UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
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Investment Company Act file number |
811-21323 |
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Eaton Vance Limited Duration Income Fund |
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(Exact name of registrant as specified in charter) |
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The Eaton Vance Building, 255 State Street, Boston, Massachusetts |
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02109 |
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(Address of principal executive offices) |
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(Zip code) |
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Alan R. Dynner |
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The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 |
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(Name and address of agent for service) |
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Registrant’s telephone number, including area code: |
(617) 482-8260 |
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Date of fiscal year end: |
April 30 |
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Date of reporting period: |
October 31, 2005 |
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Item 1. Reports to Stockholders
Semiannual Report October 31, 2005
EATON VANCE
LIMITED
DURATION
INCOME
FUND
IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy ("Privacy Policy") with respect to nonpublic personal information about its customers:
• Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
• None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer's account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.
• Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
• We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.
In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer's account (i.e. fund shares) is held in the name of a third-party financial adviser/ broker–dealer, it is likely that only such adviser's privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.
For more information about Eaton Vance's Privacy Policy, please call 1-800-262-1122.
Delivery of Shareholder Documents. The Securities and Exchange Commission (the "SEC") permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called "householding" and it helps eliminate duplicate mailings to shareholders.
Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.
If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.
Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC's website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC's public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds' and Portfolios' Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to Portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC's website at www.sec.gov.
Eaton Vance Limited Duration Income Fund as of October 31, 2005
INVESTMENT UPDATE
The Fund
Performance for the Six Months Ended October 31, 2005
• Based on its October 2005 monthly
dividend of $0.1261 and a
closing share price of $16.78, Eaton Vance Limited Duration Income Fund, a closed-end fund (the “Fund”) traded on the American
Stock Exchange (“AMEX”), had a
market yield of
9.02%.(1)
• Based on share price (traded on AMEX), the Fund had a total return of -1.07% for the six months ended October 31, 2005. That return was the result of a decrease in share price from $17.69 on April 30, 2005 to $16.78 on October 31, 2005 and the reinvestment of $0.757 in monthly dividends.
• Based on net asset value, the Fund had a total return of 2.77% for the six months ended October 31, 2005.(2) That return was the result of a decrease in net asset value per share from $18.43 on April 30, 2005, to $18.16 on October 31, 2005, and the reinvestment of all distributions.
Management Discussion
• The Fund’s managers continued to diversify the Fund’s bond and senior loan investments along industry lines. The Fund had exposure to companies that typically respond to economic growth, as well as non-cyclical companies whose earnings are less dependent on economic expansion. At October 31, 2005, the Fund’s investments spanned 39 industries, with no single industry representing more than 6.4% of the Fund’s net assets.
• The loan market performed well, as short-term interest rates rose throughout the six-month period and the London Inter-Bank Offered Rate (LIBOR) – the primary benchmark over which loan interest rates typically are set – kept pace with the Federal Reserve’s rate hikes. Due to continued tight loan demand/supply conditions, credit spreads narrowed to just below their historical range. The loan market outperformed the high-yield bond market during the period.
• The Fund’s high-yield investments were buffeted by a market setback in March 2005 that was sparked by a downgrade of Ford and General Motors corporate debt, as well as concerns about rising energy costs and high valuations. Spreads on high-yield bonds rose to 425 basis points (4.25 percentage points) above Treasuries. Conditions improved during the summer and into the fall, however, and spreads narrowed to approximately 3.60 percentage points over Treasuries at October 31, 2005. Management maintained a defensive posture for much of the period. High-yield performance benefited from solid contributions in the telecom sector, particularly wireless companies, while paper and packaging, which were underweighted, detracted from absolute returns due to higher raw materials and energy costs.
• Within the mortgage-backed securities (MBS) segment, the Fund’s investments remained focused on seasoned MBS. Spreads on seasoned MBS narrowed significantly relative to Treasuries, partially offsetting the Federal Reserve rate hikes and helping the Fund’s MBS holdings to make a positive contribution to its relative returns. In spite of significant tightening, spreads remain above their historical lows. Prepayment rates fell to near 25% by October 31, 2005, well below their peak around 50% in December 2003. The decline in prepayment rates was welcome news to investors.
• At October 31, 2005, the Fund had leverage in the amount of approximately 33.5% of the Fund’s total assets. The Fund is leveraged through the issuance of Auction Preferred Shares and its securities lending program. Use of financial leverage creates an opportunity for increased income, but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares).
The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund.
Shares of the Fund 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. Yield will vary.
(1) The Fund’s market yield is calculated by dividing the most recent dividend per share by the share market price at the end of the period and annualizing the result.
(2) Performance results reflect the effect of leverage resulting from the Fund’s issuance of Auction Preferred Shares and its securities lending program. In the event of a rise in long-term interest rates, the value of the Fund’s investment portfolio could decline, which would reduce the asset coverage for its Auction Preferred Shares.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return.
2
Eaton Vance Limited Duration Income Fund as of October 31, 2005
FUND PERFORMANCE
Performance(1)
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Average Annual Total Return (by share price, AMEX) |
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One Year |
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-5.12 |
% |
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Life of Fund (5/30/03) |
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2.90 |
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Average Annual Total Return (at net asset value) |
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One Year |
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3.92 |
% |
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Life of Fund (5/30/03) |
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6.30 |
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(1) Performance results reflect the effect of leverage resulting from the Fund’s issuance of Auction Preferred Shares and its securities lending program. In the event of a rise in long-term interest rates, the value of the Fund’s investment portfolio could decline, which would reduce the asset coverage for its Auction Preferred Shares and securities lending.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return.
Fund Allocations(2)
By Total Investments
(2) Fund Allocations are shown as a percentage of the Fund’s total investments as of 10/31/05. Fund allocations may not be representative of the Fund’s current or future investments and are subject to change due to active management.
3
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited)
| Senior Floating Rate Interests — 47.9%(1) | |||||||||||
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Principal Amount |
Borrower/Tranche Description |
Value |
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| Aerospace and Defense — 0.7% | |||||||||||
| Alliant Techsystems, Inc. | |||||||||||
| $ | 741,000 | Term Loan, 5.23%, Maturing March 31, 2009 | $ | 745,400 | |||||||
| CACI International, Inc. | |||||||||||
| 1,354,375 | Term Loan, 5.23%, Maturing May 3, 2011 | 1,369,893 | |||||||||
| Hexcel Corp. | |||||||||||
| 1,299,111 | Term Loan, 5.81%, Maturing March 1, 2012 | 1,312,914 | |||||||||
| K&F Industries, Inc. | |||||||||||
| 2,945,950 | Term Loan, 6.38%, Maturing November 18, 2012 | 2,980,933 | |||||||||
| Mid-Western Aircraft Systems | |||||||||||
| 1,082,288 | Term Loan, 6.41%, Maturing December 31, 2011 | 1,097,575 | |||||||||
| Standard Aero Holdings, Inc. | |||||||||||
| 677,308 | Term Loan, 6.25%, Maturing August 24, 2012 | 685,986 | |||||||||
| Transdigm, Inc. | |||||||||||
| 5,220,500 | Term Loan, 6.19%, Maturing July 22, 2010 | 5,303,156 | |||||||||
| Vought Aircraft Industries, Inc. | |||||||||||
| 1,320,612 | Term Loan, 6.59%, Maturing December 22, 2011 | 1,335,634 | |||||||||
| Wyle Laboratories, Inc. | |||||||||||
| 313,425 | Term Loan, 6.46%, Maturing January 28, 2011 | 317,930 | |||||||||
| $ | 15,149,421 | ||||||||||
| Air Transport — 0.1% | |||||||||||
| Delta Air Lines, Inc. | |||||||||||
| $ | 2,000,000 | Term Loan, 12.89%, Maturing March 16, 2008 | $ | 2,043,334 | |||||||
| United Airlines, Inc. | |||||||||||
| 987,510 | DIP Loan, 7.96%, Maturing December 31, 2005 | 999,546 | |||||||||
| $ | 3,042,880 | ||||||||||
| Automotive — 2.2% | |||||||||||
| Accuride Corp. | |||||||||||
| $ | 2,608,995 | Term Loan, 6.18%, Maturing January 31, 2012 | $ | 2,629,215 | |||||||
| Affina Group, Inc. | |||||||||||
| 1,145,959 | Term Loan, 6.40%, Maturing November 30, 2011 | 1,148,287 | |||||||||
| Axletech International Holding | |||||||||||
| 1,950,000 | Term Loan, 12.25%, Maturing April 21, 2013 | 1,969,500 | |||||||||
| Collins & Aikman Products Co. | |||||||||||
| 1,256,938 | Term Loan, 10.25%, Maturing August 31, 2011 | 1,209,129 | |||||||||
| CSA Acquisition Corp. | |||||||||||
| 1,017,726 | Term Loan, 6.06%, Maturing December 23, 2011 | 1,024,087 | |||||||||
| 644,711 | Term Loan, 6.06%, Maturing December 23, 2011 | 648,740 | |||||||||
| Dayco Products, LLC | |||||||||||
| 2,948,964 | Term Loan, 7.04%, Maturing June 23, 2011 | 2,983,983 | |||||||||
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Principal Amount |
Borrower/Tranche Description |
Value |
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| Automotive (continued) | |||||||||||
| Exide Technologies | |||||||||||
| $ | 653,372 | Term Loan, 9.37%, Maturing May 5, 2010 | $ | 658,273 | |||||||
| 653,372 | Term Loan, 9.37%, Maturing May 5, 2010 | 657,456 | |||||||||
| Federal-Mogul Corp. | |||||||||||
| 5,626,706 | Term Loan, 7.83%, Maturing December 31, 2005 | 5,640,773 | |||||||||
| Goodyear Tire & Rubber Co. | |||||||||||
| 950,000 | Term Loan, 3.50%, Maturing April 30, 2010 | 958,483 | |||||||||
| 3,185,000 | Term Loan, 7.06%, Maturing April 30, 2010 | 3,216,519 | |||||||||
| 1,000,000 | Term Loan, 7.81%, Maturing March 1, 2011 | 994,250 | |||||||||
| HLI Operating Co., Inc. | |||||||||||
| 2,269,423 | Term Loan, 7.15%, Maturing June 3, 2009 | 2,266,384 | |||||||||
| 600,000 | Term Loan, 9.26%, Maturing June 3, 2010 | 592,000 | |||||||||
| Key Automotive Group | |||||||||||
| 1,105,530 | Term Loan, 6.86%, Maturing June 29, 2010 | 1,105,530 | |||||||||
| R.J. Tower Corp. | |||||||||||
| 1,880,000 | DIP Revolving Loan, 7.25%, Maturing February 2, 2007 | 1,915,641 | |||||||||
| Tenneco Automotive, Inc. | |||||||||||
| 1,861,375 | Term Loan, 6.08%, Maturing December 12, 2009 | 1,892,495 | |||||||||
| 817,670 | Term Loan, 6.11%, Maturing December 12, 2010 | 831,340 | |||||||||
| TI Automotive, Ltd. | |||||||||||
| 1,371,884 | Term Loan, 6.91%, Maturing June 30, 2011 | 1,349,591 | |||||||||
| Trimas Corp. | |||||||||||
| 4,683,754 | Term Loan, 7.69%, Maturing December 31, 2009 | 4,734,493 | |||||||||
| TRW Automotive, Inc. | |||||||||||
| 1,985,000 | Term Loan, 4.94%, Maturing October 31, 2010 | 2,000,136 | |||||||||
| 2,308,294 | Term Loan, 5.25%, Maturing June 30, 2012 | 2,333,060 | |||||||||
| United Components, Inc. | |||||||||||
| 1,446,667 | Term Loan, 6.26%, Maturing June 30, 2010 | 1,470,175 | |||||||||
| $ | 44,229,540 | ||||||||||
| Beverage and Tobacco — 0.7% | |||||||||||
| Alliance One International, Inc. | |||||||||||
| $ | 960,175 | Term Loan, 6.73%, Maturing May 13, 2010 | $ | 960,175 | |||||||
| Constellation Brands, Inc. | |||||||||||
| 5,341,371 | Term Loan, 5.66%, Maturing November 30, 2011 | 5,405,804 | |||||||||
| Culligan International Co. | |||||||||||
| 1,188,000 | Term Loan, 6.47%, Maturing September 30, 2011 | 1,203,345 | |||||||||
| National Dairy Holdings, L.P. | |||||||||||
| 1,328,350 | Term Loan, 6.08%, Maturing March 15, 2012 | 1,339,143 | |||||||||
| National Distribution Company | |||||||||||
| 950,000 | Term Loan, 10.56%, Maturing June 22, 2010 | 952,375 | |||||||||
| Southern Wine & Spirits of America, Inc. | |||||||||||
| 4,319,291 | Term Loan, 5.53%, Maturing May 31, 2012 | 4,364,285 | |||||||||
| Sunny Delight Beverages Co. | |||||||||||
| 444,706 | Term Loan, 8.25%, Maturing August 20, 2010 | 448,597 | |||||||||
| $ | 14,673,724 | ||||||||||
See notes to financial statements
4
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
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Principal Amount |
Borrower/Tranche Description |
Value |
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| Building and Development — 3.6% | |||||||||||
| Biomed Realty, L.P. | |||||||||||
| $ | 3,690,000 | Term Loan, 6.11%, Maturing May 31, 2010 | $ | 3,694,612 | |||||||
| DMB/CHII, LLC | |||||||||||
| 156,820 | Term Loan, 6.44%, Maturing March 3, 2007 | 157,212 | |||||||||
| Formica Corp. | |||||||||||
| 273,720 | Term Loan, 9.03%, Maturing June 10, 2010 | 275,089 | |||||||||
| 189,514 | Term Loan, 9.03%, Maturing June 10, 2010 | 190,462 | |||||||||
| 96,919 | Term Loan, 9.03%, Maturing June 10, 2010 | 97,403 | |||||||||
| 78,206 | Term Loan, 9.03%, Maturing June 10, 2010 | 78,597 | |||||||||
| FT-FIN Acquisition, LLC | |||||||||||
| 1,424,157 | Term Loan, 8.56%, Maturing November 17, 2007 | 1,427,718 | |||||||||
| General Growth Properties, Inc. | |||||||||||
| 9,940,876 | Term Loan, 6.09%, Maturing November 12, 2008 | 10,062,234 | |||||||||
| Hovstone Holdings, LLC | |||||||||||
| 1,485,000 | Term Loan, 6.29%, Maturing February 28, 2009 | 1,488,712 | |||||||||
| Kyle Acquisition Group, LLC | |||||||||||
| 597,181 | Term Loan, 6.06%, Maturing July 20, 2008 | 604,646 | |||||||||
| 552,819 | Term Loan, 6.06%, Maturing July 20, 2010 | 559,729 | |||||||||
| Landsource Communities, LLC | |||||||||||
| 1,002,000 | Term Loan, 6.50%, Maturing March 31, 2010 | 1,011,081 | |||||||||
| Lion Gables Realty Limited. Par | |||||||||||
| 1,968,474 | Term Loan, 5.63%, Maturing September 30, 2006 | 1,979,054 | |||||||||
| LNR Property Corp. | |||||||||||
| 5,272,239 | Term Loan, 6.73%, Maturing February 3, 2008 | 5,315,076 | |||||||||
| 1,399,850 | Term Loan, 6.89%, Maturing February 3, 2008 | 1,408,599 | |||||||||
| LNR Property Holdings | |||||||||||
| 1,045,000 | Term Loan, 8.23%, Maturing February 3, 2008 | 1,049,572 | |||||||||
| MAAX Corp. | |||||||||||
| 809,201 | Term Loan, 6.75%, Maturing June 4, 2011 | 805,155 | |||||||||
| Mueller Group, Inc. | |||||||||||
| 2,925,000 | Term Loan, 6.40%, Maturing October 3, 2012 | 2,967,570 | |||||||||
| NCI Building Systems, Inc. | |||||||||||
| 844,375 | Term Loan, 4.94%, Maturing June 18, 2010 | 848,861 | |||||||||
| Newkirk Master, L.P. | |||||||||||
| 4,591,660 | Term Loan, 6.02%, Maturing August 11, 2008 | 4,660,535 | |||||||||
| Newkirk Tender Holdings, LLC | |||||||||||
| 1,798,216 | Term Loan, 8.59%, Maturing May 25, 2006 | 1,802,712 | |||||||||
| 2,333,333 | Term Loan, 10.09%, Maturing May 25, 2006 | 2,339,167 | |||||||||
| Nortek, Inc. | |||||||||||
| 2,029,500 | Term Loan, 5.92%, Maturing August 27, 2011 | 2,053,347 | |||||||||
| Panolam Industries Holdings | |||||||||||
| 725,000 | Term Loan, 6.77%, Maturing September 30, 2012 | 735,875 | |||||||||
| Ply Gem Industries, Inc. | |||||||||||
| 2,132,331 | Term Loan, 6.16%, Maturing February 12, 2011 | 2,146,991 | |||||||||
| 313,334 | Term Loan, 6.16%, Maturing February 12, 2011 | 315,489 | |||||||||
| 799,005 | Term Loan, 6.64%, Maturing February 12, 2011 | 804,498 | |||||||||
|
Principal Amount |
Borrower/Tranche Description |
Value |
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| Building and Development (continued) | |||||||||||
| South Edge, LLC | |||||||||||
| $ | 612,500 | Term Loan, 5.31%, Maturing October 31, 2007 | $ | 615,307 | |||||||
| 2,287,500 | Term Loan, 5.56%, Maturing October 31, 2009 | 2,312,280 | |||||||||
| St. Marys Cement, Inc. | |||||||||||
| 1,969,937 | Term Loan, 6.02%, Maturing December 4, 2010 | 2,004,411 | |||||||||
| Stile Acquisition Corp. | |||||||||||
| 976,756 | Term Loan, 6.20%, Maturing April 6, 2013 | 974,258 | |||||||||
| Stile U.S. Acquisition Corp. | |||||||||||
| 978,419 | Term Loan, 6.20%, Maturing April 6, 2013 | 975,918 | |||||||||
| Sugarloaf Mills, L.P. | |||||||||||
| 1,000,000 | Term Loan, 5.79%, Maturing April 7, 2007 | 1,005,000 | |||||||||
| 2,000,000 | Term Loan, 6.94%, Maturing April 7, 2007 | 2,000,000 | |||||||||
| TE/Tousa Senior, LLC | |||||||||||
| 1,750,000 | Term Loan, 6.56%, Maturing August 1, 2008 | 1,778,437 | |||||||||
| The Macerich Partnership, L.P. | |||||||||||
| 1,433,223 | Term Loan, 5.66%, Maturing July 30, 2007 | 1,435,910 | |||||||||
| 1,465,000 | Term Loan, 5.63%, Maturing April 25, 2010 | 1,475,987 | |||||||||
| The Woodlands Community Property Co. | |||||||||||
| 1,174,000 | Term Loan, 6.11%, Maturing November 30, 2007 | 1,181,337 | |||||||||
| 367,000 | Term Loan, 8.11%, Maturing November 30, 2007 | 372,505 | |||||||||
| Tousa/Kolter, LLC | |||||||||||
| 2,330,000 | Term Loan, 6.11%, Maturing January 7, 2008(2) | 2,341,650 | |||||||||
| Tower Financing, LLC | |||||||||||
| 2,750,000 | Term Loan, 7.54%, Maturing April 8, 2008 | 2,753,437 | |||||||||
| Trustreet Properties, Inc. | |||||||||||
| 1,025,000 | Term Loan, 5.86%, Maturing April 8, 2010 | 1,034,609 | |||||||||
| Whitehall Street Real Estate, L.P. | |||||||||||
| 2,000,000 | Term Loan, 7.83%, Maturing September 11, 2006(3) | 2,033,600 | |||||||||
| $ | 73,174,642 | ||||||||||
| Business Equipment and Services — 1.9% | |||||||||||
| Acco Brands Corp. | |||||||||||
| $ | 755,000 | Term Loan, 5.73%, Maturing August 17, 2012 | $ | 764,532 | |||||||
| Affinion Group, Inc. | |||||||||||
| 2,650,000 | Term Loan, 6.91%, Maturing October 17, 2012 | 2,633,989 | |||||||||
| Allied Security Holdings, LLC | |||||||||||
| 807,500 | Term Loan, 7.78%, Maturing June 30, 2010 | 818,603 | |||||||||
| Baker & Taylor, Inc. | |||||||||||
| 2,850,000 | Term Loan, 10.65%, Maturing May 6, 2011 | 2,885,625 | |||||||||
| DynCorp International, LLC | |||||||||||
| 1,353,200 | Term Loan, 6.75%, Maturing February 11, 2011 | 1,358,839 | |||||||||
| Global Imaging Systems, Inc. | |||||||||||
| 2,399,461 | Term Loan, 5.38%, Maturing May 10, 2010 | 2,417,457 | |||||||||
| Info USA, Inc. | |||||||||||
| 754,688 | Term Loan, 6.78%, Maturing June 9, 2010 | 756,574 | |||||||||
See notes to financial statements
5
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Business Equipment and Services (continued) | |||||||||||
| Iron Mountain, Inc. | |||||||||||
| $ | 2,655,925 | Term Loan, 5.63%, Maturing April 2, 2011 | $ | 2,683,730 | |||||||
| 1,985,000 | Term Loan, 5.72%, Maturing April 2, 2011 | 2,004,231 | |||||||||
| Language Line, Inc. | |||||||||||
| 2,885,680 | Term Loan, 8.45%, Maturing June 11, 2011 | 2,912,012 | |||||||||
| Mitchell International, Inc. | |||||||||||
| 416,950 | Term Loan, 6.15%, Maturing August 13, 2011 | 420,990 | |||||||||
| Protection One, Inc. | |||||||||||
| 1,092,355 | Term Loan, 6.91%, Maturing April 18, 2011 | 1,105,669 | |||||||||
| Sungard Data Systems, Inc. | |||||||||||
| 15,097,163 | Term Loan, 6.28%, Maturing February 11, 2013 | 15,247,274 | |||||||||
| Transaction Network Services, Inc. | |||||||||||
| 987,829 | Term Loan, 5.85%, Maturing May 4, 2012 | 997,707 | |||||||||
| Western Inventory Services | |||||||||||
| 625,000 | Term Loan, 10.77%, Maturing October 14, 2011 | 631,250 | |||||||||
| Williams Scotsman, Inc. | |||||||||||
| 1,000,000 | Term Loan, 6.66%, Maturing June 27, 2010 | 1,013,125 | |||||||||
| $ | 38,651,607 | ||||||||||
| Cable and Satellite Television — 3.2% | |||||||||||
| Adelphia Communications Corp. | |||||||||||
| $ | 3,670,546 | DIP Loan, 6.31%, Maturing March 31, 2006 | $ | 3,688,898 | |||||||
| Atlantic Broadband Finance, LLC | |||||||||||
| 1,935,000 | Term Loan, 6.52%, Maturing September 1, 2011 | 1,968,862 | |||||||||
| Bragg Communications, Inc. | |||||||||||
| 2,165,631 | Term Loan, 5.86%, Maturing August 31, 2011 | 2,196,762 | |||||||||
| Bresnan Communications, LLC | |||||||||||
| 6,500,000 | Term Loan, 7.48%, Maturing September 30, 2010 | 6,597,500 | |||||||||
| Canadian Cable Acquisition Co., Inc. | |||||||||||
| 495,000 | Term Loan, 7.02%, Maturing July 30, 2011 | 500,105 | |||||||||
| Cebridge Connections, Inc. | |||||||||||
| 1,576,000 | Term Loan, 9.95%, Maturing February 23, 2010 | 1,585,850 | |||||||||
| Charter Communications Operating, LLC | |||||||||||
| 13,092,785 | Term Loan, 7.50%, Maturing April 27, 2011 | 13,142,433 | |||||||||
| Insight Midwest Holdings, LLC | |||||||||||
| 9,303,826 | Term Loan, 6.06%, Maturing December 31, 2009 | 9,446,296 | |||||||||
| MCC Iowa, LLC | |||||||||||
| 3,620,000 | Term Loan, 5.35%, Maturing March 31, 2010 | 3,620,753 | |||||||||
| 2,463,894 | Term Loan, 6.03%, Maturing February 3, 2014 | 2,502,392 | |||||||||
| Mediacom Illinois, LLC | |||||||||||
| 4,863,250 | Term Loan, 6.28%, Maturing March 31, 2013 | 4,944,559 | |||||||||
| NTL, Inc. | |||||||||||
| 2,600,000 | Term Loan, 7.14%, Maturing April 13, 2012 | 2,613,216 | |||||||||
| Patriot Media and Communications | |||||||||||
| 600,000 | Term Loan, 9.00%, Maturing October 6, 2013 | 612,563 | |||||||||
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Cable and Satellite Television (continued) | |||||||||||
| Rainbow National Services, LLC | |||||||||||
| $ | 3,113,020 | Term Loan, 6.63%, Maturing March 31, 2012 | $ | 3,145,124 | |||||||
| UGS Corp. | |||||||||||
| 4,881,480 | Term Loan, 6.08%, Maturing March 31, 2012 | 4,959,281 | |||||||||
| UPC Broadband Holdings B.V. | |||||||||||
| 2,560,000 | Term Loan, 6.55%, Maturing September 30, 2012 | 2,584,934 | |||||||||
| $ | 64,109,528 | ||||||||||
| Chemicals and Plastics — 2.1% | |||||||||||
| Brenntag AG | |||||||||||
| $ | 2,475,000 | Term Loan, 6.81%, Maturing December 9, 2011 | $ | 2,487,066 | |||||||
| Celanese Holdings, LLC | |||||||||||
| 4,978,509 | Term Loan, 6.31%, Maturing April 6, 2011 | 5,056,920 | |||||||||
| Gentek, Inc. | |||||||||||
| 612,330 | Term Loan, 6.61%, Maturing February 25, 2011 | 617,229 | |||||||||
| 875,000 | Term Loan, 9.90%, Maturing February 25, 2012 | 864,062 | |||||||||
| Hercules, Inc. | |||||||||||
| 827,400 | Term Loan, 5.86%, Maturing October 8, 2010 | 837,949 | |||||||||
| Huntsman, LLC | |||||||||||
| 5,488,405 | Term Loan, 5.72%, Maturing August 16, 2012 | 5,524,178 | |||||||||
| Innophos, Inc. | |||||||||||
| 521,125 | Term Loan, 6.21%, Maturing August 13, 2010 | 527,531 | |||||||||
| Invista B.V. | |||||||||||
| 4,441,024 | Term Loan, 6.31%, Maturing April 29, 2011 | 4,515,966 | |||||||||
| 1,926,813 | Term Loan, 6.31%, Maturing April 29, 2011 | 1,959,328 | |||||||||
| ISP Chemco, Inc. | |||||||||||
| 1,477,500 | Term Loan, 5.83%, Maturing March 27, 2011 | 1,495,969 | |||||||||
| Kraton Polymer, LLC | |||||||||||
| 2,669,902 | Term Loan, 6.42%, Maturing December 23, 2010 | 2,713,288 | |||||||||
| Mosaic Co. | |||||||||||
| 1,552,200 | Term Loan, 5.23%, Maturing February 21, 2012 | 1,570,875 | |||||||||
| Nalco Co. | |||||||||||
| 5,058,307 | Term Loan, 5.81%, Maturing November 4, 2010 | 5,140,156 | |||||||||
| PQ Corp. | |||||||||||
| 1,417,489 | Term Loan, 6.06%, Maturing February 11, 2012 | 1,429,006 | |||||||||
| Rockwood Specialties Group, Inc. | |||||||||||
| 3,795,925 | Term Loan, 6.47%, Maturing December 10, 2012 | 3,861,169 | |||||||||
| Solo Cup Co. | |||||||||||
| 3,414,171 | Term Loan, 6.44%, Maturing February 27, 2011 | 3,429,535 | |||||||||
| Wellman, Inc. | |||||||||||
| 750,000 | Term Loan, 7.71%, Maturing February 10, 2009 | 764,375 | |||||||||
| Westlake Chemical Corp. | |||||||||||
| 232,500 | Term Loan, 6.39%, Maturing July 31, 2010 | 234,825 | |||||||||
| $ | 43,029,427 | ||||||||||
See notes to financial statements
6
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Clothing / Textiles — 0.1% | |||||||||||
| Propex Fabrics, Inc. | |||||||||||
| $ | 385,000 | Term Loan, 6.28%, Maturing December 31, 2011 | $ | 385,963 | |||||||
| St. John Knits International, Inc. | |||||||||||
| 1,633,651 | Term Loan, 6.56%, Maturing March 23, 2012 | 1,658,156 | |||||||||
| The William Carter Co. | |||||||||||
| 1,040,625 | Term Loan, 5.72%, Maturing July 14, 2012 | 1,054,609 | |||||||||
| $ | 3,098,728 | ||||||||||
| Conglomerates — 1.6% | |||||||||||
| Amsted Industries, Inc. | |||||||||||
| $ | 6,505,955 | Term Loan, 6.62%, Maturing October 15, 2010 | $ | 6,598,125 | |||||||
| Blount, Inc. | |||||||||||
| 938,391 | Term Loan, 6.57%, Maturing August 9, 2010 | 952,174 | |||||||||
| Euramax International, Inc. | |||||||||||
| 857,850 | Term Loan, 6.38%, Maturing June 28, 2012 | 851,722 | |||||||||
| 501,316 | Term Loan, 11.09%, Maturing June 28, 2013 | 493,796 | |||||||||
| 248,684 | Term Loan, 11.09%, Maturing June 28, 2013 | 244,954 | |||||||||
| Goodman Global Holdings, Inc. | |||||||||||
| 1,339,875 | Term Loan, 6.38%, Maturing December 23, 2011 | 1,360,811 | |||||||||
| Jarden Corp. | |||||||||||
| 1,346,625 | Term Loan, 5.69%, Maturing January 24, 2012 | 1,353,526 | |||||||||
| 3,360,649 | Term Loan, 6.02%, Maturing January 24, 2012 | 3,390,354 | |||||||||
| Johnson Diversey, Inc. | |||||||||||
| 3,461,657 | Term Loan, 5.46%, Maturing November 3, 2009 | 3,501,684 | |||||||||
| Penn Engineering & Manufacturing Corp. | |||||||||||
| 583,115 | Term Loan, 6.52%, Maturing May 25, 2011 | 590,404 | |||||||||
| Polymer Group, Inc. | |||||||||||
| 2,327,083 | Term Loan, 7.25%, Maturing April 27, 2010 | 2,363,928 | |||||||||
| 2,500,000 | Term Loan, 10.25%, Maturing April 27, 2011 | 2,556,250 | |||||||||
| PP Acquisition Corp. | |||||||||||
| 4,318,041 | Term Loan, 6.34%, Maturing November 12, 2011 | 4,327,757 | |||||||||
| Rexnord Corp. | |||||||||||
| 3,313,494 | Term Loan, 6.15%, Maturing December 31, 2011 | 3,356,294 | |||||||||
| US Investigations Services | |||||||||||
| 800,000 | Term Loan, 6.57%, Maturing October 14, 2012 | 809,000 | |||||||||
| $ | 32,750,779 | ||||||||||
| Containers and Glass Products — 2.2% | |||||||||||
| Berry Plastics Corp. | |||||||||||
| $ | 4,255,045 | Term Loan, 5.86%, Maturing June 30, 2010 | $ | 4,308,233 | |||||||
| BWAY Corp. | |||||||||||
| 2,408,700 | Term Loan, 6.31%, Maturing June 30, 2011 | 2,444,830 | |||||||||
| Consolidated Container Holding, LLC | |||||||||||
| 1,234,375 | Term Loan, 7.50%, Maturing December 15, 2008 | 1,250,576 | |||||||||
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Containers and Glass Products (continued) | |||||||||||
| Dr. Pepper/Seven Up Bottling Group, Inc. | |||||||||||
| $ | 3,366,541 | Term Loan, 6.16%, Maturing December 19, 2010 | $ | 3,418,302 | |||||||
| Graham Packaging Holdings Co. | |||||||||||
| 4,466,250 | Term Loan, 6.56%, Maturing October 7, 2011 | 4,527,661 | |||||||||
| 3,000,000 | Term Loan, 8.25%, Maturing April 7, 2012 | 3,060,000 | |||||||||
| Graphic Packaging International, Inc. | |||||||||||
| 11,268,591 | Term Loan, 6.52%, Maturing August 8, 2009 | 11,386,912 | |||||||||
| IPG (US), Inc. | |||||||||||
| 1,262,250 | Term Loan, 6.12%, Maturing July 28, 2011 | 1,280,657 | |||||||||
| Owens-Illinois, Inc. | |||||||||||
| 3,689,555 | Term Loan, 5.67%, Maturing April 1, 2007 | 3,717,994 | |||||||||
| Smurfit-Stone Container Corp. | |||||||||||
| 652,032 | Term Loan, 2.10%, Maturing November 1, 2010 | 660,386 | |||||||||
| 5,171,833 | Term Loan, 5.72%, Maturing November 1, 2011 | 5,238,100 | |||||||||
| 1,640,366 | Term Loan, 5.88%, Maturing November 1, 2011 | 1,661,384 | |||||||||
| U.S. Can Corp. | |||||||||||
| 1,477,500 | Term Loan, 7.65%, Maturing January 15, 2010 | 1,484,888 | |||||||||
| $ | 44,439,923 | ||||||||||
| Cosmetics / Toiletries — 0.4% | |||||||||||
| American Safety Razor Co. | |||||||||||
| $ | 995,000 | Term Loan, 6.61%, Maturing February 28, 2012 | $ | 1,010,547 | |||||||
| Church & Dwight Co., Inc. | |||||||||||
| 4,013,523 | Term Loan, 5.82%, Maturing May 30, 2011 | 4,060,349 | |||||||||
| Prestige Brands, Inc. | |||||||||||
| 1,748,375 | Term Loan, 6.32%, Maturing April 7, 2011 | 1,772,415 | |||||||||
| Revlon Consumer Products Corp. | |||||||||||
| 1,461,250 | Term Loan, 9.86%, Maturing July 9, 2010 | 1,509,654 | |||||||||
| $ | 8,352,965 | ||||||||||
| Drugs — 0.2% | |||||||||||
| Warner Chilcott Corp. | |||||||||||
| $ | 3,212,095 | Term Loan, 6.61%, Maturing January 18, 2012 | $ | 3,227,869 | |||||||
| 1,294,317 | Term Loan, 6.77%, Maturing January 18, 2012 | 1,300,674 | |||||||||
| 597,938 | Term Loan, 6.77%, Maturing January 18, 2012 | 600,875 | |||||||||
| $ | 5,129,418 | ||||||||||
| Ecological Services and Equipment — 0.7% | |||||||||||
| Alderwoods Group, Inc. | |||||||||||
| $ | 606,399 | Term Loan, 5.84%, Maturing September 29, 2009 | $ | 615,305 | |||||||
| Allied Waste Industries, Inc. | |||||||||||
| 1,598,250 | Term Loan, 4.02%, Maturing January 15, 2010 | 1,608,794 | |||||||||
| 4,229,611 | Term Loan, 6.04%, Maturing January 15, 2012 | 4,257,730 | |||||||||
See notes to financial statements
7
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Ecological Services and Equipment (continued) | |||||||||||
| Envirocare of Utah, LLC | |||||||||||
| $ | 1,812,386 | Term Loan, 6.95%, Maturing April 15, 2010 | $ | 1,847,878 | |||||||
| Environmental Systems, Inc. | |||||||||||
| 1,227,369 | Term Loan, 7.49%, Maturing December 12, 2008 | 1,250,767 | |||||||||
| 1,000,000 | Term Loan, 13.98%, Maturing December 12, 2010 | 1,020,000 | |||||||||
| IESI Corp. | |||||||||||
| 1,764,706 | Term Loan, 6.09%, Maturing January 20, 2012 | 1,787,868 | |||||||||
| Sensus Metering Systems, Inc. | |||||||||||
| 128,780 | Term Loan, 6.44%, Maturing December 17, 2010 | 130,309 | |||||||||
| 825,425 | Term Loan, 6.45%, Maturing December 17, 2010 | 835,227 | |||||||||
| $ | 13,353,878 | ||||||||||
| Electronics / Electrical — 1.4% | |||||||||||
| AMI Semiconductor, Inc. | |||||||||||
| $ | 2,420,411 | Term Loan, 5.58%, Maturing April 1, 2012 | $ | 2,434,530 | |||||||
| Aspect Software, Inc. | |||||||||||
| 725,000 | Term Loan, 6.56%, Maturing September 22, 2010 | 729,984 | |||||||||
| Communications & Power, Inc. | |||||||||||
| 1,777,778 | Term Loan, 6.03%, Maturing July 23, 2010 | 1,804,444 | |||||||||
| Enersys Capital, Inc. | |||||||||||
| 1,555,313 | Term Loan, 5.86%, Maturing March 17, 2011 | 1,569,894 | |||||||||
| Fairchild Semiconductor Corp. | |||||||||||
| 8,961,034 | Term Loan, 5.60%, Maturing December 31, 2010 | 9,028,242 | |||||||||
| Invensys International Holdings Limited | |||||||||||
| 2,344,947 | Term Loan, 7.79%, Maturing September 5, 2009 | 2,368,396 | |||||||||
| Rayovac Corp. | |||||||||||
| 4,179,000 | Term Loan, 6.00%, Maturing February 7, 2012 | 4,214,697 | |||||||||
| Security Co., Inc. | |||||||||||
| 987,505 | Term Loan, 7.31%, Maturing June 30, 2010 | 994,912 | |||||||||
| 500,000 | Term Loan, 11.25%, Maturing June 30, 2011 | 507,500 | |||||||||
| Telcordia Technologies, Inc. | |||||||||||
| 2,621,825 | Term Loan, 6.36%, Maturing September 15, 2012 | 2,600,523 | |||||||||
| United Online, Inc. | |||||||||||
| 280,000 | Term Loan, 7.03%, Maturing December 13, 2008 | 281,400 | |||||||||
| Vertafore, Inc. | |||||||||||
| 1,434,300 | Term Loan, 6.57%, Maturing December 22, 2010 | 1,450,436 | |||||||||
| 500,000 | Term Loan, 9.51%, Maturing December 22, 2011 | 511,250 | |||||||||
| Viasystems, Inc. | |||||||||||
| 744,375 | Term Loan, 8.38%, Maturing September 30, 2009 | 754,610 | |||||||||
| $ | 29,250,818 | ||||||||||
| Equipment Leasing — 0.3% | |||||||||||
| Ashtead Group, PLC | |||||||||||
| $ | 1,000,000 | Term Loan, 6.06%, Maturing November 12, 2009 | $ | 1,010,833 | |||||||
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Equipment Leasing (continued) | |||||||||||
| Maxim Crane Works, L.P. | |||||||||||
| $ | 1,030,730 | Term Loan, 9.63%, Maturing January 28, 2012 | $ | 1,056,498 | |||||||
| United Rentals, Inc. | |||||||||||
| 565,000 | Term Loan, 3.80%, Maturing February 14, 2011 | 570,579 | |||||||||
| 2,782,625 | Term Loan, 6.32%, Maturing February 14, 2011 | 2,810,104 | |||||||||
| $ | 5,448,014 | ||||||||||
| Farming / Agriculture — 0.0% | |||||||||||
| Central Garden & Pet Co. | |||||||||||
| $ | 595,461 | Term Loan, 5.78%, Maturing May 15, 2009 | $ | 604,021 | |||||||
| $ | 604,021 | ||||||||||
| Financial Intermediaries — 0.8% | |||||||||||
| AIMCO Properties, L.P. | |||||||||||
| $ | 1,550,000 | Term Loan, 5.72%, Maturing November 2, 2009 | $ | 1,564,531 | |||||||
| 4,500,000 | Term Loan, 5.89%, Maturing November 2, 2009 | 4,560,471 | |||||||||
| Coinstar, Inc. | |||||||||||
| 655,990 | Term Loan, 6.10%, Maturing July 7, 2011 | 668,289 | |||||||||
| Corrections Corp. of America | |||||||||||
| 1,266,364 | Term Loan, 5.84%, Maturing March 31, 2008 | 1,282,193 | |||||||||
| Fidelity National Information Solutions, Inc. | |||||||||||
| 7,766,000 | Term Loan, 5.69%, Maturing March 9, 2013 | 7,801,708 | |||||||||
| $ | 15,877,192 | ||||||||||
| Food Products — 1.3% | |||||||||||
| Acosta Sales Co., Inc. | |||||||||||
| $ | 1,504,000 | Term Loan, 5.98%, Maturing August 13, 2010 | $ | 1,522,800 | |||||||
| Chiquita Brands, LLC | |||||||||||
| 1,321,688 | Term Loan, 6.57%, Maturing June 28, 2012 | 1,341,927 | |||||||||
| Del Monte Corp. | |||||||||||
| 960,175 | Term Loan, 5.73%, Maturing February 8, 2012 | 975,178 | |||||||||
| Dole Food Company, Inc. | |||||||||||
| 1,292,070 | Term Loan, 5.59%, Maturing April 18, 2012 | 1,304,344 | |||||||||
| Herbalife International, Inc. | |||||||||||
| 319,275 | Term Loan, 5.93%, Maturing December 21, 2010 | 323,765 | |||||||||
| Interstate Brands Corp. | |||||||||||
| 625,000 | Term Loan, 7.95%, Maturing July 19, 2006 | 628,906 | |||||||||
| 3,884,640 | Term Loan, 7.81%, Maturing July 19, 2007 | 3,915,717 | |||||||||
| Merisant Co. | |||||||||||
| 5,440,213 | Term Loan, 7.49%, Maturing January 11, 2010 | 5,372,211 | |||||||||
| Michael Foods, Inc. | |||||||||||
| 1,146,673 | Term Loan, 5.19%, Maturing November 21, 2010 | 1,166,023 | |||||||||
| 3,000,000 | Term Loan, 6.59%, Maturing November 21, 2011 | 3,043,125 | |||||||||
See notes to financial statements
8
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Food Products (continued) | |||||||||||
| Pinnacle Foods Holdings Corp. | |||||||||||
| $ | 4,754,014 | Term Loan, 7.31%, Maturing November 25, 2010 | $ | 4,819,381 | |||||||
| Reddy Ice Group, Inc. | |||||||||||
| 2,130,000 | Term Loan, 5.87%, Maturing August 9, 2012 | 2,152,631 | |||||||||
| $ | 26,566,008 | ||||||||||
| Food Service — 1.0% | |||||||||||
| AFC Enterprises, Inc. | |||||||||||
| $ | 1,945,125 | Term Loan, 6.31%, Maturing May 11, 2011 | $ | 1,969,439 | |||||||
| Buffets, Inc. | |||||||||||
| 418,182 | Term Loan, 6.78%, Maturing June 28, 2009 | 422,364 | |||||||||
| 2,079,231 | Term Loan, 7.16%, Maturing June 28, 2009 | 2,100,024 | |||||||||
| Burger King Corp. | |||||||||||
| 1,067,325 | Term Loan, 5.83%, Maturing June 30, 2012 | 1,079,713 | |||||||||
| Carrols Corp. | |||||||||||
| 603,267 | Term Loan, 6.56%, Maturing December 31, 2010 | 612,316 | |||||||||
| CKE Restaurants, Inc. | |||||||||||
| 1,424,783 | Term Loan, 6.00%, Maturing May 1, 2010 | 1,435,469 | |||||||||
| Denny's, Inc. | |||||||||||
| 530,991 | Term Loan, 7.30%, Maturing September 21, 2009 | 539,122 | |||||||||
| Domino's, Inc. | |||||||||||
| 6,978,878 | Term Loan, 5.81%, Maturing June 25, 2010 | 7,099,556 | |||||||||
| Gate Gourmet Borrower, LLC | |||||||||||
| 963,491 | Term Loan, 11.38%, Maturing December 31, 2008 | 964,696 | |||||||||
| Jack in the Box, Inc. | |||||||||||
| 1,473,750 | Term Loan, 5.57%, Maturing January 8, 2011 | 1,488,027 | |||||||||
| Maine Beverage Co., LLC | |||||||||||
| 918,750 | Term Loan, 5.77%, Maturing March 31, 2013 | 916,453 | |||||||||
| Weight Watchers International, Inc. | |||||||||||
| 940,500 | Term Loan, 5.67%, Maturing March 31, 2010 | 951,473 | |||||||||
| $ | 19,578,652 | ||||||||||
| Food / Drug Retailers — 0.6% | |||||||||||
| Cumberland Farms, Inc. | |||||||||||
| $ | 1,603,705 | Term Loan, 6.14%, Maturing September 8, 2008 | $ | 1,607,714 | |||||||
| 3,972,552 | Term Loan, 6.30%, Maturing September 8, 2008 | 3,994,897 | |||||||||
| General Nutrition Centers, Inc. | |||||||||||
| 1,015,732 | Term Loan, 6.80%, Maturing December 7, 2009 | 1,030,545 | |||||||||
| The Jean Coutu Group (PJC), Inc. | |||||||||||
| 2,970,000 | Term Loan, 6.50%, Maturing July 30, 2011 | 3,006,893 | |||||||||
| The Pantry, Inc. | |||||||||||
| 2,039,542 | Term Loan, 6.34%, Maturing March 12, 2011 | 2,072,685 | |||||||||
| $ | 11,712,734 | ||||||||||
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Forest Products — 0.8% | |||||||||||
| Appleton Papers, Inc. | |||||||||||
| $ | 2,305,051 | Term Loan, 6.03%, Maturing June 11, 2010 | $ | 2,333,145 | |||||||
| Boise Cascade Holdings, LLC | |||||||||||
| 3,828,683 | Term Loan, 5.79%, Maturing October 29, 2011 | 3,886,377 | |||||||||
| Escanaba Timber, LLC | |||||||||||
| 700,000 | Term Loan, 6.75%, Maturing May 2, 2008 | 700,875 | |||||||||
| Koch Cellulose, LLC | |||||||||||
| 551,114 | Term Loan, 5.36%, Maturing May 7, 2011 | 558,118 | |||||||||
| 1,784,630 | Term Loan, 5.77%, Maturing May 7, 2011 | 1,806,567 | |||||||||
| NewPage Corp. | |||||||||||
| 3,092,250 | Term Loan, 6.79%, Maturing May 2, 2011 | 3,123,173 | |||||||||
| RLC Industries Co. | |||||||||||
| 2,042,431 | Term Loan, 5.52%, Maturing February 24, 2010 | 2,055,196 | |||||||||
| Xerium Technologies, Inc. | |||||||||||
| 2,329,163 | Term Loan, 6.02%, Maturing May 18, 2012 | 2,361,918 | |||||||||
| $ | 16,825,369 | ||||||||||
| Healthcare — 3.0% | |||||||||||
| Alliance Imaging, Inc. | |||||||||||
| $ | 2,274,402 | Term Loan, 6.41%, Maturing December 29, 2011 | $ | 2,299,989 | |||||||
| AMR HoldCo, Inc. | |||||||||||
| 850,725 | Term Loan, 6.28%, Maturing February 10, 2012 | 858,169 | |||||||||
| Colgate Medical, Ltd. | |||||||||||
| 606,065 | Term Loan, 6.01%, Maturing December 30, 2008 | 612,126 | |||||||||
| Community Health Systems, Inc. | |||||||||||
| 11,734,486 | Term Loan, 5.61%, Maturing August 19, 2011 | 11,897,056 | |||||||||
| Concentra Operating Corp. | |||||||||||
| 2,725,000 | Term Loan, 6.05%, Maturing September 30, 2011 | 2,759,915 | |||||||||
| Conmed Corp. | |||||||||||
| 1,332,484 | Term Loan, 6.28%, Maturing December 31, 2009 | 1,350,250 | |||||||||
| Davita Inc. | |||||||||||
| 8,375,000 | Term Loan, 6.38%, Maturing October 5, 2012 | 8,508,766 | |||||||||
| Encore Medical IHC, Inc. | |||||||||||
| 1,510,567 | Term Loan, 6.62%, Maturing October 4, 2010 | 1,527,561 | |||||||||
| Envision Worldwide, Inc. | |||||||||||
| 1,285,556 | Term Loan, 9.01%, Maturing September 30, 2010 | 1,291,983 | |||||||||
| FHC Health Systems, Inc. | |||||||||||
| 1,857,143 | Term Loan, 9.87%, Maturing December 18, 2009 | 1,903,571 | |||||||||
| 1,300,000 | Term Loan, 11.87%, Maturing December 18, 2009 | 1,326,000 | |||||||||
| Genoa Healthcare Group, LLC | |||||||||||
| 480,000 | Term Loan, 7.23%, Maturing August 12, 2012 | 486,900 | |||||||||
| Hanger Orthopedic Group, Inc. | |||||||||||
| 492,462 | Term Loan, 7.75%, Maturing September 30, 2009 | 500,464 | |||||||||
| Healthcare Partners, LLC | |||||||||||
| 438,750 | Term Loan, 5.82%, Maturing March 2, 2011 | 442,726 | |||||||||
See notes to financial statements
9
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Healthcare (continued) | |||||||||||
| Healthsouth Corp. | |||||||||||
| $ | 997,500 | Term Loan, 6.53%, Maturing June 14, 2007 | $ | 1,003,423 | |||||||
| 280,000 | Term Loan, 3.55%, Maturing March 21, 2010 | 281,663 | |||||||||
| Kinetic Concepts, Inc. | |||||||||||
| 1,941,681 | Term Loan, 5.78%, Maturing August 11, 2009 | 1,965,142 | |||||||||
| Knowledge Learning Corp. | |||||||||||
| 4,117,628 | Term Loan, 6.59%, Maturing January 7, 2012 | 4,139,933 | |||||||||
| Leiner Health Products, Inc. | |||||||||||
| 1,110,938 | Term Loan, 7.70%, Maturing May 27, 2011 | 1,110,243 | |||||||||
| Lifecare Holdings, Inc. | |||||||||||
| 975,000 | Term Loan, 6.13%, Maturing August 11, 2012 | 921,984 | |||||||||
| Lifepoint Hospitals, Inc. | |||||||||||
| 4,820,215 | Term Loan, 5.44%, Maturing April 15, 2012 | 4,855,937 | |||||||||
| Magellan Health Services, Inc. | |||||||||||
| 277,778 | Term Loan, 3.76%, Maturing August 15, 2008 | 280,903 | |||||||||
| 378,472 | Term Loan, 5.87%, Maturing August 15, 2008 | 382,730 | |||||||||
| Medcath Holdings Corp. | |||||||||||
| 493,750 | Term Loan, 6.29%, Maturing July 2, 2011 | 497,916 | |||||||||
| National Mentor, Inc. | |||||||||||
| 833,056 | Term Loan, 6.25%, Maturing September 30, 2011 | 843,470 | |||||||||
| Renal Advantage, Inc. | |||||||||||
| 400,000 | Term Loan, 6.44%, Maturing October 5, 2012 | 404,625 | |||||||||
| Select Medical Holding Corp. | |||||||||||
| 2,064,625 | Term Loan, 5.57%, Maturing February 24, 2012 | 2,068,354 | |||||||||
| Sunrise Medical Holdings, Inc. | |||||||||||
| 1,999,773 | Term Loan, 7.12%, Maturing May 13, 2010 | 2,002,273 | |||||||||
| Talecris Biotherapeutics, Inc. | |||||||||||
| 1,189,025 | Term Loan, 7.08%, Maturing March 31, 2010 | 1,191,998 | |||||||||
| Team Health, Inc. | |||||||||||
| 1,727,429 | Term Loan, 6.77%, Maturing March 23, 2011 | 1,731,747 | |||||||||
| Vanguard Health Holding Co., LLC | |||||||||||
| 1,265,438 | Term Loan, 6.21%, Maturing September 23, 2011 | 1,283,628 | |||||||||
| VWR International, Inc. | |||||||||||
| 1,189,933 | Term Loan, 6.69%, Maturing April 7, 2011 | 1,208,526 | |||||||||
| $ | 61,939,971 | ||||||||||
| Home Furnishings — 0.7% | |||||||||||
| Interline Brands, Inc. | |||||||||||
| $ | 3,398,234 | Term Loan, 6.27%, Maturing December 31, 2010 | $ | 3,427,968 | |||||||
| Knoll, Inc. | |||||||||||
| 1,930,000 | Term Loan, 5.88%, Maturing October 3, 2012 | 1,958,950 | |||||||||
| National Bedding Company, LLC | |||||||||||
| 550,000 | Term Loan, 8.99%, Maturing August 31, 2012 | 544,500 | |||||||||
| Sealy Mattress Co. | |||||||||||
| 2,699,115 | Term Loan, 5.73%, Maturing April 6, 2012 | 2,726,951 | |||||||||
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Home Furnishings (continued) | |||||||||||
| Simmons Co. | |||||||||||
| $ | 4,832,775 | Term Loan, 5.96%, Maturing December 19, 2011 | $ | 4,891,170 | |||||||
| $ | 13,549,539 | ||||||||||
| Industrial Equipment — 0.5% | |||||||||||
| Alliance Laundry Holdings, LLC | |||||||||||
| $ | 546,975 | Term Loan, 6.14%, Maturing January 27, 2012 | $ | 555,009 | |||||||
| Colfax Corp. | |||||||||||
| 2,289,805 | Term Loan, 6.31%, Maturing November 30, 2011 | 2,313,179 | |||||||||
| Flowserve Corp. | |||||||||||
| 2,500,000 | Term Loan, 5.81%, Maturing August 10, 2012 | 2,536,720 | |||||||||
| Gleason Corp. | |||||||||||
| 508,728 | Term Loan, 6.74%, Maturing July 27, 2011 | 515,087 | |||||||||
| 1,243,750 | Term Loan, 9.42%, Maturing January 31, 2012 | 1,265,516 | |||||||||
| Itron, Inc. | |||||||||||
| 253,465 | Term Loan, 5.85%, Maturing December 17, 2010 | 255,524 | |||||||||
| Mainline, L.P. | |||||||||||
| 772,000 | Term Loan, 6.30%, Maturing December 17, 2011 | 783,580 | |||||||||
| MTD Products, Inc. | |||||||||||
| 987,500 | Term Loan, 5.63%, Maturing June 1, 2010 | 996,758 | |||||||||
| SPX Corp. | |||||||||||
| 260,615 | Term Loan, 6.06%, Maturing March 31, 2008 | 261,266 | |||||||||
| $ | 9,482,639 | ||||||||||
| Insurance — 0.7% | |||||||||||
| Alliant Resources Group, Inc. | |||||||||||
| $ | 1,580,000 | Term Loan, 7.58%, Maturing August 31, 2011 | $ | 1,591,850 | |||||||
| CCC Information Services Group | |||||||||||
| 1,098,898 | Term Loan, 6.83%, Maturing August 20, 2010 | 1,101,645 | |||||||||
| Conseco, Inc. | |||||||||||
| 3,426,412 | Term Loan, 5.97%, Maturing June 22, 2010 | 3,471,384 | |||||||||
| Hilb, Rogal & Hobbs Co. | |||||||||||
| 1,959,937 | Term Loan, 6.31%, Maturing December 15, 2011 | 1,983,211 | |||||||||
| U.S.I. Holdings Corp. | |||||||||||
| 5,865,000 | Term Loan, 6.74%, Maturing August 11, 2008 | 5,890,659 | |||||||||
| $ | 14,038,749 | ||||||||||
| Leisure Goods / Activities / Movies — 2.5% | |||||||||||
| 24 Hour Fitness Worldwide, Inc. | |||||||||||
| $ | 2,020,000 | Term Loan, 6.78%, Maturing June 8, 2012 | $ | 2,054,088 | |||||||
| Alliance Atlantis Communications, Inc. | |||||||||||
| 714,410 | Term Loan, 5.83%, Maturing December 20, 2011 | 720,885 | |||||||||
| AMF Bowling Worldwide, Inc. | |||||||||||
| 1,596,320 | Term Loan, 6.76%, Maturing August 27, 2009 | 1,610,787 | |||||||||
See notes to financial statements
10
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Leisure Goods / Activities / Movies (continued) | |||||||||||
| Cinemark, Inc. | |||||||||||
| $ | 1,970,000 | Term Loan, 5.43%, Maturing March 31, 2011 | $ | 1,995,610 | |||||||
| Fender Musical Instruments Co. | |||||||||||
| 830,000 | Term Loan, 8.72%, Maturing March 30, 2012 | 838,300 | |||||||||
| Loews Cineplex Entertainment Corp. | |||||||||||
| 4,303,583 | Term Loan, 6.17%, Maturing July 30, 2011 | 4,331,827 | |||||||||
| Metro-Goldwyn-Mayer Holdings | |||||||||||
| 10,875,000 | Term Loan, 6.27%, Maturing April 8, 2012 | 10,980,357 | |||||||||
| Regal Cinemas Corp. | |||||||||||
| 9,042,911 | Term Loan, 6.02%, Maturing November 10, 2010 | 9,148,180 | |||||||||
| Six Flags Theme Parks, Inc. | |||||||||||
| 8,233,873 | Term Loan, 6.71%, Maturing June 30, 2008 | 8,335,322 | |||||||||
| Universal City Development Partners, Ltd. | |||||||||||
| 2,123,950 | Term Loan, 6.01%, Maturing June 9, 2011 | 2,153,596 | |||||||||
| WMG Acquisition Corp. | |||||||||||
| 900,000 | Revolving Loan, 2.25%, Maturing February 28, 2010(2) | 876,657 | |||||||||
| 7,136,366 | Term Loan, 5.85%, Maturing February 28, 2011 | 7,217,392 | |||||||||
| Yankees Holdings & YankeeNets, LLC | |||||||||||
| 455,714 | Term Loan, 6.36%, Maturing June 25, 2007 | 460,271 | |||||||||
| $ | 50,723,272 | ||||||||||
| Lodging and Casinos — 2.1% | |||||||||||
| Alliance Gaming Corp. | |||||||||||
| $ | 5,877,052 | Term Loan, 6.77%, Maturing September 5, 2009 | $ | 5,877,052 | |||||||
| Ameristar Casinos, Inc. | |||||||||||
| 577,780 | Term Loan, 6.06%, Maturing December 20, 2006 | 581,392 | |||||||||
| 2,563,200 | Term Loan, 6.06%, Maturing December 31, 2006 | 2,579,220 | |||||||||
| Boyd Gaming Corp. | |||||||||||
| 4,922,688 | Term Loan, 5.61%, Maturing June 30, 2011 | 4,987,298 | |||||||||
| CCM Merger, Inc. | |||||||||||
| 1,132,163 | Term Loan, 5.93%, Maturing April 25, 2012 | 1,143,131 | |||||||||
| CNL Resort Hotel, L.P. | |||||||||||
| 1,790,000 | Term Loan, 6.52%, Maturing August 18, 2006 | 1,794,475 | |||||||||
| Globalcash Access, LLC | |||||||||||
| 845,912 | Term Loan, 6.33%, Maturing March 10, 2010 | 858,865 | |||||||||
| Isle of Capri Casinos, Inc. | |||||||||||
| 2,501,100 | Term Loan, 5.84%, Maturing February 4, 2012 | 2,530,410 | |||||||||
| Marina District Finance Co., Inc. | |||||||||||
| 2,828,625 | Term Loan, 5.91%, Maturing October 14, 2011 | 2,852,196 | |||||||||
| Penn National Gaming, Inc. | |||||||||||
| 7,925,000 | Term Loan, 6.08%, Maturing October 3, 2012 | 8,033,969 | |||||||||
| Pinnacle Entertainment, Inc. | |||||||||||
| 690,104 | Term Loan, 7.04%, Maturing August 27, 2010 | 698,730 | |||||||||
| 1,565,000 | Term Loan, 7.09%, Maturing August 27, 2010 | 1,582,606 | |||||||||
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Lodging and Casinos (continued) | |||||||||||
| Resorts International Holdings, LLC | |||||||||||
| $ | 1,757,899 | Term Loan, 6.53%, Maturing April 26, 2012 | $ | 1,760,975 | |||||||
| 1,065,000 | Term Loan, 10.27%, Maturing April 26, 2013 | 1,056,015 | |||||||||
| Venetian Casino Resort, LLC | |||||||||||
| 4,104,268 | Term Loan, 5.77%, Maturing June 15, 2011 | 4,143,065 | |||||||||
| 846,241 | Term Loan, 5.77%, Maturing June 15, 2011 | 854,241 | |||||||||
| Wynn Las Vegas, LLC | |||||||||||
| 1,410,000 | Term Loan, 6.20%, Maturing December 14, 2011 | 1,426,744 | |||||||||
| $ | 42,760,384 | ||||||||||
| Nonferrous Metals / Minerals — 0.8% | |||||||||||
| Carmeuse Lime, Inc. | |||||||||||
| $ | 731,250 | Term Loan, 6.00%, Maturing May 2, 2011 | $ | 736,734 | |||||||
| Compass Minerals Group, Inc. | |||||||||||
| 290,378 | Term Loan, 6.47%, Maturing November 28, 2009 | 291,588 | |||||||||
| Foundation Coal Corp. | |||||||||||
| 1,553,191 | Term Loan, 5.85%, Maturing July 30, 2011 | 1,580,911 | |||||||||
| ICG, LLC | |||||||||||
| 1,485,001 | Term Loan, 6.69%, Maturing November 5, 2010 | 1,494,902 | |||||||||
| International Mill Service, Inc. | |||||||||||
| 2,000,000 | Term Loan, 10.09%, Maturing October 26, 2011 | 2,030,000 | |||||||||
| Magnequench International, Inc. | |||||||||||
| 2,650,000 | Term Loan, 7.36%, Maturing August 31, 2009 | 2,656,625 | |||||||||
| Murray Energy Corp. | |||||||||||
| 975,100 | Term Loan, 6.86%, Maturing January 28, 2010 | 981,804 | |||||||||
| Novelis, Inc. | |||||||||||
| 1,465,677 | Term Loan, 5.46%, Maturing January 6, 2012 | 1,483,197 | |||||||||
| 2,547,910 | Term Loan, 5.46%, Maturing January 6, 2012 | 2,578,365 | |||||||||
| Trout Coal Holdings, LLC | |||||||||||
| 497,500 | Term Loan, 6.55%, Maturing March 23, 2011 | 500,298 | |||||||||
| 1,600,000 | Term Loan, 10.00%, Maturing March 23, 2012 | 1,614,000 | |||||||||
| $ | 15,948,424 | ||||||||||
| Oil and Gas — 2.0% | |||||||||||
| Coffeyville Resources, LLC | |||||||||||
| $ | 850,000 | Term Loan, 10.81%, Maturing June 24, 2013 | $ | 878,688 | |||||||
| Dresser Rand Group, Inc. | |||||||||||
| 1,154,354 | Term Loan, 6.08%, Maturing October 29, 2011 | 1,173,834 | |||||||||
| Dresser, Inc. | |||||||||||
| 1,631,252 | Term Loan, 6.59%, Maturing March 31, 2007 | 1,647,564 | |||||||||
| El Paso Corp. | |||||||||||
| 3,269,875 | Term Loan, 5.27%, Maturing November 23, 2009 | 3,294,173 | |||||||||
| 3,722,595 | Term Loan, 6.81%, Maturing November 23, 2009 | 3,754,911 | |||||||||
See notes to financial statements
11
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Oil and Gas (continued) | |||||||||||
| Epco Holdings, Inc. | |||||||||||
| $ | 1,335,000 | Term Loan, 6.42%, Maturing August 18, 2010 | $ | 1,354,072 | |||||||
| Kerr-McGee Corp. | |||||||||||
| 1,995,000 | Term Loan, 6.26%, Maturing May 24, 2007 | 2,000,700 | |||||||||
| 5,167,050 | Term Loan, 6.51%, Maturing May 24, 2011 | 5,190,948 | |||||||||
| Key Energy Services, Inc. | |||||||||||
| 1,380,000 | Term Loan, 7.02%, Maturing June 30, 2012(2) | 1,401,563 | |||||||||
| LB Pacific, L.P. | |||||||||||
| 1,089,525 | Term Loan, 6.80%, Maturing March 3, 2012 | 1,109,954 | |||||||||
| Lyondell-Citgo Refining, L.P. | |||||||||||
| 2,955,100 | Term Loan, 5.51%, Maturing May 21, 2007 | 2,999,426 | |||||||||
| Petrohawk Energy Corp. | |||||||||||
| 1,525,000 | Term Loan, 8.50%, Maturing July 28, 2010 | 1,534,531 | |||||||||
| Universal Compression, Inc. | |||||||||||
| 1,159,175 | Term Loan, 5.59%, Maturing February 15, 2012 | 1,173,665 | |||||||||
| Williams Production RMT Co. | |||||||||||
| 12,160,746 | Term Loan, 6.20%, Maturing May 30, 2008 | 12,324,162 | |||||||||
| $ | 39,838,191 | ||||||||||
| Publishing — 2.4% | |||||||||||
| American Media Operations, Inc. | |||||||||||
| $ | 2,271,083 | Term Loan, 6.81%, Maturing April 1, 2007 | $ | 2,298,524 | |||||||
| CBD Media, LLC | |||||||||||
| 1,497,224 | Term Loan, 6.44%, Maturing December 31, 2009 | 1,519,682 | |||||||||
| Dex Media East, LLC | |||||||||||
| 4,298,558 | Term Loan, 5.78%, Maturing May 8, 2009 | 4,323,743 | |||||||||
| Dex Media West, LLC | |||||||||||
| 7,613,231 | Term Loan, 5.75%, Maturing March 9, 2010 | 7,658,697 | |||||||||
| Freedom Communications | |||||||||||
| 2,071,658 | Term Loan, 5.38%, Maturing May 18, 2012 | 2,090,821 | |||||||||
| Herald Media, Inc. | |||||||||||
| 304,400 | Term Loan, 6.78%, Maturing July 22, 2011 | 306,493 | |||||||||
| 625,000 | Term Loan, 9.78%, Maturing January 22, 2012 | 633,203 | |||||||||
| Liberty Group Operating, Inc. | |||||||||||
| 1,449,280 | Term Loan, 6.19%, Maturing February 28, 2012 | 1,464,074 | |||||||||
| Merrill Communications, LLC | |||||||||||
| 1,481,602 | Term Loan, 6.58%, Maturing February 9, 2009 | 1,501,511 | |||||||||
| Morris Publishing Group, LLC | |||||||||||
| 2,887,500 | Term Loan, 5.56%, Maturing September 30, 2010 | 2,919,083 | |||||||||
| 4,466,250 | Term Loan, 5.81%, Maturing March 31, 2011 | 4,488,581 | |||||||||
| Nebraska Book Co., Inc. | |||||||||||
| 945,600 | Term Loan, 6.70%, Maturing March 4, 2011 | 953,874 | |||||||||
| Newspaper Holdings, Inc. | |||||||||||
| 2,300,000 | Term Loan, 5.81%, Maturing August 24, 2011 | 2,300,000 | |||||||||
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Publishing (continued) | |||||||||||
| R.H. Donnelley Corp. | |||||||||||
| $ | 1,070,232 | Term Loan, 5.81%, Maturing December 31, 2009 | $ | 1,077,645 | |||||||
| 4,931,345 | Term Loan, 5.70%, Maturing June 30, 2011 | 4,970,229 | |||||||||
| Source Media, Inc. | |||||||||||
| 1,862,735 | Term Loan, 6.27%, Maturing August 30, 2012 | 1,889,512 | |||||||||
| 250,000 | Term Loan, 9.29%, Maturing August 30, 2012 | 254,297 | |||||||||
| SP Newsprint Co. | |||||||||||
| 1,305,204 | Term Loan, 4.03%, Maturing January 9, 2010 | 1,326,413 | |||||||||
| 531,646 | Term Loan, 6.53%, Maturing January 9, 2010 | 540,285 | |||||||||
| Sun Media Corp. | |||||||||||
| 2,555,625 | Term Loan, 6.24%, Maturing February 7, 2009 | 2,584,376 | |||||||||
| Xerox Corp. | |||||||||||
| 4,500,000 | Term Loan, 5.83%, Maturing September 30, 2008 | 4,545,000 | |||||||||
| $ | 49,646,043 | ||||||||||
| Radio and Television — 2.0% | |||||||||||
| Adams Outdoor Advertising, L.P. | |||||||||||
| $ | 2,459,691 | Term Loan, 6.20%, Maturing October 15, 2011 | $ | 2,496,586 | |||||||
| ALM Media Holdings, Inc. | |||||||||||
| 1,164,150 | Term Loan, 6.52%, Maturing March 5, 2010 | 1,166,091 | |||||||||
| Block Communications, Inc. | |||||||||||
| 650,059 | Term Loan, 6.27%, Maturing November 30, 2009 | 656,153 | |||||||||
| DirecTV Holdings, LLC | |||||||||||
| 4,210,000 | Term Loan, 5.43%, Maturing April 13, 2013 | 4,252,100 | |||||||||
| Emmis Operating Co. | |||||||||||
| 5,533,188 | Term Loan, 5.72%, Maturing November 10, 2011 | 5,578,493 | |||||||||
| Entravision Communications Co. | |||||||||||
| 1,525,000 | Term Loan, 5.55%, Maturing September 29, 2013 | 1,538,344 | |||||||||
| Gray Television, Inc. | |||||||||||
| 3,291,750 | Term Loan, 5.35%, Maturing December 31, 2012 | 3,309,239 | |||||||||
| HIT Entertainment, Inc. | |||||||||||
| 2,000,000 | Term Loan, 6.11%, Maturing March 20, 2012 | 2,007,500 | |||||||||
| NEP Supershooters, L.P. | |||||||||||
| 1,898,008 | Term Loan, 12.02%, Maturing August 3, 2011 | 1,888,518 | |||||||||
| Nexstar Broadcasting, Inc. | |||||||||||
| 2,167,263 | Term Loan, 5.77%, Maturing October 1, 2012 | 2,182,614 | |||||||||
| 2,206,166 | Term Loan, 5.77%, Maturing October 1, 2012 | 2,221,792 | |||||||||
| PanAmSat Corp. | |||||||||||
| 5,714,914 | Term Loan, 6.11%, Maturing August 20, 2011 | 5,795,283 | |||||||||
| Raycom TV Broadcasting, Inc. | |||||||||||
| 2,350,000 | Term Loan, 6.06%, Maturing February 24, 2012 | 2,367,625 | |||||||||
| Spanish Broadcasting System | |||||||||||
| 1,500,000 | Term Loan, 7.51%, Maturing June 10, 2013 | 1,522,500 | |||||||||
| Susquehanna Media Co. | |||||||||||
| 1,990,000 | Term Loan, 5.98%, Maturing March 9, 2012 | 2,001,817 | |||||||||
See notes to financial statements
12
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Radio and Television (continued) | |||||||||||
| Young Broadcasting, Inc. | |||||||||||
| $ | 887,775 | Term Loan, 5.77%, Maturing November 3, 2012 | $ | 895,358 | |||||||
| $ | 39,880,013 | ||||||||||
| Rail Industries — 0.3% | |||||||||||
| Kansas City Southern Industries, Inc. | |||||||||||
| $ | 764,225 | Term Loan, 5.34%, Maturing March 30, 2008 | $ | 772,106 | |||||||
| Railamerica, Inc. | |||||||||||
| 514,526 | Term Loan, 5.88%, Maturing September 29, 2011 | 523,530 | |||||||||
| 4,352,610 | Term Loan, 5.90%, Maturing September 29, 2011 | 4,428,781 | |||||||||
| $ | 5,724,417 | ||||||||||
| Retailers (Except Food and Drug) — 1.5% | |||||||||||
| American Achievement Corp. | |||||||||||
| $ | 626,695 | Term Loan, 6.52%, Maturing March 25, 2011 | $ | 629,829 | |||||||
| Amscan Holdings, Inc. | |||||||||||
| 977,625 | Term Loan, 6.72%, Maturing April 30, 2012 | 983,735 | |||||||||
| Coinmach Laundry Corp. | |||||||||||
| 4,402,881 | Term Loan, 6.97%, Maturing July 25, 2009 | 4,466,172 | |||||||||
| FTD, Inc. | |||||||||||
| 802,364 | Term Loan, 6.19%, Maturing February 28, 2011 | 813,898 | |||||||||
| Harbor Freight Tools USA, Inc. | |||||||||||
| 2,296,413 | Term Loan, 6.30%, Maturing July 15, 2010 | 2,326,266 | |||||||||
| Home Interiors & Gifts, Inc. | |||||||||||
| 1,090,861 | Term Loan, 9.09%, Maturing March 31, 2011 | 1,002,228 | |||||||||
| Josten's Corp. | |||||||||||
| 2,588,750 | Term Loan, 5.94%, Maturing October 4, 2010 | 2,632,031 | |||||||||
| Mapco Express, Inc. | |||||||||||
| 733,163 | Term Loan, 8.50%, Maturing April 28, 2011 | 742,785 | |||||||||
| Movie Gallery, Inc. | |||||||||||
| 1,281,787 | Term Loan, 7.83%, Maturing April 27, 2011 | 1,256,285 | |||||||||
| Neiman Marcus Group, Inc. | |||||||||||
| 1,125,000 | Term Loan, 6.48%, Maturing April 5, 2013 | 1,132,313 | |||||||||
| Oriental Trading Co., Inc. | |||||||||||
| 5,046,539 | Term Loan, 6.31%, Maturing August 4, 2010 | 5,074,925 | |||||||||
| Rent-A-Center, Inc. | |||||||||||
| 2,558,309 | Term Loan, 5.46%, Maturing June 30, 2010 | 2,589,968 | |||||||||
| Riddell Bell Holdings, Inc. | |||||||||||
| 495,000 | Term Loan, 6.16%, Maturing September 30, 2011 | 503,044 | |||||||||
| Savers, Inc. | |||||||||||
| 743,475 | Term Loan, 7.65%, Maturing August 4, 2009 | 749,980 | |||||||||
| 1,000,000 | Term Loan, 12.22%, Maturing August 4, 2010 | 1,012,500 | |||||||||
| Travelcenters of America, Inc. | |||||||||||
| 3,710,000 | Term Loan, 5.71%, Maturing November 30, 2008 | 3,754,056 | |||||||||
| $ | 29,670,015 | ||||||||||
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Surface Transport — 0.2% | |||||||||||
| Horizon Lines, LLC | |||||||||||
| $ | 972,688 | Term Loan, 6.27%, Maturing July 7, 2011 | $ | 987,886 | |||||||
| Sirva Worldwide, Inc. | |||||||||||
| 2,441,176 | Term Loan, 7.53%, Maturing December 1, 2010 | 2,347,191 | |||||||||
| $ | 3,335,077 | ||||||||||
| Telecommunications — 1.9% | |||||||||||
| AAT Communications Corp. | |||||||||||
| $ | 1,420,000 | Term Loan, 6.61%, Maturing July 29, 2013 | $ | 1,442,188 | |||||||
| Alaska Communications Systems Holdings, Inc. | |||||||||||
| 2,100,000 | Term Loan, 6.02%, Maturing February 1, 2011 | 2,130,450 | |||||||||
| Centennial Cellular Operating Co., LLC | |||||||||||
| 3,797,200 | Term Loan, 6.34%, Maturing February 9, 2011 | 3,827,372 | |||||||||
| Cincinnati Bell, Inc. | |||||||||||
| 750,000 | Term Loan, 5.38%, Maturing August 31, 2012 | 755,156 | |||||||||
| Consolidated Communications, Inc. | |||||||||||
| 2,648,439 | Term Loan, 6.17%, Maturing July 27, 2015 | 2,684,856 | |||||||||
| Fairpoint Communications, Inc. | |||||||||||
| 2,450,000 | Term Loan, 5.81%, Maturing February 8, 2012 | 2,477,869 | |||||||||
| Hawaiian Telcom Communications, Inc. | |||||||||||
| 905,000 | Term Loan, 6.28%, Maturing October 31, 2012 | 916,171 | |||||||||
| Intelsat, Ltd. | |||||||||||
| 992,501 | Term Loan, 5.81%, Maturing July 28, 2011 | 1,002,840 | |||||||||
| Iowa Telecommunications Services | |||||||||||
| 2,458,000 | Term Loan, 5.71%, Maturing November 23, 2011 | 2,486,036 | |||||||||
| IPC Acquisition Corp. | |||||||||||
| 540,000 | Term Loan, 6.83%, Maturing August 5, 2011 | 543,150 | |||||||||
| Madison River Capital, LLC | |||||||||||
| 620,000 | Term Loan, 6.59%, Maturing July 29, 2012 | 629,171 | |||||||||
| NTelos, Inc. | |||||||||||
| 1,806,350 | Term Loan, 6.53%, Maturing February 18, 2011 | 1,822,156 | |||||||||
| Qwest Corp. | |||||||||||
| 5,000,000 | Term Loan, 8.53%, Maturing June 4, 2007 | 5,163,540 | |||||||||
| SBA Senior Finance, Inc. | |||||||||||
| 2,761,916 | Term Loan, 5.96%, Maturing October 31, 2008 | 2,772,848 | |||||||||
| SSA Global Technologies, Inc. | |||||||||||
| 498,750 | Term Loan, 5.97%, Maturing September 22, 2011 | 501,867 | |||||||||
| Stratos Global Corp. | |||||||||||
| 1,646,000 | Term Loan, 6.27%, Maturing December 3, 2010 | 1,651,659 | |||||||||
| Triton PCS, Inc. | |||||||||||
| 2,744,263 | Term Loan, 7.34%, Maturing November 18, 2009 | 2,772,133 | |||||||||
| Valor Telecom Enterprise, LLC | |||||||||||
| 2,610,000 | Term Loan, 5.80%, Maturing February 14, 2012 | 2,645,420 | |||||||||
| Westcom Corp. | |||||||||||
| 953,125 | Term Loan, 6.99%, Maturing December 17, 2010 | 959,678 | |||||||||
| 1,000,000 | Term Loan, 11.24%, Maturing May 17, 2011 | 1,019,375 | |||||||||
| $ | 38,203,935 | ||||||||||
See notes to financial statements
13
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount |
Borrower/Tranche Description |
Value |
|||||||||
| Utilities — 1.4% | |||||||||||
| Allegheny Energy Supply Co., LLC | |||||||||||
| $ | 3,287,664 | Term Loan, 5.79%, Maturing March 8, 2011 | $ | 3,327,116 | |||||||
| Cellnet Technology, Inc. | |||||||||||
| 708,225 | Term Loan, 7.17%, Maturing April 26, 2012 | 713,537 | |||||||||
| Cogentrix Delaware Holdings, Inc. | |||||||||||
| 1,720,424 | Term Loan, 5.78%, Maturing January 14, 2012 | 1,743,901 | |||||||||
| Covanta Energy Corp. | |||||||||||
| 1,263,252 | Term Loan, 3.86%, Maturing June 24, 2012 | 1,281,411 | |||||||||
| 1,019,194 | Term Loan, 6.96%, Maturing June 24, 2012 | 1,033,845 | |||||||||
| 875,000 | Term Loan, 9.52%, Maturing June 24, 2013 | 876,094 | |||||||||
| Energy Transfer Company, L.P. | |||||||||||
| 1,940,000 | Term Loan, 6.81%, Maturing June 16, 2012 | 1,958,673 | |||||||||
| KGen, LLC | |||||||||||
| 965,150 | Term Loan, 6.65%, Maturing August 5, 2011 | 963,944 | |||||||||
| La Paloma Generating Co., LLC | |||||||||||
| 59,016 | Term Loan, 5.75%, Maturing August 16, 2012 | 59,562 | |||||||||
| 360,000 | Term Loan, 5.77%, Maturing August 16, 2012 | 363,330 | |||||||||
| 28,672 | Term Loan, 5.77%, Maturing August 16, 2012 | 28,937 | |||||||||
| NRG Energy, Inc. | |||||||||||
| 2,091,996 | Term Loan, 3.92%, Maturing December 24, 2011 | 2,106,814 | |||||||||
| 2,640,798 | Term Loan, 5.90%, Maturing December 24, 2011 | 2,659,503 | |||||||||
| Pike Electric, Inc. | |||||||||||
| 957,670 | Term Loan, 6.19%, Maturing July 1, 2012 | 969,641 | |||||||||
| 721,500 | Term Loan, 6.25%, Maturing July 1, 2012 | 730,519 | |||||||||
| Plains Resources, Inc. | |||||||||||
| 2,072,515 | Term Loan, 5.85%, Maturing December 17, 2010 | 2,104,898 | |||||||||
| Reliant Energy, Inc. | |||||||||||
| 1,779,423 | Term Loan, 6.11%, Maturing December 22, 2010 | 1,787,208 | |||||||||
| Texas Genco, LLC | |||||||||||
| 1,585,124 | Term Loan, 5.88%, Maturing December 14, 2011 | 1,593,050 | |||||||||
| 3,828,026 | Term Loan, 5.88%, Maturing December 14, 2011 | 3,847,167 | |||||||||
| $ | 28,149,150 | ||||||||||
|
Total Senior Floating Rate Interests (identified cost $963,600,213) |
$ | 971,939,087 | |||||||||
| Mortgage Pass-Throughs — 50.4% | |||||||||||
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| Federal Home Loan Mortgage Corp.: | |||||||||||
| $ | 1,988 | 3.926%, with maturity at 2025(4) | $ | 2,003,738 | |||||||
| 1,388 | 6.00%, with maturity at 2026 | 1,415,557 | |||||||||
| 25,127 | 6.50%, with various maturities to 2025 | 26,051,300 | |||||||||
| 150,928 | 7.00%, with various maturities to 2027(5) | 157,523,644 | |||||||||
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| $ | 1,244 | 7.13%, with maturity at 2023 | $ | 1,316,173 | |||||||
| 52,015 | 7.50%, with various maturities to 2028 | 55,277,160 | |||||||||
| 1,818 | 7.65%, with maturity at 2022 | 1,948,628 | |||||||||
| 491 | 7.70%, with maturity at 2022 | 527,620 | |||||||||
| 24,736 | 8.00%, with various maturities to 2030 | 26,770,975 | |||||||||
| 29,194 | 8.50%, with various maturities to 2031 | 31,706,949 | |||||||||
| 230 | 8.75%, with maturity at 2010 | 239,690 | |||||||||
| 9,473 | 9.00%, with various maturities to 2031 | 10,364,298 | |||||||||
| 8,340 | 9.50%, with various maturities to 2025 | 9,315,351 | |||||||||
| 3,951 | 10.00%, with various maturities to 2022 | 4,450,069 | |||||||||
| 2,606 | 10.50%, with various maturities to 2021 | 2,946,667 | |||||||||
| 144 | 11.00%, with maturity at 2015 | 159,653 | |||||||||
| 211 | 11.50%, with various maturities to 2020 | 237,419 | |||||||||
| 2,452 | 12.00%, with various maturities to 2020 | 2,798,728 | |||||||||
| 977 | 12.50%, with various maturities to 2015 | 1,122,517 | |||||||||
| 425 | 13.00%, with maturity at 2015 | 497,131 | |||||||||
| 32 | 13.50%, with maturity at 2014 | 36,702 | |||||||||
| 158 | 14.00%, with maturity at 2014 | 189,599 | |||||||||
| $ | 336,899,568 | ||||||||||
| Federal National Mortgage Assn.: | |||||||||||
| $ | 10,679 | 4.128%, with maturity at 2036(4) | $ | 10,754,012 | |||||||
| 8,492 | 5.149%, with maturity at 2022(4) | 8,643,996 | |||||||||
| 23,662 | 5.50%, with maturity at 2014 | 23,861,605 | |||||||||
| 1,055 | 6.00%, with maturity at 2023 | 1,075,510 | |||||||||
| 93,877 | 6.50%, with various maturities to 2029(5) | 97,037,684 | |||||||||
| 1,029 | 6.75%, with maturity at 2023 | 1,071,639 | |||||||||
| 65,658 | 7.00%, with various maturities to 2028 | 68,818,600 | |||||||||
| 21,163 | 7.50%, with various maturities to 2031 | 22,503,961 | |||||||||
| 22,628 | 8.00%, with various maturities to 2029 | 24,319,877 | |||||||||
| 139 | 8.25%, with maturity at 2018 | 149,404 | |||||||||
| 5,604 | 8.44%, with maturity at 2027 | 6,149,630 | |||||||||
| 23,978 | 8.50%, with various maturities to 2028 | 26,139,632 | |||||||||
| 2,803 | 8.651%, with maturity at 2028 | 3,070,318 | |||||||||
| 1,734 | 8.738%, with maturity at 2029 | 1,915,015 | |||||||||
| 2,663 | 8.778%, with maturity at 2027 | 2,925,828 | |||||||||
| 21,088 | 9.00%, with various maturities to 2026 | 23,196,710 | |||||||||
| 1,195 | 9.302%, with maturity at 2024 | 1,305,824 | |||||||||
| 8,591 | 9.50%, with various maturities to 2030 | 9,554,245 | |||||||||
| 4,929 | 10.00%, with various maturities to 2021 | 5,571,288 | |||||||||
| 3,223 | 10.235%, with maturity at 2025 | 3,643,729 | |||||||||
| 3,659 | 10.323%, with maturity at 2019 | 4,090,403 | |||||||||
| 4,437 | 10.50%, with various maturities to 2025 | 5,025,777 | |||||||||
| 1,560 | 11.00%, with various maturities to 2020 | 1,770,862 | |||||||||
| 141 | 11.25%, with maturity at 2016 | 159,395 | |||||||||
| 4,164 | 11.50%, with various maturities to 2021 | 4,767,647 | |||||||||
| 14 | 11.75%, with maturity at 2014 | 16,459 | |||||||||
See notes to financial statements
14
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| $ | 638 | 12.00%, with various maturities to 2016 | $ | 737,714 | |||||||
| 492 | 12.50%, with various maturities to 2015 | 565,710 | |||||||||
| 580 | 13.00%, with various maturities to 2015 | 677,631 | |||||||||
| 169 | 13.50%, with various maturities to 2017 | 200,710 | |||||||||
| 80 | 14.50%, with maturity at 2014 | 96,151 | |||||||||
| $ | 359,816,966 | ||||||||||
| Government National Mortgage Assn.: | |||||||||||
| $ | 7,443 | 6.00%, with maturity at 2024 | $ | 7,603,101 | |||||||
| 61,589 | 6.50%, with various maturities to 2024(5) | 63,853,619 | |||||||||
| 11,639 | 7.00%, with various maturities to 2024 | 12,244,932 | |||||||||
| 36,454 | 8.00%, with various maturities to 2025 | 39,239,386 | |||||||||
| 2,371 | 8.30%, with maturity at 2020 | 2,581,635 | |||||||||
| 3,339 | 8.50%, with various maturities to 2022 | 3,660,466 | |||||||||
| 15,845 | 9.00%, with various maturities to 2026 | 17,528,757 | |||||||||
| 22,286 | 9.50%, with various maturities to 2026 | 25,014,537 | |||||||||
| 1,499 | 10.00%, with maturity at 2019 | 1,706,654 | |||||||||
| $ | 173,433,087 | ||||||||||
| Collateralized Mortgage Obligations: | |||||||||||
| $ | 4,786 |
Federal Home Loan Mortgage Corp., Series 1497, Class K, 7.00%, 4/15/23 |
$ | 5,007,983 | |||||||
| 7,822 |
Federal Home Loan Mortgage Corp., Series 1529, Class Z, 7.00%, 6/15/23 |
8,201,668 | |||||||||
| 6,212 |
Federal Home Loan Mortgage Corp., Series 1620, Class Z, 6.00%, 11/15/23 |
6,298,553 | |||||||||
| 1,164 |
Federal Home Loan Mortgage Corp., Series 1720, Class PJ, 7.25%, 1/15/24 |
1,186,648 | |||||||||
| 1,021 |
Federal Home Loan Mortgage Corp., Series 2167, Class BZ, 7.00%, 6/15/29 |
1,071,678 | |||||||||
| 8,705 |
Federal Home Loan Mortgage Corp., Series 2182, Class ZB, 8.00%, 9/15/29 |
9,320,738 | |||||||||
| 3,202 |
Federal Home Loan Mortgage Corp., Series 2198, Class ZA, 8.50%, 11/15/29 |
3,599,013 | |||||||||
| 28,019 |
Federal Home Loan Mortgage Corp., Series 2245, Class A, 8.00%, 8/15/27 |
30,064,681 | |||||||||
| 3,975 |
Federal Home Loan Mortgage Corp., Series 24, Class J, 6.25%, 11/25/23 |
4,092,745 | |||||||||
| 921 |
Federal National Mortgage Assn., Series 1988-14, Class I, 9.20%, 6/25/18 |
999,064 | |||||||||
| 914 |
Federal National Mortgage Assn., Series 1989-1, Class D, 10.30%, 1/25/19 |
1,018,243 | |||||||||
| 1,827 |
Federal National Mortgage Assn., Series 1989-34, Class Y, 9.85%, 7/25/19 |
2,040,510 | |||||||||
| 502 |
Federal National Mortgage Assn., Series 1990-27, Class Z, 9.00%, 3/25/20 |
546,417 | |||||||||
| 421 |
Federal National Mortgage Assn., Series 1990-29, Class J, 9.00%, 3/25/20 |
456,494 | |||||||||
| 2,060 |
Federal National Mortgage Assn., Series 1990-43, Class Z, 9.50%, 4/25/20 |
2,313,283 | |||||||||
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| $ | 720 |
Federal National Mortgage Assn., Series 1991-98, Class J, 8.00%, 8/25/21 |
$ | 761,731 | |||||||
| 404 |
Federal National Mortgage Assn., Series 1992-103, Class Z, 7.50%, 6/25/22 |
425,997 | |||||||||
| 749 |
Federal National Mortgage Assn., Series 1992-113, Class Z, 7.50%, 7/25/22 |
789,040 | |||||||||
| 1,488 |
Federal National Mortgage Assn., Series 1992-185, Class ZB, 7.00%, 10/25/22 |
1,549,684 | |||||||||
| 5,883 |
Federal National Mortgage Assn., Series 1992-77, Class ZA, 8.00%, 5/25/22 |
6,269,982 | |||||||||
| 3,049 |
Federal National Mortgage Assn., Series 1993-16, Class Z, 7.50%, 2/25/23 |
3,216,354 | |||||||||
| 2,854 |
Federal National Mortgage Assn., Series 1993-22, Class PM, 7.40%, 2/25/23 |
3,001,249 | |||||||||
| 3,976 |
Federal National Mortgage Assn., Series 1993-25, Class J, 7.50%, 3/25/23 |
4,188,768 | |||||||||
| 8,999 |
Federal National Mortgage Assn., Series 1993-30, Class PZ, 7.50%, 3/25/23 |
9,511,586 | |||||||||
| 6,448 |
Federal National Mortgage Assn., Series 1994-89, Class ZQ, 8.00%, 7/25/24 |
6,888,712 | |||||||||
| 6,674 |
Federal National Mortgage Assn., Series 1996-57, Class Z, 7.00%, 12/25/26 |
7,061,680 | |||||||||
| 3,903 |
Federal National Mortgage Assn., Series 1997-77, Class Z, 7.00%, 11/18/27 |
4,124,583 | |||||||||
| 4,989 |
Federal National Mortgage Assn., Series 2001-37, Class GA, 8.00%, 7/25/16 |
5,253,446 | |||||||||
| 2,445 |
Federal National Mortgage Assn., Series 2002-1, Class G, 7.00%, 7/25/23 |
2,563,561 | |||||||||
| 1,308 |
Federal National Mortgage Assn., Series G92-44, Class Z, 8.00%, 7/25/22 |
1,393,835 | |||||||||
| 2,128 |
Federal National Mortgage Assn., Series G92-44, Class ZQ, 8.00%, 7/25/22 |
2,275,736 | |||||||||
| 4,666 |
Federal National Mortgage Assn., Series G93-29, Class Z, 7.00%, 8/25/23 |
4,909,220 | |||||||||
| 9,000 |
Government National Mortgage Assn., Series 2002-45, Class PG, 6.00%, 3/17/32 |
9,171,942 | |||||||||
| 1,399 |
Government National Mortgage Assn., Series 2005-72, Class E, 12.00%, 11/16/15 |
1,632,421 | |||||||||
| 2,683 |
Merrill Lynch Trust, Series 45, Class Z, 9.10%, 9/20/20 |
2,685,157 | |||||||||
| $ | 153,892,402 | ||||||||||
|
Total Mortgage Pass-Throughs (identified cost $1,039,038,326) |
$ | 1,024,042,023 | |||||||||
See notes to financial statements
15
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
| Corporate Bonds & Notes — 49.0% | |||||||||||
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| Aerospace and Defense — 0.5% | |||||||||||
| Argo Tech Corp., Sr. Notes | |||||||||||
| $ | 1,815 | 9.25%, 6/1/11 | $ | 1,878,525 | |||||||
| Armor Holdings, Inc., Sr. Sub. Notes | |||||||||||
| 1,895 | 8.25%, 8/15/13 | 2,056,075 | |||||||||
| BE Aerospace, Sr. Sub. Notes, Series B | |||||||||||
| 660 | 8.00%, 3/1/08 | 661,650 | |||||||||
| Sequa Corp. | |||||||||||
| 5,350 | 8.875%, 4/1/08 | 5,510,500 | |||||||||
| Standard Aero Holdings, Inc., Sr. Sub. Notes | |||||||||||
| 325 | 8.25%, 9/1/14(6) | 310,375 | |||||||||
| $ | 10,417,125 | ||||||||||
| Air Transport — 0.4% | |||||||||||
| American Airlines | |||||||||||
| $ | 3,615 | 7.80%, 10/1/06 | $ | 3,448,055 | |||||||
| 525 | 8.608%, 4/1/11 | 498,093 | |||||||||
| AMR Corp. | |||||||||||
| 2,935 | 9.00%, 8/1/12 | 2,039,825 | |||||||||
| Delta Air Lines | |||||||||||
| 199 | 7.779%, 11/18/05(7) | 183,204 | |||||||||
| 1,916 | 9.50%, 11/18/08(6)(7) | 1,595,070 | |||||||||
| $ | 7,764,247 | ||||||||||
| Automotive — 3.1% | |||||||||||
| Altra Industrial Motion, Inc. | |||||||||||
| $ | 665 | 9.00%, 12/1/11(6) | $ | 648,375 | |||||||
| Commercial Vehicle Group, Inc., Sr. Notes | |||||||||||
| 1,100 | 8.00%, 7/1/13(6) | 1,083,500 | |||||||||
| Dana Credit Corp. | |||||||||||
| 1,125 | 8.375%, 8/15/07(6) | 1,096,875 | |||||||||
| Ford Motor Credit Co. | |||||||||||
| 13,520 | 7.875%, 6/15/10 | 13,026,344 | |||||||||
| Ford Motor Credit Co., Variable Rate | |||||||||||
| 7,690 | 7.26%, 11/2/07 | 7,646,105 | |||||||||
| General Motors Acceptance Corp. | |||||||||||
| 575 | 6.125%, 9/15/06 | 573,437 | |||||||||
| 435 | 7.00%, 2/1/12 | 422,501 | |||||||||
| 10,850 | 8.00%, 11/1/31 | 11,232,018 | |||||||||
| Keystone Automotive Operations, Inc., Sr. Sub. Notes | |||||||||||
| 1,080 | 9.75%, 11/1/13 | 1,055,700 | |||||||||
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| Automotive (continued) | |||||||||||
| Metaldyne, Inc., Sr. Notes | |||||||||||
| $ | 2,790 | 11.00%, 11/1/13(6) | $ | 2,524,950 | |||||||
| Tenneco Automotive, Global Shares, Series B | |||||||||||
| 10,855 | 10.25%, 7/15/13 | 11,777,675 | |||||||||
| Tenneco Automotive, Inc., Sr. Sub Notes | |||||||||||
| 2,680 | 8.625%, 11/15/14 | 2,572,800 | |||||||||
| TRW Automotive, Inc., Sr. Notes | |||||||||||
| 2,230 | 9.375%, 2/15/13 | 2,408,400 | |||||||||
| TRW Automotive, Inc., Sr. Sub. Notes | |||||||||||
| 3,900 | 11.00%, 2/15/13 | 4,377,750 | |||||||||
| United Components, Inc., Sr. Sub. Notes | |||||||||||
| 990 | 9.375%, 6/15/13 | 994,950 | |||||||||
| Visteon Corp., Sr. Notes | |||||||||||
| 2,025 | 8.25%, 8/1/10 | 1,880,719 | |||||||||
| $ | 63,322,099 | ||||||||||
| Brokers / Dealers / Investment Houses — 0.3% | |||||||||||
| CB Richard Ellis Services, Inc., Sr. Notes | |||||||||||
| $ | 695 | 9.75%, 5/15/10 | $ | 764,500 | |||||||
| CB Richard Ellis Services, Inc., Sr. Sub. Notes | |||||||||||
| 2,600 | 11.25%, 6/15/11 | 2,821,000 | |||||||||
| E*Trade Financial Corp., Sr. Notes | |||||||||||
| 785 | 8.00%, 6/15/11 | 800,700 | |||||||||
| Residential Capital Corp. | |||||||||||
| 1,735 | 6.875%, 6/30/15(6) | 1,829,899 | |||||||||
| $ | 6,216,099 | ||||||||||
| Building and Development — 1.8% | |||||||||||
| Coleman Cable, Inc., Sr. Notes | |||||||||||
| $ | 1,060 | 9.875%, 10/1/12(6) | $ | 959,300 | |||||||
| Dayton Superior Corp., Sr. Notes | |||||||||||
| 7,170 | 10.75%, 9/15/08 | 6,990,750 | |||||||||
| General Cable Corp., Sr. Notes | |||||||||||
| 2,110 | 9.50%, 11/15/10 | 2,236,600 | |||||||||
| MAAX Corp., Sr. Sub. Notes | |||||||||||
| 1,150 | 9.75%, 6/15/12 | 914,250 | |||||||||
| Mueller Group, Inc., Sr. Sub. Notes | |||||||||||
| 2,625 | 10.00%, 5/1/12 | 2,769,375 | |||||||||
| Mueller Holdings, Inc., Disc. Notes | |||||||||||
| 1,440 | 14.75%, 4/15/14 | 1,058,400 | |||||||||
| Nortek, Inc., Sr. Sub Notes | |||||||||||
| 5,715 | 8.50%, 9/1/14 | 5,486,400 | |||||||||
| NTK Holdings, Inc., Sr. Disc. Notes | |||||||||||
| 2,575 | 10.75%, 3/1/14(6) | 1,557,875 | |||||||||
See notes to financial statements
16
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| Building and Development (continued) | |||||||||||
| Panolam Industries International, Sr. Sub. Notes | |||||||||||
| $ | 2,215 | 10.75%, 10/1/13(6) | $ | 2,159,625 | |||||||
| Ply Gem Industries, Inc., Sr. Sub. Notes | |||||||||||
| 1,850 | 9.00%, 2/15/12 | 1,507,750 | |||||||||
| RMCC Acquisition Co., Sr. Sub. Notes | |||||||||||
| 4,330 | 9.50%, 11/1/12(6) | 4,416,600 | |||||||||
| Stanley-Martin Co. | |||||||||||
| 870 | 9.75%, 8/15/15(6) | 804,750 | |||||||||
| WCI Communities, Inc., Sr. Sub. Notes | |||||||||||
| 6,000 | 7.875%, 10/1/13 | 5,715,000 | |||||||||
| $ | 36,576,675 | ||||||||||
| Business Equipment and Services — 1.5% | |||||||||||
| Hydrochem Industrial Services, Inc., Sr. Sub Notes | |||||||||||
| $ | 2,430 | 9.25%, 2/15/13(6) | $ | 2,235,600 | |||||||
| Knowledge Learning Center, Sr. Sub. Notes | |||||||||||
| 2,200 | 7.75%, 2/1/15(6) | 2,057,000 | |||||||||
| Muzak LLC/Muzak Finance, Sr. Notes | |||||||||||
| 5,250 | 10.00%, 2/15/09 | 4,515,000 | |||||||||
| Norcross Safety Products LLC/Norcross Capital Corp., Sr. Sub. Notes, Series B | |||||||||||
| 5,100 | 9.875%, 8/15/11 | 5,457,000 | |||||||||
| NSP Holdings / NSP Holdings Capital Corp., Sr. Notes (PIK) | |||||||||||
| 4,814 | 11.75%, 1/1/12 | 5,006,720 | |||||||||
| Safety Products Holdings, Sr. Notes (PIK) | |||||||||||
| 985 | 11.75%, 1/1/12(6) | 1,024,400 | |||||||||
| Sungard Data Systems, Inc., Sr. Notes | |||||||||||
| 4,590 | 9.125%, 8/15/13(6) | 4,681,800 | |||||||||
| Sungard Data Systems, Inc., Sr. Notes, Variable Rate | |||||||||||
| 1,100 | 8.525%, 8/15/13(6) | 1,133,000 | |||||||||
| Sungard Data Systems, Inc., Sr. Sub. Notes | |||||||||||
| 3,940 | 10.25%, 8/15/15(6) | 3,925,225 | |||||||||
| $ | 30,035,745 | ||||||||||
| Cable and Satellite Television — 3.2% | |||||||||||
| Adelphia Communications Corp. | |||||||||||
| $ | 2,500 | 10.25%, 6/15/11(7) | $ | 1,731,250 | |||||||
| CCO Holdings LLC/CCO Capital Corp., Sr. Notes | |||||||||||
| 2,000 | 8.75%, 11/15/13 | 1,935,000 | |||||||||
| 8,295 | 8.75%, 11/15/13(6) | 8,025,412 | |||||||||
| Charter Communications Holdings II, LLC, Sr. Notes | |||||||||||
| 2,755 | 10.25%, 9/15/10 | 2,775,662 | |||||||||
| CSC Holdings, Inc., Sr. Notes | |||||||||||
| 2,970 | 7.875%, 12/15/07 | 3,059,100 | |||||||||
| 5,000 | 8.125%, 7/15/09 | 5,137,500 | |||||||||
| 3,300 | 7.00%, 4/15/12(6) | 3,201,000 | |||||||||
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| Cable and Satellite Television (continued) | |||||||||||
| CSC Holdings, Inc., Sr. Notes, Series B | |||||||||||
| $ | 1,140 | 7.625%, 4/1/11 | $ | 1,148,550 | |||||||
| CSC Holdings, Inc., Sr. Sub. Notes | |||||||||||
| 3,130 | 10.50%, 5/15/16 | 3,372,575 | |||||||||
| Insight Communications, Sr. Disc. Notes | |||||||||||
| 16,450 | 12.25%, 2/15/11 | 16,984,625 | |||||||||
| Kabel Deutschland GMBH | |||||||||||
| 4,965 | 10.625%, 7/1/14(6) | 5,368,406 | |||||||||
| Rainbow National Services, LLC, Sr. Notes | |||||||||||
| 1,805 | 8.75%, 9/1/12(6) | 1,904,275 | |||||||||
| Rainbow National Services, LLC, Sr. Sub. Debs. | |||||||||||
| 6,490 | 10.375%, 9/1/14(6) | 7,171,450 | |||||||||
| UGS Corp. | |||||||||||
| 3,130 | 10.00%, 6/1/12 | 3,435,175 | |||||||||
| $ | 65,249,980 | ||||||||||
| Chemicals and Plastics — 2.9% | |||||||||||
| Avecia Investments Ltd. | |||||||||||
| $ | 121 | 11.00%, 7/1/09 | $ | 125,235 | |||||||
| BCP Crystal Holdings Corp., Sr. Sub Notes | |||||||||||
| 3,172 | 9.625%, 6/15/14 | 3,505,060 | |||||||||
| Borden U.S. Finance/Nova Scotia Finance, Sr. Notes | |||||||||||
| 1,765 | 9.00%, 7/15/14(6) | 1,745,144 | |||||||||
| Crystal US Holdings/US Holdings 3, LLC, Sr. Disc. Notes, Series B | |||||||||||
| 3,357 | 10.50%, 10/1/14 | 2,341,507 | |||||||||
| Equistar Chemical, Sr. Notes | |||||||||||
| 7,000 | 10.625%, 5/1/11 | 7,665,000 | |||||||||
| Huntsman Advanced Materials, Sr. Notes | |||||||||||
| 905 | 11.00%, 7/15/10 | 1,009,075 | |||||||||
| Huntsman International | |||||||||||
| 6,000 | 9.875%, 3/1/09 | 6,330,000 | |||||||||
| Huntsman LLC | |||||||||||
| 4,426 | 11.625%, 10/15/10 | 5,034,575 | |||||||||
| Innophos, Inc., Sr. Sub. Notes | |||||||||||
| 340 | 8.875%, 8/15/14(6) | 341,700 | |||||||||
| Koppers, Inc. | |||||||||||
| 1,835 | 9.875%, 10/15/13 | 2,009,325 | |||||||||
| Lyondell Chemical Co. | |||||||||||
| 995 | 11.125%, 7/15/12 | 1,114,400 | |||||||||
| Lyondell Chemical Co., Sr. Notes | |||||||||||
| 1,892 | 10.50%, 6/1/13 | 2,154,515 | |||||||||
| Nalco Co., Sr. Sub. Notes | |||||||||||
| 2,960 | 8.875%, 11/15/13(6) | 3,037,700 | |||||||||
| Nova Chemicals Corp., Sr. Notes, Variable Rate | |||||||||||
| 3,255 | 7.561%, 11/15/13(6) | 3,303,825 | |||||||||
See notes to financial statements
17
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| Chemicals and Plastics (continued) | |||||||||||
| OM Group, Inc. | |||||||||||
| $ | 11,180 | 9.25%, 12/15/11 | $ | 10,816,650 | |||||||
| Polyone Corp., Sr. Notes | |||||||||||
| 2,490 | 10.625%, 5/15/10 | 2,452,650 | |||||||||
| 25 | 8.875%, 5/1/12 | 22,312 | |||||||||
| PQ Corp. | |||||||||||
| 1,125 | 7.50%, 2/15/13(6) | 1,040,625 | |||||||||
| Rhodia SA, Sr. Notes | |||||||||||
| 870 | 10.25%, 6/1/10 | 930,900 | |||||||||
| Rockwood Specialties Group, Sr. Sub. Notes | |||||||||||
| 991 | 10.625%, 5/15/11 | 1,065,325 | |||||||||
| Solo Cup Co., Sr. Sub. Notes | |||||||||||
| 2,420 | 8.50%, 2/15/14 | 1,996,500 | |||||||||
| $ | 58,042,023 | ||||||||||
| Clothing / Textiles — 1.7% | |||||||||||
| Levi Strauss & Co., Sr. Notes | |||||||||||
| $ | 7,070 | 12.25%, 12/15/12 | $ | 7,794,675 | |||||||
| 2,590 | 9.75%, 1/15/15 | 2,628,850 | |||||||||
| Levi Strauss & Co., Sr. Notes, Variable Rate | |||||||||||
| 2,575 | 8.804%, 4/1/12 | 2,568,562 | |||||||||
| Oxford Industries, Inc., Sr. Notes | |||||||||||
| 10,775 | 8.875%, 6/1/11 | 11,098,250 | |||||||||
| Perry Ellis International, Inc., Sr. Sub. Notes | |||||||||||
| 5,425 | 8.875%, 9/15/13 | 5,492,812 | |||||||||
| Phillips Van-Heusen, Sr. Notes | |||||||||||
| 1,700 | 7.25%, 2/15/11 | 1,725,500 | |||||||||
| 2,500 | 8.125%, 5/1/13 | 2,631,250 | |||||||||
| Quiksilver, Inc., Sr. Notes | |||||||||||
| 1,525 | 6.875%, 4/15/15(6) | 1,422,062 | |||||||||
| $ | 35,361,961 | ||||||||||
| Conglomerates — 0.5% | |||||||||||
| Amsted Industries, Inc., Sr. Notes | |||||||||||
| $ | 7,150 | 10.25%, 10/15/11(6) | $ | 7,686,250 | |||||||
| Goodman Global Holdings, Sr. Notes, Variable Rate | |||||||||||
| 2,005 | 6.41%, 6/15/12(6) | 1,974,925 | |||||||||
| Polypore, Inc., Sr. Sub Notes | |||||||||||
| 390 | 8.75%, 5/15/12 | 345,150 | |||||||||
| $ | 10,006,325 | ||||||||||
| Containers and Glass Products — 1.8% | |||||||||||
| Anchor Glass Container Corp. | |||||||||||
| $ | 5,000 | 11.00%, 2/15/13(7) | $ | 3,200,000 | |||||||
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| Containers and Glass Products (continued) | |||||||||||
| Crown Euro Holdings SA | |||||||||||
| $ | 20,495 | 10.875%, 3/1/13 | $ | 24,132,862 | |||||||
| Graphic Packaging International Corp., Sr. Sub. Notes | |||||||||||
| 3,265 | 9.50%, 8/15/13 | 2,946,662 | |||||||||
| Intertape Polymer US, Inc., Sr. Sub. Notes | |||||||||||
| 3,235 | 8.50%, 8/1/14 | 3,122,144 | |||||||||
| Pliant Corp. (PIK) | |||||||||||
| 2,361 | 11.625%, 6/15/09(6) | 2,562,206 | |||||||||
| US Can Corp., Sr. Notes | |||||||||||
| 820 | 10.875%, 7/15/10 | 848,700 | |||||||||
| $ | 36,812,574 | ||||||||||
| Cosmetics / Toiletries — 0.3% | |||||||||||
| Aearo Co. I, Sr. Sub. Notes | |||||||||||
| $ | 1,665 | 8.25%, 4/15/12 | $ | 1,665,000 | |||||||
| Samsonite Corp., Sr. Sub. Notes | |||||||||||
| 2,280 | 8.875%, 6/1/11 | 2,359,800 | |||||||||
| WH Holdings Ltd./WH Capital Corp., Sr. Notes | |||||||||||
| 1,119 | 9.50%, 4/1/11 | 1,219,710 | |||||||||
| $ | 5,244,510 | ||||||||||
| Ecological Services and Equipment — 0.6% | |||||||||||
| Aleris International, Inc. | |||||||||||
| $ | 1,550 | 10.375%, 10/15/10 | $ | 1,701,125 | |||||||
| 2,008 | 9.00%, 11/15/14 | 2,058,200 | |||||||||
| Allied Waste North America, Series B | |||||||||||
| 4,480 | 8.875%, 4/1/08 | 4,692,800 | |||||||||
| Waste Services, Inc., Sr. Sub Notes | |||||||||||
| 3,530 | 9.50%, 4/15/14(6) | 3,512,350 | |||||||||
| $ | 11,964,475 | ||||||||||
| Electronics / Electrical — 1.1% | |||||||||||
| Advanced Micro Devices, Inc., Senior Notes | |||||||||||
| $ | 6,625 | 7.75%, 11/1/12 | $ | 6,658,125 | |||||||
| Amkor Technologies, Inc., Sr. Notes | |||||||||||
| 1,680 | 7.125%, 3/15/11 | 1,461,600 | |||||||||
| 8,005 | 7.75%, 5/15/13 | 6,864,287 | |||||||||
| CPI Holdco, Inc., Sr. Notes, Variable Rate | |||||||||||
| 1,320 | 9.67%, 2/1/15 | 1,300,550 | |||||||||
| Sanmina-SCI Corp., Sr. Notes | |||||||||||
| 5,000 | 10.375%, 1/15/10 | 5,500,000 | |||||||||
| Stratus Technologies, Inc., Sr. Notes | |||||||||||
| 775 | 10.375%, 12/1/08 | 786,625 | |||||||||
| $ | 22,571,187 | ||||||||||
See notes to financial statements
18
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| Equipment Leasing — 0.5% | |||||||||||
| Greenbrier Cos., Inc. (The) | |||||||||||
| $ | 4,295 | 8.375%, 5/15/15 | $ | 4,434,587 | |||||||
| United Rentals North America, Inc. | |||||||||||
| 745 | 6.50%, 2/15/12 | 717,994 | |||||||||
| United Rentals North America, Inc., Sr. Sub. Notes | |||||||||||
| 5,590 | 7.00%, 2/15/14 | 5,170,750 | |||||||||
| $ | 10,323,331 | ||||||||||
| Farming / Agriculture — 0.6% | |||||||||||
| IMC Global, Inc. | |||||||||||
| $ | 6,775 | 11.25%, 6/1/11 | $ | 7,384,750 | |||||||
| UAP Holding Corp., Sr. Disc. Notes | |||||||||||
| 5,535 | 10.75%, 7/15/12 | 4,843,125 | |||||||||
| $ | 12,227,875 | ||||||||||
| Financial Intermediaries — 0.4% | |||||||||||
| Alzette, Variable Rate | |||||||||||
| $ | 750 | 8.691%, 12/15/20(6) | $ | 770,400 | |||||||
| Avalon Capital Ltd. 3, Series 1A, Class D, Variable Rate | |||||||||||
| 760 | 5.78%, 2/24/19(6) | 762,508 | |||||||||
| Babson Ltd., Series 2005-1A, Class C1, Variable Rate | |||||||||||
| 1,000 | 6.10%, 4/15/19(6) | 1,000,000 | |||||||||
| Bryant Park CDO Ltd., Series 2005-1A, Class C, Variable Rate | |||||||||||
| 1,000 | 6.20%, 1/15/19(6) | 1,000,000 | |||||||||
| Carlyle High Yield Partners, Series 2004-6A, Class C, Variable Rate | |||||||||||
| 974 | 6.23%, 8/11/16(6) | 973,583 | |||||||||
| Centurion CDO 8 Ltd., Series 2005 8A, Class D, Variable Rate | |||||||||||
| 1,000 | 9.29%, 3/8/17 | 1,000,000 | |||||||||
| Centurion CDO 9 Ltd., Series 2005-9A | |||||||||||
| 500 | 8.30%, 7/17/19 | 500,000 | |||||||||
| Dryden Leveraged Loan, Series 2004-6A, Class C1, Variable Rate | |||||||||||
| 1,500 | 4.055%, 7/30/16(6) | 1,509,375 | |||||||||
| Stanfield Vantage Ltd., Series 2005-1A, Class D, Variable Rate | |||||||||||
| 1,000 | 5.97%, 3/21/17(6) | 1,006,400 | |||||||||
| $ | 8,522,266 | ||||||||||
| Food Products — 0.5% | |||||||||||
| American Seafood Group, LLC | |||||||||||
| $ | 440 | 10.125%, 4/15/10 | $ | 466,400 | |||||||
| ASG Consolidated, LLC/ASG Finance, Inc., Sr. Disc. Notes | |||||||||||
| 4,240 | 11.50%, 11/1/11 | 3,286,000 | |||||||||
| Pierre Foods, Inc., Sr. Sub. Notes | |||||||||||
| 3,225 | 9.875%, 7/15/12 | 3,273,375 | |||||||||
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| Food Products (continued) | |||||||||||
| Pinnacle Foods Holdings Corp., Sr. Sub. Notes | |||||||||||
| $ | 4,380 | 8.25%, 12/1/13 | $ | 4,073,400 | |||||||
| $ | 11,099,175 | ||||||||||
| Food / Drug Retailers — 0.2% | |||||||||||
| Rite Aid Corp. | |||||||||||
| $ | 1,385 | 7.125%, 1/15/07 | $ | 1,391,925 | |||||||
| 2,170 | 8.125%, 5/1/10 | 2,180,850 | |||||||||
| $ | 3,572,775 | ||||||||||
| Forest Products — 3.0% | |||||||||||
| Caraustar Industries, Inc. | |||||||||||
| $ | 425 | 7.375%, 6/1/09 | $ | 410,125 | |||||||
| Caraustar Industries, Inc., Sr. Sub. Notes | |||||||||||
| 6,640 | 9.875%, 4/1/11 | 6,540,400 | |||||||||
| Domtar, Inc. | |||||||||||
| 3,240 | 7.125%, 8/1/15 | 2,754,000 | |||||||||
| Georgia-Pacific Corp. | |||||||||||
| 15,225 | 9.50%, 12/1/11 | 17,737,125 | |||||||||
| JSG Funding PLC, Sr. Notes | |||||||||||
| 16,230 | 9.625%, 10/1/12 | 15,661,950 | |||||||||
| Newark Group, Inc., Sr. Sub. Notes | |||||||||||
| 2,100 | 9.75%, 3/15/14 | 1,816,500 | |||||||||
| NewPage Corp. | |||||||||||
| 7,180 | 10.00%, 5/1/12(6) | 6,569,700 | |||||||||
| Norske Skog Canada Ltd., Sr. Notes, Series D | |||||||||||
| 685 | 8.625%, 6/15/11 | 664,450 | |||||||||
| Stone Container Corp., Sr. Notes | |||||||||||
| 8,045 | 9.25%, 2/1/08 | 8,226,012 | |||||||||
| Stone Container Finance Canada | |||||||||||
| 1,150 | 7.375%, 7/15/14 | 1,026,375 | |||||||||
| $ | 61,406,637 | ||||||||||
| Healthcare — 3.4% | |||||||||||
| AMR HoldCo, Inc./EmCare HoldCo, Inc., Sr. Sub. Notes | |||||||||||
| $ | 3,470 | 10.00%, 2/15/15(6) | $ | 3,799,650 | |||||||
| CDRV Investors, Inc., Sr. Disc. Notes | |||||||||||
| 4,145 | 9.625%, 1/1/15 | 2,321,200 | |||||||||
| Concentra Operating Corp., Sr. Notes | |||||||||||
| 7,000 | 9.50%, 8/15/10 | 7,245,000 | |||||||||
| Healthsouth Corp., Sr. Notes | |||||||||||
| 3,125 | 7.375%, 10/1/06 | 3,132,812 | |||||||||
| Inverness Medical Innovations, Inc., Sr. Sub. Notes | |||||||||||
| 3,175 | 8.75%, 2/15/12 | 3,254,375 | |||||||||
See notes to financial statements
19
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| Healthcare (continued) | |||||||||||
| Medical Device Manufacturing, Inc., Series B | |||||||||||
| $ | 2,645 | 10.00%, 7/15/12 | $ | 3,107,875 | |||||||
| Medquest, Inc. | |||||||||||
| 4,795 | 11.875%, 8/15/12 | 4,759,037 | |||||||||
| National Mentor, Inc., Sr. Sub. Notes | |||||||||||
| 2,470 | 9.625%, 12/1/12(6) | 2,556,450 | |||||||||
| Quintiles Transnational Corp., Sr. Sub. Notes | |||||||||||
| 9,690 | 10.00%, 10/1/13 | 10,743,787 | |||||||||
| Res-Care, Inc., Sr. Notes | |||||||||||
| 2,160 | 7.75%, 10/15/13(6) | 2,181,600 | |||||||||
| Service Corp. International, Sr. Notes | |||||||||||
| 1,110 | 7.00%, 6/15/17(6) | 1,107,225 | |||||||||
| Tenet Healthcare Corp., Sr. Notes | |||||||||||
| 6,500 | 9.25%, 2/1/15(6) | 6,191,250 | |||||||||
| US Oncology, Inc. | |||||||||||
| 2,205 | 9.00%, 8/15/12 | 2,337,300 | |||||||||
| 4,365 | 10.75%, 8/15/14 | 4,834,237 | |||||||||
| Vanguard Health Holding Co. II LLC, Sr. Sub. Notes | |||||||||||
| 4,730 | 9.00%, 10/1/14 | 4,954,675 | |||||||||
| Ventas Realty L.P. / Capital Corp., Sr. Notes | |||||||||||
| 1,600 | 7.125%, 6/1/15 | 1,660,000 | |||||||||
| VWR International, Inc., Sr. Sub. Notes | |||||||||||
| 4,125 | 8.00%, 4/15/14 | 4,021,875 | |||||||||
| $ | 68,208,348 | ||||||||||
| Home Furnishings — 0.1% | |||||||||||
| Fedders North America, Inc. | |||||||||||
| $ | 2,585 | 9.875%, 3/1/14 | $ | 1,919,362 | |||||||
| $ | 1,919,362 | ||||||||||
| Industrial Equipment — 1.0% | |||||||||||
| Case New Holland, Inc., Sr. Notes | |||||||||||
| $ | 7,695 | 9.25%, 8/1/11 | $ | 8,137,463 | |||||||
| Chart Industries, Inc., Sr. Sub. Notes | |||||||||||
| 2,170 | 9.125%, 10/15/15(6) | 2,159,150 | |||||||||
| Manitowoc Co., Inc. (The) | |||||||||||
| 975 | 10.50%, 8/1/12 | 1,096,875 | |||||||||
| Milacron Escrow Corp. | |||||||||||
| 1,635 | 11.50%, 5/15/11 | 1,414,275 | |||||||||
| Terex Corp. | |||||||||||
| 5,265 | 10.375%, 4/1/11 | 5,646,713 | |||||||||
| Thermadyne Holdings Corp., Sr. Sub. Notes | |||||||||||
| 2,825 | 9.25%, 2/1/14 | 2,542,500 | |||||||||
| $ | 20,996,976 | ||||||||||
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| Leisure Goods / Activities / Movies — 1.9% | |||||||||||
| AMC Entertainment, Inc., Sr. Sub. Notes | |||||||||||
| $ | 2,235 | 9.875%, 2/1/12 | $ | 2,145,600 | |||||||
| Loews Cineplex Entertainment Corp. | |||||||||||
| 7,895 | 9.00%, 8/1/14 | 7,638,413 | |||||||||
| Marquee Holdings, Inc., Sr. Disc. Notes | |||||||||||
| 5,965 | 12.00%, 8/15/14(6) | 3,623,738 | |||||||||
| Six Flags Theme Parks, Inc., Sr. Notes | |||||||||||
| 660 | 8.875%, 2/1/10 | 658,350 | |||||||||
| Universal City Development Partners, Sr. Notes | |||||||||||
| 15,200 | 11.75%, 4/1/10 | 17,119,000 | |||||||||
| Universal City Florida Holding, Sr. Notes | |||||||||||
| 830 | 8.375%, 5/1/10 | 854,900 | |||||||||
| Universal City Florida, Sr. Notes, Variable Rate | |||||||||||
| 5,600 | 8.44%, 5/1/10 | 5,761,000 | |||||||||
| $ | 37,801,001 | ||||||||||
| Lodging and Casinos — 2.9% | |||||||||||
| CCM Merger, Inc. | |||||||||||
| $ | 2,700 | 8.00%, 8/1/13(6) | $ | 2,686,500 | |||||||
| Chukchansi EDA, Sr. Notes | |||||||||||
| 800 | 14.50%, 6/15/09(6) | 980,000 | |||||||||
| 1,320 | 8.00%, 11/15/13(3)(6) | 1,320,000 | |||||||||
| Chukchansi EDA, Sr. Notes, Variable Rate | |||||||||||
| 3,080 | 8.04%, 11/15/12(3)(6) | 3,080,000 | |||||||||
| Host Marriot L.P., Series O | |||||||||||
| 445 | 6.375%, 3/15/15 | 433,875 | |||||||||
| Inn of the Mountain Gods, Sr. Notes | |||||||||||
| 4,655 | 12.00%, 11/15/10 | 5,004,125 | |||||||||
| Majestic Star Casino LLC | |||||||||||
| 5,555 | 9.50%, 10/15/10 | 5,464,731 | |||||||||
| Meristar Hospitality Operations/Finance | |||||||||||
| 4,955 | 10.50%, 6/15/09 | 5,258,494 | |||||||||
| Mohegan Tribal Gaming Authority, Sr. Sub. Notes | |||||||||||
| 1,335 | 8.00%, 4/1/12 | 1,396,744 | |||||||||
| OED Corp./Diamond Jo LLC | |||||||||||
| 3,830 | 8.75%, 4/15/12 | 3,734,250 | |||||||||
| San Pasqual Casino | |||||||||||
| 3,405 | 8.00%, 9/15/13(6) | 3,405,000 | |||||||||
| Seneca Gaming Corp., Sr. Notes | |||||||||||
| 815 | 7.25%, 5/1/12(6) | 836,394 | |||||||||
| Station Casinos, Sr. Sub. Notes | |||||||||||
| 2,430 | 6.875%, 3/1/16 | 2,460,375 | |||||||||
| Trump Entertainment Resorts, Inc. | |||||||||||
| 12,820 | 8.50%, 6/1/15 | 12,483,475 | |||||||||
See notes to financial statements
20
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| Lodging and Casinos (continued) | |||||||||||
| Waterford Gaming LLC, Sr. Notes | |||||||||||
| $ | 8,361 | 8.625%, 9/15/12(6) | $ | 9,029,880 | |||||||
| Wynn Las Vegas, LLC/Corp. | |||||||||||
| 1,210 | 6.625%, 12/1/14 | 1,158,575 | |||||||||
| $ | 58,732,418 | ||||||||||
| Nonferrous Metals / Minerals — 0.2% | |||||||||||
| Alpha Natural Resources, Sr. Notes | |||||||||||
| $ | 1,370 | 10.25%, 6/1/12 | $ | 1,513,850 | |||||||
| Novelis, Inc., Sr. Notes | |||||||||||
| 3,360 | 7.50%, 2/15/15(6) | 3,082,800 | |||||||||
| $ | 4,596,650 | ||||||||||
| Oil and Gas — 2.8% | |||||||||||
| Aventine Renewable Energy Holdings, Inc., Variable Rate | |||||||||||
| $ | 2,490 | 9.87%, 12/15/11(6) | $ | 2,602,050 | |||||||
| Clayton Williams Energy, Inc., Sr. Notes | |||||||||||
| 1,110 | 7.75%, 8/1/13(6) | 1,076,700 | |||||||||
| Coastal Corp. | |||||||||||
| 345 | 7.50%, 8/15/06 | 349,313 | |||||||||
| Coastal Corp., Sr. Debs. | |||||||||||
| 2,305 | 9.625%, 5/15/12 | 2,547,025 | |||||||||
| Dresser, Inc. | |||||||||||
| 13,145 | 9.375%, 4/15/11 | 13,670,800 | |||||||||
| El Paso Corp. | |||||||||||
| 1,515 | 6.95%, 12/15/07 | 1,532,044 | |||||||||
| El Paso Corp., Sr. Notes | |||||||||||
| 1,745 | 7.625%, 8/16/07(6) | 1,779,900 | |||||||||
| El Paso Production Holding Co. | |||||||||||
| 500 | 7.75%, 6/1/13 | 517,500 | |||||||||
| Giant Industries | |||||||||||
| 850 | 8.00%, 5/15/14 | 884,000 | |||||||||
| Hanover Compressor Co., Sr. Sub. Notes | |||||||||||
| 6,755 | 0.00%, 3/31/07 | 5,995,063 | |||||||||
| Hanover Equipment Trust, Series B | |||||||||||
| 675 | 8.75%, 9/1/11 | 718,875 | |||||||||
| Inergy L.P./Finance, Sr. Notes | |||||||||||
| 3,980 | 6.875%, 12/15/14(6) | 3,790,950 | |||||||||
| Ocean Rig Norway AS, Sr. Notes | |||||||||||
| 1,120 | 8.375%, 7/1/13(6) | 1,208,200 | |||||||||
| Parker Drilling Co., Sr. Notes | |||||||||||
| 1,930 | 9.625%, 10/1/13 | 2,190,550 | |||||||||
| Sonat, Inc. | |||||||||||
| 5,000 | 7.625%, 7/15/11 | 5,050,000 | |||||||||
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| Oil and Gas (continued) | |||||||||||
| Transmontaigne, Inc., Sr. Sub. Notes | |||||||||||
| $ | 6,115 | 9.125%, 6/1/10 | $ | 6,084,425 | |||||||
| United Refining Co., Sr. Notes | |||||||||||
| 4,855 | 10.50%, 8/15/12 | 5,146,300 | |||||||||
| Williams Cos., Inc. (The) | |||||||||||
| 1,085 | 8.75%, 3/15/32 | 1,257,244 | |||||||||
| $ | 56,400,939 | ||||||||||
| Publishing — 1.4% | |||||||||||
| American Media Operations, Inc. | |||||||||||
| $ | 1,040 | 8.875%, 1/15/11 | $ | 894,400 | |||||||
| American Media Operations, Inc., Series B | |||||||||||
| 7,375 | 10.25%, 5/1/09 | 7,024,688 | |||||||||
| CBD Media, Inc., Sr. Sub. Notes | |||||||||||
| 1,335 | 8.625%, 6/1/11 | 1,361,700 | |||||||||
| Dex Media West LLC, Sr. Sub. Notes | |||||||||||
| 4,565 | 9.875%, 8/15/13 | 5,055,738 | |||||||||
| Houghton Mifflin Co., Sr. Disc. Notes | |||||||||||
| 500 | 11.50%, 10/15/13(6) | 365,000 | |||||||||
| Houghton Mifflin Co., Sr. Sub. Notes | |||||||||||
| 4,905 | 9.875%, 2/1/13 | 5,088,938 | |||||||||
| Jostens Holding Corp., Sr. Disc. Notes | |||||||||||
| 1,250 | 10.25%, 12/1/13 | 909,375 | |||||||||
| WDAC Subsidiary Corp., Sr. Notes | |||||||||||
| 1,405 | 8.375%, 12/1/14(6) | 1,331,238 | |||||||||
| Xerox Corp. | |||||||||||
| 3,000 | 9.75%, 1/15/09 | 3,330,000 | |||||||||
| Xerox Corp., Sr. Notes | |||||||||||
| 1,855 | 7.125%, 6/15/10 | 1,938,475 | |||||||||
| 1,485 | 7.625%, 6/15/13 | 1,566,675 | |||||||||
| $ | 28,866,227 | ||||||||||
| Radio and Television — 1.9% | |||||||||||
| Advanstar Communications, Inc. | |||||||||||
| $ | 6,980 | 10.75%, 8/15/10 | $ | 7,765,250 | |||||||
| CanWest Media, Inc. | |||||||||||
| 2,156 | 8.00%, 9/15/12 | 2,269,371 | |||||||||
| Echostar DBS Corp., Sr. Notes, Variable Rate | |||||||||||
| 10,000 | 7.304%, 10/1/08 | 10,250,000 | |||||||||
| Emmis Communications Corp., Sr. Notes, Class A, Variable Rate | |||||||||||
| 3,000 | 9.745%, 6/15/12 | 3,022,500 | |||||||||
| LBI Media, Inc. | |||||||||||
| 1,820 | 10.125%, 7/15/12 | 1,942,850 | |||||||||
See notes to financial statements
21
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| Radio and Television (continued) | |||||||||||
| Nexstar Finance Holdings LLC, Inc., Sr. Disc. Notes | |||||||||||
| $ | 3,450 | 11.375%, 4/1/13 | $ | 2,501,250 | |||||||
| Nextmedia Operating, Inc. | |||||||||||
| 1,370 | 10.75%, 7/1/11 | 1,495,013 | |||||||||
| Paxson Communications Corp. | |||||||||||
| 1,365 | 10.75%, 7/15/08 | 1,341,113 | |||||||||
| Paxson Communications Corp., Variable Rate | |||||||||||
| 3,000 | 6.90%, 1/15/10(6) | 3,007,500 | |||||||||
| Sirius Satellite Radio, Sr. Notes | |||||||||||
| 5,425 | 9.625%, 8/1/13(6) | 5,160,531 | |||||||||
| $ | 38,755,378 | ||||||||||
| Retailers (Except Food and Drug) — 1.4% | |||||||||||
| Affinity Group, Inc., Sr. Sub. Notes | |||||||||||
| $ | 3,860 | 9.00%, 2/15/12 | $ | 3,840,700 | |||||||
| GSC Holdings Corp. | |||||||||||
| 9,005 | 8.00%, 10/1/12(6) | 8,802,388 | |||||||||
| GSC Holdings Corp., Variable Rate | |||||||||||
| 5,405 | 7.875%, 10/1/11(6) | 5,432,025 | |||||||||
| Neiman Marcus Group, Inc., Sr. Notes | |||||||||||
| 870 | 9.00%, 10/15/15(6) | 859,125 | |||||||||
| Neiman Marcus Group, Inc., Sr. Sub. Notes | |||||||||||
| 5,405 | 10.375%, 10/15/15(6) | 5,242,850 | |||||||||
| Penny (JC) Co., Inc. | |||||||||||
| 1,875 | 8.00%, 3/1/10 | 2,035,054 | |||||||||
| Sonic Automotive, Inc., Sr. Sub. Notes | |||||||||||
| 1,600 | 8.625%, 8/15/13 | 1,536,000 | |||||||||
| $ | 27,748,142 | ||||||||||
| Steel — 0.3% | |||||||||||
| AK Steel Corp. | |||||||||||
| $ | 2,000 | 7.75%, 6/15/12 | $ | 1,810,000 | |||||||
| Ispat Inland ULC, Sr. Notes | |||||||||||
| 2,102 | 9.75%, 4/1/14 | 2,385,770 | |||||||||
| Oregon Steel Mills, Inc. | |||||||||||
| 1,140 | 10.00%, 7/15/09 | 1,228,350 | |||||||||
| $ | 5,424,120 | ||||||||||
| Surface Transport — 0.4% | |||||||||||
| H-Lines Finance Holding, Sr. Disc. Notes | |||||||||||
| $ | 1,531 | 11.00%, 4/1/13(6) | $ | 1,266,903 | |||||||
| Horizon Lines, LLC | |||||||||||
| 3,967 | 9.00%, 11/1/12(6) | 4,229,814 | |||||||||
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| Surface Transport (continued) | |||||||||||
| OMI Corp., Sr. Notes | |||||||||||
| $ | 1,105 | 7.625%, 12/1/13 | $ | 1,138,150 | |||||||
| Quality Distribution LLC/QD Capital Corp., Variable Rate | |||||||||||
| 1,815 | 8.65%, 1/15/12(6) | 1,753,744 | |||||||||
| $ | 8,388,611 | ||||||||||
| Telecommunications — 4.3% | |||||||||||
| AirGate PCS, Inc., Variable Rate | |||||||||||
| $ | 1,080 | 7.90%, 10/15/11 | $ | 1,112,400 | |||||||
| Alamosa Delaware, Inc., Sr. Disc. Notes | |||||||||||
| 1,855 | 12.00%, 7/31/09 | 2,040,500 | |||||||||
| Alamosa Delaware, Inc., Sr. Notes | |||||||||||
| 6,230 | 11.00%, 7/31/10 | 6,930,875 | |||||||||
| Centennial Cellular Operating Co./Centennial Communications Corp., Sr. Notes | |||||||||||
| 7,950 | 10.125%, 6/15/13 | 8,923,875 | |||||||||
| Digicel Ltd., Sr. Notes | |||||||||||
| 1,100 | 9.25%, 9/1/12(6) | 1,138,500 | |||||||||
| Inmarsat Finance PLC | |||||||||||
| 2,493 | 7.625%, 6/30/12 | 2,533,511 | |||||||||
| Intelsat Bermuda Ltd., Sr. Notes | |||||||||||
| 11,985 | 5.25%, 11/1/08 | 11,026,200 | |||||||||
| Intelsat Bermuda Ltd., Sr. Notes, Variable Rate | |||||||||||
| 5,880 | 8.695%, 1/15/12(6) | 5,982,900 | |||||||||
| IWO Escrow Co., Sr. Disc. Notes | |||||||||||
| 2,230 | 10.75%, 1/15/15(6) | 1,605,600 | |||||||||
| IWO Escrow Co., Variable Rate | |||||||||||
| 575 | 7.90%, 1/15/12(6) | 600,875 | |||||||||
| LCI International, Inc., Sr. Notes | |||||||||||
| 4,695 | 7.25%, 6/15/07 | 4,659,788 | |||||||||
| New Skies Satellites NV, Sr. Sub. Notes | |||||||||||
| 990 | 9.125%, 11/1/12 | 1,009,800 | |||||||||
| Qwest Capital Funding, Inc. | |||||||||||
| 4,950 | 7.75%, 8/15/06 | 5,049,000 | |||||||||
| 2,035 | 6.375%, 7/15/08 | 1,989,213 | |||||||||
| Qwest Communications International, Inc. | |||||||||||
| 1,370 | 7.25%, 2/15/11 | 1,339,175 | |||||||||
| Qwest Communications International, Inc., Sr. Notes | |||||||||||
| 9,010 | 7.50%, 2/15/14(6) | 8,672,125 | |||||||||
| Qwest Corp. | |||||||||||
| 2,000 | 8.875%, 3/15/12 | 2,205,000 | |||||||||
| Qwest Corp., Sr. Notes | |||||||||||
| 3,230 | 7.875%, 9/1/11 | 3,399,575 | |||||||||
| 1,940 | 7.625%, 6/15/15(6) | 1,998,200 | |||||||||
| Qwest Corp., Sr. Notes, Variable Rate | |||||||||||
| 1,000 | 7.12%, 6/15/13(6) | 1,060,000 | |||||||||
See notes to financial statements
22
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| Telecommunications (continued) | |||||||||||
| Qwest Services Corp. | |||||||||||
| $ | 3,740 | 13.50%, 12/15/10 | $ | 4,291,650 | |||||||
| Rogers Wireless, Inc. | |||||||||||
| 490 | 7.50%, 3/15/15 | 527,975 | |||||||||
| Rogers Wireless, Inc., Variable Rate | |||||||||||
| 1,314 | 6.995%, 12/15/10 | 1,366,560 | |||||||||
| Rural Cellular Corp., Variable Rate | |||||||||||
| 2,000 | 8.37%, 3/15/10 | 2,055,000 | |||||||||
| Telemig Celular SA/Amazonia Celular SA | |||||||||||
| 1,755 | 8.75%, 1/20/09(6) | 1,816,425 | |||||||||
| UbiquiTel Operating Co., Sr. Notes | |||||||||||
| 3,995 | 9.875%, 3/1/11 | 4,384,513 | |||||||||
| $ | 87,719,235 | ||||||||||
| Utilities — 2.1% | |||||||||||
| AES Corp., Sr. Notes | |||||||||||
| $ | 4,500 | 8.75%, 6/15/08 | $ | 4,713,750 | |||||||
| 6,000 | 9.50%, 6/1/09 | 6,480,000 | |||||||||
| 4,005 | 8.75%, 5/15/13(6) | 4,345,425 | |||||||||
| 945 | 9.00%, 5/15/15(6) | 1,030,050 | |||||||||
| Dynegy Holdings, Inc., Debs. | |||||||||||
| 3,725 | 7.625%, 10/15/26 | 3,296,625 | |||||||||
| Dynegy Holdings, Inc., Sr. Notes | |||||||||||
| 2,480 | 10.125%, 7/15/13 | 2,740,400 | |||||||||
| Mission Energy Holding Co. | |||||||||||
| 3,290 | 13.50%, 7/15/08 | 3,824,625 | |||||||||
| NRG Energy, Inc. | |||||||||||
| 1,505 | 8.00%, 12/15/13 | 1,647,975 | |||||||||
| Orion Power Holdings, Inc., Sr. Notes | |||||||||||
| 12,415 | 12.00%, 5/1/10 | 14,649,700 | |||||||||
| $ | 42,728,550 | ||||||||||
|
Total Corporate Bonds & Notes (identified cost $984,575,466) |
$ | 995,023,041 | |||||||||
| Convertible Bonds — 0.4% | |||||||||||
|
Principal Amount |
Security | Value | |||||||||
| $ | 1,300,000 | Amkor Technologies, Inc. | $ | 1,257,750 | |||||||
| 3,540,000 | L-3 Communications Corp.(6) | 3,575,400 | |||||||||
| 1,155,000 | Nortel Networks Ltd. | 1,084,256 | |||||||||
|
Principal Amount (000's omitted) |
Security | Value | |||||||||
| $ | 1,065,000 | XM Satellite Radio Holdings, Inc. | $ | 925,219 | |||||||
| 2,100,000 | XM Satellite Radio, Inc.(6) | 1,824,375 | |||||||||
|
Total Convertible Bonds (identified cost, $9,064,780) |
$ | 8,667,000 | |||||||||
| Common Stocks — 0.3% | |||||||||||
| Shares | Security | Value | |||||||||
| 1,061 | Crown Castle International Corp.(8) | $ | 26,010 | ||||||||
| 346,245 | Trump Entertainment Resorts, Inc.(8) | 5,943,296 | |||||||||
|
Total Common Stocks (identified cost, $4,301,472) |
$ | 5,969,306 | |||||||||
| Convertible Preferred Stocks — 0.0% | |||||||||||
| Shares | Security | Value | |||||||||
| 10,058 | Crown Castle International Corp., (PIK) | $ | 517,987 | ||||||||
|
Total Convertible Preferred Stocks (identified cost, $480,158) |
$ | 517,987 | |||||||||
| Miscellaneous — 0.0% | |||||||||||
| Shares | Security | Value | |||||||||
| 5,510,000 | Trump Atlantic City(3)(8) | $ | 212,135 | ||||||||
|
Total Miscellaneous (identified cost, $0) |
$ | 212,135 | |||||||||
| Commercial Paper — 0.7% | |||||||||||
|
Principal Amount |
Maturity Date |
Borrower | Rate | Amount | |||||||||||||||
| $ | 14,904,000 | 11/01/05 | General Electric Capital Corp. | 4.02 | % | $ | 14,904,000 | ||||||||||||
Total Commercial Paper
(at amortized cost) $ 14,904,000
See notes to financial statements
23
Eaton Vance Limited Duration Income Fund as of October 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
| Short-Term Investments — 0.2% | |||||||||||||||||||
|
Principal Amount |
Maturity Date |
Borrower | Rate | Amount | |||||||||||||||
| $ | 2,870,685 | 11/01/05 |
Investors Bank and Trust Company Time Deposit |
4.03 | % | $ | 2,870,685 | ||||||||||||
|
Total Short-Term Investments (at amortized cost) |
$ | 2,870,685 | |||||
|
Total Investments — 148.9% (identified cost $3,018,835,100) |
$ | 3,024,145,264 | |||||
|
Less Unfunded Loan Commitments — (0.1)% |
$ | (2,073,167 | ) | ||||
|
Net Investments — 148.8% (identified cost $3,016,761,933) |
$ | 3,022,072,097 | |||||
| Other Assets, Less Liabilities — (9.4)% | $ | (191,422,086 | ) | ||||
|
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (39.4)% |
$ | (800,267,790 | ) | ||||
|
Net Assets Applicable to Common Shares — 100.0% |
$ | 2,030,382,221 | |||||
PIK - Payment In Kind.
(1) Senior floating-rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, Cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the senior floating-rate interests will have an expected average life of approximately two to three years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility, Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate ("LIBOR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.
(2) Unfunded loan commitments. See Note 1E for description.
(3) Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
(4) Adjustable rate mortgage.
(5) All or a portion of these securities were on loan at October 31, 2005.
(6) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2005, the aggregate value of the securities is $227,531,945 or 11.2% of the Fund's net assets.
(7) Defaulted security. Currently the issuer is in default with respect to interest payments.
(8) Non-income producing security.
See notes to financial statements
24
Eaton Vance Limited Duration Income Fund as of October 31, 2005
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
As of October 31, 2005
| Assets | |||||||
|
Investments, at value including $223,587,700 of securities on loan (identified cost, $3,016,761,933) |
$ | 3,022,072,097 | |||||
| Cash | 7,642,975 | ||||||
| Receivable for investments sold | 12,119,406 | ||||||
| Dividends and interest receivable | 34,549,345 | ||||||
| Prepaid expenses | 94,714 | ||||||
| Total assets | $ | 3,076,478,537 | |||||
| Liabilities | |||||||
| Collateral for securities loaned | $ | 229,070,736 | |||||
| Payable for investments purchased | 14,955,710 | ||||||
| Payable to affiliate for investment advisory fees | 1,444,396 | ||||||
| Payable to affiliate for Trustees' fees | 2,788 | ||||||
| Payable for open swap contracts | 36 | ||||||
| Accrued expenses | 354,860 | ||||||
| Total liabilities | $ | 245,828,526 | |||||
|
Auction preferred shares (32,000 shares outstanding) at liquidation value plus cumulative unpaid dividends |
800,267,790 | ||||||
| Net assets applicable to common shares | $ | 2,030,382,221 | |||||
| Sources of Net Assets | |||||||
|
Common Shares, $0.01 par value, unlimited number of shares authorized, 111,783,982 shares issued and outstanding |
$ | 1,117,840 | |||||
| Additional paid-in capital | 2,123,158,583 | ||||||
| Accumulated net realized loss (computed on the basis of identified cost) | (105,692,065 | ) | |||||
| Accumulated undistributed net investment income | 6,487,735 | ||||||
| Net unrealized appreciation (computed on the basis of identified cost) | 5,310,128 | ||||||
| Net assets applicable to common shares | $ | 2,030,382,221 | |||||
| Net Asset Value Per Common Share | |||||||
|
($2,030,382,221 ÷ 111,783,982 common shares issued and outstanding) |
$ | 18.16 | |||||
Statement of Operations
For the Six Months Ended
October 31, 2005
| Investment Income | |||||||
| Interest | $ | 86,268,827 | |||||
| Security lending income, net | 3,667,357 | ||||||
| Dividends | 15,791 | ||||||
| Total investment income | $ | 89,951,975 | |||||
| Expenses | |||||||
| Investment adviser fee | $ | 11,798,715 | |||||
| Trustees' fees and expenses | 17,504 | ||||||
| Preferred shares remarketing agent fee | 1,008,219 | ||||||
| Custodian fee | 261,907 | ||||||
| Printing and postage | 123,159 | ||||||
| Legal and accounting services | 84,093 | ||||||
| Transfer and dividend disbursing agent fees | 34,317 | ||||||
| Miscellaneous | 46,153 | ||||||
| Total expenses | $ | 13,374,067 | |||||
|
Deduct — Reduction of custodian fee |
$ | 20 | |||||
| Reduction of investment adviser fee | 3,146,324 | ||||||
| Total expense reductions | $ | 3,146,344 | |||||
| Net expenses | $ | 10,227,723 | |||||
| Net investment income | $ | 79,724,252 | |||||
| Realized and Unrealized Gain (Loss) | |||||||
|
Net realized gain (loss) — Investment transactions (identified cost basis) |
$ | (2,845,535 | ) | ||||
| Swap contracts | 22,000 | ||||||
| Net realized loss | $ | (2,823,535 | ) | ||||
|
Change in unrealized appreciation (depreciation) — Investments (identified cost basis) |
$ | (9,321,561 | ) | ||||
| Swap contracts | (36 | ) | |||||
| Net change in unrealized appreciation (depreciation) | $ | (9,321,597 | ) | ||||
| Net realized and unrealized loss | $ | (12,145,132 | ) | ||||
| Distributions to preferred shareholders from income | $ | (13,105,509 | ) | ||||
| Net increase in net assets from operations | $ | 54,473,611 | |||||
See notes to financial statements
25
Eaton Vance Limited Duration Income Fund as of October 31, 2005
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
|
Increase (Decrease) in Net Assets |
Six Months Ended October 31, 2005 (Unaudited) |
Year Ended April 30, 2005 |
|||||||||
|
From operations — Net investment income |
$ | 79,724,252 | $ | 152,928,823 | |||||||
|
Net realized gain (loss) from investments and swap contracts transactions |
(2,823,535 | ) | 723,648 | ||||||||
|
Net change in unrealized appreciation (depreciation) from investments and swap contracts |
(9,321,597 | ) | (28,800,919 | ) | |||||||
|
Distributions to preferred shareholders from net investment income |
(13,105,509 | ) | (17,037,481 | ) | |||||||
| Net increase in net assets from operations | $ | 54,473,611 | $ | 107,814,071 | |||||||
|
Distributions to common shareholders — From net investment income |
$ | (84,575,761 | ) | $ | (178,863,995 | ) | |||||
| Total distributions to common shareholders | $ | (84,575,761 | ) | $ | (178,863,995 | ) | |||||
|
Capital share transactions — Reinvestment of distributions to common shareholders |
$ | — | $ | 12,625,234 | |||||||
|
Net increase in net assets from capital share transactions |
$ | — | $ | 12,625,234 | |||||||
| Net decrease in net assets | $ | (30,102,150 | ) | $ | (58,424,690 | ) | |||||
|
Net Assets Applicable to Common Shares |
|||||||||||
| At beginning of period | $ | 2,060,484,371 | $ | 2,118,909,061 | |||||||
| At end of period | $ | 2,030,382,221 | $ | 2,060,484,371 | |||||||
|
Accumulated undistributed net investment income included in net assets applicable to common shares |
|||||||||||
| At end of period | $ | 6,487,735 | $ | 4,196,112 | |||||||
Statement of Cash Flows
| Increase (Decrease) in Cash |
Six Months Ended October 31, 2005 (Unaudited) |
||||||
|
Cash Flows From (Used For) Operating Activities — Purchase of investments |
$ | (815,426,079 | ) | ||||
| Proceeds from sales of investments and principal repayments | 827,444,682 | ||||||
| Interest received, including net securities lending income | 105,551,575 | ||||||
| Prepaid expenses | 3,051 | ||||||
| Facilities fees received | 401,870 | ||||||
| Operating expenses paid | (8,801,919 | ) | |||||
| Net decrease of short-term investments | 22,380,352 | ||||||
| Swap contract transactions | 22,036 | ||||||
| Payment of collateral for securities loaned, net | (28,696,406 | ) | |||||
| Decrease in unfunded commitments | (5,649,656 | ) | |||||
| Net cash from operating activities | $ | 97,229,506 | |||||
|
Cash Flows From (Used For) Financing Activities — Cash distributions paid |
$ | (97,589,137 | ) | ||||
| Net cash used for financing activities | $ | (97,589,137 | ) | ||||
| Net increase (decrease) in cash | $ | (359,631 | ) | ||||
| Cash at beginning of year | $ | 8,002,606 | |||||
| Cash at end of year | $ | 7,642,975 | |||||
|
Reconciliation of Net Increase (Decrease) in Net Assets From Operations to Net Cash From Operating Activities |
|||||||
| Net increase in net assets from operations | $ | 54,473,611 | |||||
| Distributions to preferred shareholders | 13,105,509 | ||||||
| Increase in receivable for investments sold | (3,834,940 | ) | |||||
| Increase in interest receivable | (1,039,672 | ) | |||||
| Decrease in prepaid expenses | 3,051 | ||||||
| Increase in payable to affiliate | 778 | ||||||
| Increase in payable for swaps | 36 | ||||||
| Increase in accrued expenses | 1,425,026 | ||||||
| Decrease in collateral for securities loaned | (28,696,406 | ) | |||||
| Decrease in unfunded commitments | (5,649,656 | ) | |||||
| Decrease in payable for investments purchased | (21,125,548 | ) | |||||
| Net decrease in investments | 88,567,717 | ||||||
| Net cash from operating activities | $ | 97,229,506 | |||||
See notes to financial statements
26
Eaton Vance Limited Duration Income Fund as of October 31, 2005
FINANCIAL STATEMENTS CONT'D
Financial Highlights
| Selected data for a common share outstanding during the periods stated | |||||||||||||||
|
Six Months Ended October 31, 2005 |
Year Ended April 30, | ||||||||||||||
| (Unaudited)(1) | 2005(1) | 2004(1)(2) | |||||||||||||
| Net asset value — Beginning of period (Common shares) | $ | 18.430 | $ | 19.070 | $ | 19.100 | (3) | ||||||||
| Income (loss) from operations | |||||||||||||||
| Net investment income | $ | 0.713 | (4) | $ | 1.373 | (4) | $ | 1.061 | (4) | ||||||
| Net realized and unrealized gain (loss) | (0.109 | )(4) | (0.254 | )(4) | 0.426 | (4) | |||||||||
| Distribution to preferred shareholders from net investment income | (0.117 | ) | (0.153 | ) | (0.075 | ) | |||||||||
| Total income from operations | $ | 0.487 | $ | 0.966 | $ | 1.412 | |||||||||
| Less distributions to common shareholders | |||||||||||||||
| From net investment income | $ | (0.757 | ) | $ | (1.606 | ) | $ | (1.345 | ) | ||||||
| Total distributions to common shareholders | $ | (0.757 | ) | $ | (1.606 | ) | $ | (1.345 | ) | ||||||
| Preferred and Common shares offering costs charged to paid-in capital | $ | — | $ | — | $ | (0.011 | ) | ||||||||
| Preferred Shares underwriting discounts | $ | — | $ | — | $ | (0.086 | ) | ||||||||
| Net asset value — End of period (Common shares) | $ | 18.160 | $ | 18.430 | $ | 19.070 | |||||||||
| Market value — End of period (Common shares) | $ | 16.780 | $ | 17.690 | $ | 17.810 | |||||||||
| Total Investment Return on Net Asset Value(5) | 2.77 | % | 5.29 | % | 7.22 | %(6) | |||||||||
| Total Investment Return on Market Value(5) | (1.07 | )% | 8.22 | % | 0.13 | %(6) | |||||||||
See notes to financial statements
27
Eaton Vance Limited Duration Income Fund as of October 31, 2005
FINANCIAL STATEMENTS CONT'D
Financial Highlights
| Selected data for a common share outstanding during the periods stated | |||||||||||||||
|
Six Months Ended October 31, 2005 |
Year Ended April 30, | ||||||||||||||
| (Unaudited)(1) | 2005(1) | 2004(1)(2) | |||||||||||||
| Ratios/Supplemental Data† †† | |||||||||||||||
| Net assets applicable to common shares, end of period (000's omitted) | $ | 2,030,382 | $ | 2,060,484 | $ | 2,118,909 | |||||||||
| Ratios (As a percentage of average net assets applicable to common shares): | |||||||||||||||
| Net expenses(7) | 0.99 | %(8) | 1.01 | % | 0.93 | %(8) | |||||||||
| Net expenses after custodian fee reduction(7) | 0.99 | %(8) | 1.01 | % | 0.93 | %(8) | |||||||||
| Net investment income(7) | 7.69 | %(8) | 7.29 | % | 6.02 | %(8) | |||||||||
| Portfolio Turnover | 26 | % | 60 | % | 72 | % | |||||||||
† The operating expenses of the Fund reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been as follows:
| Ratios (As a percentage of average net assets applicable to common shares): | |||||||||||||||
| Expenses(7) | 1.29 | %(8) | 1.31 | % | 1.21 | %(8) | |||||||||
| Expenses after custodian fee reduction(7) | 1.29 | %(8) | 1.31 | % | 1.21 | %(8) | |||||||||
| Net investment income(7) | 7.38 | %(8) | 6.99 | % | 5.74 | %(8) | |||||||||
| Net investment income per share | $ | 0.685 | $ | 1.316 | $ | 1.012 | |||||||||
†† The ratios reported are based on net assets applicable solely to common shares. The ratios based on net assets, including
amounts related to preferred shares, are as follows:
| Ratios (As a percentage of average total net assets): | |||||||||||||||
| Net expenses | 0.71 | %(8) | 0.71 | % | 0.67 | %(8) | |||||||||
| Net expenses after custodian fee reduction | 0.71 | %(8) | 0.71 | % | 0.67 | %(8) | |||||||||
| Net investment income | 5.53 | %(8) | 5.16 | % | 4.37 | %(8) | |||||||||
† The operating expenses of the Fund reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been as follows:
| Ratios (As a percentage of average total net assets): | |||||||||||||||
| Expenses | 0.93 | %(8) | 0.92 | % | 0.88 | %(8) | |||||||||
| Expenses after custodian fee reduction | 0.93 | %(8) | 0.92 | % | 0.88 | %(8) | |||||||||
| Net investment income | 5.32 | %(8) | 4.95 | % | 4.16 | %(8) | |||||||||
| Senior Securities: | |||||||||||||||
| Total preferred shares outstanding | 32,000 | 32,000 | 38,000 | ||||||||||||
| Asset coverage per preferred share(9) | $ | 88,458 | $ | 89,395 | $ | 80,762 | |||||||||
| Involuntary liquidation preference per preferred share(10) | $ | 25,000 | $ | 25,000 | $ | 25,000 | |||||||||
| Approximate market value per preferred share(10) | $ | 25,000 | $ | 25,000 | $ | 25,000 | |||||||||
(1) Computed using average common shares outstanding.
(2) For the period from the start of business, May 30, 2003, to April 30, 2004.
(3) Net asset value at beginning of period reflects the deduction of the sales load of $0.900 per share paid by the shareholder from the $20.000 offering price.
(4) For Federal Income tax purposes, net investment income per share was $0.894, $1.699 and $1.531, respectively, and net realized and unrealized loss per share was $0.290, $0.580 and $0.044, respectively. Computed using average common shares outstanding.
(5) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Total return is not computed on an annualized basis.
(6) Total investment return on net asset value is calculated assuming a purchase at the offering price of $20.000 less the sales load of $0.900 per share paid by the shareholder on the first day and a sale at the net asset value on the last day of the period reported. Total investment return on market value is calculated assuming a purchase at the offering price of $20.000 less the sales load of $0.900 per share paid by the shareholder on the first day and a sale at the current market price on the last day of the period reported. Total investment return on net asset value and total investment return on market value are not computed on an annualized basis.
(7) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Fund's leveraged capital structure.
(8) Annualized.
(9) Calculated by subtracting the Fund's total liabilities (not including the preferred shares) from the Fund's total assets, and dividing this by the number of preferred shares outstanding.
(10) Plus accumulated and unpaid dividends.
See notes to financial statements
28
Eaton Vance Limited Duration Income Fund as of October 31, 2005
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 Significant Accounting Policies
Eaton Vance Limited Duration Income Fund (the Fund) is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. The Fund, was organized as a Massachusetts business trust on March 12, 2003. 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. The Fund pursues its objectives by investing primarily in, mortgage-backed securities (MBS) issued, backed or otherwise guaranteed by the U.S. government or its agencies or instrumentalities; senior, secured floating rate loans made to corporate and other business entities (Senior Loans); and corporate bonds of below investment grade quality (Non-Investment Grade Bonds). The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America.
A Investment Valuation — Debt securities (including collateralized mortgage obligations and certain mortgage backed securities ("MBS")) normally are valued by independent pricing services. The pricing services consider various factors relating to bonds or loans and/or market transactions to determine market value. Most seasoned MBS are valued by the investment adviser's matrix pricing system. The matrix pricing system also considers various factors relating to bonds and market transactions to determine market value.
Certain Senior Loans are deemed to be liquid because reliable market quotations are readily available for them. Liquid Senior Loans are valued on the basis of prices furnished by a pricing service. Other Senior Loans are valued at fair value by the Fund's investment adviser, Eaton Vance Management (EVM), under procedures approved by the Trustees. In connection with determining the fair value of a Senior Loan, the investment adviser makes an assessment of the likelihood that the borrower will make a full repayment of the Senior Loan. The primary factors considered by the investment adviser when making this assessment are (i) the creditworthiness of the borrower, (ii) the value of the collateral backing the Senior Loan, and (iii) the priority of the Senior Loan versus other creditors of the borrower. If, based on its assessment, the investment adviser believes there is a reasonable likelihood that the borrower will make a full repayment of the Senior Loan, the investment adviser will determine the fair value of the Senior Loan using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other loan interests issued by companies of comparable credit quality. If, based on its assessment, the investment adviser believes there is not a reasonable likelihood that the borrower will make a full repayment of the Senior Loan, the investment adviser will determine the fair value of the Senior Loan using analyses that include, but are not limited to (i) a comparison of the value of the borrower's outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower's assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising such factors, data and information and the relative weight to be given thereto as it deems relevant, including without limitation, some or all of the following: (i) the fundamental characteristics of and fundamental analytical data relating to the Senior Loan, including the cost, size, current interest rate, maturity and base lending rate of the Senior Loan, the terms and conditions of the Senior Loan and any related agreements, and the position of the Senior Loan in the borrower's debt structure; (ii) the nature, adequacy and value of the collateral securing the Senior Loan, including the Fund's rights, remedies and interests with respect to the collateral; (iii) the creditworthiness of the borrower, based on an evaluation of, among other things, its financial condition, financial statements and information about the borrower's business, cash flows, capital structure and future prospects; (iv) information relating to the market for the Senior Loan, including price quotations for and trading in the Senior Loan, interests in similar Senior Loans and the market environment, investor attitudes towards the Senior Loan and interests in similar Senior Loans; (v) the experience, reputation, stability and financial condition of the agent and any intermediate participant in the Senior Loan; and (vi) general economic and market conditions affecting the fair value of the Senior Loan.
Other portfolio securities (other than short-term obligations, but including listed issues) may be valued on the basis of prices furnished by one or more pricing services which determine prices for normal, institutional-size trading units of such securities which may use market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. The value of interest rate swaps will be based on dealer quotations. Short-term obligations which mature in 60 days or less are valued at
29
Eaton Vance Limited Duration Income Fund as of October 31, 2005
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
amortized cost. If short-term debt securities were aquired with a remaining maturity of more then 60 days, their amortized cost value will be based on their value on the sixty-first day prior to maturity. OTC options are valued at the mean between the bid and asked price provided by dealers. Financial futures contracts and option thereon listed on commodity exchanges are valued at closing settlement prices. Repurchase agreements are valued at cost plus accrued interest. Portfolio securities for which there are no quotations or valuations are valued at fair value as determined in good faith by or on behalf of the Trustees.
B Income — Interest income from Senior Loans is recorded on the accrual basis at the then-current interest rate, while all other interest income is determined on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.
C Federal Taxes — The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year all of its taxable income, including any net realized gain on investments. Accordingly, no provision for federal income or excise tax is necessary. At April 30, 2005, the Fund, for federal income tax purposes, had a capital loss carryover of $67,366,920 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. Such capital loss carryover will expire on April 30, 2012 ($26,481,368) and April 30, 2013 ($40,885,552).
At April 30, 2005, net capital losses of $10,947,188 attributable to security transactions incurred after October 31, 2004, are treated as arising on the first day of the Fund's taxable year ending April 30, 2006.
D Investment Transactions — Investment transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined using the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the transaction date. The securities so purchased are subject to market fluctuations during this period. To the extent that when-issued or delayed delivery purchases are outstanding, the Fund instructs the custodian to segregate assets in a separate account, with a current value at least equal to the amount of its purchase commitments.
E Unfunded Loan Commitments — The Fund may enter into certain credit agreements all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the Borrower's discretion. These commitments are disclosed in the accompanying Portfolio of Investments.
F Offering Costs — Costs incurred by the Fund in connection with the offering of the common shares were recorded as a reduction of capital paid in excess of par applicable to common shares.
G Expense Reduction — Investors Bank & Trust Company (IBT) serves as custodian of the Fund. Pursuant to the custodian agreement, IBT receives a fee reduced by credits which are determined based on the average daily cash balances the Fund maintains with IBT. All credit balances used to reduce the Fund's custodian fees are reported as a reduction of expenses on the Statement of Operations.
H Written Options — Upon the writing of a call or a put option, an amount equal to the premium received by the Fund is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written in accordance with the Fund's policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities underlying the written option.
I Purchased Options — Upon the purchase of a call or put option, the premium paid by the Fund is included in the Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Fund's policies on investment valuations discussed above. If an option which the Fund has purchased expires on the stipulated expiration date, the Fund will realize a loss in the amount of the cost of the option. If the Fund enters into a closing sale transaction, the Fund will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the
30
Eaton Vance Limited Duration Income Fund as of October 31, 2005
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
option. If a Fund exercises a put option, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Fund exercises a call option, the cost of the security which the Fund purchases upon exercise will be increased by the premium originally paid.
J Financial Futures Contracts — Upon entering into a financial futures contract, the Fund is required to deposit an amount (initial margin) either in cash or securities equal to a certain percentage of the purchase price indicated in the financial futures contract. Subsequent payments are made or received by the Fund (margin maintenance) each day, dependent on the daily fluctuations in the value of the underlying securities, and are recorded for book purposes as unrealized gains or losses by the Fund.
If the Fund enters into a closing transaction, the Fund will realize, for book purposes, a gain or loss equal to the difference between the value of the financial futures contract to sell and the financial futures contract to buy. The Fund's investment in financial futures contracts is designed only to hedge against anticipated future changes in interest rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.
K Reverse Repurchase Agreements — The Fund may enter into reverse repurchase agreements. Under such an agreement, the Fund temporarily transfers possession, but not ownership, of a security to a counterparty, in return for cash. At the same time, the Fund agrees to repurchase the security at an agreed-upon price and time in the future. The Fund may enter into reverse repurchase agreements for temporary purposes, such as to Fund withdrawals, or for use as hedging instruments where the underlying security is denominated in a foreign currency. As a form of leverage, reverse repurchase agreements may increase the risk of fluctuation in the market value of the Fund's assets or in its yield. Liabilities to counterparties under reverse repurchase agreements are recognized in the Statement of Assets and Liabilities at the same time at which cash is received by the Fund. The securities underlying such agreements continue to be treated as owned by the Fund and remain in the Portfolio of Investments. Interest charged on amounts borrowed by the Fund under reverse repurchase agreements is accrued daily.
L Total Return Swaps — The Fund may enter into swap agreements to hedge against fluctuations in securities prices, interest rates or market conditions; to change the duration of the portfolio; to mitigate default risk; or for other risk management purposes. Pursuant to these agreements, the Fund makes monthly payments at a rate equal to a predetermined spread to the one-month LIBOR. In exchange, the Fund receives payments based on the rate of return of a benchmark industry index. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Payments received or made at the end of the measurement period are recorded as realized gains and losses. The value of the swap is determined by changes in the relationship between the rate of interest and the benchmark industry index. The Fund is exposed to credit loss in the event of non-performance by the swap counterparty. However, the Fund does not anticipate non-performance by the counterparty. Risk may also arise from the unanticipated movements in value of interest rates or the index.
M Credit Default Swaps — The Fund may enter into credit default swap contracts for risk management purposes, including diversification. When the Fund is the buyer of a credit default swap contract, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would pay the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would have spent the stream of payments and received no benefit from the contract. When the Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay upon default of the referenced debt obligation. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. The Fund will segregate assets in the form of cash and cash equivalents in an amount equal to the aggregate market value of the credit default swaps of which it is the seller, marked to market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction.
N Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of
31
Eaton Vance Limited Duration Income Fund as of October 31, 2005
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
income and expense during the reporting period. Actual results could differ from those estimates.
O Indemnifications — Under the Fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and shareholders are indemnified against personal liability for obligations of the Fund. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
P Interim Financial Statements — The interim financial statements relating to October 31, 2005 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Auction Preferred Shares (APS)
The Fund issued 7,600 shares of Auction Preferred Shares Series A, 7,600 shares of Auction Preferred Shares Series B, 7,600 shares of Auction Preferred Shares Series C, 7,600 shares of Auction Preferred Shares Series D, and 7,600 shares of Auction Preferred Shares Series E on July 25, 2003 in a public offering. The underwriting discount and other offering costs were recorded as a reduction of the capital of the common shares. As of October 31, 2005, 6,400 shares of Series A, 6,400 shares of Series B, 6,400 shares of Series C, 6,400 shares of Series D and 6,400 shares of Series E were outstanding. Dividends on the APS, which accrue daily, are cumulative at a rate which was established at the offering of the APS and have been reset every 7 days thereafter by an auction. Dividend rates ranged from 2.75% to 3.70% for Series A Shares, from 2.70% to 3.85% for Series B Shares, from 2.80% to 3.84% for Series C Shares, from 2.75% to 3.90% for Series D Shares and from 2.70% to 3.60% for Series E Shares, during the six months ended October 31, 2005.
The APS are redeemable at the option of the Fund, at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if the Fund is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS shall remain unpaid in an amount equal to two full years' dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Fund is required to maintain certain asset coverage with respect to the APS as defined in the Fund's By-Laws and the Investment Company Act of 1940. The Fund pays an annual fee equivalent to 0.25% of the preferred shares' liquidation value for the remarketing efforts associated with the preferred auctions.
3 Distribution to Shareholders
The Fund intends to make monthly distributions of net investment income, after payment of any dividends on any outstanding APS. Distributions are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. Each dividend payment period for the APS is generally seven days. The applicable dividend rate for the APS on October 31, 2005 was 3.40%, 3.45%, 3.00%, 3.40% and 3.50%, for Series A, Series B, Series C, Series D and Series E Shares, respectively. For the six months ended October 31, 2005, the Fund paid dividends to Auction Preferred shareholders amounting to $2,618,493, $2,642,988, $2,625,633, $2,615,761, and $2,602,634 for Series A, Series B, Series C, Series D and Series E Shares, respectively, representing an average APS dividend rate for such period of 3.20%, 3.23%, 3.21%, 3.18% and 3.15%, respectively.
The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid in capital. These differences relate primarily to the different treatment for paydown gain/losses on mortgage-backed securities and the method for amortizing premiums.
32
Eaton Vance Limited Duration Income Fund as of October 31, 2005
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
The tax character of the distributions paid for the six months ended October 31, 2005 and the year ended April 30, 2005 was as follows:
| October 31, 2005 | April 30, 2005 | ||||||||||
| Distributions declared from: | |||||||||||
| Ordinary Income | $ | 97,681,270 | $ | 195,901,476 | |||||||
During the six months ended October 31, 2005, accumulated distributions in excess of net investment income was decreased by $20,248,641 and accumulated net realized loss was increased by $20,248,641. This change had no effect on net assets or net asset value per share.
At October 31, 2005, the components of distributable earnings (accumulated loss) on a tax basis were as follows:
| Undistributed income | $ | 6,487,735 | |||||
| Unrealized loss | $ | (4,165,477 | ) | ||||
| Capital loss carryforwards(1) | $ | (67,366,920 | ) | ||||
(1) As of April 30, 2005
4 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee, computed at an annual rate of 0.75% of the Fund's weekly gross assets, was earned by Eaton Vance Management (EVM), as compensation for management and investment advisory services rendered to the Fund. For the six months ended October 31, 2005, the fee was equivalent to 0.75% (annualized) of the Fund's average weekly gross assets for such period and amounted to $11,798,715.
In addition, EVM has contractually agreed to reimburse the Fund for fees and other expenses in the amount of 0.20% of average weekly gross assets of the Fund for the first five years of the Fund's operations 0.15% of average weekly gross assets of the Fund in year 6, 0.10% in year 7 and 0.05% in year 8. For the six months ended October 31, 2005, the Investment Adviser waived $3,146,324 of its advisory fee.
EVM serves as the administrator of the Fund, but currently receives no compensation for providing administrative services to the Fund.
Certain officers and Trustees of the Fund are officers of the above organization.
5 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and including paydowns, aggregated $794,300,531 and $831,279,622, respectively, for the six months ended October 31, 2005.
6 Securities Lending Agreement
The Fund has established a securities lending agreement in which the Fund lends portfolio securities to a broker in exchange for collateral consisting of either cash or U.S. government securities in an amount at least equal to the market value of the securities on loan. Under the agreement, the Fund continues to earn interest on the securities loaned. Collateral received is generally cash, and the Fund invests the cash and receives any interest on the amount invested but it must also pay the broker a loan rebate fee computed as a varying percentage of the collateral received. The loan rebate fee paid by the Fund offsets a portion of the interest income received and amounted to $4,562,403 for the six months ended October 31, 2005. At October 31, 2005, the value of the securities loaned and the value of the collateral amounted to $223,587,700 and $229,070,736, respectively. In the event of counterparty default, the Fund is subject to potential loss if it is delayed or prevented from exercising its right to dispose of the collateral. The Fund bears risk in the event that invested collateral is not sufficient to meet obligations due on the loans. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.
7 Common Shares of Beneficial Interest
The Agreement and Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional $0.01 par value common shares of beneficial interest. Transactions in common shares were as follows:
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Six Months Ended October 31, 2005 (Unaudited) |
Year Ended April 30, 2005 |
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Issued to shareholders electing to receive payments of distributions in Fund shares |
— | 669,036 | |||||||||
| Net increase | — | 669,036 | |||||||||
33
Eaton Vance Limited Duration Income Fund as of October 31, 2005
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
8 Federal Income Tax Basis of Unrealized Appreciation (Depreciation)
The cost and unrealized appreciation (depreciation) in value of the investments owned at October 31, 2005, as computed on a federal income tax basis, were as follows:
| Aggregate cost | $ | 3,026,237,574 | |||||
| Gross unrealized appreciation | $ | 5,310,128 | |||||
| Gross unrealized depreciation | (9,475,605 | ) | |||||
| Net unrealized depreciation | $ | (4,165,477 | ) | ||||
9 Financial Instruments
The Fund regularly trades in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial instruments include written options, financial futures contracts, interest rate swaps and credit default swaps and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2005 is as follows:
| Credit Default Swaps | |||||||||||||||
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Notional Amount |
Expiration Date |
Description |
Net Unrealized (Depreciation) |
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| $ | 2,000,000 | 3/20/2010 | Agreement with Lehman Brothers | $ | (36 | ) | |||||||||
| dated 5/18/05 to sell a credit default |
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| swap. The Fund will receive 2.4% per |
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| year, paid quarterly, times the notional |
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| amount.The Fund makes a payment of |
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| the notional amount only upon a default |
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| event on the reference entity, a |
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| Revolving Credit Agreement issued |
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| by Inergy, L.P. | |||||||||||||||
At October 31, 2005, the Fund had sufficient cash and/or securities segregated to cover potential obligations arising from open swap contracts.
34
Eaton Vance Limited Duration Income Fund
DIVIDEND REINVESTMENT PLAN
The Fund offers a dividend reinvestment plan (the Plan) pursuant to which shareholders may elect to have dividends and capital gains distributions automatically reinvested in common shares (the Shares) of the Fund. You may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate, you will receive all distributions in cash paid by check mailed directly to you by PFPC Inc. as dividend paying agent. On the distribution payment date, if the net asset value per Share is equal to or less than the market price per Share plus estimated brokerage commissions then new Shares will be issued. The number of Shares shall be determined by the greater of the net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan Agent. Distributions subject to income tax (if any) are taxable whether or not shares are reinvested.
If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your shares be re-registered in your name with the Fund's transfer agent, PFPC Inc. or you will not be able to participate.
The Plan Agent's service fee for handling distributions will be paid by the Fund. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by writing to the Plan Agent at the address noted on the following page. If you withdraw, you will receive shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your shares are held in your own name, you may complete the form on the following page and deliver it to the Plan Agent.
Any inquires regarding the Plan can be directed to the Plan Agent, PFPC Inc., at 1-800-331-1710.
35
Eaton Vance Limited Duration Income Fund
APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN
This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.
The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.
Please print exact name on account:
Shareholder signature Date
Shareholder signature Date
Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
This authorization form, when signed, should be mailed to the following address:
Eaton Vance Limited Duration Income Fund
c/o PFPC Inc.
P.O. Box 43027
Providence, RI 02940-3027
800-331-1710
Number of Employees
The Fund is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company and has no employees.
Number of Shareholders
As of October 31, 2005, our records indicate that there are 149 registered shareholders and approximately 95,137 shareholders owning the Fund shares in street name, such as through brokers, banks, and financial intermediaries.
If you are a street name shareholder and wish to receive our reports directly, which contain important information about the Fund, please write or call:
Eaton Vance Distributors, Inc.
The Eaton Vance Building
255 State Street
Boston, MA 02109
1-800-225-6265
American Stock Exchange symbol
| The American Stock Exchange symbol is EVV. | |||
36
Eaton Vance Limited Duration Income Fund
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
The investment advisory agreement between Eaton Vance Limited Duration Income Fund (the "Fund") and the investment adviser, Eaton Vance Management ("Eaton Vance"), provides that the advisory agreement will continue in effect from year to year so long as its continuance is approved at least annually (i) by a vote of a majority of the noninterested Trustees of the Fund cast in person at a meeting called for the purpose of voting on such approval and (ii) by the Trustees of the Fund or by vote of a majority of the outstanding interests of the Fund.
In considering the annual approval of the investment advisory agreement between the Fund and the investment adviser, the Special Committee of the Board of Trustees considered information that had been provided throughout the year at regular Board meetings, as well as information furnished to the Special Committee for a series of meetings held in February and March in preparation for a Board meeting held on March 21, 2005 to specifically consider the renewal of the investment advisory agreement. Such information included, among other things, the following:
• A independent report comparing the advisory fees of the Fund with those of comparable funds;
• Information provided by Eaton Vance regarding Fund investment performance (including on a risk-adjusted basis) in comparison to a relevant peer group of funds;
• The economic outlook and the general investment outlook in relevant investment markets;
• Eaton Vance's results and financial condition and the overall organization of the investment adviser;
• The procedures and processes used to determine the fair value of Fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;
• The allocation of brokerage and the benefits received by the investment adviser as a result of brokerage allocation;
• Eaton Vance's management of the relationship with the custodian, subcustodians and fund accountants;
• The resources devoted to Eaton Vance's compliance efforts undertaken on behalf of the funds it manages and the record of compliance with the investment policies and restrictions and with policies on personal securities transactions;
• The quality, nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance and its affiliates; and
• The terms of the advisory agreement and the reasonableness and appropriateness of the particular fee paid by the Fund for the services described herein.
The Special Committee received information concerning the investment philosophy and investment process applied by Eaton Vance in managing the Fund. In this regard, the Special Committee considered Eaton Vance's in-house research capabilities as well as other resources available to Eaton Vance personnel, including research services that may be available to Eaton Vance as a result of securities transactions effected for the Fund and other investment advisory clients. The Special Committee concluded that Eaton Vance's investment process, research capabilities and philosophy were well suited to the Fund, given the Fund's investment objective and policies. The Special Committee also took into account the time and attention to be devoted by senior management to the Fund and the other funds in the complex. The Special Committee evaluated the level of skill required to manage the Fund and concluded that the human resources available at Eaton Vance were appropriate to fulfill effectively the duties of the investment adviser on behalf of the Fund.
In its review of comparative information with respect to Fund investment performance, the Special Committee concluded that the Fund has performed within a range that the Special Committee deemed competitive. With respect to its review of investment advisory fees, the Special Committee concluded that the fees paid by the Fund are within the range of those paid by comparable funds within the mutual fund industry. In reviewing the information regarding the expense ratio of the Fund, the Special Committee concluded that the Fund's expense ratio is within a range that is competitive with comparable funds.
In addition to the factors mentioned above, the Special Committee reviewed the level of the investment adviser's profits in providing investment management and administration services for the Fund and for all Eaton Vance funds as a group. The Special Committee noted in particular that the Fund benefits from a contractual waiver of advisory fees and other expenses effective during the first five years of the Fund's operations. In addition, the Special Committee considered the fiduciary duty assumed by the investment adviser in connection with the services rendered to the Fund and the business reputation of the investment adviser and its financial resources. The
37
Eaton Vance Limited Duration Income Fund
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT'D
Trustees concluded that in light of the services rendered, the profits realized by the investment adviser are not unreasonable. The Special Committee also considered the fact that the Fund is not continuously offered and concluded that, in light of the level of the investment adviser's profits with respect to the Fund, the implementation of breakpoints is not appropriate.
The Special Committee did not consider any single factor as controlling in determining whether or not to renew the investment advisory agreement. Nor are the items described herein all the matters considered by the Special Committee. In assessing the information provided by Eaton Vance and its affiliates, the Special Committee also took into consideration the benefits to shareholders of investing in a fund that is part of a large family of funds which provides a large variety of shareholder services.
Based on its consideration of the foregoing factors and conclusions, and such other factors and conclusions as it deemed relevant, and assisted by independent counsel, the Special Committee concluded that the approval of the investment advisory agreement, including the fee structure, is in the interests of shareholders.
38
Eaton Vance Limited Duration Income Fund
INVESTMENT MANAGEMENT
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Officers Thomas E. Faust Jr. President and Chief Executive Officer James B. Hawkes Vice President and Trustee Scott H. Page Vice President Susan Schiff Vice President Payson F. Swaffield Vice President Mark S. Venezia Vice President Michael W. Weilheimer Vice President Barbara E. Campbell Treasurer and Principal Financial Accounting Officer Alan R. Dynner Secretary Paul M. O'Neil Chief Compliance Officer |
Trustees Samuel L. Hayes, III Chairman Benjamin C. Esty William H. Park Ronald A. Pearlman Norton H. Reamer Lynn A. Stout Ralph F. Verni |
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39
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Investment Adviser of Eaton Vance Limited Duration Income Fund
Eaton Vance Management
The Eaton Vance Building
255 State Street
Boston, MA 02109
Administrator of Eaton Vance Limited Duration Income Fund
Eaton Vance Management
The Eaton Vance Building
255 State Street
Boston, MA 02109
Custodian
Investors Bank & Trust Company
200 Clarendon Street
Boston, MA 02116
Transfer Agent
PFPC Inc.
Attn: Eaton Vance Funds
P.O. Box 43027
Providence, RI 02940-9653
(800) 331-1710
Eaton Vance Limited Duration Income Fund
The Eaton Vance Building
255 State Street
Boston, MA 02109
1856-12/05 CE-LDISRC
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrant’s Board has designated William H. Park, Samuel L. Hayes, III and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. Mr. Park is a certified public accountant who is the President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm). Previously, he served as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (“UAM”) (a holding company owning institutional investment management firms). Mr. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration. Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company). Formerly, Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds).
Item 4. Principal Accountant Fees and Services
Not required in this filing
Item 5. Audit Committee of Listed registrants
The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. Norton H. Reamer (Chair), Samuel L. Hayes, III, William H. Park, Lynn A. Stout and Ralph E. Verni are the members of the registrant’s audit committee.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Special Committee except as contemplated under the Fund Policy. The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. The investment adviser will generally support company management on proposals relating to environmental and social policy issues, on matters regarding the state of organization of the company and routine matters related to corporate administration which are not expected to have a significant economic impact on the company or its shareholders. On all other matters, the investment adviser will review each matter on a case-by-case basis and reserves the right to deviate from the Policies’ guidelines when it believes the situation warrants such a deviation. The Policies include voting guidelines for matters relating to, among other things, the election of directors, approval of independent auditors, executive compensation, corporate structure and anti-takeover defenses. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote.
In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to members of senior management of the investment adviser identified in the Policies. Such members of senior management will determine if a conflict exists. If a conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.
Item 8. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
No such purchases this period.
Item 9. Submission of Matters to a Vote of Security Holders.
Effective February 7, 2005, the Governance Committee of the Board of Trustees revised the procedures by which a Fund’s shareholders may recommend nominees to the registrant’s Board of Trustees to add the following (highlighted):
The Governance Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder of a Fund if such recommendation contains (i)sufficient background information concerning the candidate, including evidence the candidate is willing to serve as an Independent Trustee if selected for the position; and (ii) is received in a sufficiently timely manner (and in any event no later than the date specified for receipt of shareholder proposals in any applicable proxy statement with respect to a Fund). Shareholders shall be directed to address any such recommendations in writing to the attention of the Governance Committee, c/o the Secretary of the Fund. The Secretary shall retain copies of any shareholder recommendations which meet the foregoing requirements for a period of not more than 12 months following receipt. The Secretary shall have no obligation to acknowledge receipt of any shareholder recommendations.
Item 10. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 11. Exhibits
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(a)(1) |
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Registrant’s Code of Ethics – Not applicable (please see Item 2). |
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(a)(2)(i) |
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Treasurer’s Section 302 certification. |
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(a)(2)(ii) |
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President’s Section 302 certification. |
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(b) |
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Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Limited Duration Income Fund
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By: |
/s/Thomas E. Faust Jr. |
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Thomas E. Faust Jr. |
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President |
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Date: |
December 16, 2005 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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By: |
/s/Barbara E. Campbell |
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Barbara E. Campbell |
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Treasurer |
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Date: |
December 16, 2005 |
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By: |
/s/Thomas E. Faust Jr. |
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Thomas E. Faust Jr. |
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President |
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Date: |
December 16, 2005 |
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