Limited Duration Income Fund (EVV)

Overview

Historical Returns (%) as of Mar 31, 2023

04/30/2023 03/31/2023
04/30/2023	as of Apr 30, 2023

					Annualized
	1 Mo.	3 Mos.	YTD	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
Fund at NAV	0.74	0.39	4.47	-0.65	5.52	2.52	3.95
Market Price	-4.29	-6.43	3.43	-4.18	5.47	2.67	2.43
03/31/2023	as of Mar 31, 2023
Fund at NAV	0.83	3.71	3.71	-3.98	6.86	2.42	3.98
Market Price	-2.34	8.07	8.07	-5.29	8.40	3.67	3.18
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative. Fund performance during certain periods reflects the strong loan market performance and the Fund’s use of leverage during those periods. This performance is not typical and may not be repeated.

Distribution Rates¹

06/02/2023
	as of Jun 02, 2023
Distribution Rate at NAV	9.13%
Distribution Rate at Market Price	10.33%

Fund Facts as of Apr 30, 2023

04/30/2023
Performance Inception	05/30/2003
Investment Objective	High current income
Total Net Assets	$1.2B
CUSIP	27828H105

Fund Facts

04/30/2023
Performance Inception	05/30/2003
Investment Objective	High current income
CUSIP	27828H105

Expense Ratios (%)²

03/31/2023
as of Annual Report dated 03/31/2023
Management Fees	1.15
Other Expenses	0.14
Total Expenses (ex Interest and Fee Expense)	1.29
Interest and Fee Expense	1.43
Total Expenses	2.72

Portfolio Management

04/11/2023
Catherine McDermott			Managed Fund since 2008
Andrew Szczurowski, CFA			Managed Fund since 2011
Eric Stein, CFA			Managed Fund since 2012
Kelley Gerrity			Managed Fund since 2019

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.

Performance

Historical Returns (%) as of Mar 31, 2023

04/30/2023 03/31/2023
04/30/2023	as of Apr 30, 2023

					Annualized
	1 Mo.	3 Mos.	YTD	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
Fund at NAV	0.74	0.39	4.47	-0.65	5.52	2.52	3.95
Market Price	-4.29	-6.43	3.43	-4.18	5.47	2.67	2.43
03/31/2023	as of Mar 31, 2023
Fund at NAV	0.83	3.71	3.71	-3.98	6.86	2.42	3.98
Market Price	-2.34	8.07	8.07	-5.29	8.40	3.67	3.18
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative. Fund performance during certain periods reflects the strong loan market performance and the Fund’s use of leverage during those periods. This performance is not typical and may not be repeated.

Calendar Year Returns (%)

12/31/2022
	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Fund at NAV	6.32	3.77	-0.62	14.53	6.73	-1.04	12.08	5.00	5.38	-11.39
Market Price	-0.82	0.06	-1.20	17.35	6.76	-6.08	18.82	4.87	14.60	-19.73

Fund Facts

04/30/2023
Performance Inception	05/30/2003

Distribution Rates¹

06/02/2023
	as of Jun 02, 2023
Distribution Rate at NAV	9.13%
Distribution Rate at Market Price	10.33%

Distribution History^3,4

06/02/2023
Ex-Date	Distribution	Reinvest Price
May 10, 2023	$0.07870
Apr 12, 2023	$0.07890
Mar 10, 2023	$0.10000
Feb 10, 2023	$0.10000
Jan 12, 2023	$0.10000
Dec 09, 2022	$0.10000
Nov 09, 2022	$0.10000
Oct 12, 2022	$0.10000
Sep 09, 2022	$0.10000
Aug 10, 2022	$0.10000
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.

Tax Character of Distributions

Distributions ($)Distributions (%)
Distributions ($)	as of Dec 31, 2022
	Ordinary Dividends
	Non-Qualified	Qualified	Total	Capital Gain Distributions	Nondividend Distributions	Total Distributions
2022	$0.68	$0.00	$0.68	$0.00	$0.52	$1.20
2021	$0.76	$0.03	$0.79	$0.00	$0.41	$1.20
2020	$1.02	$0.00	$1.02	$0.00	$0.18	$1.20
2019	$0.85	$0.00	$0.85	$0.00	$0.00	$0.85
2018	$0.78	$0.00	$0.78	$0.00	$0.15	$0.93
2017	$0.85	$0.01	$0.87	$0.00	$0.12	$0.99
2016	$1.03	$0.02	$1.05	$0.00	$0.11	$1.16
2015	$1.18	$0.02	$1.20	$0.00	$0.02	$1.22
2014	$1.16	$0.02	$1.18	$0.00	$0.04	$1.22
2013	$1.18	$0.01	$1.19	$0.00	$0.03	$1.22
2012	$1.21	$0.00	$1.21	$0.00	$0.04	$1.25
2011	$1.12	$0.00	$1.12	$0.00	$0.05	$1.17
2010	$1.39	$0.00	$1.39	$0.00	$0.00	$1.39
2009	$1.41	$0.00	$1.41	$0.00	$0.02	$1.43
2008	$1.31	$0.00	$1.31	$0.00	$0.00	$1.31
2007	$1.51	$0.00	$1.51	$0.00	$0.00	$1.51
2006	$1.51	$0.00	$1.51	$0.00	$0.00	$1.51
2005	$1.53	$0.00	$1.53	$0.00	$0.00	$1.53
Distributions (%)	as of Dec 31, 2022
2022	56.71%	0.06%	56.76%	0.00%	43.24%	100.00%
2021	63.22%	2.57%	65.79%	0.00%	34.21%	100.00%
2020	85.03%	0.00%	85.03%	0.00%	14.97%	100.00%
2019	100.00%	0.00%	100.00%	0.00%	0.00%	100.00%
2018	84.47%	0.00%	84.47%	0.00%	15.53%	100.00%
2017	86.55%	1.30%	87.85%	0.00%	12.15%	100.00%
2016	89.04%	1.65%	90.69%	0.00%	9.31%	100.00%
2015	96.98%	1.10%	98.08%	0.00%	1.92%	100.00%
2014	95.25%	1.31%	96.56%	0.00%	3.44%	100.00%
2013	96.95%	0.37%	97.32%	0.00%	2.68%	100.00%
2012	96.55%	0.00%	96.55%	0.00%	3.45%	100.00%
2011	95.30%	0.00%	95.30%	0.00%	4.70%	100.00%
2010	100.00%	0.00%	100.00%	0.00%	0.00%	100.00%
2009	98.38%	0.00%	98.38%	0.00%	1.62%	100.00%
2008	100.00%	0.00%	100.00%	0.00%	0.00%	100.00%
2007	100.00%	0.00%	100.00%	0.00%	0.00%	100.00%
2006	100.00%	0.00%	100.00%	0.00%	0.00%	100.00%
2005	100.00%	0.00%	100.00%	0.00%	0.00%	100.00%

1. Distribution Rate at NAV and Market Price is calculated by dividing the last distribution paid per share (annualized) by NAV or market price, respectively. A Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with "yield" or "income."
3. See “Tax Character of Distributions”. For information about any distributions in the current year estimated to include non-dividend distributions or capital gains, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a).
4. A nondividend or return of capital distribution may include, for example, a return of some or all of the money that an investor invested in Fund shares, which can cause the Fund's NAV to erode.

Portfolio

Fund Holdings^5,6 as of Apr 30, 2023

04/30/2023
Holding	Coupon Rate	Maturity Date	% of Net Assets
Ginnie Mae	6.00%	05/01/2052	8.66%
Ginnie Mae	5.50%	05/01/2052	7.75%
Freddie Mac Pool - SD8239	5.00%	08/01/2052	3.60%
Ginnie Mae	6.50%	05/01/2052	2.65%
Fannie Mae or Freddie Mac	6.00%	05/01/2052	2.41%
MSILF GOVERNMENT PORTFOLIO	4.76%	12/31/2030	1.82%
BlackRock Corporate High Yield Fund Inc	0.00%		1.57%
Ginnie Mae II Pool - CF0670	5.00%	06/20/2052	1.20%
Libbey Glass Inc.	6.73%	11/22/2027	0.78%
Euro			0.71%
View All

Management

Catherine McDermott

Managing Director, Portfolio Manager
Joined Eaton Vance 2000

Biography

Catherine McDermott is a Portfolio Manager on the Floating-Rate Loan team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm's floating-rate loan strategies. Her focus is primarily on the automotive industry in addition to casinos, general industrial, theaters, packaging and consumer products. She joined Eaton Vance in 2000. Morgan Stanley acquired Eaton Vance in March 2021.

Catherine began her career in the investment management industry in 1988. Before joining Eaton Vance, she was a principal at Cypress Tree Investment Management and a vice president of corporate underwriting and research at Financial Security Assurance Inc.

Catherine earned a B.A., summa cum laude, from Boston College.

Education

B.A. Boston College

Experience

Managed Fund since 2008

Other funds managed

Andrew Szczurowski, CFA

Managing Director, Head of Agency MBS
Joined Eaton Vance 2007

Biography

Andrew Szczurowski is Head of Mortgage-Backed Securities and a portfolio manager on the mortgage backed securities (MBS) team. He joined Eaton Vance in 2007. Morgan Stanley acquired Eaton Vance in March 2021.

Andrew began his career in the investment management industry in 2005. Previously at Eaton Vance, he was a portfolio manager on Eaton Vance's global income team, responsible for buy and sell decisions, portfolio construction and risk management for the firm's mortgage-backed strategies. Before joining Eaton Vance, he was affiliated with BNY Mellon.

Andrew earned a B.S., cum laude, from Peter T. Paul College of Business and Economics at the University of New Hampshire. He is a member of the CFA Society Boston and is a CFA charterholder.

Education

B.S. University of New Hampshire

Experience

Managed Fund since 2011

Other funds managed

Short Duration Diversified Income Fund

Eric Stein, CFA

Managing Director, CIO
Joined Eaton Vance 2002; rejoined the firm in 2008

Biography

Eric Stein is the Chief Investment Officer for Fixed Income. He is also a member of the Morgan Stanley Investment Management Operating Committee. He is responsible for overseeing the management of investment strategies for MSIM's fixed income platform, including agency mortgage-backed securities, emerging markets, floating-rate loans, high yield, investment grade credit, multi-sector, municipals, and securitized strategies. He originally joined Eaton Vance in 2002 and rejoined the company in 2008. Morgan Stanley acquired Eaton Vance in March 2021.

Eric began his career in the investment management industry with Eaton Vance in 2002. Previously at Eaton Vance, he was co-director of emerging markets and a portfolio manager on Eaton Vance’s emerging markets team, where he led that team of investment professionals based in Boston, Washington, D.C., London and Singapore. Eric previously worked on the Markets Desk of the Federal Reserve Bank of New York.

Eric earned a B.S., cum laude, from Boston University and an MBA, with honors, from the University of Chicago Booth School of Business. He was a term member of the Council on Foreign Relations and is on the board of overseers of Big Brothers Big Sisters of Massachusetts Bay, where he is also a member of the finance and audit committee. He is also a CFA charterholder.

Eric's commentary has appeared in The New York Times, The Wall Street Journal, Barron's, Financial Times, The Washington Post, Bloomberg, Dow Jones, Reuters, Kiplinger's and The Christian Science Monitor. He has been featured on CNBC, Fox News, Fox Business News, PBS, Bloomberg Radio and Bloomberg TV.

Education

B.S. Boston University
M.B.A. Booth School of Business, University of Chicago

Experience

Managed Fund since 2012

Other funds managed

Short Duration Diversified Income Fund

Kelley Gerrity

Managing Director, Portfolio Manager
Joined Eaton Vance 2005

Biography

Kelley Gerrity is a portfolio manager on the High Yield team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm's high yield strategies. She joined Eaton Vance in 2005. Morgan Stanley acquired Eaton Vance in March 2021.

Kelley began her career in the investment management industry in 2000. Before joining Eaton Vance, she was the director of high-yield distressed research at Fieldstone Capital Group. Previously, she was associate director of fixed-income research at Scotia Capital Markets, Inc.

Kelley earned a B.A. from Boston College and a certificate in credit analysis from New York University.