UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number |
811-21323 |
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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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Maureen A. Gemma |
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(Name and address of agent for service) |
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Registrants 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, 2007 |
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Item 1. Reports to Stockholders
Semiannual Report October 31, 2007
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/ brokerdealer, 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, 2007
inveStMent uPdate
The Fund
Performance for the Past Six Months
· Based on share price, Eaton Vance Limited Duration Income Fund (the Fund), a closed-end fund traded on the American Stock Exchange (AMEX), had a total return of -10.79% for the six months ended October 31, 2007.(1) That return was the result of a decrease in share price to $15.96 on October 31, 2007, from $18.70 on April 30, 2007, and the reinvestment of $0.757 in dividend income.
· Based on net asset value (NAV), the Fund had a total return of 0.30% for the six months ended October 31, 2007.(1) That return was the result of a decrease in NAV per share to $17.58 on October 31, 2007, from $18.32 on April 30, 2007, and the reinvestment of $0.757 in dividend income.
· The Funds performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Funds shares, or changes in Fund distributions.
· Based on the Funds most recent dividend and a closing share price of $15.96 on October 31, 2007, the Fund had a market yield of 9.48%.(2)
Recent Fund Developments
· As of October 31, 2007, the Funds investments were allocated primarily to senior, secured loans (40.9%), mortgage-backed securities (MBS) (30.9%), and high-yield bonds (26.7%).
· During the six months ended October 31, 2007, the senior loan portion of the portfolio was affected by a loan market correction in the third quarter of 2007. This correction was distinguished from previous corrections by the fact that corporate loan default rates remained at historic lows, just 0.5%, according to Standard & Poors. Thus, while there were increasing signs of a weakening economy, the exaggerated market decline was primarily based on technical factors. The Funds senior loan holdings remained diversified in terms of industry, market and geography a strategy management believes should help weather an economic downturn. Publishing, cable and satellite television, health care, chemicals and plastics, and business equipment and services were the largest industry weightings. The Fund had a modest exposure to home builders but had no exposure to subprime or mortgage lenders during the six months ended October 31, 2007.(3)
· The portion of the Fund investing in high-yield bonds was affected by the bond markets correction in the third quarter of 2007, which hurt performance. However, some of the losses were recovered after the Federal Reserve cut interest rates in September. Among the stronger performing sectors were metals, specialty retailers, energy and health care. For example, retailers of popular electronic games fared well. For-profit education companies, whose revenues are less correlated to GDP, also held up well. Mining companies enjoyed strong demand and surging prices for base metals. Cyclical sectors were among the lagging performers, notably home builders and financials, but the high-yield portion of the Fund remained significantly underweighted in both of these sectors relative to the Merrill Lynch U.S. High Yield Master II Index, an unmanaged index of below-investment-grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.(3),(4)
· Within the Funds MBS investments, management maintained a large position in seasoned fixed-rate MBS. While the Funds seasoned MBS had no direct exposure to subprime investments or non-agency MBS, they were nonetheless affected by the over-
Continued on page 2.
(1) Performance results reflect the effect of leverage resulting from the Funds 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 Funds investment portfolio could decline, which would reduce the asset coverage for its Auction Preferred Shares.
(2) The Funds 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.
(3) Fund investments may not be representative of the Funds current or future investments and may change due to active management.
(4) It is not possible to invest directly in an Index. An Indexs total return does not reflect commissions or expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.
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. The Funds performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Funds shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Funds current performance may be lower or higher than quoted. For performance as of the most recent month end, please refer to www.eatonvance.com.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested. Yield will vary.
1
Eaton Vance Limited Duration Income Fund as of October 31, 2007
Fund PeRFORManCe
all spread widening in the fixed-income markets. However, that widening was partially offset by a decline in overall bond yields. With MBS spreads in the 125 basis point range (1.25%) at October 31, 2007, MBS represented, in the view of management, better value than in recent years. Prepayment rates for the Funds seasoned MBS were slightly lower during the fiscal year, as homeowners were less motivated to refinance their mortgages.(1)
· At October 31, 2007, the Fund had leverage in the amount of approximately 35.8% of the Funds total assets. The Funds senior loan investments are floating rate, as is the cost of leverage. During the period, the allocation to loans was typically greater than the amount of leverage. 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).
Performance* |
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Symbol |
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EVV |
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Average Annual Total Return (by share price, AMEX) |
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Six Months |
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-10.79 |
% |
One Year |
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-4.52 |
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Life of Fund (5/30/03) |
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4.43 |
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Average Annual Total Return (at net asset value) |
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Six Months |
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0.30 |
% |
One Year |
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5.52 |
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Life of Fund (5/30/03) |
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6.74 |
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* Performance results reflect the effect of leverage resulting from the Funds 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 Funds investment portfolio could decline, which would reduce the asset coverage for its Auction Preferred Shares.
Fund allocations(2)
By total investments
(1) Fund investments may not be representative of the Funds current or future investments and may change due to active management.
(2) Fund allocations are shown as a percentage of the Funds gross assets, which represented 157% of the Funds net assets as of 10/31/07. Fund allocations may not be representative of the Funds current or future investments and are subject to change due to active management.
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. The Funds performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Funds shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Funds current performance may be lower or higher than quoted. For performance as of the most recent month end, please refer to www.eatonvance.com.
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.
2
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited)
Senior Floating-Rate Interests 64.3%(1) |
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Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Aerospace and Defense 1.2% | |||||||||||
ACTS Aero Technical Support & Service, Inc. | |||||||||||
1,075,000 | Term Loan, 8.47%, Maturing October 5, 2014 | $ | 1,046,781 | ||||||||
Atlantic Inertial Systems, Inc. | |||||||||||
1,695,750 | Term Loan, 8.25%, Maturing July 20, 2014 | 1,683,032 | |||||||||
AWAS Capital, Inc. | |||||||||||
698,094 | Term Loan, 7.00%, Maturing March 22, 2013 | 664,934 | |||||||||
2,755,212 | Term Loan, 11.25%, Maturing March 22, 2013 | 2,713,884 | |||||||||
CACI International, Inc. | |||||||||||
337,131 | Term Loan, 6.79%, Maturing May 3, 2011 | 333,339 | |||||||||
Colt Defense, LLC | |||||||||||
997,500 | Term Loan, 8.00%, Maturing July 9, 2014 | 991,266 | |||||||||
DAE Aviation Holdings, Inc. | |||||||||||
669,056 | Term Loan, 7.80%, Maturing July 31, 2009 | 668,638 | |||||||||
757,467 | Term Loan, 8.93%, Maturing July 31, 2014 | 757,941 | |||||||||
573,477 | Term Loan, 8.93%, Maturing July 31, 2014 | 573,835 | |||||||||
Evergreen International Aviation | |||||||||||
1,302,019 | Term Loan, 8.30%, Maturing October 31, 2011 | 1,269,469 | |||||||||
Hawker Beechcraft Acquisition | |||||||||||
2,476,915 | Term Loan, 7.17%, Maturing March 26, 2014 | 2,427,570 | |||||||||
210,638 | Term Loan, 7.17%, Maturing March 26, 2014 | 206,442 | |||||||||
Hexcel Corp. | |||||||||||
1,706,538 | Term Loan, 7.03%, Maturing March 1, 2012 | 1,672,407 | |||||||||
IAP Worldwide Services, Inc. | |||||||||||
2,210,625 | Term Loan, 11.50%, Maturing December 30, 2012 | 2,009,458 | |||||||||
Spirit AeroSystems, Inc. | |||||||||||
1,326,419 | Term Loan, 6.90%, Maturing December 31, 2011 | 1,316,471 | |||||||||
TransDigm, Inc. | |||||||||||
3,100,000 | Term Loan, 7.20%, Maturing June 23, 2013 | 3,056,408 | |||||||||
Vought Aircraft Industries, Inc. | |||||||||||
1,295,576 | Term Loan, 7.34%, Maturing December 17, 2011 | 1,284,240 | |||||||||
Wesco Aircraft Hardware Corp. | |||||||||||
1,458,750 | Term Loan, 7.45%, Maturing September 29, 2013 | 1,443,859 | |||||||||
Wyle Laboratories, Inc. | |||||||||||
275,691 | Term Loan, 8.11%, Maturing January 28, 2011 | 271,555 | |||||||||
$ | 24,391,529 | ||||||||||
Air Transport 0.5% | |||||||||||
Airport Development and Investment, Ltd. | |||||||||||
GBP | 2,465,175 | Term Loan, 10.28%, Maturing April 7, 2011 | $ | 4,988,473 | |||||||
Delta Air Lines, Inc. | |||||||||||
1,720,688 | Term Loan, 8.08%, Maturing April 30, 2014 | 1,708,090 | |||||||||
Northwest Airlines, Inc. | |||||||||||
2,772,000 | DIP Loan, 7.03%, Maturing August 21, 2008 | 2,673,824 | |||||||||
$ | 9,370,387 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Automotive 2.1% | |||||||||||
A.T.U. Auto-Teile-Unger Investment GmbH & Co. KG | |||||||||||
EUR | 2,698,276 | Term Loan, Maturing August 20, 2012(2) | $ | 3,723,183 | |||||||
Accuride Corp. | |||||||||||
2,337,795 | Term Loan, 7.13%, Maturing January 31, 2012 | 2,293,962 | |||||||||
Adesa, Inc. | |||||||||||
5,112,188 | Term Loan, 7.45%, Maturing October 18, 2013 | 4,954,712 | |||||||||
Affina Group, Inc. | |||||||||||
2,313,738 | Term Loan, 7.96%, Maturing November 30, 2011 | 2,312,292 | |||||||||
Allison Transmission, Inc. | |||||||||||
4,300,000 | Term Loan, 8.17%, Maturing September 30, 2014 | 4,201,457 | |||||||||
AxleTech International Holding, Inc. | |||||||||||
1,950,000 | Term Loan, 11.73%, Maturing April 21, 2013 | 1,918,312 | |||||||||
CSA Acquisition Corp. | |||||||||||
599,200 | Term Loan, 7.75%, Maturing December 23, 2011 | 591,835 | |||||||||
589,756 | Term Loan, 7.75%, Maturing December 23, 2011 | 582,507 | |||||||||
491,250 | Term Loan, 7.75%, Maturing December 23, 2012 | 488,794 | |||||||||
Dana Corp. | |||||||||||
2,400,000 | Term Loan, 7.98%, Maturing March 30, 2008 | 2,389,714 | |||||||||
Dayco Products, LLC | |||||||||||
2,577,366 | Term Loan, 7.76%, Maturing June 21, 2011 | 2,497,630 | |||||||||
Delphi Corp. | |||||||||||
1,000,000 | Term Loan, 7.38%, Maturing April 8, 2008 | 997,750 | |||||||||
Federal-Mogul Corp. | |||||||||||
1,950,000 | DIP Loan, 6.65%, Maturing December 31, 2007 | 1,942,736 | |||||||||
Ford Motor Co. | |||||||||||
2,307,563 | Term Loan, 8.70%, Maturing December 15, 2013 | 2,225,748 | |||||||||
General Motors Corp. | |||||||||||
1,910,563 | Term Loan, 7.62%, Maturing November 29, 2013 | 1,878,083 | |||||||||
Goodyear Tire & Rubber Co. | |||||||||||
3,450,000 | Term Loan, 6.43%, Maturing April 30, 2010 | 3,360,155 | |||||||||
Keystone Automotive Operations, Inc. | |||||||||||
1,166,188 | Term Loan, 8.65%, Maturing January 12, 2012 | 1,091,357 | |||||||||
LKQ Corp. | |||||||||||
1,325,000 | Term Loan, 7.36%, Maturing October 12, 2014 | 1,321,687 | |||||||||
TriMas Corp. | |||||||||||
314,063 | Term Loan, 6.79%, Maturing August 2, 2011 | 308,959 | |||||||||
1,347,328 | Term Loan, 7.23%, Maturing August 2, 2013 | 1,325,434 | |||||||||
United Components, Inc. | |||||||||||
1,704,545 | Term Loan, 7.38%, Maturing June 30, 2010 | 1,672,585 | |||||||||
$ | 42,078,892 | ||||||||||
Beverage and Tobacco 0.5% | |||||||||||
Beverage Packaging Holdings | |||||||||||
EUR | 1,000,000 | Term Loan, 6.56%, Maturing May 11, 2015 | $ | 1,419,623 | |||||||
EUR | 1,000,000 | Term Loan, 6.81%, Maturing May 11, 2016 | 1,426,857 |
See notes to financial statements
3
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Beverage and Tobacco (continued) | |||||||||||
Constellation Brands, Inc. | |||||||||||
1,240,000 | Term Loan, 6.69%, Maturing June 5, 2013 | $ | 1,224,242 | ||||||||
Culligan International Co. | |||||||||||
EUR | 1,400,000 | Term Loan, 9.33%, Maturing May 31, 2013 | 1,802,650 | ||||||||
997,500 | Term Loan, 7.28%, Maturing November 24, 2014 | 935,156 | |||||||||
Liberator Midco Ltd. | |||||||||||
GBP | 350,878 | Term Loan, 14.14%, Maturing October 27, 2016 | 733,757 | ||||||||
Southern Wine & Spirits of America, Inc. | |||||||||||
2,945,669 | Term Loan, 6.70%, Maturing May 31, 2012 | 2,940,146 | |||||||||
$ | 10,482,431 | ||||||||||
Brokers, Dealers and Investment Houses 0.1% | |||||||||||
AmeriTrade Holding Corp. | |||||||||||
2,108,393 | Term Loan, 6.25%, Maturing December 31, 2012 | $ | 2,087,090 | ||||||||
$ | 2,087,090 | ||||||||||
Building and Development 2.8% | |||||||||||
AIMCO Properties, L.P. | |||||||||||
3,050,000 | Term Loan, 6.39%, Maturing March 23, 2011 | $ | 3,006,156 | ||||||||
Beacon Sales Acquisition, Inc. | |||||||||||
915,750 | Term Loan, 7.16%, Maturing September 30, 2013 | 879,120 | |||||||||
Brickman Group Holdings, Inc. | |||||||||||
1,442,750 | Term Loan, 7.14%, Maturing January 23, 2014 | 1,403,074 | |||||||||
Building Materials Corp. of America | |||||||||||
1,910,599 | Term Loan, 7.94%, Maturing February 22, 2014 | 1,744,785 | |||||||||
Capital Automotive REIT | |||||||||||
3,651,282 | Term Loan, 6.88%, Maturing December 16, 2010 | 3,613,108 | |||||||||
Epco/Fantome, LLC | |||||||||||
1,896,000 | Term Loan, 7.59%, Maturing November 23, 2010 | 1,900,740 | |||||||||
Hovstone Holdings, LLC | |||||||||||
1,108,217 | Term Loan, 7.63%, Maturing February 28, 2009 | 1,008,477 | |||||||||
LNR Property Corp. | |||||||||||
3,700,000 | Term Loan, 8.11%, Maturing July 3, 2011 | 3,616,750 | |||||||||
Metroflag BP, LLC | |||||||||||
700,000 | Term Loan, 14.09%, Maturing July 1, 2008 | 693,000 | |||||||||
Mueller Water Products, Inc. | |||||||||||
2,001,105 | Term Loan, 6.69%, Maturing May 24, 2014 | 1,973,278 | |||||||||
NCI Building Systems, Inc. | |||||||||||
1,476,484 | Term Loan, 6.88%, Maturing June 18, 2010 | 1,448,800 | |||||||||
Nortek, Inc. | |||||||||||
3,953,057 | Term Loan, 7.05%, Maturing August 27, 2011 | 3,873,996 | |||||||||
Panolam Industries Holdings, Inc. | |||||||||||
1,441,617 | Term Loan, 7.95%, Maturing September 30, 2012 | 1,383,953 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Building and Development (continued) | |||||||||||
PlyGem Industries, Inc. | |||||||||||
2,637,689 | Term Loan, 7.95%, Maturing August 15, 2011 | $ | 2,483,384 | ||||||||
98,556 | Term Loan, 7.95%, Maturing August 15, 2011 | 92,790 | |||||||||
Realogy Corp. | |||||||||||
4,440,387 | Term Loan, 8.24%, Maturing September 1, 2014 | 4,138,440 | |||||||||
1,198,485 | Term Loan, 8.24%, Maturing September 1, 2014 | 1,116,988 | |||||||||
South Edge, LLC | |||||||||||
287,500 | Term Loan, 6.81%, Maturing October 31, 2009 | 258,750 | |||||||||
Standard Pacific Corp. | |||||||||||
1,260,000 | Term Loan, 7.27%, Maturing May 5, 2013 | 1,064,700 | |||||||||
Stile Acquisition Corp. | |||||||||||
957,122 | Term Loan, 7.12%, Maturing April 6, 2013 | 901,627 | |||||||||
Stile U.S. Acquisition Corp. | |||||||||||
958,753 | Term Loan, 7.12%, Maturing April 6, 2013 | 903,163 | |||||||||
Tousa/Kolter, LLC | |||||||||||
1,460,133 | Term Loan, 8.46%, Maturing January 7, 2008 | 1,456,483 | |||||||||
TRU 2005 RE Holding Co. | |||||||||||
7,325,000 | Term Loan, 8.13%, Maturing December 9, 2008 | 7,257,852 | |||||||||
United Subcontractors, Inc. | |||||||||||
1,000,000 | Term Loan, 12.36%, Maturing June 27, 2013 | 830,000 | |||||||||
WCI Communities, Inc. | |||||||||||
4,375,000 | Term Loan, 8.62%, Maturing December 23, 2010 | 4,206,562 | |||||||||
Wintergames Acquisition ULC | |||||||||||
3,658,836 | Term Loan, 8.13%, Maturing April 24, 2008 | 3,631,394 | |||||||||
$ | 54,887,370 | ||||||||||
Business Equipment and Services 3.9% | |||||||||||
ACCO Brands Corp. | |||||||||||
1,792,440 | Term Loan, 7.18%, Maturing August 17, 2012 | $ | 1,767,794 | ||||||||
Activant Solutions, Inc. | |||||||||||
930,897 | Term Loan, 7.38%, Maturing May 1, 2013 | 891,916 | |||||||||
Affiliated Computer Services | |||||||||||
1,056,188 | Term Loan, 6.82%, Maturing March 20, 2013 | 1,044,966 | |||||||||
2,789,688 | Term Loan, 6.96%, Maturing March 20, 2013 | 2,760,047 | |||||||||
Affinion Group, Inc. | |||||||||||
2,924,617 | Term Loan, 7.98%, Maturing October 17, 2012 | 2,903,902 | |||||||||
Allied Security Holdings, LLC | |||||||||||
1,638,182 | Term Loan, 8.20%, Maturing June 30, 2010 | 1,632,039 | |||||||||
DynCorp International, LLC | |||||||||||
1,190,117 | Term Loan, 7.25%, Maturing February 11, 2011 | 1,151,438 | |||||||||
Education Management, LLC | |||||||||||
3,936,693 | Term Loan, 7.00%, Maturing June 1, 2013 | 3,828,434 | |||||||||
Euronet Worldwide, Inc. | |||||||||||
868,421 | Term Loan, 7.10%, Maturing April 4, 2012 | 861,365 |
See notes to financial statements
4
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Business Equipment and Services (continued) | |||||||||||
Info USA, Inc. | |||||||||||
736,931 | Term Loan, 7.20%, Maturing February 14, 2012 | $ | 725,877 | ||||||||
iPayment, Inc. | |||||||||||
2,179,561 | Term Loan, 7.04%, Maturing May 10, 2013 | 2,081,480 | |||||||||
ista International GmbH | |||||||||||
EUR | 1,522,526 | Term Loan, 6.34%, Maturing May 14, 2015 | 2,096,513 | ||||||||
EUR | 302,474 | Term Loan, 6.34%, Maturing May 14, 2015 | 416,506 | ||||||||
Kronos, Inc. | |||||||||||
1,596,000 | Term Loan, 7.45%, Maturing June 11, 2014 | 1,547,122 | |||||||||
Language Line, Inc. | |||||||||||
2,496,432 | Term Loan, 8.42%, Maturing June 11, 2011 | 2,439,222 | |||||||||
Mitchell International, Inc. | |||||||||||
1,500,000 | Term Loan, 10.50%, Maturing March 28, 2015 | 1,380,000 | |||||||||
N.E.W. Holdings I, LLC | |||||||||||
2,623,835 | Term Loan, 7.77%, Maturing May 22, 2014 | 2,485,265 | |||||||||
Protection One, Inc. | |||||||||||
2,055,563 | Term Loan, 7.39%, Maturing March 31, 2012 | 2,017,021 | |||||||||
Quantum Corp. | |||||||||||
593,750 | Term Loan, 8.70%, Maturing July 12, 2014 | 589,297 | |||||||||
Quintiles Transnational Corp. | |||||||||||
1,231,250 | Term Loan, 7.20%, Maturing March 31, 2013 | 1,210,089 | |||||||||
2,225,000 | Term Loan, 9.20%, Maturing March 31, 2014 | 2,213,875 | |||||||||
Sabre, Inc. | |||||||||||
5,636,484 | Term Loan, 6.96%, Maturing September 30, 2014 | 5,366,288 | |||||||||
Serena Software, Inc. | |||||||||||
1,690,000 | Term Loan, 7.18%, Maturing March 10, 2013 | 1,636,483 | |||||||||
Sitel (Client Logic) | |||||||||||
1,825,238 | Term Loan, 7.30%, Maturing January 29, 2014 | 1,738,539 | |||||||||
Solera Holdings, LLC | |||||||||||
EUR | 1,169,125 | Term Loan, 6.75%, Maturing May 15, 2014 | 1,649,146 | ||||||||
SunGard Data Systems, Inc. | |||||||||||
14,550,553 | Term Loan, 7.36%, Maturing February 11, 2013 | 14,385,200 | |||||||||
TDS Investor Corp. | |||||||||||
EUR | 1,051,592 | Term Loan, 6.98%, Maturing August 23, 2013 | 1,492,865 | ||||||||
1,778,654 | Term Loan, 7.45%, Maturing August 23, 2013 | 1,746,416 | |||||||||
356,888 | Term Loan, 7.45%, Maturing August 23, 2013 | 350,419 | |||||||||
Transaction Network Services, Inc. | |||||||||||
941,456 | Term Loan, 7.48%, Maturing May 4, 2012 | 927,335 | |||||||||
U.S. Security Holdings, Inc. | |||||||||||
985,000 | Term Loan, 7.87%, Maturing May 8, 2013 | 987,462 | |||||||||
Valassis Communications, Inc. | |||||||||||
426,667 | Term Loan, 0.00%, Maturing March 2, 2014(3) | 406,667 | |||||||||
2,069,311 | Term Loan, 6.95%, Maturing March 2, 2014 | 1,972,312 | |||||||||
VWR International, Inc. | |||||||||||
2,325,000 | Term Loan, 7.70%, Maturing June 28, 2013 | 2,250,165 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Business Equipment and Services (continued) | |||||||||||
WAM Acquisition, S.A. | |||||||||||
EUR | 368,919 | Term Loan, 6.57%, Maturing May 4, 2014 | $ | 520,117 | |||||||
EUR | 231,081 | Term Loan, 6.57%, Maturing May 4, 2014 | 325,788 | ||||||||
EUR | 368,919 | Term Loan, 6.82%, Maturing May 4, 2015 | 522,543 | ||||||||
EUR | 231,081 | Term Loan, 6.82%, Maturing May 4, 2015 | 327,307 | ||||||||
West Corp. | |||||||||||
3,712,570 | Term Loan, 7.27%, Maturing October 24, 2013 | 3,646,828 | |||||||||
$ | 76,296,048 | ||||||||||
Cable and Satellite Television 4.4% | |||||||||||
Atlantic Broadband Finance, LLC | |||||||||||
2,582,514 | Term Loan, 7.45%, Maturing February 10, 2011 | $ | 2,551,309 | ||||||||
Bragg Communications, Inc. | |||||||||||
3,425,000 | Term Loan, 8.06%, Maturing August 31, 2014 | 3,431,422 | |||||||||
Bresnan Broadband Holdings, LLC | |||||||||||
725,000 | Term Loan, 7.18%, Maturing March 29, 2014 | 708,429 | |||||||||
1,550,000 | Term Loan, 9.95%, Maturing March 29, 2014 | 1,546,771 | |||||||||
Cequel Communications, LLC | |||||||||||
995,000 | Term Loan, 7.27%, Maturing November 5, 2013 | 965,647 | |||||||||
2,175,000 | Term Loan, 9.86%, Maturing May 5, 2014 | 2,142,375 | |||||||||
4,357,943 | Term Loan, 11.36%, Maturing May 5, 2014 | 4,291,484 | |||||||||
Charter Communications Operating, Inc. | |||||||||||
15,023,954 | Term Loan, 6.99%, Maturing April 28, 2013 | 14,463,065 | |||||||||
CSC Holdings, Inc. | |||||||||||
3,866,125 | Term Loan, 6.88%, Maturing March 29, 2013 | 3,782,682 | |||||||||
CW Media Holdings, Inc. | |||||||||||
875,000 | Term Loan, 8.50%, Maturing February 15, 2015 | 875,000 | |||||||||
DirecTV Holdings, LLC | |||||||||||
1,846,059 | Term Loan, 6.25%, Maturing April 13, 2013 | 1,837,342 | |||||||||
Insight Midwest Holdings, LLC | |||||||||||
7,025,000 | Term Loan, 7.00%, Maturing April 6, 2014 | 6,889,867 | |||||||||
Kabel BW GmbH and Co. | |||||||||||
EUR | 1,000,000 | Term Loan, 7.26%, Maturing June 9, 2013 | 1,404,955 | ||||||||
EUR | 1,000,000 | Term Loan, 7.76%, Maturing June 9, 2014 | 1,412,189 | ||||||||
MCC Iowa, LLC | |||||||||||
2,420,000 | Term Loan, 6.72%, Maturing March 31, 2010 | 2,325,620 | |||||||||
Mediacom Broadband Group | |||||||||||
2,433,126 | Term Loan, 6.61%, Maturing January 31, 2015 | 2,363,174 | |||||||||
Mediacom Illinois, LLC | |||||||||||
4,802,459 | Term Loan, 6.61%, Maturing January 31, 2015 | 4,671,141 | |||||||||
NTL Investment Holdings, Ltd. | |||||||||||
3,266,856 | Term Loan, 7.22%, Maturing March 30, 2012 | 3,178,040 | |||||||||
GBP | 745,787 | Term Loan, 8.29%, Maturing March 30, 2012 | 1,504,122 | ||||||||
GBP | 379,213 | Term Loan, 8.29%, Maturing March 30, 2012 | 764,808 |
See notes to financial statements
5
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Cable and Satellite Television (continued) | |||||||||||
Orion Cable GmbH | |||||||||||
EUR | 1,100,000 | Term Loan, 7.03%, Maturing October 31, 2014 | $ | 1,570,869 | |||||||
EUR | 1,100,000 | Term Loan, 7.98%, Maturing October 31, 2015 | 1,578,826 | ||||||||
ProSiebenSat.1 Media AG | |||||||||||
EUR | 750,000 | Term Loan, Maturing March 2, 2015(2) | 1,008,102 | ||||||||
EUR | 469,800 | Term Loan, 6.19%, Maturing March 2, 2015(3) | 651,862 | ||||||||
EUR | 48,181 | Term Loan, 6.55%, Maturing June 26, 2015 | 67,086 | ||||||||
EUR | 1,187,219 | Term Loan, 6.55%, Maturing June 26, 2015 | 1,653,065 | ||||||||
EUR | 750,000 | Term Loan, Maturing March 2, 2016(2) | 1,008,102 | ||||||||
EUR | 469,800 | Term Loan, 6.40%, Maturing March 2, 2016(3) | 657,156 | ||||||||
UPC Broadband Holding B.V. | |||||||||||
EUR | 5,800,000 | Term Loan, 6.30%, Maturing October 16, 2011 | 8,139,894 | ||||||||
2,800,000 | Term Loan, 7.13%, Maturing December 31, 2014 | 2,713,813 | |||||||||
YPSO Holding SA | |||||||||||
EUR | 2,480,685 | Term Loan, 6.68%, Maturing July 28, 2014 | 3,486,646 | ||||||||
EUR | 957,340 | Term Loan, 6.68%, Maturing July 28, 2014 | 1,345,558 | ||||||||
EUR | 1,561,975 | Term Loan, 6.68%, Maturing July 28, 2014 | 2,195,383 | ||||||||
$ | 87,185,804 | ||||||||||
Chemicals and Plastics 4.2% | |||||||||||
AZ Chem US, Inc. | |||||||||||
1,492,500 | Term Loan, 7.54%, Maturing February 28, 2013 | $ | 1,440,262 | ||||||||
500,000 | Term Loan, 11.01%, Maturing February 28, 2014 | 456,666 | |||||||||
Brenntag Holding GmbH and Co. KG | |||||||||||
490,909 | Term Loan, 7.39%, Maturing December 23, 2013 | 481,193 | |||||||||
2,009,091 | Term Loan, 7.39%, Maturing December 23, 2013 | 1,969,327 | |||||||||
1,300,000 | Term Loan, 9.39%, Maturing December 23, 2015 | 1,250,437 | |||||||||
Celanese Holdings, LLC | |||||||||||
EUR | 1,990,000 | Term Loan, 6.54%, Maturing April 6, 2011 | 2,817,853 | ||||||||
6,044,625 | Term Loan, 6.98%, Maturing April 2, 2014 | 5,948,920 | |||||||||
Cognis GmbH | |||||||||||
EUR | 1,084,426 | Term Loan, 6.73%, Maturing September 15, 2013 | 1,515,943 | ||||||||
EUR | 265,574 | Term Loan, 6.73%, Maturing September 15, 2013 | 371,251 | ||||||||
Columbian Chemicals Acquisition | |||||||||||
990,000 | Term Loan, 6.95%, Maturing March 16, 2013 | 957,825 | |||||||||
First Chemical Holding | |||||||||||
EUR | 1,000,000 | Term Loan, 6.75%, Maturing December 18, 2014(3) | 1,414,901 | ||||||||
EUR | 1,000,000 | Term Loan, 7.23%, Maturing December 18, 2015(3) | 1,421,332 | ||||||||
Foamex L.P. | |||||||||||
3,421,020 | Term Loan, 7.44%, Maturing February 12, 2013 | 3,298,435 | |||||||||
Georgia Gulf Corp. | |||||||||||
1,224,191 | Term Loan, 7.63%, Maturing October 3, 2013 | 1,211,057 | |||||||||
Hercules, Inc. | |||||||||||
1,215,175 | Term Loan, 6.71%, Maturing October 8, 2010 | 1,207,580 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Chemicals and Plastics (continued) | |||||||||||
Hexion Specialty Chemicals, Inc. | |||||||||||
2,038,365 | Term Loan, 7.50%, Maturing May 5, 2013 | $ | 2,021,485 | ||||||||
442,791 | Term Loan, 7.50%, Maturing May 5, 2013 | 439,124 | |||||||||
4,950,000 | Term Loan, 7.63%, Maturing May 5, 2013 | 4,909,009 | |||||||||
Huish Detergents, Inc. | |||||||||||
1,271,813 | Term Loan, 7.20%, Maturing April 26, 2014 | 1,214,240 | |||||||||
INEOS Group | |||||||||||
500,000 | Term Loan, 7.36%, Maturing December 14, 2013 | 496,339 | |||||||||
500,000 | Term Loan, 7.86%, Maturing December 14, 2014 | 496,339 | |||||||||
Innophos, Inc. | |||||||||||
331,250 | Term Loan, 7.01%, Maturing August 10, 2010 | 328,766 | |||||||||
Invista B.V. | |||||||||||
3,080,177 | Term Loan, 6.70%, Maturing April 29, 2011 | 3,033,975 | |||||||||
1,632,723 | Term Loan, 6.70%, Maturing April 29, 2011 | 1,608,232 | |||||||||
ISP Chemco, Inc. | |||||||||||
3,790,500 | Term Loan, 7.09%, Maturing June 4, 2014 | 3,710,899 | |||||||||
Kleopatra | |||||||||||
EUR | 800,000 | Term Loan, 7.28%, Maturing January 3, 2016 | 1,066,737 | ||||||||
1,200,000 | Term Loan, 7.74%, Maturing January 3, 2016 | 1,086,000 | |||||||||
Kranton Polymers, LLC | |||||||||||
3,231,458 | Term Loan, 7.25%, Maturing May 12, 2013 | 3,158,750 | |||||||||
Lucite International Group Holdings | |||||||||||
786,042 | Term Loan, 7.45%, Maturing July 7, 2013 | 772,287 | |||||||||
278,310 | Term Loan, 7.45%, Maturing July 7, 2013 | 273,440 | |||||||||
Lyondell Chemical Co. | |||||||||||
5,148,000 | Term Loan, 6.25%, Maturing August 16, 2013 | 5,129,411 | |||||||||
MacDermid, Inc. | |||||||||||
EUR | 1,203,603 | Term Loan, 6.98%, Maturing April 12, 2014 | 1,689,073 | ||||||||
Millenium Inorganic Chemicals | |||||||||||
525,000 | Term Loan, 7.45%, Maturing April 30, 2014 | 510,344 | |||||||||
1,375,000 | Term Loan, 10.95%, Maturing October 31, 2014 | 1,292,500 | |||||||||
Momentive Performance Material | |||||||||||
2,580,500 | Term Loan, 7.81%, Maturing December 4, 2013 | 2,535,803 | |||||||||
Mosaic Co. | |||||||||||
293,099 | Term Loan, 6.63%, Maturing December 21, 2012 | 292,811 | |||||||||
Nalco Co. | |||||||||||
5,791,534 | Term Loan, 6.97%, Maturing November 4, 2010 | 5,768,733 | |||||||||
Professional Paint, Inc. | |||||||||||
962,813 | Term Loan, 7.64%, Maturing May 31, 2012 | 914,672 | |||||||||
Propex Fabrics, Inc. | |||||||||||
1,620,321 | Term Loan, 10.58%, Maturing July 31, 2012 | 1,450,187 | |||||||||
Rockwood Specialties Group, Inc. | |||||||||||
3,719,625 | Term Loan, 6.46%, Maturing December 10, 2012 | 3,665,925 | |||||||||
Solo Cup Co. | |||||||||||
2,676,182 | Term Loan, 8.66%, Maturing February 27, 2011 | 2,674,748 |
See notes to financial statements
6
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Chemicals and Plastics (continued) | |||||||||||
Solutia, Inc. | |||||||||||
5,670,828 | DIP Loan, 8.06%, Maturing March 31, 2008 | $ | 5,665,514 | ||||||||
Wellman, Inc. | |||||||||||
1,250,000 | Term Loan, 9.36%, Maturing February 10, 2009 | 1,222,187 | |||||||||
$ | 83,190,512 | ||||||||||
Clothing / Textiles 0.4% | |||||||||||
Hanesbrands, Inc. | |||||||||||
3,036,152 | Term Loan, 6.74%, Maturing September 5, 2013 | $ | 3,002,566 | ||||||||
1,125,000 | Term Loan, 8.82%, Maturing March 5, 2014 | 1,132,734 | |||||||||
St. John Knits International, Inc. | |||||||||||
1,346,699 | Term Loan, 8.20%, Maturing March 23, 2012 | 1,326,499 | |||||||||
Warnaco, Inc. | |||||||||||
707,222 | Term Loan, 6.74%, Maturing January 31, 2013 | 700,150 | |||||||||
William Carter Co. (The) | |||||||||||
1,167,810 | Term Loan, 6.40%, Maturing July 14, 2012 | 1,150,536 | |||||||||
$ | 7,312,485 | ||||||||||
Conglomerates 1.4% | |||||||||||
Amsted Industries, Inc. | |||||||||||
2,224,369 | Term Loan, 7.28%, Maturing October 15, 2010 | $ | 2,189,613 | ||||||||
Blount, Inc. | |||||||||||
509,357 | Term Loan, 6.88%, Maturing August 9, 2010 | 499,807 | |||||||||
Doncasters (Dunde HoldCo 4 Ltd.) | |||||||||||
613,558 | Term Loan, 7.61%, Maturing July 13, 2015 | 596,700 | |||||||||
613,558 | Term Loan, 8.11%, Maturing July 13, 2015 | 598,234 | |||||||||
GBP | 734,483 | Term Loan, 10.60%, Maturing January 13, 2016 | 1,476,190 | ||||||||
GenTek, Inc. | |||||||||||
1,459,106 | Term Loan, 7.34%, Maturing February 25, 2011 | 1,431,748 | |||||||||
Goodman Global Holdings, Inc. | |||||||||||
486,482 | Term Loan, 7.19%, Maturing December 23, 2011 | 474,320 | |||||||||
ISS Holdings A/S | |||||||||||
EUR | 1,491,228 | Term Loan, 6.73%, Maturing December 31, 2013 | 2,114,672 | ||||||||
EUR | 208,772 | Term Loan, 6.73%, Maturing December 31, 2013 | 296,054 | ||||||||
Jarden Corp. | |||||||||||
2,427,505 | Term Loan, 6.95%, Maturing January 24, 2012 | 2,383,507 | |||||||||
988,012 | Term Loan, 6.95%, Maturing January 24, 2012 | 970,105 | |||||||||
Johnson Diversey, Inc. | |||||||||||
3,327,893 | Term Loan, 7.36%, Maturing December 16, 2011 | 3,292,535 | |||||||||
Polymer Group, Inc. | |||||||||||
4,273,875 | Term Loan, 7.29%, Maturing November 22, 2012 | 4,241,821 | |||||||||
RBS Global, Inc. | |||||||||||
1,681,967 | Term Loan, 7.60%, Maturing July 19, 2013 | 1,674,609 | |||||||||
419,688 | Term Loan, 7.64%, Maturing July 19, 2013 | 417,851 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Conglomerates (continued) | |||||||||||
RGIS Holdings, LLC | |||||||||||
96,187 | Term Loan, 7.25%, Maturing April 30, 2014 | $ | 92,580 | ||||||||
1,923,750 | Term Loan, 7.25%, Maturing April 30, 2014 | 1,851,609 | |||||||||
US Investigations Services, Inc. | |||||||||||
2,650,000 | Term Loan, Maturing February 21, 2015(2) | 2,577,125 | |||||||||
Vertrue, Inc. | |||||||||||
1,225,000 | Term Loan, 8.20%, Maturing August 16, 2014 | 1,191,312 | |||||||||
$ | 28,370,392 | ||||||||||
Containers and Glass Products 2.0% | |||||||||||
Berry Plastics Corp. | |||||||||||
5,671,500 | Term Loan, 7.36%, Maturing April 3, 2015 | $ | 5,519,078 | ||||||||
Bluegrass Container Co. | |||||||||||
494,648 | Term Loan, 7.29%, Maturing June 30, 2013 | 492,395 | |||||||||
1,653,165 | Term Loan, 7.32%, Maturing June 30, 2013 | 1,645,636 | |||||||||
224,242 | Term Loan, 9.75%, Maturing December 30, 2013 | 225,784 | |||||||||
700,758 | Term Loan, 9.75%, Maturing December 30, 2013 | 705,575 | |||||||||
Consolidated Container Co. | |||||||||||
1,000,000 | Term Loan, 10.66%, Maturing September 28, 2014 | 882,500 | |||||||||
Crown Americas, Inc. | |||||||||||
693,000 | Term Loan, 7.31%, Maturing November 15, 2012 | 684,915 | |||||||||
Graham Packaging Holdings Co. | |||||||||||
6,069,500 | Term Loan, 7.66%, Maturing October 7, 2011 | 5,964,231 | |||||||||
Graphic Packaging International, Inc. | |||||||||||
8,208,750 | Term Loan, 7.39%, Maturing May 16, 2014 | 8,169,906 | |||||||||
IPG (US), Inc. | |||||||||||
1,047,053 | Term Loan, 9.59%, Maturing July 28, 2011 | 1,039,200 | |||||||||
JSG Acquisitions | |||||||||||
EUR | 1,800,764 | Term Loan, 6.39%, Maturing December 31, 2014 | 2,548,592 | ||||||||
EUR | 1,800,764 | Term Loan, 6.65%, Maturing December 31, 2014 | 2,560,154 | ||||||||
EUR | 180,907 | Term Loan, 6.66%, Maturing December 31, 2014 | 255,970 | ||||||||
EUR | 217,564 | Term Loan, 6.91%, Maturing December 31, 2014 | 309,390 | ||||||||
Kranson Industries, Inc. | |||||||||||
1,114,798 | Term Loan, 7.45%, Maturing July 31, 2013 | 1,098,076 | |||||||||
Owens-Brockway Glass Container | |||||||||||
2,034,688 | Term Loan, 6.59%, Maturing June 14, 2013 | 2,002,261 | |||||||||
Smurfit-Stone Container Corp. | |||||||||||
872,221 | Term Loan, 5.02%, Maturing November 1, 2011 | 865,271 | |||||||||
79,936 | Term Loan, 7.19%, Maturing November 1, 2011 | 79,299 | |||||||||
1,420,261 | Term Loan, 7.43%, Maturing November 1, 2011 | 1,408,943 | |||||||||
2,224,951 | Term Loan, 7.52%, Maturing November 1, 2011 | 2,207,221 | |||||||||
Tegrant Holding Corp. | |||||||||||
1,990,000 | Term Loan, 7.88%, Maturing March 8, 2013 | 1,910,400 | |||||||||
$ | 40,574,797 |
See notes to financial statements
7
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Cosmetics / Toiletries 0.4% | |||||||||||
American Safety Razor Co. | |||||||||||
997,475 | Term Loan, 7.51%, Maturing July 31, 2013 | $ | 987,500 | ||||||||
1,200,000 | Term Loan, 11.69%, Maturing July 31, 2014 | 1,200,000 | |||||||||
Bausch & Lomb, Inc. | |||||||||||
155,000 | Term Loan, Maturing April 30, 2015(2) | 155,436 | |||||||||
620,000 | Term Loan, Maturing April 30, 2015(2) | 621,744 | |||||||||
KIK Custom Products, Inc. | |||||||||||
1,400,000 | Term Loan, 10.20%, Maturing November 30, 2014 | 1,169,000 | |||||||||
Prestige Brands, Inc. | |||||||||||
2,893,537 | Term Loan, 7.73%, Maturing April 7, 2011 | 2,879,069 | |||||||||
$ | 7,012,749 | ||||||||||
Drugs 0.4% | |||||||||||
Graceway Pharmaceuticals, LLC | |||||||||||
1,597,917 | Term Loan, 7.95%, Maturing May 3, 2012 | $ | 1,532,802 | ||||||||
1,000,000 | Term Loan, 11.70%, Maturing May 3, 2013 | 915,000 | |||||||||
300,000 | Term Loan, 13.45%, Maturing November 3, 2013 | 255,000 | |||||||||
Pharmaceutical Holdings Corp. | |||||||||||
853,125 | Term Loan, 8.07%, Maturing January 30, 2012 | 831,797 | |||||||||
Stiefel Laboratories, Inc. | |||||||||||
709,725 | Term Loan, 7.50%, Maturing December 28, 2013 | 696,418 | |||||||||
927,900 | Term Loan, 7.50%, Maturing December 28, 2013 | 910,502 | |||||||||
Warner Chilcott Corp. | |||||||||||
826,530 | Term Loan, 7.20%, Maturing January 18, 2012 | 815,372 | |||||||||
2,761,686 | Term Loan, 7.24%, Maturing January 18, 2012 | 2,724,403 | |||||||||
$ | 8,681,294 | ||||||||||
Ecological Services and Equipment 0.8% | |||||||||||
Allied Waste Industries, Inc. | |||||||||||
1,565,962 | Term Loan, 5.50%, Maturing January 15, 2012 | $ | 1,540,027 | ||||||||
2,911,119 | Term Loan, 6.54%, Maturing January 15, 2012 | 2,862,905 | |||||||||
Big Dumpster Merger Sub, Inc. | |||||||||||
688,822 | Term Loan, 7.45%, Maturing February 5, 2013 | 654,381 | |||||||||
Blue Waste B.V. (AVR Acquisition) | |||||||||||
EUR | 1,000,000 | Term Loan, 6.98%, Maturing April 1, 2015 | 1,421,733 | ||||||||
Environmental Systems Products Holdings, Inc. | |||||||||||
466,049 | Term Loan, 13.75%, Maturing December 12, 2010(4) | 466,049 | |||||||||
IESI Corp. | |||||||||||
3,464,706 | Term Loan, 7.17%, Maturing January 20, 2012 | 3,371,592 | |||||||||
Kemble Water Structure Ltd. | |||||||||||
GBP | 1,750,000 | Term Loan, 10.05%, Maturing October 13, 2013 | 3,574,016 | ||||||||
Sensus Metering Systems, Inc. | |||||||||||
759,214 | Term Loan, 7.26%, Maturing December 17, 2010 | 747,826 | |||||||||
49,327 | Term Loan, 7.36%, Maturing December 17, 2010 | 48,587 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Ecological Services and Equipment (continued) | |||||||||||
Waste Services, Inc. | |||||||||||
1,000,000 | Term Loan, 7.38%, Maturing March 31, 2011 | $ | 985,000 | ||||||||
Wastequip, Inc. | |||||||||||
311,178 | Term Loan, 7.04%, Maturing February 5, 2013(3) | 295,619 | |||||||||
$ | 15,967,735 | ||||||||||
Electronics / Electrical 1.8% | |||||||||||
AMI Semiconductor, Inc. | |||||||||||
2,108,001 | Term Loan, 6.82%, Maturing April 1, 2012 | $ | 2,039,491 | ||||||||
Aspect Software, Inc. | |||||||||||
2,623,500 | Term Loan, 8.25%, Maturing July 11, 2011 | 2,544,795 | |||||||||
2,350,000 | Term Loan, 12.31%, Maturing July 11, 2013 | 2,256,000 | |||||||||
EnerSys Capital, Inc. | |||||||||||
1,524,108 | Term Loan, 7.07%, Maturing March 17, 2011 | 1,497,436 | |||||||||
FCI International Loan Agreement, Series B | |||||||||||
EUR | 750,000 | Term Loan, 6.51%, Maturing November 2, 2013 | 1,056,127 | ||||||||
Freescale Semiconductor, Inc. | |||||||||||
5,632,438 | Term Loan, 7.33%, Maturing December 1, 2013 | 5,418,782 | |||||||||
Infor Enterprise Solutions Holdings | |||||||||||
3,448,029 | Term Loan, 8.95%, Maturing July 28, 2012 | 3,361,828 | |||||||||
1,798,971 | Term Loan, 8.95%, Maturing July 28, 2012 | 1,753,997 | |||||||||
500,000 | Term Loan, 10.70%, Maturing March 2, 2014 | 471,250 | |||||||||
183,333 | Term Loan, 11.45%, Maturing March 2, 2014 | 172,792 | |||||||||
316,667 | Term Loan, 11.45%, Maturing March 2, 2014 | 298,458 | |||||||||
Network Solutions, LLC | |||||||||||
1,063,742 | Term Loan, 7.61%, Maturing March 7, 2014 | 1,010,555 | |||||||||
Open Solutions, Inc. | |||||||||||
2,438,180 | Term Loan, 7.28%, Maturing January 23, 2014 | 2,339,129 | |||||||||
Sensata Technologies Finance Co. | |||||||||||
3,777,187 | Term Loan, 6.76%, Maturing April 27, 2013 | 3,684,442 | |||||||||
Spectrum Brands, Inc. | |||||||||||
83,608 | Term Loan, 4.97%, Maturing March 30, 2013 | 82,479 | |||||||||
1,687,163 | Term Loan, 9.37%, Maturing March 30, 2013 | 1,664,387 | |||||||||
SS&C Technologies, Inc. | |||||||||||
2,125,576 | Term Loan, 7.20%, Maturing November 23, 2012 | 2,093,692 | |||||||||
TTM Technologies, Inc. | |||||||||||
445,500 | Term Loan, 7.22%, Maturing October 27, 2012 | 443,829 | |||||||||
VeriFone, Inc. | |||||||||||
472,500 | Term Loan, 6.71%, Maturing October 31, 2013 | 470,728 | |||||||||
Vertafore, Inc. | |||||||||||
2,487,516 | Term Loan, 8.01%, Maturing January 31, 2012 | 2,453,312 | |||||||||
975,000 | Term Loan, 11.51%, Maturing January 31, 2013 | 948,188 | |||||||||
$ | 36,061,697 |
See notes to financial statements
8
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Equipment Leasing 0.4% | |||||||||||
Hertz Corp. (The) | |||||||||||
3,828,917 | Term Loan, 6.87%, Maturing December 21, 2012 | $ | 3,776,441 | ||||||||
688,889 | Term Loan, 6.99%, Maturing December 21, 2012 | 679,448 | |||||||||
Maxim Crane Works, L.P. | |||||||||||
1,246,875 | Term Loan, 6.81%, Maturing June 29, 2014 | 1,184,531 | |||||||||
United Rentals, Inc. | |||||||||||
519,459 | Term Loan, 5.32%, Maturing February 14, 2011 | 517,901 | |||||||||
1,234,911 | Term Loan, 7.13%, Maturing February 14, 2011 | 1,231,207 | |||||||||
$ | 7,389,528 | ||||||||||
Farming / Agriculture 0.3% | |||||||||||
BF Bolthouse HoldCo, LLC | |||||||||||
2,947,500 | Term Loan, 7.50%, Maturing December 16, 2012 | $ | 2,914,341 | ||||||||
1,475,000 | Term Loan, 10.70%, Maturing December 16, 2013 | 1,471,774 | |||||||||
Central Garden & Pet Co. | |||||||||||
2,511,750 | Term Loan, 6.56%, Maturing February 28, 2014 | 2,310,810 | |||||||||
$ | 6,696,925 | ||||||||||
Financial Intermediaries 0.6% | |||||||||||
Citco III, Ltd. | |||||||||||
1,775,000 | Term Loan, 7.63%, Maturing June 30, 2014 | $ | 1,726,188 | ||||||||
Coinstar, Inc. | |||||||||||
589,936 | Term Loan, 7.13%, Maturing July 7, 2011 | 589,198 | |||||||||
Grosvenor Capital Management | |||||||||||
718,261 | Term Loan, 7.33%, Maturing December 5, 2013 | 707,487 | |||||||||
INVESTools, Inc. | |||||||||||
625,000 | Term Loan, 8.45%, Maturing August 13, 2012 | 612,500 | |||||||||
Jupiter Asset Management Group | |||||||||||
GBP | 635,294 | Term Loan, 8.74%, Maturing June 30, 2015 | 1,262,485 | ||||||||
LPL Holdings, Inc. | |||||||||||
5,614,891 | Term Loan, 7.20%, Maturing December 18, 2014 | 5,544,705 | |||||||||
RJO Holdings Corp. (RJ O'Brien) | |||||||||||
675,000 | Term Loan, 7.76%, Maturing July 31, 2014 | 621,844 | |||||||||
Travelex America Holdings, Inc. | |||||||||||
625,000 | Term Loan, Maturing October 31, 2013(2) | 612,500 | |||||||||
625,000 | Term Loan, Maturing October 31, 2014(2) | 615,625 | |||||||||
$ | 12,292,532 | ||||||||||
Food Products 1.7% | |||||||||||
Acosta, Inc. | |||||||||||
2,987,188 | Term Loan, 7.01%, Maturing July 28, 2013 | $ | 2,927,444 | ||||||||
Advantage Sales & Marketing, Inc. | |||||||||||
3,590,058 | Term Loan, 6.94%, Maturing March 29, 2013 | 3,468,894 | |||||||||
599,869 | Term Loan, 6.94%, Maturing March 29, 2013 | 579,624 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Food Products (continued) | |||||||||||
American Seafoods Group, LLC | |||||||||||
1,167,559 | Term Loan, 6.95%, Maturing September 30, 2011 | $ | 1,132,532 | ||||||||
Birds Eye Foods, Inc. | |||||||||||
430,833 | Term Loan, 6.95%, Maturing March 22, 2013 | 418,178 | |||||||||
Chiquita Brands, LLC | |||||||||||
3,338,593 | Term Loan, 7.88%, Maturing June 28, 2012 | 3,291,993 | |||||||||
Dean Foods Co. | |||||||||||
4,950,125 | Term Loan, 6.70%, Maturing April 2, 2014 | 4,802,463 | |||||||||
MafCo Worldwide Corp. | |||||||||||
929,659 | Term Loan, 7.60%, Maturing December 8, 2011 | 904,093 | |||||||||
Michael Foods, Inc. | |||||||||||
1,565,962 | Term Loan, 7.36%, Maturing November 21, 2010 | 1,546,387 | |||||||||
National Dairy Holdings, L.P. | |||||||||||
2,091,149 | Term Loan, 6.82%, Maturing March 15, 2012 | 2,044,098 | |||||||||
Pinnacle Foods Finance, LLC | |||||||||||
6,384,000 | Term Loan, 7.95%, Maturing April 2, 2014 | 6,186,779 | |||||||||
Provimi Group SA | |||||||||||
EUR | 402,189 | Term Loan, 6.60%, Maturing June 28, 2015 | 564,775 | ||||||||
EUR | 548,225 | Term Loan, 6.60%, Maturing June 28, 2015 | 769,846 | ||||||||
EUR | 797,242 | Term Loan, 6.62%, Maturing June 28, 2015(3) | 1,119,528 | ||||||||
EUR | 462,604 | Term Loan, 6.63%, Maturing June 28, 2015(3) | 649,612 | ||||||||
231,370 | Term Loan, 7.37%, Maturing June 28, 2015 | 224,574 | |||||||||
188,011 | Term Loan, 7.37%, Maturing June 28, 2015 | 182,488 | |||||||||
Reddy Ice Group, Inc. | |||||||||||
3,130,000 | Term Loan, 7.00%, Maturing August 9, 2012 | 3,075,225 | |||||||||
$ | 33,888,533 | ||||||||||
Food Service 1.0% | |||||||||||
AFC Enterprises, Inc. | |||||||||||
703,971 | Term Loan, 7.50%, Maturing May 23, 2009 | $ | 692,532 | ||||||||
Aramark Corp. | |||||||||||
330,207 | Term Loan, 5.20%, Maturing January 26, 2014 | 322,818 | |||||||||
4,614,037 | Term Loan, 7.20%, Maturing January 26, 2014 | 4,510,798 | |||||||||
GBP | 992,500 | Term Loan, 8.44%, Maturing January 27, 2014 | 2,010,226 | ||||||||
Buffets, Inc. | |||||||||||
245,000 | Term Loan, 5.10%, Maturing May 1, 2013 | 222,797 | |||||||||
1,841,088 | Term Loan, 8.54%, Maturing November 1, 2013 | 1,674,239 | |||||||||
Burger King Corp. | |||||||||||
1,743,983 | Term Loan, 6.75%, Maturing June 30, 2012 | 1,727,851 | |||||||||
CBRL Group, Inc. | |||||||||||
2,319,501 | Term Loan, 6.86%, Maturing April 27, 2013 | 2,261,514 | |||||||||
Denny's, Inc. | |||||||||||
176,667 | Term Loan, 5.12%, Maturing March 31, 2012 | 174,458 | |||||||||
905,478 | Term Loan, 7.26%, Maturing March 31, 2012 | 894,160 |
See notes to financial statements
9
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Food Service (continued) | |||||||||||
JRD Holdings, Inc. | |||||||||||
896,094 | Term Loan, 7.74%, Maturing June 26, 2014 | $ | 878,172 | ||||||||
Maine Beverage Co., LLC | |||||||||||
740,625 | Term Loan, 6.98%, Maturing June 30, 2010 | 736,922 | |||||||||
NPC International, Inc. | |||||||||||
500,000 | Term Loan, 6.98%, Maturing May 3, 2013 | 482,500 | |||||||||
OSI Restaurant Partners, LLC | |||||||||||
84,586 | Term Loan, 5.52%, Maturing May 9, 2013 | 81,711 | |||||||||
1,037,812 | Term Loan, 7.06%, Maturing May 9, 2014 | 1,002,527 | |||||||||
QCE Finance, LLC | |||||||||||
992,462 | Term Loan, 7.45%, Maturing May 5, 2013 | 963,861 | |||||||||
1,225,000 | Term Loan, 10.95%, Maturing November 5, 2013 | 1,178,450 | |||||||||
Sagittarius Restaurants, LLC | |||||||||||
492,500 | Term Loan, 7.45%, Maturing March 29, 2013 | 455,563 | |||||||||
$ | 20,271,099 | ||||||||||
Food / Drug Retailers 1.2% | |||||||||||
General Nutrition Centers, Inc. | |||||||||||
1,393,000 | Term Loan, 7.48%, Maturing September 16, 2013 | $ | 1,350,666 | ||||||||
900,000 | Term Loan, Maturing September 16, 2013(2) | 837,000 | |||||||||
Iceland Foods Group, Ltd. | |||||||||||
GBP | 1,500,000 | Term Loan, 8.93%, Maturing May 2, 2014 | 3,108,235 | ||||||||
GBP | 1,500,000 | Term Loan, 9.43%, Maturing May 2, 2015 | 3,123,815 | ||||||||
GBP | 500,000 | Term Loan, 11.05%, Maturing May 2, 2016 | 1,038,675 | ||||||||
Pantry, Inc. (The) | |||||||||||
344,444 | Term Loan, 0.00%, Maturing May 15, 2014(3) | 334,326 | |||||||||
1,202,542 | Term Loan, 6.51%, Maturing May 15, 2014 | 1,167,217 | |||||||||
Rite Aid Corp. | |||||||||||
5,500,000 | Term Loan, 6.79%, Maturing June 1, 2014 | 5,362,500 | |||||||||
Roundy's Supermarkets, Inc. | |||||||||||
5,212,610 | Term Loan, 8.46%, Maturing November 3, 2011 | 5,195,236 | |||||||||
Supervalu, Inc. | |||||||||||
1,945,375 | Term Loan, 6.62%, Maturing June 1, 2012 | 1,923,490 | |||||||||
$ | 23,441,160 | ||||||||||
Forest Products 1.3% | |||||||||||
Appleton Papers, Inc. | |||||||||||
1,920,188 | Term Loan, 7.02%, Maturing June 5, 2014 | $ | 1,851,182 | ||||||||
Boise Cascade Holdings, LLC | |||||||||||
4,877,627 | Term Loan, 6.49%, Maturing April 30, 2014 | 4,849,581 | |||||||||
1,097,862 | Term Loan, 6.72%, Maturing April 30, 2014 | 1,091,549 | |||||||||
Georgia-Pacific Corp. | |||||||||||
11,581,374 | Term Loan, 7.41%, Maturing December 20, 2012 | 11,325,959 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Forest Products (continued) | |||||||||||
NewPage Corp. | |||||||||||
2,061,395 | Term Loan, 7.47%, Maturing May 2, 2011 | $ | 2,045,934 | ||||||||
Xerium Technologies, Inc. | |||||||||||
EUR | 2,000,000 | Term Loan, Maturing May 18, 2012(2) | 2,727,124 | ||||||||
1,891,670 | Term Loan, 7.95%, Maturing May 18, 2012 | 1,794,722 | |||||||||
$ | 25,686,051 | ||||||||||
Healthcare 5.5% | |||||||||||
Accellent, Inc. | |||||||||||
1,424,625 | Term Loan, 8.01%, Maturing November 22, 2012 | $ | 1,360,517 | ||||||||
Alliance Imaging, Inc. | |||||||||||
2,166,406 | Term Loan, 7.63%, Maturing December 29, 2011 | 2,150,158 | |||||||||
American Medical Systems | |||||||||||
1,942,819 | Term Loan, 7.57%, Maturing July 20, 2012 | 1,896,677 | |||||||||
AMN Healthcare, Inc. | |||||||||||
401,125 | Term Loan, 6.95%, Maturing November 2, 2011 | 390,971 | |||||||||
AMR HoldCo, Inc. | |||||||||||
2,186,733 | Term Loan, 7.71%, Maturing February 10, 2012 | 2,138,898 | |||||||||
Biomet, Inc. | |||||||||||
EUR | 1,775,000 | Term Loan, 7.72%, Maturing December 26, 2014 | 2,553,536 | ||||||||
4,000,000 | Term Loan, 8.20%, Maturing December 26, 2014 | 3,986,136 | |||||||||
Capio AB | |||||||||||
EUR | 227,051 | Term Loan, 6.85%, Maturing April 24, 2015 | 323,969 | ||||||||
EUR | 272,949 | Term Loan, 6.85%, Maturing April 24, 2015 | 389,459 | ||||||||
EUR | 227,051 | Term Loan, 6.98%, Maturing April 16, 2016 | 325,612 | ||||||||
EUR | 272,949 | Term Loan, 6.98%, Maturing April 24, 2016 | 391,434 | ||||||||
Cardinal Health 409, Inc. | |||||||||||
EUR | 1,995,000 | Term Loan, 6.98%, Maturing April 10, 2014 | 2,799,678 | ||||||||
2,194,500 | Term Loan, 7.45%, Maturing April 10, 2014 | 2,114,607 | |||||||||
Carestream Health, Inc. | |||||||||||
3,575,000 | Term Loan, 7.11%, Maturing April 30, 2013 | 3,466,635 | |||||||||
1,000,000 | Term Loan, 10.30%, Maturing October 30, 2013 | 978,333 | |||||||||
Carl Zeiss Vision Holding GmbH | |||||||||||
1,300,000 | Term Loan, 7.64%, Maturing March 23, 2015 | 1,271,833 | |||||||||
Community Health Systems, Inc. | |||||||||||
736,272 | Term Loan, 0.00%, Maturing July 25, 2014(3) | 720,166 | |||||||||
11,163,728 | Term Loan, 7.76%, Maturing July 25, 2014 | 10,919,521 | |||||||||
Concentra, Inc. | |||||||||||
850,000 | Term Loan, 10.70%, Maturing June 25, 2015 | 800,063 | |||||||||
ConMed Corp. | |||||||||||
626,208 | Term Loan, 6.32%, Maturing April 13, 2013 | 616,815 | |||||||||
CRC Health Corp. | |||||||||||
643,500 | Term Loan, 7.45%, Maturing February 6, 2013 | 629,423 | |||||||||
591,030 | Term Loan, 7.45%, Maturing February 6, 2013 | 578,101 |
See notes to financial statements
10
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Healthcare (continued) | |||||||||||
DaVita, Inc. | |||||||||||
7,223,858 | Term Loan, 6.75%, Maturing October 5, 2012 | $ | 7,086,908 | ||||||||
DJ Orthopedics, LLC | |||||||||||
379,321 | Term Loan, 6.58%, Maturing April 7, 2013 | 379,321 | |||||||||
Encore Medical Finance, LLC | |||||||||||
1,410,754 | Term Loan, 7.84%, Maturing November 3, 2013 | 1,407,227 | |||||||||
FHC Health Systems, Inc. | |||||||||||
734,254 | Term Loan, 12.33%, Maturing December 18, 2009 | 745,267 | |||||||||
513,978 | Term Loan, 14.33%, Maturing December 18, 2009 | 521,687 | |||||||||
Fresenius Medical Care Holdings | |||||||||||
3,534,977 | Term Loan, 6.70%, Maturing March 31, 2013 | 3,496,591 | |||||||||
Hanger Orthopedic Group, Inc. | |||||||||||
1,560,388 | Term Loan, 7.45%, Maturing May 30, 2013 | 1,530,155 | |||||||||
HCA, Inc. | |||||||||||
9,875,375 | Term Loan, 7.45%, Maturing November 18, 2013 | 9,664,793 | |||||||||
Health Management Association, Inc. | |||||||||||
5,141,108 | Term Loan, 6.94%, Maturing February 28, 2014 | 4,924,040 | |||||||||
HealthSouth Corp. | |||||||||||
1,595,972 | Term Loan, 7.63%, Maturing March 10, 2013 | 1,565,686 | |||||||||
Iasis Healthcare, LLC | |||||||||||
112,878 | Term Loan, 6.79%, Maturing March 14, 2014 | 107,904 | |||||||||
1,232,637 | Term Loan, 7.07%, Maturing March 14, 2014 | 1,178,325 | |||||||||
423,291 | Term Loan, 7.70%, Maturing March 14, 2014(3) | 404,640 | |||||||||
Ikaria Acquisition, Inc. | |||||||||||
783,298 | Term Loan, 7.70%, Maturing March 28, 2013 | 767,632 | |||||||||
IM US Holdings, LLC | |||||||||||
900,000 | Term Loan, 9.45%, Maturing June 26, 2015 | 898,313 | |||||||||
Invacare Corp. | |||||||||||
3,352,175 | Term Loan, 7.11%, Maturing February 12, 2013 | 3,267,325 | |||||||||
inVentiv Health, Inc. | |||||||||||
77,143 | Term Loan, 0.00%, Maturing July 6, 2014(3) | 75,407 | |||||||||
1,269,675 | Term Loan, 6.57%, Maturing July 6, 2014 | 1,241,107 | |||||||||
Leiner Health Products, Inc. | |||||||||||
1,088,438 | Term Loan, 9.65%, Maturing May 27, 2011 | 1,032,201 | |||||||||
LifeCare Holdings, Inc. | |||||||||||
955,500 | Term Loan, 8.20%, Maturing August 11, 2012 | 891,004 | |||||||||
LifePoint Hospitals, Inc. | |||||||||||
2,959,542 | Term Loan, 7.17%, Maturing April 15, 2012 | 2,908,280 | |||||||||
Magellan Health Services, Inc. | |||||||||||
277,778 | Term Loan, 5.22%, Maturing August 15, 2008 | 272,222 | |||||||||
104,167 | Term Loan, 6.87%, Maturing August 15, 2008 | 102,083 | |||||||||
Matria Healthcare, Inc. | |||||||||||
1,208,032 | Term Loan, 7.34%, Maturing January 19, 2012 | 1,183,872 | |||||||||
MultiPlan Merger Corp. | |||||||||||
783,125 | Term Loan, 7.25%, Maturing April 12, 2013 | 768,115 | |||||||||
1,425,918 | Term Loan, 7.25%, Maturing April 12, 2013 | 1,398,587 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Healthcare (continued) | |||||||||||
National Mentor Holdings, Inc. | |||||||||||
1,351,690 | Term Loan, 7.20%, Maturing June 29, 2013 | $ | 1,324,656 | ||||||||
81,200 | Term Loan, 7.32%, Maturing June 29, 2013 | 79,576 | |||||||||
National Rental Institutes, Inc. | |||||||||||
2,123,125 | Term Loan, 7.50%, Maturing March 31, 2013 | 2,080,663 | |||||||||
Nyco Holdings | |||||||||||
EUR | 1,950,000 | Term Loan, 7.21%, Maturing December 29, 2014 | 2,642,371 | ||||||||
EUR | 1,950,000 | Term Loan, 7.71%, Maturing December 29, 2015 | 2,655,067 | ||||||||
Physiotherapy Associates, Inc. | |||||||||||
1,197,000 | Term Loan, 9.50%, Maturing June 27, 2013 | 1,143,135 | |||||||||
RadNet Management, Inc. | |||||||||||
719,563 | Term Loan, 9.22%, Maturing November 15, 2012 | 721,362 | |||||||||
ReAble Therapeutics Finance, LLC | |||||||||||
2,212,739 | Term Loan, 7.45%, Maturing November 16, 2013 | 2,179,548 | |||||||||
Renal Advantage, Inc. | |||||||||||
392,126 | Term Loan, 8.10%, Maturing October 5, 2012 | 383,794 | |||||||||
Select Medical Holding Corp. | |||||||||||
2,023,125 | Term Loan, 7.48%, Maturing February 24, 2012 | 1,946,414 | |||||||||
Sunrise Medical Holdings, Inc. | |||||||||||
2,092,560 | Term Loan, 9.42%, Maturing May 13, 2010 | 1,883,304 | |||||||||
Vanguard Health Holding Co., LLC | |||||||||||
2,220,523 | Term Loan, 7.45%, Maturing September 23, 2011 | 2,176,808 | |||||||||
Viant Holdings, Inc. | |||||||||||
773,063 | Term Loan, 7.45%, Maturing June 25, 2014 | 724,746 | |||||||||
$ | 108,562,678 | ||||||||||
Home Furnishings 0.6% | |||||||||||
Hunter Fan Co. | |||||||||||
70,714 | Term Loan, 0.00%, Maturing April 16, 2014(3) | $ | 64,350 | ||||||||
752,577 | Term Loan, 8.03%, Maturing April 16, 2014 | 684,845 | |||||||||
Interline Brands, Inc. | |||||||||||
1,297,704 | Term Loan, 6.57%, Maturing June 23, 2013 | 1,270,128 | |||||||||
897,147 | Term Loan, 6.57%, Maturing June 23, 2013 | 878,082 | |||||||||
National Bedding Co., LLC | |||||||||||
1,493,737 | Term Loan, 7.09%, Maturing August 31, 2011 | 1,413,449 | |||||||||
1,050,000 | Term Loan, 9.75%, Maturing August 31, 2012 | 973,875 | |||||||||
Oreck Corp. | |||||||||||
1,807,044 | Term Loan, 9.25%, Maturing February 2, 2012 | 1,364,318 | |||||||||
Sanitec, Ltd. Oy | |||||||||||
EUR | 500,000 | Term Loan, 7.05%, Maturing April 7, 2013 | 691,598 | ||||||||
EUR | 500,000 | Term Loan, 7.55%, Maturing April 7, 2014 | 694,892 | ||||||||
Simmons Co. | |||||||||||
3,795,769 | Term Loan, 7.36%, Maturing December 19, 2011 | 3,738,833 | |||||||||
1,000,000 | Term Loan, 10.65%, Maturing February 15, 2012 | 935,000 | |||||||||
$ | 12,709,370 |
See notes to financial statements
11
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Industrial Equipment 1.5% | |||||||||||
Aearo Technologies, Inc. | |||||||||||
500,000 | Term Loan, 10.70%, Maturing September 24, 2013 | $ | 482,500 | ||||||||
997,500 | Term Loan, 7.45%, Maturing July 2, 2014 | 966,952 | |||||||||
Alliance Laundry Holdings, LLC | |||||||||||
468,311 | Term Loan, 7.86%, Maturing January 27, 2012 | 465,970 | |||||||||
CEVA Group PLC U.S. | |||||||||||
EUR | 306,388 | Term Loan, 7.16%, Maturing January 4, 2014 | 435,311 | ||||||||
EUR | 520,282 | Term Loan, 7.16%, Maturing January 4, 2014 | 739,207 | ||||||||
EUR | 639,430 | Term Loan, 7.16%, Maturing January 4, 2014 | 908,490 | ||||||||
EUR | 1,597,365 | Term Loan, 7.73%, Maturing January 4, 2014 | 2,269,506 | ||||||||
1,450,313 | Term Loan, 8.13%, Maturing January 4, 2014 | 1,428,558 | |||||||||
171,053 | Term Loan, 8.20%, Maturing January 4, 2014 | 168,487 | |||||||||
Colfax Corp. | |||||||||||
2,244,678 | Term Loan, 7.50%, Maturing May 30, 2009 | 2,230,649 | |||||||||
EPD Holdings (Goodyear Engineering Products) | |||||||||||
115,625 | Term Loan, 0.00%, Maturing July 13, 2014(3) | 113,794 | |||||||||
809,375 | Term loan, 7.46%, Maturing July 13, 2014 | 796,560 | |||||||||
1,100,000 | Term Loan, 10.71%, Maturing July 13, 2015 | 1,065,166 | |||||||||
Flowserve Corp. | |||||||||||
2,319,998 | Term Loan, 6.78%, Maturing August 10, 2012 | 2,286,648 | |||||||||
FR Brand Acquisition Corp. | |||||||||||
995,000 | Term Loan, 7.53%, Maturing February 7, 2014 | 956,444 | |||||||||
Generac Acquisition Corp. | |||||||||||
2,707,750 | Term Loan, 7.73%, Maturing November 7, 2013 | 2,399,259 | |||||||||
500,000 | Term Loan, 11.23%, Maturing April 7, 2014 | 363,959 | |||||||||
Gleason Corp. | |||||||||||
743,297 | Term Loan, 7.17%, Maturing June 30, 2013 | 736,793 | |||||||||
280,361 | Term Loan, 7.42%, Maturing June 30, 2013 | 277,908 | |||||||||
Itron, Inc. | |||||||||||
EUR | 475,112 | Term Loan, 6.73%, Maturing April 18, 2014 | 680,495 | ||||||||
Jason, Inc. | |||||||||||
648,375 | Term Loan, 8.03%, Maturing April 30, 2010 | 632,166 | |||||||||
John Maneely Co. | |||||||||||
2,577,444 | Term Loan, 8.52%, Maturing December 8, 2013 | 2,409,910 | |||||||||
KION Group GmbH | |||||||||||
250,000 | Term Loan, 7.49%, Maturing December 23, 2014 | 246,051 | |||||||||
250,000 | Term Loan, 7.74%, Maturing December 23, 2015 | 247,074 | |||||||||
Polypore, Inc. | |||||||||||
4,339,125 | Term Loan, 7.07%, Maturing July 3, 2014 | 4,236,071 | |||||||||
Terex Corp. | |||||||||||
938,125 | Term Loan, 6.95%, Maturing July 13, 2013 | 933,434 | |||||||||
TFS Acquisition Corp. | |||||||||||
891,000 | Term Loan, 8.70%, Maturing August 11, 2013 | 877,635 | |||||||||
$ | 29,354,997 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Insurance 0.7% | |||||||||||
Alliant Holdings I, Inc. | |||||||||||
1,350,000 | Term Loan, Maturing August 21, 2014(2) | $ | 1,336,500 | ||||||||
Applied Systems, Inc. | |||||||||||
997,481 | Term Loan, 7.42%, Maturing September 26, 2013 | 977,531 | |||||||||
CCC Information Services Group, Inc. | |||||||||||
1,166,500 | Term Loan, 7.71%, Maturing February 10, 2013 | 1,156,293 | |||||||||
Conseco, Inc. | |||||||||||
4,710,563 | Term Loan, 6.82%, Maturing October 10, 2013 | 4,512,328 | |||||||||
Crawford & Company | |||||||||||
1,655,310 | Term Loan, 7.45%, Maturing October 31, 2013 | 1,626,342 | |||||||||
Crump Group, Inc. | |||||||||||
1,450,000 | Term Loan, Maturing August 4, 2014(2) | 1,428,250 | |||||||||
Hub International Holdings, Inc. | |||||||||||
219,435 | Term Loan, 8.01%, Maturing June 13, 2014(3) | 215,458 | |||||||||
977,941 | Term Loan, 8.20%, Maturing June 13, 2014 | 960,216 | |||||||||
U.S.I. Holdings Corp. | |||||||||||
1,197,000 | Term Loan, 7.95%, Maturing May 4, 2014 | 1,179,045 | |||||||||
$ | 13,391,963 | ||||||||||
Leisure Goods / Activities / Movies 4.2% | |||||||||||
24 Hour Fitness Worldwide, Inc. | |||||||||||
1,989,700 | Term Loan, 7.81%, Maturing June 8, 2012 | $ | 1,959,855 | ||||||||
AMC Entertainment, Inc. | |||||||||||
2,235,188 | Term Loan, 6.61%, Maturing January 26, 2013 | 2,200,088 | |||||||||
AMF Bowling Worldwide, Inc. | |||||||||||
1,300,000 | Term Loan, 11.81%, Maturing December 8, 2013 | 1,261,000 | |||||||||
Butterfly Wendel US, Inc. | |||||||||||
387,500 | Term Loan, 8.14%, Maturing June 22, 2013 | 363,927 | |||||||||
387,500 | Term Loan, 7.89%, Maturing June 22, 2014 | 361,990 | |||||||||
Carmike Cinemas, Inc. | |||||||||||
2,947,236 | Term Loan, 9.00%, Maturing May 19, 2012 | 2,942,323 | |||||||||
Cedar Fair, L.P. | |||||||||||
493,750 | Term Loan, 6.76%, Maturing August 31, 2011 | 484,801 | |||||||||
3,974,688 | Term Loan, 6.75%, Maturing August 30, 2012 | 3,902,646 | |||||||||
Cinemark, Inc. | |||||||||||
4,746,105 | Term Loan, 7.25%, Maturing October 5, 2013 | 4,648,216 | |||||||||
Dave & Buster's, Inc. | |||||||||||
587,500 | Term Loan, 7.48%, Maturing March 8, 2013 | 582,359 | |||||||||
985,000 | Term Loan, 7.48%, Maturing March 8, 2013 | 976,381 | |||||||||
Deluxe Entertainment Services | |||||||||||
894,377 | Term Loan, 7.45%, Maturing January 28, 2011 | 869,781 | |||||||||
81,214 | Term Loan, 7.45%, Maturing January 28, 2011 | 78,980 | |||||||||
41,339 | Term Loan, 7.45%, Maturing January 28, 2011 | 40,202 | |||||||||
Easton-Bell Sports, Inc. | |||||||||||
1,477,500 | Term Loan, 6.85%, Maturing March 16, 2012 | 1,435,715 |
See notes to financial statements
12
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Leisure Goods / Activities / Movies (continued) | |||||||||||
HEI Acquisition, LLC | |||||||||||
2,775,000 | Term Loan, 9.02%, Maturing April 13, 2014 | $ | 2,719,500 | ||||||||
Mega Blocks, Inc. | |||||||||||
1,488,579 | Term Loan, 7.25%, Maturing July 26, 2012 | 1,430,896 | |||||||||
Metro-Goldwyn-Mayer Holdings, Inc. | |||||||||||
10,215,653 | Term Loan, 8.45%, Maturing April 8, 2012 | 9,819,797 | |||||||||
National CineMedia, LLC | |||||||||||
1,575,000 | Term Loan, 7.46%, Maturing February 13, 2015 | 1,524,797 | |||||||||
Red Football, Ltd. | |||||||||||
GBP | 4,750,000 | Term Loan, 8.87%, Maturing August 16, 2014 | 9,725,568 | ||||||||
GBP | 4,750,000 | Term Loan, 9.12%, Maturing August 16, 2015 | 9,774,906 | ||||||||
Regal Cinemas Corp. | |||||||||||
6,288,981 | Term Loan, 6.70%, Maturing November 10, 2010 | 6,158,554 | |||||||||
Revolution Studios Distribution Co., LLC | |||||||||||
1,681,923 | Term Loan, 8.51%, Maturing December 21, 2014 | 1,673,514 | |||||||||
1,050,000 | Term Loan, 11.76%, Maturing June 21, 2015 | 1,034,250 | |||||||||
Six Flags Theme Parks, Inc. | |||||||||||
4,513,688 | Term Loan, 7.75%, Maturing April 30, 2015 | 4,311,984 | |||||||||
Southwest Sports Group, LLC | |||||||||||
1,450,000 | Term Loan, 7.75%, Maturing December 22, 2010 | 1,424,625 | |||||||||
Universal City Development Partners, Ltd. | |||||||||||
2,912,921 | Term Loan, 7.33%, Maturing June 9, 2011 | 2,887,433 | |||||||||
WMG Acquisition Corp. | |||||||||||
900,000 | Revolving Loan, 0.00%, Maturing February 28, 2010(3) | 874,125 | |||||||||
6,967,827 | Term Loan, 7.42%, Maturing February 28, 2011 | 6,819,761 | |||||||||
$ | 82,287,974 | ||||||||||
Lodging and Casinos 1.9% | |||||||||||
Bally Technologies, Inc. | |||||||||||
5,466,091 | Term Loan, 8.64%, Maturing September 5, 2009 | $ | 5,450,147 | ||||||||
CCM Merger, Inc. | |||||||||||
2,579,408 | Term Loan, 7.30%, Maturing April 25, 2012 | 2,524,595 | |||||||||
Gala Electric Casinos, Ltd. | |||||||||||
GBP | 1,000,000 | Term Loan, 8.81%, Maturing December 12, 2013 | 2,005,509 | ||||||||
GBP | 1,000,000 | Term Loan, 9.30%, Maturing December 12, 2014 | 2,015,896 | ||||||||
Green Valley Ranch Gaming, LLC | |||||||||||
647,080 | Term Loan, 7.41%, Maturing February 16, 2014 | 634,138 | |||||||||
Isle of Capri Casinos, Inc. | |||||||||||
798,529 | Term Loan, 0.00%, Maturing November 30, 2013(3) | 770,680 | |||||||||
1,062,044 | Term Loan, 6.64%, Maturing November 30, 2013 | 1,025,005 | |||||||||
2,655,111 | Term Loan, 6.74%, Maturing November 30, 2013 | 2,562,514 | |||||||||
LodgeNet Entertainment Corp. | |||||||||||
1,197,000 | Term Loan, 7.20%, Maturing April 4, 2014 | 1,177,175 | |||||||||
New World Gaming Partners, Ltd | |||||||||||
1,458,333 | Term Loan, Maturing June 30, 2014(2) | 1,400,000 | |||||||||
291,667 | Term Loan, Maturing June 30, 2014(2) | 280,000 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Lodging and Casinos (continued) | |||||||||||
Penn National Gaming, Inc. | |||||||||||
7,766,500 | Term Loan, 6.90%, Maturing October 3, 2012 | $ | 7,727,132 | ||||||||
Venetian Casino Resort/Las Vegas Sands Inc. | |||||||||||
1,240,000 | Term Loan, 0.00%, Maturing May 14, 2014(3) | 1,205,840 | |||||||||
4,947,600 | Term Loan, 6.95%, Maturing May 23, 2014 | 4,811,304 | |||||||||
VML US Finance, LLC | |||||||||||
2,300,000 | Term Loan, 7.45%, Maturing May 25, 2013 | 2,257,080 | |||||||||
Wimar OpCo, LLC | |||||||||||
900,262 | Term Loan, 7.45%, Maturing January 3, 2012 | 880,007 | |||||||||
$ | 36,727,022 | ||||||||||
Nonferrous Metals / Minerals 1.3% | |||||||||||
Alpha Natural Resources, LLC | |||||||||||
2,898,375 | Term Loan, 6.95%, Maturing October 26, 2012 | $ | 2,885,092 | ||||||||
Compass Minerals Group, Inc. | |||||||||||
2,777,709 | Term Loan, 6.70%, Maturing December 22, 2012 | 2,740,674 | |||||||||
Euramax International, Inc. | |||||||||||
725,794 | Term Loan, 8.24%, Maturing June 28, 2012 | 676,198 | |||||||||
501,316 | Term Loan, 13.24%, Maturing June 28, 2013 | 440,322 | |||||||||
248,684 | Term Loan, 13.24%, Maturing June 28, 2013 | 218,428 | |||||||||
Magnum Coal Co. | |||||||||||
245,455 | Term Loan, 8.01%, Maturing March 15, 2013 | 223,977 | |||||||||
2,417,727 | Term Loan, 8.42%, Maturing March 15, 2013 | 2,206,176 | |||||||||
Murray Energy Corp. | |||||||||||
955,500 | Term Loan, 8.54%, Maturing January 28, 2010 | 955,500 | |||||||||
Neo Material Technologies, Inc. | |||||||||||
1,574,063 | Term Loan, 8.69%, Maturing August 31, 2009 | 1,574,063 | |||||||||
Noranda Aluminum Acquisition | |||||||||||
572,063 | Term Loan, 7.51%, Maturing May 18, 2014 | 561,098 | |||||||||
Novelis, Inc. | |||||||||||
911,777 | Term Loan, 7.20%, Maturing June 28, 2014 | 888,603 | |||||||||
2,005,910 | Term Loan, 7.20%, Maturing June 28, 2014 | 1,954,926 | |||||||||
Oxbow Carbon and Mineral Holdings | |||||||||||
1,875,475 | Term Loan, 7.19%, Maturing May 8, 2014 | 1,808,661 | |||||||||
164,688 | Term Loan, 7.20%, Maturing May 8, 2014 | 158,821 | |||||||||
Stillwater Mining Co. | |||||||||||
4,817,636 | Term Loan, 7.06%, Maturing July 30, 2010 | 4,778,493 | |||||||||
Thompson Creek Metals Co. | |||||||||||
1,673,341 | Term Loan, 9.56%, Maturing October 26, 2012 | 1,677,525 | |||||||||
Tube City IMS Corp. | |||||||||||
2,662,297 | Term Loan, 7.45%, Maturing January 25, 2014 | 2,573,555 | |||||||||
324,324 | Term Loan, 7.45%, Maturing January 25, 2014 | 313,514 | |||||||||
$ | 26,635,626 |
See notes to financial statements
13
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Oil and Gas 1.3% | |||||||||||
Atlas Pipeline Partners, L.P. | |||||||||||
2,200,000 | Term Loan, 7.55%, Maturing July 20, 2014 | $ | 2,198,625 | ||||||||
Big West Oil, LLC | |||||||||||
577,500 | Term Loan, 0.00%, Maturing May 1, 2014(3) | 560,175 | |||||||||
469,875 | Term Loan, 7.45%, Maturing May 1, 2014 | 455,779 | |||||||||
Citgo Petroleum Corp. | |||||||||||
1,960,351 | Term Loan, 6.22%, Maturing November 15, 2012 | 1,921,144 | |||||||||
Dresser, Inc. | |||||||||||
841,337 | Term Loan, 7.99%, Maturing May 4, 2014 | 825,825 | |||||||||
1,250,000 | Term Loan, 11.13%, Maturing May 4, 2015 | 1,221,094 | |||||||||
El Paso Corp. | |||||||||||
1,750,000 | Term Loan, 5.32%, Maturing July 31, 2011 | 1,729,219 | |||||||||
Enterprise GP Holdings L.P | |||||||||||
1,550,000 | Term Loan, Maturing October 31, 2014(2) | 1,547,579 | |||||||||
Hercules Offshore, Inc. | |||||||||||
997,500 | Term Loan, 6.99%, Maturing July 6, 2013 | 986,278 | |||||||||
IFM (US) Colonial Pipeline 2, LLC | |||||||||||
945,250 | Term Loan, 7.51%, Maturing February 27, 2012 | 942,887 | |||||||||
Key Energy Services, Inc. | |||||||||||
1,000,000 | Term Loan, 5.36%, Maturing June 30, 2012 | 997,188 | |||||||||
1,355,850 | Term Loan, 7.64%, Maturing June 30, 2012 | 1,352,037 | |||||||||
Kinder Morgan, Inc. | |||||||||||
5,488,843 | Term Loan, 6.26%, Maturing May 21, 2014 | 5,363,055 | |||||||||
Primary Natural Resources, Inc. | |||||||||||
1,970,000 | Term Loan, 7.50%, Maturing July 28, 2010(4) | 1,945,375 | |||||||||
Targa Resources, Inc. | |||||||||||
1,602,972 | Term Loan, 7.19%, Maturing October 31, 2012 | 1,591,350 | |||||||||
1,436,592 | Term Loan, 7.53%, Maturing October 31, 2012 | 1,426,177 | |||||||||
Volnay Acquisition Co. | |||||||||||
892,500 | Term Loan, 7.13%, Maturing January 12, 2014 | 888,038 | |||||||||
$ | 25,951,825 | ||||||||||
Publishing 4.6% | |||||||||||
American Media Operations, Inc. | |||||||||||
3,825,000 | Term Loan, 8.80%, Maturing January 31, 2013 | $ | 3,781,969 | ||||||||
Aster Zweite Beteiligungs GmbH | |||||||||||
EUR | 472,333 | Term Loan, 7.00%, Maturing September 27, 2013 | 663,416 | ||||||||
1,075,000 | Term Loan, 7.39%, Maturing September 27, 2013 | 1,038,047 | |||||||||
CanWest MediaWorks, Ltd. | |||||||||||
1,172,063 | Term Loan, 7.54%, Maturing July 10, 2014 | 1,160,342 | |||||||||
Dex Media West, LLC | |||||||||||
4,373,514 | Term Loan, 7.05%, Maturing March 9, 2010 | 4,331,965 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Publishing (continued) | |||||||||||
GateHouse Media Operating, Inc. | |||||||||||
800,000 | Term Loan, 7.27%, Maturing August 28, 2014 | $ | 746,500 | ||||||||
1,850,000 | Term Loan, 7.51%, Maturing August 28, 2014 | 1,726,281 | |||||||||
975,000 | Term Loan, 7.72%, Maturing August 28, 2014 | 910,406 | |||||||||
Idearc, Inc. | |||||||||||
12,431,063 | Term Loan, 7.20%, Maturing November 17, 2014 | 12,275,028 | |||||||||
Laureate Education, Inc. | |||||||||||
304,305 | Term Loan, 0.00%, Maturing August 17, 2014(3) | 299,436 | |||||||||
2,054,056 | Term Loan, 8.73%, Maturing August 17, 2014 | 2,021,191 | |||||||||
MediaNews Group, Inc. | |||||||||||
1,259,063 | Term Loan, 7.14%, Maturing August 2, 2013 | 1,205,552 | |||||||||
Mediannuaire Holding | |||||||||||
EUR | 1,000,000 | Term Loan, 7.00%, Maturing October 10, 2014 | 1,409,548 | ||||||||
EUR | 1,000,000 | Term Loan, 7.50%, Maturing October 10, 2015 | 1,416,782 | ||||||||
EUR | 1,000,000 | Term Loan, 9.00%, Maturing April 10, 2016 | 1,415,555 | ||||||||
Merrill Communications, LLC | |||||||||||
1,455,674 | Term Loan, 7.27%, Maturing February 9, 2009 | 1,433,838 | |||||||||
Nebraska Book Co., Inc. | |||||||||||
919,555 | Term Loan, 7.65%, Maturing March 4, 2011 | 905,761 | |||||||||
Nelson Education, Ltd. | |||||||||||
675,000 | Term Loan, 7.70%, Maturing July 5, 2014 | 633,656 | |||||||||
Nielsen Finance, LLC | |||||||||||
9,033,763 | Term Loan, 7.36%, Maturing August 9, 2013 | 8,809,175 | |||||||||
Penton Media, Inc. | |||||||||||
995,000 | Term Loan, 7.24%, Maturing February 1, 2013 | 948,981 | |||||||||
Philadelphia Newspapers, LLC | |||||||||||
1,046,460 | Term Loan, 8.75%, Maturing June 29, 2013 | 962,743 | |||||||||
R.H. Donnelley Corp. | |||||||||||
4,256,529 | Term Loan, 7.01%, Maturing June 30, 2010 | 4,205,689 | |||||||||
Reader's Digest Association | |||||||||||
7,935,175 | Term Loan, 7.54%, Maturing March 2, 2014 | 7,546,351 | |||||||||
Riverdeep Interactive Learning USA, Inc. | |||||||||||
4,956,238 | Term Loan, 7.95%, Maturing December 20, 2013 | 4,935,585 | |||||||||
SGS International, Inc. | |||||||||||
908,813 | Term Loan, 7.84%, Maturing December 30, 2011 | 899,724 | |||||||||
Source Media, Inc. | |||||||||||
2,383,614 | Term Loan, 7.07%, Maturing November 8, 2011 | 2,321,044 | |||||||||
SP Newsprint Co. | |||||||||||
1,305,204 | Term Loan, 5.59%, Maturing January 9, 2010 | 1,279,100 | |||||||||
TL Acquisitions, Inc. | |||||||||||
3,275,000 | Term Loan, 7.95%, Maturing July 5, 2014 | 3,174,929 | |||||||||
Trader Media Corp. | |||||||||||
GBP | 2,309,688 | Term Loan, 8.42%, Maturing March 23, 2015 | 4,618,103 |
See notes to financial statements
14
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Publishing (continued) | |||||||||||
Tribune Co. | |||||||||||
2,660,000 | Term Loan, 7.74%, Maturing May 17, 2009 | $ | 2,633,193 | ||||||||
4,264,313 | Term Loan, 8.24%, Maturing May 17, 2014 | 3,970,075 | |||||||||
Xsys US, Inc. | |||||||||||
EUR | 527,667 | Term Loan, 7.00%, Maturing September 27, 2013 | 741,137 | ||||||||
Xsys, Inc. | |||||||||||
1,290,100 | Term Loan, 7.39%, Maturing September 27, 2013 | 1,245,753 | |||||||||
1,290,100 | Term Loan, 7.39%, Maturing September 27, 2014 | 1,250,591 | |||||||||
Yell Group, PLC | |||||||||||
3,425,000 | Term Loan, 6.75%, Maturing February 10, 2013 | 3,385,667 | |||||||||
$ | 90,303,113 | ||||||||||
Radio and Television 2.4% | |||||||||||
Block Communications, Inc. | |||||||||||
2,063,250 | Term Loan, 7.20%, Maturing December 22, 2011 | $ | 1,991,036 | ||||||||
CMP KC, LLC | |||||||||||
976,188 | Term Loan, 9.26%, Maturing May 5, 2013 | 922,498 | |||||||||
CMP Susquehanna Corp. | |||||||||||
1,760,804 | Term Loan, 7.07%, Maturing May 5, 2013 | 1,707,979 | |||||||||
Discovery Communications, Inc. | |||||||||||
3,466,313 | Term Loan, 7.20%, Maturing April 30, 2014 | 3,428,762 | |||||||||
Emmis Operating Co. | |||||||||||
1,065,900 | Term Loan, 7.20%, Maturing November 2, 2013 | 1,043,250 | |||||||||
Entravision Communications Corp. | |||||||||||
1,813,000 | Term Loan, 6.73%, Maturing September 29, 2013 | 1,785,049 | |||||||||
Gray Television, Inc. | |||||||||||
1,658,250 | Term Loan, 6.73%, Maturing January 19, 2015 | 1,602,976 | |||||||||
HIT Entertainment, Inc. | |||||||||||
2,457,492 | Term Loan, 7.17%, Maturing March 20, 2012 | 2,411,414 | |||||||||
NEP II, Inc. | |||||||||||
845,747 | Term Loan, 7.45%, Maturing February 16, 2014 | 809,275 | |||||||||
Nexstar Broadcasting, Inc. | |||||||||||
2,123,918 | Term Loan, 6.95%, Maturing October 1, 2012 | 2,052,236 | |||||||||
2,011,451 | Term Loan, 6.95%, Maturing October 1, 2012 | 1,943,565 | |||||||||
NextMedia Operating, Inc. | |||||||||||
261,997 | Term Loan, 7.05%, Maturing November 15, 2012 | 250,862 | |||||||||
116,443 | Term Loan, 7.12%, Maturing November 15, 2012 | 111,494 | |||||||||
PanAmSat Corp. | |||||||||||
3,217,500 | Term Loan, 7.12%, Maturing January 3, 2014 | 3,185,039 | |||||||||
Paxson Communications Corp. | |||||||||||
3,250,000 | Term Loan, 8.49%, Maturing January 15, 2012 | 3,217,500 | |||||||||
Raycom TV Broadcasting, LLC | |||||||||||
1,900,000 | Term Loan, 6.31%, Maturing June 25, 2014 | 1,852,500 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Radio and Television (continued) | |||||||||||
SFX Entertainment | |||||||||||
1,496,260 | Term Loan, 7.95%, Maturing June 21, 2013 | $ | 1,473,816 | ||||||||
Sirius Satellite Radio, Inc. | |||||||||||
750,000 | Term Loan, 7.25%, Maturing December 19, 2012 | 725,156 | |||||||||
Tyrol Acquisition 2 SAS | |||||||||||
EUR | 1,050,000 | Term Loan, 6.37%, Maturing January 19, 2015 | 1,474,701 | ||||||||
EUR | 1,050,000 | Term Loan, 6.62%, Maturing January 19, 2016 | 1,480,952 | ||||||||
Univision Communications, Inc. | |||||||||||
1,000,000 | Term Loan, 7.25%, Maturing March 29, 2009 | 993,750 | |||||||||
390,940 | Term Loan, 0.00%, Maturing September 29, 2014(3) | 371,148 | |||||||||
11,259,060 | Term Loan, 7.20%, Maturing September 29, 2014 | 10,689,070 | |||||||||
Young Broadcasting, Inc. | |||||||||||
2,339,900 | Term Loan, 7.87%, Maturing November 3, 2012 | 2,246,304 | |||||||||
$ | 47,770,332 | ||||||||||
Rail Industries 0.3% | |||||||||||
Kansas City Southern Railway Co. | |||||||||||
3,357,500 | Term Loan, 6.68%, Maturing March 30, 2008 | $ | 3,299,583 | ||||||||
RailAmerica, Inc. | |||||||||||
2,225,000 | Term Loan, 7.81%, Maturing August 14, 2008 | 2,194,406 | |||||||||
$ | 5,493,989 | ||||||||||
Retailers (Except Food and Drug) 1.6% | |||||||||||
American Achievement Corp. | |||||||||||
1,440,290 | Term Loan, 7.48%, Maturing March 25, 2011 | $ | 1,411,484 | ||||||||
Amscan Holdings, Inc. | |||||||||||
721,375 | Term Loan, 7.56%, Maturing May 25, 2013 | 699,734 | |||||||||
Claire's Stores, Inc. | |||||||||||
498,750 | Term Loan, 7.95%, Maturing May 24, 2014 | 471,553 | |||||||||
Coinmach Laundry Corp. | |||||||||||
4,517,871 | Term Loan, 7.74%, Maturing December 19, 2012 | 4,495,281 | |||||||||
Cumberland Farms, Inc. | |||||||||||
2,054,250 | Term Loan, 7.64%, Maturing September 29, 2013 | 2,033,708 | |||||||||
FTD, Inc. | |||||||||||
827,261 | Term Loan, 6.50%, Maturing July 28, 2013 | 821,057 | |||||||||
Harbor Freight Tools USA, Inc. | |||||||||||
2,545,569 | Term Loan, 7.29%, Maturing July 15, 2010 | 2,449,713 | |||||||||
Josten's Corp. | |||||||||||
991,336 | Term Loan, 7.20%, Maturing October 4, 2011 | 984,521 | |||||||||
Mapco Express, Inc. | |||||||||||
2,412,856 | Term Loan, 7.74%, Maturing April 28, 2011 | 2,373,647 | |||||||||
Neiman Marcus Group, Inc. | |||||||||||
1,542,722 | Term Loan, 7.45%, Maturing April 5, 2013 | 1,520,803 |
See notes to financial statements
15
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Retailers (Except Food and Drug) (continued) | |||||||||||
Orbitz Worldwide, Inc. | |||||||||||
1,700,000 | Term Loan, 8.20%, Maturing July 25, 2014 | $ | 1,677,688 | ||||||||
Oriental Trading Co., Inc. | |||||||||||
1,150,000 | Term Loan, 10.76%, Maturing January 31, 2013 | 1,112,625 | |||||||||
2,094,764 | Term Loan, 7.40%, Maturing July 31, 2013 | 2,024,065 | |||||||||
Rent-A-Center, Inc. | |||||||||||
1,358,489 | Term Loan, 7.20%, Maturing November 15, 2012 | 1,333,584 | |||||||||
Savers, Inc. | |||||||||||
452,284 | Term Loan, 7.99%, Maturing August 11, 2012 | 440,977 | |||||||||
491,028 | Term Loan, 7.99%, Maturing August 11, 2012 | 478,752 | |||||||||
Vivarte | |||||||||||
EUR | 836,310 | Term Loan, 6.77%, Maturing May 29, 2015 | 1,131,437 | ||||||||
EUR | 130,208 | Term Loan, 6.77%, Maturing May 29, 2015 | 176,158 | ||||||||
EUR | 33,482 | Term Loan, 6.77%, Maturing May 29, 2015 | 45,298 | ||||||||
EUR | 836,310 | Term Loan, 7.27%, Maturing May 29, 2016 | 1,136,881 | ||||||||
EUR | 130,208 | Term Loan, 7.27%, Maturing May 29, 2016 | 177,006 | ||||||||
EUR | 33,482 | Term Loan, 7.27%, Maturing May 29, 2016 | 45,516 | ||||||||
Yankee Candle Company, Inc. (The) | |||||||||||
3,756,125 | Term Loan, 7.20%, Maturing February 6, 2014 | 3,659,874 | |||||||||
$ | 30,701,362 | ||||||||||
Steel 0.3% | |||||||||||
Algoma Acquisition Corp. | |||||||||||
3,167,063 | Term Loan, 8.09%, Maturing June 20, 2013 | $ | 3,056,215 | ||||||||
Gibraltar Industries, Inc. | |||||||||||
597,351 | Term Loan, 6.94%, Maturing December 8, 2010 | 591,377 | |||||||||
Niagara Corp. | |||||||||||
1,471,313 | Term Loan, 9.82%, Maturing June 29, 2014 | 1,412,460 | |||||||||
$ | 5,060,052 | ||||||||||
Surface Transport 0.5% | |||||||||||
Gainey Corp. | |||||||||||
1,934,632 | Term Loan, 10.44%, Maturing April 20, 2012 | $ | 1,712,149 | ||||||||
Oshkosh Truck Corp. | |||||||||||
2,518,125 | Term Loan, 7.45%, Maturing December 6, 2013 | 2,481,534 | |||||||||
Ozburn-Hessey Holding Co., LLC | |||||||||||
588,824 | Term Loan, 8.53%, Maturing August 9, 2012 | 565,271 | |||||||||
SIRVA Worldwide, Inc. | |||||||||||
1,572,517 | Term Loan, 12.50%, Maturing December 1, 2010 | 1,113,866 | |||||||||
Swift Transportation Co., Inc. | |||||||||||
4,020,930 | Term Loan, 8.38%, Maturing May 10, 2014 | 3,553,497 | |||||||||
$ | 9,426,317 |
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Telecommunications 2.5% | |||||||||||
American Cellular Corp. | |||||||||||
2,711,375 | Term Loan, 7.24%, Maturing March 15, 2014 | $ | 2,705,445 | ||||||||
Asurion Corp. | |||||||||||
2,450,000 | Term Loan, 8.36%, Maturing July 13, 2012 | 2,400,236 | |||||||||
1,000,000 | Term Loan, 11.72%, Maturing January 13, 2013 | 974,063 | |||||||||
BCM Luxembourg, Ltd. | |||||||||||
EUR | 1,375,000 | Term Loan, 6.63%, Maturing September 30, 2014 | 1,953,896 | ||||||||
EUR | 1,375,000 | Term Loan, 6.88%, Maturing September 30, 2015 | 1,964,726 | ||||||||
EUR | 1,500,000 | Term Loan, Maturing March 31, 2016(2) | 2,152,154 | ||||||||
Centennial Cellular Operating Co., LLC | |||||||||||
3,533,773 | Term Loan, 7.22%, Maturing February 9, 2011 | 3,500,011 | |||||||||
Consolidated Communications, Inc. | |||||||||||
3,648,439 | Term Loan, 6.95%, Maturing July 27, 2015 | 3,637,038 | |||||||||
FairPoint Communications, Inc. | |||||||||||
3,200,000 | Term Loan, 7.00%, Maturing February 8, 2012 | 3,172,800 | |||||||||
Intelsat Bermuda, Ltd. | |||||||||||
1,425,000 | Term Loan, 7.86%, Maturing February 1, 2014 | 1,412,531 | |||||||||
Intelsat Subsidiary Holding Co. | |||||||||||
1,287,000 | Term Loan, 7.12%, Maturing July 3, 2013 | 1,274,291 | |||||||||
Iowa Telecommunications Services | |||||||||||
3,208,000 | Term Loan, 6.99%, Maturing November 23, 2011 | 3,172,914 | |||||||||
IPC Systems, Inc. | |||||||||||
GBP | 1,695,750 | Term Loan, 8.57%, Maturing May 31, 2014 | 3,267,273 | ||||||||
Macquarie UK Broadcast Ventures, Ltd. | |||||||||||
GBP | 1,100,000 | Term Loan, 8.04%, Maturing December 26, 2014 | 2,230,814 | ||||||||
NTelos, Inc. | |||||||||||
1,752,589 | Term Loan, 7.01%, Maturing August 24, 2011 | 1,736,158 | |||||||||
Stratos Global Corp. | |||||||||||
1,262,250 | Term Loan, 7.95%, Maturing February 13, 2012 | 1,241,212 | |||||||||
TDC AS (Nordic Telephone Company) | |||||||||||
EUR | 864,379 | Term Loan, 6.25%, Maturing April 10, 2014 | 1,240,080 | ||||||||
EUR | 992,175 | Term Loan, 6.50%, Maturing April 10, 2015 | 1,430,599 | ||||||||
Telesat Canada, Inc. | |||||||||||
70,546 | Term Loan, Maturing October 22, 2014(2) | 69,973 | |||||||||
825,394 | Term Loan, Maturing October 22, 2014(2) | 818,687 | |||||||||
Trilogy International Partners | |||||||||||
1,225,000 | Term Loan, 8.70%, Maturing June 29, 2012 | 1,212,750 | |||||||||
Triton PCS, Inc. | |||||||||||
4,472,312 | Term Loan, 8.01%, Maturing November 18, 2009 | 4,468,587 | |||||||||
Windstream Corp. | |||||||||||
4,030,545 | Term Loan, 6.71%, Maturing July 17, 2013 | 4,009,671 | |||||||||
$ | 50,045,909 |
See notes to financial statements
16
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount* |
Borrower/Tranche Description | Value | |||||||||
Utilities 1.7% | |||||||||||
AEI Finance Holding, LLC | |||||||||||
388,674 | Revolving Loan, 7.70%, Maturing March 30, 2012 | $ | 380,901 | ||||||||
2,929,640 | Term Loan, 8.20%, Maturing March 30, 2014 | 2,871,047 | |||||||||
Astoria Generating Co. | |||||||||||
1,033,297 | Term Loan, 7.21%, Maturing February 23, 2013 | 1,021,888 | |||||||||
1,250,000 | Term Loan, 8.96%, Maturing August 23, 2013 | 1,241,094 | |||||||||
BRSP, LLC | |||||||||||
2,403,436 | Term Loan, 8.38%, Maturing July 13, 2009 | 2,373,393 | |||||||||
Calpine Corp. | |||||||||||
1,194,000 | DIP Loan, 7.45%, Maturing March 30, 2009 | 1,183,872 | |||||||||
Cogentrix Delaware Holdings, Inc. | |||||||||||
615,804 | Term Loan, 6.26%, Maturing April 14, 2012 | 604,257 | |||||||||
Covanta Energy Corp. | |||||||||||
767,010 | Term Loan, 5.10%, Maturing February 9, 2014 | 747,196 | |||||||||
1,550,200 | Term Loan, 6.88%, Maturing February 9, 2014 | 1,510,153 | |||||||||
Electricinvest Holding Co. | |||||||||||
EUR | 536,193 | Term Loan, 8.18%, Maturing October 24, 2012 | 748,586 | ||||||||
GBP | 540,000 | Term Loan, 10.07%, Maturing October 24, 2012 | 1,089,168 | ||||||||
Elster Group GmbH (Ruhrgas) | |||||||||||
EUR | 550,154 | Term Loan, 6.55%, Maturing June 12, 2013 | 791,293 | ||||||||
EUR | 431,988 | Term Loan, 6.80%, Maturing June 12, 2014 | 624,197 | ||||||||
LS Power Acquisition Co. | |||||||||||
825,000 | Term Loan, 8.94%, Maturing November 1, 2014 | 806,438 | |||||||||
Mirant North America, LLC | |||||||||||
1,113,106 | Term Loan, 6.50%, Maturing January 3, 2013 | 1,095,829 | |||||||||
NRG Energy, Inc. | |||||||||||
2,425,000 | Term Loan, 0.00%, Maturing June 1, 2014(3) | 2,377,800 | |||||||||
2,994,481 | Term Loan, 6.85%, Maturing June 1, 2014 | 2,936,651 | |||||||||
7,194,367 | Term Loan, 6.95%, Maturing June 1, 2014 | 7,055,429 | |||||||||
Pike Electric, Inc. | |||||||||||
581,535 | Term Loan, 6.69%, Maturing July 1, 2012 | 575,356 | |||||||||
438,121 | Term Loan, 6.63%, Maturing December 10, 2012 | 433,466 | |||||||||
TXU Texas Competitive Electric Holdings Co., LLC | |||||||||||
1,150,000 | Term Loan, Maturing October 10, 2014(2) | 1,150,358 | |||||||||
1,150,000 | Term Loan, Maturing October 10, 2014(2) | 1,150,000 | |||||||||
Vulcan Energy Corp. | |||||||||||
1,412,275 | Term Loan, 7.12%, Maturing July 23, 2010 | 1,391,091 | |||||||||
$ | 34,159,463 | ||||||||||
Total Senior Floating-Rate Interests (identified cost $1,292,522,095) |
$ | 1,272,199,032 |
Corporate Bonds & Notes 41.9% |
|||||||||||
Principal Amount (000's omitted) |
Security | Value | |||||||||
Aerospace and Defense 0.2% | |||||||||||
Alion Science and Technologies | |||||||||||
$ | 1,500 | 10.25%, 2/1/15 | $ | 1,410,000 | |||||||
Bombardier, Inc. | |||||||||||
1,425 | 8.00%, 11/15/14(5) | 1,489,125 | |||||||||
DRS Technologies, Inc., Sr. Sub. Notes | |||||||||||
875 | 7.625%, 2/1/18 | 899,062 | |||||||||
$ | 3,798,187 | ||||||||||
Automotive 1.2% | |||||||||||
Altra Industrial Motion, Inc. | |||||||||||
$ | 3,590 | 9.00%, 12/1/11 | $ | 3,625,900 | |||||||
American Axle & Manufacturing, Inc. | |||||||||||
1,480 | 7.875%, 3/1/17 | 1,450,400 | |||||||||
Commercial Vehicle Group, Inc., Sr. Notes | |||||||||||
1,100 | 8.00%, 7/1/13 | 1,061,500 | |||||||||
Goodyear Tire & Rubber Co., Sr. Notes, Variable Rate | |||||||||||
2,010 | 9.135%, 12/1/09 | 2,045,175 | |||||||||
Tenneco Automotive, Inc., Series B | |||||||||||
11,805 | 10.25%, 7/15/13 | 12,793,669 | |||||||||
Tenneco Automotive, Inc., Sr. Sub. Notes | |||||||||||
2,645 | 8.625%, 11/15/14 | 2,711,125 | |||||||||
United Components, Inc., Sr. Sub. Notes | |||||||||||
990 | 9.375%, 6/15/13 | 1,014,750 | |||||||||
$ | 24,702,519 | ||||||||||
Broadcast Radio and Television 0.1% | |||||||||||
CanWest Media, Inc. | |||||||||||
$ | 2,061 | 8.00%, 9/15/12 | $ | 2,019,949 | |||||||
Warner Music Group, Sr. Sub. Notes | |||||||||||
1,040 | 7.375%, 4/15/14 | 928,200 | |||||||||
$ | 2,948,149 | ||||||||||
Brokers / Dealers / Investment Houses 0.5% | |||||||||||
Nuveen Investments, Inc. | |||||||||||
$ | 540 | 5.00%, 9/15/10 | $ | 474,405 | |||||||
Nuveen Investments, Inc., Sr. Notes | |||||||||||
3,680 | 10.50%, 11/15/15(5) | 3,730,600 | |||||||||
Residential Capital LLC, Sub. Notes, Variable Rate | |||||||||||
7,935 | 8.044%, 4/17/09(5) | 4,929,619 | |||||||||
$ | 9,134,624 |
See notes to financial statements
17
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Building and Development 1.3% | |||||||||||
Dayton Superior Corp., Sr. Notes | |||||||||||
$ | 2,655 | 10.75%, 9/15/08 | $ | 2,701,462 | |||||||
Goodman Global Holdings, Inc., Sr. Notes, Variable Rate | |||||||||||
3,398 | 8.36%, 6/15/12 | 3,423,485 | |||||||||
Interline Brands, Inc., Sr. Sub. Notes | |||||||||||
1,475 | 8.125%, 6/15/14 | 1,478,687 | |||||||||
Nortek, Inc., Sr. Sub. Notes | |||||||||||
9,850 | 8.50%, 9/1/14 | 8,766,500 | |||||||||
NTK Holdings, Inc., Sr. Disc. Notes (0% until 2009) | |||||||||||
4,020 | 10.75%, 3/1/14 | 2,653,200 | |||||||||
Panolam Industries International, Sr. Sub. Notes | |||||||||||
5,950 | 10.75%, 10/1/13(5) | 5,682,250 | |||||||||
Realogy Corp., Sr. Notes | |||||||||||
510 | 10.50%, 4/15/14(5) | 425,212 | |||||||||
Stanley Martin Co. | |||||||||||
870 | 9.75%, 8/15/15 | 595,950 | |||||||||
$ | 25,726,746 | ||||||||||
Business Equipment and Services 3.0% | |||||||||||
Affinion Group, Inc. | |||||||||||
$ | 1,065 | 10.125%, 10/15/13 | $ | 1,115,587 | |||||||
1,490 | 11.50%, 10/15/15 | 1,560,775 | |||||||||
Aramark Corp., Sr. Notes | |||||||||||
950 | 8.50%, 2/1/15 | 966,625 | |||||||||
Ceridian Corp., Sr. Notes | |||||||||||
6,135 | 11.25%, 11/15/15(5) | 6,088,987 | |||||||||
Education Management, LLC | |||||||||||
3,045 | 8.75%, 6/1/14 | 3,159,187 | |||||||||
7,975 | 10.25%, 6/1/16 | 8,413,625 | |||||||||
KAR Holdings, Inc., Sr. Notes | |||||||||||
1,295 | 9.356%, 5/1/14(5) | 1,236,725 | |||||||||
MediMedia USA, Inc., Sr. Sub Notes | |||||||||||
2,415 | 11.375%, 11/15/14(5) | 2,535,750 | |||||||||
Muzak, LLC/Muzak Finance, Sr. Notes | |||||||||||
5,250 | 10.00%, 2/15/09 | 4,967,812 | |||||||||
Neff Corp., Sr. Notes | |||||||||||
705 | 10.00%, 6/1/15 | 511,125 | |||||||||
Norcross Safety Products, LLC/Norcross Capital Corp., Sr. Sub. Notes, Series B |
|||||||||||
5,100 | 9.875%, 8/15/11 | 5,304,000 | |||||||||
Safety Products Holdings, Inc., Sr. Notes (PIK) | |||||||||||
7,307 | 11.75%, 1/1/12 | 7,532,090 | |||||||||
SunGard Data Systems, Inc. | |||||||||||
1,165 | 9.125%, 8/15/13 | 1,194,125 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Business Equipment and Services (continued) | |||||||||||
Travelport, LLC | |||||||||||
$ | 5,000 | 9.875%, 9/1/14 | $ | 5,175,000 | |||||||
1,289 | 11.875%, 9/1/16 | 1,398,565 | |||||||||
West Corp. | |||||||||||
7,510 | 9.50%, 10/15/14 | 7,754,075 | |||||||||
$ | 58,914,053 | ||||||||||
Cable and Satellite Television 2.1% | |||||||||||
CCH I Holdings, LLC | |||||||||||
$ | 1,140 | 11.75%, 5/15/14 | $ | 1,000,350 | |||||||
CCH I, LLC/CCH I Capital Co. | |||||||||||
3,265 | 11.00%, 10/1/15 | 3,183,375 | |||||||||
CCH II, LLC/CCH II Capital Co. | |||||||||||
2,855 | 10.25%, 9/15/10 | 2,919,237 | |||||||||
CCO Holdings, LLC/CCO Capital Corp., Sr. Notes | |||||||||||
10,295 | 8.75%, 11/15/13 | 10,346,475 | |||||||||
CSC Holdings, Inc., Sr. Notes | |||||||||||
2,970 | 7.875%, 12/15/07 | 2,981,137 | |||||||||
1,345 | 6.75%, 4/15/12 | 1,308,012 | |||||||||
Insight Communications, Sr. Disc. Notes | |||||||||||
15,575 | 12.25%, 2/15/11 | 16,159,062 | |||||||||
Kabel Deutschland GmbH | |||||||||||
1,955 | 10.625%, 7/1/14 | 2,130,950 | |||||||||
Mediacom Broadband Group Corp., LLC, Sr. Notes | |||||||||||
1,190 | 8.50%, 10/15/15 | 1,178,100 | |||||||||
Quebecor Media, Inc., Sr. Notes | |||||||||||
1,440 | 7.75%, 3/15/16(5) | 1,396,800 | |||||||||
$ | 42,603,498 | ||||||||||
Chemicals and Plastics 0.9% | |||||||||||
Equistar Chemical, Sr. Notes | |||||||||||
$ | 2,680 | 10.625%, 5/1/11 | $ | 2,814,000 | |||||||
INEOS Group Holdings PLC | |||||||||||
3,875 | 8.50%, 2/15/16(5) | 3,700,625 | |||||||||
Lyondell Chemical Co., Sr. Notes | |||||||||||
1,892 | 10.50%, 6/1/13 | 2,048,090 | |||||||||
Nova Chemicals Corp., Sr. Notes, Variable Rate | |||||||||||
2,145 | 8.484%, 11/15/13 | 2,118,187 | |||||||||
Reichhold Industries, Inc., Sr. Notes | |||||||||||
7,255 | 9.00%, 8/15/14(5) | 7,400,100 | |||||||||
$ | 18,081,002 |
See notes to financial statements
18
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Clothing / Textiles 1.4% | |||||||||||
Levi Strauss & Co., Sr. Notes | |||||||||||
$ | 1,555 | 9.75%, 1/15/15 | $ | 1,630,806 | |||||||
1,780 | 8.875%, 4/1/16 | 1,833,400 | |||||||||
Oxford Industries, Inc., Sr. Notes | |||||||||||
12,565 | 8.875%, 6/1/11 | 12,627,825 | |||||||||
Perry Ellis International, Inc., Sr. Sub. Notes | |||||||||||
8,190 | 8.875%, 9/15/13 | 8,230,950 | |||||||||
Phillips-Van Heusen, Sr. Notes | |||||||||||
610 | 7.25%, 2/15/11 | 616,100 | |||||||||
2,500 | 8.125%, 5/1/13 | 2,575,000 | |||||||||
$ | 27,514,081 | ||||||||||
Conglomerates 0.2% | |||||||||||
RBS Global & Rexnord Corp. | |||||||||||
$ | 1,905 | 9.50%, 8/1/14 | $ | 1,976,437 | |||||||
1,705 | 11.75%, 8/1/16 | 1,815,825 | |||||||||
$ | 3,792,262 | ||||||||||
Containers and Glass Products 0.4% | |||||||||||
Intertape Polymer US, Inc., Sr. Sub. Notes | |||||||||||
$ | 3,220 | 8.50%, 8/1/14 | $ | 3,010,700 | |||||||
Pliant Corp. (PIK) | |||||||||||
5,350 | 11.85%, 6/15/09 | 5,458,031 | |||||||||
$ | 8,468,731 | ||||||||||
Cosmetics / Toiletries 0.2% | |||||||||||
Revlon Consumer Products, Sr. Sub. Notes | |||||||||||
$ | 3,770 | 8.625%, 2/1/08 | $ | 3,685,175 | |||||||
$ | 3,685,175 | ||||||||||
Ecological Services and Equipment 0.2% | |||||||||||
Waste Services, Inc., Sr. Sub. Notes | |||||||||||
$ | 4,085 | 9.50%, 4/15/14 | $ | 4,105,425 | |||||||
$ | 4,105,425 | ||||||||||
Electronics / Electrical 0.7% | |||||||||||
Advanced Micro Devices, Inc., Sr. Notes | |||||||||||
$ | 7,830 | 7.75%, 11/1/12 | $ | 7,262,325 | |||||||
Amkor Technologies, Inc., Sr. Notes | |||||||||||
2,405 | 7.75%, 5/15/13 | 2,335,856 | |||||||||
Avago Technologies Finance | |||||||||||
1,850 | 10.125%, 12/1/13 | 2,007,250 | |||||||||
1,155 | 11.875%, 12/1/15 | 1,299,375 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Electronics / Electrical (continued) | |||||||||||
NXP BV/NXP Funding, LLC | |||||||||||
$ | 205 | 7.875%, 10/15/14 | $ | 201,156 | |||||||
NXP BV/NXP Funding, LLC, Variable Rate | |||||||||||
1,025 | 7.993%, 10/15/13 | 975,031 | |||||||||
$ | 14,080,993 | ||||||||||
Financial Intermediaries 1.7% | |||||||||||
Alzette, Variable Rate | |||||||||||
$ | 750 | 11.86%, 12/15/20(4) | $ | 738,750 | |||||||
E*Trade Financial Corp. | |||||||||||
4,300 | 7.875%, 12/1/15 | 4,106,500 | |||||||||
Ford Motor Credit Co. | |||||||||||
9,165 | 7.375%, 10/28/09 | 8,843,189 | |||||||||
4,355 | 7.875%, 6/15/10 | 4,200,781 | |||||||||
Ford Motor Credit Co., Sr. Notes | |||||||||||
890 | 5.80%, 1/12/09 | 858,870 | |||||||||
180 | 9.875%, 8/10/11 | 179,866 | |||||||||
General Motors Acceptance Corp. | |||||||||||
1,745 | 6.375%, 5/1/08 | 1,736,275 | |||||||||
1,075 | 5.85%, 1/14/09 | 1,037,585 | |||||||||
2,980 | 7.75%, 1/19/10 | 2,885,957 | |||||||||
5,940 | 7.25%, 3/2/11 | 5,620,838 | |||||||||
435 | 7.00%, 2/1/12 | 397,631 | |||||||||
General Motors Acceptance Corp., Variable Rate | |||||||||||
2,060 | 6.808%, 5/15/09 | 1,938,913 | |||||||||
$ | 32,545,155 | ||||||||||
Food Products 0.5% | |||||||||||
ASG Consolidated, LLC/ASG Finance, Inc., Sr. Disc. Notes, (0.00% until 2008) |
|||||||||||
$ | 5,315 | 11.50%, 11/1/11 | $ | 4,942,950 | |||||||
Dole Foods Co. | |||||||||||
3,555 | 7.25%, 6/15/10 | 3,395,025 | |||||||||
Dole Foods Co., Sr. Notes | |||||||||||
790 | 8.625%, 5/1/09 | 797,900 | |||||||||
Pierre Foods, Inc., Sr. Sub. Notes | |||||||||||
950 | 9.875%, 7/15/12 | 793,250 | |||||||||
$ | 9,929,125 |
See notes to financial statements
19
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Food Service 0.4% | |||||||||||
El Pollo Loco, Inc. | |||||||||||
$ | 4,050 | 11.75%, 11/15/13 | $ | 4,090,500 | |||||||
NPC International, Inc. | |||||||||||
4,460 | 9.50%, 5/1/14 | 4,192,400 | |||||||||
$ | 8,282,900 | ||||||||||
Food / Drug Retailers 1.4% | |||||||||||
General Nutrition Center, Sr. Notes, Variable Rate (PIK) | |||||||||||
$ | 3,720 | 10.009%, 3/15/14 | $ | 3,599,100 | |||||||
General Nutrition Center, Sr. Sub. Notes | |||||||||||
3,720 | 10.75%, 3/15/15 | 3,636,300 | |||||||||
Rite Aid Corp. | |||||||||||
7,542 | 6.125%, 12/15/08(5) | 7,485,435 | |||||||||
1,870 | 9.375%, 12/15/15(5) | 1,734,425 | |||||||||
9,700 | 9.50%, 6/15/17(5) | 9,021,000 | |||||||||
Rite Aid Corp., Sr. Notes | |||||||||||
1,475 | 8.625%, 3/1/15 | 1,316,437 | |||||||||
$ | 26,792,697 | ||||||||||
Forest Products 0.9% | |||||||||||
Abitibi-Consolidated, Inc. | |||||||||||
$ | 3,170 | 7.875%, 8/1/09 | $ | 3,059,050 | |||||||
Georgia-Pacific Corp. | |||||||||||
1,450 | 9.50%, 12/1/11 | 1,537,000 | |||||||||
Jefferson Smurfit Corp. | |||||||||||
820 | 7.50%, 6/1/13 | 803,600 | |||||||||
NewPage Corp. | |||||||||||
5,905 | 10.00%, 5/1/12 | 6,274,062 | |||||||||
1,270 | 12.00%, 5/1/13 | 1,377,950 | |||||||||
NewPage Corp., Variable Rate | |||||||||||
1,545 | 11.606%, 5/1/12 | 1,672,462 | |||||||||
Smurfit-Stone Container Enterprises, Inc., Sr. Notes | |||||||||||
2,795 | 8.00%, 3/15/17 | 2,791,506 | |||||||||
$ | 17,515,630 | ||||||||||
Healthcare 2.9% | |||||||||||
Accellent, Inc. | |||||||||||
$ | 2,300 | 10.50%, 12/1/13 | $ | 2,179,250 | |||||||
Advanced Medical Optics, Inc., Sr. Sub. Notes | |||||||||||
170 | 7.50%, 5/1/17 | 161,075 | |||||||||
AMR HoldCo, Inc./EmCare HoldCo, Inc., Sr. Sub. Notes | |||||||||||
4,270 | 10.00%, 2/15/15 | 4,558,225 | |||||||||
Bausch & Lomb, Inc., Sr. Notes | |||||||||||
3,455 | 9.875%, 11/1/15(5) | 3,567,287 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Healthcare (continued) | |||||||||||
HCA, Inc. | |||||||||||
$ | 11,805 | 8.75%, 9/1/10 | $ | 12,070,612 | |||||||
1,610 | 7.875%, 2/1/11 | 1,597,925 | |||||||||
2,385 | 9.125%, 11/15/14 | 2,474,437 | |||||||||
3,910 | 9.25%, 11/15/16 | 4,125,050 | |||||||||
MultiPlan, Inc., Sr. Sub. Notes | |||||||||||
4,860 | 10.375%, 4/15/16(5) | 4,993,650 | |||||||||
National Mentor Holdings, Inc. | |||||||||||
4,115 | 11.25%, 7/1/14 | 4,382,475 | |||||||||
Res-Care, Inc., Sr. Notes | |||||||||||
2,160 | 7.75%, 10/15/13 | 2,149,200 | |||||||||
Service Corp. International, Sr. Notes | |||||||||||
670 | 7.00%, 6/15/17 | 658,275 | |||||||||
Universal Hospital Service, Inc. | |||||||||||
700 | 8.50%, 6/1/15(5) | 715,750 | |||||||||
Universal Hospital Services, Inc., Variable Rate | |||||||||||
700 | 8.759%, 6/1/15(5) | 705,250 | |||||||||
US Oncology, Inc. | |||||||||||
3,065 | 9.00%, 8/15/12 | 3,087,987 | |||||||||
5,350 | 10.75%, 8/15/14 | 5,590,750 | |||||||||
Varietal Distribution Merger, Inc., Sr. Notes | |||||||||||
725 | 10.25%, 7/15/15(5) | 714,125 | |||||||||
Viant Holdings, Inc. | |||||||||||
4,127 | 10.125%, 7/15/17(5) | 3,900,015 | |||||||||
$ | 57,631,338 | ||||||||||
Industrial Equipment 0.3% | |||||||||||
Chart Industries, Inc., Sr. Sub. Notes | |||||||||||
$ | 2,170 | 9.125%, 10/15/15 | $ | 2,273,075 | |||||||
ESCO Corp., Sr. Notes | |||||||||||
1,595 | 8.625%, 12/15/13(5) | 1,630,887 | |||||||||
ESCO Corp., Sr. Notes, Variable Rate | |||||||||||
1,595 | 9.569%, 12/15/13(5) | 1,602,975 | |||||||||
$ | 5,506,937 | ||||||||||
Insurance 0.1% | |||||||||||
Alliant Holdings I, Inc. | |||||||||||
$ | 1,885 | 11.00%, 5/1/15(5) | $ | 1,819,025 | |||||||
$ | 1,819,025 | ||||||||||
Leisure Goods / Activities / Movies 2.5% | |||||||||||
AMC Entertainment, Inc. | |||||||||||
$ | 5,170 | 11.00%, 2/1/16 | $ | 5,622,375 | |||||||
Amscan Holdings, Inc., Sr. Sub. Notes | |||||||||||
5,580 | 8.75%, 5/1/14 | 5,301,000 |
See notes to financial statements
20
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Leisure Goods / Activities / Movies (continued) | |||||||||||
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp. | |||||||||||
$ | 2,170 | 12.50%, 4/1/13(5) | $ | 2,115,750 | |||||||
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp., Variable Rate | |||||||||||
3,975 | 9.894%, 4/1/12(5) | 3,999,844 | |||||||||
Marquee Holdings, Inc., Sr. Disc. Notes | |||||||||||
8,180 | 9.505%, 8/15/14 | 6,973,450 | |||||||||
Universal City Development Partners, Sr. Notes | |||||||||||
15,040 | 11.75%, 4/1/10 | 15,829,600 | |||||||||
Universal City Florida Holdings, Sr. Notes, Variable Rate | |||||||||||
10,195 | 10.106%, 5/1/10 | 10,475,363 | |||||||||
$ | 50,317,382 | ||||||||||
Lodging and Casinos 4.0% | |||||||||||
Buffalo Thunder Development Authority | |||||||||||
$ | 4,080 | 9.375%, 12/15/14(5) | $ | 3,835,200 | |||||||
CCM Merger, Inc. | |||||||||||
2,620 | 8.00%, 8/1/13(5) | 2,528,300 | |||||||||
Chukchansi EDA, Sr. Notes, Variable Rate | |||||||||||
3,080 | 8.859%, 11/15/12(5) | 3,095,400 | |||||||||
Fontainebleau Las Vegas Casino | |||||||||||
8,870 | 10.25%, 6/15/15(5) | 8,337,800 | |||||||||
Galaxy Entertainment Finance | |||||||||||
1,600 | 9.875%, 12/15/12(5) | 1,724,000 | |||||||||
Galaxy Entertainment Finance, Variable Rate | |||||||||||
1,760 | 10.409%, 12/15/10(5) | 1,830,400 | |||||||||
Greektown Holdings, LLC, Sr. Notes | |||||||||||
1,140 | 10.75%, 12/1/13(5) | 1,140,000 | |||||||||
Indianapolis Downs, LLC & Capital Corp., Sr. Notes | |||||||||||
1,925 | 11.00%, 11/1/12(5) | 1,944,250 | |||||||||
Inn of the Mountain Gods, Sr. Notes | |||||||||||
5,795 | 12.00%, 11/15/10 | 6,142,700 | |||||||||
Majestic HoldCo, LLC, (0.00% until 2008) | |||||||||||
1,540 | 12.50%, 10/15/11(5) | 1,101,100 | |||||||||
Majestic Star Casino, LLC | |||||||||||
3,965 | 9.50%, 10/15/10 | 3,925,350 | |||||||||
MGM Mirage, Inc. | |||||||||||
2,985 | 7.50%, 6/1/16 | 2,981,269 | |||||||||
Mohegan Tribal Gaming Authority, Sr. Sub. Notes | |||||||||||
1,335 | 8.00%, 4/1/12 | 1,370,044 | |||||||||
OED Corp./Diamond Jo, LLC | |||||||||||
5,115 | 8.75%, 4/15/12 | 5,127,788 | |||||||||
Pinnacle Entertainment Inc., Sr. Sub. Notes | |||||||||||
2,620 | 7.50%, 6/15/15(5) | 2,541,400 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Lodging and Casinos (continued) | |||||||||||
Pokagon Gaming Authority, Sr. Notes | |||||||||||
$ | 1,180 | 10.375%, 6/15/14(5) | $ | 1,309,800 | |||||||
San Pasqual Casino | |||||||||||
1,215 | 8.00%, 9/15/13(5) | 1,233,225 | |||||||||
Seminole Hard Rock Entertainment, Variable Rate | |||||||||||
1,930 | 8.194%, 3/15/14(5) | 1,896,225 | |||||||||
Station Casinos, Inc. | |||||||||||
560 | 7.75%, 8/15/16 | 550,900 | |||||||||
Station Casinos, Inc., Sr. Notes | |||||||||||
1,050 | 6.00%, 4/1/12 | 979,125 | |||||||||
Trump Entertainment Resorts, Inc. | |||||||||||
16,880 | 8.50%, 6/1/15 | 14,390,200 | |||||||||
Tunica-Biloxi Gaming Authority, Sr. Notes | |||||||||||
3,405 | 9.00%, 11/15/15(5) | 3,558,225 | |||||||||
Turning Stone Resort Casinos, Sr. Notes | |||||||||||
830 | 9.125%, 9/15/14(5) | 863,200 | |||||||||
Venetian Casino Resort/Las Vegas Sands Inc. | |||||||||||
365 | 6.375%, 2/15/15 | 356,331 | |||||||||
Waterford Gaming, LLC, Sr. Notes | |||||||||||
6,461 | 8.625%, 9/15/14(5) | 6,493,305 | |||||||||
$ | 79,255,537 | ||||||||||
Nonferrous Metals / Minerals 0.8% | |||||||||||
Aleris International, Inc., Sr. Notes | |||||||||||
$ | 785 | 9.00%, 12/15/14 | $ | 712,388 | |||||||
Aleris International, Inc., Sr. Sub. Notes | |||||||||||
5,245 | 10.00%, 12/15/16 | 4,641,825 | |||||||||
Alpha Natural Resources, Sr. Notes | |||||||||||
1,370 | 10.00%, 6/1/12 | 1,465,900 | |||||||||
FMG Finance PTY, Ltd. | |||||||||||
5,410 | 10.625%, 9/1/16(5) | 6,437,900 | |||||||||
FMG Finance PTY, Ltd., Variable Rate | |||||||||||
2,195 | 9.621%, 9/1/11(5) | 2,288,288 | |||||||||
$ | 15,546,301 | ||||||||||
Oil and Gas 3.9% | |||||||||||
Allis-Chalmers Energy, Inc. | |||||||||||
$ | 970 | 8.50%, 3/1/17 | $ | 953,025 | |||||||
Allis-Chalmers Energy, Inc., Sr. Notes | |||||||||||
4,730 | 9.00%, 1/15/14 | 4,812,775 | |||||||||
Cimarex Energy Co., Sr. Notes | |||||||||||
1,205 | 7.125%, 5/1/17 | 1,209,519 | |||||||||
Clayton Williams Energy, Inc. | |||||||||||
2,200 | 7.75%, 8/1/13 | 2,073,500 |
See notes to financial statements
21
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Oil and Gas (continued) | |||||||||||
Compton Pet Finance Corp. | |||||||||||
$ | 2,360 | 7.625%, 12/1/13 | $ | 2,271,500 | |||||||
Denbury Resources, Inc., Sr. Sub. Notes | |||||||||||
520 | 7.50%, 12/15/15 | 530,400 | |||||||||
El Paso Corp., Sr. Notes | |||||||||||
2,305 | 9.625%, 5/15/12 | 2,523,436 | |||||||||
Encore Acquisition Co., Sr. Sub. Notes | |||||||||||
1,730 | 7.25%, 12/1/17 | 1,665,125 | |||||||||
Inergy L.P./Finance, Sr. Notes | |||||||||||
3,980 | 6.875%, 12/15/14 | 3,920,300 | |||||||||
Ocean Rig Norway AS, Sr. Notes | |||||||||||
2,565 | 8.375%, 7/1/13(5) | 2,635,538 | |||||||||
OPTI Canada, Inc. | |||||||||||
1,795 | 7.875%, 12/15/14(5) | 1,790,513 | |||||||||
1,970 | 8.25%, 12/15/14(5) | 1,984,775 | |||||||||
Parker Drilling Co., Sr. Notes | |||||||||||
1,930 | 9.625%, 10/1/13 | 2,069,925 | |||||||||
Petrohawk Energy Corp. | |||||||||||
8,800 | 9.125%, 7/15/13 | 9,383,000 | |||||||||
Petroplus Finance, Ltd. | |||||||||||
430 | 6.75%, 5/1/14(5) | 410,650 | |||||||||
4,455 | 7.00%, 5/1/17(5) | 4,209,975 | |||||||||
Plains Exploration & Production Co. | |||||||||||
2,800 | 7.00%, 3/15/17 | 2,674,000 | |||||||||
Quicksilver Resources, Inc. | |||||||||||
2,295 | 7.125%, 4/1/16 | 2,272,050 | |||||||||
SemGroup L.P., Sr. Notes | |||||||||||
5,990 | 8.75%, 11/15/15(5) | 5,780,350 | |||||||||
SESI, LLC | |||||||||||
660 | 6.875%, 6/1/14 | 643,500 | |||||||||
Sonat, Inc. | |||||||||||
5,000 | 7.625%, 7/15/11 | 5,179,675 | |||||||||
Stewart & Stevenson, LLC, Sr. Notes | |||||||||||
4,075 | 10.00%, 7/15/14 | 4,207,438 | |||||||||
United Refining Co., Sr. Notes | |||||||||||
11,495 | 10.50%, 8/15/12 | 11,940,431 | |||||||||
VeraSun Energy Corp. | |||||||||||
1,170 | 9.875%, 12/15/12 | 1,165,613 | |||||||||
$ | 76,307,013 | ||||||||||
Publishing 1.3% | |||||||||||
Dex Media West/Finance, Series B | |||||||||||
$ | 3,250 | 9.875%, 8/15/13 | $ | 3,481,563 | |||||||
Harland Clarke Holdings | |||||||||||
1,030 | 9.50%, 5/15/15 | 942,450 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Publishing (continued) | |||||||||||
Idearc, Inc. | |||||||||||
$ | 2,440 | 8.00%, 11/15/16 | $ | 2,458,300 | |||||||
MediaNews Group, Inc., Sr. Sub. Notes | |||||||||||
1,070 | 6.875%, 10/1/13 | 818,550 | |||||||||
Nielsen Finance, LLC | |||||||||||
3,130 | 10.00%, 8/1/14 | 3,309,975 | |||||||||
R.H. Donnelley Corp. | |||||||||||
5,380 | 8.875%, 10/15/17(5) | 5,406,900 | |||||||||
Reader's Digest Association, Inc., (The), Sr. Sub. Notes | |||||||||||
9,535 | 9.00%, 2/15/17(5) | 8,545,744 | |||||||||
$ | 24,963,482 | ||||||||||
Radio and Television 0.1% | |||||||||||
Rainbow National Services, LLC, Sr. Sub. Debs. | |||||||||||
$ | 2,100 | 10.375%, 9/1/14(5) | $ | 2,320,500 | |||||||
$ | 2,320,500 | ||||||||||
Rail Industries 0.3% | |||||||||||
American Railcar Industry, Sr. Notes | |||||||||||
$ | 1,940 | 7.50%, 3/1/14 | $ | 1,925,450 | |||||||
Kansas City Southern Mexico, Sr. Notes | |||||||||||
2,530 | 7.625%, 12/1/13 | 2,593,250 | |||||||||
1,055 | 7.375%, 6/1/14(5) | 1,057,638 | |||||||||
Kansas City Southern Railway Co. | |||||||||||
1,035 | 9.50%, 10/1/08 | 1,063,463 | |||||||||
$ | 6,639,801 | ||||||||||
Retailers (Except Food and Drug) 2.7% | |||||||||||
Bon-Ton Department Stores, Inc. | |||||||||||
$ | 1,860 | 10.25%, 3/15/14 | $ | 1,636,800 | |||||||
GameStop Corp. | |||||||||||
14,515 | 8.00%, 10/1/12 | 15,222,606 | |||||||||
Michaels Stores, Inc., Sr. Notes | |||||||||||
3,080 | 10.00%, 11/1/14 | 3,118,500 | |||||||||
Michaels Stores, Inc., Sr. Sub. Notes | |||||||||||
3,850 | 11.375%, 11/1/16 | 3,859,625 | |||||||||
Neiman Marcus Group, Inc. | |||||||||||
3,420 | 9.00%, 10/15/15 | 3,625,200 | |||||||||
10,670 | 10.375%, 10/15/15 | 11,656,975 | |||||||||
Penny (JC) Co., Inc. | |||||||||||
1,875 | 8.00%, 3/1/10 | 1,998,589 | |||||||||
Sally Holdings, LLC, Sr. Notes | |||||||||||
1,595 | 9.25%, 11/15/14 | 1,610,950 |
See notes to financial statements
22
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Retailers (Except Food and Drug) (continued) | |||||||||||
Toys "R" Us | |||||||||||
$ | 1,855 | 7.375%, 10/15/18 | $ | 1,456,175 | |||||||
Yankee Acquisition Corp., Series B | |||||||||||
4,440 | 8.50%, 2/15/15 | 4,184,700 | |||||||||
5,190 | 9.75%, 2/15/17 | 4,826,700 | |||||||||
$ | 53,196,820 | ||||||||||
Steel 0.5% | |||||||||||
RathGibson, Inc. | |||||||||||
$ | 4,905 | 11.25%, 2/15/14 | $ | 5,088,938 | |||||||
Ryerson, Inc., Sr. Notes | |||||||||||
540 | 12.00%, 11/1/15(5) | 557,550 | |||||||||
Ryerson, Inc., Sr. Notes, Variable Rate | |||||||||||
360 | 12.574%, 11/1/14(5) | 369,000 | |||||||||
Steel Dynamics, Inc., Sr. Notes | |||||||||||
3,805 | 7.375%, 11/1/12(5) | 3,824,025 | |||||||||
$ | 9,839,513 | ||||||||||
Surface Transport 0.2% | |||||||||||
CEVA Group PLC | |||||||||||
$ | 3,395 | 10.00%, 9/1/14(5) | $ | 3,552,019 | |||||||
$ | 3,552,019 | ||||||||||
Telecommunications 2.3% | |||||||||||
Centennial Cellular Operating Co./Centennial Communication Corp., Sr. Notes | |||||||||||
$ | 2,820 | 10.125%, 6/15/13 | $ | 3,010,350 | |||||||
Digicel Group, Ltd., Sr. Notes | |||||||||||
3,225 | 9.25%, 9/1/12(5) | 3,321,750 | |||||||||
4,540 | 8.875%, 1/15/15(5) | 4,250,802 | |||||||||
7,618 | 9.125%, 1/15/15(5) | 7,132,733 | |||||||||
Intelsat Bermuda, Ltd. | |||||||||||
3,560 | 9.25%, 6/15/16 | 3,711,300 | |||||||||
Intelsat Bermuda, Ltd., Sr. Notes | |||||||||||
1,270 | 5.25%, 11/1/08 | 1,258,888 | |||||||||
Level 3 Financing, Inc. | |||||||||||
2,480 | 9.25%, 11/1/14 | 2,349,800 | |||||||||
Level 3 Financing, Inc. Sr. Notes | |||||||||||
4,180 | 8.75%, 2/15/17 | 3,835,150 | |||||||||
Qwest Capital Funding, Inc. | |||||||||||
1,735 | 7.00%, 8/3/09 | 1,748,013 | |||||||||
870 | 7.90%, 8/15/10 | 896,100 | |||||||||
Qwest Communications International, Inc. | |||||||||||
6,540 | 7.50%, 2/15/14 | 6,654,450 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Telecommunications (continued) | |||||||||||
Qwest Communications International, Inc., Sr. Notes | |||||||||||
$ | 670 | 7.50%, 11/1/08 | $ | 670,000 | |||||||
Qwest Corp., Sr. Notes | |||||||||||
1,940 | 7.625%, 6/15/15 | 2,051,550 | |||||||||
Qwest Corp., Sr. Notes, Variable Rate | |||||||||||
1,000 | 8.944%, 6/15/13 | 1,071,250 | |||||||||
Windstream Corp. | |||||||||||
2,085 | 8.125%, 8/1/13 | 2,215,313 | |||||||||
635 | 8.625%, 8/1/16 | 682,625 | |||||||||
$ | 44,860,074 | ||||||||||
Utilities 2.7% | |||||||||||
AES Corp., Sr. Notes | |||||||||||
$ | 6,000 | 9.50%, 6/1/09 | $ | 6,270,000 | |||||||
3,565 | 8.75%, 5/15/13(5) | 3,787,813 | |||||||||
2,890 | 8.00%, 10/15/17(5) | 2,929,738 | |||||||||
Dynegy Holdings, Inc. | |||||||||||
535 | 7.75%, 6/1/19(5) | 504,906 | |||||||||
Dynegy Holdings, Inc., Sr. Notes | |||||||||||
995 | 8.375%, 5/1/16 | 1,002,463 | |||||||||
Edison Mission Energy, Sr. Notes | |||||||||||
1,750 | 7.50%, 6/15/13 | 1,782,813 | |||||||||
2,200 | 7.00%, 5/15/17(5) | 2,161,500 | |||||||||
Energy Future Holdings, Sr. Notes | |||||||||||
6,820 | 10.875%, 11/1/17(5) | 6,930,825 | |||||||||
NGC Corp. | |||||||||||
4,395 | 7.625%, 10/15/26 | 3,922,538 | |||||||||
NRG Energy, Inc. | |||||||||||
140 | 7.25%, 2/1/14 | 140,350 | |||||||||
3,610 | 7.375%, 1/15/17 | 3,600,975 | |||||||||
NRG Energy, Inc., Sr. Notes | |||||||||||
1,325 | 7.375%, 2/1/16 | 1,325,000 | |||||||||
Orion Power Holdings, Inc., Sr. Notes | |||||||||||
12,415 | 12.00%, 5/1/10 | 13,780,650 | |||||||||
Reliant Energy, Inc., Sr. Notes | |||||||||||
350 | 7.625%, 6/15/14 | 354,813 | |||||||||
945 | 7.875%, 6/15/17 | 957,994 | |||||||||
Texas Competitive Electric Holdings Co. LLC, Sr. Notes | |||||||||||
4,490 | 10.25%, 11/1/15(5) | 4,534,900 | |||||||||
$ | 53,987,278 | ||||||||||
Total Corporate Bonds & Notes (identified cost $829,247,483) |
$ | 828,363,972 |
See notes to financial statements
23
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Collateralized Mortgage Obligations 9.8% | |||||||||||
Principal Amount |
Security | Value | |||||||||
$ | 2,561 |
Federal Home Loan Mortgage Corp., Series 24, Class J, 6.25%, 11/25/23 |
$ | 2,611,955 | |||||||
3,136 |
Federal Home Loan Mortgage Corp., Series 1497, Class K, 7.00%, 4/15/23 |
3,246,994 | |||||||||
5,093 |
Federal Home Loan Mortgage Corp., Series 1529, Class Z, 7.00%, 6/15/23 |
5,260,425 | |||||||||
4,439 |
Federal Home Loan Mortgage Corp., Series 1620, Class Z, 6.00%, 11/15/23 |
4,514,408 | |||||||||
1,423 |
Federal Home Loan Mortgage Corp., Series 1677, Class Z, 7.50%, 7/15/23 |
1,515,237 | |||||||||
9,649 |
Federal Home Loan Mortgage Corp., Series 1702, Class PZ, 6.50%, 3/15/24 |
9,939,994 | |||||||||
432 |
Federal Home Loan Mortgage Corp., Series 1720, Class PJ, 7.25%, 1/15/24 |
437,720 | |||||||||
7,386 |
Federal Home Loan Mortgage Corp., Series 2113, Class QG, 6.00%, 1/15/29 |
7,492,381 | |||||||||
1,065 |
Federal Home Loan Mortgage Corp., Series 2122, Class K, 6.00%, 2/15/29 |
1,074,161 | |||||||||
722 |
Federal Home Loan Mortgage Corp., Series 2130, Class K, 6.00%, 3/15/29 |
730,127 | |||||||||
722 |
Federal Home Loan Mortgage Corp., Series 2167, Class BZ, 7.00%, 6/15/29 |
750,672 | |||||||||
5,384 |
Federal Home Loan Mortgage Corp., Series 2182, Class ZB, 8.00%, 9/15/29 |
5,798,473 | |||||||||
3,793 |
Federal Home Loan Mortgage Corp., Series 2198, Class ZA, 8.50%, 11/15/29 |
4,124,350 | |||||||||
17,175 |
Federal Home Loan Mortgage Corp., Series 2245, Class A, 8.00%, 8/15/27(6) |
18,515,980 | |||||||||
527 |
Federal National Mortgage Assn., Series 1988-14, Class I, 9.20%, 6/25/18 |
570,910 | |||||||||
544 |
Federal National Mortgage Assn., Series 1989-1, Class D, 10.30%, 1/25/19 |
596,349 | |||||||||
983 |
Federal National Mortgage Assn., Series 1989-34, Class Y, 9.85%, 7/25/19 |
1,087,412 | |||||||||
691 |
Federal National Mortgage Assn., Series 1990-17, Class G, 9.00%, 2/25/20 |
751,741 | |||||||||
297 |
Federal National Mortgage Assn., Series 1990-27, Class Z, 9.00%, 3/25/20 |
325,362 | |||||||||
308 |
Federal National Mortgage Assn., Series 1990-29, Class J, 9.00%, 3/25/20 |
337,931 | |||||||||
1,324 |
Federal National Mortgage Assn., Series 1990-43, Class Z, 9.50%, 4/25/20 |
1,473,143 | |||||||||
461 |
Federal National Mortgage Assn., Series 1991-98, Class J, 8.00%, 8/25/21 |
494,049 | |||||||||
3,758 |
Federal National Mortgage Assn., Series 1992-77, Class ZA, 8.00%, 5/25/22 |
4,043,454 | |||||||||
255 |
Federal National Mortgage Assn., Series 1992-103, Class Z, 7.50%, 6/25/22 |
268,951 | |||||||||
494 |
Federal National Mortgage Assn., Series 1992-113, Class Z, 7.50%, 7/25/22 |
524,061 |
Principal Amount |
Security | Value | |||||||||
$ | 972 |
Federal National Mortgage Assn., Series 1992-185, Class ZB, 7.00%, 10/25/22 |
$ | 1,012,355 | |||||||
2,423 |
Federal National Mortgage Assn., Series 1993-16, Class Z, 7.50%, 2/25/23 |
2,569,118 | |||||||||
1,811 |
Federal National Mortgage Assn., Series 1993-22, Class PM, 7.40%, 2/25/23 |
1,900,350 | |||||||||
2,921 |
Federal National Mortgage Assn., Series 1993-25, Class J, 7.50%, 3/25/23 |
3,080,087 | |||||||||
5,593 |
Federal National Mortgage Assn., Series 1993-30, Class PZ, 7.50%, 3/25/23 |
5,896,338 | |||||||||
6,542 |
Federal National Mortgage Assn., Series 1993-42, Class ZQ, 6.75%, 4/25/23 |
6,822,951 | |||||||||
1,037 |
Federal National Mortgage Assn., Series 1993-56, Class PZ, 7.00%, 5/25/23 |
1,077,253 | |||||||||
1,175 |
Federal National Mortgage Assn., Series 1993-156, Class ZB, 7.00%, 9/25/23 |
1,233,672 | |||||||||
8,615 |
Federal National Mortgage Assn., Series 1994-45, Class Z, 6.50%, 2/25/24(6) |
8,856,224 | |||||||||
4,385 |
Federal National Mortgage Assn., Series 1994-89, Class ZQ, 8.00%, 7/25/24 |
4,797,799 | |||||||||
4,224 |
Federal National Mortgage Assn., Series 1996-57, Class Z, 7.00%, 12/25/26 |
4,411,777 | |||||||||
2,455 |
Federal National Mortgage Assn., Series 1997-77, Class Z, 7.00%, 11/18/27 |
2,569,134 | |||||||||
1,834 |
Federal National Mortgage Assn., Series 1998-44, Class ZA, 6.50%, 7/20/28 |
1,887,194 | |||||||||
912 |
Federal National Mortgage Assn., Series 1999-45, Class ZG, 6.50%, 9/25/29 |
935,338 | |||||||||
7,820 |
Federal National Mortgage Assn., Series 2000-22, Class PN, 6.00%, 7/25/30(6) |
7,932,888 | |||||||||
1,715 |
Federal National Mortgage Assn., Series 2001-37, Class GA, 8.00%, 7/25/16 |
1,813,885 | |||||||||
1,626 |
Federal National Mortgage Assn., Series 2002-1, Class G, 7.00%, 7/25/23 |
1,697,426 | |||||||||
820 |
Federal National Mortgage Assn., Series G92-44, Class Z, 8.00%, 7/25/22 |
890,397 | |||||||||
1,334 |
Federal National Mortgage Assn., Series G92-44, Class ZQ, 8.00%, 7/25/22 |
1,448,818 | |||||||||
1,797 |
Federal National Mortgage Assn., Series G92-46, Class Z, 7.00%, 8/25/22 |
1,878,102 | |||||||||
3,341 |
Federal National Mortgage Assn., Series G92-60, Class Z, 7.00%, 10/25/22 |
3,470,714 | |||||||||
32,676 |
Federal National Mortgage Assn., Series G93-35, Class ZQ, 6.50%, 11/25/23(6) |
33,791,333 | |||||||||
6,919 |
Federal National Mortgage Assn., Series G93-40, Class H, 6.40%, 12/25/23(6) |
7,092,434 | |||||||||
7,998 |
Government National Mortgage Assn., Series 2002-45, Class PG, 6.00%, 3/17/32(6) |
8,144,790 | |||||||||
867 |
Government National Mortgage Assn., Series 2005-72, Class E, 12.00%, 11/16/15 |
1,004,585 | |||||||||
Total Collateralized Mortgage Obligations (identified cost, $193,055,030) |
$ | 192,701,202 |
See notes to financial statements
24
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Mortgage Pass-Throughs 38.4% |
|||||||||||
Principal Amount (000's omitted) |
Security | Value | |||||||||
Federal Home Loan Mortgage Corp.: | |||||||||||
$ | 4,853 | 5.50%, with maturity at 2014 | $ | 4,892,377 | |||||||
1,026 | 5.533%, with maturity at 2025(7) | 1,010,586 | |||||||||
6,014 | 6.00%, with various maturities to 2026 | 6,150,193 | |||||||||
44,408 | 6.50%, with various maturities to 2028(6) | 46,087,276 | |||||||||
81,654 | 7.00%, with various maturities to 2031(6) | 84,934,577 | |||||||||
737 | 7.13%, with maturity at 2023 | 780,494 | |||||||||
52,327 | 7.50%, with various maturities to 2029(6) | 55,814,784 | |||||||||
1,111 | 7.65%, with maturity at 2022 | 1,192,965 | |||||||||
215 | 7.70%, with maturity at 2022 | 231,783 | |||||||||
22,913 | 8.00%, with various maturities to 2030 | 24,796,802 | |||||||||
664 | 8.25%, with maturity at 2020 | 709,144 | |||||||||
1,834 | 8.30%, with maturity at 2020 | 2,003,020 | |||||||||
17,944 | 8.50%, with various maturities to 2031 | 19,415,983 | |||||||||
77 | 8.75%, with maturity at 2010 | 77,608 | |||||||||
6,640 | 9.00%, with various maturities to 2031 | 7,305,533 | |||||||||
5,530 | 9.50%, with various maturities to 2025 | 6,166,587 | |||||||||
890 | 10.00%, with maturity at 2020 | 1,011,077 | |||||||||
828 | 10.50%, with maturity at 2020 | 950,052 | |||||||||
1,206 | 12.00%, with maturity at 2020 | 1,366,230 | |||||||||
68 | 13.00%, with maturity at 2015 | 79,603 | |||||||||
$ | 264,976,674 | ||||||||||
Federal National Mortgage Assn.: | |||||||||||
$ | 15,955 | 5.50%, with various maturities to 2028(6) | $ | 16,030,384 | |||||||
7,261 | 5.569%, with maturity at 2036(7) | 7,175,092 | |||||||||
16,636 | 6.00%, with various maturities to 2026 | 16,954,364 | |||||||||
21,705 | 6.344%, with maturity at 2032(6)(7) | 21,777,002 | |||||||||
61,723 | 6.50%, with various maturities to 2031(6) | 63,837,761 | |||||||||
784 | 6.75%, with maturity at 2023(8) | 819,109 | |||||||||
92,546 | 7.00%, with various maturities to 2031(6) | 96,786,831 | |||||||||
4,929 | 7.222%, with maturity at 2022(6)(7) | 4,993,555 | |||||||||
20,261 | 7.50%, with various maturities to 2031 | 21,550,810 | |||||||||
15,389 | 8.00%, with various maturities to 2031 | 16,576,747 | |||||||||
82 | 8.25%, with maturity at 2018(8) | 88,609 | |||||||||
3,517 | 8.43%, with maturity at 2027(8) | 3,878,700 | |||||||||
17,892 | 8.50%, with various maturities to 2030 | 19,648,087 | |||||||||
1,664 | 8.633%, with maturity at 2028(8) | 1,807,767 | |||||||||
1,038 | 8.684%, with maturity at 2029(8) | 1,130,447 | |||||||||
1,573 | 8.769%, with maturity at 2027(8) | 1,735,427 | |||||||||
20,700 | 9.00%, with various maturities to 2027 | 22,923,767 | |||||||||
595 | 9.304%, with maturity at 2024(8) | 643,267 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
$ | 9,969 | 9.50%, with various maturities to 2030 | $ | 11,141,801 | |||||||
1,086 | 9.601%, with maturity at 2018(7) | 1,202,481 | |||||||||
1,887 | 10.00%, with various maturities to 2020 | 2,148,974 | |||||||||
1,837 | 10.229%, with maturity at 2025(8) | 2,085,373 | |||||||||
2,086 | 10.358%, with maturity at 2019(7) | 2,329,613 | |||||||||
1,728 | 10.50%, with maturity at 2021 | 1,967,108 | |||||||||
719 | 11.50%, with maturity at 2016 | 814,058 | |||||||||
45 | 12.50%, with maturity at 2011 | 49,311 | |||||||||
$ | 340,096,445 | ||||||||||
Government National Mortgage Assn.: | |||||||||||
$ | 5,143 | 6.00%, with maturity at 2024 | $ | 5,255,391 | |||||||
28,480 | 6.50%, with maturity at 2024(6) | 29,598,936 | |||||||||
9,748 | 7.00%, with various maturities to 2025 | 10,301,970 | |||||||||
30,407 | 7.50%, with various maturities to 2031 | 32,550,726 | |||||||||
41,945 | 8.00%, with various maturities to 2034(6) | 45,533,636 | |||||||||
978 | 8.30%, with maturity at 2020 | 1,060,283 | |||||||||
2,047 | 8.50%, with various maturities to 2022 | 2,212,622 | |||||||||
9,777 | 9.00%, with various maturities to 2026 | 10,878,117 | |||||||||
14,119 | 9.50%, with various maturities to 2026 | 15,978,273 | |||||||||
866 | 10.00%, with maturity at 2019 | 991,237 | |||||||||
$ | 154,361,191 | ||||||||||
Total Mortgage Pass-Throughs (identified cost $759,533,155) |
$ | 759,434,310 | |||||||||
Asset-Backed Securities 0.3% | |||||||||||
Principal Amount (000's omitted) |
Security | Value | |||||||||
$ | 760 |
Avalon Capital Ltd. 3, Series 1A, Class D, Variable Rate 7.449%, 2/24/19(4)(5) |
$ | 683,115 | |||||||
1,000 |
Babson Ltd., Series 2005-1A, Class C1, Variable Rate 7.193%, 4/15/19(4)(5) |
885,057 | |||||||||
1,000 |
Bryant Park CDO Ltd., Series 2005-1A, Class C, Variable Rate 7.293%, 1/15/19(4)(5) |
896,952 | |||||||||
1,000 |
Carlyle High Yield Partners, Series 2004-6A, Class C, Variable Rate 7.95%, 8/11/16(4)(5) |
930,130 | |||||||||
1,000 |
Centurion CDO 8 Ltd., Series 2005-8A, Class D, Variable Rate 11.224%, 3/8/17(4) |
928,087 | |||||||||
500 |
Centurion CDO 9 Ltd., Series 2005-9A, 9.35%, 7/17/19(4) Class Note |
436,750 | |||||||||
1,500 |
Dryden Leveraged Loan, Series 2004-6A, Class C1, Variable Rate 7.534%, 7/30/16(4)(5) |
1,386,901 | |||||||||
489 |
Sonata Securities S.A., Series 2006-6 8.85%, 12/28/07 |
488,855 | |||||||||
Total Asset-Backed Securities (identified cost $7,236,563) |
$ | 6,635,847 |
See notes to financial statements
25
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Convertible Bonds 0.2% |
|||||||||||
Principal Amount |
Security | Value | |||||||||
$ | 3,540,000 | L-3 Communications Corp.(5) | $ | 4,301,100 | |||||||
Total Convertible Bonds (identified cost $3,578,781) |
$ | 4,301,100 | |||||||||
Common Stocks 0.4% | |||||||||||
Shares | Security | Value | |||||||||
142,857 | Anchor Glass Container Corp. | $ | 3,874,996 | ||||||||
2,484 | Environmental Systems Products Holdings, Inc.(4)(9)(10) | 0 | |||||||||
49,710 | Time Warner Cable, Inc., Class A(9) | 1,421,209 | |||||||||
331,790 | Trump Entertainment Resorts, Inc.(9) | 2,584,644 | |||||||||
Total Common Stocks (identified cost $11,971,136) |
$ | 7,880,849 | |||||||||
Convertible Preferred Stocks 0.1% | |||||||||||
Shares | Security | Value | |||||||||
2,500,000 | Adelphia, Inc., 13.00% | $ | 453,125 | ||||||||
11,070 | Chesapeake Energy Corp., 4.50% | 1,164,121 | |||||||||
4,958 | Crown Castle International Corp., 6.25% (PIK) | 298,100 | |||||||||
Total Convertible Preferred Stocks (identified cost $1,309,893) |
$ | 1,915,346 | |||||||||
Preferred Stocks 0.2% | |||||||||||
Shares/Units | Security | Value | |||||||||
2,484 |
Environmental Systems Products Holdings Preferred, Series A(4)(9)(10) |
$ | 43,470 | ||||||||
4,909 | Fontainebleau Resorts LLC (PIK)(4)(10) | 4,683,929 | |||||||||
Total Preferred Stocks (identified cost $4,952,219) |
$ | 4,727,399 | |||||||||
Miscellaneous 0.0% | |||||||||||
Shares | Security | Value | |||||||||
2,496,146 | Adelphia Recovery Trust(9) | $ | 216,865 | ||||||||
Total Miscellaneous (identified cost $0) |
$ | 216,865 |
Short-Term Investments 1.4% |
|||||||||||
Description |
Interest/ Principal Amount (000's omitted) |
Value | |||||||||
Investment in Cash Management Portfolio, 4.83%(11) | $ | 15,475 | $ | 15,475,157 | |||||||
RBS Time Deposit, 3.98%, 11/1/07 | EUR | 7,701 | 11,142,011 | ||||||||
Total Short-Term Investments (identified cost $26,617,168) |
$ | 26,617,168 | |||||||||
Total Investments 157.0% (identified cost $3,130,023,523) |
$ | 3,104,993,090 | |||||||||
Less Unfunded Loan Commitments (0.5)% |
$ | (9,841,376 | ) | ||||||||
Net Investments 156.5% (identified cost $3,120,182,148) |
$ | 3,095,151,714 | |||||||||
Other Assets, Less Liabilities (16.0)% | $ | (317,373,882 | ) | ||||||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (40.5)% |
$ | (800,323,005 | ) | ||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 1,977,454,827 |
DIP - Debtor In Posession
PIK - Payment In Kind
REIT - Real Estate Investment Trust
EUR - Euro
GBP - British Pound
* In U.S. dollars unless otherwise indicated.
(1) Senior floating-rate interests often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, 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
See notes to financial statements
26
Eaton Vance Limited Duration Income Fund as of October 31, 2007
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.
(2) This Senior Loan will settle after October 31, 2007, at which time the interest rate will be determined.
(3) Unfunded or partially unfunded loan commitments. See Note 1H for description.
(4) Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
(5) 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, 2007, the aggregate value of the securities is $221,862,628 or 11.2% of the Fund's net assets applicable to common shares.
(6) All or a portion of this security was on loan at October 31, 2007.
(7) Adjustable rate mortgage.
(8) Weighted average fixed-rate coupon that changes/updates monthly.
(9) Non-income producing security.
(10) Restricted security.
(11) Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of October 31, 2007.
See notes to financial statements
27
Eaton Vance Limited Duration Income Fund as of October 31, 2007
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
As of October 31, 2007
Assets | |||||||
Unaffiliated investments, at value including $296,121,069 of securities on loan (identified cost, $3,104,706,991) |
$ | 3,079,676,557 | |||||
Affiliated investment, at value (identified cost, $15,475,157) | 15,475,157 | ||||||
Cash | 1,000,000 | ||||||
Foreign currency, at value (identified cost, $2,733,364) | 2,750,796 | ||||||
Receivable for investments sold | 13,376,016 | ||||||
Dividends and interest receivable | 37,836,717 | ||||||
Interest receivable from affiliated investment | 87,819 | ||||||
Receivable for open swap contracts | 70,522 | ||||||
Prepaid expenses | 103,580 | ||||||
Total assets | $ | 3,150,377,164 | |||||
Liabilities | |||||||
Collateral for securities loaned | $ | 326,613,883 | |||||
Payable for investments purchased | 42,797,754 | ||||||
Payable to affiliate for investment advisory fee | 1,446,709 | ||||||
Payable for open forward foreign currency contracts | 1,261,614 | ||||||
Payable to affiliate for Trustees' fees | 2,969 | ||||||
Accrued expenses | 476,403 | ||||||
Total liabilities | $ | 372,599,332 | |||||
Auction preferred shares (32,000 shares outstanding) at liquidation value plus cumulative unpaid dividends |
$ | 800,323,005 | |||||
Net assets applicable to common shares | $ | 1,977,454,827 | |||||
Sources of Net Assets | |||||||
Common shares, $0.01 par value, unlimited number of shares authorized, 112,462,747 shares issued and outstanding |
$ | 1,124,627 | |||||
Additional paid-in capital | 2,128,293,687 | ||||||
Accumulated net realized loss (computed on the basis of identified cost) | (131,429,324 | ) | |||||
Accumulated undistributed net investment income | 6,251,955 | ||||||
Net unrealized depreciation (computed on the basis of identified cost) | (26,786,118 | ) | |||||
Net assets applicable to common shares | $ | 1,977,454,827 | |||||
Net Asset Value Per Common Share | |||||||
($1,977,454,827 ÷ 112,462,747 common shares issued and outstanding) | $ | 17.58 |
Statement of Operations
For the Six Months Ended
October 31, 2007
Investment Income | |||||||
Interest | $ | 101,792,422 | |||||
Dividends | 38,631 | ||||||
Securities lending income, net | 3,499,751 | ||||||
Interest income allocated from affiliated investment | 1,053,877 | ||||||
Expenses allocated from affliated investment | (97,792 | ) | |||||
Total investment income | $ | 106,286,889 | |||||
Expenses | |||||||
Investment adviser fee | $ | 11,773,914 | |||||
Trustees' fees and expenses | 18,250 | ||||||
Preferred shares remarketing agent fee | 1,008,219 | ||||||
Custodian fee | 337,311 | ||||||
Legal and accounting services | 183,356 | ||||||
Printing and postage | 123,961 | ||||||
Transfer and dividend disbursing agent fees | 32,753 | ||||||
Miscellaneous | 92,085 | ||||||
Total expenses | $ | 13,569,849 | |||||
Deduct Reduction of custodian fee |
$ | 6,289 | |||||
Reduction of investment adviser fee | 3,164,697 | ||||||
Total expense reductions | $ | 3,170,986 | |||||
Net expenses | $ | 10,398,863 | |||||
Net investment income | $ | 95,888,026 | |||||
Realized and Unrealized Gain (Loss) | |||||||
Net realized gain (loss) Investment transactions (identified cost basis) |
$ | 5,475,278 | |||||
Swap contracts | 24,533 | ||||||
Foreign currency transactions | (7,655,643 | ) | |||||
Net realized loss | $ | (2,155,832 | ) | ||||
Change in unrealized appreciation (depreciation) Investments (identified cost basis) |
$ | (67,704,761 | ) | ||||
Swap contracts | (8,106 | ) | |||||
Foreign currency | (1,565,481 | ) | |||||
Net change in unrealized appreciation (depreciation) | $ | (69,278,348 | ) | ||||
Net realized and unrealized loss | $ | (71,434,180 | ) | ||||
Distributions to preferred shareholders | |||||||
From net investment income | (21,950,530 | ) | |||||
Net increase in net assets from operations | $ | 2,503,316 |
See notes to financial statements
28
Eaton Vance Limited Duration Income Fund as of October 31, 2007
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
Increase (Decrease) in Net Assets |
Six Months Ended October 31, 2007 (Unaudited) |
Year Ended April 30, 2007 |
|||||||||
From operations Net investment income |
$ | 95,888,026 | $ | 190,390,749 | |||||||
Net realized gain (loss) from investment transactions, swap contracts and foreign currency and forward foreign currency exchange contract transactions |
(2,155,832 | ) | 8,315,440 | ||||||||
Net change in unrealized appreciation (depreciation) from investments, swap contracts and foreign currency and forward foreign currency exchange contracts |
(69,278,348 | ) | 22,709,443 | ||||||||
Distributions to preferred shareholders From net investment income |
(21,950,530 | ) | (40,156,508 | ) | |||||||
Net increase in net assets from operations | $ | 2,503,316 | $ | 181,259,124 | |||||||
Distributions to common shareholders From net investment income |
$ | (85,056,425 | ) | $ | (169,333,751 | ) | |||||
Total distributions to common shareholders | $ | (85,056,425 | ) | $ | (169,333,751 | ) | |||||
Capital share transactions Reinvestment of distributions to common shareholders |
$ | 3,165,285 | $ | 9,170,158 | |||||||
Total increase in net assets from capital share transactions |
$ | 3,165,285 | $ | 9,170,158 | |||||||
Net increase (decrease) in net assets | $ | (79,387,824 | ) | $ | 21,095,531 | ||||||
Net Assets Applicable to Common Shares |
|||||||||||
At beginning of period | $ | 2,056,842,651 | $ | 2,035,747,120 | |||||||
At end of period | $ | 1,977,454,827 | $ | 2,056,842,651 | |||||||
Accumulated undistributed net investment income included in net assets applicable to common shares |
|||||||||||
At end of period | $ | 6,251,955 | $ | 10,334,806 |
Statement of Cash Flows (Unaudited)
Six Months Ended October 31, 2007 |
|||||||
Cash flows from operating activities Net increase in net assets from operations |
$ | 2,503,316 | |||||
Distributions to preferred shareholders | 21,950,530 | ||||||
Net increase in net assets from operations excluding distributions to preferred shareholders from net investment income |
$ | 24,453,846 | |||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |
|||||||
Investments purchased | (2,013,631,124 | ) | |||||
Investments sold | 1,979,742,291 | ||||||
Increase in short-term investments | (231,763 | ) | |||||
Net amortization of premium (discount) | 7,902,495 | ||||||
Increase in dividends and interest receivable | (2,653,796 | ) | |||||
Increase in payable for investments purchased | 24,343,923 | ||||||
Increase in recievable for investments sold | (8,180,360 | ) | |||||
Decrease in receivable for open swap contracts | 8,106 | ||||||
Decrease in interest receivable from affiliate | 101,161 | ||||||
Increase in prepaid expenses | (14,550 | ) | |||||
Increase in payable for open forward foreign currency contracts | 980,832 | ||||||
Increase in payable to affiliate for investment advisory fee | 44,558 | ||||||
Increase in payable to affiliate for Trustees' fees | 435 | ||||||
Increase in unfunded loan commitments | 5,666,638 | ||||||
Decrease in collateral for securities loaned | (3,876,487 | ) | |||||
Decrease in accrued expenses | (110,299 | ) | |||||
Net change in unrealized (appreciation) depreciation on investments | 67,704,761 | ||||||
Realized (gain) loss on investments | (5,475,278 | ) | |||||
Net cash provided by operating activities | $ | 76,775,389 | |||||
Cash flows from financing activities Cash distributions paid to common shareholders net of reinvestments $(81,891,140) Distributions to preferred shareholders from net investment income |
(22,043,393 | ) | |||||
Net cash used in financing activities | $ | (103,934,533 | ) | ||||
Net decrease in cash | $ | (27,159,144 | ) | ||||
Cash at beginning of period | $ | 30,909,940 | |||||
Cash at end of period | $ | 3,750,796 | |||||
Supplemental disclosure of cash flow information: | |||||||
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of : |
$ | 3,165,285 |
See notes to financial statements
29
Eaton Vance Limited Duration Income Fund as of October 31, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Six Months Ended October 31, 2007 |
Year Ended April 30, | ||||||||||||||||||||||
(Unaudited)(1) | 2007(1) | 2006(1) | 2005(1) | 2004(1)(2) | |||||||||||||||||||
Net asset value Beginning of period (Common shares) | $ | 18.320 | $ | 18.210 | $ | 18.430 | $ | 19.070 | $ | 19.100 | (3) | ||||||||||||
Income (loss) from operations | |||||||||||||||||||||||
Net investment income | $ | 0.853 | (4) | $ | 1.701 | (4) | $ | 1.512 | (4) | $ | 1.373 | (4) | $ | 1.061 | (4) | ||||||||
Net realized and unrealized gain (loss) | (0.641 | )(4) | 0.281 | (4) | 0.048 | (4) | (0.254 | )(4) | 0.426 | (4) | |||||||||||||
Distributions to preferred shareholders From net investment income |
(0.195 | ) | (0.359 | ) | (0.267 | ) | (0.153 | ) | (0.075 | ) | |||||||||||||
Total income from operations | $ | 0.017 | $ | 1.623 | $ | 1.293 | $ | 0.966 | $ | 1.412 | |||||||||||||
Less distributions to common shareholders | |||||||||||||||||||||||
From net investment income | $ | (0.757 | ) | $ | (1.513 | ) | $ | (1.513 | ) | $ | (1.606 | ) | $ | (1.345 | ) | ||||||||
Total distributions to common shareholders | $ | (0.757 | ) | $ | (1.513 | ) | $ | (1.513 | ) | $ | (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) | $ | 17.580 | $ | 18.320 | $ | 18.210 | $ | 18.430 | $ | 19.070 | |||||||||||||
Market value End of period (Common shares) | $ | 15.960 | $ | 18.700 | $ | 17.090 | $ | 17.690 | $ | 17.810 | |||||||||||||
Total Investment Return on Net Asset Value(5) | 0.30 | %(11) | 9.42 | % | 7.72 | % | 5.29 | % | 7.22 | %(6)(11) | |||||||||||||
Total Investment Return on Market Value(5) | (10.79 | )%(11) | 19.01 | % | 5.32 | % | 8.22 | % | 0.13 | %(6)(11) |
See notes to financial statements
30
Eaton Vance Limited Duration Income Fund as of October 31, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Six Months Ended October 31, 2007 |
Year Ended April 30, | ||||||||||||||||||||||
(Unaudited)(1) | 2007(1) | 2006(1) | 2005(1) | 2004(1)(2) | |||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||
Net assets applicable to common shares, end of period (000's omitted) | $ | 1,977,455 | $ | 2,056,843 | $ | 2,035,747 | $ | 2,060,484 | $ | 2,118,909 | |||||||||||||
Ratios (As a percentage of average net assets applicable to common shares)(7): | |||||||||||||||||||||||
Expenses before custodian fee reduction | 1.04 | %(8) | 1.02 | % | 1.00 | % | 1.01 | % | 0.93 | %(8) | |||||||||||||
Expenses after custodian fee reduction | 1.04 | %(8) | 1.02 | % | 1.00 | % | 1.01 | % | 0.93 | %(8) | |||||||||||||
Net investment income | 9.53 | %(8) | 9.39 | % | 8.27 | % | 7.29 | % | 6.02 | %(8) | |||||||||||||
Portfolio Turnover | 64 | % | 49 | % | 53 | % | 60 | % | 72 | % |
The ratios reported above 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 applicable to common shares and preferred shares)(7): | |||||||||||||||||||||||
Expenses before custodian fee reduction | 0.74 | %(8) | 0.73 | % | 0.72 | % | 0.71 | % | 0.67 | %(8) | |||||||||||||
Expenses after custodian fee reduction | 0.74 | %(8) | 0.73 | % | 0.72 | % | 0.71 | % | 0.67 | %(8) | |||||||||||||
Net investment income | 6.80 | %(8) | 6.73 | % | 5.94 | % | 5.16 | % | 4.37 | %(8) | |||||||||||||
Senior Securities: | |||||||||||||||||||||||
Total preferred shares outstanding | 32,000 | 32,000 | 32,000 | 32,000 | 38,000 | ||||||||||||||||||
Asset coverage per preferred share(9) | $ | 86,806 | $ | 89,289 | $ | 88,630 | $ | 89,395 | $ | 80,762 | |||||||||||||
Involuntary liquidation preference per preferred share(10) | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | |||||||||||||
Approximate market value per preferred share(10) | $ | 25,000 | $ | 25,000 | $ | 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 $0.915, $1.899, $1.807, $1.699 and $1.531 and net realized and unrealized loss per share was $0.703, $0.080, $0.247, $0.580 and $0.044 for the six months ended October 31, 2007 and the years ended April 30, 2007, 2006, 2005 and the period ended April 30, 2004, 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.
(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 with all distributions reinvested. 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 with all distributions reinvested.
(7) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(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.
(11) Not annualized.
See notes to financial statements
31
Eaton Vance Limited Duration Income Fund as of October 31, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 Significant Accounting Policies
Eaton Vance Limited Duration Income Fund (the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a closed-end management investment company. 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 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 30-year fixed rate 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.
Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued on the basis of prices furnished by an independent pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the following valuation techniques; (i) 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; (ii) a comparison of the value of the borrower's outstanding equity and debt to that of comparable public companies; (iii) a discounted cash flow analysis; or (iv) 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 analysis for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Junior loans are valued in the same manner as Senior Loans. Fair value determinations are made by the portfolio managers of a Fund based on information available to such managers. The portfolio managers of other funds managed by Eaton Vance that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio manager of the Fund. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by Eaton Vance that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Fund. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser's Valuation Committee and by the Trustees based upon procedures approved by the Trustees.
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. Short-term debt securities with a remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. If short-term debt securities are acquired with a remaining maturity of more than sixty days, they will be valued by a pricing service. Over-the-counter options are valued at the mean between the bid and the asked price provided by dealers. Securities listed on foreign or U.S. securities exchanges generally are valued at closing sales prices or, if there were no sales, at the mean between the closing bid and asked prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market are valued at the NASDAQ official closing price. Financial futures contracts listed on commodity exchanges and options thereon are valued at closing settlement prices. Credit default swaps are valued by the broker-dealer (usually the counter-party to the agreement). Other portfolio securities for which there are no quotations or valuations and investments for which the price of the security is not believed to represent its fair market value, are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund. Occasionally, events affecting the value of foreign securities may occur between the time trading is completed abroad and the close of the New York Stock Exchange which will not be reflected in the
32
Eaton Vance Limited Duration Income Fund as of October 31, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
computation of the Fund's net asset value (unless the Fund deems that such event would materially affect its net asset value in which case an adjustment would be made and reflected in such computation). The Fund may rely on an independent fair valuation service in making any such adjustment as to the value of a foreign equity security.
The Fund may invest in Cash Management Portfolio (Cash Management), an affiliated investment company managed by Boston Management and Research (BMR), a subsidiary of EVM. Cash Management values its investment securities utilizing the amortized cost valuation technique permitted by Rule 2a-7 of the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium.
B Income Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.
C Investment Transactions Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified costs.
D Federal Taxes The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable income and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. At April 30, 2007, the Fund, for federal income tax purposes, had a capital loss carryforward of $114,304,010 which will reduce the Fund's taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. Such capital loss carryforward will expire on April 30, 2012 ($26,481,368), April 30, 2013 ($40,885,552), April 30, 2014 ($28,843,098) and April 30, 2015 ($18,093,992).
Additionally, at April 30, 2007, the Fund had a net capital loss of $331,258 attributable to security transactions incurred after October 31, 2006. This net capital loss is treated as arising on the first day of the Fund's taxable year ending April 30, 2008.
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. 109". FIN 48 clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB Statement No. 109, "Accounting for Income Taxes". This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective on the last business day of the first required financial reporting period for fiscal years beginning after December 15, 2006. Management has concluded that as of October 31, 2007, there are no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure.
E Expense Reduction State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund's custodian fees are reported as a reduction of expenses in the Statement of Operations.
F Offering Costs Costs incurred by the Fund in connection with the offering of its common and preferred shares are recorded as a reduction of additional paid-in capital applicable to common shares.
G Foreign Currency Translation Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
33
Eaton Vance Limited Duration Income Fund as of October 31, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
H 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 commitments at the borrower's discretion. These commitments are disclosed in the accompanying Portfolio of Investments.
I 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 income and expense during the reporting period. Actual results could differ from those estimates.
J 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.
K Financial Futures Contracts The Fund may enter into financial futures contracts. The Fund's investment in financial futures contracts is designed for hedging against changes in interest rates or as a substitute for the purchase of securities. Upon entering into a financial futures contract, the Fund is required to deposit with the broker, either in cash or securities an amount equal to a certain percentage of the purchase price (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. In entering such contracts, the Fund bears the risk if the counterparties do not perform under the contracts' terms.
L Forward Foreign Currency Exchange Contracts The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The Fund may enter into forward contracts for hedging purposes as well as non-hedging purposes. The forward foreign currency exchange contract is adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contract has been closed or offset by another contract with the same broker for the same settlement date and currency. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.
M Credit Default Swaps The Fund may enter into credit default swap contracts to buy or sell protection against default on an individual issuer or a basket of issuers of bonds. When the Fund is the buyer of a credit default swap contract, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty to the contract in the event of default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund pays 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 effectively adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. Up front payments or receipts, if any, are recorded as other assets or other liabilities, respectively, and amortized over the life of the swap contract as realized gains or losses. The Fund segregates 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 counterparty may be unable to fulfill the transaction.
N When Issued and Delayed Delivery Transactions The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the
34
Eaton Vance Limited Duration Income Fund as of October 31, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
O Statement of Cash Flows The cash amount shown in the Statement of Cash Flows is the amount included in the Fund's Statement of Assets and Liabilities and represents cash on hand at its custodian and does not include any short-term investments.
P Interim Financial Statements The interim financial statements relating to October 31, 2007 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 Auction Preferred Shares (APS) on July 25, 2003 in a public offering. The underwriting discounts and other offering costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. Series of APS are identical in all respects except for the reset dates of the dividend rates.
The number of APS issued and outstanding as of October 31, 2007 is as follows:
APS Issued and Outstanding |
|||||||
Series A | 6,400 | ||||||
Series B | 6,400 | ||||||
Series C | 6,400 | ||||||
Series D | 6,400 | ||||||
Series E | 6,400 |
The APS are redeemable at the option of the Fund at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if the Fund is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years' dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Fund is required to maintain certain asset coverage with respect to the APS as defined in the Fund's By-Laws and the 1940 Act. The Fund pays an annual fee equivalent to 0.25% of the liquidation value for the remarketing efforts associated with APS auctions.
3 Distributions to Shareholders
The Fund intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, the Fund intends to distribute all or substantially all of its net realized capital gains, if any. Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rate for the APS at October 31, 2007, and the amount of dividends paid to APS shareholders, average APS dividend rates (annualized), and dividend rate ranges for the six months ended October 31, 2007 were as follows:
Series |
APS Dividend Rates at October 31, 2007 |
Dividends Paid to APS Shareholders |
Average APS Dividend Rates |
Dividend Rate Ranges |
|||||||||||||||
A | 5.20 | % | $ | 4,415,883 | 5.47 | % | 4.90% 7.50% | ||||||||||||
B | 5.05 | % | $ | 4,422,472 | 5.48 | % | 4.75% 7.50% | ||||||||||||
C | 4.90 | % | $ | 4,384,076 | 5.44 | % | 4.80% 6.60% | ||||||||||||
D | 5.30 | % | $ | 4,362,224 | 5.41 | % | 4.75% 7.50% | ||||||||||||
E | 4.89 | % | $ | 4,365,875 | 5.41 | % | 4.80% 7.25% |
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.
35
Eaton Vance Limited Duration Income Fund as of October 31, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
The tax character of the distributions declared for the six months ended October 31, 2007 and for the year ended April 30, 2007 was as follows:
October 31, 2007 | April 30, 2007 | ||||||||||
Distributable declared from: | |||||||||||
Ordinary income | $ | 107,006,955 | $ | 209,490,259 |
During the six months ended October 31, 2007, paid-in capital was decreased by $3,090,301, accumulated undistributed net investment income was increased by $7,036,078, and accumulated net realized loss was increased by $3,945,777 due to differences between book and tax accounting, primarily for paydown gains/losses on mortgage-backed securities, premium amortization and tax accounting for straddles. These reclassifications had no effect on the net assets or net asset value per share of the Fund.
As of October 31, 2007, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:
Undistributed ordinary income | $ | 5,642,562 | |||||
Unrealized depreciation | (36,258,619 | ) | |||||
Capital loss carryforward | (121,341,963 | ) | |||||
Other temporary differences | (5,467 | ) |
The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to premium amortization and wash sales.
4 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.75% of the Fund's weekly gross assets and is payable monthly. The portion of the advisory fee payable by Cash Management on the Fund's investment of cash therein is credited against the Fund's advisory fee. For the six months ended October 31, 2007, the Fund's advisory fee totaled $11,867,614 of which $93,700 was allocated from Cash Management and $11,773,914 was paid or accrued directly by the Fund.
EVM has contractually agreed to reimburse the Fund for fees and other expenses at an annual rate of 0.20% of the average weekly gross assets of the Fund for the first five full years of its operations, 0.15% of the Fund's average weekly gross assets in year six, 0.10% in year seven and 0.05% in year eight. Pursuant to this agreement, EVM waived $3,164,697 of its advisory fee for the six months ended October 31, 2007. EVM also serves as the administrator of the Fund, but receives no compensation.
Except for Trustees of the Fund who are not members of EVM's organization, officers and Trustees receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund are officers of EVM.
5 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, and including paydowns and principal repayments on mortgage-backed securities, for the six months ended October 31, 2007 were as follows:
Purchases | |||||||
Investments (non-U.S. Government) | $ | 1,849,680,934 | |||||
U.S. Government and agency securities | 163,950,190 | ||||||
$ | 2,013,631,124 | ||||||
Sales | |||||||
Investments (non-U.S. Government) | $ | 1,865,704,285 | |||||
U.S. Government and agency securities | 114,038,006 | ||||||
$ | 1,979,742,291 |
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 $9,442,689 for the six months ended October 31, 2007. At October 31, 2007, the value of the securities loaned and the value of the collateral amounted to $296,121,069 and $326,613,883, 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
36
Eaton Vance Limited Duration Income Fund as of October 31, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
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 Fund may issue shares pursuant to its dividend reinvestment plan. Transactions in common shares were as follows:
Six Months Ended October 31, 2007 (Unaudited) |
Year Ended April 30, 2007 |
||||||||||
Issued to shareholders electing to receive payments of distributions in Fund shares |
174,249 | 504,516 | |||||||||
Net increase | 174,249 | 504,516 |
8 Federal Income Tax Basis of Unrealized Appreciation (Depreciation)
The cost and unrealized appreciation (depreciation) of investments of the Fund at October 31, 2007, as determined on a federal income tax basis, were as follows:
Aggregate cost | $ | 3,129,654,649 | |||||
Gross unrealized appreciation | $ | 18,895,367 | |||||
Gross unrealized depreciation | (53,398,302 | ) | |||||
Net unrealized depreciation | $ | (34,502,935 | ) |
The net unrealized depreciation on swap contracts, foreign currency transactions and forward foreign currency exchange contracts at October 31, 2007 on a federal income tax basis was $1,755,685.
9 Risks Associated with Foreign Investments
Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers and issuers than in the United States.
those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers and issuers than in the United States.
10 Financial Instruments
The Fund may trade 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 may include written options, forward foreign currency exchange contracts, 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, 2007 is as follows:
Forward Foreign Currency Exchange Contracts
Sales
Settlement Date | Deliver | In Exchange For |
Net Unrealized Depreciation |
||||||||||||
11/30/07 | Euro | United States Dollar |
|
||||||||||||
75,455,000 | 108,529,945 | $ | (684,331 | ) | |||||||||||
11/30/07 | Great British Pound | United States Dollar |
|
||||||||||||
29,270,000 | 60,174,144 | (577,283 | ) | ||||||||||||
$ | (1,261,614 | ) |
37
Eaton Vance Limited Duration Income Fund as of October 31, 2007
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
Credit Default Swaps
Counterparty |
Reference Entity |
Buy/ Sell |
Notional Amount (000s) |
Pay/ Receive Annual Fixed Rate |
Termination Date |
Unrealized Appreciation |
|||||||||||||||||||||
Lehman Brothers, Inc. |
Inergy | Buy | $2,000 | 2.4% | 3/20/2010 | $70,522 |
At October 31, 2007 the Fund had sufficient cash and/or securities to cover commitments under these contracts.
11 Restricted Securities
At October 31, 2007, the Fund owned the following securities (representing 0.2% of net assets applicable to common shares) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.
Description |
Date of Acquisition |
Shares/Units | Cost | Value | |||||||||||||||
Common Stocks | |||||||||||||||||||
Environmental Systems Products Holdings, Inc. |
10/25/07 | 2,484 | $ | 0 | $ | 0 | |||||||||||||
Preferred Stocks | |||||||||||||||||||
Environmental Systems Products Holdings Preferred, Series A |
10/25/07 | 2,484 | $ | 43,470 | $ | 43,470 | |||||||||||||
Fontainebleau Resorts LLC (PIK) |
5/24/07 | 4,909 | 4,908,749 | 4,683,929 | |||||||||||||||
$ | 4,952,219 | $ | 4,727,399 |
12 Recently Issued Accounting Pronouncement
In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements". FAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. Management is currently evaluating the impact the adoption of FAS 157 will have on the Fund's financial statement disclosures.
38
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 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.
39
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, 2007, our records indicate that there are 121 registered shareholders and approximately 108,972 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.
40
Eaton Vance Limited Duration Income Fund
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund ("Independent Trustees"), cast in person at a meeting called for the purpose of considering such approval.
At a meeting of the Boards of Trustees (each a "Board") of the Eaton Vance group of mutual funds (the "Eaton Vance Funds") held on April 23, 2007, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Special Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Special Committee reviewed information furnished for a series of meetings of the Special Committee held in February, March and April 2007. Such information included, among other things, the following:
Information about Fees, Performance and Expenses
An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;
An independent report comparing each fund's total expense ratio and its components to comparable funds;
An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;
Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;
Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;
Profitability analyses for each adviser with respect to each fund;
Information about Portfolio Management
Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed;
Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through "soft dollar" benefits received in connection with the funds' brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;
Data relating to portfolio turnover rates of each fund;
The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;
Information about each Adviser
Reports detailing the financial results and condition of each adviser;
Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;
Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;
Copies of or descriptions of each adviser's proxy voting policies and procedures;
Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;
Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;
Other Relevant Information
Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;
Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds' administrator; and
The terms of each advisory agreement.
41
Eaton Vance Limited Duration Income Fund
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT'D
In addition to the information identified above, the Special Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2007, the Board met ten times and the Special Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met twelve, fourteen and eight times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund's investment objective.
For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund's investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.
The Special Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Special Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Special Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.
Results of the Process
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Special Committee concluded that the continuance of the investment advisory agreement between the Eaton Vance Limited Duration Income Fund (the "Fund"), and Eaton Vance Management (the "Adviser"), including its fee structure, is in the interests of shareholders and, therefore, the Special Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Special Committee as well as the factors considered and conclusions reached by the Special Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the advisory agreement for the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser's management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk and special considerations relevant to investing in senior secured floating-rate loans, mortgage-backed securities and high-yield bonds. Specifically, the Board considered the Adviser's in-house research capabilities as well as other resources available to personnel of the Adviser, including research services. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.
The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the National Association of Securities Dealers.
The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.
42
Eaton Vance Limited Duration Income Fund
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT'D
Fund Performance
The Board compared the Fund's investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-year and three-year periods ending September 30, 2006 for the Fund. The Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board reviewed contractual investment advisory fee rates payable by the Fund (referred to as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended September 30, 2006, as compared to a group of similarly managed funds selected by an independent data provider. The Board considered the fact that the Adviser had waived fees and/or paid expenses for the Fund.
After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services and the Fund's total expense ratio are reasonable.
Profitability
The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser in connection with its relationship with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board also considered the fact that the Fund is not continuously offered and concluded that, in light of the level of the adviser's profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and the Fund.
43
Eaton Vance Limited Duration Income Fund
INVESTMENT MANAGEMENT
Officers Payson F. Swaffield President Christine M. Johnston Vice President Scott H. Page Vice President Susan Schiff Vice President Mark S. Venezia Vice President Michael W. Weilheimer Vice President Barbara E. Campbell Treasurer Maureen A. Gemma Secretary Paul M. O'Neil Chief Compliance Officer |
Trustees Ralph F. Verni Chairman Benjamin C. Esty Thomas E. Faust Jr. Allen R. Freedman William H. Park Ronald A. Pearlman Norton H. Reamer Heidi L. Steiger Lynn A. Stout |
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44
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
State Street 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
1856-12/07 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 registrants Board has designated William H. Park and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (UAM) (a holding company owning institutional investment management firms). 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 and Chief Operating Officer 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
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders.
No Material Changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants 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 Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants 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 registrants internal control over financial reporting.
Item 12. Exhibits
(a)(1) |
Registrants Code of Ethics Not applicable (please see Item 2). |
(a)(2)(i) |
Treasurers Section 302 certification. |
(a)(2)(ii) |
Presidents Section 302 certification. |
(b) |
Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Limited Duration Income Fund
By: |
/s/Payson F. Swaffield |
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Payson F. Swaffield |
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President |
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Date: |
December 11, 2007 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
/s/Barbara E. Campbell |
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Barbara E. Campbell |
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Treasurer |
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Date: |
December 11, 2007 |
By: |
/s/Payson F. Swaffield |
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Payson F. Swaffield |
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President |
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Date: |
December 11, 2007 |