Edgar Filing: Eaton Vance Short Duration Diversified Income Fund

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, 2018

Date of Reporting Period

Item 1. Reports to Stockholders

LOGO

Eaton Vance

Short Duration Diversified Income Fund (EVG)

Annual Report

October 31, 2018

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, 2018

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			48

Federal Tax Information			49

Dividend Reinvestment Plan			50

Management and Organization			52

Important Notices			55

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The world’s financial markets delivered mixed results during the 12-month period ended October 31, 2018. U.S. equities generated healthy gains, and higher-yielding sectors of the U.S. income market advanced. However, a global trend of rising bond yields and widening credit spreads culminated in losses for major U.S. investment-grade and international bond indexes during the period. International equity markets were also generally weak, while the U.S. dollar strengthened against most foreign currencies.

Growth in the U.S. economy and corporate earnings accelerated during the period, boosted by tax reform. With the economy on solid ground and inflation under control, the U.S. Federal Reserve (the Fed) gradually raised interest rates and reduced the size of its balance sheet. Overseas, the European Central Bank (ECB) tapered its monthly bond purchases and announced it would end them entirely by December 2018. Nonetheless, the ECB held interest rates at record lows amid softening economic growth and heightened political uncertainty in the region. Rising populism and anti-immigration sentiment permeated eurozone politics, as illustrated by a budget standoff between the newly elected Italian government and the European Union. In Japan, the central bank remained highly accommodative in an effort to revive inflation, but allowed 10-year government bond yields to edge higher.

Over the course of the period, the backdrop for emerging markets deteriorated as global liquidity tightened. The eurozone economy lost momentum and China’s already-slowing economy began to feel the effects of U.S. trade tariffs. Developments in a handful of larger emerging markets exacerbated these broad headwinds, including U.S. sanctions against Russia, a currency crisis in Argentina, and escalating political tensions between Turkey and the U.S. A strong rally in oil prices was an additional challenge for oil-importing countries like China and India, and a boost for exporters during the period.

Fund Performance

For the fiscal year ended October 31, 2018, Eaton Vance Short Duration Diversified Income Fund (the Fund) had a total return of 2.56% at net asset value (NAV).

Floating-rate loans were the leading driver of the Fund’s performance during the period. Historically, the Fund has normally maintained underweight exposures to lower-credit⁷ segments of the senior-secured loan market — namely the CCC and D (defaulted) rating tiers. This strategy may help the Fund experience limited credit losses over the long run, but it may detract from relative performance in times when lower-quality loans perform well.

During the period, the Fund’s underweight to CCC-rated loans, which returned 8.82%, detracted from performance. However,

the Fund’s underweight to D-rated loans, which returned –8.43%, contributed to results. On the sector level, the period was notable for strong performance in the retail sector of the loan market — excluding food and drugs — which rallied back after suffering negative returns during the previous one-year period ended October 31, 2017. The Fund’s underweight exposure to retail was a detractor from relative results. Security selection was also a driver of performance, with rebounding loan picks in the brokerage/securities dealer and oil and gas sectors aiding performance.

Investments in mortgage-backed securities (MBS) had a positive contribution to the Fund’s performance during the one-year period ended October 31, 2018. Spreads in the agency MBS market widened over the course of the year as the Fed continued its balance sheet normalization, which left a supply-demand imbalance that led to wider spreads. Despite widening spreads in generic agency MBS and negative returns in the agency MBS Index, the Fund had a positive return in its agency MBS investments. The Fund benefited from its focus in parts of the agency MBS collateralized mortgage obligation market that would benefit from rising interest rates — primarily negative duration⁸ interest-only agency MBS strips.

Rising interest rates led to slower prepayment speeds, which translated to lower refinancing activity and higher prices across the interest-only agency MBS universe. The Fund also 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 curve⁹ rose on the back of the Fed’s interest rate hikes, the coupons in floating-rate agency MBS reset higher, providing more yield to buyers going forward. The Fund’s exposure to non-U.S. instruments detracted slightly from Fund performance during the period. Positive contributions to performance of the Fund’s foreign portfolio came across various credit positions in the governments of Cyprus, Bahamas, Ecuador, Rwanda, and Macedonia. Significant detractors came from credit positions in the governments of Barbados, Turkey, and Argentina. In general, emerging markets suffered a difficult year — Barbados announced a default in June 2018, and Turkey and Argentina’s local and external markets came under significant pressure shortly thereafter. However, many countries with idiosyncratic fundamental improvement stories — like those that contributed to positive performance — were able to generate positive returns.

Elsewhere, the Fund’s smaller allocations to high-yield bonds and commercial MBS aided performance during the period. On the other hand, the Fund’s minimal exposure to investment-grade corporate bonds hurt performance, as this area of the market had negative returns during the period.

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, 2018

Performance²

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		2.56	%		4.51	%		7.13	%
Fund at Market Price		—		–4.63			3.56			7.36


% Premium/Discount to NAV³
										–13.90	%


Distributions⁴
Total Distributions per share for the period									$	0.849
Distribution Rate at NAV										5.29	%
Distribution Rate at Market Price										6.14	%


% Total Leverage⁵
Derivatives										20.52	%
Borrowings										17.78

Fund Profile

Asset Allocation (% of total leveraged assets)⁶

LOGO

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Endnotes and Additional Disclosures

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

²	Performance results reflect the effects of leverage. Absent an expense waiver by the investment adviser, if applicable, the returns would be lower.

³	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.

⁴

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions 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.

⁵

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.

⁶

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 162.1%. Please refer to the definition of total leveraged assets within the Notes to Financial Statements included herein.

⁷

Credit ratings are categorized using S&P Global Ratings (“S&P”). 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 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.

⁸	Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

⁹	Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term rates fall and/or short-term rates increase, and the yield curve steepens when long-term rates increase and/or short-term rates fall.

Fund profile subject to change due to active management.


		4

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments


Senior Floating-Rate Loans — 34.1%⁽¹⁾
Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Aerospace and Defense — 0.5%
TransDigm, Inc.
Term Loan, 4.80%, (1 mo. USD LIBOR + 2.50%), Maturing June 9, 2023		967	$	964,032
Term Loan, 4.80%, (1 mo. USD LIBOR + 2.50%), Maturing August 22, 2024		490		488,801
			$	1,452,833

Automotive — 0.8%
Allison Transmission, Inc.
Term Loan, 4.04%, (1 mo. USD LIBOR + 1.75%), Maturing September 23, 2022		227	$	228,819
Belron Finance US, LLC
Term Loan, 4.59%, (3 mo. USD LIBOR + 2.25%), Maturing November 7, 2024		74		74,903
Dayco Products, LLC
Term Loan, 6.56%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023		171		172,908
FCA US, LLC
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.00%), Maturing December 31, 2018		216		216,304
Goodyear Tire & Rubber Company (The)
Term Loan - Second Lien, 4.32%, (1 mo. USD LIBOR + 2.00%), Maturing March 7, 2025		383		382,375
Horizon Global Corporation
Term Loan, 8.30%, (1 mo. USD LIBOR + 6.00%), Maturing June 30, 2021		71		69,865
L&W, Inc.
Term Loan, 6.29%, (1 mo. USD LIBOR + 4.00%), Maturing May 22, 2025		125		125,233
Tenneco, Inc.
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing October 1, 2025		525		524,180
Tower Automotive Holdings USA, LLC
Term Loan, 5.06%, (1 mo. USD LIBOR + 2.75%), Maturing March 7, 2024		227		226,728
			$	2,021,315

Beverage and Tobacco — 0.1%
Flavors Holdings, Inc.
Term Loan, 8.14%, (3 mo. USD LIBOR + 5.75%), Maturing April 3, 2020		321	$	304,483
			$	304,483


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Brokerage / Securities Dealers / Investment Houses — 0.1%
Advisor Group, Inc.
Term Loan, 6.04%, (1 mo. USD LIBOR + 3.75%), Maturing August 15, 2025		75	$	75,445
Aretec Group, Inc.
Term Loan, 6.51%, (3 mo. USD LIBOR + 4.25%), Maturing October 1, 2025		175		176,149
OZ Management L.P.
Term Loan, 7.06%, (1 mo. USD LIBOR + 4.75%), Maturing April 11, 2023		80		80,600
			$	332,194

Building and Development — 0.9%
Brookfield Property REIT, Inc.
Term Loan, 4.79%, (1 mo. USD LIBOR + 2.50%), Maturing August 27, 2025		150	$	147,961
Core & Main L.P.
Term Loan, 5.32%, (3 mo. USD LIBOR + 3.00%), Maturing August 1, 2024		124		123,853
CPG International, Inc.
Term Loan, 6.25%, (6 mo. USD LIBOR + 3.75%), Maturing May 3, 2024		388		391,016
DTZ U.S. Borrower, LLC
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing August 21, 2025		800		800,926
Pisces Midco, Inc.
Term Loan, Maturing April 12, 2025⁽³⁾		100		99,771
Quikrete Holdings, Inc.
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing November 15, 2023		433		431,726
RE/MAX International, Inc.
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing December 15, 2023		395		396,598
Summit Materials Companies I, LLC
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.00%), Maturing November 21, 2024		124		123,655
			$	2,515,506

Business Equipment and Services — 3.7%
Acosta Holdco, Inc.
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing September 26, 2021		527	$	392,785
AlixPartners, LLP
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing April 4, 2024		50		49,856


		5		See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Business Equipment and Services (continued)
AppLovin Corporation
Term Loan, 6.06%, (3 mo. USD LIBOR + 3.75%), Maturing August 15, 2025			225	$	227,180
ASGN Incorporated
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.00%), Maturing April 2, 2025			72		72,016
Blitz F18-675 GmbH
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 31, 2025	EUR		225		257,349
Bracket Intermediate Holding Corp.
Term Loan, 6.57%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025			125		125,469
Ceridian HCM Holding, Inc.
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing April 5, 2025			225		225,563
Change Healthcare Holdings, LLC
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing March 1, 2024			1,146		1,145,704
CPM Holdings, Inc.
Term Loan, 5.80%, (1 mo. USD LIBOR + 3.50%), Maturing April 11, 2022			243		243,795
Term Loan, Maturing October 24, 2025⁽³⁾			50		50,375
Cypress Intermediate Holdings III, Inc.
Term Loan, 5.31%, (1 mo. USD LIBOR + 3.00%), Maturing April 26, 2024			222		222,697
EAB Global, Inc.
Term Loan, 6.41%, (USD LIBOR + 3.75%), Maturing November 15, 2024⁽²⁾			199		197,756
Education Management, LLC
Term Loan, 0.00%, Maturing July 2, 2020⁽⁴⁾⁽⁵⁾			67		12,709
Term Loan, 0.00%, Maturing July 2, 2020⁽⁴⁾⁽⁵⁾			152		0
EIG Investors Corp.
Term Loan, 6.06%, (3 mo. USD LIBOR + 3.75%), Maturing February 9, 2023			518		520,769
Extreme Reach, Inc.
Term Loan, 8.56%, (1 mo. USD LIBOR + 6.25%), Maturing February 7, 2020			91		91,519
First Data Corporation
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.00%), Maturing July 8, 2022			421		421,024
Garda World Security Corporation
Term Loan, 5.82%, (3 mo. USD LIBOR + 3.50%), Maturing May 24, 2024			316		317,790
IG Investment Holdings, LLC
Term Loan, 5.84%, (USD LIBOR + 3.50%), Maturing May 23, 2025⁽²⁾			432		434,804


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Business Equipment and Services (continued)
Information Resources, Inc.
Term Loan, 6.57%, (3 mo. USD LIBOR + 4.25%), Maturing January 18, 2024		172	$	172,662
Iron Mountain, Inc.
Term Loan, 4.05%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026		124		122,924
J.D. Power and Associates
Term Loan, 6.05%, (1 mo. USD LIBOR + 3.75%), Maturing September 7, 2023		172		172,730
KAR Auction Services, Inc.
Term Loan, 4.69%, (3 mo. USD LIBOR + 2.25%), Maturing March 11, 2021		348		348,035
Kronos Incorporated
Term Loan, 5.34%, (3 mo. USD LIBOR + 3.00%), Maturing November 1, 2023		1,034		1,037,177
LegalZoom.com, Inc.
Term Loan, 6.54%, (1 mo. USD LIBOR + 4.25%), Maturing November 21, 2024		124		125,135
Monitronics International, Inc.
Term Loan, 7.89%, (3 mo. USD LIBOR + 5.50%), Maturing September 30, 2022		239		234,192
PGX Holdings, Inc.
Term Loan, 7.56%, (1 mo. USD LIBOR + 5.25%), Maturing September 29, 2020		327		320,365
Pre-Paid Legal Services, Inc.
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025		69		69,286
Prime Security Services Borrower, LLC
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2022		295		295,570
Red Ventures, LLC
Term Loan, 6.05%, (1 mo. USD LIBOR + 3.75%), Maturing November 8, 2024		164		164,181
Solera, LLC
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing March 3, 2023		124		124,101
Spin Holdco, Inc.
Term Loan, 5.69%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2022		610		610,824
Tempo Acquisition, LLC
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2024		148		148,333
Travelport Finance (Luxembourg) S.a.r.l.
Term Loan, 4.81%, (3 mo. USD LIBOR + 2.50%), Maturing March 17, 2025		298		298,411
West Corporation
Term Loan, 6.53%, (USD LIBOR + 4.00%), Maturing October 10, 2024⁽²⁾		174		173,232


		6		See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Business Equipment and Services (continued)
Worldpay, LLC
Term Loan, 4.03%, (1 mo. USD LIBOR + 1.75%), Maturing October 14, 2023		107	$	107,031
Term Loan, 4.03%, (1 mo. USD LIBOR + 1.75%), Maturing August 9, 2024		274		273,530
			$	9,806,879

Cable and Satellite Television — 1.8%
Altice US Finance I Corporation
Term Loan, Maturing January 10, 2026⁽³⁾		150	$	149,813
Charter Communications Operating, LLC
Term Loan, 4.31%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2025		546		546,557
CSC Holdings, LLC
Term Loan, 4.53%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025		452		450,782
Term Loan, 4.78%, (1 mo. USD LIBOR + 2.50%), Maturing January 25, 2026		199		199,647
MCC Iowa, LLC
Term Loan, 4.22%, (1 week USD LIBOR + 2.00%), Maturing January 15, 2025		166		166,094
Numericable Group SA
Term Loan, 5.05%, (3 mo. USD LIBOR + 2.75%), Maturing July 31, 2025		320		311,722
Radiate Holdco, LLC
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing February 1, 2024		174		172,798
Telenet Financing USD, LLC
Term Loan, 4.53%, (1 mo. USD LIBOR + 2.25%), Maturing August 15, 2026		375		373,985
Unitymedia Finance, LLC
Term Loan, 4.53%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026		150		149,920
UPC Financing Partnership
Term Loan, 4.78%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026		375		373,815
Virgin Media Bristol, LLC
Term Loan, 4.78%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026		1,275		1,275,683
Ziggo Secured Finance Partnership
Term Loan, 4.78%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2025		625		613,427
			$	4,784,243


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Chemicals and Plastics — 1.7%
Ashland, Inc.
Term Loan, 4.04%, (1 mo. USD LIBOR + 1.75%), Maturing May 17, 2024		99	$	99,100
Axalta Coating Systems US Holdings, Inc.
Term Loan, 4.14%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024		365		364,299
Emerald Performance Materials, LLC
Term Loan, 5.80%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2021		334		336,062
Term Loan - Second Lien, 10.05%, (1 mo. USD LIBOR + 7.75%), Maturing August 1, 2022		100		100,333
Ferro Corporation
Term Loan, 4.64%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024		49		49,277
Term Loan, 4.64%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024		50		50,348
Gemini HDPE, LLC
Term Loan, 5.03%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024		351		352,207
H.B. Fuller Company
Term Loan, 4.28%, (1 mo. USD LIBOR + 2.00%), Maturing October 20, 2024		314		313,716
Ineos US Finance, LLC
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.00%), Maturing March 31, 2024		521		521,388
Invictus U.S., LLC
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025		75		75,045
Kraton Polymers, LLC
Term Loan, 4.80%, (1 mo. USD LIBOR + 2.50%), Maturing March 5, 2025		78		77,617
MacDermid, Inc.
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing June 7, 2023		258		257,553
Messer Industries, LLC
Term Loan, Maturing October 1, 2025⁽³⁾		175		175,284
PQ Corporation
Term Loan, 5.03%, (3 mo. USD LIBOR + 2.50%), Maturing February 8, 2025		332		331,859
Schenectady International Group, Inc.
Term Loan, 7.19%, (3 mo. USD LIBOR + 4.75%), Maturing October 15, 2025		125		124,609
Spectrum Holdings III Corp.
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2025		113		112,332
Starfruit Finco B.V.
Term Loan, 5.51%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025		375		374,824


		7		See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Chemicals and Plastics (continued)
Tata Chemicals North America, Inc.
Term Loan, 5.19%, (3 mo. USD LIBOR + 2.75%), Maturing August 7, 2020			161	$	160,526
Tronox Blocked Borrower, LLC
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing September 23, 2024			158		157,432
Tronox Finance, LLC
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing September 23, 2024			364		363,305
Unifrax I, LLC
Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing April 4, 2024			198		198,619
				$	4,595,735

Conglomerates — 0.1%
Spectrum Brands, Inc.
Term Loan, 4.35%, (USD LIBOR + 2.00%), Maturing June 23, 2022⁽²⁾			321	$	321,826
				$	321,826

Containers and Glass Products — 0.5%
Berlin Packaging, LLC
Term Loan, 5.28%, (USD LIBOR + 3.00%), Maturing November 7, 2025⁽²⁾			25	$	24,951
BWAY Holding Co.,
Term Loan, 5.66%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024			238		236,555
Consolidated Container Company, LLC
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024			248		248,162
Flex Acquisition Company, Inc.
Term Loan, 5.51%, (1 mo. USD LIBOR + 3.25%), Maturing June 29, 2025			224		225,099
Pelican Products, Inc.
Term Loan, 5.77%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2025			100		99,958
Verallia Packaging S.A.S
Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing October 29, 2022	EUR		278		315,739
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing August 29, 2025	EUR		200		227,503
				$	1,377,967


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Cosmetics / Toiletries — 0.1%
KIK Custom Products, Inc.
Term Loan, 6.30%, (1 mo. USD LIBOR + 4.00%), Maturing May 15, 2023		296	$	294,979
			$	294,979

Drugs — 1.5%
Alkermes, Inc.
Term Loan, 4.54%, (1 mo. USD LIBOR + 2.25%), Maturing March 23, 2023		71	$	71,195
Amneal Pharmaceuticals, LLC
Term Loan, 5.81%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025		524		526,616
Arbor Pharmaceuticals, Inc.
Term Loan, 7.49%, (3 mo. USD LIBOR + 5.00%), Maturing July 5, 2023		261		261,903
Bausch Health Companies, Inc.
Term Loan, 5.27%, (1 mo. USD LIBOR + 3.00%), Maturing June 1, 2025		850		852,104
Endo Luxembourg Finance Company I S.a.r.l.
Term Loan, 6.56%, (1 mo. USD LIBOR + 4.25%), Maturing April 29, 2024		765		768,814
Horizon Pharma, Inc.
Term Loan, 5.31%, (3 mo. USD LIBOR + 3.00%), Maturing March 29, 2024		647		649,300
Mallinckrodt International Finance SA
Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024		638		631,427
Term Loan, 5.52%, (6 mo. USD LIBOR + 3.00%), Maturing February 24, 2025		124		123,727
PharMerica Corporation
Term Loan, 5.78%, (1 mo. USD LIBOR + 3.50%), Maturing December 6, 2024		124		124,997
			$	4,010,083

Ecological Services and Equipment — 0.2%
EnergySolutions, LLC
Term Loan, 6.14%, (3 mo. USD LIBOR + 3.75%), Maturing May 9, 2025		175	$	176,090
GFL Environmental, Inc.
Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing May 30, 2025		311		306,763
Term Loan, 7.00%, (3 mo. USD Prime + 1.75%), Maturing May 30, 2025		39		38,202
			$	521,055


		8		See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Electronics / Electrical — 3.8%
Almonde, Inc.
Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing June 13, 2024		400	$	398,195
Answers Finance, LLC
Term Loan - Second Lien, 9.00%, (3 mo. USD Prime + 7.90%, Cap 1.10%), Maturing September 15, 2021		30		29,230
Applied Systems, Inc.
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing September 19, 2024		347		347,703
Avast Software B.V.
Term Loan, 4.89%, (3 mo. USD LIBOR + 2.50%), Maturing September 30, 2023		240		241,352
Blackhawk Network Holdings, Inc.
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing June 15, 2025		125		125,093
BMC Software Finance, Inc.
Term Loan, 6.65%, (3 mo. USD LIBOR + 4.25%), Maturing October 2, 2025		375		376,641
Campaign Monitor Finance Pty. Limited
Term Loan, 7.49%, (3 mo. USD LIBOR + 5.25%), Maturing March 18, 2021		117		108,949
Cohu, Inc.
Term Loan, 5.40%, (3 mo. USD LIBOR + 3.00%), Maturing September 20, 2025		100		100,188
CommScope, Inc.
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.00%), Maturing December 29, 2022		68		68,330
Cypress Semiconductor Corporation
Term Loan, 4.31%, (1 mo. USD LIBOR + 2.00%), Maturing July 5, 2021		184		183,560
DigiCert, Inc.
Term Loan, 6.30%, (1 mo. USD LIBOR + 4.00%), Maturing October 31, 2024		175		174,871
Electro Rent Corporation
Term Loan, 7.49%, (3 mo. USD LIBOR + 5.00%), Maturing January 31, 2024		221		223,550
Epicor Software Corporation
Term Loan, 5.56%, (1 mo. USD LIBOR + 3.25%), Maturing June 1, 2022		25		24,876
Exact Merger Sub, LLC
Term Loan, 6.64%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024		99		99,835
EXC Holdings III Corp.
Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing December 2, 2024		74		75,089


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Electronics / Electrical (continued)
Financial & Risk US Holdings, Inc.
Term Loan, 6.05%, (1 mo. USD LIBOR + 3.75%), Maturing October 1, 2025		175	$	173,688
Flexera Software, LLC
Term Loan, 5.56%, (1 mo. USD LIBOR + 3.25%), Maturing February 26, 2025		25		24,963
GlobalLogic Holdings, Inc.
Term Loan, 1.63%, Maturing August 1, 2025⁽⁶⁾		9		9,451
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing August 1, 2025		66		66,158
Go Daddy Operating Company, LLC
Term Loan, 4.55%, (1 mo. USD LIBOR + 2.25%), Maturing February 15, 2024		814		815,646
GTCR Valor Companies, Inc.
Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing June 16, 2023		118		117,895
Hyland Software, Inc.
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing July 1, 2024		99		99,364
Infoblox, Inc.
Term Loan, 6.80%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023		145		145,837
Informatica, LLC
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing August 5, 2022		353		354,062
Lattice Semiconductor Corporation
Term Loan, 6.53%, (1 mo. USD LIBOR + 4.25%), Maturing March 10, 2021		80		80,186
MA FinanceCo., LLC
Term Loan, 4.55%, (1 mo. USD LIBOR + 2.25%), Maturing November 19, 2021		868		862,301
Term Loan, 4.80%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024		26		25,410
Microchip Technology Incorporated
Term Loan, 4.31%, (1 mo. USD LIBOR + 2.00%), Maturing May 29, 2025		339		338,192
MTS Systems Corporation
Term Loan, 5.54%, (1 mo. USD LIBOR + 3.25%), Maturing July 5, 2023		213		213,787
Renaissance Holding Corp.
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing May 30, 2025		175		173,981
Rocket Software, Inc.
Term Loan, 6.14%, (3 mo. USD LIBOR + 3.75%), Maturing October 14, 2023		221		221,746
Seattle Spinco, Inc.
Term Loan, 4.80%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024		173		171,655


		9		See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Electronics / Electrical (continued)
SkillSoft Corporation
Term Loan, 7.05%, (1 mo. USD LIBOR + 4.75%), Maturing April 28, 2021		676	$	625,715
SolarWinds Holdings, Inc.
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing February 5, 2024		174		174,290
SS&C Technologies Holdings Europe S.a.r.l.
Term Loan, 4.55%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025		212		210,963
SS&C Technologies, Inc.
Term Loan, 4.55%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025		546		544,280
SurveyMonkey, Inc.
Term Loan, 6.06%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025		220		221,100
Tibco Software, Inc.
Term Loan, 5.80%, (3 mo. USD LIBOR + 3.50%), Maturing December 4, 2020		148		148,393
TriTech Software Systems
Term Loan, 6.05%, (1 mo. USD LIBOR + 3.75%), Maturing August 29, 2025		125		125,521
Uber Technologies
Term Loan, 5.78%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023		319		319,197
Term Loan, 6.28%, (1 mo. USD LIBOR + 4.00%), Maturing April 4, 2025		224		225,174
Ultra Clean Holdings, Inc.
Term Loan, 6.80%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025		125		122,969
Verifone Systems, Inc.
Term Loan, 6.32%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025		125		125,250
Vero Parent, Inc.
Term Loan, 7.30%, (1 mo. USD LIBOR + 5.00%), Maturing August 16, 2024		223		223,613
Wall Street Systems Delaware, Inc.
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing November 21, 2024		124		123,442
Western Digital Corporation
Term Loan, 4.04%, (1 mo. USD LIBOR + 1.75%), Maturing April 29, 2023		342		340,471
			$	10,002,162

Equipment Leasing — 0.7%
Avolon TLB Borrower 1 (US), LLC
Term Loan, 4.28%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2025		743	$	741,431


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Equipment Leasing (continued)
Delos Finance S.a.r.l.
Term Loan, 4.14%, (3 mo. USD LIBOR + 1.75%), Maturing October 6, 2023		425	$	426,139
Flying Fortress, Inc.
Term Loan, 4.14%, (3 mo. USD LIBOR + 1.75%), Maturing October 30, 2022		500		502,232
IBC Capital Limited
Term Loan, 6.09%, (3 mo. USD LIBOR + 3.75%), Maturing September 11, 2023		75		74,625
			$	1,744,427

Financial Intermediaries — 1.2%
Citco Funding, LLC
Term Loan, 4.80%, (1 mo. USD LIBOR + 2.50%), Maturing March 31, 2022		653	$	655,850
Clipper Acquisitions Corp.
Term Loan, 4.03%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024		174		173,903
Ditech Holding Corporation
Term Loan, 8.30%, (1 mo. USD LIBOR + 6.00%), Maturing June 30, 2022		513		477,251
Donnelley Financial Solutions, Inc.
Term Loan, 5.22%, (1 week USD LIBOR + 3.00%), Maturing October 2, 2023		31		30,791
EIG Management Company, LLC
Term Loan, 6.06%, (3 mo. USD LIBOR + 3.75%), Maturing February 22, 2025		50		50,092
Focus Financial Partners, LLC
Term Loan, 4.80%, (1 mo. USD LIBOR + 2.50%), Maturing July 3, 2024		274		275,084
Fortress Investment Group, LLC
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2022		169		169,645
Franklin Square Holdings L.P.
Term Loan, 4.81%, (1 mo. USD LIBOR + 2.50%), Maturing August 1, 2025		75		75,327
Freedom Mortgage Corporation
Term Loan, 7.05%, (1 mo. USD LIBOR + 4.75%), Maturing February 23, 2022		169		170,522
Greenhill & Co., Inc.
Term Loan, 6.05%, (USD LIBOR + 3.75%), Maturing October 12, 2022⁽²⁾		144		145,277
GreenSky Holdings, LLC
Term Loan, 5.56%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025		199		199,995


		10		See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Financial Intermediaries (continued)
Guggenheim Partners, LLC
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing July 21, 2023		189	$	190,339
Harbourvest Partners, LLC
Term Loan, 4.53%, (1 mo. USD LIBOR + 2.25%), Maturing March 1, 2025		71		71,272
LPL Holdings, Inc.
Term Loan, 4.53%, (1 mo. USD LIBOR + 2.25%), Maturing September 23, 2024		247		247,653
StepStone Group L.P.
Term Loan, 6.29%, (1 mo. USD LIBOR + 4.00%), Maturing March 14, 2025		100		100,371
Walker & Dunlop, Inc.
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing December 11, 2020		118		118,878
			$	3,152,250

Food Products — 1.0%
Alphabet Holding Company, Inc.
Term Loan, 5.80%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024		371	$	355,356
CHG PPC Parent, LLC
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing March 31, 2025		75		74,719
Del Monte Foods, Inc.
Term Loan, 5.56%, (3 mo. USD LIBOR + 3.25%), Maturing February 18, 2021		119		105,966
Hearthside Food Solutions, LLC
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing May 23, 2025		100		98,223
High Liner Foods Incorporated
Term Loan, 5.65%, (3 mo. USD LIBOR + 3.25%), Maturing April 24, 2021		134		126,930
HLF Financing S.a.r.l.
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing August 18, 2025		150		150,750
Jacobs Douwe Egberts International B.V.
Term Loan, 4.63%, (3 mo. USD LIBOR + 2.25%), Maturing July 1, 2022		268		268,731
JBS USA, LLC
Term Loan, 4.84%, (3 mo. USD LIBOR + 2.50%), Maturing October 30, 2022		1,183		1,184,381
Nomad Foods Europe Midco Limited
Term Loan, 4.53%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024		199		198,337


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Food Products (continued)
Post Holdings, Inc.
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2024		164	$	163,623
Restaurant Technologies, Inc.
Term Loan, 5.65%, (3 mo. USD LIBOR + 3.25%), Maturing October 1, 2025		25		25,125
			$	2,752,141

Food Service — 0.3%
Aramark Services, Inc.
Term Loan, 4.05%, (1 mo. USD LIBOR + 1.75%), Maturing March 11, 2025		140	$	140,162
Del Frisco’s Restaurant Group, Inc.
Term Loan, 8.31%, (1 mo. USD LIBOR + 6.00%), Maturing June 27, 2025		75		73,316
IRB Holding Corp.
Term Loan, 5.46%, (2 mo. USD LIBOR + 3.25%), Maturing February 5, 2025		274		274,473
KFC Holding Co.
Term Loan, 4.04%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025		172		171,763
US Foods, Inc.
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.00%), Maturing June 27, 2023		124		124,330
			$	784,044

Food / Drug Retailers — 0.3%
Albertsons, LLC
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing August 25, 2021		226	$	225,852
Term Loan, 5.31%, (3 mo. USD LIBOR + 3.00%), Maturing June 22, 2023		488		486,119
Term Loan, Maturing October 29, 2025⁽³⁾		25		24,831
Diplomat Pharmacy, Inc.
Term Loan, 6.81%, (1 mo. USD LIBOR + 4.50%), Maturing December 20, 2024		81		81,154
			$	817,956

Health Care — 3.0%
ADMI Corp.
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing April 30, 2025		249	$	250,349
Akorn, Inc.
Term Loan, 7.81%, (1 mo. USD LIBOR + 5.50%), Maturing April 16, 2021		159		147,778


		11		See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Health Care (continued)
Alliance Healthcare Services, Inc.
Term Loan, 6.80%, (1 mo. USD LIBOR + 4.50%), Maturing October 24, 2023		148	$	148,671
Athletico Management, LLC
Term Loan, Maturing October 31, 2025⁽³⁾		75		75,375
Avantor, Inc.
Term Loan, 6.30%, (1 mo. USD LIBOR + 4.00%), Maturing November 21, 2024		199		200,082
Beaver-Visitec International, Inc.
Term Loan, 6.39%, (3 mo. USD LIBOR + 4.00%), Maturing August 21, 2023		147		147,558
BW NHHC Holdco, Inc.
Term Loan, 7.29%, (1 mo. USD LIBOR + 5.00%), Maturing May 15, 2025		150		147,007
CHG Healthcare Services, Inc.
Term Loan, 5.45%, (USD LIBOR + 3.00%), Maturing June 7, 2023⁽²⁾		442		444,167
Concentra, Inc.
Term Loan, 5.03%, (1 mo. USD LIBOR + 2.75%), Maturing June 1, 2022		50		50,188
DaVita, Inc.
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing June 24, 2021		328		329,281
DJO Finance, LLC
Term Loan, 5.60%, (USD LIBOR + 3.25%), Maturing June 8, 2020⁽²⁾		387		386,661
Envision Healthcare Corp.,
Term Loan, 6.05%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025		175		171,731
Gentiva Health Services, Inc.
Term Loan, 6.06%, (1 mo. USD LIBOR + 3.75%), Maturing July 2, 2025		293		294,305
Greatbatch Ltd.
Term Loan, 5.28%, (1 mo. USD LIBOR + 3.00%), Maturing October 27, 2022		112		112,106
Hanger, Inc.
Term Loan, 5.80%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025		149		149,063
Indivior Finance S.a.r.l.
Term Loan, 7.03%, (3 mo. USD LIBOR + 4.50%), Maturing December 18, 2022		205		204,580
Inovalon Holdings, Inc.
Term Loan, 5.81%, (1 mo. USD LIBOR + 3.50%), Maturing April 2, 2025		175		174,563
IQVIA, Inc.
Term Loan, 4.39%, (3 mo. USD LIBOR + 2.00%), Maturing March 7, 2024		258		259,104


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Health Care (continued)
IQVIA, Inc. (continued)
Term Loan, 4.39%, (3 mo. USD LIBOR + 2.00%), Maturing January 17, 2025		223	$	223,411
Kinetic Concepts, Inc.
Term Loan, 5.64%, (3 mo. USD LIBOR + 3.25%), Maturing February 2, 2024		494		496,167
KUEHG Corp.
Term Loan, 6.14%, (3 mo. USD LIBOR + 3.75%), Maturing February 21, 2025		317		319,372
Term Loan - Second Lien, 10.64%, (3 mo. USD LIBOR + 8.25%), Maturing August 18, 2025		50		50,750
MPH Acquisition Holdings, LLC
Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing June 7, 2023		364		364,096
Navicure, Inc.
Term Loan, 6.05%, (1 mo. USD LIBOR + 3.75%), Maturing November 1, 2024		124		124,705
New Millennium Holdco, Inc.
Term Loan, 8.80%, (1 mo. USD LIBOR + 6.50%), Maturing December 21, 2020		86		47,376
One Call Corporation
Term Loan, 7.53%, (1 mo. USD LIBOR + 5.25%), Maturing November 25, 2022		227		213,696
Ortho-Clinical Diagnostics SA
Term Loan, 5.54%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025		523		521,651
Parexel International Corporation
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024		396		391,298
Prospect Medical Holdings, Inc.
Term Loan, 7.81%, (1 mo. USD LIBOR + 5.50%), Maturing February 22, 2024		174		175,104
Select Medical Corporation
Term Loan, 4.78%, (3 mo. USD LIBOR + 2.50%), Maturing March 6, 2025		246		247,358
Surgery Center Holdings, Inc.
Term Loan, 5.57%, (3 mo. USD LIBOR + 3.25%), Maturing September 2, 2024		149		148,407
Syneos Health, Inc.
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.00%), Maturing August 1, 2024		59		58,625
Tecomet, Inc.
Term Loan, 5.78%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2024		123		123,842
U.S. Anesthesia Partners, Inc.
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing June 23, 2024		173		173,477


		12		See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Health Care (continued)
Universal Hospital Services, Inc.
Term Loan, Maturing October 18, 2025⁽³⁾		75	$	75,563
Verscend Holding Corp.
Term Loan, 6.80%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025		225		226,828
Wink Holdco, Inc.
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing December 2, 2024		323		322,361
			$	7,996,656

Home Furnishings — 0.3%
Serta Simmons Bedding, LLC
Term Loan, 5.77%, (USD LIBOR + 3.50%), Maturing November 8, 2023⁽²⁾		786	$	714,671
			$	714,671

Industrial Equipment — 1.4%
AL Alpine AT Bidco GmbH
Term Loan, Maturing September 30, 2025⁽³⁾		25	$	25,063
Altra Industrial Motion Corp.
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025		100		99,875
Apex Tool Group, LLC
Term Loan, 6.05%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2022		368		363,737
Clark Equipment Company
Term Loan, 4.38%, (USD LIBOR + 2.00%), Maturing May 18, 2024⁽²⁾		254		253,196
DexKo Global, Inc.
Term Loan, 5.80%, (1 mo. USD LIBOR + 3.50%), Maturing July 24, 2024		124		124,555
EWT Holdings III Corp.
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing December 20, 2024		759		758,437
Filtration Group Corporation
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025		249		250,097
Gardner Denver, Inc.
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing July 30, 2024		160		160,218
Gates Global, LLC
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing April 1, 2024		368		369,355
Hamilton Holdco, LLC
Term Loan, 4.40%, (3 mo. USD LIBOR + 2.00%), Maturing July 2, 2025		125		124,804


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Industrial Equipment (continued)
Paladin Brands Holding, Inc.
Term Loan, 7.89%, (3 mo. USD LIBOR + 5.50%), Maturing August 15, 2022			191	$	191,896
Pro Mach Group, Inc.
Term Loan, 5.28%, (3 mo. USD LIBOR + 3.00%), Maturing March 7, 2025			25		24,797
Robertshaw US Holding Corp.
Term Loan, 5.81%, (1 mo. USD LIBOR + 3.50%), Maturing February 28, 2025			149		147,757
Tank Holding Corp.
Term Loan, 5.81%, (USD LIBOR + 3.50%), Maturing March 17, 2022⁽²⁾			131		131,240
Titan Acquisition Limited
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025			423		399,265
Wittur GmbH
Term Loan, 5.00%, (3 mo. EURIBOR + 4.00%, Floor 1.00%), Maturing March 31, 2022	EUR		175		200,568
				$	3,624,860

Insurance — 1.2%
Alliant Holdings I, Inc.
Term Loan, 5.28%, (1 mo. USD LIBOR + 3.00%), Maturing May 9, 2025			246	$	245,582
AmWINS Group, Inc.
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing January 25, 2024			100		100,120
Asurion, LLC
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing August 4, 2022			915		917,307
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023			416		417,119
Term Loan - Second Lien, 8.80%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025			100		102,813
Hub International, Ltd.,
Term Loan, 5.49%, (3 mo. USD LIBOR + 3.00%), Maturing April 25, 2025			723		722,413
NFP Corp.
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing January 8, 2024			50		49,913
Sedgwick Claims Management Services, Inc.
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing March 1, 2021			174		174,277
USI, Inc.
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing May 16, 2024			396		394,218
				$	3,123,762


		13		See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Leisure Goods / Activities / Movies — 1.2%
AMC Entertainment Holdings, Inc.
Term Loan, 4.53%, (1 mo. USD LIBOR + 2.25%), Maturing December 15, 2022		388	$	388,631
Term Loan, 4.53%, (1 mo. USD LIBOR + 2.25%), Maturing December 15, 2023		98		98,410
Ancestry.com Operations, Inc.
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing October 19, 2023		123		123,885
Bombardier Recreational Products, Inc.
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.00%), Maturing May 23, 2025		811		809,754
CDS U.S. Intermediate Holdings, Inc.
Term Loan, 6.14%, (3 mo. USD LIBOR + 3.75%), Maturing July 8, 2022		166		164,528
ClubCorp Holdings, Inc.
Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024		269		265,484
Crown Finance US, Inc.
Term Loan, 4.80%, (1 mo. USD LIBOR + 2.50%), Maturing February 28, 2025		299		297,647
Delta 2 (LUX) S.a.r.l.
Term Loan, 4.80%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2024		110		108,841
Emerald Expositions Holding, Inc.
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024		167		166,618
Lindblad Expeditions, Inc.
Term Loan, 5.80%, (1 mo. USD LIBOR + 3.50%), Maturing March 21, 2025		44		44,932
Term Loan, 5.80%, (1 mo. USD LIBOR + 3.50%), Maturing March 21, 2025		345		348,226
SRAM, LLC
Term Loan, 5.10%, (2 mo. USD LIBOR + 2.75%), Maturing March 15, 2024		235		235,974
Steinway Musical Instruments, Inc.
Term Loan, 6.03%, (1 mo. USD LIBOR + 3.75%), Maturing February 13, 2025		124		124,530
Travel Leaders Group, LLC
Term Loan, 6.29%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024		125		126,168
			$	3,303,628

Lodging and Casinos — 1.3%
Aristocrat Technologies, Inc.
Term Loan, 4.22%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024		93	$	92,420


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Lodging and Casinos (continued)
CityCenter Holdings, LLC
Term Loan, 4.55%, (1 mo. USD LIBOR + 2.25%), Maturing April 18, 2024		420	$	419,919
Golden Nugget, Inc.
Term Loan, 5.23%, (USD LIBOR + 2.75%), Maturing October 4, 2023⁽²⁾		122		122,329
GVC Holdings PLC
Term Loan, 4.80%, (1 mo. USD LIBOR + 2.50%), Maturing March 29, 2024		149		149,530
Hanjin International Corp.
Term Loan, 4.94%, (3 mo. USD LIBOR + 2.50%), Maturing October 18, 2020		75		75,000
Hilton Worldwide Finance, LLC
Term Loan, 4.03%, (1 mo. USD LIBOR + 1.75%), Maturing October 25, 2023		733		734,277
Las Vegas Sands, LLC
Term Loan, 4.05%, (1 mo. USD LIBOR + 1.75%), Maturing March 27, 2025		149		148,919
MGM Growth Properties Operating Partnership L.P.
Term Loan, 4.30%, (1 mo. USD LIBOR + 2.00%), Maturing March 21, 2025		366		364,940
Playa Resorts Holding B.V.
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing April 29, 2024		371		366,068
Stars Group Holdings B.V. (The)
Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025		599		601,118
VICI Properties 1, LLC
Term Loan, 4.28%, (1 mo. USD LIBOR + 2.00%), Maturing December 20, 2024		239		238,375
Wyndham Hotels & Resorts, Inc.
Term Loan, 4.05%, (1 mo. USD LIBOR + 1.75%), Maturing May 30, 2025		200		200,175
			$	3,513,070

Nonferrous Metals / Minerals — 0.3%
Global Brass & Copper, Inc.
Term Loan, 4.81%, (1 mo. USD LIBOR + 2.50%), Maturing May 29, 2025		147	$	147,367
Murray Energy Corporation
Term Loan, 9.78%, (3 mo. USD LIBOR + 7.25%), Maturing October 17, 2022		351		320,413
Noranda Aluminum Acquisition Corporation
Term Loan, 0.00%, Maturing February 28, 2019⁽⁴⁾⁽⁵⁾		75		5,806
Oxbow Carbon, LLC
Term Loan, 5.80%, (1 mo. USD LIBOR + 3.50%), Maturing January 4, 2023		96		96,611


		14		See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Nonferrous Metals / Minerals (continued)
Oxbow Carbon, LLC (continued)
Term Loan - Second Lien, 9.80%, (1 mo. USD LIBOR + 7.50%), Maturing January 4, 2024		125	$	127,813
			$	698,010

Oil and Gas — 0.8%
Ameriforge Group, Inc.
Term Loan, 9.39%, (3 mo. USD LIBOR + 7.00%), Maturing June 8, 2022		77	$	77,899
Apergy Corporation
Term Loan, 4.81%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025		48		47,689
Fieldwood Energy, LLC
Term Loan, 7.55%, (1 mo. USD LIBOR + 5.25%), Maturing April 11, 2022		196		197,336
Green Plains Renewable Energy, Inc.
Term Loan, 7.81%, (1 mo. USD LIBOR + 5.50%), Maturing August 18, 2023		149		150,233
McDermott Technology Americas, Inc.
Term Loan, 7.30%, (1 mo. USD LIBOR + 5.00%), Maturing May 10, 2025		174		172,906
MEG Energy Corp.
Term Loan, 5.81%, (1 mo. USD LIBOR + 3.50%), Maturing December 31, 2023		197		197,558
PSC Industrial Holdings Corp.
Term Loan, 6.04%, (1 mo. USD LIBOR + 3.75%), Maturing October 3, 2024		124		124,373
Sheridan Investment Partners II L.P.
Term Loan, 5.82%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020		27		24,569
Term Loan, 5.82%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020		73		65,878
Term Loan, 5.82%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020		522		473,580
Sheridan Production Partners I, LLC
Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019		17		16,119
Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019		28		26,390
Term Loan, 5.83%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019		208		199,154
Ultra Resources, Inc.
Term Loan, 5.47%, (3 mo. USD LIBOR + 3.00%), Maturing April 12, 2024		250		234,844
			$	2,008,528


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Publishing — 0.6%
Ascend Learning, LLC
Term Loan, 5.30%, (1 mo. USD LIBOR + 3.00%), Maturing July 12, 2024		173	$	173,467
Getty Images, Inc.
Term Loan, 5.80%, (1 mo. USD LIBOR + 3.50%), Maturing October 18, 2019		530		525,486
Harland Clarke Holdings Corp.
Term Loan, 7.14%, (3 mo. USD LIBOR + 4.75%), Maturing November 3, 2023		190		178,385
LSC Communications, Inc.
Term Loan, 7.80%, (1 mo. USD LIBOR + 5.50%), Maturing September 30, 2022		165		165,825
Merrill Communications, LLC
Term Loan, 7.78%, (3 mo. USD LIBOR + 5.25%), Maturing June 1, 2022		55		55,416
ProQuest, LLC
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing October 24, 2021		315		316,857
Tweddle Group, Inc.
Term Loan, 6.95%, (1 mo. USD LIBOR + 4.50%), Maturing September 17, 2023⁽⁵⁾		47		45,276
			$	1,460,712

Radio and Television — 0.7%
CBS Radio, Inc.
Term Loan, 5.04%, (1 mo. USD LIBOR + 2.75%), Maturing November 18, 2024		194	$	193,618
Cumulus Media New Holdings, Inc.
Term Loan, 6.81%, (1 mo. USD LIBOR + 4.50%), Maturing May 15, 2022		522		515,507
Entravision Communications Corporation
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024		173		171,373
Hubbard Radio, LLC
Term Loan, 5.31%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025		106		105,697
iHeartCommunications, Inc.
Term Loan, 0.00%, Maturing July 30, 2019⁽⁴⁾		450		326,531
Mission Broadcasting, Inc.
Term Loan, Maturing January 17, 2024⁽³⁾		48		48,308
Nexstar Broadcasting, Inc.
Term Loan, Maturing January 17, 2024⁽³⁾		302		301,984
Raycom TV Broadcasting, LLC
Term Loan, 4.55%, (1 mo. USD LIBOR + 2.25%), Maturing August 23, 2024		173		173,575
			$	1,836,593


		15		See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Retailers (Except Food and Drug) — 1.1%
Ascena Retail Group, Inc.
Term Loan, 6.81%, (1 mo. USD LIBOR + 4.50%), Maturing August 21, 2022		238	$	231,624
Bass Pro Group, LLC
Term Loan, 7.30%, (1 mo. USD LIBOR + 5.00%), Maturing September 25, 2024		248		247,887
BJ’s Wholesale Club, Inc.
Term Loan, 5.28%, (1 mo. USD LIBOR + 3.00%), Maturing February 3, 2024		162		162,807
CDW, LLC
Term Loan, 4.06%, (1 mo. USD LIBOR + 1.75%), Maturing August 17, 2023		355		355,600
David’s Bridal, Inc.
Term Loan, 6.32%, (3 mo. USD LIBOR + 4.00%), Maturing October 11, 2019		360		289,358
Evergreen Acqco 1 L.P.
Term Loan, 6.22%, (3 mo. USD LIBOR + 3.75%), Maturing July 9, 2019		360		350,648
Global Appliance, Inc.
Term Loan, 6.31%, (1 mo. USD LIBOR + 4.00%), Maturing September 29, 2024		149		147,572
Hoya Midco, LLC
Term Loan, 5.80%, (1 mo. USD LIBOR + 3.50%), Maturing June 30, 2024		173		172,272
J. Crew Group, Inc.
Term Loan, 5.35%, (USD LIBOR + 3.00%), Maturing March 5, 2021⁽²⁾⁽⁵⁾		523		428,828
LSF9 Atlantis Holdings, LLC
Term Loan, 8.28%, (1 mo. USD LIBOR + 6.00%), Maturing May 1, 2023		170		163,598
Pier 1 Imports (U.S.), Inc.
Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing April 30, 2021		96		71,573
Shutterfly, Inc.
Term Loan, 5.06%, (1 mo. USD LIBOR + 2.75%), Maturing August 17, 2024		75		74,984
Staples, Inc.
Term Loan, 6.34%, (3 mo. USD LIBOR + 4.00%), Maturing September 12, 2024		99		99,064
			$	2,795,815

Steel — 0.4%
Atkore International, Inc.
Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing December 22, 2023		248	$	248,590


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Steel (continued)
GrafTech Finance, Inc.
Term Loan, 5.80%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2025		370	$	372,627
Neenah Foundry Company
Term Loan, 8.84%, (2 mo. USD LIBOR + 6.50%), Maturing December 13, 2022		120		119,711
Phoenix Services International, LLC
Term Loan, 6.03%, (1 mo. USD LIBOR + 3.75%), Maturing March 1, 2025		124		125,541
Zekelman Industries, Inc.
Term Loan, 4.62%, (3 mo. USD LIBOR + 2.25%), Maturing June 14, 2021		150		150,048
			$	1,016,517

Surface Transport — 0.2%
PODS, LLC
Term Loan, 5.03%, (3 mo. USD LIBOR + 2.75%), Maturing December 6, 2024		99	$	98,555
Stena International S.a.r.l.
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing March 3, 2021		263		256,059
XPO Logistics, Inc.
Term Loan, 4.51%, (3 mo. USD LIBOR + 2.00%), Maturing February 24, 2025		100		100,361
			$	454,975

Telecommunications — 1.5%
CenturyLink, Inc.
Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing January 31, 2025		819	$	810,420
Digicel International Finance Limited
Term Loan, 5.57%, (1 mo. USD LIBOR + 3.25%), Maturing May 28, 2024		124		118,800
Frontier Communications Corp.
Term Loan, 6.06%, (1 mo. USD LIBOR + 3.75%), Maturing June 15, 2024		247		239,469
Global Eagle Entertainment, Inc.
Term Loan, 10.02%, (6 mo. USD LIBOR + 7.50%), Maturing January 6, 2023		217		224,142
Intelsat Jackson Holdings SA
Term Loan, 6.79%, (1 mo. USD LIBOR + 4.50%), Maturing January 2, 2024		250		263,542
IPC Corp.
Term Loan, 7.03%, (3 mo. USD LIBOR + 4.50%), Maturing August 6, 2021		181		174,960


		16		See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Telecommunications (continued)
Lumentum Holdings
Term Loan, Maturing August 7, 2025⁽³⁾		75	$	75,375
Mitel Networks Corporation
Term Loan, 6.05%, (1 mo. USD LIBOR + 3.75%), Maturing September 25, 2023		70		70,952
Onvoy, LLC
Term Loan, 6.89%, (3 mo. USD LIBOR + 4.50%), Maturing February 10, 2024		123		119,431
Plantronics, Inc.
Term Loan, 4.80%, (1 mo. USD LIBOR + 2.50%), Maturing July 2, 2025		200		199,781
Sprint Communications, Inc.
Term Loan, 4.81%, (1 mo. USD LIBOR + 2.50%), Maturing February 2, 2024		616		615,235
Syniverse Holdings, Inc.
Term Loan, 7.28%, (1 mo. USD LIBOR + 5.00%), Maturing March 9, 2023		149		150,071
Telesat Canada
Term Loan, 4.89%, (3 mo. USD LIBOR + 2.50%), Maturing November 17, 2023		844		845,100
			$	3,907,278

Utilities — 0.8%
Brookfield WEC Holdings, Inc.
Term Loan, 6.05%, (1 mo. USD LIBOR + 3.75%), Maturing August 1, 2025		325	$	327,641
Calpine Construction Finance Company L.P.
Term Loan, 4.80%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2025		168		167,672
Calpine Corporation
Term Loan, 4.89%, (3 mo. USD LIBOR + 2.50%), Maturing January 15, 2024		423		422,457
Granite Acquisition, Inc.
Term Loan, 5.89%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021		21		21,189
Term Loan, 5.90%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021		463		465,165
Lightstone Generation, LLC
Term Loan, 6.05%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024		15		14,548
Term Loan, 6.05%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024		274		270,861
USIC Holdings, Inc.
Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing December 8, 2023		174		174,977


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Utilities (continued)
Vistra Energy Corp.
Term Loan, 4.29%, (1 mo. USD LIBOR + 2.00%), Maturing December 31, 2025		150	$	149,344
			$	2,013,854

Total Senior Floating-Rate Loans (identified cost $91,145,210)			$	90,061,007

Corporate Bonds & Notes — 18.0%
Security	Principal Amount* (000’s omitted)		Value

Aerospace and Defense — 0.7%
Bombardier, Inc.
6.00%, 10/15/22⁽⁷⁾		600	$	591,750
TransDigm, Inc.
6.50%, 7/15/24		250		253,335
6.50%, 5/15/25		1,000		998,750
			$	1,843,835

Automotive — 0.4%
Deck Chassis Acquisition, Inc.
10.00%, 6/15/23⁽⁷⁾		1,000	$	1,040,000
			$	1,040,000

Building and Development — 0.6%
Builders FirstSource, Inc.
5.625%, 9/1/24⁽⁷⁾		499	$	467,189
Five Point Operating Co., L.P./Five Point Capital Corp.
7.875%, 11/15/25⁽⁷⁾		500		496,600
Reliance Intermediate Holdings, L.P.
6.50%, 4/1/23⁽⁷⁾		675		700,312
			$	1,664,101

Business Equipment and Services — 1.7%
EIG Investors Corp.
10.875%, 2/1/24		960	$	1,041,600
First Data Corp.
7.00%, 12/1/23⁽⁷⁾		1,000		1,037,625
Prime Security Services Borrower, LLC/Prime Finance, Inc.
9.25%, 5/15/23⁽⁷⁾		41		43,427


		17		See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value

Business Equipment and Services (continued)
ServiceMaster Co., LLC (The)
7.45%, 8/15/27		1,000	$	1,050,000
Solera, LLC/Solera Finance, Inc.
10.50%, 3/1/24⁽⁷⁾		1,000		1,090,030
West Corp.
8.50%, 10/15/25⁽⁷⁾		210		190,575
			$	4,453,257

Cable and Satellite Television — 1.1%
Cablevision Systems Corp.
8.00%, 4/15/20		1,000	$	1,046,150
CCO Holdings, LLC/CCO Holdings Capital Corp.
5.50%, 5/1/26⁽⁷⁾		1,000		976,250
Cequel Communications Holdings I, LLC/Cequel Capital Corp.
5.125%, 12/15/21⁽⁷⁾		1,000		999,780
			$	3,022,180

Conglomerates — 0.2%
TMS International Corp.
7.25%, 8/15/25⁽⁷⁾		625	$	623,438
			$	623,438

Containers and Glass Products — 1.0%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
7.25%, 5/15/24⁽⁷⁾		1,010	$	1,018,837
BWAY Holding Co.
5.50%, 4/15/24⁽⁷⁾		655		630,438
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC
7.00%, 7/15/24⁽⁷⁾		985		989,309
			$	2,638,584

Drugs — 0.5%
Bausch Health Cos., Inc.
5.875%, 5/15/23⁽⁷⁾		755	$	724,800
9.00%, 12/15/25⁽⁷⁾		120		125,550
Catalent Pharma Solutions, Inc.
4.875%, 1/15/26⁽⁷⁾		400		377,000
			$	1,227,350


Security		Principal Amount* (000’s omitted)		Value

Ecological Services and Equipment — 0.4%
Covanta Holding Corp.
5.875%, 7/1/25			1,000	$	972,500
				$	972,500

Electric Utilities — 0.1%
Clearway Energy Operating, LLC
5.00%, 9/15/26			275	$	257,125
				$	257,125

Electronics / Electrical — 0.4%
Infor (US), Inc.
6.50%, 5/15/22			1,000	$	1,002,500
				$	1,002,500

Energy — 0.0%⁽⁸⁾
Sunoco, L.P./Sunoco Finance Corp.
4.875%, 1/15/23⁽⁷⁾			75	$	72,469
5.50%, 2/15/26⁽⁷⁾			32		30,560
				$	103,029

Financial Intermediaries — 0.2%
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp.
6.25%, 2/1/22			645	$	652,779
				$	652,779

Food Products — 0.1%
Dole Food Co., Inc.
7.25%, 6/15/25⁽⁷⁾			250	$	241,250
Iceland Bondco PLC
5.063%, (3 mo. GBP LIBOR + 4.25%), 7/15/20⁽⁷⁾⁽⁹⁾	GBP		42		54,167
Post Holdings, Inc.
5.625%, 1/15/28⁽⁷⁾			95		89,566
				$	384,983

Health Care — 2.5%
HCA Healthcare, Inc.
6.25%, 2/15/21			1,000	$	1,041,250
Kinetic Concepts, Inc./KCI USA, Inc.
7.875%, 2/15/21⁽⁷⁾			1,500		1,535,625
12.50%, 11/1/21⁽⁷⁾			525		569,625
MPH Acquisition Holdings, LLC
7.125%, 6/1/24⁽⁷⁾			1,000		1,018,320


		18		See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value

Health Care (continued)
Polaris Intermediate Corp.
8.50%, , (8.50% cash or 9.25% PIK), 12/1/22^(7)(10)		1,000	$	1,028,750
Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc.
7.50%, 10/1/24⁽⁷⁾		600		634,500
WellCare Health Plans, Inc.
5.25%, 4/1/25		750		750,000
			$	6,578,070

Industrial Equipment — 0.1%
Titan Acquisition, Ltd./Titan Co-Borrower, LLC
7.75%, 4/15/26⁽⁷⁾		280	$	233,800
			$	233,800

Insurance — 0.5%
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer
8.25%, 8/1/23⁽⁷⁾		1,000	$	1,036,130
Ardonagh Midco 3 PLC
8.625%, 7/15/23⁽⁷⁾		200		187,000
			$	1,223,130

Internet Software & Services — 0.4%
Riverbed Technology, Inc.
8.875%, 3/1/23⁽⁷⁾		1,010	$	930,462
			$	930,462

Leisure Goods / Activities / Movies — 0.8%
AMC Entertainment Holdings, Inc.
6.125%, 5/15/27		2,000	$	1,847,500
Viking Cruises, Ltd.
5.875%, 9/15/27⁽⁷⁾		320		305,600
			$	2,153,100

Lodging and Casinos — 1.3%
Caesars Resort Collection, LLC/CRC Finco, Inc.
5.25%, 10/15/25⁽⁷⁾		936	$	873,405
Golden Nugget, Inc.
8.75%, 10/1/25⁽⁷⁾		1,000		1,030,000
Hilton Domestic Operating Co., Inc.
4.25%, 9/1/24		55		52,954
Hilton Worldwide Finance, LLC / Hilton Worldwide Finance Corp.
4.625%, 4/1/25		1,000		972,500


Security	Principal Amount* (000’s omitted)		Value

Lodging and Casinos (continued)
Jack Ohio Finance, LLC/Jack Ohio Finance 1 Corp.
10.25%, 11/15/22⁽⁷⁾		585	$	638,381
			$	3,567,240

Metals / Mining — 0.4%
Teck Resources, Ltd.
8.50%, 6/1/24⁽⁷⁾		1,000	$	1,087,500
			$	1,087,500

Nonferrous Metals / Minerals — 0.8%
Eldorado Gold Corp.
6.125%, 12/15/20⁽⁷⁾		1,000	$	935,000
First Quantum Minerals, Ltd.
7.25%, 4/1/23⁽⁷⁾		1,000		927,500
New Gold, Inc.
6.25%, 11/15/22⁽⁷⁾		230		201,250
			$	2,063,750

Oil and Gas — 1.9%
Great Western Petroleum, LLC/Great Western Finance Corp.
9.00%, 9/30/21⁽⁷⁾		1,000	$	955,000
Oasis Petroleum, Inc.
6.875%, 1/15/23		1,000		1,010,000
Parsley Energy, LLC/Parsley Finance Corp.
6.25%, 6/1/24⁽⁷⁾		1,000		1,030,000
Whiting Petroleum Corp.
6.625%, 1/15/26		1,000		1,005,000
WildHorse Resource Development Corp.
6.875%, 2/1/25		890		890,000
			$	4,890,000

Publishing — 0.4%
Laureate Education, Inc.
8.25%, 5/1/25⁽⁷⁾		975	$	1,050,562
			$	1,050,562

Radio and Television — 0.1%
CBS Radio, Inc.
7.25%, 11/1/24⁽⁷⁾		190	$	179,788
			$	179,788


		19		See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value

Retailers (Except Food and Drug) — 0.1%
Party City Holdings, Inc.
6.125%, 8/15/23⁽⁷⁾		300	$	300,750
			$	300,750

Surface Transport — 0.1%
Park Aerospace Holdings, Ltd.
5.50%, 2/15/24⁽⁷⁾		350	$	347,463
			$	347,463

Technology — 0.4%
Dell International, LLC/EMC Corp.
7.125%, 6/15/24⁽⁷⁾		895	$	947,945
			$	947,945

Telecommunications — 0.7%
CenturyLink, Inc.
7.50%, 4/1/24		595	$	626,237
Hughes Satellite Systems Corp.
6.625%, 8/1/26		470		448,850
Sprint Capital Corp.
6.875%, 11/15/28		225		221,625
Sprint Communications, Inc.
6.00%, 11/15/22		25		25,297
Sprint Corp.
7.875%, 9/15/23		605		647,350
			$	1,969,359

Utilities — 0.1%
AES Corp. (The)
5.50%, 4/15/25		14	$	14,105
Calpine Corp.
5.25%, 6/1/26⁽⁷⁾		75		69,188
TerraForm Power Operating, LLC
4.25%, 1/31/23⁽⁷⁾		45		42,750
5.00%, 1/31/28⁽⁷⁾		70		62,825
			$	188,868

Total Corporate Bonds & Notes (identified cost $49,024,309)			$	47,597,448


Foreign Corporate Bonds — 0.5%
Security		Principal Amount (000’s omitted)		Value

India — 0.2%
Export-Import Bank of India
3.375%, 8/5/26⁽¹¹⁾			625	$	566,960
				$	566,960

Vietnam — 0.3%
Debt and Asset Trading Corp.
1.00%, 10/10/25⁽¹¹⁾			1,060	$	731,400
				$	731,400

Total Foreign Corporate Bonds (identified cost $1,318,363)				$	1,298,360

Foreign Government Securities — 9.8%
Security		Principal Amount* (000’s omitted)		Value

Albania — 0.7%
Republic of Albania
3.50%, 10/9/25⁽¹¹⁾	EUR		1,370	$	1,548,635
5.75%, 11/12/20⁽¹¹⁾	EUR		261		320,824
Total Albania				$	1,869,459

Angola — 0.4%
Republic of Angola
8.25%, 5/9/28⁽¹¹⁾			502	$	503,649
9.375%, 5/8/48⁽¹¹⁾			499		503,007
Total Angola				$	1,006,656

Argentina — 0.1%
Republic of Argentina
3.875%, 1/15/22⁽¹¹⁾	EUR		175	$	177,994
Total Argentina				$	177,994

Armenia — 0.4%
Republic of Armenia
7.15%, 3/26/25⁽¹¹⁾			1,050	$	1,101,040
Total Armenia				$	1,101,040


		20		See Notes to Financial Statements.

Eaton Vance

Short Duration Diversified Income Fund

October 31, 2018

Portfolio of Investments — continued

Security

Principal
Amount*
(000’s omitted)

Value

Bahamas — 0.7%

Commonwealth of Bahamas

5.75%, 1/16/24⁽¹¹⁾

1,800

1,827,000

Total Bahamas

1,827,000

Bahrain — 0.7%

Kingdom of Bahrain

6.125%, 8/1/23⁽¹¹⁾