Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21323

 

 

Eaton Vance Limited Duration Income Fund

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

 

 

March 31

Date of Fiscal Year End

March 31, 2022

Date of Reporting Period

 

 

 


Table of Contents

Item 1. Reports to Stockholders


Table of Contents

 

LOGO

 

 

  Eaton Vance

  Limited Duration Income

  Fund (EVV)

   Annual Report

     March 31, 2022

 

 

 

 

LOGO


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.


Annual Report March 31, 2022

Eaton Vance

Limited Duration Income Fund

 

Table of Contents   

Management’s Discussion of Fund Performance

     2  

Performance

     3  

Fund Profile

     4  

The Fund’s Investment Objective, Principal Strategies and
Principal Risks

     5  

Endnotes and Additional Disclosures

     9  

Financial Statements

     11  

Report of Independent Registered Public Accounting Firm

     75  

Federal Tax Information

     76  

Annual Meeting of Shareholders

     77  

Dividend Reinvestment Plan

     78  

Management and Organization

     80  

Privacy Notice

     83  

Potential Conflicts of Interest

     85  

Important Notices

     91  


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Management’s Discussion of Fund Performance

 

 

Economic and Market Conditions

For the first three months of the 12-month period that began April 1, 2021, U.S. Treasury yields rose and bond prices declined in anticipation of rising economic growth, driven by new federal stimulus and progress on COVID-19 vaccinations. In late spring and early summer, high year-over-year inflation numbers put further upward pressure on interest rates, as investors worried the U.S. Federal Reserve (the Fed) might need to raise rates to tame inflation.

By July, however, the emergence of a new, more contagious Delta variant of COVID-19 threatened the U.S. economic rebound and diminished inflation concerns. Investors again turned to U.S. Treasurys as relatively safe-haven assets, leading bond prices to rise and interest rates to fall in July.

From August through October, fixed income markets reversed direction again. Bond prices declined due, in part, to anticipation that the Fed would begin tapering its monthly bond purchases, which had helped hold interest rates down through much of the pandemic.

In the closing months of 2021, the Fed confirmed that tapering would begin in November and accelerate in the months to come. The reduction of monetary stimulus put additional upward pressure on shorter-term interest rates, as did the passage of President Biden’s infrastructure bill. Additionally, as the Fed issued more hawkish monetary statements, Treasury rates rose in December against the backdrop of inflationary concerns and potential interest rate hikes.

As the new year began, investors appeared to reevaluate the twin threats of inflation and projected rate hikes. When the Russian Federation — a significant energy supplier for much of the world and especially Europe — began massing troops on its border with Ukraine, the threat and the subsequent reality of a prolonged war in Europe sent shock waves through markets worldwide and exacerbated energy price inflation.

For the period as a whole, fixed-income asset class returns were generally negative. The Bloomberg U.S. Aggregate Bond Index, a broad measure of the U.S. bond market, returned (4.15)% during the period and the ICE BofA U.S. Mortgage-Backed Securities Index returned (5.10)% during the same period. In the below-investment-grade space, the ICE BofA U.S. High Yield Index returned (0.29)%. The S&P/LSTA Leveraged Loan Index, a broad measure of corporate floating-rate loans, was an outlier with a 12-month return of 3.25%, as the asset class benefitted from investor demand for floating-rate coupons in a rising rate environment.

Fund Performance

For the 12-month period ended March 31, 2022, Eaton Vance Limited Duration Income Fund (the Fund) returned (0.42)% at net asset value of its common shares (NAV), outperforming the Bloomberg U.S. Aggregate Bond Index (the Index), which returned (4.15)%. In addition, the Fund outperformed its blended benchmark (the Blended Index) — 33.33% S&P/LSTA Leveraged Loan Index (the Loan Index), 33.33% ICE BofA B U.S. High Yield Index (the High Yield Index), and 33.34% ICE BofA U.S. Mortgage-Backed Securities Index (the MBS Index) — which returned (0.63)% during the same period.

Within the Fund’s benchmark allocations, exposure to mortgage-backed securities (MBS) had a positive contribution to performance versus the Blended Index during the period, as the Fund’s MBS allocation outperformed the Index as well as the MBS Index. During the period, the MBS market gradually priced in a more hawkish posture from the Fed regarding its MBS purchases. The Fed entered the period increasing its MBS holdings by roughly $40 billion per month, but its purchases slowed to zero by period-end. A reduction in demand from the Fed, coupled with record-high new MBS supply in 2021, pushed spreads wider for much of the period, although rising mortgage rates in the closing months of the period cooled mortgage refinancing activity.

The Fund’s allocation to floating-rate corporate loans was also a relative contributor to performance, as this allocation outperformed the Index as well as the Loan Index during the period. In particular, a modest allocation to collateralized loan obligations (CLOs) contributed to performance relative to the Index, as CLO prices rose during the period. The Index does not include CLOs. Additionally, loan selections in the containers & glass products and the oil & gas industries aided relative performance. In contrast, loan selections within the health care industry detracted from results relative to the Loan Index.

The Fund’s allocation to high-yield corporate bonds outperformed the Index and the High Yield Index and thus contributed to relative performance as well. From a sector perspective, bond selections in the services, automotive and auto parts, and steel sectors were the largest contributors to relative performance. An overweight position in the energy sector, relative to the High Yield Index, also helped relative performance. Security selections in B rated securities, along with a modest out-of-Index position in non-rated securities, helped performance relative to the High Yield Index as well. In contrast, bond selections in the technology, broadcasting, and building materials sectors, along with an overweight position in the retail sector, detracted from relative performance. The Fund’s overweight exposure to higher quality, BB rated high yield bonds, as well as security selections in CCC rated bonds, also hurt performance relative to the High Yield Index.

For the Fund’s out-of-benchmark allocations, exposure to commercial MBS and European floating-rate loans contributed to performance during the 12-month period. Meanwhile, the Fund’s out-of-benchmark exposures to emerging-market debt detracted from relative performance, as this asset class underperformed the Index.

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.

 

  2  


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Performance

 

Portfolio Manager(s) Catherine C. McDermott, Andrew Szczurowski, CFA, Eric A. Stein, CFA and Kelley Baccei Gerrity

 

% Average Annual Total Returns1,2    Inception Date       One Year    Five Years       Ten Years

  Fund at NAV

       05/30/2003        (0.42 )%        4.21 %        5.38 %

  Fund at Market Price

              1.70        5.01        5.18
                                             

  Bloomberg U.S. Aggregate Bond Index

              (4.15 )%        2.14 %        2.24 %

  Blended Index

              (0.63 )        3.28        3.81

% Premium/Discount to NAV3

                                           
                      (4.88 )%

Distributions4

                                           

  Total Distributions per share for the period

                    $ 1.200

  Distribution Rate at NAV

                      9.76 %

  Distribution Rate at Market Price

                      10.26

% Total Leverage5

                                           

  Auction Preferred Shares (APS)

                      9.72 %

  Borrowings

                      26.00

Growth of $10,000

 

This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

 

 

LOGO

 

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.

 

  3  


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Fund Profile

 

Asset Allocation (% of total investments)*

 

 

 

LOGO

 

*

Including the Fund’s use of leverage, Asset Allocation as a percentage of the Fund’s net assets amounted to 159.8%.

 

 

  4  


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

The Fund’s Investment Objective, Principal Strategies and Principal Risks

 

 

Investment Objectives. The Fund’s 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 consistent with its primary goal of high current income. Under normal market conditions, the Fund expects to maintain an average duration of no more than five years (including the effect of anticipated leverage).

Principal Strategies. In pursuing its investment objectives, the Fund normally invests at least 25% of its total assets in each of: (1) investments rated investment grade, including, but not limited to, U.S. Government securities (which may include U.S. Treasuries and mortgage-backed securities (MBS) and other securities issued, backed, or otherwise guaranteed by the U.S. Government, or its agencies or instrumentalities), commercial MBS and corporate debt obligations; and (2) investments rated below investment grade, including, but not limited to, senior loans and high-yield debt securities. Investment-grade investments are those rated BBB- or higher by S&P Global Ratings or Fitch Ratings, Baa3 or higher as determined by Moody’s Investor Service, Inc. or, if not rated, determined to be of comparable credit quality by the Fund’s portfolio managers.

Under normal market conditions, the Fund structures and seeks to maintain its portfolio of high-quality investments (such as MBS) and lower quality non-investment grade bonds and senior loans in such a manner that the Fund has an average dollar-weighted portfolio credit quality of investment grade. Within the foregoing guideline, the Fund may invest in individual investments of any credit quality.

The Fund may invest without limit in foreign investments denominated in U.S. dollars and may invest up to 15% of its net assets in foreign investments denominated in authorized foreign currencies, which include euros, British pounds, Swiss francs, Canadian dollars and Australian dollars. The Fund seeks to hedge against foreign currency fluctuations through the use of currency exchange contracts and other permitted hedging strategies. The Fund may enter into forward commitments to buy or sell agency MBS (to-be-announced transactions, or “TBAs”). The Fund may also invest in other types of investments that are not part of its principal strategy from time to time.

The Fund employs leverage to seek opportunities for additional income. Leverage may amplify the effect on the Fund’s NAV of any increase or decrease in the value of investments held. There can be no assurance that the use of borrowings will be successful. The Fund has issued preferred shares and borrowed to establish leverage. The Fund also may establish leverage through derivatives and reverse repurchase agreements. The Fund is permitted to invest up to 10% of its gross assets in credit default swaps (“CDS”) on below investment grade corporate securities, senior floating-rate bank loans and/or indices related to such investments to gain exposure to such underlying credits or indices. In addition, the Fund may invest in CDS for risk management purposes, including diversification.

Principal Risks

Market Risk. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include such events as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s

 

investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

Loans Risk. Loans are traded in a private, unregulated inter-dealer or interbank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It also may take longer than seven days for transactions in loans to settle. The types of covenants included in loan agreements generally vary depending on market conditions, the creditworthiness of the issuer, the nature of the collateral securing the loan and possibly other factors. Loans with fewer covenants that restrict activities of the borrower may provide the borrower with more flexibility to take actions that may be detrimental to the loan holders and provide fewer investor protections in the event of such actions or if covenants are breached. The Fund may experience relatively greater realized or unrealized losses or delays and expense in enforcing its rights with respect to loans with fewer restrictive covenants. Loans to entities located outside of the U.S. may have substantially different lender protections and covenants as compared to loans to U.S. entities and may involve greater risks. The Fund may have difficulties and incur expenses enforcing its rights with respect to non-U.S. loans and such loans could be subject to bankruptcy laws that are materially different than in the U.S. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments, including credit risk and risks of lower rated investments.

Lower Rated Investments Risk. Investments rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.

Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. Movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of mortgage- and asset-backed securities. Although certain mortgage- and asset-backed securities are guaranteed as to timely payment of interest and principal by a government entity, the market price for such securities is not guaranteed and will fluctuate. The purchase of mortgage- and asset-backed securities issued by non-government entities may entail greater risk than such

 

 

See Endnotes and Additional Disclosures in this report.

 

  5  


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

The Fund’s Investment Objective, Principal Strategies and Principal Risks — continued

 

 

securities that are issued or guaranteed by a government entity. Mortgage-and asset-backed securities issued by non-government entities may offer higher yields than those issued by government entities, but may also be subject to greater volatility than government issues and can also be subject to greater credit risk and the risk of default on the underlying mortgages or other assets. Investments in mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. Asset-backed securities represent interests in a pool of assets, such as home equity loans, commercial mortgage-backed securities (“CMBS”), automobile receivables or credit card receivables, and include collateralized loan obligations (“CLOs”) and stripped securities. Interests in collateralized loan obligations (“CLOs”) are split into two or more portions, called tranches, which vary in risk, maturity, payment priority and yield. Each CLO tranche is entitled to scheduled debt payments from the underlying loans and assumes the risk of a default by the underlying loans. The Fund will indirectly bear any management fees and expenses incurred by a CLO.

U.S. Government Securities Risk. Although certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity.

Credit Risk. Investments in fixed income and other debt obligations, including loans, (referred to below as “debt instruments”) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In the event of bankruptcy of the issuer of a debt instrument, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value.

Interest Rate Risk. In general, the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. In a rising interest rate environment, the duration of income securities that have the ability to be prepaid or called by

the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate.

LIBOR Risk. The London Interbank Offered Rate or LIBOR is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain LIBOR settings on December 31, 2021, and is expected to cease publishing the remaining LIBOR settings on June 30, 2023. The Fund has exposure to LIBOR-based instruments. Although the transition process away from LIBOR has become increasingly well defined, the impact on certain debt securities, derivatives and other financial instruments that utilize LIBOR remains uncertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR, such as floating-rate debt obligations. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates, as well as other unforeseen effects, could result in losses to the Fund, and such effects may occur prior to the anticipated discontinuation of the remaining LIBOR settings in 2023. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to replacement rates may be exacerbated if an orderly transition to an alternative reference rate is not completed in a timely manner.

Foreign Investment Risk. 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. 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 U.S. companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States, and as a result, Fund share values may be more volatile. 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.

Emerging Markets Investment Risk. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain sectors. Emerging market securities often involve greater risks than developed market securities. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets.

Currency Risk. Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities markets and currency transactions are subject to settlement, custodial and other operational risks.

Derivatives Risk. The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the

 

 

See Endnotes and Additional Disclosures in this report.

 

  6  


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

The Fund’s Investment Objective, Principal Strategies and Principal Risks — continued

 

 

underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the reference instrument underlying the investment.

When-Issued and Forward Commitment Risk. Securities purchased on a when-issued or forward commitment basis are subject to the risk that when delivered they will be worth less than the agreed upon payment price.

Risks of Repurchase Agreements and Reverse Repurchase Agreements. In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. In a repurchase agreement, such insolvency may result in a loss to the extent that the value of the purchased securities decreases during the delay or that value has otherwise not been maintained at an amount equal to the repurchase price. In a reverse repurchase agreement, the counterparty’s insolvency may result in a loss equal to the amount by which the value of the securities sold by the Fund exceeds the repurchase price payable by the Fund; if the value of the purchased securities increases during such a delay, that loss may also be increased. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities sold to the counterparty or the securities which the Fund purchases with its proceeds from the agreement would affect the value of the Fund’s assets. As a result, such agreements may increase fluctuations in the net asset value of the Fund’s shares. Because reverse repurchase agreements may be considered to be a form of borrowing by the Fund (and a loan from the counterparty), they constitute leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.

Leverage Risk. Certain Fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an underlying reference instrument. Leverage can also result from borrowings, issuance of preferred shares or participation in residual interest bond transactions. Leverage can increase both the risk and return potential of the Fund. The Fund is required to segregate liquid assets or otherwise cover the Fund’s obligation created by a transaction that may give rise to leverage. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may cause the Fund’s NAV to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the Fund’s portfolio securities. The loss on leveraged investments may substantially exceed the initial investment.

Liquidity Risk. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance. These effects may be exacerbated during times of financial or political stress.

Market Discount Risk. As with any security, the market value of the common shares may increase or decrease from the amount initially paid for the common shares. The Fund’s common shares have traded both at a premium and at a discount relative to NAV. The shares of closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund’s NAV may decrease.

Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions.

Recent Market Conditions. An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in a substantial economic downturn, which may continue for an extended period of time. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. For example, a global pandemic or other widespread health crisis could cause substantial market volatility and exchange trading suspensions and closures. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers. The coronavirus outbreak and public and private sector responses thereto have led to large portions of the populations of many countries working from home for indefinite periods of time, temporary or permanent layoffs, disruptions in supply chains, and lack of availability of certain goods. The impact of such responses could adversely affect the information technology and operational systems upon which the Fund and the Fund’s service providers rely, and could otherwise disrupt the ability of the employees of the Fund’s service providers to perform critical tasks relating to the Fund. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.

Cybersecurity Risk. With the increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. The

 

 

See Endnotes and Additional Disclosures in this report.

 

  7  


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

The Fund’s Investment Objective, Principal Strategies and Principal Risks — continued

 

 

Fund uses third party service providers who are also heavily dependent on computers and technology for their operations. Cybersecurity failures by or breaches of the Fund’s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests, may disrupt and otherwise adversely affect their business operations. This may result in financial losses to the Fund, impede Fund trading, interfere with the Fund’s ability to calculate its NAV, impede shareholders to transact business or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, litigation costs, or additional compliance costs.

General Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Important Notice to Shareholders

The following information in this annual report is a summary of certain changes since March 31, 2021. This information may not reflect all of the changes that have occurred since you purchased this Fund.

The Board of Trustees of the Fund approved a change to the Fund’s investment policies with respect to the Fund’s ability to enter into commitments to buy and sell mortgage-backed securities (to-be-announced transactions or "TBAs"). Effective December 22, 2021, the Fund’s former investment restrictions with respect to TBAs have been removed. The Fund will continue to comply with asset segregation requirements for derivatives transactions, including TBAs, under the U.S. Securities and Exchange Commission’s current framework until it must instead comply with Rule 18f-4 under the Investment Company Act of 1940, as amended, in 2022.

 

 

See Endnotes and Additional Disclosures in this report.

 

  8  


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Endnotes and Additional Disclosures

 

 

The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

 

 

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are available for purchase and sale only at current market prices in secondary market trading.

 

1 

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

2 

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

 

3 

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

 

4 

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

 

5 

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

Fund profile subject to change due to active management.

Additional Information

ICE BofA U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds.

 

 

  9  


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Endnotes and Additional Disclosures — continued

 

 

Ratings are based on the average of Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security.

Important Notice to Shareholders

Effective October 11, 2021, pursuant to new Securities and Exchange Commission rules that require closed-end funds to compare their performance to a primary broad-based securities market index, the Fund adopted the Bloomberg U.S. Aggregate Bond Index as its primary benchmark.

 

 

  10  


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Portfolio of Investments

 

 

Asset-Backed Securities — 7.4%

 

Security          Principal
Amount
(000’s omitted)
    Value  

AIG CLO, Ltd., Series 2019-1A, Class ER, 6.959%, (3 mo. SOFR + 6.70%), 4/18/35(1)(2)

    $ 2,877     $ 2,848,880  

Alinea CLO, Ltd., Series 2018-1A, Class E, 6.254%, (3 mo. USD LIBOR + 6.00%), 7/20/31(1)(2)

      1,000       950,963  

AMMC CLO 15, Ltd., Series 2014-15A, Class ERR, 7.151%, (3 mo. USD LIBOR + 6.91%), 1/15/32(1)(2)

      500       475,805  

AMMC CLO XII, Ltd., Series 2013-12A, Class ER, 6.546%, (3 mo. USD LIBOR + 6.18%), 11/10/30(1)(2)

      2,000       1,875,974  

Ares XXXIV CLO, Ltd., Series 2015-2A, Class ER, 7.091%, (3 mo. USD LIBOR + 6.85%), 4/17/33(1)(2)

      2,000       1,919,712  

Ares XXXVR CLO, Ltd., Series 2015-35RA, Class E, 5.941%, (3 mo. USD LIBOR + 5.70%), 7/15/30(1)(2)

      2,000       1,909,950  

Benefit Street Partners CLO XVI, Ltd., Series 2018-16A, Class E, 6.941%, (3 mo. USD LIBOR + 6.70%), 1/17/32(1)(2)

      3,000       2,910,873  

Benefit Street Partners CLO XVII, Ltd., Series 2019-17A, Class ER, 6.591%, (3 mo. USD LIBOR + 6.35%), 7/15/32(1)(2)

      3,000       2,915,553  

Benefit Street Partners CLO XVIII, Ltd., Series 2019-18A, Class ER, 6.991%, (3 mo. USD LIBOR + 6.75%), 10/15/34(1)(2)

      4,500       4,383,117  

Benefit Street Partners CLO XXII, Ltd., Series 2022-22A, Class ER, 7.307%, (3 mo. SOFR + 6.93%),
4/20/35(1)(2)

      2,000       1,977,294  

BlueMountain CLO XXII, Ltd., Series 2018-1A, Class E, 6.249%, (3 mo. USD LIBOR + 5.95%), 7/30/30(1)(2)

      1,000       912,098  

BlueMountain CLO XXIV, Ltd., Series 2019-24A, Class ER, 7.094%, (3 mo. USD LIBOR + 6.84%), 4/20/34(1)(2)

      1,000       953,427  

BlueMountain CLO XXV, Ltd., Series 2019-25A, Class ER, 7.491%, (3 mo. USD LIBOR + 7.25%), 7/15/36(1)(2)

      2,000       1,949,844  

BlueMountain CLO XXVI, Ltd., Series 2019-26A, Class ER, 7.384%, (3 mo. USD LIBOR + 7.13%), 10/20/34(1)(2)

      2,500       2,397,063  

BlueMountain CLO XXX, Ltd., Series 2020-30A, Class ER, 6.918%, (3 mo. SOFR + 6.70%), 4/15/35(1)(2)

      2,000       1,980,460  

BlueMountain CLO XXXIV, Ltd., Series 2022-34A, Class E, (3 mo. SOFR + 7.55%), 4/20/35(1)(3)

      1,000       984,300  

BlueMountain CLO, Ltd., Series 2016-3A, Class ER, 6.456%, (3 mo. USD LIBOR + 5.95%), 11/15/30(1)(2)

      2,000       1,812,252  
Security          Principal
Amount
(000’s omitted)
    Value  

Canyon Capital CLO, Ltd.:

     

Series 2016-2A, Class ER, 6.239%,
(3 mo. USD LIBOR + 6.00%), 10/15/31(1)(2)

    $ 3,350     $ 3,071,990  

Series 2019-2A, Class ER, 6.991%,
(3 mo. USD LIBOR + 6.75%), 10/15/34(1)(2)

      1,000       976,523  

Carlyle CLO 17, Ltd., Series C17A, Class DR, 6.299%, (3 mo. USD LIBOR + 6.00%), 4/30/31(1)(2)

      1,750       1,613,283  

Carlyle Global Market Strategies CLO, Ltd.:

     

Series 2012-3A, Class DR2, 6.738%, (3 mo. USD LIBOR + 6.50%), 1/14/32(1)(2)

      2,000       1,825,646  

Series 2014-4RA, Class D, 5.891%, (3 mo. USD LIBOR + 5.65%), 7/15/30(1)(2)

      1,250       1,099,078  

Series 2015-5A, Class DR, 6.954%, (3 mo. USD LIBOR + 6.70%), 1/20/32(1)(2)

      1,000       932,577  

Cedar Funding X CLO, Ltd., Series 2019-10A, Class ER, 6.754%, (3 mo. USD LIBOR + 6.50%), 10/20/32(1)(2)

      1,500       1,450,349  

Dryden Senior Loan Fund:

     

Series 2015-41A, Class ER, 5.539%, (3 mo. USD LIBOR + 5.30%), 4/15/31(1)(2)

      2,000       1,872,698  

Series 2016-42A, Class ER, 5.791%, (3 mo. USD LIBOR + 5.55%), 7/15/30(1)(2)

      1,000       947,756  

Elmwood CLO 14, Ltd., Series 2022-1A,
Class E, 7.00%, (3 mo. SOFR + 6.35%), 4/20/35(1)(2)

      1,000       990,214  

FOCUS Brands Funding, LLC, Series 2017-1A, Class A2IB, 3.857%, 4/30/47(1)

      1,543       1,522,851  

Galaxy XIX CLO, Ltd., Series 2015-19A,
Class D2R, 7.259%, (3 mo. USD LIBOR + 7.00%), 7/24/30(1)(2)

      1,600       1,523,870  

Galaxy XV CLO, Ltd., Series 2013-15A, Class ER, 6.886%, (3 mo. USD LIBOR + 6.65%), 10/15/30(1)(2)

      3,275       3,120,076  

Galaxy XXI CLO, Ltd., Series 2015-21A, Class ER, 5.504%, (3 mo. USD LIBOR + 5.25%), 4/20/31(1)(2)

      1,100       1,026,477  

Galaxy XXV CLO, Ltd., Series 2018-25A, Class E, 6.208%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(2)

      1,000       945,599  

Golub Capital Partners CLO 37B, Ltd., Series 2018-37A, Class E, 6.004%, (3 mo. USD LIBOR + 5.75%), 7/20/30(1)(2)

      3,000       2,643,336  

Golub Capital Partners CLO 50B-R, Ltd., Series 2020-50A, Class ER, 7.492%, (3 mo. SOFR + 7.10%), 4/20/35(1)(2)

      2,000       1,967,340  

Madison Park Funding XVII, Ltd., Series 2015-17A, Class ER, 6.755%, (3 mo. USD LIBOR + 6.50%), 7/21/30(1)(2)

      2,000       1,958,586  

Madison Park Funding XXXVI, Ltd., Series 2019-36A, Class ER, 7.354%, (3 mo. SOFR + 7.05%), 4/15/35(1)(2)

      3,000       2,950,986  

Madison Park Funding XXXVII, Ltd., Series 2019-37A, Class ER, 6.391%, (3 mo. USD LIBOR + 6.15%), 7/15/33(1)(2)

      3,500       3,395,840  
 

 

  11   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Portfolio of Investments — continued

 

 

Security          Principal
Amount
(000’s omitted)
    Value  

Neuberger Berman CLO XXII, Ltd., Series 2016-22A, Class ER, 6.301%, (3 mo. USD LIBOR + 6.06%), 10/17/30(1)(2)

    $ 1,500     $ 1,443,696  

Neuberger Berman Loan Advisers CLO 30, Ltd., Series 2018-30A, Class ER, 6.454%, (3 mo. USD LIBOR + 6.20%), 1/20/31(1)(2)

      2,000       1,955,510  

Neuberger Berman Loan Advisers CLO 31, Ltd., Series 2019-31A, Class ER, 6.754%, (3 mo. USD LIBOR + 6.50%), 4/20/31(1)(2)

      1,000       980,939  

Neuberger Berman Loan Advisers CLO 48, Ltd., Series 2022-48A, Class E, 7.228%, (3 mo. SOFR + 6.50%), 4/25/36(1)(2)

      2,000       1,987,202  

NRZ Excess Spread-Collateralized Notes, Series 2021-GNT1, Class A, 3.474%, 11/25/26(1)

      4,522       4,360,829  

Palmer Square CLO, Ltd.:

     

Series 2013-2A, Class DRR, 6.091%,
(3 mo. USD LIBOR + 5.85%), 10/17/31(1)(2)

      2,000       1,924,410  

Series 2018-2A, Class D, 5.839%,
(3 mo. USD LIBOR + 5.60%), 7/16/31(1)(2)

      1,000       959,868  

Series 2019-1A, Class DR, 6.895%,
(3 mo. USD LIBOR + 6.50%), 11/14/34(1)(2)

      2,000       1,959,878  

Series 2021-3A, Class E, 6.382%,
(3 mo. USD LIBOR + 6.15%), 1/15/35(1)(2)

      2,500       2,441,970  

RAD CLO 5, Ltd., Series 2019-5A, Class E, 6.959%, (3 mo. USD LIBOR + 6.70%), 7/24/32(1)(2)

      4,550       4,528,187  

Regatta IX Funding, Ltd., Series 2017-1A, Class E, 6.241%, (3 mo. USD LIBOR + 6.00%), 4/17/30(1)(2)

      450       434,308  

Regatta XII Funding, Ltd., Series 2019-1A, Class ER, 6.591%, (3 mo. USD LIBOR + 6.35%), 10/15/32(1)(2)

      2,000       1,935,304  

Regatta XIII Funding, Ltd., Series 2018-2A, Class D, 6.191%, (3 mo. USD LIBOR + 5.95%), 7/15/31(1)(2)

      2,000       1,831,026  

Regatta XIV Funding, Ltd., Series 2018-3A, Class E, 6.208%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(2)

      1,000       933,402  

Regatta XVI Funding, Ltd., Series 2019-2A, Class E, 7.241%, (3 mo. USD LIBOR + 7.00%), 1/15/33(1)(2)

      1,800       1,750,649  

Vibrant CLO IX, Ltd., Series 2018-9A, Class D, 6.504%, (3 mo. USD LIBOR + 6.25%), 7/20/31(1)(2)

      1,000       889,052  

Vibrant CLO XI, Ltd., Series 2019-11A, Class D, 7.024%, (3 mo. USD LIBOR + 6.77%), 7/20/32(1)(2)

      575       534,615  

Voya CLO, Ltd.:

     

Series 2015-3A, Class DR, 6.454%,
(3 mo. USD LIBOR + 6.20%), 10/20/31(1)(2)

      3,000       2,664,375  

Series 2016-3A, Class DR, 6.321%, (3 mo. USD LIBOR + 6.08%), 10/18/31(1)(2)

      1,400       1,208,512  
Security          Principal
Amount
(000’s omitted)
    Value  

Wellfleet CLO, Ltd., Series 2020-1A, Class D, 7.481%, (3 mo. USD LIBOR + 7.24%), 4/15/33(1)(2)

          $ 2,000     $ 1,945,206  

Total Asset-Backed Securities
(identified cost $109,296,662)

 

  $ 105,661,578  
Closed-End Funds — 1.6%

 

Security          Shares     Value  

BlackRock Corporate High Yield Fund, Inc.

            2,188,579     $ 23,570,996  

Total Closed-End Funds
(identified cost $26,062,179)

 

  $ 23,570,996  
Collateralized Mortgage Obligations — 7.1%

 

Security          Principal
Amount
(000’s omitted)
    Value  

Federal Home Loan Mortgage Corp.:

     

Series 24, Class J, 6.25%, 11/25/23

    $ 40     $ 41,295  

Series 1497, Class K, 7.00%, 4/15/23

      26       26,314  

Series 1529, Class Z, 7.00%, 6/15/23

      53       54,435  

Series 1620, Class Z, 6.00%, 11/15/23

      32       32,567  

Series 1677, Class Z, 7.50%, 7/15/23

      26       26,951  

Series 1702, Class PZ, 6.50%, 3/15/24

      419       427,573  

Series 2113, Class QG, 6.00%, 1/15/29

      220       228,206  

Series 2122, Class K, 6.00%, 2/15/29

      42       43,713  

Series 2130, Class K, 6.00%, 3/15/29

      29       29,616  

Series 2167, Class BZ, 7.00%, 6/15/29

      33       34,967  

Series 2182, Class ZB, 8.00%, 9/15/29

      341       362,607  

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

      362       386,103  

Series 2458, Class ZB, 7.00%, 6/15/32

      440       470,479  

Series 3762, Class SH, 9.538%, (10.00% - 1 mo USD LIBOR x 2.00), 11/15/40(4)

      430       491,838  

Series 4273, Class PU, 4.00%, 11/15/43

      2,263       2,268,034  

Series 4273, Class SP, 11.385%, (12.00% - 1 mo USD LIBOR x 2.67), 11/15/43(4)

      503       574,965  

Series 4452, Class ZJ, 3.00%, 11/15/44

      448       448,238  

Series 4678, Class PC, 3.00%, 1/15/46

      3,748       3,730,863  

Series 5028, Class TZ, 2.00%, 10/25/50

      2,602       2,426,746  

Series 5035, Class AZ, 2.00%, 11/25/50

      8,007       7,592,206  

Series 5083, Class SK, 3.801%, (3.867% - 30-day average SOFR x 1.33), 3/25/51(4)

      2,381       2,027,609  

Series 5160, Class ZY, 3.00%, 10/25/50

      2,758       2,623,993  

Interest Only:(5)

     

Series 284, Class S6, 5.703%, (6.10% - 1 mo. USD LIBOR), 10/15/42(4)

      1,393       263,082  

Series 362, Class C7, 3.50%, 9/15/47

      5,297       871,169  

Series 362, Class C11, 4.00%, 12/15/47

      5,284       877,207  
 

 

  12   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Portfolio of Investments — continued

 

 

Security          Principal
Amount
(000’s omitted)
    Value  

Interest Only: (continued)

     

Series 4067, Class JI, 3.50%, 6/15/27

    $ 1,108     $ 70,119  

Series 4070, Class S, 5.703%, (6.10% - 1 mo. USD LIBOR), 6/15/32(4)

      3,127       395,714  

Series 4088, Class EI, 3.50%, 9/15/41

      456       5,611  

Series 4094, Class CS, 5.603%, (6.00% - 1 mo USD LIBOR), 8/15/42(4)

      967       189,093  

Series 4095, Class HS, 5.703%, (6.10% - 1 mo USD LIBOR), 7/15/32(4)

      769       72,762  

Series 4109, Class ES, 5.753%, (6.15% - 1 mo USD LIBOR), 12/15/41(4)

      82       14,622  

Series 4110, Class SA, 5.253%, (5.65% - 1 mo USD LIBOR), 9/15/42(4)

      2,633       359,294  

Series 4149, Class S, 5.853%, (6.25% - 1 mo. USD LIBOR), 1/15/33(4)

      1,698       263,706  

Series 4188, Class AI, 3.50%, 4/15/28

      873       47,794  

Series 4203, Class QS, 5.853%, (6.25% - 1 mo USD LIBOR), 5/15/43(4)

      2,821       322,375  

Series 4408, Class IP, 3.50%, 4/15/44

      1,783       185,714  

Series 4435, Class BI, 3.50%, 7/15/44

      3,946       575,389  

Series 4629, Class QI, 3.50%, 11/15/46

      1,668       243,728  

Series 4644, Class TI, 3.50%, 1/15/45

      1,835       213,618  

Series 4667, Class PI, 3.50%, 5/15/42

      774       13,428  

Series 4744, Class IO, 4.00%, 11/15/47

      2,700       476,850  

Series 4749, Class IL, 4.00%, 12/15/47

      1,188       202,598  

Series 4767, Class IM, 4.00%, 5/15/45

      240       601  

Series 4793, Class SD, 5.803%, (6.20% - 1 mo USD LIBOR), 6/15/48(4)

      5,751       783,536  

Series 4966, Class SY, 5.593%, (6.05% - 1 mo USD LIBOR), 4/25/50(4)

      13,420       2,137,819  

Principal Only:(6)

     

Series 242, Class PO, 0.00%, 11/15/36

      2,341       2,022,149  

Series 259, Class PO, 0.00%, 4/15/39

      1,440       1,246,607  

Series 3606, Class PO, 0.00%, 12/15/39

      1,543       1,299,792  

Series 4417, Class KO, 0.00%, 12/15/43

      194       141,144  

Series 4478, Class PO, 0.00%, 5/15/45

            839       702,190  
                    $ 38,347,029  

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class M2, 4.207%, (1 mo. USD LIBOR + 3.75%), 8/25/50(1)(2)

    $ 1,133     $ 1,140,229  

Federal National Mortgage Association:

     

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

      1       1,303  

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

      2       1,896  

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

      447       461,622  

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

      100       103,144  

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

      1       871  

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

      2       1,645  

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

      4       3,643  
Security          Principal
Amount
(000’s omitted)
    Value  

Federal National Mortgage Association: (continued)

     

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

    $ 14     $ 13,890  

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

      12       12,367  

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

      22       22,558  

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

      35       35,096  

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

      54       55,254  

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

      9       9,031  

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

      12       12,651  

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

      98       101,549  

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

      123       131,904  

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

      156       162,580  

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

      97       103,451  

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

      100       105,912  

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

      30       31,629  

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

      362       375,245  

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

      15       15,305  

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

      261       286,710  

Series 2005-75, Class CS, 22.374%, (24.20% -1 mo. USD LIBOR x 4.00), 9/25/35(4)

      679       991,872  

Series 2007-74, Class AC, 5.00%, 8/25/37

      2,765       2,920,370  

Series 2011-49, Class NT, 6.00%, (66.00% - 1 mo

     

USD LIBOR x 10.00, Cap 6.00%), 6/25/41(4)

      288       300,869  

Series 2011-109, Class PE, 3.00%, 8/25/41

      438       441,044  

Series 2012-134, Class ZT, 2.00%, 12/25/42

      1,458       1,322,459  

Series 2013-6, Class TA, 1.50%, 1/25/43

      1,648       1,585,980  

Series 2013-67, Class NF, 1.457%, (1 mo. USD LIBOR + 1.00%), 7/25/43(2)

      950       961,387  

Series 2014-64, Class PA, 3.00%, 3/25/44

      259       259,844  

Series 2017-15, Class LE, 3.00%, 6/25/46

      1,006       1,016,178  

Series 2017-48, Class LG, 2.75%, 5/25/47

      1,848       1,784,249  

Series 2018-18, Class QD, 4.50%, 5/25/45

      174       173,914  

Interest Only:(5)

     

Series 2011-101, Class IC, 3.50%, 10/25/26

      2,766       133,969  

Series 2011-101, Class IE, 3.50%, 10/25/26

      894       42,062  

Series 2012-33, Class CI, 3.50%, 3/25/27

      1,650       70,947  

Series 2012-94, Class KS, 6.193%, (6.65% - 1 mo USD LIBOR), 5/25/38(4)

      246       2,457  

Series 2012-118, Class IN, 3.50%, 11/25/42

      3,625       700,606  

Series 2012-124, Class IO, 1.346%, 11/25/42(7)

      1,928       82,618  

Series 2012-125, Class IG, 3.50%, 11/25/42

      11,761       2,468,920  

Series 2012-150, Class SK, 5.693%, (6.15% -1 mo. USD LIBOR), 1/25/43(4)

      2,172       420,767  

Series 2013-12, Class SP, 5.193%, (5.65% - 1 mo USD LIBOR), 11/25/41(4)

      493       25,161  

Series 2013-15, Class DS, 5.743%, (6.20% - 1 mo USD LIBOR), 3/25/33(4)

      5,276       622,911  

Series 2013-16, Class SY, 5.693%, (6.15% - 1 mo USD LIBOR), 3/25/43(4)

      1,059       212,648  
 

 

  13   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Portfolio of Investments — continued

 

 

Security          Principal
Amount
(000’s omitted)
    Value  

Interest Only: (continued)

     

Series 2013-54, Class HS, 5.843%, (6.30% - 1 mo USD LIBOR), 10/25/41(4)

    $ 385     $ 9,263  

Series 2013-64, Class PS, 5.793%, (6.25% - 1 mo USD LIBOR), 4/25/43(4)

      1,572       175,712  

Series 2013-75, Class SC, 5.793%, (6.25% - 1 mo USD LIBOR), 7/25/42(4)

      2,430       140,062  

Series 2014-32, Class EI,
4.00%, 6/25/44

      441       67,552  

Series 2014-55, Class IN,
3.50%, 7/25/44

      1,006       200,007  

Series 2014-89, Class IO,
3.50%, 1/25/45

      1,205       249,973  

Series 2015-52, Class MI,
3.50%, 7/25/45

      1,144       224,607  

Series 2018-21, Class IO,
3.00%, 4/25/48

      4,590       734,189  

Series 2019-1, Class AS, 5.543%, (6.00% - 1 mo USD LIBOR), 2/25/49(4)

      7,911       777,856  

Series 2019-33, Class SK, 5.593%, (6.05% - 1 mo USD LIBOR), 7/25/49(4)

      6,119       645,697  

Series 2020-23, Class SP, 5.593%, (6.05% - 1 mo USD LIBOR), 2/25/50(4)

      4,472       710,357  

Principal Only:(6)

     

Series 379, Class 1,
0.00%, 5/25/37

      1,446       1,240,460  

Series 2006-8, Class WQ,
0.00%, 3/25/36

            2,440       2,027,020  
                    $ 25,793,243  

Government National Mortgage Association:

     

Series 2017-121, Class DF, 0.949%, (1 mo. USD LIBOR + 0.50%), 8/20/47(2)

    $ 4,270     $ 4,277,064  

Series 2017-137, Class AF, 0.949%, (1 mo. USD LIBOR + 0.50%), 9/20/47(2)

      2,346       2,349,291  

Series 2018-6, Class JZ,
4.00%, 1/20/48

      4,902       5,793,724  

Series 2021-160, Class NZ,
3.00%, 9/20/51

      3,048       3,032,334  

Series 2021-165, Class MZ,
2.50%, 9/20/51

      9,447       8,774,549  

Interest Only:(5)

     

Series 2017-104, Class SD, 5.751%, (6.20% -1 mo. USD LIBOR), 7/20/47(4)

      3,129       402,514  

Series 2020-151, Class AI,
2.00%, 10/20/50

      13,442       1,475,048  

Series 2020-154, Class PI,
2.50%, 10/20/50

      12,485       1,364,016  

Series 2020-176, Class HI,
2.50%, 11/20/50

      14,691       1,703,282  

Series 2021-131, Class QI,
3.00%, 7/20/51

      13,214       1,417,324  

Series 2021-193, Class IU,
3.00%, 11/20/49

      27,516       3,003,809  

Series 2021-209, Class IW,
3.00%, 11/20/51

            18,222       1,945,467  
                    $ 35,538,422  

Total Collateralized Mortgage Obligations
(identified cost $138,245,559)

                  $ 100,818,923  
Commercial Mortgage-Backed Securities — 6.2%

 

Security          Principal
Amount
(000’s omitted)
    Value  
BAMLL Commercial Mortgage Securities Trust:

 

Series 2019-BPR, Class ENM,
3.843%, 11/5/32(1)(7)

    $ 910     $ 793,043  

Series 2019-BPR, Class FNM,
3.843%, 11/5/32(1)(7)

      3,505       2,601,806  

BBCMS Mortgage Trust, Series 2017-C1, Class D, 3.492%, 2/15/50(1)(7)

      2,000       1,707,969  

CFCRE Commercial Mortgage Trust:

     

Series 2016-C3, Class D,
3.052%, 1/10/48(1)(7)

      3,500       2,851,660  

Series 2016-C7, Class D,
4.548%, 12/10/54(1)(7)

      1,675       1,413,436  

CGMS Commercial Mortgage Trust:

     

Series 2015-P1, Class D,
3.225%, 9/15/48(1)

      1,000       889,059  

Series 2017-MDRB, Class C, 2.897%, (1 mo. USD LIBOR + 2.50%),
7/15/30(1)(2)

      5,000       4,986,603  

COMM Mortgage Trust:

     

Series 2013-CR11, Class D,
5.284%, 8/10/50(1)(7)

      7,400       7,309,198  

Series 2015-CR22, Class D,
4.211%, 3/10/48(1)(7)

      4,100       3,864,756  

Credit Suisse Mortgage Trust:

     

Series 2016-NXSR, Class C,
4.451%, 12/15/49(7)

      2,770       2,296,272  

Series 2016-NXSR, Class D,
4.451%, 12/15/49(1)(7)

      3,000       2,279,634  

Federal National Mortgage Association Multifamily Connecticut Avenue Securities Trust:

     

Series 2019-01, Class M7, 2.157%, (1 mo. USD LIBOR + 1.70%),
10/15/49(1)(2)

      60       59,055  

Series 2019-01, Class M10, 3.707%, (1 mo. USD LIBOR + 3.25%),
10/15/49(1)(2)

      1,620       1,537,840  

Series 2020-01, Class M10, 4.207%, (1 mo. USD LIBOR + 3.75%),
3/25/50(1)(2)

      2,000       1,931,616  

JPMBB Commercial Mortgage Securities Trust:

     

Series 2014-C22, Class D,
4.554%, 9/15/47(1)(7)

      5,276       4,179,099  

Series 2014-C23, Class D,
3.981%, 9/15/47(1)(7)

      2,000       1,859,694  

Series 2014-C25, Class D,
3.943%, 11/15/47(1)(7)

      4,400       3,431,916  

Series 2015-C29, Class D,
3.697%, 5/15/48(7)

      2,000       1,569,900  

JPMorgan Chase Commercial Mortgage Securities Trust:

     

Series 2011-C5, Class D,
5.735%, 8/15/46(1)(7)

      711       708,175  

Series 2013-C13, Class D,
4.077%, 1/15/46(1)(7)

      3,000       2,950,770  

Series 2013-C16, Class D,
5.008%, 12/15/46(1)(7)

      3,500       3,456,672  

Series 2014-DSTY, Class B,
3.771%, 6/10/27(1)

      2,600       768,101  

Series 2021-MHC, Class C, 1.697%, (1 mo. USD LIBOR + 1.30%),
4/15/38(1)(2)

      1,900       1,855,295  

Morgan Stanley Bank of America Merrill Lynch Trust:

     

Series 2015-C23, Class D,
4.144%, 7/15/50(1)(7)(8)

      2,000       1,866,948  

Series 2016-C29, Class D,
3.00%, 5/15/49(1)(8)

      3,577       2,984,932  

Series 2016-C32, Class D,
3.396%, 12/15/49(1)(7)(8)

      1,600       1,236,954  

Morgan Stanley Capital I Trust:

     

Series 2016-UB12, Class D,
3.312%, 12/15/49(1)(8)

      4,489       2,644,734  
 

 

  14   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Portfolio of Investments — continued

 

 

Security          Principal
Amount
(000’s omitted)
    Value  

Morgan Stanley Capital I Trust: (continued)

     

Series 2017-CLS, Class F, 2.997%, (1 mo. USD LIBOR + 2.60%), 11/15/34(1)(2)(8)

    $ 569     $ 562,594  

Series 2019-BPR, Class C, 3.447%, (1 mo. USD LIBOR + 3.05%), 5/15/36(1)(2)(8)

      1,845       1,769,714  

UBS Commercial Mortgage Trust, Series 2012-C1, Class D,
6.069%, 5/10/45(1)(7)

      3,000       2,815,670  

UBS-Barclays Commercial Mortgage Trust,

     

Series 2013-C6, Class D,
4.442%, 4/10/46(1)(7)

      4,437       3,526,517  

VMC Finance, LLC,
Series 2021-HT1, Class B, 4.968%, (1 mo. USD LIBOR + 4.50%), 1/18/37(1)(2)

      6,000       5,835,001  

Wells Fargo Commercial Mortgage Trust:

     

Series 2013-LC12, Class D,
4.305%, 7/15/46(1)(7)

      3,000       1,846,074  

Series 2015-C31, Class D,
3.852%, 11/15/48

      2,475       2,170,214  

Series 2015-LC22, Class C,
4.558%, 9/15/58(7)

      1,250       1,215,389  

Series 2016-C35, Class D,
3.142%, 7/15/48(1)

      1,850       1,479,651  

Series 2016-C36, Class D,
2.942%, 11/15/59(1)

      1,500       1,073,711  

ZH Trust, Series 2021-1, Class A,
2.253%, 2/18/27(1)

            2,000       1,976,401  

Total Commercial Mortgage-Backed Securities
(identified cost $94,553,556)

 

  $ 88,306,073  
Common Stocks — 0.8%      
Security          Shares     Value  
Aerospace and Defense — 0.0%(9)                     

IAP Global Services, LLC(10)(11)(12)

            31     $ 143,155  
                    $ 143,155  
Automotive — 0.0%(9)                     

Dayco Products, LLC(11)(12)

            27,250     $ 204,375  
                    $ 204,375  
Containers and Glass Products — 0.1%         

LG Newco Holdco, Inc.(11)(12)

            166,175     $ 2,118,731  
                    $ 2,118,731  
Electronics/Electrical — 0.1%         

Riverbed Technology, Inc.(11)(12)

      21,990     $ 137,435  

Skillsoft Corp.(11)(12)

            143,062       864,095  
                    $ 1,001,530  
Health Care — 0.0%(9)                     

Akorn Holding Company, LLC, Class A(11)(12)

            42,374     $ 365,476  
                    $ 365,476  
Security          Shares     Value  
Nonferrous Metals/Minerals — 0.0%(9)         

ACNR Holdings, Inc., Class A(11)(12)

            3,818     $ 258,669  
                    $ 258,669  
Oil and Gas — 0.2%                     

AFG Holdings, Inc.(10)(11)(12)

      29,751     $ 181,778  

McDermott International, Ltd.(11)(12)

      93,940       60,967  

Nine Point Energy Holdings, Inc.(10)(11)(13)

      29,787       0  

QuarterNorth Energy, Inc.(11)(12)

      21,520       2,878,300  

RDV Resources, Inc., Class A(11)(12)

            27,724       83,172  
                    $ 3,204,217  
Radio and Television — 0.1%                     

Clear Channel Outdoor Holdings, Inc.(11)(12)

      74,443     $ 257,573  

Cumulus Media, Inc., Class A(11)(12)

      50,522       502,694  

iHeartMedia, Inc., Class A(11)(12)

            31,657       599,267  
                    $ 1,359,534  
Retailers (Except Food and Drug) — 0.0%(9)  

David’s Bridal, LLC(10)(11)(12)

      40,851     $ 0  

Phillips Pet Holding Corp.(10)(11)(12)

            582       211,020  
                    $ 211,020  
Road & Rail — 0.2%                     

Hertz Global Holdings, Inc.(11)

            101,898     $ 2,257,041  
                    $ 2,257,041  
Telecommunications — 0.1%                     

GEE Acquisition Holdings Corp.(10)(11)(12)

            37,259     $ 746,298  
                    $ 746,298  
Utilities — 0.0%(9)                     

Longview Intermediate Holdings, LLC, Class A(11)(12)

            10,730     $ 160,950  
                    $ 160,950  

Total Common Stocks
(identified cost $11,645,747)

                  $ 12,030,996  
 

 

  15   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Portfolio of Investments — continued

 

 

Convertible Bonds — 0.1%

 

Security            

Principal
Amount

(000’s omitted)

 
 

 

    Value  
Semiconductors & Semiconductor Equipment — 0.1%  

ams-OSRAM, 0.875%, 9/28/22(14)

          $ 1,000     $ 983,665  
                    $ 983,665  
Technology — 0.0%(9)  

1Life Healthcare, Inc., 3.00%, 6/15/25

          $ 1,124     $ 975,632  
                    $ 975,632  

Total Convertible Bonds
(identified cost $1,965,964)

                  $ 1,959,297  
Convertible Preferred Stocks — 0.2%

 

Security          Shares     Value  
Containers and Glass Products — 0.2%  

LG Newco Holdco, Inc., Series A, 13.00%(11)(12)

            25,199     $ 3,244,433  
                    $ 3,244,433  
Electronics/Electrical — 0.0%(9)  

Riverbed Technology, Inc., Series A, 6.50%, (1.50% cash,
5.00% PIK)(11)(12)

            7,179     $ 77,180  
                    $ 77,180  
Oil and Gas — 0.0%  

Nine Point Energy Holdings, Inc.,
Series A, 12.00%, PIK(10)(11)(13)

            555     $ 0  
                    $ 0  

Total Convertible Preferred Stocks
(identified cost $2,093,357)

                  $ 3,321,613  
Corporate Bonds — 50.5%      
Security            

Principal
Amount

(000’s omitted)

 

 

    Value  
Aerospace and Defense — 0.9%                     

Bombardier, Inc.:

     

7.125%, 6/15/26(1)

      736     $ 722,174  

7.875%, 4/15/27(1)

      1,257       1,232,149  

Moog, Inc., 4.25%, 12/15/27(1)

      955       929,363  

Rolls-Royce PLC, 5.75%, 10/15/27(1)

      2,954       3,037,731  

TransDigm UK Holdings PLC, 6.875%, 5/15/26

      725       739,214  
Security            

Principal
Amount

(000’s omitted)

 

 

    Value  
Aerospace and Defense (continued)  

TransDigm, Inc.:

     

5.50%, 11/15/27

      2,052     $ 2,039,165  

6.25%, 3/15/26(1)

      2,408       2,475,111  

6.375%, 6/15/26

      100       101,030  

7.50%, 3/15/27

            1,862       1,921,146  
                    $ 13,197,083  
Air Transport — 1.0%  

Air Canada:

     

3.875%, 8/15/26(1)

      2,039     $ 1,926,845  

4.625%, 8/15/29(1)

    CAD       717       540,197  

Air France-KLM,
1.875%, 1/16/25(14)

    EUR       200       200,549  

American Airlines, Inc./AAdvantage Loyalty IP, Ltd.:

     

5.50%, 4/20/26(1)

      3,023       3,049,920  

5.75%, 4/20/29(1)

      1,952       1,947,364  

Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28(1)

      1,016       1,025,554  

Deutsche Lufthansa AG:

     

3.00%, 5/29/26(14)

    EUR       100       106,788  

3.50%, 7/14/29(14)

    EUR       100       102,464  

Gatwick Airport Finance PLC, 4.375%, 4/7/26(14)

    GBP       100       122,179  

Heathrow Finance PLC, 5.25% to 12/1/23, 3/1/24(14)(15)

    GBP       125       161,580  

Mileage Plus Holdings, LLC/Mileage Plus Intellectual

     

Property Assets, Ltd., 6.50%, 6/20/27(1)

      2,418       2,523,787  

United Airlines, Inc.:

     

4.375%, 4/15/26(1)

      835       822,475  

4.625%, 4/15/29(1)

            1,276       1,215,039  
                    $ 13,744,741  
Automotive — 1.6%  

Adler Pelzer Holding GmbH, 4.125%, 4/1/24(14)

    EUR       100     $ 100,902  

Asbury Automotive Group, Inc.:

     

4.625%, 11/15/29(1)

      512       477,430  

4.75%, 3/1/30

      788       744,699  

5.00%, 2/15/32(1)

      217       202,010  

Clarios Global, L.P.:

     

4.375%, 5/15/26(14)

    EUR       400       439,181  

6.25%, 5/15/26(1)

      1,504       1,549,586  

6.75%, 5/15/25(1)

      432       447,887  

8.50%, 5/15/27(1)

      1,638       1,701,636  

Dana Financing Luxembourg S.a.r.l., 3.00%, 7/15/29(14)

    EUR       100       101,064  

Faurecia S.E.:

     

2.75%, 2/15/27(14)

    EUR       300       304,392  
 

 

  16   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Portfolio of Investments — continued

 

 

Security            

Principal
Amount

(000’s omitted)

 

 

    Value  
Automotive (continued)  

Faurecia S.E.: (continued)
3.75%, 6/15/28(14)

    EUR       260     $ 271,057  

Ford Motor Co.:

     

3.25%, 2/12/32

      2,825       2,527,838  

4.75%, 1/15/43

      274       249,355  

7.45%, 7/16/31

      457       540,121  

9.625%, 4/22/30

      201       262,180  

Frigoglass Finance B.V., 6.875%, 2/12/25(14)

    EUR       300       234,192  

General Motors Co., 5.00%, 4/1/35

      495       504,499  

GKN Holdings, Ltd., 4.625%, 5/12/32(14)

    GBP       120       156,703  

Goodyear Tire & Rubber Co. (The):

     

5.00%, 7/15/29(1)

      2,056       1,917,724  

5.25%, 7/15/31(1)

      1,657       1,534,332  

IHO Verwaltungs GmbH, 6.375%, (6.375% cash or 7.125% PIK), 5/15/29(1)(16)

      200       197,394  

Jaguar Land Rover Automotive PLC, 6.875%, 11/15/26(14)

    EUR       100       114,082  

Lithia Motors, Inc.:

     

3.875%, 6/1/29(1)

      651       616,321  

4.375%, 1/15/31(1)

      1,696       1,642,169  

4.625%, 12/15/27(1)

      514       510,811  

Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(1)

      1,087       992,551  

Renault S.A.:

     

1.25%, 6/24/25(14)

    EUR       300       309,258  

2.375%, 5/25/26(14)

    EUR       100       104,677  

2.50%, 6/2/27(14)

    EUR       200       204,598  

Schaeffler AG, 3.375%, 10/12/28(14)

    EUR       100       108,649  

Sonic Automotive, Inc.:

     

4.625%, 11/15/29(1)

      1,297       1,168,928  

4.875%, 11/15/31(1)

      1,081       961,333  

TI Automotive Finance PLC, 3.75%, 4/15/29(14)

    EUR       212       212,089  

Tupy Overseas S.A., 4.50%, 2/16/31(1)

      700       618,166  

Volkswagen International Finance N.V., 3.875% to
6/17/29(14)(17)(18)

    EUR       200       218,346  

Wheel Pros, Inc., 6.50%, 5/15/29(1)

      1,305       1,146,025  

ZF North America Capital, Inc., 4.75%, 4/29/25(1)

            200       200,960  
                    $ 23,593,145  
Banks and Thrifts — 1.0%  

American Express Co., 2.55%, 3/4/27

      2,000     $ 1,947,079  

Banco de Chile, 2.99%, 12/9/31(1)

      445       411,293  

Banco do Brasil S.A., 3.25%, 9/30/26(1)

      1,000       963,710  

Banco Mercantil del Norte S.A./Grand Cayman, 5.75% to 10/4/26, 10/4/31(1)(18)

      1,160       1,145,013  
Security            

Principal
Amount

(000’s omitted)

 

 

    Value  
Banks and Thrifts (continued)  

Bank Hapoalim BM, 3.255% to 1/21/27, 1/21/32(1)(14)(18)

      800     $ 740,000  

BankUnited, Inc., 5.125%, 6/11/30

      481       496,466  

BBVA Bancomer S.A., 5.125% to 1/18/28, 1/18/33(1)(18)

      1,100       1,040,199  

BPCE S.A., 3.648% to 1/14/32, 1/14/37(1)(18)

      410       383,886  

Capital One Financial Corp., 3.273% to 3/1/29, 3/1/30(18)

      667       644,724  

Commonwealth Bank of Australia, 3.784%, 3/14/32(1)

      1,000       967,753  

Deutsche Bank AG, 7.125% to 4/30/26(14)(17)(18)

    GBP       500       665,856  

Nationwide Building Society, 4.125% to 10/18/27, 10/18/32(1)(18)

      1,280       1,261,824  

SVB Financial Group, 4.10% to 2/15/31(17)(18)

      1,403       1,199,565  

Texas Capital Bancshares, Inc., 4.00% to 5/6/26, 5/6/31(18)

      1,500       1,465,177  

Unicaja Banco S.A., 4.875% to 11/18/26(14)(17)(18)

    EUR       600       608,924  

United Overseas Bank, Ltd., 3.863% to 10/7/27, 10/7/32(1)(3)(18)

            921       921,000  
                    $ 14,862,469  
Beverage and Tobacco — 0.2%  

Altria Group, Inc., 3.875%, 9/16/46

      650     $ 552,618  

Anheuser-Busch InBev Worldwide, Inc., 3.50%, 6/1/30

      1,500       1,523,160  

BAT Capital Corp., 4.54%, 8/15/47

            650       581,782  
                    $ 2,657,560  
Brokerage/Securities Dealers/Investment Houses — 0.1%  

Alliance Data Systems Corp., 4.75%, 12/15/24(1)

      1,071     $ 1,054,421  

Intrum AB, 3.50%, 7/15/26(14)

    EUR       200       212,727  
                    $ 1,267,148  
Building and Development — 2.0%  

Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR

     

Nimbus, LLC/GGSI Sellco, LLC:

     

4.50%, 4/1/27(1)

      1,916     $ 1,792,246  

5.75%, 5/15/26(1)

      1,592       1,579,527  

Builders FirstSource, Inc.:

     

4.25%, 2/1/32(1)

      1,546       1,442,171  

5.00%, 3/1/30(1)

      2,150       2,118,825  

6.75%, 6/1/27(1)

      672       698,292  

Empire Communities Corp., 7.00%, 12/15/25(1)

      1,627       1,609,363  

Greystar Real Estate Partners, LLC, 5.75%, 12/1/25(1)

      1,396       1,408,801  

HT Troplast GmbH, 9.25%, 7/15/25(14)

    EUR       315       349,081  

James Hardie International Finance DAC,
3.625%, 10/1/26(14)

    EUR       200       224,116  

Masonite International Corp., 5.375%, 2/1/28(1)

      570       575,056  
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Portfolio of Investments — continued

 

 

Security            

Principal
Amount

(000’s omitted)

 

 

    Value  
Building and Development (continued)  

MDC Holdings, Inc.,
2.50%, 1/15/31

      837     $ 732,030  

MIWD Holdco II, LLC/MIWD Finance Corp., 5.50%, 2/1/30(1)

      1,149       1,074,918  

Patrick Industries, Inc., 4.75%, 5/1/29(1)

      1,236       1,065,216  

PCF GmbH, 4.75%, 4/15/26(14)

    EUR       325       346,563  

PGT Innovations, Inc., 4.375%, 10/1/29(1)

      1,066       996,038  

SRM Escrow Issuer, LLC, 6.00%, 11/1/28(1)

      3,099       3,060,170  

SRS Distribution, Inc.:

     

6.00%, 12/1/29(1)

      1,100       1,019,673  

6.125%, 7/1/29(1)

      1,195       1,103,839  

Standard Industries, Inc.:

     

2.25%, 11/21/26(14)

    EUR       500       519,555  

3.375%, 1/15/31(1)

      1,634       1,432,209  

4.375%, 7/15/30(1)

      1,779       1,631,699  

5.00%, 2/15/27(1)

      457       453,865  

Taylor Morrison Communities, Inc.:

     

5.75%, 1/15/28(1)

      1,062       1,096,165  

5.875%, 6/15/27(1)

      808       842,021  

Victoria PLC, 3.625%, 8/24/26(14)

    EUR       485       517,672  

White Cap Buyer, LLC, 6.875%, 10/15/28(1)

      439       416,521  

White Cap Parent, LLC, 8.25%, (8.25% cash or 9.00% PIK), 3/15/26(1)(16)

            691       679,726  
                    $ 28,785,358  
Business Equipment and Services — 1.3%  

Adtalem Global Education, Inc., 5.50%, 3/1/28(1)

      2,258     $ 2,189,210  

Allied Universal Holdco, LLC:

     

3.625%, 6/1/28(14)

    EUR       100       101,568  

4.625%, 6/1/28(1)

      1,941       1,828,739  

4.875%, 6/1/28(14)

    GBP       100       120,498  

6.00%, 6/1/29(1)

      278       245,613  

6.625%, 7/15/26(1)

      2,534       2,567,449  

9.75%, 7/15/27(1)

      1,148       1,187,950  

CDW, LLC/CDW Finance Corp., 3.276%, 12/1/28

      447       421,867  

GEMS MENASA Cayman, Ltd./GEMS Education

     

Delaware, LLC:

     

7.125%, 7/31/26(1)

      2,576       2,587,798  

7.125%, 7/31/26(14)

      350       351,603  

Iron Mountain, Inc.:

     

4.50%, 2/15/31(1)

      750       693,600  

5.00%, 7/15/28(1)

      94       91,808  

Sabre GLBL, Inc.,
9.25%, 4/15/25(1)

      1,459       1,619,928  

Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 7/30/26(14)

    EUR       264       292,727  
Security            

Principal
Amount

(000’s omitted)

 

 

    Value  
Business Equipment and Services (continued)  

Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 7/15/25(14)

    EUR       153     $ 163,151  

Terminix Co., LLC (The),
7.45%, 8/15/27

            3,993       4,539,702  
                    $ 19,003,211  
Cable and Satellite Television — 1.8%  

Altice France S.A.:

     

3.375%, 1/15/28(14)

    EUR       100     $ 100,535  

5.125%, 7/15/29(1)

      767       688,459  

5.50%, 1/15/28(1)

      841       781,062  

5.50%, 10/15/29(1)

      755       678,473  

8.125%, 2/1/27(1)

      4,904       5,061,860  

CCO Holdings, LLC/CCO Holdings Capital Corp.:

     

4.25%, 2/1/31(1)

      2,263       2,056,603  

4.50%, 8/15/30(1)

      2,140       2,011,595  

4.50%, 5/1/32

      771       706,313  

4.75%, 3/1/30(1)

      1,789       1,721,009  

4.75%, 2/1/32(1)

      1,044       973,760  

5.00%, 2/1/28(1)

      1,755       1,739,924  

5.375%, 6/1/29(1)

      595       596,044  

Charter Communications Operating, LLC/Charter Communications Operating Capital, 4.80%, 3/1/50

      975       929,090  

Comcast Corp., 1.95%, 1/15/31

      1,000       903,356  

CSC Holdings, LLC:

     

3.375%, 2/15/31(1)

      698       588,962  

5.875%, 9/15/22

      1,085       1,094,879  

6.50%, 2/1/29(1)

      543       548,359  

7.50%, 4/1/28(1)

      619       609,319  

UPC Holding B.V., 5.50%, 1/15/28(1)

      593       586,895  

UPCB Finance VII, Ltd.,
3.625%, 6/15/29(14)

    EUR       300       326,455  

Virgin Media Finance PLC, 5.00%, 7/15/30(1)

      946       894,821  

Virgin Media Secured Finance PLC, 5.00%, 4/15/27(14)

    GBP       100       133,314  

Virgin Media Vendor Financing Notes III DAC,
4.875%, 7/15/28(14)

    GBP       200       248,442  

Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/28(1)

      425       408,810  

Ziggo B.V., 4.875%, 1/15/30(1)

      628       592,622  

Ziggo Bond Co., B.V.:

     

3.375%, 2/28/30(14)

    EUR       230       225,650  

6.00%, 1/15/27(1)

            745       750,945  
                    $ 25,957,556  
Capital Markets — 0.2%  

BWX Technologies, Inc.: 4.125%, 6/30/28(1)

      948     $ 914,327  
 

 

  18   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Portfolio of Investments — continued

 

 

Security            

Principal
Amount

(000’s omitted)

 

 

    Value  
Capital Markets (continued)  

BWX Technologies, Inc.: (continued)

     

4.125%, 4/15/29(1)

      733     $ 707,037  

Valmont Industries, Inc., 5.25%, 10/1/54

            610       665,284  
                    $ 2,286,648  
Chemicals and Plastics — 0.6%  

Alpek SAB de CV, 4.25%, 9/18/29(1)

      610     $ 603,964  

Ashland Services B.V., 2.00%, 1/30/28(14)

    EUR       100       102,459  

ASP Unifrax Holdings Inc, 5.25%, 9/30/28(1)

      826       768,370  

Herens Holdco S.a.r.l., 4.75%, 5/15/28(1)

      545       489,448  

Herens Midco S.a.r.l., 5.25%, 5/15/29(14)

    EUR       316       300,386  

INEOS Quattro Finance 2 PLC, 2.50%, 1/15/26(14)

    EUR       154       161,397  

NOVA Chemicals Corp., 4.25%, 5/15/29(1)

      1,242       1,146,701  

Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.00%, 1/27/30(1)

      1,307       1,290,310  

OCI N.V., 3.625%, 10/15/25(14)

    EUR       180       202,908  

SGL Carbon SE, 3.00%, 9/20/23(14)

    EUR       300       315,381  

SPCM S.A., 2.625%, 2/1/29(14)

    EUR       150       155,092  

Valvoline, Inc.:

     

3.625%, 6/15/31(1)

      802       694,283  

4.25%, 2/15/30(1)

      790       722,388  

WR Grace Holdings, LLC, 4.875%, 6/15/27(1)

            1,472       1,442,119  
                    $ 8,395,206  
Clothing/Textiles — 0.1%  

Hanesbrands Finance Luxembourg SCA, 3.50%, 6/15/24(14)

    EUR       200     $ 226,785  

PrestigeBidCo GmbH, 6.25%, 12/15/23(14)

    EUR       365       405,162  

William Carter Co. (The):

     

5.50%, 5/15/25(1)

      331       341,479  

5.625%, 3/15/27(1)

            811       823,992  
                    $ 1,797,418  
Commercial Services — 1.1%  

Abertis Infraestructuras Finance B.V., 3.248% to
11/24/25(14)(17)(18)

    EUR       300     $ 325,612  

APi Escrow Corp., 4.75%, 10/15/29(1)

      1,079       1,004,161  

Autostrade per l’Italia SpA:

     

1.75%, 2/1/27(14)

    EUR       200       216,251  

2.00%, 12/4/28(14)

    EUR       700       756,116  

6.25%, 6/9/22

    GBP       250       330,830  

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 5.375%, 3/1/29(1)

      792       781,197  

BCP V Modular Services Finance II PLC, 4.75%, 11/30/28(14)

    EUR       100       106,241  
Security            

Principal
Amount

(000’s omitted)

 

 

    Value  
Commercial Services (continued)  

Block Financial, LLC, 3.875%, 8/15/30

      988     $ 972,000  

EC Finance PLC, 3.00%, 10/15/26(14)

    EUR       102       111,067  

HealthEquity, Inc., 4.50%, 10/1/29(1)

      1,380       1,309,275  

Korn Ferry, 4.625%, 12/15/27(1)

      355       347,000  

LABL, Inc.:

     

5.875%, 11/1/28(1)

      507       476,263  

8.25%, 11/1/29(1)

      1,016       898,525  

Loxam S.A.S.:

     

3.25%, 1/14/25(14)

    EUR       200       218,431  

4.25%, 4/15/24(14)

    EUR       200       222,337  

MoneyGram International, Inc., 5.375%, 8/1/26(1)

      1,509       1,572,770  

Mooney Group SpA, 3.875%, (3 mo. EURIBOR + 3.875%),
12/17/26(2)(14)

    EUR       110       121,353  

NESCO Holdings II, Inc., 5.50%, 4/15/29(1)

      1,282       1,261,155  

Nexi SpA, 1.75%, 10/31/24(14)

    EUR       200       222,481  

PROG Holdings, Inc., 6.00%, 11/15/29(1)

      1,085       1,008,524  

S&P Global, Inc., 2.90%, 3/1/32(1)

      1,000       970,786  

Verisure Midholding AB, 5.25%, 2/15/29(14)

    EUR       175       179,209  

WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26(1)

            2,060       2,068,518  
                    $ 15,480,102  
Computers — 0.6%  

Booz Allen Hamilton, Inc.:

     

3.875%, 9/1/28(1)

      1,341     $ 1,295,936  

4.00%, 7/1/29(1)

      717       701,061  

Condor Merger Sub, Inc., 7.375%, 2/15/30(1)

      1,121       1,076,861  

Presidio Holdings, Inc., 8.25%, 2/1/28(1)

      3,176       3,243,681  

Seagate HDD Cayman:

     

3.125%, 7/15/29

      865       778,128  

5.75%, 12/1/34

            995       1,019,392  
                    $ 8,115,059  
Conglomerates — 0.1%  

Spectrum Brands, Inc.:

     

5.00%, 10/1/29(1)

      406     $ 382,720  

5.50%, 7/15/30(1)

            691       664,583  
                    $ 1,047,303  
Consumer Products — 0.0%(9)  

Central Garden & Pet Co.:

     

4.125%, 10/15/30

      419     $ 378,845  

5.125%, 2/1/28

            285       283,486  
                    $ 662,331  
 

 

  19   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Portfolio of Investments — continued

 

 

Security            

Principal
Amount

(000’s omitted)

 

 

    Value  
Containers and Glass Products — 0.2%  

Ardagh Metal Packaging Finance USA, LLC/Ardagh

     

Metal Packaging Finance PLC, 4.00%, 9/1/29(1)

      1,177     $ 1,062,007  

Canpack S.A./Canpack U.S., LLC, 3.875%, 11/15/29(1)

      468       410,239  

Crown Americas, LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26

      660       662,350  

Crown Americas, LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26

      750       759,083  

Graphic Packaging International, LLC, 2.625%, 2/1/29(14)

    EUR       100       104,065  

Verallia S.A., 1.875%, 11/10/31(14)

    EUR       100       97,767  
                    $ 3,095,511  
Cosmetics/Toiletries — 0.2%  

Edgewell Personal Care Co.:

     

4.125%, 4/1/29(1)

      441     $ 406,320  

5.50%, 6/1/28(1)

      1,067       1,063,388  

Natura Cosmeticos S.A., 4.125%, 5/3/28(1)

            843       813,305  
                    $ 2,283,013  
Distribution & Wholesale — 0.5%  

BCPE Empire Holdings, Inc., 7.625%, 5/1/27(1)

      2,993     $ 2,824,943  

Parts Europe S.A.:

     

4.00%, (3 mo. EURIBOR + 4.00%), 7/20/27(2)(14)

    EUR       128       141,449  

6.50%, 7/16/25(14)

    EUR       100       114,408  

Performance Food Group, Inc.:

     

4.25%, 8/1/29(1)

      2,429       2,216,463  

5.50%, 10/15/27(1)

      935       931,648  

Ritchie Bros Holdings, Inc., 4.75%, 12/15/31(1)

            844       824,267  
                    $ 7,053,178  
Diversified Financial Services — 1.7%  

American AgCredit Corp., 5.25% to 6/15/26(1)(17)(18)

      410     $ 405,900  

BrightSphere Investment Group, Inc., 4.80%, 7/27/26

      2,195       2,121,083  

CI Financial Corp., 3.20%, 12/17/30

      1,000       912,789  

Coinbase Global, Inc.:

     

3.375%, 10/1/28(1)

      844       746,687  

3.625%, 10/1/31(1)

      1,120       956,978  

Discover Bank, 4.682% to 8/9/23, 8/9/28(18)

      1,750       1,775,469  

Enact Holdings, Inc., 6.50%, 8/15/25(1)

      750       774,994  

Encore Capital Group, Inc.:

     

4.25%, (3 mo. EURIBOR + 4.25%), 1/15/28(2)(14)

    EUR       600       661,609  

5.375%, 2/15/26(14)

    GBP       100       130,938  

Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29(1)

      1,823       1,729,672  

Jefferson Capital Holdings, LLC, 6.00%, 8/15/26(1)

      1,275       1,218,556  
Security            

Principal
Amount

(000’s omitted)

 

 

    Value  
Diversified Financial Services (continued)  

Lincoln Financing S.a.r.l., 3.625%, 4/1/24(14)

    EUR       245     $ 271,163  

Louvre Bidco S.A.S., 6.50%, 9/30/24(14)

    EUR       400       446,101  

PRA Group, Inc.:

     

5.00%, 10/1/29(1)

      901       855,603  

7.375%, 9/1/25(1)

      1,566       1,633,933  

ProGroup AG, 3.00%, 3/31/26(14)

    EUR       400       425,702  

Rocket Mortgage, LLC/Rocket Mortgage Co.-Issuer, Inc.:

     

3.625%, 3/1/29(1)

      1,035       947,077  

3.875%, 3/1/31(1)

      600       543,915  

Sherwood Financing PLC, 6.00%, 11/15/26(14)

    GBP       150       187,109  

Stifel Financial Corp., 4.00%, 5/15/30

      769       778,641  

UniCredit SpA:

     

5.861% to 6/19/27, 6/19/32(1)(18)

      715       703,333  

7.296% to 4/2/29, 4/2/34(1)(18)

      500       530,403  

Unifin Financiera SAB de CV, 7.375%, 2/12/26(1)

      620       363,382  

VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.375%, 2/1/30(1)

      1,536       1,447,219  

Vivion Investments S.a.r.l.:

     

3.00%, 8/8/24(14)

    EUR       3,400       3,628,891  

3.50%, 11/1/25(14)

    EUR       100       106,513  
                    $ 24,303,660  
Drugs — 0.8%  

AdaptHealth, LLC:

     

4.625%, 8/1/29(1)

      405     $ 370,338  

5.125%, 3/1/30(1)

      1,019       948,378  

6.125%, 8/1/28(1)

      685       681,229  

Bausch Health Companies, Inc.:

     

5.25%, 1/30/30(1)

      431       339,260  

6.25%, 2/15/29(1)

      473       388,619  

9.00%, 12/15/25(1)

      1,763       1,828,407  

Endo DAC/Endo Finance, LLC/Endo Finco, Inc., 5.875%, 10/15/24(1)

      649       612,468  

Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.125%, 4/1/29(1)

      1,550       1,416,243  

Gruenenthal Gmbh, 3.625%, 11/15/26(14)

    EUR       200       219,941  

Hikma Finance USA, LLC, 3.25%, 7/9/25(14)

      1,250       1,212,531  

Jazz Securities DAC, 4.375%, 1/15/29(1)

      1,371       1,330,000  

Nidda Healthcare Holding GmbH, 3.50%, 9/30/24(14)

    EUR       300       319,015  

Organon & Co./Organon Foreign Debt Co-Issuer B.V., 5.125%, 4/30/31(1)

      1,037       1,002,105  

Perrigo Finance Unlimite Co., 3.90%, 6/15/30

            871       819,991  
                    $ 11,488,525  

 

 

 

  20   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Portfolio of Investments — continued

 

 

Security            

Principal
Amount

(000’s omitted)

 

 

    Value  
Ecological Services and Equipment — 0.5%         

Clean Harbors, Inc.:

     

4.875%, 7/15/27(1)

      551     $ 550,606  

5.125%, 7/15/29(1)

      332       333,695  

Covanta Holding Corp.:

     

4.875%, 12/1/29(1)

      1,536       1,468,339  

5.00%, 9/1/30

      319       302,946  

GFL Environmental, Inc.:

     

3.50%, 9/1/28(1)

      1,679       1,578,596  

3.75%, 8/1/25(1)

      776       762,936  

4.75%, 6/15/29(1)

      2,095       1,995,446  

Paprec Holding S.A., 3.50%, 7/1/28(14)

    EUR       129       136,313  
                    $ 7,128,877  
Electric Utilities — 0.8%                     

Consolidated Edison Co. of New York, Inc., 4.125%, 5/15/49

      400     $ 405,492  

ContourGlobal Power Holdings S.A., 4.125%, 8/1/25(14)

    EUR       200       221,471  

Drax Finco PLC, 6.625%, 11/1/25(1)

      1,119       1,133,239  

Edison International, 3.55%, 11/15/24

      614       616,454  

FirstEnergy Corp.:

     

2.65%, 3/1/30

      410       373,018  

Series B, 4.40%, 7/15/27

      1,630       1,643,146  

Series C, 7.375%, 11/15/31

      357       440,967  

Liberty Utilities Finance GP 1, 2.05%, 9/15/30(1)

      526       461,824  

MidAmerican Energy Co., 2.70%, 8/1/52

      500       428,939  

Pattern Energy Operations, L.P./Pattern Energy

     

Operations, Inc., 4.50%, 8/15/28(1)

      1,132       1,114,975  

Southern California Edison Co., 4.00%, 4/1/47

      845       815,188  

Southern Co. (The), 4.40%, 7/1/46

      971       995,312  

Virginia Electric & Power Co., 4.00%, 1/15/43

      410       419,107  

WESCO Distribution, Inc.:

     

7.125%, 6/15/25(1)

      1,024       1,066,404  

7.25%, 6/15/28(1)

            915       972,920  
                    $ 11,108,456  
Electronics/Electrical — 0.7%                     

Electricite de France S.A., 2.875% to 12/15/26(14)(17)(18)

    EUR       400     $ 412,981  

Engie Energia Chile S.A.,
3.40%, 1/28/30(1)

      960       885,278  

II-VI, Inc., 5.00%, 12/15/29(1)

      1,055       1,032,766  

Imola Merger Corp., 4.75%, 5/15/29(1)

      3,082       2,971,973  

Jabil, Inc., 3.00%, 1/15/31

      1,040       954,220  

LogMeIn, Inc., 5.50%, 9/1/27(1)

      174       162,730  

Nobel Bidco B.V., 3.125%, 6/15/28(14)

    EUR       150       148,231  

Open Text Corp., 3.875%, 2/15/28(1)

      1,009       969,155  
Security            

Principal
Amount

(000’s omitted)

 

 

    Value  
Electronics/Electrical (continued)         

Open Text Holdings, Inc., 4.125%, 2/15/30(1)

      883     $ 839,027  

RWE AG, 6.625% to 3/30/26, 7/30/75(14)(18)

      266       287,451  

Sensata Technologies, Inc.:

     

3.75%, 2/15/31(1)

      680       630,057  

4.375%, 2/15/30(1)

      627       600,948  

SS&C Technologies, Inc., 5.50%, 9/30/27(1)

      517       521,524  

Verisure Holding AB,
3.25%, 2/15/27(14)

    EUR       100       104,195  
                    $ 10,520,536  
Energy — 0.5%                     

Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26(1)

      1,988     $ 2,047,232  

New Fortress Energy, Inc., 6.50%, 9/30/26(1)

      2,374       2,354,937  

Sunoco, L.P./Sunoco Finance Corp.:

     

4.50%, 5/15/29

      884       835,115  

4.50%, 4/30/30(1)

            1,692       1,561,378  
                    $ 6,798,662  
Engineering & Construction — 0.4%  

Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26(1)

      1,038     $ 1,000,461  

Dycom Industries, Inc.,
4.50%, 4/15/29(1)

      1,389       1,310,772  

TopBuild Corp., 4.125%, 2/15/32(1)

      1,562       1,418,647  

VM Consolidated, Inc.,
5.50%, 4/15/29(1)

            1,684       1,583,945  
                    $ 5,313,825  
Entertainment — 1.0%                     

Banijay Entertainment SASU, 3.50%, 3/1/25(14)

    EUR       200     $ 221,449  

Caesars Entertainment, Inc.:

     

4.625%, 10/15/29(1)

      529       495,276  

6.25%, 7/1/25(1)

      2,521       2,606,008  

8.125%, 7/1/27(1)

      1,589       1,704,711  

CDI Escrow Issuer, Inc., 5.75%, 4/1/30(1)(3)

      1,314       1,328,782  

CPUK Finance, Ltd.:

     

4.50%, 8/28/27(14)

    GBP       100       126,763  

4.875%, 8/28/25(14)

    GBP       135       173,242  

Gamma Bidco SpA:

     

5.125%, 7/15/25(14)

    EUR       200       219,040  

6.25%, 7/15/25(14)

    EUR       100       112,008  

Jacobs Entertainment, Inc., 6.75%, 2/15/29(1)

      1,485       1,494,311  

Live Nation Entertainment, Inc., 4.75%, 10/15/27(1)

      1,226       1,197,520  

Pinewood Finance Co., Ltd., 3.25%, 9/30/25(14)

    GBP       200       254,848  

Powdr Corp., 6.00%, 8/1/25(1)

      1,402       1,439,370  
 

 

  21   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Portfolio of Investments — continued

 

 

Security            

Principal
Amount

(000’s omitted)

 

 

    Value  
Entertainment (continued)                     

Scientific Games International, Inc., 7.00%, 5/15/28(1)

      1,647     $ 1,709,998  

Speedway Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27(1)

            1,515       1,477,913  
                    $ 14,561,239  
Equipment Leasing — 0.0%(9)                     

Ashtead Capital, Inc., 4.25%, 11/1/29(1)

            526     $ 524,125  
                    $ 524,125  
Financial Intermediaries — 2.1%                     

Ally Financial, Inc., Series B, 4.70% to 5/15/26(17)(18)

      1,453     $ 1,372,264  

Alpha Holding S.A. de CV:

     

9.00%, 2/10/25(1)(19)

      765       47,813  

10.00%, 12/19/22(1)(19)

      200       14,252  

Banco Santander S.A., 4.175% to 3/24/27, 3/24/28(18)

      400       402,297  

Blackstone Private Credit Fund, 4.70%, 3/24/25(1)

      2,000       2,030,031  

Citigroup, Inc., 3.98% to 3/20/29, 3/20/30(18)

      1,700       1,728,791  

Ford Motor Credit Co., LLC:

     

1.741%, (3 mo. USD LIBOR + 1.235%), 2/15/23(2)

      479       475,442  

2.90%, 2/16/28

      420       380,476  

3.087%, 1/9/23

      439       440,043  

3.37%, 11/17/23

      513       512,795  

3.625%, 6/17/31

      1,307       1,182,848  

3.815%, 11/2/27

      1,984       1,883,282  

4.00%, 11/13/30

      995       938,574  

4.125%, 8/17/27

      2,739       2,680,632  

4.25%, 9/20/22

      500       503,665  

4.271%, 1/9/27

      476       470,421  

5.125%, 6/16/25

      938       957,904  

5.584%, 3/18/24

      257       264,610  

Goldman Sachs Group, Inc. (The), 3.615% to 3/15/27, 3/15/28(18)

      1,496       1,495,769  

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp.:

     

5.25%, 5/15/27

      1,614       1,586,723  

6.25%, 5/15/26

      1,095       1,118,307  

6.375%, 12/15/25

      820       827,400  

JPMorgan Chase & Co.:

     

2.545% to 11/8/31, 11/8/32(18)

      1,500       1,372,678  

Series HH, 4.60% to 2/1/25(17)(18)

      1,674       1,617,502  

Macquarie Group, Ltd., 2.871% to 1/14/32, 1/14/33(1)(18)

      1,007       895,822  

MSCI, Inc.:

     

3.625%, 9/1/30(1)

      520       488,540  

3.875%, 2/15/31(1)

      899       854,230  
Security            

Principal
Amount

(000’s omitted)

 

 

    Value  
Financial Intermediaries (continued)                     

Oxford Finance, LLC/Oxford Finance Co-Issuer II, Inc., 6.375%, 2/1/27(1)

      1,209     $ 1,233,797  

Synovus Financial Corp., 5.90% to 2/7/24, 2/7/29(18)

      1,011       1,036,378  

UBS Group AG,
4.375% to 2/10/31(1)(17)(18)

            801       724,905  
                    $ 29,538,191  
Financial Services — 0.7%                     

Banco BTG Pactual S.A.,
4.50%, 1/10/25(1)

      1,100     $ 1,093,240  

Bank of America Corp.:

     

1.922% to 10/24/30, 10/24/31(18)

      1,819       1,582,160  

3.846% to 3/8/32, 3/8/37(18)

      1,210       1,160,409  

Brookfield Finance, Inc., 4.70%, 9/20/47

      1,050       1,117,466  

Carlyle Finance Subsidiary, LLC, 3.50%, 9/19/29(1)

      1,000       983,969  

Nordea Bank Abp, 4.625% to 9/13/28, 9/13/33(1)(18)

      1,515       1,547,689  

Vietnam Debt and Asset Trading Corp., 1.00%, 10/10/25(14)

            2,600       2,357,251  
                    $ 9,842,184  
Food Products — 1.0%                     

Bellis Acquisition Co. PLC, 3.25%, 2/16/26(14)

    GBP       200     $ 243,384  

Chobani, LLC/Chobani Finance Corp., Inc., 4.625%, 11/15/28(1)

      436       403,023  

HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.875%, 6/1/29(1)

      747       656,154  

Ingles Markets, Inc.,
4.00%, 6/15/31(1)

      854       807,653  

JBS USA LUX S.A./JBS USA Finance, Inc., 6.75%, 2/15/28(1)

      650       686,215  

JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30(1)

      2,139       2,191,234  

Kraft Heinz Foods Co.:

     

3.875%, 5/15/27

      1,261       1,282,588  

4.25%, 3/1/31

      1,502       1,548,232  

4.375%, 6/1/46

      282       279,572  

4.625%, 10/1/39

      425       432,833  

4.875%, 10/1/49

      309       325,958  

5.50%, 6/1/50

      258       294,257  

Nomad Foods Bondco PLC, 2.50%, 6/24/28(14)

    EUR       336       348,933  

Pilgrim’s Pride Corp., 3.50%, 3/1/32(1)

      2,387       2,089,102  

Post Holdings, Inc.:

     

4.50%, 9/15/31(1)

      900       798,741  

4.625%, 4/15/30(1)

      1,158       1,044,632  

Premier Foods Financing PLC, 3.50%, 10/15/26(14)

    GBP       125       153,245  

Smithfield Foods, Inc., 3.00%, 10/15/30(1)

            1,000       908,998  
                    $ 14,494,754  
 

 

  22   See Notes to Financial Statements.


Eaton Vance

Limited Duration Income Fund

March 31, 2022

 

Portfolio of Investments — continued

 

 

Security          Principal
Amount*
(000’s omitted)
    Value  
Food Service — 0.6%                     

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc.:

     

3.875%, 1/15/28(1)

      1,906     $ 1,809,518  

4.00%, 10/15/30(1)

      2,705       2,443,670  

4.375%, 1/15/28(1)

      1,014       975,230  

5.75%, 4/15/25(1)

      372       383,186  

IRB Holding Corp.:

     

6.75%, 2/15/26(1)

      448       456,330  

7.00%, 6/15/25(1)

      615       640,507  

US Foods, Inc., 4.75%, 2/15/29(1)

            1,457       1,391,530  
                    $ 8,099,971  
Food/Drug Retailers — 0.2%                     

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC:

     

4.875%, 2/15/30(1)

      1,595     $ 1,556,122  

5.875%, 2/15/28(1)

            1,004       1,002,444  
                    $ 2,558,566  
Forest Products & Paper — 0.0%(9)  

Glatfelter Corp., 4.75%, 11/15/29(1)

            244     $ 207,251  
                    $ 207,251  
Health Care — 3.7%                     

Amgen, Inc., 3.375%, 2/21/50

      700     $ 633,749  

Anthem, Inc., 3.125%, 5/15/50

      500       442,308  

Avantor Funding, Inc., 4.625%, 7/15/28(1)

      1,075       1,064,556  

Baxter International, Inc.:

     

3.50%, 8/15/46

      500       460,753  

3.95%, 4/1/30

      500       516,436  

Centene Corp.:

     

2.50%, 3/1/31

      1,992       1,761,267  

3.00%, 10/15/30

      2,345       2,157,423  

3.375%, 2/15/30

      2,311       2,178,580  

4.25%, 12/15/27

      1,005       1,009,804  

4.625%, 12/15/29

      1,758       1,775,299  

Chrome Bidco SASU, 3.50%, 5/31/28(14)

    EUR       100       106,153  

CHS/Community Health Systems, Inc.:

     

5.25%, 5/15/30(1)

      432       415,260  

6.125%, 4/1/30(1)

      1,113       1,037,839  

6.875%, 4/15/29(1)

      885       870,734  

Emergent BioSolutions, Inc., 3.875%, 8/15/28(1)

      974       875,558  

Encompass Health Corp.:

     

4.625%, 4/1/31

      683       640,487  
Security          Principal
Amount*
(000’s omitted)
    Value  
Health Care (continued)                     

Encompass Health Corp.: (continued) 4.75%, 2/1/30

      639     $ 614,504  

Gilead Sciences, Inc., 2.60%, 10/1/40

      750       633,737  

Grifols Escrow Issuer S.A.:

     

3.875%, 10/15/28(14)

    EUR       344       363,033  

4.75%, 10/15/28(1)

      1,060       999,161  

Grifols S.A., 3.20%, 5/1/25(14)

    EUR       250       275,643  

HCA, Inc.:

     

5.375%, 9/1/26

      1,610       1,692,110  

5.625%, 9/1/28

      1,472       1,593,786  

5.875%, 2/15/26

      2,705       2,879,986  

5.875%, 2/1/29

      1,076       1,178,026  

IQVIA, Inc.:

     

2.25%, 1/15/28(14)

    EUR       250       263,392  

5.00%, 10/15/26(1)

      850       865,869  

Legacy LifePoint Health, LLC:

     

4.375%, 2/15/27(1)

      751       727,118  

6.75%, 4/15/25(1)

      731       756,658  

LifePoint Health, Inc., 5.375%, 1/15/29(1)

      2,690       2,547,127  

ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29(1)

      759       708,986  

ModivCare, Inc., 5.875%, 11/15/25(1)

      1,122       1,134,286  

Molina Healthcare, Inc.:

     

3.875%, 11/15/30(1)

      1,511       1,453,605  

3.875%, 5/15/32(1)

      1,450       1,382,031  

Mozart Debt Merger Sub, Inc., 5.25%, 10/1/29(1)

      3,620       3,370,039  

Option Care Health, Inc., 4.375%, 10/31/29(1)

      1,442       1,354,521  

STERIS Irish FinCo Unlimited Co., 3.75%, 3/15/51

      750       700,405  

Team Health Holdings, Inc., 6.375%, 2/1/25(1)

      1,890       1,699,403  

Tenet Healthcare Corp.:

     

4.375%, 1/15/30(1)

      799       768,011  

4.625%, 9/1/24(1)

      268       270,278  

4.875%, 1/1/26(1)

      1,607       1,623,006  

5.125%, 11/1/27(1)

      1,607       1,616,642  

6.125%, 10/1/28(1)

      1,146       1,165,889  

6.875%, 11/15/31

      64       68,467  

Thermo Fisher Scientific, Inc., 4.10%, 8/15/47

      400       430,328  

US Acute Care Solutions, LLC, 6.375%, 3/1/26(1)

      2,637       2,607,083  

Varex Imaging Corp., 7.875%, 10/15/27(1)