 6.595%, (SOFR + 1.75%), 5/24/30 |
|
767
|
768,001
|
| |
|
|
$ 20,223,780
|
| Household
Durables — 1.3% |
| ACProducts,
Inc., Term Loan, 9.115%, (SOFR + 4.25%), 5/17/28 |
|
1,717
|
$
1,435,386 |
| Libbey
Glass, Inc., Term Loan, 11.929%, (SOFR + 6.50%), 11/22/27 |
|
9,334
|
9,264,356
|
| Madison
Safety & Flow LLC, Term Loan, 9/19/31(20) |
|
525
|
526,313
|
| Serta
Simmons Bedding LLC: |
|
|
|
| Term
Loan, 12.218%, (SOFR + 7.50%), 6/29/28 |
|
3,630
|
3,039,756
|
| Term
Loan, 12.894%, (SOFR + 7.50%), 6/29/28 |
|
394
|
392,067
|
| Solis
IV BV, Term Loan, 7.527%, (3 mo. EURIBOR + 4.00%), 2/26/29 |
EUR
|
1,000
|
1,114,801
|
| |
|
|
$ 15,772,679
|
| Household
Products — 0.2% |
| Kronos
Acquisition Holdings, Inc., Term Loan, 9.314%, (SOFR + 4.00%), 7/8/31 |
|
1,850
|
$
1,744,781 |
| Nobel
Bidco BV, Term Loan, 6.626%, (6 mo. EURIBOR + 3.25%), 9/1/28 |
EUR
|
1,000
|
1,098,838
|
| |
|
|
$ 2,843,619
|
| Independent
Power and Renewable Electricity Producers — 0.1% |
| Thunder
Generation Funding LLC, Term Loan, 9/27/31(20) |
|
1,100
|
$
1,100,688 |
| |
|
|
$ 1,100,688
|
| Industrial
Conglomerates — 0.3% |
| Ammeraal
Beltech Holding BV, Term Loan, 8.345%, (3 mo. EURIBOR + 5.00%), 12/30/28 |
EUR
|
942
|
$
1,051,875 |
28
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Industrial
Conglomerates (continued) |
| Nvent
Electric Public Ltd. Co., Term Loan, 9/12/31(20) |
|
1,125
|
$
1,125,351 |
| Rain
Carbon GmbH, Term Loan, 8.56%, (3 mo. EURIBOR + 5.00%), 10/31/28 |
EUR
|
901
|
997,499
|
| |
|
|
$ 3,174,725
|
| Industrials
Conglomerates — 0.3% |
| Kohler
Energy Co. LLC: |
|
|
|
| Term
Loan, 8.128%, (1 mo. EURIBOR + 4.75%), 5/1/31 |
EUR
|
1,500
|
$
1,682,247 |
| Term
Loan, 9.354%, (SOFR + 4.75%), 5/1/31 |
|
2,269
|
2,294,842
|
| |
|
|
$ 3,977,089
|
| Insurance
— 1.6% |
| Alliant
Holdings Intermediate LLC, Term Loan, 7.965%, (SOFR + 3.00%), 9/19/31 |
|
1,227
|
$
1,221,687 |
| AmWINS
Group, Inc., Term Loan, 7.21%, (SOFR + 2.25%), 2/19/28 |
|
4,260
|
4,258,480
|
| Broadstreet
Partners, Inc., Term Loan, 8.095%, (SOFR + 3.25%), 6/13/31 |
|
1,147
|
1,143,827
|
| Financiere
CEP SAS, Term Loan, 7.378%, (1 mo. EURIBOR + 4.00%), 6/18/27 |
EUR
|
1,750
|
1,956,686
|
| HUB
International Ltd., Term Loan, 8.225%, (SOFR + 3.00%), 6/20/30 |
|
5,313
|
5,311,059
|
| Ryan
Specialty Group LLC, Term Loan, 7.095%, (SOFR + 2.25%), 9/15/31 |
|
1,250
|
1,250,000
|
| Siaci
Saint Honore, Term Loan, 7.095%, (3 mo. EURIBOR + 3.75%), 11/16/28 |
EUR
|
1,000
|
1,117,463
|
| Truist
Insurance Holdings LLC, Term Loan, 7.854%, (SOFR + 3.25%), 5/6/31 |
|
600
|
600,125
|
| USI,
Inc., Term Loan, 7.354%, (SOFR + 2.75%), 11/22/29 |
|
3,026
|
3,020,730
|
| |
|
|
$ 19,880,057
|
| Interactive
Media & Services — 0.2% |
| Buzz
Finco LLC: |
|
|
|
| Term
Loan, 7.695%, (SOFR + 2.75%), 1/29/27 |
|
549
|
$
547,638 |
| Term
Loan, 8.195%, (SOFR + 3.25%), 1/29/27 |
|
60
|
60,088
|
| Foundational
Education Group, Inc., Term Loan, 9.264%, (SOFR + 3.75%), 8/31/28 |
|
535
|
516,154
|
| Getty
Images, Inc., Term Loan, 8.845%, (SOFR + 4.50%), 2/19/26 |
|
615
|
613,058
|
| Match
Group, Inc., Term Loan, 6.714%, (SOFR + 1.75%), 2/13/27 |
|
675
|
674,156
|
| |
|
|
$ 2,411,094
|
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| IT
Services — 1.8% |
| Asurion
LLC: |
|
|
|
| Term
Loan, 8.21%, (SOFR + 3.25%), 7/31/27 |
|
1,071
|
$
1,057,187 |
| Term
Loan, 8.945%, (SOFR + 4.00%), 8/19/28 |
|
995
|
980,059
|
| Term
Loan, 9.095%, (SOFR + 4.25%), 9/19/30 |
|
3,049
|
3,002,387
|
| Term
Loan - Second Lien, 10.21%, (SOFR + 5.25%), 1/31/28 |
|
1,350
|
1,271,169
|
| Endure
Digital, Inc., Term Loan, 8.81%, (SOFR + 3.50%), 2/10/28 |
|
2,709
|
2,404,519
|
| Gainwell
Acquisition Corp., Term Loan, 8.704%, (SOFR + 4.00%), 10/1/27 |
|
3,033
|
2,893,402
|
| Go
Daddy Operating Co. LLC, Term Loan, 6.845%, (SOFR + 2.00%), 11/9/29 |
|
146
|
146,103
|
| Indy
U.S. Bidco LLC, Term Loan, 7.128%, (1 mo. EURIBOR + 3.75%), 3/6/28 |
EUR
|
724
|
797,521
|
| Informatica
LLC, Term Loan, 7.095%, (SOFR + 2.25%), 10/27/28 |
|
2,608
|
2,607,583
|
| NAB
Holdings LLC, Term Loan, 7.354%, (SOFR + 2.75%), 11/23/28 |
|
1,094
|
1,092,333
|
| Plano
HoldCo, Inc., Term Loan, 8/15/31(20) |
|
600
|
601,500
|
| Rackspace
Finance LLC: |
|
|
|
| Term
Loan, 11.483%, (SOFR + 6.25%), 5/15/28 |
|
1,460
|
1,487,955
|
| Term
Loan - Second Lien, 7.983%, (SOFR + 2.75%), 5/15/28 |
|
2,329
|
1,302,202
|
| Sedgwick
Claims Management Services, Inc., Term Loan, 8.252%, (SOFR + 3.00%), 7/31/31 |
|
1,209
|
1,207,945
|
| Synechron,
Inc., Term Loan, 9/26/31(20) |
|
875
|
868,438
|
| team.blue
Finco SARL, Term Loan, 7.045%, (3 mo. EURIBOR + 3.70%), 9/30/29 |
EUR
|
1,000
|
1,107,931
|
| |
|
|
$ 22,828,234
|
| Leisure
Products — 0.3% |
| Accell
Group NV, Term Loan, 8.648%, (6 mo. EURIBOR + 4.90%), 6/14/29 |
EUR
|
500
|
$
76,066 |
| Amer
Sports Co., Term Loan, 2/17/31(20) |
EUR
|
1,212
|
1,353,457
|
| Fender
Musical Instruments Corp., Term Loan, 8.945%, (SOFR + 4.00%), 12/1/28 |
|
302
|
293,281
|
| OVG
Business Services LLC, Term Loan, 7.845%, (SOFR + 3.00%), 6/25/31 |
|
325
|
323,781
|
| Recess
Holdings, Inc., Term Loan, 9.752%, (SOFR + 4.50%), 2/20/30 |
|
971
|
975,628
|
| Tait
LLC, Term Loan, 8/14/31(20) |
|
1,000
|
1,003,750
|
| |
|
|
$ 4,025,963
|
| Life
Sciences Tools & Services — 0.4% |
| Avantor
Funding, Inc., Term Loan, 5.878%, (1 mo. EURIBOR + 2.50%), 6/12/28 |
EUR
|
133
|
$
148,988 |
29
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Life
Sciences Tools & Services (continued) |
| Catalent
Pharma Solutions, Inc.: |
|
|
|
| Term
Loan, 7.034%, (SOFR + 2.00%), 2/22/28 |
|
806
|
$
806,299 |
| Term
Loan, 7.92%, (SOFR + 3.00%), 2/22/28 |
|
249
|
249,216
|
| Curia
Global, Inc., Term Loan, 9.102%, (SOFR + 3.75%), 8/30/26 |
|
241
|
229,836
|
| IQVIA,
Inc., Term Loan, 6.604%, (SOFR + 2.00%), 1/2/31 |
|
1,315
|
1,322,152
|
| LGC
Group Holdings Ltd., Term Loan, 6.628%, (1 mo. EURIBOR + 3.25%), 4/21/27 |
EUR
|
1,000
|
1,109,740
|
| Loire
Finco Luxembourg SARL, Term Loan, 8.445%, (SOFR + 3.50%), 4/21/27 |
|
335
|
333,525
|
| Packaging
Coordinators Midco, Inc., Term Loan, 8.095%, (SOFR + 3.25%), 11/30/27 |
|
1,335
|
1,336,520
|
| |
|
|
$ 5,536,276
|
| Machinery
— 2.1% |
| American
Trailer World Corp., Term Loan, 8.695%, (SOFR + 3.75%), 3/3/28 |
|
612
|
$
556,525 |
| Apex
Tool Group LLC: |
|
|
|
| Term
Loan, 14.954%, (SOFR + 7.45%), 7.50% cash, 7.454% PIK, 2/8/30 |
|
1,920
|
1,833,425
|
| Term
Loan - Second Lien, 12.204%, (SOFR + 7.35%), 4.854% cash, 7.35% PIK, 2/8/29 |
|
822
|
783,609
|
| Barnes
Group, Inc., Term Loan, 7.345%, (SOFR + 2.50%), 9/3/30 |
|
495
|
495,713
|
| Conair
Holdings LLC, Term Loan, 8.71%, (SOFR + 3.75%), 5/17/28 |
|
1,504
|
1,382,907
|
| CPM
Holdings, Inc., Term Loan, 9.701%, (SOFR + 4.50%), 9/28/28 |
|
300
|
285,617
|
| Delachaux
Group SA, Term Loan, 7.386%, (3 mo. EURIBOR + 3.75%), 4/16/29 |
EUR
|
922
|
1,030,351
|
| EMRLD
Borrower LP: |
|
|
|
| Term
Loan, 7.557%, (SOFR + 2.50%), 5/31/30 |
|
713
|
711,976
|
| Term
Loan, 7.557%, (SOFR + 2.50%), 8/4/31 |
|
1,050
|
1,049,344
|
| Engineered
Machinery Holdings, Inc.: |
|
|
|
| Term
Loan, 7.095%, (3 mo. EURIBOR + 3.75%), 5/21/28 |
EUR
|
970
|
1,085,829
|
| Term
Loan, 8.418%, (SOFR + 3.75%), 5/19/28 |
|
2,599
|
2,610,397
|
| Filtration
Group Corp.: |
|
|
|
| Term
Loan, 7.628%, (1 mo. EURIBOR + 4.25%), 10/21/28 |
EUR
|
1,184
|
1,321,593
|
| Term
Loan, 8.46%, (SOFR + 3.50%), 10/21/28 |
|
728
|
728,455
|
| Gates
Global LLC, Term Loan, 7.095%, (SOFR + 2.25%), 6/4/31 |
|
3,591
|
3,601,611
|
| Icebox
Holdco III, Inc., Term Loan, 8.615%, (SOFR + 3.75%), 12/22/28 |
|
829
|
833,034
|
| INNIO
Group Holding GmbH, Term Loan, 7.414%, (3 mo. EURIBOR + 3.75%), 11/2/28 |
EUR
|
578
|
647,370 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Machinery
(continued) |
| Roper
Industrial Products Investment Co. LLC: |
|
|
|
| Term
Loan, 7.095%, (3 mo. EURIBOR + 3.75%), 11/22/29 |
EUR
|
493
|
$
550,666 |
| Term
Loan, 7.854%, (SOFR + 3.25%), 11/22/29 |
|
591
|
592,707
|
| SPX
Flow, Inc., Term Loan, 8.345%, (SOFR + 3.50%), 4/5/29 |
|
942
|
943,872
|
| TK
Elevator Topco GmbH, Term Loan, 7.215%, (6 mo. EURIBOR + 3.63%), 7/30/27 |
EUR
|
1,500
|
1,675,289
|
| TK
Elevator U.S. Newco, Inc., Term Loan, 8.588%, (SOFR + 3.50%), 4/30/30 |
|
1,996
|
2,002,665
|
| Zephyr
German BidCo GmbH, Term Loan, 7.446%, (3 mo. EURIBOR + 3.60%), 3/10/28 |
EUR
|
1,500
|
1,660,958
|
| |
|
|
$ 26,383,913
|
| Marine
Transportation — 0.1% |
| Boluda
Towage, S.L., Term Loan, 7.255%, (3 mo. EURIBOR + 3.75%), 1/31/30 |
EUR
|
1,000
|
$
1,119,510 |
| |
|
|
$ 1,119,510
|
| Media
— 0.6% |
| Aragorn
Parent Corp., Term Loan, 9.17%, (SOFR + 4.25%), 12/15/28 |
|
947
|
$
951,341 |
| Axel
Springer SE, Term Loan, 8.205%, (3 mo. EURIBOR + 4.75%), 12/18/26 |
EUR
|
1,000
|
1,118,947
|
| Gray
Television, Inc., Term Loan, 8.315%, (SOFR + 3.00%), 12/1/28 |
|
922
|
852,244
|
| Hubbard
Radio LLC, Term Loan, 9.345%, (SOFR + 4.50%), 9/30/27 |
|
538
|
424,967
|
| iHeartCommunications,
Inc., Term Loan, 7.96%, (SOFR + 3.00%), 5/1/26 |
|
444
|
387,551
|
| MJH
Healthcare Holdings LLC, Term Loan, 8.195%, (SOFR + 3.25%), 1/28/29 |
|
493
|
492,732
|
| Sinclair
Television Group, Inc., Term Loan, 8.014%, (SOFR + 2.50%), 9/30/26 |
|
617
|
600,215
|
| Univision
Communications, Inc., Term Loan, 8.21%, (SOFR + 3.25%), 3/16/26 |
|
2,664
|
2,666,330
|
| |
|
|
$ 7,494,327
|
| Metals/Mining
— 0.3% |
| AAP
Buyer, Inc., Term Loan, 7.854%, (SOFR + 3.25%), 9/9/31 |
|
475
|
$
477,969 |
| Arsenal
AIC Parent LLC, Term Loan, 7.918%, (SOFR + 3.25%), 8/18/30 |
|
743
|
743,359
|
| Dynacast
International LLC, Term Loan, 14.407%, (SOFR + 9.25%), 10/22/25 |
|
398
|
321,049
|
| Navoi
Mining & Metallurgical Co., Term Loan, 10.065%, (SOFR + 4.76%), 4/23/27 |
|
326
|
325,293 |
30
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Metals/Mining
(continued) |
| PMHC
II, Inc., Term Loan, 9.704%, (SOFR + 4.25%), 4/23/29 |
|
985
|
$
962,610 |
| WireCo
WorldGroup, Inc., Term Loan, 9.032%, (SOFR + 3.75%), 11/13/28 |
|
434
|
422,826
|
| Zekelman
Industries, Inc., Term Loan, 7.17%, (SOFR + 2.25%), 1/24/31 |
|
1,089
|
1,091,973
|
| |
|
|
$ 4,345,079
|
| Oil,
Gas & Consumable Fuels — 0.5% |
| Freeport
LNG Investments LLLP, Term Loan, 9.044%, (SOFR + 3.50%), 12/21/28 |
|
653
|
$
648,221 |
| ITT
Holdings LLC, Term Loan, 7.945%, (SOFR + 3.00%), 10/11/30 |
|
792
|
794,000
|
| Matador
Bidco SARL, Term Loan, 9.095%, (SOFR + 4.25%), 7/30/29 |
|
1,529
|
1,534,458
|
| Oryx
Midstream Services Permian Basin LLC, Term Loan, 8.225%, (SOFR + 3.00%), 10/5/28 |
|
1,016
|
1,017,030
|
| Oxbow
Carbon LLC, Term Loan, 8.345%, (SOFR + 3.50%), 5/10/30 |
|
518
|
521,030
|
| UGI
Energy Services LLC, Term Loan, 7.345%, (SOFR + 2.50%), 2/22/30 |
|
1,461
|
1,464,695
|
| |
|
|
$ 5,979,434
|
| Paper
& Forest Products — 0.1% |
| Enviva
Partners LP/Fin C: |
|
|
|
| DIP
Loan, 7.713%, (SOFR + 8.00%), 12/13/24(21) |
|
463
|
$
474,956 |
| DIP
Loan, 13.016%, (SOFR + 8.00%), 12/13/24 |
|
185
|
219,329
|
| Term
Loan, 13.301%, (SOFR + 8.00%), 12/13/24 |
|
278
|
328,994
|
| |
|
|
$ 1,023,279
|
| Passenger
Airlines — 0.0%(13) |
| WestJet
Loyalty LP, Term Loan, 8.354%, (SOFR + 3.75%), 2/14/31 |
|
498
|
$
493,058 |
| |
|
|
$ 493,058
|
| Personal
Products — 0.1% |
| Rainbow
Finco SARL, Term Loan, 6.882%, (6 mo. EURIBOR + 3.50%), 2/23/29 |
EUR
|
1,000
|
$
1,112,714 |
| |
|
|
$ 1,112,714
|
| Pharmaceuticals
— 0.8% |
| AI
Sirona (Luxembourg) Acquisition SARL, Term Loan, 7.378%, (1 mo. EURIBOR + 4.00%), 9/30/28 |
EUR
|
1,000
|
$
1,120,802 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Pharmaceuticals
(continued) |
| Ceva
Sante Animale: |
|
|
|
| Term
Loan, 6.845%, (3 mo. EURIBOR + 3.50%), 11/8/30 |
EUR
|
1,500
|
$
1,677,029 |
| Term
Loan, 8.354%, (SOFR + 3.25%), 11/8/30 |
|
398
|
399,327
|
| Jazz
Financing Lux SARL, Term Loan, 7.095%, (SOFR + 2.25%), 5/5/28 |
|
1,415
|
1,415,027
|
| Mallinckrodt
International Finance SA: |
|
|
|
| Term
Loan, 12.42%, (SOFR + 7.50%), 11/14/28 |
|
431
|
462,541
|
| Term
Loan - Second Lien, 14.42%, (SOFR + 9.50%), 11/14/28 |
|
2,443
|
2,646,502
|
| Nidda
Healthcare Holding AG, Term Loan, 2/21/30(20) |
EUR
|
750
|
837,210
|
| Recipharm
AB, Term Loan, 6.499%, (3 mo. EURIBOR + 2.95%), 2/17/28 |
EUR
|
1,000
|
1,093,360
|
| |
|
|
$ 9,651,798
|
| Professional
Services — 2.2% |
| AAL
Delaware Holdco, Inc., Term Loan, 8.345%, (SOFR + 3.50%), 7/30/31 |
|
700
|
$
703,718 |
| AlixPartners
LLP: |
|
|
|
| Term
Loan, 6.345%, (3 mo. EURIBOR + 3.00%), 2/4/28 |
EUR
|
965
|
1,077,163
|
| Term
Loan, 7.46%, (SOFR + 2.50%), 2/4/28 |
|
1,918
|
1,922,616
|
| APFS
Staffing Holdings, Inc., Term Loan, 8.676%, (SOFR + 4.00%), 12/29/28(22) |
|
264
|
258,333
|
| Apleona
Holding GmbH, Term Loan, 6.336%, (3 mo. EURIBOR + 2.70%), 4/28/28 |
EUR
|
1,000
|
1,111,758
|
| Camelot
U.S. Acquisition LLC, Term Loan, 7.595%, (SOFR + 2.75%), 1/31/31 |
|
2,232
|
2,230,848
|
| CoreLogic,
Inc., Term Loan, 8.46%, (SOFR + 3.50%), 6/2/28 |
|
2,031
|
2,015,756
|
| Corporation
Service Co., Term Loan, 7.345%, (SOFR + 2.50%), 11/2/29 |
|
265
|
265,429
|
| Crisis
Prevention Institute, Inc., Term Loan, 9.354%, (SOFR + 4.75%), 4/9/31 |
|
325
|
326,354
|
| Deerfield
Dakota Holding LLC, Term Loan, 8.354%, (SOFR + 3.75%), 4/9/27 |
|
2,037
|
1,998,624
|
| EAB
Global, Inc., Term Loan, 8.095%, (SOFR + 3.25%), 8/16/28 |
|
224
|
223,339
|
| Employbridge
Holding Co., Term Loan, 10.426%, (SOFR + 4.75%), 7/19/28 |
|
2,303
|
1,552,939
|
| First
Advantage Holdings LLC: |
|
|
|
| Term
Loan, 7.71%, (SOFR + 2.75%), 1/31/27 |
|
606
|
607,504
|
| Term
Loan, 9/19/31(20) |
|
1,625
|
1,619,922
|
| Fleet
Midco I Ltd., Term Loan, 7.578%, (SOFR + 2.75%), 2/21/31 |
|
663
|
662,771
|
| Genuine
Financial Holdings LLC, Term Loan, 8.604%, (SOFR + 4.00%), 9/27/30 |
|
396
|
393,938 |
31
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Professional
Services (continued) |
| Mermaid
Bidco, Inc.: |
|
|
|
| Term
Loan, 7.388%, (3 mo. EURIBOR + 3.75%), 7/3/31 |
EUR
|
1,000
|
$
1,116,396 |
| Term
Loan, 8.492%, (SOFR + 3.25%), 7/3/31 |
|
475
|
475,000
|
| Neptune
Bidco U.S., Inc., Term Loan, 10.404%, (SOFR + 5.00%), 4/11/29 |
|
1,876
|
1,765,630
|
| PHM
Group Holding Oy, Term Loan, 8.455%, (3 mo. EURIBOR + 4.75%), 6/24/31 |
EUR
|
500
|
555,183
|
| Saphilux
SARL, Term Loan, 7.768%, (6 mo. EURIBOR + 4.00%), 7/18/28 |
EUR
|
500
|
559,986
|
| Techem
Verwaltungsgesellschaft 675 GmbH, Term Loan, 7.292%, (1 mo. EURIBOR + 3.75%), 7/15/29 |
EUR
|
1,826
|
2,039,490
|
| Teneo
Holdings LLC, Term Loan, 9.595%, (SOFR + 4.75%), 3/13/31 |
|
1,045
|
1,050,954
|
| Trans
Union LLC, Term Loan, 6.845%, (SOFR + 2.00%), 12/1/28 |
|
1,242
|
1,243,134
|
| Vaco
Holdings LLC, Term Loan, 9.945%, (SOFR + 5.00%), 1/21/29 |
|
267
|
262,490
|
| Wood
Mackenzie Ltd., Term Loan, 8.604%, (SOFR + 3.50%), 2/7/31 |
|
1,197
|
1,200,554
|
| |
|
|
$ 27,239,829
|
| Real
Estate Management & Development — 0.5% |
| Cushman
& Wakefield U.S. Borrower LLC: |
|
|
|
| Term
Loan, 7.71%, (SOFR + 2.75%), 8/21/25 |
|
35
|
$
35,304 |
| Term
Loan, 7.845%, (SOFR + 3.00%), 1/31/30 |
|
2,982
|
2,985,718
|
| Term
Loan, 8.595%, (SOFR + 3.75%), 1/31/30 |
|
1,229
|
1,232,396
|
| Greystar
Real Estate Partners LLC, Term Loan, 7.67%, (SOFR + 2.75%), 8/21/30 |
|
594
|
594,019
|
| Homeserve
USA Holding Corp., Term Loan, 7.211%, (SOFR + 2.25%), 10/21/30 |
|
896
|
894,800
|
| |
|
|
$ 5,742,237
|
| Road
& Rail — 0.3% |
| Hertz
Corp.: |
|
|
|
| Term
Loan, 8.46%, (SOFR + 3.50%), 6/30/28 |
|
198
|
$
177,930 |
| Term
Loan, 8.607%, (SOFR + 3.75%), 6/30/28 |
|
720
|
647,306
|
| Term
Loan, 8.882%, (SOFR + 3.50%), 6/30/28 |
|
1,018
|
913,435
|
| Kenan
Advantage Group, Inc., Term Loan, 8.095%, (SOFR + 3.25%), 1/25/29 |
|
2,172
|
2,171,601
|
| |
|
|
$ 3,910,272
|
| Semiconductors
& Semiconductor Equipment — 0.3% |
| Altar
Bidco, Inc., Term Loan, 7.947%, (SOFR + 3.10%), 2/1/29 |
|
1,246
|
$
1,249,299 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Semiconductors
& Semiconductor Equipment (continued) |
| Bright
Bidco BV, Term Loan, 14.252%, (SOFR + 9.00%), 6.252% cash, 8.00% PIK, 10/31/27 |
|
347
|
$
170,687 |
| MaxLinear,
Inc., Term Loan, 7.22%, (SOFR + 2.25%), 6/23/28 |
|
286
|
277,143
|
| MKS
Instruments, Inc., Term Loan, 6.145%, (1 mo. EURIBOR + 2.75%), 8/17/29 |
EUR
|
1,972
|
2,205,742
|
| Synaptics,
Inc., Term Loan, 7.527%, (SOFR + 2.25%), 12/2/28 |
|
388
|
387,879
|
| |
|
|
$ 4,290,750
|
| Software
— 5.2% |
| Applied
Systems, Inc., Term Loan, 7.604%, (SOFR + 3.00%), 2/24/31 |
|
5,092
|
$
5,103,863 |
| AppLovin
Corp., Term Loan, 7.345%, (SOFR + 2.50%), 8/16/30 |
|
1,567
|
1,567,978
|
| Astra
Acquisition Corp.: |
|
|
|
| Term
Loan, 9.854%, (SOFR + 5.25%), 10/25/28 |
|
853
|
177,778
|
| Term
Loan, 11.354%, (SOFR + 6.75%), 2/25/28 |
|
614
|
506,222
|
| Term
Loan, 17.998%, (SOFR + 13.33%), 10/25/29 |
|
1,244
|
217,630
|
| Banff
Merger Sub, Inc.: |
|
|
|
| Term
Loan, 7.655%, (3 mo. EURIBOR + 4.00%), 7/30/31 |
EUR
|
481
|
536,063
|
| Term
Loan, 9.005%, (SOFR + 3.75%), 7/30/31 |
|
2,967
|
2,962,796
|
| Cegid
Group SAS, Term Loan, 7.205%, (3 mo. EURIBOR + 3.50%), 7/10/28 |
EUR
|
1,000
|
1,117,439
|
| Central
Parent, Inc., Term Loan, 7.854%, (SOFR + 3.25%), 7/6/29 |
|
2,258
|
2,236,164
|
| Cloud
Software Group, Inc., Term Loan, 8.604%, (SOFR + 4.00%), 3/30/29(22) |
|
1,481
|
1,476,670
|
| Cloudera,
Inc.: |
|
|
|
| Term
Loan, 8.695%, (SOFR + 3.75%), 10/8/28 |
|
3,799
|
3,710,632
|
| Term
Loan - Second Lien, 10.945%, (SOFR + 6.00%), 10/8/29 |
|
775
|
732,375
|
| Constant
Contact, Inc., Term Loan, 9.566%, (SOFR + 4.00%), 2/10/28 |
|
1,704
|
1,653,150
|
| Cornerstone
OnDemand, Inc., Term Loan, 8.71%, (SOFR + 3.75%), 10/16/28 |
|
1,316
|
1,233,984
|
| Dragon
Buyer, Inc., Term Loan, 9/30/31(20) |
|
1,425
|
1,420,013
|
| Drake
Software LLC, Term Loan, 8.918%, (SOFR + 4.25%), 6/26/31 |
|
2,050
|
1,978,250
|
| ECI
Macola Max Holding LLC, Term Loan, 8.354%, (SOFR + 3.75%), 5/9/30 |
|
1,402
|
1,406,932
|
| Epicor
Software Corp.: |
|
|
|
| Term
Loan, 1.00%, 5/30/31(21) |
|
244
|
244,661
|
| Term
Loan, 8.095%, (SOFR + 3.25%), 5/30/31 |
|
2,082
|
2,085,267
|
| Fiserv
Investment Solutions, Inc., Term Loan, 9.128%, (SOFR + 4.00%), 2/18/27 |
|
503
|
484,465 |
32
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Software
(continued) |
| GoTo
Group, Inc.: |
|
|
|
| Term
Loan, 9.968%, (SOFR + 4.75%), 4/28/28 |
|
945
|
$ 783,263
|
| Term
Loan - Second Lien, 9.968%, (SOFR + 4.75%), 4/28/28 |
|
594
|
225,579
|
| IGT
Holding IV AB, Term Loan, 6.245%, (3 mo. EURIBOR + 2.90%), 3/31/28 |
EUR
|
1,000
|
1,109,439
|
| iSolved,
Inc., Term Loan, 8.345%, (SOFR + 3.50%), 10/15/30 |
|
498
|
499,887
|
| Ivanti
Software, Inc., Term Loan, 9.833%, (SOFR + 4.25%), 12/1/27 |
|
1,431
|
1,223,558
|
| Marcel
LUX IV SARL: |
|
|
|
| Term
Loan, 7.631%, (1 mo. EURIBOR + 4.00%), 11/9/30 |
EUR
|
1,500
|
1,681,412
|
| Term
Loan, 9.34%, (SOFR + 4.00%), 11/11/30 |
|
1,222
|
1,231,102
|
| McAfee
LLC: |
|
|
|
| Term
Loan, 7.136%, (3 mo. EURIBOR + 3.50%), 3/1/29 |
EUR
|
980
|
1,088,208
|
| Term
Loan, 8.451%, (SOFR + 3.25%), 3/1/29 |
|
2,744
|
2,737,476
|
| Mosel
Bidco SE: |
|
|
|
| Term
Loan, 7.845%, (3 mo. EURIBOR + 4.50%), 9/16/30 |
EUR
|
750
|
839,663
|
| Term
Loan, 9.104%, (SOFR + 4.50%), 9/16/30 |
|
250
|
251,563
|
| OceanKey
(U.S.) II Corp., Term Loan, 8.445%, (SOFR + 3.50%), 12/15/28 |
|
609
|
609,756
|
| Open
Text Corp., Term Loan, 7.095%, (SOFR + 2.25%), 1/31/30 |
|
848
|
852,541
|
| Polaris
Newco LLC: |
|
|
|
| Term
Loan, 7.345%, (3 mo. EURIBOR + 4.00%), 6/2/28 |
EUR
|
970
|
1,031,391
|
| Term
Loan, 9.514%, (SOFR + 4.00%), 6/2/28 |
|
2,766
|
2,724,241
|
| Proofpoint,
Inc., Term Loan, 7.845%, (SOFR + 3.00%), 8/31/28 |
|
2,432
|
2,433,389
|
| Quartz
Acquireco LLC, Term Loan, 7.354%, (SOFR + 2.75%), 6/28/30 |
|
743
|
740,644
|
| Quest
Software U.S. Holdings, Inc., Term Loan, 9.652%, (SOFR + 4.25%), 2/1/29 |
|
987
|
673,904
|
| RealPage,
Inc., Term Loan, 7.96%, (SOFR + 3.00%), 4/24/28 |
|
2,789
|
2,710,316
|
| Sabre
GLBL, Inc., Term Loan, 9.195%, (SOFR + 4.25%), 6/30/28 |
|
1,100
|
1,036,750
|
| SolarWinds
Holdings, Inc., Term Loan, 7.595%, (SOFR + 2.75%), 2/5/30 |
|
1,812
|
1,814,892
|
| Sophia
LP, Term Loan, 8.445%, (SOFR + 3.50%), 10/9/29 |
|
385
|
385,974
|
| UKG,
Inc., Term Loan, 8.555%, (SOFR + 3.25%), 2/10/31 |
|
4,224
|
4,228,815
|
| Veritas
U.S., Inc.: |
|
|
|
| Term
Loan, 8.095%, (3 mo. EURIBOR + 4.75%), 9/1/25 |
EUR
|
960
|
983,230 |
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Software
(continued) |
| Veritas
U.S., Inc.: (continued) |
|
|
|
| Term
Loan, 9.96%, (SOFR + 5.00%), 9/1/25 |
|
2,376
|
$
2,235,780 |
| Vision
Solutions, Inc., Term Loan, 9.514%, (SOFR + 4.00%), 4/24/28 |
|
413
|
403,246
|
| |
|
|
$ 65,388,351
|
| Specialty
Retail — 1.3% |
| Apro
LLC, Term Loan, 8.868%, (SOFR + 3.75%), 7/9/31 |
|
600
|
$
602,157 |
| Belron
Luxembourg SARL, Term Loan, 6.009%, (3 mo. EURIBOR + 2.43%), 4/13/28 |
EUR
|
900
|
1,004,548
|
| Boels
Topholding BV, Term Loan, 6.557%, (3 mo. EURIBOR + 3.00%), 2/6/27 |
EUR
|
862
|
963,810
|
| Etraveli
Holding AB, Term Loan, 7.845%, (3 mo. EURIBOR + 4.50%), 11/2/28 |
EUR
|
937
|
1,046,396
|
| Great
Outdoors Group LLC, Term Loan, 8.71%, (SOFR + 3.75%), 3/6/28 |
|
2,359
|
2,360,641
|
| Harbor
Freight Tools USA, Inc., Term Loan, 7.333%, (SOFR + 2.50%), 6/5/31(22) |
|
2,350
|
2,316,219
|
| Hoya
Midco LLC, Term Loan, 7.845%, (SOFR + 3.00%), 2/3/29 |
|
976
|
983,004
|
| Les
Schwab Tire Centers, Term Loan, 7.845%, (SOFR + 3.00%), 4/23/31 |
|
3,300
|
3,305,162
|
| Mattress
Firm, Inc., Term Loan, 8.924%, (SOFR + 4.25%), 9/25/28 |
|
1,168
|
1,169,223
|
| PetSmart,
Inc., Term Loan, 8.695%, (SOFR + 3.75%), 2/11/28 |
|
1,285
|
1,276,184
|
| Speedster
Bidco GmbH, Term Loan, 5.662%, (6 mo. EURIBOR + 2.50%), 3/31/27 |
EUR
|
1,000
|
1,115,106
|
| |
|
|
$ 16,142,450
|
| Technology
Hardware, Storage & Peripherals — 0.1% |
| Poseidon
Bidco SASU, Term Loan, 8.345%, (3 mo. EURIBOR + 5.00%), 3/13/30 |
EUR
|
750
|
$
647,614 |
| |
|
|
$ 647,614
|
| Trading
Companies & Distributors — 1.5% |
| American
Builders & Contractors Supply Co., Inc., Term Loan, 6.595%, (SOFR + 1.75%), 1/31/31 |
|
2,334
|
$
2,338,361 |
| Beacon
Roofing Supply, Inc., Term Loan, 6.845%, (SOFR + 2.00%), 5/19/28 |
|
546
|
546,762
|
| Core
& Main LP, Term Loan, 7.105%, (SOFR + 2.25%), 2/9/31 |
|
373
|
374,058
|
| DXP
Enterprises, Inc., Term Loan, 10.164%, (SOFR + 4.75%), 10/11/30 |
|
668
|
670,422
|
| Foundation
Building Materials Holding Co. LLC, Term Loan, 9.252%, (SOFR + 4.00%), 1/29/31 |
|
1,244
|
1,213,240 |
33
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Trading
Companies & Distributors (continued) |
| Patagonia
Bidco Ltd., Term Loan, 10.45%, (SONIA + 5.25%), 11/1/28 |
GBP
|
1,000
|
$
1,189,469 |
| PEARLS
(Netherlands) Bidco BV, Term Loan, 7.636%, (3 mo. EURIBOR + 4.00%), 2/26/29 |
EUR
|
1,000
|
1,117,025
|
| Quimper
AB, Term Loan, 6.62%, (3 mo. EURIBOR + 2.93%), 2/16/26 |
EUR
|
1,875
|
2,083,763
|
| Ramudden
Global Group GmbH, Term Loan, 7.686%, (1 mo. EURIBOR + 4.25%), 12/10/29 |
EUR
|
1,000
|
1,113,034
|
| Spin
Holdco, Inc., Term Loan, 9.256%, (SOFR + 4.00%), 3/4/28 |
|
3,764
|
3,306,784
|
| White
Cap Buyer LLC, Term Loan, 8.095%, (SOFR + 3.25%), 10/19/29 |
|
3,177
|
3,155,969
|
| Windsor
Holdings III LLC: |
|
|
|
| Term
Loan, 6.898%, (1 mo. EURIBOR + 3.50%), 8/1/30 |
EUR
|
500
|
558,662
|
| Term
Loan, 8.461%, (SOFR + 3.50%), 8/1/30 |
|
1,139
|
1,144,540
|
| |
|
|
$ 18,812,089
|
| Transportation
Infrastructure — 0.0%(13) |
| Brown
Group Holding LLC: |
|
|
|
| Term
Loan, 7.595%, (SOFR + 2.75%), 7/1/31 |
|
218
|
$
218,082 |
| Term
Loan, 7.837%, (SOFR + 2.75%), 7/1/31(22) |
|
246
|
245,994
|
| KKR
Apple Bidco LLC, Term Loan, 7.71%, (SOFR + 2.75%), 9/22/28 |
|
170
|
170,157
|
| |
|
|
$ 634,233
|
| Wireless
Telecommunication Services — 0.5% |
| CCI
Buyer, Inc., Term Loan, 8.604%, (SOFR + 4.00%), 12/17/27 |
|
447
|
$
446,474 |
| Digicel
International Finance Ltd., Term Loan, 12.002%, (SOFR + 6.75%), 5/25/27 |
|
5,007
|
4,966,214
|
| SBA
Senior Finance II LLC, Term Loan, 6.85%, (SOFR + 2.00%), 1/25/31 |
|
721
|
722,194
|
| |
|
|
$ 6,134,882
|
Total
Senior Floating-Rate Loans
(identified cost $565,581,064) |
|
|
$ 554,862,130
|
| Sovereign
Government Bonds — 4.2% |
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Albania
— 0.0%(13) |
| Albania
Government International Bonds: |
|
|
|
| 3.50%,
11/23/31(14) |
EUR
|
300
|
$ 316,287
|
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Albania
(continued) |
Albania
Government International Bonds:
(continued) |
|
|
|
| 5.90%,
6/9/28(14) |
EUR
|
162
|
$
188,982 |
| |
|
|
$ 505,269
|
| Angola
— 0.2% |
| Angola
Government International Bonds: |
|
|
|
| 8.75%,
4/14/32(14) |
|
1,161
|
$
1,043,441 |
| 9.125%,
11/26/49(14) |
|
600
|
498,338
|
| 9.375%,
5/8/48(14) |
|
820
|
695,754
|
| |
|
|
$ 2,237,533
|
| Argentina
— 0.1% |
| Argentina
Republic Government International Bonds: |
|
|
|
| 3.50%
to 7/9/29, 7/9/41(4) |
|
200
|
$
91,542 |
| 4.125%
to 7/9/27, 7/9/35(4) |
|
500
|
241,250
|
| 5.00%,
1/9/38 |
|
700
|
366,743
|
| |
|
|
$ 699,535
|
| Bahamas
— 0.0%(13) |
| Bahamas
Government International Bonds: |
|
|
|
| 6.00%,
11/21/28(14) |
|
200
|
$
188,470 |
| 6.95%,
11/20/29(14) |
|
8
|
7,598
|
| 8.95%,
10/15/32(14) |
|
200
|
204,731
|
| |
|
|
$ 400,799
|
| Barbados
— 0.1% |
| Barbados
Government International Bonds, 6.50%, 10/1/29(1)(14) |
|
685
|
$
659,409 |
| |
|
|
$ 659,409
|
| Benin
— 0.2% |
| Benin
Government International Bonds: |
|
|
|
| 4.875%,
1/19/32(14) |
EUR
|
406
|
$
405,108 |
| 4.95%,
1/22/35(14) |
EUR
|
430
|
402,736
|
| 6.875%,
1/19/52(14) |
EUR
|
1,158
|
1,083,040
|
| 7.96%,
2/13/38(14) |
|
200
|
198,795
|
| |
|
|
$ 2,089,679
|
| Brazil
— 0.2% |
| Brazil
Government International Bonds: |
|
|
|
| 3.875%,
6/12/30 |
|
371
|
$
347,388 |
| 4.625%,
1/13/28 |
|
1,100
|
1,107,983 |
34
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Brazil
(continued) |
| Brazil
Government International Bonds: (continued) |
|
|
|
| 5.00%,
1/27/45 |
|
600
|
$
496,372 |
| |
|
|
$ 1,951,743
|
| Cameroon
— 0.2% |
| Republic
of Cameroon International Bonds: |
|
|
|
| 5.95%,
7/7/32(14) |
EUR
|
500
|
$
453,038 |
| 9.50%,
7/31/31(14) |
|
1,762
|
1,719,051
|
| |
|
|
$ 2,172,089
|
| Chile
— 0.1% |
| Chile
Government International Bonds: |
|
|
|
| 2.45%,
1/31/31 |
|
200
|
$
178,839 |
| 2.55%,
7/27/33 |
|
600
|
515,083
|
| 3.50%,
1/25/50 |
|
300
|
231,436
|
| |
|
|
$ 925,358
|
| Colombia
— 0.1% |
| Colombia
Government International Bonds: |
|
|
|
| 3.25%,
4/22/32 |
|
900
|
$
728,023 |
| 4.125%,
5/15/51 |
|
430
|
272,479
|
| |
|
|
$ 1,000,502
|
| Costa
Rica — 0.0%(13) |
| Costa
Rica Government International Bonds, 6.55%, 4/3/34(14) |
|
460
|
$
490,313 |
| |
|
|
$ 490,313
|
| Croatia
— 0.0%(13) |
| Croatia
Government International Bonds, 1.75%, 3/4/41(14) |
EUR
|
212
|
$
191,446 |
| |
|
|
$ 191,446
|
| Dominican
Republic — 0.1% |
| Dominican
Republic International Bonds: |
|
|
|
| 4.50%,
1/30/30(14) |
|
250
|
$
239,634 |
| 4.875%,
9/23/32(14) |
|
530
|
505,486
|
| 5.95%,
1/25/27(14) |
|
200
|
202,945
|
| 7.45%,
4/30/44(14) |
|
300
|
340,921
|
| |
|
|
$ 1,288,986
|
| Ecuador
— 0.2% |
| Ecuador
Government International Bonds: |
|
|
|
| 0.00%,
7/31/30(14) |
|
685
|
$
383,710 |
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Ecuador
(continued) |
Ecuador
Government International Bonds:
(continued) |
|
|
|
| 5.00%,
7/31/40(14) |
|
2,958
|
$
1,298,597 |
| 6.90%,
7/31/30(14) |
|
930
|
678,435
|
| |
|
|
$ 2,360,742
|
| Egypt
— 0.3% |
| Egypt
Government International Bonds: |
|
|
|
| 5.25%,
10/6/25(1) |
|
200
|
$
198,751 |
| 5.625%,
4/16/30(14) |
EUR
|
995
|
927,402
|
| 5.80%,
9/30/27(14) |
|
427
|
404,778
|
| 6.375%,
4/11/31(14) |
EUR
|
203
|
189,645
|
| 7.053%,
1/15/32(14) |
|
442
|
383,885
|
| 7.50%,
2/16/61(14) |
|
260
|
188,838
|
| 7.625%,
5/29/32(14) |
|
200
|
177,633
|
| 7.903%,
2/21/48(14) |
|
393
|
304,288
|
| 8.15%,
11/20/59(14) |
|
200
|
155,276
|
| 8.50%,
1/31/47(14) |
|
200
|
161,705
|
| 8.70%,
3/1/49(14) |
|
400
|
328,204
|
| 8.875%,
5/29/50(14) |
|
780
|
647,273
|
| |
|
|
$ 4,067,678
|
| El
Salvador — 0.0%(13) |
| El
Salvador Government International Bonds, 8.25%, 4/10/32(14) |
|
418
|
$
389,720 |
| |
|
|
$ 389,720
|
| Ethiopia
— 0.1% |
| Ethiopia
International Bonds, 6.625%, 12/11/24(14)(18) |
|
1,854
|
$
1,446,120 |
| |
|
|
$ 1,446,120
|
| Gabon
— 0.0%(13) |
| Gabon
Government International Bonds, 6.625%, 2/6/31(14) |
|
200
|
$
155,281 |
| |
|
|
$ 155,281
|
| Ghana
— 0.2% |
| Ghana
Government International Bonds: |
|
|
|
| 7.625%,
5/16/29(14)(18) |
|
711
|
$
373,008 |
| 7.75%,
4/7/29(14)(18) |
|
560
|
296,698
|
| 7.875%,
2/11/35(14)(18) |
|
200
|
106,346
|
| 8.125%,
1/18/26(14)(18) |
|
208
|
110,387
|
| 8.125%,
3/26/32(14)(18) |
|
576
|
306,842
|
| 8.627%,
6/16/49(14)(18) |
|
740
|
389,171 |
35
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Ghana
(continued) |
| Ghana
Government International Bonds: (continued) |
|
|
|
| 8.75%,
3/11/61(14)(18) |
|
597
|
$
320,811 |
| |
|
|
$ 1,903,263
|
| Guatemala
— 0.0%(13) |
| Guatemala
Government Bonds, 5.375%, 4/24/32(14) |
|
338
|
$
336,622 |
| |
|
|
$ 336,622
|
| Hungary
— 0.1% |
| Hungary
Government International Bonds: |
|
|
|
| 2.125%,
9/22/31(14) |
|
400
|
$
332,453 |
| 6.25%,
9/22/32(1)(14) |
|
700
|
754,564
|
| |
|
|
$ 1,087,017
|
| India
— 0.1% |
| Export-Import
Bank of India: |
|
|
|
| 2.25%,
1/13/31(14) |
|
600
|
$
521,983 |
| 5.50%,
1/18/33(1) |
|
230
|
241,872
|
| |
|
|
$ 763,855
|
| Indonesia
— 0.1% |
| Indonesia
Government International Bonds: |
|
|
|
| 4.70%,
2/10/34 |
|
962
|
$
970,961 |
| 5.10%,
2/10/54 |
|
560
|
568,774
|
| |
|
|
$ 1,539,735
|
| Iraq
— 0.0%(13) |
| Iraq
International Bonds, 5.80%, 1/15/28(14) |
|
109
|
$
106,315 |
| |
|
|
$ 106,315
|
| Ivory
Coast — 0.0%(13) |
| Ivory
Coast Government International Bonds, 6.625%, 3/22/48(14) |
EUR
|
662
|
$
608,911 |
| |
|
|
$ 608,911
|
| Jordan
— 0.0%(13) |
| Jordan
Government International Bonds: |
|
|
|
| 5.85%,
7/7/30(14) |
|
300
|
$
283,448 |
| 7.50%,
1/13/29(14) |
|
200
|
203,583
|
| |
|
|
$ 487,031
|
| Kenya
— 0.0%(13) |
| Republic
of Kenya Government International Bonds: |
|
|
|
| 8.00%,
5/22/32(14) |
|
200
|
$
186,314 |
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Kenya
(continued) |
Republic
of Kenya Government International Bonds:
(continued) |
|
|
|
| 8.25%,
2/28/48(14) |
|
200
|
$
170,229 |
| |
|
|
$ 356,543
|
| Kuwait
— 0.0%(13) |
| Kuwait
International Government Bonds, 3.50%, 3/20/27(14) |
|
247
|
$
244,051 |
| |
|
|
$ 244,051
|
| Lebanon
— 0.0%(13) |
| Lebanon
Government International Bonds, 6.375%, 3/9/49(18) |
|
1,110
|
$
86,759 |
| |
|
|
$ 86,759
|
| Mexico
— 0.1% |
| Mexico
Government International Bonds: |
|
|
|
| 4.875%,
5/19/33 |
|
600
|
$
576,149 |
| 5.00%,
4/27/51 |
|
300
|
253,737
|
| 5.40%,
2/9/28 |
|
600
|
614,190
|
| |
|
|
$ 1,444,076
|
| Mongolia
— 0.0%(13) |
| Mongolia
Government International Bonds, 5.125%, 4/7/26(1) |
|
200
|
$
197,547 |
| |
|
|
$ 197,547
|
| Montenegro
— 0.1% |
| Montenegro
Government International Bonds: |
|
|
|
| 2.875%,
12/16/27(14) |
EUR
|
100
|
$
105,489 |
| 7.25%,
3/12/31(14) |
|
515
|
540,229
|
| |
|
|
$ 645,718
|
| Morocco
— 0.0%(13) |
| Morocco
Government International Bonds, 3.00%, 12/15/32(14) |
|
365
|
$
313,976 |
| |
|
|
$ 313,976
|
| Oman
— 0.1% |
| Oman
Government International Bonds: |
|
|
|
| 5.375%,
3/8/27(14) |
|
200
|
$
202,604 |
| 6.25%,
1/25/31(14) |
|
483
|
516,453
|
| 6.75%,
1/17/48(14) |
|
230
|
249,590
|
| 7.375%,
10/28/32(14) |
|
250
|
287,431
|
| |
|
|
$ 1,256,078
|
36
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Pakistan
— 0.0%(13) |
| Pakistan
Government International Bonds: |
|
|
|
| 6.875%,
12/5/27(14) |
|
200
|
$
181,969 |
| 7.375%,
4/8/31(14) |
|
200
|
169,975
|
| |
|
|
$ 351,944
|
| Panama
— 0.1% |
| Panama
Government International Bonds: |
|
|
|
| 2.252%,
9/29/32 |
|
201
|
$
155,915 |
| 3.16%,
1/23/30 |
|
251
|
225,153
|
| 3.298%,
1/19/33 |
|
200
|
167,403
|
| 4.50%,
4/1/56 |
|
400
|
288,837
|
| 6.70%,
1/26/36 |
|
200
|
208,921
|
| |
|
|
$ 1,046,229
|
| Paraguay
— 0.0%(13) |
| Paraguay
Government International Bonds, 4.95%, 4/28/31(14) |
|
577
|
$
576,572 |
| |
|
|
$ 576,572
|
| Peru
— 0.1% |
| Peru
Government International Bonds: |
|
|
|
| 2.783%,
1/23/31 |
|
700
|
$
625,975 |
| 3.00%,
1/15/34 |
|
250
|
214,979
|
| 3.30%,
3/11/41 |
|
447
|
353,334
|
| |
|
|
$ 1,194,288
|
| Philippines
— 0.1% |
| Philippines
Government International Bonds: |
|
|
|
| 5.00%,
7/17/33 |
|
720
|
$
743,476 |
| 5.50%,
1/17/48 |
|
290
|
309,952
|
| |
|
|
$ 1,053,428
|
| Romania
— 0.1% |
| Romania
Government International Bonds: |
|
|
|
| 1.75%,
7/13/30(14) |
EUR
|
400
|
$
380,829 |
| 3.375%,
1/28/50(14) |
EUR
|
400
|
303,696
|
| 6.625%,
9/27/29(14) |
EUR
|
400
|
488,891
|
| |
|
|
$ 1,173,416
|
| Serbia
— 0.1% |
| Serbia
International Bonds, 2.125%, 12/1/30(14) |
|
1,003
|
$
843,349 |
| |
|
|
$ 843,349
|
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| Sri
Lanka — 0.2% |
| Sri
Lanka Government International Bonds: |
|
|
|
| 5.75%,
4/18/23(14)(18) |
|
858
|
$
473,492 |
| 6.20%,
5/11/27(14)(18) |
|
800
|
449,552
|
| 6.35%,
6/28/24(14)(18) |
|
520
|
287,697
|
| 6.75%,
4/18/28(14)(18) |
|
504
|
284,706
|
| 6.825%,
7/18/26(14)(18) |
|
200
|
113,024
|
| 6.85%,
3/14/24(14)(18) |
|
230
|
127,673
|
| 6.85%,
11/3/25(14)(18) |
|
583
|
330,437
|
| |
|
|
$ 2,066,581
|
| Suriname
— 0.2% |
| Suriname
Government International Bonds: |
|
|
|
| 7.95%,
(4.95% cash and 3.00% PIK), 7/15/33(1) |
|
1,283
|
$
1,245,774 |
| 9.00%,
12/31/50(1) |
|
894
|
876,120
|
| |
|
|
$ 2,121,894
|
| Tunisia
— 0.0%(13) |
| Tunisian
Republic, 6.375%, 7/15/26(14) |
EUR
|
556
|
$
560,551 |
| |
|
|
$ 560,551
|
| Turkey
— 0.1% |
| Turkiye
Government International Bonds: |
|
|
|
| 4.25%,
4/14/26 |
|
500
|
$
496,983 |
| 4.875%,
4/16/43 |
|
260
|
196,507
|
| 6.125%,
10/24/28 |
|
370
|
378,589
|
| 6.75%,
5/30/40 |
|
300
|
290,122
|
| 7.625%,
5/15/34 |
|
360
|
382,952
|
| |
|
|
$ 1,745,153
|
| Ukraine
— 0.1% |
| Ukraine
Government International Bonds: |
|
|
|
| 0.00%,
GDP-Linked, 8/1/41(14)(24) |
|
691
|
$
490,870 |
| 1.75%
to 8/1/25, 2/1/29(4)(14) |
|
59
|
35,022
|
| 1.75%
to 8/1/25, 2/1/34(4)(14) |
|
304
|
135,934
|
| 1.75%
to 8/1/25, 2/1/35(4)(14) |
|
312
|
136,603
|
| 1.75%
to 8/1/25, 2/1/36(4)(14) |
|
7
|
3,014
|
| 3.00%
to 2/1/27, 2/1/30(4)(14) |
|
17
|
7,440
|
| 3.00%
to 2/1/27, 2/1/34(4)(14) |
|
420
|
142,931
|
| 3.00%
to 2/1/27, 2/1/35(4)(14) |
|
26
|
11,498
|
| 3.00%
to 2/1/27, 2/1/36(4)(14) |
|
11
|
4,790
|
| |
|
|
$ 968,102
|
37
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount*
(000's omitted) |
Value
|
| United
Arab Emirates — 0.2% |
| Finance
Department Government of Sharjah: |
|
|
|
| 4.375%,
3/10/51(14) |
|
700
|
$
519,156 |
| 6.50%,
11/23/32(1)(14) |
|
1,250
|
1,344,276
|
| |
|
|
$ 1,863,432
|
| Uruguay
— 0.1% |
| Uruguay
Government International Bonds: |
|
|
|
| 4.375%,
1/23/31 |
|
200
|
$
201,236 |
| 5.10%,
6/18/50 |
|
300
|
300,540
|
| 5.75%,
10/28/34 |
|
250
|
271,543
|
| |
|
|
$ 773,319
|
| Uzbekistan
— 0.1% |
| National
Bank of Uzbekistan, 8.50%, 7/5/29(14) |
|
490
|
$
500,687 |
| Republic
of Uzbekistan International Bonds, 5.375%, 2/20/29(14) |
|
300
|
290,999
|
| |
|
|
$ 791,686
|
| Venezuela
— 0.0%(13) |
| Venezuela
Government International Bonds: |
|
|
|
| 6.00%,
12/9/20(14)(18) |
|
361
|
$
44,193 |
| 7.00%,
3/31/38(14)(18) |
|
156
|
21,587
|
| 7.65%,
4/21/25(14)(18) |
|
525
|
73,129
|
| 7.75%,
10/13/19(14)(18) |
|
400
|
52,106
|
| 8.25%,
10/13/24(14)(18) |
|
468
|
65,481
|
| 9.00%,
5/7/23(14)(18) |
|
101
|
14,384
|
| 9.25%,
9/15/27(18) |
|
693
|
109,830
|
| 9.25%,
5/7/28(14)(18) |
|
470
|
70,263
|
| 9.375%,
1/13/34(18) |
|
41
|
7,067
|
| 11.75%,
10/21/26(14)(18) |
|
205
|
34,363
|
| 11.95%,
8/5/31(14)(18) |
|
174
|
28,316
|
| 12.75%,
8/23/22(14)(18) |
|
158
|
25,885
|
| |
|
|
$ 546,604
|
Total
Sovereign Government Bonds
(identified cost $50,566,984) |
|
|
$ 52,086,247
|
| Borrower/Description
|
Principal
Amount*
(000's omitted) |
Value
|
| Argentina
— 0.0%(13) |
| Provincia
De Neuquen, Term Loan, 11/1/27(20) |
|
196
|
$
197,868 |
| |
|
|
$ 197,868
|
| Bahamas
— 0.1% |
| Commonwealth
of Bahamas, Term Loan, 10.512%, (3 mo. EURIBOR + 6.85%), 11/24/28(2) |
EUR
|
660
|
$
732,695 |
| |
|
|
$ 732,695
|
| Kenya
— 0.0%(13) |
| Government
of Kenya, Term Loan, 12.142%, (6 mo. SOFR + 6.45%), 6/29/25(2) |
|
624
|
$
635,104 |
| |
|
|
$ 635,104
|
| Tanzania
— 0.2% |
| Government
of the United Republic of Tanzania, Term Loan, 12.022%, (6 mo. SOFR + 6.30%), 4/28/31(2) |
|
2,726
|
$
2,793,397 |
| |
|
|
$ 2,793,397
|
Total
Sovereign Loans
(identified cost $4,269,135) |
|
|
$ 4,359,064
|
| U.S.
Government Agency Mortgage-Backed Securities — 19.2% |
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Federal
Home Loan Mortgage Corp.: |
|
|
|
| 5.00%,
8/1/52 |
$
|
39,295
|
$ 39,417,508
|
| 5.50%,
5/1/32 |
|
198
|
203,339
|
| 6.50%,
6/17/28 |
|
5
|
5,236
|
| 7.00%,
10/17/27 |
|
4
|
4,295
|
| 7.50%,
with various maturities to 2035 |
|
354
|
369,233
|
| 8.00%,
with various maturities to 2030 |
|
25
|
25,996
|
| 9.00%,
with various maturities to 2031 |
|
9
|
9,594
|
| Federal
National Mortgage Association: |
|
|
|
| 4.50%,
7/1/42 |
|
2,397
|
2,418,472
|
| 4.778%,
(COF + 1.317%), 10/1/36(25) |
|
293
|
284,344
|
| 5.00%,
with various maturities to 2040 |
|
2,438
|
2,496,339
|
| 5.50%,
with various maturities to 2033 |
|
251
|
260,003
|
| 6.00%,
5/1/29 |
|
55
|
56,161
|
| 6.35%,
(COF + 2.004%), 7/1/32(25) |
|
360
|
367,705
|
| 6.438%,
(6 mo. RFUCCT + 1.541%), 9/1/37(25) |
|
440
|
448,426 |
38
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Federal
National Mortgage Association: (continued) |
|
|
|
| 6.50%,
with various maturities to 2031 |
$
|
14
|
$
14,198 |
| 6.978%,
(1 yr. CMT + 2.283), 8/1/36(25) |
|
1,822
|
1,857,611
|
| 7.00%,
with various maturities to 2029 |
|
119
|
122,040
|
| 7.50%,
with various maturities to 2035 |
|
469
|
494,697
|
| 7.967%,
10/15/29(5) |
|
3
|
2,685
|
| 8.00%,
with various maturities to 2027 |
|
6
|
5,876
|
| 8.079%,
9/15/27(5) |
|
6
|
5,911
|
| 8.222%,
9/20/28(5) |
|
3
|
2,922
|
| 8.239%,
6/15/27(5) |
|
3
|
2,715
|
| 8.50%,
12/1/37 |
|
82
|
85,891
|
| 9.00%,
2/1/32 |
|
53
|
54,237
|
| 9.50%,
with various maturities to 2030 |
|
6
|
6,549
|
| Government
National Mortgage Association: |
|
|
|
| 4.00%,
9/20/49 |
|
214
|
208,047
|
| 4.50%,
with various maturities to 2052 |
|
2,264
|
2,245,084
|
| 5.00%,
6/20/52 |
|
13,892
|
13,976,497
|
| 5.50%,
30-Year, TBA(26) |
|
10,950
|
11,057,768
|
| 5.50%,
with various maturities to 2054 |
|
12,275
|
12,466,263
|
| 6.00%,
30-Year, TBA(26) |
|
5,300
|
5,389,799
|
| 6.00%,
with various maturities to 2054 |
|
15,833
|
16,253,189
|
| 6.50%,
with various maturities to 2054 |
|
21,715
|
22,304,339
|
| 7.00%,
with various maturities to 2054 |
|
2,995
|
3,038,273
|
| 7.50%,
with various maturities to 2054 |
|
3,169
|
3,230,151
|
| 8.00%,
with various maturities to 2054 |
|
3,339
|
3,431,479
|
| 9.00%,
12/15/25 |
|
9
|
9,368
|
| Uniform
Mortgage-Backed Security: |
|
|
|
| 5.00%,
30-Year, TBA(26) |
|
9,737
|
9,730,915
|
| 5.50%,
30-Year, TBA(26) |
|
25,350
|
25,650,041
|
| 6.00%,
30-Year, TBA(26) |
|
60,700
|
62,039,670
|
Total
U.S. Government Agency Mortgage-Backed Securities
(identified cost $237,013,356) |
|
|
$ 240,052,866
|
| Security
|
Shares
|
Value
|
| Consumer
Staples Distribution & Retail — 0.0%(13) |
| Casino
Guichard Perrachon SA, Exp. 4/27/29(11) |
|
32,288
|
$
36 |
Total
Warrants
(identified cost $0) |
|
|
$ 36
|
| Security
|
Principal
Amount/
Shares |
Value
|
| Cable
and Satellite Television — 0.0% |
| ACC
Claims Holdings LLC(10) |
|
2,257,600
|
$
0 |
| |
|
|
$ 0
|
| Engineering
& Construction — 0.0% |
| Abengoa
Abenewco 2 SA, Escrow Certificates(1)(10)(18) |
$
|
377,752
|
$
0 |
| Abengoa
Abenewco 2 SA, Escrow Certificates(1)(10)(18) |
|
377,752
|
0
|
| |
|
|
$ 0
|
| Entertainment
— 0.0% |
| National
CineMedia, Inc., Escrow Certificates(10)(11) |
$
|
1,186,000
|
$
0 |
| |
|
|
$ 0
|
| Pharmaceuticals
— 0.0% |
| Endo
Design LLC, Escrow Certificates(1)(10)(11) |
$
|
649,000
|
$
0 |
| Endo
Luxembourg Finance SARL, Escrow Certificates(1)(10)(11) |
|
1,550,000
|
0
|
| |
|
|
$ 0
|
| Surface
Transport — 0.0%(13) |
| Hertz
Corp., Escrow Certificates(1)(11) |
$
|
364,000
|
$
63,700 |
| |
|
|
$ 63,700
|
Total
Miscellaneous
(identified cost $0) |
|
|
$ 63,700
|
| Short-Term
Investments — 7.1% |
| Security
|
Shares
|
Value
|
| Morgan
Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.83%(27) |
|
87,317,893
|
$
87,317,893 |
Total
Affiliated Fund
(identified cost $87,317,893) |
|
|
$ 87,317,893
|
39
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| U.S.
Treasury Obligations — 0.1% |
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| U.S.
Treasury Bills: |
|
|
|
| 0.00%,
10/10/24(28) |
$
|
169
|
$
168,804 |
| 0.00%,
11/7/24(28) |
|
167
|
166,197
|
| 0.00%,
11/21/24(28) |
|
164
|
162,927
|
| 0.00%,
12/5/24(28) |
|
487
|
482,537
|
Total
U.S. Treasury Obligations
(identified cost $980,162) |
|
|
$ 980,465
|
Total
Short-Term Investments
(identified cost $88,298,055) |
|
|
$ 88,298,358
|
Total
Investments — 169.2%
(identified cost $2,168,374,352) |
|
|
$ 2,119,206,242
|
| Less
Unfunded Loan Commitments — (0.1)% |
|
|
$
(1,011,653) |
Net
Investments — 169.1%
(identified cost $2,167,362,699) |
|
|
$ 2,118,194,589
|
| TBA
Sale Commitments — (1.8)% |
| U.S.
Government Agency Mortgage-Backed Securities — (1.8)% |
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Government
National Mortgage Association: |
|
|
|
| 6.50%,
30-Year, TBA(26) |
$
|
(15,000)
|
$
(15,347,818) |
| 7.00%,
30-Year, TBA(26) |
|
(6,806)
|
(6,981,175)
|
Total
U.S. Government Agency Mortgage-Backed Securities
(identified cost $(22,351,955)) |
|
|
$
(22,328,993) |
Total
TBA Sale Commitments
(identified cost $(22,351,955)) |
|
|
$
(22,328,993) |
| Other
Assets, Less Liabilities — (84.6)% |
|
|
$
(1,059,349,006) |
| Auction
Preferred Shares Plus Cumulative Unpaid Dividends — 17.3% |
|
|
$ 216,217,740
|
| Net
Assets Applicable to Common Shares — 100.0% |
|
|
$ 1,252,734,330
|
| The
percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares. |
| *
|
In
U.S. dollars unless otherwise indicated. |
|
(1) |
Security
exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30,
2024, the aggregate value of these securities is $731,856,990 or 58.4% of the Fund's net assets applicable to common shares. |
|
(2) |
Variable
rate security. The stated interest rate represents the rate in effect at September 30, 2024. |
|
(3) |
When-issued
security. |
|
(4) |
Step
coupon security. Interest rate represents the rate in effect at September 30, 2024. |
|
(5) |
Weighted
average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 2024. |
|
(6) |
Inverse
floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at September 30, 2024. |
|
(7) |
Interest
only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated. |
|
(8) |
Principal
only security that entitles the holder to receive only principal payments on the underlying mortgages. |
|
(9) |
Represents
an investment in an issuer that may be deemed to be an affiliate (see Note 9). |
|
(10) |
For fair
value measurement disclosure purposes, security is categorized as Level 3 (see Note 10). |
|
(11) |
Non-income
producing security. |
|
(12) |
Security
was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
|
(13) |
Amount
is less than 0.05%. |
|
(14) |
Security
exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant
to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At September 30, 2024, the aggregate value of these securities is $80,377,638 or 6.4% of the Fund's net assets
applicable to common shares. |
|
(15) |
Security
converts to variable rate after the indicated fixed-rate coupon period. |
|
(16) |
Represents
a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. |
|
(17) |
Perpetual
security with no stated maturity date but may be subject to calls by the issuer. |
|
(18) |
Issuer
is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. For a variable rate security, interest rate has been adjusted to reflect non-accrual status. |
40
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
|
(19) |
Senior floating-rate
loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with
accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates
of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”) and secondarily, the prime rate offered by one or
more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are
generally subject to contractual restrictions that must be satisfied before they can be bought or sold. |
|
(20) |
This
Senior Loan will settle after September 30, 2024, at which time the interest rate will be determined. |
|
(21) |
Unfunded
or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. At September 30,
2024, the total value of unfunded loan commitments is $1,020,034. See Note 1F for description. |
|
(22) |
The
stated interest rate represents the weighted average interest rate at September 30, 2024 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either monthly or quarterly by reference to the indicated
base lending rate and spread and the reset period. |
|
(23) |
Principal
amount is less than $500. |
|
(24) |
Amounts
payable in respect of the security are contingent upon and determined by reference to Ukraine’s GDP and Real GDP Growth Rate. Principal amount represents the notional amount used to calculate payments due to the security holder and does not
represent an entitlement for payment. |
|
(25) |
Adjustable
rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages
may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at September 30, 2024. |
|
(26) |
TBA (To
Be Announced) securities are purchased or sold on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount, which is not expected to differ significantly from the commitment
amount, and maturity date are determined upon settlement. |
|
(27) |
May be
deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2024. |
|
(28) |
Security
(or a portion thereof) has been pledged to cover margin requirements on open derivative contracts. |
| Forward
Foreign Currency Exchange Contracts (Centrally Cleared) |
| Currency
Purchased |
Currency
Sold |
Settlement
Date |
Value/Unrealized
Appreciation
(Depreciation) |
| EUR
|
2,058,996
|
USD
|
2,281,999
|
12/18/24
|
$ 17,128
|
| EUR
|
799,291
|
USD
|
887,517
|
12/18/24
|
4,992
|
| EUR
|
697,649
|
USD
|
774,656
|
12/18/24
|
4,357
|
| EUR
|
290,000
|
USD
|
322,010
|
12/18/24
|
1,811
|
| EUR
|
123,375
|
USD
|
136,737
|
12/18/24
|
1,026
|
| USD
|
5,805
|
EUR
|
5,238
|
12/18/24
|
(44)
|
| USD
|
99,499
|
EUR
|
89,776
|
12/18/24
|
(747)
|
| USD
|
276,802
|
EUR
|
249,752
|
12/18/24
|
(2,077)
|
| USD
|
321,409
|
EUR
|
290,000
|
12/18/24
|
(2,412)
|
| USD
|
518,009
|
EUR
|
467,388
|
12/18/24
|
(3,888)
|
| USD
|
732,851
|
EUR
|
660,000
|
12/18/24
|
(4,122)
|
| USD
|
992,475
|
EUR
|
895,487
|
12/18/24
|
(7,449)
|
| USD
|
1,095,399
|
EUR
|
988,354
|
12/18/24
|
(8,221)
|
| USD
|
1,403,316
|
EUR
|
1,266,181
|
12/18/24
|
(10,533)
|
| USD
|
1,940,553
|
EUR
|
1,750,917
|
12/18/24
|
(14,565)
|
| USD
|
2,251,765
|
EUR
|
2,031,717
|
12/18/24
|
(16,901)
|
41
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Forward
Foreign Currency Exchange Contracts (Centrally Cleared) (continued) |
| Currency
Purchased |
Currency
Sold |
Settlement
Date |
Value/Unrealized
Appreciation
(Depreciation) |
| USD
|
2,486,808
|
EUR
|
2,243,791
|
12/18/24
|
$
(18,665) |
| |
|
|
|
|
$(60,310)
|
| Forward
Foreign Currency Exchange Contracts (OTC) |
| Currency
Purchased |
Currency
Sold |
Counterparty
|
Settlement
Date |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
| EUR
|
165,000
|
USD
|
184,220
|
Citibank,
N.A. |
10/2/24
|
$
— |
$
(550) |
| USD
|
46,729,734
|
EUR
|
42,161,465
|
Standard
Chartered Bank |
10/2/24
|
—
|
(202,276)
|
| EUR
|
314,782
|
USD
|
347,201
|
Citibank,
N.A. |
10/4/24
|
3,226
|
—
|
| USD
|
556,638
|
EUR
|
498,000
|
Citibank,
N.A. |
10/4/24
|
2,246
|
—
|
| EUR
|
77,487
|
USD
|
86,326
|
Goldman
Sachs International |
10/31/24
|
33
|
—
|
| EUR
|
356,725
|
USD
|
398,785
|
Standard
Chartered Bank |
10/31/24
|
—
|
(1,218)
|
| EUR
|
88,449
|
USD
|
98,547
|
State
Street Bank and Trust Company |
10/31/24
|
29
|
—
|
| EUR
|
85,615
|
USD
|
95,815
|
State
Street Bank and Trust Company |
10/31/24
|
—
|
(398)
|
| USD
|
3,553,988
|
EUR
|
3,200,000
|
Bank
of America, N.A. |
10/31/24
|
—
|
(12,385)
|
| USD
|
474,985
|
EUR
|
424,934
|
Citibank,
N.A. |
10/31/24
|
1,400
|
—
|
| USD
|
163,384
|
EUR
|
147,014
|
Citibank,
N.A. |
10/31/24
|
—
|
(462)
|
| USD
|
167,063
|
EUR
|
150,468
|
HSBC
Bank USA, N.A. |
10/31/24
|
—
|
(633)
|
| USD
|
645,014
|
EUR
|
593,474
|
HSBC
Bank USA, N.A. |
10/31/24
|
—
|
(16,408)
|
| USD
|
683,341
|
EUR
|
628,832
|
HSBC
Bank USA, N.A. |
10/31/24
|
—
|
(17,487)
|
| USD
|
18,221,659
|
EUR
|
16,765,664
|
HSBC
Bank USA, N.A. |
10/31/24
|
—
|
(463,527)
|
| USD
|
19,304,391
|
EUR
|
17,764,513
|
HSBC
Bank USA, N.A. |
10/31/24
|
—
|
(494,005)
|
| USD
|
17,937
|
EUR
|
16,243
|
State
Street Bank and Trust Company |
10/31/24
|
—
|
(166)
|
| USD
|
33,155
|
GBP
|
24,846
|
Citibank,
N.A. |
10/31/24
|
—
|
(63)
|
| USD
|
9,650
|
GBP
|
7,531
|
HSBC
Bank USA, N.A. |
10/31/24
|
—
|
(418)
|
| USD
|
117,125
|
GBP
|
91,402
|
HSBC
Bank USA, N.A. |
10/31/24
|
—
|
(5,073)
|
| USD
|
142,733
|
GBP
|
108,643
|
Standard
Chartered Bank |
10/31/24
|
—
|
(2,515)
|
| USD
|
353,492
|
GBP
|
274,824
|
State
Street Bank and Trust Company |
10/31/24
|
—
|
(13,929)
|
| USD
|
5,478,134
|
GBP
|
4,259,002
|
State
Street Bank and Trust Company |
10/31/24
|
—
|
(215,863)
|
| USD
|
47,118,146
|
EUR
|
42,161,465
|
Standard
Chartered Bank |
11/4/24
|
121,586
|
—
|
| USD
|
7,251,914
|
EUR
|
6,493,000
|
Australia
and New Zealand Banking Group Limited |
11/29/24
|
7,379
|
—
|
| USD
|
7,251,220
|
EUR
|
6,493,000
|
Bank
of America, N.A. |
11/29/24
|
6,685
|
—
|
| USD
|
7,248,332
|
EUR
|
6,493,000
|
Bank
of America, N.A. |
11/29/24
|
3,797
|
—
|
| USD
|
7,252,913
|
EUR
|
6,493,000
|
State
Street Bank and Trust Company |
11/29/24
|
8,377
|
—
|
| USD
|
7,250,804
|
EUR
|
6,494,425
|
State
Street Bank and Trust Company |
11/29/24
|
4,679
|
—
|
| USD
|
2,533,341
|
GBP
|
1,918,194
|
Goldman
Sachs International |
11/29/24
|
—
|
(30,977)
|
| USD
|
8,767,219
|
EUR
|
7,845,000
|
Goldman
Sachs International |
12/31/24
|
2,500
|
—
|
| USD
|
8,588,372
|
EUR
|
7,684,569
|
State
Street Bank and Trust Company |
12/31/24
|
2,893
|
—
|
| USD
|
8,767,523
|
EUR
|
7,845,000
|
State
Street Bank and Trust Company |
12/31/24
|
2,805
|
—
|
42
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Forward
Foreign Currency Exchange Contracts (OTC) (continued) |
| Currency
Purchased |
Currency
Sold |
Counterparty
|
Settlement
Date |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
| USD
|
8,765,796
|
EUR
|
7,845,000
|
State
Street Bank and Trust Company |
12/31/24
|
$
1,077 |
$
— |
| |
|
|
|
|
|
$168,712
|
$(1,478,353)
|
| Futures
Contracts |
| Description
|
Number
of
Contracts |
Position
|
Expiration
Date |
Notional
Amount |
Value/Unrealized
Appreciation
(Depreciation) |
| Interest
Rate Futures |
|
|
|
|
|
| U.S.
2-Year Treasury Note |
650
|
Long
|
12/31/24
|
$135,357,422
|
$
278,797 |
| U.S.
5-Year Treasury Note |
2,238
|
Long
|
12/31/24
|
245,917,736
|
290,888
|
| U.S.
10-Year Treasury Note |
390
|
Long
|
12/19/24
|
44,569,688
|
60,637
|
| U.S.
Ultra 10-Year Treasury Note |
15
|
Long
|
12/19/24
|
1,774,453
|
(3,051)
|
| Euro-Bobl
|
(16)
|
Short
|
12/6/24
|
(2,138,137)
|
(24,044)
|
| Euro-Bund
|
(9)
|
Short
|
12/6/24
|
(1,351,675)
|
(14,820)
|
| Euro-Buxl
|
(8)
|
Short
|
12/6/24
|
(1,213,600)
|
(29,921)
|
| Euro-Schatz
|
(7)
|
Short
|
12/6/24
|
(835,113)
|
(4,519)
|
| U.S.
2-Year Treasury Note |
(9)
|
Short
|
12/31/24
|
(1,874,180)
|
(6,837)
|
| U.S.
5-Year Treasury Note |
(77)
|
Short
|
12/31/24
|
(8,460,977)
|
(4,009)
|
| U.S.
10-Year Treasury Note |
(12)
|
Short
|
12/19/24
|
(1,371,375)
|
(2,188)
|
| U.S.
Long Treasury Bond |
(281)
|
Short
|
12/19/24
|
(34,896,688)
|
78,893
|
| U.S.
Ultra-Long Treasury Bond |
(181)
|
Short
|
12/19/24
|
(24,089,969)
|
116,623
|
| |
|
|
|
|
$736,449
|
| Credit
Default Swaps - Sell Protection (Centrally Cleared) |
| Reference
Entity |
Notional
Amount*
(000's omitted) |
Contract
Annual
Fixed Rate** |
Current
Market Annual
Fixed Rate*** |
Termination
Date |
Value
|
Unamortized
Upfront
Receipts
(Payments) |
Unrealized
Appreciation
(Depreciation) |
| Egypt
|
$
158 |
1.00%
(pays quarterly)(1) |
5.63%
|
12/20/28
|
$
(25,663) |
$
40,543 |
$
14,880 |
| Total
|
$158
|
|
|
|
$(25,663)
|
$40,543
|
$14,880
|
43
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Portfolio of
Investments (Unaudited) — continued
| Credit
Default Swaps - Buy Protection (Centrally Cleared) |
|
| Reference
Entity |
Notional
Amount
(000's omitted) |
Contract
Annual
Fixed Rate** |
Termination
Date |
Value
|
Unamortized
Upfront
Receipts
(Payments) |
Unrealized
Appreciation
(Depreciation) |
| Philippines
|
|
$
980 |
1.00%
(pays quarterly)(1) |
12/20/29
|
$
(19,691) |
$
18,775 |
$
(916) |
| Total
|
|
$980
|
|
|
$(19,691)
|
$18,775
|
$(916)
|
| Credit
Default Swaps - Sell Protection (OTC) |
| Reference
Entity |
Counterparty
|
Notional
Amount*
(000's omitted) |
Contract
Annual
Fixed Rate** |
Current
Market
Annual
Fixed Rate*** |
Termination
Date |
Value
|
Unamortized
Upfront
Receipts
(Payments) |
Unrealized
Appreciation
(Depreciation) |
| Ivory
Coast |
Deutsche
Bank AG |
$
271 |
1.00%
(pays quarterly)(1) |
2.71%
|
6/20/27
|
$
(11,601) |
$
19,112 |
$
7,511 |
| Ivory
Coast |
Deutsche
Bank AG |
312
|
1.00%
(pays quarterly)(1) |
2.71
|
6/20/27
|
(13,360)
|
22,035
|
8,675
|
| Mexico
|
Citibank,
N.A. |
2,041
|
1.00%
(pays quarterly)(1) |
1.56
|
12/20/31
|
(69,648)
|
65,849
|
(3,799)
|
| U.S.
Single Family Rental |
Goldman
Sachs International |
670
|
7.85%
(pays annually)(1) |
7.78
|
3/18/28
|
4,544
|
—
|
4,544
|
| Vietnam
|
Goldman
Sachs International |
300
|
1.00%
(pays quarterly)(1) |
0.97
|
12/20/29
|
449
|
(839)
|
(390)
|
| Total
|
|
$3,594
|
|
|
|
$
(89,616) |
$106,157
|
$16,541
|
| *
|
If the Fund
is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At September 30, 2024,
such maximum potential amount for all open credit default swaps in which the Fund is the seller was $3,752,000. |
| **
|
The
contract annual fixed rate represents the fixed rate of interest received by the Fund (as a seller of protection) or paid by the Fund (as a buyer of protection) on the notional amount of the credit default swap contract. |
| ***
|
Current
market annual fixed rates, utilized in determining the net unrealized appreciation or depreciation as of period end, serve as an indicator of the market’s perception of the current status of the payment/performance risk associated with the
credit derivative. The current market annual fixed rate of a particular reference entity reflects the cost, as quoted by the pricing vendor, of selling protection against default of that entity as of period end and may include upfront payments
required to be made to enter into the agreement. The higher the fixed rate, the greater the market perceived risk of a credit event involving the reference entity. A rate identified as “Defaulted” indicates a credit event has occurred
for the reference entity. |
|
(1) |
Upfront
payment is exchanged with the counterparty as a result of the standardized trading coupon. |
| Abbreviations:
|
| CMT
|
– Constant
Maturity Treasury |
| COF
|
– Cost
of Funds 11th District |
| DIP
|
– Debtor
In Possession |
| EURIBOR
|
– Euro
Interbank Offered Rate |
| GDP
|
– Gross
Domestic Product |
| OTC
|
– Over-the-counter
|
| PCL
|
– Public
Company Limited |
| PIK
|
– Payment
In Kind |
| RFUCCT
|
– FTSE
USD IBOR Consumer Cash Fallbacks Term |
| SOFR
|
– Secured
Overnight Financing Rate |
| SONIA
|
– Sterling
Overnight Interbank Average |
| Currency
Abbreviations: |
| EUR
|
– Euro
|
| GBP
|
– British
Pound Sterling |
| USD
|
– United
States Dollar |
44
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Statement of Assets
and Liabilities (Unaudited)
| |
September
30, 2024 |
| Assets
|
|
| Unaffiliated
investments, at value (identified cost $2,069,710,479) |
$
2,021,655,689 |
| Affiliated
investments, at value (identified cost $97,652,220) |
96,538,900
|
| Cash
|
2,666,983
|
| Deposits
for forward commitment securities |
328,000
|
| Deposits
for derivatives collateral: |
|
| Futures
contracts |
3,673,906
|
| Centrally
cleared derivatives |
571,713
|
| OTC
derivatives |
2,635,100
|
| Foreign
currency, at value (identified cost $7,231,998) |
7,246,675
|
| Interest
receivable |
21,905,461
|
| Interest
and dividends receivable from affiliated investments |
189,682
|
| Receivable
for investments sold |
11,240,068
|
| Receivable
for TBA sale commitments |
22,351,955
|
| Receivable
for variation margin on open centrally cleared derivatives |
20,476
|
| Receivable
for open forward foreign currency exchange contracts |
168,712
|
| Receivable
for open swap contracts |
20,730
|
| Upfront
payments on open OTC swap contracts |
839
|
| Tax
reclaims receivable |
5,726
|
| Trustees'
deferred compensation plan |
283,738
|
| Prepaid
upfront fees on notes payable |
825,678
|
| Prepaid
expenses |
2,303
|
| Total
assets |
$2,192,332,334
|
| Liabilities
|
|
| Notes
payable |
$
548,000,000 |
| Cash
collateral due to brokers |
8,000
|
| Payable
for investments purchased |
23,647,788
|
| Payable
for when-issued/delayed delivery/forward commitment securities |
121,516,380
|
| TBA
sale commitments, at value (proceeds receivable $22,351,955) |
22,328,993
|
| Payable
for variation margin on open futures contracts |
891,913
|
| Payable
for open forward foreign currency exchange contracts |
1,478,353
|
| Payable
for open swap contracts |
4,189
|
| Upfront
receipts on open OTC swap contracts |
106,996
|
| Payable
to affiliates: |
|
| Investment
adviser fee |
1,231,915
|
| Trustees'
deferred compensation plan |
283,738
|
| Accrued
expenses |
3,881,998
|
| Total
liabilities |
$
723,380,263 |
| Auction
preferred shares (8,640 shares outstanding) at liquidation value plus cumulative unpaid dividends |
$
216,217,741 |
| Net
assets applicable to common shares |
$1,252,734,330
|
| Sources
of Net Assets |
|
| Common
shares, $0.01 par value, unlimited number of shares authorized |
$
1,162,035 |
| Additional
paid-in capital |
1,598,998,899
|
| Accumulated
loss |
(347,426,604)
|
| Net
assets applicable to common shares |
$1,252,734,330
|
| Common
Shares Issued and Outstanding |
116,203,460
|
| Net
Asset Value Per Common Share |
|
| Net
assets ÷ common shares issued and outstanding |
$
10.78 |
45
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Statement of
Operations (Unaudited)
| |
Six
Months Ended |
| |
September
30, 2024 |
| Investment
Income |
|
| Dividend
income |
$
1,022,942 |
| Dividend
income from affiliated investments |
743,615
|
| Interest
income |
69,075,647
|
| Interest
income from affiliated investments |
299,189
|
| Other
income |
246,962
|
| Total
investment income |
$71,388,355
|
| Expenses
|
|
| Investment
adviser fee |
$
7,253,924 |
| Trustees’
fees and expenses |
54,250
|
| Custodian
fee |
329,165
|
| Transfer
and dividend disbursing agent fees |
11,110
|
| Legal
and accounting services |
120,632
|
| Printing
and postage |
161,566
|
| Interest
expense and fees |
16,620,395
|
| Preferred
shares service fee |
113,612
|
| Miscellaneous
|
122,624
|
| Total
expenses |
$24,787,278
|
| Deduct:
|
|
| Waiver
and/or reimbursement of expenses by affiliates |
$
19,457 |
| Total
expense reductions |
$
19,457 |
| Net
expenses |
$24,767,821
|
| Net
investment income |
$46,620,534
|
| Realized
and Unrealized Gain (Loss) |
|
| Net
realized gain (loss): |
|
| Investment
transactions |
$
(9,738,947) |
| Futures
contracts |
1,936,766
|
| Swap
contracts |
18,859
|
| Foreign
currency transactions |
1,398,970
|
| Forward
foreign currency exchange contracts |
(3,344,499)
|
| Net
realized loss |
$
(9,728,851) |
| Change
in unrealized appreciation (depreciation): |
|
| Investments
|
$
47,469,599 |
| Investments
- affiliated investments |
489,247
|
| TBA
sale commitments |
22,962
|
| Futures
contracts |
912,458
|
| Swap
contracts |
(33,308)
|
| Foreign
currency |
(24,803)
|
| Forward
foreign currency exchange contracts |
(2,244,113)
|
| Net
change in unrealized appreciation (depreciation) |
$46,592,042
|
| Net
realized and unrealized gain |
$36,863,191
|
| Distributions
to preferred shareholders |
$
(9,339,642) |
| Net
increase in net assets from operations |
$74,144,083
|
46
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Statements of Changes
in Net Assets
| |
Six
Months Ended
September 30, 2024
(Unaudited) |
Year
Ended
March 31, 2024 |
| Increase
(Decrease) in Net Assets |
|
|
| From
operations: |
|
|
| Net
investment income |
$
46,620,534 |
$
92,614,913 |
| Net
realized loss |
(9,728,851)
|
(45,834,953)
|
| Net
change in unrealized appreciation (depreciation) |
46,592,042
|
93,594,530
|
| Distributions
to preferred shareholders |
(9,339,642)
|
(18,534,628)
|
| Net
increase in net assets from operations |
$
74,144,083 |
$
121,839,862 |
| Distributions
to common shareholders |
$
(55,359,328)* |
$
(80,819,287) |
| Tax
return of capital to common shareholders |
$
— |
$
(28,249,281) |
| Net
increase in net assets |
$
18,784,755 |
$
12,771,294 |
| Net
Assets Applicable to Common Shares |
|
|
| At
beginning of period |
$
1,233,949,575 |
$
1,221,178,281 |
| At
end of period |
$1,252,734,330
|
$1,233,949,575
|
| *
|
A portion
of the distributions may be deemed a tax return of capital at year-end. See Note 3. |
47
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Statement of Cash
Flows (Unaudited)
| |
Six
Months Ended |
| |
September
30, 2024 |
| Cash
Flows From Operating Activities |
|
| Net
increase in net assets from operations |
$
74,144,083 |
| Distributions
to preferred shareholders |
9,339,642
|
| Net
increase in net assets from operations excluding distributions to preferred shareholders |
$
83,483,725 |
| Adjustments
to reconcile net increase in net assets from operations to net cash used in operating activities: |
|
| Investments
purchased |
(1,533,486,477)
|
| Investments
sold and principal repayments |
1,507,352,663
|
| Increase
in short-term investments, net |
(66,091,600)
|
| Net
amortization/accretion of premium (discount) |
(1,063,697)
|
| Amortization
of prepaid upfront fees on notes payable |
357,162
|
| Decrease
in interest receivable |
149,399
|
| Increase
in interest and dividends receivable from affiliated investments |
(40,385)
|
| Decrease
in receivable for variation margin on open centrally cleared derivatives |
15,353
|
| Decrease
in receivable for open swap contracts |
23,973
|
| Increase
in upfront payments on open OTC swap contracts |
(839)
|
| Increase
in tax reclaims receivable |
(1,457)
|
| Increase
in Trustees’ deferred compensation plan |
(27,618)
|
| Decrease
in prepaid expenses |
6,587
|
| Decrease
in cash collateral due to broker |
(262,000)
|
| Increase
in payable for variation margin on open futures contracts |
619,966
|
| Increase
in payable for open swap contracts |
1,994
|
| Decrease
in upfront receipts on open OTC swap contracts |
(35,478)
|
| Increase
in payable to affiliate for investment adviser fee |
38,004
|
| Increase
in payable to affiliate for Trustees' deferred compensation plan |
27,618
|
| Increase
in accrued expenses |
95,257
|
| Increase
in unfunded loan commitments |
826,289
|
| Net
change in unrealized (appreciation) depreciation from investments, including TBA Sale Commitments |
(47,981,808)
|
| Net
change in unrealized (appreciation) depreciation from forward foreign currency exchange contracts (OTC) |
2,093,770
|
| Net
realized loss from investments |
9,738,947
|
| Net
cash used in operating activities |
$
(44,160,652) |
| Cash
Flows From Financing Activities |
|
| Cash distributions paid to common shareholders
|
$
(55,359,328) |
| Cash
distributions paid to preferred shareholders |
(9,449,550)
|
| Proceeds
from notes payable |
109,000,000
|
| Net
cash provided by financing activities |
$
44,191,122 |
| Net
increase in cash and restricted cash* |
$
30,470 |
| Cash
and restricted cash at beginning of period (including foreign currency) |
$
17,091,907 |
| Cash
and restricted cash at end of period (including foreign currency) |
$
17,122,377 |
| Supplemental
disclosure of cash flow information: |
|
| Cash
paid for interest and fees on borrowings |
$
16,026,374 |
| *
|
Includes
net change in unrealized (appreciation) depreciation on foreign currency of $29,376. |
48
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Statement of Cash
Flows (Unaudited) — continued
The
following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such amounts shown on the Statement of Cash Flows.
| |
|
| |
September
30, 2024 |
| Cash
|
$
2,666,983 |
| Deposits
for derivatives collateral: |
|
| Futures
contracts |
3,673,906
|
| Centrally
cleared derivatives |
571,713
|
| OTC
derivatives |
2,635,100
|
| Deposits
for forward commitment securities |
328,000
|
| Foreign
currency |
7,246,675
|
| Total
cash and restricted cash as shown on the Statement of Cash Flows |
$17,122,377
|
49
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Selected data for a
common share outstanding during the periods stated
| |
Six
Months Ended
September 30, 2024
(Unaudited) |
Year
Ended March 31, |
| |
2024
|
2023
|
2022
|
2021
|
2020
|
| Net
asset value — Beginning of period (Common shares) |
$
10.62 |
$
10.51 |
$
12.30 |
$
13.57 |
$
11.75 |
$
14.45 |
| Income
(Loss) From Operations |
|
|
|
|
|
|
| Net
investment income(1) |
$
0.40 |
$
0.80 |
$
0.71 |
$
0.64 |
$
0.76 |
$
0.76 |
| Net
realized and unrealized gain (loss) |
0.32
|
0.41
|
(1.21)
|
(0.71)
|
2.27
|
(2.39)
|
Distributions
to preferred shareholders:
From net investment income(1) |
(0.08)
|
(0.16)
|
(0.09)
|
(0.00)
(2) |
(0.01)
|
(0.05)
|
| Total
income (loss) from operations |
$
0.64 |
$
1.05 |
$
(0.59) |
$
(0.07) |
$
3.02 |
$
(1.68) |
| Less
Distributions to Common Shareholders |
|
|
|
|
|
|
| From
net investment income |
$
(0.48)* |
$
(0.70) |
$
(0.72) |
$
(0.68) |
$
(0.79) |
$
(0.84) |
| Tax
return of capital |
—
|
(0.24)
|
(0.48)
|
(0.52)
|
(0.41)
|
(0.18)
|
| Total
distributions to common shareholders |
$
(0.48) |
$
(0.94) |
$
(1.20) |
$
(1.20) |
$
(1.20) |
$
(1.02) |
| Net
asset value — End of period (Common shares) |
$10.78
|
$10.62
|
$10.51
|
$12.30
|
$13.57
|
$
11.75 |
| Market
value — End of period (Common shares) |
$10.51
|
$
9.75 |
$
9.85 |
$11.70
|
$12.63
|
$
10.57 |
| Total
Investment Return on Net Asset Value(3) |
6.49%
(4) |
11.73%
|
(3.98)%
|
(0.42)%
|
27.62%
|
(11.69)%
|
| Total
Investment Return on Market Value(3) |
13.09%
(4) |
9.35%
|
(5.30)%
|
1.70%
|
32.25%
|
(9.33)%
|
50
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Financial
Highlights — continued
Selected data for a
common share outstanding during the periods stated
| |
Six
Months Ended
September 30, 2024
(Unaudited) |
Year
Ended March 31, |
| |
2024
|
2023
|
2022
|
2021
|
2020
|
| Ratios/Supplemental
Data |
|
|
|
|
|
|
| Net
assets applicable to common shares, end of period (000’s omitted) |
$1,252,734
|
$1,233,950
|
$1,221,178
|
$1,429,150
|
$1,575,692
|
$1,365,197
|
| Ratios
(as a percentage of average daily net assets applicable to common shares):(5)(6)† |
|
|
|
|
|
|
| Expenses
excluding interest and fees |
1.32%
(7) |
1.27%
|
1.29%
|
1.24%
|
1.33%
|
1.29%
|
| Interest
and fee expense(8) |
2.69%
(7) |
2.09%
|
1.43%
|
0.53%
|
0.58%
|
1.33%
|
| Total
expenses |
4.01%
(7) |
3.36%
|
2.72%
|
1.77%
|
1.91%
|
2.62%
|
| Net
expenses |
4.01%
(7)(9) |
3.36%
(9) |
2.72%
(9) |
1.77%
|
1.91%
|
2.62%
|
| Net
investment income |
7.54%
(7) |
7.66%
|
6.47%
|
4.83%
|
5.73%
|
5.33%
|
| Portfolio
Turnover |
77%
(4)(10) |
199%
(10) |
201%
(10) |
137%
(10) |
57%
(10) |
49%
|
| Senior
Securities: |
|
|
|
|
|
|
| Total
notes payable outstanding (in 000’s) |
$
548,000 |
$
439,000 |
$
314,000 |
$
578,000 |
$
570,000 |
$
525,000 |
| Asset
coverage per $1,000 of notes payable(11) |
$
3,681 |
$
4,304 |
$
5,577 |
$
3,846 |
$
4,143 |
$
4,012 |
| Total
preferred shares outstanding |
8,640
|
8,640
|
8,640
|
8,640
|
8,640
|
8,640
|
| Asset
coverage per preferred share(12) |
$
66,000 |
$
72,110 |
$
82,609 |
$
69,999 |
$
75,118 |
$
71,062 |
| Involuntary
liquidation preference per preferred share(13) |
$
25,000 |
$
25,000 |
$
25,000 |
$
25,000 |
$
25,000 |
$
25,000 |
| Approximate
market value per preferred share(13) |
$
25,000 |
$
25,000 |
$
25,000 |
$
25,000 |
$
25,000 |
$
25,000 |
|
(1) |
Computed
using average common shares outstanding. |
|
(2) |
Amount
is less than $(0.005). |
|
(3) |
Returns
are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan.
|
|
(4) |
Not
annualized. |
|
(5) |
Total
expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
|
(6) |
Ratios
do not reflect the effect of dividend payments to preferred shareholders. |
|
(7) |
Annualized.
|
|
(8) |
Interest
and fee expense relates to the notes payable, a portion of which was incurred to partially redeem the Fund’s Auction Preferred Shares (see Note 2). |
|
(9) |
Includes
a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended September 30, 2024 and less than 0.01% of
average daily net assets for the years ended March 31, 2024 and 2023). |
|
(10) |
Includes
the effect of To-Be-Announced (TBA) transactions. |
|
(11) |
Calculated
by subtracting the Fund’s total liabilities (not including the notes payable and preferred shares) from the Fund’s total assets, and dividing the result by the notes payable balance in thousands. |
|
(12) |
Calculated
by subtracting the Fund’s total liabilities (not including the notes payable and preferred shares) from the Fund’s total assets, dividing the result by the sum of the value of the notes payable and liquidation value of the preferred
shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 264%, 288%, 330%, 280%, 300% and 284% at September 30, 2024 and March 31, 2024, 2023, 2022, 2021 and 2020, respectively. |
|
(13) |
Plus
accumulated and unpaid dividends. |
| *
|
A
portion of the distributions may be deemed a tax return of capital at year-end. See Note 3. |
|
† |
Ratios
based on net assets applicable to common shares plus preferred shares and borrowings are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders. |
51
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Financial
Highlights — continued
Selected data for a
common share outstanding during the periods stated
| |
Six
Months Ended
September 30, 2024
(Unaudited) |
Year
Ended March 31, |
| |
2024
|
2023
|
2022
|
2021
|
2020
|
| Expenses
excluding interest and fees |
0.84%
|
0.87%
|
0.85%
|
0.83%
|
0.88%
|
0.86%
|
| Interest
and fee expense |
1.72%
|
1.43%
|
0.94%
|
0.36%
|
0.38%
|
0.89%
|
| Total
expenses |
2.56%
|
2.30%
|
1.79%
|
1.19%
|
1.26%
|
1.75%
|
| Net
investment income |
4.81%
|
5.23%
|
4.24%
|
3.25%
|
3.79%
|
3.57%
|
52
See Notes to Financial Statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial
Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance Limited Duration Income Fund (the Fund) is a
Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Fund's primary investment objective is to provide a high level of
current income. The Fund may, as a secondary objective, also seek capital appreciation to the extent it is consistent with its primary objective.
The following is a summary of significant accounting policies
of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment
Valuation—The following methodologies are used to determine the market value or fair value of
investments.
Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Senior Loans, for which a valuation is not available
or deemed unreliable, are fair valued by the investment adviser utilizing one or more of the valuation techniques described below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan. If the
investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other Senior
Loans issued by companies of comparable credit quality. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to:
(i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be
liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are
likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Junior Loans (i.e.,
subordinated loans and second lien loans) are valued in the same manner as Senior Loans.
Debt Obligations. Debt
obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and
ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The
pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or
less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Equity Securities. Equity
securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such
securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available
are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that
consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic
events.
Derivatives. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Forward foreign currency exchange contracts are generally valued at the mean of the
average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward
foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Swaps are normally valued using valuations provided by a third party
pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained
from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by
broker/dealers.
Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine
the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such
securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock
Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable
foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.
Other. Investments in
management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial
Statements (Unaudited) — continued
Fair
Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not
readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might
reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may
include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or
entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the
company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized
gains and losses on investments sold are determined on the basis of identified cost.
C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees in connection
with investments in senior floating-rate loans may include amendment fees, consent fees and prepayment fees, which are recorded to income as earned and included in Other income on the Statement of Operations. Dividend income is recorded on the
ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.
D Federal
Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable
to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax
is necessary.
As of September 30, 2024, the Fund
had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the
Internal Revenue Service for a period of three years from the date of filing.
E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are
translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency
exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized
gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
F Unfunded Loan Commitments—The Fund may enter into certain loan agreements all or a portion of which may be unfunded. The Fund is
obligated to fund these commitments at the borrower's discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At September 30, 2024, the Fund had sufficient cash and/or securities to cover these
commitments.
G Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those
estimates.
H Indemnifications—Under the Fund’s organizational documents, its officers and Trustees may be indemnified against
certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have personal
liability for the obligations of the Fund. However, the Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume, upon request by the
shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or
expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
I Futures
Contracts—Upon entering into a futures contract, the Fund is required to deposit with the broker,
either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily
fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the
Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty,
guaranteeing counterparty performance.
J Forward Foreign Currency Exchange Contracts—The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a
specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial
Statements (Unaudited) — continued
underlying currency
and any gains or losses are recorded as unrealized until such time as the contracts have been closed. While forward foreign currency exchange contracts are privately negotiated agreements between the Fund and a counterparty, certain contracts
may be “centrally cleared”, whereby all payments made or received by the Fund pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original
parties to the contract. Upon entering into centrally cleared contracts, the Fund is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. For
centrally cleared contracts, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. Risks may arise upon entering these contracts from the potential inability of
counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar. In the case of centrally cleared contracts, counterparty risk is minimal due to protections provided by the
CCP.
K Credit Default Swaps—When the Fund is the buyer of a credit default swap contract, the Fund is entitled to receive the par (or
other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate
issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the
Fund would have spent the stream of payments and received no proceeds from the contract. When the Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the
protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit
events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future
payments that the Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount
received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net
assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a
component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily
valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the
swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial
reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 7 and
10. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction.
In the case of centrally cleared swaps, counterparty risk is minimal due to
protections provided by the CCP.
L When-Issued
Securities and Delayed Delivery Transactions—The Fund may purchase securities on a delayed delivery,
when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security
that will be delivered is fixed. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when
delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract. A forward purchase commitment may be closed by entering into an offsetting commitment. If an
offsetting commitment is entered into, the Fund will realize a gain or loss on investments based on the price established when the Fund entered into the commitment.
M Forward Sale Commitments—The Fund may enter into forward sale commitments to sell generic U.S. government agency mortgage-backed
securities to hedge its portfolio positions and/or to enhance return. The proceeds to be received from the forward sale commitment are recorded as an asset and a corresponding liability, which is subsequently valued at approximately the current
market value of the underlying security in accordance with the Fund's policies on investment valuations discussed above. The Fund records an unrealized gain or loss on investments to the extent of the difference between the proceeds to be received
and the value of the open forward sale commitment on the day of determination. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment or the delivery of securities, the Fund realizes a gain or loss on
investments based on the price established when the Fund entered into the commitment. If the Fund enters into a forward sale commitment for the delivery of a security that it does not own or has the right to obtain, it is subject to the risk of loss
if the purchase price to settle the commitment is higher than the price at which it was sold.
N Stripped Mortgage-Backed Securities—The Fund may invest in Interest Only (IO) and Principal Only (PO) securities, a form of stripped
mortgage-
backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal
payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than
anticipated prepayments of principal, the Fund may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.
O Interim Financial Statements—The interim financial statements relating to September 30, 2024 and for the six months then ended have not
been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial
statements.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial
Statements (Unaudited) — continued
2 Auction Preferred Shares
The Fund issued Auction Preferred Shares (APS) on July 25, 2003
in a public offering. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. Series of APS are identical in all respects except for the reset
dates of the dividend rates. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. Auctions
have not cleared since February 13, 2008 and the rate since that date has been the maximum applicable rate (see Note 3). The maximum applicable rate on the APS is 160% of the “AA” Financial Composite Commercial Paper Rate at the date of
the auction. The stated spread over the reference benchmark rate is determined based on the credit rating of the APS.
The number of APS issued and outstanding at September 30, 2024
are as follows:
| |
APS
Issued and
Outstanding |
| Series
A |
1,728
|
| Series
B |
1,728
|
| Series
C |
1,728
|
| Series
D |
1,728
|
| Series
E |
1,728
|
The APS are redeemable at the option
of the Fund at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated
and unpaid dividends, if the Fund is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years’ dividends, the holders of the
APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the
right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Fund is required to maintain certain asset coverage with respect to the APS as
defined in the Fund's By-Laws and the 1940 Act. The Fund pays an annual fee up to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.
3 Distributions to Shareholders and Income Tax
Information
The Fund intends to make monthly
distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, the Fund intends to distribute all or substantially all of its net realized capital gains.
Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for the APS at September 30, 2024, and the
amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates (annualized), and dividend rate ranges for the six months then ended were as follows:
| |
APS
Dividend
Rates at
September 30, 2024 |
Dividends
Accrued to
APS
Shareholders |
Average
APS
Dividend
Rates |
Dividend
Rate
Ranges
(%) |
| Series
A |
7.89%
|
$1,868,790
|
8.63%
|
7.89-8.68
|
| Series
B |
7.89
|
1,868,017
|
8.62
|
7.89-8.68
|
| Series
C |
7.89
|
1,869,365
|
8.63
|
7.89-8.68
|
| Series
D |
7.89
|
1,865,297
|
8.61
|
7.89-8.68
|
| Series
E |
7.89
|
1,868,173
|
8.63
|
7.89-8.68
|
Beginning February 13, 2008 and
consistent with the patterns in the broader market for auction-rate securities, the Fund's APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset
to the maximum applicable rates. The table above reflects such maximum dividend rate for each series as of September 30, 2024.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial
Statements (Unaudited) — continued
Distributions to shareholders are determined in accordance with
income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and
tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
Distributions in any year may include a return of capital
component. For the six months ended September 30, 2024, the amount of distributions estimated to be a tax return of capital was approximately $17,250,000. The final determination of tax characteristics of the Fund’s distributions will occur at
the end of the year, at which time it will be reported to the shareholders.
At March 31, 2024, the Fund, for federal income tax purposes,
had deferred capital losses of $268,997,755 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of
distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year
and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at March 31, 2024, $51,504,368 are short-term and $217,493,387 are long-term.
The cost and unrealized appreciation (depreciation) of
investments, including open derivative contracts and TBA sale commitments, of the Fund at September 30, 2024, as determined on a federal income tax basis, were as follows:
| Aggregate
cost |
$2,143,564,333
|
| Gross
unrealized appreciation |
$
45,763,566 |
| Gross
unrealized depreciation |
(94,065,300)
|
| Net
unrealized depreciation |
$
(48,301,734) |
4 Investment Adviser Fee and Other Transactions
with Affiliates
The investment adviser fee is earned by
Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.75% of the Fund’s average weekly gross
assets and is payable monthly. Gross assets are calculated by deducting accrued liabilities of the Fund except the principal amount of any indebtedness for money borrowed, including debt securities issued by the Fund, and the amount of any
outstanding preferred shares issued by the Fund. Accrued liabilities are expenses incurred in the normal course of operations. For the six months ended September 30, 2024, the investment adviser fee amounted to $7,253,924. EVM also serves as
administrator of the Fund, but receives no compensation.
Effective April 18, 2024, pursuant to an investment
sub-advisory agreement between EVM and Morgan Stanley Investment Management Limited (“MSIM Ltd.”), an affiliate of EVM and an indirect wholly-owned subsidiary of Morgan Stanley, EVM has delegated a portion of the investment management of
the Fund to MSIM Ltd. EVM pays MSIM Ltd. a portion of its investment adviser fee for sub-advisory services provided to the Fund.
The Fund may invest in a money market fund, the Institutional
Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan
Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the six months ended September 30,
2024, the investment adviser fee paid was reduced by $19,457 relating to the Fund’s investment in the Liquidity Fund.
Trustees and officers of the Fund who are members of
EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance
with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Fund are officers of EVM.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial
Statements (Unaudited) — continued
5 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term
obligations and including maturities, paydowns, principal repayments on Senior Loans and TBA transactions, for the six months ended September 30, 2024 were as follows:
| |
Purchases
|
Sales
|
| Investments
(non-U.S. Government) |
$
267,404,220 |
$
329,447,423 |
| U.S.
Government and Agency Securities |
1,256,964,693
|
1,207,242,505
|
| |
$1,524,368,913
|
$1,536,689,928
|
6 Common Shares of
Beneficial Interest
The Fund may issue common shares
pursuant to its dividend reinvestment plan. There were no common shares issued by the Fund for the six months ended September 30, 2024 and the year ended March 31, 2024.
In November 2013, the Board of Trustees initially approved a
share repurchase program for the Fund. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Fund is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the
prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund
for the six months ended September 30, 2024 and the year ended March 31, 2024.
7 Financial Instruments
The Fund may trade in financial instruments with off-balance
sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess
of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the
amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at
September 30, 2024 is included in the Portfolio of Investments. At September 30, 2024, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
In the normal course of pursuing its investment objectives, the
Fund is subject to the following risks:
Credit Risk: The
Fund enters into credit default swap contracts to enhance total return and/or as a substitute for the purchase of securities.
Foreign Exchange Risk: The Fund holds foreign currency
denominated investments. The value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Fund enters into forward foreign currency exchange
contracts.
Interest Rate Risk: The Fund enters into
interest rate futures contracts to manage the duration of its portfolio and to hedge against fluctuations in securities prices due to interest rates.
The Fund enters into over-the-counter (OTC) derivatives that
may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund's net assets below a certain level over a certain period of time, which would trigger a payment
by the Fund for those derivatives in a liability position. At September 30, 2024, the fair value of derivatives with credit-related contingent features in a net liability position was $1,572,962. The aggregate fair value of assets pledged as
collateral by the Fund for such liability was $3,615,069 at September 30, 2024.
The OTC derivatives in which the Fund invests are subject to
the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master
Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among
other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain
derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default
including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial
Statements (Unaudited) — continued
in bankruptcy or
insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its
ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.
The collateral requirements for derivatives traded under an
ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an
ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty.
Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing
cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as
collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at September 30, 2024 approximated its fair value. If measured at fair value, such liability would
have been considered as Level 2 in the fair value hierarchy (see Note 10) at September 30, 2024.
The fair value of open derivative instruments (not considered
to be hedging instruments for accounting disclosure purposes) by risk exposure at September 30, 2024 was as follows:
| |
Fair
Value |
| Statement
of Assets and Liabilities Caption |
Credit
|
Foreign
Exchange |
Interest
Rate |
Total
|
| Accumulated
loss |
$
— |
$
29,314* |
$
825,838* |
$
855,152 |
| Receivable
for open forward foreign currency exchange contracts |
—
|
168,712
|
—
|
168,712
|
| Receivable
for open swap contracts; Upfront payments on open OTC swap contracts |
4,993
|
—
|
—
|
4,993
|
| Total
Asset Derivatives |
$
4,993 |
$
198,026 |
$825,838
|
$
1,028,857 |
| Derivatives
not subject to master netting or similar agreements |
$
— |
$
29,314 |
$825,838
|
$
855,152 |
| Total
Asset Derivatives subject to master netting or similar agreements |
$
4,993 |
$
168,712 |
$
— |
$
173,705 |
| Accumulated
loss |
$
(45,354)* |
$
(89,624)* |
$
(89,389)* |
$
(224,367) |
| Payable
for open forward foreign currency exchange contracts |
—
|
(1,478,353)
|
—
|
(1,478,353)
|
| Payable
for open swap contracts; Upfront receipts on open OTC swap contracts |
(94,609)
|
—
|
—
|
(94,609)
|
| Total
Liability Derivatives |
$(139,963)
|
$(1,567,977)
|
$
(89,389) |
$(1,797,329)
|
| Derivatives
not subject to master netting or similar agreements |
$
(45,354) |
$
(89,624) |
$
(89,389) |
$
(224,367) |
| Total
Liability Derivatives subject to master netting or similar agreements |
$
(94,609) |
$(1,478,353)
|
$
— |
$(1,572,962)
|
| *
|
For
futures contracts and centrally cleared derivatives, amount represents value as shown in the Portfolio of Investments. Only the current day’s variation margin on open futures contracts and centrally cleared derivatives is reported within the
Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared derivatives, as applicable. |
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial
Statements (Unaudited) — continued
The
Fund's derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Fund's derivative assets and liabilities by
counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of September 30, 2024.
| Counterparty
|
Derivative
Assets Subject to
Master Netting
Agreement |
Derivatives
Available
for Offset |
Non-cash
Collateral
Received(a) |
Cash
Collateral
Received(a) |
Net
Amount
of Derivative
Assets(b) |
Total
Cash
Collateral
Received |
| Australia
and New Zealand Banking Group Limited |
$
7,379 |
$
— |
$
— |
$
— |
$
7,379 |
$
— |
| Bank
of America, N.A. |
10,482
|
(10,482)
|
—
|
—
|
—
|
—
|
| Citibank,
N.A. |
6,872
|
(6,872)
|
—
|
—
|
—
|
—
|
| Goldman
Sachs International |
7,526
|
(7,526)
|
—
|
—
|
—
|
—
|
| Standard
Chartered Bank |
121,586
|
(121,586)
|
—
|
—
|
—
|
—
|
| State
Street Bank and Trust Company |
19,860
|
(19,860)
|
—
|
—
|
—
|
—
|
| |
$173,705
|
$(166,326)
|
$
— |
$
— |
$7,379
|
$
— |
| Counterparty
|
Derivative
Liabilities Subject to
Master Netting
Agreement |
Derivatives
Available
for Offset |
Non-cash
Collateral
Pledged(a) |
Cash
Collateral
Pledged(a) |
Net
Amount
of Derivative
Liabilities(c) |
Total
Cash
Collateral
Pledged |
| Bank
of America, N.A. |
$
(12,385) |
$
10,482 |
$
— |
$
— |
$
(1,903) |
$
— |
| Citibank,
N.A. |
(70,723)
|
6,872
|
—
|
63,851
|
—
|
80,100
|
| Deutsche
Bank AG |
(24,961)
|
—
|
—
|
—
|
(24,961)
|
—
|
| Goldman
Sachs International |
(30,977)
|
7,526
|
23,451
|
—
|
—
|
13,000
|
| HSBC
Bank USA, N.A. |
(997,551)
|
—
|
—
|
997,551
|
—
|
1,128,000
|
| Standard
Chartered Bank |
(206,009)
|
121,586
|
—
|
84,423
|
—
|
270,000
|
| State
Street Bank and Trust Company |
(230,356)
|
19,860
|
210,496
|
—
|
—
|
1,144,000
|
| |
$(1,572,962)
|
$166,326
|
$233,947
|
$1,145,825
|
$(26,864)
|
$2,635,100
|
| Total
— Deposits for derivatives collateral — OTC derivatives |
|
|
|
$2,635,100
|
|
(a) |
In some
instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
|
(b) |
Net
amount represents the net amount due from the counterparty in the event of default. |
|
(c) |
Net
amount represents the net amount payable to the counterparty in the event of default. |
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial
Statements (Unaudited) — continued
The
effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the six months ended September 30, 2024 was as follows:
| Statement
of Operations Caption |
Credit
|
Foreign
Exchange |
Interest
Rate |
Total
|
| Net
realized gain (loss): |
|
|
|
|
| Futures
contracts |
$
— |
$
— |
$
1,936,766 |
$
1,936,766 |
| Swap
contracts |
18,859
|
—
|
—
|
18,859
|
| Forward
foreign currency exchange contracts |
—
|
(3,344,499)
|
—
|
(3,344,499)
|
| Total
|
$
18,859 |
$(3,344,499)
|
$1,936,766
|
$(1,388,874)
|
| Change
in unrealized appreciation (depreciation): |
|
|
|
|
| Futures
contracts |
$
— |
$
— |
$
912,458 |
$
912,458 |
| Swap
contracts |
(33,308)
|
—
|
—
|
(33,308)
|
| Forward
foreign currency exchange contracts |
—
|
(2,244,113)
|
—
|
(2,244,113)
|
| Total
|
$(33,308)
|
$(2,244,113)
|
$
912,458 |
$(1,364,963)
|
The average notional cost of futures
contracts and average notional amounts of other derivative contracts outstanding during the six months ended September 30, 2024, which are indicative of the volume of these derivative types, were approximately as follows:
Futures
Contracts — Long |
Futures
Contracts — Short |
Forward
Foreign Currency
Exchange Contracts* |
Swap
Contracts |
| $316,650,000
|
$78,318,000
|
$235,496,000
|
$5,934,000
|
| *
|
The
average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold. |
8 Credit Agreement
The Fund has entered into a Credit Agreement, as amended (the
Agreement) with major financial institutions to borrow up to $625 million. Borrowings under the Agreement are secured by the assets of the Fund. Interest is charged at a rate above either the Secured Overnight Financing Rate (SOFR) or the Federal
Funds rate and is payable monthly. Under the terms of the Agreement, in effect through December 11, 2025, the Fund pays a facility fee of 0.25% per annum on the borrowing limit. In connection with the renewal of the Agreement on December 14, 2023,
the Fund paid an upfront fee of $1,375,000 which is being amortized to interest expense over a period of two years through December 2025. The unamortized balance at September 30, 2024 is approximately $826,000 and is included in prepaid upfront fees
on notes payable on the Statement of Assets and Liabilities. The Fund is required to maintain certain net asset levels during the term of the Agreement. At September 30, 2024, the Fund had borrowings outstanding under the Agreement of $548,000,000
at an annual interest rate of 5.91%. Based on the short-term nature of the borrowings under the Agreement and the variable interest rate, the carrying amount of the borrowings at September 30, 2024 approximated its fair value. If measured at fair
value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 10) at September 30, 2024. Facility fees for the six months ended September 30, 2024 totaled $661,801 and are included in interest
expense and fees on the Statement of Operations. For the six months ended September 30, 2024, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $483,819,672 and 6.35%, respectively.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial
Statements (Unaudited) — continued
9 Affiliated Investments
At September 30, 2024, the value of the Fund's investment in
issuers and funds that may be deemed to be affiliated was $96,538,900, which represents 7.7% of the Fund's net assets applicable to common shares. Transactions in such investments by the Fund for the six months ended September 30, 2024 were as
follows:
| Name
|
Value,
beginning
of period |
Purchases
|
Sales
proceeds |
Net
realized
gain (loss) |
Change
in
unrealized
appreciation
(depreciation) |
Value,
end
of period |
Interest/
Dividend
income |
Principal
amount/
Shares, end
of period |
| Commercial
Mortgage-Backed Securities |
|
|
|
|
|
|
|
|
| Morgan
Stanley Bank of America Merrill Lynch Trust: |
|
|
|
|
|
|
|
|
| Series
2014-C16, Class B, 4.442%, 6/15/47 |
$ 342,235
|
$
— |
$
(229,679) |
$
— |
$
(4,629) |
$
127,766 |
24,735
|
133,321
|
| Series
2015-C23, Class D, 4.275%, 7/15/50 |
2,332,746
|
—
|
—
|
—
|
180,643
|
2,520,546
|
63,925
|
2,670,000
|
| Series
2016-C29, Class D, 3.00%, 5/15/49 |
2,924,627
|
—
|
—
|
—
|
120,794
|
3,055,888
|
64,127
|
3,577,365
|
| Series
2016-C32, Class D, 3.396%, 12/15/49 |
1,040,095
|
—
|
—
|
—
|
79,517
|
1,127,009
|
34,565
|
1,600,000
|
| Morgan
Stanley Capital I Trust: |
|
|
|
|
|
|
|
|
| Series
2016-UBS12, Class D, 3.312%, 12/15/49 |
2,306,494
|
—
|
—
|
—
|
66,027
|
2,389,798
|
91,610
|
4,488,667
|
| Series
2019-BPR, Class C, 8.968%, (1 mo. SOFR + 3.642%), 5/15/36 |
1,798,105
|
—
|
(1,845,000)
|
—
|
46,895
|
—
|
20,227
|
—
|
| Short-Term
Investments |
| Liquidity
Fund |
21,711,062
|
571,403,226
|
(505,796,395)
|
—
|
—
|
87,317,893
|
743,615
|
87,317,893
|
| Total
|
|
|
|
$ —
|
$489,247
|
$96,538,900
|
$1,042,804
|
|
10 Fair Value Measurements
Under generally accepted accounting principles for fair value
measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| •
|
Level 1 – quoted prices
in active markets for identical investments |
| •
|
Level 2 – other
significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| •
|
Level 3
– significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in
different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing in those securities.
At September 30, 2024, the hierarchy of inputs used in valuing
the Fund's investments and open derivative instruments, which are carried at fair value, were as follows:
| Asset
Description |
Level
1 |
Level
2 |
Level
3* |
Total
|
| Asset-Backed
Securities |
$
— |
$
178,219,986 |
$
— |
$
178,219,986 |
| Closed-End
Funds |
22,017,105
|
—
|
—
|
22,017,105
|
| Collateralized
Mortgage Obligations |
—
|
335,193,623
|
—
|
335,193,623
|
| Commercial
Mortgage-Backed Securities |
—
|
57,883,381
|
—
|
57,883,381
|
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial
Statements (Unaudited) — continued
| Asset
Description (continued) |
Level
1 |
Level
2 |
Level
3* |
Total
|
| Common
Stocks |
$
661,546 |
$
8,569,016 |
$
0 |
$
9,230,562 |
| Convertible
Bonds |
—
|
1,939,330
|
0
|
1,939,330
|
| Corporate
Bonds |
—
|
574,999,854
|
0
|
574,999,854
|
| Senior
Floating-Rate Loans (Less Unfunded Loan Commitments) |
—
|
552,480,582
|
1,369,895
|
553,850,477
|
| Sovereign
Government Bonds |
—
|
52,086,247
|
—
|
52,086,247
|
| Sovereign
Loans |
—
|
4,359,064
|
—
|
4,359,064
|
| U.S.
Government Agency Mortgage-Backed Securities |
—
|
240,052,866
|
—
|
240,052,866
|
| Warrants
|
36
|
—
|
—
|
36
|
| Miscellaneous
|
—
|
63,700
|
0
|
63,700
|
| Short-Term
Investments: |
|
|
|
|
| Affiliated
Fund |
87,317,893
|
—
|
—
|
87,317,893
|
| U.S.
Treasury Obligations |
—
|
980,465
|
—
|
980,465
|
| Total
Investments |
$
109,996,580 |
$
2,006,828,114 |
$
1,369,895 |
$
2,118,194,589 |
| Forward
Foreign Currency Exchange Contracts |
$
— |
$
198,026 |
$
— |
$
198,026 |
| Futures
Contracts |
825,838
|
—
|
—
|
825,838
|
| Swap
Contracts |
—
|
4,993
|
—
|
4,993
|
| Total
|
$
110,822,418 |
$
2,007,031,133 |
$
1,369,895 |
$
2,119,223,446 |
| Liability
Description |
|
|
|
|
| TBA
Sale Commitments |
$
— |
$
(22,328,993) |
$
— |
$
(22,328,993) |
| Forward
Foreign Currency Exchange Contracts |
—
|
(1,567,977)
|
—
|
(1,567,977)
|
| Futures
Contracts |
(89,389)
|
—
|
—
|
(89,389)
|
| Swap
Contracts |
—
|
(139,963)
|
—
|
(139,963)
|
| Total
|
$
(89,389) |
$
(24,036,933) |
$ —
|
$
(24,126,322) |
| *
|
None
of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
Level 3 investments at the beginning and/or end of the period
in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended September 30, 2024 is not presented.
11 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political,
economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers
because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United
States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in
currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Notes to Financial
Statements (Unaudited) — continued
12 Additional Information
On August 27, 2020, the Fund’s Board of Trustees (the
“Board”) received a shareholder demand letter from counsel to Saba Capital Master Fund, Ltd., a hedge fund (“Saba”). Saba also filed claims against the Fund in a lawsuit in Suffolk County Superior Court in Massachusetts
asserting breach of contract and fiduciary duty by the Fund and certain of its affiliates, the Fund’s adviser, and the Board, following the implementation by the Fund of by-law amendments that (i) require trustee nominees in contested
elections to obtain affirmative votes of a majority of eligible shares in order to be elected and (ii) establish certain requirements related to shares obtained in “control share” acquisitions. With respect to the Fund, Saba seeks
rescission of these by-law provisions and certain related relief. On March 31, 2021, the court allowed in part and denied in part a motion to dismiss Saba’s claims. On January 23, 2023, in ruling on the parties’ cross-motions for partial
summary judgment, the court dismissed Saba’s claims for breach of fiduciary duty against the Board, while holding that the control share by-law amendment violated Section 18(i) of the 1940 Act. The Board has amended the Fund's by-laws to
remove the control share provisions. Following a bench trial that took place September 9-17, 2024, the court ruled in the Fund's favor on October 21, 2024 on Saba's remaining claims, finding that the majority voting standard by-law did not violate
the 1940 Act or breach the Fund's declaration of trust as Saba alleged. The trial court proceedings are now complete, and the court's judgment regarding the majority voting standard by-law amendment is subject to appeal by Saba.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Board of
Trustees’ Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940
Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s
board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.
At a meeting held on June 6, 2024, the Boards of
Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a
majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory
agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is
a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information
specifically requested by the Board) for a series of meetings held between April and June 2024, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review
Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the
investment advisory agreements and sub-advisory agreements.
In connection with its evaluation of the investment advisory
agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information
applicable to the particular Eaton Vance Fund covered by this report (each “Eaton Vance Fund” is referred to below as a “fund”). (For funds that invest through one or more underlying portfolios, references to “each
fund” in this section may include information that was considered at the portfolio-level.)
Information about Fees, Performance and Expenses
• A report from an independent
data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);
• A report from an independent
data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;
• A report from an independent
data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios, and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices,
over various time periods;
• In certain instances, data
regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent
Trustees);
• Comparative
information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or
substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;
• Profitability analyses with
respect to the adviser and sub-adviser to each of the funds;
Information about Portfolio Management and Trading
• Descriptions of the investment
management services provided to each fund, as well as each of the funds’ investment strategies and policies;
• The procedures and processes
used by the adviser to determine the value of fund assets, including, when necessary, the determination of “fair value” by the adviser in its role as each funds’ valuation designee and actions taken to monitor and test the
effectiveness of such procedures and processes;
• Information about the policies
and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;
• Information about the
allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client
commission arrangements and policies with respect to “soft dollars”;
• Data relating to the portfolio
turnover rate of each fund and related information regarding active management in the context of particular strategies;
Information about each Adviser and Sub-adviser
• Reports detailing the
financial results and condition of the adviser and sub-adviser to each fund;
1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly,
references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and
Research are referred to collectively as the “adviser.”
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Board of
Trustees’ Contract Approval — continued
• Information regarding the
individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities
with respect to managing other funds and investment accounts, as applicable;
• Information regarding the
adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;
• Information regarding the
adviser’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage;
• The personal trading codes of
ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;
• Policies and procedures
relating to proxy voting, including regular reporting with respect to fund proxy voting activities;
• Information regarding the
handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;
• Information concerning the
resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;
• Information concerning the
business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;
• A description of the
adviser’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;
Other Relevant Information
• Information regarding
ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan
Stanley’s acquisition of Eaton Vance Corp. on March 1, 2021;
• Information concerning the
nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;
• Information concerning
oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;
• Information concerning efforts
to implement policies and procedures with respect to various regulations applicable to the funds, including Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);
• For an Eaton Vance Fund
structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net
asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;
• The risks that the adviser
and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, and other business risks (and the associated costs of such risks); and
• The terms of each investment
advisory agreement and sub-advisory agreement.
During the
various meetings of the Board and its committees over the course of the year leading up to the June 6, 2024 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and
sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Board and its committees also received information
regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues
with respect to the funds, and received and participated in reports and presentations provided by the adviser and sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent
Trustees held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.
The Contract Review Committee was advised throughout the
contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the
material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory
agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with
respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the
Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Board of
Trustees’ Contract Approval — continued
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other
information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Limited Duration Income Fund (the
“Fund”) and Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the
Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory
agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management
capabilities and investment processes in light of the types of investments held by the Fund, including the education and experience of the investment professionals who provide services to the Fund, including recent changes to such personnel. In
particular, the Board considered the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk in the context of investment grade and below investment grade investments. The Board considered
the Adviser’s ability to implement the Fund’s investment strategy, including, with respect to the component of the Fund invested in below investment grade investments and bank loans, the Adviser’s deep and broad experience with
investing in high-yield bonds and senior secured floating rate loans. The Board also considered, among other things, the Adviser’s experience investing in mortgage-backed securities and other investment grade instruments. As part of its
evaluation, the Board considered the resources available to investment professionals of the Adviser. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and
other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton
Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative
services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund. The Board considered the deep experience of the Adviser and its affiliates with managing and
operating funds organized as exchange-listed closed-end funds, such as the Fund. In this regard, the Board considered, among other things, the Adviser’s and its affiliates’ experience with implementing leverage arrangements, monitoring
and assessing trading price discounts and premiums and adhering to the requirements of securities exchanges.
The Board considered the compliance programs of the Adviser and
relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio
valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the
Financial Industry Regulatory Authority.
The Board
considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of
a large fund complex offering exposure to a variety of asset classes and investment disciplines.
After consideration of the foregoing factors, among others, the
Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.
Fund Performance
The Board compared the Fund’s investment performance to
that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a custom benchmark index. The Board’s review included comparative performance data with respect to the Fund for
the one-, three-, five- and ten-year periods ended December 31, 2023. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also
noted that the performance of the Fund was higher than its primary benchmark index and lower than its custom benchmark index for the three-year period. After considering the relative underperformance of the Fund over the longer term, the Board noted
that the Fund’s performance record had improved relative to its peer group in more recent periods. On the basis of the foregoing and other relevant information provided by the Adviser in response to requests from the Contract Review Committee,
the Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board considered contractual fee rates payable by the Fund
for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31,
2023, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to
comparable funds.
After considering the foregoing
information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
Board of
Trustees’ Contract Approval — continued
Profitability and “Fall-Out” Benefits
The Board considered the level of profits realized by the
Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other
payments by the Adviser and its affiliates to third parties in respect of distribution or other services.
The Board concluded that, in light of the foregoing factors and
the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are not excessive.
The Board also considered direct or indirect fall-out benefits
received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund
and other investment advisory clients.
Economies of
Scale
In reviewing management fees and profitability, the
Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the
difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board
received data showing for recent years, asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are
realized by the Adviser. The Board also considered the fact that the Fund is not continuously offered and that the Fund’s assets are not expected to increase materially in the foreseeable future. Accordingly, the Board did not find that the
implementation of breakpoints in the advisory fee schedule is warranted at this time.
Eaton Vance
Limited Duration Income Fund
September 30, 2024
| Officers
|
Kenneth
A. Topping
President |
Nicholas
S. Di Lorenzo
Secretary |
Deidre
E. Walsh
Vice President and Chief Legal Officer |
Laura T.
Donovan
Chief Compliance Officer |
James
F. Kirchner
Treasurer |
|
George
J. Gorman
Chairperson |
|
| Alan
C. Bowser |
|
| Mark
R. Fetting |
|
| Cynthia
E. Frost |
|
| Valerie
A. Mosley |
|
| Keith
Quinton |
|
| Marcus
L. Smith |
|
| Susan
J. Sutherland |
|
| Scott
E. Wennerholm |
|
| Nancy
Wiser Stefani |
|
| U.S.
Customer Privacy Notice |
March 2024
|
| FACTS
|
WHAT
DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
| Why?
|
Financial
companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read
this notice carefully to understand what we do. |
| |
|
| What?
|
The
types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income
■ investment
experience and risk tolerance
■ checking account information and wire transfer instructions |
| |
|
| How?
|
All
financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance
chooses to share; and whether you can limit this sharing. |
| Reasons
we can share your personal information |
Does
Eaton Vance
share? |
Can
you limit
this sharing? |
| For
our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes
|
No
|
| For
our marketing purposes — to offer our products and services to you |
Yes
|
No
|
| For
joint marketing with other financial companies |
No
|
We
don’t share |
| For
our affiliates’ everyday business purposes — information about your transactions and experiences |
Yes
|
No*
|
| For
our affiliates’ everyday business purposes — information about your creditworthiness |
Yes
|
Yes*
|
| For
our affiliates to market to you |
Yes
|
Yes*
|
| For
nonaffiliates to market to you |
No
|
We
don’t share |
To
limit our
sharing |
Call
toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you
are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your
information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions?
|
Call
toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
| U.S.
Customer Privacy Notice — continued |
March 2024
|
| Who
we are |
| Who
is providing this notice? |
Eaton
Vance Management and our investment management affiliates (“Eaton Vance”) (see Affiliates definition below.) |
| What
we do |
How
does Eaton Vance
protect my personal
information? |
To
protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of
customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How
does Eaton Vance
collect my personal
information? |
We
collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account
■ buy securities from us or make a wire transfer
■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why
can’t I limit all sharing? |
Federal
law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness
■ affiliates from using your information
to market to you
■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.)
|
What
happens when I limit
sharing for an account I hold
jointly with someone else? |
Your
choices will apply to everyone on your account. |
| Definitions
|
| Affiliates
|
Companies
related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance
Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan
Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and
financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
| Nonaffiliates
|
Companies
not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to
you. |
| Joint
marketing |
A
formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance does not jointly market.
|
| Other
important information |
| U.S.
Customer Privacy Notice — continued |
March 2024
|
| *PLEASE
NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will
prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such
information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing
such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and
shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Equiniti Trust Company, LLC (“EQ”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents
indefinitely unless you instruct EQ, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact EQ or your financial
intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by EQ or your financial intermediary.
Portfolio
Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the
SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy
Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying
Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or
Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov. You may also access
proxy voting information for the Eaton Vance Funds or their underlying Portfolios at www.eatonvance.com/
proxyvoting.
Share Repurchase
Program. The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares
outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity,
including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.
Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or
rating agency requirements or for other purposes as it deems appropriate or necessary.
Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly
after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted
to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Closed-End Funds & Term Trusts.”
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Investment Adviser and Administrator
Eaton Vance Management
One Post Office Square
Boston, MA 02109
Investment Sub-Adviser
Morgan Stanley Investment Management Limited
25 Cabot Square, Canary Wharf
London, E14 4QA, England
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
Equiniti Trust Company, LLC (“EQ”)
P.O. Box 500
Newark, NJ 07101
Fund Offices
One Post Office Square
Boston, MA 02109
Item 2. Code of Ethics
Not required in this
filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal
Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not
required in this filing.
Item 6. Schedule of Investments
| (a) |
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
Not applicable.
Item 8. Changes in and Disagreements with Accountants for
Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Item 10. Remuneration Paid to
Directors, Officers, and Others of Open-End Management Investment Companies
Not applicable.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included in Item 1 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 15.
Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee
to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.
Item 16. Controls and Procedures
| (a) |
It is the conclusion of the registrant’s principal executive officer and principal financial officer that
the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information
required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been
accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. |
| (b) |
There have been no changes in the registrant’s internal control over financial reporting during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
No activity to report for the registrant’s most recent fiscal year end.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19. Exhibits
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
| Eaton Vance Limited Duration Income Fund |
|
|
| By: |
|
/s/ Kenneth A. Topping |
|
|
Kenneth A. Topping |
|
|
Principal Executive Officer |
Date: November 25, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
| By: |
|
/s/ James F. Kirchner |
|
|
James F. Kirchner |
|
|
Principal Financial Officer |
Date: November 25, 2024
|
|
|
| By: |
|
/s/ Kenneth A. Topping |
|
|
Kenneth A. Topping |
|
|
Principal Executive Officer |
Date: November 25, 2024
Eaton Vance Limited Duration Income Fund
FORM N-CSR
Exhibit 19(a)(2)(i)
CERTIFICATION
I, James F. Kirchner, certify that:
| |
1. |
I have reviewed this report on Form N-CSR of Eaton Vance Limited
Duration Income Fund; |
| |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report; |
| |
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| |
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared; |
| |
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles; |
| |
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
| |
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| |
5. |
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and
the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| |
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
| |
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant’s internal control over financial reporting. |
|
|
|
|
|
|
|
| Date: November 25, 2024 |
|
|
|
|
|
/s/ James F. Kirchner |
|
|
|
|
|
|
James F. Kirchner |
|
|
|
|
|
|
Principal Financial Officer |
Eaton Vance Limited Duration Income Fund
FORM N-CSR
Exhibit 19(a)(2)(ii)
CERTIFICATION
I, Kenneth A. Topping, certify that:
| |
1. |
I have reviewed this report on Form N-CSR of Eaton Vance Limited
Duration Income Fund; |
| |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report; |
| |
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| |
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared; |
| |
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles; |
| |
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
| |
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| |
5. |
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and
the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| |
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
| |
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant’s internal control over financial reporting. |
|
|
|
|
|
|
|
| Date: November 25, 2024 |
|
|
|
|
|
/s/ Kenneth A. Topping |
|
|
|
|
|
|
Kenneth A. Topping |
|
|
|
|
|
|
Principal Executive Officer |
Form N-CSR Item 19(b) Exhibit
CERTIFICATION PURSUANT TO
18
U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Eaton Vance
Limited Duration Income Fund (the “Fund”) that:
| |
(a) |
the Report of the Fund on Form N-CSR for the period ended
September 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
| |
(b) |
the information contained in the Report fairly presents, in all material respects, the financial condition and
the results of operations of the Fund for such period. |
A signed original of this written statement required by section 906
has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.
|
| Eaton Vance Limited Duration Income Fund |
|
| Date: November 25, 2024 |
|
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
|
| Date: November 25, 2024 |
|
| /s/ Kenneth A. Topping |
| Kenneth A. Topping |
| Principal Executive Officer |
Eaton Vance Limited Dura... (AMEX:EVV)
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