Eaton Vance Short Duration Diversified Income Fund

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21563

 

 

Eaton Vance Short Duration Diversified Income Fund

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

October 31, 2017

Date of Reporting Period

 

 

 

Item 1. Reports to Stockholders

LOGO

 

 

Eaton Vance

Short Duration Diversified Income Fund (EVG)

Annual Report

October 31, 2017

 

 

 

 

LOGO

 

 

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

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

Annual Report October 31, 2017

Eaton Vance

Short Duration Diversified Income Fund

Table of Contents

 

Management’s Discussion of Fund Performance

      2  

Performance

      3  

Fund Profile

      3  

Endnotes and Additional Disclosures

      4  

Financial Statements

      5  

Report of Independent Registered Public Accounting Firm

      44  

Federal Tax Information

      45  

Dividend Reinvestment Plan

      46  

Management and Organization

      48  

Important Notices

      51  

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Management’s Discussion of Fund Performance1

 

 

Economic and Market Conditions

The world’s financial markets generated broad gains during the 12 months ended October 31, 2017, a period characterized by synchronized global growth, subdued inflation and abundant liquidity. Higher-yielding fixed-income sectors posted healthy increases during the period. Credit spreads narrowed globally, while interest rates generally rose in developed markets and declined in emerging markets. The U.S. dollar weakened against most foreign currencies. Equity returns were strong across developed and emerging markets.

The period began with the unexpected outcome of the U.S. presidential election, which came less than five months after the U.K.’s stunning vote to leave the European Union (EU). Optimism about the new administration’s pro-growth agenda sparked a rally in domestic equities and corporate credit that continued throughout much of the period. While investors awaited fiscal stimulus, the U.S. economy continued to grow at a modest pace, and corporate earnings strengthened. The Federal Reserve (the Fed) raised interest rates three times during the period, despite softening inflation, and began reducing the size of its balance sheet in October 2017.

Overseas, election outcomes in France and the Netherlands dampened concerns about the stability of the EU, and acceleration in the eurozone economy further lifted investor sentiment. The European Central Bank tapered its monthly bond purchases, but extended the length of its bond-buying program and held interest rates at record lows. The Bank of Japan maintained its ultra-easy policies, and Prime Minister Abe won a strong mandate in Japan’s national election, allowing his economic reforms to continue. Government spending bolstered China’s economy, and the rising price of oil and other commodities benefited Russia and Brazil.

Fund Performance

For the fiscal year ended October 31, 2017, Eaton Vance Short Duration Diversified Income Fund (the Fund) had a total return of 9.16% at net asset value (NAV).

Investments in Mortgage-Backed Securities (MBS) had a positive contribution to the Fund’s performance. The agency MBS market digested the implementation of the Fed’s balance sheet normalization plan better than anticipated and mortgage spreads ground tighter throughout the year. The Fund

maintained its focus on high-coupon seasoned agency MBS, due to the prepay protection of loans originated more than a decade ago. U.S. interest rates increased during the period, and higher rates typically translate into lower refinancing activity. The Fund benefited from its position in Floating-Rate Agency MBS, which outperformed Fixed-Rate Agency MBS and U.S. Treasurys over the course of the year. As the short end of the yield curve rose on the back of Fed Rate hikes, the coupons in Floating-Rate Agency MBS reset higher, providing more yield to buyers going forward.

Investments in senior secured loans also contributed to Fund performance. Security selection overall was beneficial to Fund performance versus the S&P/LSTA Leveraged Loan Index (the Index),2 with loan picks in the Fund outpacing those within the Index at large. Providing a slight offset was the Fund’s relative underweight to lower rated credit8 segments of the market, namely the CCC and D (defaulted) ratings tiers within the Index. For the period, the Fund held overweight positions in the BB- and B-rated segments of the loan Index — which returned 3.97% and 5.13%, respectively — while maintaining underweights to CCC- and D-rated segments of the Index — which returned 15.22% and 9.94%, respectively.

The Fund’s exposure to non-U.S. instruments contributed to Fund performance during the 12-month period. Select long investments in emerging and frontier sovereign credit performed well, as did a long position in the Icelandic krona versus the euro. Certain of these exposures were gained via the use of credit-default swaps and those instruments, themselves, were positive contributors to performance. During the period, sovereign credit markets in developing countries, in aggregate, performed well as the combination of attractive yields and a relatively benign macro backdrop lured investor interest. Meanwhile, driven by thriving tourism, Iceland’s economy continued to grow at a solid pace, and the government removed the remaining capital controls it had implemented in the wake of the global financial crisis. The Fund’s stake in the Colombian peso detracted from relative performance.

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

 

  2  

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Performance3

 

Portfolio Managers Scott H. Page, CFA, Payson F. Swaffield, CFA, Catherine C. McDermott, Andrew Szczurowski, CFA, Eric Stein, CFA and Sarah C. Orvin, CFA

 

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

Fund at NAV

      02/28/2005        9.16 %       4.29 %       5.56 % 

Fund at Market Price

      —        13.86        3.33        5.96  
           
% Premium/Discount to NAV4                                
              –7.41 % 
           
Distributions5                                

Total Distributions per share for the period

             $ 0.986  

Distribution Rate at NAV

               5.99 % 

Distribution Rate at Market Price

               6.47 % 
           
% Total Leverage6                                

Derivatives

               17.32 % 

Borrowings

               19.23  

Fund Profile

 

 

Asset Allocation (% of total leveraged assets)7

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

 

  3  

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Endnotes and Additional Disclosures

 

 

1 

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

 

2

S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

 

3 

Performance results reflect the effects of leverage. Absent an expense waiver by the investment adviser, the returns would be lower.

 

4 

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

 

5 

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com.

   The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.

 

6 

The Fund employs leverage through derivatives and borrowings. Total leverage is shown as a percentage of the Fund’s aggregate net assets plus the absolute notional value of long and short derivatives and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of borrowings rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.

 

7 

Total leveraged assets include all assets of the Fund (including those acquired with financial leverage) and derivatives held by the Fund. Asset Allocation as a percentage of the Fund’s net assets amounted to 157.6%. Please refer to the definition of total leveraged assets within the Notes to Financial Statements included herein.

 

8 

Credit ratings are categorized using S&P. If S&P does not publish a rating, then the Moody’s rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Baa or higher by Moody’s are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” are not rated by the national ratings agencies stated above.

 

   Fund profile subject to change due to active management.
 

 

  4  

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Portfolio of Investments

 

 

Senior Floating-Rate Loans — 34.5%(1)  
     
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Aerospace and Defense — 0.5%

 

TransDigm, Inc.

      

Term Loan, 4.33%, (USD LIBOR + 3.00%), Maturing June 4, 2021(2)

       314     $ 316,206  

Term Loan, 4.27%, (USD LIBOR + 3.00%), Maturing June 9, 2023(2)

       663       666,163  

Term Loan, 4.26%, (USD LIBOR + 3.00%), Maturing August 22, 2024(2)

       495       498,471  
                         
      $ 1,480,840  
                         

Automotive — 1.0%

 

Allison Transmission, Inc.

      

Term Loan, 3.25%, (1 mo. USD LIBOR + 2.00%), Maturing September 23, 2022

       234     $ 235,273  

CS Intermediate Holdco 2, LLC

      

Term Loan, 3.58%, (3 mo. USD LIBOR + 2.25%), Maturing November 2, 2023

       284       285,600  

Dayco Products, LLC

      

Term Loan, 6.32%, (3 mo. USD LIBOR + 5.00%), Maturing May 19, 2023

       175       176,308  

FCA US, LLC

      

Term Loan, 3.24%, (1 mo. USD LIBOR + 2.00%), Maturing December 31, 2018

       216       217,035  

Federal-Mogul Holdings Corporation

      

Term Loan, 4.99%, (1 mo. USD LIBOR + 3.75%), Maturing April 15, 2021

       517       520,857  

Goodyear Tire & Rubber Company (The)

      

Term Loan - Second Lien, 3.24%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2019

       383       385,330  

Horizon Global Corporation

      

Term Loan, 5.74%, (1 mo. USD LIBOR + 4.50%), Maturing June 30, 2021

       75       75,993  

Sage Automotive Interiors, Inc.

      

Term Loan, 6.24%, (1 mo. USD LIBOR + 5.00%), Maturing October 27, 2022

       124       124,528  

Tower Automotive Holdings USA, LLC

      

Term Loan, 4.00%, (1 mo. USD LIBOR + 2.75%), Maturing March 7, 2024

       518       521,594  

Visteon Corporation

      

Term Loan, 3.58%, (3 mo. USD LIBOR + 2.25%), Maturing March 24, 2024

       102       102,742  
                         
      $ 2,645,260  
                         
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Beverage and Tobacco — 0.1%

 

Flavors Holdings, Inc.

      

Term Loan, 7.08%, (3 mo. USD LIBOR + 5.75%), Maturing April 3, 2020

       345     $ 324,722  

Refresco Group B.V.

      

Term Loan, Maturing September 26, 2024(3)

       50       50,375  
                         
      $ 375,097  
                         

Brokerage / Securities Dealers / Investment Houses — 0.2%

 

Aretec Group, Inc.

      

Term Loan, 5.49%, (1 mo. USD LIBOR + 4.25%), Maturing November 23, 2020

       103     $ 103,402  

Term Loan - Second Lien, 6.74%, (1 mo. USD LIBOR + 5.50% (2.00% Cash, 4.74% PIK)), Maturing May 23, 2021

       225       224,289  

Salient Partners L.P.

      

Term Loan, 9.85%, (3 mo. USD LIBOR + 8.50%), Maturing May 19, 2021

       133       128,949  
                         
      $ 456,640  
                         

Building and Development — 0.9%

 

Core & Main L.P.

      

Term Loan, 4.46%, (6 mo. USD LIBOR + 3.00%), Maturing August 1, 2024

       125     $ 126,224  

CPG International, Inc.

      

Term Loan, 5.08%, (3 mo. USD LIBOR + 3.75%), Maturing May 3, 2024

       392       395,324  

DTZ U.S. Borrower, LLC

      

Term Loan, 4.59%, (3 mo. USD LIBOR + 3.25%), Maturing November 4, 2021

       514       517,098  

Hanjin International Corp.

      

Term Loan, 3.85%, (3 mo. USD LIBOR + 2.50%), Maturing September 20, 2020

       75       75,375  

Ply Gem Industries, Inc.

      

Term Loan, 4.33%, (3 mo. USD LIBOR + 3.00%), Maturing February 1, 2021

       297       299,518  

Quikrete Holdings, Inc.

      

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.75%), Maturing November 15, 2023

       447       447,742  

RE/MAX International, Inc.

      

Term Loan, 4.08%, (3 mo. USD LIBOR + 2.75%), Maturing December 15, 2023

       399       400,395  

Summit Materials Companies I, LLC

      

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.75%), Maturing July 17, 2022

       122       123,308  

VICI Properties 1, LLC

      

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.50%), Maturing October 14, 2022

       132       132,751  
                         
      $ 2,517,735  
                         
 

 

  5   See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Business Equipment and Services — 3.8%

 

Acosta Holdco, Inc.

      

Term Loan, 4.49%, (1 mo. USD LIBOR + 3.25%), Maturing September 26, 2021

       532     $ 468,770  

Altisource Solutions S.a.r.l.

      

Term Loan, 4.74%, (1 mo. USD LIBOR + 3.50%), Maturing December 9, 2020

       122       117,407  

Avatar Purchaser, Inc.

      

Term Loan, Maturing September 6, 2024(3)

       200       200,500  

Belron S.A.

      

Term Loan, Maturing October 26, 2024(3)

       75       75,656  

Change Healthcare Holdings, Inc.

      

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.75%), Maturing March 1, 2024

       1,169       1,176,757  

Charah, LLC

      

Term Loan, 7.49%, (1 mo. USD LIBOR + 6.25%), Maturing October 25, 2024

       100       100,500  

Corporate Capital Trust, Inc.

      

Term Loan, 4.63%, (3 mo. USD LIBOR + 3.25%), Maturing May 20, 2019

       1,048       1,051,157  

CPM Holdings, Inc.

      

Term Loan, 5.49%, (1 mo. USD LIBOR + 4.25%), Maturing April 11, 2022

       246       249,680  

Cypress Intermediate Holdings III, Inc.

      

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.00%), Maturing April 27, 2024

       224       225,400  

DigiCert, Inc.

      

Term Loan, Maturing October 31, 2024(3)

       150       152,100  

Education Management, LLC

      

Term Loan, 5.85%, (3 mo. USD LIBOR + 4.50%), Maturing July 2, 2020(4)

       67       31,992  

Term Loan, 8.85%, (3 mo. USD LIBOR + 7.50%), Maturing July 2, 2020(4)

       152       0  

EIG Investors Corp.

      

Term Loan, 5.32%, (3 mo. USD LIBOR + 4.00%), Maturing February 9, 2023

       566       572,405  

Extreme Reach, Inc.

      

Term Loan, 7.59%, (3 mo. USD LIBOR + 6.25%), Maturing February 7, 2020

       107       106,662  

First Data Corporation

      

Term Loan, 3.49%, (1 mo. USD LIBOR + 2.25%), Maturing July 8, 2022

       481       482,986  

Garda World Security Corporation

      

Term Loan, 5.31%, (3 mo. USD LIBOR + 4.00%), Maturing May 24, 2024

       320       322,764  

GreenSky Holdings, LLC

      

Term Loan, 5.25%, (1 mo. USD LIBOR + 4.00%), Maturing August 26, 2024

       250       251,250  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Business Equipment and Services (continued)

 

IG Investment Holdings, LLC

      

Term Loan, 5.33%, (3 mo. USD LIBOR + 4.00%), Maturing October 31, 2021

       434     $ 440,249  

Information Resources, Inc.

      

Term Loan, 5.62%, (3 mo. USD LIBOR + 4.25%), Maturing January 18, 2024

       174       175,997  

J.D. Power and Associates

      

Term Loan, 5.58%, (3 mo. USD LIBOR + 4.25%), Maturing September 7, 2023

       174       175,577  

KAR Auction Services, Inc.

      

Term Loan, 3.63%, (3 mo. USD LIBOR + 2.25%), Maturing March 11, 2021

       351       353,535  

Kronos Incorporated

      

Term Loan, 4.81%, (3 mo. USD LIBOR + 3.50%), Maturing November 1, 2023

       1,042       1,050,408  

Monitronics International, Inc.

      

Term Loan, 6.83%, (3 mo. USD LIBOR + 5.50%), Maturing September 30, 2022

       393       390,595  

PGX Holdings, Inc.

      

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.25%), Maturing September 29, 2020

       337       337,022  

Prime Security Services Borrower, LLC

      

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2022

       298       300,985  

Red Ventures, LLC

      

Term Loan, Maturing October 11, 2022(3)

       200       198,875  

Spin Holdco, Inc.

      

Term Loan, 4.99%, (1 mo. USD LIBOR + 3.75%), Maturing November 14, 2022

       616       619,947  

Techem GmbH

      

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2024

     EUR       200       234,911  

Tempo Acquisition, LLC

      

Term Loan, 4.24%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2024

       150       150,295  

Vantiv, LLC

      

Term Loan, 3.24%, (1 mo. USD LIBOR + 2.00%), Maturing October 14, 2023

       81       82,061  

Term Loan, 3.24%, (1 mo. USD LIBOR + 2.00%), Maturing August 7, 2024

       150       150,969  

Term Loan, Maturing September 18, 2024(3)

       50       50,167  

West Corporation

      

Term Loan, 5.24%, (1 mo. USD LIBOR + 4.00%), Maturing October 10, 2024

       175       175,175  
                         
      $ 10,472,754  
                         
 

 

  6   See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Cable and Satellite Television — 1.4%

 

Atlantic Broadband Finance, LLC

      

Term Loan, 3.74%, (1 mo. USD LIBOR + 2.50%), Maturing November 30, 2019

       127     $ 127,390  

Charter Communications Operating, LLC

      

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2024

       369       372,402  

CSC Holdings, LLC

      

Term Loan, 3.49%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025

       457       456,503  

MCC Iowa, LLC

      

Term Loan, 3.71%, (1 week USD LIBOR + 2.50%), Maturing January 29, 2021

       168       168,452  

Numericable Group S.A.

      

Term Loan, 4.13%, (3 mo. USD LIBOR + 2.75%), Maturing July 31, 2025

       323       323,527  

Telenet Financing USD, LLC

      

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.75%), Maturing June 30, 2025

       100       100,514  

UPC Financing Partnership

      

Term Loan, 3.73%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026

       450       452,025  

Virgin Media Bristol, LLC

      

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.75%), Maturing January 31, 2025

       1,275       1,281,275  

Ziggo Secured Finance Partnership

      

Term Loan, 3.74%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2025

       625       627,083  
                         
      $ 3,909,171  
                         

Chemicals and Plastics — 1.5%

 

Ashland, Inc.

      

Term Loan, 3.29%, (USD LIBOR + 2.00%), Maturing May 17, 2024(2)

       100     $ 100,457  

Avantor, Inc.

      

Term Loan, Maturing September 7, 2024(3)

       200       200,719  

Axalta Coating Systems US Holdings, Inc.

      

Term Loan, 3.33%, (3 mo. USD LIBOR + 2.00%), Maturing June 1, 2024

       374       376,556  

Emerald Performance Materials, LLC

      

Term Loan, 4.74%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2021

       336       338,686  

Term Loan - Second Lien, 8.99%, (1 mo. USD LIBOR + 7.75%), Maturing August 1, 2022

       100       100,156  

Gemini HDPE, LLC

      

Term Loan, 4.38%, (3 mo. USD LIBOR + 3.00%), Maturing August 7, 2021

       363       365,319  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Chemicals and Plastics (continued)

 

H.B. Fuller Company

      

Term Loan, 3.49%, (1 mo. USD LIBOR + 2.25%), Maturing October 12, 2024

       325     $ 327,263  

Ineos US Finance, LLC

      

Term Loan, 3.94%, (1 mo. USD LIBOR + 2.75%), Maturing March 31, 2022

       122       122,355  

Term Loan, Maturing March 31, 2024(3)

       525       525,000  

Kraton Polymers, LLC

      

Term Loan, 4.24%, (1 mo. USD LIBOR + 3.00%), Maturing January 6, 2022

       98       99,380  

MacDermid, Inc.

      

Term Loan, 4.24%, (1 mo. USD LIBOR + 3.00%), Maturing June 7, 2023

       278       279,757  

PolyOne Corporation

      

Term Loan, 3.24%, (1 mo. USD LIBOR + 2.00%), Maturing November 11, 2022

       98       98,988  

PQ Corporation

      

Term Loan, 4.63%, (3 mo. USD LIBOR + 3.25%), Maturing November 4, 2022

       222       224,990  

Solenis International L.P.

      

Term Loan, 4.50%, (3 mo. EURIBOR + 3.50%, Floor 1.00%), Maturing July 31, 2021

     EUR       170       200,428  

Tata Chemicals North America, Inc.

      

Term Loan, 4.13%, (3 mo. USD LIBOR + 2.75%), Maturing August 7, 2020

       161       161,427  

Tronox Blocked Borrower, LLC

      

Term Loan, 4.32%, (3 mo. USD LIBOR + 3.00%), Maturing September 22, 2024

       159       159,787  

Tronox Finance, LLC

      

Term Loan, 4.32%, (3 mo. USD LIBOR + 3.00%), Maturing September 22, 2024

       366       368,740  
                         
      $ 4,050,008  
                         

Conglomerates — 0.1%

 

Spectrum Brands, Inc.

      

Term Loan, 3.29%, (USD LIBOR + 2.00%), Maturing June 23, 2022(2)

       324     $ 326,925  
                         
      $ 326,925  
                         

Containers and Glass Products — 0.3%

 

Consolidated Container Company, LLC

      

Term Loan, 4.74%, (1 mo. USD LIBOR + 3.50%), Maturing May 22, 2024

       50     $ 50,414  

Horizon Holdings III SAS

      

Term Loan, 2.75%, (6 mo. EURIBOR + 2.75%), Maturing October 29, 2022

     EUR       300       349,848  
 

 

  7   See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Containers and Glass Products (continued)

 

Pelican Products, Inc.

      

Term Loan, 5.58%, (3 mo. USD LIBOR + 4.25%), Maturing April 11, 2020

       418     $ 420,329  
                         
      $ 820,591  
                         

Cosmetics / Toiletries — 0.2%

 

Galleria Co.

      

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.00%), Maturing September 29, 2023

       325     $ 325,407  

KIK Custom Products, Inc.

      

Term Loan, 5.74%, (1 mo. USD LIBOR + 4.50%), Maturing August 26, 2022

       246       248,602  
                         
      $ 574,009  
                         

Drugs — 1.5%

 

Alkermes, Inc.

      

Term Loan, 4.07%, (3 mo. USD LIBOR + 2.75%), Maturing September 25, 2021

       71     $ 71,897  

Amneal Pharmaceuticals, LLC

      

Term Loan, 4.83%, (3 mo. USD LIBOR + 3.50%), Maturing November 1, 2019

       630       635,694  

Arbor Pharmaceuticals, Inc.

      

Term Loan, 6.33%, (3 mo. USD LIBOR + 5.00%), Maturing July 5, 2023

       268       268,795  

Endo Luxembourg Finance Company I S.a.r.l.

      

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.25%), Maturing April 29, 2024

       773       784,079  

Horizon Pharma, Inc.

      

Term Loan, 5.00%, (1 mo. USD LIBOR + 3.75%), Maturing March 29, 2024

       565       568,530  

Mallinckrodt International Finance S.A.

      

Term Loan, 4.08%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024

       734       736,134  

Valeant Pharmaceuticals International, Inc.

      

Term Loan, 5.99%, (1 mo. USD LIBOR + 4.75%), Maturing April 1, 2022

       988       1,008,568  
                         
      $ 4,073,697  
                         

Ecological Services and Equipment — 0.2%

 

EnergySolutions, LLC

      

Term Loan, 6.09%, (3 mo. USD LIBOR + 4.75%), Maturing May 29, 2020

       459     $ 467,261  

GFL Environmental, Inc.

      

Term Loan, 4.08%, (3 mo. USD LIBOR + 2.75%), Maturing September 29, 2023

       149       149,335  
                         
      $ 616,596  
                         
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Electronics / Electrical — 3.7%

 

Almonde, Inc.

      

Term Loan, 4.82%, (3 mo. USD LIBOR + 3.50%), Maturing June 13, 2024

       425     $ 424,362  

Answers Finance, LLC

      

Term Loan - Second Lien, 9.00%, (3 mo. USD Prime + 7.90%, Cap 1.10%), Maturing September 15, 2021

       30       29,000  

Applied Systems, Inc.

      

Term Loan, 4.57%, (3 mo. USD LIBOR + 3.25%), Maturing September 19, 2024

       350       354,764  

Avast Software B.V.

      

Term Loan, 4.58%, (3 mo. USD LIBOR + 3.25%), Maturing September 29, 2023

       337       339,391  

Campaign Monitor Finance Pty. Limited

      

Term Loan, 6.58%, (3 mo. USD LIBOR + 5.25%), Maturing March 18, 2021

       118       115,112  

CommScope, Inc.

      

Term Loan, 3.37%, (USD LIBOR + 2.00%), Maturing December 29, 2022(2)

       136       136,591  

Cypress Semiconductor Corporation

      

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.75%), Maturing July 5, 2021

       188       189,082  

Electrical Components International, Inc.

      

Term Loan, 6.09%, (3 mo. USD LIBOR + 4.75%), Maturing May 28, 2021

       606       610,791  

Electro Rent Corporation

      

Term Loan, 6.27%, (2 mo. USD LIBOR + 5.00%), Maturing January 19, 2024

       223       226,662  

Exact Merger Sub, LLC

      

Term Loan, 5.58%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024

       100       101,000  

Excelitas Technologies Corp.

      

Term Loan, 6.34%, (3 mo. USD LIBOR + 5.00%), Maturing October 31, 2020

       142       142,873  

Go Daddy Operating Company, LLC

      

Term Loan, 3.74%, (1 mo. USD LIBOR + 2.50%), Maturing February 15, 2024

       822       826,625  

GTCR Valor Companies, Inc.

      

Term Loan, 5.58%, (3 mo. USD LIBOR + 4.25%), Maturing June 16, 2023

       125       126,982  

Hyland Software, Inc.

      

Term Loan, 4.49%, (1 mo. USD LIBOR + 3.25%), Maturing July 1, 2022

       100       100,809  

Infoblox, Inc.

      

Term Loan, 6.24%, (1 mo. USD LIBOR + 5.00%), Maturing November 7, 2023

       149       149,685  
 

 

  8   See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Electronics / Electrical (continued)

 

Informatica Corporation

      

Term Loan, 4.83%, (3 mo. USD LIBOR + 3.50%), Maturing August 5, 2022

       416     $ 417,899  

Lattice Semiconductor Corporation

      

Term Loan, 5.49%, (1 mo. USD LIBOR + 4.25%), Maturing March 10, 2021

       88       88,784  

MA FinanceCo., LLC

      

Term Loan, 3.74%, (1 mo. USD LIBOR + 2.50%), Maturing November 19, 2021

       875       875,686  

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.75%), Maturing June 21, 2024

       26       25,849  

MTS Systems Corporation

      

Term Loan, 4.49%, (1 mo. USD LIBOR + 3.25%), Maturing July 5, 2023

       248       249,666  

Renaissance Learning, Inc.

      

Term Loan, 5.08%, (3 mo. USD LIBOR + 3.75%), Maturing April 9, 2021

       121       122,099  

Rocket Software, Inc.

      

Term Loan, 5.58%, (3 mo. USD LIBOR + 4.25%), Maturing October 14, 2023

       198       200,619  

Seattle Spinco, Inc.

      

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.75%), Maturing June 21, 2024

       174       174,562  

SkillSoft Corporation

      

Term Loan, 5.99%, (1 mo. USD LIBOR + 4.75%), Maturing April 28, 2021

       680       652,841  

Southwire Company

      

Term Loan, 3.74%, (1 mo. USD LIBOR + 2.50%), Maturing February 10, 2021

       393       395,492  

SS&C Technologies, Inc.

      

Term Loan, 3.49%, (1 mo. USD LIBOR + 2.25%), Maturing July 8, 2022

       14       13,987  

Term Loan, 3.49%, (1 mo. USD LIBOR + 2.25%), Maturing July 8, 2022

       288       290,432  

SurveyMonkey, Inc.

      

Term Loan, 5.84%, (3 mo. USD LIBOR + 4.50%), Maturing April 13, 2024

       299       302,617  

Synchronoss Technologies, Inc.

      

Term Loan, 5.74%, (1 mo. USD LIBOR + 4.50%), Maturing January 19, 2024

       149       149,320  

Syncsort Incorporated

      

Term Loan, 6.31%, (3 mo. USD LIBOR + 5.00%), Maturing August 9, 2024

       225       222,131  

Tibco Software, Inc.

      

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.50%), Maturing December 4, 2020

       150       150,625  

Uber Technologies

      

Term Loan, 5.24%, (1 mo. USD LIBOR + 4.00%), Maturing July 13, 2023

       322       324,364  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Electronics / Electrical (continued)

 

VeriFone, Inc.

      

Term Loan, 4.00%, (1 mo. USD LIBOR + 2.75%), Maturing July 8, 2021

       484     $ 486,169  

Veritas Bermuda Ltd.

      

Term Loan, 5.83%, (3 mo. USD LIBOR + 4.50%), Maturing January 27, 2023

       419       421,872  

Wall Street Systems Delaware, Inc.

      

Term Loan, 4.83%, (3 mo. USD LIBOR + 3.50%), Maturing August 26, 2023

       279       280,404  

Western Digital Corporation

      

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.75%), Maturing April 29, 2023

       415       417,747  
                         
      $ 10,136,894  
                         

Equipment Leasing — 0.6%

 

Avolon TLB Borrower 1 (Luxembourg) S.a.r.l.

      

Term Loan, 3.49%, (1 mo. USD LIBOR + 2.25%), Maturing April 3, 2022

       748     $ 754,244  

Delos Finance S.a.r.l.

      

Term Loan, 3.33%, (3 mo. USD LIBOR + 2.00%), Maturing October 6, 2023

       425       428,719  

Flying Fortress, Inc.

      

Term Loan, 3.33%, (3 mo. USD LIBOR + 2.00%), Maturing October 30, 2022

       500       503,437  
                         
      $ 1,686,400  
                         

Financial Intermediaries — 1.4%

 

Armor Holding II, LLC

      

Term Loan, 5.84%, (3 mo. USD LIBOR + 4.50%), Maturing June 26, 2020

       409     $ 413,920  

Citco Funding, LLC

      

Term Loan, 4.24%, (1 mo. USD LIBOR + 3.00%), Maturing March 31, 2022

       660       666,221  

Clipper Acquisitions Corp.

      

Term Loan, 3.57%, (3 mo. USD LIBOR + 2.25%), Maturing February 6, 2020

       95       95,913  

Donnelley Financial Solutions, Inc.

      

Term Loan, 4.24%, (1 mo. USD LIBOR + 3.00%), Maturing September 29, 2023

       57       57,500  

FinCo I, LLC

      

Term Loan, 2.75%, (USD LIBOR + 2.75%), Maturing June 14, 2022

       200       202,896  

Focus Financial Partners, LLC

      

Term Loan, 4.57%, (3 mo. USD LIBOR + 3.25%), Maturing July 3, 2024

       175       176,794  
 

 

  9   See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Financial Intermediaries (continued)

 

Freedom Mortgage Corporation

      

Term Loan, 6.96%, (6 mo. USD LIBOR + 5.50%), Maturing February 23, 2022

       173     $ 176,902  

Greenhill & Co., Inc.

      

Term Loan, 5.05%, (USD LIBOR + 3.75%), Maturing October 12, 2022(2)

       150       150,844  

Guggenheim Partners, LLC

      

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.75%), Maturing July 21, 2023

       211       212,443  

LPL Holdings, Inc.

      

Term Loan, 3.65%, (USD LIBOR + 2.25%), Maturing September 23, 2024(2)

       249       250,349  

NXT Capital, Inc.

      

Term Loan, 5.75%, (1 mo. USD LIBOR + 4.50%), Maturing November 22, 2022

       397       402,955  

Quality Care Properties, Inc.

      

Term Loan, 6.49%, (1 mo. USD LIBOR + 5.25%), Maturing October 31, 2022

       471       472,223  

Walker & Dunlop, Inc.

      

Term Loan, 5.49%, (1 mo. USD LIBOR + 4.25%), Maturing December 11, 2020

       119       120,340  

Walter Investment Management Corp.

      

Term Loan, 4.99%, (1 mo. USD LIBOR + 3.75%), Maturing December 18, 2020

       607       574,604  
                         
      $ 3,973,904  
                         

Food Products — 1.0%

 

Alphabet Holding Company, Inc.

      

Term Loan, 4.83%, (3 mo. USD LIBOR + 3.50%), Maturing September 26, 2024

       375     $ 367,441  

Blue Buffalo Company Ltd.

      

Term Loan, 3.24%, (1 mo. USD LIBOR + 2.00%), Maturing May 27, 2024

       150       151,028  

Del Monte Foods, Inc.

      

Term Loan, 4.57%, (3 mo. USD LIBOR + 3.25%), Maturing February 18, 2021

       120       103,469  

High Liner Foods Incorporated

      

Term Loan, 4.58%, (3 mo. USD LIBOR + 3.25%), Maturing April 24, 2021

       134       134,633  

HLF Financing S.a.r.l.

      

Term Loan, 6.74%, (1 mo. USD LIBOR + 5.50%), Maturing February 15, 2023

       217       219,371  

Jacobs Douwe Egberts International B.V.

      

Term Loan, 3.56%, (3 mo. USD LIBOR + 2.25%), Maturing July 2, 2022

       320       322,510  

JBS USA, LLC

      

Term Loan, 3.74%, (1 mo. USD LIBOR + 2.50%), Maturing October 30, 2022

       1,095       1,078,767  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Food Products (continued)

 

Nomad Foods Europe Midco Limited

      

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.75%), Maturing May 15, 2024

       100     $ 100,812  

Post Holdings, Inc.

      

Term Loan, 3.49%, (1 mo. USD LIBOR + 2.25%), Maturing May 24, 2024

       274       275,838  
                         
      $ 2,753,869  
                         

Food Service — 0.3%

 

Pizza Hut Holdings, LLC

      

Term Loan, 3.24%, (1 mo. USD LIBOR + 2.00%), Maturing June 16, 2023

       173     $ 174,430  

Weight Watchers International, Inc.

      

Term Loan, 4.55%, (USD LIBOR + 3.25%), Maturing April 2, 2020(2)

       599       594,794  
                         
      $ 769,224  
                         

Food / Drug Retailers — 0.4%

 

Albertsons, LLC

      

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.75%), Maturing August 25, 2021

       228     $ 221,791  

Term Loan, 4.32%, (3 mo. USD LIBOR + 3.00%), Maturing June 22, 2023

       493       478,919  

General Nutrition Centers, Inc.

      

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.50%), Maturing March 4, 2019

       216       206,291  

Rite Aid Corporation

      

Term Loan - Second Lien, 6.00%, (1 mo. USD LIBOR + 4.75%), Maturing August 21, 2020

       100       101,250  
                         
      $ 1,008,251  
                         

Forest Products — 0.1%

 

Expera Specialty Solutions, LLC

      

Term Loan, 5.49%, (1 mo. USD LIBOR + 4.25%), Maturing November 3, 2023

       173     $ 174,549  
                         
      $ 174,549  
                         

Health Care — 3.9%

 

ADMI Corp.

      

Term Loan, 5.11%, (3 mo. USD LIBOR + 3.75%), Maturing April 30, 2022

       246     $ 248,227  

Akorn, Inc.

      

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.25%), Maturing April 16, 2021

       159       160,713  
 

 

  10   See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Health Care (continued)

 

Alliance Healthcare Services, Inc.

      

Term Loan, Maturing October 24, 2023(3)

       125     $ 125,469  

Beaver-Visitec International, Inc.

      

Term Loan, 6.33%, (3 mo. USD LIBOR + 5.00%), Maturing August 21, 2023

       149       148,500  

CareCore National, LLC

      

Term Loan, 5.24%, (1 mo. USD LIBOR + 4.00%), Maturing March 5, 2021

       568       569,349  

CHG Healthcare Services, Inc.

      

Term Loan, 4.63%, (USD LIBOR + 3.25%), Maturing June 7, 2023(2)

       369       373,556  

Community Health Systems, Inc.

      

Term Loan, 4.07%, (3 mo. USD LIBOR + 2.75%), Maturing December 31, 2019

       369       363,578  

Term Loan, 4.32%, (3 mo. USD LIBOR + 3.00%), Maturing January 27, 2021

       684       663,469  

DaVita HealthCare Partners, Inc.

      

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.75%), Maturing June 24, 2021

       532       537,302  

DJO Finance, LLC

      

Term Loan, 4.54%, (USD LIBOR + 3.25%), Maturing June 8, 2020(2)

       391       391,831  

Envision Healthcare Corporation

      

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.00%), Maturing December 1, 2023

       1,315       1,323,171  

Genoa, a QoL Healthcare Company, LLC

      

Term Loan, 4.49%, (1 mo. USD LIBOR + 3.25%), Maturing October 28, 2023

       99       99,884  

Greatbatch Ltd.

      

Term Loan, 4.74%, (1 mo. USD LIBOR + 3.50%), Maturing October 27, 2022

       149       149,508  

INC Research, LLC

      

Term Loan, 3.49%, (1 mo. USD LIBOR + 2.25%), Maturing August 1, 2024

       74       74,297  

Indivior Finance S.a.r.l.

      

Term Loan, 7.39%, (3 mo. USD LIBOR + 6.00%), Maturing December 19, 2019

       153       154,461  

Kindred Healthcare, Inc.

      

Term Loan, 4.88%, (3 mo. USD LIBOR + 3.50%), Maturing April 9, 2021

       729       732,785  

Kinetic Concepts, Inc.

      

Term Loan, 4.58%, (3 mo. USD LIBOR + 3.25%), Maturing February 2, 2024

       499       498,854  

KUEHG Corp.

      

Term Loan, 5.08%, (3 mo. USD LIBOR + 3.75%), Maturing August 13, 2022

       295       296,722  

Term Loan - Second Lien, 9.58%, (3 mo. USD LIBOR + 8.25%), Maturing August 18, 2025

       50       50,125  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Health Care (continued)

 

Medical Depot Holdings, Inc.

      

Term Loan, 6.83%, (3 mo. USD LIBOR + 5.50%), Maturing January 3, 2023

       147     $ 134,765  

MMM Holdings, Inc.

      

Term Loan, 10.25%, (3 mo. USD LIBOR + 8.75%), Maturing June 30, 2019

       84       82,324  

MPH Acquisition Holdings, LLC

      

Term Loan, 4.33%, (3 mo. USD LIBOR + 3.00%), Maturing June 7, 2023

       409       412,781  

MSO of Puerto Rico, Inc.

      

Term Loan, 10.25%, (3 mo. USD LIBOR + 8.75%), Maturing June 30, 2019

       61       59,849  

Navicure, Inc.

      

Term Loan, Maturing October 3, 2024(3)

       100       100,250  

New Millennium Holdco, Inc.

      

Term Loan, 7.74%, (1 mo. USD LIBOR + 6.50%), Maturing December 21, 2020

       87       43,570  

Opal Acquisition, Inc.

      

Term Loan, 5.33%, (3 mo. USD LIBOR + 4.00%), Maturing November 27, 2020

       289       279,536  

Ortho-Clinical Diagnostics S.A.

      

Term Loan, 5.08%, (3 mo. USD LIBOR + 3.75%), Maturing June 30, 2021

       532       534,841  

Parexel International Corporation

      

Term Loan, 4.24%, (1 mo. USD LIBOR + 3.00%), Maturing September 27, 2024

       400       404,400  

PharMerica Corporation

      

Term Loan, Maturing September 26, 2024(3)

       125       125,859  

Quintiles IMS Incorporated

      

Term Loan, 3.33%, (3 mo. USD LIBOR + 2.00%), Maturing March 7, 2024

       575       579,468  

Term Loan, 3.32%, (3 mo. USD LIBOR + 2.00%), Maturing January 31, 2025

       225       226,641  

Select Medical Corporation

      

Term Loan, 4.85%, (USD LIBOR + 3.50%), Maturing March 1, 2021(2)

       249       251,741  

Surgery Center Holdings, Inc.

      

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.25%), Maturing September 2, 2024

       150       149,212  

Tecomet, Inc.

      

Term Loan, 5.06%, (3 mo. USD LIBOR + 3.75%), Maturing May 2, 2024

       125       125,155  

U.S. Anesthesia Partners, Inc.

      

Term Loan, 4.49%, (1 mo. USD LIBOR + 3.25%), Maturing June 23, 2024

       150       150,186  
                         
      $ 10,622,379  
                         
 

 

  11   See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Home Furnishings — 0.3%

 

Serta Simmons Bedding, LLC

      

Term Loan, 4.83%, (3 mo. USD LIBOR + 3.50%), Maturing November 8, 2023

       794     $ 785,399  
                         
      $ 785,399  
                         

Industrial Equipment — 1.3%

 

Apex Tool Group, LLC

      

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2020

       523     $ 519,377  

Clark Equipment Company

      

Term Loan, 4.08%, (3 mo. USD LIBOR + 2.75%), Maturing May 18, 2024

       348       351,225  

Dragon Merger Sub, LLC

      

Term Loan, 5.36%, (3 mo. USD LIBOR + 4.00%), Maturing July 24, 2024

       125       126,484  

EWT Holdings III Corp.

      

Term Loan, 5.08%, (3 mo. USD LIBOR + 3.75%), Maturing January 15, 2021

       778       786,081  

Gardner Denver, Inc.

      

Term Loan, 4.08%, (3 mo. USD LIBOR + 2.75%), Maturing July 30, 2024

       200       200,959  

Gates Global, LLC

      

Term Loan, 4.58%, (3 mo. USD LIBOR + 3.25%), Maturing April 1, 2024

       372       374,644  

Generac Power Systems, Inc.

      

Term Loan, 3.59%, (3 mo. USD LIBOR + 2.25%), Maturing May 31, 2023

       252       252,810  

Paladin Brands Holding, Inc.

      

Term Loan, 6.83%, (3 mo. USD LIBOR + 5.50%), Maturing August 15, 2022

       150       151,125  

Paternoster Holding IV GmbH

      

Term Loan, 6.00%, (3 mo. EURIBOR + 5.00%, Floor 1.00%), Maturing March 31, 2022

     EUR       175       207,066  

STS Operating, Inc.

      

Term Loan, 4.99%, (1 mo. USD LIBOR + 3.75%), Maturing February 12, 2021

       328       330,583  

Tank Holding Corp.

      

Term Loan, 5.54%, (USD LIBOR + 4.25%), Maturing March 16, 2022(2)

       131       131,342  
                         
      $ 3,431,696  
                         

Insurance — 0.8%

 

Asurion, LLC

      

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.75%), Maturing August 4, 2022

       952     $ 959,963  

Term Loan, 4.24%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023

       433       436,870  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Insurance (continued)

 

Cunningham Lindsey U.S., Inc.

      

Term Loan, 5.08%, (3 mo. USD LIBOR + 3.75%), Maturing December 10, 2019

       163     $ 161,128  

Hub International Limited

      

Term Loan, 4.31%, (3 mo. USD LIBOR + 3.00%), Maturing October 2, 2020

       100       100,913  

USI, Inc.

      

Term Loan, 4.31%, (3 mo. USD LIBOR + 3.00%), Maturing May 16, 2024

       400       400,950  
                         
      $ 2,059,824  
                         

Leisure Goods / Activities / Movies — 1.1%

 

AMC Entertainment, Inc.

      

Term Loan, 3.49%, (1 mo. USD LIBOR + 2.25%), Maturing December 15, 2022

       392     $ 392,770  

Term Loan, 3.49%, (1 mo. USD LIBOR + 2.25%), Maturing December 15, 2023

       99       99,136  

Bombardier Recreational Products, Inc.

      

Term Loan, 3.74%, (1 mo. USD LIBOR + 2.50%), Maturing June 30, 2023

       817       821,855  

CDS U.S. Intermediate Holdings, Inc.

      

Term Loan, 5.08%, (3 mo. USD LIBOR + 3.75%), Maturing July 8, 2022

       193       194,743  

ClubCorp Club Operations, Inc.

      

Term Loan, 4.59%, (3 mo. USD LIBOR + 3.25%), Maturing August 15, 2024

       275       275,902  

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

      

Term Loan, 4.24%, (1 mo. USD LIBOR + 3.00%), Maturing February 1, 2024

       125       125,990  

Emerald Expositions Holding, Inc.

      

Term Loan, 4.33%, (3 mo. USD LIBOR + 3.00%), Maturing May 22, 2024

       175       176,144  

Lindblad Expeditions, Inc.

      

Term Loan, 5.95%, (6 mo. USD LIBOR + 4.50%), Maturing May 8, 2021

       45       45,021  

Term Loan, 5.95%, (6 mo. USD LIBOR + 4.50%), Maturing May 8, 2021

       346       348,912  

SRAM, LLC

      

Term Loan, 4.53%, (2 mo. USD LIBOR + 3.25%), Maturing March 15, 2024

       275       276,298  

Steinway Musical Instruments, Inc.

      

Term Loan, 5.13%, (1 mo. USD LIBOR + 3.75%), Maturing September 19, 2019

       372       363,681  
                         
      $ 3,120,452  
                         
 

 

  12   See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Lodging and Casinos — 1.0%

 

Amaya Holdings B.V.

      

Term Loan, 4.83%, (3 mo. USD LIBOR + 3.50%), Maturing August 1, 2021

       632     $ 636,420  

Term Loan - Second Lien, 8.33%, (3 mo. USD LIBOR + 7.00%), Maturing August 1, 2022

       244       246,443  

CityCenter Holdings, LLC

      

Term Loan, 3.74%, (1 mo. USD LIBOR + 2.50%), Maturing April 18, 2024

       349       351,007  

Golden Nugget, Inc.

      

Term Loan, 4.53%, (USD LIBOR + 3.25%), Maturing October 4, 2023(2)

       125       126,068  

Hilton Worldwide Finance, LLC

      

Term Loan, 3.24%, (1 mo. USD LIBOR + 2.00%), Maturing October 25, 2023

       844       850,223  

MGM Growth Properties Operating Partnership L.P.

      

Term Loan, 3.49%, (1 mo. USD LIBOR + 2.25%), Maturing April 25, 2023

       369       371,684  

Playa Resorts Holding B.V.

      

Term Loan, 4.37%, (USD LIBOR + 3.00%), Maturing April 5, 2024(2)

       175       175,072  
                         
      $ 2,756,917  
                         

Nonferrous Metals / Minerals — 0.5%

 

Fairmount Santrol, Inc.

      

Term Loan, 6.75%, (3 mo. USD Prime + 2.50%), Maturing September 5, 2019

       338     $ 338,171  

Term Loan, Maturing October 12, 2024(3)

       275       275,773  

Global Brass & Copper, Inc.

      

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.25%), Maturing July 18, 2023

       149       150,542  

Murray Energy Corporation

      

Term Loan, 8.58%, (3 mo. USD LIBOR + 7.25%), Maturing April 16, 2020

       355       318,780  

New Day Aluminum, LLC

      

Term Loan, 10.00%, (4.00% Cash, 6.00% PIK), Maturing October 28, 2020(4)(5)

       5       3,044  

Noranda Aluminum Acquisition Corporation

      

Term Loan, 0.00%, Maturing February 28, 2019(4)(6)

       84       13,434  

Oxbow Carbon, LLC

      

Term Loan - Second Lien, 8.24%, (1 mo. USD LIBOR + 7.00%), Maturing January 17, 2020

       150       150,656  
                         
      $ 1,250,400  
                         

Oil and Gas — 1.3%

 

Ameriforge Group, Inc.

      

Term Loan, 14.33%, (9.33% (3 mo. USD LIBOR + 8.00%) Cash, 5.00% PIK), Maturing June 8, 2022

       77     $ 81,742  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Oil and Gas (continued)

 

Aquilex Holdings, LLC

      

Term Loan, 5.49%, (1 mo. USD LIBOR + 4.25%), Maturing October 3, 2024

       125     $ 126,094  

BCP Raptor, LLC

      

Term Loan, 5.52%, (2 mo. USD LIBOR + 4.25%), Maturing June 24, 2024

       125       126,285  

Bronco Midstream Funding, LLC

      

Term Loan, 5.32%, (3 mo. USD LIBOR + 4.00%), Maturing August 15, 2020

       235       237,001  

CITGO Holding, Inc.

      

Term Loan, 9.84%, (3 mo. USD LIBOR + 8.50%), Maturing May 12, 2018

       128       130,179  

Crestwood Holdings, LLC

      

Term Loan, 9.24%, (1 mo. USD LIBOR + 8.00%), Maturing June 19, 2019

       159       159,618  

Fieldwood Energy, LLC

      

Term Loan, 4.21%, (3 mo. USD LIBOR + 2.875%), Maturing September 28, 2018

       196       188,044  

Green Plains Renewable Energy, Inc.

      

Term Loan, 6.74%, (1 mo. USD LIBOR + 5.50%), Maturing August 18, 2023

       150       151,125  

MEG Energy Corp.

      

Term Loan, 4.83%, (3 mo. USD LIBOR + 3.50%), Maturing December 31, 2023

       1,059       1,063,895  

Paragon Offshore Finance Company

      

Term Loan, 0.00%, Maturing July 18, 2021(4)(6)

       1       0  

Term Loan, 7.35%, (3 mo. USD LIBOR + 6.00% (1.00% Cash, 6.35% PIK)), Maturing July 18, 2022

       9       7,682  

Seadrill Partners Finco, LLC

      

Term Loan, 4.33%, (3 mo. USD LIBOR + 3.00%), Maturing February 21, 2021

       298       228,203  

Sheridan Investment Partners II L.P.

      

Term Loan, 4.82%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020

       27       23,254  

Term Loan, 4.82%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020

       73       62,352  

Term Loan, 4.82%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020

       527       448,231  

Sheridan Production Partners I, LLC

      

Term Loan, 4.82%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019

       17       14,421  

Term Loan, 4.82%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019

       28       23,609  

Term Loan, 4.82%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019

       210       178,174  
 

 

  13   See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Oil and Gas (continued)

 

Ultra Resources, Inc.

      

Term Loan, 4.31%, (2 mo. USD LIBOR + 3.00%), Maturing April 12, 2024

       250     $ 250,729  
                         
      $ 3,500,638  
                         

Publishing — 0.6%

 

Ascend Learning, LLC

      

Term Loan, 4.49%, (1 mo. USD LIBOR + 3.25%), Maturing July 12, 2024

       175     $ 176,331  

Getty Images, Inc.

      

Term Loan, 4.83%, (3 mo. USD LIBOR + 3.50%), Maturing October 18, 2019

       706       619,899  

LSC Communications, Inc.

      

Term Loan, 7.20%, (1 week USD LIBOR + 6.00%), Maturing September 30, 2022

       188       189,375  

Merrill Communications, LLC

      

Term Loan, 6.63%, (3 mo. USD LIBOR + 5.25%), Maturing June 1, 2022

       117       117,468  

ProQuest, LLC

      

Term Loan, 4.99%, (1 mo. USD LIBOR + 3.75%), Maturing October 24, 2021

       318       321,921  

Tweddle Group, Inc.

      

Term Loan, 7.38%, (3 mo. USD LIBOR + 6.00%), Maturing October 24, 2022

       144       145,458  
                         
      $ 1,570,452  
                         

Radio and Television — 0.6%

 

AP NMT Acquisition B.V.

      

Term Loan, 7.09%, (3 mo. USD LIBOR + 5.75%), Maturing August 13, 2021

       97     $ 93,796  

CBS Radio, Inc.

      

Term Loan, 4.74%, (1 mo. USD LIBOR + 3.50%), Maturing October 17, 2023

       225       226,575  

Cumulus Media Holdings, Inc.

      

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.25%), Maturing December 23, 2020

       696       607,936  

Entercom Radio, LLC

      

Term Loan, 4.73%, (1 mo. USD LIBOR + 3.50%), Maturing November 1, 2023

       167       167,710  

Hubbard Radio, LLC

      

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.25%), Maturing May 27, 2022

       92       91,896  

iHeartCommunications, Inc.

      

Term Loan, 8.83%, (3 mo. USD LIBOR + 7.50%), Maturing July 30, 2019

       450       340,031  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Radio and Television (continued)

 

Raycom TV Broadcasting, LLC

      

Term Loan, 3.99%, (1 mo. USD LIBOR + 2.75%), Maturing August 23, 2024

       175     $ 176,312  
                         
      $ 1,704,256  
                         

Retailers (Except Food and Drug) — 1.1%

 

Ascena Retail Group, Inc.

      

Term Loan, 5.75%, (1 mo. USD LIBOR + 4.50%), Maturing August 21, 2022

       273     $ 238,342  

Bass Pro Group, LLC

      

Term Loan, 6.24%, (1 mo. USD LIBOR + 5.00%), Maturing September 25, 2024

       250       243,594  

BJ’s Wholesale Club, Inc.

      

Term Loan, 4.99%, (1 mo. USD LIBOR + 3.75%), Maturing February 3, 2024

       174       170,168  

CDW, LLC

      

Term Loan, 3.34%, (3 mo. USD LIBOR + 2.00%), Maturing August 17, 2023

       358       360,988  

David’s Bridal, Inc.

      

Term Loan, 5.34%, (3 mo. USD LIBOR + 4.00%), Maturing October 11, 2019

       368       304,446  

Evergreen Acqco 1 L.P.

      

Term Loan, 5.11%, (3 mo. USD LIBOR + 3.75%), Maturing July 9, 2019

       364       334,817  

Global Appliance, Inc.

      

Term Loan, 5.34%, (3 mo. USD LIBOR + 4.00%), Maturing September 29, 2024

       150       150,328  

J. Crew Group, Inc.

      

Term Loan, 4.29%, (USD LIBOR + 3.00%), Maturing March 5, 2021(2)(4)

       530       281,826  

LSF9 Atlantis Holdings, LLC

      

Term Loan, 7.24%, (1 mo. USD LIBOR + 6.00%), Maturing May 1, 2023

       174       175,174  

Men’s Wearhouse, Inc. (The)

      

Term Loan, 4.77%, (USD LIBOR + 3.50%), Maturing June 18, 2021(2)

       145       143,986  

Michaels Stores, Inc.

      

Term Loan, 3.99%, (USD LIBOR + 2.75%), Maturing January 30, 2023(2)

       356       356,274  

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

      

Term Loan, 4.83%, (3 mo. USD LIBOR + 3.50%), Maturing April 30, 2021

       97       93,364  

Staples, Inc.

      

Term Loan, 5.31%, (3 mo. USD LIBOR + 4.00%), Maturing September 12, 2024

       100       94,579  
 

 

  14   See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Retailers (Except Food and Drug) (continued)

 

Vivid Seats Ltd.

      

Term Loan, 5.24%, (1 mo. USD LIBOR + 4.00%), Maturing June 30, 2024

       175     $ 175,217  
                         
      $ 3,123,103  
                         

Steel — 0.1%

 

Neenah Foundry Company

      

Term Loan, 7.79%, (2 mo. USD LIBOR + 6.50%), Maturing April 26, 2019

       71     $ 70,083  

Zekelman Industries, Inc.

      

Term Loan, 4.07%, (3 mo. USD LIBOR + 2.75%), Maturing June 14, 2021

       152       152,600  
                         
      $ 222,683  
                         

Surface Transport — 0.1%

 

Stena International S.a.r.l.

      

Term Loan, 4.34%, (3 mo. USD LIBOR + 3.00%), Maturing March 3, 2021

       265     $ 247,020  
                         
      $ 247,020  
                         

Telecommunications — 1.8%

 

CenturyLink, Inc.

      

Term Loan, 2.75%, Maturing January 31, 2025(5)

       825     $ 815,117  

Consolidated Communications, Inc.

      

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.00%), Maturing October 4, 2023

       125       123,052  

Digicel International Finance Limited

      

Term Loan, 5.07%, (3 mo. USD LIBOR + 3.75%), Maturing May 28, 2024

       125       126,016  

Frontier Communications Corp.

      

Term Loan, 4.99%, (1 mo. USD LIBOR + 3.75%), Maturing June 15, 2024

       249       237,880  

Global Eagle Entertainment, Inc.

      

Term Loan, 8.71%, (3 mo. USD LIBOR + 7.50%), Maturing January 6, 2023

       222       218,114  

Intelsat Jackson Holdings S.A.

      

Term Loan, 4.07%, (3 mo. USD LIBOR + 2.75%), Maturing June 30, 2019

       650       649,255  

IPC Corp.

      

Term Loan, 5.89%, (3 mo. USD LIBOR + 4.50%), Maturing August 6, 2021

       341       333,572  

Mitel Networks Corporation

      

Term Loan, Maturing July 27, 2023(3)

       75       75,820  

Onvoy, LLC

      

Term Loan, 5.83%, (3 mo. USD LIBOR + 4.50%), Maturing February 10, 2024

       124       124,336  
Borrower/Tranche Description         

Principal

Amount*

(000’s omitted)

     Value  

Telecommunications (continued)

 

Sprint Communications, Inc.

      

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.50%), Maturing February 2, 2024

       622     $ 624,429  

Syniverse Holdings, Inc.

      

Term Loan, 4.24%, (3 mo. USD LIBOR + 3.00%), Maturing April 23, 2019

       328       320,406  

Term Loan, 4.33%, (3 mo. USD LIBOR + 3.00%), Maturing April 23, 2019

       237       231,173  

Telesat Canada

      

Term Loan, 4.32%, (1 mo. USD LIBOR + 3.00%), Maturing November 17, 2023

       891       899,768  

Unitymedia Finance, LLC

      

Term Loan, Maturing October 16, 2024(3)

       150       149,797  
                         
      $ 4,928,735  
                         

Utilities — 0.8%

 

Calpine Construction Finance Company L.P.

      

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.25%), Maturing May 3, 2020

       192     $ 192,128  

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.50%), Maturing January 31, 2022

       72       71,944  

Calpine Corporation

      

Term Loan, 4.09%, (3 mo. USD LIBOR + 2.75%), Maturing January 15, 2024

       881       885,448  

Granite Acquisition, Inc.

      

Term Loan, 5.33%, (3 mo. USD LIBOR + 4.00%), Maturing December 19, 2021

       21       21,336  

Term Loan, 5.34%, (3 mo. USD LIBOR + 4.00%), Maturing December 19, 2021

       466       471,970  

Invenergy Thermal Operating I, LLC

      

Term Loan, 6.83%, (3 mo. USD LIBOR + 5.50%), Maturing October 19, 2022

       207       196,034  

Lightstone Generation, LLC

      

Term Loan, 5.74%, (1 mo. USD LIBOR + 4.50%), Maturing January 30, 2024

       17       17,496  

Term Loan, 5.74%, (1 mo. USD LIBOR + 4.50%), Maturing January 30, 2024

       279       280,788  

Lonestar Generation, LLC

      

Term Loan, 5.57%, (3 mo. USD LIBOR + 4.25%), Maturing February 22, 2021

       97       95,958  
                         
      $ 2,233,102  
                         

Total Senior Floating-Rate Loans
(identified cost $95,078,973)

 

   $ 94,379,470  
                         
 

 

  15   See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Portfolio of Investments — continued

 

 

Corporate Bonds & Notes — 18.8%  
     
Security         

Principal

Amount*

(000’s omitted)

     Value  

Aerospace and Defense — 0.2%

 

CBC Ammo, LLC/CBC FinCo, Inc.

      

7.25%, 11/15/21(7)

       500     $ 508,750  
                         
      $ 508,750  
                         

Automotive — 0.9%

 

American Axle & Manufacturing, Inc.

      

6.25%, 4/1/25(7)

       375     $ 385,313  

Deck Chassis Acquisition, Inc.

      

10.00%, 6/15/23(7)

       1,000       1,125,000  

Navistar International Corp.

      

8.25%, 11/1/21

       1,000       1,004,150  
                         
      $ 2,514,463  
                         

Building and Development — 0.3%

 

Reliance Intermediate Holdings, L.P.

      

6.50%, 4/1/23(7)

       675     $ 720,562  

VICI Properties 1, LLC/VICI FC, Inc.

      

8.00%, 10/15/23

       10       11,325  
                         
      $ 731,887  
                         

Business Equipment and Services — 1.2%

 

EIG Investors Corp.

      

10.875%, 2/1/24

       960     $ 1,065,600  

First Data Corp.

      

7.00%, 12/1/23(7)

       1,000       1,072,520  

ServiceMaster Co., LLC (The)

      

7.45%, 8/15/27

       1,000       1,092,500  
                         
      $ 3,230,620  
                         

Cable and Satellite Television — 1.5%

 

Cablevision Systems Corp.

      

8.00%, 4/15/20

       1,000     $ 1,110,000  

CCO Holdings, LLC/CCO Holdings Capital Corp.

      

5.50%, 5/1/26(7)

       1,000       1,027,500  

Cequel Communications Holdings I, LLC/Cequel Capital Corp.

      

5.125%, 12/15/21(7)

       1,000       1,023,750  

SFR Group S.A.

      

6.00%, 5/15/22(7)

       1,000       1,043,750  
                         
      $ 4,205,000  
                         
Security         

Principal

Amount*

(000’s omitted)

     Value  

Containers and Glass Products — 1.2%

 

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.

      

7.25%, 5/15/24(7)

       1,010     $ 1,113,525  

BWAY Holding Co.

      

5.50%, 4/15/24(7)

       1,000       1,043,750  

Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC

      

7.00%, 7/15/24(7)

       985       1,053,334  
                         
      $ 3,210,609  
                         

Distribution & Wholesale — 0.3%

 

American Tire Distributors, Inc.

      

10.25%, 3/1/22(7)

       750     $ 785,625  
                         
      $ 785,625  
                         

Drugs — 0.3%

 

Valeant Pharmaceuticals International, Inc.

      

5.875%, 5/15/23(7)

       910     $ 770,088  
                         
      $ 770,088  
                         

Ecological Services and Equipment — 0.4%

 

Covanta Holding Corp.

      

5.875%, 7/1/25

       1,000     $ 992,500  
                         
      $ 992,500  
                         

Electric Utilities — 0.3%

 

NRG Yield Operating, LLC

      

5.00%, 9/15/26

       810     $ 838,350  
                         
      $ 838,350  
                         

Electronics / Electrical — 0.8%

 

Infor (US), Inc.

      

6.50%, 5/15/22

       1,000     $ 1,049,800  

Western Digital Corp.

      

10.50%, 4/1/24

       1,000       1,176,000  
                         
      $ 2,225,800  
                         

Financial Intermediaries — 0.2%

 

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

      

6.00%, 8/1/20

       645     $ 665,559  
                         
      $ 665,559  
                         
 

 

  16   See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Portfolio of Investments — continued

 

 

Security         

Principal

Amount*

(000’s omitted)

     Value  

Financial Services — 0.4%

 

Solera, LLC/Solera Finance, Inc.

      

10.50%, 3/1/24(7)

       1,000     $ 1,145,000  
                         
      $ 1,145,000  
                         

Food Products — 0.7%

 

Dean Foods Co.

      

6.50%, 3/15/23(7)

       635     $ 638,175  

Iceland Bondco PLC

      

4.629%, (3 mo. GBP LIBOR + 4.25%), 7/15/20(7)(8)

     GBP       62       82,371  

TreeHouse Foods, Inc.

      

6.00%, 2/15/24(7)

       1,000       1,075,000  
                         
      $ 1,795,546  
                         

Health Care — 2.1%

 

HCA Healthcare, Inc.

      

6.25%, 2/15/21

       1,000     $ 1,077,500  

HCA, Inc.

      

4.50%, 2/15/27

       10       10,125  

inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc.

      

7.50%, 10/1/24(7)

       600       664,500  

Kinetic Concepts, Inc./KCI USA, Inc.

      

7.875%, 2/15/21(7)

       1,500       1,567,500  

12.50%, 11/1/21(7)

       525       586,687  

MPH Acquisition Holdings, LLC

      

7.125%, 6/1/24(7)

       1,000       1,078,750  

WellCare Health Plans, Inc.

      

5.25%, 4/1/25

       750       791,250  
                         
      $ 5,776,312  
                         

Insurance — 0.5%

 

Alliant Holdings Intermediate, LLC

      

8.25%, 8/1/23(7)

       1,000     $ 1,067,500  

Ardonagh Midco 3 PLC

      

8.625%, 7/15/23(7)

       225       238,466  
                         
      $ 1,305,966  
                         

Internet Software & Services — 0.3%

 

Riverbed Technology, Inc.

      

8.875%, 3/1/23(7)

       1,010     $ 907,738  
                         
      $ 907,738  
                         
Security         

Principal

Amount*

(000’s omitted)

     Value  

Leisure Goods / Activities / Movies — 0.7%

 

AMC Entertainment Holdings, Inc.

      

6.125%, 5/15/27

       2,000     $ 1,990,000  
                         
      $ 1,990,000  
                         

Lodging and Casinos — 0.4%

 

Hilton Domestic Operating Co., Inc.

      

4.25%, 9/1/24

       55     $ 56,306  

Hilton Worldwide Finance, LLC / Hilton Worldwide Finance Corp.

      

4.625%, 4/1/25

       1,000       1,033,750  
                         
      $ 1,090,056  
                         

Metals /  Mining — 0.4%

 

Teck Resources, Ltd.

      

8.50%, 6/1/24(7)

       1,000     $ 1,147,500  
                         
      $ 1,147,500  
                         

Nonferrous Metals / Minerals — 0.9%

 

Eldorado Gold Corp.

      

6.125%, 12/15/20(7)

       1,000     $ 995,000  

First Quantum Minerals, Ltd.

      

7.25%, 4/1/23(7)

       1,000       1,062,500  

New Gold, Inc.

      

6.25%, 11/15/22(7)

       500       517,500  
                         
      $ 2,575,000  
                         

Oil and Gas — 2.3%

 

Extraction Oil & Gas, Inc./Extraction Finance Corp.

      

7.875%, 7/15/21(7)

       1,000     $ 1,065,000  

Great Western Petroleum, LLC/Great Western Finance Corp.

      

9.00%, 9/30/21(7)

       1,000       1,030,000  

Matador Resources Co.

      

6.875%, 4/15/23

       1,000       1,062,500  

Parsley Energy, LLC/Parsley Finance Corp.

      

6.25%, 6/1/24(7)

       1,000       1,065,000  

Seven Generations Energy, Ltd.

      

6.75%, 5/1/23(7)

       1,000       1,067,500  

WildHorse Resource Development Corp.

      

6.875%, 2/1/25(7)

       1,000       995,000  
                         
      $ 6,285,000  
                         
 

 

  17   See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Portfolio of Investments — continued

 

 

Security         

Principal

Amount*

(000’s omitted)

     Value  

Pharmaceuticals — 0.4%

 

PRA Holdings, Inc.

      

9.50%, 10/1/23(7)

       1,000     $ 1,082,500  
                         
      $ 1,082,500  
                         

Publishing — 0.4%

 

Laureate Education, Inc.

      

8.25%, 5/1/25(7)

       975     $ 1,051,781  
                         
      $ 1,051,781  
                         

Surface Transport — 0.2%

 

Debt and Asset Trading Corp.

      

1.00%, 10/10/25(9)

       800     $ 552,000  
                         
      $ 552,000  
                         

Technology — 0.4%

 

Dell International, LLC/EMC Corp.

      

7.125%, 6/15/24(7)

       1,000     $ 1,104,159  
                         
      $ 1,104,159  
                         

Telecommunications — 1.1%

 

CenturyLink, Inc.

      

7.50%, 4/1/24

       1,000     $ 1,065,000  

Hughes Satellite Systems Corp.

      

6.625%, 8/1/26

       1,000       1,057,500  

Intelsat Jackson Holdings S.A.

      

7.25%, 10/15/20

       500       483,600  

Sprint Communications, Inc.

      

9.00%, 11/15/18(7)

       371       393,724  
                         
      $ 2,999,824  
                         

Total Corporate Bonds & Notes
(identified cost $50,643,274)

 

   $ 51,487,633  
                         
Foreign Government Securities — 8.3%  
     
Security         

Principal

Amount*

(000’s omitted)

     Value  

Albania — 0.7%

 

Republic of Albania

      

5.75%, 11/12/20(9)

     EUR       1,540     $ 2,022,838  
                         

Total Albania

       $ 2,022,838  
                         
Security         

Principal

Amount*

(000’s omitted)

     Value  

Armenia — 0.4%

 

Republic of Armenia

      

7.15%, 3/26/25(9)

       1,050     $ 1,175,186  
                         

Total Armenia

       $ 1,175,186  
                         

Bahamas — 0.7%

 

Commonwealth of Bahamas

      

5.75%, 1/16/24(9)

       1,800     $ 1,878,750  
                         

Total Bahamas

       $ 1,878,750  
                         

Barbados — 0.4%

 

Barbados Government International Bond

      

6.625%, 12/5/35(9)

       855     $ 692,550  

7.25%, 12/15/21(9)

       300       282,900  
                         

Total Barbados

       $ 975,450  
                         

Belarus — 0.7%

 

Republic of Belarus

      

6.875%, 2/28/23(9)

       840     $ 895,474  

7.625%, 6/29/27(9)

       890       984,117  
                         

Total Belarus

       $ 1,879,591  
                         

Cyprus — 0.2%

 

Republic of Cyprus

      

4.25%, 11/4/25(9)

     EUR       450     $ 627,892  
                         

Total Cyprus

       $ 627,892  
                         

Ecuador — 0.6%

 

Republic of Ecuador

      

7.95%, 6/20/24(9)

       1,600     $ 1,622,000  
                         

Total Ecuador

       $ 1,622,000  
                         

El Salvador — 0.6%

 

Republic of El Salvador

      

6.375%, 1/18/27(9)

       1,508     $ 1,506,115  

8.625%, 2/28/29(9)

       200       227,000  
                         

Total El Salvador

       $ 1,733,115  
                         

Fiji — 0.4%

 

Republic of Fiji

      

6.625%, 10/2/20(9)

       929     $ 930,209  
                         

Total Fiji

       $ 930,209  
                         
 

 

  18   See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2017

 

Portfolio of Investments — continued

 

 

Security         

Principal

Amount*

(000’s omitted)

     Value  

Honduras — 0.5%

 

Honduras Government International Bond

      

6.25%, 1/19/27(9)

       150     $ 162,506  

8.75%, 12/16/20(9)

       927       1,057,364  
                         

Total Honduras

       $ 1,219,870  
                         

Macedonia — 0.7%

 

Republic of Macedonia

      

3.975%, 7/24/21(9)

     EUR       1,164     $ 1,446,966  

4.875%, 12/1/20(9)

     EUR       425       540,208  
                         

Total Macedonia

       $ 1,987,174  
                         

Poland — 0.1%

 

Republic of Poland

      

4.00%, 1/22/24

       350     $ 375,589  
                         

Total Poland

       $ 375,589  
                         

Rwanda — 0.4%

 

Republic of Rwanda

      

6.625%, 5/2/23(9)

       1,100     $ 1,144,505  
                         

Total Rwanda

       $ 1,144,505  
                         

Serbia — 0.4%

 

Republic of Serbia

      

4.875%, 2/25/20(9)

       1,150     $ 1,199,811  
                         

Total Serbia

       $ 1,199,811  
                         

Seychelles — 0.5%

 

Republic of Seychelles

      

7.00% to 1/1/18, 1/1/26(9)(10)

       1,181     $ 1,235,787  
                         

Total Seychelles

       $ 1,235,787  
                         

Sri Lanka — 0.7%

 

Republic of Sri Lanka

      

6.125%, 6/3/25(9)

       800     $ 855,678  

6.85%, 11/3/25(9)

       1,000       1,112,485  
                         

Total Sri Lanka

       $ 1,968,163  
                         
Security         

Principal

Amount*

(000’s omitted)

     Value  

Suriname — 0.3%

 

Republic of Suriname

      

9.25%, 10/26/26(9)

       718     $ 781,722